Financial Performance - In 2024, the Group's revenue decreased by approximately 82.1% to approximately HK$15.6 million compared to HK$87.2 million in 2023[17]. - The loss and total comprehensive expense for 2024 was approximately HK$61.2 million, up from HK$34.2 million in 2023[17]. - The decline in revenue was primarily due to a significant decrease in demand for supply chain management (SCM) services related to apparel products[16]. - The significant factors contributing to the increased loss and comprehensive expenses were a substantial decline in revenue from apparel-related supply chain management services and an increase in administrative expenses[20]. - For the year ended December 31, 2024, the Group recorded revenue of approximately HK$15.6 million, a decrease of approximately 82.1% compared to HK$87.2 million for the same period in 2023[32]. - The total comprehensive expenses for the year ended December 31, 2024, amounted to approximately HK$61.2 million, compared to approximately HK$34.2 million for the year ended December 31, 2023[32]. - The decrease in revenue was primarily due to losing purchase orders from a major customer in Macau, which contributed approximately 77.2% of total revenue in 2023[35]. - The Group's cost of sales decreased by approximately 90.4% from approximately HK$89.3 million for the year ended December 31, 2023, to approximately HK$8.6 million for the year ended December 31, 2024[36]. - The Group recorded a loss and total comprehensive expense of approximately HK$61.2 million for the year ended December 31, 2024, compared to a loss of approximately HK$34.2 million for the year ended December 31, 2023[51]. Business Strategy and Operations - The Group continued to operate under its business strategies from 2023, focusing on cooperation with strategic partners and e-commerce platforms[18]. - Collaboration with Hainan JRJJ Technology Company Limited led to the operation of the Ficus Discovery Platform, an e-commerce platform for SCM solutions[18]. - The Group aims to promote the application of its Innovative SCM Solutions with anti-counterfeit, traceability, and marketing capabilities in the PRC markets through these strategic agreements[26]. - The Group plans to keep abreast of consumption behavior trends and promote the application of its Innovative SCM Solutions across various product categories in 2025[26]. - The Group intends to focus on expanding its business in the Innovative SCM Solutions segment in the PRC and Hong Kong markets, which could yield a higher gross profit margin[32]. - The Group aims to diversify its revenue streams and broaden its customer base through strategic partnerships and innovative supply chain management solutions[31]. - The Group aims to expand its innovative supply chain management solutions in the Chinese market through the operation of the Xiaoye Rong Exploration Platform[88]. Strategic Partnerships - The Group has entered into a framework cooperation agreement with Shanghai Film Co., Ltd. to provide Innovative SCM Solutions focused on peripheral products and movie promotion events[23]. - A strategic cooperation agreement was established with Gansu Walker Sports Management Company Limited, designating the Group as an official partner of the 2024 Jiayuguan Great Wall Marathon[23]. - The Group has signed a strategic cooperation agreement with Camping Club Network Technology Company Limited to provide Innovative SCM Solutions and digital marketing solutions for sports events promotion[25]. - The Ficus Discovery Platform has entered into a strategic cooperation agreement with Beijing New Cooperation Ruida Trade Co., Ltd. to enrich product varieties and access sales channels[25]. Share Capital and Financing - The Company completed a share placement on December 20, 2023, issuing 3,450,000 new shares at a price of HK$5.20 per share, resulting in net proceeds of approximately HK$17.8 million[64]. - As of December 31, 2024, the authorized share capital of the Company is HK$100,000,000 divided into 10,000,000,000 shares of par value HK$0.01 each, with 1,354,500,000 shares issued[61]. - The Company proposed a share subdivision on June 26, 2024, which was approved on July 24, 2024, resulting in a change in the board lot size from 10,000 shares to 5,000 shares effective August 9, 2024[60]. - The Company entered into a placing agreement on November 13, 2024, to issue up to 135,450,000 new shares at a price of HK$0.60 per share, known as the November 2024 Share Placement[68][70]. - The November 2024 Share Placement was completed on January 3, 2025, resulting in the issuance of 13,430,000 new shares and net proceeds of approximately HK$7.7 million, all of which were fully utilized as planned[69][73]. - A new placing agreement was established on January 24, 2025, for the issuance of up to 50,000,000 new shares at HK$0.60 per share, referred to as the January 2025 Share Placement[74][75]. - The January 2025 Share Placement was completed on February 25, 2025, with 5,215,000 new shares issued and net proceeds of approximately HK$3.1 million, of which HK$2.3 million has been utilized as of the report date[76][77]. Governance and Management - The Company changed its name from "Vision International Holdings Limited" to "Ficus Technology Holdings Limited" effective July 31, 2024[117][118]. - Mr. Chan Ting was appointed as the executive Director and chairman of the Board on July 8, 2024, bringing over 28 years of business management experience[119]. - Mr. Cheuk Ka Chun Kevin was appointed as the executive Director and CEO on September 15, 2023, and has a background in innovative supply chain management solutions[120][121]. - Ms. Chan Siu Sarah was appointed as an executive Director on July 8, 2024, with extensive legal experience in corporate law and project finance[126][127]. - The company has a strong focus on innovation, with Mr. Chok leading a team that won a gold medal at the Geneva International Exhibition for a supply chain management solution[129]. - The company is expanding its legal and compliance capabilities with the appointment of experienced directors like Ms. Chan and Dr. Liu[130][142]. - The company has a diverse board with members having extensive experience in various sectors, enhancing its strategic decision-making capabilities[142]. - The company is committed to maintaining high standards of governance and compliance through its independent non-executive directors[142]. - The Board of Directors is committed to high corporate governance standards to safeguard shareholder interests and enhance corporate value[172]. - The Board currently comprises both executive and independent non-executive directors, with recent appointments and resignations noted[180]. - The Company has confirmed the independence of all independent non-executive directors in accordance with GEM Listing Rules[187]. Financial Position - As of December 31, 2024, the total equity of the Group was approximately HK$1.0 million, a significant decrease from approximately HK$62.4 million as of December 31, 2023[90]. - The Group's cash and cash equivalents as of December 31, 2024, were HK$0.2 million, down from HK$22.1 million as of December 31, 2023[90]. - The Group's bank borrowings as of December 31, 2024, were HK$14.4 million, compared to HK$30.9 million as of December 31, 2023[90]. - The current ratio decreased to 0.48 times as of December 31, 2024, from 2.0 times as of December 31, 2023[90]. - Trade receivables turnover days increased significantly to 818.6 days for the year ended December 31, 2024, from 267.0 days for the year ended December 31, 2023[91]. - The gearing ratio as of December 31, 2024, was 1,388.1%, a substantial increase from 49.6% as of December 31, 2023[92]. Compliance and Corporate Governance - The company has complied with all code provisions set out in the Corporate Governance Code during the year ended December 31, 2024[173]. - The Company emphasizes the importance of transparency and accountability in its corporate governance practices[172]. - The Board regularly reviews the contributions and time commitment of directors to ensure effective governance[176]. - The Company has adopted the Required Standard for securities transactions by directors, confirming compliance for the year ended December 31, 2024[174]. - No incidents of non-compliance with the Required Standard by relevant employees were noted during the reporting period[175].
细叶榕科技(08107) - 2024 - 年度财报