Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 320,619,000, a decrease of 56.5% compared to HKD 737,184,000 in 2023[3]. - The gross profit for the same period was HKD 20,475,000, down 49.7% from HKD 40,743,000 in 2023[3]. - The pre-tax loss for the year was HKD 128,045,000, compared to a pre-tax loss of HKD 2,389,474,000 in 2023, indicating a significant improvement[4]. - The net loss for the year was HKD 116,482,000, a reduction of 94.0% from HKD 1,946,083,000 in 2023[4]. - The total comprehensive loss for the year was HKD 231,244,000, compared to HKD 2,072,896,000 in 2023, reflecting a substantial decrease[5]. - The company reported a basic and diluted loss per share of HKD 0.035, compared to HKD 0.634 in 2023[5]. - The company reported a net loss attributable to shareholders of HKD 116,341,000 in 2024, compared to a loss of HKD 1,945,898,000 in 2023, indicating a reduction in losses[31]. Revenue Breakdown - The trading business generated revenue of HKD 307,669,000 in 2024, down 57.1% from HKD 718,764,000 in 2023[15][24]. - Revenue from Hong Kong decreased to HKD 317,738,000 in 2024 from HKD 736,156,000 in 2023, representing a decline of 56.9%[25]. - Revenue from China increased to HKD 2,881,000 in 2024 from HKD 1,028,000 in 2023, showing a growth of 180.5%[25]. - The financial business reported a loss of HKD 7,578,000 in 2024, compared to a loss of HKD 1,035,000 in 2023[23][24]. Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 2,053,198,000, down from HKD 2,298,458,000 in 2023[7]. - The net asset value of the company was HKD 1,991,034,000, a decrease from HKD 2,183,562,000 in 2023[7]. - The company’s cash and cash equivalents increased to HKD 39,912,000 from HKD 21,618,000 in 2023, indicating improved liquidity[6]. - The company’s cash and bank balances were approximately HKD 39,912,000, while debts due within one year amounted to HKD 502,081,000, which are overdue[11]. - The company recorded a loss of HKD 116,482,000 for the year ending December 31, 2024, with a net current liability of approximately HKD 40,001,000[11]. Legal and Financial Challenges - The company is facing multiple lawsuits that have led to the freezing of some bank accounts and the seizure of certain investment and development properties[11][13]. - The company has ongoing legal claims related to construction contractors, with provisions for legal claims amounting to HKD 109,711,000 as of December 31, 2023[44]. - The group has no written agreements from banks or creditors to extend the going concern assessment, raising concerns about the appropriateness of using the going concern basis in financial statements[50]. - The group has insufficient accounting records due to the departure of key management personnel, limiting the ability to obtain necessary audit evidence[53]. - The company has ongoing legal disputes related to borrowing and construction costs, with certain bank accounts frozen and investment properties under seal valued at approximately HKD 1,820,920,000 and HKD 867,691,000 respectively[82]. Financing and Restructuring Efforts - The company has secured HKD 50,000,000 in financing from a third party to support operational expenses or pay other creditors if necessary[12]. - The company is actively negotiating with lenders and creditors regarding the restructuring of loans and payables, with no repayment demands expected in the next twelve months[12]. - The group is actively discussing potential restructuring of loans and payables with creditors, with no repayment demands expected within the next twelve months[60]. - The group has implemented multiple plans to alleviate liquidity pressure and improve financial conditions, relying on successful debt repayment delays, new financing, performance improvements, and litigation resolutions[49]. Operational Strategies - The company aims to improve operational performance and cash flow through cost control measures and working capital management[12]. - The group aims to focus resources on resolving legal issues related to the Zhanjiang property development project to accelerate project development and maximize shareholder value[75]. - The company plans to further expand its trade business and explore other overseas markets to generate substantial and stable profits for long-term development[76]. - The group is reviewing and re-planning its mining and oil and gas business, with management planning to explore opportunities for joint development with suitable business partners[78]. Corporate Governance - The board of directors underwent a complete restructuring in July 2024, aiming to enhance corporate governance and advance restructuring efforts[97]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, and all directors have confirmed compliance during the fiscal year[94]. - The company will publish its full-year results announcement and annual report on its website and the Hong Kong Stock Exchange's website[99].
智富资源投资(00007) - 2024 - 年度业绩