Financial Performance - For the first quarter of 2025, the company's unaudited consolidated revenue was HKD 2.879 billion, representing a 20% increase compared to HKD 2.399 billion in the same period last year[4]. - The profit attributable to equity holders of the company for the first quarter of 2025 was HKD 34.77 million, a significant increase of 260% from HKD 9.65 million in the previous year[4]. - The total assets as of March 31, 2025, were HKD 5.035 billion, reflecting a 2% increase from HKD 4.938 billion as of December 31, 2024[4]. Segment Performance - The food biotechnology segment generated revenue of HKD 2.355 billion, a 21% increase year-on-year, despite a 7% decline in segment profit to HKD 44.59 million[7]. - The tinplate business produced 76,000 tons of products, a 10% increase year-on-year, with sales of 75,000 tons, representing a 19% increase[8]. - The revenue from the tinplate business was HKD 520 million, a 15% increase compared to the previous year, with segment profit rising 314% to HKD 19.76 million[8]. Challenges and Considerations - The company expects to continue facing challenges due to price fluctuations in pork and demand variability in the tinplate business[12]. - The company emphasizes that quarterly performance may not be indicative of annual results due to market conditions and seasonal factors[12]. Asset Valuation - The company has not recorded any valuation gains or losses on investment properties, maintaining stable property values[10]. - The unaudited financial data for the first quarter of 2025 has been reviewed by the company's audit committee[11].

Financial Performance - The company's consolidated revenue for 2024 reached HKD 11.98 billion, a 15% increase from HKD 10.39 billion in 2023[6]. - Consolidated profit attributable to shareholders was HKD 140.75 million, up 114% from HKD 65.92 million in 2023[7]. - Basic earnings per share increased to HKD 0.1551, a 114% rise compared to HKD 0.0726 in 2023[6]. - Revenue from the food biological segment reached HKD 9.929 billion, a 22% increase year-on-year, with segment profit rising 133% to HKD 234 million[14]. - The group's revenue from the tinplate business was HKD 2.032 billion, a decrease of 10% compared to 2023, with segment profit dropping 55% to HKD 38.51 million[16]. - The property leasing business reported an occupancy rate of 84%, down 3 percentage points from 2023, with revenue decreasing by 10% to HKD 18.03 million[18]. - Net profit for the year increased to HKD 171,022 thousand, a significant rise of 84.3% compared to HKD 92,777 thousand in 2023[158]. - Total comprehensive income for the year was HKD 118,048 thousand, up from HKD 47,097 thousand in 2023, marking a growth of 150.5%[159]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.025 per share, representing a 25% increase from the previous year's HKD 0.020[7]. - The company reported a mid-term dividend of HKD 0.01 per share for 2024, consistent with 2023, and proposed a final dividend of HKD 0.025 per share, up from HKD 0.02 in 2023[43]. - The company aims to maintain a stable and sustainable dividend policy, with dividends proposed semi-annually, subject to the board's assessment of financial performance and future prospects[45]. - The company declared dividends of HKD 9,076,000 for the year, consistent with the previous year's dividend declaration[165]. Assets and Liabilities - Total assets as of December 31, 2024, were HKD 4.94 billion, a 3% increase from HKD 4.79 billion in 2023[6]. - Total assets as of December 31, 2024, amounted to HKD 4.938 billion, while total liabilities increased to HKD 2.081 billion[20]. - Non-current assets decreased to HKD 2,125,575 thousand in 2024 from HKD 2,219,337 thousand in 2023, a decline of 4.2%[161]. - Current assets increased to HKD 2,812,739 thousand in 2024, up from HKD 2,569,664 thousand in 2023, representing a growth of 9.5%[161]. - Total liabilities decreased to HKD 2,856,836 thousand in 2024 from HKD 2,795,645 thousand in 2023, a reduction of 2.1%[162]. - The company’s equity attributable to shareholders increased to HKD 2,592,751 thousand in 2024 from HKD 2,570,014 thousand in 2023, reflecting a growth of 0.9%[162]. Operational Developments - The company plans to invest in an integrated supply chain platform for livestock, including slaughtering, processing, cold chain distribution, and fresh marketing[8]. - The company aims to expand its retail network in Hong Kong and diversify its fruit and vegetable product offerings[8]. - The joint venture in live pig farming turned profitable in 2024, benefiting from improved market conditions and reduced costs[9]. - The company is focused on enhancing its tinplate product quality and expanding its customer base both domestically and internationally[9]. - The group achieved a slaughter volume of over 3 million pigs, securing a leading market share in Guangdong Province[14]. - The group aims to enhance operational efficiency through digital transformation and supply chain optimization in the food biological segment[11]. Investments and Capital Expenditure - Capital expenditure for 2024 was HKD 54.37 million, significantly lower than HKD 261 million in 2023[23]. - The group plans to invest approximately HKD 302 million in capital expenditures for 2025[23]. - The group entered a partnership to establish a slaughterhouse in Foshan with a registered capital of RMB 90 million, with the group holding a 65% stake[24]. Risk Management and Compliance - The group has strengthened its foreign exchange market research and monitoring to mitigate foreign exchange risk, particularly from USD to RMB fluctuations[28]. - The company has implemented internal controls and monitoring systems to manage accounts receivable risks associated with customer creditworthiness[50]. - The company is actively seeking to diversify suppliers for its food biological business to reduce reliance on major suppliers and mitigate risks from potential policy changes[54]. - The company has established a safety production system to mitigate risks associated with machinery operations in its slaughtering and food processing businesses[51]. - The company is committed to enhancing environmental protection measures to mitigate negative impacts from its operations on the environment[53]. Corporate Governance - The board of directors includes both executive and non-executive members, with specific terms for re-election outlined[70]. - The board consists of seven members, including three independent non-executive directors, ensuring a balanced structure for effective oversight[116]. - The company has adhered to the corporate governance code, with the exception of the separation of roles between the chairman and the CEO[103]. - The independent non-executive directors have confirmed their independence as per the listing rules[108]. - The company encourages directors to participate in professional development courses related to corporate governance and compliance, ensuring they remain informed about legal and regulatory updates[113]. Audit and Financial Reporting - The audit committee has reviewed the annual performance for the year ending December 31, 2024[99]. - KPMG has been proposed for reappointment as the independent auditor at the upcoming annual general meeting[100]. - The audit opinion confirmed that the consolidated financial statements fairly present the financial position of the group as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[142]. - The auditor's fees for the year ending December 31, 2024, totaled HKD 4,037,000, with HKD 2,800,000 for audit services and HKD 1,237,000 for non-audit services[126]. - The audit committee held four meetings during the year, reviewing the group's 2023 full-year performance and 2024 interim and quarterly results[127]. Environmental and Social Responsibility - The company has committed to environmental sustainability, adhering to international and local regulations, and aims to reduce greenhouse gas emissions[65]. - The company made donations totaling HKD 99,000 during the year, slightly down from HKD 100,000 in 2023[68]. - The company is committed to providing quality products through responsible environmental management and appropriate technology[102].

Financial Performance - The company reported a total revenue of HKD 11,978.79 million for the year ended December 31, 2024, representing a 15% increase from HKD 10,385.81 million in 2023[3]. - Shareholders' profit attributable to the company was HKD 140.75 million, a significant increase of 114% compared to HKD 65.92 million in 2023[3]. - Basic earnings per share rose to HKD 15.51, up 114% from HKD 7.26 in the previous year[3]. - The net profit for 2024 is HKD 171.02 million, compared to HKD 92.78 million in 2023, showing an increase of about 84.3%[40]. - The group reported a profit of HKD 280,654,000 for 2024, an increase of 43.7% compared to HKD 195,245,000 in 2023[61]. - Total comprehensive income for the year amounted to HKD 118,048,000, up 150.5% from HKD 47,097,000 in the previous year[41]. - The food bio division's profit was HKD 234,035,000, significantly up from HKD 100,369,000 in 2023[59]. Dividends - The board proposed a final dividend of HKD 2.50 per share, an increase of 25% from HKD 2.00 per share in 2023, resulting in a total dividend of HKD 3.50 per share for the year, up 17%[5]. - The proposed final dividend per ordinary share increased to HKD 0.025 in 2024 from HKD 0.020 in 2023, reflecting a growth of 25.0%[74]. - The company declared an interim dividend of HKD 0.01 per share for 2024, consistent with 2023[94]. - The eligibility period for shareholders to receive the proposed final dividend will be from June 26 to June 27, 2025[95]. - Shareholders must submit all relevant documents by June 25, 2025, to qualify for the final dividend[95]. Business Operations and Strategy - The company is focusing on the food biotechnology sector, aiming to strengthen its supply chain from slaughtering to fresh product sales, and is investing in digital transformation to optimize business processes[6][12]. - A new project was established in collaboration with Foshan Nanhai Dream Water Town Investment Co., Ltd. to build and operate a modern slaughterhouse, integrating processing, cold chain distribution, and sales[7]. - The company plans to enhance its market presence in the food biotechnology sector by expanding its retail network and diversifying its product offerings[7]. - The company aims to drive technological innovation in the tinplate business to improve product quality and competitiveness, while also expanding its customer base both domestically and internationally[10]. - The group has established a joint venture for a slaughterhouse project in Foshan with a registered capital of RMB 90 million, where the group holds a 65% stake[29]. - The group plans to explore new business models and strengthen risk management to adapt to the complex market environment[17]. Market and Economic Outlook - The outlook for 2025 indicates that the company will face new opportunities and challenges due to structural reforms and innovation-driven strategies in the Chinese economy[11]. - The pig farming sector in mainland China is showing signs of improvement, with rising prices and reduced costs due to better feed prices and farming efficiency, leading to profitability for one of the company's joint ventures[8]. - Revenue from external customers in Hong Kong increased to HKD 1,114,387,000 in 2024 from HKD 809,087,000 in 2023, representing a growth of 37.7%[64]. - Revenue from external customers in mainland China rose to HKD 10,365,267,000 in 2024 compared to HKD 9,064,873,000 in 2023, an increase of 14.3%[64]. Financial Position - Total assets as of December 31, 2024, amounted to HKD 4.938 billion, an increase of HKD 149 million from the previous year[24]. - Cash and cash equivalents decreased by 8% to HKD 955 million, with 79.1% held in RMB[25]. - The group has available bank credit facilities of HKD 2.746 billion, with HKD 813 million already utilized[26]. - Total liabilities increased to HKD 2,081,478,000, compared to HKD 1,993,356,000 in 2023, marking an increase of 4.4%[43]. - The company reported a net asset value of HKD 2,856,836,000, up from HKD 2,795,645,000, representing a growth of 2.2%[43]. - The group’s liabilities rose to HKD 2,081,478,000 in 2024, compared to HKD 1,993,356,000 in 2023[61]. Operational Efficiency - The group aims to enhance asset operation efficiency and optimize capital structure to ensure stable growth in operating performance[15]. - The group achieved a slaughter volume of over 3 million live pigs, securing a leading market share in Guangdong Province[17]. - The rental property business recorded an occupancy rate of 84%, down 3 percentage points from 2023, with revenue of HKD 18.03 million, a decrease of 10%[22]. - The group’s capital expenditure for 2024 is HKD 54.37 million, a decrease from HKD 261 million in 2023[27]. Other Financial Metrics - The gross profit for 2024 is HKD 509.01 million, down from HKD 568.99 million in 2023, indicating a decrease of about 10.4%[40]. - The operating profit for 2024 is HKD 236.15 million, a decline from HKD 278.22 million in 2023, reflecting a decrease of approximately 15.1%[40]. - Interest income from financial assets measured at amortized cost decreased to HKD 7,632,000 in 2024 from HKD 13,639,000 in 2023, a decline of 44.0%[66]. - Total employee costs increased to HKD 338,988,000 in 2024 from HKD 309,670,000 in 2023, representing a growth of 9.5%[69]. - The effective tax rate for Hong Kong profits tax remained at 16.5% for both 2024 and 2023[71].

Financial Performance - For the nine months ended September 30, 2024, the company's unaudited consolidated revenue was HKD 8,584.97 million, an increase of 10.3% compared to HKD 7,786.51 million for the same period last year[3]. - The company's unaudited consolidated operating profit for the same period was HKD 189.77 million, a decrease of 11.2% from HKD 213.76 million year-on-year[3]. - The unaudited consolidated profit attributable to shareholders was HKD 115.82 million, representing an 18.0% increase from HKD 98.12 million as of December 31, 2023[3]. Business Segments - The food biological business generated revenue of HKD 7,068.00 million, a 16.4% increase year-on-year, with a segment profit of HKD 156.70 million, up 2.3%[6]. - The live pig slaughter volume exceeded 2.29 million heads, with a market share in Guangdong province ranking among the top[6]. - The tinplate business recorded a revenue of HKD 1,504.00 million, a decrease of 11.6%, with a segment profit of HKD 32.83 million, down 53.7%[7]. Asset and Equity - Total assets as of September 30, 2024, were HKD 4,832.80 million, a 0.9% increase from HKD 4,789.00 million[3]. - Shareholders' equity increased by 2.2% to HKD 2,627.54 million from HKD 2,570.01 million[3]. Market Conditions - The company expects continued volatility in pig prices and fluctuations in customer demand and raw material prices affecting the food biological and tinplate businesses[9]. - The value of the investment properties held by the group decreased, resulting in a valuation loss of HKD 6.75 million for the period[8].

Financial Performance - The company's unaudited consolidated revenue for the first half of 2024 was HKD 5.417 billion, an increase of 8.6% compared to HKD 4.989 billion in the same period last year[6]. - The unaudited consolidated operating profit was HKD 130.533 million, a decrease of 6.3% from HKD 139.252 million year-on-year[6]. - The unaudited consolidated profit attributable to shareholders was HKD 57.727 million, down 2.4% from HKD 59.132 million in the previous year[6]. - The basic earnings per share for the first half of 2024 was 6.4 HK cents, a decrease of 1.5% compared to 6.5 HK cents in the same period last year[6]. - The company reported a total comprehensive income of HKD 53,233 thousand, a significant recovery from a loss of HKD 16,004 thousand in the previous year[27]. - The company reported a profit of HKD 57,727,000 for the six months ended June 30, 2024, compared to the previous period[30]. - The company reported a comprehensive profit before tax of HKD 94,770,000, compared to HKD 98,378,000 in 2023[41]. - The company reported a pre-tax profit of HKD 15,368,000 for the six months ended June 30, 2024, compared to HKD 9,984,000 for the same period in 2023, reflecting an increase of approximately 53.8%[44]. Segment Performance - The revenue from the food biological segment was HKD 4.429 billion, accounting for 81.8% of the group's total revenue, representing a 15.6% increase year-on-year[7]. - The profit from the food biological segment, excluding losses from joint ventures, was HKD 96.91 million, an increase of 7.8% year-on-year[7]. - Revenue from the tinplate business was HKD 979 million, a decrease of HKD 169 million or 14.7% year-on-year, with segment profit dropping 71.0% to HKD 14.98 million[8]. - Revenue from the food bio segment was HKD 4,357,394,000, up 16.1% from HKD 3,753,369,000 in 2023[37]. - The property leasing segment generated rental income of HKD 8,649,000, a decrease of 13.5% from HKD 9,997,000 in 2023[37]. - The total profit from the reporting segments was HKD 97,038,000, down 16.9% from HKD 116,662,000 in 2023[41]. Cash Flow and Liquidity - Cash and cash equivalents were HKD 736 million, a decrease of 28.9%, with 80.7% in RMB and 3.1% in USD[13]. - The company reported a net loss from operating activities of HKD 134,822,000 for the six months ended June 30, 2024, compared to a net cash generated of HKD 59,892,000 in the same period last year[32]. - Cash and cash equivalents decreased by HKD 294,848,000 during the six months ended June 30, 2024, compared to a decrease of HKD 250,398,000 in the prior year[32]. - The company incurred a cash outflow of HKD 688,820,000 from bank loan repayments during the six months ended June 30, 2024, compared to HKD 222,743,000 in the same period last year[32]. - The company reported a cash inflow of HKD 269,432,000 from financing activities for the six months ended June 30, 2024, compared to HKD 27,194,000 in the same period last year[32]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 4.703 billion, while total liabilities decreased to HKD 1.913 billion[12]. - The company's total equity as of June 30, 2024, was HKD 2,739,468,000, a decrease from HKD 2,783,913,000 as of January 1, 2023[31]. - Total liabilities decreased to HKD 580,452,000 from HKD 628,547,000, marking a reduction of approximately 7.65%[29]. - The company’s equity attributable to shareholders decreased to HKD 2,552,105,000 from HKD 2,570,014,000, a decline of approximately 0.70%[29]. - The total liabilities of the reporting segments were HKD 1,731,043,000, a decrease from HKD 1,814,168,000 in 2023[40]. Dividends - The company declared an interim dividend of 1.0 HK cent per share, unchanged from the previous year[7]. - The company declared dividends amounting to HKD 18,152,000 during the period[30]. - The group declared an interim dividend of HKD 9,076,000 for the period ending June 30, 2024, consistent with the previous year[61]. - The company announced an interim dividend of HKD 0.01 per share for 2024, consistent with the previous year's dividend[91]. Strategic Focus - The company aims to leverage opportunities from industrial upgrades and domestic demand expansion while managing risks from external market fluctuations[21]. - The food bio-business will focus on innovation and quality, aiming to enhance its brand image as a premium food supplier in the Greater Bay Area[21]. - The tinplate business is committed to optimizing product quality and technology to meet high standards across various industries[21]. - The company emphasizes prudent risk management and flexible operational strategies to ensure steady growth amid global economic uncertainties[21]. - The company plans to strengthen strategic partnerships and market research to capture new market opportunities and enhance its competitive position[21]. Employment and Workforce - The number of full-time employees decreased to 1,462, down 58 from the end of 2023[20]. - The company’s short-term employee benefits for key management personnel were HKD 1,606,000, slightly down from HKD 1,623,000 in 2023[76]. Governance and Compliance - The company’s board and directors confirmed compliance with the corporate governance code during the six months ending June 30, 2024[84]. - The company’s audit committee reviewed the unaudited interim financial report for the six months ending June 30, 2024[87]. - The company has no outstanding principal on its loan financing agreements as of June 30, 2024, including a one-year loan of HKD 400 million[88].

Financial Performance - The group's unaudited consolidated revenue for the first half of 2024 was HKD 5.417 billion, an increase of 8.6% compared to HKD 4.989 billion in the same period last year[3]. - The unaudited consolidated operating profit was HKD 130.53 million, a decrease of 6.3% from HKD 139.25 million year-on-year[3]. - The unaudited consolidated profit attributable to shareholders was HKD 57.73 million, down 2.4% from HKD 59.13 million in the previous year[3]. - Gross profit for the same period was HKD 240,971,000, down 16.7% from HKD 289,624,000 in 2023[19]. - The operating profit decreased to HKD 130,533,000, a decline of 6.2% from HKD 139,252,000 in the previous year[19]. - The net profit attributable to the company's shareholders was HKD 57,727,000, a decrease of 2.4% compared to HKD 59,132,000 in 2023[19]. - Segment profit, including share of losses from joint ventures, was 97,038 thousand for the first half of 2024, down from 116,662 thousand in 2023, indicating a decline of about 16.9%[27]. Revenue Breakdown - The revenue from the food biological segment was HKD 4.429 billion, accounting for 81.8% of the group's total revenue, with a year-on-year increase of 15.6%[5]. - Sales of food biological products amounted to HKD 4,357,394,000, up 16.1% from HKD 3,753,369,000 in the previous year[25]. - The tinplate business generated revenue of HKD 979 million, a decrease of 14.7% compared to the previous year, with a segment profit decline of 71.0% to HKD 14.98 million[6]. - The revenue from tinplate products decreased to HKD 979,256,000, down 14.8% from HKD 1,147,796,000 in the prior year[25]. - The property leasing segment reported an occupancy rate of 82.6%, down 8.0% year-on-year, with revenue of HKD 8.65 million, a decrease of 13.5%[7]. - The rental income from property leasing was HKD 8,649,000, down from HKD 9,997,000 in the previous year[25]. Assets and Liabilities - As of June 30, 2024, the group's total assets were HKD 4.703 billion, while total liabilities were HKD 1.913 billion, reflecting a decrease in both compared to the end of 2023[9]. - The group's cash and cash equivalents amounted to HKD 736 million, a decrease of 28.9% from the end of 2023, with 80.7% in RMB[10]. - Total assets as of June 30, 2024, were 4,702,840 thousand, slightly decreased from 4,789,001 thousand as of December 31, 2023, reflecting a reduction of approximately 1.8%[28]. - Total liabilities decreased to 1,913,144 thousand as of June 30, 2024, from 1,993,356 thousand at the end of 2023, a decline of about 4.0%[28]. - The company's total assets less current liabilities stood at HKD 3,370,148,000, a decrease from HKD 3,424,192,000 at the end of 2023[21]. - The net asset value was HKD 2,789,696,000, a slight decrease from HKD 2,795,645,000 at the end of 2023[21]. Cash Flow and Expenditures - The capital expenditure for the first half of 2024 was HKD 23.42 million, with an estimated total capital expenditure for the year projected at HKD 51.90 million[11]. - The cost of acquiring and relocating property, plant, and equipment for the six months ended June 30, 2024, was HKD 23,420,000, a significant decrease from HKD 259,432,000 in the same period of 2023[38]. - The net cash and cash equivalents as of June 30, 2024, were HKD 736,175,000, a decrease of 29.0% from HKD 1,035,928,000 at the end of 2023[21]. - The available bank financing as of June 30, 2024, was HKD 3,303,849,000, slightly down from HKD 3,308,374,000 as of December 31, 2023[44]. Employee and Operational Metrics - The group employed 1,462 full-time employees as of June 30, 2024, a decrease of 3.8% from 1,520 employees at the end of 2023[16]. - The company is focusing on innovation and quality in its food biotechnology business, aiming for sustainable development and market expansion in the Guangdong-Hong Kong-Macao Greater Bay Area[17]. - The group is enhancing its risk management and optimizing core business strategies to ensure stable growth amid global economic uncertainties[17]. Dividends and Shareholder Information - The company maintained a mid-term dividend of HKD 9,076,000, unchanged from the previous year[19]. - The interim dividend declared for the period was 9,076 thousand, consistent with the same amount declared in the previous year[35]. - The board declared an interim dividend of HKD 0.01 per share for 2024, consistent with the interim dividend of HKD 0.01 per share in 2023[47]. Compliance and Governance - The mid-term performance announcement is published on the Hong Kong Stock Exchange website and the company's website[51]. - The board of directors includes three executive directors and three independent non-executive directors[51]. - The announcement date is August 30, 2024, indicating a timely update for shareholders[51]. - The company is committed to ensuring the accuracy of the information provided in the report[51]. - The chairman of the board is Chen Ben Guang, highlighting leadership continuity[51]. - The board composition suggests a balanced governance structure with both executive and independent members[51].

Financial Performance - For the first quarter of 2024, the company's unaudited consolidated revenue was HKD 2,398.67 million, an increase of 3.0% compared to HKD 2,329.72 million in the same period last year[3]. - The company's unaudited consolidated operating profit for the first quarter of 2024 was HKD 51.25 million, a decrease of 5.5% from HKD 54.23 million year-on-year[3]. - The unaudited consolidated profit attributable to shareholders for the first quarter of 2024 was HKD 9.65 million, down 41.1% from HKD 16.37 million in the same period last year[3]. Asset Management - Total assets as of March 31, 2024, were HKD 4,649.09 million, a decrease of 2.9% from HKD 4,789.00 million at the end of December 2023[3]. Business Segments - The food biological business generated revenue of HKD 1,942.00 million in the first quarter of 2024, an increase of 8.7% year-on-year, with a market share of approximately 49% in the live pig market in Hong Kong[7]. - The live pig slaughter volume exceeded 760,000 heads in the first quarter of 2024, representing a year-on-year increase of 16.4%[7]. - The tinplate business produced 69,000 tons of products in the first quarter of 2024, an increase of 9.5% year-on-year, but sales decreased by 4.5% to 63,000 tons[9]. - Revenue from the tinplate business was HKD 453.00 million, a decrease of 16.0% compared to the same period last year, with segment profit down 75.7%[9]. Valuation and Challenges - The company recorded an investment property valuation loss of HKD 0.84 million in the current period, whereas there was no valuation loss in the same period last year[10]. - The company anticipates ongoing challenges in the food biological business due to falling pig prices and fluctuations in demand and raw material prices in the tinplate business[11].

Financial Performance - Revenue for 2023 reached 10,385,807 thousand, an increase of 25.1% compared to 8,311,752 thousand in 2022[30]. - Gross profit for 2023 was 568,992 thousand, slightly up from 558,379 thousand in 2022, indicating a stable gross margin[30]. - Operating profit for 2023 was 278,222 thousand, compared to 277,034 thousand in 2022, showing a marginal increase[30]. - Net profit for the year was 92,777 thousand, down 39.3% from 153,036 thousand in 2022[31]. - Basic earnings per share decreased to 7.3 cents from 14.9 cents in the previous year[30]. - Total comprehensive income for the year was 47,097 thousand, a significant recovery from a loss of 94,906 thousand in 2022[31]. - Pre-tax profit for 2023 was 145,087 thousand HKD, a decrease of 28.5% compared to 203,078 thousand HKD in 2022[65]. - Financing costs increased to 26,324 thousand HKD in 2023 from 19,195 thousand HKD in 2022, representing a rise of 37.5%[65]. - Depreciation expenses rose to 111,333 thousand HKD in 2023, up from 83,650 thousand HKD in 2022, an increase of 33.2%[65]. - The company reported a foreign exchange loss of 15,520 thousand HKD in 2023, compared to a gain of 48,202 thousand HKD in 2022[65]. - The total loss from joint ventures was 127,053 thousand HKD in 2023, compared to 56,436 thousand HKD in 2022, indicating a significant increase of 125.0%[65]. Assets and Liabilities - Non-current assets increased to 2,219,337 thousand from 2,200,745 thousand in 2022, reflecting growth in property, plant, and equipment[32]. - Current assets decreased to 2,569,664 thousand from 2,683,261 thousand in 2022, primarily due to a reduction in cash and cash equivalents[32]. - Total liabilities increased to 1,993,356 thousand from 1,721,256 thousand in 2022, driven by higher bank borrowings[33]. - Total equity remained stable at 2,795,645 thousand, slightly up from 2,783,913 thousand in 2022[33]. - As of December 31, 2023, total assets amounted to HKD 2,795,645,000, with liabilities of HKD 459,651,000[64]. Inventory Management - The total inventory value as of December 31, 2023, was recorded at HKD 486.3 million, accounted for at the lower of cost and net realizable value[23]. - A reversal of inventory impairment amounting to HKD 6.7 million was recognized in the consolidated income statement for the year ended December 31, 2023[23]. - The company experienced a decrease in inventory by 34,303 thousand HKD in 2023, contrasting with an increase of 75,277 thousand HKD in 2022[65]. - Inventory is recorded at the lower of cost and net realizable value, with costs calculated using the weighted average cost method[186][187]. - The net realizable value is estimated as the selling price in the ordinary course of business minus the estimated costs to complete production and sale[188]. - Any impairment losses on inventory are recognized as expenses in the period they occur, and reversals of impairment losses are recognized in the period they are reversed[188]. Internal Control and Governance - The board is committed to maintaining an effective internal control and risk management system to protect shareholder investments and achieve corporate objectives[10]. - The company has implemented procedures to prevent insider trading and ensure compliance with securities trading regulations[13]. - The company aims to enhance corporate governance and compliance management levels, establishing relevant systems and supervision mechanisms[14]. - The audit committee held four meetings during the year to review the group's full-year performance for 2022, mid-year performance for 2023, and quarterly results[8]. - The audit committee focused on the impact of changes in accounting policies and practices, ensuring compliance with accounting standards, listing rules, and legal requirements[8]. - The company has established an audit department to enhance internal controls and risk management, which will review the effectiveness of these systems annually[137]. - The audit committee will report any significant internal control deficiencies or fraud directly to the board or the audit committee[137]. - The company will assess the effectiveness of its internal control and risk management systems covering the fiscal year ending December 31, 2023[137]. - The board expressed satisfaction with the effectiveness and adequacy of the internal control and risk management systems in place[168]. - The company has arranged appropriate and effective directors' and officers' liability insurance for its directors and senior management[158]. Compliance and Reporting - The independent auditor's report covers the consolidated financial statements for the year ended December 31, 2023[20]. - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[39]. - The company has adopted new and revised Hong Kong Financial Reporting Standards, which do not have a significant impact on the financial statements[42]. - The company has not adopted any new standards or interpretations that were not yet effective during the reporting period[42]. - The company confirmed that it adheres to appropriate accounting policies and has made prudent and reasonable judgments in preparing the financial statements[167]. - The group must prepare interim financial reports in accordance with Hong Kong Accounting Standard No. 34 for the first six months of the fiscal year[185]. Revenue Recognition - Revenue is recognized when control of the product or service is transferred to the customer, excluding VAT or other sales taxes[177]. - The company applies the practical expedient under HKFRS 15, recognizing revenue when the customer obtains and accepts the product, typically within six months of acceptance[179]. - Revenue is classified as income generated from the sale of goods, provision of services, or leasing of the group's assets[199]. Accounting Policies and Estimates - The company has reviewed its accounting policies and estimates, ensuring compliance with the latest standards and guidelines[40]. - The company confirmed that the expected credit loss is measured as the present value of all expected cash shortfalls, with significant deterioration in debtor performance being a key factor[154]. - The current income tax is calculated based on the taxable income for the year, adjusted for any prior year tax liabilities[192]. - The group recognizes provisions when there is a legal or constructive obligation that is expected to result in an outflow of economic benefits[197]. - Impairment losses are recognized when the carrying amount of an asset exceeds its recoverable amount, with specific allocation methods for cash-generating units[183]. - The company has a policy for recognizing interest income using the effective interest method, which reflects the rate that discounts expected future cash flows to the asset's carrying amount[182]. Lease and Rental Income - The group capitalizes lease liabilities at the present value of lease payments discounted at the internal rate of return or incremental borrowing rate[95]. - The fair value of refundable rental deposits is recorded separately from the right-of-use assets, with any difference recognized as additional lease payments[96]. - The group does not separate lease and non-lease components in contracts but accounts for them as a single lease component[94]. - The group recognizes rental income from operating leases based on the relevant accounting policies[99]. - Investment properties are defined as land and/or buildings held to earn rental income and/or for capital appreciation[111]. - The cost of right-of-use assets includes the initial amount of lease liabilities, lease payments made before or at the lease commencement date, and initial direct costs incurred[119].

Financial Performance - The company's consolidated revenue for the year ended December 31, 2023, was HKD 10.39 billion, an increase of 25.0% from HKD 8.31 billion in 2022[13]. - Consolidated operating profit was HKD 278.22 million, a slight increase of 0.4% compared to HKD 277.03 million in 2022[23]. - Shareholders' profit attributable to the company was HKD 65.92 million, a decrease of 51.4% from HKD 135.67 million in 2022[23]. - Basic earnings per share were HKD 0.073, down 51.0% from HKD 0.149 in 2022[23]. - Net profit for 2023 was HKD 92,777, a decrease of 39.3% from HKD 153,036 in 2022[42]. - The profit for the year was HKD 92,777, a decrease of 39.3% from HKD 153,036 in 2022[89]. - The total comprehensive income for the year amounted to HKD 47,097, compared to a loss of HKD 94,906 in the previous year[89]. - The company reported a total equity of HKD 2,795,645,000, slightly up from HKD 2,783,913,000 in the previous year[100]. Dividends - The company declared an interim dividend of HKD 0.01 per share, consistent with 2022, and proposed a final dividend of HKD 0.02 per share, also unchanged from the previous year[23]. - The board proposed a final dividend of HKD 0.02 per share for the fiscal year 2023, subject to shareholder approval at the annual general meeting[25]. - The proposed final dividend per share increased to 2.0 cents in 2023 from 1.5 cents in 2022, representing a growth of 33.3%[120]. Revenue Segments - The food and biological business segment reported revenue of HKD 8.12 billion, a year-on-year increase of 48.2%, with segment profit rising 33.9% to HKD 204 million[20]. - Revenue from Mainland China was HKD 9,064,873 in 2023, representing a growth of 33.5% from HKD 6,794,760 in 2022[88]. - The group’s revenue from Hong Kong was HKD 809,087 in 2023, up from HKD 528,200 in 2022, marking a growth of 53.2%[88]. - Sales of food biological products amounted to HKD 7,933,711,000, up 50% from HKD 5,296,634,000 in the previous year[100]. - The tinplate segment generated revenue of HKD 2,250,537,000, a decrease of 20% from HKD 2,816,329,000 in 2022[100]. Assets and Liabilities - Total assets as of December 31, 2023, were HKD 4.789 billion, while total liabilities decreased to HKD 1.993 billion, resulting in a net current asset value increase from HKD 962 million to HKD 1.205 billion[34]. - The company’s net current assets increased to HKD 1,204,855,000 from HKD 962,005,000, reflecting a growth of 25.3%[100]. - Total assets minus current liabilities rose to HKD 3,424,192,000, compared to HKD 3,162,750,000 in 2022, indicating an increase of 8.3%[100]. - The group’s total non-current assets in 2023 were HKD 2,133,433, slightly up from HKD 2,115,337 in 2022[88]. Cash Flow and Financing - The company reported a net cash position of HKD 122 million as of December 31, 2023, a decrease of 47.7% from the previous year[35]. - Cash and cash equivalents as of December 31, 2023, were HKD 1,036 million, a decrease of 14.5% from the previous year[60]. - The company’s total cash and cash equivalents were 1,035,928 thousand HKD in 2023, down from 1,211,631 thousand HKD in 2022, a decrease of 14.5%[125]. - The utilized bank financing amount was 1,164,667,000 TWD in 2023, compared to 1,228,182,000 TWD in 2022[163]. - The amount drawn from bank financing was 733,608,000 TWD in 2023, down from 913,486,000 TWD in 2022[163]. Market Conditions and Outlook - The outlook for 2024 indicates potential opportunities and challenges due to a complex international environment and geopolitical tensions, but the company anticipates further recovery in the Chinese economy[17]. - The company faced challenges in the pig farming sector due to low prices and disease outbreaks, leading to increased losses from joint ventures in this area[20]. Strategic Initiatives - The company acquired a 51% stake in Guangdong Yuhai Food Co., Ltd. to enhance its fresh food distribution and retail operations in mainland China[15]. - The company purchased a retail property in Chai Wan to expand its retail business in Hong Kong[15]. - The group plans to invest approximately HKD 37.14 million in capital expenditures for 2024[61]. - The group has strengthened its research and tracking of the foreign exchange market to mitigate risks associated with the fluctuating RMB to USD exchange rate[64]. Employee and Operational Metrics - The company’s workforce increased by 84 employees to a total of 1,520, with 245 employees in Hong Kong and 1,275 in mainland China[41]. - The group’s slaughter volume exceeded 3.09 million heads in 2023, representing a 118.0% increase year-on-year[53].

Financial Performance - The company's revenue for the first half of 2023 reached HKD 4,989,459,000, a 47.6% increase compared to HKD 3,379,641,000 in the same period last year[6]. - Operating profit for the same period was HKD 139,252,000, reflecting a 7.7% increase from HKD 129,249,000 year-on-year[7]. - Shareholders' profit attributable to the company decreased by 4.7% to HKD 59,132,000, down from HKD 62,051,000 in the previous year[7]. - The fresh food segment generated revenue of HKD 3,831,666,000, accounting for 76.8% of total revenue, with a year-on-year increase of 114.2%[9]. - The fresh food segment's profit increased by 53.0% to HKD 59,845,000, compared to HKD 39,104,000 in the previous year[9]. - The tinplate business saw a revenue decline of 27.4% to HKD 1,147,796,000, with a segment profit decrease of 26.6% to HKD 51,639,000[12]. - The property leasing business reported a rental income of HKD 9,997,000, a decrease of 7.4% year-on-year, but achieved a segment profit increase of 6.1% to HKD 5,178,000[14]. - Net profit for the period was HKD 71,736, slightly down from HKD 72,084, indicating a decrease of 0.5%[36]. - The company reported a profit of HKD 59,132,000 for the six months ended June 30, 2023, compared to HKD 62,051,000 for the same period in 2022, reflecting a decrease of approximately 4.9%[42]. - The company reported a total comprehensive income of HKD (16,004) for the period, compared to HKD (45,139) in the previous year, indicating an improvement[37]. - Total comprehensive income for the period was a loss of HKD 24,237,000, compared to a loss of HKD 47,265,000 in the previous year, indicating an improvement[44]. Assets and Liabilities - The group's total assets as of June 30, 2023, were HKD 4,816,424,000, with total liabilities of HKD 2,076,956,000, representing a decrease of HKD 67,582,000 and HKD 23,137,000 respectively compared to the end of 2022[17]. - Total assets as of June 30, 2023, were HKD 5,542,424, a decrease from HKD 5,537,006 as of December 31, 2022[39][40]. - Non-current assets increased to HKD 2,307,867 from HKD 2,200,745, showing a growth of 4.9%[39]. - Current liabilities decreased to HKD 1,584,851 from HKD 1,721,256, a reduction of 7.9%[40]. - The total liabilities increased to HKD 2,076,956,000 from HKD 2,100,093,000 at the end of 2022, indicating a reduction of 1.1%[59]. - Cash and cash equivalents amounted to HKD 937,644,000, a decrease of 22.6% from the end of 2022, with 81.3% in RMB and 3.8% in USD[18]. - Cash and cash equivalents decreased to HKD 937,644,000 as of June 30, 2023, from HKD 1,211,631,000 as of December 31, 2022, a decline of 22.5%[75]. - Business receivables increased to HKD 448,548,000 as of June 30, 2023, from HKD 382,941,000 as of December 31, 2022, representing a rise of 17.1%[71]. - Business payables decreased to HKD 133,174,000 as of June 30, 2023, from HKD 188,941,000 as of December 31, 2022[81]. - The group reported a total of HKD 985,292,000 in business and other payables as of June 30, 2023, compared to HKD 969,461,000 as of December 31, 2022[81]. Capital Expenditure and Investments - Capital expenditure for the first half of 2023 was HKD 259,432,000, significantly up from HKD 98,238,000 in the same period of 2022[19]. - The group anticipates total capital expenditure for 2023 to be approximately HKD 336,040,000[19]. - The group has committed a total investment of RMB 100 million (approximately HKD 108,460,000) in a limited partnership focused on non-listed companies in the food and agriculture sectors[20]. - The total cost of acquiring and relocating property, plant, and equipment was HKD 259,432,000 for the six months ended June 30, 2023, compared to HKD 98,238,000 in 2022, indicating a substantial increase of 164.5%[67]. - The company invested HKD 244,429,000 in property, plant, and equipment during the period, compared to HKD 97,078,000 in the previous year, indicating a focus on expansion[46]. Dividends and Shareholder Returns - The company announced an interim dividend of HKD 0.01 per share, consistent with the previous year[8]. - The company declared dividends amounting to HKD 18,152,000 for the period, compared to HKD 13,614,000 in the previous year, representing an increase of approximately 33.5%[42]. - The board has declared an interim dividend of HKD 0.01 per share for 2023, consistent with the previous year[134]. - The final dividend for the previous fiscal year was approved at HKD 0.02 per ordinary share, totaling HKD 18,152,000, an increase from HKD 13,614,000 in the prior year[86]. Operational Strategies and Market Position - The company maintained a market share of approximately 47% in the live pig supply market, contributing to overall profitability[10]. - The company is actively seeking new market opportunities and enhancing product competitiveness through innovation and supply chain management[13]. - The group plans to optimize its capital layout and structure in the fresh food business, aiming to enhance resource allocation quality and efficiency[29]. - The group aims to strengthen its risk management and adjust operational strategies to ensure sustainable business development amid global economic pressures[30]. - The company continues to focus on expanding its fresh food and tinplate product segments as part of its growth strategy[54]. Employee and Management Costs - Employee costs rose to HKD 164,574,000 for the six months ended June 30, 2023, compared to HKD 132,230,000 in 2022, marking an increase of 24.4%[61]. - The total remuneration for key management personnel for the six months ended June 30, 2023, was HKD 2,043,000, an increase from HKD 1,613,000 in 2022[108]. - The group’s short-term employee benefits for key management personnel increased to HKD 1,623,000 in 2023 from HKD 1,365,000 in 2022[108]. - The group's retirement benefit expenses for the six months ended June 30, 2023, amounted to HKD 12,494,000, an increase from HKD 11,176,000 for the same period in 2022[98]. Compliance and Governance - The company has maintained compliance with the Corporate Governance Code as per the listing rules during the six months ending June 30, 2023[120]. - The company has confirmed that all directors complied with the standard code of conduct for securities transactions during the six months ending June 30, 2023[121]. - The group maintained a strong compliance monitoring system for its financial covenants, ensuring no violations were reported[79]. - The group had no breaches of covenants related to drawn credit facilities as of June 30, 2023[79]. Financing and Borrowings - The available bank financing amount for working capital and business financing was HKD 3,452,334,000, an increase from HKD 2,850,332,000 at the end of 2022[18]. - The total bank borrowings as of June 30, 2023, were HKD 865,883,000, a slight decrease from HKD 913,486,000 as of December 31, 2022[78]. - Unsecured borrowings from a related company amounted to HKD 32,538,000 due within one year and HKD 63,334,000 due after one year, with interest rates of 3.0%[84]. - The outstanding principal for Loan Financing 1 as of June 30, 2023, is HKD 100 million[131]. - The outstanding principal for Loan Financing 2 as of June 30, 2023, is HKD 400 million[132]. - The outstanding principal for Loan Financing 3 as of June 30, 2023, is HKD 550 million[133].