天机控股2023年报

VIRTUAL MIND HOLDING COMPANY LIMITED (Incorporated in the Cayman Islands with limited liability) ANNUAL REPORT2023 Stock Code1520 2 5 9 106 115 117 119 Corporate Information BOARD OF DIRECTORS EXECUTIVE DIRECTORS LI Yang(Chairman)TIN Yat Yu CarolCHAN Ming Leung TerenceGONG XiaohanWONG Wai Kai Richard INDEPENDENT NON-EXECUTIVE DIRECTORS TANG Shu Pui SimonHON Ming SangLO Wing Sze AUTHORISED REPRESENTATIVES LI YangWONG Ka Man COMPANY SECRETARYWONG Ka Man AUDIT COMMITTEE HON Ming Sang(Chairman)TANG Shu Pui SimonLO Wing Sze REMUNERATION COMMITTEE TANG Shu Pui Simon(Chairman)LI YangHON Ming Sang NOMINATION COMMITTEE LI Yang(Chairman)TANG Shu Pui SimonHON Ming Sang Corporate Information CORPORATE GOVERNANCE COMMITTEE LI Yang(Chairman)TANG Shu Pui SimonHON Ming Sang AUDITOR BDO Limited PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedCathay Bank, Hong Kong BranchChina Construction Bank (Asia) Corporation LimitedDBS Bank (Hong Kong) LimitedHang Seng Bank LimitedThe Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation Limited REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman, KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman, KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 538252511-15 Room 2511-15, 25/F, Peninsula Tower,538 Castle Peak Road, Cheung Sha Wan,Kowloon, Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands Corporate Information HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre,16 Harcourt Road,Hong Kong www.vmh.com.hk WEBSITEwww.vmh.com.hk STOCK CODE 15201520 1.=2.=3.=4.=5.=6.=x7.=x8.=x 1.Current ratio = current assets/current liabilities2.Quick ratio = current assets less inventory/current liabilities3.Return on assets = Loss attributable to the owners of the Company for the year/total assets4.Return on equity = Loss attributable to the owners of the Company for the year/shareholders’ equity5.Gearing ratio = Total borrowings and lease liabilities/total equity6.Inventory turnover days = Inventory balance/cost of sales for the year x numberof days for the year7.Trade receivables turnover days = Trade receivables/revenue for the year xnumber of days for the year8.Trade payables turnover days = Trade payables/cost of sales for the year xnumber of days for the year Chairman’s Statement On behalf of the board (the “Board”) of directors (the “Directors”and each a “Director”) of Virtual Mind Holding Company Limited (the“Company”), I hereby present the audited consolidated results of theCompany and its subsidiaries (collectively, the “Group”) for the yearended 31 December 2023. OVERVIEW After a stagnant economic environment in 2022, the economicenvironment continued to be challenging in 2023. Further to upwardinterest rate movement in 2022, major economies continued to raiseinterest rates in 2023 and kept the interest rate in high level for acertain period to tame inflation. The economic recovery of Mainland China after post-pandemicreopening was also challenging. Year 2023 was the first year ofeconomic recovery after the pandemic. The economy graduallyregained momentum, driven by economic reopening and supportivegovernment policies. Meanwhile, sluggish external demand andconcerns over the economic outlook of Mainland China continuedto weaken the economic growth. The economy of Mainland Chinaexpanded moderately in 2023. The Hong Kong economic environment in 2023 was under pressure.The change of local consumption pattern, coupled with weak financialmarket and property market, dampened the economy growth ofHong Kong. OUR PERFORMANCE Apparel operation 24.0%56,488,00074,337,00085.2% Concerns over the economic outlook of Mainland China continuedto dampen consumption sentiment. The impact of a challengingmacroeconomic environment and a slower than anticipated economicrecovery of Mainland China not only weakened overall consumersentiment but also affected the demand for apparel products.Mainland China is the principal market for our apparel operationduring the year. Revenue from our apparel operation decreasedby 24.0% to approximately HK$56,488,000 for the year ended 31December 2023 (2022: HK$74,337,000). Our apparel operationremained the largest contributor to the Group’s business, accountingfor 85.2% of the Group’s total revenue. Chairman’s Statement Money lending operation Our money lending business focuses on individual consumers andsmall businesses in Hong Kong. 8,199,00013,631,00039.9%12.4% In 2023, our money lending business mainly focused on providingservice to existing customers. Revenue from our money lendingoperation decreased to appr