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 agricultural and meat products business revenue decreased by about 12.9% to approximately HKD 1,253,000,000, influenced by the economic downturn in China[45]. - The total revenue from other income and gains was HKD 10,873 in 2024, a decrease of 78.1% from HKD 49,816 in 2023[20]. Assets and Liabilities - Total assets decreased to HKD 915,921,000 from HKD 1,275,209,000 year-on-year, indicating a reduction in asset base[7]. - Current liabilities decreased to HKD 568,560,000 from HKD 789,077,000, reflecting improved liquidity management[7]. - The company’s equity attributable to owners decreased to HKD 353,487,000 from HKD 499,856,000, reflecting a decline in shareholder value[8]. - Trade receivables decreased to HKD 238,477,000 in 2024 from HKD 396,841,000 in 2023, indicating a decline 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 decrease of about 19.8%[31]. - The total trade payables and notes payable decreased to HKD 165,687,000 in 2024 from HKD 419,042,000 in 2023, a decline of approximately 60.5%[34]. Cash Flow and Financing - The company’s cash and bank balances decreased to HKD 4,575,000 from HKD 7,654,000, indicating a tighter cash position[7]. - The company's financing costs decreased to HKD 18,406 in 2024 from HKD 19,100 in 2023, reflecting a reduction of 3.6%[22]. - The company recorded a significant impairment loss on goodwill amounting to HKD 1,457,000, which was not present in the previous year[5]. - The company reported a significant decrease in interest income from banks, which fell to HKD 25 in 2024 from HKD 1,600 in 2023[20]. - The company's total borrowings at the end of the reporting period were approximately HKD 389,500,000, an increase from HKD 364,700,000 in the previous year[52]. Employee Costs - Total employee costs in 2024 were HKD 17,364, an increase of 72.2% compared to 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]. Strategic Focus and Business Development - The company plans to focus on agricultural product cultivation, processing, and trading, as well as seafood and meat products trading as part of its core business strategy[9]. - 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 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]. Risk Management and Governance - The board is responsible for evaluating and determining the nature and extent of risks acceptable to achieve the group's strategic objectives, ensuring an effective risk management and internal control system is in place[77]. - The audit committee continuously reviews significant risk management and internal control systems, including financial, operational, and compliance controls[78]. - The company has engaged external consultants to perform internal credit review functions and assess the effectiveness of internal control systems and risk management functions annually[78]. - The nature and extent of significant risks faced by the group have not changed during the reporting period, and no significant control deficiencies were identified[78]. Regulatory and Reporting Matters - The company is currently analyzing the impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[15]. - The group's financial statements for the year ending December 31, 2024, have been verified by the external auditor, but no assurance is provided on the preliminary announcement[81]. - The company plans to publish its annual results and report on its website and the stock exchange's website at an appropriate time[83]. - Trading of the company's shares was suspended on April 1, 2025, pending the announcement of the annual results for 2024, and will resume on April 23, 2025[85].
中国金控(00875) - 2024 - 年度业绩