Financial Performance - For the year ended December 31, 2024, the total revenue was HKD 68,581,000, a slight decrease of 0.69% compared to HKD 69,059,000 in 2023[5]. - The gross loss for the year was HKD 724,000, improving from a gross loss of HKD 3,300,000 in the previous year[5]. - The net loss for the year was HKD 37,011,000, which is a reduction of 21.5% from HKD 46,825,000 in 2023[5]. - The total comprehensive loss for the year was HKD 34,587,000, compared to HKD 48,540,000 in the previous year, indicating a significant improvement[5]. - The basic and diluted loss per share improved to HKD 9.05 from HKD 11.44 in the previous year[5]. - The reported segment profit (loss) for the securities, corporate finance, and asset management division was a loss of HKD 29,797,000 for 2024, compared to a loss of HKD 39,401,000 in 2023, indicating an improvement of 24.5%[24][25]. - The net loss attributable to shareholders for the year ended December 31, 2024, was HKD 37,011,000, down from HKD 46,825,000 in 2023, reflecting a reduction of 21.5%[30]. - The basic and diluted loss per share for 2024 was HKD 9.05, compared to HKD 11.44 in 2023, showing a decrease of 20.9%[30]. - The group recorded a pre-tax loss of approximately HKD 37,500,000 for the year ending December 31, 2024, down about 19.5% from approximately HKD 46,600,000 for the year ending December 31, 2023[60]. Assets and Liabilities - The company's cash and cash equivalents decreased to HKD 3,784,000 from HKD 4,123,000 in 2023[6]. - Current assets decreased to HKD 27,079,000 from HKD 47,539,000, reflecting a decline of 43%[6]. - Total liabilities decreased significantly from HKD 58,070,000 in 2023 to HKD 33,325,000 in 2024[7]. - The company's non-current assets decreased from HKD 31,790,000 in 2023 to HKD 7,591,000 in 2024, a decline of 76%[6]. - Current assets slightly exceeded current liabilities by approximately HKD 232,000, while cash and cash equivalents were only about HKD 3,784,000[17]. - The group reported a net liability of approximately HKD 15,199,000[17]. - The company reported a net cash and cash equivalents balance of approximately HKD 3,784,000, raising concerns about its ability to continue as a going concern due to accumulated losses and net liabilities of approximately HKD 15,199,000[42]. Revenue Segments - The total external revenue from the interior design and decoration segment was HKD 52,517,000 in 2024, a significant increase from HKD 16,450,000 in 2023, representing a growth of 218.5%[24][25]. - Revenue from the sewing thread production and trading segment decreased to approximately HKD 8,035,000, a decline of about 62.1% from HKD 21,196,000 in the previous year, attributed to decreased sales in both overseas and local markets[46][47]. - The interior design and decoration segment saw a significant increase in revenue to HKD 52,517,000, representing a growth of 219.3% compared to HKD 16,450,000 in the previous year[46]. - The horse services segment's revenue dropped to HKD 6,519,000, a decrease of 79.3% from HKD 31,413,000 in the previous year[46]. - Revenue from interior design and renovation is expected to increase to approximately HKD 52,500,000 for the year ending December 31, 2024, a rise of about 219.3% compared to approximately HKD 16,500,000 for the year ending December 31, 2023[48]. - Revenue from horse services is projected to decrease to approximately HKD 6,500,000 for the year ending December 31, 2024, down about 79.3% from approximately HKD 31,400,000 for the year ending December 31, 2023[49]. Operational Changes and Strategies - The group has conducted a comprehensive operational restructuring aimed at improving cash flow and profitability, including cost-cutting measures and renegotiating supplier contracts[17]. - The board is confident in the group's ability to generate sufficient cash flow to meet short-term operational needs and financial obligations, including working capital requirements and debt repayment[19]. - The group has developed a detailed cash flow forecast for the 18-month period ending June 30, 2026, considering various scenarios, including conservative revenue estimates[19]. - The company plans to streamline its horse breeding operations by identifying and eliminating underperforming horses to reduce future maintenance costs[45]. - The company plans to focus on expanding its interior design, renovation, and decoration services, anticipating this segment to become its main business by 2025[83]. - The company will adopt a prudent approach to identify business opportunities in the horse services segment while maintaining low operating costs[83]. Corporate Governance and Compliance - The company emphasizes the importance of good corporate governance to protect shareholder interests and ensure accountability[91]. - The board has adopted the corporate governance code as per GEM Listing Rules Appendix 15 and commits to regular reviews of governance practices[91]. - The company has confirmed compliance with the trading standards for directors as per GEM Listing Rules from January 1, 2024, to December 31, 2024[92]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual report and the group's consolidated performance for the fiscal year ending December 31, 2024[99]. - The independent auditor has verified the consolidated financial statements for the fiscal year ending December 31, 2024, confirming consistency with the amounts reported[101]. - The company has maintained the minimum public float as required by GEM Listing Rules as of the fiscal year ending December 31, 2024[98]. Shareholder Information - As of December 31, 2024, the company's issued share capital is approximately HKD 20,500,000, divided into 409,141,860 shares with a par value of HKD 0.05 each[68]. - Major shareholders include Three Gates Investment Limited with 120,000,000 shares (29.33%), and several entities each holding 80,000,000 shares (19.55%)[88]. - Mr. Huang Guowei holds a beneficial interest in 120,000,000 shares, representing 29.33% of the company's issued share capital[84]. - The beneficial ownership structure indicates that Mr. Huang is deemed to have an interest in the shares held by Three Gates Investment due to his full ownership[90]. - The company has granted stock options totaling 15,591,418 shares, with 4,000,000 options granted to Mr. Liang Jingyu at an exercise price of HKD 0.59[85]. Employment and Costs - The total employee costs for the years ended December 31, 2024, and December 31, 2023, were approximately HKD 10,200,000 and HKD 14,200,000, respectively[76]. - The company employed 79 employees as of December 31, 2024, down from 123 employees as of December 31, 2023[76]. Other Financial Information - The company did not declare any dividends for the year ended December 31, 2024, consistent with 2023[29]. - The company experienced a net foreign exchange loss of HKD 2,483,000 in 2024, compared to a loss of HKD 390,000 in 2023, indicating a significant increase in foreign exchange losses[26]. - The company has not applied any new or revised Hong Kong Financial Reporting Standards that are not yet effective, which are expected to have a significant impact on the consolidated financial statements[14]. - The group has not made any provisions for potential further liabilities in the consolidated financial statements, nor included adjustments for the inability to continue as a going concern[18]. - There were no significant investments or acquisitions held as of December 31, 2024[69]. - The company did not have any major acquisitions or disposals of subsidiaries or associates during the year ended December 31, 2024[70]. - No purchase, sale, or redemption of the company's listed securities has occurred by the company or its subsidiaries during the fiscal year ending December 31, 2024, up to the announcement date[93]. - Directors and controlling shareholders have confirmed no involvement in any competing business or conflict of interest with the group during the fiscal year ending December 31, 2024[94]. - The non-competition commitments made by the controlling shareholder have been fully complied with and executed as of the fiscal year ending December 31, 2024[95].
维港育马(08377) - 2024 - 年度业绩