Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 35.7 million, a decrease of 1.7% compared to HKD 36.4 million in 2023[12]. - The loss attributable to the owners of the company for the year was HKD 8.3 million, reduced from HKD 15.3 million in 2023, primarily due to the absence of inventory write-downs[12]. - The group reported a loss of approximately HKD 8,310,000 for the year ending December 31, 2024[195]. - The company reported a pre-tax loss of HKD 8,310,000 for 2024, improving from a loss of HKD 15,346,000 in 2023[179]. - Basic and diluted loss per share for the year was HKD 14.91, compared to HKD 49.05 in the previous year, indicating a significant reduction in losses[179]. - The company’s total equity attributable to owners decreased from HKD 17,819,000 in 2023 to HKD 9,509,000 in 2024, a decline of approximately 46.7%[183]. - The group incurred a net loss of approximately HKD 8,310,000 as of December 31, 2024, with total current liabilities amounting to HKD 17,797,000 and cash reserves of only HKD 815,000[162]. Assets and Liabilities - Non-current assets decreased from HKD 2.94 million in 2023 to HKD 1.27 million in 2024[19]. - Current assets decreased from HKD 32.99 million in 2023 to HKD 26.08 million in 2024[19]. - Total assets decreased from HKD 35.93 million in 2023 to HKD 27.34 million in 2024[19]. - Total liabilities decreased slightly from HKD 18.12 million in 2023 to HKD 17.83 million in 2024[19]. - Total liabilities decreased from HKD 18,115,000 in 2023 to HKD 17,833,000 in 2024, a reduction of approximately 1.56%[182]. - Current liabilities increased to HKD 17,797,000 in 2024 from HKD 16,640,000 in 2023, representing an increase of about 6.9%[181]. - The company’s total liabilities exceeded total assets, indicating potential concerns regarding its ability to continue as a going concern[178]. Operational Challenges - The management acknowledges ongoing challenges in the restaurant industry, including rising food costs and competition, which may adversely affect performance[13]. - The group is facing ongoing challenges in the Hong Kong restaurant industry, including rising food costs, rent, utilities, and labor costs, which are putting pressure on profit margins[20]. - The group recognizes the need for flexibility in marketing strategies and operational adaptability to navigate the challenging macro environment[20]. - The group anticipates that the transformation of the local consumption market will continue to impact its performance negatively[27]. Strategic Initiatives - The company plans to expand its takeaway product line and diversify promotional strategies to enhance overall business performance[14]. - The group has implemented strategic measures to increase revenue and reduce costs, including negotiating lower rents and achieving more favorable terms with suppliers[20]. - The group plans to closely monitor supplier pricing for raw materials to ensure competitive pricing and improve market share[25]. - The group aims to expand its takeaway product line and enhance existing restaurant facilities to attract more customers[26]. - The company is actively seeking opportunities to expand revenue sources and increase shareholder value[14]. Corporate Governance - The company has a strong governance structure with a diverse board comprising members with expertise in finance, law, and public service[35][36][37][38][39]. - The board includes members with significant academic and professional qualifications, ensuring informed decision-making[36][39]. - The company has adopted a board diversity policy effective from January 3, 2019, ensuring a balanced composition with diverse management experience and industry knowledge[46]. - The independent non-executive directors play a crucial role in providing strategic advice and ensuring high standards of financial reporting[48]. - The board of directors is responsible for guiding management and reviewing its efficiency, focusing on long-term shareholder value enhancement[43]. Shareholder Relations - The group acknowledges the importance of effective communication with shareholders to enhance investor relations[92]. - The board will consider various factors, including the group's overall financial condition and future cash needs, when declaring dividends[88]. - The group has adopted a dividend policy outlining the criteria and manner for declaring dividends since January 3, 2019[86]. - The group will not recommend any dividend payment for the year ending December 31, 2024[99]. Compliance and Risk Management - The company has a strict code of conduct for securities trading, ensuring compliance with the GEM Listing Rules[50]. - The company has confirmed that all independent non-executive directors are independent as of December 31, 2024, based on assessments by the nomination committee[48]. - The company has implemented appropriate procedures to safeguard its assets and ensure compliance with relevant laws and regulations[77]. - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[160]. Future Outlook - The company is positioned for future growth with a strategic focus on expanding its market presence and enhancing its service offerings[35][38]. - The company's ability to continue as a going concern is dependent on the financial support from two major beneficial shareholders and the future economic outlook in Hong Kong[196]. - There is significant uncertainty regarding the group's ability to continue operations, which may affect the realization of assets and settlement of liabilities[196]. - The overall economic outlook in Hong Kong and consumer behavior related to cross-border spending remains uncertain[195].
CLASSIFIED GP(08232) - 2024 - 年度财报