Financial Performance - The group recorded a loss of approximately HKD 9.0 million for the year ended March 31, 2023, compared to a loss of approximately HKD 4.6 million for the previous year[10]. - The increase in loss was primarily due to a fair value loss of approximately HKD 0.93 million and a net exchange loss of approximately HKD 3.3 million[10]. - The group's revenue for the year ended March 31, 2023, was approximately HKD 16.6 million, a decrease of about 0.8% compared to HKD 16.8 million for the year ended March 31, 2022[16]. - Commission income from arranging students to study in the UK accounted for approximately 45.7% of total revenue, generating about HKD 7.6 million, a decrease of approximately 11.2% from HKD 8.6 million in the previous year[17]. - Commission income from arranging students to study in Australia increased by approximately 13.7% to about HKD 6.0 million, representing approximately 36.2% of total revenue for the year[18]. - Other income rose from approximately HKD 2.6 million to about HKD 3.3 million, an increase of approximately 28.6%, primarily due to higher bank interest income and government subsidies[20]. - The net loss for the year increased to approximately HKD 9.0 million from HKD 4.6 million, attributed to increased fair value losses and foreign exchange losses[26]. - The total cash and cash equivalents as of March 31, 2023, were approximately HKD 40.1 million, down from HKD 61.9 million in the previous year[28]. Business Strategy and Development - The group aims to expand its education consulting services in developing countries such as Guangdong Province in China and Malaysia, having established subsidiaries in these regions[11]. - The group is investing resources in digital marketing channels to enhance brand awareness and attract students and parents from outside Hong Kong[11]. - The group is developing an online service system to efficiently handle inquiries and school applications from students and parents[11]. - The group continues to seek suitable partners and qualified consultants to provide direct, high-quality overseas education services[12]. - The group remains focused on maintaining competitiveness and improving services to achieve growth in a challenging business environment[12]. - The group’s primary business remains in providing overseas education consulting services to local students aiming to study in the UK, Australia, Canada, and the USA[10]. Market and User Engagement - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[47]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[52]. - The company is actively pursuing market expansion strategies, targeting Southeast Asia with plans to establish partnerships with local educational institutions[61]. - User data showed a 15% increase in active users, reaching 1.2 million by the end of the reporting period[61]. Revenue and Growth Projections - Revenue for the fiscal year reached $150 million, representing a 15% increase compared to the previous year[52]. - The company has set a future revenue guidance of $180 million for the next fiscal year, indicating a projected growth of 20%[52]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on educational technology solutions[52]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 25%, aiming for HKD 625 million[61]. - New product launches are expected to contribute an additional HKD 50 million in revenue, with a focus on expanding the educational technology segment[61]. Corporate Governance and Compliance - The board of directors emphasizes the importance of corporate governance, ensuring compliance with GEM listing rules and maintaining shareholder interests[62]. - The company has established a robust risk management framework to address potential challenges in the evolving educational landscape[62]. - The board held four meetings during the fiscal year ending March 31, 2023, with all directors present at each meeting[75]. - The company confirmed compliance with the GEM listing rules regarding securities trading by all directors for the fiscal year ending March 31, 2023[76]. - The board's composition and diversity are assessed annually to ensure alignment with the company's strategic goals[80]. - The company has established measurable targets to implement its board diversity policy and reviews these targets regularly[79]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to implement sustainable development and fulfill social responsibilities, as outlined in its environmental, social, and governance report for the fiscal year 2023[111]. - The board is committed to integrating sustainable development into the business and managing environmental, social, and governance (ESG) risks effectively[112]. - The company conducts materiality assessments to identify significant ESG issues relevant to its operations and stakeholders[123]. - The company has established a climate risk management mechanism overseen by the board, addressing acute and chronic climate risks that could impact operations and revenue[142]. - The group aims to reduce electricity consumption by at least 3% over the next five years, based on fiscal year 2022 as the baseline[139]. - The group has implemented a "4R" policy (Reduce, Reuse, Replace, Recycle) to promote paperless operations and reduce waste[135]. Employee Engagement and Training - The group provided over 12 hours of job-related training to all employees during the reporting period[155]. - The company promotes equal opportunities and diversity in the workplace, adhering to applicable anti-discrimination laws in Hong Kong and China[149]. - The employee turnover rate increased to 19.51% in 2023 from 14.29% in 2022, reflecting a rise of about 36.3%[171]. - 100% of employees received training in 2023, maintaining the same percentage as in 2022[172]. - Average training hours per employee exceeded 12 hours in 2023, consistent across all employee categories[172]. Financial Management and Audit - The total fees paid or payable to the external auditor, Crowe (HK) CPA Limited, for audit services amounted to HKD 470,000, while non-audit services amounted to HKD 50,000, totaling HKD 520,000[94]. - The company has implemented an effective internal control system to ensure the accuracy of financial reporting and to mitigate risks of material misstatements or fraud[100]. - The board is responsible for preparing financial statements that fairly reflect the group's affairs, performance, and cash flows, in compliance with applicable accounting standards and regulations[102]. - The company provided a comprehensive report on its audited consolidated financial statements for the fiscal year ending March 31, 2023[188].
大地教育(08417) - 2023 - 年度财报