WING ON CO(HK:00289)2025-04-24 02:52Financial Performance - The company reported a five-year performance summary indicating a steady growth trend in revenue and net profit[3]. - The total revenue for the last fiscal year was reported at HKD 1.2 billion, representing a year-on-year increase of 15%[3]. - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[22]. - The group’s revenue for the year ended December 31, 2024, was HKD 946.2 million, a decrease of 10.4% compared to HKD 1,056.2 million in 2023, primarily due to a decline in department store sales[23]. - Operating profit for 2024 was HKD 517 million, down from HKD 564 million in 2023, reflecting a decline of 8.3%[144]. - The group reported a pre-tax loss of HKD 876 million for 2024, compared to a profit of HKD 176 million in 2023[144]. - Basic earnings per share for 2024 were HKD 316.9 cents, down from HKD 42.4 cents in 2023; excluding investment property valuation losses, basic earnings per share were HKD 148.0 cents, down from HKD 164.5 cents[24]. - The company reported a net loss of HKD 923,336,000 for the year, compared to a profit of HKD 121,117,000 in 2023, indicating a significant downturn[162]. User and Market Growth - User data showed an increase in active customers by 20%, reaching a total of 500,000 users[3]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12%[3]. - New product launches are expected to contribute an additional HKD 200 million in revenue over the next fiscal year[3]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[3]. - The company is considering strategic acquisitions to bolster its market position, with a budget of up to HKD 300 million allocated for potential deals[3]. Research and Development - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing customer experience[3]. - The company is investing in new technology development, allocating D million towards R&D initiatives[22]. Marketing Strategy - A new marketing strategy focusing on digital channels is expected to improve customer engagement and drive sales growth by 8%[3]. - A new marketing strategy is being implemented, expected to improve customer engagement and retention by G%[22]. Corporate Governance - The board emphasized the importance of corporate governance and transparency in all operations to maintain investor confidence[3]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations for the fiscal year ending December 31, 2024[98]. - The board consists of 7 directors, including 1 executive chairman and 1 executive CEO, with all directors confirming compliance with the established trading standards for the fiscal year ending December 31, 2024[100]. - The board has delegated governance responsibilities to its committees, including the remuneration, nomination, and audit committees, to ensure compliance with governance policies[106]. Financial Position and Assets - The group's total equity as of December 31, 2024, was HKD 16,833.2 million, down 8.3% from HKD 18,355.8 million as of December 31, 2023[28]. - Total assets decreased to HKD 18,069 million in 2024 from HKD 19,723 million in 2023, a decline of 8.4%[144]. - The group’s investment properties, valued at HKD 12.9 billion, accounted for 71% of total assets as of December 31, 2024[151]. - The group maintained a strong financial position with ample cash to support current and future business activities[61]. Dividends and Shareholder Engagement - The board proposed a final dividend of HKD 0.53 per share for 2024, down from HKD 0.60 per share in 2023, resulting in a total dividend of HKD 0.85 per share for 2024 compared to HKD 0.94 per share in 2023[24]. - The company paid HKD 266,801,000 in dividends to shareholders in 2024, a decrease from HKD 316,815,000 in 2023, reflecting a tighter cash distribution policy[180]. - The company encourages shareholder participation in meetings and has established a communication policy to facilitate engagement[133]. Operational Challenges - The group recorded a loss attributable to shareholders of HKD 919.1 million for the year ended December 31, 2024, compared to a profit of HKD 123.4 million in 2023, mainly due to an investment property valuation loss of HKD 1,375.5 million[23]. - The group plans to implement cost-cutting measures and operational optimizations in its department store business in 2025 due to ongoing challenges in the retail sector and real estate market stagnation[43]. Sustainability and ESG Initiatives - The board emphasized the importance of sustainability initiatives, committing to invest I million in eco-friendly practices[22]. - The group established an ESG committee to oversee policies aimed at reducing carbon emissions and improving employee welfare[66]. Employee and Management Structure - The total employee cost for 2024, excluding directors' remuneration, was approximately HKD 197.2 million, an increase from HKD 188.0 million in 2023, with a total of 531 employees[42]. - The gender ratio among all employees is 72% female and 28% male, while the senior management consists entirely of male members[119]. - The company emphasizes standardized recruitment processes and equal development opportunities to achieve gender diversity among employees[119]. Risk Management - The company has adopted a risk management policy to ensure a consistent framework for identifying, assessing, managing, monitoring, and reporting risks[128]. - The board confirmed its responsibility to assess the company's ability to continue as a going concern and has disclosed relevant matters accordingly[156].