Financial Performance - In 2024, the company reported a revenue of HKD 1,335,623,000, a decrease of 18% compared to HKD 1,629,059,000 in 2023[19]. - The net loss after tax for 2024 was HKD 281,652,000, compared to a profit of HKD 63,259,000 in 2023[23]. - Total revenue for the year ended December 31, 2024, was approximately HKD 1,335,623,000, a decrease of 18.0% compared to HKD 1,629,059,000 in 2023[36]. - EBITDA for the year was approximately HKD 14,843,000, a significant decrease of 94.0% from HKD 255,878,000 in 2023[36]. - The net loss after tax for the year was approximately HKD 281,652,000, compared to a profit of HKD 63,259,000 in 2023[39]. - The net profit attributable to the owners for the year ended December 31, 2024, was HKD 17,053,000, down HKD 17,921,000 or 51.2% from HKD 34,974,000 in 2023[45]. - The loss attributable to the company's owners for the year ended December 31, 2024, was HKD 254,072,000, compared to a profit of HKD 45,100,000 for the year ended December 31, 2023[107]. Assets and Liabilities - Total assets for 2024 amounted to HKD 17,963,825,000, while equity attributable to owners was HKD 3,614,423,000[17]. - Total assets as of December 31, 2024, were approximately HKD 17,963,825,000, an increase of 8.7% from HKD 16,531,006,000 in 2023[36]. - Total liabilities increased by 16.6% to approximately HKD 14,181,780,000 from HKD 12,165,712,000 in 2023[36]. - The group's total assets increased to HKD 17,963,825,000 as of December 31, 2024, up from HKD 16,531,006,000 a year earlier[85]. - The asset-liability ratio as of December 31, 2024, was 21.98%, a slight improvement from 22.9% a year earlier[81]. - Total liabilities increased to HKD 14,181,780,000 as of December 31, 2024, from HKD 12,165,712,000 as of December 31, 2023, mainly due to an increase in customer payables[101]. Market and Business Environment - The performance of the domestic self-owned watch brand business was weaker than the previous year due to cautious consumer behavior and geopolitical instability affecting global supply chains[25]. - The company faced multiple pressures in the traditional watch market, including demand contraction and intensified competition[22]. - The overall demand for international self-owned watch brands remains weak and has not yet recovered[25]. - E-commerce sales revenue decreased from HKD 113,098,000 in 2023 to HKD 78,477,000 in 2024, representing a decline of 30.6%[47]. - The number of distribution stores for Ebo Boutique Group decreased from 2,161 in 2023 to 1,991 in 2024[49]. - The company plans to expand into potential markets while focusing on its core markets, particularly in Asia[31]. Strategic Initiatives - The company is actively exploring collaborations in smart watch projects and expanding precision component processing to mitigate the weak demand for traditional self-owned watch brands[26]. - The company plans to focus on product model updates and invest more R&D resources in new product development for overseas markets in the coming year[58]. - Ebolu Group aims to expand its overseas business, particularly in North America, to diversify sales channels and market coverage[58]. - The company is committed to enhancing its ESG performance and will prepare an ESG report in accordance with the latest listing rules[28]. - The company has established an asset management company in Hong Kong to enhance its brand influence in Asia[31]. Corporate Governance - The company has a strong leadership team with extensive experience in finance and management, including members with over 25 years in accounting and financial management[130]. - The company has established a risk management committee to ensure effective oversight of financial and operational risks[126]. - The company emphasizes corporate governance and compliance, with members actively participating in various committees to uphold standards[130]. - The board of directors is responsible for overseeing the financial performance and internal controls of the group[155]. - The company has adopted the corporate governance code and complies with all applicable provisions, with some deviations noted[146]. Audit and Compliance - The audit committee reviewed the internal audit reports and activities annually, finding no significant deficiencies in the internal control and risk management systems for the year ending December 31, 2024[193]. - The company paid a total of HKD 4,900,000 for audit and non-audit services to its external auditor, with audit services costing HKD 4,600,000 and non-audit services costing HKD 300,000 for the year ending December 31, 2024[195]. - The board is responsible for evaluating the effectiveness of the internal control and risk management systems annually to protect shareholder interests and assets[192]. - The company encourages employees and stakeholders to report misconduct and fraud, ensuring fair and independent investigations[196]. - The company has adopted a high standard anti-corruption policy, emphasizing compliance with applicable anti-corruption laws in all markets[196].
冠城钟表珠宝(00256) - 2024 - 年度财报