Financial Performance - The company recorded revenue of approximately HKD 137,424,000 for the year ended December 31, 2024, a decrease of about 8.7% compared to the previous year[7]. - The loss attributable to equity shareholders for the year was approximately HKD 8,103,000, a reduction of about 18.4% from the previous year's loss of HKD 9,935,000[7]. - Revenue from telecommunications services increased significantly by approximately 47.3% to about HKD 10,852,000, compared to HKD 7,365,000 in the previous year[8]. - The distribution business revenue decreased by approximately 11.6% to about HKD 126,572,000, down from HKD 143,190,000 in the previous year[8]. - The group's revenue for the year ended December 31, 2024, was approximately HKD 137,424,000, a decrease of about 8.7% compared to HKD 150,555,000 in the previous year[21]. - The distribution business in Hong Kong generated revenue of approximately HKD 65,416,000, down about 27.3% from HKD 89,948,000 year-on-year[15]. - The distribution revenue from the group's subsidiary in China was approximately HKD 7,678,000, a decrease of about 19.6% from HKD 9,546,000 in the previous year[16]. - Revenue from mobile and data recharge distribution in Singapore increased by approximately 22.4% to about HKD 53,478,000, up from HKD 43,696,000 year-on-year[17]. - The group's gross profit for the year ended December 31, 2024, increased by approximately 21.8% to about HKD 5,161,000, compared to HKD 4,238,000 in the previous year[24]. Strategic Initiatives - The company anticipates significant growth in roaming products due to the recovery of global travel and an increase in visitor numbers to Hong Kong, with mainland and non-mainland travelers growing by 27% and 44% respectively[9]. - The company plans to launch an upgraded solution integrating AI real-time translation and eSIM technology to enhance user experience and strengthen competitive advantage[9]. - The company is exploring partnerships with the travel, hotel, airline, and insurance industries to utilize AI for precise design of roaming packages[9]. - The company is accelerating its strategic transformation towards Mobility as a Service (MaaS), integrating eSIM technology and dynamic pricing to enhance efficiency[10]. - The group plans to launch upgraded roaming plans integrating AI real-time translation and eSIM technology to enhance traveler experience[18]. - The group is exploring partnerships with hotels and airlines to capture incremental demand amid market challenges[19]. - The group aims to transform into a smart travel solution provider by integrating eSIM technology with insurance services[20]. Cost Management - The sales cost for the year ended December 31, 2024, was approximately HKD 132,263,000, a decrease of about 9.6% from HKD 146,317,000 in the previous year[23]. - The group is actively negotiating with service providers to lower unit costs for call time and mobile data, aiming to enhance competitiveness[13]. - Administrative and other operating expenses were approximately HKD 13,378,000 for the year ended December 31, 2024, a decrease of about 9.2% from HKD 14,729,000 in the previous year, mainly due to reduced auditor fees and depreciation[27]. Financial Position - The group's current assets net value was approximately HKD 33,607,000 as of December 31, 2024, compared to HKD 29,945,000 as of December 31, 2023, with cash and cash equivalents of approximately HKD 26,571,000[33]. - The group had no outstanding loans or borrowings as of December 31, 2024, and the total equity attributable to equity holders was approximately HKD 34,796,000, up from HKD 31,374,000 the previous year[32]. - Other income for the year ended December 31, 2024, was approximately HKD 569,000, an increase of about 152.9% compared to HKD 225,000 in the same period last year, primarily due to increased interest income[25]. - The group recorded a net other loss of approximately HKD 293,000 for the year ended December 31, 2024, compared to a net other income of approximately HKD 164,000 for the year ended December 31, 2023, mainly due to foreign exchange losses from currency fluctuations[26]. Risk Management - The group is exposed to various financial risks, including credit risk, interest rate risk, and foreign exchange risk[55]. - The group emphasizes the importance of information technology systems for operational stability and data security[52]. - The group recognizes the potential negative impact of global economic slowdowns on service demand[56]. - The group relies on skilled management and staff, with potential risks associated with employee turnover[57]. - The group has established long-term relationships with service providers to mitigate service disruptions[51]. Corporate Governance - The company has complied with the GEM Listing Rules and maintained high standards of corporate governance as of December 31, 2024[116]. - The board consists of one executive director, two non-executive directors, and three independent non-executive directors[119]. - The board held five meetings during the fiscal year ending December 31, 2024, with all directors attending all meetings[125]. - The company has established a compensation committee to review the compensation policy and structure for all directors and senior management based on operational performance and market practices[89]. - The company has adopted a whistleblowing policy to promote compliance and ethical conduct within the group, with no significant fraud or misconduct affecting financial statements reported as of December 31, 2024[162]. - The company has implemented an anti-corruption policy as part of its corporate governance framework, ensuring adherence to applicable anti-corruption laws and regulations[162]. - The board is responsible for overseeing the overall strategy and development of the company, including major acquisitions and financial performance[118]. Shareholder Relations - The company emphasizes transparency and timely disclosure of information to strengthen investor relations[164]. - The board is committed to reviewing and updating governance policies regularly to align with legal requirements and industry best practices[162]. - Shareholders can request a special general meeting if they hold at least 10% of the voting shares, ensuring their rights are upheld[170]. - Shareholders are encouraged to submit inquiries to the board and can do so through the company's main office in Hong Kong[171]. - The board members attended 100% of the annual general meeting and special general meeting held on June 6, 2024, and December 3, 2024, respectively, demonstrating commitment to shareholder engagement[168]. Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2024[182]. - Key audit matters include revenue recognition, which is critical as it is a key performance indicator for the group[188]. - The audit committee oversees the design, implementation, and monitoring of risk management and internal control systems[160]. - The auditor communicates significant audit findings, including any major deficiencies in internal controls, to the audit committee[200]. - The company must disclose any matters related to its ability to continue as a going concern in the financial statements[195].
直通电讯(08337) - 2024 - 年度财报