Summary of Key Points Core Viewpoint - On July 7, 34 Hong Kong-listed companies conducted share buybacks, totaling 30.99 million shares and an aggregate amount of HKD 921 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 1.002 million shares for HKD 501 million, with a highest price of HKD 502.000 and a lowest price of HKD 494.400, bringing its total buyback amount for the year to HKD 38.542 billion [1][2]. - AIA Group repurchased 5.5 million shares for HKD 377 million, with a highest price of HKD 69.150 and a lowest price of HKD 68.050, totaling HKD 16.352 billion in buybacks for the year [1][2]. - Founder Holdings repurchased 10.386 million shares for HKD 1.174 million, with a highest price of HKD 1.150 and a lowest price of HKD 1.110, accumulating HKD 3.541 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on July 7 was from Tencent Holdings at HKD 501 million, followed by AIA Group at HKD 377 million [1][2]. - In terms of share quantity, Founder Holdings had the most significant buyback with 10.386 million shares, followed by AIA Group with 5.5 million shares and China Electric Power Technology with 2.26 million shares [1][2].

Group 1 - The company, Lihong Inspection (01586), announced a conditional agreement to acquire 45% equity in Shaanxi Huaxia Lihong Commodity Inspection Co., Ltd. for RMB 50 million [1] - The acquisition aligns with the company's strategy of embracing AI industry opportunities and aims to enhance its international development blueprint through technological innovation [1][2] - This acquisition is expected to strengthen the company's strategic control, improve decision-making efficiency, and enhance overall core competitiveness [1] Group 2 - The company emphasizes long-term sustainable development and prioritizes shareholder returns, aiming to optimize resource integration for sustainable business growth [2] - By leveraging AI technology, the company seeks to enhance service capabilities and strengthen market competitiveness, solidifying its leading position in the energy bulk inspection sector [2] - The acquisition is part of the company's strategy to maximize enterprise value and optimize shareholder value and returns [2]

Group 1 - The buyer, Lihong Testing Group Limited, an indirect wholly-owned subsidiary of Lihong Testing, has entered into a share transfer agreement to acquire 45% equity interest in the target company for a total consideration of RMB 50 million (approximately HKD 53,500,000) [1] - Upon completion of the transaction, the target company will become an indirect wholly-owned subsidiary of Lihong Testing [1] - The seller is the major shareholder of the target company and a connected person of Lihong Testing at the subsidiary level [1]

Core Viewpoint - The company is optimistic about the future development prospects of Lihong Testing (01586) due to the dual support of AI and overseas business, maintaining a target price of HKD 3.18 per share, with corresponding PE ratios of 19.8x, 17.4x, and 15.2x for 2025, 2026, and 2027 respectively, and a "Buy" rating [1] Group 1: Financial Performance - The company's performance met expectations, with revenue growth of 12.9% to HKD 1.263 billion [2] - The company achieved a net profit attributable to shareholders of HKD 82.725 million, a year-on-year increase of 3.4% [2] - The company is actively expanding its overseas network to build a global service network while maintaining steady growth in traditional energy bulk business [2] Group 2: Overseas Business Development - Revenue from the Greater China region reached HKD 696 million, a 7% year-on-year increase, driven by stable domestic demand for consumer product testing [3] - Overseas revenue amounted to HKD 568 million, up 21.3% year-on-year, benefiting from improved overseas network and growth in Singapore's oil testing business [3] - The overseas business team performed excellently, with overseas revenue accounting for 45% of total revenue [3] Group 3: AI Investment and Efficiency - The company has deployed its self-developed "Lihong AI System," achieving deep integration of AI models with core energy testing business [4] - Plans are in place to complete global deployment of the AI system by 2025, with continuous breakthroughs in cross-border inspection AI recognition systems and carbon emission accounting modules [4] - AI empowerment is expected to enhance testing efficiency and provide more customized services, increasing product competitiveness and customer loyalty [4] Group 4: Shareholder Returns - The company has initiated a share buyback plan based on market conditions and strategic considerations, starting from December 13 [5] - The buyback initiative is expected to provide continuous returns to shareholders [5]

Company Operations and Services - The company operates 78 branches and professional laboratories worldwide, employing a total of 3,374 staff[13]. - The company provides services for over 50 types of commodities and natural resources, with 18 categories of professional qualification certifications[13]. - The clean energy sector includes quality inspection and re-inspection services for wind power systems and photovoltaic manufacturing, enhancing power generation stability[14]. - Environmental protection services include monitoring of water, wastewater, air, soil, and noise, supporting industrial enterprises and government-commissioned inspections[17]. - The company focuses on low-carbon emission reduction through Leakage Detection and Repair (LDAR) services, which are essential for accurate carbon emission reduction data[17]. - The company aims to expand its service coverage from the Asia-Pacific region to emerging markets in South America and Africa[13]. - The company emphasizes sustainable development and green low-carbon transition in its service offerings[13]. - The company provides witnessing supervision and joint inspection services to protect clients' interests during customs inspections[13]. - The company conducts environmental impact assessments and soil pollution investigations as part of its consulting services[17]. - The company enhances its environmental protection capabilities through integrated pipeline data platforms and risk assessment systems[17]. - The company provides comprehensive solutions in climate change, including carbon peak and neutrality advisory services, carbon asset development and trading services, ESG technical consulting, and low-carbon information-based integrated solutions[18]. - Key services include carbon emission checks, product carbon footprint assessments, and carbon emission reduction target setting, aimed at various industries such as power generation and petrochemicals[20]. - The company serves both domestic and international clients engaged in sustainable development projects across multiple sectors, including chemicals, iron and steel, and building materials[20]. - The company emphasizes the importance of its LDAR (Leak Detection and Repair) services, which help reduce pipeline accident rates and enhance environmental protection capabilities[19]. Management and Governance - The board consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring diverse governance[21]. - Mr. Li Xiangli, the chairman and CEO, has approximately 35 years of experience in the energy testing and inspection field, contributing to the company's strategic planning[25]. - Ms. Zhang Aiying, vice president and executive director, is responsible for procurement and human resources management within the group[28]. - The company has a strong management team with extensive experience in energy and inspection sectors, ensuring effective governance and operational efficiency[35]. - The acting-in-concert agreement among Mr. Li, Ms. Zhang, and Mr. Liu ensures unified decision-making in significant operational matters[34]. - The company is focused on maintaining compliance and internal control, which is critical for its long-term sustainability and growth[44]. - The management team includes professionals with advanced degrees and significant industry experience, strengthening the company's leadership[44]. - The substantial shareholding structure indicates a concentrated ownership, which may influence corporate governance and strategic decisions[34]. - The Company has adopted the CG Code to enhance corporate governance and align with shareholder interests[161]. - The Board ensures at least one-third of its members are independent non-executive Directors, with mechanisms in place for independent views and inputs[171]. - The Nomination Committee assesses the independence of independent non-executive Directors annually to ensure unbiased judgment[172]. - No equity-based remuneration with performance-related elements is granted to independent non-executive Directors to maintain their objectivity[173]. - The quality and efficiency of Board discussions are assessed by the chairman of the Board[175]. - Mr. Li Xiangli serves as both Chairman and CEO, which deviates from the CG Code's requirement for separation of these roles[181]. - The Board will review the effectiveness of the arrangement of Mr. Li holding both positions periodically[181]. - Newly appointed Directors receive formal induction to understand the Company's business and their responsibilities under the Listing Rules[188]. - Directors are required to submit details of their training received each financial year for proper training records maintenance[194]. - The Company ensures that each proposed Director obtains legal advice regarding their obligations under the Listing Rules before appointment[189]. - The Nomination Committee is responsible for identifying potential candidates for directorship according to the nomination criteria[182]. - One-third of Directors must retire by rotation at each annual general meeting, ensuring all Directors are subject to retirement at least once every three years[183]. - The Company will disclose in the next annual report the date when each proposed Director obtained legal advice[189]. - Directors participate in continuous professional training to comply with the CG Code[194]. - The Board considers recommendations from the Nomination Committee for the appointment, election, or re-election of Directors[182]. - All executive directors attended 100% of board meetings, with Mr. LI Xiangli, Ms. ZHANG Aiying, Mr. LIU Yi, and Mr. YANG Rongbing each attending 7 out of 7 meetings[198]. - Independent non-executive directors also attended all board meetings, with Mr. WANG Zichen, Mr. ZHAO Hong, and Mr. LIU Hoi Keung each attending 7 out of 7 meetings[198]. - The chairman of the Board held one meeting with independent non-executive directors without the presence of other directors during the year[198]. - The Company has adopted the Model Code for securities transactions to ensure compliance by directors and employees with inside information regulations[199]. - All directors confirmed compliance with the Model Code regarding securities transactions throughout the year ended 31 December 2024[200]. Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 24.7% in revenue, 15.8% in company profit, and 9.9% in net profit attributable to the parent since its listing[70]. - The total return rate for the company's shareholders was 291.2% from 2016 to 2024[71]. - The company suspended cash dividends for the first time in 2024 to maximize shareholder value and initiated a share repurchase program, repurchasing 10,684,000 shares by February 28, 2025[71]. - The controlling shareholders increased their equity interest from approximately 52.7% at the time of listing to approximately 61.0% as of the current date[77]. - The company maintains a long-term stable dividend policy, delivering substantial cash dividends despite the pandemic's impact on the global economy[71]. - The company emphasizes a corporate strategy focused on sustainable development and long-term value creation for stakeholders[72]. - The Group recorded revenue of HK$1,263.1 million in 2024, representing a year-on-year increase of 12.9%[88]. - Profit for the Year reached HK$126.0 million, reflecting a year-on-year increase of 3.2%[88]. - Profit attributable to owners of the Company amounted to HK$82.7 million, marking a year-on-year increase of 3.4%[88]. - The Group's revenue increased by 12.9% from approximately HK$1,118.5 million in 2023 to approximately HK$1,263.1 million in 2024[121]. - Overseas revenue rose by 21.3% to HK$567.6 million in 2024, accounting for 44.9% of total Group revenue[121]. - The Group's profit attributable to owners increased by 3.4% to HK$82.7 million in 2024[120]. - The Group's ESG+ new businesses have experienced rapid growth, significantly broadening the customer base and exceeding expectations[121]. - Cash and cash equivalents rose from HK$227.3 million in 2023 to HK$267.2 million in 2024, indicating a strong cash position[124][128]. - Net cash inflows from operating activities were approximately HK$203.6 million in 2024, up from HK$175.1 million in 2023[125][129]. - Net cash outflows used in financing activities increased to approximately HK$93.0 million in 2024 from HK$40.1 million in 2023, primarily due to repayment of borrowings and dividend payments[126][130]. - The Group had a total capital commitment of approximately HK$3.4 million for contracted but not performed acquisition of property, plant, and equipment as of December 31, 2024[132][138]. - The Group maintained a healthy liquidity position throughout the year, ensuring sufficient cash and cash equivalents to support operations[133][139]. - The gearing ratio was zero in 2024, as cash and cash equivalents exceeded gross debt[144][145]. - Credit risk is managed by entering transactions only with recognized and creditworthy parties, and ongoing monitoring of receivable balances[146][148]. - The Group's other financial assets include cash and cash equivalents, with maximum exposure to credit risk equal to the carrying amounts of these assets[150]. - The Group was exposed to foreign currency risk primarily from Hong Kong dollar, Renminbi, United States dollar, and Singapore dollar[151]. - As of December 31, 2024, the Group had no investment properties pledged for banking facilities, while certain buildings valued at HK$26.0 million were pledged for facilities amounting to HK$29.8 million[153]. - During the year ended December 31, 2024, the Company repurchased 6,504,000 ordinary shares for approximately HK$12,982,560, which were subsequently cancelled[154]. - Following the reporting period, the Company repurchased an additional 4,180,000 shares for approximately HK$9,699,040, with 2,404,000 shares cancelled up to the report date[155]. Strategic Focus and Growth - The business scope has expanded from traditional energy to clean energy, environmental protection, and climate change sectors[89]. - The Group is actively focusing on mergers and acquisitions to enhance its international service network and leverage global growth opportunities[83]. - The Group's strategic focus includes the development of AI capabilities and integration of AI resources to drive innovation[81]. - The "3+X" development strategy prioritizes ESG-oriented growth, contributing to the green and low-carbon transition of the industry[90]. - The Group is advancing its third development strategy, increasing investment in clean energy and low-carbon transition initiatives[80]. - The Group has successfully expanded its presence in emerging markets, including Africa and the Middle East[89]. - The Group operates 78 service outlets and holds 18 categories of professional qualification certifications globally, covering over 50 types of commodities and natural resources[93]. - On January 22, 2024, the Group was designated as the inspection institution for alumina futures by the Shanghai Futures Exchange, enhancing its brand recognition in non-ferrous metals[94]. - The Group has established inspection qualifications across four major futures exchanges, including copper, aluminum, zinc, and ferroalloys, significantly strengthening its brand credibility[96]. - The Group has become the leading quality inspection institution for lithium carbonate, ferroalloys, and industrial silicon, contributing to the sustainable development of the new energy industry[100]. - The Group plans to complete the global deployment of its AI system by 2025, focusing on technological innovations such as AI-powered carbon emission accounting and quality prediction models for bulk energy commodities[106]. - The Group actively participates in the formulation of industry standards, including the national standard for recycled steel raw materials, which was issued on November 28, 2024[101]. - The Group's ESG+ business focuses on clean energy, environmental protection, and climate change, supporting clients in their transition to green and low-carbon operations[109]. - The Group continues to enhance its R&D investments, driving technological innovation and industry advancement through AI applications and automated systems[105]. - The Group aims to ensure the quality and safety of futures deliveries while supporting the stable operation of commodity futures and options markets[102]. - The Group's strategic focus on ESG development is a core part of its "3+X" strategy, promoting long-term sustainable growth and corporate social responsibility[92]. - The Group is focusing on expanding its clean energy business, particularly in wind and solar power generation[111]. - The climate change business has positioned the Group as a leading carbon asset trader in the Beijing carbon market, enhancing global operational capabilities[112]. - The Group aims to accelerate investment plans aligned with its ESG strategy, targeting mergers and acquisitions in emerging markets[115]. - The integration of AI and cutting-edge technology is expected to enhance service efficiency and customer satisfaction across the entire service process[116]. - The Group's environmental protection services, including LDAR, are crucial for reducing carbon emissions and achieving green low-carbon goals[111]. - The Group is committed to providing comprehensive carbon neutrality solutions to assist clients in meeting their corporate carbon neutrality commitments[112].

Company Overview - China Lihong Inspection Holdings Limited (stock code: 1586.HK) is the first international comprehensive inspection and testing institution listed in Hong Kong, established in 2016 [1] - The company provides 24/7 professional inspection, testing, and technical consulting services to global industry leaders, supporting the green and low-carbon transformation of the industry [1] - It has established a global network with 58 branches and professional laboratories covering major trade ports and hub cities in the Asia-Pacific region, becoming the first Chinese TIC listed company with overseas layout [1] Business Segments Energy and Bulk Commodities - The company offers quality testing services, weight identification services, witnessing and joint inspection services, and other technical services across various energy and bulk commodity categories, including coal, crude oil, petrochemical products, and agricultural products [1] - Services are based on international, national, and regional industry standards [1] Clean Energy - The company has expanded its services to include testing for new energy sectors such as wind and solar power, focusing on quality testing of materials and components used in wind and solar energy projects [2] - It also conducts data collection and testing during the operational phase of wind and solar projects to enhance power generation stability [2] Environmental Protection - The environmental protection segment includes consulting and testing services, such as environmental impact assessments, soil pollution investigations, and various environmental monitoring services [2] - Services cater to industrial parks, government projects, and construction projects requiring indoor air quality assessments [2] LDAR Services - LDAR (Leak Detection and Repair) services play a crucial role in carbon reduction efforts, utilizing advanced detection technologies to identify and repair leaks in production processes [3] - This service helps control material leakage, reduce environmental pollution, and prevent economic losses for industries such as petrochemicals and pharmaceuticals [3] Climate Change Solutions - The company provides comprehensive solutions for carbon peak and carbon neutrality consulting, carbon asset development, and ESG consulting services [3] - Its services cover various industries, including power generation, petrochemicals, and construction, addressing climate change and sustainable development projects [3]

Company Overview - China Lihong Testing Holdings Limited (stock code: 1586.HK) is the first international comprehensive testing and inspection institution listed in Hong Kong, established in 2016 [1] - The company provides 24x7 professional inspection, testing, and consulting services to global industry leaders, supporting the green and low-carbon transformation of industries [1] - It has established a global network with 58 branches and professional laboratories covering major trade ports and hub cities in the Asia-Pacific region, becoming the first Chinese TIC listed company with overseas layout [1] Business Segments Energy and Bulk Commodities - The company offers quality testing services, weight identification services, witnessing and joint inspection services, and other technical services across various energy bulk commodities including coal, crude oil, petrochemical products, and agricultural products [1] - Services are based on international, national, and regional industry standards [1] Clean Energy - The company has expanded its services to include testing for new energy sectors such as wind and solar power, focusing on quality testing and operational data collection to enhance power generation stability [2] Environmental Protection - The environmental protection segment includes consulting and testing services, covering areas such as environmental impact assessments, soil pollution investigations, and various environmental monitoring services [2] LDAR Services - LDAR (Leak Detection and Repair) services play a crucial role in carbon reduction efforts, utilizing advanced detection technologies to identify and repair leaks in production processes, thereby minimizing raw material loss and environmental pollution [3] Climate Change Solutions - The company provides comprehensive solutions for carbon peak and carbon neutrality consulting, carbon asset development and trading services, and ESG consulting, targeting industries involved in climate change and sustainable development [3]

Financial Performance - Revenue reached HKD 1,263.1 million, an increase of 12.9% compared to HKD 1,118.5 million in 2023[4] - Profit attributable to owners of the company was HKD 82.7 million, up 3.4% from HKD 80.0 million in 2023[4] - Basic earnings per share increased to HKD 14.29, a rise of 4.1% from HKD 13.73 in 2023[4] - Gross profit was HKD 480.1 million, compared to HKD 515.1 million in 2023[5] - Operating expenses increased to HKD 256.6 million from HKD 241.2 million in 2023[5] - Profit before tax was HKD 162.1 million, slightly up from HKD 157.2 million in 2023[5] - Net profit for the year was HKD 126.0 million, compared to HKD 122.2 million in 2023[5] - Other income and gains amounted to HKD 6.2 million, up from HKD 4.2 million in 2023[5] - Selling and distribution expenses decreased to HKD 40.3 million from HKD 51.5 million in 2023[5] Assets and Liabilities - Non-current assets totaled HKD 373,487 million in 2024, slightly up from HKD 370,433 million in 2023, indicating a growth of approximately 0.6%[7] - Current assets increased to HKD 582,125 million in 2024 from HKD 524,102 million in 2023, marking a growth of about 11.1%[7] - The company’s total liabilities increased to HKD 582,125 million in 2024, reflecting ongoing investments and operational costs[7] - As of December 31, 2024, total assets amounted to HKD 715,761,000, an increase from HKD 617,573,000 in 2023, representing a growth of approximately 15.9%[8] - The total current liabilities decreased to HKD 239,851,000 in 2024 from HKD 276,962,000 in 2023, a reduction of about 13.4%[8] - The non-current liabilities totalled HKD 61,659,000 in 2024, up from HKD 48,295,000 in 2023, indicating a rise of approximately 27.8%[8] Cash Flow and Investments - Cash and cash equivalents increased significantly to HKD 267,235 million in 2024, compared to HKD 227,250 million in 2023, representing a growth of around 17.6%[7] - The group maintained a zero leverage ratio as cash and cash equivalents exceeded total liabilities[71] - The group actively monitors its liquidity risk and maintains sufficient cash and cash equivalents to meet its obligations[68] - The group has increased its investment in new business and emerging market development, laying the groundwork for future profit release[65] Revenue Breakdown - Total revenue for 2024 reached HKD 1,263,129,000, an increase of 13.0% compared to HKD 1,118,514,000 in 2023[22] - Testing services revenue amounted to HKD 795,024,000, up 11.0% from HKD 716,422,000 in the previous year[22] - Certification services revenue increased to HKD 358,397,000, representing a growth of 17.9% from HKD 303,933,000 in 2023[22] - Revenue from the Greater China region was HKD 695,513,000, up 6.9% from HKD 650,368,000 in 2023[22] - Revenue from Singapore and other countries/regions reached HKD 567,616,000, an increase of 21.3% compared to HKD 468,146,000 in 2023[22] Shareholder Information - The company declared a final dividend of HKD 0.0174 per share for 2023, down from HKD 0.0272 per share in 2022, representing a decrease of about 36.5%[33] - The company does not recommend the distribution of a final dividend for the year ending December 31, 2024, maintaining the previous year's dividend of HKD 0.0174 per share[34] - The controlling shareholders have increased their stake from approximately 52.7% at the time of listing to about 61.0% currently, indicating strong confidence in the company's long-term value[46] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[6] - The company is advancing its third development strategy, focusing on clean energy, low-carbon transformation, and other ESG-related business areas[47] - The company plans to prioritize AI technology applications in 2025, aiming to leverage opportunities in the AI industry and enhance its capabilities[48] - The company is focusing on mergers and acquisitions to accelerate global expansion and strengthen its international service network[49] Compliance and Reporting - The company has adopted revised International Financial Reporting Standards, which may impact the classification of certain liabilities[10] - The financial statements for the year ending December 31, 2024, have been confirmed to be consistent with the preliminary announcement by Ernst & Young[91] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024[90]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projected revenues of HKD 1,368.11 million for FY2024 and HKD 2,049.96 million for FY2026, reflecting a growth rate of 15.3% in FY2022 and an expected 23.0% in FY2026 [4][10]. - The net profit for FY2022 was HKD 69.40 million, with projections of HKD 89.05 million for FY2024 and HKD 162.88 million for FY2026, indicating a growth rate of 16.9% in FY2022 and an expected 35.5% in FY2026 [4][10]. - The company’s gross margin is projected to be around 42.6% by FY2026, with a net profit margin of 7.9% [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.90 in FY2022 to 4.76 in FY2026, indicating increasing earnings relative to the stock price [4][10]. Business Performance - The company achieved a revenue of HKD 340 million in the Greater China region for H1 2024, a year-on-year increase of 5.8%, while overseas revenue reached HKD 270 million, a significant increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, highlighting the company's successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and meet customized client needs in the energy testing sector [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment, which increased by 47.2% year-on-year [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projections of HKD 1,368.11 million for FY2024, reflecting a growth rate of 22.3% [4][10]. - The net profit for FY2022 was HKD 69.40 million, expected to rise to HKD 89.05 million in FY2024, indicating a growth rate of 11.2% [4][10]. - The gross margin is projected to be around 41.8% in FY2024, with a net profit margin of 6.5% [4][10]. - The company’s return on equity (ROE) is expected to average 21.5% in FY2024, increasing to 25.7% by FY2026 [4][10]. Business Performance - The company’s revenue from the Greater China region reached HKD 340 million in H1 2024, showing a stable growth of 5.8% year-on-year, while overseas revenue was HKD 270 million, marking a substantial increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, indicating a successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].