Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 13,867 million, a decrease of 10.2% from RMB 15,443 million in 2023[18]. - Gross profit for 2024 was RMB 2,084 million, with a gross margin of 15.0%, down from RMB 2,646 million and 17.1% in 2023[18]. - The company reported a net loss of RMB 3,127 million for 2024, compared to a profit of RMB 699 million in 2023, resulting in a net profit margin of -22.5%[18]. - The company's gross profit for the year was RMB 2,084.2 million, a decrease of 21.2% from RMB 2,645.6 million in 2023, with a gross margin decline from 17.1% to 15.0%[78]. - The net loss for the year amounted to RMB 3,126.9 million, resulting in a loss attributable to shareholders of RMB 3,270.7 million, with a basic loss per share of RMB 2.30[25][46]. - The adjusted core net profit was RMB 1,079.8 million, a decrease of 30.6% from RMB 1,555.4 million in 2023, with an adjusted core net profit margin of 7.8%[85]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 20,247 million, down from RMB 24,051 million in 2023[19]. - Cash and cash equivalents decreased to RMB 3,316 million in 2024 from RMB 4,075 million in 2023[19]. - Shareholders' equity fell to RMB 11,150 million in 2024, compared to RMB 14,449 million in 2023, reflecting a return on equity of -29.4%[19]. - The total debt to total assets ratio increased to 44.9% in 2024 from 39.9% in 2023[19]. - The company's total current assets decreased by 22.0% to RMB 12,861.9 million from RMB 16,488.0 million in 2023[86]. - Financial asset impairment losses increased by 709.5% to RMB 4,329.3 million, primarily due to increased credit risk from related party customers[82]. Service and Market Strategy - The company aims to expand its service offerings across 30 provinces and municipalities in China, covering residential, public buildings, and commercial offices[4]. - The company is focused on enhancing its property management services and exploring new market opportunities to improve financial performance[4]. - The company aims to deepen its presence in high-line cities and core urban clusters, securing multiple high-value contracts throughout the year[34]. - The company introduced the "1316N" service model, innovating integrated services such as urban management and greening[38]. - The company aims to enhance its service product system to meet evolving customer needs, focusing on personalized and high-quality offerings[53]. Operational Management - The company maintained a strong market position despite external challenges, focusing on enhancing service quality and operational management[46]. - The company implemented a four-tier quality control system, completing over 5,367 self-checks with a problem rectification rate exceeding 96%[34]. - The company will prioritize risk control and sustainable development, ensuring healthy business growth through quality service and project renewal[53]. - The company aims to enhance service quality and efficiency, focusing on cash flow management and risk mitigation strategies[55]. - The company is committed to sustainable development and actively participates in grassroots governance[60]. Employee and Governance - The total employee cost for the year was RMB 5,697.6 million, with the number of employees decreasing from 96,018 to 86,873[104]. - The company has a strong governance structure with independent non-executive directors overseeing key committees, including audit and remuneration[144]. - The board consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors[169]. - The company has received written annual confirmations of independence from all independent non-executive directors, affirming their independence[172]. - The company provides equal opportunities and treatment for employees of different genders, promoting a diverse and inclusive corporate culture[188]. Risk Management and Compliance - The company continues to focus on strategic management and compliance to enhance its operational integrity[143]. - The board is actively engaged in risk management and strategic planning to navigate market challenges[146]. - The company emphasizes compliance with relevant laws and regulations, maintaining high standards of information disclosure to enhance transparency and timeliness[131]. - The company has implemented various internal controls and checks to clarify the powers and responsibilities of the board and management[168]. - The company continues to monitor foreign exchange risks and will implement hedging strategies as necessary[103]. Future Outlook - The company anticipates a complex competitive landscape in the property management industry but remains confident in long-term growth potential[52]. - In 2024, the company aims to strengthen cash flow management and enhance service quality while optimizing project management and team capabilities[51]. - By 2025, the company plans to develop benchmark projects in its value-added services segment to improve replicability and conversion rates[53]. - The company plans to hold its annual general meeting on May 28, 2025, to discuss future strategies and potential dividends[15].

Financial Performance - Shareholders' funds increased from HK$ 32,578 million in 2023 to HK$ 33,512 million in 2024, representing a growth of 2.86%[7] - Profit attributable to shareholders rose from HK$ 1,860 million in 2023 to HK$ 2,060 million in 2024, marking an increase of 10.75%[7] - Basic earnings per share improved from HK$ 1.32 in 2023 to HK$ 1.47 in 2024, reflecting a growth of 11.36%[7] - Total dividend distribution increased from HK$ 843 million in 2023 to HK$ 928 million in 2024, an increase of 10.06%[7] - The group's profit attributable to shareholders in 2024 increased by 11% to HK$2,060 million, driven by higher net interest and non-interest income[72] - Profit for the year increased by 10.8% to HK$2,060.3 million in 2024, up from HK$1,860.3 million in 2023[89] Asset and Liability Management - Total deposits decreased from HK$ 209,662 million in 2023 to HK$ 205,863 million in 2024, a decline of 1.43%[7] - Total assets decreased from HK$ 260,744 million in 2023 to HK$ 256,339 million in 2024, a decline of 1.54%[7] - The total liabilities, including subordinated notes, decreased from HK$ 227,855 million in 2023 to HK$ 222,516 million in 2024, a decline of 2.00%[7] - The loan to deposit ratio for 2024 is 67.2%, slightly down from 68.2% in 2023[7][8] - Advances to customers (excluding trade bills) decreased from HK$ 143,049 million in 2023 to HK$ 138,374 million in 2024, a decrease of 3.68%[7] Income and Revenue Growth - Operating income rose by 17.2% to HK$6,934.9 million in 2024, compared to HK$5,916.1 million in 2023[89] - Operating profit before credit impairment losses grew by 30.9% to HK$3,594.9 million in 2024[89] - Net interest income rose by 10%, reflecting the impact of elevated interest rates and effective funding cost management[73] - The net interest margin increased to 2.17% in 2024 from 2.01% in 2023[85] - The bancassurance business achieved robust growth, with fee and net commission income increasing by 53%[74] Credit and Impairment Management - Credit impairment provisions were increased against Mainland China property developers and the Hong Kong Commercial Real Estate sector[70] - Credit impairment charges surged by 145.0% year-on-year, attributed to higher provisions for credit losses related to exposures in the Mainland China property developer sector and Hong Kong commercial real estate sector[99] - The share of net profit from the Bank of Chongqing was HK$677 million for 2024, with an impairment loss of HK$16 million, a decrease of 97% from 2023[75] Governance and Leadership - The company has a strong board with members having extensive experience in banking, finance, and corporate governance[26][27][28][30] - The leadership team has a diverse background, contributing to the company's adaptability in the financial sector[30] - The company is committed to leveraging its board's expertise to navigate market challenges and opportunities[30] - The company continues to strengthen its governance with the appointment of experienced independent directors[39] Digital Transformation and Customer Experience - Digital transactions surged by 42% year-on-year in 2024 due to enhancements in the "Next Best Action" AI solution and the launch of a streamlined identity verification service for SMEs[122] - The bank's Private Banking business recorded strong year-on-year growth through improved personalized service models and cross-selling initiatives[121] - The bank's strategy includes gradually renovating and relocating branches to enhance customer service and digital experience, while transitioning to paperless operations[123] Market and Economic Conditions - Domestic consumption expenditure fell by 0.6% in 2024 despite a 30% rise in inbound visitors[91] - The total export of goods increased by 8.7% in 2024, recovering from a 7.8% drop in 2023[90] - The Corporate Banking business reported negative loan growth in 2024, primarily due to a decline in trade finance[133] Employee Development and Corporate Culture - The average training hours per employee increased in 2024 compared to 2023, reflecting the Group's commitment to employee development[193] - Four themed weeks focusing on staff wellness, Culture and Values, Employee Value Proposition (EVP), and customer experience were organized to enhance staff awareness[194] - The Group's employee turnover rate improved significantly in 2024 compared to 2023, indicating effective talent management strategies[197] Capital Adequacy and Liquidity - The consolidated Common Equity Tier 1 ratio of Dah Sing Bank increased to 16.9% as of December 31, 2024, up from 16.2% at the end of 2023[106] - The liquidity maintenance ratio averaged 64.2% for the year 2024, showing a marginal increase from 64.0% in 2023[186] - Stress testing on capital and liquidity positions is regularly conducted, with results reviewed periodically by management and reported to the Board-level Risk Management and Compliance Committee[189]

Financial Performance - The company reported a net loss attributable to shareholders of RMB 188,854,556.25 for the fiscal year 2024[4]. - The company's operating revenue for 2024 was CNY 2,645,884,960.86, a decrease of 9.15% compared to CNY 2,912,311,480.01 in 2023[15]. - The net profit attributable to shareholders of the listed company was -CNY 188,854,556.25 in 2024, improving from -CNY 237,862,230.10 in 2023[15]. - The net cash flow from operating activities decreased to -CNY 265,274,734.11 in 2024, compared to -CNY 65,851,054.62 in 2023[15]. - The total assets at the end of 2024 were CNY 5,320,807,895.66, down 3.97% from CNY 5,540,955,892.33 at the end of 2023[15]. - The net assets attributable to shareholders of the listed company decreased by 5.72% to CNY 3,114,294,647.60 at the end of 2024[15]. - Basic earnings per share for 2024 were -CNY 0.2067, compared to -CNY 0.2603 in 2023[17]. - Non-recurring gains and losses totaled CNY 13,414,834.55 in 2024, down from CNY 19,147,281.51 in 2023[24]. - The company reported a total operating revenue of RMB 2.645885 billion, with a total loss of RMB 124.622 million and a net loss of RMB 141.4328 million[29]. R&D and Innovation - The company maintained high R&D investment, with R&D expenses increasing during the reporting period[17]. - The company invested approximately RMB 260 million in R&D, achieving a research and development intensity of 9.9%[31]. - The company applied for 92 patents in 2024, including 64 invention patents, and received 68 authorized patents, of which 36 were invention patents[31]. - The company has achieved significant technological innovation, with 6 research projects recognized for their achievements, including a project reaching domestic leading and international advanced levels[61]. - The total R&D expenditure for the current period is approximately CNY 262.18 million, accounting for 9.91% of the operating revenue[89]. - The company has a total of 710 R&D personnel, representing 27.16% of the total workforce[89]. - In 2024, the company plans to advance 66 R&D projects, including key projects related to industrial internet and intelligent operation decision-making technologies[95]. Market and Competition - The company faced intense market competition, leading to a decline in operating revenue and gross profit in its intelligent manufacturing and power communication businesses[17]. - The company is focusing on the development of smart transportation, safe city business clusters, and expanding into smart rail transit and energy storage power supply sectors[50]. - The company is actively expanding its market presence in the fields of smart manufacturing and industrial internet, enhancing its service capabilities[56]. - The company has established partnerships with several universities to enhance innovation in smart manufacturing and AI technologies[62]. - The company is focusing on accelerating industrial transformation and upgrading in response to market changes[65]. Corporate Governance and Compliance - The company has a commitment to ensure the accuracy and completeness of its annual report, with all board members present at the meeting[4]. - The financial statements were prepared in accordance with Chinese accounting standards and comply with the disclosure requirements of the Hong Kong Stock Exchange[4]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has confirmed that related party transactions were conducted under fair and reasonable terms, adhering to regulatory agreements[197]. - The company has complied with environmental laws and regulations, producing an ESG report covering its management policies and goals for the year 2024[198]. Future Outlook and Goals - The company plans not to distribute profits or increase capital reserves for the year 2024, considering its operational plans and funding needs for 2025[4]. - The company aims to enhance its information management capabilities by upgrading its OA system and optimizing its SAP-ERP system[34]. - The company aims to deepen its focus on key areas, enhance R&D capabilities, and strengthen market expansion to capture historical opportunities in smart manufacturing[115]. - The company targets a revenue goal of 120 million yuan in the green service-oriented electronic manufacturing sector, focusing on key clients like BSH[156]. - For 2025, the company sets a revenue goal of RMB 280 million and a total profit of RMB 11.5 million, considering macroeconomic conditions and industry status[161].

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 1,595.3 million, a decrease of 10.4% compared to RMB 1,780.5 million in 2023[7]. - Operating loss for 2024 was RMB 48.9 million, significantly improved from a loss of RMB 164.9 million in 2023[7]. - Net loss attributable to shareholders for 2024 was RMB 46.3 million, compared to a net loss of RMB 155.2 million in the previous year, reflecting a reduction of 70%[7]. - Total assets decreased to RMB 2,030.7 million in 2024 from RMB 2,177.4 million in 2023, indicating a decline of 6.7%[7]. - The gross margin for the reporting period was a loss of approximately 2.05%, an improvement from a loss of 4.02% in the previous year[33]. - The pre-tax loss for the reporting period was approximately RMB 47,727,000, significantly reduced from a pre-tax loss of RMB 165,460,000 in the previous year[33]. - As of December 31, 2024, total equity attributable to shareholders was approximately RMB 1,384,347,000, down from RMB 1,430,673,000 as of December 31, 2023[36]. - The group's cash and cash equivalents were approximately RMB 694,790,000 as of December 31, 2024, down from RMB 789,473,000 as of December 31, 2023[37]. - The asset-to-liability ratio was approximately 0.32 as of December 31, 2024, compared to 0.34 as of December 31, 2023[38]. - The total employee cost for the reporting period was approximately RMB 112,299,000, down from RMB 128,952,000 in the previous year[47]. Strategic Initiatives - The company aims to enhance its service quality and expand its market presence while focusing on safety management and governance improvements[8]. - The board plans to deepen institutional reforms and optimize governance structures to enhance operational efficiency[11]. - The company is committed to developing new user services and value-added offerings to drive profit growth[11]. - In 2025, the company will focus on innovation and practical efforts to achieve its annual targets[12]. - The management is actively promoting value-added services to existing customers while seeking new markets to enhance revenue potential[18]. - The company emphasizes compliance and risk management as part of its strategic initiatives for sustainable development[9]. - The group aims to enhance investor confidence by establishing a complete, transparent, and compliant system while maintaining shareholder returns[30]. - The board will continue to focus on the core business of pipeline gas, retaining existing markets and developing new users[30]. - The group plans to actively optimize gas source structure to reduce gas procurement costs[30]. - The company aims to enhance cash flow growth while optimizing operational costs and maximizing project returns[49]. - The company plans to focus on market expansion and user acquisition while optimizing gas source structure to reduce input costs[51]. - The company remains optimistic about the natural gas industry in China, anticipating continued growth driven by government policies promoting cleaner energy[48]. Governance and Management - Mr. Wang Cong has been appointed as the Chairman and Executive Director of the company effective February 19, 2024[57]. - The company held a board and supervisory committee election on June 27, 2024, resulting in changes to the board composition[57]. - The company currently has three executive directors, three non-executive directors, and three independent non-executive directors as of the date of the annual report[64]. - The board includes members with extensive experience in finance, engineering, and management, contributing to the company's strategic direction[71]. - The board consists of six male and three female members, providing diverse and balanced perspectives[100]. - The board has adopted a diversity policy to ensure at least one female representative is maintained[100]. - The nomination committee regularly reviews the board diversity policy to ensure effective implementation[101]. - The board aims to maintain a balance of skills and experiences to support effective decision-making[101]. - The company has established a written guideline for the nomination committee to ensure qualified candidates are recommended[101]. - The board has conducted three shareholder meetings this year, ensuring that all directors are well-informed to address shareholder inquiries[109]. - The board has approved the annual budget and reviewed the operational and financial performance of the company[111]. - The company has established a clear governance structure supported by three committees: the Compensation Committee, the Nomination Committee, and the Audit Committee[120]. - Independent non-executive directors have confirmed their independence and continue to provide balanced and independent opinions to the board[116]. - The company has implemented a comprehensive training program for directors to ensure they are well-versed in corporate governance policies and regulations[118]. - The board has received annual independence confirmations from all existing independent non-executive directors, ensuring no serious interference in their independent judgment[116]. Shareholder Relations and Dividends - The company has established a framework for shareholders to propose temporary resolutions at shareholder meetings if they hold more than 3% of shares[159]. - The company will withhold and pay personal income tax at a rate of 10% on dividends distributed to H-share individual holders[165]. - As of December 31, 2024, the company's distributable reserves for shareholders amounted to approximately RMB 282 million, a decrease from RMB 328 million in 2023[171]. - The company does not recommend the distribution of dividends for the year ending December 31, 2024, consistent with the previous year[164]. - The board considers various factors when determining dividend levels, including operational performance, cash flow, and financial condition[151]. - The company maintains a dividend policy aimed at enhancing transparency in dividend distribution[150]. - The board of directors approved a dividend of $0.50 per share, reflecting a commitment to returning value to shareholders[10]. Operational Developments - The group continues to develop pipeline gas operations in Tianjin and Ulanqab, Inner Mongolia, with pipeline gas sales being the main source of revenue[35]. - The company is exploring various options for the potential sale of assets from its Jining branch, with no confirmed bidders as of the latest announcements[60]. - The company has established service agreements for directors and supervisors, effective until the conclusion of the annual general meeting in 2027[181]. - The company has established an internal audit department with 2 personnel to oversee internal audit activities[143]. - The company conducts annual risk assessments to identify major risks and fulfill its risk management responsibilities[141]. - The company has implemented measures to ensure compliance with information disclosure obligations and to handle insider information appropriately[144]. Market Position and Future Outlook - The company is expanding its market presence in Southeast Asia, targeting a 25% market share within the next two years[5]. - Research and development investments increased by 30%, totaling $300 million, focusing on innovative technologies[6]. - The company completed a strategic acquisition of a tech startup for $100 million, enhancing its product offerings[7]. - A new partnership was announced with a leading firm to enhance distribution channels, expected to increase sales by 10%[8]. - The company is implementing cost-cutting measures aimed at reducing operational expenses by 15% over the next fiscal year[9]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $30 million allocated for potential deals[7]. - Operational efficiency improvements are expected to reduce costs by 10%, translating to savings of approximately $5 million annually[8]. - The company has established a new partnership that is anticipated to generate an additional $20 million in revenue over the next year[9].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 291,392,171.76, representing a 50.51% increase compared to CNY 193,609,052.43 in the same period last year[6] - Net profit attributable to shareholders decreased by 97.50% to CNY 5,423,201.01 from CNY 216,912,792.77 year-on-year[6] - The net cash flow from operating activities surged by 14,399.50% to CNY 381,004,412.19, compared to a negative cash flow of CNY 2,664,458.90 in the previous year[6] - Total operating revenue for the current period reached ¥291,392,171.76, a significant increase from ¥193,609,052.43 in the previous period, representing a growth of approximately 50.5%[33] - The net profit for the current period was ¥5,349,896.09, compared to ¥216,128,932.23 in the previous period, indicating a substantial decline in profitability[35] - The total comprehensive income for the current period is 5,376,074.88, compared to 216,097,382.29 in the previous period, indicating a significant decrease[36] Assets and Liabilities - The company's total assets increased by 0.71% to CNY 2,437,307,022.32 from CNY 2,420,182,877.14 at the end of the previous year[6] - Total assets at the end of the period amounted to ¥2,437,307,022.32, up from ¥2,420,182,877.14 at the beginning of the period, showing a growth of approximately 0.7%[31] - Total liabilities increased to ¥1,939,796,882.36 from ¥1,928,288,812.05, marking a rise of about 0.6%[30] - Current liabilities rose to ¥1,928,586,590.10 from ¥1,916,905,267.36, reflecting an increase of about 0.9%[28] Cash Flow - Operating cash flow for Q1 2025 reached approximately ¥381 million, a significant increase of 14,399.50% compared to a negative cash flow of approximately ¥2.66 million in Q1 2024, primarily due to cash received from the sale of subsidiaries in 2024[16] - The net cash flow from investing activities decreased by 94.93% to approximately ¥7.18 million in Q1 2025, down from approximately ¥141.72 million in Q1 2024, mainly due to the absence of proceeds from the disposal of subsidiary equity[16] - The net cash flow from operating activities is 381,004,412.19, a turnaround from a negative cash flow of (2,664,458.90) in the previous period[40] - The net cash flow from investing activities is 7,182,408.00, down from 141,716,637.04 in the previous period, indicating a decrease of about 94.9%[40] - The net cash flow from financing activities shows a negative value of (113,135,419.35), compared to (114,672,859.01) in the previous period, indicating a slight improvement[41] Shareholder Information - Total number of common shareholders at the end of the reporting period was 24,735, with 24,690 A-share holders and 45 H-share holders[17] - The largest shareholder, Shouguang Molong Holdings Co., Ltd., holds 29.53% of shares, totaling 235,617,000 shares, with 114,355,556 shares pledged[19] Expenses and Income - Management expenses decreased by 76.35% to CNY 8,030,225.66, due to cost control measures and the exclusion of a previously sold subsidiary from consolidation[13] - The company recorded a 184.15% increase in non-operating income, totaling CNY 7,700,620.42, primarily due to received litigation compensation[14] - Total operating costs increased to ¥298,573,822.88 from ¥247,395,469.13, reflecting a rise of about 20.7%[33] - The company reported a significant increase in other income to ¥311,243.72 from ¥33,789.37, representing a growth of approximately 820.5%[35] - Research and development expenses were reported at ¥2,314,906.67, slightly down from ¥2,633,923.36, indicating a decrease of about 12.1%[33] Equity and Earnings - The weighted average return on equity dropped to 1.10% from 40.69% year-on-year, a decrease of 39.59%[6] - The company’s equity attributable to shareholders increased to ¥497,716,259.99 from ¥492,269,498.07, reflecting a growth of approximately 1.0%[31] - Basic and diluted earnings per share are both 0.0068, a significant drop from 0.2719 in the previous period[36] Cash and Cash Equivalents - The company reported a significant increase in cash and cash equivalents, rising by 396.86% to CNY 431,216,177.07 from CNY 86,788,890.12[10] - The cash and cash equivalents at the end of the period increased to 359,473,276.16 from 110,480,304.34, marking a substantial increase of approximately 225.5%[41] - Cash received from sales of goods and services decreased to 268,783,533.13 from 305,244,987.43, reflecting a decline of approximately 11.9%[38] - The cash received from other operating activities surged to 458,953,347.93 from 4,096,323.52, reflecting a dramatic increase[38]

Financial Performance - The company achieved a significant milestone with annual revenue surpassing 1 billion RMB, marking its first profitable year[11]. - The company's revenue for 2024 reached RMB 1,098,329 thousand, a 41% increase from RMB 780,629 thousand in 2023[23]. - The net profit for 2024 was RMB 34,757 thousand, compared to a net loss of RMB 37,757 thousand in 2023, marking a turnaround[23]. - The company achieved an adjusted net profit of RMB 31,437 thousand in 2024, compared to an adjusted net loss of RMB 8,162 thousand in 2023[22]. - Adjusted EBITDA for 2024 was RMB 106,734 thousand, significantly up from RMB 40,041 thousand in 2023[22]. - The company's product sales revenue for 2024 reached RMB 877,410 thousand, an increase of RMB 247,203 thousand from RMB 630,207 thousand in 2023, primarily driven by steady growth in the core product Puxinting® sales[24]. - CDMO/CMO business revenue for 2024 was RMB 207,133 thousand, up RMB 66,235 thousand from RMB 140,898 thousand in 2023, due to continuous expansion in the CDMO/CMO sector[24]. - The company’s operating cash flow has been positive for three consecutive years, reaching RMB 116,403 thousand in 2024[55]. - The company turned a profit with a net profit of RMB 34,757 thousand for the year, marking a significant turnaround[57]. Research and Development - The company is focusing on the rapidly growing antibody-drug conjugate (ADC) market, which has seen increased global development and approval of ADC drugs[11]. - The newly launched BDKcellTM cell line construction technology platform can achieve a maximum expression level of 12g/L, significantly improving overall process efficiency[14]. - The DisacLinkTM glycoengineering technology platform has garnered significant attention from both domestic and international clients, accelerating the development and commercialization of innovative conjugated drugs[14]. - The company is actively pursuing strategic collaborations to build a biopharmaceutical R&D service platform, enhancing ADC drug development and CDMO services[14]. - The revenue and number of ADC projects in the company's pipeline are steadily increasing, with multiple pre-BLA projects progressing in an orderly manner[14]. - The company added 58 new projects in the year, including 48 ADC projects, bringing the total to 153 projects[57]. - The company has accumulated 8 pre-BLA (pre-Biologics License Application) projects, with 2 new additions in the year[69]. - The company has successfully completed multiple ADC and XDC projects, demonstrating strong delivery capabilities in late-stage clinical and commercialization projects, laying a solid foundation for long-term business development[78]. Market Strategy and Expansion - The company aims to deepen its international market presence and enhance cooperation with top global pharmaceutical companies[16]. - The company plans to continue investing in technological innovation and strengthen collaboration with research institutions[16]. - The company plans to complete its first overseas country approval and initiate commercialization by 2025[54]. - Future strategies include accelerating overseas market expansion and enhancing service quality to improve international operational levels and global market share[97]. - The ADC drug market is projected to grow from USD 10 billion in 2023 to USD 66.2 billion by 2030, with a compound annual growth rate of 30.3%[58]. Operational Excellence - The company has equipped four international-class commercial production lines to ensure high-standard production for client projects and improve production flexibility[13]. - The company has a unique integrated industrial platform with commercial production experience, positioning it as a leader in the CDMO sector[68]. - The company has received positive feedback from multinational pharmaceutical companies during audits, indicating high recognition of its quality system[69]. - The company established a comprehensive quality management system that meets the standards of China, the US, and the EU, ensuring compliance with regulatory requirements[70]. - The company has successfully passed 38 GMP audits in 2024, including 7 official GMP audits, demonstrating its commitment to quality management[70]. Governance and Management - The company appointed three independent non-executive directors, enhancing its governance structure[107]. - The new COO, Dr. Zhang Jian, has nearly 20 years of experience in the biopharmaceutical industry, focusing on production operations and supply chain management[110]. - The company’s new CTO, Ms. Yin Li, has over 30 years of experience in the chemical and biopharmaceutical sectors, overseeing ADC research and international business expansion[111]. - The company’s VP of Quality, Mr. Li Hongyang, brings extensive experience in quality management from multinational pharmaceutical companies[112]. - The company’s VP of Financial and Investor Relations, Ms. Xiao Bin, has a strong background in financial management and investor relations from previous roles in multinational firms[114]. - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[125]. - The company has established a strict written guideline for employees regarding securities trading, ensuring compliance with insider trading policies[124]. - The board has adopted a diversity policy, emphasizing the importance of board member diversity for maintaining competitive advantage[164]. Risk Management - The company is focused on risk management and has implemented measures to identify and manage overall business risks[123]. - The company confirmed their responsibility for the effectiveness of the risk management and internal control systems, which aim to manage significant risks rather than eliminate them[178]. - The company established a risk governance framework to identify, assess, resolve, monitor, and communicate key risks, including strategic, financial, operational, and compliance risks[178]. - The audit and related party transaction review committee assists the board in overseeing the design, implementation, and monitoring of risk management and internal control systems[182]. Corporate Social Responsibility - The company is committed to fulfilling social responsibilities by providing high-quality medicines to meet patient needs[16]. - The company aims to provide satisfactory and sustainable returns to its investors and shareholders while balancing the interests of stakeholders including employees, customers, and suppliers[123]. - The company is committed to becoming a trusted partner in the global biopharmaceutical field, contributing more to human health[97].

(於百慕達註冊成立之有限公司) 股份代號：1068 二零二四年年報 目 錄 2 I 公司資料 3 I 主席報告書 6 I 管理層之論述及分析 16 I 董事簡歷 17 I 企業管治報告書 36 I 董事會報告書 董事會 執行董事 祝 媛 （主席及首席執行官） 楊林偉 獨立非執行董事 51 I 獨立核數師報告 53 I 綜合損益及其他全面收益表 55 I 綜合財務狀況表 57 I 綜合權益變動表 58 I 綜合現金流量表 60 I 綜合財務報表附註 121 I 主要附屬公司名單 122 I 五年概要 李詠思 HKICPA, FCCA 授權代表 高 輝 陳建國 徐幸蓮 審核委員會 高 輝 （主席） 陳建國 徐幸蓮 薪酬委員會 高 輝 （主席） 陳建國 祝 媛 提名委員會 陳建國 （主席） 高 輝 祝 媛 公司秘書 Appleby Global Corporate Services (Bermuda) Limited Canon 's Court, 22 Victoria Street PO Box HM 1179, Hamilton HM EX Bermuda 祝 媛 李詠思 核數師 香港立信德豪會計師事務所有限 ...

Economic Performance - The company reported a stable growth in the Chinese mainland and Hong Kong economies despite a challenging environment, showcasing strong potential and resilience[8]. - For 2025, the company anticipates stable growth in the Chinese economy, which will support its development and provide opportunities in the licensing business related to cross-border "bad assets" investments[10]. - The group recorded revenue of approximately HKD 92,441,000, a decrease from HKD 202,143,000 in the previous year, representing a decline of about 54.3%[26]. - The total loss for the year was approximately HKD 241,044,000, reduced from a loss of HKD 566,793,000 in the previous year, showing an improvement of about 57.5%[26]. - The company reported a significant increase in customer relationships, focusing on providing high-quality services to maintain stable business and asset growth, as well as long-term profitability[86]. Risk Management - The company implemented multiple measures to accelerate the resolution of existing risks, achieving positive results in reducing risk exposure through substantial restructuring and litigation recovery[10]. - The company is committed to compliance and risk management, integrating compliance concepts into its corporate culture[10]. - The group is focusing on risk management and exploring opportunities in distressed asset management to seek counter-cyclical investment returns[31]. - The group has established credit risk policies and processes for assessing expected credit losses in accordance with Hong Kong Financial Reporting Standard 9[48]. - The group is actively monitoring credit risks associated with loans and debt instruments, and will take remedial actions if there are signs of overdue repayments or declines in collateral value[49]. Management and Governance - Management optimization efforts led to effective control and reduction of management costs, enhancing team cohesion and operational efficiency[10]. - The company aims to enhance its corporate image and adopt lean management practices to drive high-quality transformation and development[10]. - The company’s board of directors includes experienced members with backgrounds in asset management and human resources, enhancing governance and strategic direction[12][13]. - The company has a strong board with members possessing diverse expertise in finance, law, and management, contributing to strategic decision-making[19]. - The company has established a governance structure with clear responsibilities for risk management, including a Risk Management Committee and an Audit Committee[162]. Financial Performance - The net gain from financial assets measured at fair value through profit or loss was approximately HKD 105,358,000, compared to a net loss of HKD 202,905,000 in the previous year, indicating a significant turnaround[26]. - Basic loss per share for the year was HKD 0.074, down from HKD 0.111 in the previous year, reflecting a decrease in loss per share of approximately 33.3%[27]. - Securities business revenue was approximately HKD 4,936,000, down from HKD 11,252,000 in the previous year, a decline of about 56% due to reduced interest income and lower market activity[30]. - The asset management and direct investment segment reported revenue of approximately HKD 87,505,000, down from HKD 137,058,000 in the previous year, a decrease of about 36.2% attributed to reduced asset scale and interest income[32]. - The group achieved a profit of approximately HKD 14,736,000 in the securities business, a recovery from a loss of HKD 819,000 in the previous year, indicating a positive shift in performance[30]. Shareholder and Corporate Governance - The company has a structured board with both executive and non-executive directors, ensuring governance and oversight[87]. - The company has adopted and complied with all applicable provisions of the Corporate Governance Code during the year[105]. - The company has established a shareholder communication policy to facilitate investor engagement and feedback[173]. - The company has maintained a high level of corporate governance practices, aligning with the long-term interests of shareholders[112]. - The company has established appropriate liability insurance for its directors and senior officers to protect against legal actions arising from company business[129]. Sustainability and ESG - The environmental, social, and governance (ESG) report outlines the company's commitment to sustainable development and its efforts in ESG management[184]. - The company is actively optimizing its sustainable development strategy in response to climate change and the government's dual carbon goals[195]. - The company aims to enhance its market competitiveness by continuously improving its ESG management system and effectively managing environmental and social risks[197]. - The company has disclosed quantifiable key performance indicators (KPIs) related to environmental and social aspects, ensuring data accuracy through internationally recognized standards[188]. - The company is committed to creating long-term value for stakeholders by deepening its ESG strategy and setting more specific sustainable development goals[196]. Internal Controls and Audit - The company has implemented rigorous internal controls and review procedures to ensure the accuracy and reliability of the report's content[189]. - The internal audit team and external agencies conduct regular evaluations of the internal control system's operation and report to the Audit Committee[163]. - The audit committee reviewed the annual performance and consolidated financial statements for the year[108]. - The audit fees for the fiscal year ending December 31, 2024, amounted to HKD 2,800,000 for audit services, a decrease of 25.7% from HKD 3,770,000 in 2023[167]. - The company has established a framework for identifying, measuring, and monitoring risks effectively[156].

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year[2]. - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year, aiming for HKD 1.32 billion[4]. - The company's revenue for the fiscal year ending December 31, 2024, was RMB 1,686,990,000, a decrease of approximately 10.3% compared to RMB 1,881,556,000 in 2023[11]. - The pre-tax profit for 2024 was RMB 10,027,000, down significantly from RMB 352,267,000 in 2023, indicating a decline of about 97.2%[11]. - The net profit attributable to equity shareholders was RMB 6,275,000 in 2024, a significant decrease from RMB 264,130,000 in 2023[11]. - The net loss for the year was RMB 5.37 million, representing a decline of 101.77% compared to a profit of RMB 304.01 million in 2023[36]. - The industrial hazardous waste disposal service generated revenue of RMB 1,151.70 million, a decrease of 5.61% year-on-year[38]. - The gross profit margin for industrial hazardous waste disposal services was 37.82%, down 9.95 percentage points from the previous year[39]. User Growth and Market Expansion - User data showed a growth in active users by 20%, totaling 500,000 users by the end of the reporting period[3]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[6]. - A strategic acquisition of a local competitor was completed, valued at HKD 300 million, enhancing the company's market position[7]. Product Development and Innovation - New product development includes the launch of an eco-friendly product line, expected to contribute an additional HKD 200 million in revenue[5]. - A new partnership with a leading technology firm is expected to drive innovation and enhance product offerings[9]. - The company plans to enhance technology research and development, focusing on new pollutant treatment and sludge deodorization[34]. Sustainability and Environmental Initiatives - The management team emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company has established 85 environmental projects across 21 provinces, with a total processing capacity of approximately 12.04 million tons/year[18]. - The company is focused on environmental protection and sustainable development, aligning its operations with national energy-saving and emission-reduction initiatives[72]. Operational Efficiency and Investments - The company plans to invest HKD 50 million in technology upgrades to improve operational efficiency[8]. - The company maintained a stable operational status despite a decline in comprehensive profitability due to falling prices in hazardous waste disposal[17]. - The total assets increased to RMB 9,750,378,000 in 2024, up from RMB 9,412,268,000 in 2023, reflecting a growth of approximately 3.6%[12]. Employee and Governance - The total number of employees at the end of the reporting period was 3,288, a decrease from 3,539 in 2023[69]. - The total employee compensation, including director remuneration, was approximately RMB 466.51 million, compared to RMB 423.30 million in 2023, reflecting an increase of about 10.2%[69]. - The company has adopted the Corporate Governance Code as a benchmark for its governance practices and has complied with all applicable provisions, except for one[71]. - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[76]. Risk Management and Compliance - The company has established a risk management framework with clear processes and internal management functions, ensuring effective operation of the risk control system[113]. - The board reviews the effectiveness of the risk management and internal control systems annually, confirming their adequacy and operational effectiveness[114]. - The company has implemented a complaint reporting management system to ensure compliance and address related concerns effectively[114]. Shareholder Engagement and Capital Structure - The company reported a final dividend of HKD 0.03 per share for the year ending December 31, 2023, totaling HKD 54.80 million, which was paid in July 2024[138]. - The total issued share capital of the company at the end of the reporting period was 1,826,765,059 shares[144]. - Major shareholders include Hai Luo Chuang Ye with a beneficial ownership of 13,900,000 shares (0.76%) and controlled entity interests totaling 495,295,879 shares (27.11%) in the company[146]. Strategic Partnerships and Framework Agreements - The company has established a framework agreement with China National Building Material Group for collaborative disposal services, effective until December 31, 2024[169]. - The company has established a collaborative disposal business model with Conch Cement, leveraging existing cement kiln facilities for industrial solid waste and hazardous waste disposal[181]. - The framework agreement renewal with Conch Cement for 2025 has been approved by independent shareholders on February 19, 2025, due to the applicable percentage exceeding 5%[190].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 1,031.1 million, representing a 17% increase from HKD 882.4 million in 2023[17] - Gross profit decreased to HKD 635.2 million from HKD 680.7 million, reflecting a 7% decline[17] - The fair value change of investment properties and financial instruments resulted in a loss of HKD 1,357.9 million, up 97% from a loss of HKD 690.0 million in the previous year[17] - The pre-tax loss increased to HKD 2,521.6 million, a 228% rise compared to HKD 768.6 million in 2023[17] - The loss attributable to shareholders was HKD 2,559.5 million, which is 187% higher than the loss of HKD 890.4 million in the prior year[17] - Core consolidated profit attributable to shareholders, excluding fair value changes and impairment provisions, was HKD 92.0 million, a 53% decrease from HKD 197.0 million[17] - The group recorded a comprehensive loss of HKD 2,576,000,000 for the year, an increase from HKD 812,000,000 in 2023, highlighting significant financial pressures[29] - The total non-cash valuation loss for the year was HKD 2,652,000,000, compared to HKD 1,087,000,000 in 2023, reflecting ongoing market challenges[27] Assets and Equity - Total assets as of December 31, 2024, amounted to HKD 31,085.5 million, down 9% from HKD 33,988.1 million in 2023[17] - Total equity decreased to HKD 23,320.8 million from HKD 26,094.6 million, reflecting an 11% decline[17] - The net asset value of the group as of December 31, 2024, was HKD 23,321,000,000, a decrease of HKD 2,774,000,000 from HKD 26,095,000,000 in 2023, primarily due to dividend distributions and a loss of HKD 2,576,000,000 during the year[45] Dividends - The interim dividend per share was reduced to HKD 0.03 from HKD 0.06, and the final dividend per share was also reduced to HKD 0.04 from HKD 0.08, totaling HKD 0.07 compared to HKD 0.14 in the previous year[17] - The board proposed a final dividend of HKD 0.04 per share, totaling HKD 0.07 per share for the year, reflecting a cautious approach to shareholder returns amid financial losses[20] Property Development and Management - The property development segment reported revenue of HKD 325,000,000, up from HKD 212,000,000 in 2023, despite lower profit margins due to market conditions[30] - The group has initiated pre-sale preparations for residential projects "Cloud Towards" and a joint venture project near MTR stations, indicating ongoing market engagement[21] - The group has signed a management contract for a long-term rental apartment project in Shenzhen, consisting of 1,610 units, expanding its portfolio in the Greater Bay Area[23] - The group holds a 70% interest in the "OMA by the Sea" residential project, with 517 units and approximately 252,000 sq ft of usable area, having sold about 96% of the units by December 31, 2024[32] Market Outlook - The economic outlook for Hong Kong in 2025 remains uncertain, with potential support from recent U.S. Federal Reserve rate cuts, but caution is advised due to the changing global economic environment[55] - The residential property market may benefit from a gradual recovery in demand, supported by new capital investment plans, although a large supply of unsold units could hinder significant price growth in the short term[55] - The company anticipates a slight decrease in rental income from Hong Kong, while London rental income is expected to remain stable[56] - The company maintains a cautiously optimistic outlook for the Hong Kong real estate market, supported by the government's commitment to the sector and the foundation of the local economy[56] Corporate Governance - The company is committed to maintaining high standards of corporate governance, as evidenced by the qualifications and experience of its directors[80] - The board consists of five executive directors, three non-executive directors, and five independent non-executive directors, ensuring a balanced governance structure[166] - The company has established a Corporate Governance Committee on August 25, 2022, to enhance and ensure high standards of corporate governance[182] - The board has full discretion in granting these options and incentives, reflecting the company's commitment to rewarding performance and contribution[112] Employee Compensation and Incentives - The company continues to utilize stock options as a key component of its employee compensation strategy, aligning employee interests with shareholder value[105] - The 2023 stock option plan and share incentive plan aim to recognize, motivate, and reward contributors to the group, helping retain existing and attract new valuable directors and employees[113] - The total number of employees eligible for the share incentive plan is significant, with 4,346,750 share incentives granted specifically to employees[117] Sustainability and Social Responsibility - The company is committed to corporate social responsibility initiatives, including community engagement and environmental policies[61][63] - The company has a strong focus on environmental, social, and governance (ESG) policies, which are crucial for its business success[88] Leadership and Management - 郭炳聯先生 has been a non-executive director since 1991 and is the chairman and managing director of Sun Hung Kai Properties, a major shareholder of the company[73] - The company has a strong board with members holding degrees from prestigious universities such as Harvard and Cambridge, enhancing its governance and strategic direction[73][79] - The company has a diverse leadership team with members from different professional backgrounds, contributing to a well-rounded strategic approach[79]