Financial Performance - The Group recorded a revenue of approximately HK$294,721,000 for the year ended 31 December 2024, representing an increase of approximately 56.4% compared to the re-stated revenue of HK$188,400,000 for 2023[20]. - Gross profit for the year amounted to approximately HK$11,507,000, down from HK$17,677,000 in 2023[21]. - The total comprehensive loss attributable to equity holders of the Company was approximately HK$24,799,000, an improvement from HK$36,829,000 in 2023[21]. - The environmental maintenance business generated revenue of approximately HK$132,607,000 in 2024, a decline from HK$161,419,000 in 2023, attributed to a lack of new project bids[52]. - The environmental maintenance business recorded a segment loss of approximately HK$42,811,000 in 2024, compared to a segment loss of approximately HK$10,053,000 in 2023, primarily due to a provision for loss allowance in trade receivables amounting to approximately HK$29,783,000[53]. - The trading business achieved revenue of approximately HK$73,613,000 in 2024, a significant increase from HK$26,981,000 in 2023, representing a growth of approximately 173%[60]. - The trading business turned around to a segment profit of approximately HK$33,959,000 in 2024, compared to a loss of approximately HK$2,281,000 in 2023[61]. - The media advertising and marketing business generated revenue of approximately HK$88,501,000 since its inception in June 2024[58]. - The media advertising and marketing business incurred a segment loss of approximately HK$79,408,000 due to a sluggish market in the second half of 2024[59]. Assets and Liabilities - Current assets increased to HK$588,688,000 in 2024 from HK$448,082,000 in 2023, reflecting a growth of approximately 31.4%[15]. - Total assets rose to HK$977,508,000 in 2024, compared to HK$588,504,000 in 2023, marking an increase of approximately 66.1%[15]. - Current liabilities increased significantly to HK$446,850,000 in 2024 from HK$130,943,000 in 2023, representing a growth of approximately 241.5%[15]. - Non-current assets increased to HK$388,820,000 in 2024 from HK$140,422,000 in 2023, indicating a growth of approximately 176.5%[15]. - The net assets of the Group decreased to HK$348,414,000 in 2024 from HK$431,042,000 in 2023, a decline of approximately 19.2%[15]. Business Operations - The environmental maintenance business is expanding into regions such as Xinjiang, Hebei, and Inner Mongolia, indicating strategic market expansion efforts[22]. - The Group plans to explore business opportunities in high growth industries in China to generate stable income and long-term value for shareholders[29]. - The Group started the media advertising and marketing business in May 2024, primarily distributing advertisements for a PRC cinema chain[74]. - The Group's media advertising business has expanded to offline consumer scene marketing in shopping malls and cinemas, addressing customer pain points in attracting customers and improving conversion rates[124]. - The commercial closed loop of "precise marketing – driving traffic to store – consumer decision-making" has been established as an industry benchmark for digital services in offline scenarios[128]. Cash Flow and Capital Management - As of 31 December 2024, the Group's cash and cash equivalents were approximately HK$210,486,000, a decrease of 14.2% from approximately HK$245,234,000 as of 31 December 2023[86]. - Capital expenditure for the year was approximately HK$440,201,000, primarily used in the media advertising and marketing business[95]. - The Group's strategy remains to lower the gearing ratio to an acceptable level, maintaining a net cash position as of 31 December 2024[96]. Shareholder Information - The Group's reserves available for distribution to shareholders amounted to approximately HK$386,110,000 as of 31 December 2024[168]. - No dividends were recommended for the year ended 31 December 2024[160]. - The Board will review the dividend policy periodically and may amend it at its discretion[166]. Corporate Governance - Mr. Yu Kin Man Duncan has over 25 years of experience in accounting, financial management, and corporate finance[152]. - Mr. Yu was appointed as the company secretary and chief financial officer of the Company in December 2016[152]. - Mr. Wong Sincere served as an independent non-executive director of Bank of Gansu Co., Ltd from August 2017 to October 2023[151]. - Mr. Wong Sincere has extensive experience in cross-border acquisitions and commercial transactions[147]. - The Company did not make any charitable donations during the year[169]. Disposals and Acquisitions - The Group disposed of its medical devices business for RMB22,500,000, resulting in a gain on disposal of approximately HK$26,723,000[44]. - A proposed disposal of the property leasing business is set at a consideration of HK$77,525,000 (equivalent to RMB71,788,700), pending certain conditions[45]. - The Group completed the disposal of a 90% equity interest in Shanghai Umitai Medical Technology Co. Ltd for a consideration of RMB22,500,000 on 1 August 2024[102]. - The Group's disposal group will no longer be treated as subsidiaries, and their financial results will not be consolidated with the Group's results following the completion of the disposal agreement[110].
网誉科技(01483) - 2024 - 年度财报