Financial Performance - The Group's annual revenue increased by approximately 41% year-on-year, surpassing HK$10 billion for two consecutive years, reaching new heights in both business scale and profitability [17]. - For the year ended 31 December 2024, the Group achieved a revenue of approximately HK$15,147.9 million, representing an increase of 41% compared to approximately HK$10,740.5 million for the year ended 31 December 2023 [30]. - The Group's net profit for FY2024 was approximately HK$32.1 million, reflecting an increase of approximately 85% year-on-year [30]. - The metals business segment generated revenue of approximately HK$15,114.2 million in FY2024, a 41% increase from approximately HK$10,706.8 million in FY2023, with net profit rising by 148% to HK$41.6 million [34]. - The education management services business recorded revenue of approximately HK$33.7 million for FY2024, maintaining the same level as the previous year [44]. Business Growth and Strategy - The metals business generated revenue of HK$15.1 billion during the Current Year, with a significant increase in net profit [18]. - The number of customers in the metals business increased from 9 at the end of 2023 to 16 at the end of 2024, injecting fresh momentum into continual growth [18]. - The Group's strategy focuses on optimizing its business structure and enhancing its internal control management system to ensure balanced business expansion with effective risk management [17]. - The Group's strategy focuses on strengthening its core business in metals while maintaining stability in the education management services sector [22]. - The Group aims to expand collaboration with large-scale state-owned enterprises to enhance procurement stability and market responsiveness [41]. Financial Position and Assets - As of 31 December 2024, the Group had cash and bank balances of approximately HK$21.3 million, an increase from approximately HK$16.3 million in 2023 [62]. - The Group's net current assets increased to approximately HK$67.2 million as of 31 December 2024, compared to approximately HK$32.7 million in 2023 [62]. - The current ratio as of 31 December 2024 was 1.08 times, slightly down from 1.10 times in 2023 [62]. - The Group had outstanding borrowings of approximately HK$26.1 million as of 31 December 2024, up from approximately HK$23.1 million in 2023 [64]. Corporate Governance - The Company has complied with the code provisions set out in the Corporate Governance Code during the year ended December 31, 2024 [114]. - The Company aims to achieve a high standard of corporate governance practices to safeguard shareholder interests and enhance shareholder value [119]. - The Board currently consists of 6 Directors, including 3 executive Directors and 3 independent non-executive Directors [124]. - The Company has adopted a code of conduct regarding securities transactions by Directors, ensuring compliance with relevant standards [118]. - The Company has established appropriate liability insurance and indemnity for Directors, reviewed annually [151]. Board and Management - The Chairman of the Board is Mr. Zhang Siyuan, and the Chief Executive Officer is Mr. Wang Wendong [143]. - The daily operation of the Company is delegated to a management team with substantial experience and expertise [127]. - The Board oversees the overall businesses, strategic direction, and financial performance of the Group [126]. - The Company Secretary has over 20 years of experience in the company secretarial field [108]. - The Board currently consists of 6 Directors, with 3 executive Directors and 3 independent non-executive Directors, including 2 female Directors and 4 male Directors [156]. Risk Management - The Board is responsible for the effectiveness of the Group's internal control and risk management systems [198]. - The Audit Committee assists the Board in maintaining the effectiveness of internal control and risk management systems [198]. - The Group assesses and grades material risk events annually to determine the scope of material risk for the year [199]. - Each inherent risk is evaluated using a risk matrix, and residual risks are assessed after considering control measures [200]. - The risk register, including risk responses and residual risks, is reported to the Audit Committee for evaluation [200]. Employee and Diversity - The total employee costs for the year ended December 31, 2024, were approximately HK$11.1 million, an increase from approximately HK$10.7 million in 2023 [71]. - The gender ratio in the workforce, including senior management, is balanced at 50:50 for the year ended December 31, 2024 [158]. - The Company aims to maintain at least the current level of female representation on the Board, with the ultimate goal of achieving gender parity [157]. - The Company will implement policies to ensure gender diversity in recruitment to develop a pipeline of female senior management [159]. Committees and Meetings - The Audit Committee held two meetings during the year ended December 31, 2024, reviewing the annual and interim results and evaluating the Group's financial reporting process [170]. - The Remuneration Committee held 1 meeting in which it reviewed the remuneration of each Director and made recommendations to the Board [179]. - The Nomination Committee held 2 meetings, reviewing the structure, size, and composition of the Board, and assessing the independence of independent non-executive Directors [187]. - The Executive Committee did not hold any meetings during the year ended December 31, 2024 [173]. - The attendance details of Directors at Board meetings and committee meetings are documented on page 31 [188].
港银控股(08162) - 2024 - 年度财报