Financial Performance - The company's total revenue for the first half of 2021 was HKD 1,894,942,000, representing a 67.7% increase from HKD 1,130,089,000 in the same period last year[7]. - Operating profit for the first half of 2021 was HKD 65,940,000, up 66.4% from HKD 39,638,000 year-on-year[7]. - Shareholders' profit attributable to the company was HKD 47,146,000, a slight increase of 1.1% compared to HKD 46,610,000 in the previous year[10]. - The basic earnings per share rose to 5.2 HK cents, up 2.0% from 5.1 HK cents in the same period last year[10]. - Total comprehensive income for the period was HKD 72,342 thousand, significantly higher than HKD 12,366 thousand in the prior year[49]. - The net profit attributable to equity holders of the company was HKD 54,002,000 for the six months ended June 30, 2021, compared to a loss of HKD 33,433,000 in the same period of 2020[59]. - The company reported a consolidated profit before tax of HKD 60,025,000, compared to HKD 55,195,000 in the previous year, indicating a growth of 8.3%[83]. Revenue Breakdown - The fresh food business saw revenue of HKD 522,184,000, a significant increase of 204.5% year-on-year, despite a decrease in profit due to falling live pig prices[12]. - The tinplate business reported revenue of HKD 1,361,997,000, an increase of 43.6%, with a profit increase of 140.3% year-on-year[13]. - Fresh food business revenue accounted for 27.6% of the group's total revenue, with a 204.5% increase to HKD 522,184,000 in the first half of 2021 compared to the same period last year[17]. - Revenue for the six months ended June 30, 2021, was HKD 1,894,942,000, a significant increase of 67.5% compared to HKD 1,130,089,000 for the same period in 2020[78]. - The sales of tinplate products reached HKD 1,361,997,000, up 43.5% from HKD 948,426,000 in the previous year[81]. - The revenue from fresh food increased to HKD 475,610,000, compared to HKD 130,637,000 in the same period last year, marking a growth of 263.5%[78]. Market Position - The overall market share for live pigs supplied to Hong Kong was approximately 47% in the first half of 2021[12]. - The group maintained a market share of approximately 47% in the live pig supply market for Hong Kong, supported by the expansion of domestic frozen meat wholesale and slaughtering businesses[17]. Assets and Liabilities - The group reported total assets of HKD 3,930,851,000 and total liabilities of HKD 1,087,715,000 as of June 30, 2021, reflecting increases of HKD 615,411,000 and HKD 556,683,000 respectively since the end of 2020[25]. - Current assets increased to HKD 2,463,901 thousand from HKD 1,964,206 thousand, indicating a growth of 25.4%[52]. - Total liabilities increased to HKD 1,033,491 thousand from HKD 492,721 thousand, indicating a significant rise in financial obligations[54]. - The group's total liabilities increased to HKD 791,442,000 as of June 30, 2021, compared to HKD 429,885,000 on December 31, 2020, marking a rise of 84.2%[111]. Cash Flow and Capital Expenditure - Cash and cash equivalents amounted to HKD 893,170,000, a slight decrease of 0.2% from the end of 2020, with 79.0% in RMB[26]. - Capital expenditure for the first half of 2021 was HKD 123,459,000, significantly higher than HKD 13,432,000 in the same period last year, with total capital commitments of HKD 557,580,000[27]. - The net cash used in operating activities for the six months ended June 30, 2021, was HKD 53,756,000, a decline from the net cash generated of HKD 14,784,000 in the same period of 2020[64]. - The company incurred a cash outflow of HKD 123,865,000 for the purchase of property, plant, and equipment during the six months ended June 30, 2021, compared to HKD 11,403,000 in the same period of 2020[64]. Dividends - The company declared an interim dividend of 1.0 HK cent per share, unchanged from the previous year[11]. - The group declared an interim dividend of HKD 9,076,000 for the six months ended June 30, 2021, unchanged from the same period in 2020[115]. - The group approved a final dividend of HKD 13,614,000 for the previous fiscal year, down from HKD 27,228,000 in the prior year, reflecting a decrease of 50.0%[116]. Strategic Initiatives - The company aims to strengthen its fresh food business by investing in an integrated supply chain from livestock farming to cold chain logistics, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area[37]. - The company plans to enhance its sales network by introducing e-commerce and new retail models, targeting a multi-level sales network across the "9+2" city cluster in the Greater Bay Area[39]. - The company is committed to improving product quality and technology in its tinplate business, aiming to become a leading service provider in the market[40]. - The company will continue to monitor market conditions and adjust its development strategies to mitigate risks associated with the ongoing COVID-19 pandemic and market fluctuations[40]. Employment and Human Resources - The company employed a total of 1,081 full-time employees as of June 30, 2021, an increase of 10 from 1,071 at the end of 2020[36]. - The group’s short-term employee benefits for key management personnel increased to HKD 1,668,000 in 2021 from HKD 1,184,000 in 2020[144]. Compliance and Governance - The company has maintained compliance with the Corporate Governance Code during the six months ending June 30, 2021[159]. - The company’s external auditor, KPMG, reviewed the unaudited interim financial report for the six months ending June 30, 2021[164].

Financial Performance - The total revenue for the year ended December 31, 2020, was HKD 2,538,001,000, an increase of 7.1% from HKD 2,369,724,000 in 2019[7]. - The operating profit decreased by 12.2% to HKD 66,878,000 from HKD 76,192,000 in 2019[7]. - The net profit attributable to shareholders increased by 28.9% to HKD 69,899,000 compared to HKD 54,213,000 in 2019[10]. - Basic earnings per share rose by 28.3% to HKD 0.077 from HKD 0.060 in 2019[10]. - Gross profit for the same period was HKD 259,415, up from HKD 225,483, reflecting a gross margin improvement[187]. - Operating profit decreased to HKD 66,878 from HKD 76,192, indicating a decline of 12.3% year-over-year[187]. - Net profit for the year was HKD 72,892, compared to HKD 54,167 in 2019, representing a growth of 34.5%[187]. - Total comprehensive income for the year was HKD 185,691, significantly higher than HKD 15,973 in 2019[191]. Revenue Breakdown - Revenue from tinplate products was HKD 2,115,643,000, an increase of 4.6% from the previous year[12]. - The sales volume of tinplate products increased by 14.6%, totaling an additional 39,641 tons compared to 2019[12]. - In the fresh food business, revenue reached HKD 403,005,000 in 2020, an increase of HKD 76,594,000 or 23.5% compared to 2019[21]. - The tinplate business accounted for 83.4% of total revenue, generating HKD 2,115,643,000 in 2020, an increase of 4.6% from 2019[20]. Profitability and Costs - The segment profit for tinplate products decreased significantly by 75.9% to HKD 8,692,000 from the previous year[12]. - Raw material costs accounted for 84% of total production costs in 2020, significantly impacting the company's profitability and operational performance[66]. - The company reported a loss on investment property valuation of HKD 16,800, compared to a minimal loss of HKD 10 in the previous year[187]. - Financing costs rose to HKD 2,831 from HKD 116, indicating a substantial increase in financial expenses[187]. Assets and Liabilities - Total assets increased by 8.8% to HKD 3,315,440,000 from HKD 3,046,807,000 in 2019[8]. - As of December 31, 2020, total assets were HKD 3,315,440,000, an increase of HKD 268,633,000 from the end of 2019, while total liabilities rose by HKD 68,750,000[27]. - Total liabilities increased from HKD 432,357,000 in 2019 to HKD 492,721,000 in 2020, an increase of 13.96%[197]. - Cash and cash equivalents decreased slightly from HKD 903,613,000 in 2019 to HKD 895,109,000 in 2020, a decline of 0.56%[194]. Shareholder Information - The company proposed a final dividend of HKD 0.015 per share, down from HKD 0.030 in the previous year, representing a decrease of 37.5%[11]. - The major shareholder, Yuehai Holdings, holds 59.19% of the company's shares, equivalent to 537,198,868 ordinary shares[100]. - As of December 31, 2020, the company had 907,593,285 ordinary shares issued, with a director holding 100,000 shares, representing approximately 0.011%[91]. - The company aims to provide stable and sustainable returns to shareholders through a dividend policy, proposing semi-annual dividends and potential special dividends based on financial performance and future outlook[58]. Corporate Governance - The company has established internal controls and management systems to monitor customer credit status and mitigate risks associated with accounts receivable[64]. - The board consists of seven members, including three independent non-executive directors, contributing to a diverse governance structure[133]. - The company has adopted a board diversity policy since August 22, 2013, focusing on factors such as gender, age, and professional experience to achieve diversity[130]. - The audit committee held four meetings during the year, reviewing the group's 2019 annual performance, 2020 interim performance, and quarterly results[147]. Strategic Initiatives - The company plans to extend its business chain in the agricultural food industry, focusing on slaughtering, cold chain transportation, food processing, and retail[15]. - The company will actively explore opportunities for strategic cooperation to enhance profitability and maximize shareholder value[16]. - The company aims to enhance its food safety supervision and adjust operational strategies in response to ongoing COVID-19 impacts[16]. Environmental and Social Responsibility - The company has adopted effective environmental protection technologies and measures to ensure compliance with environmental standards[82]. - The company is committed to sustainable development through stakeholder engagement, including employees, customers, and suppliers[85]. - The company plans to release an environmental, social, and governance report detailing its performance in these areas for the fiscal year[83].

Financial Performance - The group's revenue for the first half of 2020 was HKD 1,176,577,000, a decrease of 4.0% compared to HKD 1,130,089,000 in the same period last year[8]. - Operating profit decreased by 25.3% to HKD 39,638,000 from HKD 53,088,000 year-on-year[8]. - The net profit attributable to shareholders increased by 41.5% to HKD 32,949,000, up from HKD 46,610,000 in the previous year[11]. - Basic earnings per share rose by 41.7% to HKD 5.1 cents from HKD 3.6 cents year-on-year[8]. - The total revenue for the six months ended June 30, 2020, was HKD 1,130,089,000, a decrease of 3.9% compared to HKD 1,176,577,000 for the same period in 2019[49]. - Gross profit for the same period was HKD 119,355,000, down from HKD 129,430,000, reflecting a decline of 7.9%[49]. - The company reported a pre-tax profit of HKD 55,195,000, compared to HKD 36,106,000 in the previous year, marking a 52.9% increase[49]. - The company reported a profit of HKD 46,610,000 for the six months ended June 30, 2020, compared to HKD 32,949,000 for the same period in 2019, representing a year-over-year increase of about 41.4%[69]. Revenue Breakdown - The revenue from the tinplate business was HKD 948,426,000, a decrease of 3.7% year-on-year[13]. - The fresh food segment reported revenue of HKD 171,504,000, down 5.0% year-on-year, while the segment profit increased by 97.9% to HKD 57,173,000 due to higher live pig prices[22]. - Revenue from mainland China was HKD 493,726,000 in the first half of 2020, down from HKD 549,575,000 in 2019, a decrease of 10.2%[114]. - Revenue from fresh food was HKD 130,637,000 in the first half of 2020, a decrease of 8% from HKD 141,900,000 in 2019[114]. - The tinplate business accounted for 83.9% of the group's revenue, with production increasing by 0.5% year-on-year to 138,583 tons in the first half of 2020[19]. Assets and Liabilities - The total assets increased by 4.9% to HKD 3,196,686,000 from HKD 3,046,807,000[8]. - The group’s total assets as of June 30, 2020, were HKD 3,196,686,000, with total liabilities of HKD 627,023,000, reflecting increases from the end of 2019[27]. - Total liabilities increased to HKD 627,023,000, up 35.7% from HKD 462,282,000 in 2019[122]. - The company's equity attributable to shareholders decreased to HKD 2,426,612,000 from HKD 2,438,584,000, a decline of about 0.5%[61]. - Current assets increased to HKD 1,933,601,000, up from HKD 1,763,255,000, reflecting a growth of about 9.6%[58]. Cash Flow and Liquidity - Cash and cash equivalents amounted to HKD 993,074,000, a 9.9% increase from the end of 2019, with 49.2% in RMB and 24.1% in USD[28]. - The group recorded a net cash position of HKD (950,200,000), slightly worse than HKD (927,503,000) in the previous year[8]. - Operating cash flow generated was HKD 23,229,000 in 2020, up from HKD 8,643,000 in 2019, representing a significant increase of 169%[102]. - Net cash generated from operating activities reached HKD 14,784,000 in 2020, compared to HKD 6,203,000 in 2019, marking an increase of 138%[102]. - The group’s liquidity position remains strong, with available bank credit of HKD 451,222,000, of which HKD 190,670,000 is unutilized[28]. Dividends and Shareholder Value - The interim dividend declared was HKD 1.0 cent per share, unchanged from the previous year[12]. - The company declared an interim dividend of HKD 9,076,000 for the six months ended June 30, 2020, consistent with the previous year[162]. - The company is committed to maximizing shareholder value through strategic partnerships and development opportunities despite economic uncertainties[40]. Operational Strategies and Market Presence - The company plans to strengthen its food safety supervision and adjust its operational strategies in response to the ongoing COVID-19 pandemic[40]. - The company aims to expand its market presence in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on the agricultural food sector[40]. Employee and Management Information - The workforce increased to 1,086 employees as of June 30, 2020, up from 1,081 at the end of 2019, reflecting a slight growth in human resources[40]. - The total remuneration for key management personnel, including payments to directors, was HKD 1,514,000, comprising short-term employee benefits of HKD 1,265,000 and retirement benefits of HKD 249,000[197]. Investment and Capital Expenditures - Capital expenditures for the first half of 2020 were HKD 13,432,000, with an estimated total for the year projected at HKD 70,000,000[29]. - The total capital commitments as of June 30, 2020, were HKD 52,594,000, compared to HKD 34,296,000 as of December 31, 2019[182]. Other Financial Metrics - The group recognized a valuation loss on investment properties of HKD 9,341,000 for the period, compared to no loss in the same period of 2019[142]. - Other comprehensive income for the period was a loss of HKD 31,354,000, compared to a loss of HKD 6,211,000 in the previous year[72]. - The total comprehensive income for the period was HKD 15,256,000, down from HKD 26,738,000 in the prior year[74].

Financial Performance - The total revenue for the year ended December 31, 2019, was HKD 2,369,724,000, a decrease of 16.7% compared to HKD 2,845,356,000 in 2018[18] - Operating profit increased by 1.8% to HKD 76,192,000 from HKD 74,825,000 in the previous year[18] - Shareholders' profit attributable to the company was HKD 54,213,000, down 54.2% from HKD 118,377,000 in 2018[16] - Basic earnings per share decreased by 53.8% to HKD 0.060 from HKD 0.130 in 2018[16] - The revenue from the tinplate business was HKD 2,022,018,000, a decrease of 16.4% compared to the previous year, with sales volume down by 15.8%[18] - The fresh food business reported revenue of HKD 326,411,000, a decrease of 19.6% from 2018, with a significant drop in sales volume due to supply issues[19] - Revenue from the fresh food business was HKD 326,411,000, a decrease of 19.6% from 2018, with a segment profit of HKD 49,213,000, down 34.7%[28] - The group recorded a significant increase in segment profit for the tinplate business, rising by 1359.6% to HKD 36,111,000 despite a revenue decline[27] - The company reported a profit attributable to shareholders of HKD 54,213,000 for the year, a decrease from HKD 118,377,000 in 2018[87] Assets and Liabilities - The total assets as of December 31, 2019, were HKD 3,046,807,000, an increase of 3.0% from HKD 2,958,801,000 in 2018[13] - Total assets as of December 31, 2019, were HKD 3,046,807,000, with total liabilities increasing to HKD 462,282,000[34] - As of December 31, 2019, the total distributable reserves available for shareholders amounted to HKD 502,632,000, up from HKD 472,729,000 in 2018[90] Dividends - The proposed final dividend for 2019 is HKD 0.030 per share, subject to approval at the annual general meeting[17] - The company reported a mid-term dividend of HKD 0.01 per share and a proposed final dividend of HKD 0.03 per share for the year ending December 31, 2019, consistent with the previous year[65] - The company aims to provide stable and sustainable returns to shareholders through a dividend policy that includes semi-annual dividends and potential special dividends[69] Market Position and Strategy - The overall market share for live pig supply in Hong Kong was approximately 46%[19] - The group maintained a market share of approximately 46% in the live pig market, contributing to profitability despite challenges from avian influenza[31] - The group plans to expand its market presence in the Guangdong-Hong Kong-Macao Greater Bay Area and enhance its supply chain services in the tinplate sector[23] - The fresh food business targets a stable market share in the live pig market in Hong Kong, with key performance indicators including market share and operating revenue[72] Operational Insights - The group has a total available bank credit of HKD 504,453,000, with HKD 219,557,000 already utilized, ensuring sufficient liquidity for operational needs[38] - The group aims to adjust its operational strategies in response to the ongoing impacts of the COVID-19 pandemic, focusing on food safety and employee health[23] - The company has established internal control systems and accounts receivable management to monitor customer credit status and mitigate risks associated with accounts receivable[76] - The company has strengthened its research and tracking of the foreign exchange market to mitigate foreign exchange risks, particularly due to fluctuations in the RMB/USD exchange rate[45] Employee and Management - The total number of full-time employees decreased to 1,081 as of December 31, 2019, from 1,109 at the end of 2018, with 198 employees in Hong Kong and 883 in mainland China[46] - The management continues to implement a bonus incentive mechanism based on the performance of subsidiaries, effectively motivating employee productivity[46] - The company encourages directors to participate in professional development courses related to corporate governance and regulatory updates[153] Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules throughout the year ended December 31, 2019[136] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2019[145] - The audit committee reviewed the group's performance for the year ending December 31, 2019[131] - KPMG was reappointed as the auditor for the company, with no changes in auditors over the past three years[131] Risk Management - The company has established a safety production system to manage risks associated with the tinplate production process[77] - The group established a clear organizational structure with designated authority and responsibility boundaries to enhance internal control and risk management[182] - A budget system was implemented, requiring annual business plans and forecasts to be reviewed and approved monthly by management, helping to assess significant business risks[183] - The internal audit department was established to strengthen internal control and risk management, with auditors reviewing activities and reporting any significant deficiencies directly to the board[188] Environmental and Social Responsibility - The company has implemented effective environmental protection technologies to ensure compliance with environmental standards[95] - The company acknowledges the importance of stakeholders, including employees, customers, and suppliers, for its sustainable development[99] - The company made donations totaling HKD 34,000 during the year, slightly down from HKD 36,000 in 2018[100] Shareholder Information - As of December 31, 2019, the company had 907,593,285 shares of ordinary stock issued, with Li Jiaqi holding 100,000 shares, representing approximately 0.011%[108] - The major shareholder, Yuehai Holdings, holds 537,198,868 shares, representing 59.19% of the company[124] - The company maintained the required public float as per listing rules as of the report date[128]

Financial Performance - The company's revenue for the first half of 2019 was HKD 1,176,577,000, a decrease of 18.4% compared to HKD 1,442,589,000 in the same period of 2018[10] - Operating profit increased by 189.3% to HKD 53,088,000 from HKD 18,348,000 year-on-year[10] - Shareholders' profit attributable to the company was HKD 32,949,000, down 55.3% from HKD 73,689,000 in the previous year[10] - Basic earnings per share decreased by 55.6% to HKD 0.036 from HKD 0.081 year-on-year[10] - The total comprehensive income for the six months ended June 30, 2019, was HKD 28,193,000, down from HKD 55,210,000 in the same period of 2018[49] - The net profit for the six months ended June 30, 2019, was HKD 34,849,000, down 50% from HKD 69,996,000 in the previous year[45] - The basic and diluted earnings per share for the period were both 3.6 cents, compared to 8.1 cents in 2018, reflecting a decrease of 55.6%[45] - The group’s gross profit for the six months was HKD 54,889,000, significantly up from HKD 17,257,000 in the previous year, indicating a substantial improvement in profitability[93] Revenue Breakdown - Revenue from the fresh pork business decreased by 8.3% to HKD 180,596,000, with a segment profit decrease of 8.2%[16] - The tinplate business accounted for 83.7% of the group's total revenue, with production decreasing by 17.0% to 137,853 tons in the first half of 2019 compared to the same period last year[20] - Revenue for the tinplate segment was HKD 985,289,000, a decrease of 20.2% or HKD 249,687,000 year-on-year, while the segment recorded a profit of HKD 18,376,000 compared to a loss of HKD 22,047,000 in the previous year[20] - Fresh food business revenue was HKD 180,596,000, down 8.3% or HKD 16,276,000 year-on-year, with a segment profit of HKD 28,892,000, a decrease of 8.2%[23] - The rental property business had an occupancy rate of 91.3%, down 3.7 percentage points year-on-year, with revenue of HKD 10,692,000, a decrease of 0.5%[24] Assets and Liabilities - The total assets of the company increased by 1.7% to HKD 3,010,351,000 from HKD 2,958,801,000[11] - As of June 30, 2019, total assets were HKD 3,010,351,000, and total liabilities were HKD 404,530,000, reflecting increases of HKD 51,550,000 and HKD 50,585,000 respectively since the end of 2018[27] - Total liabilities increased to HKD 404,530,000 as of June 30, 2019, from HKD 353,945,000 as of December 31, 2018, indicating a rise of 14.3%[95] - The total liabilities increased to HKD 392,558,000 from HKD 344,384,000, marking an increase of 14.0%[93] - The net asset value as of June 30, 2019, was HKD 2,605,821, compared to HKD 2,604,856 at the end of 2018[56] Cash Flow and Investments - The company reported a net cash position of HKD (787,062,000), an improvement from HKD (824,785,000) in the previous period[11] - Cash and cash equivalents amounted to HKD 763,446,000, a decrease of 3.9% from the end of 2018, with 35.8% in RMB and 31.2% in USD[28] - The company incurred a net cash outflow from investing activities of HKD (8,844,000), a significant improvement from HKD (47,430,000) in the prior year[67] - The company’s cash flow from operating activities improved significantly, with cash generated increasing by 31% year-over-year[67] - The company reported a decrease in cash deposits and cash equivalents to HKD 388,117,000 as of June 30, 2019, from HKD 449,448,000 as of December 31, 2018, a decline of approximately 13.6%[11] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.010 per share, unchanged from the previous year[14] - The company declared a dividend of HKD 27,228 related to the previous year[60] - The company paid dividends amounting to HKD 9,076,000 during the period, reflecting a commitment to return value to shareholders[63] - The company declared an interim dividend of HKD 9,076,000 for the six months ended June 30, 2019, consistent with the previous year[13] Strategic Initiatives - The company plans to implement an innovation-driven development strategy and increase investment in technological innovation to stabilize customer base and sales[37] - The company aims to expand its fresh food business by broadening trade wholesale and retail channels, and engaging in acquisition activities in mainland China[37] - The company will continue to monitor the impact of African swine fever on live pig supply to Hong Kong and strengthen industry connections to ensure stable supply[37] Employee and Management Information - The company employed 1,083 full-time employees as of June 30, 2019, a reduction of 26 employees from the end of 2018[36] - The total employee costs for the six months ended June 30, 2019, were HKD 93,333,000, slightly down from HKD 95,023,000 in 2018, indicating a decrease of 1.8%[99] - The total remuneration for key management personnel, including directors, was HKD 1,514,000 for the six months ended June 30, 2019, compared to HKD 1,418,000 for the same period in 2018, representing an increase of 6.8%[161] Compliance and Governance - The company has complied with the Corporate Governance Code as set out in Appendix 14 of the Listing Rules during the six months ended June 30, 2019[179] - The company has adopted the Standard Code for Securities Transactions by Directors as per Appendix 10 of the Listing Rules, with all directors confirming compliance during the reporting period[180] - The audit committee reviewed the unaudited interim financial report for the six months ending June 30, 2019[185]

Financial Performance - The company's total revenue for 2018 was HKD 2,845,356,000, representing a 30.2% increase from HKD 2,186,010,000 in 2017[10] - Operating profit surged to HKD 74,825,000, a remarkable increase of 1255.0% compared to HKD 5,522,000 in the previous year[10] - Shareholders' profit attributable to the company was HKD 118,377,000, up 79.9% from HKD 65,797,000 in 2017[10] - Basic earnings per share rose to HKD 0.13, an increase of 80.6% from HKD 0.072 in 2017[10] - Profit before tax for the year was HKD 122,624,000, compared to HKD 47,936,000 in the previous year, indicating an increase of around 156.1%[193] - Net profit attributable to equity holders of the company was HKD 115,522,000, a substantial rise from HKD 55,800,000 in 2017, representing an increase of approximately 106.8%[193] - Total comprehensive income for the year was HKD 31,767,000, down from HKD 177,357,000 in 2017, reflecting a decrease of approximately 82.1%[196] Revenue Breakdown - Revenue from tinplate products reached HKD 2,417,520,000, a 35.7% increase from HKD 1,781,285,000 in 2017[15] - The sales volume of tinplate products increased by 22.2%, amounting to an additional 58,587 tons in 2018[15] - The fresh food business generated revenue of HKD 405,982,000 in 2018, a 5.7% increase from 2017, but segment profit decreased by 21.3% to HKD 75,384,000 due to the impact of avian influenza and African swine fever[22] - The property leasing business achieved a rental rate of 95.3%, with revenue increasing by 5.6% to HKD 21,854,000 and segment profit rising by 11.0% to HKD 16,015,000[25] Market Position - The company maintained a market share of approximately 46% in the live pig supply market despite challenges from African swine fever[16] - The group’s capital expenditure for 2018 was HKD 43,500,000, significantly up from HKD 17,512,000 in 2017, with projected capital expenditure for 2019 estimated at HKD 50,000,000[31] - The group plans to enhance its supply chain management and explore acquisition opportunities to foster new profit growth points[21] Assets and Liabilities - Total assets decreased slightly by 1.5% to HKD 2,958,801,000 from HKD 3,003,711,000 in 2017[11] - Total liabilities decreased from HKD 372,083,000 in 2017 to HKD 334,238,000 in 2018, representing a reduction of 10.18%[199] - Cash and cash equivalents stood at HKD 794,130,000, a decrease of 3.4% from the previous year, with 37.5% in RMB and 29.8% in USD[28] Dividends - The board proposed a final dividend of HKD 0.03 per share for the 2018 fiscal year[14] - The company reported a mid-term dividend of HKD 0.01 per share and proposed a final dividend of HKD 0.03 per share for the year ending December 31, 2018[53] - The company aims to maintain a stable and sustainable dividend policy, with dividends proposed semi-annually based on financial performance and future outlook[55] Employee and Management - The total number of full-time employees decreased to 1,109 as of December 31, 2018, down from 1,129 at the end of 2017, with 209 employees in Hong Kong and 900 in mainland China[37] - The group continues to implement staffing and salary control management across its subsidiaries[37] - The group has implemented a bonus incentive mechanism for management based on the performance of subsidiaries, which is assessed using net cash inflow and after-tax profit[37] Risk Management - The group has strengthened its research and tracking of the foreign exchange market to gradually reduce foreign exchange risk exposure[36] - The group aims to maintain its net risk at an acceptable level by buying and selling foreign currencies at spot rates or entering into forward foreign exchange contracts when necessary[36] - The company has established internal controls and management systems to monitor customer credit status and mitigate accounts receivable risks[61] Environmental and Social Responsibility - The group has implemented effective environmental protection technologies and measures to ensure compliance with environmental standards[81] - The group made donations totaling HKD 36,000 during the year, slightly increasing from HKD 35,000 in 2017[84] - The company emphasizes compliance with environmental laws and regulations, which poses potential risks to its tinplate business[80] Corporate Governance - The board consists of 7 members, including 3 independent non-executive directors, enhancing governance and oversight[143] - The company has established a framework to ensure the board's independence and balance in its structure[135] - The company has complied with the corporate governance code as per the listing rules throughout the year ended December 31, 2018[131] Audit and Financial Reporting - The audit committee reviewed the group's performance for the year ended December 31, 2018[120] - The auditor's fees for the year ending December 31, 2018, totaled HKD 3,710,000, including HKD 2,613,000 for auditing the annual financial statements[156] - The company adhered to the Hong Kong Financial Reporting Standards in preparing its financial statements[175] Inventory and Asset Management - The inventory valuation as of December 31, 2018, amounted to HKD 298,500,000, with a recognized inventory impairment provision of HKD 1,400,000 for the year[178] - The risk of inventory's net realizable value being lower than cost is heightened due to price fluctuations in tinplate products and market conditions[178] - Management's estimates for the recoverable amount of non-current assets involve significant judgment and are subject to bias, particularly regarding future cash flows[176]