Financial Performance - For the year ended December 31, 2024, the Group reported revenue of approximately HK$44.2 million, representing an increase of approximately 24.2% from HK$35.6 million in the previous year[6]. - The loss attributable to owners of the parent for the year was approximately HK$27.2 million, an increase of approximately 31.7% compared to HK$20.6 million in 2023[7]. - The increase in loss was mainly due to a provision for impairment losses on financial assets of approximately HK$3.3 million and an increase in research and development costs of approximately HK$11.0 million[7]. - The Group experienced a loss before tax of HK$27.2 million in 2024, compared to a loss of HK$20.6 million in 2023, indicating a deterioration in financial performance[99]. - The net loss for the year was approximately HK$27.2 million, compared to a net loss of HK$20.6 million in the previous year, resulting in a basic loss per share of HK$1.91 in 2024 versus HK$1.45 in 2023[99]. - Cash and cash equivalents decreased to HK$101.7 million in 2024 from HK$112.4 million in 2023, reflecting a net decrease of HK$10.7 million[99]. - The total assets of the Group decreased to HK$153.6 million in 2024 from HK$186.6 million in 2023, while total liabilities decreased to HK$122.1 million from HK$128.0 million[99]. - The current ratio declined to 1.24 in 2024 from 1.42 in 2023, indicating a decrease in liquidity[99]. - The debt-to-equity ratio increased significantly to 292.6% in 2024 from 176.0% in 2023, suggesting a higher level of financial leverage[99]. Investment Fund Performance - The Group's investment in BeiTai Investment LP amounted to HK$43.9 million as of December 31, 2024, representing approximately 59.0% of the total capital commitment of the Investment Fund[17]. - The fair value of the Investment Fund as of December 31, 2024, was approximately HK$18.7 million, down from approximately HK$23.9 million in 2023[17]. - During the year ended December 31, 2024, the Group recorded a net unrealized gain on financial assets at fair value through profit or loss of approximately HK$23.0 million, compared to a net unrealized loss of approximately HK$5.6 million in 2023[56]. - The Group's interest in the Investment Fund includes two underlying investments: an unsecured redeemable bond issued by Emerge Ventures Limited and an unsecured redeemable bond issued by A Metaverse Company[60]. - The Group disposed of all AMC Shares held by the Investment Fund during the year ended December 31, 2024, with proceeds of approximately HK$3.2 million[61]. - The fair value of the Group's interest in the AMC Bond was approximately HK$11.4 million as of December 31, 2023, resulting in an unrealized fair value loss of approximately HK$5.8 million for the year ended December 31, 2023[67]. - The fair value of the Group's interest in the EV Bond was approximately HK$6.0 million as of December 31, 2023, leading to an unrealized gain of approximately HK$0.7 million for the year ended December 31, 2023[69]. - The Investment Fund's underlying investments primarily consist of bonds issued by a company listed in Hong Kong and a private limited company[56]. Corporate Actions and Strategy - The Group decided to cease its corporate finance advisory services effective October 31, 2024, and the related license was revoked on March 26, 2025[16]. - The overall business environment is expected to remain challenging due to geopolitical tensions, high interest rates, and global inflation pressures[18]. - The Group will strategically adjust resource allocation within its Financial Services Business to maximize returns for shareholders[18]. - The Group plans to leverage stable relationships with financial institutions to broaden its customer base in the EAM business[28]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business, leveraging its resources and senior management's investment experience[54]. - The Group will continue to enhance the income stream from its Financial Services Business while cautiously allocating resources within this segment[49]. Financial Services Business - The Group's Financial Services Business includes external asset management, fund management, securities services, investment advisory, and corporate finance advisory services[9]. - The Group's EAM business had aggregate assets of approximately HK$3.6 billion as of December 31, 2024, down from HK$4.1 billion in 2023[27]. - Revenue from EAM services increased to approximately HK$38.2 million in 2024, representing a 41.3% increase from HK$27.0 million in 2023[27]. - Revenue from fund management services decreased to approximately HK$5.0 million in 2024, down 8.4% from HK$5.4 million in 2023[32]. - Revenue from corporate finance advisory services fell to approximately HK$0.5 million in 2024, a decrease of 73.0% from HK$1.9 million in 2023[33]. - The Group's external asset management services recorded revenue of approximately HK$38.2 million in 2024, up 41.3% from HK$27.0 million in 2023[30]. Audit and Compliance - The external auditor expressed a qualified opinion regarding the carrying value of the Investment Fund as of December 31, 2021 and 2022 due to insufficient information on the operations and financial position of EV and AMC[63]. - The external auditor's opinion on the Group's consolidated financial statements for FY2024 is modified due to scope limitations on the carrying values of the AMC Bond and AMC Shares as of December 31, 2022[74]. - The external auditor was unable to assess the fair value of the EV Bond as of December 31, 2022, and 2023, due to management's inability to provide sufficient evidence, which could significantly impact the unrealized fair value loss/gain reported for the years ended December 31, 2022, and 2023[73]. - The management conducted fair value assessments on the EV Bond and AMC Bond with the assistance of an independent valuer[67]. - The external auditor and the Audit Committee reached an agreement on the audit qualification arising from the limitations in obtaining sufficient appropriate audit evidence[82]. Employee and Management Information - As of 31 December 2024, the group employed 37 full-time employees, an increase from 26 in 2023[176]. - Staff costs for the year ended 31 December 2024 were approximately HK$22.1 million, a slight decrease from approximately HK$22.9 million in 2023[176]. - The company has adopted a share option scheme to incentivize employees and align their interests with the company's performance[177]. - The remuneration of directors and senior management is aligned with corporate objectives and market conditions[176]. - The executive director, Mr. Xu Peixin, has over 16 years of experience in corporate management and investment[180]. - Mr. Sun Lei, appointed as CEO in December 2018, has over 21 years of experience in the financial industry[182]. - Mr. Zhu Dong, the CFO, has more than 29 years of experience in accounting and corporate finance[188]. - Dr. Yuan Haihai appointed as a non-executive director on November 28, 2024, with over 20 years of experience in finance and consulting across multiple regions[189].
贝森金融(00888) - 2024 - 年度财报