> **来源：[研报客](https://pc.yanbaoke.cn)** # 2024 Annual Report Summary ## Core Content Fujian Holdings Limited, incorporated in Hong Kong, has released its 2024 Annual Report. The report outlines the company's financial performance, business operations, and future strategies. It also includes information on the board of directors, company secretary, auditors, and legal representatives. ## Main Points ### Company Structure - **Stock Code**: 00181 - **Website**: www.fujianholdings.com - **Registered Office**: Room 3306-08, 33rd Floor, West Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong - **Auditors**: HLB Hodgson Impey Cheng Limited - **Solicitors**: Paul Hastings - **Share Registrar**: Tricor Investor Services Limited ### Board of Directors - **Executive Directors**: - Lin Nuchao (Resigned on 13 November 2024) - Yang Liyu (Re-designated as Chairman on 6 March 2025) - Su Qingpeng (Appointed on 6 March 2025) - Zhang Jianmin - **Non-executive Directors**: - Weng Weijian - Chen Danyun (Resigned on 6 March 2025) - Huang Songqing (Appointed on 7 March 2024) - Wu Jingchao (Appointed on 6 March 2025) - Wang Ruiyan (Resigned on 7 March 2024) - **Independent Non-executive Directors**: - Lam Kwong Siu - Ng Man Kung - Liu Mei Ling Rhoda ### Key Committees - **Audit Committee**: Liu Mei Ling Rhoda (Chairman), Lam Kwong Siu, Ng Man Kung - **Remuneration Committee**: Lam Kwong Siu (Chairman), Ng Man Kung, Liu Mei Ling Rhoda - **Nomination Committee**: Ng Man Kung (Chairman), Lam Kwong Siu, Liu Mei Ling Rhoda ### Company Secretary - Chan Tao Ming ## Financial Highlights | Financial Item | 2024 (HK$'000) | 2023 (HK$'000) | 2022 (HK$'000) | 2021 (HK$'000) | 2020 (HK$'000) | |----------------|----------------|----------------|----------------|----------------|----------------| | Revenue | 24,030 | 35,207 | 18,898 | 23,427 | 25,689 | | (Loss)/Profit before tax | (33,108) | (23,755) | (12,902) | 2,683 | 1,108 | | (Loss)/Profit for the year | (33,108) | (22,829) | (14,308) | 3,641 | 2,027 | | Net assets | 345,243 | 378,919 | 402,524 | 429,661 | 422,904 | ### Key Financial Metrics - **Net loss for 2024**: HK$33.11 million - **Loss per share (2024)**: 2.89 HK cents - **Net book value per share (2024)**: 30.14 HK cents - **Gearing ratio (2024)**: 2.60% - **Current ratio (2024)**: 3.75 - **Average trade receivables turnover days (2024)**: 12.76 ## Business Review ### Star-rated Hotel Operation - **Revenue**: HK$20.06 million (2023: HK$31.32 million), down by 35.95% - **Occupancy rate**: 44% (2023: 67%), down by 34.33% - **Average daily rate (ADR)**: RMB327 (2023: RMB340), down by 3.82% - **Business segments**: - **Accommodation revenue**: HK$10.10 million (50% of total hotel turnover) - **Catering**: HK$7.97 million (40% of total hotel turnover) - **Rental revenue**: HK$1.07 million (5% of total hotel turnover) - **Others**: HK$926,000 (5% of total hotel turnover) ### Hong Kong Properties - **Rental income**: HK$3.97 million (up 2% from 2023) - **Occupancy rate**: 80% - **Market outlook**: Uncertain due to weak demand and pressure on commercial property rents ### Piano Manufacturing - **Loss for 2024**: HK$11.15 million (2023: HK$0.77 million) - **Adaptive measures**: Implemented to enhance competitiveness and profitability ### Finance Leasing - **Equity interest in Fujian Huamin Leasing**: 18.44% - **Investment cost**: HK$76.42 million - **Fair value (2024)**: HK$104.57 million (29.52% of total assets) - **Profit from fair value changes (2024)**: HK$9.50 million (vs. loss of HK$9.44 million in 2023) ## Future Development - **Strategies**: - Concentrate resources and actively seize opportunities - Expand marketing channels and consolidate existing markets - Balance current market share and profit margins - Explore new markets to enhance brand influence - Strengthen online sales and marketing efforts - Improve operational efficiency and service capabilities - **Risk Management**: - Maintain strict risk control - Seek long-term investments with healthy profitability and growth potential - Monitor foreign currency exposure and use hedging instruments when necessary - **Operational Management**: - Enhance supply chain management - Optimize various costs - Focus on improving the current business situation ## Dividends - **Dividend recommendation**: No dividend was recommended for the year ended 31 December 2024. ## Financial Review ### Capital Structure - **Total share capital**: HK$898,839,029 - **Number of ordinary shares**: 1,145,546,000 ### Liquidity and Financial Resources - **Net cash balance (2024)**: HK$31.57 million - **Net assets (2024)**: HK$345.42 million - **Liquidity ratio (2024)**: 3.75 - **No material changes** in funding and treasury policies ### Capital Expenditure - **Capital expenditure (2024)**: HK$90,000 - **No outstanding capital commitments** as at 31 December 2024 and 2023 ## Conclusion The company faces challenges in the current market environment, particularly in the hotel and real estate sectors. Despite these difficulties, it remains focused on long-term development, resource optimization, and strengthening its core businesses. The financial position remains strong, with a low debt ratio and ample liquidity. The Group is also exploring new business models and expanding its market presence.