Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 262,770,000, an increase from HKD 216,555,000 in 2023, representing a growth of about 21.4%[16] - The loss attributable to shareholders significantly decreased to approximately HKD 2,364,000 in 2024, compared to HKD 18,537,000 in 2023[19] - Basic and diluted loss per share for the year was approximately HKD 0.05, down from HKD 0.36 in the previous year[19] - The golf equipment revenue showed a notable increase due to the recovery of the golf industry after inventory adjustments by major brands[16] - The hotel segment did not generate revenue due to external restrictions in the Northern Mariana Islands, impacting overall business performance[19] - The company aims to enhance its financial performance in the golf business and identify additional development opportunities[16] - The golf equipment business accounted for approximately 91.6% of the group's revenue for the year ending December 31, 2024, up from 89.8% in 2023[20] - Golf equipment sales increased by approximately 23.8% to about HKD 240,569,000 in 2024, compared to HKD 194,369,000 in 2023[20] - Sales to the largest segment customer grew over 133.7% to approximately HKD 203,610,000, representing about 84.6% of segment revenue[20] - The golf bag segment's revenue slightly increased to approximately HKD 22,201,000, accounting for about 8.4% of the group's total revenue[24] - The golf bag segment recorded a profit increase of approximately 13.1% to about HKD 1,206,000 for the year ending December 31, 2024[26] Operational Strategies - The company has implemented diversified marketing strategies to strengthen customer relationships and explore new business opportunities[19] - The company is focused on rationalizing operations and optimizing costs to adapt to the ongoing economic uncertainties[19] - The group is considering investments in other countries to establish production facilities to mitigate the impact of customers shifting orders away from China[29] - The group has implemented strict measures to rationalize operations and optimize costs amid ongoing economic uncertainty[29] Financial Position - As of December 31, 2024, the bank balance and cash amounted to approximately HKD 116,008,000, an increase from HKD 111,965,000 in 2023[32] - The debt ratio decreased to approximately 1.6% as of December 31, 2024, down from 2.0% in 2023[33] - Total assets and net asset value as of December 31, 2024, were approximately HKD 399,972,000 and HKD 227,612,000, respectively, compared to HKD 388,333,000 and HKD 230,272,000 in 2023[33] - The current and quick ratios improved to approximately 1.58 and 1.41, respectively, as of December 31, 2024, compared to 1.51 and 1.33 in 2023[33] Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for a deviation from C.2.1[100] - The board of directors consisted of five members during the year, including one executive director and three independent non-executive directors[101] - The board is responsible for leading and monitoring the group's business operations to maximize shareholder value[113] - The company has established a board independence assessment mechanism to enhance decision-making effectiveness[109] - The company has adopted a board diversity policy to improve governance and efficiency[116] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's commitment and strategies towards corporate social responsibility and sustainable development for the year ending December 31, 2024[161] - The ESG report focuses on sustainable measures and performance in the golf equipment and bags business, which is the only revenue-generating segment of the group[162] - The company aims to continuously reduce air and water pollutant emissions, with a target for chemical oxygen demand (COD) emissions at 56 mg/L in 2024, down from 70 mg/L in 2023, against a standard of 500 mg/L[178] - The company has established internal management mechanisms for wastewater and air emissions to ensure compliance with applicable laws and standards[182] - The company has invested in electric vehicles to reduce fuel consumption and associated emissions, contributing to lower environmental impact[181] Risk Management - The company aims to manage risks rather than eliminate them, using risk management as a tool for daily operations[138] - The company has established policies and procedures to enhance the efficiency of risk management and internal control systems, ensuring compliance with relevant codes[141] - An independent annual review of the risk management and internal control systems will be conducted by a professional firm until December 31, 2024, to ensure proper identification and management of significant risks[141] Employee and Stakeholder Engagement - The company has a strong focus on maintaining a healthy and safe work environment for employees, along with competitive compensation and training opportunities[59] - The company emphasizes effective communication with stakeholders, including shareholders, government departments, suppliers, customers, and employees[60] - The company is committed to improving gender diversity at all levels, including the board and senior management[117] Audit and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024[127] - The audit committee has confirmed that the audited consolidated financial statements are prepared in accordance with applicable accounting standards and fairly present the financial position and performance of the group[127] - The total remuneration paid to auditors for the year ending December 31, 2024, amounted to HKD 1,370,000, with HKD 1,300,000 for audit services and HKD 70,000 for non-audit services[158]
顺龙控股(00361) - 2024 - 年度财报