Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 1,335,623,000, a decrease from HKD 1,629,059,000 in 2023, representing a decline of approximately 18.06%[3] - The company reported a net loss of HKD 281,652,000 for the year, compared to a profit of HKD 63,259,000 in 2023, marking a significant turnaround in performance[3] - The earnings per share (EPS) for the year was a loss of HKD 5.84, compared to a profit of HKD 1.04 in 2023[4] - The company reported a total loss of HKD 281,652,000 for the year, with a notable loss in the banking and financial services segment amounting to HKD 189,435,000[20] - The net profit attributable to the company from Zhuhai Rossini for the year ending December 31, 2024, was HKD 17,053,000, a decrease of HKD 17,921,000 or 51.2% from HKD 34,974,000 in 2023[65] - The net loss attributable to shareholders after tax was HKD 27,389,000, compared to a net profit of HKD 8,982,000 in 2023[82] Revenue Breakdown - Non-banking and financial business sales revenue was HKD 813,952,000, down from HKD 1,113,945,000 in the previous year, reflecting a decrease of approximately 27.0%[3] - Total revenue from non-banking operations decreased to HKD 63,095,000 in 2024, down from HKD 78,242,000 in 2023, reflecting a decline of approximately 19.3%[31] - Revenue from external customers for 2024 reached HKD 1,335,623 thousand, a decrease from HKD 1,629,059 thousand in 2023, representing a decline of approximately 18%[25] - The subsidiary Zhuhai Rossini Watch Co., in which the group holds a 91% stake, recorded revenue of HKD 260,795,000 for the year ending December 31, 2024, a decrease of HKD 70,594,000 or 21.3% from HKD 331,389,000 in 2023[65] - The watch and timing products business of EPO Group reported revenue of HKD 155,642,000, a decrease of 25.2% from HKD 208,131,000 in 2023[73] Assets and Liabilities - The company's total assets increased to HKD 17,963,825,000 in 2024, up from HKD 16,531,006,000 in 2023, representing a growth of approximately 8.66%[5] - Total liabilities increased to HKD 14,181,780,000 in 2024 from HKD 12,165,712,000 in 2023, representing a growth of approximately 16.5%[6] - Total equity decreased to HKD 3,782,045,000 in 2024 from HKD 4,365,294,000 in 2023, a decline of about 13.3%[6] - The company’s total borrowings decreased from HKD 681,254,000 in 2023 to HKD 595,082,000 in 2024, a reduction of approximately 12.6%[6] - The company’s cash and deposits stood at HKD 3,387,000, indicating liquidity for future investments[22] Expenses and Cost Management - The company incurred total sales and distribution expenses of HKD 301,850,000, down from HKD 376,358,000 in the previous year, indicating a reduction of about 19.8%[3] - The financial expenses for non-banking operations were HKD 63,095,000, a decrease from HKD 78,242,000 in 2023, reflecting a reduction of approximately 19.3%[3] - The company’s administrative expenses were HKD 672,722,000, slightly up from HKD 667,762,000 in the previous year, showing an increase of about 0.9%[3] - Operating expenses for the year ending December 31, 2024, were approximately HKD 974,572,000, a reduction of HKD 69,548,000 or 6.7% from HKD 1,044,120,000 in 2023[60] - The company implemented strategic cost control measures, resulting in a 20% reduction in general administrative expenses compared to the previous year[92] Impairment and Goodwill - The company recorded a significant impairment loss on goodwill amounting to HKD 115,917,000, reflecting challenges in the financial services sector[21] - The company recognized a significant impairment loss on goodwill amounting to HKD 115,917,000 in 2024, compared to HKD 13,389,000 in 2023, indicating a substantial increase in impairment[6] - The company's goodwill as of December 31, 2024, is HKD 973,406,000, down from HKD 1,150,672,000 as of December 31, 2023, primarily due to foreign exchange differences[136] Market Strategy and Future Outlook - The company has plans for market expansion and new product development, focusing on enhancing its watch and financial service offerings[20] - The group plans to diversify its market strategy and expand overseas to reduce risks associated with over-reliance on a single market[83] - The company aims to improve operational efficiency and reduce costs in response to the financial losses reported[20] - The company is focusing on optimizing resource allocation and enhancing data analysis to improve operational efficiency and support new product development[66] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the absence of two independent non-executive directors at the 2024 Annual General Meeting[151] - The company has established an Audit Committee to review and supervise the financial reporting process and internal controls, consisting of two independent non-executive directors[159] - The Audit Committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and confirmed that they are prepared in accordance with applicable accounting standards[164] - The company has established a Risk Management Committee to assist the Board in reviewing and ensuring the effectiveness of the risk management system[162]
冠城钟表珠宝(00256) - 2024 - 年度业绩