Financial Performance - The company reported a consolidated profit of HK$XX million for the year ended April 30, 2023, representing a YY% increase compared to the previous year[11]. - The Group recorded a turnover of approximately HK$41.5 million for the Year, a decrease of approximately HK$33.8 million from approximately HK$75.3 million in Year 2022[26]. - The loss attributable to owners of the Company decreased by approximately HK$3.7 million, from approximately HK$6.4 million in Year 2022 to approximately HK$2.7 million for the Year[26]. - The Group's revenue for the Year was approximately HK$41.5 million, representing a decrease of approximately HK$33.8 million or 44.9% from approximately HK$75.3 million for the Year 2022[36]. - Revenue derived from the trading business increased by approximately HK$2.7 million or 8.5% from approximately HK$31.6 million for the Year 2022 to approximately HK$34.3 million for the Year[36]. - Revenue from the watches business decreased by approximately HK$36.5 million or 83.5% from approximately HK$43.7 million for the Year 2022 to approximately HK$7.2 million for the Year[36]. - The overall gross profit decreased by approximately HK$4.1 million or 10.1% from approximately HK$40.6 million for the Year 2022 to approximately HK$36.5 million for the Year[38]. - The Group recorded a profit before tax of approximately HK$2.5 million for the Year, compared to a loss before tax of approximately HK$2.3 million in 2022[46]. Market and Growth Strategies - User data showed a growth of ZZ% in active users, reaching a total of AA million by the end of the reporting period[11]. - The company provided a revenue guidance of HK$BB million for the next fiscal year, indicating a projected growth of CC%[11]. - New product launches contributed to a revenue increase of DD%, with significant demand observed in the market[11]. - Market expansion efforts have led to a YY% increase in market share, particularly in the Asia-Pacific region[11]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence[11]. - Strategic partnerships have been established, aiming to leverage synergies and drive growth in key markets[11]. - The Group is exploring vertical integration into the manufacture of compound fertiliser and urea to increase profit margins and improve quality control[28]. - The Group aims to diversify its customer base and strengthen relationships with customers to enhance corporate development[27]. - The Group will continue to monitor market changes and seek new development opportunities to create better returns for shareholders in the long run[27]. Operational Efficiency - The company is investing in R&D, allocating HK$EE million towards the development of innovative technologies[11]. - The Group has implemented cost-saving measures, resulting in a reduction of operational expenses by FF%[11]. - The Group is focused on clearing slow-moving inventories through sales promotions to improve operational efficiency[22]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices[99]. - The Board of Directors is responsible for overseeing the management of business affairs and overall performance, ensuring adequate financial and human resources are in place[107]. - The company has adopted the Model Code as its own code of conduct governing securities transactions by Directors, with all Directors confirming compliance during the year[102]. - The company has established Board committees to monitor operational and financial performance, ensuring appropriate internal control and risk management[107]. - The Board includes a balanced composition of Executive Directors and Independent Non-executive Directors to ensure strong independent judgment[109]. - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the year, except for specific provisions disclosed in the Annual Report[101]. - The management is responsible for executing business plans and strategies adopted by the Board[107]. - The company recognizes the importance of good corporate governance in management structures, internal control, and risk management procedures[100]. Board Composition and Diversity - As of April 30, 2023, the Board comprised seven Directors, with INEDs representing more than one-third of the Board members[110]. - The Company had three INEDs throughout the year, complying with the requirement that INEDs must represent at least one-third of the Board members[116]. - All INEDs confirmed their independence in writing, and the Company considers them to have met the independence guidelines[117]. - The Company has adopted a diversity policy to ensure a balance of skills, experience, and perspectives among its members[135]. - The Board aims to maintain gender diversity in recruitment and selection processes across the Group's operations[138]. - The Company will seek suitable candidates to comply with the governance code regarding the separation of the roles of Chairman and CEO as necessary[134]. - The Company has not set measurable targets for gender diversity in its workforce but is committed to providing equal opportunities for all qualified candidates[143]. Risk Management and Compliance - The Group has established a whistleblowing policy to allow stakeholders to report suspected misconduct confidentially, with findings reported to the Audit Committee[192]. - The Audit Committee ensures appropriate actions are taken based on the findings from the whistleblowing policy[195]. - The Group's anti-corruption policy emphasizes a zero-tolerance approach towards bribery and unethical behavior, aligning with corporate governance codes[194]. - The Group's code of conduct requires all employees to uphold the highest standards of professional ethics, with periodic reviews to align with applicable laws[189]. - The Nomination Committee is responsible for developing a list of desirable skills and experience for Board candidates, focusing on diversity in gender, age, and professional background[182]. Audit and Remuneration Committees - The Audit Committee held two meetings during the Year, approving the audited consolidated financial statements for the Year 2022 and the unaudited financial statements for the six months ended October 31, 2022[156]. - The Audit Committee is responsible for recommending the appointment and remuneration of external auditors and ensuring their independence and objectivity[154]. - The Remuneration Committee held one meeting during the year to review and recommend remuneration-related matters for Directors and senior management[168]. - The Remuneration Committee's roles include reviewing performance-based remuneration and ensuring fairness in compensation arrangements[167]. - The attendance of the Audit Committee members was 100% for the meetings held, with all members present[160].
富一国际控股(01470) - 2023 - 年度财报