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]