Financial Performance - The company recorded a net loss of $357,498 for the year ending December 31, 2024, a decrease from a net loss of $455,345 in 2023, primarily due to net gains from securities investments[6]. - Total revenue for the year ended December 31, 2024, was $78,566, a significant increase from $12,551 in 2023[195]. - Interest income decreased to $6,485 from $9,881 year-over-year, representing a decline of approximately 34.3%[195]. - Dividend income also fell to $15,395 from $23,442, marking a decrease of about 34.3%[195]. - The net loss for the year was $357,498, compared to a loss of $455,345 in 2023, indicating an improvement of approximately 21.5%[195]. - Basic and diluted loss per share improved to 3.35 cents from 4.26 cents year-over-year[195]. - The unrealized loss on financial assets measured at fair value through profit or loss was $5,837,201 for 2024, compared to an unrealized gain of $1,920 in 2023[199]. - The company’s interest income decreased to $(6,485) in 2024 from $(9,881) in 2023, reflecting a decline in investment returns[199]. Investment Performance - Realized gains from the sale of securities amounted to $64,127, compared to a realized loss of $18,852 in 2023, while unrealized losses changed by a net of $10,257[6]. - The company’s listed investment portfolio achieved a return of 4.64% in 2024, driven mainly by the telecommunications sector[9]. - The company's investment portfolio allocation as of December 31, 2024, was 11% in listed investments and 89% in cash and cash equivalents[22]. - The company recorded a positive return of 4.64% on securities investments in 2024[106]. - The investment in China Mobile recorded dividend income of $9,558 and realized gains of $17,467, with unrealized gains of $5,654 (+7.24%) as of December 31, 2024[30]. Shareholder Matters - The company does not recommend any dividend distribution for the year ending December 31, 2024, consistent with the previous year[10]. - The company plans to capitalize on opportunities to enhance shareholder value amid China's focus on high-tech manufacturing and economic reforms[14]. - The company will hold its annual general meeting on June 27, 2025, to discuss shareholder matters[11]. - The company has established a shareholder communication policy to ensure equal access to information for shareholders[85]. - The company emphasizes effective communication with shareholders, particularly through annual general meetings and other shareholder meetings[84]. Corporate Governance - The company has maintained a commitment to sound corporate governance practices to ensure the integrity, transparency, and quality of information disclosure, which is essential for long-term sustainable development and enhancing shareholder value[49]. - The board has established governance procedures to comply with the Corporate Governance Code, and has reviewed and adopted these measures[49]. - The company has adopted the Corporate Governance Code and has confirmed compliance with the standards set forth for all directors during the fiscal year ending December 31, 2024[99]. - The board consists of five members, including one executive director, one non-executive director, and three independent non-executive directors[55]. - The company has not appointed a chairman or CEO, but the board collectively contributes to leadership and management[49]. Risk Management - The company has established an effective risk management and internal control system in compliance with corporate governance principles[105]. - The board is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[113]. - The internal audit function is independent and evaluates the risk management and internal control systems every six months[111]. - The company has not identified any significant internal control deficiencies during the internal review conducted in 2024[110]. Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to sustainable development and corporate social responsibility in its Environmental, Social, and Governance (ESG) report for the year[117]. - The ESG report focuses on the overall environmental and social performance of the company's operations, aligning with the annual report's scope[118]. - The company has identified key environmental and social performance indicators based on stakeholder engagement and materiality assessment[120]. - The company reported a total greenhouse gas emission of 3,253 kg CO2 equivalent in 2024, an increase from 3,117 kg CO2 equivalent in 2023[137]. - The company is committed to energy-saving measures, such as using LED lights and maintaining a minimum temperature of 25˚C in summer to reduce energy consumption[141]. Financial Position - The company's net asset value per share decreased to $0.11 from $0.15 at the end of 2023, representing a decline of 26.67%[9]. - The company's cash and bank balances as of December 31, 2024, were $1,064,658, compared to $1,117,399 in 2023, with no dividends paid during the year[35]. - The current ratio (current assets to current liabilities) was approximately 24.77 as of December 31, 2024, up from 22.55 in 2023, indicating strong liquidity[37]. - The total liabilities to total assets ratio was approximately 4.04% as of December 31, 2024, compared to 4.44% in 2023, reflecting a stable financial position[37]. - As of December 31, 2024, total equity amounted to $1,197,734, a decrease from $1,555,232 in 2023, primarily due to a comprehensive loss of $357,498[197].
SHANGHAI GROWTH(00770) - 2024 - 年度财报