Financial Performance - The company reported revenue of HKD 89,075,000 for the year 2023, a decrease of 1.6% from HKD 90,537,000 in 2022[6]. - The net loss for the year 2023 was HKD 35,253,000, compared to a loss of HKD 20,171,000 in 2022, indicating a significant increase in losses[6]. - The company's net asset value decreased to HKD 27,584,000 in 2023 from HKD 62,867,000 in 2022, reflecting a decline of approximately 56%[6]. - Cash and bank balances fell to HKD 6,121,000 in 2023 from HKD 18,031,000 in 2022, a decrease of about 66%[6]. - The company's revenue decreased by approximately 1.5% from about HKD 90,500,000 in the previous year to about HKD 89,100,000 this year[20]. - The loss attributable to the company's owners increased by approximately 52.2% from about HKD 23,200,000 in the previous year to about HKD 35,300,000 this year[21]. - The telecommunications business recorded revenue of approximately HKD 86,700,000, a decrease of about 1.6% from approximately HKD 88,100,000 in the previous year[23]. - The group recorded a net loss of approximately HKD 8,000,000 this year, compared to a net loss of approximately HKD 3,300,000 in the previous year[40]. - Operating and administrative expenses increased by approximately 37.9% from about HKD 21,900,000 to about HKD 30,200,000, mainly due to increased employee costs and consulting fees[40]. Business Development and Strategy - The company is focusing on developing IT expertise and has launched a new online shopping platform for wine, aiming to create new revenue streams[12][13]. - The company plans to expand its telecommunications services in China, capitalizing on the high demand for innovative and high-tech services supported by the Chinese government[13]. - The company has introduced a GPS mobile connectivity solution in the automotive market in China, anticipating stable revenue growth from this new service[13]. - The online wine shopping platform, Winestry, is expected to grow in popularity and revenue over the coming years, with various wine suppliers participating[16]. - The company is actively exploring new business opportunities and investment prospects to diversify its revenue sources and mitigate risks[16]. - The management team is committed to enhancing competitiveness and maximizing shareholder value through resource integration and business development[16]. Corporate Governance - The board consists of two executive directors and three independent non-executive directors, ensuring a diverse governance structure[63]. - The company has adopted a board diversity policy to enhance the skills, expertise, and perspectives of its members, aiming for gender equality in the board composition[67]. - The chairman and acting CEO roles are currently held by the same individual, with plans to separate these roles once a suitable candidate is found[58]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors throughout the year[60]. - The board is committed to maintaining high standards of corporate governance to maximize shareholder value[58]. - The independent non-executive directors have no significant relationships that could affect their independence[64]. - The company has not appointed a CEO since the resignation of the previous one in November 2020, indicating a transitional leadership phase[58]. - The board will continue to review its management structure to ensure effective leadership and decision-making[58]. - The company has established measurable targets for implementing its board diversity policy, considering various factors such as gender, age, and professional experience[67]. - The independent non-executive directors serve without fixed terms, allowing for flexibility in governance[66]. Employee and Workforce Management - The company had a total of 28 employees as of December 31, 2023, with approximately 61% (17) being male and 39% (11) being female[71]. - The employee distribution by age group shows that 60% of employees were aged 18-25 in 2022[200]. - The employee distribution by gender indicates a balanced workforce, with 61% male and 39% female employees in 2023[199]. - The company provided various paid leave options for employees, including statutory holidays, maternity leave, and annual leave[196]. - The company continues to focus on employee development and encourages discussions regarding career goals and expectations[194]. - The total number of employees categorized by job level shows a significant portion in senior management roles[199]. - The company has maintained a consistent approach to employee benefits and support, reflecting its commitment to workforce welfare[198]. Environmental, Social, and Governance (ESG) Initiatives - The group has successfully implemented all applicable mandatory measures for the Hong Kong Green Organization Certification and reported related achievements[146]. - The group focuses on improving data collection systems and expanding disclosure scope regarding greenhouse gas emissions and climate change awareness[146]. - The group aims to achieve high standards of ESG performance and comply with all applicable legal requirements in the markets where it operates[139]. - The board is committed to integrating ESG considerations into business decision-making processes and regularly reviewing progress towards ESG-related goals[139]. - The group has been recognized with the "Waste Reduction Certificate - Excellence Level" for nine consecutive years, reflecting its commitment to reducing waste in operations[144]. - The group has engaged a third-party consulting firm to prepare the ESG report to ensure objectivity and comprehensive performance disclosure[136]. - The ESG report includes key performance indicators (KPIs) and quantitative data related to the group's business operations and ESG management[137]. - The group recognizes the importance of environmental protection and community engagement as both a moral responsibility and a business imperative[143]. Risk Management and Internal Controls - The group has implemented a comprehensive internal control mechanism and strict anti-corruption policies to prevent and monitor misconduct[124]. - The internal control consultant will submit a report on the effectiveness of the group's internal control and risk management mechanisms by March 2024[133]. - The group has not identified any significant risks based on the risk assessment conducted during the year[128]. - The internal control mechanism aims to ensure operational efficiency, reliability of financial reporting, and compliance with applicable laws and regulations[129]. - The group has established a whistleblowing policy to provide employees with guidance and channels to report misconduct without fear of retaliation[126]. - The board has reviewed the effectiveness of the internal control mechanism and has not identified any significant control deficiencies[132]. - The group is committed to maintaining its corporate ethics and reputation while combating corruption[124]. - The company has not established an internal audit function but relies on an internal control consultant for risk management reviews[133]. - The board believes that the risk management and internal control mechanisms of the group are effectively executed and sufficient, complying with relevant codes[134].
长城天下(00524) - 2023 - 年度财报