Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 191,422,000, a decrease of 12.26% from HKD 218,238,000 in 2022[2] - The company reported a net loss of HKD 279,395,000 for the year, an improvement of 24.0% compared to a net loss of HKD 367,637,000 in 2022[3] - Basic and diluted loss per share was HKD 121.34 cents, compared to HKD 159.37 cents in the previous year, indicating a reduction in loss per share[3] - The group reported a consolidated loss before tax of HKD 278,243,000 for the year ended December 31, 2023, compared to a loss of HKD 345,563,000 in 2022[19] - The loss for the year was approximately HKD 279.4 million, compared to HKD 367.6 million in 2022, primarily due to impairment losses on receivables of about HKD 285.4 million[61] Revenue Breakdown - The group's revenue for medical products decreased to HKD 71,956,000 in 2023 from HKD 85,528,000 in 2022, representing a decline of approximately 16%[16] - Revenue from medical products for the year ended December 31, 2023, was approximately HKD 72,000,000, a decrease of about 15.9% compared to the previous year, primarily due to overall economic downturn[43] - Revenue from plastic toys decreased by approximately 2.6% to about HKD 7,200,000, mainly due to intense market competition[43] - Revenue from external customers in Hong Kong decreased to HKD 112,244,000 in 2023 from HKD 125,295,000 in 2022, a decline of approximately 10.4%[23] - The external revenue from the securities brokerage and asset management services segment was HKD 3,288,000 in 2023, down from HKD 2,074,000 in 2022[19] Assets and Liabilities - Total assets decreased to HKD 1,184,103,000 from HKD 1,484,341,000, reflecting a decline of 20.2% year-over-year[5] - The company's total equity decreased to HKD 428,359,000 from HKD 680,759,000, a decline of 37.0% year-over-year[5] - The net current assets as of December 31, 2023, were approximately HKD 1,121.8 million, down from HKD 1,397.1 million in 2022, with a current ratio of about 6.8[63] - The debt-to-equity ratio increased to approximately 172.8% as of December 31, 2023, compared to 116.0% in 2022[63] Cash Flow and Financial Management - The company's cash and cash equivalents decreased to HKD 127,822,000 from HKD 175,020,000, a decline of 27.0%[5] - The company incurred financial expenses of HKD 52,313,000, down 25.8% from HKD 70,448,000 in the previous year[2] - Interest income from loans was HKD 108,954,000 in 2023, compared to HKD 122,093,000 in 2022, reflecting a decline of approximately 10.5%[16] - The company recorded a fair value loss of approximately HKD 13,328,000 on financial assets measured at fair value through profit or loss for the year ended December 31, 2023, compared to a gain of HKD 51,600,000 in 2022[39] Impairment and Credit Risk - The company recognized a net impairment loss of HKD 292,066,000, a decrease of 8.2% from HKD 318,160,000 in 2022[2] - As of December 31, 2023, the company had 169 impaired loans, with no significant impairments leading to legal action for overdue loans[49] - The company expects credit losses to be primarily based on three key indicators: default risk, default rate, and default loss, with the total accounts receivable value as of December 31, 2023, being the basis for these estimates[48] - The company emphasizes the importance of managing credit risk through regular reviews and monitoring of loan repayment situations, including discussions with borrowers regarding repayment terms[52] Corporate Governance - The company has complied with the corporate governance code as per the listing rules throughout the year ending December 31, 2023[78] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and financial reporting matters for the year ending December 31, 2023[79] - The company has adopted the standard code and confirmed full compliance with its provisions for the entire year ending December 31, 2023[80] - The financial statements for the year ending December 31, 2023, have been audited and are consistent with the preliminary figures disclosed[82] Future Plans and Strategy - The group plans to continue focusing on its core segments, including medical products and financial services, while exploring potential market expansions and new product developments[21] - The company plans to focus on expanding its financial services in Hong Kong and China, including lending, leasing, and securities brokerage[60] - The company has initiated the development of asset management services and plans to launch various funds to attract new investors, although no revenue was generated from this segment in the current year due to weak market conditions[44] Dividend Policy - The company does not recommend the distribution of a final dividend for the year ended December 31, 2023, consistent with the previous year[33] - The board did not recommend the payment of a final dividend for the year ended December 31, 2023[70]
隆成金融(01225) - 2023 - 年度业绩