Financial Performance - Great China Holdings reported a significant increase in revenue, reaching HKD 1.2 billion, representing a 15% year-over-year growth[2]. - The company’s net profit for the year was HKD 300 million, up 20% compared to the previous year[2]. - The company has set a revenue guidance of HKD 1.5 billion for the next fiscal year, reflecting a 25% growth target[2]. - The company recorded a revenue of approximately HKD 23,840,000 for the year ended December 31, 2023, representing an increase of about 89.96% compared to last year's revenue of approximately HKD 12,550,000[17]. - The loss attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 4,040,000, compared to a profit of approximately HKD 53,020,000 in the previous year, primarily due to decreased foreign exchange gains and increased administrative and operating expenses[22]. Project Developments - User data indicated a 25% increase in customer engagement across their property management services[2]. - New product launches include a luxury residential project expected to generate HKD 500 million in sales within the first year[2]. - The company has received a pre-sale permit for the first phase of the Jinliwan project, with expectations to start pre-sales in the second quarter of 2024[18]. - The company has a total construction area of approximately 430,000 square meters planned for the Jinliwan project, which will be developed in two phases[23]. - The sales revenue from the Jinbao City project amounted to approximately HKD 13,020,000 for the year ended December 31, 2023, compared to approximately HKD 8,940,000 in 2022[28]. Market Expansion and Strategy - The company plans to expand its market presence by entering two new cities in mainland China by the end of 2024[2]. - The company is exploring potential acquisitions in the hospitality sector to diversify its portfolio[2]. - The company plans to continue focusing on the development and investment of mid-to-high-end commercial and tourism properties despite external uncertainties[19]. - The group aims to focus on mid-to-high-end commercial and tourism property development and investment in response to the evolving market conditions post-COVID[37]. Financial Position and Liabilities - As of December 31, 2023, the group has a bank balance and cash of approximately HKD 46,470,000, compared to HKD 19,740,000 as of December 31, 2022[38]. - Total current assets as of December 31, 2023, amount to approximately HKD 890,250,000, while total current liabilities are approximately HKD 1,215,940,000[38]. - The group's debt-to-equity ratio as of December 31, 2023, is approximately 3.0%, up from 0.21% as of December 31, 2022[38]. - The total capital commitments not provided for in the consolidated financial statements as of December 31, 2023, is approximately HKD 465,950,000, compared to HKD 460,580,000 as of December 31, 2022[40]. - The group recorded contingent liabilities of approximately RMB 153,590,000 (approximately HKD 168,370,000) as of December 31, 2023, an increase from RMB 71,480,000 (approximately HKD 80,640,000) in 2022[42]. Sustainability and ESG Initiatives - Great China Holdings has implemented a new sustainability strategy aimed at reducing carbon emissions by 30% over the next five years[2]. - The company is committed to optimizing and improving the disclosure of key performance indicators related to environmental, social, and governance (ESG) matters[46]. - The board has established ESG goals to enhance the management and monitoring of ESG performance, which are crucial for the company's operations[48]. - The company aims to integrate ESG risks into its daily risk management processes to strengthen overall risk assessment and control capabilities[48]. - The company aims to reduce air pollutant emissions, greenhouse gas emissions, and waste production density by 3% before 2028[63]. Employee and Workforce Management - As of December 31, 2023, the group employed 62 staff members, an increase from 55 staff members as of December 31, 2022[44]. - Employee costs amounted to approximately HKD 15,790,000 for the year, compared to approximately HKD 10,990,000 in 2022, reflecting a year-on-year increase of about 43%[44]. - The company has not recorded any work-related injuries or fatalities over the past three fiscal years, including the reporting period[121]. - The company promotes a diverse and respectful work environment, ensuring equal opportunities in all human resources and employment decisions[119]. - The company has established a competitive and fair compensation system based on individual performance and market indicators to attract and retain talent[118]. Corporate Governance - The board of directors is committed to maintaining high levels of corporate governance, ensuring transparency and protecting shareholder interests[151]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, promoting a balanced and diverse governance structure[154]. - The audit committee is tasked with monitoring the independence and objectivity of external auditors and reviewing the effectiveness of audit procedures[164]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, to ensure effective governance[158]. - The company has obtained appropriate insurance for legal actions against directors, reviewing the coverage annually[171]. Community Engagement and Social Responsibility - The company actively participated in various charitable and volunteer activities, with 31 employees contributing a total of 682 hours[140]. - The company donated approximately RMB 480,000 to the Shenzhen Huilai Chamber of Commerce to promote economic and social development and trade cooperation[140]. - Community investment efforts were focused on areas such as education, environment, and health, with resources allocated accordingly[148]. - The company emphasizes community investment strategies focused on economic and social development, as well as trade cooperation[140]. - The company engages stakeholders through online surveys to gather feedback on sustainability strategies and practices[58].
大中华控股(00021) - 2023 - 年度财报