Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,648,287,000, representing a 7.4% increase from RMB 1,534,035,000 in 2023[8] - Profit attributable to owners of the company for the same period was RMB 164,154,000, up 10.2% from RMB 148,980,000 in 2023[8] - The company's revenue for the reporting period was approximately RMB 1,648.3 million, an increase of 7.5% from RMB 1,534.0 million in the previous period[18] - The profit attributable to shareholders for the reporting period was RMB 164.2 million, reflecting a 10.2% increase from RMB 149.0 million in the previous period[18] - The gross profit for the same period was approximately RMB 459.3 million, representing a 16.5% increase from RMB 394.2 million, with a gross margin of 27.9% compared to 25.7% in the prior year[41][42] - The company achieved a net profit of RMB 237.4 million for the year, compared to RMB 226.8 million in the previous year[35] - Profit for the period was approximately RMB 237.4 million, an increase of about 4.7% from RMB 226.8 million in the same period last year, driven by increased revenue from heating services and engineering construction services[50] - Profit attributable to owners of the company was approximately RMB 164.2 million, a 10.2% increase from RMB 149.0 million in the same period last year, consistent with the overall profit increase[51] Assets and Equity - Total assets increased by 2.9% to RMB 5,966,668,000 from RMB 5,796,958,000 in 2023[8] - Equity attributable to owners of the company rose by 11.3% to RMB 1,174,722,000 from RMB 1,055,808,000 in 2023[8] - As of December 31, 2024, the company had cash and cash equivalents of approximately RMB 645.7 million, down from RMB 713.2 million as of December 31, 2023[52] - The current ratio as of December 31, 2024, was approximately 0.8, unchanged from December 31, 2023, with current assets of approximately RMB 1,470.0 million and current liabilities of approximately RMB 1,913.2 million[52] - The leverage ratio as of December 31, 2024, was 0.5, down from 0.6 as of December 31, 2023[53] Operational Highlights - The company is advancing the Baotou project in Inner Mongolia, expected to support steam heating supply by June 2025[12] - The total actual heating service area reached approximately 50.0 million square meters, a 5.5% increase from about 47.4 million square meters as of December 31, 2023[21] - The company had approximately 400,797 heating service customers as of December 31, 2024, up from 386,806 customers a year earlier[22] - Revenue from heating services amounted to approximately RMB 1,297.3 million, compared to RMB 1,202.0 million in the previous period[21] - The company aims to complete the integrated platform for production management, billing operations, and customer service by 2025[21] - The company will continue to pursue market expansion while ensuring stable growth in existing projects, particularly in Baotou and Xin County geothermal projects[21] Market and Strategic Initiatives - The company is focusing on expanding its market presence while solidifying its foundation for cross-province development[12] - The total heating service area in China is expected to grow from 115 billion square meters in 2023 to 145 billion square meters by 2027[15] - The market size for engineering construction services focused on heating facilities is projected to reach RMB 70.8 billion by 2027[16] - The company plans to enhance its smart heating platform with real-time monitoring and data analysis capabilities, in collaboration with two domestic universities[21] Governance and Management - The board currently consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[76] - The company appointed Mr. Liu Zhigang as the General Manager effective December 9, 2024, who has been with the group since August 2015[84] - Mr. Li Baoshan transitioned from General Manager to Chairman of the Board on December 9, 2024, overseeing board meetings and company operations[80] - The company has seen a management restructuring with several key appointments in 2023, including independent non-executive directors to enhance governance[79] - The company emphasizes strategic planning and decision-making, with non-executive directors providing independent opinions and suggestions[79] - The board includes a diverse range of expertise, with independent directors appointed to ensure effective oversight and governance[79] Financial Management - The company has implemented financial risk management strategies as outlined in the annual report[135] - Financial income for the reporting period was approximately RMB 18.5 million, a 1.6% increase from RMB 18.2 million in the same period last year, mainly due to the conversion of some short-term deposits into fixed deposits[48] - Financial costs decreased by approximately 13.3% to RMB 43.7 million from RMB 50.4 million in the same period last year, attributed to reduced interest expenses and a decline in the weighted average borrowing rate[48] Shareholder Information - The company reported a final dividend of RMB 0.164 per share for the year ending December 31, 2024, an increase from RMB 0.15 per share in 2023, totaling approximately RMB 49,462,400[137] - The total amount of the proposed final dividend is contingent upon shareholder approval at the upcoming annual general meeting[137] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident H-share shareholders[139] Risks and Compliance - The company faces risks related to its operations concentrated in the "Three North Regions," which may be affected by adverse economic conditions or government policies[144] - The company may encounter difficulties in expanding its heating service business if it cannot obtain new operating rights or expand its service area under existing rights[144] - The company has complied with all applicable environmental laws and regulations during the reporting period[143] - The company has not reported any serious violations of applicable laws and regulations during the reporting period[147]

Financial Performance - The company reported a comprehensive income statement for the fiscal year ending December 31, 2024, detailing financial performance metrics [3]. - The five-year financial summary indicates a consistent growth trend, with significant increases in revenue and net income compared to previous years [5]. - The company reported revenue of RMB 711.9 million for the year ended December 31, 2024, a decrease of 20.1% compared to RMB 891.5 million in 2023 [19]. - The net loss for the company was RMB 793.2 million, significantly higher than the net loss of RMB 101.9 million recorded in 2023, representing an increase of 678.4% [19]. - The gross profit decreased by 35.2% to RMB 211.1 million, down from RMB 325.8 million in the previous year [18]. - The company's diagnostic testing services recorded revenue of RMB 711.9 million, a decrease of 20.1% compared to the same period last year [40]. - Revenue from diagnostic testing services provided to medical alliances decreased by 12.4% to RMB 377.3 million, accounting for 53.0% of total revenue, an increase of 4.7% year-on-year [56]. - Revenue from diagnostic outsourcing services fell by 27.0% to RMB 301.8 million, primarily due to increased industry competition and a slowdown in market demand [57]. - Revenue from diagnostic testing services for non-medical institutions decreased by 30.3% to RMB 32.8 million, impacted by external market conditions [58]. - The company's gross profit margin for the year ended December 31, 2024, was 29.6%, down from 36.5% in 2023 [87]. Strategic Initiatives - Future outlook suggests a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion initiatives [5]. - The company is investing in R&D for new technologies, with a budget allocation of $10 million aimed at enhancing product offerings [5]. - Market expansion plans include entering three new international markets by the end of 2025, targeting a 25% increase in global market share [5]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the healthcare sector [5]. - A new product line is set to launch in Q2 2025, expected to contribute an additional $5 million in revenue within the first year [5]. - The company aims to build a dual innovation-driven system with a "Six Forces Model + AI Model" to support the full chain transition from laboratory to industrialization [27]. - The company implemented a "horizontal and vertical" strategy to enhance the medical service ecosystem, focusing on regional medical testing centers and establishing joint laboratories with leading enterprises [29]. Operational Efficiency - The company reported a 30% increase in operational efficiency due to recent technological upgrades and process optimizations [5]. - The company is committed to enhancing credit control and collection efforts for clients with good credit ratings to manage accounts receivable levels [20]. - The company focused on optimizing its client and product structure, which contributed to a decline in overall diagnostic testing service revenue [20]. - The company has successfully introduced several AI-assisted diagnostic applications, enhancing diagnostic efficiency and effectiveness [52]. - AI technology has been fully integrated into the group's medical laboratories, significantly improving testing efficiency and report turnaround time [51]. Research and Development - Research and development expenses were approximately RMB 53.0 million, increasing the R&D expenditure as a percentage of total revenue from 6.2% in 2023 to 7.4% in 2024 [20]. - The company initiated 11 research collaborations with 9 leading hospitals in 4 provinces, leading to 4 projects with promotable results in the field of infectious disease diagnostics [23]. - The "Medical Testing Joint Innovation Platform" has successfully developed over 10 different diagnostic products for various infectious syndromes in collaboration with top medical institutions [44]. Corporate Governance - The company has adopted corporate governance codes and principles to ensure high standards of governance and shareholder protection [130]. - The board consists of one executive director, three non-executive directors, and three independent non-executive directors [134]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, to oversee various aspects of its operations [150]. - The company emphasizes integrity and accountability as core values to drive employee potential and sustainable development [127]. - The company has a strong commitment to corporate governance, believing it is essential for enhancing company value and accountability [129]. Challenges and Risks - The company may face adverse impacts on its business, financial condition, and prospects if it cannot raise sufficient additional funds under acceptable terms [200]. - Uncertainties related to China's bulk purchasing policies may affect the company's operations [200]. - Failure to keep pace with industry and technological developments in a cost-effective manner may hinder the company's competitiveness and reduce demand for its services [200]. - The business may be adversely affected by obstacles in China's healthcare reform [200]. - Inability to effectively recover trade receivables could negatively impact the company's business, financial condition, and operating performance [200].

(於中華人民共和國註冊成立的股份有限公司) 股份代號:2009 年度報告 *僅供識別 www.bbmg.com.cn/listco 中國北京東城區北三環東路36號 環球貿易中心D座 (100013) 2024 年度報告 北京金隅集團股份有限公司 目錄 2 財務紀要 3 公司資料 6 公司簡介 9 董事、監事及高級管理層履歷 20 主席致辭 26 管理層討論及分析 75 董事會報告 95 監事會報告 101 投資者關係報告 105 企業管治報告 140 審計師報告 146 經審計合併資產負債表 149 經審計合併利潤表 151 經審計合併股東權益變動表 153 經審計合併現金流量表 155 經審計公司資產負債表 157 經審計公司利潤表 158 經審計公司股東權益變動表 159 經審計公司現金流量表 161 財務報表附註 410 財務報表補充資料 412 五年財務概要 2 北京金隅集團股份有限公司 財務紀要 | | 二零二四年 | 二零二三年 | 變動 | | | --- | --- | --- | --- | --- | | 營業收入（人民幣千元） | 110,711,819 | 107,955,680 | ...

Financial Performance - For FY2024, the Group's consolidated turnover decreased to HK$1,075,732,000, representing a decrease of approximately 21.06% compared to the previous year[10]. - The net profit for FY2024 was HK$45,219,000, a decrease of approximately 33.38% from HK$67,871,000 in FY2023, resulting in basic earnings per share of 9.02 Hong Kong cents[10]. - Cash generated from operations was HK$77,239,000 in FY2024, with net cash and cash equivalents at the end of the year amounting to HK$349,130,000[13]. - The Group proposed a final dividend of 2 Hong Kong cents per ordinary share for the year ended December 31, 2024, down from 4 Hong Kong cents in 2023[36]. - The special dividend remained at 6 Hong Kong cents per ordinary share for both 2024 and 2023[36]. - The Group's current ratio was 3.49 as of December 31, 2024, compared to 3.51 as of December 31, 2023[32]. - The quick ratio was 2.83 as of December 31, 2024, slightly down from 2.84 in the previous year[32]. - The gearing ratio improved to 0.30 as of December 31, 2024, from 0.32 in 2023[32]. - Trade receivables turnover increased to 69 days in FY2024, up from 60 days in FY2023[33]. - Inventory turnover also increased to 53 days in FY2024, compared to 45 days in FY2023[33]. - Bank balances and cash decreased to HK$349,130,000 as of December 31, 2024, from HK$367,415,000 in 2023, a decrease of HK$18,285,000[33]. Investments and R&D - The Group invested HK$37,931,000 in FY2024 for new machinery and R&D, compared to HK$40,505,000 in FY2023[14]. - The Group's investment in information systems and automated production processes aims to achieve AIoT compatibility, enhancing operational efficiency and data management[17]. - The Group's investment in R&D has allowed it to maintain HNTE status for the eighth consecutive year, enabling growth through new knowledge and innovations[50]. - The Group plans to continue investing in the computerization of manufacturing, integrating ERP systems with financial analytic software like Microsoft Power BI for better decision-making[54]. - The Group's R&D team will consider new decarbonization requirements when developing innovative products[55]. Operational Strategies - The Group successfully shipped its first container of "Made in Indonesia" products in April 2024, establishing an overseas manufacturing facility to mitigate geopolitical risks[19]. - The Group adopted crisis risk management protocols following severe flooding in 2023, resulting in no damages or losses in 2024[18]. - New innovative grooming products were launched in 2024, despite a significant drop in sales demand in the home environmental product category[9]. - The Group's management continues to focus on digital transformation to improve data processing and analysis capabilities[14]. - The Group's management will remain vigilant and adapt to new business ecosystems to tackle immediate market downturns[50]. - The management team is focused on unlocking operational potential by analyzing profit margins, cash positions, and accounts receivables[54]. - The Group is preparing to comply with the Carbon Border Adjustment Mechanism (CBAM) and other ESG requirements, which may increase total product costs[55]. - The Group's management is committed to forming stronger partnerships with strategic customers to adapt to market changes[50]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through its independent non-executive Directors[72]. - The company’s leadership team has a diverse background in engineering, finance, and management, contributing to its strategic direction[66][71]. - The company has a remuneration committee and an audit committee, with various members holding significant experience in finance and management[72][75]. - The board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors, with no fixed term for appointments[198]. - The company emphasized corporate governance and has been in compliance with the applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2024[197][200]. Shareholder Information - As of December 31, 2024, the total number of issued shares of the Company is 501,324,860 ordinary shares[7]. - Dr. WONG, Kin Lae Wilson has interests totaling 97,348,981 shares, representing 19.42% of the total issued shares[126]. - Mr. WONG, Ying Man John holds 58,845,136 shares, representing 11.74% of the total issued shares[126]. - Dr. WONG, Man Hin Raymond holds 26,474,008 shares, representing 5.28% of the total issued shares[126]. - The Company did not purchase, sell, or redeem any of its shares during the year ended 31 December 2024[108]. - The Share Option Scheme allows for the issuance of up to 50,132,486 ordinary shares, representing 10% of the issued shares, excluding treasury shares[139]. - The Scheme will remain in force until November 6, 2034[151]. - No share options have been granted under the Scheme since its adoption on November 7, 2024, and no options were granted, exercised, cancelled, or lapsed during the year ended December 31, 2024[152]. Employee Relations - The Company maintains good relationships with employees, ensuring reasonable remuneration and benefits[93]. - The Group operates a Mandatory Provident Fund scheme covering all employees, with details provided in note 21 to the financial statements[183]. Risk Management - Further discussion on the Group's principal risks and uncertainties can be found on pages 9 to 10 of the annual report[84]. - Significant related party transactions during the year do not constitute connected transactions under the Listing Rules[181]. Charitable Contributions - Charitable donations made by the Group during the year amounted to approximately HK$980,000, a decrease from HK$1,390,000 in 2023[184].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 695,899,414.83, a decrease of 11.92% compared to RMB 790,088,128.25 in the same period last year[6]. - The net loss attributable to shareholders was RMB -146,335,432.14, showing an improvement of 6.12% from RMB -155,869,080.45 year-on-year[6]. - The basic and diluted earnings per share were both RMB -0.13, reflecting a 7.14% improvement from RMB -0.14 in the same period last year[6]. - Total operating revenue for the current period was RMB 695.90 million, a decrease of 11.93% from RMB 790.09 million in the previous period[23]. - Net loss for the current period was RMB 172.27 million, compared to a net loss of RMB 192.94 million in the previous period, showing an improvement of 10.00%[24]. - The company reported an operating profit of RMB -172.90 million, an improvement from RMB -191.16 million in the previous period[24]. - Other comprehensive income after tax for the current period was RMB 6,429.28, compared to RMB -781.25 in the previous period[25]. Cash Flow - The net cash flow from operating activities increased significantly to RMB 1,180,864.64, a 100.98% improvement from RMB -119,987,293.03 in the previous year[13]. - Operating cash flow generated a net amount of ¥1,180,864.64, a significant improvement from a net outflow of ¥119,987,293.03 in the previous period[27]. - Cash inflow from investment activities totaled ¥641,935,658.02, compared to ¥240,974,203.29 in the prior period, indicating a strong increase[28]. - The net cash flow from financing activities was ¥299,786,912.52, up from ¥78,275,984.76 in the previous period, reflecting improved financing conditions[28]. - Cash received from borrowings amounted to ¥1,343,268,074.48, compared to ¥605,790,064.34 in the prior period, highlighting increased borrowing activity[28]. - The company paid ¥1,003,586,033.08 in debt repayments, which is significantly higher than ¥473,555,589.93 in the previous period, reflecting a focus on debt reduction[28]. - The company received tax refunds of ¥2,510,072.39, an increase from ¥1,621,890.52 in the previous period, indicating improved tax recovery efforts[27]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 11,278,546,915.57, showing no significant change from RMB 11,278,479,415.46 at the end of the previous year[6]. - The company's equity attributable to shareholders decreased by 4.03% to RMB 3,454,826,025.41 from RMB 3,599,850,228.42[6]. - Total current assets at the end of the period amount to RMB 3,698,493,793.28, an increase from RMB 3,563,956,903.50 at the beginning of the year[19]. - Total non-current assets amount to RMB 7,580,053,122.29, down from RMB 7,714,522,511.96 at the beginning of the year[20]. - Total liabilities amount to RMB 3,513,772,246.21, a decrease from RMB 3,877,229,219.04 at the beginning of the year[20]. - Total liabilities increased to RMB 7.30 billion, up from RMB 7.13 billion in the previous period, reflecting a growth of 2.40%[21]. - Total equity decreased to RMB 3.98 billion, down from RMB 4.15 billion in the previous period, a decline of 4.12%[21]. Investment Income - The company reported a significant increase in investment income, rising by 117.91% to RMB 1,211,830.53 from a loss of RMB -6,767,501.77 in the previous year[12]. - The company recorded investment income of RMB 1.21 million, a significant recovery from a loss of RMB 6.77 million in the previous period[23]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,116[15]. - Guangdong Guangsheng Holdings Group Co., Ltd. holds 24.09% of shares, totaling 266,279,028 shares[15]. - HKSCC NOMINEES LIMITED holds 18.10% of shares, totaling 200,097,387 shares[15].

Financial Performance - The audited consolidated revenue for 2024 was approximately RMB 13,930.2 million, a decrease of approximately 3.9% from 2023[20]. - Profit attributable to owners of the company in 2024 was approximately RMB 19.9 million, a significant decrease of 95.8% from RMB 479.4 million in 2023[16]. - The basic earnings per share for 2024 was approximately RMB 0.4 cents, down 95.8% from RMB 8.5 cents in 2023[16]. - Gross profit for 2024 was approximately RMB 2,284.9 million, representing an increase of approximately 49.8% from 2023[20]. - The total recognized revenue from properties delivered in FY2024 was approximately RMB 13,192.5 million, representing a decrease of approximately 3.6% from FY2023[67]. - Revenue from property sales accounted for approximately 94.7% of total revenue for FY2024, with a decrease attributed to a reduction in the total GFA of properties delivered[184]. - The Group's cost of sales for FY2024 was approximately RMB 11,645.3 million, representing a decrease of approximately 10.2% from RMB 12,964.8 million in FY2023[185]. - Other income and gains decreased by approximately 27.7% to approximately RMB 70.2 million for FY2024, primarily due to a decrease in bank interest income[187]. - Selling and distribution expenses decreased by approximately 33.4% to approximately RMB 224.9 million for FY2024 from RMB 337.8 million in FY2023[188]. - Administrative expenses decreased by approximately 21.1% to approximately RMB 464.7 million for FY2024 from RMB 589.3 million in FY2023[195]. - Income tax expenses increased by approximately 528.5% to approximately RMB 1,031.3 million for FY2024 from RMB 164.1 million in FY2023, mainly due to an increase in profit before tax[198]. Sales and Contracted Sales - Contracted sales amount for 2024 was RMB 5,868.5 million, down 49.7% compared to RMB 11,669.3 million in 2023[16]. - For FY2024, the Group's contracted sales area was approximately 353,329 sq.m., a decrease of about 42.7% from FY2023's 615,858 sq.m.[154]. - The decline in sales was primarily due to a modest decrease in demand for residential and commercial properties, influenced by cautious market sentiment amid domestic economic challenges[155]. - Major projects contributing to contracted sales included Hidden Dragon Bay and International Office Centre, with respective sales areas of 296 sq.m. and 13,791 sq.m.[156]. - The Group's interest in the contracted sales from the International Office Centre (IOC)A2 project was 66.0%, with a sales amount of RMB 674.7 million[156]. - The Yunxing Imperial Palace project in Kunming achieved a contracted sales amount of RMB 304.6 million, with a sold area of 30,379 sq.m., representing 90.0% interest attributable to the Group[161]. - The Group's sales in Hangzhou included various projects, with Zecui Ju achieving a sales amount of RMB 592.7 million from 34,578 sq.m.[158]. - The Group's strategy includes focusing on major projects in high-demand areas to mitigate the impact of market fluctuations[155]. Assets and Liabilities - Total assets decreased by 19.2% to RMB 39,262.7 million in 2024 from RMB 48,569.8 million in 2023[16]. - The Group's total liabilities included current liabilities of approximately RMB 21,489.9 million and non-current liabilities of approximately RMB 4,894.5 million as of December 31, 2024[200]. - The debt to asset ratio improved to 67.2% in 2024 from 73.3% in 2023[16]. - The net gearing ratio decreased to 29.2% in 2024 from 43.1% in 2023[16]. - As of December 31, 2024, the total GFA of the Group's land bank was approximately 7.42 million sq.m., with unsold or undelivered GFA of completed properties at approximately 2.55 million sq.m.[162]. - The average acquisition cost of the Group's overall land bank was approximately RMB 2,713 per sq.m.[162]. Market Outlook - The real estate market is expected to gradually stabilize and recover due to positive government policies[24]. - The cautious market sentiment is expected to persist, influencing the Group's sales outlook for the upcoming fiscal year[155]. - Nationwide real estate development investment in 2024 amounted to RMB 10,028.0 billion, a decrease of 10.6% compared to the previous year[62]. - The gross floor area of newly built commodity properties sold in 2024 was 973.58 million square meters, a decline of 12.9% from the previous year[62]. - The sales volume of newly built commodity properties in 2024 was RMB 9,675.0 billion, representing a decrease of 17.1%[62]. Operational Highlights - The Group successfully delivered 13 projects, with several achieving simultaneous delivery of properties and certificates, enhancing its reputation in the market[29]. - The Group's commercial operations have seen stable and rising leasing business revenue, with brand upgrades and consumer scenario innovations implemented in key cities[31]. - The Group's commitment to high-quality comprehensive delivery has positioned it among the "Top 5 Zhejiang Real Estate Developers by Delivery Capability" for two consecutive years[29]. - The Group has expanded its business scope into modern agriculture, education, culture, film and entertainment, leisure tourism, and wellness industries to align with overall industry development[172]. - The Group received multiple awards in FY2024, including being ranked among the Top 100 China Real Estate Developers and Top 10 Hong Kong Listed Domestic Property Companies with Financial Stability[176]. Dividends and Financial Management - The company did not propose a final dividend for the year 2024, consistent with 2023[20]. - The Group's dividend policy considers various factors, including operational results, retained earnings, and future expansion plans before declaring any dividends[180]. - The Group's total asset-liability ratio and net debt ratio maintained a good level within the industry, reflecting strong financial management[26].

Business Performance - Times Neighborhood achieved a total managed area of approximately 150 million square meters, with residential area reaching 72.19 million square meters, and added approximately 4 million square meters of new residential area throughout 2024[35]. - Revenue for 2024 is RMB 2,388,828, a decrease of 3.3% compared to RMB 2,471,305 in 2023[93]. - Gross profit for 2024 is RMB 487,784, down 5.4% from RMB 515,705 in 2023[93]. - Core net profit attributable to owners of the parent increased by 10.5% to RMB 175,240 from RMB 158,597 in 2023[93]. - Total assets as of December 31, 2024, are RMB 2,591,943, slightly down from RMB 2,604,783 in 2023[93]. - Cash and bank balances increased to RMB 1,108,888 from RMB 941,366 in 2023[93]. - Gross profit margin for 2024 is 20.4%, compared to 20.9% in 2023[93]. - Core net profit margin improved to 7.8% from 6.7% in 2023[93]. - GFA under management increased to 118.8 million sq.m. from 110.9 million sq.m. in 2023[93]. - Rental and sales orders increased by 48% year-on-year, driven by precise demand meeting through property services[85]. Awards and Recognition - Times Neighborhood was awarded the honor of "2024 Top 100 Property Management Companies in China (TOP 11)" by CIA on April 18, 2024[15]. - Times Neighborhood was ranked TOP 11 in the 2024 Top 100 Property Management Companies in China, awarded by Beijing China Index Information Technology Academy in April 2024[43]. - The company received recognition as a leading enterprise in various categories, including high-end property service and commercial property service capability, in April 2024[48]. - In May 2024, Times Neighborhood was recognized as one of the TOP 9 leading brand enterprises in terms of professional operation of property management, valued at RMB 9.5 billion[58]. - The company was awarded as a leading enterprise in the property management market in the Guangdong-Hong Kong-Macao Greater Bay Area in December 2024[63]. - Times Neighborhood achieved a significant milestone by being recognized as a top company in corporate governance and environmental responsibility in December 2024[63]. - The company has been acknowledged for its excellent ESG practices and investment value, ranking among the top in these categories in 2024[51]. Service Innovations and Initiatives - The company launched the "Flower 4 Service System" on March 29, 2024, to enhance differentiated quality residential service solutions[12]. - Times Neighborhood established the "AI Home Decoration Laboratory" during the new product launch on April 25, 2024[18]. - The "Carbon Reduction Officer in Neighborhood" initiative was recognized as "2024 China Property Annual Brand Public Welfare Excellent Case" by Leju Finance on December 20, 2024[34]. - The company successfully held the fourth "Happy Creation Festival" from September 6 to 17, 2024, receiving positive feedback from property owners[26]. - The company aims for endogenous growth through service innovation and digital technology to meet property owners' needs[82]. - The strategic "Spark Program" will be advanced to build service ecosystems in core cities and key regions[90]. Leadership and Management - Ms. Xie Rao has been appointed as executive director since August 26, 2019, responsible for quality operation management and brand promotion[104]. - Ms. Zhou Rui has been serving as executive director since August 26, 2019, focusing on financial management and internal control[109]. - Mr. Shum Chiu Hung was appointed as non-executive director and chairman on September 4, 2023, providing guidance for the overall development of the Group[114]. - The Group's financial management center has been led by Ms. Zhou since August 2019, indicating a stable leadership in financial operations[109]. - The leadership team has a diverse background in finance, property management, and strategic development, contributing to the Group's growth[112]. - The company has a strong leadership team with members holding advanced degrees in law and business administration from reputable institutions[127][134]. Market Presence and Expansion - As of December 31, 2024, the Group's contracted property management services covered 82 cities, with a total of 878 property management projects under management, and a gross floor area (GFA) under management of approximately 118.8 million sq.m[158]. - The Group strategically adjusted its portfolio of properties under management in 2024 to pursue better profitability and cash collection performance, focusing on internal expansion to diversify its business scope[159]. - The total contracted GFA increased from 117,577 thousand sq.m. in 2023 to 125,759 thousand sq.m. in 2024, representing a growth of approximately 6.5%[160]. - The GFA under management also increased from 110,933 thousand sq.m. in 2023 to 118,827 thousand sq.m. in 2024, reflecting a growth of approximately 7.5%[160]. - Approximately 49.1 million sq.m. of the GFA under management is located in the Greater Bay Area, accounting for approximately 41.3% of the total GFA under management[168]. - The Group has been deeply rooted in the Greater Bay Area for over 20 years, continuously expanding its property management scope in the region[167]. Financial Services and Revenue Streams - Revenue from residential property management for the year was approximately RMB 979.7 million, representing about 53.9% of total property management service revenue[179]. - Revenue from public space leasing and parking space management was approximately RMB 121.1 million, accounting for 39.9% of community value-added services revenue[190]. - Revenue from resident services was approximately RMB 182.6 million, accounting for 60.1% of community value-added services revenue[190]. - The overall revenue of value-added services to non-property owners declined due to the cyclical downturn of the PRC real estate industry[197]. - The company adjusted the business scale of value-added services to non-property owners to balance cash collection[197].

Financial Performance - The company reported revenue of HKD 2,425,635,000 for the year, a decrease of 17.8% compared to HKD 2,949,362,000 in the previous year[9]. - The net loss attributable to equity holders was HKD 52,801,000, a significant decline from a profit of HKD 73,655,000 in the prior year, representing a 171.7% decrease[9]. - The gross profit margin fell to 5.5%, down 50% from 11.0% in the previous year[9]. - EBITDA for the Hong Kong business was HKD 220,800,000, a decline of 31.2% from HKD 321,000,000 in the previous year[19]. - In 2024, the group's revenue from mainland China was HKD 801.3 million, a decrease of 31.3% compared to HKD 1,165.9 million in 2023[23]. - EBITDA for the mainland China business fell by 52.3% to HKD 90.1 million, down from HKD 189.1 million in the previous year[23]. - The group closed over 10 restaurants in mainland China, leading to a significant decline in revenue for that segment[23]. - The company reported a loss for the year ending December 31, 2024, with financial details available on pages 39 to 42 of the financial statements[97]. - The total comprehensive loss for the year ended December 31, 2024, was HKD 65,702,000, compared to a total comprehensive income of HKD 72,339,000 in 2023, marking a substantial turnaround in financial results[154]. - The company reported a fair value loss on investment properties of HKD 2,000,000 in 2024, which was not present in 2023, highlighting potential challenges in asset valuation[154]. Assets and Liabilities - Total assets decreased by 14.4% to HKD 1,874,536,000 from HKD 2,188,819,000[9]. - Cash and cash equivalents dropped by 38.2% to HKD 213,316,000 from HKD 345,146,000[9]. - Total equity decreased by 8.0% to approximately HKD 1,154,200,000 as of December 31, 2024, down from HKD 1,254,300,000 in 2023[28]. - Current assets totaled approximately HKD 520,200,000 and current liabilities totaled approximately HKD 499,300,000, resulting in a current ratio of about 1.04, down from 1.13 in 2023[28]. - The company’s total equity attributable to equity holders as of December 31, 2024, was HKD 1,154,163,000, a decrease from HKD 1,243,122,000 in 2023, reflecting the impact of losses on shareholder equity[156]. Dividends and Shareholder Returns - The company decided not to recommend a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 3.00 per share in the previous year[18]. - The company paid dividends totaling HKD 30,430,000 in 2024, consistent with the previous year's dividend payments, indicating a stable dividend policy despite financial losses[155]. Strategic Initiatives - The company aims to enhance its core values by refining product offerings, improving service quality, and renovating restaurants to create a more attractive dining environment[16]. - The company plans to accelerate its digital transformation and focus on cost reduction and efficiency improvements[16]. - The group plans to expand its contract manufacturing business, which has shown significant sales growth, by developing more innovative products[21]. - The group has implemented a digital marketing strategy to attract a broader customer base, utilizing platforms like Xiaohongshu and WeChat[25]. - The company aims to explore overseas market opportunities in Southeast Asia, Australia, and the UK to promote its brand and cuisine[39]. Corporate Governance - The company emphasizes the importance of corporate governance through its various committees, including audit and remuneration[44][48]. - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange and complies with all applicable provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[53]. - The board consists of ten members, including four executive directors, two non-executive directors, and four independent non-executive directors, ensuring a balanced composition for independent discussions[58]. - The company has a diversified board policy that considers factors such as gender, age, cultural background, and professional experience to achieve board diversity[62]. - The company has obtained annual independence confirmation from independent non-executive directors, affirming their independent status[112]. Operational Efficiency - The group successfully introduced non-local labor to alleviate staffing pressures, positively impacting operational efficiency despite stable overall costs[21]. - The company is focused on the overall operation of its food processing and logistics center in Dongguan[43]. - The management team emphasizes the core values of "Three Excellence," "Talent Development," "Integrity," and "Value Creation" to drive business growth and development[55]. Financial Reporting and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local accounting regulations[171]. - The company ensures that financial statements are prepared in accordance with relevant laws and listing rules, reflecting the group's affairs and performance accurately[81]. - The audit committee's responsibilities include reviewing the financial reporting process and internal control systems[69]. - The auditor's report provides reasonable assurance that the financial statements are free from material misstatement, but cannot guarantee that all errors will be detected[142]. Market Presence and Expansion - The group has 45 restaurants in Hong Kong as of December 31, 2024, up from 43 in 2023[22]. - The company is expanding its market presence in mainland China with subsidiaries like Shenzhen Binhai Daoxiang Catering Co., Ltd. and Yingxi Palace Catering (Shenzhen) Co., Ltd.[163]. - The company operates primarily in the food and beverage sector, with 100% ownership in various subsidiaries focused on restaurant operations and food production[157]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks the group can undertake to achieve strategic objectives[83]. - The internal audit department operates independently and reports directly to the audit committee, providing objective assurance on risk management[85]. - The group assesses financial assets and liabilities at the acquisition date to classify and recognize them appropriately, including embedded derivatives in the acquired entity's main contracts[187].

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion, representing a year-on-year growth of 15%[3]. - Total operating income for 2024 was approximately RMB 709.3 million, a decrease of 50.0% compared to RMB 1,419.3 million in 2023[42]. - Gross profit for 2024 was RMB 32.1 million, down 77.3% from RMB 141.7 million in 2023[42]. - The total profit for 2024 was approximately RMB -151.1 million, compared to RMB -38.8 million in 2023, representing a decline of 289.4%[42]. - Net profit for 2024 was approximately RMB -115.2 million, a significant drop from RMB -28.6 million in 2023, indicating a 302.8% increase in losses[42]. - The net profit attributable to owners of the parent company for 2024 was approximately RMB -112.0 million, compared to RMB -30.1 million in 2023, reflecting a 272.1% increase in losses[42]. - The sales profit margin for the national concrete and cement-based products industry was only 2.59% in 2024, a decrease of 0.82 percentage points year-on-year, indicating a tough market environment[48]. - The Group recorded a net loss of approximately RMB 115.2 million for 2024, compared to a net loss of RMB 28.6 million in 2023[55]. Market and Customer Growth - User data indicates a rise in active customers to 500,000, up from 400,000 in the previous year, marking a 25% increase[3]. - The company projects a revenue growth target of 20% for the next fiscal year, aiming for RMB 1.44 billion[3]. - Market expansion plans include entering three new provinces in China by the end of 2025, targeting a 30% increase in market presence[3]. - The proportion of income from non-concrete businesses increased from approximately 7.4% in 2023 to approximately 10.5% in 2024[63]. - The Group signed new non-concrete business sales contracts exceeding RMB 350 million in 2024[63]. Product Development and Innovation - New product launches include a high-performance concrete mix that is expected to capture 10% of the market share within the next two years[3]. - The company is investing RMB 50 million in R&D for innovative construction materials, focusing on sustainability and efficiency[3]. - The company has developed phosphogypsum multi-solid waste cementitious materials and invested in pilot production lines for phosphogypsum artificial stone and permeable bricks[30]. - New products and businesses accounted for 24% of newly signed sales contracts in 2024, with significant contributions from green building materials[76]. - The Group laid out an accelerator production line with an annual capacity of 5,000 tons and completed the market promotion of waterborne coatings[74]. Strategic Initiatives and Governance - The company has implemented a new corporate governance strategy to enhance transparency and accountability, aligning with the latest Hong Kong Listing Rules[3]. - The management highlighted the importance of the "14th Five-Year Plan" in shaping future growth strategies and aligning with national economic goals[3]. - The company plans to focus on deepening reforms and enhancing corporate governance to improve management levels in 2025[34]. - The Group aims to become a leader in the green building materials sector, focusing on the comprehensive utilization of industrial solid waste and urban construction waste[155]. Environmental and Sustainability Efforts - The company focused on green and low-carbon transformation and upgrading, as well as cost reduction and efficiency improvements[26]. - In 2024, the company achieved direct benefits totaling RMB27.87 million from its new energy system, which included grid-connected electricity sales and charging income, while reducing carbon dioxide emissions by over 8,500 tons[30]. - The company successfully passed green carbon footprint certification and became the first "zero-carbon factory" and "carbon neutrality" certified enterprise in the ready-mixed concrete industry in the southwest region[30]. - The Group is committed to integrating ESG concepts into daily management and developing zero-carbon industrial parks[162]. Challenges and Market Conditions - The construction industry saw a year-on-year decline of 1.9% in fixed asset investment, and the real estate sector experienced a significant drop of 10.8%[26]. - Yunnan Province's fixed asset investment (excluding rural households) decreased by 7.7% year-on-year, with infrastructure investment down by 4.0% and transportation investment down by 13.0%[26]. - The concrete industry faced "shrinking demand, fierce competition, downward average prices, underperformed payment collection, and pressure on profits," marking a historical low point in development[26]. - Sales volume of ready-mixed concrete declined by approximately 49.6% compared to 2023, leading to a total operating income decrease of about 50.0%[29]. Leadership and Management - Mr. Li Zhangjian, the chairman, has extensive experience in the construction materials field, having led over 20 scientific and technological projects since 2004[180]. - Mr. Zhang Long has been with the company since January 2017, holding various positions including general manager and deputy secretary of the Party Committee[189]. - Ms. Wang Fang joined the company in December 2023 and was appointed as an executive director on May 30, 2024[195]. - The Company was recognized as a national High-Tech Enterprise for the third consecutive time in March 2024[169]. Financial Position and Assets - As of December 31, 2024, total assets were approximately RMB 3,883.4 million, a decrease of 12.8% from RMB 4,455.8 million at the end of 2023[93]. - Total liabilities as of December 31, 2024, were approximately RMB 2,680.2 million, down from RMB 3,135.6 million in 2023[94]. - The total borrowings increased to approximately RMB 616.8 million in 2024 from RMB 437.2 million in 2023, all of which were bank borrowings[95]. - The interest coverage ratio for 2024 was -6.4, compared to -1.0 in 2023, indicating significant losses during the reporting period[96].

Financial Performance - The rental income for the year ended December 31, 2024, was approximately HKD 25,400,000, an increase from HKD 23,400,000 in 2023, primarily due to a rise in overall property portfolio occupancy rates [8]. - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 25,383,000, an increase of 8.3% compared to HKD 23,437,000 in 2023 [32]. - The gross profit for the same period was HKD 19,380,000, reflecting a gross margin of approximately 76.4% [32]. - The company reported a net loss of HKD 37,919,000 for the year, compared to a loss of HKD 40,816,000 in 2023, indicating a narrowing of losses [32]. - The company incurred a loss from continuing operations before tax of HKD 35,439,000, an improvement from a loss of HKD 38,068,000 in the previous year [32]. - Total comprehensive loss attributable to shareholders for 2024 was HKD 37,929,000, slightly improved from HKD 40,753,000 in 2023 [128]. - The basic and diluted loss per share for 2024 was HKD 0.0977, an improvement from HKD 0.1051 in 2023 [127]. Financial Position - As of December 31, 2024, the group's cash and cash equivalents were approximately HKD 8,200,000, a significant decrease from HKD 159,000,000 in 2023 [11]. - Total assets decreased to HKD 1,636,266,000 from HKD 1,815,307,000 in 2023, representing a decline of approximately 9.9% [34]. - Total liabilities also decreased to HKD 210,247,000 from HKD 343,596,000, marking a reduction of about 38.7% [34]. - The company's net assets as of December 31, 2024, were HKD 1,426,019,000, down from HKD 1,471,711,000 in 2023 [132]. - The group had a net current liability of approximately HKD 158,051,000, slightly up from HKD 155,942,000 in 2023 [149]. Cash Flow - Operating cash flow before changes in working capital was HKD 14,329,000, up from HKD 13,210,000 in 2023, indicating an increase of about 8.5% [139]. - Net cash inflow from operating activities was HKD 10,287,000, down from HKD 12,212,000 in 2023, reflecting a decrease of approximately 15.8% [139]. - The company experienced a net cash outflow from investing activities of HKD 14,075,000, compared to a net inflow of HKD 971,000 in 2023, indicating a significant change in investment strategy [139]. - Cash and cash equivalents at the end of the year were HKD 8,167,000, a decrease from HKD 158,992,000 at the beginning of the year, representing a decline of approximately 94.9% [141]. - The net cash outflow from financing activities was HKD 146,872,000, compared to HKD 27,962,000 in 2023, indicating a substantial increase in financing costs [141]. Business Strategy and Outlook - The group plans to expand its business and invest in real estate development in Malaysia, actively seeking opportunities to acquire quality properties and land reserves for sustained long-term growth [17]. - The residential leasing market remains slightly resilient due to demand from high-income groups, although the office and retail markets in Hong Kong are expected to face complex challenges in 2025 [17]. - The company continues to explore market expansion opportunities and new product development strategies [28]. Corporate Governance - The board of directors has confirmed compliance with relevant laws and regulations, with no significant violations reported during the review year [37]. - The company has adhered to the corporate governance code principles and rules throughout the fiscal year ending December 31, 2024 [72]. - The board consists of three executive directors and four independent non-executive directors, with independent directors accounting for over one-third of the total board members [76]. - The company has arranged directors and officers liability insurance, which is reviewed annually [77]. - The board believes that effective corporate governance practices are essential for maintaining stakeholder trust and long-term value creation [71]. Risk Management - The company has confirmed the effectiveness and adequacy of its risk management and internal control systems for the fiscal year ending December 31, 2024 [97]. - The audit committee is responsible for overseeing the financial reporting process of the group [121]. - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error [122]. Environmental and Social Responsibility - The company has implemented various policies and measures to reduce its environmental impact and promote sustainability [36]. Shareholder Information - The proposed final dividend is HKD 0.006 per share, in addition to an interim dividend of HKD 0.008 per share, totaling HKD 0.014 per share for the fiscal year [30]. - The company declared dividends totaling HKD 7,763,000 for the year, consistent with prior year distributions [136].