Financial Performance - The company reported a revenue of approximately HKD 1,253,000,000 for the year ended December 31, 2024, a decrease of about 12.9% compared to HKD 1,439,400,000 for the same period last year[4]. - The gross profit for the reporting period was approximately HKD 45,800,000, which is an increase of about 0.5% from HKD 45,600,000 in the previous year[4]. - The net loss for the year was approximately HKD 128,700,000, compared to a net profit of HKD 51,400,000 in the prior year[4]. - Basic loss per share was HKD 32.80, a significant decline from earnings of HKD 12.47 per share in the previous year[6]. - The company recorded other income and gains of HKD 10,873,000, down from HKD 49,816,000 in the previous year[5]. - The income tax expense for the year ended December 31, 2024, was HKD 8,327,000, compared to HKD 4,154,000 for 2023, reflecting a significant increase[25]. - The basic loss per share for the year ended December 31, 2024, was HKD (124,383,000), while the basic profit for 2023 was HKD 47,293,000, indicating a substantial decline in profitability[29]. - The total borrowings at the end of the reporting period were approximately HKD 389,500,000, an increase from approximately HKD 364,700,000 in the previous year[52]. - The company's cash and bank balances at the end of the reporting period were approximately HKD 4,600,000, down from approximately HKD 9,800,000 in the previous year[52]. Assets and Liabilities - Total assets decreased to HKD 915,921,000 from HKD 1,275,209,000 year-over-year, indicating a reduction in current assets[7]. - The company's non-current assets decreased to HKD 39,799,000 from HKD 51,076,000, reflecting a decline in property, plant, and equipment[7]. - The company's total equity decreased to HKD 354,665,000 from HKD 500,138,000, indicating a significant reduction in shareholder equity[8]. - Trade and other receivables decreased to HKD 911,212,000 from HKD 1,135,753,000, showing a decline in receivables[7]. - Trade receivables decreased to HKD 238,477,000 in 2024 from HKD 396,841,000 in 2023, showing a reduction of approximately 40%[31]. - The total amount of trade and other receivables was HKD 911,212,000 in 2024, down from HKD 1,135,753,000 in 2023, representing a decline of about 20%[31]. - The accumulated impairment for trade receivables increased to HKD 95,216,000 in 2024 from HKD 41,835,000 in 2023, indicating a rise of approximately 128%[33]. - The total trade payables and notes payable decreased to HKD 165,687,000 in 2024 from HKD 419,042,000 in 2023, reflecting a reduction of about 60%[34]. Employee Costs - Total employee costs in 2024 were HKD 17,364, an increase of 72.2% from HKD 10,106 in 2023[23]. - Total employee costs during the reporting period amounted to HKD 17,400,000, compared to HKD 10,100,000 in 2023[65]. Corporate Changes - The company has undergone a name change from "China Finance Investment Holdings Limited" to "Congyu Intelligent Agricultural Holdings Limited" effective June 19, 2024[9]. - The company changed its name to Congyu Intelligent Agricultural Holdings Limited effective July 15, 2024[57]. Market and Operations - The company has over 90% of its non-current assets and revenue located in China, indicating a strong reliance on the Chinese market[18]. - The company is actively developing agricultural products and meat products, including poultry, seafood, and prepared foods, and has begun supplying products to supermarkets and online platforms in China[68]. - The company has established long-term stable partnerships with multiple nearby farms and agricultural companies to expand its agricultural base, ensuring food safety and supply for 120 million people in the Greater Bay Area[68]. - The company is exploring various cooperation models with e-commerce operators and online sales platforms to enhance online sales of its agricultural and meat products, thereby diversifying its revenue sources[69]. - The company aims to promote high-quality agricultural products into households in the Greater Bay Area, contributing to national rural revitalization and supporting local food security initiatives[69]. - The company is seeking vertical integration business opportunities to increase revenue sources, including providing distribution services for agricultural products, seafood, and meat products in China[69]. Governance and Compliance - The company has complied with the corporate governance code, with some deviations noted regarding the attendance of independent non-executive directors at the annual general meeting[71][72]. - The roles of the chairman and CEO are clearly separated, with the chairman leading the board in policy and strategy formulation, while the CEO is responsible for executing board-approved decisions[73]. - The company has established internal control systems to safeguard shareholder investments and company assets, ensuring effective risk management[75]. - The company has adopted an anti-corruption policy and established a reporting process to encourage employees to report misconduct in a safe and confidential environment[76]. - The board is responsible for evaluating and determining the nature and extent of risks acceptable to the group in achieving its strategic objectives[77]. - The audit committee continuously reviews significant risk management and internal control systems, including financial, operational, and compliance controls[78]. - The group has established risk management procedures to address all significant risks related to its business, with strategies categorized into risk retention, avoidance, sharing, and transfer[77]. - The internal control system is designed to minimize adverse impacts from risks associated with business objectives, providing reasonable but not absolute assurance against material misstatements or losses[78]. - The audit committee consists of three independent non-executive directors, who review the group's consolidated performance and accounting principles during the reporting period[80]. - The external auditor has confirmed that the financial figures for the year ending December 31, 2024, are consistent with the group's consolidated financial statements[81]. Future Plans and Announcements - The company plans to continue controlling costs and leveraging existing resources to enhance the development potential of agricultural products and expand its customer base[45]. - The company will suspend shareholder registration from May 28, 2025, to June 2, 2025, to facilitate attendance at the annual general meeting[82]. - The company plans to publish its annual results and report on its website and the stock exchange's website at an appropriate time[83]. - The board meeting to consider and approve the annual results for 2024 is scheduled for April 22, 2025[84]. - Trading of the company's shares was suspended on April 1, 2025, pending the announcement of the annual results, with a request for resumption submitted for April 23, 2025[85].
中国金控(00875) - 2024 - 年度业绩