Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was HKD 876.0 million, a decrease of 26.9% compared to HKD 1,198.6 million for the fiscal year ending December 31, 2023[4]. - The net profit for the fiscal year 2024 was HKD 6.0 million, down 98.0% from HKD 297.3 million in 2023[4]. - EBITDA for the fiscal year 2024 was HKD 41.9 million, significantly lower than HKD 360.8 million in 2023[4]. - Adjusted net profit for the fiscal year 2024 was HKD 46.4 million, compared to HKD 114.8 million in 2023[4]. - The company reported a total comprehensive income of HKD 437,000 for 2024, a significant decline from HKD 302.6 million in 2023[5]. - The group reported total revenue of HKD 892,505,000 for 2024, a decrease from HKD 1,229,648,000 in 2023, representing a decline of approximately 27.4%[22]. - Adjusted profit before tax for the group was HKD 5,461,000 in 2024, a substantial decrease from HKD 317,696,000 in 2023, reflecting a decline of around 98.3%[22]. - The group's gross profit decreased by 27.5% to HKD 232.7 million for the fiscal year, with a gross margin decline of 0.2 percentage points to 26.6% due to rising commodity costs[61]. - Other income and net other gains for the fiscal year were HKD 4.8 million, a significant drop from HKD 209.0 million in the previous fiscal year, primarily due to the one-time gain from the sale of 51% equity in CWA[62]. - Profit attributable to equity holders was HKD 6.0 million, down from HKD 297.3 million in the previous fiscal year, mainly due to the absence of one-time gains from the sale of CWA and increased share-based payment expenses[63]. Revenue Breakdown - The distribution segment generated revenue of HKD 714,760,000 in 2024, slightly up from HKD 706,378,000 in 2023, indicating a growth of about 0.5%[22]. - The e-commerce segment reported a revenue of HKD 406,397,000 in 2024, while the retail segment generated HKD 176,388,000, compared to HKD 107,968,000 in 2023, showing significant growth in retail of approximately 63.5%[22]. - Revenue from Hong Kong increased to HKD 709,432,000 in 2024, up 13.7% from HKD 623,747,000 in 2023[25]. - Distribution sales in Hong Kong reached HKD 533.0 million, a year-on-year increase of 3.3%[44]. - Southeast Asia distribution sales surged to HKD 77.3 million, a significant increase of 59.8% year-on-year, with Singapore sales at HKD 65.6 million, up 56.9%[44]. - Revenue from Singapore, Malaysia, and other regions surged by 59.8% to HKD 77.3 million in fiscal year 2024, up from HKD 48.3 million in fiscal year 2023[60]. - Macau's revenue decreased by 20.8% to HKD 89.3 million in fiscal year 2024, down from HKD 112.7 million in fiscal year 2023, attributed to changes in consumer spending patterns[60]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 1,005.6 million, an increase from HKD 988.9 million in 2023[7]. - Total liabilities increased to HKD 516.6 million in 2024 from HKD 445.4 million in 2023[8]. - The company's cash and cash equivalents decreased to HKD 34.0 million in 2024 from HKD 39.1 million in 2023[7]. - Total assets increased to HKD 1,005,563,000 in 2024 from HKD 988,951,000 in 2023, marking a growth of approximately 1.1%[23]. - The distribution segment's assets rose to HKD 616,720,000 in 2024, up from HKD 478,349,000 in 2023, indicating an increase of about 29.0%[23]. - The group’s total liabilities decreased to HKD 516,606,000 in 2024 from HKD 445,405,000 in 2023, representing an increase of approximately 15.9%[23]. Dividends and Shareholder Returns - The board has resolved not to declare any final dividend for the fiscal year 2024, compared to a dividend of HKD 0.035 per share in 2023[4]. - The company did not declare any dividends for 2024, compared to HKD 28,000,000 in 2023[34]. - The controlling shareholder's pledge of 200,000,000 shares will be released in July 2024 due to the achievement of the profit guarantee[94]. - The profit guarantee period has been extended to December 31, 2023, covering five financial years[91]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[101]. - The company has adopted a code of conduct for securities trading by its directors, ensuring compliance with the standards set out in the listing rules[100]. - The company did not purchase, sell, or redeem any of its listed securities during the financial year[99]. Strategic Initiatives and Market Expansion - The group plans to leverage the updated free trade agreement with ASEAN to expand its product offerings in Southeast Asia, increasing competitiveness and tariff benefits[41]. - The group launched several new products in response to market demand, contributing to sales growth despite a challenging economic environment[41]. - The company is actively expanding its product offerings, including new products like "和漢匠心日本瘦身益生菌" and "金門強效一條根滲透鎮痛露"[49]. - The company has registered over 60 trademarks for its own brand products, with popular items including "和漢匠心日本多元益生菌" and "BG Pro博健專研免疫球蛋白丸"[48]. - The company has established procurement centers in various countries, including Japan, South Korea, and Southeast Asia, to diversify its product portfolio[51]. - The company has gained exclusive distribution rights for TJ-TYT Pharmaceuticals in Malaysia, significantly contributing to its sales network expansion[52]. - The company expects significant revenue growth in Thailand by the fiscal year ending December 31, 2025, following the acquisition of necessary licenses[53]. - The company plans to continue focusing on the development of Southeast Asian markets while maintaining its presence in Hong Kong and mainland China[56]. Employee and Operational Metrics - The number of employees increased to 260 as of December 31, 2024, compared to 130 in the previous year[95]. - Total employee costs for the financial year amounted to approximately HKD 89.0 million, up from HKD 65.9 million in the previous financial year[95]. Accounting and Financial Reporting - The group is currently evaluating the impact of new accounting standards, specifically HKFRS 18, which is expected to be adopted starting January 1, 2027[18]. - The group anticipates that the new accounting standards will have a significant impact on presentation and disclosure, particularly related to the consolidated income statement and other comprehensive income[18]. - The group’s management is assessing the adoption of other new accounting standards and interpretations that may affect current or future reporting periods[18]. - The group's financial statements for the year ended December 31, 2024, have been confirmed to align with the audited consolidated financial statements by PwC[109]. Recent Developments and Changes - The company has appointed Mr. Hu Yang as a non-executive director effective January 10, 2025, following the resignation of Mr. Cao Weiyong[107]. - There have been no significant events affecting the group since the end of the financial year up to the date of this announcement[108].
满贯集团(03390) - 2024 - 年度业绩