Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 43,634,000, a decrease of 46.5% compared to HKD 81,542,000 in 2023[3]. - The cost of sales for the same period was HKD 42,078,000, down from HKD 81,166,000, resulting in a gross profit of HKD 1,556,000, compared to HKD 376,000 in the previous year[3]. - The company incurred a loss from continuing operations of HKD 18,044,000, compared to a loss of HKD 14,150,000 in 2023, indicating a 27.5% increase in losses[4]. - Total comprehensive expenses for the year amounted to HKD 47,241,000, significantly higher than HKD 16,298,000 in 2023, reflecting a 189.5% increase[5]. - The company reported a total loss for the year of HKD 33,706,000, compared to HKD 15,099,000 in 2023, marking a 123.5% increase in annual losses[4]. - Basic and diluted loss per share from continuing and discontinued operations was HKD 13.91, compared to HKD 6.39 in the previous year, indicating a worsening financial position[5]. - The company reported a net loss of HKD 3,200,000, compared to a net income of HKD 600,000 in the previous year, largely due to fair value losses on financial assets and inventory impairment losses[63]. - The annual loss attributable to the company's owners increased to approximately HKD 31,500,000 for the year ending December 31, 2024, from HKD 12,600,000 in the previous year[68]. Assets and Liabilities - The company's non-current assets decreased from HKD 4,611,000 in 2023 to HKD 1,789,000 in 2024, a decline of 61.2%[6]. - Current assets increased to HKD 59,188,000 in 2024 from HKD 34,291,000 in 2023, representing a growth of 72.6%[6]. - Current liabilities increased to HKD 74,733,000 in 2024 from HKD 56,049,000 in 2023, representing a 33.3% increase[7]. - The company's equity attributable to owners decreased significantly to HKD (11,721,000) in 2024 from HKD 28,041,000 in 2023, a decline of 141.9%[7]. - The company reported a net current liability of HKD (15,545,000) in 2024, an improvement from HKD (21,758,000) in 2023[7]. - The total liabilities for 2024 were HKD 431,000, an increase from HKD 103,000 in 2023[40]. - The company’s total liabilities increased to HKD 50,512,000 in 2024 from HKD 41,589,000 in 2023, representing a rise of 21.5%[51]. Business Operations - The company has ceased its mining operations after selling its entire stake in China Huangshi Investment Limited and its subsidiaries[8]. - The company retained its mobile phone and electronic products business as its continuing operations[8]. - The company decided to cease its mining operations after selling its 100% stake in the Huangshi Group, focusing solely on the mobile phone and electronic products business moving forward[23]. - The company has two reportable segments: mobile phone and electronic products business, and mining business[21]. Cash Flow and Financing - The company experienced a net cash outflow from operations of approximately HKD 19,677,000 for the year ending December 31, 2024, compared to HKD 11,220,000 in 2023[17]. - The company plans to issue a total of 16,000,000 shares at HKD 0.26 per share, raising approximately HKD 4,160,000[18]. - The company received a letter of commitment from its major shareholder, ensuring sufficient funds to meet financial obligations for at least the next twelve months[18]. - The company will continue to seek alternative financing and bank loans to cover existing financial debts and future operational and capital expenditures[22]. - The company has entered into a subscription agreement to issue 16,000,000 shares at a cash price of approximately HKD 4,160,000, which has been completed as of January 8, 2025[53]. Market Performance - Revenue from the Chinese market for the mobile phone and electronic products business was HKD 9,612,000 in 2024, down from HKD 14,876,000 in 2023, reflecting a decline in market performance[33]. - Revenue from the Hong Kong market for the mobile phone and electronic products business was HKD 34,022,000 in 2024, a decrease from HKD 66,666,000 in 2023, indicating a substantial drop in local sales[33]. - The company reported a pre-tax loss of HKD (33,693,000) for the year ending December 31, 2024, compared to a pre-tax loss of HKD (15,077,000) in 2023, highlighting deteriorating profitability[25][29]. Strategic Initiatives - The company is focusing on restructuring and cost management strategies to improve future performance amid challenging market conditions[2]. - The company is exploring potential business and investment opportunities to expand its existing business portfolio and increase revenue sources[102]. - The company is actively expanding its 5G business to capitalize on the growing global economy and is monitoring market changes in Hong Kong and ASEAN[108]. - The company is promoting the "Bag Master" business, which combines IoT technology to distribute eco-friendly bags, aiming to reduce demand for traditional plastic bags[110]. Compliance and Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules, with a deviation regarding the roles of Chairman and CEO being held by the same individual, Mr. Liu Xiaoying[123]. - The Audit Committee consists of three independent non-executive directors, with responsibilities including reviewing financial reports and internal control systems[125]. - The company plans to publish its annual report for the year ending December 31, 2024, by April 2025, ensuring compliance with the listing rules[128].
中国长远(00110) - 2024 - 年度业绩