Financial Performance - The total revenue for the fiscal year 2024 reached HKD 3,390,386,000, an increase from HKD 312,875,000 in 2023, representing a significant growth[4] - Gross profit for the year was HKD 219,880,000, compared to HKD 207,434,000 in the previous year, indicating a growth of approximately 6.6%[4] - The operating profit for the year was HKD 25,955,000, a substantial recovery from an operating loss of HKD 62,301,000 in 2023[4] - Net profit attributable to shareholders was HKD 77,974,000, a turnaround from a loss of HKD 10,629,000 in the previous year[4] - The company reported a basic earnings per share of HKD 3.56, compared to a loss per share of HKD 0.65 in 2023[4] - Total comprehensive income for the year was HKD 120,475,000, recovering from a loss of HKD 13,884,000 in the previous year[5] - The company’s financial income for the year was HKD 88,533,000, down from HKD 104,741,000 in 2023[4] - The company recorded other income of HKD 58,616,000 in 2024, a significant increase from a loss of HKD 555,000 in 2023[18] - Tax expenses for 2024 amounted to HKD 8,016,000, down from HKD 15,837,000 in 2023, reflecting a reduction of approximately 49%[20] Assets and Liabilities - Non-current assets totaled HKD 1,289,382,000, slightly increasing from HKD 1,276,562,000 in 2023[6] - Current assets decreased to HKD 3,759,120,000 from HKD 4,340,220,000 in the previous year, reflecting a reduction in cash and bank balances[6] - Current liabilities decreased from HKD 3,051,415,000 in 2023 to HKD 2,391,328,000 in 2024, representing a reduction of approximately 21.6%[7] - Non-current liabilities decreased from HKD 133,681,000 in 2023 to HKD 101,146,000 in 2024, a decline of about 24.3%[7] - Total assets minus current liabilities increased from HKD 2,565,367,000 in 2023 to HKD 2,657,174,000 in 2024, reflecting a growth of approximately 3.6%[7] - Net asset value rose from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, an increase of around 5.1%[7] - Total equity increased from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, marking a growth of approximately 5.1%[7] - The company reported a significant increase in reserves from HKD 1,100,566,000 in 2023 to HKD 1,222,294,000 in 2024, which is an increase of about 11.1%[7] - The company’s total assets in 2024 were valued at HKD 5,048,502,000, a decrease from HKD 5,616,782,000 in 2023, representing a decline of about 10.1%[16] Business Operations - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company operates primarily in Hong Kong, China, and France, focusing on securities investment, corporate finance, and property development[8] - The company continues to invest in its strategic business model, focusing on the development of financial services and property and hotel businesses[31] - The financial services segment recorded operating profit that increased approximately threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[36] - The property and hotel division reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023[38] - The group benefited from the completion of the Huangshan project, which led to increased property sales, and the Paris hotel resumed operations after renovations[34][38] - In 2024, the revenue from property sales increased approximately four times compared to 2023, primarily driven by the completion of the Huangshan project[39] - The group's hotel and golf course business revenue rose by 17% in 2024 compared to 2023, mainly due to the temporary closure of a hotel in Paris for urgent roof renovations in the first half of 2023[39] - Other business operations recorded an operating income of HKD 66 million in 2024, a significant increase from an operating loss of HKD 1 million in 2023, mainly due to gains from the sale of a subsidiary[40] Market Conditions - The global economic environment in 2024 was influenced by strong household consumption and government spending, particularly in the US, which remained a key driver of global economic growth[28] - The Hong Kong stock market experienced volatility in 2024 but ended positively, with a notable recovery in trading volume and investor sentiment in the second half of the year[30] - The Hong Kong IPO market showed significant recovery in the second half of 2024, despite a slight 3% decrease in total fundraising compared to 2023, maintaining the fourth position globally[32] - The outlook for the Hong Kong stock market in 2025 is cautiously optimistic, with expected growth driven by supportive monetary policies and the recovery of the Chinese economy[41] - The real estate market in mainland China is expected to continue facing pressure, with recovery dependent on further government support and broader economic stability[42] Governance and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or prior periods[11] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[9] - The company’s auditor has issued an unqualified opinion on the financial statements for both years, indicating no significant issues were found[10] - The group has adhered to the corporate governance code as of December 31, 2024, with one exception noted[49] - The company believes that having Mr. Lau serve as both Chairman and CEO provides strong and consistent leadership, which is beneficial for long-term business strategy planning and implementation[50] - The board has confirmed that all members have adhered to the standards set forth in the Listing Rules Appendix C3 regarding securities trading by directors for the fiscal year ending December 31, 2024[51] - The auditors, PwC, have confirmed that the preliminary performance announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[52] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with all necessary listing rule requirements[53] - The current board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[54] Dividends and Shareholder Returns - The board of directors recommended not to declare a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[22] - The company does not plan to declare a final dividend for the year ending December 31, 2024, compared to zero dividends in 2023[45]
第一上海(00227) - 2024 - 年度业绩