Financial Performance - The company recorded revenue of approximately HKD 108.4 million for the year ended December 31, 2023, representing an increase of about 16.2% compared to approximately HKD 93.3 million in the same period last year[18]. - Revenue from food processing and trading was approximately HKD 79.1 million, up from HKD 67.2 million in 2022, while restaurant operations generated approximately HKD 29.3 million, compared to HKD 26.1 million in 2022[18]. - The operating loss before tax was approximately HKD 2.5 million, significantly improved from a loss of approximately HKD 14.4 million in the previous year[19]. - The company recorded a net loss of approximately HKD 3.1 million for the year, a significant improvement from a net loss of approximately HKD 13.6 million in the previous year[23]. - The company's distributable reserves as of December 31, 2023, were approximately HKD 49.53 million, a decrease from HKD 50.34 million in 2022[59]. - The group reported a loss for the year ending December 31, 2023, with financial details available in the audited financial statements on pages 51 to 127[57]. Market and Business Strategy - The company plans to continue evaluating potential acquisition targets to strengthen its business amidst changing market conditions[8]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[44]. - Strategic acquisitions are planned, with a focus on integrating two key competitors to enhance operational efficiency and market reach[44]. - The company has set a future outlook with a revenue guidance of $500 million for the next fiscal year, representing a 10% growth target[44]. - The company acknowledges the ongoing challenges in the Hong Kong economy but remains committed to adapting its strategies to the evolving business environment[8]. Joint Ventures and Partnerships - The joint venture with Rongshi, established on May 24, 2019, allows the company to hold a 55% stake in Rongtai Catering Limited, enhancing its presence in the food and beverage sector in Hong Kong[11]. - The company entered another joint venture agreement on June 2, 2021, with Tianjing Limited, where it holds a 60% stake, aimed at expanding its restaurant operations in Hong Kong[12]. - The company is positioned as the main supplier of food and beverage materials for all restaurants under the joint venture, which is expected to enhance future sales and revenue[13]. Shareholder and Capital Management - The company successfully raised approximately HKD 39.9 million by issuing 350,000,000 shares at HKD 0.2 per share during its IPO on June 30, 2017[11]. - The company has no significant capital commitments or contingent liabilities as of December 31, 2023[31][32]. - There were no major acquisitions or disposals of subsidiaries or associates during the year[34]. - The group has no plans to declare any dividends for the year ending December 31, 2023[58]. Employee and Governance - The group employed 94 staff as of December 31, 2023, an increase from 90 staff in 2022[74]. - The company is committed to providing a safe and healthy work environment, ensuring competitive compensation and benefits for its employees[74]. - The company has a competitive compensation policy to attract and retain talent, with regular reviews based on market conditions and individual performance[76]. - The board of directors consists of eight members, with three being independent non-executive directors, exceeding the GEM listing rule requirement of at least one-third[142]. Environmental and Social Responsibility - The company is committed to reducing environmental impact by selecting fuel-efficient vehicles and adhering to strict food safety policies[191]. - The production facilities have obtained HACCP and GMP certifications to ensure compliance with food safety standards[191]. - The company aims to minimize environmental pollution through regular monitoring of operational data[191]. - The board of directors is dedicated to achieving profit targets while fulfilling social responsibilities[191]. Audit and Compliance - The auditor, Ernst & Young, will be proposed for reappointment at the upcoming annual general meeting[125]. - The audit committee reviewed the annual report, confirming compliance with applicable accounting standards and adequate disclosures[161]. - The independent non-executive directors confirmed that all related transactions were conducted in the ordinary course of business and on normal commercial terms[111]. - The company has adopted corporate governance practices in line with GEM listing rules and has complied with the code provisions throughout the year[126].
运兴泰集团(08362) - 2023 - 年度财报