Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of approximately HKD 1,133.1 million, a decrease of 8.9% from HKD 1,243.7 million in the previous year[2]. - The company incurred a loss attributable to owners of approximately HKD 605.0 million, compared to a loss of HKD 294.6 million in the previous year, representing an increase in loss of 105.5%[3]. - Basic and diluted loss per share for the year was approximately HKD 0.9432, up from HKD 0.4592 in the previous year[4]. - The gross loss for the year was approximately HKD 276.9 million, compared to a gross loss of HKD 0.123 million in the previous year[3]. - The group reported a pre-tax loss of HKD 610,380,000 for 2024, compared to a loss of HKD 301,174,000 in 2023[14]. - The company reported a pre-tax loss of HKD 605,029,000 for the year ended December 31, 2024, compared to a loss of HKD 294,595,000 for the previous year, indicating a significant increase in losses[25]. - The group experienced a total loss from property unit sales of approximately HKD 155.7 million for the year ended December 31, 2024, up from approximately HKD 39.6 million for the year ended December 31, 2023[46]. - The impairment of properties held for sale increased to approximately HKD 185.7 million for the year ended December 31, 2024, from approximately HKD 23.6 million for the year ended December 31, 2023[46]. Assets and Liabilities - Total assets decreased to approximately HKD 2,476.7 million from HKD 3,022.2 million, reflecting a decline of 18.1%[5]. - Current liabilities decreased to approximately HKD 1,523.2 million from HKD 2,426.4 million, a reduction of 37.2%[5]. - The company's net asset value decreased to approximately HKD 801.5 million from HKD 1,414.3 million, a decline of 43.3%[6]. - The total assets of the group decreased to HKD 2,476,716,000 in 2024 from HKD 4,022,204,000 in 2023[15]. - Total liabilities decreased to HKD 1,675,247,000 in 2024 from HKD 2,607,928,000 in 2023[15]. - The group's current assets were approximately HKD 1,619.0 million, down from HKD 3,157.1 million, a decrease of about 48.7% primarily due to the sale of property units[58]. - The total equity of the group was approximately HKD 801.5 million as of December 31, 2024, a significant decrease from HKD 1,414.3 million the previous year, reflecting a decline of about 43.3%[58]. Revenue Breakdown - Revenue from property development decreased to HKD 1,053,803,000 in 2024, down 8.9% from HKD 1,157,984,000 in 2023[14]. - Property investment revenue was HKD 43,069,000 in 2024, down from HKD 45,609,000 in 2023[14]. - The wine business generated revenue of HKD 13,396,000 in 2024, down from HKD 16,960,000 in 2023[14]. - Revenue from serviced apartments under the "Metropolitan" brand increased to approximately HKD 3.5 million, up from HKD 3.4 million, reflecting a growth of about 2.9% year-on-year[50]. - The city storage and workspace segment generated revenue of approximately HKD 38.1 million, down from HKD 38.6 million, representing a decline of about 1.3% year-on-year[51]. - The property management services segment reported revenue of approximately HKD 13.9 million, an increase from HKD 12.9 million, reflecting a growth of about 7.8% year-on-year[53]. - Revenue from financing activities decreased to approximately HKD 2.8 million from HKD 4.0 million, a decline of about 30% year-on-year due to a reduction in average outstanding loan balances[54]. - The construction and renovation services segment generated revenue of approximately HKD 6.0 million, up from HKD 5.7 million, indicating a growth of about 5.3% year-on-year[55]. - The wine business segment reported revenue of approximately HKD 13.4 million, down from HKD 17.0 million, a decrease of about 21.2% year-on-year primarily due to a downturn in the overall wine market in Hong Kong[56]. Financing and Costs - The company’s financing costs increased to approximately HKD 143.4 million from HKD 94.0 million, an increase of 52.5%[3]. - The financing costs (excluding capitalized amounts) rose to approximately HKD 143.4 million for the year ended December 31, 2024, from approximately HKD 94.0 million for the year ended December 31, 2023[46]. - The total employee costs decreased to HKD 32,573,000 in 2024 from HKD 39,218,000 in 2023, representing a reduction of about 17%[23]. - The company recognized a fair value gain of HKD 2,064,000 on profit participation bonds in 2024, with no such gain reported in 2023[33]. - The balance of other receivables as of December 31, 2024, was HKD 3,880,000, up from HKD 3,395,000 in 2023, reflecting a year-on-year increase of 14.3%[30]. Strategic Focus and Future Outlook - The company plans to continue focusing on property development and management services, as well as exploring new investment opportunities in the market[7]. - The property market is expected to perform better in 2025 due to easing interest rates and government investment immigration plans[73]. - The company plans to enhance customer experience and operational efficiency through technology in 2025[73]. - The company is committed to strategic investments and sustainable growth to create long-term value[74]. Governance and Compliance - The Audit Committee has reviewed the audited consolidated financial statements for the year ended December 31, 2024[82]. - The company has complied with the Corporate Governance Code, except for the separation of the roles of Chairman and CEO[80]. - No significant events requiring disclosure have occurred since December 31, 2024[75]. - The annual general meeting will be held on May 28, 2025, with a suspension of share transfer registration from May 23 to May 28, 2025[76][77]. - The board of directors includes two executive directors, Mr. Chen Wenhui (Chairman and CEO) and Ms. Zhang Huixuan, along with two non-executive directors, Mr. Xu Yingde and Mr. Yan Guowen, and three independent non-executive directors, Dr. Huang Weikang, Mr. Li Zhongming, and Ms. Chen Huamin[86]. Risk Management - The company identified several potential risks, including market risk, business risk, and regulatory risk, which could impact its financial condition and operations[71]. - The group has established a Risk Control Committee to manage potential risks and ensure compliance with regulations[72].
星星集团(01560) - 2024 - 年度业绩