Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately SGD 192.3 million, with a gross profit of SGD 7.8 million and a pre-tax profit of SGD 9.3 million[10]. - The group's revenue for the year was approximately SGD 192.3 million, a decrease of about 37.8% from SGD 309.2 million in the previous year[17]. - Gross profit for the year was approximately SGD 7.8 million, an increase from SGD 5.3 million in the previous year[17]. - Other income increased by approximately SGD 0.3 million or 20.3%, from SGD 1.3 million to SGD 1.6 million, mainly due to higher bank interest income from short-term deposits[17]. - The group recorded a profit attributable to owners of approximately SGD 9.0 million, compared to SGD 1.8 million in the previous year[19]. - Financing costs decreased to approximately SGD 0.4 million from SGD 0.7 million, primarily due to lower bank borrowing rates[19]. - Cash and cash equivalents increased to approximately SGD 62.8 million from SGD 55.3 million, an increase of about SGD 7.5 million[23]. - The company's distributable reserves as of December 31, 2024, amount to SGD 7,814,018, a decrease from SGD 8,299,481 in 2023[62]. - The company has no distributable reserves as of December 31, 2024, due to accumulated losses, but can distribute dividends from share premium funds[63]. - The board does not recommend the distribution of dividends for the fiscal year ending December 31, 2024, similar to the previous year[38]. Construction Projects and Achievements - The construction industry in Singapore showed resilience, with a reported economic growth of 4.4% in 2024, following a 5.6% growth in the third quarter[16]. - The company successfully secured four new projects by the end of 2024 and early 2025, with a total contract value reaching approximately SGD 598 million, marking a significant milestone in its history[16]. - The Woodlands C24 project achieved an outstanding Conquas score of 99.3, setting a new benchmark for the Housing and Development Board's prefabricated bathroom unit projects[11]. - The Punggol C13 project was awarded the prestigious Conquas Star Award for outstanding performance in the Conquas assessment, reflecting the company's dedication to quality construction[11]. - The company is well-prepared to secure new tender projects, supported by strong ongoing projects and stable construction demand[34]. Market and Strategic Initiatives - The construction demand in Singapore is projected to be between SGD 47 billion and SGD 53 billion by 2025, with an average annual demand of SGD 39 billion to SGD 46 billion from 2026 to 2029[31]. - The company aims to expand its market share and maintain a competitive edge by exploring various land tenders for residential, industrial, and commercial projects[35]. - The company is actively seeking new opportunities in the Singapore real estate market and has entered into a joint venture for a residential land plot at Dairy Farm Walk[36]. - The company plans to continue developing its property development segment and is looking for suitable property development opportunities[36]. - The new property development segment is expected to report results starting from the mid-year financial performance announcements in 2025, as the pre-sale of units is set to launch in February 2025[34]. Corporate Governance and Compliance - The board of directors consists of five members, with independent non-executive directors making up 60% of the board[123]. - The company has established appropriate directors and officers liability insurance for its directors and senior officers[77]. - The company has adopted the corporate governance code and complied with all applicable provisions, except for a specific deviation[117]. - The company has established policies and procedures to ensure compliance with relevant laws and regulations affecting its business and operations[61]. - The company is committed to reviewing and monitoring compliance with legal and regulatory requirements as part of its corporate governance responsibilities[157]. Risk Management and Internal Controls - The company faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and stock price risk, which are regularly reviewed by management[61]. - The company has established a risk management and internal control system to ensure effective oversight by management[143]. - The audit committee confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards and provided full disclosure[139]. - The company has engaged an independent third-party internal control consultant to review its internal control systems for the year ending December 31, 2024, with no significant internal control deficiencies found[166]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an Integrated Management System (IMS) that includes ISO 9001, ISO 45001, ISO 14001, and the Green Building Contractor Scheme (GGBS) to promote environmentally friendly practices[193]. - The company is committed to reducing waste, conserving resources, and minimizing its environmental footprint as part of its green contractor program[187]. - The company aims to enhance its ESG performance by implementing sustainable technologies and effective communication with local communities[197]. - The total carbon emissions from diesel consumption amounted to approximately 2,584.1 tons of CO2 equivalent during the review year[195]. - The total amount of non-hazardous waste generated by the company is approximately 11,292.0 tons, with no hazardous waste produced[199]. Employee Relations and Diversity - The company emphasizes the importance of compliance with regulatory requirements and has established procedures to ensure adherence to applicable laws[67]. - The company maintains good relationships with employees, customers, suppliers, and subcontractors, providing reasonable compensation and organizing team-building activities[68][69][70]. - The company is committed to creating a fair, equal, and diverse recruitment and working environment[134]. - As of December 31, 2024, the gender distribution among employees was 87.8% male and 12.2% female, reflecting a commitment to diversity[133]. Shareholder Information - Major shareholders include Huada Development with 51.13% and Eagle Soar with 17.04% of the issued share capital[82]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting to propose resolutions[172]. - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders[176].

Company Performance - The company ranked 35th among the top 100 wholesale enterprises in China based on revenue from its principal business in 2023[3]. - The company ranked 6th among pharmaceutical distribution businesses in Guangdong Province[3]. - For the year ended December 31, 2024, the Group's operating revenue increased by 0.72% to RMB 4,435.46 million from RMB 4,403.63 million in 2023[22]. - Gross profit rose by 10.94% to RMB 324.76 million, with a gross profit margin increase from 6.65% in 2023 to 7.32% in 2024[22]. - Net profit attributable to shareholders of the parent company increased by 3.78% to RMB 53.28 million from RMB 51.34 million in 2023[22]. - The total operating revenue for the year ended December 31, 2024, was RMB 4,435.5 million, representing a slight increase from RMB 4,403.6 million in 2023[38]. - The net profit attributable to shareholders of the parent company for 2024 was RMB 53.3 million, up from RMB 51.3 million in 2023, indicating a growth of approximately 3.8%[38]. - The total assets as of December 31, 2024, reached RMB 3,456.6 million, an increase from RMB 3,247.7 million in 2023, reflecting a growth of about 6.4%[38]. Market Position and Strategy - The company has been recognized as an Excellent Pharmaceutical Logistics and Distribution Enterprise for four consecutive years and has received multiple awards for its logistics capabilities[5]. - The company has been consistently ranked among the "Guangdong Top-500 Enterprises" and the "Top-100 Wholesalers in the Pharmaceutical Distribution Industry" for over a decade[24]. - The Group aims to strengthen its competitive edge through the establishment of Guangdong Charmacy Pharmaceutical Logistics Co., Ltd. in June 2024, focusing on domestic freight forwarding services[20]. - The Group plans to focus on the non-bidding market and build a high-quality development path in 2025, enhancing its logistics distribution system and third-party logistics service competitiveness[27]. - The Group's strategy includes leveraging artificial intelligence and big data to enhance operational efficiency and meet evolving pharmaceutical distribution needs[28]. - The company aims to enhance competitiveness in third-party logistics services by leveraging artificial intelligence for operational decision-making[32]. - The company is committed to exploring high-quality development pathways and unlocking new profit engines for sustainable growth[32]. Digital Transformation and Innovation - The pharmaceutical distribution industry in China is experiencing profound changes, shifting towards supply chain management, digital operations, and professional services[20]. - The pharmaceutical distribution industry is transitioning towards a model focused on supply chain management, digital operations, and professional services[41]. - The digital transformation of pharmaceutical distributors is being driven by regulatory constraints and medical insurance policies, further deepening their operational capabilities[59]. - The company aims to achieve intelligent management of the entire process and improve efficiency through the integration of digitalization and AI technology[96]. - The Group is leveraging digital technologies to improve service capabilities in the pharmaceutical supply chain, enhancing the "last mile" service through advanced technologies like big data and AI[87]. - The company is exploring AI applications to enhance operational efficiency, with successful automation upgrades in financial management and logistics[72]. - The company aims to establish an end-to-end intelligent business ecosystem through full-process digital integration and continuous iteration of AI models[73]. Logistics and Distribution Network - The company operates a modern information system covering the entire pharmaceutical distribution supply chain, including procurement, sales, warehousing, transportation, and delivery[3]. - The company has established a highly efficient delivery mechanism, providing three deliveries per day within a 10-kilometer radius[3]. - The company has four modern pharmaceutical logistics centers and a professional marketing service team[3]. - The Group established a large pharmaceutical sorting and distribution centre in Shenzhen, enhancing its influence in the Greater Bay Area's pharmaceutical terminal market and promoting the coordinated upgrading of the regional pharmaceutical industry chain[76]. - The Group's logistics network adheres to unified Good Supply Practice (GSP) management standards, ensuring standardized storage conditions and enhancing service quality[77]. - The Group's third-party pharmaceutical logistics business saw a year-on-year increase of 30% in the number of clients and over 55% growth in corresponding revenue as of December 31, 2024[81]. Customer and Supplier Relationships - As of December 31, 2024, the Group's distribution network covered 14,429 customers, including 13,744 pharmaceutical retail customers, and collaborated with 1,206 suppliers[19]. - The company has strengthened cooperation with 1,206 suppliers, including 623 pharmaceutical manufacturers and 583 distributor suppliers, representing an increase of 60 suppliers compared to last year[65]. - The company distributed 12,810 product specifications as of December 31, 2024, an increase from 12,212 in 2023, with 4,759 being Chinese patent medicines and 4,664 Western medicines[66][65]. Financial Management and Costs - Operating costs remained stable at RMB 4,110.70 million for 2024, slightly down from RMB 4,110.89 million in 2023[114]. - Selling expenses decreased by 1.65% to RMB 120.44 million in 2024, compared to RMB 122.47 million in 2023[122]. - Management expenses increased by 15.33% to RMB 54.82 million in 2024, primarily due to increased employee compensation expenses[123]. - Finance costs surged by 47.09% to RMB 62.29 million in 2024, driven by increased bank loans and corresponding interest expenses[124]. - Income tax expenses rose by 11.40% to RMB 17.91 million in 2024, up from RMB 16.07 million in 2023[125]. Leadership and Governance - The company has a diverse leadership team with extensive experience in finance, management, and the pharmaceutical industry, enhancing its strategic decision-making capabilities[182]. - The Group is focused on expanding its market presence and enhancing product management through experienced leadership[176]. - The leadership team is well-equipped to navigate the complexities of the pharmaceutical market, leveraging their combined expertise for strategic initiatives[190].

Financial Performance - For the first quarter of 2025, the company achieved operating revenue of RMB 5,720,965,040, representing a year-on-year increase of 47.69% compared to RMB 3,873,747,046 in the same period last year[4][9] - The net profit attributable to shareholders of the parent company for the same period was RMB 2,041,982,798, reflecting a significant year-on-year growth of 64.85% from RMB 1,238,666,240[4][9] - The basic earnings per share increased by 71.55% to RMB 0.382, up from RMB 0.223 in the previous year[9][18] - The company reported a net profit excluding non-recurring items of RMB 2,008,455,771, which is a 65.07% increase from RMB 1,216,702,413 in the previous year[9][19] - Net profit for Q1 2025 was RMB 2,044,387,261, representing a 64.9% increase from RMB 1,239,089,337 in Q1 2024[36] - The company reported a net profit of RMB 98,299,737 for Q1 2025, a decrease of 95.1% from RMB 1,986,970,103 in the same quarter last year[43] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 31.38% to RMB 8,793,070,123, down from RMB 12,814,865,518 in the same period last year[9][19] - Operating cash flow decreased by 31.38% to ¥8,793,070,123, primarily due to reduced cash inflows from financial instruments held for trading[22] - The net cash flow from operating activities for Q1 2025 was RMB 4,914,979,976, down 43.5% from RMB 8,628,609,356 in Q1 2024[44] - Cash flow from investment activities showed a net outflow of RMB 1,046,406,291, contrasting with a net inflow of RMB 4,289,700,093 in the previous year[45] - Net cash flow from investing activities was negative at ¥-1,392,132,913, reflecting increased cash payments for investments[22] - Net cash flow from financing activities was negative at ¥-10,478,440,949, due to decreased cash inflows from issuing debt instruments[22] Assets and Liabilities - Total assets at the end of the reporting period were RMB 673,200,948,427, a slight decrease of 0.22% from RMB 674,715,821,446 at the end of the previous year[10] - Total liabilities decreased to RMB 555,724,781,523 from RMB 559,094,150,638, indicating a reduction of approximately 0.7%[33] - The total assets as of March 31, 2025, were RMB 327,602,300,109, down from RMB 336,796,609,098 at the end of 2024[40] - The total liabilities decreased to RMB 240,240,709,816 as of March 31, 2025, compared to RMB 249,315,377,539 at the end of 2024[41] Equity and Investments - The total equity attributable to shareholders of the parent company increased by 1.57% to RMB 117,152,834,492 from RMB 115,347,607,754[10] - The company’s total equity as of March 31, 2025, was RMB 87,361,590,293, a slight decrease from RMB 87,481,231,559 at the end of 2024[41] - The company reported investment income of RMB 4,244,768,778 for Q1 2025, up from RMB 3,435,648,963 in Q1 2024[35] - Investment income for Q1 2025 was RMB 1,214,999,018, a significant recovery from a loss of RMB 485,982,202 in Q1 2024[42] Expenses and Tax - Tax expenses increased by 94.16% to ¥370,748,737, driven by an increase in total profit[21] - Business and management expenses rose by 37.00% to ¥3,280,813,570, reflecting higher employee costs due to improved operational performance[21] - Total operating expenses surged to RMB 1,626,416,201, compared to RMB 601,917,027 in Q1 2024, reflecting a year-over-year increase of 169.5%[42] Other Financial Metrics - The risk coverage ratio improved to 219.10% from 188.54% in the previous year, indicating enhanced risk management[13] - The liquidity coverage ratio significantly increased to 371.61% from 224.00% year-on-year, reflecting better liquidity management[13] - The company’s cash and cash equivalents rose to RMB 131,172,724,121 from RMB 128,501,125,589[32] - The ending cash and cash equivalents balance as of March 31, 2025, was RMB 45,401,859,910, down from RMB 52,052,365,913 at the end of Q1 2024[46]

Financial Performance - Plus Group Holdings Inc. reported a revenue of HK$500 million for the fiscal year ended December 31, 2024, representing a 25% increase year-over-year[3]. - The company achieved a net profit of HK$100 million, which is a 20% increase compared to the previous year[3]. - Revenue for the year ended December 31, 2024, reached RMB 1,046,361,000, representing a 44.1% increase compared to RMB 725,948,000 in 2023[19]. - Gross profit for 2024 was RMB 124,377,000, up from RMB 94,862,000 in 2023[19]. - Profit for the year attributable to owners of the Company was RMB 13,008,000 in 2024, compared to RMB 11,502,000 in 2023, marking a 13.1% increase[19]. - The Group's total operating revenue for the year ended 31 December 2024 was approximately RMB1.05 billion, representing a year-on-year increase of approximately 44.1% compared to 2023[52]. - The Group successfully reversed the loss from the first half of the year, achieving a net profit of approximately RMB13.8 million for the year, an increase of approximately 19.8% compared to the same period in 2023[53]. - The Group's gross profit for the year was approximately RMB 124.4 million, representing a year-on-year increase of approximately 31.1% compared to 2023[59]. User Growth and Market Expansion - User data showed a growth of 30% in active users, reaching 1.5 million by the end of 2024[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2026[3]. - The number of paying customers increased to 608, representing a year-on-year growth of 155.5%[28]. - Total number of touchpoints grew to 659,000, marking a 27.0% increase from the previous year[28]. - Average monthly active touchpoints surged to 88,000, reflecting a 214.3% increase year-on-year[28]. - The Group captured approximately 37% of the offline physical member stores service business across China, becoming a major service provider for an international leading chain retailer[40]. - The Group entered into partnerships with new leading retailers in China, focusing on fresh and ready food, covering about 25% of over 420 offline physical stores[40]. Strategic Initiatives and Investments - Plus Group is investing HK$50 million in new product development, focusing on SaaS solutions to enhance customer engagement[3]. - Plus Group is exploring potential acquisitions to enhance its technology capabilities, with a budget of HK$200 million allocated for this purpose[3]. - The management highlighted the successful launch of two new products in Q4 2024, contributing to a 5% increase in market penetration[3]. - The Group plans to significantly increase investment in AI technology research and development and the self-development of localized application models in 2025[54]. - The Group's strategic focus on O2O real-time retailing has effectively expanded its online marketing business, contributing to overall revenue growth[85]. - The Group's strategy emphasizes capturing more market share while maintaining profitability, aiming for further success in the upcoming year[54]. Operational Efficiency and Technology Integration - The company aims to improve operational efficiency by 15% through the implementation of new technologies in 2025[3]. - The Group's operational efficiency and customer experience were significantly enhanced through the integration of AI application technologies[39]. - The establishment of the "AI + Digital Marketing Joint Laboratory" aims to enhance AI applications across various business areas[38]. - The Group's data-driven approach has strengthened its market position and established a trend of digitalization and intelligence-driven business development[44]. - The Group's focus on AI applications has driven growth and transformation in both online and offline business operations[62]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance through the experience of its board members[173]. - The management team has a strong track record in their respective fields, contributing to the company's strategic direction and operational efficiency[181]. - The board of directors includes professionals with diverse backgrounds in finance, marketing, and management, ensuring a well-rounded approach to corporate governance[172]. - The independent non-executive directors are responsible for providing oversight and independent advice on the company's management and operations[174]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic hires in management[180]. Future Outlook - The company provided a positive outlook for 2025, projecting a revenue growth of 15% to HK$575 million[3]. - In 2025, the Company will focus on key directions as part of its outlook[159]. - The company aims to enhance localized AI model deployment and training capabilities, investing in self-developed AI applications to meet diverse needs and establish competitive barriers[160]. - The company plans to expand into new markets such as pharmaceuticals and tea beverage chains, leveraging AI applications to increase market share[160]. - The company intends to deepen integration of AI applications into business scenarios to enhance overall performance and market penetration[161].

Financial Performance - Revenue for the year reached RMB 27,328 million, representing a year-on-year increase of 33.8%[21] - EBITDA was RMB 5,553 million, reflecting a year-on-year growth of 32.8%[21] - Earnings per share increased by 142.9% to RMB 1.53[21] - Free cash flow decreased by 22.4% to RMB 2,954 million, with capital expenditure accounting for 42.0% of EBITDA[21] - Net assets grew by 3.3% to RMB 23,117 million, while the net asset liability ratio was 3.8%[21] - Revenue for 2023 was RMB 20,419,072 thousand, with a projected increase to RMB 27,328,304 thousand in 2024, representing a growth of 33.8%[22] - Net profit attributable to shareholders increased significantly from RMB 740,370 thousand in 2023 to RMB 1,797,230 thousand in 2024, marking a 142.7% increase[22] - Operating cash flow reached RMB 5.2 billion, indicating a strong financial foundation[39] - The gross profit margin improved to 22.1% in 2024, up by 5.2 percentage points from 16.9% in 2023[22] - The overall revenue for 2024 increased by 33.8% to RMB 27.33 billion, driven by a rise in PSS-related business revenue by RMB 3,494.6 million[54] Research and Development - The company invested 7.4% of its revenue in R&D for 2024, maintaining a strong focus on technological innovation[17] - The company holds a total of 5,112 patents, with an additional 2,752 patents pending[17] - Research and development expenses accounted for 7.4% of revenue in 2024, slightly down from 7.7% in 2023[22] - Research and development expenses increased by 28.5% to RMB 2.02 billion in 2024, reflecting additional investments in new projects[59] - The company is focusing on high-performance products in the sensor and semiconductor segment, with a leading market share in high signal-to-noise ratio microphones[52] Strategic Focus and Market Expansion - Strategic focus includes expanding into smartphone, smart automotive, VR/AR, and smart home sectors[10] - The company aims to enhance production efficiency through the development of automated equipment and flexible production lines[20] - The company aims to enhance its core business through innovations in acoustics, optics, and electromagnetic transmission, targeting growth in consumer electronics and automotive sectors[39] - Future growth opportunities are anticipated in the consumer electronics sector, driven by edge AI deployment and the expansion of markets such as electric vehicles and AR/VR[53] Acquisitions and Investments - The company completed the first phase acquisition of Premium Sound Solutions (PSS) in February 2024, positively impacting profits and providing new momentum in the automotive market[39] - AAC Technologies (Belgium) BV agreed to purchase 100% of Acoustics Solutions International B.V. in two batches, with the first batch representing 80% of the issued shares[135] - The acquisition aims to diversify the company's automotive business and enhance its audio solution offerings, creating synergies with existing strengths[138] Corporate Governance - The company has established an Enterprise Risk Management (ERM) framework to effectively identify, assess, mitigate, and monitor sustainability risks[77] - The company emphasizes sustainability in its governance structure, with a dedicated Sustainability Committee[107] - The board includes members with significant international experience, which may aid in market expansion strategies[95][99][103] - The independent directors have no relationships with other board members or major shareholders, ensuring unbiased governance[97][101][104] - The company has committed to high standards of corporate governance, ensuring compliance with all relevant codes throughout the fiscal year[183] Sustainability and Social Responsibility - The company has implemented a comprehensive climate change policy to drive sustainability efforts, incorporating ISO environmental and energy management standards[85] - The company made donations amounting to approximately RMB 1,050,000 for community medical welfare, poverty alleviation, and educational support[171] - The sustainable development committee was established in May 2024 to enhance governance in sustainability[189] Financial Policies and Risk Management - The company will maintain a prudent financial policy and strong cash flow to support business development and create long-term value for shareholders[119] - The company has established a robust financial risk management policy, detailed in its annual report[118] - The company focuses on reducing liquidity and interest rate risks by maintaining an appropriate RMB/USD borrowing mix[86] Employee and Shareholder Information - The company employed 37,273 full-time employees, a 25% increase from 29,922 employees on December 31, 2023, with 11% of the increase attributed to the acquisition of PSS[177] - The board proposed a final dividend of HKD 0.24 per share for the fiscal year 2024, up from HKD 0.10 per share in fiscal year 2023, maintaining a 15% payout ratio[119] - The company has established a compensation policy for senior management and directors, which is reviewed by the compensation committee[155] Supply Chain and Procurement - The group entered into procurement agreements with suppliers, with a maximum annual limit of RMB 140,000 thousand for materials and products[144] - The company has a total of 3,344 square meters of warehouse space leased in Vietnam, with an expected annual rent of USD 160,600[143] - The company’s largest supplier accounted for approximately 8.0% of total procurement, with the top five suppliers making up 22.9% of total procurement[178]

Financial Performance - The company reported a significant increase in revenue, reaching approximately $1.2 billion for the fiscal year ending December 31, representing a year-over-year growth of 15%[15]. - The company's revenue for 2024 reached RMB 23,133.5 million, an increase of 2.6% compared to RMB 22,553.5 million in 2023[16]. - The profit before tax for 2024 was RMB 5,243.1 million, up 9.4% from RMB 4,790.9 million in 2023[16]. - The net profit attributable to equity holders for 2024 was RMB 4,038.1 million, representing a 19.5% increase from RMB 3,379.2 million in 2023[16]. - Basic earnings per share for 2024 were RMB 0.8464, compared to RMB 0.7083 in 2023, reflecting a growth of 19.5%[16]. - The gross profit for the fiscal year 2024 was RMB 6,243,407 thousand, a decrease of 5.23% from RMB 6,587,454 thousand in 2023[183]. - The company reported a pre-tax profit of RMB 5,243,098 thousand for 2024, an increase of 9.4% from RMB 4,790,886 thousand in 2023[183]. Market Expansion and Strategy - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on anticipated market expansion and new product launches[15]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next three years[15]. - A strategic acquisition of a smaller competitor was completed, expected to contribute an additional $200 million in annual revenue[15]. - The company aims to enhance its competitiveness and innovation while fulfilling its mission of being a global leader in energy transportation[93]. - The company aims to transition towards becoming a "resource integrator" and "solution provider" in the energy transportation sector[25]. Operational Efficiency and Cost Management - Cost management initiatives have led to a 5% reduction in operational expenses, improving overall profitability margins[15]. - Investment in new technologies and product development increased by 25%, totaling $150 million, aimed at enhancing operational efficiency and service quality[15]. - The total operating costs for the main business reached approximately RMB 16.890 billion, an increase of 5.8% year-on-year[55]. - The fuel costs for oil transportation increased by 6.0% to RMB 5.335 billion, while the crew costs decreased by 2.7% to RMB 2.281 billion[56]. Fleet Development and Capacity - The fleet development strategy includes the addition of 10 new vessels, enhancing capacity by 15% to meet growing demand[15]. - The company maintained a strong market position in oil and LNG transportation, with a fleet of 159 oil tankers totaling 23.74 million deadweight tons as of December 31, 2024[22]. - As of December 31, 2024, the group has invested in a total of 87 LNG vessels, with 50 vessels already in operation, totaling 8.42 million cubic meters[24]. - The group operates 11 LPG vessels with a total capacity of 42,599 cubic meters, and has 2 LPG vessels under construction with a capacity of 15,300 cubic meters as of December 31, 2024[24]. - The group has 8 chemical transportation vessels with a total deadweight tonnage of 72,940 tons, and 1 vessel under construction with a deadweight tonnage of 11,500 tons as of December 31, 2024[25]. Safety and Compliance - Safety management protocols have been enhanced, maintaining a leading position in the industry with a 98% safety compliance rate[15]. - The company has implemented compliance procedures to ensure adherence to various laws and regulations, including the Civil Code and Company Law of the People's Republic of China[197]. - The company has successfully complied with significant laws and regulations affecting its operations during the reporting period[200]. Shareholder Engagement and Governance - The company held four shareholder meetings in 2024, passing 26 resolutions, ensuring effective communication with shareholders[118]. - The board of directors is committed to enhancing shareholder value and has adhered to corporate governance principles throughout the reporting period[117]. - The company has implemented a stock option incentive plan for 2023, granting a total of 22,309,600 stock options, which represents approximately 0.589% of the total share capital as of October 26, 2023[113]. - The board consists of 9 members, including 4 independent non-executive directors, ensuring compliance with listing rules requiring at least one-third of the board to be independent[122]. Future Projections and Industry Trends - In 2024, global oil demand is projected to average 102.8 million barrels per day, an increase of 840,000 barrels per day compared to 2023[28]. - The global oil supply is expected to increase by approximately 630,000 barrels per day in 2024, reaching 102.9 million barrels per day, driven mainly by production growth in non-OPEC countries[28]. - By 2025, global oil demand is expected to increase by 1.1 million barrels per day, primarily driven by growth in China and India[86]. - The global LNG trade volume is projected to grow by 6.4% to 43.9 million tons by 2025, with liquefaction capacity expected to reach 529 million tons, a year-on-year increase of 10.9%[90]. Risk Management - The company faces risks from macroeconomic fluctuations, which significantly impact the demand for shipping of bulk resources like oil and gas[188]. - The company is navigating uncertainties in the global political economy, which may affect the energy transportation market[188]. - The company has established a risk management and internal control system deemed sufficient and effective during the reporting period[166]. Environmental and Sustainability Initiatives - The company aims to peak its carbon emissions from its owned tanker fleet by 2030 and achieve carbon neutrality by 2050, with ongoing initiatives in biofuel applications and methanol dual-fuel supertankers[196]. - The company will focus on low-carbon development and optimize its fleet structure while managing carbon emissions[99].

Financial Performance - Revenue for 2024 reached RMB 654.5 million, a 37.4% increase from RMB 476.2 million in 2023[28] - Gross profit increased by 54.1% from RMB 68.0 million in 2023 to RMB 104.8 million in 2024, with a gross margin improvement from 14.3% to 16.0%[31] - The revenue from intelligent driving solutions rose by 25.2% to RMB 483.6 million in 2024, driven by increased demand and production stability[29] - Intelligent cockpit solutions revenue surged by 467.8% to RMB 104.2 million in 2024, attributed to a diverse range of solutions developed[29] - Sales costs increased by 34.7% to RMB 549.7 million in 2024, aligning with revenue growth[30] - Total loss for the year increased by 9.9% from RMB 207.2 million in 2023 to RMB 227.7 million in 2024[39] Revenue Breakdown - The revenue from intelligent driving solutions reached RMB 483.6 million in 2024, an increase of 25.2% compared to 2023, accounting for 73.9% of total revenue[10] - The revenue from intelligent cockpit solutions amounted to RMB 104.2 million in 2024, a significant increase of 467.8% compared to 2023, representing 15.9% of total revenue[12] - The revenue from vehicle-road collaboration business is projected to reach RMB 63.3 million in 2024, a decrease of 11.5% compared to 2023, accounting for 9.7% of total annual revenue[14] Research and Development - The R&D team consists of 376 employees, representing 64.6% of the total workforce, with a focus on diverse expertise from top universities[17] - The company has established five R&D centers, with the headquarters in Shenzhen coordinating efforts across Beijing, Shanghai, Wuhan, and Nanjing[17] - The company aims to enhance its end-to-end and large model technology capabilities to build more competitive intelligent driving solutions[20] - The integration of deep learning technology is being leveraged to optimize the human-machine co-driving experience, enhancing driving safety[15] Strategic Partnerships and Market Position - The company has established partnerships with leading OEMs and tier-one suppliers, enhancing its industry reputation and market presence[8] - The intelligent driving solutions market is driven by increasing demand and a growing number of contracts with OEMs[10] - The company aims to align its strategic positioning with current market trends to seize broader market opportunities[8] - Future strategies include deepening strategic cooperation with vehicle manufacturers to customize high-cost-performance mid-to-high-end intelligent driving solutions for various vehicle models[19] Operational Enhancements - The production process has been enhanced with the introduction of automated production lines and smart warehousing systems, aiming for high quality and flexibility[18] - The company aims to expand the operational design domain (ODD) of its intelligent driving systems from highways to complex urban roads, improving functionality coverage and scene pass rates[19] - The vehicle-road collaboration solutions are being redirected towards smart driving and smart cockpit businesses, aligning with advancements in single-vehicle intelligence technology[14] Employee and Governance - The company emphasizes competitive compensation packages, including performance-based bonuses and long-term incentive plans for employees[56] - The company has established a regular assessment system to evaluate employee performance, which influences salary increases and promotions[56] - The company is committed to employee training and development, providing onboarding and tailored continuous training programs[56] - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions since the listing date, except for a specific provision mentioned in the report[99] Risk Management - The company has established a comprehensive risk management system, including risk assessment, strategy formulation, and monitoring processes[158] - The audit committee, consisting of three independent non-executive directors, oversees the implementation of the company's risk management policies[163] - The company has implemented strict internal procedures to ensure compliance with relevant rules and regulations, enhancing risk awareness across the organization[161] Corporate Governance - The board consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors[103] - The company has established four board committees: Audit Committee, Remuneration and Assessment Committee, Nomination Committee, and Strategic Committee to oversee specific areas of governance[108] - The company will continue to review the effectiveness of its corporate governance structure to assess the necessity of separating the roles of Chairman and CEO[114] Market Expansion and Competition - The company is actively exploring diversified business models and expanding into international markets, including the EU and Australia[23] - The company faces significant competition in its industry, which could adversely affect its business and financial performance if it fails to compete effectively[184] - The company is committed to investing heavily in research and development, although the outcomes may not meet expectations, potentially impacting short-term cash flow and profitability[184]

Financial Performance - The Group's turnover for the year ended December 31, 2024, was approximately RMB 240.3 million, representing a decrease of 32.4% compared to 2023[13] - The gross profit margin and net loss margin were approximately 19.4% and 31.4% respectively[13] - The Group recorded a loss attributable to owners of the Company of approximately RMB 66.9 million, an increase of 179.5% from a loss of approximately RMB 23.9 million in 2023[13] - Revenue decreased from RMB355.7 million in 2023 to RMB240.3 million in 2024, representing a decline of 32.4%[30] - CMS business revenue fell by 26.6% to RMB153.1 million, accounting for 63.7% of total revenue in 2024[27] - OBM business revenue decreased by 40.7% to RMB87.2 million, representing 36.3% of total revenue in 2024[27] - Loss attributable to equity holders rose from approximately RMB23.9 million in 2023 to approximately RMB66.9 million in 2024[33] - Revenue from the CMS business decreased from approximately RMB208.6 million in 2023 to approximately RMB153.1 million in 2024, representing a decrease of approximately 26.6%[73] - Revenue from the OBM business decreased from approximately RMB147.0 million in 2023 to approximately RMB87.2 million in 2024, representing a decrease of approximately 40.7%[75] - Total sales from both CMS and OBM segments in the sexy lingerie category decreased by approximately RMB18.6 million, or 86.1%[77] - Sales from fabric care, personal hygiene, and home care products decreased by approximately RMB50.1 million or 59.6% due to increased market competition[81] - Gross profit margin decreased from approximately 24.5% in 2023 to approximately 19.4% in 2024, primarily due to lower margins from cosplay wigs and costumes[83] Operational Efficiency - The Group maintained a healthy financial position with net current assets of RMB 151.4 million and a net cash position at the financial year end[13] - The Group continues to focus on improving operational efficiency and effectiveness[19] - The Group plans to relocate its wig and clothing production lines to Yichun City, Jiangxi Province, to enhance production efficiency and reduce costs[32] - The establishment of the Party Culture Industrial Park and E-commerce Operation Centre aims to improve production efficiency and collaboration within the industry[31] - The Group remains committed to enhancing product precision and actively seeks to engage new customers and explore new markets, particularly in the high-end sector[77] Market Trends - The rise of slow fashion and customization has led to a decline in fast fashion, with consumers prioritizing quality over quantity[18] - Geopolitical tensions and supply chain disruptions have prompted customers to explore nearshoring and reshoring options to reduce lead times and improve reliability[18] - The Group's product demand is influenced by changing trends and popularity of movie and animation characters, impacting revenue generation[40] - The popularity of animation characters significantly influences market demand and revenue generation, which may fluctuate based on market trends and marketing effectiveness[45] Financial Risks - Significant fluctuations in foreign currency exchange rates may adversely affect profit margins and reported earnings[39] - The Group's intangible assets, including trademarks and patents, are at risk of impairment if financial results do not align with their valuation, potentially impacting business operations[46] - The Group's joint venture partnerships carry risks related to control and alignment of goals, which could adversely affect financial conditions[47] Corporate Governance - The Company has fully complied with the Corporate Governance Code for the year ended December 31, 2024[151] - The Board consists of six Directors, including three Executive Directors and three Independent Non-executive Directors[162] - The Company has an internal control system in place, with nearly half of the Board being Independent Non-executive Directors[152] - The Board met the Listing Rules requirement of having at least three independent non-executive directors, representing one-third of the Board[169] - Independent non-executive directors provide impartial views on the Group's strategies and performance, ensuring shareholder interests are considered[170] - The Company received annual confirmations of independence from each independent non-executive director, in line with Listing Rules[173] - The Board is committed to assessing the independence of directors annually, considering various relevant factors[171] Shareholder Engagement - The Board is responsible for maintaining ongoing dialogue with shareholders, particularly during annual general meetings[189] - The Company Secretary provides unrestricted access to Board papers and related materials for all Board members[188] - The Chairman of the Board and committee chairs are expected to attend annual general meetings to address shareholder questions[189] Financial Position - The Group's total bank balances and cash increased by approximately RMB 14.1 million to approximately RMB 63.6 million as of December 31, 2024[113] - The current ratio and gearing ratio as of December 31, 2024, were 414.4% and 4.9%, respectively[114] - The Group's total staff costs for the year ended December 31, 2024, amounted to approximately RMB 66.3 million, down from RMB 85.5 million in 2023[126] - Income tax expenses for the year ended December 31, 2024, were approximately RMB 4.0 million, an increase from RMB 3.8 million in 2023[112] Capital Expenditure - Capital expenditure during the year ended December 31, 2024, was approximately RMB 41.0 million[117] - The Group has fully utilized the net proceeds of RMB 7.0 million, RMB 8.2 million, and RMB 6.2 million for their intended purposes by December 31, 2024[134] Impairment Losses - Impairment loss on property, plant, and equipment recognized was approximately RMB 11.3 million due to a drop in turnover affecting the recoverable amount[94] - Impairment loss on goodwill related to the fabric care, personal hygiene, and home care products business amounted to approximately RMB 8.4 million, attributed to a significant decline in operating revenue[96]

Financial Performance - The company recorded a net loss of $357,498 for the year ending December 31, 2024, a decrease from a net loss of $455,345 in 2023, primarily due to net gains from securities investments[6]. - Total revenue for the year ended December 31, 2024, was $78,566, a significant increase from $12,551 in 2023[195]. - Interest income decreased to $6,485 from $9,881 year-over-year, representing a decline of approximately 34.3%[195]. - Dividend income also fell to $15,395 from $23,442, marking a decrease of about 34.3%[195]. - The net loss for the year was $357,498, compared to a loss of $455,345 in 2023, indicating an improvement of approximately 21.5%[195]. - Basic and diluted loss per share improved to 3.35 cents from 4.26 cents year-over-year[195]. - The unrealized loss on financial assets measured at fair value through profit or loss was $5,837,201 for 2024, compared to an unrealized gain of $1,920 in 2023[199]. - The company’s interest income decreased to $(6,485) in 2024 from $(9,881) in 2023, reflecting a decline in investment returns[199]. Investment Performance - Realized gains from the sale of securities amounted to $64,127, compared to a realized loss of $18,852 in 2023, while unrealized losses changed by a net of $10,257[6]. - The company’s listed investment portfolio achieved a return of 4.64% in 2024, driven mainly by the telecommunications sector[9]. - The company's investment portfolio allocation as of December 31, 2024, was 11% in listed investments and 89% in cash and cash equivalents[22]. - The company recorded a positive return of 4.64% on securities investments in 2024[106]. - The investment in China Mobile recorded dividend income of $9,558 and realized gains of $17,467, with unrealized gains of $5,654 (+7.24%) as of December 31, 2024[30]. Shareholder Matters - The company does not recommend any dividend distribution for the year ending December 31, 2024, consistent with the previous year[10]. - The company plans to capitalize on opportunities to enhance shareholder value amid China's focus on high-tech manufacturing and economic reforms[14]. - The company will hold its annual general meeting on June 27, 2025, to discuss shareholder matters[11]. - The company has established a shareholder communication policy to ensure equal access to information for shareholders[85]. - The company emphasizes effective communication with shareholders, particularly through annual general meetings and other shareholder meetings[84]. Corporate Governance - The company has maintained a commitment to sound corporate governance practices to ensure the integrity, transparency, and quality of information disclosure, which is essential for long-term sustainable development and enhancing shareholder value[49]. - The board has established governance procedures to comply with the Corporate Governance Code, and has reviewed and adopted these measures[49]. - The company has adopted the Corporate Governance Code and has confirmed compliance with the standards set forth for all directors during the fiscal year ending December 31, 2024[99]. - The board consists of five members, including one executive director, one non-executive director, and three independent non-executive directors[55]. - The company has not appointed a chairman or CEO, but the board collectively contributes to leadership and management[49]. Risk Management - The company has established an effective risk management and internal control system in compliance with corporate governance principles[105]. - The board is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[113]. - The internal audit function is independent and evaluates the risk management and internal control systems every six months[111]. - The company has not identified any significant internal control deficiencies during the internal review conducted in 2024[110]. Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to sustainable development and corporate social responsibility in its Environmental, Social, and Governance (ESG) report for the year[117]. - The ESG report focuses on the overall environmental and social performance of the company's operations, aligning with the annual report's scope[118]. - The company has identified key environmental and social performance indicators based on stakeholder engagement and materiality assessment[120]. - The company reported a total greenhouse gas emission of 3,253 kg CO2 equivalent in 2024, an increase from 3,117 kg CO2 equivalent in 2023[137]. - The company is committed to energy-saving measures, such as using LED lights and maintaining a minimum temperature of 25˚C in summer to reduce energy consumption[141]. Financial Position - The company's net asset value per share decreased to $0.11 from $0.15 at the end of 2023, representing a decline of 26.67%[9]. - The company's cash and bank balances as of December 31, 2024, were $1,064,658, compared to $1,117,399 in 2023, with no dividends paid during the year[35]. - The current ratio (current assets to current liabilities) was approximately 24.77 as of December 31, 2024, up from 22.55 in 2023, indicating strong liquidity[37]. - The total liabilities to total assets ratio was approximately 4.04% as of December 31, 2024, compared to 4.44% in 2023, reflecting a stable financial position[37]. - As of December 31, 2024, total equity amounted to $1,197,734, a decrease from $1,555,232 in 2023, primarily due to a comprehensive loss of $357,498[197].

Financial Performance - Revenue for the year ended December 31, 2024, increased by 39.8% to RMB 1,690,081,000 compared to RMB 1,209,304,000 in 2023[12] - Gross profit rose by 27.3% to RMB 250,995,000 from RMB 197,104,000 year-on-year[12] - Profit before income tax decreased by 17.9% to RMB 66,026,000, down from RMB 80,424,000 in the previous year[12] - Profit for the year attributable to owners of the Company fell by 32.2% to RMB 47,068,000 compared to RMB 69,403,000 in 2023[12] - Adjusted net profit (non-HKFRS measure) increased by 23.9% to RMB 113,903,000 from RMB 91,896,000[12] - Adjusted EBITDA (non-HKFRS measure) grew by 34.3% to RMB 211,146,000, up from RMB 157,243,000[12] - The Group's net profit margin was 2.8%, down from 5.7% in the previous year, primarily due to a decrease in gross profit[187] - The adjusted net profit margin was 6.7%, compared to 7.6% in the previous year[187] Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 1,705,326,000, a significant increase from RMB 678,999,000 in 2023[15] - Non-current assets surged to RMB 1,053,100,000 from RMB 256,221,000 year-on-year[15] - Total liabilities increased to RMB 1,109,115,000, compared to RMB 354,955,000 in the previous year[15] - Equity attributable to owners of the Company rose to RMB 596,211,000 from RMB 324,044,000 in 2023[15] Business Expansion and Strategy - The Group contracted 11 new overseas warehouses in 2024, increasing the total area by approximately 200,000 square meters, bringing the total to 61 overseas warehouses[18] - The Group successfully commercialized its SaaS system, generating revenue of RMB 1,089,000 and acquiring 9 new customers[21] - A comprehensive cooperation agreement was signed with Huawei Cloud to explore AI and big data applications in overseas warehousing and cross-border e-commerce[22] - The Group aims to build a comprehensive global logistics automation platform, leveraging AI and robotic process automation (RPA) to enhance operational efficiency[28] - The strategic focus for 2025 is "sticking to long-term growth," with a specific action plan set for 2025 to 2030[24] - The Group plans to increase investment in research and development, particularly in "AI+Cross-Border E-Commerce" to create industry value[29] Management and Governance - Mr. Cheung has over 24 years of experience in financial reporting and management, having worked with multinational firms and listed companies[41] - Mr. Zuo has approximately 25 years of experience in the plastic pipe industry and is currently the CEO of Lesso, a company listed on the Main Board of the Stock Exchange[43] - Mr. Luo has around 32 years of experience in accounting and is an executive director of Lesso, which is listed on the Main Board of the Stock Exchange[48] - Mr. Chan has over 31 years of experience in investment management, having worked with various international firms[50] - Mr. Ng has over 22 years of experience in accounting, auditing, and corporate financial management, including roles in international investment banks[54] - The company has a diverse board with members holding degrees from prestigious institutions, enhancing its strategic and operational capabilities[40] - The management team includes individuals with extensive experience in mergers and acquisitions, which may support future growth strategies[54] - The company is focused on strategic development and investment, as indicated by the roles of its non-executive directors[42] - The leadership team has a strong background in technology and operational management, which is crucial for innovation and market expansion[39] Risk Management and Compliance - The Company is committed to promoting a culture of integrity and compliance, implementing an anti-corruption risk management policy and training for employees[69] - The Audit Committee has reviewed the accounting policies and the audited consolidated financial statements for the year ended December 31, 2024[65] - The Board is responsible for risk management and internal control systems, which are reviewed annually for effectiveness[140] - The company has established various risk management procedures covering logistics, overseas warehousing, and corporate management[142] - Logistics risk management includes partnerships with high-quality logistics providers to mitigate delays and losses[147] - Exchange rate fluctuations impact the Group's costs and profits, with measures in place to manage this risk through financial tools[147] - The management is tasked with implementing risk management plans and addressing significant risks identified[145] Gender Diversity and Workforce - The Group's female employees account for 39.3% of the total workforce and 41.9% of its middle or above managerial level, reflecting the Company's commitment to gender diversity[164] Market and Economic Context - In 2024, China's GDP reached RMB 137,908.4 billion, representing a year-on-year increase of 5.0% at constant prices[198] - China's total volume of goods import and export in 2024 was RMB 43.85 trillion, with a year-on-year increase of 5.0%[198] - The total volume of service import and export in 2024 reached RMB 7.5 trillion, reflecting a year-on-year increase of 14.4%[198] - Exports in 2024 amounted to RMB 25.45 trillion, representing a year-on-year increase of 7.1%[198] - Imports in 2024 were RMB 18.39 trillion, showing a year-on-year increase of 2.3%[198] - The trade surplus in 2024 reached RMB 7.06 trillion, expanding by 22.2% year-on-year[198] - Net exports contributed 30.3% to China's economic growth, driving GDP growth by 1.5 percentage points[198] - The company aims to leverage global trade opportunities and enhance profitability through innovative AI logistics technology[199] - The company is focused on sustainable high-quality growth in the cross-border e-commerce B2C market[199] - The anticipated changes in the external trade environment are expected to drive export growth to new highs[200]