Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates a positive outlook for the overseas AI computing power industry chain, suggesting that major AI companies are entering a phase of large-scale investment in AI computing and applications [6] - The report highlights significant improvements in the capabilities of the GPT-5 model, which was released by OpenAI, showcasing advancements in various fields such as coding, mathematics, writing, health, and visual perception [4][5] Summary by Relevant Sections Industry Overview - The communication industry is projected to outperform the overall market [1] - The report includes a comparative performance chart between the communication sector and the CSI 300 index, indicating a potential upward trend [2] AI Sector Insights - The report emphasizes the importance of the AI computing power industry chain, recommending specific investment targets in various segments such as optical modules, liquid cooling, optical chips, and more [6] - Notable recommended stocks include Zhongji Xuchuang and New Yisheng for optical modules, and Yingweike for liquid cooling [6] GPT-5 Model Analysis - GPT-5 has achieved state-of-the-art (SOTA) results in multiple domains, with a 45% reduction in factual error rates compared to its predecessor [4] - The model's performance in various tests includes a score of 94.6% in mathematics and 74.9% in programming, indicating significant advancements [4] Pricing Structure - The pricing for GPT-5 and its variants is detailed, with costs for input and output tokens set at $1.25 and $10.00 per million tokens for GPT-5, respectively [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新意網集團有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01686 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1 ...

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the continuous growth of AI application tools, with a significant increase in the usage of tokens for AI models, particularly the Doubao model, which saw a daily average usage exceeding 16.4 trillion tokens by the end of May 2025, marking a 137-fold increase since its launch in May 2024 [4][5] - The report identifies the AIDC computing power industry chain as a core focus area, recommending attention to seven key sectors including AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [6] Summary by Sections Industry Overview - The Doubao model has been upgraded to version 1.6, enhancing its reasoning, mathematics, and instruction-following capabilities, with a significant cost reduction of 63% compared to the previous version [5] - The report highlights the rapid adoption of AI tools, with AI tool usage increasing from 14.9% to 30.3% of total token calls, and notable growth in AI search and programming applications [4] Market Trends - The report notes that 9 out of the top 10 global smartphone manufacturers are collaborating with the Doubao model, and it is being utilized by 70% of systemically important banks and numerous securities and fund companies [5] - The education sector is also seeing growth, with K12 online education increasing by 12 times in token usage [4] Investment Recommendations - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Xinyi Network Group, Yingweike, and Guanghetong, focusing on the AIDC computing power industry chain [6]

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

Financial Performance - Revenue for the six months ended December 31, 2024, increased by 14% year-on-year to HKD 1,469.93 million, driven by contributions from new data center revenues[6]. - EBITDA rose by 17% year-on-year to HKD 1,053.05 million, with an improved margin from 70% to 72%[7]. - Profit attributable to shareholders increased by 11% year-on-year to HKD 483.99 million, supported by revenue growth and improved rental income[7]. - Operating cash flow (excluding changes in working capital) increased by 37% year-on-year to HKD 982 million[6]. - The group reported a 14% year-on-year increase in revenue to HKD 1.47 billion, driven by a 15% increase in revenue from data center and IT facilities to HKD 1.36 billion[32]. - The operating profit increased by 21% year-on-year to HKD 752 million, benefiting from revenue growth in data center and IT facilities[33]. - The EBITDA rose by 17% year-on-year to HKD 1.05 billion, with an EBITDA margin of 72% due to improved rental and new customer occupancy[33]. - The company reported a profit of HKD 483,994,000 for the six months ended December 31, 2024, compared to HKD 435,440,000 for the same period in 2023, representing an increase of approximately 11.2%[102]. - Basic and diluted earnings per share for the period were both HKD 0.1192, up from HKD 0.1073 in the same period last year, marking a 17.7% increase[94]. Infrastructure Development - The MEGA IDC Phase 1 successfully commenced trial operations in the first half of 2024, with plans for Phase 2 to add approximately 350,000 square feet of total floor area, expected to be completed in 2026/2027[9]. - The MEGA Gateway data center opened in Q1 2023, with 90% of deployed capacity utilized by a strong customer mix including cloud, telecom, and banking sectors[23]. - MEGA-i currently has approximately 15,000 fiber interconnects, enhancing the company's ability to meet the growing high-power demand from customers[22]. - The strategic positioning of MEGA Gateway aims to become the next major network connection hub in Hong Kong, focusing on high-value, connectivity-intensive customers[23]. - MEGA Plus and MEGA Two are fully operational, strategically positioned to attract large-scale cloud service providers due to their optimized facilities[24]. - The total floor area of data centers in Hong Kong will expand from 2.3 million square feet to nearly 3 million square feet upon completion of the MEGA IDC project[26]. - The group is actively constructing the second phase of MEGA IDC, which will add approximately 350,000 square feet and is expected to be completed in the 2026/2027 fiscal year[26]. Financial Position and Debt Management - The company maintains a healthy adjusted debt-to-equity ratio of 52%, or 37% excluding shareholder loans, ensuring a strong financial position[11]. - The adjusted debt ratio is calculated based on net debt divided by total equity and revalued surplus, with a capitalization rate range of 4.75% to 6.25%[16]. - The group's debt ratio (net debt to equity attributable to shareholders) was 324% as of December 31, 2024; excluding the HKD 5 billion long-term unsecured shareholder loan from Sun Hung Kai Properties, the ratio was 233%[36]. - As of December 31, 2024, the bank balance and deposits amounted to HKD 517 million, while bank loans totaled HKD 12.212 billion, resulting in a net bank loan of approximately HKD 11.695 billion, a 3% increase from June 30, 2024[36]. - The company has available funding sources totaling HKD 2,300,000,000 from internal resources and unused credit facilities from financial institutions and shareholders[104]. Market Demand and Strategic Focus - Demand for high-quality data center infrastructure and services in Hong Kong remains strong, particularly driven by AI-driven applications[8]. - The company remains optimistic about the potential opportunities brought by the rapid development of artificial intelligence, with trends favoring growth in demand for AI "inference" data centers[14]. - The company is focusing future investments on customer-related equipment and the development of MEGA IDC Phase 2, while maintaining strict cost control amid rising capital costs[9]. - The number of fiber interconnections continues to grow steadily, with strong demand expected to persist as more international cables pass through Hong Kong[9]. Sustainability and Corporate Responsibility - The company is committed to environmental sustainability, achieving carbon neutrality certification for two consecutive years and utilizing solar power generated from a private solar farm[18]. - The group has committed approximately 45% of its bank financing to sustainability-linked initiatives, enhancing its long-term sustainable performance[29]. Governance and Management - The company has a diverse board with members holding degrees from prestigious institutions such as the University of Cambridge and the University of Chicago[69]. - The board includes members with extensive experience in finance, engineering, and project management, enhancing the company's strategic decision-making capabilities[71][74]. - The company has maintained a consistent director's fee structure across its non-executive directors, indicating a stable governance approach[65][67][70]. - The independent non-executive directors play a crucial role in the company's audit and remuneration committees, ensuring transparency and accountability[71][75]. - The company continues to leverage the expertise of its board members to navigate market challenges and drive growth initiatives[69]. Employee and Compensation - The group employed 518 full-time employees as of December 31, 2024, and implemented measures to promote employee health and safety[38]. - The company has a competitive compensation package for employees, including performance-based stock options to retain talent[38]. - Mr. Chen received a total compensation of approximately HKD 6,614,000, which includes a director's fee of HKD 45,000 for the fiscal year ending June 30, 2024[52]. - The remuneration for key management personnel rose to HKD 3,148,000 from HKD 2,596,000, an increase of 21.2%[142]. Audit and Compliance - The interim results for the six months ending December 31, 2024, are unaudited but have been reviewed by Deloitte[167]. - The financial data presented complies with the relevant regulations and accounting standards as of December 31, 2024[90]. - The review of the financial data was conducted according to the Hong Kong Institute of Certified Public Accountants' standards[91]. - The audit committee consists of four members, including three independent non-executive directors, ensuring compliance with listing rules[168]. Financing Agreements - Hong Wei Development Limited secured a commitment financing agreement with Bank of China (Hong Kong) for up to HKD 1.5 billion in term loans and HKD 1.5 billion in revolving loans[171]. - A subsequent financing agreement with Bank of China (Hong Kong) was signed for up to HKD 1 billion in term loans and HKD 1 billion in revolving loans, with repayment terms set for five years from the agreement date[172]. - On June 15, 2023, Hong Wei Development entered into a financing agreement with HSBC for a total of up to HKD 3 billion, including HKD 2 billion in term loans and HKD 1 billion in revolving loans, with a repayment period of 35 months[174]. - A financing agreement with Chuang Hing Bank was established for a total of HKD 1 billion in term loans and HKD 600 million in revolving loans, with a repayment period of 60 months from the first drawdown[175]. - The company has a commitment to maintain at least 51% ownership of its issued share capital by Sun Hung Kai Properties, which is a condition for the financing agreements[173]. - A new financing agreement with Bank of China was signed on March 27, 2024, for up to HKD 2.2 billion in term loans and HKD 800 million in revolving loans, with a repayment period of 60 months[176]. - A financing agreement with China Construction Bank (Asia) was established for a total of HKD 800 million in term loans and HKD 400 million in revolving loans, also with a repayment period of 60 months[177].

Investment Rating - The investment rating for the company is downgraded to Neutral [2][8]. Core Insights - The company's performance slightly exceeded expectations, driven by strong demand for data centers, but the valuation has fully reflected the positive fundamentals [5][6]. - The target price has been raised to HKD 8.58, reflecting a potential downside of 3.6% from the current price of HKD 8.90 [1][5]. - The company has shown significant growth in revenue and operating cash flow, with a year-on-year revenue increase of 14.0% in the first half of the fiscal year 2025 [5][6]. Financial Overview - For the fiscal year ending June 30, 2023, the company reported revenue of HKD 2,346 million, with projected revenue growth to HKD 3,322 million by 2025, representing a compound annual growth rate (CAGR) of 24.3% [4][9]. - Net profit for 2023 was HKD 905 million, expected to rise to HKD 1,198 million by 2025, indicating a growth rate of 32.0% [4][9]. - The adjusted EBITDA for the first half of fiscal year 2025 was HKD 1,053 million, up 17.1% year-on-year, with an EBITDA margin of 71.6% [5][6]. Market Position and Capacity - The company has successfully launched its first phase of the MEGA IDC, which is set to be the largest data center in Hong Kong, with a total floor area of approximately 500,000 square feet and a power capacity of 50 MW [5][6]. - The company anticipates a decrease in capital expenditures by 10-20% annually from 2025 to 2027, having passed the peak of capital spending and interest rate cycles [5][6]. - The total capacity is expected to reach 280 MW, with current equipped capacity at 103 MW, reflecting a year-on-year increase of 12 MW [5][6].

Financial Performance - Revenue for the six months ended December 31, 2024, increased by 14% to HKD 1.47 billion, driven by contributions from new data center revenues, particularly from the MEGA IDC Phase 1 trial operation[3] - EBITDA rose by 17% year-on-year to HKD 1.053 billion, with an improved profit margin increasing from 70% to 72%[4] - Net cash generated from operating activities (excluding changes in working capital) increased by 37% to HKD 982 million[4] - Operating profit rose by 21% year-on-year to HKD 752 million, benefiting from revenue growth in data center and IT facility businesses[29] - The net profit attributable to shareholders for the period was HKD 483.994 million, an increase from HKD 435.440 million year-on-year[39] - The group reported a total comprehensive income of HKD 483,994,000 for the six months ended December 31, 2024, compared to HKD 435,440,000 for the same period in 2023, representing an increase of approximately 11.1%[42] Operational Developments - The MEGA IDC Phase 1 is successfully in trial operation and is expected to support high-density server deployments, with Phase 2 construction underway to add approximately 350,000 square feet of total floor area, scheduled for completion in 2026/2027[6] - The company is focusing future investments on customer-related equipment and the development of MEGA IDC Phase 2, while maintaining strict cost control in capital and operational expenditures[7] - MEGA Gateway, opened in Q1 2023, has 90% of its deployed capacity utilized by a strong customer mix, including a large Asian technology company[19] - MEGA-i has approximately 15,000 fiber interconnections, enhancing the company's ability to meet the growing high-power demand from customers[18] - The company’s facilities have been upgraded to meet the increasing demand for powerful computing capabilities driven by the emergence of artificial intelligence[18] Financial Position - The adjusted debt ratio remains at a healthy level of 52%, or 37% excluding shareholder loans, reinforcing the company's strong financial position[7] - As of December 31, 2024, the group's bank balance and deposits amounted to HKD 517 million, while bank loans totaled HKD 12.212 billion, resulting in a net bank loan of approximately HKD 11.695 billion, an increase of 3% from HKD 11.398 billion on June 30, 2024[33] - The group's debt ratio (net debt to equity attributable to shareholders) was 324% as of December 31, 2024; excluding the HKD 5 billion long-term unsecured shareholder loan from New World Development, the ratio was 233%[35] - The total equity of the group was HKD 5.2 billion based on historical cost accounting, which could increase to HKD 31.9 billion based on fair market value assessments of data centers[35] - The company’s cash and cash equivalents increased to HKD 516,866,000 from HKD 498,741,000, reflecting a rise of about 3.4%[41] Market and Industry Trends - The demand for quality data center infrastructure and services in Hong Kong remains strong, particularly driven by the growth of AI-driven applications[5] - The company remains optimistic about the potential opportunities brought by the rapid development of artificial intelligence, with trends favoring growth in the medium term[11] - The strategic focus on strict capital allocation and excellent business operations positions the company to effectively respond to external challenges such as high interest rates and geopolitical tensions[12] Sustainability and Governance - The company has achieved carbon neutrality certification for two consecutive years and is committed to sustainable development, recognized by the 2024 UN Sustainable Development Goals Hong Kong Achievement Award[14] - The group has linked approximately 45% of its bank financing to sustainability initiatives, reinforcing its commitment to environmental goals[26] - The company emphasizes the need for transparency and accountability from the Science Park regarding compliance and enforcement actions against violations[10] - The company has complied with the corporate governance code as per the listing rules during the reporting period[88] Legal and Regulatory Matters - The company has successfully won a legal case against the Science Park regarding unauthorized subleasing activities, highlighting ongoing regulatory challenges in the sector[8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][11]. Core Insights - The company is projected to achieve stable growth in the first half of the 2025 fiscal year, driven by the MEGA IDC project, improved utilization rates of existing and new data centers, and price increases [7]. - The MEGA IDC project is expected to be a key growth driver, with a committed and signed leasing rate of approximately 60% for the first phase by the end of the 2024 fiscal year [7]. - Anticipated interest expenses are expected to peak, leading to faster net profit growth, with a projected year-on-year increase of over 20% in net profit for the first half of 2025 [7]. - The target price has been raised from HKD 4.50 to HKD 5.22, reflecting an expected potential upside of 17.0% [1][7]. Financial Overview - Revenue is forecasted to grow from HKD 2,346 million in 2023 to HKD 4,433 million by 2027, with a compound annual growth rate (CAGR) of approximately 14.2% [6]. - Net profit is expected to increase from HKD 905 million in 2023 to HKD 1,639 million by 2027, reflecting a significant growth trajectory [6]. - The EBITDA for the fiscal years 2025, 2026, and 2027 has been revised upwards to HKD 22.08 billion, HKD 25.42 billion, and HKD 28.60 billion respectively [7]. - The company’s market capitalization is approximately HKD 18,103.47 million, with a current share price of HKD 4.46 [4][11].

Financial Performance - Revenue for the period from January 1, 2024, to June 30, 2024, was HKD 1,383,861,000, an increase from HKD 1,289,640,000 in the previous period[6]. - Gross profit for the same period was HKD 731,819,000, compared to HKD 682,537,000 in the prior period, reflecting a growth of approximately 7.2%[6]. - EBITDA for the data center business was HKD 957,656,000, up from HKD 906,851,000 in the previous period, indicating a growth of about 5.8%[6]. - Profit attributable to shareholders for the current period was HKD 471,748,000, compared to HKD 435,440,000 in the previous period, representing an increase of approximately 8.3%[6]. - Operating profit for the period was HKD 657,148,000, an increase from HKD 621,998,000 in the previous period, showing a growth of about 5.6%[6]. - The company reported a pre-tax profit of HKD 541,614,000, compared to HKD 517,892,000 in the previous period, reflecting an increase of approximately 4.6%[6]. - Revenue for the fiscal year ending June 30, 2024, increased by 14% to HKD 2,673,501,000 compared to HKD 2,345,903,000 in 2023[18]. - EBITDA rose by 10% year-on-year to HKD 1,849,000,000, up from HKD 1,677,000,000 in the previous year[18]. - The company reported a net profit attributable to shareholders of HKD 907,188,000, which is nearly unchanged from HKD 905,000,000 in 2023[19]. Operational Highlights - The company is focusing on expanding its data center operations, which are expected to drive future revenue growth[5]. - New product developments are underway, aimed at enhancing service offerings in the data center sector[5]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service capabilities[5]. - The total floor area of operational data centers reached 2.3 million square feet, capturing approximately 33% of the high-end data center market in Hong Kong[8]. - The company plans to expand the MEGA IDC with an additional 700,000 square feet and increase power capacity from 150 MW to over 280 MW[15]. - The MEGA IDC Phase 1, recently launched, is the largest data center in Hong Kong by power capacity, attracting strong interest from major international cloud service providers[21]. - The demand for "hyperscale" capacity has significantly increased, driven by the rise of artificial intelligence and the need for high-quality data center services[21]. Financial Position - Total assets increased to HKD 24,071,835,000 in 2024 from HKD 20,777,612,000 in 2023, reflecting a growth of approximately 16%[7]. - The company maintains a strong operating cash flow, with net cash from operating activities (excluding changes in working capital) rising by 8% to HKD 1,671,000,000[19]. - The company maintains a healthy debt ratio of 49% including shareholder loans, or 35% excluding them, ensuring a cost-effective capital structure[22]. - The adjusted debt ratio is calculated based on the fair value of completed data centers as of June 30, 2024, and net debt[22]. - The company has approximately HKD 4.99 billion in bank cash deposits and total bank loans of HKD 11.897 billion as of June 30, 2024[36]. Sustainability and Governance - The company has received LEED Gold certification for new facilities like MEGA IDC and MEGA Gateway, demonstrating commitment to environmental best practices[24]. - The company has achieved carbon neutrality certification for two consecutive years and is collaborating with Sun Hung Kai Properties to utilize green electricity from solar systems[24]. - The company emphasizes its commitment to environmental, social, and governance (ESG) principles in its data center investments[24]. - The company has been recognized with the 2024 United Nations Sustainable Development Goals Hong Kong Achievement Award for its sustainable development efforts[24]. - The company is committed to compliance with various legal regulations, including employment and privacy laws, to ensure operational integrity[59]. - The company emphasizes high standards of business ethics and corporate governance to enhance shareholder value[128]. Shareholder Information - The board proposed a final dividend of HKD 0.112 per share for the fiscal year ending June 30, 2024[20]. - The company reported a final dividend of HKD 0.112 per share for the year ending June 30, 2024, consistent with the previous year[58]. - The company emphasizes a stable dividend policy, contingent on financial performance, capital needs, and overall economic conditions[58]. - The company encourages shareholders to submit proposals for discussion at general meetings, provided they hold at least 10% of the voting rights[166]. Risk Management - The company has implemented a risk management policy to identify, assess, and mitigate key business risks, including ESG risks[158]. - The risk management framework is overseen by the board, audit committee, and a dedicated risk management working group[158]. - The company emphasizes that its risk management systems aim to manage rather than eliminate risks associated with business objectives[158]. - The board has conducted an annual review of the effectiveness of the risk management and internal control system, finding it sufficient for the fiscal year ending June 30, 2024[161]. Board and Management - The board consists of 17 members, including 3 executive directors and 7 independent non-executive directors, with female representation at approximately 12%[135][136]. - The chairman and CEO roles are distinct, with the chairman leading the board and the CEO overseeing the group's various businesses, ensuring no concentration of power[140]. - The company has established mechanisms to ensure independent viewpoints are represented in board discussions, with most members of the audit, remuneration, and nomination committees being independent non-executive directors[137]. - The company secretary assists in preparing agendas and ensuring compliance with applicable rules and regulations for board meetings[138]. - The board is responsible for approving annual and interim performance, as well as major financing arrangements and acquisitions[134]. Contracts and Agreements - A construction contract was established with a total amount of HKD 821,143,855 for a project in Tsuen Wan, Hong Kong[100]. - A second construction contract was signed for a high-end data center with a total contract amount of HKD 3,605,000,000[100]. - The total amount for the approved person consultancy service agreement is HKD 15,400,000[107]. - The group has a service fee cap for maintenance arrangements with Sun Hung Kai Properties of HKD 74.4 million, HKD 84.8 million, and HKD 96.6 million for the fiscal years ending June 30, 2024, 2025, and 2026 respectively[111]. Employee and Compensation - The group employed 487 full-time employees as of June 30, 2024, focusing on employee well-being and talent retention strategies[35]. - The group regularly conducts market benchmark surveys to ensure the competitiveness of its overall compensation system[91]. - The group implements a discretionary bonus system based on overall performance and individual contributions[92].