Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue increased to approximately HKD 26,300,000, a 246% increase from HKD 7,600,000 for the fiscal year ending December 31, 2023[8] - The net profit for the fiscal year ending December 31, 2024, was approximately HKD 31,900,000, compared to a loss of HKD 27,800,000 for the previous year[8] - The securities brokerage and financial services segment reported a revenue increase of 209% to approximately HKD 13,600,000, up from HKD 4,400,000 in the previous year[12] - The asset management segment recorded a revenue increase of approximately 317% to HKD 12,500,000, compared to HKD 3,000,000 in the previous year[14] - The self-trading business segment achieved a profit of approximately HKD 23,700,000, recovering from a loss of HKD 11,200,000 in the previous year[15] - The trade finance segment recorded a profit of approximately HKD 200,000, an increase from HKD 100,000 in the previous year[16] - The significant revenue growth was attributed to successful execution of financial advisory and custody service agreements established in November 2023[8] Asset Management and Client Accounts - The total assets managed by the asset management division decreased by approximately 100% to about HKD 170,000, down from HKD 662,000,000 in the previous year[14] - The group maintained 775 client accounts in the securities brokerage segment, an increase from 765 accounts in the previous year[10] - The decrease in client trust bank accounts was approximately 50.9%, from HKD 45,400,000 to HKD 22,300,000[10] Cash and Current Assets - As of December 31, 2024, the company's cash and bank balances were approximately HKD 44 million, a decrease of about 6.8% from HKD 47.2 million in 2023[22] - The company's trust and independent account balances were approximately HKD 22.3 million, down about 50.9% from HKD 45.4 million in 2023[22] - Accounts receivable and other receivables decreased by approximately 77.4% to HKD 6.5 million from HKD 28.8 million in 2023, primarily due to customer repayments[22] - The company's total current assets and current liabilities as of December 31, 2024, were approximately HKD 143.3 million and HKD 29.2 million, respectively, compared to HKD 138 million and HKD 55.7 million in 2023[22] Strategic Plans and Business Development - The company plans to enhance its securities brokerage business by focusing on debt and equity capital market transactions to increase underwriting revenue[20] - The asset management division aims to establish more diverse funds and develop innovative financial products to expand its client base, particularly targeting high-net-worth individuals and professional investors[20] - The company is actively exploring the resumption of proprietary trading to diversify revenue sources and enhance overall profitability[20] Corporate Governance - The board consists of two executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2024[37] - The company held a total of 6 board meetings during the year ending December 31, 2024, with attendance rates for directors ranging from 4/6 to 6/6[39] - The board is responsible for formulating the group's strategies and policies, approving annual budgets and business plans, and overseeing daily operations[39] - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors throughout the year[36] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability and transparency[35] - The independent non-executive directors represent over one-third of the board, ensuring robust independence in decision-making[38] - The company has established various committees, including the remuneration committee, nomination committee, and audit committee, to delegate specific responsibilities[41] - The board retains decision-making authority on all significant matters affecting the group, including strategy discussions and financial performance reviews[42] - The company has complied with the corporate governance code throughout the reporting period, ensuring adherence to principles and provisions[35] - The board has a balanced distribution of executive and non-executive directors, promoting independent and objective decision-making for the best interests of the company and its shareholders[38] Diversity and Employee Engagement - As of December 31, 2024, the company has a gender diversity ratio of 71% male employees and 29% female employees[58] - The company has established a Nomination Committee to evaluate the structure and composition of the board, ensuring compliance with diversity policies[57] - The Nomination Committee held one meeting during the fiscal year ending December 31, 2024, with all members present[54] - The company has a Compensation Committee consisting of three independent non-executive directors, which held one meeting during the fiscal year[48] - All directors participated in continuous professional development to enhance their knowledge and skills, with training records submitted for the fiscal year ending December 31, 2024[44] - The board currently consists of six members, including two executive directors and three independent non-executive directors, with a commitment to maintaining female representation[52] - The company has adopted a diversity policy aimed at ensuring the board possesses the necessary skills and diverse perspectives[52] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report highlights the company's commitment to sustainable development and the integration of ESG principles into its business strategy[89] - An ESG working group has been established to collect relevant data and report on the company's ESG performance at least annually[90] - The report covers the company's operations in Hong Kong, including securities brokerage, asset management, and trading services[91] - The company plans to expand the scope of disclosures as its data collection systems mature and sustainable development efforts deepen[92] - The company achieved a significant reduction in greenhouse gas emissions, with total emissions decreasing from 48.45 tons of CO2 equivalent in 2023 to 16.96 tons in 2024, representing a reduction of approximately 65.0%[106] - The greenhouse gas emissions intensity per employee decreased from 2.56 tons of CO2 equivalent in 2023 to 1.00 ton in 2024, indicating a reduction of about 61.0%[106] - The company has implemented policies to promote environmental management practices, focusing on waste reduction, reuse, recycling, and alternative use[103] - The company has not identified any significant violations of environmental regulations during the reporting period, ensuring compliance with relevant laws[103] Employee Training and Development - The total percentage of employees trained in 2024 is approximately 47%, down from 53% in 2023[148] - The average training hours per employee in 2024 is approximately 5.91 hours, compared to 8.34 hours in 2023[148] - The percentage of male employees trained in 2024 is 86%, an increase from 80% in 2023, while female employees trained decreased to 14% from 20%[148] - 100% of the management team, including directors, received training in 2024, with an average training hour of 14.36[148] Compliance and Risk Management - The company has established comprehensive policies and procedures for anti-money laundering and "Know Your Customer" compliance[168] - The company has designed suspicious transaction monitoring models to improve the identification of potential money laundering activities[168] - The company will regularly review its preventive measures and reporting procedures to ensure their effectiveness[170] - The company is focusing resources on strengthening its core business operations and ensuring full compliance with regulatory requirements, which temporarily limits its ability to engage in community investment projects in 2024[171] Shareholder Relations - The company encourages shareholder participation in annual general meetings, providing at least 20 business days' notice for such meetings[82] - All resolutions presented at the annual general meeting held on May 31, 2024, were passed successfully[84] - The company has adopted a shareholder communication policy to enhance investor relations and ensure timely disclosure of information[84] Major Shareholders and Ownership - As of December 31, 2024, the major shareholder, Original Silver Holdings Limited, holds 601,100,000 shares, representing 68.15% of the company's issued share capital[200] - Original Silver Holdings Limited also has an interest in 1,917,000 shares (0.22%) through its wholly-owned subsidiary, Original Silver International Limited[200] - There are no significant contracts between any member of the group and any controlling shareholder or its subsidiaries as of December 31, 2024[196] - No directors or related entities have significant interests in any major transactions, arrangements, or contracts as of December 31, 2024[194]
盛源控股(00851) - 2024 - 年度财报