Lending Operations - The company has established a system to identify and review overdue loan accounts, with management closely monitoring the overall status of outstanding loans through daily reports [15]. - The demand for unsecured loan services supported by financial technology is continuously increasing, driven by changes in consumer behavior towards digitalization and online consumption [17]. - The company anticipates steady growth in its lending business, supported by the automated mobile application X Wallet, which offers instant approval decisions and 24/7 fund transfers [17]. - The company has implemented strict internal control measures for its financial lending operations, including credit approval processes and risk assessment models [14]. - The management expects to expand market share and customer base in the fintech lending sector due to favorable market conditions [17]. - The group plans to expand the X Wallet loan portfolio and enhance its product offerings to improve customer loan experiences, aiming to strengthen its competitiveness in the unsecured loan market [18]. - The group aims to enhance risk management and pricing models while implementing various marketing strategies to promote the X Wallet brand and increase market visibility [18]. - The number of registered users for the X Wallet application increased from 62,765 as of December 31, 2021, to 83,902 as of December 31, 2022, while active users rose from 8,269 to 10,969 [125]. - Revenue generated from the X Wallet application for the year ended December 31, 2022, was approximately HKD 118,299,000, compared to HKD 53,782,000 in the previous year [125]. - The weighted average annual interest rate for unsecured loans approved through X Wallet is approximately 42%, with loan amounts ranging from HKD 5,000 to HKD 105,000 [114]. Financial Performance - Revenue for the year 2022 was HKD 162,870,000, an increase of 44.8% compared to HKD 112,435,000 in 2021 [37]. - Operating profit decreased to HKD 32,884,000, down 15.5% from HKD 38,932,000 in the previous year [37]. - Net profit for the year was HKD 15,189,000, a decline of 28.5% from HKD 21,267,000 in 2021 [37]. - Total equity as of December 31, 2022, was HKD 1,092,107,000, down from HKD 1,122,902,000 in 2021 [39]. - Total assets decreased to HKD 1,270,706,000 from HKD 1,334,605,000 in the previous year [39]. - Total liabilities reduced to HKD 178,599,000, compared to HKD 211,703,000 in 2021 [39]. - Basic earnings per share for 2022 was HKD 0.57, down from HKD 0.80 in 2021 [37]. - Fair value losses on investment properties amounted to HKD 19,520,000, significantly higher than HKD 6,780,000 in the previous year [37]. - Employee benefit expenses increased to HKD 17,556,000 from HKD 15,059,000 in 2021, reflecting a rise of 16.6% [37]. - Other comprehensive losses for the year totaled HKD 45,984,000, compared to HKD 58,786,000 in 2021, indicating an improvement [37]. - The group reported a total impairment provision of HKD 48,955,000 in 2022, up from HKD 25,772,000 in 2021, indicating an increase of about 90% [81]. - The company recorded revenue of HKD 162,870,000 and profit of HKD 15,189,000 for the year ended December 31, 2022, compared to revenue of HKD 112,435,000 and profit of HKD 21,267,000 for the previous year [108]. Corporate Governance - The board of directors has maintained compliance with corporate governance codes, ensuring a robust governance structure that aligns with shareholder interests [4]. - The audit committee has reviewed the accounting principles and practices adopted by the group, ensuring alignment with the audited financial statements [11]. - The company has appointed new independent non-executive directors to enhance its governance structure, ensuring compliance with listing rules [7]. - The company has adhered to corporate governance codes throughout the fiscal year ending December 31, 2022 [6]. - The company did not recommend a final dividend for the year ended December 31, 2022, consistent with the previous year [98]. Market and Investment Activities - The group is actively seeking investment opportunities in the Chinese property market, particularly in Guangdong Province, despite not acquiring any land or properties in the current year due to intense competition [19]. - The company will focus on providing mortgage loans for property purchases in Hong Kong, while cautiously assessing borrowers' credit status and property quality due to economic uncertainties [126]. - The company did not approve any property sales transactions for the year 2022, and rental income from the Yongsheng Plaza decreased by approximately 8% compared to the previous year [113]. - The group has 56 residential units remaining for sale as of December 31, 2022, with 7 of these units already rented out [113]. Risk Management - The group is facing foreign exchange risks primarily related to the Renminbi due to its operations in China and Hong Kong [22]. - The group will continue to assess its loan portfolio and risk control measures in light of global economic challenges, including inflation and geopolitical tensions [18]. - The group has written off a total of approximately HKD 29,081,000 in receivables and interest due to borrower bankruptcy and death as of December 31, 2022 [31].
TERMBRAY IND(00093) - 2022 - 年度业绩