Financial Performance - The Group reported a comprehensive performance for the year ended December 31, 2023, in compliance with GEM Listing Rules[3]. - The annual report includes a detailed financial summary, highlighting key metrics and performance indicators[12]. - The Board confirms that the information contained in the annual report is accurate and complete in all material respects[9]. - For the year ended December 31, 2023, the Group recorded revenue of approximately HK$156,940,000, representing an increase of 10.5% from HK$141,903,000 in 2022[23]. - The loss attributable to owners of the Company amounted to approximately HK$45,308,000, compared to a loss of HK$18,844,000 in 2022, indicating a significant increase in losses[23]. - Revenue from continuing operations increased by approximately 10.6% to HK$156,940,000 for the year, up from HK$141,903,000 in 2022, with gross profit rising to approximately HK$104,366,000 from HK$95,803,000[49][51]. - The financial services business generated revenue of approximately HK$9,149,000, down 40% from HK$15,214,000 in 2022[30]. - Interest income from the financial services business segment amounted to approximately HK$6,514,000 during the year, down from HK$8,957,000 in 2022[176]. Business Segments - The food and beverage business turnover increased to approximately HK$139,815,000, up 18.9% from HK$117,564,000 in 2022[32]. - The money lending business reported loan interest income of approximately HK$1,111,000, a decrease of 59% from HK$2,713,000 in 2022[24]. - The children education business turnover was approximately HK$4,598,000, slightly up from HK$4,500,000 in 2022[33]. - The food and beverage business generated revenue of approximately HK$139,815,000, an increase from HK$117,564,000 in the previous year, maintaining 11 restaurants in Hong Kong[55][60]. Impairment and Losses - The Group recorded a fair value loss on financial assets through profit or loss of approximately HK$13,232,000[31]. - An impairment loss of approximately HK$2,370,000 on property, plant, and equipment was recorded, with an additional HK$2,028,000 related to right-of-use assets for restaurant leases[57][60]. - The Group recorded an impairment loss on loans and interest receivables of approximately HK$4 million for the year ended December 31, 2023, compared to approximately HK$2 million for the corresponding period in 2022[102]. - The Group has recorded an impairment loss on loans and interest receivables of approximately HK$1.6 million for one loan and HK$2.6 million for another loan in 2023, with both loans fully impaired[113][114]. - The impairment loss of HK$1.3 million was primarily due to an individual with a margin shortfall of HK$3.6 million since January 2022, with an effective interest rate ranging from 13% to 18.9% per annum[165]. Credit Risk Management - The Group will continue to monitor the performance of its investments and adjust strategies to mitigate financial risks[31]. - The Group assesses credit risk by comparing the risk of default at the reporting date with the risk at initial recognition, considering both quantitative and qualitative information[106]. - The Group's internal control measures aim to enhance the recoverability of customers[105]. - The Credit Committee evaluates loan applications based on factors such as income proof, asset proof, and the willingness to provide personal guarantees for individual customers[126]. - The Group has established internal control measures to manage credit risk, including regular analysis of the loan portfolio and monitoring of loans post-drawdown[134][136]. Market Environment - The economic environment remains challenging, with significant declines in IPOs and property transactions in Hong Kong[39]. - The operating environment for the food and beverage industry in Hong Kong is expected to remain challenging, with local consumer spending facing headwinds due to elevated interest rates and a strong Hong Kong dollar[66]. - The operating environment for the Hong Kong restaurant industry is expected to remain challenging, with high interest rates and local consumer spending under pressure[68]. - The company is facing challenges due to significant capital withdrawal from China's economy, impacting interest income from margin financing services[199]. Corporate Governance and Transparency - The Chairman's statement emphasizes the Group's commitment to transparency and accountability to shareholders[22]. - The report outlines the corporate governance structure, including the roles of various committees within the Board[17]. - The Group's management continues to assess market conditions closely to ensure strategic flexibility in capturing growth areas[71]. Future Plans and Strategies - The Group plans to focus resources in Hong Kong and enhance customer satisfaction through various initiatives[38]. - The Group plans to explore prudent expansion opportunities through new brands and strategically located sites to navigate the competitive landscape and rising operating costs[71]. - The Group's management emphasizes comprehensive service delivery to investors, both online and offline, to maintain a strong position despite adverse market conditions[199].
国农金融投资(08120) - 2023 - 年度业绩