Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately HKD 508.5 million, a decrease of about 1.7% compared to HKD 517.4 million for the previous year[7]. - The loss attributable to equity holders was approximately HKD 53.7 million, compared to a loss of HKD 38.7 million in the same period last year[7]. - The basic loss per share was HKD 0.0242, compared to HKD 0.0170 in the previous year[7]. - The group's total revenue for the reporting period was approximately HKD 508.5 million, a decrease of about 1.7% compared to HKD 517.4 million for the year ended December 31, 2023[33]. - The group reported a total profit of approximately HKD 0.4 million for the reporting period, down from HKD 3.4 million for the year ended December 31, 2023, primarily due to increased advertising expenses[19]. - The group recognized a credit impairment loss of approximately HKD 0.2 million on trade receivables from margin financing assets, compared to HKD 7.2 million for the year ended December 31, 2023[20]. - The group recorded a loss of approximately HKD 42.1 million in the lending and credit card business, an increase from HKD 26.3 million for the year ended December 31, 2023, mainly due to additional employee costs[25]. - The property holding segment incurred a loss of approximately HKD 19.5 million, compared to HKD 9.5 million for the year ended December 31, 2023[29]. - The group recognized a provision for impairment losses on investment properties of approximately HKD 9.7 million, compared to HKD 1.6 million for the year ended December 31, 2023[31]. - The group's gross profit for the reporting period was approximately HKD 130.5 million, an increase of about 10.5% compared to HKD 118.2 million for the year ended December 31, 2023[34]. - Gross margin increased by approximately 2.9% to about 25.7% for the reporting period, compared to 22.8% for the year ended December 31, 2023[34]. - Other income and gains amounted to approximately HKD 16.4 million, a 36.5% increase from HKD 12.0 million in the same period last year[35]. Revenue Segmentation - The restaurant services segment generated revenue of approximately HKD 405.4 million, a decrease of about 6.0% from HKD 431.4 million in the prior year[11]. - The financial services segment contributed approximately HKD 101.7 million to total revenue, an increase of about 19.3% from HKD 85.2 million in the previous year[12]. - The securities brokerage, margin financing, asset management, and professional services business recorded total revenue of approximately HKD 92.4 million, an increase from HKD 83.3 million for the year ended December 31, 2023, due to higher income from professional consulting services[17]. - The lending and credit card business generated revenue of approximately HKD 9.3 million, significantly up from HKD 2.0 million for the year ended December 31, 2023, attributed to the full-year impact of credit card issuance fees[23]. - The property holding segment recorded revenue of approximately HKD 1.4 million, an increase from HKD 0.8 million for the year ended December 31, 2023, due to higher occupancy rates and the full-year impact of existing leases[28]. Business Strategy and Future Plans - The company plans to launch a new insurance business in the second half of 2024, focusing on private life insurance products[8]. - The company aims to establish a balanced investment portfolio primarily composed of food service and comprehensive financial services by 2025[8]. - The company will continue to seek opportunities in the financial services sector, leveraging Hong Kong's unique position as a gateway between mainland China and global markets[8]. - The company aims to diversify its business portfolio, focusing on the restaurant and financial sectors to create long-term value for shareholders[61]. - The company plans to expand its financial services division, including entering the credit card and insurance businesses, to achieve its long-term strategic goals[62]. Corporate Governance - The company emphasizes good corporate governance practices to maintain and enhance investor confidence and sustainable development[77]. - The board believes that the company has complied with the Corporate Governance Code during the reporting period ending December 31, 2024, with some exceptions noted[78]. - The board is responsible for leading, monitoring, and managing the company, ensuring effective operations and growth to enhance shareholder value[80]. - The company has a robust and ongoing strategic planning process to identify and assess potential opportunities and challenges[79]. - The company has appointed Mr. Zhou as the director and CEO for future development in financial services, bringing over 27 years of experience in the financial information technology industry[75]. - The board of directors consists of three independent non-executive directors, meeting the requirement of at least one-third representation[83]. - The company has adopted a policy to ensure the independence of the board, with two out of six directors being female, representing approximately 33.3%[85]. - All directors are required to undergo continuous professional training to stay updated on legal and regulatory changes[92]. - The company has not appointed a chairman for the board during the reporting period, deviating from the corporate governance code[88]. - The board has delegated daily management and operations to senior management, who must seek board approval for significant transactions[82]. - The company ensures that all directors receive appropriate onboarding and training upon their appointment[91]. - The board will continue to seek suitable candidates to enhance gender diversity among its members[85]. - The company has received annual written confirmations of independence from all independent non-executive directors, affirming their status[86]. Risk Management and Compliance - The board is responsible for evaluating the effectiveness of the group's risk management and internal control systems, which are deemed effective and adequate[122]. - The group has adopted a credit and risk control policy for its securities business, particularly for margin financing, to enhance operational efficiency[125]. - Continuous monitoring of loan repayment capabilities and recovery situations is conducted, including real-time market information on clients' portfolios[130]. - The company complies with anti-money laundering regulations and conducts bankruptcy investigations on borrowers every six months[140]. - The company has established a whistleblowing policy to report misconduct and has a zero-tolerance commitment to corruption and unethical behavior[123]. Shareholder Information - The company will not declare any final dividend for the year ending December 31, 2024, consistent with the previous year[66]. - The company has a distributable reserve of approximately HKD 168,215,000 as of December 31, 2024[170]. - The board will consider various factors, including market conditions and future cash needs, when deciding on dividend payments[176]. - The company has established a shareholder communication policy to ensure effective and timely dissemination of information to shareholders and investors[150]. - The company will hold its 2025 Annual General Meeting on June 19, 2025, at 10:00 AM in Hong Kong[149]. Employee and Workforce - The company employed 164 employees as of December 31, 2024, an increase from 126 employees on December 31, 2023[64]. - The workforce consists of 46% female employees, highlighting the company's commitment to diversity and inclusion[174]. - The company has a commitment to corporate culture aligned with its mission, values, and strategies, focusing on talent recruitment, employee retention, and training[79]. Audit and Financial Reporting - The audit committee held 4 meetings during the reporting period to review financial statements and discuss significant matters with external auditors[115]. - The audit committee reviewed the annual financial statements for the year ending December 31, 2023, and the interim financial statements for the six months ending June 30, 2024[116]. - The company is considering appointing a new auditor to fill the vacancy left by the resignation of Zhongzheng Tianheng CPA[116]. - The audit fee for the fiscal year ending December 31, 2024, is HKD 2,000,000, while the previous auditor charged HKD 318,000 for non-audit services[143]. - The company reported a loss during the reporting period, with financial details available in the annual report pages 58 to 176[161].
未来发展控股(01259) - 2024 - 年度财报