Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 40.5 million, a decrease of 43.0% compared to HKD 71.0 million in 2023[19]. - The annual loss for 2024 was HKD 344.7 million, compared to a loss of HKD 31.2 million in 2023[6]. - The gross profit for 2024 was HKD 4.8 million, down from HKD 25.2 million in 2023, aligning with the revenue decline[22]. - The total assets as of December 31, 2024, were HKD 61.1 million, significantly reduced from HKD 381.5 million in 2023[6]. - The total loss attributable to the owners of the company increased from approximately HKD 32.1 million in 2023 to approximately HKD 344.6 million in 2024[29]. - The company reported a revenue of approximately HKD 26.0 million and a loss of HKD 4.7 million for the six months ending September 30, 2024[45]. - For the fiscal year ending December 31, 2024, the company reported revenue of approximately HKD 37.8 million and a loss of HKD 1.2 million from Jun Tai Holdings[45]. - Milan Station's revenue for the fiscal year ending December 31, 2024, was approximately HKD 111.9 million with a loss of HKD 26.4 million[45]. - The company reported a net loss of HKD 344,705,000 for 2024, compared to a net loss of HKD 31,212,000 in 2023, representing an increase in loss of 1009.5%[153]. - Basic and diluted loss per share for 2024 was HKD 57.10, compared to HKD 5.32 in 2023[153]. Assets and Liabilities - The total liabilities as of December 31, 2024, were HKD 34.0 million, down from HKD 48.7 million in 2023[6]. - The group's debt ratio increased to approximately 125.5% as of December 31, 2024, compared to 14.6% in 2023, with total liabilities of approximately HKD 34.0 million and total capital of approximately HKD 27.1 million[32]. - The total assets decreased to HKD 61,132,000 in 2024 from HKD 381,547,000 in 2023, a decline of 83.9%[158]. - Total liabilities decreased to HKD 34,025,000 in 2024 from HKD 48,672,000 in 2023, a reduction of 30.2%[160]. - The company has no capital commitments as of December 31, 2024, consistent with zero commitments in 2023[31]. Cash Flow and Financial Health - As of December 31, 2024, the group had cash and cash equivalents of approximately HKD 6.2 million, a decrease from approximately HKD 12.8 million as of December 31, 2023[30]. - The company's cash and bank balances decreased to HKD 6,176,000 in 2024 from HKD 12,813,000 in 2023, a decrease of 51.8%[158]. - The net cash used in operating activities was HKD 6,008,000, contrasting with a net cash inflow of HKD 3,189,000 in 2023, reflecting a deterioration in cash generation[164]. - Cash and cash equivalents decreased by HKD 6,637,000, ending the year at HKD 6,176,000, down from HKD 12,813,000 at the beginning of the year[164]. Business Strategy and Operations - The company terminated loss-making settlement application services and focused on software and application development, generating approximately HKD 9.0 million in revenue from these services in 2024[16]. - Approximately 86.8% of the electronic products sold in 2024 were beauty-related, primarily supplied to a leading medical beauty service provider operating seven centers in Hong Kong[17]. - The company is committed to continuing the design and distribution of beauty-related electronic products in 2025 due to strong business growth[17]. - The company faced significant economic challenges in 2024 but has adjusted and improved its core business and delivery strategies[9]. Corporate Governance - The board of directors currently consists of one executive director and three independent non-executive directors[43]. - The company has adopted the corporate governance code and has complied with it throughout the fiscal year ending December 31, 2024[48]. - The board held at least four meetings during the year to monitor strategies and financial matters[50]. - All directors confirmed compliance with the standard code of conduct for securities trading during the fiscal year ending December 31, 2024[47]. - The company has established a remuneration committee to review and recommend compensation for all directors and senior management, with two meetings held during the review year[64]. Risk Management and Compliance - The company has established a comprehensive risk management and internal control system, which is reviewed annually for effectiveness[91]. - The company has a zero-tolerance policy towards bribery, extortion, fraud, and money laundering, ensuring compliance with relevant laws[79]. - The company has implemented clear policies and processes in procurement, sales, operations, and finance to prevent fraud and ensure compliance with laws[79]. - The independent auditor highlighted the importance of internal controls to prevent material misstatements in the financial statements[147]. Shareholder Information - The company has not recorded any corruption cases during the reporting period, adhering to anti-corruption laws and policies[79]. - The company has no distributable reserves as of December 31, 2024, compared to zero Hong Kong dollars in 2023[107]. - As of December 31, 2024, the major shareholders include Pan Junyan with 125,940,000 shares (20.9%), Song Qifeng with 45,318,000 shares (7.5%), and Huang Hao with 31,000,000 shares (5.1%) of the company's issued share capital[119]. Audit and Financial Reporting - The external auditor did not express an opinion on the consolidated financial statements for the fiscal year ending December 31, 2024, due to insufficient audit evidence regarding certain subsidiaries[93]. - The audit committee assists the board in overseeing the financial reporting process of the company[148]. - The auditor's fee for the fiscal year ending December 31, 2024, was approximately HKD 680,000 for audit services[77]. - The company is required to prepare financial statements in accordance with International Financial Reporting Standards and Hong Kong Companies Ordinance[147].
中国钱包(00802) - 2024 - 年度财报