Environmental Impact - The total greenhouse gas emissions for 2023 amounted to approximately 31.09 tons of CO2 equivalent, with 1.07 tons attributed to direct emissions from gasoline consumption by company vehicles[30]. - The total greenhouse gas emissions amounted to 31.09 tons of CO2 equivalent, with Scope 1 emissions at 1.07 tons and Scope 2 emissions at 30.02 tons[49]. - The total energy consumption of the company was 47,595.86 kWh, with electricity accounting for 44,149 kWh[49]. - The company generated a total of 0.8 tons of non-hazardous waste, with 0.46 tons of paper consumed, of which 0.14 tons were recycled[37]. - The company aims for a recycling rate of ≥90% for waste paper, toner cartridges, and batteries as part of its waste management strategy[46]. - The company has set a five-year target to reduce greenhouse gas emissions, electricity consumption, water usage, and paper consumption[45]. - The company actively participates in the Water Supplies Department's water efficiency labeling scheme, using 100% water-using appliances with a first-class efficiency label[46]. - The company has implemented measures to reduce unnecessary energy usage, including timely shutdown of office equipment when not in use[38]. - The company promotes environmental awareness among employees through visible signage and information dissemination[41]. - The company continues to adhere to national and local environmental laws and regulations, ensuring compliance in emissions and waste management without any significant legal impacts reported in 2023[200]. - The company has implemented measures to protect the environment in accordance with applicable laws and regulations throughout 2023[200]. - No significant events of non-compliance with environmental laws and regulations were reported, indicating a strong commitment to environmental protection measures[200]. - The company has not encountered any major incidents related to air and greenhouse gas emissions, water and land pollution, or waste generation that would impact its operations[200]. - The company continues to monitor and adapt to the latest environmental regulations to ensure compliance and sustainability[200]. Employee Health and Safety - The company has not recorded any workplace injury cases in the current year, nor in the past three years, and has not encountered any significant issues related to employee health and safety regulations[19]. - The company has maintained a zero-tolerance policy towards any form of discrimination in employment decisions and workplace practices[15]. - The employee turnover rate for males is 70%, while for females it is 62.5%[8]. - The total number of employees decreased from 45 to 33, with a notable reduction in the under-30 age group from 10 to 4[49]. - Employee turnover rate for the year was 46.8%, while the hiring rate was 51.5%[183]. - The company emphasizes a healthy and harmonious work environment, viewing employees as its most valuable asset[185]. - The company provides competitive medical insurance plans, life insurance, disability insurance, and dental care[196]. - The average training hours completed by employees this year are detailed, with a focus on anti-money laundering and compliance-related training[4]. - Training coverage percentage for employees was 88%, with an average training completion time of 2.1 hours per employee[178]. - 100% of senior management employees completed their training, averaging 2.3 hours each[178]. - The distribution of trained employees was 57% general staff, 29% middle management, and 14% senior management[178]. - The average training hours for general staff was 1.4 hours, while middle management averaged 1.9 hours[178]. Financial Performance - The total assets of the group are approximately HKD 710 million, with a net loss of about HKD 16 million for the year, a reduction in loss of approximately HKD 22.5 million compared to 2022[98]. - The group's pre-tax loss decreased by approximately HKD 225.3 million or about 93.4%, from a pre-tax loss of approximately HKD 241.2 million in 2022 to approximately HKD 15.9 million in 2023[103]. - Financial costs for the group were approximately HKD 31.8 million, a decrease of about HKD 25.8 million or approximately 44.8% compared to HKD 57.6 million in 2022[103]. - The group's brokerage and margin financing business recorded revenue of approximately HKD 0.1 million, down from HKD 2.3 million in 2022[104]. - The corporate finance business generated revenue of approximately HKD 5.5 million, a decrease of about 50% from HKD 11.0 million in 2022[110]. - The group's trading activities turned profitable, recording a floating profit of approximately HKD 25.6 million, compared to a net loss of HKD 115.3 million in 2022[107]. - Other income and gains increased to approximately HKD 24.9 million in 2023, up from HKD 8.1 million in 2022, mainly due to rising bank interest income[117]. - Employee costs decreased to approximately HKD 25.6 million in 2023 from HKD 42.6 million in 2022, reflecting a strategic alignment with operational needs[119]. - Financial costs reduced to approximately HKD 31.8 million in 2023, down about 44.8% from HKD 57.6 million in 2022, due to the repurchase of USD bonds[121]. - As of December 31, 2023, the total cash and bank balances amounted to approximately HKD 604.0 million, an increase from HKD 378.1 million in 2022, while the current ratio dropped to approximately 0.9 times from 24.8 times in 2022[124]. - The group did not have any significant capital commitments during the year, consistent with 2022[130]. - There were no significant foreign exchange risk exposures as of December 31, 2023, similar to 2022[131]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring high standards of governance to protect shareholder interests[68]. - The board of directors emphasizes the importance of maintaining high corporate governance standards to enhance shareholder value and investor confidence[68]. - The company emphasizes the importance of stakeholder engagement for long-term success, maintaining close communication with key stakeholders including government, shareholders, employees, and customers[155]. - The company has established a comprehensive compliance manual to protect customer data, ensuring that collected information is used solely for its intended purposes[164]. - The company has implemented a complaint handling procedure to manage customer complaints, aiming to respond formally within 30 business days[173]. - The company adheres to the Hong Kong Prevention of Bribery Ordinance, maintaining high standards of anti-corruption practices[162]. - The company encourages reporting of misconduct through a confidential whistleblowing policy, ensuring fair investigations and protection for whistleblowers[162]. - The company has not identified any violations of bribery, extortion, fraud, or money laundering laws that significantly impact its operations during the year[163]. - The company actively monitors customer satisfaction levels to understand customer expectations and needs[171]. - The company has developed internal procedures to ensure high-quality products and services, including a compliance manual and sales handbook[172]. - The company has a backup server in place to prevent data loss and has established a comprehensive emergency plan to enhance response capabilities[172]. Market and Economic Conditions - In 2023, China's GDP grew by 5.2%, slightly above the target of around 5%, marking a recovery of 2.2 percentage points from the previous year[95]. - Hong Kong's GDP increased by 3.2% in 2023, with the unemployment rate falling below 3%, indicating economic resilience[95]. - The Hang Seng Index closed at 17,047 points at the end of 2023, down 13.8% from the end of 2022, marking the lowest level in nearly a decade[95]. - The Consumer Price Index (CPI) in China rose by only 0.2% year-on-year in 2023, reflecting ongoing economic challenges[95]. - The real estate sector in China saw a decline in sales, with the total area of commercial housing sold decreasing by 8.5% year-on-year in 2023[95]. - The Federal Reserve's interest rate hikes are nearing an end, with expectations of potential rate cuts in the second half of 2024, which may create a more favorable environment for global capital markets[96]. - The People's Bank of China announced a 25 basis point reduction in the 5-year LPR to 3.95% on February 20, 2024, to support economic growth[96]. - Geopolitical risks remain significant, with ongoing conflicts such as the Russia-Ukraine war and tensions in the Taiwan Strait impacting global economic recovery[96]. - Future outlook indicates that if the Federal Reserve begins to lower interest rates, it could benefit the global capital markets, including Hong Kong stocks, with a focus on risk control and business restructuring to enhance profitability[123]. Compliance and Ethical Standards - The company has not identified any harmful practices in its operations that could lead to significant legal repercussions[200]. - The company has not reported any misleading or deceptive statements in its advertising and sales materials, reinforcing its commitment to responsible financial services[199]. - The company is dedicated to maintaining transparency and integrity in its communications with investors and clients[199]. - The company emphasizes the importance of accurate and clear communication in advertising, requiring written approval from relevant department heads and regulatory teams before any marketing materials are published[199]. - The procurement system is strict and systematic, ensuring open and equal trading opportunities with suppliers[197]. - The company conducts regular meetings with suppliers to share market information and product updates[198].
西证国际证券(00812) - 2023 - 年度财报