Financial Performance - The company reported a loss attributable to shareholders of approximately HKD 148.21 million for the year ended December 31, 2024, compared to a loss of approximately HKD 217.90 million in 2023, reflecting a decrease in fair value losses on financial assets [15]. - The net fair value loss on financial assets for the year was approximately HKD 160.58 million, down from HKD 287.70 million in the previous year, indicating improved performance in this area [15]. - General and administrative expenses for the year amounted to approximately HKD 16.34 million, an increase from HKD 12.68 million in 2023, primarily due to higher business and management costs [15]. - Financing income for the year was approximately HKD 5.70 million, compared to HKD 1.06 million in 2023, showing a significant increase in financial returns [15]. - The company's net asset value decreased to approximately HKD 994.13 million from HKD 1,142.33 million in 2023, indicating a decline in overall financial health [15]. - The loss per share for the year was approximately HKD 0.0511, an improvement from a loss of HKD 0.0751 per share in 2023 [15]. - The net loss before tax for the fiscal year 2024 was HKD 148,097,697, a decrease from HKD 213,899,481 in 2023, representing a 30.8% improvement [48]. - The loss per share improved to HKD 0.051 in 2024 from HKD 0.075 in 2023, indicating a 31.9% reduction in losses per share [48]. - Cash and cash equivalents increased significantly to HKD 317,280,983 in 2024, compared to HKD 86,451,484 in 2023, marking a 267.5% increase [48]. Investment Strategy - The company plans to continue seeking investment opportunities that enhance profitability while maintaining a cautious financial management strategy [10]. - The company aims to explore quality investment opportunities in the logistics sector, leveraging the integration of transportation, warehousing, and information services [9]. - The company will actively expand into information technology, advanced manufacturing, and renewable energy sectors, aligning with national strategic initiatives [9]. - The company aims to diversify investments across various sectors, including logistics, information technology, advanced manufacturing, healthcare, new energy, and environmental protection [40]. Debt and Financing - The company has established a loan agreement with its parent company for up to USD 100 million to support operational needs and investment opportunities [16]. - The group had no borrowings as of December 31, 2024, maintaining a debt-to-equity ratio of approximately 0% [19]. - The company has not utilized the loan of up to USD 100,000,000 from Guokai International Holdings during the current year, which has an interest rate of LIBOR plus 1.65% [96]. - The financing agreement with China Construction Bank (Asia) for a non-committed revolving loan of up to USD 100,000,000 has been terminated as of September 26, 2024 [107]. Operational Performance - The group reported a loss of HKD 46.14 million from its investment in Bihua Venture, representing 8.6% of the group's total assets as of December 31, 2024 [23]. - The investment in Meicai resulted in a loss of HKD 56.92 million, accounting for 27.5% of the group's total assets as of December 31, 2024 [23]. - G7 Connect Inc. generated a profit of HKD 13.30 million, representing 21.9% of the group's total assets as of December 31, 2024 [23]. - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year [22]. - The group has no pledged assets, significant capital commitments, or contingent liabilities as of December 31, 2024 [21]. - The company has established a logistics distribution network covering the entire country and operates in seven countries including the United States, Thailand, Vietnam, and Malaysia [32]. Corporate Governance - The board consists of four directors, including one non-executive director and three independent non-executive directors, ensuring a balance of expertise and experience [132]. - The company has adopted a diversity policy for board members since August 2013, focusing on various criteria including gender, age, and professional experience [134]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring unbiased oversight [137]. - The board regularly reviews corporate governance policies and practices to ensure compliance with legal and regulatory requirements [135]. - The company has maintained compliance with the Corporate Governance Code throughout the year [129]. Risk Management - The board is responsible for maintaining an effective internal control and risk management system, which aims to identify and manage risks that could hinder business objectives [172]. - The audit committee supports the board in monitoring risks and evaluating the effectiveness of the risk management and internal control systems [173]. - The company conducts regular reviews of its major business risk control measures to mitigate risks and improve assessment procedures [174]. - The internal control framework is based on the COSO model, which includes monitoring environment, risk assessment, control activities, information and communication, and monitoring [176]. - The company has engaged external internal control consultants to review key business processes, covering all significant monitoring aspects, with no major deficiencies found in the internal audit report submitted to the audit committee [178]. ESG and Sustainability - The company aims to enhance its ESG performance through responsible investment, legal compliance, and community care, aligning sustainable development with business strategy [185]. - The board of directors plays a core role in promoting the company's sustainable development and oversees ESG strategy and reporting [196]. - A comprehensive assessment and ranking of ESG issues were conducted through stakeholder surveys to identify key topics impacting operations and stakeholders [199]. - The company updated its ESG issue database by referencing global sustainability trends and relevant policies to determine core issues with significant operational impact [199]. Shareholder Communication - The company emphasizes high transparency in communication with shareholders and investors through various channels, including annual general meetings and reports [164]. - The company held its annual general meeting on June 21, 2024, where shareholders approved nine ordinary resolutions, including the re-election of directors and the authorization for share issuance and buybacks [169]. - The company has introduced electronic communication methods to send actionable company communications to shareholders individually [198].
国开国际投资(01062) - 2024 - 年度财报