Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 168,832,000, a decrease of 70% compared to HKD 563,539,000 in 2023[2] - The gross profit for the same period was HKD 100,629,000, down 75% from HKD 402,390,000 in the previous year[2] - The company incurred a loss before tax of HKD 498,142,000, compared to a loss of HKD 146,116,000 in 2023, representing a significant increase in losses[2] - The total comprehensive loss for the year was HKD 496,175,000, compared to HKD 156,518,000 in 2023, indicating a worsening financial position[3] - The company reported a basic and diluted loss per share of HKD 26.6, compared to HKD 6.6 in 2023, highlighting a deterioration in earnings performance[3] - The group recorded a net loss of approximately HKD 496,370,000 for the year ending December 31, 2024, with current liabilities and net losses amounting to approximately HKD 141,937,000 and HKD 36,229,000 respectively[15] - The group reported total customer contract revenue from continuing operations of HKD 168,832,000 in 2024, down from HKD 563,539,000 in 2023, indicating a decline of approximately 70%[18] - The group reported a total loss from continuing operations of HKD 496,370,000 for the year ended December 31, 2024, compared to a loss of HKD 132,463,000 for the previous year[23][27] - The loss from continuing operations for the year ended December 31, 2024, was approximately HKD 496,370,000, compared to a loss of HKD 132,463,000 in 2023[43] - The loss per share from continuing operations was approximately HKD 0.266 for the year ended December 31, 2024, compared to HKD 0.061 in 2023[43] Asset and Liability Management - The company's total assets decreased to HKD 549,210,000 in 2024 from HKD 1,628,712,000 in 2023, reflecting a significant reduction in asset value[4] - The company's current liabilities amounted to HKD 578,320,000, down from HKD 1,154,527,000 in the previous year, indicating a reduction in short-term obligations[4] - The company’s equity attributable to owners decreased to a deficit of HKD 54,339,000 from HKD 229,723,000 in 2023, reflecting a significant decline in shareholder value[5] - As of December 31, 2024, the group's total debt amounted to approximately HKD 149,202,000, a significant decrease from HKD 595,813,000 in 2023[57] - The asset-liability ratio as of December 31, 2024, was 1.1 times, compared to 0.7 times in 2023, indicating increased leverage[58] - The current ratio was approximately 0.8 times as of December 31, 2024, down from 1.0 times in 2023, reflecting liquidity concerns[58] Impairment and Losses - The company has recognized an impairment loss of HKD 357,606,000 on non-financial assets, which was not present in the previous year[2] - The impairment loss recognized for trade receivables was HKD 59,559,000 in 2024, significantly higher than HKD 1,064,000 in 2023[26] - The group recognized a total impairment loss of HKD 357,606,000 for non-financial assets in 2024, with significant losses attributed to intangible assets[27] - The impairment loss related to non-financial assets for the LYGR cash-generating unit amounted to HKD 357,606,000, which has been recognized in the profit and loss statement[36] - The recoverable amount of the LYGR cash-generating unit was approximately HKD 74,232,000 as of December 31, 2024, down from HKD 1,259,755,000 in 2023[35] Revenue Decline - Revenue from big data services significantly declined, with data analytics service revenue dropping to HKD 167,673,000 in 2024 from HKD 561,399,000 in 2023, representing a decrease of approximately 70.2%[18] - Revenue from big data services for the year ended December 31, 2024, was approximately HKD 167,673,000, down about 70.1% from HKD 561,399,000 in 2023[46] - The gross profit margin for continuing operations decreased to approximately HKD 100,629,000, with a gross margin of about 59.6%, down from HKD 402,390,000 and 71.4% in 2023[51] Future Outlook and Strategies - The group is facing significant uncertainty regarding its ability to continue as a going concern due to outstanding debts totaling approximately HKD 253,967,000, which exceeds cash and cash equivalents of approximately HKD 37,949,000 as of December 31, 2024[15] - The group plans to seek additional funding through equity financing and long-term debt financing to support operational cash flow[16] - The group is actively negotiating with convertible bondholders for favorable settlement terms regarding principal and interest defaults[16] - The group aims to improve revenue from big data services by renewing or signing licensing agreements with various providers[16] - The group is considering selling its loss-making third-party payment services to avoid future resource injections and strengthen its financial position[16] - The group plans to sell its entire interest in the third-party payment services segment due to negative contributions from that segment in the previous year[50] - The group is focusing on "strategic contraction and capability accumulation" to shift from scale growth to value creation amid a challenging economic environment[71] - The group aims to deepen its technological capabilities and expand its ecosystem through a dual-driven approach of "technological depth and ecological extension"[71] Compliance and Governance - The independent auditor confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[78] - The group has complied with all provisions of the corporate governance code during the year ended December 31, 2024[75] Employee and Operational Costs - The group incurred total employee costs of HKD 71,529,000 in 2024, down from HKD 129,372,000 in 2023[27] - The group employed 172 employees as of December 31, 2024, a slight increase from 171 in 2023[64] Other Financial Metrics - The group reported a total of HKD 24,847,000 in other income for 2024, compared to a loss of HKD 94,840,000 in 2023[25] - Interest income from continuing operations decreased to HKD 411,000 in 2024 from HKD 874,000 in 2023[24] - The group's total financing costs increased to HKD 20,509,000 in 2024 from HKD 10,936,000 in 2023[26] - The group did not declare any dividends for the years ended December 31, 2024, and 2023[30] - The company decided not to recommend a final dividend for the year ended December 31, 2024[44] Regulatory Changes - The new Hong Kong Financial Reporting Standards, effective from January 1, 2027, are expected to impact the presentation and disclosure of the income statement in future financial reports[11] - The group is currently assessing the specific impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[11]
联洋智能控股(01561) - 2024 - 年度业绩