Financial Performance - For the year ended December 31, 2023, the Group's revenue amounted to HK$21,422,000, a decrease of 25.6% from HK$28,785,000 in 2022[70]. - Sales of gold and jewellery products fell by 42% to HK$6,457,000, down from HK$11,181,000 in 2022[70]. - Revenue from enterprise software products decreased by 38% to HK$8,346,000, compared to HK$13,388,000 in the previous year[70]. - The rehabilitation product segment generated revenue of approximately HK$4,871,000, contributing 23% to total revenue, up from HK$1,441,000 in 2022[70]. - The Group reported a loss attributable to the owners of the Company of HK$12,405,000 for 2023, compared to a loss of HK$6,915,000 in 2022[65]. - Total assets as of December 31, 2023, were HK$114,962,000, while total liabilities stood at HK$31,788,000[49]. - Revenue from the Jewellery Products segment decreased by 42% to HK$6,457,000, down from HK$11,181,000 in 2022[95]. - Revenue from the IT Products and Services segment also declined by 38% to HK$10,094,000, compared to HK$16,163,000 in 2022[95]. - Revenue from the Rehabilitation Products segment increased significantly to HK$4,871,000, up from HK$1,441,000 in 2022[95]. - As of December 31, 2023, the Group maintained cash and bank balances of HK$21,031,000, a decrease from HK$23,438,000 in 2022[79]. - The Group's gearing ratio was nearly zero, indicating a strong capital structure with no significant debt[80]. - The Group has no immediate plans to expand its other two segments due to uncertainties and sluggish market conditions[107]. - The Group's capital commitment as of December 31, 2023, was HK$2,550,000, an increase from HK$396,000 in 2022[89]. - There were no significant investments or material acquisitions during the year ended December 31, 2023[88]. - The group did not recommend any dividend distribution for the year ending December 31, 2023, consistent with the previous year[199]. Governance and Management - The board of directors confirmed that all independent non-executive directors are considered independent, ensuring a balanced governance structure[12]. - Mr. Chong Yu Ping has been appointed as the Chairman and CEO since December 2023, indicating a potential shift in leadership strategy[14]. - The audit committee is chaired by Mr. Poon Hon Yin, who also attended several professional development seminars in 2023, reflecting a commitment to governance and oversight[18]. - The company has implemented a continuous professional development program for all directors to ensure they remain informed and effective in their roles[19]. - The executive directors meet bi-weekly to review business performance, indicating a proactive approach to management oversight[11]. - The company emphasizes the importance of independent judgment in strategic decisions through the participation of independent non-executive directors in board meetings[17]. - The Board of Directors consists of three executive directors and three independent non-executive directors[118]. - The Company Secretary assists the chairman in preparing meeting agendas and ensures compliance with corporate governance procedures[124]. - The Audit Committee was established on August 11, 2000, to review and supervise the financial reporting process and internal control procedures[135]. - The Audit Committee met on a quarterly basis during the year ended December 31, 2023[153]. - All directors attended at least three board meetings in the reporting period, ensuring active participation in governance[136]. - The roles of chairman and chief executive officer are separated to ensure a clear division of responsibilities[140]. - Directors are required to participate in continuous professional development to ensure their contributions remain informed and relevant[128]. Shareholder Communication - The Company maintains open and effective communication with investors, providing timely updates on business developments[145]. - The Company has established a range of communication channels with shareholders and investors, including the publication of reports on its website[160]. - The Company is committed to maintaining ongoing dialogue with shareholders, particularly through annual general meetings[144]. - Shareholders holding at least one-tenth of the paid-up capital have the right to requisition an extraordinary general meeting[149]. - The 2024 Annual General Meeting is scheduled for May 15, 2024, with further information to be dispatched to shareholders[149]. Business Outlook - The economic growth of Mainland China was 5.2% in 2023, but this growth may take time to impact the Group's business segments[62]. - The Board is optimistic about the business environment in 2024, particularly in the health and rehabilitation industries[101]. - The Company is committed to enhancing governance, promoting employee welfare and development, protecting the environment, and giving back to society to achieve sustainable growth[200]. - The Group is committed to enhancing governance and fulfilling social responsibility to achieve sustainable growth[187]. Compliance and Legal - The Company has complied with relevant laws and regulations that significantly impact its operations[187]. - The Company has received annual confirmations of independence from all independent non-executive Directors[152]. - There were no significant events occurring after the reporting period[180]. - The principal activity of the Company is investment holding, with details provided in the consolidated financial statements[178]. - The Group's financial summary for the last five financial years is available on page 5 of the annual report[188].
御德国际控股(08048) - 2023 - 年度财报