本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 活动召开时间：2025年5月12日（周一）下午15:40-17:40 ● 活动召开地点："全景路演"（网址： http://rs.p5w.net） 参加本次说明会的人员包括公司董事长兼总经理丁林洪先生、独立董事范其勇先生、董事兼常务副总经 理高敏红女士、董事会秘书兼副总经理先正红女士、财务总监叶勇先生。 三、投资者参加方式 ● 活动召开方式：网络远程方式。投资者可在上述召开时间，通过"全景路演"（网址： http://rs.p5w.net），在线参与本次活动，公司将及时回答投资者的提问。 ● 投资者可于本公告发出之日起至2025年5月8日，通过微信关注"贵州资本市场"公众号，发送关键 词"提问"，即可进入专区提问。公司将在本次说明会上对投资者普遍关注的问题进行回答。 贵州赤天化股份有限公司（以下简称：公司）已于2025年4月29日在上海证券交易所网站 （http://www.sse.com.cn）上披露了《2024年年度报告》及其摘要。为加强公司与投资者的交流 ...

Core Viewpoint - First Shanghai (00227) reported a total revenue of HKD 390 million for the fiscal year 2024, representing a year-on-year growth of 24.77%, and a net profit attributable to shareholders of HKD 77.974 million, marking a turnaround from losses [3] Financial Performance - Total revenue for 2024 was HKD 390 million, up 24.77% year-on-year [3] - Net profit attributable to shareholders was HKD 77.974 million, a significant recovery from previous losses [3] - Basic earnings per share stood at HKD 0.0356, with a weighted average return on equity of 3.21%, an increase of 3.66 percentage points from the previous year [3][24] - The net cash flow from operating activities was -HKD 83.352 million, a decrease of HKD 89.364 million compared to the previous year [28] Valuation Metrics - As of April 17, the price-to-earnings (P/E) ratio (TTM) was approximately 6.88 times, the price-to-book (P/B) ratio (TTM) was about 0.22 times, and the price-to-sales (P/S) ratio (TTM) was around 1.37 times [3] Revenue Composition - The revenue composition for 2024 included: - Financial Services: HKD 168.6 million - Property Development: HKD 67.6 million - Property Investment and Hotels: HKD 151.4 million - Other Businesses: HKD 2.8 million [19] Cash Flow and Financial Position - Cash flow from financing activities was -HKD 111 million, down HKD 85.861 million year-on-year [28] - Cash flow from investing activities was HKD 140 million, compared to HKD 115 million in the previous year [28] - As of the end of 2024, the company’s liquidity ratios were: - Current ratio: 1.57 - Quick ratio: 1.43 [42] Asset and Liability Changes - Significant changes in assets included: - Cash and cash equivalents decreased by 25.21% - Investment properties decreased by 3.58% - Accounts receivable decreased by 1.53% [36] - Major changes in liabilities included: - Accounts payable decreased by 20.62% - Short-term borrowings decreased by 43.03% - Long-term borrowings decreased by 37.9% [39]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit attributable to shareholders of approximately HKD 78 million, with basic earnings per share of HKD 3.56, a significant recovery from a net loss of HKD 11 million and a basic loss per share of HKD 0.65 in 2023[11]. - The company achieved a net profit attributable to shareholders of approximately HKD 78 million for the year ended December 31, 2024, compared to a net loss of approximately HKD 11 million in 2023, marking a turnaround from loss to profit[20]. - Total revenue for the company was approximately HKD 390 million, representing a 25% increase compared to 2023, driven by growth in financial services and property and hotel operations[20]. - The financial services segment recorded an operating profit that increased nearly threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[21]. - The property and hotel segment reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023, despite increased sales from the Huangshan project and hotel operations in Paris[22]. - The company’s brokerage commission income and margin loan interest income increased by 9% and 7% respectively compared to 2023, reflecting a recovery in the Hong Kong IPO market[21]. - The company reported a distributable reserve of HKD 269,049,000 as of December 31, 2024, compared to HKD 91,449,000 in 2023, reflecting a significant increase of 194%[48]. - The company reported a comprehensive financial performance reflecting its financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[111]. Market Conditions - The Hang Seng Index reached a high of 23,000 points in October 2024, with a single-day trading volume exceeding HKD 620 billion, marking a historical record[13]. - The Hong Kong IPO market remained strong, ranking fourth globally in fundraising despite a slight decrease of 3% compared to 2023[13]. - The real estate market in mainland China continued to face significant pressure, with major cities experiencing a general decline in property prices due to oversupply and weak buyer confidence[14]. - The company anticipates a cautiously optimistic outlook for the Hong Kong stock market in 2025, driven by supportive monetary policies and a potential recovery in the mainland economy[15]. - The global financial markets in 2025 are expected to face both opportunities and challenges, with geopolitical risks and trade tensions remaining major uncertainties[15]. - The overall investment environment remains cautious, with ongoing challenges in the commercial property market due to weak demand and financing constraints[22]. Company Strategy and Operations - The company is focusing on developing its financial services and property and hotel businesses, continuing to invest human resources and capital in these areas[11]. - The company plans to continue focusing on completing existing development projects in Wuxi and Huangshan, as well as property sales in the coming year[24]. - The company has not engaged in any significant acquisitions or major investments during the year[29]. - The company has complied with all capital regulations applicable to its licensed subsidiaries in 2024[27]. - The company has established internal controls to monitor and recover margin loans, ensuring compliance with commercial interest rates and collateral requirements[117]. Financial Position and Assets - Total assets as of December 31, 2024, were HKD 5,048,502,000, down from HKD 5,616,782,000 in 2023[70]. - The company's total liabilities decreased to HKD 2,492,474,000 in 2024 from HKD 3,185,096,000 in 2023, indicating improved financial health[70]. - The company’s net asset value increased by 5%, rising from approximately HKD 2,432 million in 2023 to approximately HKD 2,556 million in 2024[20]. - The company’s investment properties recorded a fair value loss of approximately HKD 4 million in 2024, compared to a fair value gain of approximately HKD 21 million in 2023[24]. - The total net asset value of the company's mortgaged properties was approximately HKD 558,000,000, down from HKD 570,000,000 in 2023[30]. Governance and Compliance - The board of directors includes independent non-executive directors, ensuring governance and oversight[54]. - The company has adopted a board diversity policy, with the current board composition being one female and eight male directors, achieving a gender diversity ratio of approximately 46% female to 54% male among employees[81]. - The company has established three committees: the Nomination Committee, the Remuneration Committee, and the Audit Committee, to assist the board in fulfilling its responsibilities effectively[87]. - The company has received annual confirmations of independence from its independent non-executive directors, ensuring compliance with specific independence standards[80]. - The company has established a communication policy to ensure timely and transparent communication with shareholders[101]. Employee and Operational Metrics - The total employee cost for the year ending December 31, 2024, was approximately HKD 208,000,000, compared to HKD 203,000,000 in 2023[33]. - The company employed a total of 569 staff members as of December 31, 2024, with 343 located in mainland China[33]. - The company has consistently maintained sufficient public float as required by the listing rules throughout the year[68]. Cash Flow and Financing - The company reported a net cash position of HKD 284,650,000 as of December 31, 2024, down from HKD 340,622,000 in 2023[134]. - The company generated HKD 139,840,000 in net cash from investing activities in 2024, up from HKD 114,893,000 in 2023, reflecting an increase of about 21.7%[138]. - The company paid HKD 22,221,000 in interest in 2024, down from HKD 30,282,000 in 2023, indicating a reduction in financing costs[138]. - The company’s cash flow from financing activities showed a net outflow of HKD 110,803,000 in 2024, compared to a net outflow of HKD 24,942,000 in 2023, indicating increased financing activity[138]. Risk Management - The company acknowledges risks related to ongoing geopolitical tensions and the market's heavy reliance on mainland China's economic policies[15]. - The Risk Committee was established in 2016 and regularly monitors the effectiveness of the risk management framework, reporting at least annually to the Audit Committee[96]. - The company engaged external consultants to review the effectiveness of its internal control system, which was deemed effective and adequately resourced[98].

智通财经APP获悉，第一上海发布研报称，予中国宏桥(01378)"买入"评级，预测公司2025-2027年的收 入分别为1509亿元/1541亿元/1576亿元人民币；归母净利润分别为213亿元、231亿元和250亿元。该行 给予公司2025年8倍PE估值，目标价为20.5港元，较现价有31%的上涨空间。 电解铝行业存在产能天花板，公司受益于全产业链优势，上游铝土矿公司持续通过合资公司拓展几内亚 铝土矿开发项目，确保集团拥有稳定的铝土矿原材料供应。公司位于山东、印尼氧化铝产能达到约1950 万吨，位于山东、云南的电解铝产能达到约646万吨，一体化优势使公司在周期上行阶段的利润增厚， 有效控制采购和生产流程成本。 电解铝供需两旺持续，氧化铝接近成本价 国内电解铝产能上限政策预计将持续执行，全球电解铝产能增长缓慢，随着国内经济恢复，新能源、新 型制造业铝需求将成为重要增长变量，总需求进一步增长，支撑电解铝价格保持高位。氧化铝由于年初 降价接近行业成本价，如价格过低将带来行业出清，因此下跌空间有限，综合考量公司利润率得到保 障。 分红回购多措并举 公司积极回报股东，2024年公司全年派息每股161港仙，派息率高达6 ...

智通财经APP获悉，第一上海证券发布研报称，维持网龙(00777)"买入"评级，目标价 15 港元。该行强 调，网龙游戏业务稳健，且教育业务具备市场空间潜力。公司游戏 IP 的稳健发展和海外市场的持续拓 宽，加上平板产品的顺利推广，有望给公司带来新的业绩增长。该行表示对网龙未来保持信心。 第一上海证券主要观点如下： 2024年业绩 网龙 2024年全年实现营收60.5亿元，归母净利润3.1亿元。业绩压力主要源于两大核心业务调整： 1)游戏业务主动降低付费门槛导致收入短期收缩; 2)Mynd.ai 业务处于海外市场转型周期，需求阶段性放缓。 在游戏储备方面，公司于今年推出《魔域再起》，并计划于下半年继续推出MMORPG 手游《代号- 龙》等一系列新游丰富游戏产品矩阵;叠加上AI+游戏战略下的降本增效初现，该行预计游戏业务有望企 稳回升。 教育业务短期承压 公司教育业务实现营收21.1亿元，同比有所下滑，主要因海外教育信息化市场处于周期性调整阶段， IFPD(交互平板)终端需求暂显疲软。得益于材料及运输成本优化推动毛利率提升1个百分点至 26%。短 期海外教育预算波动仍存压力，但长期看全球教育数字化渗透率还有提升 ...

Financial Performance - The total revenue for the fiscal year 2024 reached HKD 3,390,386,000, an increase from HKD 312,875,000 in 2023, representing a significant growth[4] - Gross profit for the year was HKD 219,880,000, compared to HKD 207,434,000 in the previous year, indicating a growth of approximately 6.6%[4] - The operating profit for the year was HKD 25,955,000, a substantial recovery from an operating loss of HKD 62,301,000 in 2023[4] - Net profit attributable to shareholders was HKD 77,974,000, a turnaround from a loss of HKD 10,629,000 in the previous year[4] - The company reported a basic earnings per share of HKD 3.56, compared to a loss per share of HKD 0.65 in 2023[4] - Total comprehensive income for the year was HKD 120,475,000, recovering from a loss of HKD 13,884,000 in the previous year[5] - The company’s financial income for the year was HKD 88,533,000, down from HKD 104,741,000 in 2023[4] - The company recorded other income of HKD 58,616,000 in 2024, a significant increase from a loss of HKD 555,000 in 2023[18] - Tax expenses for 2024 amounted to HKD 8,016,000, down from HKD 15,837,000 in 2023, reflecting a reduction of approximately 49%[20] Assets and Liabilities - Non-current assets totaled HKD 1,289,382,000, slightly increasing from HKD 1,276,562,000 in 2023[6] - Current assets decreased to HKD 3,759,120,000 from HKD 4,340,220,000 in the previous year, reflecting a reduction in cash and bank balances[6] - Current liabilities decreased from HKD 3,051,415,000 in 2023 to HKD 2,391,328,000 in 2024, representing a reduction of approximately 21.6%[7] - Non-current liabilities decreased from HKD 133,681,000 in 2023 to HKD 101,146,000 in 2024, a decline of about 24.3%[7] - Total assets minus current liabilities increased from HKD 2,565,367,000 in 2023 to HKD 2,657,174,000 in 2024, reflecting a growth of approximately 3.6%[7] - Net asset value rose from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, an increase of around 5.1%[7] - Total equity increased from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, marking a growth of approximately 5.1%[7] - The company reported a significant increase in reserves from HKD 1,100,566,000 in 2023 to HKD 1,222,294,000 in 2024, which is an increase of about 11.1%[7] - The company’s total assets in 2024 were valued at HKD 5,048,502,000, a decrease from HKD 5,616,782,000 in 2023, representing a decline of about 10.1%[16] Business Operations - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company operates primarily in Hong Kong, China, and France, focusing on securities investment, corporate finance, and property development[8] - The company continues to invest in its strategic business model, focusing on the development of financial services and property and hotel businesses[31] - The financial services segment recorded operating profit that increased approximately threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[36] - The property and hotel division reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023[38] - The group benefited from the completion of the Huangshan project, which led to increased property sales, and the Paris hotel resumed operations after renovations[34][38] - In 2024, the revenue from property sales increased approximately four times compared to 2023, primarily driven by the completion of the Huangshan project[39] - The group's hotel and golf course business revenue rose by 17% in 2024 compared to 2023, mainly due to the temporary closure of a hotel in Paris for urgent roof renovations in the first half of 2023[39] - Other business operations recorded an operating income of HKD 66 million in 2024, a significant increase from an operating loss of HKD 1 million in 2023, mainly due to gains from the sale of a subsidiary[40] Market Conditions - The global economic environment in 2024 was influenced by strong household consumption and government spending, particularly in the US, which remained a key driver of global economic growth[28] - The Hong Kong stock market experienced volatility in 2024 but ended positively, with a notable recovery in trading volume and investor sentiment in the second half of the year[30] - The Hong Kong IPO market showed significant recovery in the second half of 2024, despite a slight 3% decrease in total fundraising compared to 2023, maintaining the fourth position globally[32] - The outlook for the Hong Kong stock market in 2025 is cautiously optimistic, with expected growth driven by supportive monetary policies and the recovery of the Chinese economy[41] - The real estate market in mainland China is expected to continue facing pressure, with recovery dependent on further government support and broader economic stability[42] Governance and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or prior periods[11] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[9] - The company’s auditor has issued an unqualified opinion on the financial statements for both years, indicating no significant issues were found[10] - The group has adhered to the corporate governance code as of December 31, 2024, with one exception noted[49] - The company believes that having Mr. Lau serve as both Chairman and CEO provides strong and consistent leadership, which is beneficial for long-term business strategy planning and implementation[50] - The board has confirmed that all members have adhered to the standards set forth in the Listing Rules Appendix C3 regarding securities trading by directors for the fiscal year ending December 31, 2024[51] - The auditors, PwC, have confirmed that the preliminary performance announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[52] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with all necessary listing rule requirements[53] - The current board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[54] Dividends and Shareholder Returns - The board of directors recommended not to declare a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[22] - The company does not plan to declare a final dividend for the year ending December 31, 2024, compared to zero dividends in 2023[45]

证券时报网讯，第一上海证券研报指出，1）理想汽车三季度业绩符合预期：公司2024年三季度实现车 辆销售收入413.2亿元，同比增长22.9%，环比增长36.3%。 2024年三季度汽车总交付量为15.3万辆，同比增长45.4%。 三季度车辆毛利率提升至20.9%。 新产品L6抬升整体销量，平均月销量达到25000台，进一步扩大20万元及以上的国内新能源汽车市场份 额。 2）新智驾方案全量推送：公司7月底发布了基于端到端和视觉语言模型的全新自动驾驶技术架构，9月 进行万人规模测试。 10月公司向理想MEGA和理想L系列车型推送OTA6.4更新。 目前公司交付30万以上车型中，选择ADmax版本用户达到70%，L6高配版本用户率达到30%。 3）积极备战纯电车型：公司于145个城市拥有479家零售中心，于221个城市运营436家售后维修中心及 理想汽车授权钣喷中心，投入使用894座理想超充站，配备4286个充电桩，为纯电车型发布打好基础。 纯电车型将成为明年主要增量，公司20万以上市占率有望进一步提升。 使用自由现金流折现对公司进行估值，求得永续增长率为3%，维持买入评级。 校对：刘星莹 ...

Financial Performance - For the six months ended June 30, 2024, the company recorded a net profit attributable to shareholders of approximately HKD 66 million and a basic earnings per share of HKD 3.02, compared to a net loss of approximately HKD 2 million and a basic loss per share of HKD 0.12 for the same period in 2023[17]. - The company's revenue for the first half of 2024 was approximately HKD 209,000,000, representing a 33% increase compared to the same period in 2023, driven by growth in hotel operations and property sales[19]. - The group reported a total revenue of HKD 208.743 million for the six months ended June 30, 2024, with a gross profit of HKD 105.155 million, resulting in an operating profit of HKD 34.485 million, a significant improvement from an operating loss of HKD 25.858 million in the previous year[29]. - The net profit for the period was HKD 66.108 million, compared to a loss of HKD 3.404 million in the same period last year, with basic and diluted earnings per share both at HKD 0.0302[29]. - The group reported a total comprehensive income of HKD 28.094 million for the period, compared to a comprehensive loss of HKD 26.916 million in the previous year[30]. Market Conditions - The average daily market turnover during the period decreased by 4%, reflecting continued pressure on trading and corporate financing activities due to low demand[17]. - The company's financial services segment, including brokerage and underwriting, faced significant challenges due to high inflation, recession risks, and geopolitical conflicts, resulting in a volatile market environment[17]. - The overall environment for financial service providers in Hong Kong remains particularly challenging due to high interest rates and concerns over corporate profitability[17]. - The company anticipates a challenging global economic environment in the second half of 2024, influenced by geopolitical issues and inflationary pressures[18]. Business Segments - The financial services division reported an operating profit of approximately HKD 10,000,000, a slight decrease from the same period in 2023, primarily due to a decline in brokerage and underwriting commission income[20]. - The property and hotel division recorded an operating loss of HKD 25,000,000, a 59% increase in losses compared to the same period in 2023, mainly due to fair value losses on investment properties[22]. - Revenue from the hotel and golf course business increased by 37% compared to the same period in 2023, primarily due to growth in room revenue from the hotel in Paris[23]. - The company confirmed some sales from properties located in Huangshan, although there were slight valuation losses on other property projects, indicating a challenging market environment[17]. Economic Outlook - The global economic outlook remains cautiously optimistic, with central banks facing challenges from inflation and geopolitical tensions, impacting economic growth[16]. - The Chinese economy showed slight signs of stabilization in the real estate market, supported by government stimulus measures aimed at easing liquidity conditions[16]. Financial Position - The company’s net asset value increased by 1% to approximately HKD 2,464,000,000 as of June 30, 2024, compared to HKD 2,432,000,000 as of December 31, 2023[19]. - As of June 30, 2024, the group raised secured bank loans amounting to approximately HKD 159 million, down from HKD 184 million as of December 31, 2023, while cash reserves stood at approximately HKD 252 million, down from HKD 342 million[24]. - The capital-to-debt ratio decreased to 6.5% as of June 30, 2024, compared to 7.6% as of December 31, 2023[24]. - Total liabilities, including accounts payable and other payables, amounted to HKD 2,405,611,000 as of June 30, 2024, down from HKD 2,602,267,000 as of December 31, 2023, reflecting a decrease of about 7.6%[60]. Operational Efficiency - The company plans to enhance digitalization and automation in financial services to improve customer experience and operational efficiency[18]. - The company will maintain strict cost control and prudent risk management measures in response to ongoing uncertainties in the recovery path[18]. Employee and Management - The group employed 543 staff as of June 30, 2024, a decrease from 568 staff a year earlier, with total employee costs for the six months amounting to approximately HKD 97 million[28]. - Total remuneration for key management increased to HKD 7,114,000 for the six months ended June 30, 2024, compared to HKD 6,913,000 in the previous year, reflecting a growth of approximately 2.9%[74]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code, except for the deviation regarding the roles of the chairman and CEO being held by the same person[88]. - The Audit Committee has reviewed the unaudited consolidated interim results for the six months ending June 30, 2024, prior to board approval[91].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 208,743,000, an increase of 32.8% compared to HKD 157,072,000 for the same period in 2023[2] - The gross profit for the same period was HKD 105,155,000, slightly up from HKD 104,634,000, resulting in a gross margin of 50.4%[2] - Operating profit for the first half of 2024 was HKD 34,485,000, a significant recovery from an operating loss of HKD 25,858,000 in the previous year[2] - The net profit attributable to shareholders for the period was HKD 66,261,000, compared to a loss of HKD 1,931,000 in the same period last year[2] - Basic and diluted earnings per share for the first half of 2024 were both HKD 3.02, a turnaround from a loss of HKD 0.12 per share in the previous year[2] - The group recorded a net profit from the sale of subsidiaries amounting to HKD 65,946,000 for the six months ended June 30, 2024[14] - The group reported a financial income of HKD 31,784,000, contributing to a profit before tax of HKD 66,269,000[11] - For the six months ended June 30, 2024, the company recorded a net profit attributable to shareholders of approximately HKD 66,000,000 and basic earnings per share of HKD 3.02, compared to a net loss of HKD 2,000,000 and a loss per share of HKD 0.12 for the same period in 2023[25] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 5,328,062,000, a decrease from HKD 5,617,782,000 as of December 31, 2023[4] - The company's total liabilities decreased to HKD 2,864,421,000 from HKD 3,185,096,000 at the end of 2023, improving the net asset value to HKD 2,463,641,000[5] - The total assets of the group as of June 30, 2024, amounted to HKD 5,328,062,000, with financial services holding HKD 3,600,229,000 in assets[13] - The net asset value of the company increased by 1% to approximately HKD 2,464,000,000 as of June 30, 2024, compared to HKD 2,432,000,000 as of December 31, 2023[25] - Accounts receivable as of June 30, 2024, totaled HKD 202,865,000, a decrease of 21.5% from HKD 258,420,000 as of December 31, 2023[19] - Total payables and other payables amounted to HKD 2,580,622,000 as of June 30, 2024, down from HKD 2,853,093,000 as of December 31, 2023, reflecting a decrease of 9.5%[21] - The company reported a significant decrease in payables to securities clients, which amounted to HKD 2,113,670,000 as of June 30, 2024, compared to HKD 2,355,177,000 at the end of 2023[22] Business Segments - For the six months ended June 30, 2024, the group reported total revenue of HKD 208,743,000, with financial services contributing HKD 78,650,000, property development HKD 54,940,000, property investment and hotel operations HKD 72,344,000, and other businesses HKD 2,809,000[11] - The group experienced a segment profit of HKD 52,665,000, with financial services generating HKD 9,568,000, while property development and hotel operations reported a loss of HKD 19,846,000[11] - The financial services division reported an operating profit of approximately HKD 10,000,000, a slight decrease from the same period in 2023, primarily due to reduced brokerage and underwriting commission income[26] - The property and hotel division recorded an operating loss of HKD 25,000,000, a 59% increase in losses compared to the same period in 2023, mainly due to fair value losses on investment properties[28] - Revenue from the hotel and golf course business increased by 37% compared to the same period in 2023, primarily due to growth in room revenue from the Paris hotel[29] - The company confirmed the sale of equity interests in subsidiaries, contributing approximately HKD 66,000,000 to other business profits, which recorded an operating profit of HKD 68,000,000 for the period[30] Market Conditions - The global economic outlook remains cautiously optimistic, with central banks facing challenges such as inflation and geopolitical tensions, impacting market stability[23] - The Chinese economy shows signs of slight recovery in the real estate market, supported by government stimulus measures, although consumer confidence remains weak[23] - The Hong Kong financial sector faces significant pressure from global economic instability and increased regional competition, with ongoing government measures aimed at revitalizing economic activity[23] - The company anticipates a challenging global economic environment in the second half of 2024, influenced by geopolitical issues and trade tensions between the US and China[31] - The economic growth in Hong Kong is expected to slow down, reflecting ongoing uncertainties in both local and external developments[31] Corporate Governance and Compliance - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[36][37] - The company’s audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, prior to board approval[40] - The company has confirmed compliance with the standard code regarding securities trading by directors during the reporting period[41] Future Strategies - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[6] - The financial results reflect a strong recovery trajectory, positioning the company favorably for upcoming market opportunities[6] - The company has maintained strict cost control and prudent risk management measures in light of expected market volatility[32] - The company is committed to advancing digitalization and automation in financial services to enhance customer experience and operational efficiency[32] - The group did not experience significant impacts from the new and revised Hong Kong Financial Reporting Standards adopted on January 1, 2024[8] Dividends - The board has proposed not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year where no dividend was declared[18] - The board has proposed not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year[34]

Financial Performance - For the year ended December 31, 2023, the company recorded a net loss attributable to shareholders of approximately HKD 11 million, a decrease of 80% compared to a net loss of HKD 56 million in 2022[10]. - Basic loss per share for 2023 was HKD 0.65, down 81% from HKD 3.58 in 2022[10]. - The company's operating revenue was approximately HKD 313 million, an 8% decrease compared to the previous year, primarily due to declines in securities brokerage and healthcare business revenues[20]. - The financial services division experienced a significant operating profit decline of 75% compared to the previous year, mainly due to a 24% drop in brokerage commission income[21]. - The company reported a net loss of HKD 10,629,000, an improvement from a loss of HKD 56,044,000 in the previous year[82]. - The total comprehensive loss for the year amounted to HKD 13,884,000, down from HKD 180,109,000 in the previous year, indicating a decrease of about 92.3%[164]. - The company reported a significant increase in cash flow from investing activities, totaling HKD 114,893,000 in 2023, compared to HKD 86,713,000 in 2022[171]. Market Conditions - The Hang Seng Index fell by 14% in 2023, closing at 17,047 points, indicating underperformance compared to major overseas markets[13]. - The company anticipates that the economic growth in China for 2023 will reach approximately 5%, despite challenges in the post-pandemic recovery[14]. - The financial services sector faced significant challenges due to a slowdown in initial public offerings and secondary market activities[13]. - The average daily market turnover decreased by 16%, reflecting a sluggish secondary market, while the total funds raised from initial public offerings fell by 56% to HKD 46 billion[21]. Business Operations - The company's property and hotel business experienced a moderate recovery in 2023, primarily due to the relaxation of pandemic control measures[13]. - The company’s hotel in Paris was closed for about six months due to emergency roof repairs but is expected to gradually resume operations in the second half of 2023[13]. - The property and hotel division recorded an operating loss of HKD 28 million, a 64% decrease from the previous year, attributed to increased sales from the Huangshan property and fair value gains from investment properties[23][26]. - The company achieved a fair value gain of approximately HKD 21 million from investment properties in 2023, compared to a valuation loss in 2022, reflecting a recovery in commercial activities post-COVID[26]. Financial Position - As of December 31, 2023, the company raised bank and other loans amounting to HKD 184 million, a decrease from HKD 237 million in 2022, while holding cash reserves of approximately HKD 342 million, up from HKD 253 million in 2022[29]. - The total assets of the company as of December 31, 2023, were HKD 5,616,782,000, down from HKD 5,900,789,000 in 2022[82]. - The total equity of the company increased to HKD 2,431,686,000 from HKD 2,379,470,000 in 2022, reflecting a growth of 2.19%[82]. - The company reported a net financial income of HKD 68,269,000, up from HKD 32,853,000, highlighting effective financial strategies[162]. Corporate Governance - The board consists of four executive directors and six non-executive directors, with five of the non-executive directors being independent, representing over one-third of the board[88]. - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2023, except for the separation of roles between the chairman and CEO, which is discussed in detail in the report[90]. - The company has implemented a board diversity policy, considering various factors such as gender, age, and professional experience in the selection process[94]. - The company regularly reviews its corporate governance practices to align with international and local best practices[87]. Risk Management - The company emphasizes the importance of maintaining effective internal controls and risk management systems to safeguard assets and ensure compliance with regulations[114]. - The company’s risk management system includes risk identification, assessment, management measures, and control procedures, with a formal Risk Committee established to oversee these processes[115]. - The Audit Committee held four meetings during the reporting year to review the financial statements and ensure compliance with applicable accounting standards[108]. Shareholder Communication - The company has established a policy for timely and transparent communication with shareholders, which is published on its website[124]. - The board has reviewed the implementation and effectiveness of the corporate communication policy during the year[131]. - Shareholders holding at least 5% of total voting rights can request the board to convene a special general meeting[127]. Accounting Policies - The company has adopted new accounting standards effective January 1, 2023, which are expected to have no significant impact on the financial statements for the current and future periods[179]. - The group has adhered to the Hong Kong Financial Reporting Standards in preparing its financial statements[135]. - The accounting policy change regarding the offset arrangement for long service payment plans will take effect on May 1, 2025, as per the revised ordinance issued by the Hong Kong government[184].