2025-04-24-港交所-力图控股_2024_年报_230页_5mb

Litu Holding Limited 2024 Annual Report Summary

Core Content

Litu Holding Limited is incorporated in the Cayman Islands with limited liability and has a stock code of 1008, listed on the Hong Kong Stock Exchange on 30 March 2009. The Group's annual report for the year ended 31 December 2024 includes comprehensive financial statements, corporate governance details, and key performance indicators.

Key Directors and Officers

• Executive Directors:

  • Mr. Huang Wanru (Chairman)
  • Mr. Jiang Xiang Yu (resigned on 29 January 2024)
  • Mr. Deng Wei Chao (appointed on 29 January 2024, resigned on 16 April 2024)
  • Ms. Chen Lin Lin Caddie (appointed on 16 April 2024)

• Non-Executive Director:

  • Ms. Li Li

• Independent Non-Executive Directors:

  • Mr. Lam Ying Hung, Andy
  • Mr. Lui Tin Nang
  • Mr. Siu Man Ho, Simon
  • Dr. Wan Xiaoxia (appointed on 10 March 2025)

• Company Secretary:

  • Mr. Ng Wing Ching (resigned on 7 June 2024)
  • Mr. Chan Wing Chung (appointed on 7 June 2024)

Committees

• Audit Committee:

  • Mr. Lui Tin Nang (Chairman)
  • Ms. Li Li
  • Mr. Lam Ying Hung, Andy
  • Mr. Siu Man Ho, Simon
  • Dr. Wan Xiaoxia (appointed on 10 March 2025)

• Remuneration Committee:

  • Mr. Lam Ying Hung, Andy (Chairman)
  • Mr. Huang Wanru
  • Ms. Li Li
  • Mr. Lui Tin Nang
  • Mr. Siu Man Ho, Simon
  • Dr. Wan Xiaoxia (appointed on 10 March 2025)

• Nomination Committee:

  • Mr. Siu Man Ho, Simon (Chairman)
  • Mr. Lam Ying Hung, Andy
  • Ms. Li Li
  • Mr. Lui Tin Nang
  • Mr. Huang Wanru
  • Dr. Wan Xiaoxia (appointed on 10 March 2025)

Authorised Representatives

• Mr. Huang Wanru
• Mr. Ng Wing Ching (resigned on 7 June 2024)
• Mr. Chan Wing Chung (appointed on 7 June 2024)

Auditor

• Forvis Mazars CPA Limited (formerly Mazars CPA Limited)

Principal Bankers

• Hang Seng Bank Limited
• The Hongkong and Shanghai Banking Corporation Limited
• DBS
• Agricultural Bank of China Limited
• Bank of China Limited
• China Merchants Bank Co., Ltd.

Share Registrar and Transfer Office

• Main Office: Suntera (Cayman) Limited, Gardenia Court, Camana Bay, Grand Cayman, KY1-1110, Cayman Islands
• Hong Kong Branch: Tricor Investor Services Limited, 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong

Registered Office

• Cricket Square, Hutchins Drive, P.O.Box 2681, Grand Cayman, KY1-1111, Cayman Islands

Head Office and Principal Place of Business in Hong Kong

• 3/F, 38 On Lok Mun Street, On Lok Tsuen, Fanling, New Territories, Hong Kong

Corporate Website

• www.lituholdings.com

Financial Highlights

• Revenue from Continuing Operations: HK$725.5 million (up 1.2% from 2023)
• Gross Profit: HK$176.8 million (up 39.1% from 2023)
• Profit/Loss for the Year: Profit of HK$80.6 million (vs. loss of HK$163.9 million in 2023)
• Earnings Per Share: HK5.1 cents (vs. HK10.5 cents loss in 2023)
• Final Dividend Proposed: HK2.0 cents per share (not recommended for 2023)

Key Financial Ratios

• Current Ratio: 2.3 times (vs. 2.2 times in 2023)
• Quick Ratio: 2.2 times (vs. 2.0 times in 2023)
• Return on Equity: 3.8% (vs. -7.2% in 2023)
• Return on Total Assets: 3.0% (vs. -5.5% in 2023)

Capital and Liquidity

• Net Current Assets (as of 31 Dec 2024): HK$655.4 million
• Cash and Bank Balances: HK$570.9 million (denominated in RMB, USD, CAD, and HKD)
• Outstanding Bank Borrowings: HK$207.2 million (vs. HK$131.6 million in 2023)
• Net Cash: HK$424.2 million (vs. HK$236.1 million in 2023)
• Gearing Ratio: -19.8% (vs. -10.9% in 2023)

Significant Events

• Disposal of Jiangsu HY Link: Completed in the second half of 2024, with a cash consideration of RMB51.1 million.
• Disposal of Changde Gold Roc: Framework Agreement terminated on 4 December 2024; the Group is in discussions with potential buyers, with the operation period extended to 30 June 2025.
• Acquisition of Property: A provisional agreement was signed on 24 March 2025 for the acquisition of approximately 86.67% of the undivided shares of a 17-storey commercial building in Hong Kong for HK$388 million. Expected completion by 31 July 2025.

Other Financial Information

• Other Income: HK$18.8 million (down 18.6% from 2023)
• Other Net Gains/Losses: Net losses of HK$6.4 million (vs. HK$167.5 million in 2023)
• Impairment Losses: Reduced significantly in 2024 compared to 2023
• Contingent Liabilities: None as of 31 December 2024
• Capital Commitments: HK$9.6 million (vs. HK$39.6 million in 2023), mainly related to industrial park development

Business Outlook

• The Group faces uncertain global and Chinese economic conditions due to inflation, US-China competition, the downturn in the property market, and the impact of the U.S. Federal Reserve's monetary policies.
• The Group plans to continue focusing on paper packaging as a core business, improving production efficiency, and maximizing returns from investment properties.
• The Group will also explore opportunities for capital asset diversification and new investments in line with its long-term strategy.

Human Resources

• Number of Employees: 454 (down from 582 in 2023)
• Total Remuneration Cost: HK$69.8 million (down from HK$84.8 million in 2023)
• Retirement Benefits: Defined contribution scheme for Hong Kong employees under the Mandatory Provident Fund Schemes Ordinance
• Insurance Contributions: Made in accordance with PRC laws and regulations, including provident funds, elderly insurance, medical insurance, unemployment insurance, and work-related injury insurance

Conclusion

The Group has shown significant improvement in financial performance in 2024, turning a loss into a profit, and is focusing on enhancing operational efficiency and optimizing its asset portfolio. Despite ongoing economic uncertainties, the Group remains committed to sustainable growth and long-term value creation for its shareholders.