Group 1: Market Overview - The Hang Seng Index fell by 1.11%, down 284 points, closing at 25,383 points, while the Hang Seng Tech Index dropped by 1.69% [1] - The early trading volume in Hong Kong stocks reached 151 billion HKD [1] Group 2: Medical Sector - Medical device stocks rose in early trading, with the national drug procurement policy indicating a move away from internal competition, leading institutions to view this as a turning point for the industry [1] - Aikang Medical (01789) increased by 7.93%, and Weigao Group (01066) rose by 4.37% [1] - Yongsheng Medical (01612) saw a surge of over 27% following a profit warning, with sales orders increasing and expected mid-term net profit growth exceeding 50% year-on-year [2] - CRO concept stocks continued to rise, with Citigroup noting that the CXO sector is gaining market attention ahead of earnings season [2] - Kanglong Chemical (300759) (03759) rose by 8.4%, while Zhaoyan New Drug (603127) (06127) increased by 5.7%, and WuXi Biologics (02269) rose by 4.5% [2] Group 3: Consumer Sector - Nongfu Spring (09633) increased by over 3.56%, reaching a three-and-a-half-year high, with institutions expecting the company's first-half revenue growth to exceed market expectations [3] Group 4: Other Notable Stocks - Jihong Co., Ltd. (002803) (02603) rose by 16%, with two main business segments performing well, and expected first-half net profit growth of up to 65% [4] - China Merchants Port (01199) increased by over 4%, following reports that China Merchants Group plans to acquire assets from Cheung Kong Ports [5] - Guichuang Tongqiao (02190) rose by 2.6%, with expected mid-term net profit growth of 66.9%, as the company embraces procurement and actively expands overseas [6] Group 5: Lithium and Duty-Free Sector - News of supply disruptions in the lithium market led to Tianqi Lithium (002466) (09696) rising by 3.6% [7] - China Duty Free Group (601888) (01880) fell by over 6%, with pending details on Hainan's duty-free policies, and institutions noting that the closure operations have a dual impact on offshore duty-free business [7] Group 6: Technology Sector - Qianxun Technology (01640) fell by over 3%, having retreated 23% from its previous high, with recent comments from Yu Weiwen emphasizing the need to avoid excessive speculation on stablecoins [8]

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Core Insights - The National Medical Products Administration (NMPA) has announced measures to optimize the lifecycle regulation of high-end medical devices, focusing on areas such as medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [1] - The global high-end medical device market is projected to exceed $1.8 trillion by 2030, with China's market expected to reach 2.8 trillion RMB [1] Industry Focus Areas - **Brain-Computer Interface (BCI)**: The BCI market in China is expected to reach 3.2 billion RMB in 2024, growing at 18.8%, and is projected to reach 5.58 billion RMB by 2027 with a growth rate of 20%. Challenges include technical bottlenecks and ethical controversies [2] - **High-End Medical Imaging Equipment**: The domestic market has seen rapid development, with increasing localization in mid-to-low-end products. However, high-end imaging equipment still faces challenges, particularly in the localization of key components [2] - **Surgical Robots**: The market for surgical robots is dominated by laparoscopic surgical robots, with the Da Vinci system currently leading. Domestic products are entering the market, which may disrupt the current landscape [3] - **High-Value Consumables**: These account for about 20% of the medical device market. While some segments have achieved domestic substitution, others, particularly in cardiac and neurological devices, still rely heavily on imports [3] - **In Vitro Diagnostics (IVD)**: The IVD industry has seen significant domestic advancement in low-end technologies, but high-end segments remain largely dominated by foreign brands [3] Market Trends - The medical device industry is characterized by a dual focus on technology-driven innovation and domestic substitution. Key components for high-end devices are being developed domestically, with some products nearing international standards [4] Related Companies - **MicroPort Scientific Corporation (微创机器人)**: Reported over 130 core product orders, with significant growth in laparoscopic surgical robots [5] - **Yimai Sunshine (一脉阳光)**: Engaged in building medical imaging centers and has launched an AI medical imaging model, marking a transition in the industry [6] - **Yongsheng Medical (永胜医疗)**: Focuses on rehabilitation robotics and has secured agreements for health care product procurement [6] - **Kangji Medical (康基医疗)**: Recently received regulatory approval for a four-arm laparoscopic surgical robot, expanding its clinical application range [7]

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[7]. - Revenue for the year ended December 31, 2024, increased by 11.6% to HKD 800.963 million, compared to HKD 717.973 million in 2023[12]. - Total revenue for the year reached HKD 801.0 million, an increase of 11.6% compared to HKD 718.0 million in 2023, driven by increased orders in the imaging disposable products segment and growth in health care and wellness products[35]. - Profit attributable to owners increased by 20.8% to HKD 69.167 million, compared to HKD 57.275 million in 2023[12]. - Basic earnings per share increased to HKD 10.75 from HKD 8.87 in 2023[12]. - Total dividend per share for 2024 is HKD 3.30, up from HKD 2.75 in 2023[20]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[7]. User Growth and Market Expansion - User data showed a growth of 25% in active users, reaching 500,000 by the end of 2024[7]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2026[7]. Product Development and Innovation - New product launches included a state-of-the-art medical device that is expected to generate an additional HKD 200 million in revenue in 2025[7]. - Research and development expenses increased by 20%, totaling HKD 150 million, to support innovation and new technology[7]. - The company continues to invest in product quality control and compliance, having passed FDA reviews and received EU MDR certification for several respiratory medical devices[25]. - The company has a dedicated R&D department located in Dongguan, focusing on innovative and reliable medical technologies[84]. Strategic Initiatives - The company completed an acquisition of a competitor for HKD 300 million, enhancing its product portfolio and market reach[7]. - The company plans to accelerate digitalization, automation, and operational optimization, with new production facilities expected to commence trial operations by the end of 2025[34]. - The focus will remain on diversified growth strategies, particularly in imaging disposable products and respiratory products, while exploring AI opportunities in rehabilitation and healthcare products[23]. Financial Management and Capital Expenditure - Capital expenditure for the year was HKD 142.4 million, significantly up from HKD 21.3 million in 2023, mainly for the construction of new production facilities[44]. - The company had unutilized bank financing of HKD 487.0 million as of December 31, 2024, compared to HKD 93.9 million in 2023[54]. - Total interest-bearing borrowings rose to HKD 80.2 million from HKD 21.0 million in 2023, primarily to fund new production facilities[53]. Governance and Management - The company has a robust governance structure with independent directors overseeing compensation and audit committees, ensuring transparency and accountability[72]. - The board includes independent directors with over 40 years of experience in medical device management, marketing, and R&D, ensuring diverse expertise[73]. - The company’s executive team includes members with extensive backgrounds in biomedical engineering and risk management, enhancing operational oversight[67][69]. Risk Management - The company faces significant risks from global economic conditions, including trade protectionism, currency fluctuations, and geopolitical tensions, which may impact financial performance[87]. - Labor shortages and rising labor costs have become a challenge, potentially affecting the company's operational capacity[91]. - The company is subject to stringent regulatory requirements in the medical device industry, and changes in laws or regulations could hinder its ability to operate effectively[94]. Shareholder Engagement and Dividends - The proposed final dividend for the year ending December 31, 2024, is HKD 0.017 per share, an increase from HKD 0.015 in 2023[108]. - The company aims to distribute a total dividend of no less than 30% of the consolidated profit attributable to shareholders for each financial year[109]. Corporate Social Responsibility - The board of directors emphasized a commitment to environmental, social, and governance (ESG) initiatives, with a budget of HKD 50 million allocated for sustainability projects in 2025[7]. - The group made charitable donations of RMB 130,000 in the current year, compared to zero in 2023[119]. Employee Welfare and Culture - Employee welfare is prioritized through competitive compensation, benefits, and professional training programs[103]. - The company emphasizes a culture of integrity and ethical standards across all business activities, with training provided to employees[185].

国家药监局综合司就《关于优化全生命周期监管支持高端医疗器械创新发展的举措(征求意见稿)》公开 征求意见。 征求意见稿提出，强化标准引领创新，进一步完善高端医疗器械标准体系。 加快发布医用外骨骼机器人、放射性核素成像设备等相关标准。 加快推进医用机器人、人工智能医疗器械、高端医学影像设备等领域的基础、通用标准和方法标准等制 修订工作，积极筹建医用机器人、人工智能医疗器械标准化技术委员会。 加强增材制造用医用材料、脑机接口柔性电极、基因工程合成生物材料等新型生物材料标准化研究。 一脉阳光(02522)：一脉阳光业务涵盖医学影像中心建设、医学影像诊断服务、影像技术培训、影像信 息化智能化服务等多个板块。一脉阳光通过建设医学影像区域共享中心和专科医联体，将三甲医院的影 像诊断能力"下沉"至县、乡。2025年1月10日，一脉阳光孵化的人工智能企业影禾医脉正式发布全球首 个全模态全流程医学影像基座大模型，引领医学影像AI行业从1.0时代进入2.0时代。 永胜医疗(01612)：公布2024年业绩，收入约8.01亿港元，同比增长 11.6%；溢利同比增加21.8%至7090 万港元，公司拥有人应占溢利6916.7万港元，同 ...

Financial Performance - The company recorded a revenue growth of 11.6%, reaching HKD 801.0 million for the year ended December 31, 2024[4] - Profit for the year increased by 21.8% to HKD 70.9 million, with a net profit margin rising to 8.9% from 8.1% in 2023[4] - Operating profit for the year was HKD 79.7 million, up from HKD 65.8 million in 2023[5] - The group's revenue for 2024 reached HKD 800,963,000, an increase from HKD 717,973,000 in 2023, representing an increase of approximately 11.5%[22] - The total profit for the reporting segment rose to HKD 100,401,000 in 2024, compared to HKD 90,548,000 in 2023, marking an increase of 10.2%[32] - The company reported a basic and diluted earnings per share of HKD 69,167,000 for 2024, compared to HKD 57,275,000 in 2023, reflecting a significant increase in profitability[43] Revenue Segmentation - Revenue from the imaging disposable products segment increased by 37.7% to HKD 393.3 million, attributed to strengthened collaboration with major clients and growth in the global medical imaging diagnostic services market[4] - Revenue from OEM products was HKD 631,477,000 in 2024, up from HKD 505,520,000 in 2023, reflecting a growth of about 24.9%[22] - Revenue from external customers in the United States reached HKD 292,736,000 in 2024, up from HKD 259,719,000 in 2023, reflecting a growth of 12.7%[33] - Revenue from external customers in Spain surged to HKD 256,594,000 in 2024, compared to HKD 168,738,000 in 2023, indicating a significant increase of 52.0%[33] - Revenue from the imaging disposable products segment reached HKD 393.3 million in 2024, a 37.7% increase from HKD 285.6 million in 2023, accounting for 49.1% of total revenue[48] - The respiratory products segment experienced a revenue decline of 10.7% to HKD 245.5 million in 2024, down from HKD 274.9 million in 2023, primarily due to reduced demand[50] - Revenue from orthopedic support and rehabilitation products decreased by 14.4% to HKD 50.2 million in 2024, down from HKD 58.7 million in 2023, reflecting pressures from macroeconomic uncertainties[51] - Other products revenue increased by 13.2% to HKD 111.9 million in 2024, up from HKD 98.8 million in 2023, representing 14.0% of total revenue[52] Dividends - The board proposed a final dividend of HKD 0.017 per share, totaling HKD 0.033 per share for 2024, compared to HKD 0.0275 per share in 2023[4] - The company has approved a final dividend of HKD 1.5 per share for 2023, totaling approximately HKD 9,800,000, and a mid-term dividend of HKD 1.6 per share for 2024, totaling approximately HKD 10,453,000[10] - The board has declared a final dividend of 1.7 HKD cents per share for the year, up from 1.5 HKD cents in 2023, bringing the total dividend for 2024 to 3.3 HKD cents per share[87] Assets and Liabilities - Total assets increased to HKD 919.7 million from HKD 786.6 million in 2023[8] - Non-current assets rose significantly to HKD 332.0 million from HKD 214.0 million in 2023, driven by investments in property, plant, and equipment[8] - The company’s total equity increased to HKD 583.4 million from HKD 543.1 million in 2023[9] - Contract assets increased to HKD 31,613,000 in 2024 from HKD 14,820,000 in 2023, indicating a significant rise of approximately 113%[24] - The group reported a decrease in trade receivables to HKD 169,332,000 in 2024 from HKD 172,394,000 in 2023, a decline of approximately 1.8%[24] - Trade receivables amounted to HKD 169.3 million, with the quality of receivables being satisfactory and credit risk management continuing to be a focus[69] - The company’s inventory as of December 31, 2024, was HKD 162.7 million, down from HKD 173.8 million in 2023, reflecting strict inventory policies[68] Operational Efficiency - The company focused on quality and compliance management, obtaining certification under the EU Medical Device Regulation for its quality management system and respiratory product series[4] - The company implemented efficiency-enhancing measures, including optimizing procurement channels and upgrading its ERP system[4] - The company is focused on digitalization, automation, and operational optimization to improve workflow and efficiency across its business management systems[47] - The new production facility in Jiangmen, Guangdong Province, is on track to commence trial operations by the end of 2025, aimed at enhancing operational efficiency[47] - Capital expenditure for the year was HKD 142.4 million, significantly up from HKD 21.3 million in 2023, primarily for the construction of new production facilities[65] - The company plans to continue building new production facilities, expected to commence trial operations by the end of 2025[56] Research and Development - Research and development expenditure was HKD 30.6 million, representing 3.8% of total revenue, down from 5.0% in 2023[62] - The company plans to continue investing in R&D and seek strategic partnerships to accelerate business development, particularly in the context of its collaboration with Inovytec Medical Solutions Limited[53] Financial Standards and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which includes changes in the classification of liabilities[14] - The group has not made any retrospective adjustments due to the adoption of the revised standards, and there was no significant impact on previously recognized amounts[15] - The group is currently evaluating the expected impact of new standards and interpretations that will become effective in the future, including those effective from January 1, 2025, and beyond[18][19] Miscellaneous - The company has not made any significant acquisitions or disposals of subsidiaries or associates during the year[80] - As of December 31, 2024, the company has no contingent liabilities reported[85] - The company has pledged assets including properties and equipment valued at 132.7 million HKD and right-of-use assets at 30.4 million HKD to secure loans for new production facilities[82] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year[96] - There are no significant events reported after the reporting period up to the date of this announcement[81] - The company has not established a foreign currency hedging policy despite exposure to currency risks, particularly with costs denominated in RMB and sales in USD and JPY[83] - The annual general meeting is scheduled for May 21, 2025, with a record date for the final dividend on June 2, 2025[86]

Vincent Medical 永 勝 醫 療 控 股 有 限 公 司 力： 200 - 100 - 0 ● Al Reliability 可靠 B o 中期報号 | --- | --- | --- | |-------|-------|------------------------------| | | | | | | | | | | 目 | 錄 | | | | | | 2 | | 公司資料 | | 3 | | 財務摘要 | | 4 | | 管理層討論及分析 | | | 10 | 其他資料 | | | 23 | 獨立審閱報告 | | | 24 | 簡明綜合損益表 | | | 25 | 簡明綜合損益及其他全面收益表 | | | 26 | 簡明綜合財務狀況表 | | | 27 | 簡明綜合權益變動表 | | | 28 | 簡明綜合現金流量表 | | | 29 | 簡明綜合財務報表附註 | 公司資料 | --- | --- | --- | |-------------------------------------------------------------------|------------------ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Vincent Medical Holdings Limited 永勝醫療控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1612） 截至2024年6月30日止六個月之 中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 500 million, representing a growth of 25% year-over-year[2]. - Revenue for the year ended December 31, 2023, increased by 14.1% to HKD 717.973 million compared to HKD 629.242 million in 2022[15]. - The company reported a profit attributable to owners of HKD 57.275 million, a turnaround from a loss of HKD 17.398 million in 2022[15][24]. - Basic earnings per share improved to HKD 8.87 from a loss of HKD 2.66 in the previous year[15]. - The total dividend for 2023 was HKD 2.75 per share, an increase from HKD 2.50 in 2022, with a payout ratio of 31.4%[24]. - The group recorded a profit attributable to owners of HKD 57.3 million, a significant recovery from a loss of HKD 17.4 million in 2022[52]. - The company reported a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[3]. Revenue Segmentation - Revenue from disposable imaging products grew by 20.0% to HKD 285.6 million, up from HKD 238.0 million in 2022[27]. - The imaging disposable products segment reported a revenue increase of 20.0% to HKD 285.6 million, accounting for 39.8% of total revenue[35]. - The respiratory products segment generated revenue of HKD 274.9 million, a 9.6% increase, representing 38.3% of total revenue, primarily due to a 10.2% increase in sales of inspiredTM respiratory devices and consumables[32]. - The healthcare and wellness products segment saw a significant revenue increase of 195.6% to HKD 26.9 million, reflecting the expansion of the product portfolio[37]. Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[3]. - New product launches included the O2FLO respiratory humidification device, which is expected to contribute an additional HKD 50 million in revenue[3]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[3]. - A strategic acquisition of a local medical device company was completed, enhancing the company's product portfolio and expected to generate HKD 30 million in synergies[3]. - The company plans to upgrade its operational systems and enhance marketing capabilities in 2024, alongside increased investment in technology and product innovation[29]. - The strategic focus includes expanding into health care and wellness devices, enhancing product offerings and business sustainability[25]. Research and Development - Research and development expenses increased by 18%, totaling HKD 80 million, focusing on innovative medical technologies[3]. - Research and development expenses for the year amounted to HKD 36.1 million, representing 5.0% of total revenue, a decrease from 5.8% in 2022[49]. - The company is constructing a new R&D and production facility in Jiangmen, Guangdong, to enhance production capacity and operational efficiency[28]. - The company plans to focus on product development, customer relationship management, and clinical education to enhance product competitiveness and order visibility in the respiratory products segment[40]. Governance and Compliance - The company has implemented a new corporate governance policy aimed at improving transparency and accountability[3]. - The board of directors has approved a dividend policy, with a proposed dividend of HKD 0.05 per share, reflecting a payout ratio of 25%[3]. - The company has established a risk management committee to enhance operational oversight and mitigate potential risks[72]. - The company has confirmed the independence of all independent non-executive directors through annual independence confirmation letters[141]. - The company reported no significant violations of applicable laws and regulations during the year[121]. Market Risks and Challenges - The company faces significant financial risks, including foreign currency risk, credit risk, liquidity risk, and interest rate risk[109]. - The ongoing geopolitical tensions and political instability may adversely affect the company's operations and increase costs[98]. - Labor shortages and rising labor costs are impacting the company's ability to maintain production levels[101]. - The company is exposed to supply chain disruptions, which could delay product deliveries and harm its reputation[102]. - The potential for new COVID-19 variants remains a concern, which could disrupt economic activities and the company's operations[95]. - The company is subject to strict regulatory compliance, and changes in laws or regulations could limit its ability to operate effectively[106]. Employee and Shareholder Relations - The total number of full-time employees increased to 1,264 from 1,226 in 2022, with total employee costs, including directors' remuneration, amounting to HKD 194.3 million, which is 27.1% of total revenue[61]. - The company focuses on creating a harmonious and safe working environment for employees, offering competitive compensation and professional training[115]. - The company emphasizes the importance of effective communication with shareholders and aims to provide stable and sustainable returns[117]. Share Options and Incentives - The company has granted a total of 2,000,000 stock options to Mr. Cai, subject to vesting conditions[157]. - The total number of unexercised stock options as of December 31, 2023, is 1,986,668 shares after accounting for cancellations[171]. - The share options plan allows for the issuance of options to executives, directors, employees, and other eligible participants as a reward for their contributions[167]. - The total number of shares that may be issued as rewards under the share incentive plan is capped at 32,820,516 shares, representing approximately 5% of the company's issued share capital as of the adoption date[182]. Continuous Connected Transactions - The company has entered into continuous connected transactions, including a medical trolley procurement agreement and a plastic and metal service agreement with VRDG[196]. - The medical trolley procurement agreement is effective from June 30, 2021, to December 31, 2023, while the plastic and metal service agreement is effective from January 1, 2022, to December 31, 2023[197]. - The annual cap for the medical trolley procurement agreement is set at HKD 22,000,000 for the year ending December 31, 2023[200]. - The annual cap for the plastic and metal service agreement is set at HKD 11,500,000 for the year ending December 31, 2023[200].