Financial Performance - The company's revenue for the fiscal year was approximately HKD 57,960,680, an increase from HKD 55,568,368 in the previous year[101]. - The net loss for the year was HKD 49,612,842, compared to a loss of HKD 32,598,174 in 2022, indicating a significant decline in financial performance[119]. - The gross profit for the year was approximately HKD 36,300,000, which represents a 1% increase from the previous year, while the gross margin decreased from 65% to 63% due to increased service costs[114]. - The company's total asset value was HKD 207,770,012, down from HKD 281,057,270 in 2022, reflecting a decrease in overall asset management[119]. - The company's net loss for the fiscal year was approximately HKD 49,600,000, compared to a net loss of HKD 32,600,000 in the previous year[131]. - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year was approximately HKD 36,500,000, compared to HKD 22,700,000 in the previous year[132]. Cash Flow and Financing - The company reported a cash and cash equivalents balance of HKD 80,542,016 as of December 31, 2023, down from HKD 116,310,449 in 2022, representing a decrease of approximately 30.8%[29]. - The net cash used in financing activities was HKD (12,536,068) for the year 2023, compared to HKD 52,533,401 in 2022, indicating a significant reduction in financing inflows[29]. - The company reported a net cash outflow from financing activities of HKD (12,536,063) for the year, compared to HKD (9,082,943) in the previous year[29]. - The net current assets of the group as of December 31, 2023, are approximately HKD 141,000,000, down from HKD 180,000,000 in 2022[66]. - The cash and cash equivalents as of December 31, 2023, are approximately HKD 81,000,000, a decrease from HKD 116,000,000 in 2022[66]. - The debt ratio as of December 31, 2023, is approximately 2.3%, compared to 1.9% in 2022, indicating a slight increase in leverage[67]. Shareholder Information - The total number of shares held by Mr. An Xilei is 6,800,000, representing approximately 2.96% of the company's equity[2]. - Masan Multi Strategy Fund SPC holds 57,672,000 shares, accounting for 25.13% of the company's equity[4]. - The company's issued share capital as of December 31, 2023, was HKD 2,294,184.48, consisting of 229,418,448 fully paid shares[48]. - The company’s total equity decreased from HKD 179,729,641 in 2022 to HKD 131,246,864 in 2023, reflecting a decline of approximately 26.9%[27]. - The board of directors did not recommend any dividend for the fiscal year ending December 31, 2023, consistent with the previous year[49]. Corporate Governance - The board consists of independent non-executive directors with extensive experience in corporate governance and finance[97]. - The company has a dedicated audit committee, remuneration committee, and nomination committee to oversee governance practices[99]. - The board is committed to improving corporate governance principles and practices, aligning with the GEM Listing Rules[91]. - The company has complied with the applicable code provisions of the new corporate governance code for the year ending December 31, 2023[91]. - The board is responsible for overseeing the company's performance and activities, ensuring accountability to shareholders[178]. Risk Management and Compliance - The default probability for 2023 is calculated at 39.3%, compared to 35.2% in 2022, reflecting an increase in perceived risk[63]. - The estimated provision for expected credit losses related to receivable margin loans is approximately HKD 23,526,000 for 2023, compared to HKD 17,256,000 in 2022[65]. - The group has adopted an anti-corruption policy to ensure compliance with applicable anti-corruption laws and regulations since November 11, 2022[146]. - The company has not pledged any assets as collateral as of December 31, 2023[52]. - There were no significant contingent liabilities reported as of December 31, 2023[53]. Business Operations and Strategy - The company aims to achieve long-term value through a flexible business model while maintaining a prudent approach to sustain value[91]. - The management highlighted the importance of expanding margin financing services, which accounted for approximately 95% of the revenue from its subsidiary, Cornerstone Securities[105]. - The company plans to maintain communication with existing clients and explore opportunities with potential clients to mitigate the challenges in the current market environment[105]. - The company aims to explore potential business opportunities in various sectors to achieve business diversification and sustainable development[131]. - The company has partnered with Hivestack to enhance programmatic digital out-of-home (pDOOH) advertising experiences in Hong Kong, anticipating significant growth in this area over the coming years[126]. Employee and Administrative Information - The company reported a total employee cost of approximately HKD 30 million for the fiscal year, an increase from HKD 29 million in 2022, with a total of 53 employees as of December 31, 2023[50]. - The group's administrative expenses for the year ended December 31, 2023, were approximately HKD 78.7 million, an increase of about 28% compared to HKD 61.6 million in 2022[158]. - The remuneration committee is responsible for reviewing and approving management's compensation plans, with no stock option plans currently in place as of December 31, 2023[196]. Environmental and Social Responsibility - The group aims to reduce energy consumption and carbon emissions as part of its environmental strategy[199]. - Regular monitoring of paper and toner cartridge usage is conducted, with multiple measures implemented to reduce consumption[200]. - The group encourages employees to recycle and reuse waste, striving for waste reduction and sustainability in operations[200]. - Environmental management policies and procedures have been established to govern greenhouse gas emissions and waste management[199]. - High standards in waste reduction are maintained, with training provided to employees on the importance of sustainable development[200].
基石金融(08112) - 2023 - 年度财报