Financial Performance - Revenue for the three months ended March 31, 2022, was approximately HKD 21.11 million, a decrease of about 35.4% compared to HKD 32.67 million for the same period in 2021[5]. - Profit for the same period was approximately HKD 2.61 million, down approximately 73.0% from HKD 9.68 million in the prior year[6]. - Basic and diluted earnings per share for the three months ended March 31, 2022, were HKD 1.42, compared to HKD 5.06 for the same period in 2021[9]. - Total comprehensive income for the period was HKD 3.04 million, down from HKD 13.63 million in the same period last year[12]. - The decrease in revenue was primarily attributed to declines in securities and futures brokerage, fee-based services, financing services, and financial advisory services due to unfavorable market conditions compared to Q1 2021[5]. - The net profit attributable to the owners of the parent company for the three months ended March 31, 2022, was approximately HKD 2.61 million, a decrease of about 73.0% from HKD 9.68 million in the same period last year, primarily due to the aforementioned revenue declines[81]. Expenses and Costs - Commission expenses decreased by 55.5% to HKD 2.71 million from HKD 6.10 million year-over-year[5]. - Employee costs decreased by 4.8% to HKD 6.83 million compared to HKD 7.18 million in the previous year[5]. - Other operating expenses increased by 6.9% to HKD 4.21 million from HKD 3.94 million in the prior year[5]. - Total commission expenses for the three months ended March 31, 2022, were approximately HKD 2.71 million, a decrease of about 55.5% from HKD 6.10 million in the same period last year, consistent with the decline in brokerage service revenue[78]. - Other operating expenses increased to approximately HKD 4.21 million, up about 6.9% from HKD 3.94 million in the same period last year, mainly due to an increase in legal, consulting, and professional fees[80]. Revenue Breakdown - Revenue for the three months ended March 31, 2022, was HKD 13,056,871, a decrease of 44.6% compared to HKD 23,592,927 for the same period in 2021[36]. - Commission and brokerage income decreased to HKD 8,517,254 from HKD 19,275,106, representing a decline of 55.8% year-over-year[40]. - Interest income from clients was HKD 7,905,616, down from HKD 8,903,262, a decrease of 11.2%[36]. - Financing services revenue decreased by 11.2% to HKD 7,906,000 from HKD 8,903,000 year-on-year[62]. - The asset management services segment saw an increase in revenue of 26.8%, rising to HKD 1,417,000 from HKD 1,118,000[62]. - The financial advisory services segment reported no revenue for the current period, a decline of 100% compared to HKD 304,000 in the previous year[62]. - Brokerage services revenue for the three months ended March 31, 2022, was approximately HKD 8.52 million, a decrease of about 55.8% compared to HKD 19.28 million for the same period in 2021, primarily due to reduced income from the Hong Kong stock market[65]. - Placement and underwriting services revenue increased to approximately HKD 1.12 million, up about 61.6% from HKD 0.69 million in the same period last year, mainly due to a successful IPO project[67]. - Securities advisory services generated revenue of approximately HKD 0.15 million, compared to zero revenue in the same period last year, attributed to an increase in commissioned research reports and analysis[68]. - Other services revenue was approximately HKD 1.81 million, a decrease of about 16.4% from HKD 2.17 million in the same period last year, mainly due to reduced fees from clients for subscribing to IPO shares[69]. - Financing services interest income was approximately HKD 7.91 million, down about 11.2% from HKD 8.90 million in the same period last year, primarily due to a conservative approach from investors in unfavorable market conditions[71]. - Asset management services revenue increased to approximately HKD 1.42 million, up about 26.8% from HKD 1.12 million in the same period last year, mainly due to increased revenue from new clients[72]. Corporate Governance and Compliance - The board of directors did not recommend the payment of a dividend for the three months ended March 31, 2022[7]. - The company confirmed compliance with the GEM Listing Rules regarding securities trading standards during the reporting period[106]. - There were no competitive interests held by directors or controlling shareholders in businesses that may compete with the group as of March 31, 2022[108]. - The company has fully complied with the corporate governance code as per GEM listing rules for the three months ending March 31, 2022[112]. - The audit committee, established on June 14, 2018, consists of two independent non-executive directors and one non-executive director[110]. - The board of directors includes three executive directors and three independent non-executive directors as of the report date[113]. Share Capital and Ownership - The company has a total issued share capital of HKD 145,000,000 for its subsidiary, Victory Securities Limited, which is fully owned[23]. - Dr. TT Kou's Family Company Limited (DTTKF) holds 110,193,750 shares, representing 55.09% of the company's issued share capital[94]. - Mr. Chen Ying-jie, as the spouse of Ms. Kou, is deemed to have an interest in the same number of shares held by Ms. Kou, totaling 118,869,750 shares or 59.42%[88]. - Mr. Zhao Zi-liang holds 1,000,000 shares, accounting for 0.50% of the total shares[94]. - Mr. Chen Pei-chuan owns 3,394,000 shares, which is 1.70% of the total shares[94]. - The company has adopted a share option scheme since June 14, 2018, with a total of 7,050,000 options available as of March 31, 2022[99]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the three months ending March 31, 2022[105]. - As of March 31, 2022, no shares were awarded to participants under the share reward plan during the reporting period[104]. Market Conditions and Outlook - The overall economic outlook for Hong Kong in 2022 remains uncertain due to global factors, including the ongoing COVID-19 pandemic, which may continue to impact market and investment sentiment[59]. - The total trading volume of the Hong Kong stock market decreased by approximately 34.7% from HKD 1,368.88 billion in Q1 2021 to HKD 893.82 billion in Q1 2022[65].
胜利证券(08540) - 2022 Q1 - 季度财报