Core Viewpoint - The pharmaceutical sector has shown strong performance this year, with significant gains in various related stocks, while other sectors like industrial metals and communication devices have faced declines [2][3][6]. Pharmaceutical Sector - Pharmaceutical stocks have performed strongly, with the Helicobacter pylori concept leading the gains. Notable stocks include Kintor Pharmaceutical, which hit a 20% limit up, and *ST Sailong, which achieved 13 limit ups in 17 trading days [3]. - The Hong Kong pharmaceutical sector also saw a comprehensive rise, with indices related to innovative drugs and healthcare showing significant increases. The innovative drug index rose nearly 11% year-to-date, with 6 stocks gaining over 100% [6]. - Major pharmaceutical companies are gaining international recognition for their innovative drug development capabilities, indicating a competitive edge in the global market [7]. Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The agriculture, forestry, animal husbandry, and fishery sector saw a collective rise, with stocks in fisheries, pet economy, and food processing experiencing significant gains. Companies like Baolingbao and Xiyang Food reached their daily limit up [8]. - The food processing industry is expected to expand significantly, with a projected global market size of 26.4 trillion yuan by 2029, driven by health-conscious consumer trends [10]. - Consumption stimulus policies in China, particularly in maternal and infant care, are boosting demand in related sectors, attracting institutional attention [11]. Company Highlights - Lihai Food reported strong sales performance for its UHT product line, with expected sales nearing 500 million yuan in 2024, marking a nearly twofold increase year-on-year [11]. - Zhongnong Lihua announced a significant increase in cash dividends, with a projected payout ratio of 59.48% for 2024, reflecting a commitment to shareholder returns [12]. - The vitamin, NMN concept, and biopharmaceutical sectors also saw strong activity, with companies like Huason Pharmaceutical and Yuheng Pharmaceutical achieving limit up [13].

Financial Performance - The company reported a five-year performance summary indicating a steady growth trend in revenue and net profit[3]. - The total revenue for the last fiscal year was reported at HKD 1.2 billion, representing a year-on-year increase of 15%[3]. - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[22]. - The group’s revenue for the year ended December 31, 2024, was HKD 946.2 million, a decrease of 10.4% compared to HKD 1,056.2 million in 2023, primarily due to a decline in department store sales[23]. - Operating profit for 2024 was HKD 517 million, down from HKD 564 million in 2023, reflecting a decline of 8.3%[144]. - The group reported a pre-tax loss of HKD 876 million for 2024, compared to a profit of HKD 176 million in 2023[144]. - Basic earnings per share for 2024 were HKD 316.9 cents, down from HKD 42.4 cents in 2023; excluding investment property valuation losses, basic earnings per share were HKD 148.0 cents, down from HKD 164.5 cents[24]. - The company reported a net loss of HKD 923,336,000 for the year, compared to a profit of HKD 121,117,000 in 2023, indicating a significant downturn[162]. User and Market Growth - User data showed an increase in active customers by 20%, reaching a total of 500,000 users[3]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12%[3]. - New product launches are expected to contribute an additional HKD 200 million in revenue over the next fiscal year[3]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[3]. - The company is considering strategic acquisitions to bolster its market position, with a budget of up to HKD 300 million allocated for potential deals[3]. Research and Development - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing customer experience[3]. - The company is investing in new technology development, allocating D million towards R&D initiatives[22]. Marketing Strategy - A new marketing strategy focusing on digital channels is expected to improve customer engagement and drive sales growth by 8%[3]. - A new marketing strategy is being implemented, expected to improve customer engagement and retention by G%[22]. Corporate Governance - The board emphasized the importance of corporate governance and transparency in all operations to maintain investor confidence[3]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations for the fiscal year ending December 31, 2024[98]. - The board consists of 7 directors, including 1 executive chairman and 1 executive CEO, with all directors confirming compliance with the established trading standards for the fiscal year ending December 31, 2024[100]. - The board has delegated governance responsibilities to its committees, including the remuneration, nomination, and audit committees, to ensure compliance with governance policies[106]. Financial Position and Assets - The group's total equity as of December 31, 2024, was HKD 16,833.2 million, down 8.3% from HKD 18,355.8 million as of December 31, 2023[28]. - Total assets decreased to HKD 18,069 million in 2024 from HKD 19,723 million in 2023, a decline of 8.4%[144]. - The group’s investment properties, valued at HKD 12.9 billion, accounted for 71% of total assets as of December 31, 2024[151]. - The group maintained a strong financial position with ample cash to support current and future business activities[61]. Dividends and Shareholder Engagement - The board proposed a final dividend of HKD 0.53 per share for 2024, down from HKD 0.60 per share in 2023, resulting in a total dividend of HKD 0.85 per share for 2024 compared to HKD 0.94 per share in 2023[24]. - The company paid HKD 266,801,000 in dividends to shareholders in 2024, a decrease from HKD 316,815,000 in 2023, reflecting a tighter cash distribution policy[180]. - The company encourages shareholder participation in meetings and has established a communication policy to facilitate engagement[133]. Operational Challenges - The group recorded a loss attributable to shareholders of HKD 919.1 million for the year ended December 31, 2024, compared to a profit of HKD 123.4 million in 2023, mainly due to an investment property valuation loss of HKD 1,375.5 million[23]. - The group plans to implement cost-cutting measures and operational optimizations in its department store business in 2025 due to ongoing challenges in the retail sector and real estate market stagnation[43]. Sustainability and ESG Initiatives - The board emphasized the importance of sustainability initiatives, committing to invest I million in eco-friendly practices[22]. - The group established an ESG committee to oversee policies aimed at reducing carbon emissions and improving employee welfare[66]. Employee and Management Structure - The total employee cost for 2024, excluding directors' remuneration, was approximately HKD 197.2 million, an increase from HKD 188.0 million in 2023, with a total of 531 employees[42]. - The gender ratio among all employees is 72% female and 28% male, while the senior management consists entirely of male members[119]. - The company emphasizes standardized recruitment processes and equal development opportunities to achieve gender diversity among employees[119]. Risk Management - The company has adopted a risk management policy to ensure a consistent framework for identifying, assessing, managing, monitoring, and reporting risks[128]. - The board confirmed its responsibility to assess the company's ability to continue as a going concern and has disclosed relevant matters accordingly[156].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 946,232,000, a decrease of 10.4% compared to HKD 1,056,194,000 in 2023[3] - The operating profit for 2024 was HKD 520,726,000, down from HKD 564,593,000 in 2023, reflecting a decline of 7.8%[3] - The net loss attributable to shareholders for 2024 was HKD 919,108,000, compared to a profit of HKD 123,360,000 in 2023, marking a significant shift in performance[3] - The company reported a net loss before tax of HKD 876,558,000 for 2024, compared to a profit of HKD 176,107,000 in the previous year[3] - The total comprehensive loss for the year was HKD 1,250,135,000, compared to a total comprehensive income of HKD 123,406,000 in 2023[4] - The group reported a loss of HKD 876,558,000 before tax in 2024, compared to a profit of HKD 176,107,000 in 2023[26] - The company reported a pre-tax loss of HKD 919,108,000 for 2024, compared to a profit of HKD 123,360,000 in 2023, indicating a significant decline in performance[42] Revenue Breakdown - Total revenue for 2024 was HKD 1,050,117,000, a decrease of 10.05% from HKD 1,167,215,000 in 2023[24] - Department store revenue decreased to HKD 542,590,000 in 2024, down 15.12% from HKD 639,384,000 in 2023[24] - Property investment revenue was HKD 507,527,000 in 2024, a decline of 3.85% from HKD 527,831,000 in 2023[24] - Revenue from external customers in Hong Kong was HKD 825,454,000 in 2024, down from HKD 941,332,000 in 2023[31] - The group's department store business recorded revenue of HKD 542.6 million for the year ended December 31, 2024, a decrease of 15.1% compared to HKD 639.4 million in 2023, resulting in an operating loss of HKD 60.0 million[61] Asset and Liability Changes - The company's non-current assets increased to HKD 15,367,453,000 in 2024 from HKD 13,643,020,000 in 2023, representing a growth of 12.6%[6] - Cash and bank balances decreased to HKD 2,079,994,000 in 2024 from HKD 2,313,436,000 in 2023, a decline of 10.1%[6] - The company's total assets less current liabilities increased to HKD 19,306,424,000 in 2024 from HKD 17,663,957,000 in 2023, indicating a growth of 9.3%[6] - Total assets decreased to HKD 18,068,602,000 in 2024 from HKD 19,722,390,000 in 2023, a reduction of 8.38%[27] - Total liabilities decreased to HKD 1,210,254,000 in 2024 from HKD 1,337,058,000 in 2023, a reduction of 9.48%[28] Investment and Valuation - Investment property valuation net loss for 2024 was HKD 1,375,504,000, significantly higher than the loss of HKD 378,055,000 in 2023[3] - The net loss from investment property valuation was HKD 1,375,504,000 in 2024, compared to HKD 378,055,000 in 2023[26] - Property investment income for the group was HKD 363.5 million for the year ended December 31, 2024, down from HKD 388.2 million in 2023, reflecting a 5.6% decrease in net income from commercial properties in Hong Kong to HKD 277.0 million[62] Shareholder Information - The retained earnings attributable to shareholders, after deducting deferred tax, amounted to HKD 10,428,347,000 as of December 31, 2024, down from HKD 11,776,744,000 in 2023[8] - Basic loss per share for 2024 was HKD (316.9), compared to earnings of HKD 42.4 per share in 2023, showing a substantial decline in profitability[42] - The group proposed a final dividend of HKD 0.53 per share for 2024, down from HKD 0.60 per share in 2023, resulting in a total dividend of HKD 0.85 per share for 2024 compared to HKD 0.94 per share in 2023[50] Operational Challenges - The retail sector in Hong Kong saw a significant decline, with total sales value dropping by 7.3% in 2024, influenced by changing consumer preferences and increased overseas travel[60] - The group implemented significant promotional activities to stimulate sales and reduce inventory, although sales were still adversely affected by low customer traffic and weak consumer spending[60] - The group plans to implement cost-cutting measures and operational optimizations in its department store business in 2025 due to ongoing challenges in the retail sector and real estate market[68] Miscellaneous - The company has not adopted any new accounting standards or interpretations during the current accounting period[15] - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards (HKFRSs) and have been reviewed by the audit committee[13] - The company’s auditor confirmed that the figures presented in the announcement are consistent with those in the draft consolidated financial statements for the year[13] - The group recorded a share of losses from an associated company in the automotive dealership business in China amounting to HKD 25.6 million for the year ended December 31, 2024, compared to HKD 17.5 million in 2023[65]

Group 1: *ST Xintong Performance - *ST Xintong's stock price reached a seven-year high, with a market capitalization of 5.25 billion yuan, and a year-to-date increase of 364.8% [1][2] - The company has experienced 34 trading halts and 2 trading suspensions this year, leading the A-share market in both categories [1] - Despite a projected net loss of 80 million to 120 million yuan for 2024, the stock price has surged since its resumption of trading [2] Group 2: Institutional Attention - 38 companies have received more than five "buy" ratings from institutional investors in March, indicating strong market interest [3] - BYD received the highest number of ratings, with 29 "buy" ratings, following the launch of its super e-platform and significant advancements in fast-charging technology [3] - Dongpeng Beverage and Baofeng Energy also received substantial institutional ratings, with Dongpeng reporting a 40.63% increase in revenue for 2024 [4] Group 3: Earnings Performance - 60% of the 38 companies monitored are expected to report a year-on-year increase in net profit for 2024 [6] - Companies like Haiguang Information and Fulin Precision are projected to see significant profit growth, with Haiguang's net profit expected to rise by 52.87% [6] - The average stock price increase for these companies is 16.56% year-to-date, outperforming the Shanghai Composite Index [7] Group 4: Market Dynamics - 12 companies have seen their stock prices decline by over 20% from their 2024 highs, indicating volatility in the market [7] - Institutional buying has been concentrated in a few companies, with only four companies seeing net purchases exceeding 100 million yuan [7]

2024年火热的低空经济，在2025年有望继续腾飞。 赛隆药业或被实施退市风险警示 3月14日晚间，赛隆药业（002898.SZ）晚间公告，预计2024年度归母净利润为负值且扣除后营业收入低 于3亿元，根据相关规定，在公司2024年年度报告披露后，公司股票交易可能被实施退市风险警示（股 票简称前冠以"*ST"字样）。公司预计2024年度扣除非经常性损益后的净利润为亏损0.22亿元~0.42亿 元，扣除后营业收入为2.3亿元~2.5亿元。公司将在披露2024年年度报告前至少再披露两次风险提示公 告。 公开资料显示，赛隆药业于2017年9月登陆深交所，公司为集医药中间体、原料药、制剂的研发、生 产、营销和技术服务为一体的医药全产业链的制药企业，主要产品包括注射用替加环素及原料药、阿加 曲班注射液及原料药、注射用艾司奥美拉唑钠及原料药、 门冬氨酸鸟氨酸注射液及原料药、米力农注 射液及原料药等。 在本次业绩预告披露之前，赛隆药业扣非净利润已连续四年（2020年—2023年）呈现亏损状态。若此次 被实施退市风险警示（股票简称前冠以"*ST"字样），将是赛隆药业上市以来首次被ST。数据显示，截 至2024年三季度末，公司 ...

Group 1: Market Overview - The A-share market experienced fluctuations with the North Securities 50 index down by 3.07% and the Sci-Tech 50 index down by 2.11%, while over 3,800 stocks declined, leading to a slight decrease in trading volume to 1.65 trillion yuan [1] - The coal, medical beauty, and electricity sectors showed relative strength, while humanoid robots, broadcasting, storage chips, and wireless earphones faced significant declines [1] - ST stocks continued to perform strongly, with *ST Xintong achieving a new high since January 2018, recording 31涨停 in 35 trading days [1] Group 2: Sector Performance - The coal industry saw a net inflow of over 3.3 billion yuan from major funds, while the banking and public utilities sectors each received over 2 billion yuan [1] - The power sector maintained strong performance, with the index rising for three consecutive days and trading volume exceeding 28.2 billion yuan, marking a new high for the year [2] - The artificial intelligence data center is expected to drive significant growth in electricity demand, with projections indicating that by 2026, global data center electricity consumption will reach between 620 billion and 1.05 trillion kilowatt-hours [2] Group 3: Company-Specific News - Qi Ming Medical, which had been suspended for over 15 months, saw its stock plummet by 66.37% upon resuming trading due to unauthorized fund transfers by former executives [3] - Qi Ming Medical acknowledged the challenges posed by the suspension and has undertaken a systematic restructuring of its organizational framework to enhance governance and internal controls [3] - The company has established a management committee to improve internal supervision and ensure timely market disclosures regarding significant matters [3]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was HKD 480.0 million, a decrease of 9.6% compared to HKD 530.8 million in 2023[8]. - The group recorded a loss attributable to shareholders of HKD 239.6 million, compared to a profit of HKD 274.2 million in 2023, primarily due to a valuation loss on investment properties of HKD 515.8 million[8]. - The basic earnings per share were HKD 0.825, down from HKD 0.943 in 2023, while the basic earnings per share excluding the valuation loss were HKD 0.870, slightly down from HKD 0.907 in 2023[8]. - The company reported a loss of HKD 242,859,000 for the six months ended June 30, 2024, compared to a profit of HKD 273,594,000 for the same period in 2023[25]. - Total comprehensive loss for the period amounted to HKD 327,177,000, a significant decrease from the total comprehensive income of HKD 184,592,000 in the previous year[25]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD 0.825, compared to earnings of HKD 0.943 per share in 2023[24]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.32 per share, totaling HKD 92.812 million, compared to HKD 0.34 per share and HKD 98.833 million in 2023[8]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 92,812,000, down from HKD 98,833,000 for the same period in 2023[59]. - The company repurchased a total of 377,000 shares at a total cost of HKD 4,489,000 during the six months ended June 30, 2024[62]. Assets and Liabilities - As of June 30, 2024, total equity was HKD 17,853.4 million, a decrease of 2.7% from HKD 18,355.8 million as of December 31, 2023[9]. - Non-current assets decreased to HKD 14,301,104,000 as of June 30, 2024, down from HKD 14,897,770,000 at the end of 2023, reflecting a decline of approximately 4%[26]. - Current assets also saw a decline, totaling HKD 14,739,693,000 compared to HKD 15,367,453,000 at the end of 2023, representing a decrease of about 4%[26]. - Total assets less current liabilities decreased to HKD 18,755,323,000 from HKD 19,306,424,000, a decline of about 3%[27]. - The company's net current assets increased to HKD 4,015,630,000, up from HKD 3,938,971,000, indicating a growth of approximately 2%[27]. - The company's total liabilities increased significantly, with trade and other payables showing a notable rise in overdue amounts[58]. Operational Performance - The department store business recorded revenue of HKD 272.2 million, a decrease of 16.6% from HKD 326.3 million in the same period of 2023[14]. - The department store business incurred an operating loss of HKD 27.0 million, compared to a profit of HKD 4.7 million in 2023, primarily due to the revenue decline[14]. - The overall retail market in Hong Kong remains challenging, with a significant decline in retail sales impacting the group's performance despite promotional efforts[13]. - The group anticipates continued challenges in the department store business for the remainder of 2024, with no signs of improvement in the local retail atmosphere[19]. Investment and Income - The group's property investment income for the six months ended June 30, 2024, was HKD 192.5 million, a slight increase from HKD 192.2 million in 2023[15]. - Revenue from commercial investment properties in Hong Kong decreased by 4.8% to HKD 143.8 million, primarily due to reduced rental rates and a slight decline in average occupancy rate to approximately 91%[15]. - The income from commercial office properties in Melbourne increased by 18.4% to HKD 49.6 million, with a stable occupancy rate of about 85%[15]. - The investment portfolio generated income of HKD 127.8 million, up from HKD 93.0 million in 2023, mainly due to unrealized gains of HKD 79.1 million from securities revalued to fair value[17]. - The total value of the investment portfolio as of June 30, 2024, was HKD 1,986.3 million, an increase from HKD 1,872.4 million as of December 31, 2023[17]. Employee and Management Costs - The group had a total of 523 employees as of June 30, 2024, down from 543 employees in 2023[18]. - Employee costs (excluding directors' remuneration) increased to HKD 94,912,000 from HKD 87,815,000 year-on-year[45]. - The total remuneration for key management personnel for the six months ended June 30, 2024, is HKD 29,462,000, compared to HKD 17,043,000 for the same period in 2023[74]. Fair Value and Accounting - The fair value loss on investment properties amounted to HKD 515,758,000, compared to a fair value gain of HKD 13,791,000 in 2023[51]. - The company expects to continue evaluating its investment properties and may adjust valuations based on market conditions[51]. - The company did not adopt any new accounting standards or interpretations that would have a significant impact on the financial statements[36]. Shareholder Information - As of June 30, 2024, the total equity held by directors in the company amounts to 3,000,000 shares, representing 1.03% of the issued voting shares[80]. - The largest shareholder, 永安國際集團有限公司, holds 180,545,138 shares, accounting for 62.249% of the issued voting shares[85]. - The total equity held by 郭志標 is 1,508,298 shares, which is 0.520% of the issued voting shares[80]. - The equity held by 郭志桁 totals 649,050 shares, representing 0.224% of the issued voting shares[80].

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 479,998,000, a decrease of 9.5% compared to HKD 530,836,000 for the same period in 2023[3] - The company reported a loss before tax of HKD 225,808,000, compared to a profit of HKD 314,608,000 in the same period last year[3] - The net loss attributable to shareholders was HKD 239,576,000, a significant decline from a profit of HKD 274,180,000 in the prior year[3] - The company reported a loss of HKD 239,576,000 for the six months ended June 30, 2024, compared to a profit of HKD 274,180,000 in the same period of 2023, indicating a significant decline in performance[6] - Total comprehensive loss for the period was HKD 327,177,000, reflecting the impact of both operational losses and valuation adjustments[6] - Basic loss per share for the six months ended June 30, 2024, was HKD 239,576,000, compared to a profit of HKD 274,180,000 for the same period in 2023[25] - The basic earnings attributable to shareholders, excluding investment property valuation losses, slightly decreased by 4.2% to HKD 252.6 million from HKD 263.7 million in 2023[32] Assets and Liabilities - Total assets less current liabilities amounted to HKD 18,755,323,000, down from HKD 19,306,424,000 at the end of 2023[5] - Non-current assets decreased to HKD 14,301,104,000 from HKD 14,897,770,000 year-on-year[5] - Total assets as of June 30, 2024, were HKD 14,457,014,000, compared to HKD 15,055,824,000 as of December 31, 2023[16] - Total liabilities decreased to HKD 348,005,000 from HKD 403,133,000 at the end of the previous year[16] - Total liabilities increased to HKD 1,449,716,000 from HKD 1,337,058,000 in the previous year[17] - The company’s total equity decreased to HKD 17,879,591,000 from HKD 18,385,332,000 year-on-year[5] Cash Flow and Investments - The company’s cash and cash equivalents increased to HKD 1,830,487,000 from HKD 1,721,409,000[5] - The net cash generated from operating activities was HKD 75,519,000 for the six months ended June 30, 2024, an increase from HKD 53,014,000 in the prior year[7] - The net cash from investing activities was HKD 51,373,000, a decrease from HKD 376,166,000 in the same period of the previous year, indicating reduced investment activity[7] - The company had cash and listed securities amounting to HKD 3,497.8 million as of June 30, 2024, compared to HKD 3,414.7 million as of December 31, 2023[33] - The total capital commitments of the company as of June 30, 2024, were HKD 114.2 million, an increase from HKD 57.2 million as of December 31, 2023[37] Dividends and Shareholder Returns - The company paid dividends amounting to HKD 174,057,000 during the reporting period, which reflects its commitment to returning value to shareholders despite the losses[6] - The board declared an interim dividend of HKD 0.32 per share, totaling HKD 92,812,000, down from HKD 0.34 per share and HKD 98,833,000 in 2023[32] Segment Performance - Department store sales amounted to HKD 179,137,000, down 17% from HKD 215,750,000 in the previous year[11] - Property investment income was HKD 272,204,000, a decline of 16.6% from HKD 326,278,000 in the prior period[11] - The company reported a segment profit of HKD 192,545,000 for the department store business, compared to HKD 196,897,000 in the same period last year[14] - The property investment segment generated a profit of HKD 4,734,000, a decrease from HKD 165,504,000 in the previous year[14] - The department store business recorded revenue of HKD 272.2 million for the first half of 2024, a decrease of 16.6% compared to HKD 326.3 million in the same period of 2023, resulting in an operating loss of HKD 27.0 million[38] Market Conditions and Future Outlook - The group expects continued challenges in the department store business for the remainder of 2024, with no signs of improvement in the local retail environment[44] - The company continues to focus on its core businesses of department store operations and property investment, with no significant changes in strategy reported[12] Other Financial Metrics - The company experienced a net loss of HKD 225,808,000 before tax for the six months ended June 30, 2024, contrasting with a profit of HKD 314,608,000 in the same period of 2023[7] - The valuation loss on investment properties was HKD 515,758,000 for the six months ended June 30, 2024, compared to a gain of HKD 13,791,000 in the previous year[7] - The company reported a significant net loss from investment property valuation of HKD 515,758,000 for the period[17] - Financial expenses increased to HKD 1,792,000 from HKD 174,000 in the previous year, reflecting a rise in leasing liabilities[20] Employee and Corporate Actions - The total number of employees as of June 30, 2024, was 523, a decrease from 543 in the previous year[43] - The company repurchased a total of 377,000 shares at a total cost of HKD 4.489 million during the first half of 2024[46]

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% year-over-year growth[2]. - The group's revenue for the year ended December 31, 2023, was HKD 1,056.2 million, a slight increase of 1.5% compared to HKD 1,041.0 million in 2022[19]. - For the year ended December 31, 2023, the company reported revenue of HKD 1,056 million, a slight increase from HKD 1,041 million in 2022[118]. - Total revenue for 2023 was HKD 1,056,194, an increase of 1.1% from HKD 1,041,028 in 2022[129]. - The department store business generated net sales of HKD 639,384,000 in 2023, compared to HKD 603,748,000 in 2022, reflecting an increase of about 5.9%[182]. - The profit attributable to shareholders for the year ended December 31, 2023, was HKD 123.4 million, a significant improvement from a loss of HKD 300.9 million in 2022[19]. - The operating profit after finance costs was HKD 564 million, significantly up from HKD 170 million in the previous year[118]. - Basic earnings per share increased to HKD 1.65 from HKD 0.27 in 2022[118]. - The net profit for the year was HKD 121,117, a recovery from a loss of HKD 301,613 in 2022[129]. - Total comprehensive income for the year amounted to HKD 123,406, recovering from a total comprehensive loss of HKD 522,314 in 2022[130]. Market Expansion and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10-12% driven by new product launches and market expansion[2]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[2]. - The company plans to continue focusing on market expansion and new product development to drive future growth[1]. - The company plans to continue its strategic focus on market expansion and new product development in the upcoming fiscal year[138]. Investment and Technology - Investment in new technology development increased by 25%, focusing on enhancing online services and customer experience[2]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's operational capabilities and customer base[2]. - The company introduced two new product lines, which are anticipated to contribute an additional HKD 200 million in revenue over the next year[2]. - The group's investment portfolio generated a profit of HKD 149.0 million in 2023, compared to a loss of HKD 206.4 million in 2022[19]. - The investment portfolio value increased to HKD 1,872.4 million as of December 31, 2023, from HKD 1,673.3 million in 2022[31]. Cost Management and Profitability - The gross profit margin improved to 40%, up from 35% in the previous year, reflecting better cost management and pricing strategies[2]. - The company has set a target to reduce operational costs by 15% through efficiency improvements and technology integration[2]. - Operating costs decreased by 2.2% to HKD 354.4 million in 2023, down from HKD 362.3 million in 2022[41]. - The overall gross margin for the group in 2023 was 55.0%, compared to 54.5% in 2022[41]. Shareholder Returns - Shareholder returns are expected to increase, with a proposed dividend of HKD 0.50 per share, up from HKD 0.40 last year[2]. - The board proposed a final dividend of HKD 0.60 per share for 2023, up from HKD 0.15 per share in 2022[19]. - The total dividend for 2023, including an interim dividend of HKD 0.34 per share, amounts to HKD 0.94 per share, compared to HKD 0.75 per share in 2022[19]. - The company aims to maintain a dividend payout ratio of approximately 50% of the annual basic profit, barring unforeseen circumstances[19]. Operational Performance - The department store business recorded revenue of HKD 639.4 million for the year ended December 31, 2023, an increase of 5.9% from HKD 603.7 million in 2022[27]. - The operating loss for the department store business decreased to HKD 2.8 million in 2023 from HKD 21.3 million in 2022, primarily due to increased revenue and gross profit[27]. - Property investment income decreased by 9.3% to HKD 388.2 million in 2023, down from HKD 428.0 million in 2022[28]. - The overall rental income from commercial properties in Hong Kong decreased by 7.8% to HKD 293.5 million in 2023, compared to HKD 318.3 million in 2022[29]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions as of December 31, 2023[74]. - The board of directors consists of 7 members, including 1 executive chairman and 1 executive CEO, with all members confirming compliance with the securities trading standards[76][75]. - The company has established an ESG committee to assist the board in overseeing environmental, social, and governance matters[84]. - The company emphasizes standardized recruitment processes and equal development opportunities to achieve gender diversity[97]. Risk Management - The board adopted a risk management policy to ensure consistency in identifying, assessing, managing, monitoring, and reporting risks to achieve strategic goals[106]. - A significant risk identified is the group's ability to meet tenant expectations regarding building infrastructure and support services, which may impact market competitiveness and property investment profitability[106]. - The management confirmed the effectiveness of the group's risk management and internal control systems, which the board and audit committee deemed sufficient[106]. Employee and Diversity - As of December 31, 2023, the total number of employees is 533, with 388 females (73%) and 145 males (27%)[97]. - The senior management team consists of 2 males and 0 females, resulting in a 100% male representation[98]. - The company aims to enhance gender diversity on the board, currently having 1 female director out of 3 independent non-executive directors[96]. Taxation and Financial Position - The total income tax expense for 2023 is HKD 54,990,000, a decrease from HKD 89,096,000 in 2022, representing a reduction of approximately 38.4%[200]. - The effective tax rate for 2023 remains consistent at 16.5%, similar to 2022, indicating stable tax policy application[199]. - The company’s total liabilities slightly increased to HKD 1,337 million from HKD 1,317 million in 2022[118]. - The financial position remains strong with no borrowings reported as of December 31, 2023, ensuring sufficient liquidity for operational needs[24].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,056,194,000, an increase of 1.5% from HKD 1,041,028,000 in 2022[3] - Operating profit for the year was HKD 564,593,000, significantly up from HKD 170,619,000 in the previous year, representing a growth of 230.5%[3] - The net profit attributable to shareholders for the year was HKD 123,360,000, compared to a loss of HKD 300,946,000 in 2022, marking a turnaround[3] - Basic and diluted earnings per share for the year were 42.4 cents, compared to a loss of 103.3 cents per share in the previous year[3] - The total comprehensive income for the year was HKD 123,406,000, recovering from a total comprehensive loss of HKD 522,314,000 in 2022[4] Assets and Equity - Non-current assets as of December 31, 2023, amounted to HKD 14,897,770,000, a decrease from HKD 15,234,885,000 in 2022[5] - Current assets increased to HKD 4,354,937,000 from HKD 4,197,833,000 in the previous year, reflecting a growth of 3.7%[5] - The net current assets as of December 31, 2023, were HKD 3,938,971,000, up from HKD 3,772,350,000 in 2022[5] - The total equity attributable to shareholders was HKD 18,355,830,000, slightly down from HKD 18,553,535,000 in the previous year[5] - The accumulated net gain from the fair value of investment properties, after deferred tax, was HKD 11,776,744,000 as of December 31, 2023, compared to HKD 12,131,503,000 in 2022[6] Dividends and Retained Earnings - The company declared dividends totaling HKD 98,794 for the year, which is a decrease from HKD 218,021 paid in the previous year[7] - The retained earnings as of December 31, 2023, were HKD 17,574,290, down from HKD 17,774,219 at the start of the year, indicating a reduction of about 1.13%[7] - Proposed final dividend per share increased to HKD 0.60 in 2023 from HKD 0.15 in 2022, representing a 300% increase[29] Revenue Segmentation - The group's total revenue for 2023 was HKD 1,167,215,000, an increase of 1.3% from HKD 1,151,989,000 in 2022[15] - The department store segment generated revenue of HKD 639,384,000 in 2023, up 5.9% from HKD 603,748,000 in 2022[15] - The property investment segment reported total rental income of HKD 416,810,000 in 2023, compared to HKD 437,280,000 in 2022, reflecting a decrease of 4.7%[15] Expenses and Liabilities - Financial expenses decreased to HKD 483,000 in 2023 from HKD 1,068,000 in 2022, a reduction of 54.8%[16] - The group’s total liabilities for 2023 were HKD 403,133,000, compared to HKD 368,628,000 in 2022, an increase of 9.3%[15] - Total liabilities increased to HKD 1,337,058,000 in 2023 from HKD 1,317,363,000 in 2022, representing a growth of 1.3%[19] Other Income and Tax - The group recorded other income of HKD 139,860,000 in 2023, significantly higher than HKD 77,700,000 in 2022, an increase of 79.9%[16] - The company reported a total tax expense of HKD 54,990,000 in 2023, down from HKD 89,096,000 in 2022, a decrease of 38.4%[26] Strategic Initiatives - The company aims to strengthen its core department store business and enhance rental income from commercial properties as part of its business strategy[40] - The group plans to continue focusing on its current market positioning and aims to provide more value-for-money products and better shopping experiences in 2024[51] - The group has initiated a renovation of its Nathan Road Wing On Plus store, expected to be completed by 2025, to enhance customer shopping experience[46] Shareholder Information - The group repurchased a total of 515,000 shares during the year, with a total payment of HKD 6.5 million[53] - The company will hold its 2024 Annual General Meeting on June 13, 2024, with a notice to be published around April 26, 2024[55] - The current executive directors include the chairman, Mr. Guo Zhi Liang, and the CEO, Mr. Guo Zhi Hang, among others[57]