Financial Performance - For the fiscal year ending March 31, 2023, the company reported revenue of HKD 12,864,000, a decrease of 9.7% from HKD 14,254,000 in the previous year[10]. - The company recorded a loss attributable to shareholders of HKD 16,341,000, compared to a loss of HKD 9,100,000 in the prior year, indicating a significant increase in losses[10]. - Total assets decreased to HKD 62,100,000 from HKD 68,150,000, reflecting a decline of approximately 8.5%[10]. - Total liabilities increased to HKD 43,046,000 from HKD 33,906,000, representing a rise of about 27%[10]. - The company's net asset value dropped to HKD 19,054,000 from HKD 34,244,000, a decrease of approximately 44.5%[10]. - Cash and cash equivalents fell to HKD 8,022,000 from HKD 17,584,000, a decline of about 54.4%[10]. - Basic and diluted loss per share for the year was HKD 0.02, compared to HKD 0.01 in the previous year, indicating a worsening of per-share losses[10]. - The company reported a net loss of approximately HKD 16,234,000 for the fiscal year ending March 31, 2023, an increase from the previous year's loss of HKD 8,622,000[31]. - Non-controlling interests' share of profit for 2023 was approximately HKD 107,000, a decrease from HKD 478,000 in 2022[33]. - The company reported a consolidated loss attributable to owners of approximately HKD 16,341,000 for the year ended March 31, 2023, compared to a loss of HKD 9,100,000 in 2022[33]. Revenue and Business Strategy - The company aims to optimize management and enhance efficiency through a multi-location strategy, focusing on Hong Kong, Beijing, and Shenzhen[13]. - The easing of COVID-19 restrictions in the second half of 2023 is expected to improve the overall business environment and consumer market, positively impacting the company's performance[12]. - Revenue from advertising and investor relations services decreased due to the impact of COVID-19, contributing to an overall revenue decline of about 9.8% compared to the previous year[29]. - The company plans to strengthen its financial news service and expand its digital marketing business to diversify revenue streams[50]. - The company expects its investor relations business to become a profitable segment in the coming years, covering services for listed companies and pre-IPO projects[50]. - The company reported a total revenue of HKD 150 million for the fiscal year ending March 31, 2023, representing a year-over-year increase of 15%[57]. - The company has provided a revenue guidance of HKD 180 million for the next fiscal year, indicating a projected growth of 20%[57]. - New product launches are expected to contribute an additional HKD 30 million in revenue, with a focus on enhancing user engagement[57]. - The company is investing HKD 10 million in R&D for new technologies aimed at improving service efficiency[57]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[57]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of HKD 50 million allocated for potential deals[57]. Governance and Compliance - The board held nine meetings during the fiscal year, with all directors confirming compliance with trading regulations[68]. - The company has maintained a conservative management policy, with no current plans for directors' liability insurance[64]. - The company achieved a 100% attendance rate for executive directors at board meetings, reflecting strong governance practices[68]. - The audit committee held four meetings during the fiscal year ending March 31, 2023, with attendance records showing full participation from the chairman and other members[74]. - The remuneration committee conducted three meetings in the same period, with all members present at least twice, indicating active engagement in reviewing compensation policies[77]. - The nomination committee also held three meetings, with the chairperson attending all sessions, reflecting a commitment to board composition and governance[78]. - The company has adopted a board diversity policy, emphasizing the importance of diversity in maintaining competitive advantage and ensuring a balanced board composition[82]. - The audit committee reviewed the consolidated financial statements for the fiscal year, which were audited by Guo Fu Hao Hua (Hong Kong) CPA Limited, with a recommendation for reappointment at the upcoming annual general meeting[75]. - The company has a minimum of three independent non-executive directors, ensuring compliance with GEM listing rules and maintaining governance standards[70]. - The remuneration committee is responsible for formulating the company's compensation policies and reviewing the performance of executive directors[77]. - The company’s governance committees, including the audit, remuneration, and nomination committees, are composed entirely of independent non-executive directors, enhancing oversight and accountability[73][78][80]. - The board of directors is responsible for overall management and has delegated daily management powers to executive directors and the management team[69]. - The company emphasizes compliance with legal and regulatory requirements as part of its governance practices, ensuring adherence to corporate governance codes[83]. - The board consists of members with diverse professional expertise, including management, finance, and marketing, ensuring a balanced skill set[84]. - The company has not set measurable diversity targets for the board, but the nomination committee believes the current diversity is sufficient[85]. - The board's nomination policy includes criteria for assessing candidates' suitability and contributions, focusing on diversity in gender, age, and professional experience[89]. - The external auditor received approximately HKD 600,000 for audit services with no fees for non-audit services during the fiscal year ending March 31, 2023[94]. - The board is responsible for evaluating and maintaining effective risk management and internal control systems, with annual reviews conducted by the audit committee[98]. - The internal audit function reports directly to the audit committee, ensuring independence and focusing on significant risk areas identified through comprehensive risk analysis[100]. - The company emphasizes gender diversity at all levels, including senior management, and continues to promote equal treatment in hiring practices[91]. - The board has established clear authority and responsibilities for departments to ensure adequate checks and balances within the internal control system[99]. - The company secretary has completed over 15 hours of relevant professional training to comply with GEM listing rules[97]. - The board has reviewed the effectiveness of the internal control system and found it to be effective and adequate as of the report's publication date[100]. - The group has adopted a whistleblowing policy to maintain high levels of transparency, integrity, and accountability, with no significant fraud or misconduct reported affecting financial statements as of March 31, 2023[102]. - The anti-corruption policy aims to prevent, detect, and report fraud, including fraudulent financial reporting, applicable to directors, senior officers, and employees[103]. - The group has established procedures for handling inquiries from external parties regarding market rumors and other matters[105]. - The group has a dividend policy without a predetermined payout ratio, allowing the board to propose dividends based on financial conditions and other factors[112]. - The group confirmed compliance with the GEM Listing Rules regarding related party transactions and has received annual confirmations of independence from its independent non-executive directors[150][152]. - There were no management or administrative contracts established during the reporting period that pertain to the company's overall or any major part of its business[151]. Environmental and Social Responsibility - The company has implemented a series of policies and measures to enhance environmental protection and fulfill social responsibilities, emphasizing sustainable development[159]. - The company encourages employees to use public transportation and video conferencing to reduce carbon emissions[165]. - The company has established various communication channels to engage with stakeholders, including employees, customers, investors, and the media[160]. - The company reported a total greenhouse gas emissions of 86,774.4 kg for the year ending March 31, 2023, a decrease from 88,366.1 kg in the previous year, indicating a reduction of approximately 1.8%[167]. - The company has zero direct emissions (Scope 1) and a density of 1,549.5 kg per employee for indirect emissions (Scope 2) in 2023[167]. - The group utilized approximately 131,740 kWh of electricity for office properties during the reporting period, a decrease from 134,875 kWh in 2022[175]. - The group used 98,738 sheets of A4 paper, an increase from 82,067 sheets in 2022[175]. - The group implemented a paperless electronic payroll system to reduce paper usage[169]. - The group emphasizes the importance of waste management through reduction, reuse, and recycling initiatives[169]. - The group adheres to the Employment Ordinance and Labor Law, ensuring compliance with labor regulations[179]. - The group provides social insurance and housing fund contributions for employees in China, and Mandatory Provident Fund contributions for employees in Hong Kong[181]. - The group conducts regular monitoring of indoor air quality to ensure a healthy work environment[178]. - The group encourages energy-saving practices, such as using energy-efficient lighting and maintaining office temperatures around 25.5ºC[172]. - The group promotes equal employment opportunities and prohibits discrimination in hiring and employment practices[186]. - The group offers comprehensive onboarding training to enhance employees' understanding of the business and corporate culture[190]. - The group has maintained good relations with employees, recognizing them as key to sustainable development, and provides clear career development paths and skill enhancement opportunities[122]. - The company has not identified any significant air, water, or land pollution issues arising from its business operations during the reporting period[166]. - The company emphasizes customer privacy and has implemented measures to protect customer data[192]. - The company encourages employee participation in community and charitable activities[198]. Employee and Workforce Information - Total number of employees is 56, with 54 general employees and 2 contract employees[200]. - Employee turnover is 39, resulting in a turnover rate of 57.8%[200]. - Gender distribution shows 26 female employees (46.4%) and 30 male employees (53.6%)[200]. - Age distribution includes 14 employees under 30, 37 employees aged 31 to 50, and 5 employees aged 51 or above[200]. - Employee distribution by location indicates 23 employees in Hong Kong and 33 in China[200]. - Management comprises 4 employees, while 52 are general staff[200]. - The company has not received any complaints related to intellectual property infringement or customer data leakage during the reporting period[193]. - The company adheres to labor laws and regulations, ensuring compliance with employment standards[191].
财华社集团(08317) - 2023 - 年度财报