Corporate Strategy and Development - The company has relocated its headquarters from Singapore to China to better align with its medical business development and future prospects[10]. - The company plans to diversify its business and expand into the Asia-Pacific region, including providing value-added services such as skills training[14]. - The company anticipates steady growth in medical device demand driven by an aging population and rising living standards in China[12]. - The company will broaden its product line and enhance R&D capabilities to improve competitiveness by 2025[12]. - The company aims to strengthen its position in the medical industry through resource integration and continuous product development[12]. - The group plans to enhance its development capabilities, expand its distribution network, and develop new products to strengthen its competitive position in the medical industry[20]. - The board is considering diversifying its business and expanding existing operations into the Asia-Pacific region, particularly China[24]. - The company is actively seeking more trade partners and market expansion opportunities amid economic challenges in 2025[14]. Financial Performance - The group's revenue increased from SGD 45.6 million in FY2023 to SGD 50.2 million in FY2024, representing a growth of 10%[25]. - Revenue from minimally invasive surgical solutions and related medical products rose from SGD 20.4 million in FY2023 to SGD 25.9 million in FY2024, an increase of SGD 5.5 million[26]. - The gross profit decreased from SGD 12.0 million in FY2023 to SGD 11.5 million in FY2024, with a gross margin decline from 26.4% to 22.8%[28]. - The group recorded a loss of SGD 18.3 million in FY2024, compared to a loss of SGD 4.1 million in FY2023, primarily due to share-based payments of SGD 13.2 million and expenses related to expanding its minimally invasive surgical solutions business in China[34]. - The group recorded an unrealized foreign exchange gain of SGD 0.3 million in FY2024 due to the appreciation of SGD against HKD and RMB[47]. - The financing costs increased by SGD 0.6 million in FY2024 due to new financing obtained during the year[32]. - The group has a total of 488 employees as of December 31, 2024, down from 694 employees in the previous year[58]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, demonstrating commitment to good governance practices[82]. - The board consists of eight members, including four executive directors and three independent non-executive directors, ensuring a balanced composition for independent judgment[88]. - The company has three independent non-executive directors, meeting the requirement that they constitute at least one-third of the board[89]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[89]. - Continuous professional development programs have been provided to directors, enhancing their understanding of governance and responsibilities[92]. - The board is responsible for overseeing the management of the group's business affairs and overall performance, ensuring necessary financial and human resources are in place[84]. - The company has established various committees to delegate responsibilities, enhancing operational efficiency and accountability[84]. Risk Management and Compliance - The company has established a risk management and internal control system to ensure effective monitoring and evaluation of risks, with regular reports on risk assessment and management effectiveness[135]. - The company is committed to enhancing its risk management and internal control systems to ensure ongoing effectiveness[138]. - There are no significant deviations in risk management and internal controls across subsidiaries, and no major litigation risks have been reported[138]. - The company will continue to improve its compliance with financial reporting and legal regulations across all subsidiaries[138]. - The company has implemented a fair disclosure policy to ensure timely and equal access to information for shareholders and investors[140]. Shareholder Relations and Dividends - The board will keep shareholders informed of significant events as they occur[15]. - The company expresses gratitude to shareholders, customers, business partners, management, and employees for their ongoing support[16]. - The board does not recommend any dividend payment for FY2024, consistent with FY2023[35]. - The net proceeds from the listing amounted to HKD 82.6 million (approximately SGD 14.1 million), with planned allocations including SGD 20.5 million for registered capital injection into Jin Hai Medical[39]. - The net proceeds from the placement on October 18, 2023, were HKD 99 million, with a subscription price of HKD 1.60 per share, reflecting a discount of 19.6% to the market price at the time[43]. Leadership and Management - The company has established a strong leadership team with diverse backgrounds in banking, real estate, and technology sectors[71]. - The company is focused on strategic management and development in real estate, including property management and project oversight[68]. - The leadership team is expected to drive future growth through strategic decision-making and market expansion initiatives[75]. - The chairman and CEO roles are held by different individuals, ensuring a separation of responsibilities[106]. Environmental and Social Responsibility - The group has established an environmental management system to address its carbon footprint, particularly focusing on indirect greenhouse gas emissions from electricity usage[168]. - There were no instances of non-compliance with environmental laws and regulations during the fiscal year[168]. - The group made a total donation of SGD 108,000 during the year, consistent with the previous fiscal year[165]. Stock Options and Shareholder Equity - The company has adopted a share option scheme approved by shareholders on December 29, 2023, allowing eligible participants to acquire ownership interests in the company[188]. - A total of 128,603,750 stock options were granted on January 9, 2024, with an exercise price of HKD 2.54 per share[194]. - The stock options will vest in three tranches: 20% on April 30, 2025, 30% on April 30, 2026, and 50% on April 30, 2027[196]. - The total number of stock options granted to the executive director and CEO, Wang Zhenfei, is 25,850,000[199].
今海国际(02225) - 2024 - 年度财报