Financial Performance - For the year ended December 31, 2024, the revenue increased to RMB 8,200,663,000, representing a 53.1% growth from RMB 5,339,418,000 in 2023[4] - The gross loss for the year was RMB (2,701,416,000), compared to a gross profit of RMB 564,660,000 in the previous year, indicating a significant decline[4] - Loss before income tax increased to RMB (3,822,375,000) from RMB (1,225,084,000), reflecting a worsening financial position[4] - Total assets decreased to RMB 43,423,722,000 from RMB 51,464,000, indicating a reduction in the company's asset base[4] - Cash and cash equivalents dropped to RMB 332,872,000 from RMB 792,264,000, highlighting liquidity challenges[4] - Total bank and other borrowings increased slightly to RMB 15,991,467,000 from RMB 15,588,767,000, suggesting a rise in leverage[4] Economic Environment - China's GDP for 2024 was RMB 134.91 trillion, with a year-on-year growth of 5%, indicating a stable economic environment despite challenges[22] - The consumer market in China continued to upgrade, contributing to economic stability, although effective domestic demand remains insufficient[22] - The company is navigating a complex international environment characterized by weak economic growth and rising trade protectionism[19] - The recovery process in the global economy is slow and exhibits clear signs of imbalance, impacting overall market conditions[19] Real Estate Market Trends - In 2024, the annual sales area of commercial properties was 970 million square meters, representing a decrease of 13% year-on-year, while the sales value amounted to RMB 9.6 trillion, a decrease of 17% year-on-year[23] - The real estate market is expected to stabilize in 2025, with sales volume anticipated to bottom out and market confidence gradually restored[28] - The Group plans to focus on stabilizing and recovering the real estate market while constructing a new development model in 2025, aligning with national economic strategies[29] - The ongoing adjustments in the real estate market are expected to lead to a phased short-term adjustment in 2025, with property purchase demand gradually released[28] - The real estate industry is facing significant inventory pressure, making the control of new housing projects a key theme for future development[28] Project Delivery and Community Engagement - The Group successfully completed the delivery of multiple projects in cities including Tianjin, Nanchang, and Changsha in 2024, emphasizing its core task of "guaranteed delivery"[24] - Redco's major property project, Riverside One in Zhanjiang, covers approximately 620 acres with a planned gross floor area (GFA) of about 260,000 sq.m. for the first phase[74] - The Pearl Mira project in Foshan has a total area of 74,600 sq.m. and a GFA of about 250,000 sq.m., with an investment of RMB 40 million for a public kindergarten[71] - Cloud Metropolis in Ningbo features a GFA of approximately 550,000 sq.m., incorporating various types of residential and commercial spaces[64] - The Zhengwu Future project in Anqing is strategically located near the Olympic Sports Centre and major traffic routes, enhancing its appeal[67] - The first phase of Wenjing Garden in Zhangjiagang was delivered, fulfilling quality promises to property owners[60] - Redco's community renewal activities focused on comprehensive quality upgrades and increasing green coverage rates across multiple projects[46] - The company organized various community activities to enhance residents' cultural lives and promote community engagement throughout the year[49][50][52] Leadership and Governance - The company has a board consisting of seven directors, including three executive directors and three independent non-executive directors[78] - Mr. Wong has been the executive director and chairman since March 9, 2017, and was responsible for strategic planning from 1992 to 2014[79] - Mr. Huang, the executive director and president, has over 30 years of experience in the real estate industry in China[82] - The Company has adopted the Corporate Governance Code as its own code to govern corporate governance practices[118] - During the year ended December 31, 2024, the Company complied with all applicable code provisions under the Corporate Governance Code, except for a deviation from code provision B2.2[119] - The Board currently consists of seven Directors, including three executive Directors and three independent non-executive Directors[126] - The Company has engaged an independent internal control consultant to review its internal control system[124] - The Chairman and the President are separate positions, with distinct responsibilities for strategic advice and day-to-day operations, respectively[132] Diversity and Inclusion - As of December 31, 2024, the proportion of female and male employees in the Group was approximately 44% and 56%, respectively, indicating a general achievement of gender diversity[200] - The Company has implemented appropriate recruitment and selection processes to consider diverse candidates, promoting gender diversity during recruitment[200] - The Board has reviewed the diversity policy and believes it has been effectively implemented as of December 31, 2024[190] - The diversity policy aims to ensure a balance of skills, experience, and perspectives on the Board to enhance corporate governance[198] - The Company considers diversity at the Board level essential for achieving strategic objectives and sustainable development[198] - The selection of Board candidates is based on various diversity perspectives, including gender, age, and professional experience[199] - The Company promotes gender diversity in the workplace and has established talent management and training programs for career development[200]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 3,488,094, a decrease of 5.5% compared to RMB 3,690,536 in 2023[7]. - Gross profit for 2024 was RMB 861,672, down 5.2% from RMB 909,382 in 2023[7]. - Operating loss increased by 19.7% to RMB 376,141 in 2024 from RMB 314,242 in 2023[7]. - Net loss for the year was RMB 491,390, representing a 50.1% increase from RMB 327,344 in 2023[7]. - The adjusted net loss (non-IFRS measure) for 2024 was RMB 116,093, an increase of 54.6% from RMB 75,100 in 2023[7]. - Total revenue for the year ended December 31, 2024, was RMB 3,488.1 million, a decrease of 5.5% year-on-year due to strategic transformation impacting value-added solutions in both inpatient and outpatient segments[22]. - Net loss for the reporting period was RMB 491.4 million, an increase of 50.1% year-on-year, primarily due to impairment losses related to assets of certain subsidiaries proposed for sale[22]. - Revenue for the fiscal year ending December 31, 2024, is projected to decrease by 5.5% to approximately RMB 3,488.1 million from RMB 3,690.5 million for the fiscal year ending December 31, 2023[50]. - Total loss for the fiscal year ending December 31, 2024, is projected to increase by 50.1% to approximately RMB 491.4 million, up from RMB 327.3 million for the fiscal year ending December 31, 2023[64]. Business Operations and Developments - The company has installed chronic disease management SaaS in over 2,700 hospitals, covering more than 40% of the top 100 hospitals in China[10]. - As of December 31, 2024, the company has installed pharmacy SaaS in over 242,650 pharmacies, achieving a penetration rate of over one-third of total pharmacies in China[11]. - The company issued over 1 billion online prescriptions through its internet hospitals, with a peak of over 1 million prescriptions per day in the last quarter of 2024[11]. - The company has developed two vertical models, ClouD GPT and ClouD DTx, enhancing accuracy and application capabilities in patient interaction and medical research[11]. - The company achieved an average of over 724,000 effective online prescriptions per day in 2024, continuing to serve more chronic disease patients[22]. - The company entered a licensing agreement to develop and market an injectable product for pulmonary arterial hypertension, expected to meet significant clinical demand in China[18][20]. - The company plans to focus on high-value AI-driven P2M solutions, optimizing resource allocation and improving cash flow in the short term[16]. - The strategic transformation aims to enhance the efficiency of the healthcare ecosystem and provide quality, affordable medical services and products[13]. - The company updated its revenue classification to better reflect business development, merging previous categories into inpatient and outpatient solutions[21]. Revenue Streams and Market Position - Subscription solution revenue, primarily from precision marketing services, decreased to RMB 281.9 million, a decline of 39.7% from RMB 467.2 million in the previous year[26][29]. - P2M solution revenue surged to RMB 286.0 million, marking a significant increase of 182.4% compared to RMB 101.2 million in the previous year[26][29]. - Revenue from the outpatient subscription solutions business line was RMB 57.3 million, a decrease of 3.0% from the previous year due to market competition[35]. - Revenue from the outpatient value-added solutions business line was RMB 591.7 million, down 1.3% year-over-year, as the strategic focus shifted to P2M solutions[35]. - The newly added P2M solutions business line generated revenue of RMB 34.4 million during the reporting period[35]. Employee and Compensation Information - The total number of employees as of December 31, 2024, was 1,218, with 408 in Hangzhou, 130 in Shanghai, and 680 in other offices in China[78]. - The total personnel-related costs for the year ended December 31, 2024, were approximately RMB 842.6 million, down from RMB 1,007.9 million for the year ended December 31, 2023[79]. - The cost for full-time employees for the year ended December 31, 2024, was approximately RMB 504.4 million, compared to RMB 629.4 million for the previous year[79]. - The company is committed to maintaining competitive and fair compensation, with total employee costs reflecting ongoing adjustments based on market research[79]. - The company has implemented various stock incentive plans to motivate employees and enhance performance[80]. Corporate Governance and Management - The company has a strong management team with diverse backgrounds in finance, technology, and healthcare, enhancing its strategic decision-making capabilities[160]. - The management team emphasizes the importance of independent judgment and oversight in corporate governance, as demonstrated by the roles of independent directors[155]. - The company is committed to maintaining high standards of corporate governance and compliance with listing rules[165]. - The independent auditor, KPMG, has audited the consolidated financial statements and is eligible for reappointment at the upcoming annual general meeting[144]. Shareholder Information and Equity - As of December 31, 2024, the total number of shares issued by the company is 587,038,219[167]. - Mr. Kuang holds 135,841,185 shares, representing 23.14% of the company's equity[167]. - Major shareholder Hang Tai Trust (Hong Kong) Limited holds 94,874,998 shares, representing 16.16%[171]. - The company has adopted three share plans, including pre-IPO equity incentive plans and post-IPO share reward plans[174]. - The total number of shares available for issuance under the pre-IPO equity incentive plan is capped at 25,440,160 shares, representing approximately 4.38% of the weighted average number of shares issued by the company from January 1, 2024, to December 31, 2024[175]. Risks and Regulatory Compliance - Risks associated with the contractual arrangements include potential penalties from the Chinese government if agreements are deemed non-compliant with laws[100]. - The company is closely monitoring regulatory developments in China to mitigate risks related to contractual arrangements[101]. - The company relies on its Chinese subsidiaries for dividend payments to meet cash and funding needs, which could impact business operations if restricted[100]. - Any failure by Hangzhou Kangming or registered shareholders to fulfill their contractual obligations could significantly adversely affect the company's business[100].

Financial Performance - The company's net profit reached HKD 213.4 million, an increase of 33% compared to HKD 160.4 million in the previous year[18]. - Total revenue decreased by 1% from HKD 9.07 billion to HKD 9.01 billion[22]. - The net asset value per share increased by 2.7% from HKD 14.6 to HKD 15.0[22]. - Earnings per share rose by 54% from HKD 0.319 to HKD 0.490[22]. - Distribution revenue totaled HKD 8.67 billion, a decline of 1% year-on-year[20]. - SiS Distribution (Thailand) contributed a classified profit of HKD 213.7 million, with a growth rate of 4.6%[20]. - The company recorded a fair value loss of HKD 127.6 million in the Hong Kong commercial property market[23]. - The retained earnings available for distribution to shareholders decreased from HKD 1,078,318,000 in 2023 to HKD 1,047,336,000 in 2024[162]. - The company’s total distributable reserves as of December 31, 2024, amounted to HKD 1,076,522,000[162]. - The company’s ability to declare dividends is contingent upon its operating performance and financial condition[163]. Assets and Liabilities - As of December 31, 2024, the total assets of the group amounted to HKD 8,530,115,000, with total equity of HKD 4,176,197,000 and total liabilities of HKD 4,353,918,000[31]. - The current ratio improved to approximately 1.26 as of December 31, 2024, compared to 1.08 as of December 31, 2023[31]. - Cash and bank deposits at the end of 2024 were HKD 1,438,647,000, an increase from HKD 1,284,363,000 in 2023[31]. - The debt-to-equity ratio decreased to 68% as of December 31, 2024, down from 78% in 2023[32]. Employee and Compensation - The number of employees increased to 1,233 as of December 31, 2024, compared to 1,160 in 2023[34]. - Total employee compensation and benefits for the year amounted to HKD 296,991,000, up from HKD 255,378,000 in 2023[34]. - The employee turnover rate for those under 30 years old is 21.6%, with male turnover at 18.2% and female turnover at 23.9%[113]. - In fiscal year 2024, approximately 54% of employees participated in career development-related training, with an average training time of 3.7 hours per employee[120]. - Average training hours by gender: Male employees received an average of 4.5 hours (61% trained), while female employees received 3.0 hours (49% trained)[125]. Corporate Governance - The board of directors consists of nine members, with five being female, reflecting a commitment to diversity[45]. - The audit committee held four meetings during the year ending December 31, 2024, reviewing the group's financial performance[48]. - The nomination committee met twice in the year ending 2024 to assess the independence of non-executive directors[52]. - The remuneration committee held two meetings during the year to review and determine the compensation for executive directors and senior management[53]. - The company has established a nomination policy effective from January 1, 2019, outlining the criteria for board member selection[41]. - The company recognizes the importance of a diverse board as a competitive advantage, considering various factors such as gender and professional experience[45]. - The audit committee is responsible for monitoring the integrity of financial statements before submission to the board[49]. - The company has appointed Deloitte as the external auditor, with fees for audit services amounting to HKD 5,290,000, tax advisory services at HKD 202,000, and other services totaling HKD 570,000, leading to a total of HKD 6,062,000 for the year ending December 31, 2024[61]. - The company has complied with the corporate governance code as per the listing rules for the year ending December 31, 2024[196]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[196]. Environmental, Social, and Governance (ESG) - The report covers the environmental, social, and governance (ESG) performance for the fiscal year 2024, from January 1, 2024, to December 31, 2024[73]. - The company has established an ESG governance framework, with the board responsible for overseeing significant ESG issues and performance[80]. - A comprehensive assessment of ESG components has been conducted to understand their importance to stakeholders and the company's operations[84]. - The report adheres to the guidelines set forth by the Hong Kong Stock Exchange for ESG reporting[74]. - The company aims to create long-term value for stakeholders while balancing environmental and social interests[80]. - The report includes measurable key performance indicators to evaluate the effectiveness of ESG policies and management systems[79]. - The company reported a total greenhouse gas emissions of 6,753 tons for the fiscal year 2024, a decrease from 9,923 tons in fiscal year 2023, reflecting a reduction of approximately 32.8%[95]. - Energy consumption for the fiscal year 2024 was 14,106,000 kWh, down from 17,370,000 kWh in fiscal year 2023, indicating a reduction of about 18.5%[97]. - Water usage decreased to 180,782 cubic meters in fiscal year 2024 from 241,882 cubic meters in fiscal year 2023, representing a reduction of approximately 25.3%[97]. - The company maintained zero direct greenhouse gas emissions (Scope 1) from fuel consumption during the reporting period[94]. - Indirect emissions (Scope 2) were recorded at 6,689 tons in fiscal year 2024, down from 9,881 tons in fiscal year 2023, marking a reduction of about 32.2%[95]. - The company has implemented energy systems in its iconic building in Japan to save energy and reduce greenhouse gas emissions, setting an example for other organizations[100]. - The company is committed to sustainable practices, including the recycling of electronic equipment under the Hong Kong WEEE Producer Responsibility Scheme[101]. - The company plans to continue reviewing and developing its ESG policies and goals to improve its ESG performance in the future[89]. - The company has identified key climate-related risks and their potential financial impacts, including increased compliance costs due to stricter environmental regulations in Hong Kong and Japan[105]. Strategic Initiatives - The group plans to expand its distribution business and optimize its capital structure to drive long-term growth[26]. - The management demonstrated resilience and adaptability in response to ongoing global challenges, preparing for sustained performance[26]. - The company aims to enhance operational resilience by diversifying its supply chain and strengthening infrastructure against extreme weather events[108]. - The company plans to expand its range of environmentally friendly products in response to increasing customer demand for sustainable technology[105]. - The company has implemented energy-efficient measures to reduce operational costs and improve business efficiency[108]. Shareholder Information - The company reported a final dividend of HKD 0.02 per share, totaling HKD 5,559,000 for shareholders registered on July 4, 2025[152]. - The company has not entered into any equity-linked agreements during the fiscal year[161]. - The company’s main business includes investment trading and holding, as well as providing corporate management services[150]. - The company’s financial performance and risks faced during the year are detailed in the management discussion and analysis section of the annual report[153]. - The company’s investment properties and related assets are detailed in the financial statements as of December 31, 2024[157]. Compliance and Legal - The company has adhered to relevant laws and regulations, including Bermuda law and the Hong Kong Companies Ordinance[197]. - There were no purchases, sales, or redemptions of the company's listed securities during the year[198]. - The company maintained sufficient public float throughout the year ending December 31, 2024[199]. - No significant events affecting the group occurred after the year-end date and until the date of this report[200].

Financial Performance - The company reported revenue of approximately RMB 149,737,000 for 2024, a decrease of about 26% compared to 2023, with a net loss attributable to shareholders of approximately RMB 59,834,000[7]. - For the year ended December 31, 2024, the group's revenue was approximately RMB 149,737,000, a decrease of about 26% compared to the previous year[17]. - The loss attributable to shareholders was approximately RMB 59,834,000, a reduction in loss of RMB 19,635,000 compared to 2023[17]. - The basic loss per share for 2024 was approximately RMB 0.098, compared to RMB 0.130 for the year ended December 31, 2023[17]. - As of December 31, 2024, total assets were approximately RMB 206,138,000, down from RMB 254,190,000 in 2023[20]. - The current ratio decreased to approximately 0.73 from 0.91 in the previous year, primarily due to an increase in borrowings of about RMB 26,763,000[20]. Revenue Breakdown - Printer business revenue was approximately RMB 130,139,000, accounting for about 87% of total revenue, also down by approximately 26% year-on-year due to the promotion of electronic invoices in mainland China[11]. - Other product revenue was approximately RMB 19,598,000, representing about 13% of total revenue, which also decreased by approximately 26% due to reduced sales of medical products following the end of the pandemic[12]. Gross Profit and Margins - The gross profit margin increased to 12% due to a reduction in inventory provisions despite the overall operating loss[7]. - The gross profit margin increased from 11% in 2023 to 12% in 2024 due to a decrease in inventory provisions[18]. Future Plans and Product Development - The company plans to launch a cost-effective multifunctional inkjet printer and laser printer products in the second quarter of 2025[8]. - A smart cloud self-service delivery cabinet for logistics applications is expected to be launched in 2025[8]. - The company aims to develop a full range of portable oxygen machines with capacities from 3L to 15L, targeting the high-altitude oxygen subsidy policy set to be introduced by the government by the end of 2024[8]. - The company plans to launch a high-altitude oxygen machine in the first half of 2025, targeting the new national subsidy policy for high-altitude oxygen[16]. - New product launches include medical devices, inkjet printing, cloud printing, and self-service terminals, which are expected to aid in market transformation and capture[47]. Employee and Organizational Information - The group employed 572 staff as of December 31, 2024, down from 670 in the previous year[28]. - Employee satisfaction has been consistently above the target score of 87, with a score of 88.4 in 2024[52]. - The company has established a safety committee and implemented an occupational health and safety management system based on ISO45001 standards[197]. - Employee training facilities accommodate over 100 people, providing both online and offline training opportunities[200]. Corporate Governance - The company has complied with the corporate governance code, except for the chairman's absence at the annual general meeting due to other commitments[85]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced skill set and experience necessary for the company's operations[101]. - The independent non-executive directors represent more than one-third of the board, allowing for independent opinions and guidance[101]. - The company has established mechanisms to ensure independent opinions are provided to the board, enhancing governance practices[101]. Environmental, Social, and Governance (ESG) Initiatives - The company has set specific ESG goals, including a 3% reduction in water usage compared to the previous year and achieving 100% certification for energy-efficient products[162]. - The company achieved a significant reduction in wastewater discharge, totaling 41,437 tons in 2024, down by 3,952 tons from 2023[181]. - The company reported that all emissions from its production processes met national standards, with particulate matter emissions at less than 20 mg/m³ in 2024, significantly lower than the reference limit of 120 mg/m³[179]. - The company has established an Environmental Management Team to oversee daily operations related to safety and environmental management[159]. Risk Management and Compliance - The company has a structured risk management framework to identify and assess significant risks affecting its operations[131]. - The company emphasizes compliance with relevant laws and regulations in both mainland China and Hong Kong, ensuring adherence to significant legal requirements[59]. - The company has established a comprehensive internal control department to investigate allegations and report findings to the board in real-time if criminal evidence is disclosed[151]. Shareholder Communication and Relations - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[137]. - The company is committed to maintaining ongoing communication with shareholders, particularly through annual and special general meetings[137]. - The company ensures that all communications with shareholders are bilingual to facilitate understanding[140].

Sales and Market Expansion - RemeGen's sales of Taitasip for systemic lupus erythematosus (SLE) saw significant growth in 2024, benefiting from its inclusion in the national medical insurance catalog and being approved in over 1,000 hospitals in China[10]. - The commercialization team for Taitasip has over 800 professionals, and the company plans to expand market coverage in 2025[10]. - The sales of VidiSita for treating locally advanced or metastatic gastric cancer (GC) also increased significantly in 2024, with approval in over 1,000 hospitals in China[11]. - RemeGen's oncology commercialization team consists of approximately 600 professionals, aiming to improve market penetration in 2025[11]. - The company has established independent sales teams for autoimmune and oncology products, with over 1,000 hospitals approved for the sale of Taizhisip and Vidisicimab as of December 31, 2024[42]. Clinical Development and Trials - The company is conducting Phase III clinical trials for VidiSita in combination with PD-1 therapy for HER2-expressing patients, with positive results reported[13]. - Taitasip received full approval from NMPA in July 2024 for treating rheumatoid arthritis (RA) and has ongoing clinical trials for other indications[10]. - The company is actively conducting Phase III clinical trials for RC18 in multiple indications, including IgA nephropathy and myasthenia gravis, with patient recruitment completed for both studies by mid-2024[24]. - The company is exploring additional indications for RC18, including membranous nephropathy and autoimmune diseases, with ongoing investigator-initiated studies[26]. - The company is actively pursuing clinical trials for RC48 in various cancers, addressing significant unmet medical needs in the oncology space[27]. - The company has initiated a Phase III clinical trial for Vidisicimab combined with PD-1 therapy in first-line UC, currently enrolling patients[34]. - The company has initiated a Phase III clinical trial for RC28-E in DME and a Phase II trial in DR, with patient recruitment completed by December 31, 2024[39]. Financial Performance - Revenue increased from RMB 1,076.1 million in 2023 to RMB 1,710.2 million in 2024, driven by strong sales of the immunotherapy product Taitasip and the oncology product Vidisicimab[45]. - Research and development expenses rose from RMB 1,306.3 million in 2023 to RMB 1,539.8 million in 2024, with clinical trial expenses increasing by RMB 234.42 million due to ongoing drug development, particularly overseas[50][52]. - Selling and distribution expenses increased from RMB 775.2 million in 2023 to RMB 948.8 million in 2024, primarily due to higher marketing investments[48]. - The net loss for the company decreased from RMB 1,511.2 million in 2023 to RMB 1,468.4 million in 2024[57]. - The company reported a distributable reserve of approximately RMB 2,110 million as of December 31, 2024[171]. Governance and Management - The company has adhered to all applicable corporate governance code provisions as of December 31, 2024, ensuring high standards of corporate governance to protect shareholder interests[95]. - The board composition maintains a balance between executive and independent non-executive directors to ensure strong independence and effective judgment[95]. - The company emphasizes the importance of effective internal controls and accountability within its management structure[95]. - The management team has extensive experience in the pharmaceutical industry, with Lin Jian having over 35 years and Wang Liqiang over 26 years[75][76]. - The company has established mechanisms for obtaining independent advice for the board, ensuring effective governance[116]. Risks and Challenges - The company faces various risks and uncertainties related to its financial condition and additional funding needs, which are outlined in the risk management section[156]. - The company has incurred significant net losses since its inception and expects to continue doing so in the foreseeable future, raising concerns for potential investors about the risk of losing most of their investment[159]. - The success of the company's business and financial outlook largely depends on the success of its clinical and preclinical candidates; failure to complete clinical development or obtain regulatory approval could severely impact operations[160]. - The regulatory approval process from agencies like the Chinese FDA and EMA is lengthy and unpredictable; failure to obtain timely approvals could significantly harm the business[160]. - The company faces intense competition, and competitors may successfully develop or commercialize competing drugs before the company can[162]. Employee and Compensation - The total employee count as of December 31, 2024, is 3,497, with total compensation costs for 2024 amounting to RMB 1,175.2 million, up from RMB 1,152.3 million in 2023[65]. - The company has provided competitive salaries and benefits to employees, particularly key personnel, to maintain talent quality[65]. - The company has granted 850,000 shares to executive director Wang Weidong, with a vesting period until December 31, 2026[187]. - The company has granted 1,200,000 shares to executive director He Ruyi, with a vesting period until December 31, 2025[187]. - The company has a total of 20,000 shares granted to employees, with an exercise price of HKD 50.50, reflecting a closing price of HKD 51.70[187]. Shareholder Relations - The company emphasizes the importance of timely and accurate information disclosure to enhance transparency and investor relations[149]. - Shareholders holding 10% or more of the shares can request a special general meeting, with the board required to respond within 10 days[142]. - The company has established effective communication channels with investors, including a dedicated investor mailbox for inquiries[147]. - The company is committed to maintaining and developing investor relations through timely public disclosures and effective communication strategies[146]. - The company does not recommend the payment of a final dividend for the year ending December 31, 2024[167].

Financial Performance - The company's gaming net revenue for 2024 reached HKD 26,846 million, a 33.8% increase from HKD 20,059 million in 2023[10]. - Adjusted EBITDA for the group was HKD 3,764 million, up 117.9% from HKD 1,727 million in 2023[10]. - The company reported a profit attributable to owners of HKD 3 million, recovering from a loss of HKD 2,010 million in 2023[10]. - Total net revenue increased by 33.0% from HKD 21,623 million in 2023 to HKD 28,769 million in 2024[29]. - Adjusted EBITDA rose by 117.9% from HKD 1,727 million in 2023 to HKD 3,764 million in 2024, with an adjusted EBITDA margin of 13.1%[29][30]. - Gaming revenue (gross gaming revenue) increased by 35.9% from HKD 21,204 million in 2023 to HKD 28,824 million in 2024[30]. - The total revenue for the new Lisboa reached HKD 7,839 million in 2024, a 36.4% increase from HKD 5,746 million in 2023[34]. - Non-gaming revenue from food and beverage, shopping centers, and others increased by 20.3% to HKD 611 million in 2024[31]. - The adjusted property EBITDA for the new Lisboa increased by 58.0% to HKD 2,094 million in 2024[34]. - The total electronic gaming revenue rose by 91.9% to HKD 21,086 million in 2024[31]. Market Position and Expansion - The overall market share of the group increased from 11.9% in 2023 to 13.1% in 2024, with the gaming revenue from self-promoted casinos rising by 43.6% to HKD 18,000 million[15]. - The company plans to expand its non-gaming investments in Macau to further enhance its market position[15]. - The company is actively promoting sports tourism, hosting major events such as the Macau Golf Open and the Macau Grand Prix to enhance Macau's international reputation[21]. - The company aims to strengthen the "Lisboa" brand's visibility in key Asian markets, including South Korea, Japan, and Thailand, through strategic partnerships[23]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[65]. Visitor and Occupancy Statistics - The number of visitors to Macau increased by 23.6% to 34.93 million, with mainland visitors accounting for 70.1% of the total[14]. - The occupancy rate of the Grand Lisboa increased by 14.4% to 97.0%, while the average room rate decreased by 9.9% to HKD 1,191[11]. - The average occupancy rate for hotels reached 97.0% in 2024, up from 82.6% in 2023, representing a 14.4 percentage point increase[31]. - The Palazzo Versace Macau, with 271 rooms, opened in March 2024, achieving an average occupancy rate of over 96% since its launch, contributing to revenue growth for the overall resort[37]. Strategic Projects and Developments - Palazzo Versace Macau opened in March 2024, marking the brand's first hotel project in Asia, with 271 rooms designed to enhance the overall service experience[17]. - The company opened the "Golden Pavilion" project in Macau, successfully merging urban cultural heritage with modern lifestyle experiences, aiming to attract more young consumers[18]. - The company plans to enhance its conference and exhibition capabilities by adding two new venues at the "Grand Lisboa" in 2025, increasing the resort's event hosting capacity by 132%[20]. - The company is planning significant renovations at the "New Lisboa" hotel, increasing room capacity by over 10% and adding new multifunctional meeting rooms and banquet halls[20]. - The group plans to invest in the revitalization of the historical district in Macau, with the "Golden Pavilion" project set to open in January 2025, aiming to attract younger consumers and enhance foot traffic in the area[38]. Financial Management and Investments - The total cash and undrawn revolving credit facilities reached HKD 7,600 million as of December 31, 2024[15]. - As of December 31, 2024, the group had a bank balance and cash of HKD 2.208 billion, a decrease of 37.7% from HKD 3.542 billion on December 31, 2023, primarily due to loan repayments[42]. - The total outstanding bank loan balance as of December 31, 2024, was HKD 13.499 billion, down from HKD 15.236 billion on December 31, 2023[42]. - The group's capital expenditure commitments as of December 31, 2024, amounted to HKD 760 million, an increase from HKD 427 million on December 31, 2023, with HKD 631 million allocated for government tender projects in Macau[44]. - The group's debt-to-asset ratio at the end of the reporting period was 51.1%, slightly down from 52.2% on December 31, 2023[43]. Corporate Governance and Compliance - The board of directors includes independent non-executive members with extensive experience in various industries[67]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all relevant provisions[181]. - The board consists of 9 members, with 56% being executive directors, 11% non-executive directors, and 33% independent non-executive directors[187]. - The board has established mechanisms to ensure independent viewpoints are expressed, including annual meetings with independent non-executive directors[188]. - The company encourages independent professional advice for directors to fulfill their responsibilities[189]. Sustainability and Environmental Initiatives - The company has implemented various environmental measures, including LED lighting and electronic processes to reduce paper usage[172]. - The hotel section of the integrated resort has received LEED Silver certification for energy and environmental design[172]. - The company submitted a carbon emissions report for its Hong Kong office in 2024 as part of its commitment to sustainability[173]. - The company has engaged an external consultant to review its sustainability governance structure and policies, aiming for compliance with the new ESG reporting code effective from January 1, 2025[174]. - The company has established a Sustainability Steering Committee, primarily composed of senior executives, to oversee sustainability and climate-related matters[182]. Shareholder and Stock Options Information - The company has a total of 7,101,805,366 shares issued, with key shareholders holding significant stakes[153]. - Major shareholder Macau Leisure Entertainment holds approximately 61.91% of the issued shares, with 3,892,610,855 shares owned[160]. - A total of 477,085,000 stock options were granted under the plan before the completion of the rights issue on September 21, 2022, with 299,765,000 options exercised, generating total proceeds of HKD 2,023,951,490[91]. - The total number of stock options unexercised as of December 31, 2024, is 118,994,700, with 4,815,000 options expected to be exercised[93]. - The company has a strict policy regarding the minimum holding period before exercising stock options, which is set at six months[90].

Financial Performance - Revenue for 2024 reached RMB 21,909,641, an increase of 8.0% compared to RMB 20,277,944 in 2023[15] - Gross profit decreased by 9.8% to RMB 4,913,363, resulting in a gross margin of 22.4%, down from 26.9% in 2023[15] - Net profit fell by 41.9% to RMB 1,067,986, with a profit margin of 5.0%, down from 9.5% in the previous year[15] - The net profit attributable to the parent company was RMB 1,101.6 million, a decrease of 42.9% compared to the previous year[26] - International sales revenue reached RMB 8,169.7 million, marking a 28.4% year-on-year growth, with logistics equipment international revenue increasing by 25.8% and mining equipment international revenue by 27.5%[27] - Basic earnings per share decreased by 44.8% to RMB 0.32, while diluted earnings per share fell by 42.3% to RMB 0.30[15] - The gross profit margin for 2024 was approximately 22.4%, down 4.5 percentage points from 26.9% in 2023[37] - Other income and gains increased by approximately 14.0% to RMB 815.5 million in 2024, primarily due to increased government subsidies and the sale of SANY Robotics[35] - The sales cost for 2024 was approximately RMB 16,996.3 million, reflecting a 14.6% increase from RMB 14,830.9 million in 2023[36] - The group's profit margin before tax for the year ended December 31, 2024, was approximately 6.5%, a decrease of about 4.6 percentage points from approximately 11.1% for the year ended December 31, 2023, mainly due to goodwill impairment losses of approximately RMB 470.4 million in the oil and gas equipment business[48] Assets and Equity - Total assets increased by 17.1% to RMB 40,927,728, while total equity rose by 5.5% to RMB 12,175,260[15] - As of December 31, 2024, the group's total current assets were approximately RMB 26,227.1 million, up from RMB 20,778.3 million as of December 31, 2023[51] - The group's accounts receivable and notes receivable amounted to approximately RMB 12,823.7 million as of December 31, 2024, an increase of about 15.7% from approximately RMB 11,082.6 million as of December 31, 2023, primarily due to increased sales revenue[52] - The group's cash and cash equivalents, along with term deposits maturing in three months or more, totaled approximately RMB 5,339.5 million as of December 31, 2024[54] - The group has cash and bank balances in foreign currencies equivalent to approximately RMB 2,904.8 million as of December 31, 2024, and will monitor and hedge significant currency risks as necessary[62] Operational Highlights - The first overseas self-operated factory in Indonesia commenced production, with an expected annual capacity of 2,000 units[17] - A new 175-ton grab machine was successfully delivered, offering double the efficiency and half the energy consumption compared to traditional models[18] - High-end fracturing equipment was delivered to Kazakhstan, marking entry into unconventional oil and gas exploration in Central Asia[19] - The company launched its first 300-ton hybrid mining truck, SET320S, showcasing advancements in green mining equipment technology[21] - The company completed its first LNG project, achieving a processing capacity of 2.4 million cubic meters of natural gas per day, demonstrating industry-leading capabilities in LNG solutions[22] - The company’s unmanned mining trucks operated a total of nearly 5 million kilometers, producing approximately 15 million cubic meters with an efficiency rate exceeding 95%[23] - The company delivered the world's largest wind-solar coupled green hydrogen ammonia synthesis project, expected to reduce CO2 emissions by 650,000 tons annually[24] - The company’s new energy segment, including SANY Silicon Energy and SANY Hydrogen Energy, saw significant growth, with SANY Hydrogen Energy's new orders increasing by 200% year-on-year[28] Strategic Initiatives - The company is focusing on digitalization, low-carbon initiatives, and global expansion to enhance product offerings and service quality[7] - The company plans to continue investing in core business areas and aims to achieve leading positions in both mining and logistics equipment sectors while expanding its presence in the photovoltaic energy storage industry[28] - The company anticipates a compound annual growth rate of 20% for overseas mining equipment in the coming years[33] - The company aims to achieve a revenue target of RMB 50 billion and a gross profit margin of 24% by 2027, although these targets may not be guaranteed[33] - The company is actively promoting green, intelligent, and sustainable products and services globally, aligning with its low-carbon development strategy[63] Governance and Management - The company has a strong governance structure with multiple independent non-executive directors serving on various committees, including audit, remuneration, and ESG committees[76][78][84] - The company has a diverse board with members holding advanced degrees in management, economics, and accounting, contributing to its strategic decision-making[78][85] - The company has established a comprehensive management system to enhance corporate governance and operational efficiency[63] - The company has a strong management team with extensive experience in engineering and technology management, contributing to its strategic initiatives[69] - The appointment of the first female director, Ms. Zhou Lan, in December 2024 marks a significant step towards enhancing gender diversity on the board[63] Employee and Community Engagement - The company emphasizes employee development and satisfaction, conducting multiple employee satisfaction surveys annually in mainland China to gather feedback for improving work efficiency and atmosphere[158] - The company has implemented stock option plans in 2019 and 2023 to reward employees for their contributions to growth and development[158] - The company has a commitment to ESG initiatives, with several board members actively participating in the ESG committee since February 20, 2023[76][78] Shareholder Information - The company reported a final dividend of HKD 0.29 per share, totaling approximately HKD 932 million based on 3,213,890,505 shares as of February 28, 2025[97] - The company aims to balance shareholder expectations with prudent capital management through a sustainable dividend policy[96] - The company has not issued any shareholder waivers or consents for dividends[100] - Major shareholders include SANY Hong Kong with 2,568,818,722 shares, representing 79.93% of the voting shares[177] - Liang Wengen holds 2,579,688,722 shares, accounting for 80.27% of the voting shares[177] Risks and Challenges - The company faces risks related to reliance on the Chinese economy, fluctuations in raw material prices, and dependency on third-party suppliers[11] - The company has several subsidiaries in China that benefit from government incentives for product development, but future access to these incentives is uncertain, which may adversely affect its business and financial performance[156]

Financial Performance - The group's consolidated revenue for the three months ended March 31, 2025, was approximately HKD 759.06 million, a decrease of 56.4% compared to HKD 1.74 billion for the same period in 2024[5]. - The group recorded a loss attributable to equity holders of approximately HKD 153.98 million, an increase of 54.4% from a loss of HKD 99.75 million in the same period last year[5]. - The fair value loss on investment properties was HKD 4.83 million, a significant decline of 2683.4% compared to a gain of HKD 0.19 million in the previous year[4]. - Total assets decreased by 1.4% to HKD 40.01 billion from HKD 40.56 billion as of December 31, 2024[4]. - Equity attributable to equity holders decreased by 3.9% to HKD 3.42 billion from HKD 3.56 billion as of December 31, 2024[4]. - The net asset value per share was HKD 2.00, down 3.8% from HKD 2.08[4]. - The decrease in revenue was primarily due to a reduction in the total floor area of properties sold during the review period[5]. Property Development and Management - The group has several ongoing projects, including residential and commercial developments in Shenzhen, Guangzhou, and other cities, with various completion timelines[6]. - The Guangzhou project "粤海雲港城" is currently for sale, with a total floor area of approximately 726,990 square meters, expected to be completed by 2028[6]. - The group is actively managing its property portfolio and exploring new development opportunities to enhance future revenue streams[6]. - The total signed and delivered floor area for the period was approximately 49,000 square meters and 47,000 square meters respectively, compared to 58,000 square meters and 79,000 square meters in the previous period[8]. - As of March 31, 2025, the group held completed unsold properties valued at approximately HKD 12.138 billion and properties under development valued at approximately HKD 13.413 billion, totaling about HKD 25.551 billion[10]. - The sales amount for properties that have been signed and paid for but not yet delivered was approximately HKD 10.135 billion, an increase from HKD 9.386 billion as of December 31, 2024[10]. Project Status and Delivery Rates - The Guangzhou Yuehai Yun Port City project has completed the filing for all properties on Lot 11, while construction is ongoing for the basement and main structure on Lot 4[9]. - The total area of properties signed in Shenzhen Yuehai City (Northwest Plot) was 114,986 square meters, with a delivery rate of 91.5%[7]. - The Guangzhou Yuehai Shigui Mansion achieved a signing rate of 97.6% for its total area of 2,764 square meters[7]. - The total area of properties signed in Foshan Yuehai Shigui Mansion was 146,382 square meters, with a delivery rate of 70.2%[7]. - The Zhuhai Yuehai Shigui Mansion's first phase has completed the filing, and the main structure of non-first phase properties has been capped[9]. - The total area of properties signed in Jiangmen Yuehai City was 119,334 square meters, with a delivery rate of 89.8%[7]. - The Huizhou Yuehai Shigui Mansion's main structure has been capped, and it is currently undergoing finishing work[9].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit of $109.6 million, a decrease of 38.3% from the previous year's profit of $177.7 million, primarily due to a non-cash impairment loss of $89.1 million from the Vladivostok project [22]. - Total revenue for the year was $562.5 million, with gross profit reported at $456.7 million [18]. - The overall gross profit for the year was $456.70 million, with a gross profit margin of 81%, up from 79% in the previous year [62]. - EBITDA for the current year was $202.8 million, down from $295.3 million the previous year [74]. - Net profit attributable to shareholders decreased to $109.6 million, with a net profit margin of 19.5%, down from 33.3% the previous year [65]. - Administrative and other operating expenses increased by $38.2 million or 28.5% year-on-year, totaling $172.5 million for the current year [63]. Market and Economic Context - The company is focused on strengthening its growth strategy amid ongoing global economic fluctuations [22]. - Cambodia attracted $6.9 billion in foreign direct investment in 2024, a 40% increase from the previous year, with China contributing nearly 50% of the total [28]. - The GDP growth rate for Cambodia is forecasted at 5.5% in 2024 and 5.8% in 2025, positioning it as one of the best-performing economies in East Asia [32]. - The Cambodian tourism sector is projected to grow by 5.5% in 2024 and 5.8% in 2025, supported by strong recovery in tourism and trade [39]. - The Cambodian government aims to attract up to 7,500,000 international visitors by 2025, with the new Phnom Penh International Airport expected to handle up to 13,000,000 passengers annually during its first phase of operation [87]. Operational Highlights - The company's flagship NagaWorld is the only integrated hotel and entertainment complex in Phnom Penh, enhancing its market presence [9]. - The average daily turnover in the high-end VIP market has recovered to 82.5% of pre-pandemic levels in FY2019, driven by an increase in foreign visitors and business trips to Cambodia [24]. - Non-gaming revenue increased by 6.5% year-on-year, attributed to a rise in tourist numbers and international events, leading to higher hotel occupancy rates [24]. - The company plans to continue focusing on the development of the high-end VIP market to drive growth and maintain recovery momentum [24]. - The average daily revenue of the gaming floor increased by 8.2% year-on-year to $10.7 million, recovering to 89.1% of pre-pandemic levels from FY2019 [40]. Corporate Social Responsibility - The company has implemented over 730 corporate social responsibility initiatives aimed at improving education and community engagement in Cambodia [30]. - NagaWorld Kind Hearts has distributed stationery kits benefiting over 175,000 impoverished students across 13 provinces since 2014 [51]. - The company has been recognized for its corporate social responsibility efforts, receiving multiple awards including the AREA Social Empowerment Award and the Platinum Award at the Global CSR Summit [55]. - More than 572,000 community members benefited from donations and material contributions totaling $2.4 million [114]. - The company is committed to promoting responsible gambling and reducing the risks associated with problem gambling [155]. Sustainability and Environmental Initiatives - The company has voluntarily adopted new climate regulations ahead of their effective date in January 2025, enhancing disclosures related to sustainability and climate issues [80]. - The company has implemented multiple measures in 2024 to accelerate its environmental commitments, including a climate action plan and external verification of its greenhouse gas inventory [82]. - The company has achieved ISO 14064 external certification for greenhouse gas emissions [114]. - The company has saved at least $668,000 through energy-saving measures since 2016 [149]. - The company is committed to annual external verification of its greenhouse gas emissions under ISO 14064 standards [175]. Employee Engagement and Development - The company employed 6,062 staff, with total employee costs rising to $102.6 million from $88.4 million the previous year [75]. - In 2024, the company achieved a nearly equal gender ratio among its workforce, with 50.2% female and 49.8% male employees, and completed over 205,000 training hours, averaging 34 hours per employee [84]. - The company has been recognized with two excellence awards in 2024 for its commitment to personnel development and workplace digitalization [84]. - The company hosted the sixth union representative election, promoting employee engagement [114]. - 94% of employees completed the annual anti-corruption online training and assessment [156]. Governance and Risk Management - The company is committed to maintaining effective governance and risk management practices to ensure compliance and protect stakeholder interests [139]. - The board held two meetings in 2024 to discuss progress on the company's 2030 environmental goals and regulatory developments in sustainability reporting [129]. - The sustainability oversight committee, chaired by the CEO, reviews environmental reports monthly, tracking progress on 2030 and interim environmental goals [130]. - The company has updated its materiality assessment, elevating the financial importance of cybersecurity and data privacy due to increased global awareness of these risks [141]. - The company focuses on transparent financial and ESG reporting to boost investor confidence and facilitate capital acquisition [139].

Financial Performance - The company reported revenue of RMB 866.7 million for the year ending December 31, 2024, representing a 13.4% increase compared to RMB 764.4 million in 2023[12]. - The gross profit for 2024 was RMB 234.6 million, compared to RMB 218.9 million in 2023, indicating a recovery in profitability[10]. - The company recorded a loss before tax of RMB 93.5 million for 2024, an improvement from a loss of RMB 104.8 million in 2023[10]. - The net loss for the year ended December 31, 2024, was RMB 93.5 million, a decrease from a net loss of RMB 104.8 million for the year ended December 31, 2023, primarily due to increased sales through convenience stores and e-commerce channels[17]. - The group recorded continuous revenue growth for four consecutive years leading up to December 31, 2024, indicating a recovery in consumer demand for leisure food products post-COVID-19[47]. - The company reported a basic and diluted loss per share of RMB 0.53 for 2024, compared to RMB 0.79 in 2023, reflecting a reduction in loss per share[194]. Revenue Growth Drivers - Sales of jelly products, confectionery, and other snacks increased by 14.1%, 8.2%, and 54.6% respectively, contributing to overall revenue growth[12]. - The group's revenue for the year ended December 31, 2024, increased by approximately 13.4% to RMB 866.7 million, driven by sales growth in jelly products, confectionery, and other snacks[16]. - Revenue from jelly products increased by approximately 14.1% to RMB 759.2 million for the year ended December 31, 2024[19]. - Revenue from other snacks increased by approximately 54.6% to RMB 12.5 million, driven by strong sales through convenience stores and e-commerce channels[22]. Asset and Liability Management - Total assets decreased to RMB 793.8 million in 2024 from RMB 810.9 million in 2023, reflecting a continued decline in asset values[11]. - Total equity fell to RMB 214.5 million in 2024 from RMB 222.6 million in 2023, indicating a decrease in shareholder value[11]. - The company’s total liabilities were RMB 579.3 million in 2024, slightly down from RMB 588.3 million in 2023[11]. - Current liabilities exceeded current assets by approximately RMB 124,469,000 as of December 31, 2024[179]. Operational Efficiency - Operating loss decreased to RMB 73,259,000 in 2024 from RMB 82,058,000 in 2023, indicating improved operational efficiency[194]. - Trade receivables decreased significantly to RMB 165,489,000 in 2024 from RMB 238,741,000 in 2023, indicating improved collection efforts[196]. - The number of distributors decreased by 40.3% to 435 as of December 31, 2024, due to a strict evaluation of sales performance and financial status of distributors[18]. Sales and Marketing Strategies - The company has expanded new sales channels, including sales through major snack chain convenience stores and e-commerce on platforms like Douyin, positively impacting sales recovery post-COVID-19[12]. - The management is optimistic about the recovery of consumer sentiment in China, which is expected to further boost sales in the upcoming periods[12]. - The company aims to continue leveraging new sales channels to enhance market presence and drive future growth[12]. Cost Management - Sales and distribution expenses increased by approximately 53.5% to RMB 168.6 million, attributed to higher logistics service frequency and increased advertising costs in e-commerce channels[24]. - Administrative expenses rose by approximately 16.3% to RMB 115.3 million, mainly due to the expansion of the snack chain convenience store operations team and inflation-related cost increases[25]. Capital Expenditures - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, mainly for upgrading production lines at various manufacturing plants[17]. - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, primarily for upgrading production lines[30]. Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code for the year ending December 31, 2024, with no deviations reported[68]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[73]. - The roles of the Chairman and the CEO are held by different individuals to maintain independence and balanced judgment[76]. - The company has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific areas of governance[75]. Risk Management - The company has established a risk management framework to identify, assess, and manage significant risks, with senior management conducting annual risk assessments[107]. - The audit committee reviews the effectiveness of the risk management and internal control systems at least once a year, covering all major control measures[107]. - The company acknowledges operational risks due to internal processes and external events, with ongoing assessments to manage these risks[51]. Employee and Gender Diversity - As of December 31, 2024, the group had approximately 860 employees, a decrease from about 1,200 employees in 2023, with total salary expenses amounting to RMB 113.7 million for the year[44]. - The company has a gender diversity ratio of 52.7% male and 47.3% female among its total employees, including senior management[96]. - The company continues to promote gender diversity through recruitment and development opportunities for female employees[96]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to strengthen investor relations and enhance understanding of business performance and strategy[113]. - The annual general meeting for the year ending December 31, 2024, is scheduled for June 19, 2025[113]. - The company has adopted a dividend policy aimed at allowing shareholders to participate in profits while retaining sufficient reserves for future growth[120].