股份代號：2388（港幣櫃台）及 82388（人民幣櫃台） 2024 年報 香港花園道1號中銀大廈53樓 www.bochk.com 2024 中銀香港（控股）有限公司（「本公司」）是香港最大上市公司及商業銀行集團 之一 ，持有本公司主要營運附屬機構中國銀行（香港）有限公司（「中銀香港」）的 全部股權。中國銀行於1917年9月在香港設立機構，其後經重組原香港中銀集團 成員行，於2001年9月12日在香港註冊成立本公司。2002年7月25日，本公司 股份在香港聯合交易所主板上市，股份代號「2388」（港幣櫃台）及「82388」（人民幣 櫃台），美國預託證券場外交易代碼「BHKLY」。中國銀行透過其間接全資附屬 公司中銀香港(BVI)有限公司持有本公司約66.06%權益。 中銀香港是香港三家發鈔銀行之一，亦是香港唯一的人民幣業務清算行， 在各主要業務市場位居前列。我們堅持可持續發展理念，全力踐行中國特色 金融文化，積極推動金融高質量發展。我們發揮作為香港主要商業銀行集團 的優勢，致力服務實體經濟，持續深耕香港市場，緊抓大灣區發展機遇， 並積極拓展東南亞業務。我們堅持以客戶為中心，瞭解客戶所需，積極探索 實踐，以創 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.06 [8][10] Core Insights - The company's net profit for 2024 is expected to grow by 16.8% year-on-year, with operating income and PPOP increasing by 8.8% and 10.0% respectively, driven by better-than-expected credit cost management [1][5] - The dividend per share is set at HKD 1.99, corresponding to an annualized dividend yield of 6.66%, with a payout ratio of 55% for 2024 [1][5] - The company is focusing on optimizing its cost of liabilities and enhancing its non-interest income, which is projected to improve in the coming years [2][3] Summary by Sections Financial Performance - Total assets, loans, and deposits as of the end of 2024 are expected to grow by 8.4%, -1.5%, and 8.5% year-on-year respectively [2] - The net interest income for 2024 is projected to increase by 2.5% year-on-year, with a net interest margin improvement of 3 basis points to 1.64% [2] Non-Interest Income - The growth rate of non-interest income improved to 7.9% year-on-year, with significant increases in various service commissions, although loan commission income declined due to weak credit demand [3] Asset Quality and Cost Control - The non-performing loan ratio is stable at 1.05%, with a provision coverage ratio of 85% [4] - The cost-to-income ratio is expected to improve to 24.6%, reflecting effective cost management [4] Valuation and Forecast - The projected book value per share (BVPS) for 2025 is HKD 33.69, with a target price set at a price-to-book (PB) ratio of 1.10 times [5][27] - The forecasted earnings per share (EPS) for 2025 is HKD 3.63, with a price-to-earnings (PE) ratio of 8.21 times [27][28]

BOC Hong Kong (02388) H2 2024 Earnings Conference Call March 26, 2025 02:29 PM ET Company Participants HUANG Xuefei - Company SecretarySUN Yu - Vice Chairman & Chief ExecutiveLIU Chenggang - Deputy Chief Executive & CFO HUANG Xuefei Ladies and gentlemen, good afternoon. Welcome to twenty twenty four Annual Results Briefing of Beauty Hong Kong Holdings Limited. I'm Sophie Huang, Board Secretary. To begin with our results briefing, I would like to introduce the senior management with us today. Mr. SUN Yu Than ...

Core Viewpoint - Bank of China Hong Kong (02388) anticipates pressure on net interest margin this year due to a declining interest rate environment, while managing controllable risks in commercial real estate [1][2] Group 1: Financial Performance - The bank's net interest income and net interest margin performed well last year, but the current environment poses significant challenges [1] - As of the end of 2024, customer real estate-related loans totaled HKD 336.2 billion, down 8.5% from the previous year, accounting for 20% of total customer loans, a decrease of 1.6 percentage points [1] - Non-residential enterprise loans amounted to HKD 250.9 billion, down 8.8% year-on-year, representing 14.96% of total customer loans, a decline of 1.2 percentage points [2] Group 2: Loan Quality and Risk Management - The bank maintains a non-performing loan ratio of 1.37%, which has increased by 1.24 percentage points from the previous year, primarily due to downgrades in loans to certain local SMEs in Hong Kong [2] - The non-performing loan ratio for domestic real estate enterprises is 7.3%, down 2.6 percentage points year-on-year, with a provision coverage ratio of 85.8%, an increase of 15.7 percentage points [2] - The bank is committed to prudent provisioning policies to ensure adequate coverage and maintains confidence in outperforming the market in terms of overall loan asset quality [2] Group 3: Market Conditions and Strategies - The bank's management highlights several pressures faced by developers, including high vacancy rates in office buildings and repayment capacity challenges due to high-interest environments [3] - The bank aims to protect its rights while working collaboratively with clients to find feasible solutions during challenging times [3] - Some developers are converting secured loans into unsecured loans, with pricing strategies being assessed based on market conditions and client situations [3]

Core Viewpoint - Bank of China Hong Kong (02388) reported a net profit attributable to shareholders of HKD 38.233 billion, representing a year-on-year growth of 12.07%, maintaining its leading position in the syndicated loan market in Hong Kong and Macau for 20 consecutive years [1] Group 1: Financial Performance - The group's net operating income before impairment provisions reached HKD 71.253 billion, an increase of 8.79% year-on-year [1] - Basic earnings per share were HKD 3.6162, with a proposed final dividend of HKD 1.419 per share [1] Group 2: Market Position and Business Growth - The company has consistently ranked first in the syndicated loan market in Hong Kong and Macau for 20 years and has maintained the top position in the new residential mortgage market for six consecutive years [1] - The number of high-end individual customers continues to grow, and the number of salary accounts is steadily increasing [2] Group 3: Support for Economic Development - The company is actively supporting the recovery of the Hong Kong economy and enhancing its status as an international financial center, with a significant increase in RMB clearing volume to CNY 71.3 trillion, up 49% year-on-year [1] - The company has launched exclusive financial product discount schemes for innovation and technology enterprises, resulting in a 7.9% year-on-year growth in innovation and technology enterprise customers [2] Group 4: Cross-Border Financial Services - The company is enhancing its cross-border financial services, leveraging its platform advantages in the Greater Bay Area and Southeast Asia, and has successfully opened a RMB clearing bank in Cambodia [3] - The company has signed an intention letter to support and participate in the development of the Northern Metropolis, contributing to the deepening integration of the Greater Bay Area [3]

Financial Performance - The net operating income before impairment provisions for 2024 was HKD 71,253 million, an increase of 8.5% from HKD 65,498 million in 2023[7] - Operating profit for 2024 reached HKD 48,677 million, up 14.5% from HKD 42,558 million in 2023[7] - The annual profit for 2024 was HKD 39,118 million, representing a 12.9% increase compared to HKD 34,857 million in 2023[7] - Basic earnings per share for 2024 were HKD 3.6162, a rise of 16.9% from HKD 3.0950 in 2023[7] - The annual dividend per share is HKD 1.989, representing a 19.0% increase year-on-year, with a payout ratio of 55.0%[13] - The annual profit for 2024 was HKD 39.118 billion, representing a year-on-year increase of 12.2%[39] - Profit attributable to shareholders for 2024 was HKD 38.233 billion, an increase of 16.8% compared to HKD 32.723 billion in 2023[51] Asset and Deposit Growth - Total assets as of year-end 2024 amounted to HKD 4,194,408 million, up from HKD 3,868,783 million in 2023, reflecting a growth of 8.4%[9] - Customer deposits for 2024 were HKD 2,724,221 million, an increase of 8.8% from HKD 2,503,841 million in 2023[9] - Total assets exceeded HKD 4 trillion, growing by 8.4% year-on-year[13] - Total assets reached HKD 4,194.41 billion, an increase of 8.4% year-on-year[22] - Customer deposits grew by 8.8% to HKD 2,724.22 billion, while customer loans amounted to HKD 1,676.89 billion[22] Operational Efficiency - The cost-to-income ratio improved to 24.55% in 2024 from 25.35% in 2023, indicating better operational efficiency[9] - The average return on total assets for 2024 was 0.95%, up from 0.90% in 2023[9] - The average return on equity and average return on total assets were 11.61% and 0.95%, respectively, up by 1.01 percentage points and 0.05 percentage points year-on-year[22] - The net interest margin was 1.46%, with an adjusted net interest margin of 1.64%, reflecting a year-on-year increase of 1 basis point[36] - The impairment loan ratio was 1.05%, consistently better than the market average[38] Market and Product Development - RMB clearing volume reached 713 trillion yuan, a significant increase of 49% year-on-year[14] - Bond underwriting grew by 25.3% year-on-year, reflecting strong market performance[14] - Loans related to green and sustainable development increased by 28.8%, while the number of ESG funds sold rose by 37.7%[15] - The total assets under management in the asset management business increased by approximately 16% compared to the end of 2023, with custodial assets growing by 30%[24] - The bank successfully completed the concept verification for tokenized currency market fund transactions, enhancing its capabilities in digital currency applications[26] Customer Engagement and Digital Transformation - Digital banking active users grew by 18%, and transaction volume for global transaction banking increased by 59%[25] - The number of personal cross-border financial customers saw significant year-on-year growth, with BoC Pay domestic consumption reaching new highs[16] - The number of customers using digital service channels is steadily increasing, with mobile banking customer numbers and transaction volumes for funds, "BoC Quick Remit," and foreign exchange trading showing significant growth[89] - The "Property Expert" mobile app has achieved approximately 192,000 downloads, with online mortgage applications accounting for over 80% of total mortgage applications, an increase of over 20 percentage points year-on-year[89] Risk Management and Compliance - The group emphasizes the importance of effective risk management, balancing risk control with business development to enhance shareholder value[120] - Credit risk primarily arises from lending, trade financing, and funding operations, with detailed management strategies outlined in the financial statements[121] - The group has established a "three lines of defense" system for operational risk management, with all departments as the first line of defense responsible for self-assessment and self-correction[129] - The group conducts regular stress tests to assess risk exposure under extreme adverse conditions, with results monitored by the Asset and Liability Management Committee[137] Leadership and Governance - The company has a strong management team with extensive experience in international finance and technology[188][189] - The board includes members with diverse backgrounds in governance, risk management, and sustainable development, enhancing the company's strategic capabilities[161] - The company continues to leverage the expertise of its directors to navigate market challenges and pursue growth opportunities[158] - The board's composition reflects a commitment to sustainable development and corporate governance practices[165] Future Outlook - The company aims to enhance its global layout capabilities and international competitiveness, focusing on strategic markets in Hong Kong, the Greater Bay Area, and Southeast Asia[118] - For 2025, it is anticipated that central banks will continue to ease monetary policies, with potential divergences in interest rate cuts, while the global economic and trade landscape may face significant uncertainties[117]

Financial Performance - The total assets of the company exceeded HKD 4 trillion, representing an 8.4% increase compared to the previous year[11]. - Net operating income before impairment provisions increased by 8.8% to HKD 71,253 million, while operating profit rose by 14.4% to HKD 48,677 million[11]. - The annual profit attributable to shareholders was HKD 38,233 million, up from HKD 34,115 million, marking a growth of 12.1%[5]. - The basic earnings per share increased to HKD 3.6162, compared to HKD 3.0950 in the previous year, reflecting a growth of 16.8%[5]. - The company proposed a final dividend of HKD 1.419 per share, leading to a total annual dividend of HKD 1.989, which is a 19.0% increase year-on-year[11]. - The loan-to-deposit ratio improved to 61.55%, down from 67.99% in the previous year, indicating better asset quality management[5]. - The average return on total assets increased to 0.95%, up from 0.90% in the previous year[5]. - Customer deposits grew by 8.8% to HKD 2,724.22 billion, while customer loans totaled HKD 1,676.89 billion[20]. - The non-performing loan ratio stood at 1.05%, better than the market average[20]. - The bank's return on average equity and return on average total assets were 11.61% and 0.95%, respectively, with increases of 1.01 percentage points and 0.05 percentage points year-on-year[20]. - Annual profit reached HKD 39.118 billion, a year-on-year increase of 12.2%[37]. - The total capital ratio stood at 22.00%, with both Tier 1 capital ratio and common equity Tier 1 capital ratio at 20.02%[39]. - The impaired loan ratio was maintained at 1.05%, continuing to outperform the market average[36]. Market Position and Growth - The company maintained its leading position in the Hong Kong and Macau syndicated loan market for 20 consecutive years and ranked first in the new residential mortgage market for six consecutive years[12]. - The company processed RMB clearing volume of 713 trillion, a significant increase of 49% year-on-year, enhancing its role in internationalizing RMB assets[12]. - The bank was recognized as "Hong Kong's Most Stable Bank" for five consecutive years by The Asian Banker[19]. - The company is focusing on expanding in the Greater Bay Area and Southeast Asia, enhancing digital capabilities and integrated service offerings[83]. - The number of corporate clients in the fintech sector grew by 7.9% year-on-year[13]. - The number of cross-border clients has steadily increased, with over 330 qualified "Southbound" investment products offered by the group by the end of 2024, maintaining a leading position in the Hong Kong market[90]. - The sales amount of RMB funds increased by over 100% year-on-year in 2024, with RMB insurance business premium income growing by over 10% year-on-year, maintaining the market's number one position for 12 consecutive years[90]. - The clearing volume of Hong Kong's RMB clearing bank increased by 49% year-on-year in 2024, enhancing Hong Kong's position as an offshore RMB business hub[93]. Digital Transformation and Innovation - The bank launched a new version of iGTB MOBILE corporate mobile banking to enhance service coverage and convenience[13]. - Active mobile banking users increased by 18%, and global transaction banking volume grew by 59%[23]. - The company is focusing on digitalization, regionalization, and integration to enhance resource efficiency and support growth[61]. - The group is actively implementing the "2021-2025 Digital Transformation Sub-Plan," focusing on data-driven and intelligent banking services[109]. - The group has become the first commercial bank in Hong Kong to connect to mBridge, achieving end-to-end automated processing for cross-border transactions[110]. - The "Digital Hong Kong Dollar" pilot program has been successfully selected for the second phase, exploring programmable applications in prepayment and dedicated fund scenarios[110]. - The company is investing HKD 500 million in research and development for new technologies[5]. - The "Property Expert" mobile app reached approximately 192,000 downloads, with online mortgage applications accounting for over 80% of total applications, marking a year-on-year increase of over 20 percentage points[87]. Sustainable Development - Green and sustainable development-related loan balances and ESG fund sales increased by 28.8% and 37.7%, respectively[13]. - The company is committed to sustainable development and has received recognition as a climate leader in the Asia-Pacific region for three consecutive years[25]. - The number of green private loan applications increased by 48% year-on-year, reflecting the company's commitment to sustainable finance[86]. - A new sustainability strategy has been introduced, aiming for a 30% reduction in carbon emissions by 2025[8]. - The group's green and sustainable development-related loans grew by 32.5% by the end of 2024 compared to the end of 2023[96]. Risk Management - The group emphasizes the importance of effective risk management as a key element for business success, balancing risk control with business development[118]. - Credit risk primarily arises from lending, trade financing, and funding operations, with detailed management strategies outlined in the financial statements[119]. - The group maintains a robust liquidity risk management framework to ensure stable and sufficient cash sources under normal and stressed conditions[125]. - The group has established a reputation risk management policy to proactively identify and mitigate potential negative impacts on its reputation[129]. - Continuous monitoring mechanisms are in place to manage and control reputation risk events effectively[130]. - The group conducts regular stress tests to assess risk exposure under extreme adverse economic conditions[135]. Corporate Governance - The board of directors emphasized the importance of corporate governance and risk management in their future strategies[10]. - The company has a strong focus on corporate governance, risk management, and sustainable development, as evidenced by the composition of its board committees[166]. - The board includes members with significant expertise in finance, strategic development, and corporate governance, enhancing the company's decision-making capabilities[168]. - The independent non-executive directors bring diverse backgrounds and experiences, contributing to a well-rounded governance structure[164]. - The management team is well-equipped with qualifications such as CFA and senior accountant certifications, ensuring strong financial oversight[180]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10%[3]. - New product launches are expected to contribute an additional HKD 2 billion in revenue over the next fiscal year[4]. - The company is considering strategic acquisitions to enhance its market position, with a budget of HKD 1 billion allocated for potential deals[7]. - The bank plans to expand its non-interest income business to effectively respond to the impact of interest rate cuts[116].

Investment Rating - The report maintains a "Buy" rating for Bank of China Hong Kong (2388 HK) with a target price of HKD 31.90 [8]. Core Views - The report highlights a recovery in net interest margins and improvement in non-interest income growth, driven by strategic initiatives and market conditions [2][3][4]. - The bank's asset quality shows slight fluctuations but remains better than the market average, with a non-performing loan ratio of 1.11% as of Q3 2024 [5]. - The report projects a target price-to-book (PB) ratio of 0.95 for 2025, reflecting the bank's strategic depth and expected valuation premium [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, operating income and operating profit before impairment provisions increased by 10.7% and 13.4% year-on-year, respectively [2]. - Interest income grew by 10.4% year-on-year, with a net interest margin of 1.63% as of Q3 2024, showing a slight quarter-on-quarter increase [3]. Asset Quality - The non-performing loan ratio increased by 5 basis points to 1.11% at the end of Q3 2024, indicating some volatility but still outperforming the market average [5]. - The annualized credit cost is reported at 0.26%, reflecting a year-on-year increase of 0.04 percentage points [5]. Non-Interest Income - Non-interest income grew by 45.7% year-on-year in the first three quarters of 2024, with significant contributions from insurance, fund distribution, and foreign exchange trading [4]. - Fee income from loans decreased due to weak credit demand, but other non-interest income sources showed robust growth [4]. Strategic Initiatives - The bank is actively managing its asset-liability structure to capitalize on rising market interest rates and improve bond investment yields [3]. - The bank is also focusing on digital transformation in its Southeast Asia operations, aiming to leverage opportunities from the "Belt and Road" initiative [5]. Valuation Metrics - The projected book value per share (BVPS) for 2024, 2025, and 2026 is HKD 31.90, HKD 33.58, and HKD 35.40, respectively, with corresponding PB ratios of 0.80, 0.76, and 0.72 [6][14]. - The report indicates a dividend yield of 7.25% for 2024, increasing to 7.93% by 2026 [14].

Financial Performance - For the first nine months of 2024, the group's net operating income before impairment provisions increased by 10.7% year-on-year to HKD 53.815 billion[3] - In Q3 2024, net operating income rose by 5.3% quarter-on-quarter to HKD 18.479 billion[3] - Net interest income, after accounting for foreign exchange swap contracts, increased by 10.4% year-on-year to HKD 43.604 billion, driven by a 9.9% rise in average interest-earning assets[3] - Customer deposits grew by 8.6% compared to the end of 2023, reaching HKD 271.955 billion[6] - The impairment loan ratio stood at 1.11%, continuing to outperform the market average[6] - Operating expenses increased by 2.4% year-on-year, with a cost-to-income ratio of 23.0%, maintaining a strong position among local banks[4] - The liquidity coverage ratio, stable funding ratio, and capital ratio remained robust[6] Digital Transformation and Innovation - The group is focusing on digital transformation and enhancing integrated capabilities to strengthen its market position in Hong Kong and the Greater Bay Area[7] - The introduction of the "BOC Mastercard® Debit Card" aims to provide seamless payment experiences for customers, facilitating overseas spending and education planning[8] - The group is actively promoting product diversification, including the launch of its first RMB-denominated money market fund to meet customer investment needs[8] - The group is actively pursuing digital transformation in its Southeast Asian operations to improve operational efficiency and service delivery[11] Customer Services and Market Positioning - The net service fee and commission income rose by 2.7% year-on-year to HKD 7.412 billion, supported by the recovery in business activities and tourism[3] - The group continues to optimize personal banking services, enhancing product selection and customer experience to capture opportunities from outbound travel and government talent policies[8] - In corporate banking, the group focuses on providing comprehensive financial support to leading industries and quality enterprises in Hong Kong, enhancing cross-border financial services in the Greater Bay Area[9] - The group has successfully expanded its trust and custody services, attracting multiple new asset portfolios, contributing to steady growth in trust and custody asset scale[9] Market Expansion and Product Offerings - The group is enhancing its offshore RMB market presence and has participated in cross-border financial products under the "Bond Connect" and "Stock Connect" initiatives[10] - In Southeast Asia, the group is expanding its financial product offerings, including the launch of a savings protection product in Thailand and becoming the settlement bank for cross-border payment services in Malaysia[11] Risk Management - The group emphasizes risk management and market analysis in its treasury operations, focusing on fixed-income investment opportunities to enhance returns[10] - The company warns shareholders and potential investors about the risks and uncertainties associated with forward-looking statements, advising caution in trading its securities[12]

Financial Performance - The net operating income before impairment provisions for the first half of 2024 was HKD 35.336 billion, an increase of 14.6% year-on-year from HKD 30.838 billion in 2023[3]. - Operating profit for the same period was HKD 25.134 billion, up from HKD 21.817 billion, reflecting a strong operational performance[3]. - Profit attributable to shareholders was HKD 20.040 billion, representing a 13.2% increase compared to HKD 17.694 billion in the previous year[5]. - The basic earnings per share for the first half of 2024 was HKD 1.8954, compared to HKD 1.6077 in the same period last year[3]. - The overall profit for the first half of 2024 was HKD 20.463 billion, an increase of HKD 2.381 billion or 13.2% compared to the previous year[9]. - The total pre-tax profit for the group reached HKD 24.716 billion, an increase from HKD 21.523 billion year-on-year[35]. - The pre-tax profit for the six months ending June 30, 2024, was HKD 24,716 million, an increase of 15.9% compared to HKD 21,523 million for the same period in 2023[179]. Operational Efficiency - The cost-to-income ratio improved to 22.98%, down from 25.46% in the previous year, indicating better operational efficiency[6]. - The average return on equity was 12.39%, up from 10.81% in the previous year, showcasing enhanced profitability for shareholders[5]. - Operating expenses for the first half of 2024 amounted to HKD 8.12 billion, an increase of HKD 2.69 billion or 3.4% year-on-year[19]. - The company experienced a decrease in loan demand, while deposit levels remained stable, indicating a robust financial system[9]. Capital and Liquidity - The total capital ratio stood at 22.17%, with a common equity tier 1 capital ratio of 20.05%, indicating a strong capital position[7]. - The liquidity coverage ratio averaged 223.79% in Q1 and 250.58% in Q2, demonstrating robust liquidity management[3]. - The company anticipates continued economic recovery in Hong Kong, supported by improved external demand and upcoming large-scale events[9]. - The company is focusing on expanding its presence in the Greater Bay Area and Southeast Asia, enhancing digital capabilities and optimizing integrated services[34]. Asset Quality - The impairment loan ratio was 1.06%, remaining below the market average, reflecting stable asset quality[6]. - The annualized credit cost for customer loans and other accounts was 0.25%, up 0.11 percentage points from the same period last year[21]. - The ratio of total loan impairment provisions to customer loans was 0.96% as of June 30, 2024[21]. - The total amount of overdue loans exceeding three months reached HKD 15,503 million as of June 30, 2024, which is 0.91% of total customer loans, compared to HKD 10,548 million and 0.62% as of December 31, 2023[113]. Customer Engagement and Digital Transformation - The number of mobile banking customers and related transaction volumes continued to grow, with online mortgage applications increasing by 29.3 percentage points to 80.7% of total mortgage applications[38]. - The company continues to enhance its digital transformation strategy, focusing on data-driven and intelligent approaches to improve customer experience[56]. - The group successfully launched mobile banking UnionPay QR code payment services in multiple Southeast Asian branches, enhancing local customer online payment experiences[41]. Risk Management - The company emphasizes the importance of good risk management as a key element for success, balancing risk control with business development[62]. - The risk management framework covers all business development processes to ensure effective management and control of various risks[63]. - The group employs Basel II internal rating-based (IRB) models to assess expected credit losses, using historical data and relevant loss experiences for portfolios without models[66]. - The group actively manages liquidity risk by ensuring stable and sufficient cash sources to meet liquidity demands under normal and stressed conditions[74]. Insurance and Investment Performance - The insurance business of Bank of China Life primarily involves long-term insurance products, with key risks including insurance risk, interest rate risk, and liquidity risk[84]. - The pre-tax profit for the insurance business increased by 27.5% year-on-year to HKD 849 million, primarily supported by business and investment performance[52]. - The total fair value of financial assets measured at fair value through other comprehensive income amounted to HKD 785,905 million, with HKD 130,681 million in debt securities and deposits[158]. Future Outlook - The company is currently evaluating the impact of new accounting standards that will be effective in the coming years, which may affect financial reporting and disclosures[101]. - Future outlook includes continued focus on market expansion and product innovation to enhance competitive positioning[142].