Financial Performance - Total revenue increased from HKD 48.83 million in 2023 to HKD 53.01 million in 2024, representing an increase of approximately 8.56%[16] - Net profit rebounded from a loss of HKD 8.79 million in 2023 to a profit of HKD 2.87 million in 2024[7] - Gross profit for the year was approximately HKD 31.70 million, up about 9.96% from HKD 28.83 million in 2023, with a gross margin of 59.80%[18] - Direct costs and operating expenses rose to approximately HKD 21.31 million, an increase of about 6.54% compared to HKD 20.00 million in 2023[17] - Sales expenses decreased by approximately 14.07% to about HKD 11.40 million from HKD 13.27 million in 2023 due to cost control measures[19] - Administrative expenses increased to approximately HKD 23.47 million, up about 6.74% from HKD 21.99 million in 2023, primarily due to increased depreciation costs after the relocation of Yiyang Hospital[20] - The group's financing costs for the year were approximately HKD 1,688,000, a decrease from HKD 2,278,000 in 2023[24] - The net profit for the year was approximately HKD 2,871,000, compared to a loss of HKD 8,791,000 in 2023[25] Business Segments - The healthcare and medical business segment benefited from favorable government policies, particularly in Hunan Province, which improved reimbursement rates for dialysis services[7] - The company closed two unprofitable beauty salons and scaled down another to reduce expenses in the beauty and fitness segment[13] - The beauty and fitness business cash-generating unit reported impairment losses of approximately HKD 2,442,000 for trademarks and professional skills, HKD 209,000 for properties, and HKD 1,692,000 for equipment and right-of-use assets in the current year[23] Assets and Liabilities - As of December 31, 2024, the group had total assets of approximately HKD 113,445,000 and total liabilities of approximately HKD 25,108,000, resulting in a leverage ratio of approximately 22.13%[30] - The current ratio as of December 31, 2024, was approximately 1.30, compared to 1.24 as of December 31, 2023[30] - The group had cash and bank balances of approximately HKD 63,463,000 as of December 31, 2024, down from HKD 66,826,000 in 2023[31] - The debt-to-equity ratio as of December 31, 2024, was approximately 63%, a significant improvement from 123% in 2023[32] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[34] - The group has no significant contingent liabilities as of December 31, 2024[36] Shareholder Information - The company does not recommend any dividend payment for the current year, maintaining a dividend of zero for 2023[46] - The total reserves available for distribution to equity shareholders as of December 31, 2024, is zero HKD, unchanged from 2023[63] - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was paid[60] - As of December 31, 2024, the total issued shares amount to 659,894,693[75] - Liu Dong holds 25,146,000 shares, representing approximately 3.81% of the total issued shares[75] - Zhou Cuiqiong holds 370,071,730 shares, representing approximately 56.08% of the total issued shares[75] - Wei Xin International Limited, controlled by Zhou Cuiqiong, holds 370,071,730 shares, also representing approximately 56.08% of the total issued shares[76] - Chang Jian Limited, a subsidiary of Wei Xin, holds 67,647,058 shares, representing approximately 10.25% of the total issued shares[76] - The company did not engage in any share buybacks, sales, or redemptions during the year[66] - There were no related party transactions reported during the year[67] Corporate Governance - The board of directors presented the annual report and audited consolidated financial statements for the year ending December 31, 2024[56] - The board includes two executive directors, three non-executive directors, and three independent non-executive directors, providing a balanced distribution of expertise[110] - The company has established procedures for directors to seek independent advice to fulfill their responsibilities, with costs covered by the company[109] - The company has confirmed that all directors have adhered to the standards of conduct for trading securities as outlined in the listing rules[120] - The company has arranged appropriate liability insurance for its directors and senior management, with coverage reviewed annually[126] - The board has established three committees: the audit committee, the remuneration committee, and the nomination committee, to oversee various aspects of the group[130] - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and listing rules[102] - The audit committee's main functions include reviewing financial statements and reports, and ensuring the effectiveness of the company's financial reporting and risk management systems[132] - The remuneration committee consists of four members, including the chairman and three independent non-executive directors, responsible for reviewing and approving executive compensation policies[137] - The nomination committee evaluates the performance of executive directors and reviews the remuneration policies for directors and senior management[139] Risk Management and Internal Controls - The company has engaged an external consultant to maintain and execute internal audit functions due to the absence of an internal audit department[107] - The board monitors risk management and internal control systems, regularly reviewing their effectiveness[109] - The company conducts an annual risk assessment to identify potential strategic, operational, financial, and compliance risks, categorizing them as high, medium, or low based on their likelihood and impact on business objectives[146] - The internal control review plan prioritizes identified risks for annual internal monitoring, with the board confirming the effectiveness and adequacy of the risk management and internal control systems for the year[147] - The company has established an internal audit function to enhance its risk management and internal control systems[145] Environmental, Social, and Governance (ESG) - The company emphasizes environmental protection and is committed to sustainable practices, including promoting the use of eco-friendly paper and reducing energy consumption[100] - The company is committed to sustainable development principles and aims to balance economic growth, environmental protection, and social responsibility[173] - The company has established a governance framework to integrate environmental, social, and governance factors into its decision-making processes[174] - The board of directors is responsible for overseeing the company's environmental, social, and governance strategies and reporting[175] - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[161] - The company conducted an annual materiality assessment in 2024 to ensure the relevance of its ESG strategies[180] - The company aims to reduce greenhouse gas emissions by 5% by 2026, using 2021 as the baseline[188] - The company has implemented measures to manage energy consumption, including maintaining air conditioning at 25 degrees Celsius and promoting carpooling[197] - The company adheres to all relevant environmental laws and regulations in China, ensuring compliance with the latest environmental standards[185] - The company promotes a paperless office environment to reduce waste and improve energy efficiency[200] - The company has established a waste management strategy that includes recycling and proper disposal of electronic waste[191] - The company actively engages with stakeholders to identify significant environmental, social, and governance issues[182] - The company has a comprehensive environmental management policy to achieve its environmental goals[185]
格林国际控股(02700) - 2024 - 年度财报