Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 7,669.8 million, compared to HKD 7,618.6 million in 2023, representing a slight increase of 0.67%[6]. - The loss attributable to shareholders for the year was HKD 776.7 million, a significant increase from a loss of HKD 125.4 million in 2023, marking an increase of HKD 651.3 million[6][16]. - Basic loss per share for the year was HKD 0.22, compared to HKD 0.04 in 2023, indicating a deterioration in financial performance[17]. - The return on equity attributable to shareholders was -1.8% for 2024, compared to -0.3% in 2023, reflecting a decline in profitability[14]. - The company's equity attributable to shareholders decreased to HKD 42,524.8 million from HKD 43,538.9 million in 2023[14]. - The company's attributable profit for the year was HKD 377.7 million, compared to a loss of HKD 471.4 million in 2023[30]. Debt and Liquidity - The capital debt ratio improved to 5.5% in 2024 from 19.4% in 2023, indicating a stronger balance sheet position[14]. - Cash and bank balances at the end of the reporting period were approximately HKD 17,565.2 million, an increase from HKD 15,950.2 million in 2023[20]. - Total borrowings amounted to HKD 19,900.1 million, down from HKD 24,380.9 million in 2023[21]. - The total loan balance at the end of 2024 was HKD 21 billion, down from HKD 26 billion at the end of 2023[30]. Business Operations and Strategy - The company operates primarily in property development and investment, with a focus on leveraging its management and financial resources[13]. - The company plans to continue its core business operations while exploring new investment opportunities in property-related services[13]. - The company expressed confidence in overcoming challenges in 2025 despite the reported losses in 2024, emphasizing prudent strategies and employee dedication[11]. - The company aims to maintain natural growth in its core business while balancing short-term returns and long-term capital appreciation[53]. Market Conditions and Risks - The company is facing increased market uncertainty due to financial issues among large Chinese real estate developers, high USD interest rates, geopolitical tensions, and conflicts in Ukraine and the Middle East[54]. - The group faces several major risks, including economic uncertainties and cybersecurity risks, which are monitored regularly[44]. - The company will continue to focus on mortgage lending in mainland China while implementing cost-cutting measures to generate better returns[55]. Corporate Governance - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[136]. - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[138]. - The board has adopted improved procedures in line with the corporate governance code as per the Hong Kong Stock Exchange[137]. - The company has a commitment to review its corporate governance practices at least annually[137]. - The board has delegated daily responsibilities to executive management, ensuring clear delineation of functions[140]. Diversity and Inclusion - The board has adopted a diversity policy, achieving a gender diversity ratio of 20% with 2 female directors out of 10[144]. - The employee gender ratio reached 41:59, meeting the measurable diversity target for the workforce, including senior management[144]. - The board aims to maintain the current female representation and gradually increase it when suitable candidates are identified[144]. Risk Management - The company has established a risk management and internal control system to ensure reasonable assurance against material misstatements or losses[168]. - The internal audit department is responsible for analyzing and independently assessing the adequacy and effectiveness of the group's risk management and internal control systems[169]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems annually, covering all significant controls including financial, operational, and compliance controls[167]. Investment Properties - The fair value of the group's investment properties decreased significantly compared to 2023[19]. - The group's investment properties had a revaluation value of HKD 26,327.7 million as of December 31, 2024, with a net decrease in fair value of HKD 1,026.2 million recognized in the consolidated income statement[188]. Employee Management - The total employee cost for the group was HKD 1,353.2 million, down from HKD 1,390.8 million in 2023, with a total workforce of 5,751 employees[40]. - The company is focused on enhancing employee management methods and providing professional development to mitigate human resource risks[48]. Shareholder Communication - The company emphasizes the importance of maintaining good communication with shareholders through various formal channels[176]. - The board actively participates in the annual general meeting to address shareholder inquiries[175]. - The board believes that the shareholder communication policy has been appropriately implemented and is effective[177].

Financial Performance - The company reported a net loss attributable to equity holders of approximately HKD 396 million for the year ended December 31, 2024, a decrease of about 31.4% compared to a net loss of approximately HKD 577 million in 2023[5]. - The company's revenue for 2024 was approximately HKD 578 million, a decrease of about HKD 187 million or 24.4% compared to 2023[28]. - The gross profit for 2024 was HKD 132 million, down 23.3% from HKD 172 million in 2023[28]. - The Ferrari business generated revenue of approximately HKD 420 million in 2024, an increase of 22.1% from HKD 344 million in 2023[34]. - The Maserati business recorded revenue of approximately HKD 61 million in 2024, a decline of 51.6% from HKD 126 million in 2023[35]. - The high-value collectibles and logistics business saw a revenue drop of 65.8% to approximately HKD 51 million in 2024, with an operating loss of HKD 52 million[36]. - The property investment and holding segment reported a rental income decrease of 25.0% to approximately HKD 6 million in 2024, with an operating loss of HKD 121 million[32]. - The securities business recorded an operating loss of HKD 4 million in 2024, significantly improved from a loss of HKD 251 million in 2023[33]. - Total revenue for 2024 was approximately HKD 578,000,000, a decrease of about 24.4% from HKD 765,000,000 in 2023, with 99.7% of revenue coming from Hong Kong, Macau, and mainland China[39]. - The company's equity attributable to shareholders decreased to approximately HKD 672,000,000 in 2024 from HKD 731,000,000 at the beginning of the year, a reduction of about HKD 59,000,000[40]. Dividend Policy - The company did not declare a final dividend for 2024, maintaining cash reserves to address future challenges, consistent with no dividends declared in 2023[6]. - The board of directors does not recommend a final dividend for 2024, maintaining cash reserves to address future challenges, consistent with no dividends declared in 2023[149]. - The company has adopted a dividend policy since January 2019, allowing for the declaration and distribution of dividends to shareholders while retaining sufficient reserves for future growth[136]. - The board will consider the group's financial performance, overall financial condition, and other relevant factors when proposing any dividends[138]. Business Operations - The property business in Hong Kong continues to consolidate amid a weak economy and low investment sentiment, with expectations of uncertainty in the property market for 2025 due to economic factors[8][9]. - The securities business generated stable interest income from receivable bills, as the company refrained from trading listed stocks or securities to preserve cash and reduce risk[10]. - Blackbird Group's Ferrari business saw a 70% increase in vehicle deliveries compared to 2023, with significant growth in personalized vehicle options, which increased by 33%[12]. - The launch of the Ferrari V12 GT car "12Cilindri" attracted 320,000 visitors during a four-day event in Hong Kong, exceeding initial sales targets by 80%[13]. - The Maserati Grecale was the best-selling model for Blackbird Tridente in 2024, with plans to introduce the GranTurismo model to the Hong Kong and Macau markets next year[15]. - The antique car and investment-grade vehicle business faced challenges due to a slowing global market, but management remains cautiously optimistic about long-term prospects[16]. - The company plans to expand cross-border services between Hong Kong and China, as well as Hong Kong and Macau, and will launch new projects including unloading RoRo cargo by 2025[17]. - The company has agreed to sell its stage sound and lighting business for a total consideration of HKD 8,100,000, with completion expected by February 28, 2025[18]. Risk Management - The outlook for 2025 is filled with uncertainties and challenges, including geopolitical instability and inflation, which pose significant risks to economic recovery[19]. - The company has identified key risks including geopolitical risks, inflation, and government policy changes that could significantly impact operations[127]. - The company employs a conservative approach to risk management, covering various types of risks including operational and market risks[123]. - The internal audit department conducts semi-annual reviews of the internal control system based on risk criteria[121]. - The board believes that the risk management and internal control systems are effective and sufficient for the year 2024[122]. Corporate Governance - The company has maintained a dual leadership structure with the same individual serving as both Chairman and CEO, which has been effective for strategic planning and execution[73]. - The company has adhered to all provisions of the corporate governance code for the fiscal year ending December 31, 2024, except for the separation of roles between Chairman and CEO[71]. - The board has established an ESG governance framework to oversee sustainability and related risks[70]. - The company has established three board committees: the Remuneration Committee, Audit Committee, and Nomination Committee, each with clearly defined responsibilities to assist the board in its duties[100]. - The Audit Committee is composed entirely of three independent non-executive directors, ensuring a high level of financial expertise[106]. - The board consists of two executive directors and three independent non-executive directors, maintaining a balance of skills and experience[88]. - The company has adopted a board diversity policy since August 2013, focusing on various aspects such as gender, age, and professional experience[113]. - The company has sufficient and appropriate liability insurance for directors and senior management against claims arising from corporate activities[87]. Employee Engagement - The company encourages employee training and development, providing competitive compensation and benefits[61]. - The company emphasizes employee welfare, providing competitive compensation and a safe working environment, with a focus on professional development[178]. - The company has implemented environmental management practices aimed at reducing operational impact and promoting sustainability[177]. Financial Obligations - The company has obtained waivers for financial covenants related to loans amounting to HKD 1.157 billion[81]. - The company is actively seeking opportunities to sell several assets, particularly properties, with expected completion between mid-2025 and late 2025[81]. - The board has reviewed the group's cash flow forecast, which covers a period of at least twelve months from the reporting date, and believes there will be sufficient working capital to meet financial obligations due by December 31, 2025[82]. - The group has a revolving loan amounting to HKD 344,000,000, which is renewed every three to twelve months, with a strong historical record of renewal[83]. Shareholder Communication - The company has established a shareholder communication policy to ensure active two-way communication with shareholders, providing timely and comprehensive information[133]. - The board reviewed the implementation and effectiveness of the shareholder communication policy and deemed it effective[135]. Charitable Contributions - The group made charitable donations of approximately HKD 56,000 in 2024, reflecting its commitment to community engagement[64]. - The company reported a charitable donation of approximately HKD 56,000 during the year, compared to HKD 50,000 in 2023[165].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03369） 二零二五年第一季度報告 秦皇島港股份有限公司（「本公司」或「公司」或「母公司」或「秦港股份」）董事會（「董事會」）欣然呈遞本公 司及其附屬公司（統稱「本集團」）截至二零二五年三月三十一日止第一季度未經審計業績。本公告乃 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09(2)條及第13.10B條以及 香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條文作出。 重要內容提示 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、完整，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報告中財務報表信息 的真實、準確、完整。 第一季度財務報表是否經審計 □是 ✓否 * 僅供識別 1 一、主要財 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[15]. - The company's revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% compared to the same period in 2023[16]. - Total revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% from RMB 1,216.29 million in 2023[41]. - Revenue from autonomous driving solutions and products reached RMB 1,192.58 million in 2024, up 5.50% from RMB 1,130.44 million in 2023, accounting for approximately 95.58% of total revenue[31]. - The company reported a net loss of RMB 288.34 million for the year, a 47.78% increase from RMB 195.11 million in 2023[56]. - The gross profit for the year ended December 31, 2024, was RMB 90.83 million, a decrease of 24.91% from RMB 120.96 million in 2023[45]. - The gross margin for 2024 was 7.28%, down from 9.94% in 2023[46]. - The pre-tax loss increased by 47.78% to RMB 288.34 million (2023: RMB 195.11 million)[16]. - The company reported net losses of RMB 342.3 million, RMB 195.1 million, and RMB 288.3 million for the years 2022, 2023, and 2024 respectively[190]. Research and Development - Investment in R&D has increased by 30%, totaling RMB 300 million, focusing on advanced driving assistance systems (ADAS) and autonomous driving technologies[15]. - The R&D team expanded from 292 to 474 personnel in 2024, establishing new R&D centers in multiple cities[37]. - The company applied for 250 invention patents by the end of 2024, with 93.6% related to software and algorithms[38]. - The company has developed core algorithms and software middleware, with plans to optimize software and enhance technical barriers and cost-effectiveness[78]. - The company is focusing on the development of embodied intelligence technologies, indicating a strategic shift towards advanced technological solutions[83]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, aiming for a 10% market share by 2025[15]. - The company is committed to overseas expansion, planning to extend its products and solutions to North America, South Korea, and Japan by 2025[82]. - The company is actively exploring diversified business models, focusing on autonomous driving solutions for passenger vehicles and expanding into public transport, freight logistics, agricultural machinery, industrial and warehousing, mining, and port operations[83]. - The company aims to deepen and diversify its OEM customer base by expanding its sales and marketing teams and collaborating with strategic partners[79]. - The company is accelerating the development and deployment of cutting-edge technologies and expanding into new markets and services in 2025[23]. Product Development - New product launches are scheduled for Q3 2024, including two electric vehicle models aimed at the mid-range market[15]. - The company completed orders for 32 models and mass production delivery for 22 models of its self-developed autonomous driving product series by the end of 2024[18]. - The company achieved the world's first mass production delivery of a BEV model on a low-computing power TI TDA4 chip, accelerating the adoption of autonomous driving in passenger vehicles[20]. - The penetration rate of L2 and above assisted driving new vehicles approached 50% in 2024, with expectations for continued growth in 2025 as technology costs decrease[26]. - The company delivered over 227,000 autonomous driving solutions and products in 2024, a 75% increase compared to 2023[29]. Financial Risks and Challenges - The company faces significant risks due to its reliance on a limited number of customers and suppliers, which could adversely affect its financial performance[187]. - The company is reliant on third-party suppliers, particularly Mobileye, for key components, which poses risks of supply chain disruptions[191]. - The company may experience significant component shortages and price volatility, which could hinder its ability to fulfill customer orders[194]. - The company faces credit risk due to revenue concentration among a few customers, which may impact cash flow and profitability if trade receivables are not collected on time[199]. - Changes in international relations and trade policies may adversely affect the company's business and financial performance, particularly regarding U.S. government restrictions on sensitive technologies[198]. Corporate Governance - The company has adopted corporate governance codes to enhance shareholder rights and corporate accountability[111]. - The board consists of three independent non-executive directors, ensuring over one-third independence in board composition[119]. - The company emphasizes a strong corporate culture to manage business risks and deliver sustainable returns to shareholders[112]. - The company has established a risk management and internal control system, which is reviewed at least annually for effectiveness[161]. - The company has implemented various procedures to manage financial reporting risks and provides regular training to finance department staff on accounting policies[163]. Environmental Commitment - The company has been recognized for its environmental management system, certified to ISO 14001:2015 standards[183]. - The company is committed to reducing its environmental impact through various measures, including waste management and compliance with environmental regulations[183]. - The company has initiated a sustainability program, targeting a 50% reduction in carbon emissions by 2030[15]. Management and Workforce - The company has a diverse and experienced management team, including a CEO, CTO, and Vice President, all appointed in 2017 and 2018[105]. - The management team has extensive experience in the automotive industry, with key executives having over 21 years of experience in senior leadership roles[84][85][87]. - The company had 575 employees as of December 31, 2024, an increase from 380 employees as of December 31, 2023[71]. - The company employs a total of 99 female employees, which constitutes 17.22% of the entire workforce[135]. - The company plans to provide comprehensive training to female employees to prepare them for potential board positions in the future[135].

Intelligent Connected Vehicles (ICV) Technology - The company focuses on intelligent connected vehicles (ICV) simulation testing technology, providing design, R&D, and related testing solutions[5]. - In 2021, the company's Sim Pro toolchain became the first globally to receive ASIL D functional safety certification under ISO 26262, enhancing its competitive edge in the Chinese market[6]. - The company launched Safety Pro, a functional safety analysis tool for ICV, which received ISO 26262 TCL 2 certification in July 2023[6]. - The company aims to reduce reliance on foreign-developed ICV simulation testing software, positioning itself as a domestic alternative[6]. - The company is committed to enhancing its technological capabilities in ICV testing, validation, and evaluation[6]. - The ICV industry is experiencing rapid growth due to government support and increasing consumer acceptance of smart vehicle features, presenting significant development opportunities for the company[23]. - The company continues to enhance its core products, Sim Pro and Safety Pro, to support the development of intelligent driving technology[20]. - The company is actively expanding its application scenarios and pushing for the safe implementation of intelligent driving technology[20]. - The company is actively exploring and developing hardware products to complement ICV simulation testing and data platforms[29]. Financial Performance - For the fiscal year 2024, the company achieved revenue of approximately RMB 221.9 million, representing a growth of 26.3% compared to fiscal year 2023[25]. - The net profit for the fiscal year 2024 was approximately RMB 55.1 million, reflecting a growth of 3.1% from the previous fiscal year[25]. - Revenue from ICV simulation testing software and platform reached RMB 133.8 million, representing a 33.1% increase compared to the fiscal year 2023[26]. - Revenue from ICV data platform and other products was approximately RMB 20.6 million, reflecting a 3.5% growth compared to the fiscal year 2023[28]. - Revenue from ICV testing and related services amounted to approximately RMB 37.9 million[33]. - Revenue from consulting and other services increased by 80.9% to approximately RMB 29.5 million compared to the fiscal year 2023[33]. - Revenue increased from RMB 175.7 million in FY2023 to RMB 221.9 million in FY2024, representing a growth of approximately 26.3%[41]. - Gross profit rose from RMB 124.6 million in FY2023 to RMB 151.8 million in FY2024, an increase of about 21.9%, while gross margin decreased from 70.9% to 68.4%[44]. Research and Development (R&D) - The company plans to enhance investment in R&D and technology innovation to improve core competitiveness and expand market share in China and overseas[35]. - Continuous investment in R&D has driven technological innovation and product upgrades, improving market competitiveness[27]. - The company is focusing on R&D for existing solutions such as Sim Pro and Safety Pro, with an investment of HKD 62.8 million[173]. - The company aims to optimize existing solutions and develop new products, focusing on tools based on the Sim Pro toolchain, including SGO Pro, DB Pro, and Cloud Pro[36]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product offerings[1]. Market Expansion and Strategy - The company plans to continue innovating and expanding its product offerings in the ICV simulation testing sector[6]. - The company is strategically positioned to leverage its early market entry advantage in China's ICV simulation testing market[6]. - The company intends to expand its customer base and geographical market coverage, particularly in more cities in China and potentially establish a representative office in Hong Kong[38]. - Market expansion plans include entering three new international markets by the end of the year, targeting a 25% increase in market share[1]. - The company is actively pursuing market expansion and potential mergers and acquisitions to strengthen its market position[6]. Customer and Supplier Relationships - The company has established a strong customer base, including government entities, state-owned enterprises, and well-known automotive manufacturers[5]. - The company established long-term partnerships with several well-known automotive manufacturers and technology companies, enhancing business opportunities and growth potential[27]. - The group’s top five customers accounted for 63.5% of total revenue, with the largest customer contributing 16.2%[146]. - The group’s top five suppliers represented approximately 97.7% of total procurement, with the largest supplier accounting for 44.6%[146]. Corporate Governance and Management - The board of directors is responsible for the company's strategic direction and policy formulation, ensuring decisions are made in the best interest of shareholders[183]. - All independent non-executive directors have confirmed their independence, ensuring a balanced and independent judgment within the board[188]. - The company has established a comprehensive onboarding process for newly appointed directors to ensure they understand the business and regulatory responsibilities[190]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing financial reporting and risk management[197]. - The supervisory board confirmed that the company's financial system is sound, with no significant omissions or false records in the financial reports, reflecting a good financial condition[178]. Sustainability and Social Responsibility - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[1]. - The company has established an ESG task force to oversee sustainability strategies and address related issues within its operations[121]. - The company is participating in industry standard-setting and policy research to enhance its technological capabilities and market reputation[158]. Employee and Talent Management - The company aims to increase its workforce by 15% to support growth initiatives and new projects[1]. - The total number of employees increased to 187 as of December 31, 2024, from 181 as of December 31, 2023, with employee costs approximately RMB 71.2 million in FY2024[80]. - The company plans to increase its talent pool by recruiting professionals in software development, algorithms, and project management to support business development[39]. Financial Position and Assets - The total assets of the company as of December 31, 2024, amounted to RMB 667.96 million, an increase from RMB 600.81 million in 2023[18]. - The company's total liabilities as of December 31, 2024, were RMB 110.25 million, up from RMB 99.40 million in 2023[18]. - Current assets increased from RMB 449.3 million as of December 31, 2023, to RMB 495.7 million as of December 31, 2024, primarily due to increases in cash and cash equivalents, contract fulfillment costs, and trade receivables[63]. - Cash and cash equivalents increased from RMB 118.4 million as of December 31, 2023, to RMB 208.3 million as of December 31, 2024, mainly due to the redemption of financial products[64]. Shareholder Information - The board of directors has recommended not to declare any final dividend for the fiscal year ending December 31, 2024[123]. - The company has issued a total of 133,333,400 shares, including 100,000,000 unlisted shares and 33,333,400 H-shares[136]. - Major shareholder Kongge Technology holds approximately 30.17% of the unlisted shares, equating to 30,169,382 shares[138]. - The company has a significant concentration of ownership, with Hu Dailin, Wang Yishuang, and He Feng each holding 45.44% of the unlisted shares[138].

Financial Performance - The Group's revenue increased by approximately 15.8% from approximately MOP582.9 million for the year ended 31 December 2023 to approximately MOP675.2 million for the year ended 31 December 2024[23]. - The Group recorded a loss for the year of approximately MOP17.7 million[23]. - The Group's gross profit decreased by approximately MOP 3.3 million or 32.0% to approximately MOP 7.0 million for the year ended 31 December 2024, down from approximately MOP 10.3 million for the year ended 31 December 2023[45]. - The gross profit margin decreased to approximately 1.0% for the year ended 31 December 2024 from approximately 1.8% for the year ended 31 December 2023[45]. - The total comprehensive loss for the year was approximately MOP17.7 million for 2024, a decrease from approximately MOP34.1 million in 2023, mainly due to the combined effects of the aforementioned items[57][62]. - The basic loss per share for the year ended December 31, 2024, was approximately MOP1.61 cents, down from approximately MOP3.12 cents in 2023[58][63]. - The Group's total equity attributable to owners decreased to approximately MOP 160.8 million as of December 31, 2024, from approximately MOP 178.5 million in 2023[90]. - The Group's other income and gains increased to approximately MOP4.8 million for the year ended December 31, 2024, compared to a loss of approximately MOP1.1 million for the year ended December 31, 2023[48][52]. Project and Market Activity - The Group completed 39 building and ancillary services projects and was awarded 29 new projects during the year[23]. - The public sector market in Macau remains vibrant due to new construction projects launched by the Macau Government[25]. - The construction market in Macau is expected to increase due to the resurgence of the gaming and tourism sectors, providing opportunities for the Group to expand its footprint in the private sector[29]. - The Group aims to explore business opportunities in Hong Kong, focusing on foundation works, which are expected to provide strategic benefits and support overall growth[29]. - The Group anticipates an increase in Macau's construction market activities due to the recovery of the gaming and tourism industries, presenting opportunities for expansion in the private sector market[118]. Cost Management and Financial Strategy - Rising costs and competitive pressures adversely impacted the gross profit of construction projects despite revenue growth[24]. - Strict cost control measures are a top priority for the Group to navigate the competitive environment in Hong Kong[26]. - The Group is committed to improving financial performance through strict cost control amidst challenges such as potential tariffs affecting construction material costs[30]. - The Group emphasizes cost control and operational efficiency to safeguard financial performance amid potential tariffs affecting construction material costs[119]. - The Group will continue to monitor market dynamics and adjust its strategies as needed to ensure financial stability and sustained growth[119]. Corporate Governance and Management - The Group's commitment to high corporate governance standards aims to safeguard shareholder interests and enhance corporate value[162]. - The Company has complied with all applicable code provisions of the Corporate Governance Code except for the deviation from code provision C.2.1, which requires separation of the roles of chairman and chief executive officer[163]. - The Board consists of six Directors, including three independent non-executive Directors, ensuring sufficient independent voice to protect the interests of the Company and its shareholders[172]. - The Company has received written confirmation from each independent non-executive Director regarding their independence according to the guidelines set out in Rule 3.13 of the Listing Rules[194]. - The Nomination Committee evaluates candidates for directorship based on criteria including character, qualifications, and independence[196]. Human Resources and Employment - The Group had 295 full-time employees as of December 31, 2024, a significant decrease from 598 in 2023[108]. - The Group has not faced significant labor disputes or difficulties in recruiting skilled personnel, ensuring operational stability[77]. - The Group's total staff costs from operations were approximately MOP151.9 million for the year ended December 31, 2024, compared to approximately MOP111.1 million in 2023, representing an increase of about 36.6%[112]. Risks and Challenges - The Group faces risks related to securing new contracts, as revenue is derived from non-recurrent projects and there is no guarantee of future business after current projects are completed[66][68]. - The future growth of the construction industry in Macau and Hong Kong is uncertain and heavily reliant on government spending and private sector project availability[70]. - The Group's credit risk concentration increased, with 35.6% of total trade receivables due from the largest debtor and 77.1% from the five largest debtors as of December 31, 2024[105]. Equipment and Capacity - The Group aims to enhance construction capacity and efficiency by acquiring additional equipment in 2024[18]. - The Group's property, plant, and equipment increased to approximately MOP115.0 million as of December 31, 2024, from approximately MOP86.8 million as of December 31, 2023, with acquisitions of approximately MOP52.1 million during 2024[60][65]. Board Changes - Mr. Cheung Wai Lun Jacky resigned as an independent non-executive director in December 2024[114]. - Mr. Chan Wai Keung was appointed as an executive director on October 18, 2024, and is responsible for business development[131]. - Mr. Chan has over 35 years of experience in business operations, international trade, and investments, currently serving as chairman and CEO of China Trend Investments Limited[132].

Healthcare Operations - The company operates 73 medical institutions across 14 provinces and municipalities in China, including 6 tertiary hospitals and 31 secondary hospitals, with a total of over 16,000 beds[9]. - The company aims to contribute to the "Healthy China" strategy and enhance its role in the national healthcare sector[9]. - The company is committed to providing quality medical services that are safe, effective, accessible, and human-centered[9]. - The company has added 2 new tertiary specialty hospitals, achieving a breakthrough in national key specialties, with a total expansion area of 270,000 square meters[13]. - The company has served a cumulative total of 41 million patients through its internet health platform, enhancing its digital capabilities[14]. - The total number of patient visits across 65 consolidated medical institutions reached approximately 10.414 million, representing a year-on-year growth of 4.5%, with surgical procedures exceeding 106,000, up 13.3%[29]. - The total number of discharges increased by 6.2% to 521,000, with bed occupancy rate improving from 89.0% to 90.0%[30]. - The group successfully reduced overall drug and consumable costs as a percentage of revenue by 3 percentage points, enhancing the sustainability and risk resistance of medical institutions[31]. - The rehabilitation specialty revenue reached RMB 601.2 million in 2024, representing a year-on-year growth of 20.2%[43]. - The nephrology specialty generated revenue of RMB 317.3 million in 2024, with a year-on-year increase of 15.7%[44]. Financial Performance - The company achieved total revenue of RMB 13,663.5 million for the year ended December 31, 2024, representing a year-on-year growth of 0.1%[24]. - Revenue from the healthcare business reached RMB 8,488.3 million, an increase of 8.4% year-on-year, accounting for 62.1% of total revenue[24]. - The company's net profit for the year was RMB 2,258.3 million, up 2.7% year-on-year, with the healthcare business contributing RMB 522.2 million, a 15.0% increase[24]. - The return on total assets (ROA) was 2.71%, while the return on equity (ROE) for common shareholders was 12.37%[24]. - The company’s basic earnings per share (EPS) was RMB 1.07, maintaining the same level as the previous year[24]. - The company achieved a net profit of RMB 86.5 million from the medical equipment lifecycle management business in 2024, reflecting a year-on-year increase of 145.4%[47]. - The financial services segment reported a revenue of RMB 5,227.2 million in 2024, a year-on-year decrease of 11.1%, while net profit rose by 0.2% to RMB 1,747.6 million[56]. - The financial segment's revenue decreased by 11.1% to RMB 5,227.2 million, making up 38.3% of total revenue[62]. - The healthcare segment's gross profit rose by 31.1% to RMB 1,401.8 million, while the financial segment's gross profit decreased by 8.4% to RMB 3,028.1 million[61]. Strategic Development - The company focuses on the rapidly developing healthcare industry in China, leveraging its strengths in medical services, financial services, and health technology[9]. - The company emphasizes the integration of finance and healthcare to build a shared and win-win ecosystem in the health industry[9]. - The company is actively responding to opportunities in the healthcare sector, aiming to leverage its advantages as a central enterprise[9]. - The company has completed multiple acquisitions in fields such as ophthalmology and smart healthcare, improving its business layout under the "1+N" strategy[14]. - The company has launched nearly 600 lean management projects, achieving significant improvements in efficiency, quality, and cost savings[14]. - The company aims to leverage its strengths in medical and financial resources to build a comprehensive health ecosystem and create a world-class healthcare group[58]. - The company plans to continue strengthening its health technology business and accelerate the development of its health industry ecosystem[67]. Risk Management and Governance - The company has established a systematic risk control system, utilizing a multi-dimensional risk assessment model for management[128]. - The company has implemented a comprehensive risk management framework involving multiple departments to enhance asset quality and safety[149]. - The company actively monitors and manages credit risk by only engaging with reputable third parties and regularly assessing the creditworthiness of clients[145]. - The board regularly reviews and strengthens its corporate governance practices to ensure compliance with governance codes[168]. - The audit committee is responsible for monitoring the integrity of the company's financial statements and reviewing significant opinions related to financial reporting[188]. - The company has a dedicated risk control department that implements a tiered authorization approval system for regular business evaluations[128]. Employee and Board Diversity - The group had a total of 22,885 employees, an increase of 1,851 employees (8.8%) compared to June 30, 2023[165]. - Approximately 66.01% of employees hold a bachelor's degree or higher, while 6.84% possess a master's degree or higher[165]. - The board consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors[173]. - The board has maintained a minimum of three independent non-executive directors, fulfilling the listing rules requirements[179]. - The company emphasizes the importance of board diversity in skills, experience, and demographics to enhance performance quality[194]. - The current board composition is deemed sufficiently diverse, with a focus on various skills and backgrounds[195]. - The company plans to maintain its current gender ratio in the future, which is considered satisfactory[199].

Financial Performance - In 2024, JW Therapeutics generated nearly RMB 160 million in revenue from the sales of Benaodai®, maintaining stability compared to 2023[9]. - Revenue for the year ended December 31, 2024, was RMB 158.2 million, a decrease of 9.0% from RMB 173.9 million for the year ended December 31, 2023[13]. - Gross profit decreased by 12.4% to RMB 77.3 million, with a gross margin of 48.9%, down from 50.7% in the previous year[14]. - The net loss for the year ended December 31, 2024, was RMB 590.6 million, a reduction from RMB 768.0 million in the previous year[15]. - The adjusted loss for the year ended December 31, 2024, decreased to RMB 405.5 million from RMB 514.5 million for the year ended December 31, 2023, primarily due to reduced general and administrative expenses[19]. - Other income and losses decreased to RMB 147.6 million from RMB 219.2 million, reflecting a reduction in impairment losses related to licenses[15]. - Total assets decreased to RMB 1,680.4 million as of December 31, 2024, down from RMB 2,146.1 million in the previous year[17]. - As of December 31, 2024, cash and cash equivalents amounted to RMB 757.4 million, a decrease of RMB 248.5 million compared to RMB 1,005.9 million as of December 31, 2023[18]. - The company had a cash outflow of RMB 248.5 million during the year, primarily due to R&D expenses and administrative costs[87]. - The total number of employees decreased by 29.4% to 281 as of December 31, 2024, compared to 398 in 2023[98]. Research and Development - The company initiated a Phase I clinical trial for relma-cel in treating SLE, with patient enrollment completed by the end of 2024[10]. - The company aims to continue the development of Beiduo Da® for treating other hematological malignancies and autoimmune diseases, with a new drug application submission planned[12]. - The company has made significant progress in developing innovative products with global commercialization potential[22]. - The company is focused on expanding its pipeline of CAR T-cell therapies targeting various hematological malignancies and autoimmune diseases[40]. - The company has initiated clinical development for cell therapy products targeting MAGE-A4 and DLL3 for solid tumors, and started IND research for relma-cel as a potential treatment for SLE[36]. - The company is developing a targeted therapy for SLE, which is anticipated to capture a significant market share due to the high treatment demand[55]. - JWTCR001, a specific cell therapy product targeting MAGE-A4, has received priority review from the FDA for its application in treating synovial sarcoma[57]. - The company is advancing multiple candidates for solid tumors, with ongoing clinical trials for products targeting HCC and other malignancies[56]. Product Development and Approval - Benaodai® received approval from the National Medical Products Administration in August 2024 for the treatment of r/r MCL patients, becoming the first cell therapy product approved in China for this indication[10]. - The National Medical Products Administration accepted the supplemental new drug application for Benauda to treat r/r MCL adult patients in early 2024, with priority review granted[36]. - The company plans to submit a new drug application for Beinuoda® for the treatment of r/r MCL patients in the first half of 2025, following the completion of patient enrollment in the clinical trial[27]. - Relma-cel has received breakthrough therapy designation for second-line treatment of r/r LBCL, with the first patient enrolled in November 2023 and completion of enrollment expected in H2 2024[44]. Market Strategy and Expansion - JW Therapeutics is focusing on three main areas for progress in 2025, aiming to lead the development of high-quality cell immunotherapy products in China and globally[11]. - The company is actively seeking business collaboration opportunities with domestic and international partners to enhance clinical development efficiency and generate positive cash flow[12]. - The company is focusing on international expansion and developing innovative pipeline products targeting blood cancers, solid tumors, and autoimmune diseases[28]. - The commercial team has been strengthened to enhance the commercialization of Benauda in China, focusing on training healthcare professionals and expanding insurance coverage[34]. Cost Management and Efficiency - Research and development expenses decreased by 31.6% to RMB 283.0 million, primarily due to optimization of R&D personnel and reduced employee benefits expenses[14]. - Sales expenses increased by 24.0% to RMB 140.4 million, driven by exploration of various commercialization methods[14]. - The company has implemented a cost reduction plan, including sourcing key raw materials from domestic suppliers, to enhance efficiency and control costs[29][35]. - The company has streamlined its organization to enhance sales revenue growth and operational efficiency[22]. Leadership and Governance - Liu Min was appointed as the CEO and Executive Director of the company on July 31, 2024, bringing over 25 years of experience in the pharmaceutical industry[113]. - The company has a strong leadership team with diverse backgrounds in the biopharmaceutical sector, including experience from major firms like Roche and Merck[115][118]. - The company has established a robust governance structure with independent directors providing oversight and strategic advice[120]. - The company is committed to regulatory compliance and effective corporate governance to support its growth initiatives[113]. Challenges and Risks - The company has incurred significant losses since its inception and expects to continue experiencing losses in the foreseeable future[137]. - The lengthy and costly clinical development process for biopharmaceutical products is fraught with uncertainty, and early research results may not predict future trial outcomes[137]. - Regulatory approval processes for candidate products are lengthy, time-consuming, and unpredictable, which could severely impact the company's business if approvals are delayed or not obtained[140]. - The company may face difficulties in production processes, especially in developing or scaling up production capacity for its cell therapy products[140]. Employee and Compensation - Total payroll costs for the year were RMB 227.7 million, down from RMB 323.6 million in the previous year, representing a 29.6% reduction[98]. - The employee distribution by function as of December 31, 2024, is as follows: Production 41.3%, R&D 25.3%, Commercial 17.4%, and Support Functions 12.8%[173]. - The company has adopted various incentive plans, including pre-IPO and post-IPO incentive plans[174].

Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately RMB128.6 million, an increase of approximately 41.3% compared to RMB91.0 million for the year ended December 31, 2023[19]. - Gross profit for the year ended December 31, 2024, was approximately RMB102.1 million, reflecting an increase of approximately 38.3% from RMB73.8 million for the year ended December 31, 2023[19]. - Profit attributable to owners of the Company for the year ended December 31, 2024, was approximately RMB31.9 million, a significant increase of approximately 94.5% compared to RMB16.4 million for the year ended December 31, 2023[19]. - The digital marketing services business achieved revenue of approximately RMB 24.1 million in 2024, a significant increase from approximately RMB 6.6 million in the same period in 2023, accounting for approximately 18.7% of the Group's total revenue[25][36]. - Revenue from mobile charges and mobile data usage top-up services increased from approximately RMB 84.4 million for the year ended December 31, 2023, to approximately RMB 104.5 million for the year ended December 31, 2024[24][27]. - Cost of revenue increased by approximately 42.4% to approximately RMB 23.5 million for the year ended December 31, 2024, from approximately RMB 16.5 million for the year ended December 31, 2023[37][39]. - Distribution and selling expenses rose by approximately 65.0% to approximately RMB 16.5 million for the year ended December 31, 2024, compared to approximately RMB 10.0 million for the year ended December 31, 2023[42]. - Other income (net) decreased by approximately 1.4% to approximately RMB 7.1 million for the year ended December 31, 2024, from approximately RMB 7.2 million for the year ended December 31, 2023[41]. - The overall gross profit margin slightly decreased to approximately 79.4% for the year ended December 31, 2024, from approximately 81.1% for the year ended December 31, 2023[40]. - Research and development expenses rose by approximately 58.2% to approximately RMB12.5 million for the year ended 31 December 2024, up from approximately RMB7.9 million for the year ended 31 December 2023[49]. - Finance costs increased by approximately 45.5% to approximately RMB3.2 million for the year ended December 31, 2024, compared to approximately RMB2.2 million for the year ended December 31, 2023[50]. Operational Efficiency and Strategy - The management optimized the cost structure and adopted more precise marketing strategies, contributing to the increase in overall gross profit[19]. - The transaction amount of digital marketing services increased significantly compared to the previous year, driving revenue growth[19]. - The Group continues to solidify its strengths in core business and deploy diversified digital equity business to drive revenue growth[18]. - The Group is implementing measures to enhance operational efficiency and maintain profitability amid a complex market environment[18]. - The overall macroeconomic recovery was slower than expected, yet the digital marketing services business showed strong growth[18]. - The Group's strategy includes reducing costs and enhancing efficiency to cope with market volatility[18]. - The Group expects the proportion of new businesses to continue increasing in the coming years as new customer projects are launched in 2025[26]. - The launch of the DeepSeek model in January 2025 is anticipated to enhance AI application popularity and drive business growth through strengthened technical solution capabilities[29][31]. Cash Flow and Financial Position - Net cash used in operating activities was approximately RMB123.7 million for the year ended December 31, 2024, compared to net cash from operating activities of approximately RMB117.1 million for the year ended December 31, 2023[62]. - As at 31 December 2024, cash and cash equivalents were approximately RMB50.8 million, down from approximately RMB89.8 million as at 31 December 2023[59]. - Total borrowings increased to approximately RMB122.0 million as at 31 December 2024, compared to approximately RMB30.0 million as at 31 December 2023[63]. - The current ratio was approximately 2.3 as at 31 December 2024, down from approximately 3.3 as at 31 December 2023[59]. - Net current assets increased to approximately RMB313.6 million as at 31 December 2024, compared to approximately RMB281.6 million as at 31 December 2023[59]. - Trade receivables from mobile top-up service decreased from approximately RMB132.8 million for the year ended 31 December 2023 to approximately RMB113.8 million for the year ended 31 December 2024, a decrease of about 14.3%[67]. - Trade receivables turnover days increased to 5.96 days for the year ended 31 December 2024 from 5.77 days for the year ended 31 December 2023[68]. - The amount of impairment loss recognized for trade receivables increased from approximately RMB66,000 for the year ended 31 December 2023 to approximately RMB1.3 million for the year ended 31 December 2024[69]. - The gearing ratio increased to approximately 39.5% as at 31 December 2024 from approximately 10.7% as at 31 December 2023 due to increased borrowings[74]. - Capital expenditures remained stable at approximately RMB1.5 million for the years ended 31 December 2023 and 2024[75]. - The Group did not have any significant capital commitments or material investments as at 31 December 2024[83][89]. Human Resources and Corporate Governance - The Group had a total of 156 full-time employees as of December 31, 2024, an increase from 124 employees as of December 31, 2023[98]. - Total staff costs, including Directors' remuneration, were approximately RMB 51.8 million for the year ended December 31, 2024, compared to approximately RMB 36.6 million for the year ended December 31, 2023, representing an increase of 41.5%[98]. - The Directors did not recommend the payment or declaration of a final dividend for the year ended December 31, 2024, consistent with the previous year[97]. - The Group emphasizes competitive remuneration and has been actively recruiting and promoting employees based on merit and development potential[98]. - Training opportunities are provided to employees to enhance their qualifications and equip them with necessary skills[98]. - The Group's strategic planning and management are overseen by its honorary chairman, who has over 18 years of experience in information technology-related industries[107]. - The Group's executive team includes individuals with extensive backgrounds in telecommunications and finance, contributing to its strategic direction[101][102]. - The Group has been focusing on performance-based remuneration packages, including share options for eligible participants[98]. - The Group's management believes that employees are one of its most important assets, highlighting the importance of human capital in its operations[98]. Board and Governance Structure - The Company has complied with all applicable code provisions of the Corporate Governance Code for the year ended December 31, 2024[136]. - The Board emphasizes the importance of good corporate governance to safeguard shareholder interests and enhance accountability[135]. - All directors confirmed compliance with the Model Code for Securities Transactions during the year ended December 31, 2024[137]. - The Board currently comprises eight Directors, including three executive Directors, two non-executive Directors, and three independent non-executive Directors[143]. - The roles of Chairman and Chief Executive Officer are separated, with Mr. Zhou Jinhuang as Chairman and Mr. Guan Heng as CEO, ensuring clear division of responsibilities[148]. - The Company has complied with the Listing Rules regarding the appointment of independent non-executive Directors, maintaining at least three such Directors on the Board[153]. - The Board is responsible for the leadership and control of the Company, overseeing strategic decisions and performance, while delegating day-to-day management to the CEO and senior management[155]. - The Company adheres to high standards of corporate governance, continuously optimizing its governance structure to enhance its governance level[140]. - The Company actively fulfills its social responsibilities, aiming for high-quality and sustainable development to create value for shareholders, customers, employees, and society[142]. - The Board has established various committees to delegate responsibilities and ensure effective governance[155]. - The Company has received written annual confirmations of independence from all independent non-executive Directors, affirming their compliance with independence guidelines[154]. - The Company emphasizes the importance of corporate culture as a support for long-term development and good corporate governance[138]. - The Board comprises eight Directors, ensuring a diverse mix of gender, age, background, knowledge, and skills[168]. - As of December 31, 2024, the Board consists of seven male directors and one female director, reflecting a commitment to gender diversity[171]. - The Group's workforce gender ratio is 50% male and 50% female as of December 31, 2024, indicating a balanced approach to diversity[172]. - The Company has adopted a Board Diversity Policy to enhance diversity through various measurable factors, including gender, age, and professional qualifications[165]. - The Nomination Committee will review the Board diversity policy annually to ensure its effectiveness[167]. - The Board meets at least four times a year, with advance notice of at least 14 days for regular meetings to ensure all Directors can attend[174]. - Directors have access to all Company information and can seek independent professional advice at the Company's expense[161]. - The Company has arranged appropriate insurance cover for Directors' liabilities in respect of legal actions against them[163]. - Minutes of board meetings are kept in detail, including decisions made and concerns raised by Directors[176]. - The Articles of Association require Directors to abstain from voting on transactions in which they have a material interest[177]. - The Company held an annual general meeting and an extraordinary general meeting during the year ended 31 December 2024[183]. - All Directors attended training sessions on duties and obligations of directors of companies listed on the Stock Exchange in 2024[187]. - Each executive Director has a service contract with a specific term of three years, subject to termination with three months' notice[195]. - The Chairman met with non-executive Directors and independent non-executive Directors without executive Directors present to discuss pertinent issues[184]. - All Directors are subject to retirement by rotation at least once every three years[196]. - The Nomination Committee is responsible for reviewing Board composition and monitoring the appointment and succession planning of Directors[197].

Investment in New Energy - In 2024, total investment in new energy projects in China amounted to RMB 3.7 trillion, a year-on-year decrease of 53.8%[13]. - Investment in wind power and photovoltaic power reached RMB 1.7 trillion, accounting for 46% of the total investment in the new energy sector[15]. - The overall trend for wind power, solar power, and energy storage investments remains steady and positive[17]. - The Group plans to focus on East China, Southwestern China, South China, and Northwestern China for future investments, considering factors like electricity market maturity and resource availability[30]. - The Group's new energy business is supported by substantial shareholders, enhancing resource sharing and business synergies[21]. - The Group is actively responding to policy changes and optimizing its management model to explore diversified investment opportunities in renewable energy[20]. Wind and Solar Power Capacity - The annual newly installed wind power and photovoltaic power generation capacity achieved the 2030 planning target six years ahead of schedule[16]. - Global installed wind power generation capacity reached 136 GW in 2024, indicating a rising demand for wind power[12]. - In 2024, the Group added 840MW of new wind and solar power grid-connected capacity, primarily in economically developed regions such as Guangdong and Jiangsu[22]. - In 2024, newly installed photovoltaic power generation output in China reached 278GW, a year-on-year increase of 28%, with a total installed capacity of 886GW, representing a 45% increase year-on-year[66]. - The newly installed wind power capacity in China reached 79.8GW, a year-on-year increase of 6%, with a total grid-connected capacity of 521GW, up 18% from the previous year[68][70]. Energy Storage Developments - The demand for energy storage has increased significantly, becoming a key solution for new energy consumption challenges[12]. - The Group achieved a grid-connected energy storage capacity of 307MWh, including a 100MW/200MWh independent energy storage station in Yunnan and a 14.9MW/59.8MWh industrial and commercial energy storage station in Shenzhen[22]. - The cumulative installed capacity of new energy storage projects in China reached 73.76GW by the end of 2024, reflecting a growth of over 130% compared to the end of 2023[73][75]. - The price of 2-hour energy storage systems dropped from RMB1.6/Wh in early 2023 to around RMB0.5/Wh, and energy storage battery cell prices fell from RMB0.95/Wh to approximately RMB0.3 to 0.35/Wh[74][75]. - The energy storage business is focusing on economically viable core areas, with a development and reserve scale exceeding 50MWh in Jiangsu and Shaanxi regions[101]. Financial Performance - Revenue for the company decreased by approximately 16.9% year-on-year to RMB1,295,563,000, while profit attributable to owners increased by 15.6% to RMB114,136,000[81]. - For the year ended December 31, 2024, the Group's revenue decreased by approximately 16.9% to RMB 1,295,563,000 compared to RMB 1,559,437,000 in 2023, while profit attributable to equity holders increased by approximately 15.6% to RMB 114,136,000[84]. - The EPC and consulting segment's revenue from external customers decreased by approximately 49.5% to RMB 517,228,000, primarily due to strategic shifts and a downturn in the real estate sector[85]. - The Group's power generation segment recorded a revenue growth of approximately 48.8% to RMB 756,231,000, with segment profit increasing by approximately 28% to RMB 349,908,000[96]. - Profit for the year increased by approximately 12.9% to RMB119,901,000, compared to RMB106,157,000 in 2023[192]. Strategic Initiatives and Future Outlook - The Group is proactively adjusting its strategic development and investment direction in response to industry changes and competition pressures[17]. - The Group aims to strengthen the operation and management of power stations to enhance operational efficiency and ensure safe production[33]. - The Group anticipates challenges and opportunities in upgrading distribution networks and improving grid connection capacity due to increasing installed capacity of new energy[29]. - The Group will continue to innovate and optimize engineering project quality to contribute to national new energy development[34]. - The Group will focus on stability, deepening reform and innovation, and optimizing the main responsibility of investment, construction, and operation of new energy power stations[176]. Environmental and Social Responsibility - The Group adheres to environmental protection principles, actively developing green energy and minimizing pollution[145]. - The Group has established a quality, environmental, and occupational health and safety management system in accordance with relevant standards[152]. - The Group is committed to creating a safe working environment and has obtained GB/T45001-2020/ISO 45001-2018 certification for occupational health and safety management[159]. - The Group actively integrates sustainable development into all aspects of operations and business decisions through the ESG Working Group[151]. - The Group has implemented customer property management policies to protect customer privacy and comply with relevant laws[164].