Financial Performance - In 2024, the Group's revenue was RMB 3,706,198, a decrease of 48.6% compared to RMB 7,192,853 in 2023[21]. - The gross profit for 2024 was RMB 104,039, down 77.3% from RMB 458,003 in 2023[21]. - The Group reported a loss attributable to owners of the parent of RMB 227,084 in 2024, compared to a profit of RMB 111,906 in 2023[21]. - Current assets decreased to RMB 3,187,190 in 2024 from RMB 4,738,265 in 2023, a decline of 32.7%[21]. - The net assets of the Group were RMB 962,432 in 2024, down from RMB 1,193,109 in 2023[21]. - The Group's revenue decreased by 48.5% from approximately RMB 7,192.9 million in 2023 to approximately RMB 3,706.2 million in 2024 due to reduced external shipment volume and a sharp decline in photovoltaic module prices[142]. - The total external shipment volume of photovoltaic modules decreased from 6,683.1 MW in 2023 to 4,576.2 MW in 2024, reflecting a significant reduction in market activity[135]. - Gross profit fell to approximately RMB104.0 million in 2024, down 77.3% from RMB458.0 million in 2023, with gross profit margin decreasing from 6.4% to 2.8%[147]. - Loss attributable to owners of the parent was approximately RMB227.1 million in 2024, compared to a profit of approximately RMB111.9 million in 2023, mainly due to decreased revenue and gross profit[159]. Market Dynamics - The photovoltaic industry is experiencing a slowdown in new installations, but emerging markets are showing strong demand, providing new growth opportunities[61]. - The photovoltaic industry is recognized as the most cost-effective source of electricity in many regions, driving continued demand growth for photovoltaic products[104]. - Trade protectionism is intensifying in major photovoltaic markets, posing threats to China's foreign trade exports driven by price advantages[77]. - The prices of silicon materials, silicon wafers, cells, and modules have all seen considerable declines, putting pressure on the gross profit margins across various segments[66]. - Emerging markets, particularly in the Middle East and Asia-Pacific, are showing strong demand growth, compensating for the slowdown in traditional markets like the US and Europe[65]. - The photovoltaic industry is expected to see stable growth in 2025 as inventory levels in Europe are digested, with emerging markets in the Middle East and Africa becoming new growth points[188]. Technological Advancements - The Group is committed to enhancing technological reserves and has partnered with West Lake University for research on perovskite technology[39][42]. - The Group's focus on high-efficiency monocrystalline products has positioned it as a leader in the photovoltaic market[116]. - The Group is conducting research on N-type HJT technology, perovskite technology, BIPV products, and offshore floating modules to upgrade mass production technology and expand market sales[139]. - The Group plans to increase R&D and production of multiple varieties of 8-inch semiconductor monocrystalline silicon and 13-15 inch semiconductor monocrystalline silicon by 2025 to meet chip market demand[129]. - The Group has signed an industry-school cooperation agreement with Southeast University to enhance R&D in zero-carbon buildings and BIPV technology, aiming to improve photoelectric conversion efficiency and reduce production costs[126]. Strategic Initiatives - The Group plans to strengthen cooperation with state-owned enterprises and improve its overseas business layout to achieve profit targets in 2025[38][41]. - The Group aims to establish a digital information factory and improve the ERP system to enhance operational efficiency and management levels[46]. - The Group's operational strategy includes a flexible sales and marketing approach to balance inventory levels and sales[141]. - The Group aims to enhance core competitiveness through strategic collaboration and technological innovation, focusing on domestic and international markets[194]. - The international strategy includes a "large customers + localization" dual-drive approach, with a focus on Southeast Asia and Central and Eastern Europe for market expansion[194]. Production Capacity and Efficiency - As of December 2024, the Group's module production capacity was 10.2GW[13]. - The output of the Jinzhou and Jianhu bases showed steady growth, with well-controlled yield and fragmentation rates, contributing to cost reduction and efficiency improvement[40][43]. - The Group aims to optimize its production capacity layout to enhance overall competitiveness and profitability amid improving supply-demand dynamics[103]. - The Group's production lines are capable of producing large-size products (182 mm and 210 mm), which are becoming the mainstream in the market, enhancing shipment volume and gross profit margin potential[139]. - The Group is investing in upgrading existing production capacity and facilities to align with technological advancements and improve production efficiency[130]. Financial Health and Management - The Group's current ratio improved to 1.2 from 1.1 in the previous year, indicating better short-term financial health[174]. - The net debt to equity ratio as of December 31, 2024, was 17.9%, a significant improvement from -59.7% in the previous year, indicating a shift towards a more leveraged position[174]. - The Group reported a net cash inflow from operating activities of approximately RMB 180.9 million in 2024, a significant turnaround from a net cash outflow of RMB 692.1 million in 2023[175]. - Administrative expenses reduced to approximately RMB220.0 million in 2024 from RMB279.0 million in 2023, due to enhanced operational efficiency and cost control measures[149]. - The Group is establishing a comprehensive risk management system to address price fluctuations, policy, and technological risks[194]. Market Expansion and Customer Base - The Group achieved sales of RMB 533 million from overseas orders, successfully entering new markets such as Kenya and Ukraine despite rising trade protectionism[34][36]. - The domestic sales team added 16 new customers, whose orders accounted for 43% of the annual sales volume, contributing to an increased market share of the Group's own brands[33][36]. - The Group's module sales are primarily directed towards large state-owned enterprises and international corporations, enhancing its market presence[121]. - The Group plans to establish localized production bases and R&D centers in target markets to adapt to changing demand structures and effectively respond to trade protection barriers[107]. Environmental and Regulatory Context - In 2024, global clean energy investment exceeded USD 2.0 trillion, about twice the total investment in fossil energy, indicating a strong shift towards energy transition[60]. - By 2030, G20 countries need to significantly enhance their renewable energy capacity, with a target of 9,400 GW, reflecting the urgent need for energy transition[100]. - The photovoltaic industry is expected to experience broader development opportunities due to the deepening of "dual carbon" goals and the acceleration of global energy transition[194].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to RMB 151.851 million, a decline of 2.6% compared to RMB 155.358 million in 2023[9] - The gross profit for the same period was RMB 85.850 million, representing a significant drop of 29.5% from RMB 121.784 million in 2023[9] - The profit attributable to owners of the company fell sharply to RMB 2.692 million, down 93.7% from RMB 42.884 million in 2023[9] - Adjusted net profit for 2024 was RMB 2.314 million, a decrease of 94.4% compared to RMB 41.413 million in 2023[9] - Online advertising service revenue for the fiscal year ending December 31, 2024, was approximately RMB 119.2 million, representing a decline of about 23.3% compared to the same period in 2023[15] - The company's net profit for the fiscal year ending December 31, 2024, was approximately RMB 2.3 million, a significant decrease of about 94.4% compared to the same period in 2023[15] - The gross margin decreased from approximately 78.4% for the fiscal year ending December 31, 2023, to about 56.5% for the fiscal year ending December 31, 2024[29] - Net profit for the year was approximately RMB 23 million, a decrease of about RMB 391 million (or 94.4%) due to strategic transformation focusing on platform technology upgrades and increased R&D in AI and virtual interaction technologies[39] Assets and Liabilities - Total assets increased to RMB 622.752 million, up 2.0% from RMB 609.599 million in 2023[9] - Total liabilities rose to RMB 88.881 million, an increase of 14.4% from RMB 77.664 million in 2023[9] - Current assets increased to approximately RMB 5,561 million, a rise of about RMB 15 million (or 0.3%), mainly due to increased prepayments[44] - Current liabilities increased to approximately RMB 842 million, up by about RMB 87 million (or 11.4%) due to increased trade payables[44] - As of December 31, 2024, the company has no pledged assets as collateral for bank loans or other financing activities[50] - The company reported no bank borrowings as of December 31, 2024, consistent with the previous year[101] Strategic Focus and Development - The company is focusing on AI-driven technology upgrades, including the development of intelligent advertising matching systems and virtual interaction tools[14] - The company aims to expand its content matrix by enhancing short video, live streaming, and new energy content to create immersive consumer decision-making scenarios[14] - The company plans to launch the "AI X" distribution system in 2025, transitioning from a "vertical media service provider" to an "AI + ecological marketing technology platform"[18] - The company aims to enhance its AI research and development investments, focusing on building an AI-native strategic foundation to drive comprehensive intelligent upgrades[21] - The company is seeking strategic partnerships and acquisitions to create a closed loop of "technology - scenario - data" in the automotive industry's intelligent and ecological transformation[22] Marketing and Advertising Trends - The automotive industry in China is projected to see a production and sales increase of 4.3% and 4.0%, respectively, in 2024, with a significant focus on new energy vehicles[11] - The online automotive advertising market in China is expected to exceed RMB 100 billion in 2024, with online advertising penetration surpassing 50% for the first time[11] - The company is focusing on expanding its user base and enhancing marketing efficiency through a dual-engine strategy of "technology + content" in the automotive vertical media sector[16] Employee and Governance - The company has established a competitive compensation system to attract and motivate employees, linking their remuneration to overall performance[94] - The company has established an effective employee performance evaluation system and incentive plan, linking employee compensation to overall performance and contributions to business operations[57] - The company has a total of 81 full-time employees as of December 31, 2024, with most located in China[56] - The company has appointed independent non-executive directors with initial terms of three years, automatically renewable unless terminated with three months' notice[109] - The board believes its current composition meets the business development needs and provides valuable advice and oversight[199] Compliance and Risk Management - The company has complied with all relevant laws and regulations that significantly impact its operations as of December 31, 2024[88] - The company faced various risks in its operations, including specific risks related to the online automotive advertising industry and regulatory environment[90] - The independent non-executive directors have reviewed the contractual arrangements and deemed them fair and reasonable, aligning with the overall interests of the company and its shareholders[173] Shareholder Information - For the fiscal year ending December 31, 2024, the top five customers contributed approximately 46.0% of the total revenue, up from 39.7% in 2023, with the largest customer accounting for 21.4% of total revenue, compared to 11.7% in 2023[92] - As of December 31, 2024, the company has available reserves of approximately RMB 387 million, an increase from RMB 375 million as of December 31, 2023[98] - Major shareholders include Cheshi Holdings, holding 802,500,000 shares (65.0%), and The Core Trust Company Limited, holding 80,000,000 shares (6.5%)[121] Corporate Governance - The company has adopted the Corporate Governance Code as its own governance framework, complying with most of its best practices[185] - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting principles and standards[184] - The board will review corporate governance policies and compliance with the Corporate Governance Code annually[190] Environmental and Social Responsibility - The company has implemented environmental protection measures and encourages employees to reduce energy consumption and waste[89] - The company has not made any charitable donations during the reporting period, consistent with the previous year[175]

Financial Performance - The company's operating revenue for the year was approximately RMB 1.54 billion, a decrease of about 8% compared to RMB 1.68 billion in 2023 [25]. - Gross profit for the year was approximately RMB 1.28 billion, down about 7% from RMB 1.38 billion in 2023 [26]. - Total revenue for 2024 was RMB 1,540,432 thousand, a decrease of 8.25% from RMB 1,678,546 thousand in 2023 [170]. - Gross profit for 2024 was RMB 1,280,395 thousand, down from RMB 1,378,692 thousand in 2023, reflecting a decline of 7.13% [170]. - Operating profit decreased to RMB 779,141 thousand in 2024 from RMB 812,761 thousand in 2023, a reduction of 4.12% [170]. - The company reported a net loss of RMB 117,684 thousand for 2024, compared to a net loss of RMB 180,072 thousand in 2023, indicating an improvement of 34.67% [170]. - Total comprehensive loss for the year amounted to RMB 126,952,000, down from RMB 173,497,000 in the previous year, reflecting a 26.8% improvement [172]. Assets and Liabilities - As of December 31, 2024, the total non-current assets amounted to RMB 65,148,362, a slight decrease from RMB 65,536,289 in 2023, representing a decline of approximately 0.6% [45]. - Current assets decreased to RMB 2,983,114 in 2024 from RMB 3,081,267 in 2023, reflecting a reduction of about 3.2% [45]. - Current liabilities increased to RMB 10,937,604 in 2024, up from RMB 10,451,535 in 2023, indicating an increase of approximately 4.6% [45]. - Total liabilities decreased to RMB 31,063,404,000 in 2024 from RMB 31,422,532,000 in 2023, a reduction of 1.1% [174]. - The group's current liabilities exceeded current assets by RMB 7,954 million, indicating significant uncertainty regarding the group's ability to continue as a going concern [133]. - The group's bank and other borrowings total RMB 15,556 million as of December 31, 2024, contributing to the concerns about financial stability [133]. Shareholder Information - The board of directors decided not to declare a final dividend for the year, consistent with the previous year [38]. - The company has issued a total of 5,199,524,031 shares as of December 31, 2024, unchanged from the previous year [47]. - Pan Shiyi holds 3,324,100,000 shares, representing 63.93% of the company's equity [71]. - Pan Zhangxin also holds 3,324,100,000 shares, equivalent to 63.93% of the company's equity [71]. - Boyce Limited and Capevale BVI each hold 1,662,050,000 shares, accounting for 31.97% of the company's equity [77]. Management and Governance - The board consists of seven directors, including four executive directors and three independent non-executive directors as of December 31, 2024 [103]. - The company has appointed two female directors out of a total of seven on the board as of December 31, 2024, and is committed to improving gender diversity when suitable candidates are identified [126]. - The company emphasizes the importance of board member diversity as a key element in achieving business and strategic goals [126]. - The company has implemented policies to avoid potential conflicts of interest, requiring directors to abstain from voting on transactions where they have a significant interest [108]. - The company has arranged appropriate liability insurance for directors and senior management against potential legal actions [85]. Risk Management and Compliance - The group has established compliance procedures to ensure adherence to applicable laws and regulations in China [96]. - The audit committee is responsible for reviewing the financial statements and the effectiveness of the company's risk management and internal control systems [115]. - The internal audit department adopts a risk-based audit approach, reporting regularly to the audit committee on the effectiveness of internal controls [138]. - The group has implemented multiple policies to assess and enhance the effectiveness of its risk management and internal control systems, with annual verification by management [140]. - The audit committee has established a reporting policy allowing employees, customers, and suppliers to report any actual or suspected misconduct, ensuring effective investigation and resolution [142]. Training and Development - SOHO China organized over 2,200 training sessions in 2024, with a total participation of 35,000 individuals, emphasizing the importance of learning and development [10]. Property and Rental Information - The total gross floor area of Wangjing SOHO is approximately 522,272 square meters, with a rentable area of about 133,766 square meters [12]. - Guanghua Road SOHO II has a total gross floor area of approximately 117,179 square meters, with a rentable area of about 94,279 square meters [13]. - The Qianmen Street project aims to develop a tourist attraction with a rentable area of approximately 51,889 square meters [15]. - Lize SOHO has a total gross floor area of approximately 156,485 square meters, with a total rentable area of about 135,637 square meters [16]. - The total gross floor area of SOHO Fuxing Plaza is approximately 124,068 square meters, with a rentable area of about 88,234 square meters [17]. - The total rentable area of Waibaidu SOHO is approximately 72,006 square meters, including 50,347 square meters of office space [18]. - SOHO Tianshan Plaza has a total gross floor area of approximately 155,827 square meters, with a total rentable area of about 97,751 square meters [21]. Financial Outlook and Concerns - The group is actively communicating with local tax authorities to establish feasible solutions for unpaid land appreciation tax and related penalties [190]. - The group plans to implement measures to control administrative costs and save capital expenditures to enhance operating cash flow [195]. - The board believes that the group will have sufficient operating funds to meet its financial obligations for at least the next 12 months [193].

Financial Performance - The Group achieved moderate year-on-year growth in revenue, gross profit, and net profit during the financial year ended December 31, 2024[16]. - For the financial year ended December 31, 2024, the Group recorded a revenue of approximately HK$2,805,146,000, representing an increase of approximately 8.2% compared to the same period in 2023[27]. - The profit attributable to owners of the Company was approximately HK$247,522,000, reflecting an increase of approximately 5.3% compared to the previous year[27]. - The Group's gross profit for the year ended 31 December 2024 was approximately HK$1,027,997,000, with a gross profit margin of approximately 36.6%, an increase of approximately 0.7 percentage points from the previous year[86]. - The Group's operating profit for the year ended 31 December 2024 was approximately HK$315,190,000, compared to HK$213,644,000 for the previous year[1]. - The Group's total assets as of 31 December 2024 were approximately HK$1,067,981,000, while total liabilities were approximately HK$533,421,000[1]. - The total amount of inventories increased by 22.7% to approximately HK$339,513,000 as of December 31, 2024, compared to HK$276,691,000 in the previous year[100][102]. - The Group's profit attributable to owners was approximately HK$247,522,000 for the year ended December 31, 2024, reflecting a year-on-year growth of 5.3%[93]. Dividend and Shareholder Returns - The Board has recommended a dividend payment of HK10.0 cents per share for the year ended December 31, 2024[19]. - The Board proposed a dividend of HK$0.10 per share for the year ending December 31, 2024[1]. - The Company has recommended a final dividend of HK10.0 cents per share for the year ended 31 December 2024, compared to HK6.0 cents for the nine months ended 31 December 2023[166]. - The proposed final dividend is subject to approval at the forthcoming annual general meeting scheduled for 28 May 2025[167]. Operational Strategy - The management will focus on refining operational efficiency and strengthening cost control measures to enhance profitability[19]. - The Group continues to adopt a global procurement strategy to diversify product offerings and ensure product quality[16]. - The Group aims to maintain competitive pricing through a global procurement strategy while optimizing its product mix to meet customer demands[34]. - The Group's procurement network includes approximately 1,262 brands and around 3,653 SKUs from various global sources, primarily Europe, Japan, Korea, Vietnam, and Mainland China[43]. - The Group actively expanded its Business-to-Business (B2B) operations to diversify revenue streams[32]. - The management will closely monitor uncertain factors affecting business operations and adjust strategies accordingly to enhance market competitiveness[33]. Market Conditions - The Hong Kong retail market is expected to remain challenging, with the government implementing measures to attract tourists[17]. - The impact of external factors, such as rising global interest rates and geopolitical tensions, has affected economic recovery[16]. - Management remains cautiously optimistic about future business growth despite market uncertainties[17]. Community Engagement and Corporate Social Responsibility - The Group actively participates in community activities, including the Community Chest 55th Anniversary Walk for Millions, raising funds for social welfare organizations[64]. - Best Mart 360 hosted a Lunar New Year banquet for over 500 elderly residents, fostering community engagement[68]. - The Group distributed 400 goodie bags to elderly residents in Northern District stores, supporting those in need[70]. - The Group has received various social honors and recognitions for its charitable activities and commitment to quality service[72]. - The Group's commitment to corporate social responsibility is demonstrated through participation in the Caring Company Programme, promoting social development[75]. Retail Expansion - The total number of retail stores increased from 167 to 176 during the financial year, with one new store of the global gourmet brand "FoodVille" opened in Hong Kong[28]. - As of December 31, 2024, the Group operated a total of 176 retail stores, an increase of 9 stores from the previous year[50]. - The Group plans to achieve a net increase of 10 retail stores annually under its dual-brand model, focusing on "Best Mart 360º" and "FoodVille" in Hong Kong and Macau[111]. Employee and Management Structure - The total number of employees decreased to 1,230 as of December 31, 2024, from 1,322 in the previous year, with staff costs amounting to approximately HK$277,888,000, representing 9.9% of revenue[96][97]. - The Group's remuneration policy rewards employees based on performance, qualifications, and experience, with annual reviews conducted[150]. - The company continues to strengthen its leadership team with experienced professionals in key management positions[178][180][183][184]. Financial Management - The Group's liquidity and financial resources are deemed adequate to meet working capital requirements for the next twelve months[138]. - The Group's treasury management policies are conservative, avoiding highly leveraged or speculative derivative products[145]. - The effective interest rate on the Group's bank borrowings was 3.2% per annum for the year ended December 31, 2024[140]. Governance and Leadership - The Group's strategic planning includes expansion into new markets and potential acquisitions to drive growth[187]. - The appointments are part of the company's strategy to enhance governance and operational efficiency[178][180][183][184]. - Mr. Sze serves as chairman of the Remuneration Committee and a member of the Audit Committee[192]. Marketing and Customer Engagement - The Group's marketing activities, including the "Best Price" promotional campaign, successfully enhanced customer loyalty and attracted new customers[109]. - The Group launched a new three-tier membership scheme and a second-generation mobile app in mid-June 2020 to enhance customer loyalty and expand its customer base[104].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 9.65 billion, representing a 20.96% increase compared to RMB 7.98 billion in the same period last year[14]. - Net profit attributable to shareholders was RMB 3.67 billion, up 89.06% from RMB 1.94 billion year-on-year[14]. - Basic earnings per share rose to RMB 1.29, a 92.54% increase from RMB 0.67 in the same period last year[14]. - The company reported a backlog of orders for ongoing operations amounting to RMB 52.33 billion, a year-on-year increase of 47.1%[24]. - The company reported a total comprehensive income of ¥3,833,942,277.47 for Q1 2025, compared to ¥1,745,131,836.43 in Q1 2024, an increase of approximately 119%[47]. Cash Flow and Assets - The net cash flow from operating activities increased by 41.57% to RMB 3.20 billion, compared to RMB 2.26 billion in the previous year[14]. - The company achieved a net cash flow from operating activities of RMB 4.16 billion, reflecting strong profit growth and stable cash inflow[22]. - Cash and cash equivalents increased to RMB 24.85 billion from RMB 18.32 billion, representing a significant rise of approximately 35.5%[39]. - The total assets at the end of the reporting period were RMB 84.51 billion, reflecting a 5.21% increase from RMB 80.33 billion at the end of the previous year[16]. - The total liabilities as of March 31, 2025, amounted to ¥21,733,326,335.92, slightly up from ¥21,240,210,773.18 as of December 31, 2024[41]. Business Segments and Growth - Revenue from the chemistry business (WuXi Chemistry) was RMB 73.9 billion, up 32.9% year-on-year, with over 460,000 new compounds synthesized in the past 12 months[24]. - The TIDES business (oligonucleotides and peptides) saw revenue growth of 187.6%, with a backlog increase of 105.5%[24]. - Revenue from the testing business (WuXi Testing) was RMB 12.9 billion, with a slight decline of 4.04% year-on-year due to market price factors[25]. - Revenue from the biology business (WuXi Biology) increased by 8.2%, supported by a strong pipeline and new customer acquisition[25]. - The company plans to expand its peptide production capacity, expecting the total volume of peptide solid-phase synthesis reactors to exceed 100,000L by the end of 2025[24]. Shareholder Information - The company reported a total of 243,477 common stock shareholders, with 243,419 being A-share holders and 58 H-share holders[35]. - The top ten shareholders collectively hold 56.4% of the shares, with HKSCC Nominees Limited being the largest shareholder at 13.40%[31]. - The company has a significant presence of foreign institutional investors, with multiple entities holding over 1% of the shares[31]. Research and Development - The company continues to enhance its CRDMO business model to improve research and development efficiency for clients[12]. - The company is committed to maintaining the highest international quality regulatory standards in its operations[12]. - Research and development expenses for Q1 2025 were ¥224,408,414.09, down from ¥306,402,572.33 in Q1 2024, a decrease of about 27%[45].

Financial Performance - Casino revenue for 2024 reached HKD 23,617,908, an increase of 23.1% from HKD 19,111,112 in 2023[10] - Adjusted EBITDA for 2024 was HKD 8,210,137, up 24% from HKD 6,621,025 in 2023[10] - Profit attributable to owners for 2024 was HKD 3,198,178, a significant increase of 172.5% compared to HKD 1,171,656 in 2023[10] - Basic earnings per share for 2024 were HKD 0.61, compared to HKD 0.22 in 2023, reflecting a growth of 177.3%[10] - Total operating revenue increased by 18.4% from HKD 24,268,142 in 2023 to HKD 28,740,421 in 2024[49] - Non-gaming revenue for 2024 was HKD 5.12 billion, accounting for 17.8% of total operating revenue, slightly down from HKD 5.16 billion (21.3%) in 2023[51] - Room revenue for 2024 was HKD 2.37 billion, relatively stable compared to HKD 2.44 billion in 2023[52] - Restaurant revenue increased by 19.1% to HKD 1.61 billion in 2024 from HKD 1.35 billion in 2023, driven by increased foot traffic and average bill amounts[55] - Retail and other revenue decreased by 16.5% to HKD 1.14 billion in 2024 from HKD 1.37 billion in 2023, primarily due to a decline in retail sales[55] - Operating costs increased by 13.8% to HKD 23.41 billion in 2024 from HKD 20.57 billion in 2023[59] - Financing income for 2024 was HKD 568.1 million, nearly unchanged from HKD 571.3 million in 2023[60] - Financing costs decreased by 4.4% to HKD 3.19 billion in 2024 from HKD 3.34 billion in 2023, attributed to lower average loan balances and interest rates[61] - Net profit attributable to the company's owners increased by 173.0% to HKD 3.20 billion in 2024 from HKD 1.17 billion in 2023[64] - The operating profit for 2024 was HKD 5,330.0 million, up from HKD 3,700.0 million in 2023, representing a growth of approximately 44.3%[74] Gaming Operations - WRM has obtained a 10-year gaming license from the Macau government, allowing operations from January 1, 2023, to December 31, 2032, at Wynn Palace and Wynn Macau[19] - WRM is required to pay a special gaming tax of 35% on gross gaming revenue and contribute up to 5% of gross gaming revenue annually for public welfare and infrastructure[22] - The gaming special tax rate is set at 35% of gross gaming revenue, with a special contribution of 5% also applicable[28] - The company adjusts its gaming table and slot machine mix in response to market demand and competition, which may impact profitability[36] - The company has been approved to operate a total of 570 gaming tables and 1,100 gaming machines in Macau[151] - The company has been approved for a total of 303 gaming tables at Wynn Palace and 257 at Wynn Macau, with the table mix subject to change based on market demand[151] - The company faces competition from 28 other casinos in Macau and potential new entrants from regions like Japan and Taiwan[32] - Macau's gaming revenue is projected to increase by 23.9% in 2024, reaching HKD 220.18 billion, up from HKD 177.73 billion in 2023[30] - The number of visitors to Macau is expected to rise by 23.8% in 2024 compared to 2023, indicating a strong recovery in tourism[33] Investment and Development - The total investment commitment by WRM over the 10-year license period is MOP 21.03 billion (approximately HKD 20.42 billion), with MOP 19.80 billion (approximately HKD 19.22 billion) allocated for non-gaming capital projects[27] - WRM must submit annual proposals for investment projects to the Macau government by September 30 each year, detailing investment amounts and timelines[25] - WRM's investment plans include attracting foreign visitors, hosting exhibitions, and promoting cultural and health-related activities[27] - The company plans to release its interim report for the six months ending June 30, 2025, in September 2025[10] - Wynn Palace is in the design phase for its next development stage, which will include a theater and expanded event space[13] Regulatory Compliance - The Macau government has the right to revoke WRM's gaming license if it fails to meet obligations, including national security and public interest requirements[23] - WRM is subject to ongoing supervision by the Macau government and must submit progress reports every two months for investment projects[25] - Any financial decisions exceeding 50% of the company's capital must be notified to the Macau Chief Executive at least five working days in advance[24] - The company must appoint a permanent resident of Macau as an executive director, holding at least 15% of the company's capital[20] - WRM's operations are regulated under strict legal frameworks, requiring compliance with various financial reporting and operational obligations[19] - The company must comply with Macau laws and regulations, and failure to do so may negatively impact its operations[105] - The company is subject to ongoing regulatory scrutiny by the Macau government, which may affect its ability to maintain necessary licenses and permits[106] Risks and Challenges - The company faces significant development and construction risks that may impact project success and debt repayment capabilities[37] - External factors such as economic conditions in mainland China and travel restrictions significantly influence Macau's tourism and gaming activities[34] - The company faces significant risks related to consumer discretionary spending, which can be adversely affected by negative macroeconomic conditions[103] - Recent negative macroeconomic conditions have led to rising interest rates and reduced consumer discretionary spending, impacting the company's financial performance[104] - Geopolitical tensions and government policies may adversely affect product and service demand, leading to economic turmoil and impacting business performance[108] - Travel restrictions and anti-corruption campaigns have reduced visitor numbers from affected regions, negatively impacting revenue and cash flow[109] - The company faces multiple investigations and lawsuits that could divert management's attention and harm its reputation, potentially affecting its gaming licenses and market opportunities[110] - Customer willingness to visit resorts is influenced by terrorism threats, disease outbreaks, and regional political events, which may reduce visitor numbers and financial performance[113] - Global political trends and economic policies have decreased demand for hotel products and services, impacting visitor numbers to resorts[114] - The company's cash flow is entirely dependent on its operations in Macau, posing significant risks compared to competitors with more diversified properties[116] - The company faces increased competition from global casinos, including those in Singapore, South Korea, and other Asian regions, which may adversely affect cash flow and operational performance[121] Corporate Governance and Management - The company has a diverse board of directors with members holding various positions since 2009, including the CEO and President, who have extensive experience in the gaming and hospitality industry[160][162][163] - The current CEO, Mr. Pan, has been with Wynn Resorts since 2017 and has held multiple senior management roles, including President and CFO[162] - Ms. Chen, the President and Vice Chairwoman, has over 30 years of industry experience and has been instrumental in the operations of Wynn Macau and Wynn Palace[163][164] - The company emphasizes the importance of governance and compliance, as demonstrated by the diverse expertise of its board members[180] - The financial and administrative leadership is expected to drive strategic initiatives and improve operational efficiency across departments[188] - The company is committed to maintaining high standards of corporate governance and leveraging the extensive experience of its directors and management team[181] Sustainability and Community Engagement - The company continues to invest in sustainable practices, monitoring energy efficiency and resource consumption[12] - The company has established a corporate social responsibility initiative, "Wynn Cares," and a foundation to support community efforts[163] - The group is committed to environmental responsibility, having developed plans to promote efficient operations and resource conservation[198] - The company has implemented various community initiatives under the "Wynn Care" program to promote sustainable development and responsible gaming in the Greater Bay Area[196] - The company has launched a series of talent development programs since 2022 to transform its management team into future industry leaders[197] - The company collaborates closely with various departments to ensure compliance training for employees regarding regulatory matters[199] - The company has partnered with several universities in 2024 to enhance talent development programs in the Greater Bay Area[197] Financial Position and Debt Management - Cash and cash equivalents as of December 31, 2024, were approximately HKD 11.33 billion, with expectations to use this for debt repayment and operational funding[65] - The capital debt ratio improved to 148.9% in 2024 from 155.8% in 2023, indicating a reduction in net debt relative to total capital[70] - Total borrowings as of December 31, 2024, amounted to HKD 44,838.5 million, down from HKD 52,679.6 million in 2023, reflecting a reduction of about 15%[78] - The company has approximately HKD 27.5 billion available under the WM Cayman II revolving credit facility as of December 31, 2024[81] - The company plans to repay HKD 6.0 billion (approximately USD 800 million) of WML 2024 notes on October 1, 2024[84] - The company has maintained compliance with the covenants of the WM Cayman II revolving credit facility as of December 31, 2024[82] - The company faces foreign exchange risks related to the fluctuation of the exchange rates between the Macanese Pataca, Hong Kong Dollar, and US Dollar[148] - The company has a high leverage ratio, and future cash flows may be insufficient to meet its obligations, potentially complicating access to additional financing[152] - The company's debt agreements contain covenants that may restrict its ability to engage in certain transactions, impacting its operational flexibility[157] Cybersecurity and Data Protection - The company relies on information technology systems to manage and transmit large volumes of sensitive customer and employee data, facing significant cybersecurity risks[128] - Past data security incidents have not significantly impacted the company's financial performance, but future breaches could harm its reputation and lead to legal liabilities[131] - The company must invest in data protection and infrastructure to mitigate increasing cybersecurity threats, which may affect its financial performance[131] - Any improper use of confidential or identifiable personal data could severely damage the company's operations and relationships with customers and employees[132] - Disruptions to the company's IT systems could result in significant financial impacts and require substantial investments for repairs or replacements[133] - The company has implemented various systems, procedures, and technologies to mitigate risks associated with fraud and theft, including employee training and security measures[135] - The rise of fraudulent online gambling and investment websites targeting mainland Chinese citizens poses a significant threat to the company's reputation and business operations[136] Intellectual Property and Licensing - The company relies on a licensing agreement with Wynn Resorts, Limited for the use of "WYNN" trademarks, which could be terminated under certain conditions, potentially disrupting its operations[139] - The company has submitted trademark registration applications in various jurisdictions, including the United States and several Asian countries, to protect its intellectual property[140] - The company faces potential negative impacts on its business and financial performance if unauthorized activities related to its intellectual property continue[137]

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 470.4 million, a decrease of about 0.3% compared to HKD 471.8 million in 2023[14] - The company reported a profit of approximately HKD 2.4 million for the year, compared to a loss of HKD 0.9 million in 2023, primarily due to reduced cost of goods sold and operating expenses[14] - The company has experienced a significant improvement in its financial performance, transitioning from a loss to a profit in the current fiscal year[14] - For the fiscal year ending December 31, 2024, the company's revenue decreased by approximately 0.3% to about HKD 470.4 million from HKD 471.8 million in the previous year[21] - The revenue generated from Shanghai-style restaurants increased by approximately HKD 39.6 million or about 21.4% to approximately HKD 224.5 million, primarily due to the opening of two new restaurants[24] - The revenue from Japanese restaurants decreased by approximately HKD 7.4 million or about 6.3% to approximately HKD 110.3 million, mainly due to the closure of a restaurant[25] - The revenue from Vietnamese restaurants decreased by approximately HKD 15.8 million or about 24.7% to approximately HKD 48.2 million, primarily due to the closure of a restaurant[26] - The revenue from Thai restaurants decreased by approximately HKD 15.9 million or about 30.1% to approximately HKD 36.9 million, attributed to a reduction in the number of operating restaurants[27] - The revenue from Italian restaurants decreased by approximately HKD 4.5 million or about 8.7% to approximately HKD 47.2 million, mainly due to a decline in sales at a specific restaurant[28] Assets and Liabilities - The total assets amounted to HKD 305.0 million, while total liabilities were HKD 234.2 million, resulting in a net asset value of HKD 70.8 million[11] - The total value of assets decreased from HKD 333.0 million in 2023 to HKD 305.0 million in 2024[11] - The company’s total liabilities decreased from HKD 261.7 million in 2023 to HKD 234.2 million in 2024[11] - The capital debt ratio improved to approximately 55.7% as of December 31, 2024, down from 71.5% as of December 31, 2023[46] Operational Strategy - The company operates thirteen restaurants in Hong Kong, including nine under its own brand and four under franchise agreements[14] - The strategy includes reducing the number of wholly-owned restaurants to focus on providing food management and franchising services, which is expected to enhance profitability and lower capital investment[14] - The company aims to achieve sustainable growth by balancing cost control and product quality through supply chain optimization and innovative cooking techniques[14] - Future plans involve further automation to reduce labor costs and improve cost efficiency[14] - The company is developing a new high-quality food series under the "家嘗菜" brand to diversify revenue sources and reduce reliance on traditional restaurant operations[18] - The company is committed to expanding its B2B2C platform "Shanghui" to enhance market presence and profitability while ensuring customer satisfaction[64] Employee and Operational Costs - Employee benefits expenses increased by approximately 2.3% from HKD 167.7 million for the year ending December 31, 2023, to HKD 171.5 million for the year ending December 31, 2024[31] - Depreciation and amortization expenses rose from approximately HKD 85.6 million for the year ending December 31, 2023, to HKD 89.2 million for the year ending December 31, 2024[32] - Rental expenses increased by approximately 19.4%, from HKD 9.8 million for the year ending December 31, 2023, to HKD 11.7 million for the year ending December 31, 2024[35] - The cost of goods sold was approximately HKD 119.7 million, accounting for about 25.6% of total revenue, a decrease from 26.7% in the previous year[30] Corporate Governance - The company has a diverse board with members holding qualifications in finance, law, and management[72] - The company is focused on regulatory compliance and maintaining high standards in corporate governance[75] - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with GEM listing rules regarding board composition[171] - The company has established four board committees, including the Audit Committee, Remuneration Committee, Nomination Committee, and Strategy Development Committee, to oversee specific aspects of its affairs[168] - The company has implemented a board diversity policy to enhance performance by considering various factors such as gender, age, cultural background, and professional experience in board composition[173] - The audit committee reviews financial reports and internal control systems, ensuring their adequacy and effectiveness[190] Legal and Compliance - There are no significant legal proceedings or arbitration involving the company as of December 31, 2024[62] - The company has adhered to all relevant laws and regulations, with no significant violations reported during the year[150] - The company confirmed compliance with GEM Listing Rules regarding related party transactions, with no additional disclosures required for the year ending December 31, 2024[147] Shareholder Information - The board does not recommend a final dividend for the year ending December 31, 2024[53] - As of December 31, 2024, Real Hero Ventures Limited holds 274,350,000 shares, representing approximately 71.45% of the company's total shares[118] - The company has maintained at least 25% of its issued shares held by the public, in compliance with GEM Listing Rules[159] Future Outlook - The company plans to continue cautiously expanding its business and exploring opportunities for opening and investing in new restaurants[51] - The company anticipates that the relocation and renovation will not cause significant disruption to its business operations or financial condition[137] - The renewal of the Shili Yangchang lease is expected to have a positive impact on the company's future development[138]

Financial Performance - The Group's total revenue decreased by approximately S$160,000 or 0.2% from approximately S$70.1 million in FY2023 to approximately S$70.0 million in FY2024[20]. - The Group's total gross profit decreased by approximately S$25,000 or 0.1% from approximately S$19.77 million in FY2023 to approximately S$19.74 million in FY2024, maintaining a gross profit margin of 28.2%[20]. - The Group's profit for the year increased by approximately S$0.9 million or 15.9% from approximately S$5.5 million in FY2023 to approximately S$6.3 million in FY2024[20]. - The Group's gross profit for the year ended 31 December 2024 was S$19,740,690, slightly down from S$19,766,148 in 2023[38]. - Profit for the year ended 31 December 2024 was S$6,324,581, compared to S$5,455,152 in 2023, representing an increase of approximately 15.9%[38]. - The total equity of the Group increased to S$82,141,901 as at 31 December 2024, up from S$73,205,907 in 2023, reflecting a growth of approximately 12.5%[39]. - The Group's profit margin for the year was 9.0% in 2024, up from 7.8% in 2023, showing improved profitability[43]. - Other income increased by approximately S$63,000 or 6.9% from approximately S$0.9 million for the year ended 31 December 2023 to approximately S$1.0 million for the year ended 31 December 2024[85]. - Selling and distribution expenses decreased by approximately S$0.7 million or 15.1% from approximately S$4.7 million for the year ended 31 December 2023 to approximately S$4.0 million for the year ended 31 December 2024[92]. - Administrative expenses increased by approximately S$1.0 million or 12.0% from approximately S$8.6 million for the year ended 31 December 2023 to approximately S$9.6 million for the year ended 31 December 2024[98]. - The Group's cost of sales decreased by approximately S$134,000 or 0.3% from approximately S$50.4 million for the year ended 31 December 2023 to approximately S$50.2 million for the year ended 31 December 2024[83]. - Other gains increased to approximately S$0.8 million for the year ended 31 December 2024, compared to other losses of approximately S$0.4 million for the year ended 31 December 2023[86]. - The annual profit increased from approximately S$5.5 million for the year ended December 31, 2023, to approximately S$6.3 million for the year ended December 31, 2024, representing a growth of about 15.9%[101]. Market and Economic Outlook - The Singapore economy expanded by 4.4% in 2024, compared to 1.8% in 2023[19]. - The forecasted GDP growth for Singapore in 2025 is between 1.0% and 3.0%[26]. - The economic outlook for Singapore in 2025 is projected to grow between 1.0% and 3.0%, indicating potential challenges ahead[68]. - The global snack food market is projected to grow at approximately 2.7% annually to 2027, driven by changes in dietary habits and demand for healthy snacks[76]. Product and Sales Performance - The Group's core products include roasted nuts, baked nuts, potato chips, and cassava chips, with distribution in over 10 countries[46]. - Sales of nuts accounted for approximately 67.7% of total revenue in 2024, up from 65.6% in 2023, while chip sales decreased from 31.4% in 2023 to 28.7% in 2024[54]. - The Group's revenue from chips was S$20.06 million in 2024, with a gross profit of S$6.30 million and a margin of 31.4%, down from S$7.18 million in 2023[61]. - The Group's revenue from other products increased from S$2.12 million in 2023 to S$2.52 million in 2024, contributing 3.6% to total revenue[53]. - The Singapore market contributed approximately 61.0% of total revenue in 2024, while Malaysia accounted for 30.3%, indicating stable sales composition across these regions[58]. Dividends and Shareholder Information - The Board has recommended a final dividend of 0.23 Hong Kong cents per ordinary share for FY2024, totaling approximately HK$2.3 million (equivalent to approximately S$0.4 million)[29]. - The 2024 Final Dividend is subject to shareholder approval at the annual general meeting scheduled for 30 May 2025[189]. - The 2024 Final Dividend will be payable on or around 30 June 2025 to shareholders on the register as of 9 June 2025[189]. - There are no arrangements for any shareholder to waive or agree to waive any dividend[194]. - The ability to pay dividends depends on the Group's current and future operations, financial position, and other relevant factors[200]. Management and Corporate Governance - The Group is actively monitoring potential investment opportunities in China to drive long-term growth[28]. - The Group's commitment to quality assurance has led to various certifications in quality management and food safety[47]. - The Group's liquidity risk management includes monitoring trade receivables and ensuring healthy bank balances to meet financial obligations[102]. - The Group employed 350 and 358 employees as of December 31, 2024, and December 31, 2023, respectively, with staff costs of approximately S$13.3 million and S$12.4 million for the respective years[131]. - The Group's executive directors have over 30 years of experience in the snacks industry, focusing on operations, sales, and marketing[137]. Financial Position and Ratios - The current ratio improved to 7.5 as at 31 December 2024, compared to 6.6 in 2023, indicating better short-term financial health[43]. - The Group's final dividend for the year ended December 31, 2024, is recommended at 0.23 Hong Kong cents per ordinary share, totaling approximately HK$2.3 million (equivalent to approximately S$0.4 million)[123]. - The Group's net proceeds from the IPO amounted to approximately HK$66.8 million (equivalent to approximately S$11.7 million), with actual utilization as of December 31, 2024, being approximately HK$61.1 million[119]. - The Group has capital commitments of approximately S$25,000 as of December 31, 2024, down from approximately S$0.5 million in 2023[111]. - There were no material acquisitions or disposals of subsidiaries and associated companies for the year ended December 31, 2024[113].

Financial Performance - Revenue for the fiscal year ended December 31, 2024, reached $2,469,629,000, an increase of 13.4% from $2,177,329,000 in 2023[10] - Gross profit increased to $486,223,000, reflecting a gross margin of 19.7%, up from 19.2% in the previous year[10] - Net profit for the year was $200,828,000, representing a net profit margin of 8.1%, compared to 7.5% in 2023[10] - The total assets grew to $2,254,453,000, up from $1,974,562,000 in 2023, indicating strong asset growth[10] - The total liabilities increased to $719,007,000 from $535,660,000, reflecting a rise in financial obligations[10] - The company achieved a revenue growth of 13% to $2,470 million for the year ending December 31, 2024, compared to $2,177 million in 2023[23] - The net profit increased by 22% to $201 million for the year ending December 31, 2024, up from $164 million in 2023[24] - The gross profit margin improved to 19.7% in 2024, compared to 19.2% in 2023, while the net profit margin rose to 8.1% from 7.5%[23] - Operating cash flow for 2024 was $106 million, down from $313 million in 2023, primarily due to an increase in trade receivables[37] - The average inventory turnover days for 2024 was 48 days, compared to 54 days in 2023, indicating improved inventory management[38] - The group maintained a healthy liquidity position with a net cash position of $427 million as of December 31, 2024[37] Sustainability Initiatives - The company has set a new goal to plant 2 million trees globally by 2030 as part of its sustainability initiatives[16] - The company is focusing on minimizing environmental footprints across its supply chain as part of its sustainability strategy[16] - The company installed 8 megawatts of solar photovoltaic capacity in Bangladesh, Sri Lanka, and China in 2024, increasing total capacity to 20 megawatts[25] - Approximately 200 energy efficiency measures have been planned, with about 120 completed, expected to reduce carbon emissions by 32,000 tons[25] - The company received multiple sustainability awards, including the "EY Sustainable Development Annual Best Award 2024" and "ESG Excellence Award" in 2024[26] - The company is committed to its "Sustainable Development Vision 2030," aligning with the United Nations Sustainable Development Goals[25] Employee and Management Growth - The total number of employees increased to approximately 75,000 by the end of 2024, up from about 65,000 at the end of 2023, following the recruitment of 10,000 new employees[22] - The company has a leadership team with extensive experience in the garment manufacturing industry, with key executives having over 30 years of experience each[56] - The company has a diverse management team, with members holding significant positions in both local and international business organizations[64] - The company emphasizes gender diversity in its succession planning to maintain a pool of potential successors[151] - The company prioritizes training and development plans for directors and senior management to prepare for future leadership roles[195] Corporate Governance - The company has a strong governance structure with various committees, including audit, remuneration, and nomination committees, ensuring effective oversight and strategic direction[67] - The independent non-executive directors play a crucial role in providing oversight and strategic guidance, ensuring the company's long-term success and sustainability[73] - The board consists of five executive directors, two non-executive directors, and four independent non-executive directors as of December 31, 2024[140] - The audit committee consists solely of independent non-executive directors to ensure independence[164] - The company has complied with all applicable code provisions under the corporate governance code for the financial year ending December 31, 2024[136] Future Outlook - The company expects a strong start in 2025, aiming for significant performance breakthroughs within the year[50] - The company plans to focus on sportswear, casual wear, and intimate apparel in 2025, enhancing collaboration with major brand clients[50] - Capital expenditure for 2025 is expected to be similar to 2024, primarily for upgrading automation equipment and expanding apparel production capacity[51] - The company is well-prepared to capitalize on market trends favoring efficient replenishment and flexible production adjustments[50] Dividend and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.19 per share and a special dividend of HKD 0.055 per share, totaling HKD 0.383 per share for the year[25] - The company aims to provide stable and growing returns to shareholders through dividend distribution, with potential for dividend increases based on forecasted cash flow[51] - The company will actively review its dividend distribution framework annually to align with its financial strength and long-term development goals[51] Risk Management - The company is addressing tariff and policy risks by seeking global diversification opportunities[15] - The Audit Committee continues to assess the effectiveness of the group's risk management procedures, with a focus on cybersecurity risks[172] Strategic Initiatives - The company has been involved in various strategic initiatives, including participation in trade development councils and industry associations[61] - The company is committed to enhancing productivity and innovation, as indicated by the experience of its executives in overseeing these areas[60]

Financial Performance - For the year ended 31 December 2024, the Group achieved contracted sales of approximately RMB5,409 million, with a contracted gross floor area sold of approximately 529,789 sq.m and an average selling price of approximately RMB10,210 per sq.m[24]. - The total revenue for the year ended 31 December 2024 was approximately RMB8,254 million, representing a year-on-year decrease of approximately 56% due to lower contracted sales and recognition of properties sold[37]. - The Group recorded a gross loss of approximately RMB125 million for the year ended 31 December 2024, resulting in a gross loss margin of approximately 2%, compared to a gross profit margin of approximately 14% in 2023[40]. - The Group's total revenue for the year ended December 31, 2024, was approximately RMB 8,254 million, representing a year-on-year decrease of about 56%[42]. - The Group's cost of sales for the year ended December 31, 2024, was approximately RMB 8,380 million, down from RMB 15,190 million in 2023, with impairment provisions for properties amounting to approximately RMB 610 million[43]. - The Group's loss and total comprehensive expenses for the year ended December 31, 2024, were approximately RMB 982 million, compared to a profit of RMB 718 million in 2023[61]. Market Conditions - The real estate market in China is expected to continue facing adjustment pressure in 2025, with the new housing market likely remaining at the bottom stage[15]. - The overall new housing market has not shown significant improvement, indicating a need for time for policies to take effect[11]. - The Group emphasizes stability in the property market, focusing on stabilizing land prices and housing prices to ensure healthy market development[100]. - The real estate industry is facing increased demands for quality, professionalism, and services, necessitating a united and pragmatic approach to navigate challenges[101]. Strategic Focus - The Group aims to enhance marketing strategies and inventory management to achieve sales targets amidst ongoing market challenges[12]. - The Group plans to focus on product development and customer service, ensuring quality delivery while controlling expenses within revenue limits[15]. - The Group plans to focus on enhancing operational capabilities and product quality to create value for customers amidst ongoing market challenges[17]. - The Group will continue to seek opportunities for business development to reward shareholders despite the difficult market conditions[21]. Cost Management - Cost control measures have been expanded to include marketing and administration, optimizing procurement costs through centralized purchasing[12]. - The Group aims to maintain cash flow by strictly controlling expenses and adjusting financing structures to reduce costs[17]. - Selling and marketing expenses decreased by approximately 50% year-on-year, from approximately RMB 368 million in 2023 to approximately RMB 184 million in 2024[48]. - General and administrative expenses decreased by approximately 32% year-on-year, from approximately RMB 312 million in 2023 to approximately RMB 213 million in 2024[49]. Financing and Cash Flow - The Group emphasizes the importance of cash collection to ensure cash flow stability[15]. - As of December 31, 2024, the Group had total cash of approximately RMB 839 million, down from approximately RMB 1,836 million as of December 31, 2023[68]. - The Group's total bank and other borrowings amounted to approximately RMB 4,552 million as of December 31, 2024, representing a decrease of approximately 6% from RMB 4,824 million in 2023[69]. - The net gearing ratio increased to 46% as of December 31, 2024, compared to 26% as of December 31, 2023[76]. - The liabilities to assets ratio, excluding contract liabilities, was approximately 61% as of December 31, 2024, up from 50% as of December 31, 2023[76]. - The total cash to short-term debt ratio was 0.3 times as of December 31, 2024, down from 0.7 times as of December 31, 2023[76]. Land Reserves and Development Projects - The Group had land reserves amounting to approximately 4,018,441 sq.m across 55 projects, with 40% located in Guangdong and 30% in Jiangsu[31]. - The total land reserve of the Group includes completed properties, properties under development, and estimated GFA for future development[102]. - The Group has developed a total of 55 property projects, with a completed Gross Floor Area (GFA) of 1,919,610 sq.m., representing 48% of the total land reserve of 4,018,441 sq.m.[109]. - The planned GFA for future developments is 1,454,822 sq.m., which accounts for 36% of the total land reserve[109]. - The Group is actively expanding its property portfolio across multiple provinces, including Anhui, Guangdong, Guizhou, and Henan, indicating a strategic focus on regional growth[111][112][113]. Corporate Governance and Leadership - The Board of Directors consists of 8 members, including 3 executive Directors, 2 non-executive Directors, and 3 independent non-executive Directors[125]. - Mr. Lui Ming, aged 62, has over 16 years of experience in the property development industry and serves as the chairman and CEO of the Group[126]. - The Group's strategic planning and overall development are overseen by the executive Directors, ensuring a cohesive approach to management[126][138]. - The independent non-executive Director, Mr. Chan, is also the chairman of the audit committee, enhancing corporate governance[145]. Employee Relations and Corporate Responsibility - The Group recognizes the importance of relationships with employees, customers, and business partners for sustainable development[171]. - The Group is committed to providing a fair and safe workplace, promoting diversity, and offering competitive remuneration and benefits[172]. - The Group is committed to fulfilling social responsibilities and enhancing brand strength[15].