Economic Outlook - In 2024, the global GDP growth rate is estimated to be approximately 3.1%, lower than pre-pandemic levels, with developed economies showing weak growth and emerging markets like India and Southeast Asia performing relatively strong [17]. - The U.S. economy is expected to achieve a full-year GDP growth rate of approximately 2.5%, supported by consumption and labor markets, although high interest rates are dampening business investments [17]. - The Euro area experienced a sluggish economic growth rate of only 0.7%, with major industrial countries like Germany falling into technical recessions due to energy price fluctuations and a shrinking manufacturing sector [17]. - The OECD predicts global economic growth of 3.2% in 2024, with emerging economies in Asia, particularly China, being major contributors [56]. - In 2024, China's GDP growth rate is projected at 5%, aligning with the official target set during the National People's Congress [60]. - The US economy is expected to perform best among G7 countries in 2024, driven by strong consumer spending despite high borrowing costs [57]. - The global public debt is expected to exceed US$100 trillion in 2024, accounting for 93% of global GDP, posing risks to long-term economic stability [55]. Company Performance and Strategy - Cybernaut International Holdings Company Limited has maintained a strategic direction of seeking changes while ensuring stability, leading to steady development across various businesses in 2024 [16]. - The company expresses gratitude to shareholders, customers, employees, and partners for their trust and support during a year filled with challenges and opportunities [16]. - The management discussion and analysis section of the annual report provides insights into the company's financial performance and strategic initiatives [6]. - The annual report includes a comprehensive overview of the company's governance, financial position, and future outlook [6]. - The company is focused on addressing the challenges posed by geopolitical fluctuations and intensified industry competition [16]. - The company is committed to enhancing its operational efficiency and exploring new market opportunities as part of its growth strategy [16]. Financial Performance - The Group recorded a gross profit of approximately RMB 19.3 million for the year ended December 31, 2024, with a gross profit margin of approximately 20.7%, compared to RMB 22.7 million and a margin of 20.3% in 2023 [88]. - The Group's loss for the year ended December 31, 2024, was approximately RMB 44.9 million, compared to a loss of approximately RMB 22.9 million in the previous year, with loss per share increasing from RMB 0.53 cents to RMB 0.90 cents [106]. - The revenue from the money lending business decreased by approximately 10.4% to RMB 18.3 million for the year ended December 31, 2024, down from RMB 20.4 million in 2023, attributed to a reduction in loan applications and new loans granted [74]. - The revenue from the eCommerce segment was approximately RMB 75.0 million for the year ended December 31, 2024, a decrease of approximately 17.8% compared to RMB 91.2 million for the year ended December 31, 2023, primarily due to reduced demand for refurbished second-hand iPhones [82]. - The Group's cost of sales decreased by approximately 16.8% from RMB 88.9 million in 2023 to approximately RMB 73.9 million in 2024, mainly due to decreased revenue from both the money lending and internet businesses [87]. Market Trends - The money lending business in Hong Kong is experiencing a "coexistence of challenges and opportunities" amid economic volatility and high interest rates [25]. - Demand for personal loans remains stable, driven by high inflation and living costs, with specific demographic groups relying on licensed money lenders [27]. - The financing gap for SMEs has widened as banks tighten credit, leading to increased demand for alternative financing solutions [28]. - The bad debt rate is rising due to deteriorating repayment capabilities of borrowers amid an economic slowdown [34]. - Over 7 million smartphone users in Hong Kong indicate a saturated market, with 5G users accounting for 70% in 2024, driving demand for new applications [35]. - The competition in the electric vehicle market is intensifying, with Chinese brands holding a 60% share globally [22]. - Online sales account for approximately 40% of total purchases, surpassing brick-and-mortar stores, with major platforms including Amazon and social e-commerce channels [39]. - The second-hand mobile phone market is growing as more consumers opt for refurbished devices amid economic downturns [39]. Regulatory and Compliance Issues - Regulatory trends indicate potential tightening in debt collection and anti-money laundering requirements, increasing compliance costs [30]. - Institutions in the education sector face high compliance costs due to policy uncertainties and a decrease in parents' payment capacity amid economic slowdowns [53]. Debt and Financing - The effective interest rate for the promissory notes (PNs) remains at 16.69% per annum, despite amendments to the terms of the PNs [165][168]. - The Group's finance costs were approximately RMB 37.3 million for the year ended December 31, 2024, reflecting a decrease due to changes in the terms of promissory notes [97]. - The average effective interest rate for loans as of December 31, 2024, ranged from 6% to 18% per year, down from 6% to 24% in 2023 [75]. - The Group has pledged assets with a book value of approximately RMB 6.9 million as collateral for notes payable totaling approximately RMB 185.4 million [122]. Shareholder and Investment Activities - The company plans to resume trading of its shares on June 23, 2025, following the announcement of its audited financial performance for the year ending December 31, 2024 [3]. - The Group did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with the previous year [107]. - The Group had no significant investments as of December 31, 2024, remaining unchanged from the previous year [115]. - The company agreed to acquire 100% of the issued shares in Newsbaba LTD for a consideration of HK$120,533,400, with a potential earn-out adjustment not exceeding HK$40,000,000 [199].
赛伯乐国际控股(01020) - 2024 - 年度业绩