Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of approximately HKD 132,580,000, an increase of about 456% compared to last year's revenue of approximately HKD 23,840,000[13]. - The profit attributable to the company's owners for the fiscal year was approximately HKD 17,110,000, a turnaround from a loss of approximately HKD 4,040,000 in the previous year[13]. - The increase in revenue was primarily driven by a rise in the area of property sales delivered during the year[13]. - The company experienced an increase in revenue and foreign exchange gains due to the conversion of financial liabilities, alongside a reduction in administrative and operational expenses[13]. - The increase in profit was partially offset by an increase in the fair value loss of investment properties[13]. - Total revenue for the year ended December 31, 2024, was HKD 132,584,000, a significant increase from HKD 23,843,000 in 2023, representing a growth of approximately 455%[144]. - Gross profit for 2024 was HKD 40,217,000, compared to HKD 9,385,000 in 2023, indicating a gross margin improvement[144]. - The company reported a profit before tax of HKD 21,928,000 for 2024, recovering from a loss of HKD 3,935,000 in the previous year[144]. - Net profit for the year was HKD 17,105,000, a turnaround from a loss of HKD 4,041,000 in 2023, reflecting a positive performance shift[144]. Assets and Liabilities - Total current assets amount to approximately HKD 801,870,000, while total current liabilities are approximately HKD 1,132,330,000 as of December 31, 2024[31]. - The company's debt-to-equity ratio is approximately 2.5% as of December 31, 2024, compared to 3.0% as of December 31, 2023[31]. - The company has unrecognized capital commitments totaling approximately HKD 398,810,000 as of December 31, 2024, down from HKD 465,950,000 as of December 31, 2023[32]. - The company has contingent liabilities of approximately RMB 155,630,000 (equivalent to approximately HKD 164,990,000) as of December 31, 2024[35]. - The company has a net current liability position of HKD 330,459,000 as of December 31, 2024, compared to HKD 325,691,000 in 2023[145]. - Total assets decreased to HKD 1,283,992,000 in 2024 from HKD 1,328,839,000 in 2023, a decline of approximately 3.4%[145]. - Current liabilities decreased to HKD 1,132,326,000 in 2024 from HKD 1,215,939,000 in 2023, a reduction of about 6.9%[145]. - The company's equity attributable to owners decreased to HKD 803,761,000 in 2024 from HKD 841,957,000 in 2023, a decline of approximately 4.5%[146]. Corporate Governance - The board of directors is committed to maintaining high levels of corporate governance to enhance transparency in disclosing important information[40]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the fiscal year ending December 31, 2024[41]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, aiming for a balanced and diverse structure[43]. - The audit committee held four meetings to discuss annual audit arrangements and review the group's financial performance and accounting principles adopted[53]. - The audit committee is responsible for monitoring the effectiveness of internal controls and risk management systems to ensure management fulfills its duties[52]. - The company has implemented a set of internal policies and guidelines for managing investment targets, effective from May 1, 2025[68]. - The board has established three committees: audit committee, remuneration committee, and nomination committee, to ensure effective governance[46]. - The company has adopted the corporate governance code as per the listing rules and has fully complied with it for the year ending December 31, 2024[111]. Employee and Operational Information - The company has increased its employee count to 81 as of December 31, 2024, from 62 as of December 31, 2023, with related employee costs amounting to approximately HKD 18,520,000[38]. - The company will continue to focus on mid-to-high-end commercial and tourism property development and investment, seeking quality and cost-effective investment opportunities[15]. - The company has not engaged in any significant investments or acquisitions during the fiscal year ending December 31, 2024[34]. - The company has not taken any arrangements to acquire its own shares or bonds as of December 31, 2024[103]. Legal and Compliance Matters - The company has appealed a court ruling requiring it to pay approximately RMB 16,700,000 (approximately HKD 18,100,000) to a contractor[25]. - The group has initiated civil litigation against the associate company to obtain updated financial information as required under the cooperation agreement, with the first hearing scheduled for May 2025[73]. - The audit committee is aware of the basis for the qualified audit opinion and acknowledges the lack of control over the associate company’s management and operations[74]. - The company will keep shareholders and investors informed about the latest developments regarding the audit issues[75]. Shareholder Information - The company has a total of 3,975,233,406 shares issued as of December 31, 2024[98]. - Mr. Huang Shizai holds 1,848,162,476 shares, representing 46.49% of the company's issued share capital[98]. - Ms. Huang Wenxi holds a total of 635,801,409 shares, which is 16.00% of the company's issued share capital[98]. - Mr. Li Zhizhen has a total of 49,448,730 shares, accounting for 1.24% of the company's issued share capital[98]. - The board does not recommend the distribution of any dividends for the fiscal year ending December 31, 2024[86]. Accounting and Financial Reporting - The group has adopted new accounting standards that do not have a significant impact on the consolidated financial statements[161]. - The revisions to HKAS 1 clarify the classification of liabilities as current or non-current, enhancing consistency in application[160]. - The group applies equity accounting for investments in associates, recognizing share of profits and losses in the consolidated income statement[174]. - The company measures goodwill initially at cost, which includes the total consideration transferred, the amount of non-controlling interest recognized, and the fair value of any previously held equity interests in the acquiree[176]. - The company conducts annual impairment tests for goodwill as of December 31[176]. - The company recognizes gains or losses from changes in the fair value of investment properties in the profit or loss for the period in which they occur[187].
大中华控股(00021) - 2024 - 年度财报