Core Viewpoint - The company reported a revenue of HKD 108 million for the six months ending June 30, 2025, representing a year-on-year decrease of 1.7% [1] - The loss attributable to shareholders was HKD 10.41 million, a reduction of 39.28% compared to the previous year, with a loss per share of HKD 0.0163 [1] Group 1 - The denim business experienced two distinct phases during the first half of 2025, benefiting from the "China Plus One" strategy established in 2024 [1] - The production facilities in Vietnam showed strong performance in the initial months, following a successful "seed phase" that led to significant growth [1] - There was an increase in demand from premium denim brands in the United States, particularly those seeking reliable suppliers for tariff-advantaged production solutions, which further enhanced the performance of the high-margin segment [1]

Core Viewpoint - The company reported a revenue of HKD 108 million for the six months ending June 30, 2025, representing a year-on-year decrease of 1.7% and a loss attributable to shareholders of HKD 10.41 million, a reduction of 39.28% compared to the previous year [1]. Group 1: Financial Performance - The company achieved a revenue of HKD 108 million, which is a 1.7% decrease year-on-year [1]. - The loss attributable to shareholders was HKD 10.41 million, showing a 39.28% decrease year-on-year [1]. - The loss per share was HKD 0.0163 [1]. Group 2: Business Operations - The denim fabric business experienced two distinct phases during the first half of 2025 [1]. - The production facilities in Vietnam performed strongly in the initial months, benefiting from the "China Plus One" strategy established in 2024 [1]. - The successful "seeding period" led to significant growth, attracting new customers and encouraging existing brand owners to increase order volumes and product options [1]. - There was a growing demand from premium denim brands in the U.S., particularly those seeking reliable suppliers for tariff-advantaged production solutions, which further enhanced the performance of the high-margin segment [1].

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。 HINGTEX HOLDINGS LIMITED 興紡控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1968） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 興 紡 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期（「二 零 二 四 年 上 半 年」）的 比 較 數 字。簡 明 綜 合 中 期 財 務 報 表 未 經 審 核 ...

格隆汇8月14日丨兴纺控股(01968.HK)宣布，本公司谨订于2025年8月28日（星期四）举行董事会会议， 藉以（其中包括）批准刊发本公司及其附属公司截至2025年6月30日止六个月的未经审核综合财务业 绩，并考虑宣派中期股息（如有）。 ...

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。 HINGTEX HOLDINGS LIMITED 興 紡 控 股 有 限 公 司 興紡控股有限公司 主席兼非執行董事 劉中秋 香港，二零二五年八月十四日 於本公告日期，執行董事為董韋霆先生及董卓明先生；主席兼非執行董事為劉中 秋女士；及獨立非執行董事為曾令鏢先生、張之傑先生及黃銘斌先生。 董事會會議通告 興紡控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司謹訂於二零二 五年八月二十八日（ 星期四 ）舉行董事會會議，藉以（ 其中包括 ）批准刊發本公司及 其附屬公司截至二零二五年六月三十日止六個月之未經審核綜合財務業績，並考 慮宣派中期股息（ 如有 ）。 承董事會命 （於開曼群島註冊成立的有限公司） （股份代號：1968） ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 興紡控股有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01968 | 說明 | (N/A) | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 640,000,000 | | 0 | | 640,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 640,000,000 | | 0 | | 640,000,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | ...

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 214.7 million, an increase of about 31.8% compared to HKD 162.9 million in 2023[4] - Gross profit amounted to approximately HKD 33.4 million, with a gross margin of 15.6%, up from 13.3% in 2023[4] - The company reported a loss before tax of HKD 36,349,000, an improvement from a loss of HKD 43,268,000 in the previous year[163] - Net loss attributable to shareholders for the year was HKD 34,950,000, compared to HKD 37,800,000 in 2023, indicating a reduction in losses[163] - Basic and diluted loss per share improved to HKD 5.46 from HKD 5.91 in the previous year[163] - Total assets decreased to HKD 253,770,000 from HKD 284,600,000, reflecting a decline of 10.8%[165] - Current liabilities increased to HKD 77,935,000 from HKD 58,583,000, a rise of 33.1%[165] - The company's cash and cash equivalents decreased to HKD 46,187,000 from HKD 60,740,000, a decline of 23.9%[165] - Non-current liabilities increased to HKD 13,048,000 from HKD 8,928,000, an increase of 46.0%[166] - Total equity attributable to shareholders decreased to HKD 240,722,000 from HKD 275,672,000, a decrease of 12.7%[166] Cash Flow and Liquidity - Cash and cash equivalents decreased from HKD 60.7 million in 2023 to HKD 46.2 million in the current year[5] - As of December 31, 2024, cash and cash equivalents decreased by HKD 14.5 million to HKD 46.2 million, compared to HKD 60.7 million in 2023, primarily due to operational and marketing needs[13] - Cash flow from operating activities showed a net outflow of HKD 9,717,000 for 2024, compared to HKD 14,452,000 in 2023, indicating a 32% improvement[169] - The company’s cash and cash equivalents decreased to HKD 46,187,000 at the end of 2024 from HKD 60,740,000 at the end of 2023, a decline of approximately 24%[170] Debt and Equity - The debt-to-equity ratio increased from 11.8% in 2023 to 16.0% in the current year, primarily due to new low-interest borrowings from a bank in mainland China[5] - The capital-to-debt ratio as of December 31, 2024, was 16.0%, up from 11.8% in 2023, calculated based on total borrowings and total equity[16] - As of December 31, 2024, bank borrowings were approximately HKD 30.8 million, compared to HKD 29.0 million in 2023, with available bank financing of HKD 71.7 million[15] Production and Operations - The company is expanding production capacity in Vietnam and plans to establish a comprehensive vertical production line to meet the needs of brand owners adopting the "China Plus One" strategy[8] - Two advanced dyeing and finishing machines have been installed and are fully operational, expected to significantly enhance production capacity for high-demand denim products[9] - The main business of the group is the manufacturing and sale of denim fabric[33] - The company is committed to developing sustainable denim products using certified recycled materials and organic cotton yarns to align with market trends[10] Market Strategy - The company aims to diversify its customer base and reduce reliance on a single market by expanding its presence in Europe through new partnerships[10] - Management remains cautiously optimistic about future performance, anticipating significant growth in the U.S. market starting in 2025[8] Governance and Compliance - The board does not recommend the payment of a final dividend for the year[37] - The board has developed and reviewed corporate governance policies, including compliance with legal and regulatory requirements[109] - The company has confirmed compliance with the non-competition agreement by its controlling shareholders[90] - The independent auditor's report confirms that the consolidated financial statements fairly present the financial position of the group as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[147] Shareholder Information - Wan Fung Investment holds 480,000,000 shares, representing a 75% equity interest in the company[54] - The board members Liu, Dong Wei Ting, and Dong Zhuo Ming each hold 100% beneficial ownership of their shares in Wan Fung Investment[51] - The company has not made any arrangements to waive or agree to waive any dividends for the year[38] - Shareholders holding at least 10% of voting rights can request the board to convene a special general meeting[141] Audit and Financial Reporting - The board report has been audited by Ernst & Young and reviewed by the audit committee[31] - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2023, and the unaudited interim financial statements for the six months ending June 30, 2024[123] - The external auditor, Ernst & Young, received a fee of HKD 1,250,000 for audit services and HKD 468,000 for non-audit services during the year[134] Environmental and Social Responsibility - The company is committed to improving environmental performance by reducing wastewater pollutants and carbon emissions while maintaining production capacity[83] - The group reported a charitable donation of approximately HKD 221,000 for the year[39] Future Outlook - The group has no specific plans for significant investments or capital assets for the upcoming year as of December 31, 2024[91] - The board will review the dividend policy periodically and may update it as deemed appropriate[137]

Financial Performance - Total revenue for the year ending December 31, 2024, increased by approximately 31.8% to HKD 214.7 million, compared to HKD 162.9 million for the year ending December 31, 2023[2] - The net loss attributable to the company for the year ending December 31, 2024, was approximately HKD 35.0 million, an improvement from a net loss of approximately HKD 37.8 million for the year ending December 31, 2023[2] - Basic loss per share for the year ending December 31, 2024, was HKD 5.46, compared to HKD 5.91 for the year ending December 31, 2023[2] - Gross profit for the year ending December 31, 2024, was HKD 33.4 million, up from HKD 21.7 million for the previous year[4] - The company reported a loss before tax of HKD 36.3 million for the year ending December 31, 2024, compared to a loss of HKD 43.3 million for the previous year[4] - The total pre-tax loss for the group was HKD 36,349,000, compared to a loss of HKD 43,268,000 in 2023, showing a reduction in losses[18] Revenue Breakdown - The sales of elastic denim fabric amounted to HKD 185,840,000, up from HKD 139,950,000 in the previous year, indicating a growth of 32.8%[20] - Revenue from property renovation services was HKD 11,425,000, with no revenue reported in the previous year[20] - The geographical revenue breakdown shows that revenue from Malaysia was HKD 54,564,000, up from HKD 42,128,000 in 2023, reflecting a growth of 29.4%[19] - Revenue from mainland China increased to HKD 53,788,000 from HKD 26,936,000, marking a significant growth of 99.5%[19] - The total revenue from customer contracts for the year was HKD 214,670,000, compared to HKD 162,884,000 in the previous year, indicating overall growth[20] Expenses and Costs - Other income for the year ending December 31, 2024, was HKD 3.2 million, compared to HKD 3.8 million for the year ending December 31, 2023[4] - Administrative expenses for the year ending December 31, 2024, were HKD 46.1 million, slightly higher than HKD 44.8 million for the previous year[4] - Research and development expenses for the year ending December 31, 2024, were HKD 7.5 million, compared to HKD 8.1 million for the year ending December 31, 2023[4] - Total employee benefits expenses for the year ended December 31, 2024, were HKD 52,253,000, compared to HKD 47,173,000 for the year ended December 31, 2023, representing an increase of about 10.4%[23] - The depreciation expense for property, plant, and equipment was HKD 8,693,000 for the year ended December 31, 2024, compared to HKD 9,613,000 for the year ended December 31, 2023, indicating a decrease of approximately 9.6%[23] Assets and Liabilities - Non-current assets totaled HKD 143.537 billion as of December 31, 2024, compared to HKD 152.572 billion in 2023, representing a decrease of approximately 5.4%[5] - Current assets amounted to HKD 188.168 billion, slightly down from HKD 190.611 billion in the previous year, indicating a decrease of about 1.3%[5] - Total liabilities for current liabilities were HKD 77.935 billion, a significant increase from HKD 58.583 billion, reflecting an increase of approximately 33%[5] - The net value of current assets was HKD 110.233 billion, compared to HKD 132.028 billion in 2023, showing a decline of around 16.5%[5] - The total asset value after deducting current liabilities was HKD 253.770 billion, down from HKD 284.600 billion, indicating a decrease of about 10.8%[5] Equity and Capital Structure - The company reported a total equity of HKD 275.672 billion, an increase from HKD 240.722 billion, representing a growth of approximately 14.5%[6] - The debt-to-equity ratio increased from 11.76% in 2023 to 15.95% in the current year, primarily due to obtaining lower interest loans from a bank in mainland China[37] - The group’s capital-to-debt ratio increased to 16.0% from 11.8% in 2023, reflecting a higher proportion of debt relative to equity[51] Strategic Initiatives - The company aims to improve its financial performance and reduce losses in the upcoming fiscal year[3] - The company continues to explore new product development and market expansion strategies to enhance revenue growth[3] - The company plans to explore market expansion opportunities and potential mergers and acquisitions to enhance its competitive position[8] - The group is actively expanding its customer base and solidifying market position, with stable orders from major brand owners in the U.S. and significant growth from smaller quality brands[38] - The group plans to develop sustainable functional denim products using certified recycled materials and organic cotton yarns to maintain competitiveness and align with market trends[46] Compliance and Governance - The consolidated financial statements are prepared based on the Hong Kong Financial Reporting Standards and presented in Hong Kong dollars (HKD) with all values rounded to the nearest thousand[9] - The functional currency of the company is US dollars (USD) as the group's sales activities are primarily denominated in USD[9] - The group has adopted revised Hong Kong Financial Reporting Standards for the current financial year, which do not impact the financial position or performance[14] - The company confirms compliance with the corporate governance code as of December 31, 2024[60] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ended December 31, 2024[62] Future Outlook - Management remains cautiously optimistic about performance in the new fiscal year, anticipating significant growth in the U.S. market starting in 2025[42] - The group plans to further expand production capacity in Vietnam, establishing a comprehensive vertical production line to meet the needs of brand owners adopting the "China Plus One" strategy[43] - A new production line was established in collaboration with a Vietnamese contractor, enhancing operational flexibility and meeting diverse customer needs[39]

Financial Performance - Total revenue for the six months ended June 30, 2024, increased by approximately 19.00% to HKD 110.1 million, compared to HKD 92.6 million for the same period in 2023[1] - The net loss attributable to owners of the company for the six months ended June 30, 2024, was approximately HKD 17.1 million, an improvement from a net loss of approximately HKD 19.5 million for the same period in 2023[1] - Basic loss per share for the six months ended June 30, 2024, was HKD 2.68, compared to HKD 3.04 for the same period in 2023[1] - Gross profit for the six months ended June 30, 2024, was HKD 16.2 million, up from HKD 12.4 million in the same period in 2023[2] - The company reported a total cost of sales of HKD 93.9 million for the six months ended June 30, 2024, compared to HKD 80.2 million for the same period in 2023[2] - Other income amounted to HKD 1,533,000 for the six months ended June 30, 2024, up from HKD 1,344,000 in the same period of 2023, reflecting a 14% increase[12] - The pre-tax loss was HKD 93,827,000 for the six months ended June 30, 2024, compared to HKD 80,194,000 for the same period in 2023, indicating a 17% increase in losses[13] - The total income tax expense for the six months ended June 30, 2024, was HKD 47,000, compared to a tax benefit of HKD 3,421,000 for the same period in 2023[14] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 267.1 million, a decrease from HKD 284.6 million as of December 31, 2023[3] - Total liabilities as of June 30, 2024, were HKD 8.6 million, compared to HKD 8.9 million as of December 31, 2023[5] - Cash and cash equivalents as of June 30, 2024, were HKD 57.9 million, down from HKD 60.7 million as of December 31, 2023[3] - The company’s total equity as of June 30, 2024, was HKD 258.5 million, down from HKD 275.7 million as of December 31, 2023[5] - Trade receivables amounted to HKD 31,745,000 as of June 30, 2024, significantly higher than HKD 13,520,000 as of December 31, 2023, indicating a 134% increase[18] - Trade payables increased to HKD 30.04 million as of June 30, 2024, from HKD 12.02 million as of December 31, 2023[20] - As of June 30, 2024, the net current assets amounted to approximately HKD 122.8 million, a decrease from HKD 132.0 million as of December 31, 2023[26] - The bank borrowings were approximately HKD 28.7 million as of June 30, 2024, slightly down from HKD 29.0 million as of December 31, 2023[26] - The capital debt ratio as of June 30, 2024, was 11.39%, a decrease from 11.76% as of December 31, 2023[27] Operational Highlights - The company was established on November 3, 2017, in the Cayman Islands and listed on the Hong Kong Stock Exchange on July 16, 2018[6] - The company's primary business activity is the manufacturing and sale of cattle fabric[6] - The company’s main product, elastic blended denim, accounted for 93.0% of total sales, up from 85.7% in the first half of 2023[24] - A new production line was developed in collaboration with a Vietnamese contractor, aimed at increasing order potential from customers considering the "China Plus One" business model[23] - The company successfully secured a property renovation project in Shanghai, marking its first project in China, which is expected to contribute to future growth[24] - The group purchased manufacturing and office equipment for approximately HKD 410,000 for the six months ended June 30, 2024, down from HKD 1,202,000 for the same period in 2023[17] - The group had 347 employees as of June 30, 2024, an increase from 317 employees as of December 31, 2023[28] - Capital expenditures during the interim period were approximately HKD 0.4 million, significantly lower than HKD 1.2 million in the first half of 2023[29] Compliance and Governance - The financial statements for the six months ending June 30, 2024, were prepared in accordance with Hong Kong Financial Reporting Standards[7] - The accounting policies adopted for the interim financial data are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2023[9] - The company reported no significant impact on its financial position or performance from the adoption of revised Hong Kong Financial Reporting Standards[9] - The company has adopted the Listing Rules Appendix C3 regarding the standards for directors' securities trading, confirming compliance from January 1, 2024, to the announcement date[36] - The company has applied and adhered to all provisions of the Corporate Governance Code as of June 30, 2024, up to the announcement date[37] - The Audit Committee, consisting of three independent non-executive directors, has been established to review and supervise the financial reporting process, with the latest meeting focusing on the performance for the six months ending June 30, 2024[38] Shareholding Structure - As of the announcement date, each director and the highest executive officer holds 480,000,000 shares in the company, representing a 75% equity interest[39] - The company is controlled by Wan Feng Investment Holdings Limited, which owns 75% of the issued share capital[43] - Wan Feng Investment is owned 30% by the late Mr. Dong Xin Kang, 20% each by Mr. Dong Wei Ting and Mr. Dong Zhuo Ming, and 10% each by Mrs. Dong Tai Tai, Ms. Dong Hui Ling, and Ms. Dong Hui Li, all of whom have entered into a concert party agreement[43] - Major shareholder Wan Fung Investment holds 480 million shares, representing 75% ownership[45] Future Outlook - The global denim market is projected to grow at a compound annual growth rate of approximately 7.5% from 2024 to 2030, driven by various factors including fashion trends and innovative manufacturing practices[33] - Management plans to enhance business momentum through continuous innovation and strengthening relationships with key customers[34] - The group has successfully leased most of its property in Tsuen Wan, which serves as a source of passive income, and is exploring opportunities to expand its business portfolio[33] Miscellaneous - The company has not experienced any significant events from June 30, 2024, to the announcement date[47] - The interim report for the six months ending June 30, 2024, will be published in accordance with listing rules and applicable laws[48]

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was HKD 162.9 million, a decrease from HKD 245.2 million in 2022, while gross profit increased by 15% to HKD 21.7 million, resulting in a gross margin of 13.3% compared to 7.7% in 2022[3]. - The group reported a narrowing of losses attributable to shareholders to approximately HKD 37.8 million, down from a loss of HKD 50.0 million in 2022[3]. - Revenue for the year ended December 31, 2023, was HKD 162,884,000, a decrease of 33.5% compared to HKD 245,176,000 in 2022[175]. - Gross profit increased to HKD 21,695,000, up 14.3% from HKD 18,888,000 in the previous year[175]. - The company reported a net loss attributable to shareholders of HKD 37,800,000, improving from a loss of HKD 49,962,000 in 2022[175]. - Basic loss per share improved to HKD 5.91 from HKD 7.81 in the previous year[175]. - Total assets decreased to HKD 284,600,000 from HKD 326,000,000, reflecting a decline of 12.7%[179]. - Cash and cash equivalents at year-end were HKD 60,740,000, down from HKD 84,693,000, a decrease of 28.3%[183]. - Operating cash flow for the year was negative HKD 14,452,000, compared to positive HKD 8,170,000 in 2022[183]. - The company’s total equity decreased to HKD 275,672,000 from HKD 313,472,000, a decline of 12.1%[179]. Debt and Equity - The group reduced its debt-to-equity ratio from 12.88% in 2022 to 11.76% in 2023, primarily due to a decrease in bank borrowings amid rising interest rates[3]. - As of December 31, 2023, the company's debt-to-equity ratio is 11.8%, down from 12.9% in 2022[15]. Operations and Production - The group secured long-term orders from the largest retail chain in the U.S., which is expected to enhance its market position and overall profit margins[2]. - The group plans to install two large dyeing and finishing machines imported from Germany and Italy, expected to be operational by the end of 2024, which will increase production capacity and improve product quality[8]. - The group continues to focus on developing new types of denim fabric, particularly elastic blended denim, to meet evolving customer demands[8]. - The group has established a subcontracting agreement with a manufacturer in Vietnam to produce certain denim fabrics, addressing high tariffs imposed by the U.S. government on Chinese goods[4]. Inventory and Cash Management - The group’s inventory decreased to HKD 85.3 million from HKD 97.3 million in 2022, as management focused on reducing long-aged yarn and fabric[12]. - As of December 31, 2023, the group's cash and cash equivalents decreased to HKD 60.7 million from HKD 84.7 million in 2022, reflecting the challenging operating performance[12]. Corporate Governance - The board does not recommend the payment of a final dividend for the year[39]. - The company has established an audit committee as part of its corporate governance framework[82]. - The board is committed to high standards of corporate governance, ensuring transparency and accountability in operations[106]. - The independent auditor, Deloitte, will be re-elected at the upcoming annual general meeting, having audited the financial statements since the company's listing[104]. - The board of directors consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring independent oversight with independent directors accounting for over one-third of the board[115]. - The audit committee, composed of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ended December 31, 2022, and the unaudited interim financial statements for the six months ended June 30, 2023[128]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, each with clear written terms of reference[126]. Employee and Compensation - The company had a total of 317 employees as of December 31, 2023, a decrease from 353 employees in 2022[18]. - Employee compensation and benefits remain consistent with current levels and are subject to regular reviews[18]. - The remuneration committee evaluates the performance of all directors and senior management, and recommends remuneration policies to the board, ensuring transparency in compensation practices[130]. - The remuneration details for senior management (excluding directors) indicate that 4 individuals received salaries not exceeding HKD 1,000,000[131]. Market Outlook - The global denim market is projected to reach USD 111.4 billion by 2032, with a compound annual growth rate of 4.7% from 2024 to 2032, which supports the group's optimistic outlook[7]. Shareholder Information - Wan Fung Investment holds 75% of the issued shares, making it the controlling shareholder of the company[57]. - As of December 31, 2023, Wan Fung Investment has 480,000,000 shares, representing 75% ownership[57]. - The company has a stock option plan that allows for the issuance of up to 64,000,000 shares, equivalent to 10% of the total issued share capital[66]. - The maximum number of stock options that can be granted to each eligible participant is limited to 1% of the issued shares as of the grant date[67]. - No stock options have been granted, agreed to be granted, exercised, or canceled under the stock option plan as of the report date[62]. Financial Reporting and Compliance - The financial status of the group as of December 31, 2023, is detailed in the consolidated financial position statement on pages 41 to 42[38]. - The company’s financial statements include disclosures required by the Hong Kong Stock Exchange and the Companies Ordinance[195]. - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards[158]. - The company has adopted new Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial position and performance for the current and prior years[188][191]. Risk Management - Management closely monitors foreign exchange risks and will consider hedging if necessary[21]. - The board confirmed that the risk management and internal control systems are adequate and effective this year[142].