Financial Performance - The group's revenue for the year ended December 31, 2024, was HKD 346.3 million, with a profit attributable to shareholders of HKD 3.9687 billion, resulting in a basic earnings per share of HKD 0.6226[8]. - The group's revenue for the year ending December 31, 2024, was HKD 346.3 million, a decrease of 4.0% compared to the previous year[16]. - Gross profit for the same period was HKD 197.7 million, down 5.4% year-on-year[16]. - The group recorded a profit attributable to owners of HKD 3.9687 billion, compared to a loss of HKD 278.2 million in the previous year[16]. - Basic earnings per share were HKD 0.6226, compared to a loss per share of HKD 0.0437 in the previous year[16]. - The group reported other income of approximately HKD 78.1 million for the year, down from HKD 95.7 million in 2023, primarily due to decreased bank interest income[51]. - The group incurred a fair value loss on investment properties of approximately HKD 100.2 million, compared to a loss of HKD 253.5 million in 2023[52]. - The total operating costs for the year were approximately HKD 265.9 million, a slight decrease of about 1% from HKD 267.9 million in 2023[51]. - The group experienced a net other loss of approximately HKD 25.5 million, compared to a net other income of HKD 0.6 million in 2023, mainly due to foreign exchange losses[51]. - The anticipated global growth rate for 2025 and 2026 is projected at 3.3%, lower than the historical average of 3.7% from 2000 to 2019[48]. Economic Outlook - The GDP of China for the year 2024 was RMB 135 trillion, reflecting a year-on-year growth of approximately 5.0%[8]. - The company maintains a cautious outlook on the short-term economic trends in China but remains confident in its long-term development[10]. - China's GDP growth is expected to be around 5% in 2024, supported by stimulus measures and strong exports, despite challenges from weak domestic demand[49]. Fintech Sector Developments - ZA Bank was recognized as one of the top 15 fintech innovators in Asia by Fortune magazine, being the only digital bank from Hong Kong on the list[9]. - The financial technology industry is expected to maintain a compound annual growth rate of around 18%, with the market size projected to exceed RMB 1.39 trillion by 2028[13]. - The financial technology sector is seen as having the most growth potential among various industry segments[10]. - The company is focusing on exploring new models for development in the fintech sector to seize opportunities in the new economic landscape[8]. - The group has established a joint venture with ZhongAn Online P&C Insurance Co., Ltd. to explore opportunities in the fintech sector[16]. - The company is actively exploring new business models in response to the evolving economic landscape, particularly in fintech and new economy sectors[15]. - ZA Bank launched U.S. stock trading services in February 2024, further enhancing its investment product offerings[33]. - ZA Bank launched cryptocurrency trading services for retail investors in Hong Kong, becoming the first licensed bank in Asia to do so[34]. Banking Performance - As of December 31, 2024, ZA Bank's deposit balance increased by 65.9% year-on-year to approximately HKD 19.399 billion, while total loans grew by 7.1% to about HKD 5.782 billion[35]. - ZA Bank's net interest margin improved from 1.94% in 2023 to 2.41% in 2024, outperforming the industry average[35]. - The bank recorded a net income of approximately HKD 548 million, representing a year-on-year growth of 52.6%[36]. - ZA Bank's net loss narrowed to HKD 232 million, a reduction of nearly HKD 167 million compared to the previous year, with the loss ratio decreasing from 111% to 42%[36]. - ZA Bank's retail user base grew to over 800,000, with more than half of the users setting ZA Bank as their default receiving bank for Faster Payment System (FPS)[31]. Corporate Governance - The board consists of 6 members, with the executive director serving as both the chairman and CEO, ensuring a strong leadership structure[150]. - The board held 4 regular meetings in 2024, with attendance rates for directors documented, indicating active participation in governance[155]. - Independent non-executive directors confirmed their independence according to listing rules, enhancing corporate governance standards[152]. - The company has established procedures for directors to seek independent professional advice, ensuring informed decision-making[154]. - The company has mechanisms in place for employees to raise concerns regarding financial reporting and internal controls, with no reports received during the year[174]. - The company has adopted a cautious and sustainable dividend policy since December 2018, intending to retain most of the available funds and future profits for business operations and expansion[196]. Environmental and Social Responsibility - The company emphasizes compliance with environmental protection laws and regulations in Hong Kong and China[79]. - The company is committed to improving management practices to mitigate environmental impact[79]. - The company has a dedicated team for environmental, social, and governance matters, with a report to be published alongside the annual report[80]. - The company has implemented a policy to promote and support anti-corruption and bribery laws and regulations[197]. Shareholder Matters - The company does not recommend the distribution of any final dividend for the year ended December 31, 2024[8]. - The company did not declare a final dividend for the year ended December 31, 2024, in order to retain resources for business development[64]. - The company plans to issue convertible bonds with a total principal amount of HKD 200,000,000, convertible at an initial price of HKD 0.085 per share, allowing for the issuance of 2,352,941,176 new shares[93]. - The company has not identified specific fintech companies for collaboration but intends to focus on its existing fintech business for ongoing financial support[94]. - The company has not purchased, sold, or redeemed any of its listed shares during the year ending December 31, 2024[140].
百仕达控股(01168) - 2024 - 年度财报