Financial Performance - The overall revenue for the group in 2024 was HKD 947 million, a decrease of 27% compared to HKD 1,297 million in 2023, primarily due to a sluggish real estate market and intense competition in the property agency sector [17]. - The property agency business generated approximately HKD 924 million in revenue in 2024, down from HKD 1,251 million in 2023 [18]. - The financial services segment reported revenue of about HKD 23 million in 2024, compared to HKD 44 million in 2023 [19]. - For the fiscal year ending December 31, 2024, the group reported revenue of approximately HKD 947 million, a decrease of about 27% compared to HKD 1,295 million in the previous year [38]. - The group incurred a loss attributable to shareholders of approximately HKD 280 million, an improvement from a loss of HKD 531 million in the previous year [38]. - The property agency business segment generated revenue of approximately HKD 924 million, accounting for 98% of the group's total revenue, down from HKD 1,251 million in the previous year [38]. - The financial services segment reported revenue of approximately HKD 23 million, representing 2% of the group's total revenue, down from HKD 44 million in the previous year [38]. Market Environment - The real estate market in mainland China experienced a decline in sales area and sales value by 12.9% and 17.1% respectively in 2024, reflecting a challenging market environment [17]. - National real estate development investment decreased by 10.6% year-on-year, with construction area and funds in place dropping by 12.7% and 17.0% respectively [37]. - The overall market environment in 2024 was characterized by weak domestic demand and structural contradictions in the real estate sector [37]. - The company is committed to a slow recovery in the market supported by increasing policy measures [37]. Strategic Initiatives - The group has established partnerships with over 40 well-known developers, including Vanke and Poly, to enhance its market position in the domestic real estate service sector [11]. - The group is actively pursuing digital transformation by integrating mobile networks and online services with traditional service models [13]. - The group aims to leverage government policies aimed at stabilizing the market, including optimizing purchase restrictions and lowering down payment ratios, to create new business opportunities [17]. - The company adjusted its operational strategy to optimize cost structure and focus on core cities to maintain market competitiveness amid challenging market conditions [37]. - The company aims to stabilize development and expand diversified business while enhancing the efficiency of its main operations [37]. Corporate Governance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's Corporate Governance Code, aiming to maintain high standards of business ethics [65]. - The board of directors is committed to enhancing corporate governance and has confirmed compliance with the Corporate Governance Code for the year ending December 31, 2024 [66]. - The board consists of a mix of executive, non-executive, and independent non-executive directors, all of whom have confirmed their independence [68]. - The board held 4 meetings and 3 shareholder meetings in the fiscal year ending December 31, 2024, with full attendance from most directors [71]. - The audit committee, composed of three independent non-executive directors, held 4 meetings during the fiscal year and reviewed the financial reporting procedures and internal controls [80][81]. - The board regularly reviews its structure and composition to maintain high standards of corporate governance [74]. Risk Management - The company has established a risk management and internal control system, which is regularly reviewed by the board [72]. - The board is responsible for the company's risk management and internal control systems, which are reviewed annually for effectiveness [102]. - The company faces various risks and uncertainties that could impact its financial condition and operational performance, particularly related to economic and political developments in China [129]. Environmental, Social, and Governance (ESG) - The company has implemented an environmental policy aimed at reducing resource consumption and promoting recycling [174]. - The board has confirmed the effectiveness of environmental and social policies, with a target to reduce greenhouse gas emissions by approximately 5% by 2025 [187]. - The company has conducted discussions to assess the importance of various ESG issues, leading to action plans for improvement [188]. - The report provides quantitative data on the company's ESG performance, with calculation methods described in relevant sections [189]. - The company generated a total greenhouse gas emission of approximately 1,383 tons of CO2 equivalent in the fiscal year ending December 31, 2024, a decrease from 2,333 tons in 2023 [200]. Employee and Stakeholder Relations - The company emphasizes the importance of maintaining good relationships with employees, customers, and business partners for sustainable development [126]. - The company maintains regular communication with stakeholders to address their concerns and expectations regarding corporate governance and shareholder rights [194]. - The company’s focus on customer satisfaction and privacy protection is evident in its communication channels with clients [194].
合富辉煌(00733) - 2024 - 年度财报