Financial Performance - The company maintained last year's performance level and achieved growth despite a declining business environment in Hong Kong[9]. - The company recorded a net profit for the year ending December 31, 2024[9]. - The company recorded revenue of approximately HKD 108.5 million for the year ended December 31, 2024, a slight increase of about 0.1% compared to HKD 108.4 million in the previous year[18]. - Revenue from food processing and trading was approximately HKD 90.9 million, up from HKD 79.1 million in 2023, while restaurant operations generated about HKD 17.6 million, down from HKD 29.3 million[18]. - The company achieved an operating profit before tax of approximately HKD 1.7 million, a turnaround from an operating loss of HKD 2.5 million in the previous year[19]. - The company's net profit for the year was approximately HKD 0.9 million, compared to a net loss of HKD 3.1 million in the previous year[22]. - As of December 31, 2024, the company's current assets net value was approximately HKD 18.6 million, up from HKD 13.8 million in 2023[24]. - The debt-to-equity ratio was approximately 2.4% as of December 31, 2024, down from 3.1% in the previous year[25]. - The company reported a reserve of approximately HKD 47,814,000 as of December 31, 2024, down from HKD 49,526,000 in 2023[57]. Business Strategy and Operations - The company aims to enhance its sales and revenue by being the main supplier of food and beverage materials for all restaurants under the joint venture[14]. - The company plans to expand its business capacity by improving refrigeration capabilities and seeking new business opportunities[16]. - The company will continuously review its strategies to adapt to the latest business environment and assess potential acquisition targets[9]. - The company operates in the food processing and trading sector, including frozen and cooked foods, and restaurant management[12]. - The company has established joint ventures to participate in the food and beverage business in Hong Kong, holding a 55% stake in one and a 60% stake in another[13]. - The company acknowledges the challenges posed by rising vacancy rates and declining rental and asset prices in Hong Kong[9]. - The group operates primarily in Hong Kong, dealing with the processing and trading of fresh, frozen, and cooked food, as well as restaurant operations[53]. Management and Governance - The company has a strong management team with extensive experience in the food processing and trading industry, enhancing its operational capabilities[39][41][43]. - The board includes independent directors with over 30 years of experience in the catering service industry, providing independent opinions and oversight[48]. - The company is focused on strategic planning and operational management to drive business development and financial monitoring[40][41]. - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[128]. - The board is responsible for approving and monitoring the overall strategy and policies of the group, focusing on growth and financial performance[132]. - Independent non-executive directors constitute three out of eight board members, exceeding the GEM listing rule requirement of at least one-third[139]. - The company has established mechanisms to ensure independent viewpoints are obtained, with annual reviews of the board's composition and performance[139]. - The company has implemented measures to ensure compliance with trading regulations and to enhance communication regarding blackout periods[126]. Employee and Workplace Policies - The company strictly adheres to all applicable employment regulations and provides competitive compensation packages to attract and retain talent[74]. - The company is committed to providing a safe and healthy work environment, ensuring equal opportunities for all employees[74]. - The company has established measures to protect employee personal data and provides channels for employees to express their opinions[74]. - The group emphasizes the importance of a safe working environment and has established occupational health and safety policies, providing regular training for employees[196]. - The group encourages employee participation in continuing education and training to develop personal capabilities, including mandatory food safety manager training[197]. - The group has a comprehensive recruitment process and strictly prohibits child labor and forced labor, ensuring compliance with local employment laws[198]. Environmental Responsibility - The total greenhouse gas emissions from mobile source fuel (road transport) amounted to 58,794 kg of CO2, 3 kg of CH4, and 2 kg of N2O[184]. - The company's annual electricity consumption was 1,541,699 kWh, resulting in emissions of 847,934.45 kg of CO2[184][185]. - The company produced no hazardous waste during the reporting period[188]. - The company implemented measures to reduce emissions, such as minimizing office lighting and air conditioning during lunch hours[191]. - The company encourages employees to use double-sided or eco-friendly paper for printing, and waste paper is managed by dedicated personnel[191]. - The company regularly reminds logistics staff to turn off truck engines to reduce harmful environmental impacts[192]. - Supplier selection criteria include environmental and social performance, ensuring stable supply and quality products[199]. Shareholder and Financial Policies - The company has not engaged in any significant acquisitions, sales, or investments during the fiscal year ending December 31, 2024[64]. - No dividends were recommended for the fiscal year ending December 31, 2024[56]. - The company anticipates that it will not distribute any dividends in the short term as funds are expected to be used for business investments[174]. - The company has not established any equity-linked agreements as of December 31, 2024[62]. - The company has not purchased, redeemed, or sold any of its listed securities during the year[61]. - The company has confirmed that there are no business interests or conflicts with any companies that may compete with its operations[92]. Corporate Governance and Compliance - The company has adopted corporate governance practices in line with GEM listing rules and has complied with the code provisions throughout the reporting period[121]. - The company has established a policy to prevent bribery, ensuring compliance among all employees[112]. - The roles of the Chairman and CEO are clearly separated to ensure a balance of power within the company[122]. - The company adopted a code of conduct for securities trading by directors, confirming compliance from all directors from the listing date until December 31, 2024[123]. - The board has established specific committees, including the audit committee, remuneration committee, and nomination committee, to assist in the effective implementation of its functions[153]. - The audit committee, consisting of three independent non-executive directors, held four meetings during the year and reviewed the annual report for compliance with applicable accounting standards[157]. - The company has established a whistleblowing policy to provide guidance and reporting channels for employees and third parties to report misconduct, with confidentiality assured[144]. - The company has adopted an anti-fraud and anti-corruption policy to resist fraudulent activities and ensure compliance with relevant laws and regulations[148].
运兴泰集团(08362) - 2024 - 年度财报