Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 883,657,000, a decrease of 13.1% compared to HKD 1,016,423,000 in 2023[3] - The net loss for the year was HKD 63,782,000, significantly improved from a net loss of HKD 142,925,000 in the previous year, representing a reduction of 55.5%[3] - Basic and diluted loss per share for the year was HKD 72.18, down from HKD 133.81 in 2023, indicating a 46.0% improvement[4] - Total comprehensive loss for the year was HKD 68,445,000, compared to HKD 143,189,000 in 2023, reflecting a decrease of 52.2%[4] - The company reported a pre-tax loss of HKD 65,596,000 for the year ended December 31, 2024, compared to a pre-tax loss of HKD 138,669,000 in 2023, indicating an improvement in overall financial performance[16] - The group reported a net loss attributable to shareholders of HKD 58.3 million in 2024, a 46.0% improvement from a loss of HKD 108.0 million in 2023[54] Revenue Breakdown - Retail segment revenue decreased to HKD 831,022,000 in 2024 from HKD 958,503,000 in 2023, representing a decline of 13.3%[16] - The investment management segment reported revenue of HKD 6,926,000, up from HKD 4,733,000 in the previous year, marking a growth of 46.3%[16] - The geographical revenue breakdown shows that Hong Kong contributed HKD 878,623,000 in 2024, down from HKD 1,011,690,000 in 2023, a decline of 12.9%[13] - Total revenue from major products and services decreased from HKD 1,016,423,000 in 2023 to HKD 883,657,000 in 2024, representing a decline of approximately 13.1%[21] - Retail segment's revenue from furniture and home goods was HKD 769,831,000 in 2024, down from HKD 854,538,000 in 2023, a decrease of about 9.9%[21] Assets and Liabilities - Non-current assets decreased to HKD 204,138,000 from HKD 286,339,000, a decline of 28.7% year-over-year[5] - Current assets totaled HKD 827,539,000, down from HKD 1,031,318,000, representing a decrease of 19.7%[5] - The total assets of the group as of December 31, 2024, were HKD 1,031,677,000, down from HKD 1,317,657,000 in 2023, indicating a decrease of 21.7%[18][19] - The total liabilities decreased to HKD 935,547,000 in 2024 from HKD 1,148,677,000 in 2023, a reduction of 18.6%[18][19] - Total equity attributable to owners of the company decreased to HKD 53,036,000 from HKD 115,965,000, a decline of 54.3%[6] Operating Expenses - The company reported a significant reduction in operating expenses, with salaries and related benefits decreasing to HKD 179,236,000 from HKD 194,992,000, a decrease of 8.1%[3] - The company's total operating, administrative, and selling expenses decreased from HKD 217,342,000 in 2023 to HKD 207,903,000 in 2024, a reduction of approximately 4.9%[23] Market and Strategic Initiatives - The company has not announced any new products or technologies, nor any market expansion or acquisition strategies during this reporting period[3] - The company aims to enhance sales and gross margins through targeted marketing, strategic store management, and cost control measures in response to the challenging retail environment[40] - The company plans to increase investments in its online and offline integrated business model and digital transformation initiatives to enhance operational efficiency and customer engagement[62] Employee and Governance - The group employed 502 employees as of December 31, 2024, with total employee wage costs amounting to approximately HKD 179,200,000[77] - The company has implemented various training programs aimed at enhancing employee skills and overall competitiveness, including product knowledge, customer service, and regulatory training[79] - The company has adhered to all corporate governance codes during the fiscal year ending December 31, 2024, with regular reviews and improvements planned[81] Investment Management - Investment management business recorded revenue of HKD 6,900,000 and net profit of HKD 10,400,000 for the year ending December 31, 2024, compared to revenue of HKD 4,700,000 and net profit of HKD 3,800,000 in 2023, reflecting a significant improvement[42] - The company achieved a remarkable return of 19.50% for the CASH Multi Strategy Fund in 2024, demonstrating consistent performance across various market conditions[64] - The CTA fund recorded an impressive return of 24.95% in 2024, capitalizing on opportunities in the volatile metals market[65] Challenges and Outlook - The retail sector in Hong Kong faced significant challenges, with total retail sales expected to decline approximately 7.3% in value and 9.0% in volume in 2024[39] - The furniture retail market faced a 14.4% decline in sales due to a sluggish residential property market[55] - 71% of fund managers anticipate stagflation in the global economy over the next 12 months, highlighting ongoing economic challenges[75]
时富投资(01049) - 2024 - 年度业绩