[Company Information and Financial Highlights](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Highlights) [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) Gilstongroup Limited is a company incorporated in the Cayman Islands, with its shares listed on the Hong Kong Stock Exchange - Company Name: Gilstongroup Limited (Stock Code: 2011)[2](index=2&type=chunk) - Place of Incorporation: Cayman Islands[2](index=2&type=chunk) - Place of Listing: Hong Kong Stock Exchange[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=1.2%20Financial%20Highlights) For the six months ended June 30, 2025, revenue increased by 21.3% to HK$194,615 thousand, profit for the period surged by 193.2% to HK$30,882 thousand, and basic earnings per share rose to 4.6 HK cents Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 194,615 | 160,386 | 21.3% | | Gross Profit | 99,349 | 88,910 | 11.7% | | Gross Profit Margin | 51.0% | 55.4% | (7.9%) | | Profit for the period | 30,882 | 10,533 | 193.2% | | Profit for the period attributable to owners of the Company | 26,372 | 10,846 | 143.1% | | Basic earnings per share (HK cents) | 4.6 | 1.9 | 142.1% | | Diluted earnings per share (HK cents) | 4.5 | 1.8 | 150.0% | Statement of Financial Position Highlights as at June 30, 2025 | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 597,064 | 551,788 | 8.2% | | Cash and cash equivalents | 120,585 | 141,480 | (14.8%) | | Total equity attributable to owners of the Company | 213,826 | 180,866 | 18.2% | [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of HK$194,615 thousand and cost of sales of HK$95,266 thousand, resulting in a gross profit of HK$99,349 thousand, with profit for the period significantly increasing to HK$30,882 thousand due to income tax credit Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 194,615 | 160,386 | | Cost of sales | (95,266) | (71,476) | | Gross Profit | 99,349 | 88,910 | | Profit before tax | 28,694 | 24,082 | | Income tax credit/(expense) | 2,188 | (13,549) | | Profit for the period | 30,882 | 10,533 | | Profit for the period attributable to owners of the Company | 26,372 | 10,846 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income for the period significantly increased to HK$36,609 thousand, driven by higher profit for the period and exchange differences from translating PRC subsidiaries' financial statements Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the period | 30,882 | 10,533 | | Exchange differences arising from translation of financial statements of PRC subsidiaries | 5,727 | (1,949) | | Total comprehensive income for the period | 36,609 | 8,584 | | Total comprehensive income for the period attributable to owners of the Company | 31,674 | 9,146 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, total assets increased to HK$597,064 thousand, with growth in both non-current and current assets, while total current and non-current liabilities slightly decreased, leading to a significant increase in net assets and total equity attributable to owners of the Company Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 65,834 | 50,903 | | Right-of-use assets | 59,018 | 64,231 | | Prepayments and lease deposits | 172,267 | 164,749 | | **Current assets** | | | | Inventories | 38,411 | 36,393 | | Trade and other receivables | 130,947 | 67,048 | | Cash and cash equivalents | 120,585 | 141,480 | | **Current liabilities** | | | | Trade and other payables | 128,933 | 114,904 | | Bank borrowings | 27,968 | 19,082 | | **Non-current liabilities** | | | | Bank borrowings | 94,325 | 95,409 | | Lease liabilities | 67,140 | 72,694 | | **Equity** | | | | Total equity attributable to owners of the Company | 213,826 | 180,866 | | Total equity | 230,488 | 192,593 | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [General Information and Basis of Preparation](index=6&type=section&id=3.1%20General%20Information%20and%20Basis%20of%20Preparation) These interim financial statements are prepared in accordance with the HKEX Listing Rules and HKAS 34, involving judgments, estimates, and assumptions where actual results may differ - The Company is an exempted company incorporated in the Cayman Islands, with its shares listed on the Hong Kong Stock Exchange[9](index=9&type=chunk) - The financial statements are prepared in accordance with the HKEX Listing Rules and HKAS 34[10](index=10&type=chunk) [Significant Accounting Policies and Changes](index=6&type=section&id=3.2%20Significant%20Accounting%20Policies%20and%20Changes) The condensed consolidated interim financial statements adopt the same accounting policies as the 2024 annual financial statements, with the only change being the adoption of amendments to HKAS 21 "Lack of Exchangeability," which had no significant impact on the Group's financial statements - Accounting policies are consistent with the 2024 annual financial statements, except for changes required to be adopted for the 2025 annual financial statements[11](index=11&type=chunk) - Amendments to HKAS 21 "Lack of Exchangeability" became effective on January 1, 2025, with no significant impact on the Group[12](index=12&type=chunk) [Segment Reporting](index=7&type=section&id=3.3%20Segment%20Reporting) The Group manages its business by business line and geographical area, having added a property management services segment since September 2023, now primarily operating two segments: zipper manufacturing and sales, and property management services - The Group manages its business by business line and geographical area[13](index=13&type=chunk) - A new operating and reportable segment for property management services in Mainland China was added since September 2023[13](index=13&type=chunk) - Management assesses segment performance based on revenue less directly attributable selling and service costs, distribution expenses, and administrative expenses[14](index=14&type=chunk) [Business Segments](index=7&type=section&id=3.3.1%20Business%20Segments) For the six months ended June 30, 2025, zipper business revenue was HK$129,011 thousand and property management services revenue was HK$65,604 thousand, with the latter contributing significantly to profit despite higher depreciation and non-current asset additions Business Segment Revenue and Profit | Segment | 2025 Revenue (HK$ thousand) | 2025 Profit (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Profit (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing and sales of zippers | 129,011 | 11,137 | 115,115 | 4,189 | | Provision of property management services | 65,604 | 29,733 | 45,271 | 43,551 | | **Total** | **194,615** | **40,870** | **160,386** | **47,740** | [Reconciliation of Segment Results](index=9&type=section&id=3.3.2%20Reconciliation%20of%20Segment%20Results) For the six months ended June 30, 2025, reportable segment profit was HK$40,870 thousand, which, after adjustments for other income and losses, interest expenses, share-based payments, and unallocated head office expenses, resulted in a consolidated profit before tax of HK$28,694 thousand Reconciliation of Segment Results | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Reportable segment revenue | 194,615 | 160,386 | | Consolidated revenue | 194,615 | 160,386 | | Reportable segment profit from external customers | 40,870 | 47,740 | | Other income and (losses)/gains, net | 3,232 | (4,186) | | Interest on lease liabilities | (2,214) | (1,952) | | Interest expense on loans | (2,128) | (4) | | Share-based payments | (1,285) | (5,525) | | Unallocated head office and corporate expenses | (9,781) | (11,991) | | **Consolidated profit before tax** | **28,694** | **24,082** | [Revenue](index=9&type=section&id=3.4%20Revenue) The Group's principal activities are manufacturing and selling zippers, slider heads, and related products, and providing property management services, with total revenue of HK$194,615 thousand for the six months ended June 30, 2025 - The Group's principal activities are manufacturing and selling zippers, slider heads, and other related products[17](index=17&type=chunk) Major Revenue Categories | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales of goods (zippers in rolls and slider heads, others) | 129,011 | 115,115 | | Service income (property management fee income) | 65,604 | 45,271 | | **Total Revenue** | **194,615** | **160,386** | [Profit Before Tax](index=10&type=section&id=3.5%20Profit%20Before%20Tax) Profit before tax is influenced by staff costs, other income and losses, and depreciation and amortization; staff costs slightly decreased, other income net turned from loss to gain, and depreciation and amortization significantly increased due to investment property additions [Staff Costs](index=10&type=section&id=3.5.1%20Staff%20Costs) For the six months ended June 30, 2025, total staff costs were HK$61,767 thousand, a slight decrease from the prior period, primarily due to reduced salaries and benefits, offset by increased contributions to defined contribution retirement plans Staff Costs Composition | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 51,370 | 54,199 | | Contributions to defined contribution retirement plans | 9,112 | 4,976 | | Share-based payments | 1,285 | 5,525 | | **Total** | **61,767** | **64,700** | [Other Income and (Losses)/Gains, Net](index=10&type=section&id=3.5.2%20Other%20Income%20and%20%28Losses%29%2FGains,%20Net) For the six months ended June 30, 2025, other income and gains, net, amounted to HK$3,232 thousand, a significant improvement from a loss of HK$4,186 thousand in the prior period, mainly due to increased net foreign exchange gains and a substantial reduction in losses from disposal of property, plant and equipment Other Income and (Losses)/Gains, Net | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 355 | 141 | | Loss on disposal of property, plant and equipment | (27) | (5,783) | | Government grants | 183 | 158 | | Net foreign exchange gains | 1,480 | 991 | | Others | 1,241 | 307 | | **Total** | **3,232** | **(4,186)** | [Other Items](index=10&type=section&id=3.5.3%20Other%20Items) For the six months ended June 30, 2025, total depreciation and amortization significantly increased to HK$31,010 thousand, primarily due to higher depreciation of investment properties, while impairment loss provision for inventories substantially decreased and cost of services provided significantly rose Key Data for Other Items | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation and amortization | 31,010 | 12,080 | | - Property, plant and equipment | 6,225 | 6,012 | | - Intangible assets | 136 | 173 | | - Right-of-use assets | 7,198 | 5,895 | | - Investment properties | 17,451 | – | | Provision for impairment loss on inventories | 195 | 1,980 | | Cost of services provided | 20,223 | 1,168 | | Cost of inventories | 75,043 | 70,309 | [Income Tax](index=11&type=section&id=3.6%20Income%20Tax) For the six months ended June 30, 2025, the company recorded an income tax credit of HK$2,188 thousand, compared to an expense of HK$13,549 thousand in the prior period, with its PRC subsidiary, Kaiyi Guangdong, enjoying a preferential income tax rate of 15% as a high-tech enterprise until 2025 Income Tax | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax - PRC Enterprise Income Tax | (2,188) | 13,699 | | Deferred tax | – | (150) | | **Total** | **(2,188)** | **13,549** | - Kaiyi Guangdong, as a high-tech enterprise, enjoys a preferential income tax rate of **15% until 2025**, with the normal tax rate being 25%[22](index=22&type=chunk) - Dividends paid by PRC resident enterprises to non-PRC resident enterprise investors are subject to a **10% withholding income tax**, which can be reduced to 5% for eligible Hong Kong tax residents[22](index=22&type=chunk) [Earnings Per Share](index=12&type=section&id=3.7%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were 4.6 HK cents and diluted earnings per share were 4.5 HK cents, both significantly increasing from the prior period due to higher profit attributable to owners of the Company Basis for Earnings Per Share Calculation | Item | 2025 (HK$ thousand/share) | 2024 (HK$ thousand/share) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company for basic and diluted EPS calculation | 26,372 | 10,846 | | Weighted average number of ordinary shares for basic EPS calculation | 574,497,800 | 572,842,888 | | Effect of potential dilutive ordinary shares on share options | 6,633,384 | 15,513,355 | | Weighted average number of ordinary shares for diluted EPS calculation | 581,131,184 | 588,356,243 | [Trade and Other Receivables](index=13&type=section&id=3.8%20Trade%20and%20Other%20Receivables) As at June 30, 2025, total trade and other receivables significantly increased to HK$303,214 thousand from December 31, 2024, with trade receivables and bills receivable rising to HK$99,110 thousand and prepayments also increasing substantially Ageing Analysis of Trade and Other Receivables | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 46,168 | 24,060 | | Over 1 month but within 2 months | 31,074 | 20,174 | | Over 2 months but within 3 months | 12,161 | 8,902 | | Over 3 months | 9,707 | 9,970 | | **Total Trade Receivables and Bills Receivable** | **99,110** | **63,106** | Prepayments and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Prepayments (property, plant and equipment, investment properties, others) | 198,166 | 163,973 | | Lease deposits | 3,989 | 3,882 | | Others | 1,949 | 836 | | **Total** | **303,214** | **231,797** | [Trade and Other Payables](index=14&type=section&id=3.9%20Trade%20and%20Other%20Payables) As at June 30, 2025, total trade and other payables increased to HK$128,933 thousand from December 31, 2024, with growth in trade payables, salaries and staff welfare payable, accrued expenses, and payables for property, plant and equipment purchases Ageing Analysis of Trade and Other Payables | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 6,166 | 4,409 | | Over 1 month but within 3 months | 9,788 | 6,414 | | Over 3 months but within 6 months | 1,969 | 697 | | Over 6 months | 828 | 1,349 | | **Total Trade Payables** | **18,751** | **12,869** | Other Payables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and staff welfare payable | 32,438 | 33,392 | | Accrued expenses | 19,958 | 20,613 | | Payables for purchase of property, plant and equipment | 19,010 | 3,010 | | Other tax payables | 3,450 | 8,434 | | Contract liabilities | 1,123 | 986 | | Other payables | 31,396 | 2,180 | | Deposits received | – | 31,916 | | Prepayments under HKFRS 16 | 2,807 | 1,504 | | **Total** | **128,933** | **114,904** | [Dividends](index=14&type=section&id=3.10%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[28](index=28&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=15&type=section&id=4.1%20Business%20Review%20and%20Outlook) The Group successfully turned losses into profits during the reporting period through operational strategy adjustments and diversified development, achieving significant growth in profit attributable to owners of the Company, and will continue to explore innovation, adapt flexibly, and address challenges in the zipper business [Overall Business Performance](index=15&type=section&id=4.1.1%20Overall%20Business%20Performance) For the six months ended June 30, 2025, profit attributable to owners of the Company was approximately HK$26,370 thousand, a substantial increase from HK$10,850 thousand in the prior period, mainly due to higher revenue and profit sharing from direct operation of Jiajinlong Auto City - Profit attributable to owners of the Company increased from approximately **HK$10,850 thousand** in the prior period of 2024 to approximately **HK$26,370 thousand** in 2025[30](index=30&type=chunk) - The increase in profit is primarily due to direct operation of Jiajinlong Auto City, resulting in higher revenue and profit sharing[30](index=30&type=chunk) [Zipper Business](index=15&type=section&id=4.1.2%20Zipper%20Business) The zipper business primarily serves Chinese apparel brands and OEMs for some internationally renowned apparel brands, with the Group maintaining close cooperation to provide zippers and other apparel accessories - Zipper business customers are mainly Chinese apparel brands and OEMs for some internationally renowned apparel brands[29](index=29&type=chunk) - The Group maintains close cooperation with apparel brands, providing zippers and apparel accessories[29](index=29&type=chunk) [Jiajinlong Auto City Business](index=15&type=section&id=4.1.3%20Jiajinlong%20Auto%20City%20Business) Since January 2025, the Group has directly operated Jiajinlong Auto City by subscribing to 90% of Shenzhen Jiajinlong Industrial Development Co., Ltd.'s equity, with the land use rights renewed for up to five years and actively pursuing a 20-year renewal - Since January 2025, the Group has directly operated Jiajinlong Auto City business by subscribing to **90% equity** of Shenzhen Jiajinlong Industrial Development Co., Ltd[29](index=29&type=chunk) - The land use rights for Jiajinlong Auto City have been renewed for a maximum of **five years**, and the Group is actively seeking a **20-year renewal**[32](index=32&type=chunk) [Future Outlook and Strategies](index=15&type=section&id=4.1.4%20Future%20Outlook%20and%20Strategies) Facing a complex and challenging economic environment, the Group will continue to explore innovation, adapt flexibly, leverage its strengths, and build a solid foundation for sustainable development, while maintaining a conservative stance on the zipper business and enhancing competitiveness through capacity integration, process improvement, and strengthened financial and talent management - The Group will continue to explore innovation, adapt flexibly, leverage its strengths, and is committed to building a solid and sustainable development foundation[31](index=31&type=chunk) - A conservative approach is adopted for the zipper business, with plans to enhance competitiveness through integrating existing production capacity, increasing automation, improving processes and product quality, strict cost control, and strengthening financial and talent management[33](index=33&type=chunk)[34](index=34&type=chunk) [Financial Review](index=17&type=section&id=4.2%20Financial%20Review) For the six months ended June 30, 2025, the Group's revenue increased by 21.3%, primarily due to the expansion of property management business, while distribution costs and administrative expenses both increased, but profit attributable to owners of the Company and profit margin significantly improved [Revenue Analysis](index=17&type=section&id=4.2.1%20Revenue%20Analysis) For the six months ended June 30, 2025, total revenue was approximately HK$194,600 thousand, a 21.3% increase year-on-year, with significant contributions from property management business and a 12.1% growth in zipper business revenue - Total revenue was approximately **HK$194,600 thousand**, an increase of approximately **21.3%** compared to the prior period of 2024, mainly due to the expansion of new property management business[35](index=35&type=chunk) Total Revenue by Business Segment | Business Segment | 2025 (HK$ thousand) | 2025 (%) | 2024 (HK$ thousand) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Zipper Business | 129,011 | 66.3 | 115,115 | 71.8 | | Property Management Business | 65,604 | 33.7 | 45,271 | 28.2 | | **Total Revenue** | **194,615** | **100.0** | **160,386** | **100.0** | - Zipper business revenue was approximately **HK$129,000 thousand**, an increase of approximately **12.1%** compared to the prior period of 2024[38](index=38&type=chunk) [Expenses and Costs](index=18&type=section&id=4.2.2%20Expenses%20and%20Costs) Distribution costs increased by 21.7% to approximately HK$13,400 thousand, mainly due to increased sales activities and advertising, while administrative expenses rose by 16.3% to approximately HK$56,200 thousand, primarily due to the consolidation of property management business - Distribution costs increased by approximately **21.7%** to approximately **HK$13,400 thousand**, mainly due to increased sales activities and advertising[39](index=39&type=chunk) - Administrative expenses increased by approximately **16.3%** to approximately **HK$56,200 thousand**, primarily due to the consolidation of property management business[39](index=39&type=chunk) [Profitability](index=18&type=section&id=4.2.3%20Profitability) For the six months ended June 30, 2025, profit attributable to owners of the Company was approximately HK$26,400 thousand, a significant increase from HK$10,800 thousand in the prior period, with the profit margin attributable to owners of the Company rising to approximately 13.6% (2024: 6.8%) - Profit attributable to owners of the Company increased from approximately **HK$10,800 thousand** in the prior period of 2024 to approximately **HK$26,400 thousand** in 2025[40](index=40&type=chunk) - The profit margin attributable to owners of the Company increased to approximately **13.6%** (2024: 6.8%)[40](index=40&type=chunk) [Connected Transactions](index=18&type=section&id=4.3%20Connected%20Transactions) The Group has several connected transactions involving land and building leases with related parties, including properties in Hong Kong, a Zhejiang production base, and a Guangdong factory, all assessed by independent property valuers with monthly rents deemed fair and reasonable at market rates - Renewed lease agreement for Hong Kong property with Shengdian Limited (owned by Mr. Xu Xipeng and Mr. Xu Xinan), with a monthly rent of **HK$52,600**[41](index=41&type=chunk) - Renewed lease agreement for Zhejiang production base with Foshan Nanhai Jinheming Investment Co., Ltd. (owned by Mr. Xu Xipeng and Mr. Xu Xinan), with a monthly rent of **RMB607,000**[42](index=42&type=chunk) - Renewed lease agreement for Guangdong factory with Mr. Xu Xipeng and Mr. Xu Xinan, with a monthly rent of **RMB428,980**[42](index=42&type=chunk) - Lease agreement for PRC property (Zhejiang production base) with Kaiyi Jingmen (owned by Mr. Xu Xipeng and Mr. Xu Xinan), with a monthly rent of **RMB969,735**, for a term until August 31, 2029[45](index=45&type=chunk) [High-Tech Enterprise Recognition and Tax Incentives](index=20&type=section&id=4.4%20High-Tech%20Enterprise%20Recognition%20and%20Tax%20Incentives) Kaiyi Guangdong, an 85%-owned subsidiary of the Company, continues to be recognized as a high-tech enterprise, enjoying a preferential income tax rate of 15% in China until 2025, compared to the normal rate of 25% - Kaiyi Guangdong continues to be recognized as a high-tech enterprise[44](index=44&type=chunk) - Kaiyi Guangdong is eligible for a preferential income tax rate of **15% until 2025**, with the normal tax rate being 25%[44](index=44&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=4.5%20Liquidity%20and%20Capital%20Resources) The Group is committed to ensuring sufficient funds for operational needs and improving capital utilization efficiency; as at June 30, 2025, net cash outflow from operating activities significantly decreased, the gearing ratio declined, and bank borrowings slightly increased [Cash Flow](index=21&type=section&id=4.5.1%20Cash%20Flow) For the six months ended June 30, 2025, net cash outflow from operating activities was approximately HK$1,400 thousand, a significant reduction from the prior period, while net cash outflow from investing activities slightly increased, and net cash outflow from financing activities significantly decreased, resulting in a reduction of cash and cash equivalents by approximately HK$20,900 thousand - Net cash outflow from operating activities was approximately **HK$1,400 thousand** (2024: outflow of HK$10,820 thousand), mainly due to an increase in trade payables[47](index=47&type=chunk) - Net cash outflow from investing activities was approximately **HK$20,600 thousand** (2024: HK$18,500 thousand), primarily attributable to payments for property, plant and equipment[47](index=47&type=chunk) - Net cash outflow from financing activities was approximately **HK$7,600 thousand** (2024: HK$20,870 thousand)[47](index=47&type=chunk) - Cash and cash equivalents decreased by approximately **HK$20,900 thousand** to **HK$120,600 thousand**[47](index=47&type=chunk) [Gearing Ratio and Bank Borrowings](index=21&type=section&id=4.5.2%20Gearing%20Ratio%20and%20Bank%20Borrowings) The Group's gearing ratio decreased from 60.1% in 2024 to 53.1% in 2025, with total bank borrowings slightly increasing to approximately HK$122,300 thousand, some of which are unsecured, bear fixed interest rates, and are guaranteed and pledged by subsidiary directors and their associates - The gearing ratio was **53.1%** (2024: 60.1%)[49](index=49&type=chunk) - Total bank borrowings were approximately **HK$122,300 thousand** (2024: approximately HK$114,490 thousand)[50](index=50&type=chunk) - Of these, **HK$19,194 thousand** were unsecured, bore a fixed interest rate of **3.5%**, and were guaranteed and pledged by subsidiary directors and their associates[50](index=50&type=chunk) [Net Current Assets](index=22&type=section&id=4.5.3%20Net%20Current%20Assets) As at June 30, 2025, net current assets increased to HK$90,300 thousand, an increase of approximately HK$31,100 thousand from December 31, 2024, with major components including inventories, trade and other receivables, and cash and cash equivalents - Net current assets increased by approximately **HK$31,100 thousand** from approximately HK$59,200 thousand as at December 31, 2024, to **HK$90,300 thousand** as at June 30, 2025[51](index=51&type=chunk) - Major components of current assets include inventories of approximately **HK$38,400 thousand**, trade and other receivables of approximately **HK$125,400 thousand**, and cash and cash equivalents of approximately **HK$120,600 thousand**[51](index=51&type=chunk) [Pledged Assets](index=22&type=section&id=4.5.4%20Pledged%20Assets) As at June 30, 2025, the Group had no pledged assets - The Group had no pledged assets as at June 30, 2025[52](index=52&type=chunk) [Contingent Liabilities](index=22&type=section&id=4.6%20Contingent%20Liabilities) Two of the Group's subsidiaries face two alleged product infringement lawsuits, with plaintiffs claiming a total of RMB2,000,000 for economic losses and reasonable expenses, and demanding cessation of production and destruction of inventory; management believes these lawsuits will not have a material impact on the financial position or performance - Two subsidiaries are facing two alleged product infringement lawsuits[53](index=53&type=chunk) - Plaintiffs are claiming a total of **RMB2,000,000** for economic losses and reasonable expenses, and demanding cessation of production and destruction of inventory[53](index=53&type=chunk) - Management believes that any liabilities arising from these cases will not have a material impact on the Group's financial position or performance[54](index=54&type=chunk) [Foreign Currency Risk](index=23&type=section&id=4.7%20Foreign%20Currency%20Risk) Individual companies within the Group have limited foreign currency risk, with most transactions denominated in their functional currencies, and no hedging against exchange rate fluctuation risk was undertaken for the six months ended June 30, 2025 - Individual companies within the Group have limited foreign currency risk, with most transactions denominated in their functional currencies[55](index=55&type=chunk) - The Group did not hedge against exchange rate fluctuation risk for the six months ended June 30, 2025[55](index=55&type=chunk) [Employees](index=23&type=section&id=4.8%20Employees) As at June 30, 2025, the Group had 696 full-time employees, a decrease from the prior period, with staff costs of approximately HK$61,800 thousand, slightly lower than the prior period, mainly due to increased workers from human resource integration and share-based payments - As at June 30, 2025, the Group had **696 full-time employees** (June 30, 2024: 753 employees)[56](index=56&type=chunk) - For the six months ended June 30, 2025, staff costs were approximately **HK$61,800 thousand** (prior period of 2024: approximately HK$64,700 thousand)[56](index=56&type=chunk) - The increase in staff costs was mainly due to an increase in the number of workers from human resource integration and share-based payments[56](index=56&type=chunk) [Interim Dividends](index=23&type=section&id=4.9%20Interim%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[57](index=57&type=chunk) [Events After Reporting Period](index=23&type=section&id=4.10%20Events%20After%20Reporting%20Period) The application for renewal of Jiajinlong Auto City's land use rights is ongoing, with a transitional period granted until July 15, 2028, potentially extending to July 15, 2030, and the Group is actively assisting the lessee in processing the 20-year renewal - The application for renewal of Jiajinlong Auto City's land use rights is still in progress[58](index=58&type=chunk) - A transitional period has been granted until **July 15, 2028**, and may be unconditionally extended to **July 15, 2030**[58](index=58&type=chunk) - The operating period of Jiajinlong Auto City has been extended to **July 15, 2030**, but may be affected by the renewal of land use rights[58](index=58&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=V.%20Corporate%20Governance%20and%20Other%20Information) [Share Option Scheme](index=24&type=section&id=5.1%20Share%20Option%20Scheme) The Company adopted a new share option scheme to incentivize eligible participants, with the total number of shares involved in granted options capped at 10% of the total issued shares, or 55,776,480 options, and no granted options were cancelled for the six months ended June 30, 2025 - The Company adopted a new share option scheme to incentivize eligible participants[60](index=60&type=chunk) - Under the scheme, the total number of shares involved in granted options is capped at **10% of the total issued shares**, or **55,776,480 options**[60](index=60&type=chunk) - No granted share options were subsequently cancelled for the six months ended June 30, 2025[61](index=61&type=chunk) [Compliance with Corporate Governance Code](index=24&type=section&id=5.2%20Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company complied with all provisions of the Corporate Governance Code, except for certain independent non-executive directors who were unable to attend the Annual General Meeting due to personal reasons - The Company complied with all provisions of the Corporate Governance Code, except that certain independent non-executive directors were unable to attend the Annual General Meeting on June 19, 2025, due to personal reasons[62](index=62&type=chunk) [Directors and Relevant Employees' Compliance with Model Code](index=24&type=section&id=5.3%20Directors%20and%20Relevant%20Employees%27%20Compliance%20with%20Model%20Code) The Company has adopted the Model Code as the code of conduct for directors' securities transactions, requiring all directors to confirm compliance, and has also adopted a code of conduct for relevant employees' securities transactions, requiring their adherence - The Company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors have confirmed compliance[63](index=63&type=chunk) - The Company has adopted a code of conduct for relevant employees' securities transactions, requiring their compliance[64](index=64&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=5.4%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[65](index=65&type=chunk) [Audit Committee](index=25&type=section&id=5.5%20Audit%20Committee) The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed by the Board's Audit Committee - The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed by the Board's Audit Committee[66](index=66&type=chunk) [Publication of Interim Results and Interim Report](index=25&type=section&id=5.6%20Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be made available to shareholders and accessible online in due course - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (https://www.irasia.com/listco/hk/gilstongroup/)[67](index=67&type=chunk) - The interim report for the six months ended June 30, 2025, will be made available to shareholders and accessible online in due course[67](index=67&type=chunk) [Definitions](index=25&type=section&id=5.7%20Definitions) This section provides definitions for key terms used in the report, including Board, Corporate Governance Code, Company, Directors, Group, HK$, Listing Rules, OEM, PRC, RMB, Main Board, Model Code, SFO, Shares, Shareholders, and Stock Exchange - Provides definitions for key terms used in the report[68](index=68&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)

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。 （於開曼群島註冊成立的有限公司） （股份代號：2011） 自願公告 業務更新 本 公 告 由 進 騰 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）自 願 作 出，旨 在 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 有 關 本 集 團 最 新 的 業 務 更 新。 茲亦提述本公司日期為2024年11月25日 之 通 函（「通 函」），內 容 有 關（其 中 包 括） 收 購 嘉 進 隆 汽 車 城。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 誠如本公司日期為2025年6月30日 之 公 告 所 披 露，重 續 使 用 該 土 地 之 權 利 的 申 請 程 序 仍 ...

Core Viewpoint - The company anticipates a significant increase in profit for the six months ending June 30, 2025, with expected earnings attributable to equity shareholders ranging from HKD 25 million to HKD 40 million, compared to approximately HKD 11 million for the same period ending June 30, 2024 [1] Summary by Relevant Categories - **Profit Forecast** - The company expects to record a profit attributable to equity shareholders between HKD 25 million and HKD 40 million for the six months ending June 30, 2025 [1] - For the six months ending June 30, 2024, the profit attributable to equity shareholders was approximately HKD 11 million [1] - **Factors Contributing to Profit Increase** - The increase in profit is primarily due to the direct operation of the Jia Jin Long Auto City through the acquisition of 90% of Shenzhen Jia Jin Long Industrial Development Co., which generates higher revenue and net profit compared to managing the auto city through a management agreement [1] - The zipper business has shown stable performance, contributing approximately HKD 8 million to the profit attributable to equity shareholders during the period [1]

Core Viewpoint - The company anticipates a significant increase in profit for the six months ending June 30, 2025, projecting a profit attributable to equity shareholders of between HKD 25 million and HKD 40 million, compared to approximately HKD 11 million for the same period ending June 30, 2024 [1] Group 1 - The increase in profit is primarily attributed to the direct operation of the Jia Jin Long Auto City through the acquisition of 90% of Shenzhen Jia Jin Long Industrial Development Co., Ltd., which generates higher revenue and net profit compared to managing the auto city through a management agreement [1] - The zipper business has shown stable performance, contributing approximately HKD 8 million to the profit attributable to equity shareholders during the period [1]

（於開曼群島註冊成立的有限公司） （股份代號：2011） 正面盈利預告 本 公 告 由 進 騰 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）根 據 香港聯合交易所有限公司證券上市規則第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部 項 下 內 幕 消 息 條 文（定 義 見 上 市 規 則）而 刊 發。 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東（「股 東」）及 有 意 投 資 者， 基於對本集團截至2025年6月30日 止 六 個 月（「本期間」）的 未 經 審 核 綜 合 管 理 賬 目（「未經審核綜合管理賬目」）作 出 的 初 步 審 閱 及 目 前 可 得 的 最 新 資 料，本 集 團 預期本期間將錄得權益股東應佔溢利介乎25,000,000港元至40,000,000港 元，而 截 至2024年6月30日止六個月則錄得權益股東應佔溢利約11,000,000港 元。董 事 會 認 為，上 述 溢 利 增 加 乃 主 要 由 於（其 中 包 括）(1)透過認購深圳市嘉進隆實業發展 有限公司90%股 份 直 ...

Core Viewpoint - Jinteng Group (02011.HK) announced that it will hold a board meeting on August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025 [1] Group 1 - The board meeting is scheduled for August 29, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1]

董事會會議日期 進 騰 集 團 有 限 公 司（「本公司」及 其 附 屬 公 司「本集團」）董 事 會（「董事會」）茲 通 告 謹定於2025年8月29日（星 期 五）舉 行 本 公 司 董 事 會 會 議，以 考 慮 及 批 准（其 中 包 括）本 集 團 截 至2025年6月30日 止 六 個 月 之 未 經 審 核 中 期 業 績。 代表董事會 進騰集團有限公司 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。 （於開曼群島註冊成立的有限公司） （股份代號：2011） 主席兼執行董事 葉兆麟 香 港，2025年8月18日 於 本 公 告 日 期，執 行 董 事 為 葉 兆 麟 先 生、麥 融 斌 先 生、吳 卓 軒 先 生 及 張 嘉 鉛 女 士；非 執 行 董 事 為 林 萍 女 士；及 獨 立 非 執 行 董 事 為 梁 家 ...

截至月份: 2025年7月31日 狀態: 新提交 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: 進騰集團有限公司 呈交日期: 2025年8月5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) | 02011 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

Financial Performance - Revenue for 2024 reached HKD 333,376,000, representing a 25% increase from HKD 266,548,000 in 2023[8] - Gross profit margin improved to 52.6% in 2024, up from 41.5% in 2023[6] - Operating profit margin turned positive at 20.2% for 2024, compared to a loss of 25.3% in 2023[6] - Net profit attributable to equity shareholders was HKD 32,300,000 in 2024, a significant recovery from a loss of HKD 69,043,000 in 2023[8] - The pre-tax profit for the fiscal year was approximately HKD 63,690,000, a turnaround from a pre-tax loss of HKD 70,600,000 in 2023, representing an improvement of about HKD 132,290,000[18] - Overall gross profit rose approximately 58.8% from about HKD 110,540,000 in 2023 to about HKD 175,510,000 in 2024, with a gross margin increase from approximately 41.5% to 52.6%[26] - The net profit attributable to equity shareholders for 2024 was approximately HKD 32,300,000, compared to a loss of approximately HKD 69,040,000 in 2023, resulting in a profit margin of about 9.3%[32] Assets and Liabilities - Total assets increased to HKD 551,788,000 in 2024, up from HKD 278,103,000 in 2023[6] - Cash and cash equivalents rose to HKD 141,480,000 in 2024, compared to HKD 63,332,000 in 2023[6] - The company reported a current ratio of 1.3 in 2024, down from 2.2 in 2023, indicating tighter liquidity[6] - The debt-to-asset ratio increased to 65.1% in 2024, up from 52.0% in 2023, reflecting higher leverage[6] - The total assets minus current liabilities as of December 31, 2024, were HKD 364,074,000, compared to HKD 191,036,000 in 2023[12] - The net asset value of the company increased to HKD 192,593,000 in 2024 from HKD 133,459,000 in 2023[12] - The bank borrowings as of December 31, 2024, amounted to approximately HKD 114,490,000, with a portion secured by properties owned by related parties[44] - The debt-to-equity ratio as of December 31, 2024, was 59.4%, calculated based on bank borrowings divided by total equity[48] Revenue Breakdown - The revenue from the zipper business was approximately HKD 237,880,000, reflecting a slight increase of about 1.8% from HKD 233,680,000 in 2023[21] - The property management service generated revenue of approximately HKD 95,501,000, a significant increase of about 190.5% compared to HKD 32,871,000 in the previous year, as it contributed a full year's revenue versus only four months in the prior year[14] - Revenue from mainland China accounted for approximately HKD 224,380,000, representing 94.3% of the total zipper business revenue[22] Operational Strategies - The company plans to expand its market presence and invest in new product development to drive future growth[5] - The company plans to continuously review and adjust its operational policies for the zipper business to stabilize performance amid external pressures[15] - The company successfully turned a loss into a profit by adjusting operational strategies and diversifying its business in a challenging economic environment[65] - The introduction of property management services aims to diversify the business model and achieve stable cash flow, contributing to the company's profitability[66] Employee and Management - Employee costs for 2024 were approximately HKD 131,120,000, an increase from HKD 115,870,000 in 2023, attributed to a rise in the number of full-time employees and average salaries[58] - The group had 696 full-time employees as of December 31, 2024, compared to 655 in 2023[58] - The company provided various employee benefits, including free meals and dormitory accommodations for factory workers[147] - The company implemented a health and safety policy in compliance with relevant laws, ensuring a safe working environment[150] - The company conducted annual occupational health checks for employees to mitigate health risks[152] Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[77] - The company has complied with all corporate governance code provisions during the reporting period, with specific deviations disclosed[75] - The chairman and CEO roles are held by the same individual, which is a deviation from the governance code, but the board believes this structure allows for effective decision-making[81] - The audit committee held five meetings during the fiscal year ending December 31, 2024, to review financial performance and compliance procedures[93] - The remuneration committee conducted four meetings in the same fiscal year to evaluate the compensation policies for directors and senior management[95] Environmental Management - The company adheres to ISO standards and relevant national laws in its environmental management policies, focusing on waste reduction and energy conservation[129] - The company has not reported any violations of the Environmental Protection Law of the People's Republic of China during the fiscal year ending in 2024[131] - The company has obtained the Pollution Discharge Permit from the Environmental Protection Bureau, ensuring emissions comply with national standards[135] - The company continuously improves its waste gas emission systems to further reduce environmental impact[135] - The company encourages employees to recycle resources to minimize environmental impact during daily operations[129] Social Responsibility - The group established the "Kaiyi Public Welfare Foundation" to provide financial assistance to employees in need, demonstrating its commitment to corporate social responsibility[172] - The group has suspended corporate social responsibility program activities in fiscal year 2024 due to internal restructuring and operational adjustments, while still providing targeted assistance through the foundation[172] - The group conducts anti-corruption training to enhance employees' awareness of integrity and compliance with national and regional anti-corruption laws[170] Customer Relations - The largest customer accounted for 28.6% of total revenue in 2024, up from 7.4% in 2023[200] - The top five customers represented 45.7% of total revenue in 2024, compared to 29.5% in 2023[200] - All top five customers are independent third parties, with no significant shareholders having interests in them[200]

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 333,376,000, representing a 25.1% increase from HKD 266,548,000 in 2023[2] - Gross profit increased by 58.8% to HKD 175,509,000 in 2024, compared to HKD 110,540,000 in 2023[2] - The company achieved a net profit of HKD 32,904,000 for the year, recovering from a loss of HKD 79,869,000 in the previous year[3] - The company reported a total comprehensive income of HKD 27,164,000 for the year, compared to a loss of HKD 84,006,000 in 2023[4] - The company’s basic earnings per share improved to HKD 5.6 in 2024, recovering from a loss of HKD 12.4 in 2023[3] - The company reported a pre-tax profit of HKD 63,685,000 in 2024, a turnaround from a pre-tax loss of HKD 70,602,000 in 2023[19] - The net profit attributable to equity shareholders for the year ended December 31, 2024, was approximately HKD 32,300,000, compared to a loss of HKD 69,040,000 in 2023, resulting in a profit margin of about 9.3%[57] Assets and Liabilities - Total assets rose significantly by 98.4% to HKD 551,788,000 in 2024, up from HKD 278,103,000 in 2023[2] - Cash and cash equivalents increased by 123.4% to HKD 141,480,000, compared to HKD 63,332,000 in 2023[2] - Equity attributable to shareholders increased by 46.6% to HKD 180,866,000 in 2024, from HKD 123,378,000 in 2023[2] - Trade receivables decreased to HKD 63,106,000 in 2024 from HKD 64,220,000 in 2023, with a provision for impairment of HKD 1,044,000[32] - Total trade and other payables increased to HKD 114,904,000 in 2024 from HKD 63,320,000 in 2023[34] - The debt-to-equity ratio was 60.1% as of December 31, 2024[72] Revenue Segments - For the fiscal year ending December 31, 2024, the reportable segment revenue for manufacturing and sales of zippers is HKD 237,875,000, while property management services report HKD 95,501,000, totaling HKD 333,376,000[18] - The reportable segment loss for manufacturing and sales of zippers is HKD (2,989,000), while property management services show a profit of HKD 91,510,000, resulting in a total profit of HKD 88,521,000[18] - The property management business contributed HKD 95,500,000 in revenue for the year ended December 31, 2024, an increase of approximately 190.5% from HKD 32,870,000 in 2023[50] - Revenue from the zipper business for the year ended December 31, 2024, was approximately HKD 237,880,000, an increase of about 1.8% from HKD 233,680,000 in 2023[45] Expenses - The depreciation expense for the fiscal year ending December 31, 2024, is HKD 22,866,000, while for 2023, it was HKD 31,148,000[18] - Total employee costs rose to HKD 131,121,000 in 2024, compared to HKD 115,873,000 in 2023, marking a growth of 13%[26] - Research and development expenses increased to HKD 15,731,000 in 2024 from HKD 8,825,000 in 2023, representing an increase of 78%[27] - Administrative expenses for the year ended December 31, 2024, were approximately HKD 101,080,000, representing about 30.3% of the group's revenue, a decrease from 35.2% in 2023[55] - Distribution costs for the year ended December 31, 2024, were approximately HKD 23,500,000, accounting for about 7.0% of the group's revenue, down from 8.7% in 2023[54] Business Operations - The company began providing property management services in September 2023, marking a strategic expansion into new service offerings[7] - The company has initiated a new business segment providing property management services in mainland China starting September 2023, which is now considered a new operating and reportable segment[16] - The company continues to operate its chain business and has started providing property management services since September 2023[41] - The company has successfully transitioned from a heavy asset business model to a light asset property management model, achieving profitability through diversification[90] Governance and Compliance - The board of directors includes four independent non-executive directors, ensuring adherence to good corporate governance principles[92] - The company has established a governance structure that allows for effective decision-making and execution, despite deviations from certain governance codes[96] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[100] - The audit committee held five meetings during the year ending December 31, 2024, to review financial performance and compliance procedures[101] Future Outlook - The company maintains a cautious outlook on the macroeconomic environment while actively seeking diversification opportunities to ensure stable growth and cash flow[91] - The company plans to continue exploring innovative strategies and investment opportunities to build a sustainable development foundation[89] Shareholder Information - The board of directors did not recommend any dividend for the year ended December 31, 2024, consistent with 2023[38] - The board of directors does not recommend a final dividend for 2024, consistent with 2023[108] Capital and Investments - The company successfully placed 16,733,000 new shares at HKD 1.21 per share, raising approximately HKD 19.9 million for general working capital and future investments[103] - As of December 31, 2024, the company has utilized HKD 5.8 million of the raised funds, with HKD 12.9 million remaining for future use[105] - The company entered into a share subscription agreement to acquire 90% of the target company for RMB 9 million, enhancing operational management efficiency[106] - The company completed a significant acquisition, with the target company becoming a subsidiary as of December 31, 2024, and its financial statements will be consolidated into the group's financials[107] Legal Matters - The company is involved in two ongoing litigation cases related to intellectual property infringement, with potential claims amounting to RMB 1,000,000 each[39] Audit and Reporting - The group's financial statements for the year ending December 31, 2024, have been audited and confirmed by Yongtuo Fuxin CPA Limited[110] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website, with the annual report available by April 30, 2025[111]