Financial Performance - The Group recorded revenue of approximately HK$49,055,000 for the year ended 31 December 2024, a decrease of approximately 6.3% compared to HK$52,326,000 in the previous year[22]. - The basic and diluted loss per share for the year were approximately HK2.53 cents, compared to approximately HK16.58 cents in 2023[22]. - Revenue from iAsia decreased by approximately 8.3% to approximately HK$46,780,000, down from approximately HK$51,015,000 in 2023[23]. - The decline in revenue was attributed to local stagnant economic sentiment and fierce market competition[23]. - Revenue from the money lending business increased by approximately 73.7% to approximately HK$2,275,000, contributing about 4.6% of the total revenue[27]. - The Group recorded a fair value loss on financial assets at fair value through profit or loss of approximately HK$4,409,000, compared to a gain of approximately HK$1,965,000 in the previous year[25]. - Gross profit for the year was approximately HK$27,009,000, a decrease of approximately 13.3% from HK$31,146,000 in 2023, with a gross profit margin of approximately 55.1% compared to 59.5% in 2023[129]. - The Group recorded a net loss after tax of approximately HK$12,338,000 for the year, a decrease of approximately 56.5% from HK$28,346,000 in 2023[131]. Revenue Sources - iAsia Online Systems Limited, the Group's principal operating subsidiary, contributed approximately 95.4% of the Group's revenue for the year[23]. - The Group's main operating subsidiary, iAsia, accounted for approximately 95.4% of the total revenue for the Year[26]. - Revenue from the financial trading software solutions business decreased by approximately 8.3% to approximately HK$46,780,000[35]. - The lending business generated revenue of approximately HK$2,275,000, representing an increase of about 73.7% from approximately HK$1,310,000 in 2023[48]. Cost Management and Operational Efficiency - The Group plans to implement stringent cost control measures and improve operational efficiency while exploring new business opportunities[30]. - Administrative expenses decreased by approximately 29.1% to HK$36,726,000 from HK$51,787,000 in 2023 due to cost control measures[130]. - The Group plans to adopt cost control measures and implement marketing campaigns to increase client engagement with its products and services[105]. Loan and Credit Management - The Group's money lending business is conducted through its wholly-owned subsidiary, Finsoft Finance Limited, which holds a money lender's license[46]. - As of December 31, 2024, the Group's loan receivables (net of loss allowance) amounted to approximately HK$35,677,000, an increase of about 45.6% from approximately HK$24,479,000 in 2023[47]. - The largest borrower accounted for approximately 14% of total loan receivables, down from approximately 21% in 2023, while the five largest borrowers represented approximately 49%, down from approximately 60% in 2023[49]. - The interest rates charged to customers ranged from 8% to 35.5% per annum, compared to 8% to 21.6% per annum in 2023[49]. - The ageing analysis of loan receivables showed that overdue loans amounted to HK$21,073,000, compared to HK$20,806,000 in 2023[53]. - The Group's management continuously monitors loan and interest receivables balances to mitigate credit risks[54]. - The Group assesses impairment loss on loan and interest receivables using the expected credit loss (ECL) model under HKFRS 9, considering factors like probability of default (PD) and loss given default (LGD)[66]. Investment Activities - The Group's asset investments portfolio consisted of securities held for trading, with details to be provided in the financial assets at fair value through profit or loss[91]. - Total investments as of December 31, 2024, amounted to HK$9,005,000, representing a decrease of HK$4,801,000 compared to the previous year[92]. - The unrealized loss from investments during the year was HK$3,629,000, indicating a challenging market environment[92]. - The Group recognized a net fair value loss on financial assets at fair value through profit or loss of approximately HK$4.4 million for the year, compared to a gain of approximately HK$1.97 million in 2023[105]. Corporate Governance - The Board held 6 meetings during the year to oversee business management, strategic decisions, and financial performance[184]. - The Company complies with corporate governance rules, having three independent non-executive directors, which constitutes at least one-third of the Board[200]. - The Board has established various committees to delegate responsibilities and ensure compliance with applicable laws and regulations[182]. - All Directors have full access to relevant information and can seek independent professional advice at the Company's expense[185]. Future Outlook and Strategy - The Group aims to diversify its income sources by seeking opportunities in IT services related to artificial intelligence and blockchain technology[39]. - The Group plans to continue exploring opportunities in IT services, including artificial intelligence and blockchain technology, to diversify income sources[164][169]. - The Group will adopt a prudent approach in granting new loans due to the instability of the financial market in Hong Kong[165][170]. - The Group's future investment plans remain unspecified, but it will consider any acquisition opportunities that arise[149][156].
汇财金融投资(08018) - 2024 - 年度财报