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汇思太平洋(08147) - 2024 - 年度财报
MILLENNIUM PGMILLENNIUM PG(HK:08147)2025-04-29 22:01

Financial Performance - In 2024, the Group's total revenue increased by approximately 9.6% to approximately HK$67.4 million, up from approximately HK$61.5 million in 2023[24]. - Revenue from sales of manufactured products accounted for approximately 89% of overall revenue in 2024, compared to approximately 87.5% in 2023[24]. - The overall gross profit margin improved to approximately 9.2% in 2024, up from approximately 6.1% in 2023, with gross profit increasing by approximately HK$2.4 million to approximately HK$6.2 million[24]. - The Group recorded a profit attributable to owners of approximately HK$2.9 million in 2024, an increase of approximately HK$20.2 million from a loss of approximately HK$17.3 million in 2023[32]. - The current ratio improved to 1.25 in 2024 from 0.86 in 2023, while the gearing ratio was 3.58 in 2024 compared to (1.10) in 2023[37]. Cost Management - Staff costs decreased by approximately HK$1.4 million from approximately HK$5.0 million in 2023 to approximately HK$3.6 million in 2024, primarily due to tightened control and downsizing[28]. - Total operation-related expenses decreased by approximately HK$1.0 million from approximately HK$7.5 million in 2023 to approximately HK$6.5 million in 2024[30]. - Finance costs decreased from approximately HK$2.0 million in 2023 to approximately HK$1.3 million in 2024[31]. Strategic Decisions - In Q4 2024, the Group disposed of loss-making associated companies to improve its financial structure and reduce losses[19]. - The Group divested from underperforming subsidiaries, including the sale of loss-making associates, to improve financial structure and reduce losses[22]. - The Group plans to maintain a prudent approach and make timely strategic adjustments in response to the uncertain global economic outlook following the US presidential election[76]. - The Group aims to improve financial performance and broaden revenue sources while controlling operational costs and focusing on appropriate product mix and regions[77]. Market Environment - The international environment in 2024 was complex, with geopolitical conflicts impacting energy, commodities, and food supplies, driving inflation higher[20]. - Trade sanctions between China and the United States escalated, affecting capital flows and global demand[20]. - The macroeconomic environment remains challenging, with geopolitical tensions and inflation impacting global trade and capital flows[23]. Capital Management - The company issued convertible bonds totaling HK$6,500,000 with a 4% annual interest rate, convertible into 20,312,500 shares at a conversion price of HK$0.32 per share, representing a premium of approximately 18.5% over the market price[44][45]. - The gross proceeds from the issuance of the 2024 convertible bonds were HK$6,800,000, with net proceeds intended for general working capital purposes[53][54]. - The actual use of net proceeds included approximately HK$4 million for staff costs (58.8% of total), HK$1 million for legal and professional fees (14.7%), HK$1 million for auditor's remuneration (14.7%), and HK$800,000 for rental expenses (11.8%)[59]. Corporate Governance - The Group has adopted and complied with the principles and code provisions in the Corporate Governance Code during the year ended December 31, 2024[192]. - The Board is responsible for setting the corporate goals and formulating the Group's strategy, including monitoring implementation[197]. - The Group's governance practices are designed to enhance public accountability and corporate governance, benefiting sustainable growth[192]. - The performance of the Management is monitored by the Board to ensure effective leadership[197]. Employee Relations - The Group maintains good relationships with employees, customers, and suppliers, emphasizing a caring environment and team spirit[93]. - As of December 31, 2024, the Group had a total of 17 employees, a decrease from 25 employees in 2023[117]. - The emolument policy for employees is based on merit, qualifications, and competence, with Directors' emoluments determined by the Remuneration Committee considering the Company's operating results and individual performance[115]. Shareholder Information - The Directors do not recommend the payment of any dividend for the year ended December 31, 2024[99]. - The Company's reserve available for distribution as of December 31, 2024, was nil[109]. - As of December 31, 2024, Viva Gain Investments Limited and Mr. Ma Xingzhong each hold 20,312,500 ordinary shares, representing 13.30% of the company's issued share capital[130]. Risk Management - The Group's financial condition and results of operations are subject to various risks, including business, operational, and financial management risks[84]. - The Group has not implemented any foreign currency hedging policy but will consider it if significant foreign exchange exposure arises[64].