Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 2,431,000, compared to a loss of HKD 5,435,000 in the previous year[3]. - The company experienced a net loss of HKD 23,331,000 for the year, a significant improvement from a loss of HKD 376,286,000 in the prior year[4]. - The company reported a loss from continuing operations of HKD 253,005,000 for the year 2024, compared to a loss of HKD 286,918,000 in 2023, indicating an improvement in performance[17]. - Revenue from external customers for continuing operations was HKD 2,431,000 in 2024, recovering from a loss of HKD 5,435,000 in 2023[20]. - The company's annual loss for 2024 was HKD 23,331,000, a significant improvement from a loss of HKD 376,286,000 in 2023, indicating a reduction of approximately 93.8%[26]. - The pre-tax loss for the year was approximately HKD 253.01 million, an improvement from HKD 291.45 million in the previous year[39]. - The loss attributable to the company's owners was approximately HKD 23.33 million, significantly reduced from HKD 376.29 million in the same period last year[39]. - The basic loss per share for the year was approximately HKD 0.88, compared to HKD 14.21 in the previous year[39]. Asset and Liability Management - Total assets decreased to HKD 981,068,000 from HKD 1,707,391,000, reflecting a significant reduction in non-current assets[5]. - Current liabilities decreased to HKD 1,099,115,000 from HKD 1,784,796,000, indicating improved liquidity management[5]. - The company has a net debt of HKD 118,277,000, which is an increase from HKD 104,588,000 in the previous year[6]. - The total assets for continuing operations decreased to HKD 980,147,000 in 2024 from HKD 1,271,439,000 in 2023, reflecting a significant reduction in asset base[18]. - The company’s liabilities for continuing operations increased to HKD 1,099,345,000 in 2024 from HKD 1,047,821,000 in 2023, indicating a rise in financial obligations[18]. - The total liabilities decreased from HKD 1,710,891,000 in 2023 to HKD 1,304,136,000 in 2024, a reduction of about 23.7%[29]. - The company had no trade payables recorded in 2024, compared to HKD 60,459,000 in 2023, indicating a complete elimination of trade payables[30]. Credit and Impairment Management - The expected credit loss provision decreased to HKD 123,300,000 from HKD 216,740,000 year-over-year, indicating improved credit quality[3]. - The impairment loss on investments in associates was HKD 149,100,000 in 2024, indicating challenges in the performance of associated entities[22]. - The impairment loss on investments in associates for 2024 was HKD 149,100,000, while there was no such loss recorded in 2023[25]. - The impairment provision for other receivables increased to HKD 67,300,000 in 2024 from HKD 50,000,000 in 2023, reflecting a rise of 34.6%[28]. - Impairment losses recognized for the year were approximately HKD 272.40 million, an increase from HKD 216.74 million in the previous year, indicating a rise of about 25.7%[84]. Operational Strategy and Future Plans - The company plans to continue its operations in manufacturing and selling various types of printed circuit boards, as well as engaging in securities investment and asset management services[11]. - The company is actively exploring various financing sources, including asset sales and secured financing, to enhance profitability[16]. - The company is focused on identifying new investment and business development opportunities to increase profitability[16]. - The company plans to gradually shift its business focus from debt investments to portfolio and equity investments to achieve short-term returns[85]. - The company intends to recover investment losses from financial assistance and asset restructuring over the next three years[85]. Governance and Compliance - The company confirmed compliance with the corporate governance code as per the listing rules during the year[115]. - The company confirmed that the board members have adhered to the company's trading code throughout the year[116]. - The audit committee reviewed the audited consolidated annual performance and financial statements for the year[122]. - The independent auditor's report indicated a lack of opinion due to significant issues related to the completeness of records from a subsidiary[125]. - A special investigation committee has been established to examine the loan agreements and the responsibilities of the approving directors, effective from January 24, 2025[106]. Legal and Regulatory Matters - The company has engaged legal advisors to investigate the validity of the alleged sale of shares related to its subsidiary, which could significantly impact its financial performance[104]. - The company is taking actions to mitigate risks related to the alleged sale of subsidiaries or assets by reviewing internal control systems and approval processes[138]. - The management expects the removal of the audit opinion reservation by the next fiscal year ending December 31, 2025[139]. Market and Economic Conditions - The group operates in a competitive environment affected by macroeconomic risks, including the US-China trade war and rising labor and production costs[95]. - The group has experienced volatility in the Hong Kong securities market, which may impact the performance of its listed securities investments[96].
融科控股(02323) - 2024 - 年度业绩