Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 40,542,000, a decrease of 42.6% compared to HKD 70,959,000 in 2023[3]. - The cost of sales for the year was HKD 35,770,000, resulting in a gross profit of HKD 4,772,000, down from HKD 25,202,000 in the previous year[3]. - The company incurred a total comprehensive loss of HKD 305,758,000 for the year, significantly higher than the loss of HKD 31,170,000 in 2023[4]. - The operating loss for the year was HKD 342,965,000, compared to an operating loss of HKD 30,481,000 in the prior year, indicating a substantial decline in operational performance[3]. - The company reported a basic and diluted loss per share of HKD 57.10, compared to HKD 5.32 in 2023, indicating a significant increase in losses per share[3]. - The company recognized a loss of HKD 346,985,000 from the termination of consolidation of subsidiaries, which was not present in the previous year[3]. - The company reported a pre-tax loss of HKD 344,618,000 for 2024, compared to a loss of HKD 32,118,000 in 2023, reflecting a significant increase in losses[22]. - The company incurred a loss of approximately HKD 344.7 million for the year, significantly higher than the loss of HKD 31.2 million in 2023, primarily due to the loss from the termination of consolidation of certain subsidiaries[41]. - The loss attributable to the owners of the company increased from approximately HKD 32.1 million in 2023 to approximately HKD 344.6 million in 2024[42]. - The termination of consolidation of certain subsidiaries resulted in a loss of approximately HKD 347.0 million for the year ended December 31, 2024[39]. Revenue Breakdown - The company's revenue from mobile application development and related services decreased to HKD 8,987,000 in 2024 from HKD 49,380,000 in 2023, representing a decline of approximately 82.8%[13]. - Revenue from beauty, computer, and mobile-related electronic products and services increased to HKD 31,555,000 in 2024 from HKD 21,579,000 in 2023, showing a growth of about 46.3%[13]. - Total revenue for 2024 was HKD 40,542,000, down from HKD 70,959,000 in 2023, indicating a decrease of approximately 42.8%[14]. - Major customers contributed 42.1% of total revenue in 2024, with Customer A contributing HKD 17,055,000 and Customer B contributing HKD 11,878,000[15]. - The company reported total revenue of approximately HKD 40.5 million for the year ended December 31, 2024, a decrease of 42.8% compared to HKD 71.0 million in the same period of 2023[35]. Assets and Liabilities - The company's total assets decreased to HKD 61,132,000 from HKD 381,547,000 in 2023, reflecting a reduction of approximately 83.9%[5]. - The total equity attributable to the owners of the company fell to HKD 27,657,000, down from HKD 331,992,000 in the previous year, representing a decline of about 91.7%[5]. - Cash and bank balances decreased to HKD 6,176,000 from HKD 12,813,000, indicating a decline of approximately 51.8%[5]. - Trade receivables at the end of 2024 amounted to HKD 6,170,000, down from HKD 46,119,000 in 2023, after accounting for expected credit loss provisions[24]. - Trade payables decreased to HKD 10,584,000 in 2024 from HKD 13,062,000 in 2023, indicating a reduction of approximately 18.6%[25]. - The group’s debt ratio as of December 31, 2024, was approximately 161.8%, significantly up from 14.6% in 2023, with total liabilities of HKD 37.7 million and total equity of HKD 23.3 million[47]. Cash Flow and Investments - The company has not made any significant changes to its cash flow sources during the review period, relying on operating income and interest income[44]. - As of December 31, 2024, the group had cash and cash equivalents of approximately HKD 6.1 million, down from HKD 12.8 million in 2023[45]. - The group reported a total of HKD 44.8 million in financial assets measured at fair value through profit or loss as of December 31, 2024, with significant investments including China Investment Group and Hui Long Holdings[53]. - The group will continue to maintain a diversified investment portfolio and closely monitor market trends to adjust its investment strategies accordingly[54]. - The group has not purchased, sold, or redeemed any of its listed securities during the year ended December 31, 2024[52]. Corporate Governance - The Audit Committee monitored risk management, internal controls, and the quality of financial reporting for the fiscal year ending December 31, 2024[58]. - The company has complied with the Corporate Governance Code throughout the fiscal year ending December 31, 2024[59]. - All directors confirmed compliance with the Standard Code for securities trading during the fiscal year ending December 31, 2024[60]. - Changes in the board included the appointment of new executive and independent non-executive directors following a special general meeting on January 31, 2024[61]. Future Outlook - The company has not provided specific guidance for future performance or strategic initiatives in the earnings announcement[3]. - The group aims to leverage existing technological knowledge to enhance revenue streams and is focused on sustainable development and potential growth opportunities[51]. - The group has no contingent liabilities as of December 31, 2024, and has not acted as a guarantor for any interest-bearing borrowings[48]. - The group has no capital commitments as of December 31, 2024, maintaining a position of zero capital commitments since 2023[46]. - The group has no foreign exchange risk hedging instruments in place but monitors foreign exchange risks and may consider hedging significant currency risks when necessary[49]. Employee and Operational Metrics - The total employee cost for the year ended December 31, 2024, was approximately HKD 2.1 million, slightly decreased from HKD 2.2 million in 2023, with 15 employees as of December 31, 2024, compared to 21 in 2023[50]. - Selling and administrative expenses accounted for 13.1% of the company's annual revenue, down from 53.5% in 2023, reflecting a decrease from approximately HKD 38.0 million to about HKD 5.3 million[40]. Subsidiary Performance - Milan Station reported a revenue of approximately HKD 111.9 million and a loss of HKD 26.4 million for the fiscal year ending December 31, 2024[57]. - Harbour Digital recorded a revenue of approximately HKD 1.2 million and a loss of HKD 16.8 million for the fiscal year ending December 31, 2024[57]. - Asia Groceries achieved a revenue of approximately HKD 148.3 million and a loss of HKD 0.1 million for the six months ending September 30, 2024[57]. - The company held approximately 21,500,000 shares (about 2.0%) in Milan Station as of December 31, 2024[57]. - The company held approximately 5,800,000 shares (about 1.6%) in Harbour Digital as of December 31, 2024[57]. - The company held approximately 13,000,000 shares (about 1.1%) in Asia Groceries as of December 31, 2024[57].
中国钱包(00802) - 2024 - 年度业绩