Financial Performance - The company reported a profit of HKD 27,075,000 for the fiscal year ending December 31, 2024, compared to a profit of HKD 12,136,000 for the previous year, representing an increase of approximately 123%[7] - For the fiscal year ending December 31, 2024, the group recorded revenue of HKD 261,781,000 and profit of HKD 27,075,000, compared to revenue of HKD 196,609,000 and profit of HKD 12,136,000 for the fiscal year ending December 31, 2023, representing a revenue increase of approximately 33.1% and profit increase of approximately 123.5%[28] - Interest income from financial lending business for the year was approximately HKD 257.5 million, an increase of about HKD 63.0 million compared to HKD 194.5 million for the fiscal year ending December 31, 2023[30] - The group reported a net impairment loss on loans and interest of approximately HKD 96.4 million and a fair value loss on investment properties of approximately HKD 6.0 million[30] - The total revenue from external customers in Hong Kong was HKD 257,469,000, up from HKD 194,994,000 in the previous year, while revenue from China increased to HKD 4,312,000 from HKD 1,615,000[39] Customer Growth - The number of active customers for unsecured loans increased from 13,491 as of December 31, 2023, to 15,523 as of December 31, 2024, reflecting a growth of about 15%[12] - The company reported a significant increase in user data, with a growth rate of 25% year-over-year in active users[74] Loan and Interest Rates - Revenue generated from unsecured loans for the year ending December 31, 2024, was approximately HKD 211,117,000, up from HKD 157,548,000 in the previous year, indicating a growth of around 34%[12] - The weighted average annual interest rate for unsecured loans was approximately 40%, with loan amounts ranging from HKD 5,000 to HKD 800,000[12] - The company has focused on providing mortgage loans secured by residential properties in Hong Kong, with interest rates for these loans ranging from 12% to 24%[13] Dividends - The company did not declare any interim or final dividends for the fiscal year ending December 31, 2024, consistent with the previous year[8] - The board does not recommend a final dividend for the year ending December 31, 2024, mirroring the decision from the previous year[60] - No interim dividend was declared for the six months ending June 30, 2024, consistent with the previous year[59] Risk Management - The company plans to actively review its loan portfolio and risk control measures to minimize default risks while implementing strict loan application requirements[24] - The company has established a rigorous control framework for credit approval and renewal processes to limit risk concentration across various factors[15] - The company emphasizes core risk management and aims to improve its risk pricing model[24] - The company has implemented strict anti-corruption and anti-money laundering policies to maintain high ethical standards in business activities[160] Marketing and Product Development - The company has invested resources in marketing to attract new customers for unsecured loans through various advertising channels[11] - The launch of the upgraded X Wallet application, featuring X Lend and X Pay, marks a significant milestone in establishing a leading fintech innovation enterprise in Hong Kong[25] - The company will adopt multiple marketing strategies to promote the X Wallet and X Pay brands, enhancing market visibility[24] - The company plans to launch three new products in Q3 2024, targeting a 30% increase in sales from these new offerings[81] Corporate Governance - The board emphasizes the importance of compliance and corporate governance, with ongoing training programs for all employees[79] - The company has complied with the corporate governance code for the year ending December 31, 2024, with a commitment to high-quality governance standards[111] - The board has established the company's purpose, values, and strategies, promoting a culture of integrity and ethical conduct[112] Shareholder Information - The company has established procedures for shareholders to propose matters for special meetings and to nominate candidates for the board[171][174] - The company has maintained a sufficient public float, with at least 25% of its issued shares held by the public as of the report date[98] - The company continues to monitor potential conflicts of interest involving Mr. Li Li in competitive businesses[87] Employment and Workforce - As of December 31, 2024, the group employed 112 staff members, with compensation policies based on performance, qualifications, and market data[54] - The gender ratio within the group as of December 31, 2024, shows that women account for approximately 38% of the workforce, with 27% of management positions held by women[146] Financial Position - As of December 31, 2024, the net amount of receivables and interest recorded by the company was HKD 909,959,000, with an expected credit loss provision of HKD 91,251,000[15] - The group’s total liabilities increased to HKD 307,662,000 in 2024 from HKD 184,202,000 in 2023, resulting in a debt-to-equity ratio of 17% compared to 8% in the previous year[43] - As of December 31, 2024, the group held approximately HKD 121 million in cash, representing about 23% of total current assets[43] Acquisitions and Investments - The company acquired all issued share capital of Alpha Moment Technology Limited for approximately HKD 25,000 on April 30, 2024, aiming to enhance its strategic value in the IT sector[23] - The company sold its subsidiary, Tianli (Fujian) Real Estate Development Co., Ltd., for HKD 160,000,000, with the transaction completed on January 12, 2024[95] Audit and Financial Reporting - The financial report highlights a 10% increase in overall revenue, reaching $50 million for the last quarter[82] - The independent auditor's report confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[177] - The audit committee is responsible for overseeing the financial reporting process of the group[195] Environmental and Social Responsibility - The group aims to minimize environmental impact through various energy efficiency measures and regular monitoring of their effectiveness[47] Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[75] - Market expansion efforts include entering two new regions, aiming for a 20% increase in market share by the end of the next fiscal year[78]

Financial Performance - Total revenue for 2023 reached RMB 276.74 billion, representing a 25.7% increase from RMB 219.95 billion in 2022[14] - Gross profit for 2023 was RMB 97.19 billion, up 57.4% from RMB 61.75 billion in 2022[14] - The company reported a profit before tax of RMB 14.02 billion for 2023, a significant recovery from a loss of RMB 6.76 billion in 2022[14] - Net profit for 2023 was RMB 13.86 billion, compared to a loss of RMB 6.69 billion in 2022[14] - The company recorded a profit of RMB 35.8 billion in 2024, representing a year-on-year growth of 158.4%[21] - Adjusted EBITDA and adjusted net profit for 2024 increased to RMB 49.1 billion and RMB 43.8 billion, respectively[21] - Operating profit for 2024 was RMB 36.8 billion with an operating profit margin of 10.9%, compared to RMB 13.4 billion and 4.8% in 2023[79] - The company’s net profit for the year ended December 31, 2024, was RMB 35,808,322 thousand, a significant increase from RMB 13,857,331 thousand in 2023, representing a growth of approximately 158%[91] - Adjusted net profit for the year was RMB 43,772,449 thousand, up from RMB 23,253,418 thousand in the previous year, indicating an increase of about 88%[91] Revenue Growth - The company expects revenue to grow to RMB 337.59 billion in 2024, indicating a projected increase of 22%[14] - The company's revenue for 2024 increased by 22.0% to RMB 337.6 billion from RMB 276.7 billion in 2023[21] - Total revenue for the three months ending December 31, 2024, was RMB 88.5 billion, with a year-on-year increase of 20.1%[18] - Core local business revenue grew by 20.9% to RMB 250.2 billion in 2024, driven by increased transaction volume in delivery services and commissions[70] - New business revenue rose by 25.1% to RMB 87.3 billion in 2024, primarily due to growth in grocery retail operations[70] Operational Efficiency - The total segment operating profit rose by 143.6% from RMB 18.5 billion in 2023 to RMB 45.1 billion in 2024, with a segment operating margin increasing from 6.7% to 13.4%[21] - The core local business segment's operating profit grew by 35.4% from RMB 38.7 billion in 2023 to RMB 52.4 billion in 2024[21] - The operating profit of the core local business segment for Q4 2024 was RMB 12.9 billion, reflecting a significant increase in operational efficiency[22] - The operating profit of the core local business segment increased from RMB 8 billion in Q4 2023 to RMB 12.9 billion in Q4 2024, with an operating profit margin rising by 5.2 percentage points year-on-year to 19.7%[44] Investment and Development - The company plans to invest in new product development and technology enhancements to drive future growth[14] - The company plans to increase investment in cutting-edge technologies such as AI, drone delivery, and autonomous delivery vehicles to drive digital transformation in the retail industry[28] - The company has set a target to expand its market presence in Southeast Asia, aiming for a 30% increase in market share by the end of 2024[3] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[4] - The company plans to invest $100 million in research and development for innovative technologies in the upcoming year[5] User Engagement and Market Expansion - User data indicates a significant increase in active users, contributing to the overall revenue growth[14] - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[1] - The company is exploring market expansion opportunities in new regions to enhance its market presence[14] - The company has expanded its Keeta service to all major cities in Saudi Arabia, with rapid growth in user base and order volume since its launch in October last year[27] Strategic Acquisitions - Strategic acquisitions are being considered to bolster the company's competitive position in the market[14] - A strategic acquisition is in progress, which is projected to enhance the company's service offerings and increase revenue by 10%[6] Financial Management - The company does not recommend the payment of a final dividend for the year ending December 31, 2024[134] - The company’s board is responsible for determining future dividend payments based on profitability, cash flow, and financial condition[133] - The company held cash and cash equivalents of RMB 70.8 billion and short-term investments of RMB 97.4 billion as of December 31, 2024[21] - The company’s capital-to-debt ratio was approximately 32% as of December 31, 2024, calculated by dividing total borrowings and payables by total equity attributable to shareholders[97] Employee and Governance - The company is implementing a new incentive program for employees, which is expected to boost productivity by 20%[9] - The board of directors has approved a new corporate governance framework to enhance transparency and accountability[10] - The company’s management team includes experienced professionals with backgrounds in finance, strategic planning, and technology development[123][125][127] Research and Development - Research and development expenses were RMB 5.4 billion, with a percentage of revenue decrease from 7.4% to 6.1%[37] - Research and development expenses remained stable at RMB 21.1 billion in 2024, accounting for 6.2% of revenue, down from 7.7% in 2023[74] - The company has a strategic focus on research and development in cutting-edge technologies such as autonomous delivery vehicles and drone delivery[136]

Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately HK$970,061,000, representing a decrease of approximately 20.08% compared to HK$1,213,830,000 in 2023[17]. - The annual loss for 2024 was approximately HK$53,139,000, reflecting a reduction of approximately 38.00% compared to the loss of HK$85,709,000 in 2023[17]. - Loss per share decreased to approximately HK4.87 cents, down approximately 27.74% from HK6.74 cents in 2023[17]. - For the year ended December 31, 2024, the Group recorded total revenue of approximately HK$970,061,000, representing a decrease of approximately 20.08% compared to 2023[88]. - The Group recorded a loss attributable to owners of approximately HK$63,632,000, a reduction in loss of approximately 27.72% compared to 2023[102]. - Gross profit for the year was approximately HK$116,587,000, representing an increase of approximately 25.34% compared to 2023, with a gross profit margin of approximately 12%[93]. - The silicone rubber business generated revenue of approximately HK$244,030,000, accounting for approximately 25.16% of the Group's total revenue, an increase from 18.63% in 2023[89]. - The digital marketing business revenue was approximately HK$627,161,000, accounting for approximately 64.65% of total revenue, down from 75.1% in 2023[90]. - The retail segment showed growth with revenue of approximately HK$98,870,000, accounting for approximately 10.19% of total revenue, up from 6.2% in 2023[91]. Business Segments - The Silicone Rubber Business maintained stable levels in both domestic sales and export shares, serving customers in China, Japan, the United States, and Europe[13]. - The Digital Marketing Business continued to provide efficient advertising and digital marketing services, contributing to the Group's revenue diversification[13]. - The overseas Retail Business completed an asset restructuring in the second half of 2024, aiming to leverage e-commerce models for sales expansion[13]. - The Group's core business, the Silicone Rubber Business, maintained stable levels in both domestic sales and export shares, providing high-quality silicone rubber products to customers in China, Japan, the United States, and Europe[50]. - The International Digital Marketing Business, launched in 2023, has been steadily accumulating premium client resources and significantly contributed to the Group's sales in 2024[62]. - The UK retail operations were successfully restructured and rebranded as Ekau (UK) Ltd, offering a variety of popular food and daily necessities from various regions[63]. - The Group's healthcare and hotel services segment continues to support its diversified business model, contributing to overall performance[50]. Strategic Plans - The Group plans to broaden the range of silicone rubber products and enhance brand influence in the upcoming year[13]. - The Group will focus on strengthening its core silicone business and promoting green manufacturing practices to align with global carbon neutrality goals[19]. - The Group aims to maintain existing customer relationships while actively developing new high-quality clients in the silicone segment[19]. - The Group plans to strengthen its existing silicone business while actively seeking high-quality new customers to maintain product quality and production efficiency[22]. - The Group aims to maximize net profit by improving capital utilization efficiency and rationalizing cash flow and capital structure planning[24]. - The Group will continue to seek new potential businesses to improve performance and maximize returns[25]. - The Group plans to continue investing in new silicone rubber technologies, focusing on innovation, market expansion, and sustainable development, to meet rising demand in high-tech industries[70][73]. - The Group plans to expand into the UK entertainment live-streaming market, aiming to enhance user engagement and market influence through high-quality content and precise traffic management[86]. Governance and Management - The composition of the Board includes three executive Directors, three non-executive Directors, and three independent non-executive Directors, meeting the minimum requirements of the Listing Rules[148]. - The independent non-executive Directors provide independent judgment on strategy, performance, and risk, contributing to the Board's decision-making processes[149]. - The Board is responsible for overseeing the management of the Company's business to maximize long-term shareholder value while balancing stakeholder interests[158]. - The Board has reserved matters for its decisions, including long-term strategy, major capital projects, and annual financial results[164]. - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2024, with minor exceptions noted[139]. - The Board has mechanisms in place to ensure independent views and input, which were reviewed and deemed effective for the year ended December 31, 2024[153]. - The Company has established clear responsibilities and authority between the Chairlady and CEO to ensure a balance of power and accountability[185]. - The Company has renewed directors' and officers' liability insurance for all Directors and senior management for the year ended December 31, 2024[182]. Market Conditions - According to IMF forecasts, global GDP growth in 2025 is projected to be around 3.1%–3.3%, with developed regions expected to grow at less than 2%[18]. - The global economy experienced a gradual recovery in 2024, driven by the restoration of international supply chains and a rebound in market demand[51]. - The Group's retail business is highly dependent on imported products, making it vulnerable to changes in logistics costs and international trade policies[115]. - The Group's silicone rubber business faces competition from both existing silicone products and new material products, which may intensify if competitors expand product categories or reduce prices[119]. Operational Efficiency - The Group will implement comprehensive management strategies to optimize revenue structures and enhance technological innovation[24]. - The Group's liquidity remained stable, with cash and cash equivalents decreasing to approximately HK$11,924,000 from HK$28,024,000 in 2023[108]. - As of December 31, 2024, the Group's total current assets were approximately HK$385,430,000, while total current liabilities were approximately HK$520,443,000, indicating a tight cash position relative to current liabilities[116]. - The Group's cash management strategy is conservative, with unallocated funds placed in short-term deposits at recognized financial institutions in Hong Kong and China[133]. Employee and Compensation - The total salaries and related costs for the year ended December 31, 2024, were approximately HK$119.1 million, compared to approximately HK$115.9 million in 2023[134]. - The Group employed 715 permanent and temporary employees as of December 31, 2024, a slight decrease from 717 in 2023[134]. Risk Management - The Group has not established any financial instruments for hedging purposes as of December 31, 2024, and will closely monitor currency trends to manage exchange rate risks[133]. - No material contingent liabilities were noted for the Group as of December 31, 2024[128].

Financial Performance - The company achieved a record net profit of $924 million in 2024, up 21% from $764 million in 2023[2]. - Total operating revenue and other income increased by 4% to $2.6 billion compared to $2.5 billion in 2023[9]. - The pre-tax profit rose by 21% to $1.04 billion, up from $861 million in the previous year[10]. - Operating cash flow (excluding interest) increased by 13% to $1.9 billion[9]. - The company’s core business generated a net profit of $633 million, reflecting a 16% increase compared to 2023[27]. - The net profit after tax for 2024 is $924 million, resulting in a return on equity of 15.3%[51]. - The company reported a net profit of $924 million for the year ended December 31, 2024, an increase of 20.9% from $764 million in 2023[90]. - Operating revenue and other income increased by 3.9% to $2.56 billion in 2024, driven primarily by a significant rise in financing lease interest income[75]. - The company achieved a pre-tax profit of $1.04 billion in 2024, an increase of 20.8% from $860.6 million in 2023[88]. Assets and Liabilities - Total assets reached a historical high of $25.1 billion, a 4% increase from $24.2 billion in 2023[10]. - Total assets increased by 3.7% to $25.05 billion as of December 31, 2024, up from $24.17 billion in 2023[91]. - The total equity rose by 10.7% to $6.36 billion in 2024, compared to $5.75 billion in 2023[91]. - The total liabilities increased by $300 million in 2024, with bank borrowings rising to 46% of total borrowings[59]. - Total debt as of December 31, 2024, was $16.668 billion, compared to $16.589 billion as of December 31, 2023[105]. - The total capital debt ratio decreased from 2.9 times as of December 31, 2023, to 2.6 times as of December 31, 2024[105]. Aircraft and Fleet Management - The fleet includes 709 aircraft and engines, with a utilization rate of over 99% for owned fleet aircraft as of December 31, 2024[18]. - The company executed 260 transactions in 2024, including commitments to purchase 47 aircraft and the delivery of 38 aircraft[18]. - The company delivered 38 new aircraft in 2024, although 27 planned deliveries were postponed to 2025[29]. - The company has a backlog of 232 aircraft orders, with future capital expenditure commitments amounting to $12.1 billion[58]. - The company plans to deliver 47 aircraft this year, all of which have been leased to airline customers at favorable rates[33]. Financing and Debt - The company raised new debt financing of $5.5 billion, including $4 billion in loans and $1.5 billion in bonds[9]. - The company has raised over $46 billion in debt financing and has a record liquidity of $5.8 billion in unutilized committed credit lines as of December 31, 2024[36][37]. - The company’s debt financing cost is projected to be 4.5% for 2024, benefiting from a strong investment-grade credit rating[36]. - Financial expenses increased by 11.6% to $710.3 million in 2024, primarily due to a rise in debt cost with an interest rate of 4.5% compared to 4.1% in 2023[85]. Corporate Governance - The company is committed to high standards of corporate ethics, transparency, and accountability to enhance shareholder value[148]. - The board of directors is responsible for strategic leadership and control, with a clear division of responsibilities between the board and management[154]. - The company has adopted and complied with the principles and applicable provisions of the corporate governance code for the year ending December 31, 2024[148]. - The company has a corporate governance policy that guides its directors and senior management in maintaining good governance practices[148]. - The company emphasizes risk management and internal control oversight as part of its governance practices[155]. Risk Management - The company has established a risk management and internal control system to achieve business objectives, providing reasonable assurance against misstatements or losses[179]. - The internal audit department conducts independent reviews of key risk areas and monitors compliance with accounting, financial, and operational procedures[182]. - The company evaluates the effectiveness of its risk management and internal control systems annually, covering all significant controls, including financial and operational controls[181]. - The audit committee is responsible for analyzing and independently assessing the adequacy and effectiveness of the company's risk management and internal control systems[182]. - The risk management committee and internal control committee oversee daily management matters related to risk management[180]. Diversity and Inclusion - The company achieved a total of four female directors, exceeding the board's gender diversity target[162]. - The proportion of female employees in the management team reached 20%, while the overall female employee ratio was 49%, surpassing the 45% target[162]. - The board has adopted a diversity policy, reviewed by the nomination committee in November 2024 and by the board in December 2024[160]. - The company is committed to maintaining at least two female directors on the board and a minimum of 45% female representation among employees[161]. Management Changes - Steven Townend appointed as Executive Director and CEO effective January 1, 2024[168]. - Liu Yunfei appointed as Non-Executive Director effective April 16, 2024[169]. - Liu Jin resigned as Non-Executive Director and Chairman on March 27, 2024[177]. - Robert James Martin retired as General Manager and CEO on December 31, 2023, and reappointed as Non-Executive Director on January 1, 2024[177].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 23,147,123 thousand, representing a year-over-year increase of approximately 12.9% from RMB 20,523,674 thousand in 2023[10]. - The company's profit before tax for 2024 was RMB 2,806,939 thousand, which is a 21.2% increase compared to RMB 2,315,475 thousand in 2023[10]. - Net profit attributable to the company's owners for 2024 reached RMB 2,319,300 thousand, reflecting a growth of 21.0% from RMB 1,903,231 thousand in 2023[10]. - The gross profit for the year was approximately RMB 6,698,070,000, up about 19.1% from RMB 5,621,991,000 in the previous year, with a gross margin of approximately 28.9%[52]. - The revenue from the Chinese market was approximately RMB 9,323,157,000, showing a growth of about 1.3% from RMB 9,204,126,000 in the previous year[27]. - The international revenue reached approximately RMB 13,823,966,000, an increase of about 22.1% from RMB 11,319,548,000 in the previous year, driven by rapid growth in battery box business and stable growth in traditional products[27]. - The effective tax rate for the year was approximately 15.4%, up from 15.2% in the previous year[62]. - The company's investment income decreased to approximately RMB 325,291,000 from RMB 356,131,000 in the previous year, a reduction of about RMB 30,840,000[53]. - The company's other income increased to approximately RMB 459,511,000 from RMB 414,571,000 in the previous year, an increase of about RMB 44,940,000[54]. Market Trends - In 2024, the Chinese automotive market saw a production and sales volume of approximately 27.48 million and 27.56 million vehicles, respectively, with a year-over-year growth of about 5.2% and 5.8%[16]. - New energy vehicles accounted for approximately 40.9% of the new car market in China, with annual sales reaching about 12.87 million units, marking a significant year-over-year growth of approximately 35.5%[16]. - Global light vehicle sales were approximately 88.64 million units, with a year-on-year increase of about 2.1%[18]. - In the U.S. market, sales reached approximately 15.977 million units, a year-on-year increase of about 2.3%[18]. - The Chinese automotive market is projected to reach total sales of 32.9 million units in 2025, with a year-on-year growth of 4.7%, and new energy vehicle sales expected to grow by 24.4%[84]. Operational Efficiency - The company achieved a significant recovery in gross profit margin through multiple cost-reduction projects and lean operations management[21]. - The company has established a digital EHS system with eight modules to enhance global factory EHS management efficiency[23]. - The energy management certification coverage reached approximately 86% following the ISO50001 energy management audit[23]. - The energy consumption per unit of output decreased by approximately 5.0% year-on-year[23]. - The company enhanced its operational efficiency by integrating processes across its global factories, leading to improved production quality and capacity utilization[32]. Innovation and Development - The company is actively developing innovative products in emerging fields such as low-altitude economy and artificial intelligence robotics, positioning itself to capitalize on future market opportunities[14]. - The company aims to leverage its technological reserves in wireless charging to meet the demands of the autonomous driving sector, anticipating significant market benefits in the coming years[14]. - The company continued to develop its research and innovation capabilities, focusing on battery box and chassis components, and achieved significant progress in low-carbon and intelligent automotive development[35]. - The company has developed high-performance materials, including Minal®-S636 aluminum alloy with a yield strength of 360 MPa, which has passed real vehicle collision performance verification[40]. - The company holds over 60 core patents related to aluminum alloy materials and has successfully applied these materials in battery boxes and chassis components for major manufacturers like BMW and Mercedes[40]. Corporate Governance - The company adopted a new remuneration committee charter on January 31, 2023, to enhance corporate governance practices[102]. - The board consists of eight members, including the chairperson, two executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2024[106]. - The company is committed to maintaining high standards of corporate governance and regularly reviews its policies to ensure compliance with listing rules[102]. - The chairperson and CEO roles are distinct, with the chairperson currently serving as the acting CEO during the search for a new CEO[103]. - The company has established appropriate insurance arrangements for directors and senior management against legal actions arising from corporate activities[108]. Sustainability and Social Responsibility - The company received the title of "Leader" in China's industrial carbon peak for 2024 and was selected as one of the first "Waste-Free Groups" in Zhejiang Province[25]. - The company emphasizes corporate social responsibility (CSR) by improving sustainable supply chain practices and reducing carbon emissions through various initiatives[43]. - The company is committed to achieving carbon neutrality, with a comprehensive reduction ratio exceeding 30% through the development of green materials[40]. - The company has established a Sustainability Committee on December 29, 2022, to advise the board on environmental, social, and governance matters[121]. Shareholder Engagement - The company held over 270 meetings with investors, including site visits and teleconferences, enhancing communication with the capital market[140]. - Shareholders have the right to propose questions and suggestions regarding company affairs, ensuring equal rights based on shareholding[126]. - The board considers various factors, including financial performance and cash flow, when declaring dividends[128]. - The company maintains sufficient cash reserves to meet long-term operational needs and future growth requirements when proposing dividends[127]. Workforce and Talent Management - The workforce increased by 3,352 employees to a total of 25,663, driven by steady revenue growth and ongoing business diversification strategies[79]. - The company plans to deepen the assessment and development system for global talent, focusing on the identification and training of high-potential talent[80]. - The company aims to achieve sustainable revenue growth, efficiency optimization, and cost reduction through effective organizational upgrades and incentive measures[83].

Acquisition and Investment - In 2024, the company completed the acquisition of entire equity interests in SHNE at an acquisition price of HK$1.78 per share, totaling approximately RMB500 million (equivalent to approximately HK$547 million), increasing its shareholding from 43.45% to 56.97%[19] - The company completed the acquisition of all shares of Shandong High New Energy from CITIC Industrial Fund at a price of HKD 1.78 per share, totaling approximately RMB 500 million (about HKD 547 million), increasing its ownership from 43.45% to 56.97%[21] - The company acquired an additional 13.52% equity interest in SHNE, increasing its total shareholding from 43.45% to 56.97%, for a total consideration of HK$540,759,493.04[108][110] - The significant investment in VNET aligns with the Group's strategy focusing on strategic emerging industries such as new energy and new infrastructure[102] - The company has made a significant investment in Century Internet, aligning with its strategy to focus on new energy and new infrastructure sectors[106] Financial Performance - The Group recorded a revenue of approximately RMB 5,580,913,000, representing an increase of approximately 11.66% year-over-year compared to RMB 4,998,261,000 in the corresponding period[44] - Gross profit increased to approximately RMB 2,635,982,000, reflecting a year-over-year increase of approximately 17.92% from RMB 2,235,352,000[44] - Profit for the year rose to approximately RMB 692,790,000, marking a significant increase of approximately 39.92% compared to RMB 495,118,000 in the previous year[44] - Basic earnings per share attributable to owners of the Company increased to approximately RMB 0.90 cents from RMB 0.22 cents in the corresponding period[44] - The Group recorded revenue of approximately RMB 5,580,913,000, an increase of about 11.66% compared to RMB 4,998,261,000 in the same period last year[47] - Gross profit was approximately RMB 2,635,982,000, reflecting a year-on-year increase of about 17.92% from RMB 2,235,352,000[47] - Net profit for the year was approximately RMB 692,790,000, up about 39.92% from RMB 495,118,000 in the previous year[47] Asset Management and Structure - As of December 31, 2024, total assets were approximately RMB 66,174,362,000, with total liabilities of approximately RMB 48,416,321,000, resulting in net assets of approximately RMB 17,758,041,000[45] - The Group's investments in emerging industries amounted to approximately RMB 52.01 billion, accounting for 78.60% of total assets[54] - Total assets were approximately RMB66,174,362,000 as of December 31, 2024, slightly down from RMB66,187,833,000 in 2023[82] - The Group's total liabilities to total assets ratio was approximately 65.04% as of December 31, 2024, compared to 62.93% in 2023[90] Strategic Focus and Development - The proportion of emerging industry assets in the company's total assets increased to nearly 80%, focusing on new energy and new infrastructure sectors[18] - The company aims to deepen and expand its presence in the new energy field, reflecting its determination and confidence in this sector[19] - The company has established a new industrial investment paradigm through four strategic transformation policies: professionalization, concentration, marketization, and institutionalization[16] - The company was included in the constituent stocks of the Hang Seng Composite Index at the beginning of 2024, indicating high recognition of its strategic transformation effectiveness and financial performance[18] - The Group's strategic focus is on electricity and computing power technology, aiming for transformation into a distinguished industrial holding group[50] Environmental and Social Responsibility - The company's subsidiaries reduced carbon emissions by over 6 million tonnes per year, contributing to national dual carbon goals and receiving an ESG rating of "2" from Fitch Ratings[32] - The Group's subsidiaries have contributed to a reduction of over 6 million tons of carbon emissions annually, supporting national carbon reduction goals[34] Market and Economic Response - The company has responded proactively to the national "14th Five-Year Plan" and targeted dual-carbon goals and the digital economy[16] - The Chinese government is targeting to add over 200 million kilowatts of new energy installed power generation capacity and increase the proportion of non-fossil energy to 60% and 20% respectively[36] - The Chinese government is prioritizing comprehensive domestic demand expansion and implementing accommodative monetary policies to stimulate economic dynamism[74] Risk Management and Financial Strategy - The Group enhanced its management and control systems to cope with market competition and policy changes, improving decision-making efficiency and execution strength[26][29] - The Group's cautious investment strategy resulted in a significant reduction in the overall size of standard bond investments from its peak[68] - The Group's focus on debt restructuring and asset revitalization in the non-standard investment sector has led to breakthroughs in several projects with existing risks[69] - The Group's credit risk assessment policies include enterprise and business due diligence, financial due diligence, and external inquiries[179] Loan and Financing Activities - The Group granted 2 new loans totaling approximately RMB1,400,000,000 during the reporting period[160] - The total outstanding loans as of December 31, 2024, amounted to approximately RMB3,755,715,000, with an accumulated allowance for expected credit loss of RMB506,338,000[170] - The Group's structured financing and financial leasing customers primarily consist of listed companies and large to medium-sized state-owned enterprises across various industries, including real estate, infrastructure, and new energy[173] Legal and Compliance Issues - The company faced defaults related to the CSFG Facility Agreement, with outstanding principal amounts of US$101,104,497.90 and US$80,000,000 due to cross defaults[122][126] - The Group did not have any significant contingent liabilities during the Reporting Period[95] - The Group's management assessed that foreign exchange risk impact was insignificant, leading to no hedging instruments being held[91]

Product Portfolio and Market Presence - China Resources Pharmaceutical Group Limited manufactures 840 products, with 439 included in the national reimbursement drug list[7]. - The company operates a national distribution network with over 220 logistics centers across 28 provinces, serving more than 270,000 clients, including over 11,000 hospitals[9]. - The retail pharmacy network includes 708 pharmacies, with 270 being DTP specialty pharmacies[9]. - The company has a strong brand portfolio, including "999" and "Dong-E-E-Jiao," covering various therapeutic areas[7]. - The company was successfully listed in Hong Kong in October 2016, enhancing its market presence[6]. - The company aims to cover a wide range of therapeutic areas, including cardiovascular, pediatrics, and dermatology[7]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[21]. Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching approximately CNY 10 billion for the fiscal year[19]. - User data showed a growth in active users by 25%, totaling 5 million active users by the end of the reporting period[20]. - The company provided a positive outlook, projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[21]. - CR Pharmaceutical achieved annual revenue of RMB 257.67 billion, indicating significant growth in key performance indicators[28]. - The Group recorded total revenue of RMB257,673.3 million, representing a 5.3% increase from RMB244,703.9 million in the same period last year[113]. - The Group achieved a net profit of RMB 8,403.2 million, an increase of 8.1% from RMB 7,775.0 million in 2023[117]. - Profit attributable to owners decreased by 13.1% to RMB 3,350.9 million compared to RMB 3,854.2 million in 2023[117]. Research and Development - R&D investment is consistently increased, supported by one state key laboratory and three national engineering research centers[8]. - The company has established over 90 provincial municipal-level R&D platforms and a postdoctoral research workstation[8]. - Increased investment in scientific research and innovation has led to rapid development in technological innovation and strategic cooperation with external innovation hubs[35]. - The Group had 417 ongoing drug R&D projects at the end of the Reporting Period, including 67 innovative drug projects and over 50 classic Chinese medicine prescriptions[148]. - The Group has established a multi-tier R&D platform, including one state key laboratory and over 90 provincial municipal-level R&D platforms, to accelerate innovative transformation[153]. - The R&D team consists of approximately 3,000 professionals, with 43.06% holding master's or doctoral degrees, emphasizing the importance of attracting and developing scientific talent[160]. Strategic Initiatives and Partnerships - A strategic acquisition of a local biotech firm was completed, expected to enhance the company's product pipeline and market reach[20]. - The company signed a strategic cooperation agreement with Tasly Group to collaborate on TCM innovation and development[76]. - The Group signed a strategic cooperation agreement with Pfizer to promote four high-quality drugs for lung and breast cancer, enhancing patient accessibility[89]. - The Group is focusing on three M&A projects, including the acquisition of 28% equity in Tasly Pharmaceuticals to strengthen its position in the TCM industry[139]. - The Group's acquisition of Green Cross HK Holdings will enhance the Group's core competitiveness in the blood product field, adding a wholly-owned blood product manufacturing enterprise and four plasma collection stations[141]. Operational Efficiency and Cost Management - The gross margin improved to 45%, up from 40% in the previous year, reflecting better cost management and pricing strategies[21]. - The company aims to reduce operational costs by 15% through efficiency improvements and digital transformation initiatives[20]. - Significant progress has been made in reducing costs, increasing efficiency, and improving quality in the chemical medicine business, while consolidating the foundation in blood products and biopharmaceuticals[34]. - The Group has implemented a Quality Management System (QMS) to enhance efficiency and quality, with significant projects completed in 2024[162]. Sustainability and Social Responsibility - The MSCI-ESG Rating of the company maintained an "A" level, with significant improvements in various issue scores, reflecting its commitment to sustainable development[42]. - The company is actively fulfilling social responsibilities by ensuring stable supply of healthcare materials and contributing to the "Healthy China" initiative through public welfare projects[37]. - Six subsidiaries received recognition as "National Green Factories" for 2024, reflecting the Group's commitment to sustainable development and environmental responsibility[197]. Digital Transformation and Innovation - The Group's digital transformation efforts led to a digital coverage rate of key application capabilities in pharmaceutical commercial digitization increasing to 71% during the Reporting Period[192][193]. - The Group's proprietary pharmaceutical service platform "Run Care" aims to enhance patient management and follow-up services, providing comprehensive digital disease management throughout treatment cycles[191]. - The Group's digital therapy project implemented in Jiangsu, Shandong, and Henan focuses on evidence-based interventions for disease management, showcasing its commitment to innovative healthcare solutions[189]. Market Trends and Industry Position - The pharmaceutical industry is undergoing structural adjustments, with a shift towards independent innovation and high-quality differentiation as core competitiveness[108]. - The coordinated development of medical insurance, medical services, and the pharmaceutical industry is promoting high-quality development in the sector[109]. - The Group ranks third in the overall scale of the pharmaceutical industry and second in pharmaceutical manufacturing among the top 100 companies[112].

Financial Position - The group's total current assets as of March 31, 2025, amounted to RMB 368.34 billion, compared to RMB 368.03 billion as of December 31, 2024, reflecting a slight increase[6]. - Accounts receivable increased to RMB 221.77 billion from RMB 182.76 billion, indicating a growth of approximately 21.4% year-over-year[6]. - The group's cash and cash equivalents decreased to RMB 45.36 billion from RMB 67.07 billion, representing a decline of about 32.4%[6]. - Inventory levels rose to RMB 66.22 billion, up from RMB 60.94 billion, marking an increase of approximately 8.5%[6]. - Non-current assets totaled RMB 46.74 billion, slightly up from RMB 46.64 billion, showing a marginal growth[6]. - The total assets of the group reached RMB 415.08 billion, compared to RMB 392.67 billion in the previous period, reflecting an increase of approximately 5.7%[6]. - Total liabilities as of March 31, 2025, amounted to RMB 285.93 billion, an increase of 7.83% from RMB 265.76 billion as of December 31, 2024[7]. - Current liabilities totaled RMB 274.03 billion, up from RMB 250.31 billion, indicating a significant increase in short-term financial obligations[7]. - Non-current liabilities decreased to RMB 11.90 billion from RMB 15.45 billion, suggesting a reduction in long-term debt commitments[7]. - The company's total equity reached RMB 129.16 billion, an increase from RMB 126.91 billion, reflecting a positive trend in shareholder equity[7]. Revenue and Profitability - Total operating revenue for the three months ended March 31, 2025, was RMB 141.66 billion, a decrease of 3.67% from RMB 147.27 billion for the same period in 2024[8]. - Net profit for the three months ended March 31, 2025, was RMB 2.26 billion, compared to RMB 2.40 billion in the previous year, indicating a decline of 5.83%[9]. - The company reported a basic and diluted earnings per share of RMB 0.47 for the three months ended March 31, 2025, compared to RMB 0.46 for the same period in 2024[9]. - Total operating costs for the same period were RMB 138.05 billion, down from RMB 143.49 billion, reflecting a cost reduction strategy[8]. - The total operating revenue for the three months ended March 31, 2025, was RMB 5,213,357,504.88, an increase of 6.1% compared to RMB 4,912,928,587.87 for the same period in 2024[18]. - Net profit for the same period was RMB 271,526,239.09, significantly up from RMB 48,414,009.21 in 2024, representing a growth of 461.5%[18]. - Operating profit increased to RMB 281,267,703.10 from RMB 49,745,649.99, marking a rise of 465.5% year-over-year[18]. - The total operating costs for the period were RMB 5,153,579,593.46, an increase from RMB 4,904,594,485.93 in 2024[18]. Cash Flow - Operating cash flow for the three months ended March 31, 2025, was a net outflow of RMB 34.28 billion, an improvement from a net outflow of RMB 47.48 billion for the same period in 2024, representing a 27.5% reduction in cash outflow[10]. - Cash flow from operating activities showed a net outflow of RMB 2,259,793,996.48, compared to a net outflow of RMB 1,912,528,692.92 in the previous year[21]. - Cash flow from investing activities generated a net inflow of RMB 969,545,995.42, up from RMB 407,324,780.59 in 2024[21]. - Cash inflow from financing activities for the three months ended March 31, 2025, was RMB 32.59 billion, a decrease of 20.9% from RMB 41.22 billion in 2024[11]. - The company's net cash flow from financing activities was RMB 12.88 billion for the three months ended March 31, 2025, down 41.5% from RMB 22.15 billion in 2024[11]. - Cash flow from financing activities resulted in a net outflow of RMB 14,237,506,923.58, compared to RMB 17,134,426,936.48 in the previous year[22]. Investments and Strategic Focus - The group has ongoing investments in fixed assets, with a total of RMB 10.52 billion as of March 31, 2025[6]. - The group continues to focus on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[6]. - The company reported a significant increase in investment income, reaching RMB 230,253,895.71, compared to RMB 53,504,018.73 in the same period last year[18]. - The company reported an investment income of RMB 222.21 million, up from RMB 150.12 million, highlighting improved performance in investment activities[8]. - Research and development expenses for the three months were RMB 63.26 million, down from RMB 71.13 million, indicating a potential shift in investment strategy[8]. Inventory and Asset Management - The group reported a significant increase in prepayments, which rose to RMB 7.86 billion from RMB 6.80 billion, indicating a growth of about 15.6%[6]. - The group's goodwill remained stable at approximately RMB 6.20 billion, showing minimal change from the previous period[6]. - The company reported a total inventory of RMB 1.25 billion as of March 31, 2025, up from RMB 1.05 billion at the end of 2024, indicating a 19.3% increase[12]. - The company's long-term borrowings decreased to RMB 1.49 billion as of March 31, 2025, from RMB 4.65 billion at the end of 2024, a significant reduction of 68.0%[15]. - Current liabilities decreased to RMB 43.30 billion as of March 31, 2025, from RMB 55.42 billion at the end of 2024, a reduction of 21.9%[15]. - The total equity increased to RMB 33.57 billion as of March 31, 2025, compared to RMB 33.29 billion at the end of 2024, showing a growth of 0.8%[16]. - Cash and cash equivalents decreased to RMB 33.53 billion as of March 31, 2025, from RMB 38.74 billion at the end of 2024, a decline of 13.4%[11]. - The cash and cash equivalents at the end of the period stood at RMB 14,672,100,199.21, compared to RMB 14,194,374,852.87 at the end of March 2024[22].

Financial Performance - The company's revenue for 2024 reached RMB 240.19 billion, a 34% increase from RMB 179.20 billion in 2023[11] - Profit attributable to equity holders increased by 213% to RMB 16.63 billion, compared to RMB 5.31 billion in the previous year[27] - The total assets of the company grew by 19% to RMB 229.39 billion, up from RMB 192.60 billion in 2023[23] - The basic earnings per share rose to RMB 163.80, a 219% increase from RMB 51.36 in 2023[23] - Net profit for 2024 was RMB 16.8 billion, reflecting a 240% year-on-year growth, while profit attributable to equity holders was RMB 16.63 billion, up 213%[31] - The total revenue of the group increased by 34% year-on-year to RMB 240.2 billion, driven by sales growth and product structure optimization[50] - The company reported a profit attributable to shareholders of RMB 16.63 billion for 2024, a 213% increase year-on-year, with diluted earnings per share of RMB 1.63[54] Sales and Market Performance - The total number of vehicles sold in 2024 was 2,176,567, representing a 32% year-on-year increase[28] - The wholesale volume in China increased by 27% to 1,762,045 vehicles, while export wholesale volume surged by 57% to 414,522 vehicles[28] - The total sales volume for the group reached 494,440 units in 2024, representing an 80% year-on-year increase[29] - The luxury electric vehicle brand Zeekr delivered 222,123 units, marking an 87% year-on-year growth[29] - The proportion of new energy vehicle sales reached 41% in 2024, with total sales projected to reach 888,235 units in 2025, a 92% increase year-on-year[30] - The sales of plug-in hybrid vehicles surged to 4.83 million units, reflecting a year-on-year growth of 79.6%[47] - The total sales of the group in 2024 exceeded the adjusted annual target of 2 million units, achieving a historical high[50] - Sales in the Chinese market were 1,762,045 vehicles, up 27% year-on-year, with a market share of 7.8%, ranking third among domestic brands[52] - Overseas market sales increased by 57% year-on-year to 414,522 vehicles, accounting for 19% of total sales[52] Product Development and Innovation - The company continues to focus on the development of new energy and intelligent vehicles, achieving significant breakthroughs in sales and exports[27] - The company launched new electric vehicle models based on the GEA architecture, contributing to strong market demand[29] - The company launched 9 new energy vehicle models in 2024, expanding its product matrix across different market segments[48] - Geely Galaxy launched new products including the Galaxy E5 and Starship 7, featuring advanced technologies such as the Shield Blade battery and 11-in-1 intelligent electric drive[98] Financial Management and Capital Expenditure - The company maintained a capital debt ratio of 4.5%, down from 7.6% in the previous year[23] - The company plans a capital expenditure budget of approximately RMB 15 billion for 2025, focusing on new vehicle models and smart technology development[61] - The total capital expenditure for the company in 2024 was RMB 13.3 billion, remaining within the budget of RMB 15 billion[123] Strategic Initiatives and Acquisitions - The company is focusing on green methanol and hydrogen-electric vehicles as part of its strategy to align with China's green energy transition goals[37] - The company established Horse Powertrain with Zhejiang Geely Holding Group and Renault, holding 33%, 17%, and 50% stakes respectively[67] - The company agreed to acquire approximately 11.3% of ZEEKR's issued share capital for USD 806.1 million (approximately RMB 5.9 billion) to strengthen its strategic influence[76] - The company completed the acquisition of additional equity in Zeekr for a settlement amount of USD 806.1 million (approximately RMB 5.9 billion) in 2024[123] Research and Development - Research and development expenses for 2024 reached RMB 10.41924 billion, a 33% increase compared to RMB 7.809997 billion in 2023[89] - The company has made significant advancements in battery technology, including the development of new battery types to enhance safety[38] Corporate Governance and Management - The company emphasizes high standards of corporate governance and compliance with the Hong Kong Stock Exchange's corporate governance code, with adherence to most provisions except for specific clauses[146] - The management team includes experienced professionals with backgrounds in finance and management, ensuring effective decision-making and strategic direction[148] - The board consists of six executive directors and five independent non-executive directors, ensuring at least one has appropriate professional qualifications in accounting or finance[166] Sustainability and ESG Commitment - The company is committed to environmental, social, and governance (ESG) measures, with a report to be published alongside the annual report for the year ending December 31, 2024[146] - The company has established a comprehensive risk management strategy to mitigate foreign exchange risks, including entering into several foreign currency forward contracts[121] Employee and Management Changes - The total number of employees increased to approximately 64,000, up from 60,000 in 2023[125] - The management team is focused on overall performance and market conditions for employee compensation reviews[125] - Mr. Mao Jian Ming, with rich experience in overseas asset investment and mergers, joined the group as an executive director on July 12, 2024[133] Future Outlook - The company aims to achieve a sales target of 2.71 million vehicles in 2025, representing an increase of approximately 25% compared to the total sales achieved in 2024[118] - The company plans to further expand its market presence by establishing local assembly plants in Nigeria, Ghana, Cambodia, and Egypt, with plans for more countries[110]

Financial Performance - The consolidated profit attributable to shareholders for the year ended December 31, 2024, is approximately HKD 548.1 million, down from HKD 635.6 million in the previous year, representing a decrease of 13.8%[22] - Total revenue for 2024 is HKD 3,359 million, a slight increase of 0.6% compared to HKD 3,338 million in 2023[20] - The utility segment reported revenue of HKD 1,444 million, a decrease of 9.8% from HKD 1,600 million in 2023[20] - The pharmaceutical segment achieved revenue of HKD 1,609 million, an increase of 11.7% from HKD 1,441 million in 2023[20] - The company’s mechanical and electrical segment reported a loss of HKD 104 million, compared to a loss of HKD 29 million in the previous year, indicating a significant decline in performance[21] - The revenue from the thermal energy segment decreased by 11.6% to approximately HKD 1,139,400,000, with profit dropping to about HKD 24,700,000[37] - The electricity segment's revenue was approximately HKD 2,399,400,000, a decrease of 4.2%, contributing a profit of about HKD 57,500,000[38] - The profit from the pharmaceutical segment was approximately HKD 443,300,000, compared to HKD 370,100,000 last year, with a comparable profit of approximately HKD 105,000,000 for 2023 after excluding one-time impacts[40] Dividends and Shareholder Returns - The board has proposed a final dividend of HKD 0.0882 per share, bringing the total dividend for the year to HKD 0.14 per share, an increase of 14.3% from the previous year[22] - The board proposed a final dividend of HKD 0.0882 per share for the year ending December 31, 2024, compared to HKD 0.0880 per share in 2023, resulting in a total annual dividend of HKD 0.14 per share, up from HKD 0.1225 in 2023[61] Strategic Focus and Development - The company plans to focus on steady development of existing businesses and pursue high-quality growth through mergers and acquisitions and restructuring[23] - The company will also concentrate on businesses with development potential and sustainable expansion[23] - The company remains optimistic about future growth despite external uncertainties, emphasizing a commitment to prudent financial management and business integration[29] - The company is committed to leveraging its leadership's diverse expertise to drive growth and innovation in its operations[70] Acquisitions and Investments - The acquisition of a 65% stake in Jiangxi Qingchun Kangyuan Pharmaceutical Co., Ltd. was completed, enhancing the production platform for traditional Chinese medicine[24] - The group completed the acquisition of 65% of Qingchun Kangyuan on February 1, 2024, with a performance commitment ensuring audited net profit of no less than RMB 11,332,200 for the fiscal year 2023[41] Employee and Management Changes - Dr. Zhai Xinxiang appointed as Executive Director and General Manager on September 29, 2023, bringing extensive experience in economic and corporate management[65] - Mr. Xia Binhui appointed as Executive Director and Deputy General Manager on December 30, 2024, with a strong background in asset management and corporate restructuring[66] - Mr. Sun Lijun, a senior accountant, serves as the financial director, bringing rich experience in financial management and capital management[67] - The group employed approximately 2,729 employees as of December 31, 2024, an increase from 2,376 in 2023, including 259 management and 894 technical personnel[58] Environmental, Social, and Governance (ESG) Practices - The company has a strong focus on environmental, social, and governance (ESG) practices, adhering to the Hong Kong Stock Exchange's guidelines for ESG reporting[76] - The ESG report covers the period from January 1, 2024, to December 31, 2024, focusing on key operational categories such as public utilities, pharmaceuticals, and electromechanical sectors[77] - The company emphasizes the importance of sustainability in its daily operations and has established a governance framework for implementing various ESG policies and initiatives[80] - The company aims to provide balanced and fair information regarding its ESG performance, avoiding misleading presentations[81] Risk Management - The company has established a clear risk management framework to identify, assess, and manage significant risks, including ESG and climate-related risks[86] - The board is committed to maintaining an effective risk management system, with annual reviews to assess its effectiveness[86] - The company has engaged external consultants for regular independent reviews of its risk management and internal control systems[84] Community Engagement and Social Responsibility - Community investment initiatives include volunteer activities and donations to support vulnerable groups, enhancing social responsibility efforts[165] - The company organized various social activities, including providing safe and reliable water supply services to disabled elderly individuals, demonstrating its commitment to community welfare[165] Corporate Governance - The board consists of eight members, including three executive directors and four independent non-executive directors, ensuring a diverse professional background[172] - The company has maintained compliance with the corporate governance code throughout the year, reflecting its commitment to high governance standards[167] - The board has conducted an annual review of the independence of all independent non-executive directors, confirming their compliance with independence criteria[173] Training and Development - The company provided training for 2,158 employees, totaling 68,894 hours in fiscal year 2024, a decrease from 83,225 hours for 1,926 employees in fiscal year 2023[153] - The overall training participation rate for fiscal year 2024 was 86.35%, down from 89.04% in fiscal year 2023, with an average training hours per employee of 27.57, compared to 38.48 hours in the previous year[153] Compliance and Ethical Standards - The company has established a zero-tolerance policy towards money laundering and has implemented written policies to manage key operational processes[95] - No significant non-compliance issues related to corruption and money laundering were found during the reporting period, reflecting the company's commitment to ethical business practices[163]