Financial Performance - The group's revenue increased by 8.3% to HK$29,200,000 in 2024, compared to HK$26,900,000 in 2023[8] - Gross profit rose to HK$5,700,000 with a gross margin of 19.4%, up from HK$4,900,000 and 18.1% in the previous year[8] - The company recorded a profit attributable to owners of HK$200,000 in 2024, recovering from a loss of HK$1,600,000 in 2023[8] - Revenue for the year ended December 31, 2024, was HKD 29,155,000, an increase of 8.3% from HKD 26,911,000 in 2023[113] - Gross profit for 2024 was HKD 5,653,000, up 15.7% from HKD 4,882,000 in 2023[113] - The company reported a profit attributable to owners of HKD 189,000 for 2024, compared to a loss of HKD 1,643,000 in 2023[113] - Basic and diluted earnings per share for 2024 were HKD 0.2 cents, recovering from a loss of HKD 3.2 cents per share in 2023[113] - The company reported a total adjusted profit before tax of HKD 350,000 for 2024, compared to a loss of HKD 1,218,000 in 2023[151] - The income tax expense for 2024 is HKD 161,000, down from HKD 425,000 in 2023, showing a decrease of about 62.1%[161] Cash Flow and Liquidity - Cash outflow from operating activities was HK$10,300,000, compared to an inflow of HK$3,500,000 in 2023[10] - Cash and cash equivalents decreased to HKD 7,020,000 in 2024 from HKD 18,166,000 in 2023, reflecting cash flow challenges[114] - The company’s cash and cash equivalents decreased to HKD 7,020,000 in 2024 from HKD 18,166,000 in 2023, a reduction of approximately 61.4%[200] - The company’s cash balance significantly decreased from 10,723,000 HKD in 2023 to 320,000 HKD in 2024[189] - The net cash/debt position improved to HKD (2,275,000) in 2024 from HKD (12,548,000) in 2023, indicating a positive change in financial leverage[200] Assets and Liabilities - Total assets as of December 31, 2024, were HK$26,400,000, down from HK$27,000,000 in 2023, while total liabilities decreased to HK$4,700,000 from HK$5,600,000[10] - Total assets decreased to HKD 26,464,000 in 2024 from HKD 27,046,000 in 2023[114] - The company’s total liabilities decreased from HKD 5,618,000 in 2023 to HKD 4,745,000 in 2024, a reduction of approximately 15.5%[151] - The company’s total equity increased to HKD 21,719,000 in 2024 from HKD 21,428,000 in 2023, showing a positive trend in net assets[114] Shareholder and Capital Management - The company did not engage in any capital raising activities in 2024, but raised net proceeds of HK$18,000,000 from a rights issue in 2023[12] - The company completed a rights issue, resulting in the issuance of shares worth HKD 17,972,000 during the year[116] - The company adopted two share plans, including a stock option plan and a share award plan, which allow for a total issuance of up to 2,846,716 shares, representing 10% of the issued shares as of June 30, 2023[185] - The company has no outstanding stock options as of December 31, 2024, and did not grant any stock options during the reporting period[186] Risk Management - The business faces risks from fluctuating product prices, influenced by consumer behavior and economic conditions, and is taking measures to mitigate these risks[15] - The group has increased its provision for expected credit losses on accounts receivable to HKD 290,000 for the year ending December 31, 2024, compared to HKD 155,000 in 2023[16] - The group has not implemented any foreign exchange hedging policies but will monitor foreign exchange risk exposure and take appropriate measures if necessary[16] - The expected credit loss for trade receivables is sensitive to changes in economic conditions, with historical loss experiences not necessarily indicative of future defaults[144] Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules and has not been aware of any significant non-compliance with relevant laws and regulations in 2024[53] - The board emphasizes the importance of good corporate governance practices to enhance accountability and transparency[56] - The board consists of five directors with diverse skills in business operations, corporate management, and financial management[58] - The board has implemented a diversity policy, considering various factors such as gender, age, and professional qualifications in director selection[59] - The company secretary assists the board in fulfilling obligations under GEM listing rules and ensures compliance with meeting regulations[62] Sustainability and Social Responsibility - The company continues to integrate sustainability into its core business strategy, focusing on employment practices, environmental protection, and corporate governance[74] - The company has enhanced workplace safety protocols and expanded employee development programs as part of its sustainability initiatives[74] - The company has prioritized reducing carbon emissions and optimizing resource efficiency in its environmental protection efforts[74] - The group reported a decrease in indirect greenhouse gas emissions to 8.5 tons (CO2 equivalent) in 2024, down from 8.7 tons in 2023[82] - The company values stakeholder feedback and maintains communication through various channels, including performance evaluations and financial reports[79] Employee and Compensation - The total employee costs, including salaries and wages, increased to HKD 2,328,000 in 2024 from HKD 2,073,000 in 2023, reflecting a rise of approximately 12.3%[10] - The total remuneration for the five highest-paid individuals in 2024 is HKD 1,263,000, up from HKD 1,050,000 in 2023, representing an increase of approximately 20.3%[165] - The group has implemented a performance-based compensation policy, with annual reviews of salary schemes and additional employee benefits[91] Compliance and Legal Matters - The company has not encountered any significant violations of labor laws, ensuring compliance with employment regulations throughout 2024[88] - The group maintains high standards of business integrity, with strict policies against bribery and corruption, ensuring ethical business practices[98] - The group has adhered to the Prevention of Bribery Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance during the year[98] - The company has established a whistleblowing policy to encourage reporting of any suspected misconduct or illegal activities[98] Financial Reporting and Accounting - The consolidated financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[123] - The financial statements are presented in Hong Kong dollars, which is the same as the company's functional currency[125] - Significant accounting judgments and estimates include determining tax provisions and assessing the useful lives and residual values of property, plant, and equipment[141] - The group regularly reviews tax treatments of transactions to account for changes in tax regulations[142]
曼妠(08186) - 2024 - 年度财报