Financial Performance - For the year ended December 31, 2021, the Group reported revenue of approximately HK$75.6 million, a decrease of approximately 4.3% from HK$79.0 million in the previous year[6]. - The loss attributable to owners of the Company for the year was approximately HK$258.8 million, a decrease of approximately 24.8% compared to HK$344.0 million in 2020[7]. - The Group's revenue decline in the Media Business was exacerbated by high unemployment rates and a sluggish market outlook[18]. - The net loss for the year ended December 31, 2021, was approximately HK$258.8 million, compared to a net loss of approximately HK$344.0 million in 2020[1]. - The Group reported a loss attributable to owners of approximately HK$258.8 million for the year ended December 31, 2021, a decrease of approximately 24.8% compared to a loss of approximately HK$344.0 million in 2020[120]. Business Segments - The Group's Financial Services Business includes external asset management, fund management, securities services, investment advisory services, and corporate finance advisory services as of December 31, 2021[16]. - The Financial Services Business generated revenue of approximately HK$75.6 million for the year ended December 31, 2021, a decrease of approximately 4.3% compared to HK$79.0 million in 2020[34]. - The Group's External Asset Management (EAM) services generated revenue of approximately HK$40.0 million in 2021, representing an increase of approximately 13.9% from HK$35.2 million in 2020[36]. - Revenue from fund management services decreased to approximately HK$25.6 million in 2021, a decline of approximately 21.3% from HK$32.5 million in 2020, primarily due to a downturn in the performance of certain funds[42]. - Revenue from corporate finance advisory services for the year ended December 31, 2021, amounted to approximately HK$2.4 million, marking the first full year of operation for this segment[65]. Media Business Challenges - The Media Business faced significant challenges due to the COVID-19 pandemic, leading to reduced advertising expenses from clients and a shift towards online advertising platforms[18]. - Media Business revenue decreased by approximately 41.5% to approximately HK$128.4 million for the year ended December 31, 2021, down from approximately HK$219.3 million in 2020[69]. - The decline in Media Business revenue is attributed to the impact of social unrest and the COVID-19 pandemic, which led to reduced advertising expenses from clients[71]. - The Group's advertising platforms primarily operate in Hong Kong, facing challenges due to changing customer preferences[200]. - The shift to online advertising channels has accelerated due to the pandemic, creating uncertainties for the traditional advertising business[200]. Investment and Financial Strategy - As of December 31, 2021, the Group invested HK$77.0 million in BeiTai Investment LP, representing approximately 71.0% of the total capital commitment of the Investment Fund[23]. - The fair value of the Investment Fund as of December 31, 2021, was approximately HK$71.3 million, down from HK$95.0 million in 2020[23]. - The Group plans to continue seeking investment opportunities to diversify revenue sources and enhance shareholder returns[26]. - The Group's investment strategy in the BeiTai Investment Fund aims to capture investment opportunities and generate reasonable returns[79]. - The Group's management engaged an independent valuer for fair value assessments of the Bonds based on financial data from unaudited management accounts[94]. Impairment and Losses - The Group recognized impairment losses on goodwill and intangible assets related to the Financial Services Business of approximately HK$78.6 million and HK$13.8 million respectively in 2021, compared to approximately HK$99.9 million in 2020[35]. - The Group recognized an impairment loss on accounts receivable of approximately HK$18.9 million and on loans receivable of approximately HK$22.7 million for the year ended December 31, 2021, compared to HK$1.4 million and a reversal of HK$2 million in 2020, respectively[98]. - Impairment losses recognized for the Financial Services Business included approximately HK$78.6 million for goodwill and approximately HK$13.8 million for intangible assets during the year ended December 31, 2021[98]. Management and Governance - The management team emphasizes the importance of corporate governance and compliance with regulatory requirements in their operations[178]. - The board of directors includes members with diverse backgrounds in finance, technology, and corporate governance, enhancing decision-making capabilities[182]. - The Company adopted a share option scheme and a share award scheme to incentivize employees and align their interests with shareholders[161][162]. - Dr. Ma Weihua has been appointed as the non-executive director and chairman since November 21, 2017, and has extensive experience in various listed companies[171]. - Mr. Xu Peixin has over 13 years of corporate executive management and investment experience, previously serving as a venture partner at New Enterprise Associates[174]. Economic Environment - The overall business environment is expected to remain challenging due to the ongoing COVID-19 pandemic and related uncertainties[27]. - The economic downturn resulted in a high unemployment rate, affecting the sales performance of the Media Business[200]. - The Group's management has adopted a conservative approach in adjusting financial budgets and key assumptions due to the adverse impacts of the pandemic[35]. - The Group's financial services business is crucial for its overall performance amid the pandemic's economic impact[199]. - The Group's operational review emphasizes the importance of maintaining checks and balances in the loan approval process through the independent Credit Control Committee[56].
贝森金融(00888) - 2021 - 年度财报