Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately MOP 182.0 million, an increase of about MOP 41.4 million or approximately 29.4% compared to the same period in 2023[12] - The gross profit for the fiscal year was approximately MOP 26.9 million, significantly up from MOP 8.1 million in the previous year, indicating a substantial improvement in financial performance[12] - As of December 31, 2024, the company's distributable reserves amounted to MOP 2.0 million, down from MOP 17.0 million in 2023[25] - The company does not recommend the payment of any final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[24] Business Strategy and Development - The company plans to diversify its business portfolio through the acquisition of a company holding licenses for securities advisory and asset management, aiming to develop new revenue sources[13] - The company is exploring opportunities in the construction materials trade, driven by the accelerating infrastructure development in Macau and Hong Kong, which is expected to create strong demand for construction materials[14] - The company remains committed to leveraging business relationships and resources to implement new business strategies, actively seeking opportunities through strategic acquisitions and partnerships with globally recognized firms[16] - The company announced the establishment of a new investment company in Hong Kong to diversify and expand its business portfolio[169] - The company aims to continue seeking opportunities through mergers and acquisitions and collaborations with globally recognized enterprises to expand revenue sources[169] Shareholder Information - As of December 31, 2024, Mr. Liu Chao-sheng holds 390,000,000 shares, representing approximately 65% of the company[65] - Mr. Ye Jianhua holds 60,000,000 shares, representing approximately 10% of the company[65] - Major shareholder Liu Tai holds 390,000,000 shares, representing 65.0% of the company's issued share capital[69] - Laos International, owned by the company's controlling shareholder, holds 255,000,000 shares, accounting for 42.5%[69] - WHM Holdings, fully owned by Liu Tai, possesses 135,000,000 shares, which is 22.5% of the total[69] Corporate Governance - The board consists of eight members, including five executive directors and three independent non-executive directors[102] - The board consists of at least three independent non-executive directors, ensuring a balanced composition to provide independent opinions[105] - The board has held four meetings from January 1, 2024, to December 31, 2024, with all directors attending all meetings[113][115] - The company has established three committees (audit, remuneration, and nomination) to oversee specific matters, with most members being independent non-executive directors[127] - The independent non-executive directors have confirmed their independence annually, and the company believes all such directors are independent individuals[119] Risk Management and Internal Controls - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks[146] - An internal control officer has been hired, and an independent third-party internal control consultant is engaged annually to review the internal control system[146] - The board and audit committee reported that the risk management and internal control systems are effective and adequate as of December 31, 2024[147] - The company has implemented monitoring procedures to strictly prohibit unauthorized access and use of insider information[148] Environmental, Social, and Governance (ESG) Initiatives - The group is committed to sustainable growth, balancing financial performance with environmental, social, and governance (ESG) management[99] - The company integrates environmental, social, and governance (ESG) principles into its operations, emphasizing stakeholder and community relationships[168] - The company has implemented a risk management policy to identify and allocate resources effectively for environmental, social, and governance risks[184] - The company has established a clear governance framework for its ESG strategy, detailing the roles and responsibilities of key management personnel[177] - The company aims to enhance its environmental management system in accordance with international standards to address environmental responsibilities and challenges[182] Employee and Director Compensation - The company maintains a fair and equitable compensation policy for all employees, with performance evaluations conducted annually[82] - The company established a Compensation Committee on August 17, 2018, to recommend overall compensation policies for all directors and senior management[131] - As of December 31, 2024, there is 1 senior management member earning between HKD 0 to 1,000,000 and 1 member earning between HKD 1,500,001 to 2,000,000[131] Compliance and Legal Matters - The company has adhered to all relevant regulations and has not identified any legal violations in 2024[199] - The company confirmed compliance with the non-competition agreement by all covenantors for the year ending December 31, 2024[76] - No related party transactions were established under the Listing Rules that were not exempted during the year[85] Awards and Recognition - During the reporting period, the company received two awards for its commitment to corporate social responsibility and sustainable development[187]

Financial Performance - The company's revenue increased by 33% to HKD 182,756,000 for the year ended December 31, 2024, compared to HKD 137,164,000 in 2023[8] - Gross profit rose by 75% to HKD 16,270,000, up from HKD 9,313,000 in the previous year[8] - The company recorded a loss of HKD 5,244,000 for the year, an improvement from a loss of HKD 12,766,000 in 2023[8] - Loss attributable to owners of the company was HKD 8,125,000, compared to HKD 11,313,000 in the prior year[13] - Basic loss per share was HKD 0.45, down from HKD 0.62 in 2023[13] - Revenue from the metal sales segment increased by 39% to HKD 93,706,000, while it reported a segment loss of HKD 621,000[15] - The electronic device solutions segment saw a revenue increase of 28% to HKD 89,050,000, with a segment profit of HKD 5,863,000, recovering from a segment loss of HKD 2,733,000 in 2023[17] Business Development and Strategy - The company continues to develop its property project in Sydney, Australia, to enhance growth prospects[8] - The company is cautiously exploring business development opportunities amid global economic challenges and geopolitical tensions[9] - The company plans to continue enhancing its sales capabilities and exploring product diversification opportunities while developing its project in Sydney, Australia[28] - The company has begun discussions with potential operators regarding healthcare and medical facilities, with the final planning phase expected to detail the design and operation of these facilities[23] Foreign Exchange and Financial Risks - The overall increase in foreign exchange losses was attributed to the depreciation of the Renminbi and Australian Dollar against the Hong Kong Dollar[14] - The group is closely monitoring foreign exchange risks and plans to take appropriate measures if necessary[40] - The group is focusing on diversifying its customer and supplier base to mitigate reliance risks[35] Property Development - The property development segment in Australia recorded a loss of HKD 488,000 for the year ending December 31, 2024, a decrease from a loss of HKD 1,709,000 in 2023, primarily due to effective cost control measures[18] - The planning proposal for the land in Canterbury Bankstown has been approved, allowing the company to proceed with development, which is expected to lead to a significant increase in overall building area from a height limit of 12 meters to 45.5 meters[21] Investment and Assets - The fair value of the investment in Zhejiang Energy Jinjiang increased to HKD 52,955,000 as of December 31, 2024, representing 13% of the group's total assets, up from 9% in 2023, with a fair value gain of HKD 16,078,000 during the year[25] - The company is optimistic about the prospects of Zhejiang Energy Jinjiang, which includes power and steam production, waste-to-energy operations, and energy management contracting[27] Financial Position and Ratios - As of December 31, 2024, the group's current assets amounted to HKD 304,782,000, a decrease from HKD 322,589,000 as of December 31, 2023[36] - The group's current ratio was maintained at a solid level of 7.5 times, compared to 7.8 times as of December 31, 2023[36] - The group's debt-to-equity ratio was low at 0.04% as of December 31, 2024, down from 0.47% as of December 31, 2023[37] Employee and Governance - The total employee cost for the year was HKD 20,181,000, a slight decrease from HKD 20,753,000 in the previous year[45] - The management team includes experienced executives with diverse backgrounds in engineering, economics, and business management[49][50][53] - The company encourages fair competition and upholds high ethical standards in procurement and service hiring[47] - The company emphasizes a commitment to employee development and sustainable growth strategies[114] Environmental and Sustainability Efforts - The company emphasizes environmental protection as a key focus, implementing resource conservation and best practices in operations[46] - The company aims to achieve "carbon peak by 2030 and carbon neutrality by 2060" as part of its environmental goals[177] - The company has implemented measures to reduce greenhouse gas emissions from vehicles, including purchasing electric vehicles and optimizing routes[184] - The company has implemented various energy-saving measures, including only activating air conditioning when indoor temperatures exceed 28 degrees Celsius[194] Corporate Governance - The board consists of six directors, including three executive directors and three independent non-executive directors[116] - The company has established four board committees to enhance governance, including the audit, nomination, remuneration, and credit committees[125] - The company has adopted a governance code that requires independent non-executive directors to be appointed for a term of three years, subject to re-election[124] - The board has conducted an annual review of the effectiveness of the internal control system, which includes operational, financial, compliance monitoring, and risk management functions, and found no significant deficiencies[146] Shareholder Relations - The company allows shareholders to propose matters for consideration at the annual general meeting, ensuring their rights are upheld[149] - The company considers declaring and paying dividends based on profitability and operational stability, with no guarantee of dividends in any specific period[156] ESG Reporting - The environmental, social, and governance (ESG) report covers the company's sustainable development activities and challenges for the fiscal year ending December 31, 2024[163] - The ESG report is prepared in accordance with the Stock Exchange's guidelines, ensuring consistency and transparency in reporting[164] - The company has implemented policies to enhance data collection and monitoring of ESG performance, aiming to improve disclosure levels[162]

Financial Performance - Total revenue for 2024 reached RMB 15,746.1 million, representing a year-on-year growth of 27.1%[9] - Net profit attributable to the company was RMB 132.5 million, a significant increase of 161.8% compared to the previous year[9] - Revenue from continuing operations increased by 27.1% from RMB 12,387.4 million in 2023 to RMB 15,746.1 million in 2024[24] - Operating profit increased significantly to RMB 117,283 thousand in 2024, compared to RMB 19,151 thousand in 2023[52] - The net profit from continuing operations for 2024 was RMB 132,460 thousand, up from RMB 64,857 thousand in 2023, representing a 104% increase[52] - Adjusted net profit (non-IFRS measure) for the year ended December 31, 2024, was RMB 145.9 million, up from RMB 57.4 million in 2023, reflecting strong operational performance[72] - Total comprehensive income for 2024 was RMB 110,294 thousand, compared to RMB 49,337 thousand in 2023[53] - Basic earnings per share for 2024 were RMB 0.15, doubling from RMB 0.07 in 2023[53] Revenue Growth - Same-city delivery service revenue grew by 23.5% from RMB 7,387.3 million in 2023 to RMB 9,121.2 million in 2024[24] - Last-mile delivery service revenue rose by 32.5% from RMB 5,000.2 million in 2023 to RMB 6,624.9 million in 2024[24] - Revenue from same-city delivery services to merchants was RMB 6,688.3 million, up 28.1% year-on-year[28] - County-level revenue grew by 121% in 2024, with coverage expanding to over 1,300 counties[32] - Tea beverage delivery revenue increased by 73% year-on-year, with significant growth in various categories including retail and pharmacy[31] - Revenue from consumer-facing same-city delivery services was RMB 2,432.9 million, a year-on-year growth of 12.2%[36] User Engagement - Active merchants reached 650,000, while active consumers exceeded 23.41 million, indicating strong user engagement[3] - The company achieved a nearly 40% year-on-year increase in the number of active merchants, reaching 650,000 by the end of 2024, with new signed order revenue experiencing high double-digit growth[15] - The number of active consumers reached over 23.41 million as of December 31, 2024, reflecting a continuous increase in user scale[39] - Same-city delivery service orders increased by over 30% year-on-year, driving accelerated revenue growth[26] Operational Efficiency - Gross profit from continuing operations was RMB 1,071.5 million, with a gross margin improvement to 6.8%, marking a continuous improvement over seven years[14] - Operating cash flow has turned positive since 2023 and continues to improve, providing a solid foundation for sustainable development[14] - The company aims to enhance its operational capabilities and profitability through a flexible operational system and lean management practices[20] - The average delivery time for orders within 3 kilometers was 22 minutes, with a service timeliness achievement rate of approximately 95% in 2024[35] - The company aims to strengthen order capacity matching based on distance stratification in 2024, improving delivery efficiency while reducing costs[47] Market Presence - The company operates in over 2,300 cities and counties across China, enhancing its market presence[3] - The company maintains a strong market leadership position in China's third-party instant delivery market[14] - The company will continue to deepen its market coverage, particularly in lower-tier cities, to support the development of new business scenarios and infrastructure[20] Innovation and Technology - The company plans to implement AI foundational model capabilities across multiple scenarios in 2024, enhancing operational efficiency and service experience through digitalization and AI decision-making[17] - The company is actively exploring the commercialization of smart logistics and unmanned delivery technologies, with over 1,000 active routes nationwide, improving delivery efficiency and reducing costs[18] - The introduction of unmanned delivery vehicles is being piloted in multiple cities, with over 1,000 active routes monthly[48] Corporate Governance - The company is committed to maintaining a robust corporate governance system that aligns with stakeholder expectations[103] - The board consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors[104] - The independent non-executive directors account for more than one-third of the board members, ensuring a balanced governance structure[105] - The company emphasizes ongoing professional development for directors, with training covering responsibilities, corporate governance, and regulatory updates[115] - The audit committee is chaired by a financial expert with over 36 years of experience in auditing and management[105] Social Responsibility - The company is committed to building a rider-friendly platform, launching initiatives such as a HKD 30 million public welfare fund to support riders' children's education and organizing over 10,000 offline care activities[19] - The company organized over 10,000 offline care events for riders, enhancing their welfare and support systems[44] - The safety incident rate decreased by 17% compared to the previous year, reflecting improved safety measures for riders[45] Cash Flow and Liquidity - Cash and cash equivalents stood at RMB 1,369.6 million, down from RMB 1,901.7 million in the previous year, indicating a need for cash flow management[10] - The net cash generated from operating activities for the year ended December 31, 2024, was RMB 271.9 million, primarily due to a profit before tax of approximately RMB 145.0 million[76] - The net cash used in investing activities for the year ended December 31, 2024, was RMB 643.8 million, mainly due to the purchase of structured deposit products[77] - The net cash used in financing activities for the year ended December 31, 2024, was RMB 158.6 million, primarily due to share repurchases[78] Shareholder Actions - The company has initiated a share buyback program, repurchasing 19,203,000 H-shares for a total consideration of nearly HKD 200 million, demonstrating long-term confidence in its business development[21] - The company plans to retain all available funds and profits for business development, with no cash dividends expected for the current fiscal year[157] - The company did not declare a final dividend for the year ended December 31, 2024[100]

Occupancy Rates - As of December 31, 2024, Xinji Shaxi Hotel Supplies Expo City recorded an occupancy rate of 87.9%, up from 82.8% in 2023[15]. - Xinji Haotai Hotel Supplies City achieved an occupancy rate of 91.4% in 2024, down from 95.9% in 2023[16]. - Shenyang Xinji Shaxi Hotel Supplies Expo City reported an occupancy rate of 32.84% in 2024, significantly decreased from 62.1% in 2023[18]. - Xinji Dashi Furniture City had an occupancy rate of 86.03% as of December 31, 2024, compared to 94.9% in 2023[20]. - The occupancy rate for the shopping center was 79.7% in 2024, down from 84.3% in 2023[22]. Rental and Operational Areas - Xinji Shaxi Hotel Supplies Expo City has a total rental area of approximately 62,124.08 square meters, housing 552 tenants[15]. - Xinji Haotai Hotel Supplies City has a total operational area of about 72,203.28 square meters, with 525 tenants[16]. - Shenyang Xinji Shaxi Hotel Supplies Expo City features a total rental area of approximately 58,720.12 square meters[18]. - Xinji Dashi Furniture City has a total operational area of around 24,576.16 square meters, with 44 tenants[20]. Financial Performance - For the fiscal year ending December 31, 2024, the company's core net profit was approximately RMB 73.8 million, a decrease of about RMB 9.0 million or 10.9% compared to RMB 82.8 million in 2023[24]. - The company's revenue for 2024 was approximately RMB 254.8 million, down by about RMB 18.6 million or 6.8% from RMB 273.4 million in 2023[24][31]. - The rental income accounted for 74% of total revenue in 2024, amounting to approximately RMB 188.6 million, a decrease of about RMB 10.8 million or 5.4% from RMB 199.4 million in 2023[32][33]. - Property management service revenue decreased by approximately RMB 3.3 million or 5.5% to about RMB 58.0 million in 2024, compared to RMB 61.3 million in 2023[34]. - Sales revenue from goods dropped by approximately RMB 3.2 million or 28.2% to about RMB 8.1 million in 2024, down from RMB 11.3 million in 2023[35]. Assets and Liabilities - Total assets as of December 31, 2024, were approximately RMB 2,665.2 million, a decrease from RMB 2,934.3 million in 2023[28]. - Total liabilities decreased to approximately RMB 1,491.9 million in 2024 from RMB 1,598.5 million in 2023[28]. - The company reported net current assets of RMB 100.4 million as of December 31, 2024, compared to RMB 144.1 million as of December 31, 2023, with a current ratio of 1.18[54]. Dividends and Share Repurchase - The company does not recommend a final dividend for 2024, consistent with 2023[30]. - The company repurchased 7,056,000 shares at a total cost of approximately HKD 451,912.01 in April 2024[62]. - The company did not declare any final dividend for the year ending December 31, 2024, and no interim dividend was distributed during the year[147]. Management and Governance - The board consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors[75]. - Zhang Hanquan has been the CEO and executive director since July 27, 2018, and is a key figure in the hotel supplies industry[76]. - The company has established good corporate governance policies and practices, focusing on accountability, transparency, and independence[92]. - The independent non-executive directors bring over 30 years of experience in finance and investment, enhancing the board's oversight capabilities[88]. - The company has established an internal communication platform to promote open communication and engagement among employees[99]. Risk Management - The company faces economic and regulatory risks that may impact property rental rates and demand for services, necessitating timely adjustments to align with market conditions[59]. - The company has a structured internal audit function to analyze and independently assess the adequacy and effectiveness of its risk management and internal control systems[131]. - The board is responsible for maintaining a sound risk management system and effective internal controls to protect the group's assets and shareholders' interests[131]. Future Plans and Strategies - The management remains optimistic about sustainable growth and plans to strengthen its competitive advantages and market leadership[25]. - The group will continue to expand its online mall business and establish a vertical e-commerce service platform for the hotel supplies industry to increase market share and brand influence[73]. - The company plans to utilize RMB 63.3 million for the development of new projects, with a timeline extended to 2027 due to the lack of suitable new projects[1]. Employee Information - As of December 31, 2024, the total number of employees in the group was approximately 260, a decrease of 4.4% from 272 in 2023[60]. - Employee benefits expenditure for 2024 was approximately RMB 36.8 million, down from RMB 39.1 million in 2023[60]. Environmental and Social Responsibility - The company has implemented environmental protection measures and encouraged employees to conserve energy and reduce waste[158]. - The company made charitable donations totaling approximately RMB 0.2 million for the year ending December 31, 2024[151].

Financial Performance - The total income of the Group decreased by approximately HK$22,461,000 to approximately HK$798,962,000, representing a slight decrease of 2.7% compared to the previous year[9]. - The operating income of the wellness and elderly care business increased by approximately HK$45,417,000 compared to the previous year[9]. - The financial leasing business's operating income increased by approximately HK$15,389,000, focusing on domestic environmental protection sectors[9]. - The civil explosives business experienced a decrease in operating income of approximately HK$70,882,000 due to reduced market demand and increased competition[9]. - The comprehensive results from continuing operations turned from loss to profit, increasing by approximately HK$105,884,000, representing a substantial increase of approximately 455.4%[10]. - The net profit of the Group was approximately HK$123,999,000 after accounting for other factors, reflecting a decrease of HK$31,937,000[10]. - The financial leasing segment's operating income increased by approximately 4.4% to approximately HK$368,025,000, with 68.5% contributed by clients in the environmental industry[23]. - The civil explosives business experienced a decline in operating income by 26.7% to approximately HK$194,868,000, and operating profit decreased by 33.1% to approximately HK$25,925,000[26]. - For the year ended December 31, 2024, the Group's total revenue decreased by 26.7% to approximately HK$194,868,000, and operating profit fell by 33.1% to approximately HK$25,925,000[28]. - The profit contribution from the discontinued industrial park and property development business decreased by approximately HK$137,821,000 to approximately HK$41,366,000, representing a decline of 76.9% compared to the previous year[29]. - Total rental income from properties decreased by approximately 20.5% to approximately HK$7,647,000, with the occupancy rate of China Holdings Building dropping from approximately 92.40% to approximately 80.0%[30]. - The hotel business reported a turnover of HK$11,440,000, a decrease of approximately 23.7% or HK$3,558,000 compared to last year, while profit increased by 420.8% to HK$5,562,000[31]. - Changhai Power Plant recorded a profit of approximately HK$135,875,000, contributing approximately HK$40,335,000 to the Group, representing a decrease of 21.5% compared to the previous year[32]. Elderly Care Business - The Group added 700 elderly care beds in October 2024, bringing the total to 3,425 beds, an increase of approximately 26.5% year-on-year[14]. - The occupancy rate for elderly care beds was approximately 61.1%, increasing to about 76.8% when excluding the newly added beds[14]. - The Group has 500 elderly care beds under construction, which will increase the total to 3,925 beds upon completion, making it the enterprise with the largest number of operational beds in Foshan[14]. - The Group has 455 medical nursing beds with an occupancy rate as high as 74.2%[14]. - The wellness and elderly care business segment recorded operating income of approximately HK$202,858,000 for the year ended December 31, 2024, representing a continuous increase of 28.8% compared to the previous year[15]. - The elderly care business turned profitable, achieving an operating profit of approximately HK$9,577,000, which is an increase of 188.2% year-on-year[15]. - The total number of elderly care beds increased to 3,425, a year-on-year increase of approximately 26.5%, with an occupancy rate of about 61.1%[16]. - The company is actively promoting the construction of integrated medical and elderly care facilities and has launched several new departments focusing on geriatric medicine and rehabilitation[15]. - The company has successfully secured inclusion in the "Guangdong Residential Care Service Scheme" to enhance elderly care services for seniors from Hong Kong and Macau[44]. - The company is actively pursuing investments in institutional elderly care business in Hong Kong to facilitate relocation services for seniors from Hong Kong and Macau[44]. - The company aims to expand its elderly care facilities to reach 5,000 beds by the end of 2025, with ongoing negotiations for multiple prospective projects[44]. Corporate Governance - The company emphasizes the importance of corporate governance and has complied with all code provisions under the Corporate Governance Code for the year ended December 31, 2024[53]. - The board of directors comprises six members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[59]. - The Board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[62]. - The Board convened nine meetings in 2024, with all directors achieving a 100% attendance rate[75]. - The chairman, Mr. He Xiangming, and the president, Mr. Fu Weiqiang, are responsible for leading the Board and managing the Group's operations, respectively[80]. - Independent non-executive directors provide diverse experience and ensure checks and balances to protect shareholders' interests[78]. - The Company has mechanisms in place for independent views, allowing directors to seek independent advice at the Company's expense when necessary[77]. - The Board is responsible for corporate governance and aims to increase shareholder value through strategic planning and oversight of management performance[66]. - Each director is required to retire at least once every three years, ensuring regular rotation and fresh perspectives[64]. - The Board reviews its governance policies and practices annually to ensure compliance with legal and regulatory requirements[76]. - The management is authorized to handle day-to-day operations, while the Board focuses on strategic direction and major decisions[66]. - The Company emphasizes the importance of training and continuous professional development for directors and senior management[71]. - The audit committee held four meetings in 2024, with all members achieving a 100% attendance rate[96]. - The audit committee reviewed the 2023 audited financial statements and the interim report for the six months ended June 30, 2024[100]. - The remuneration committee convened three meetings in 2024 to review remuneration plans for directors and senior management[102]. - The company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all directors for the year ended December 31, 2024[90]. - All newly appointed directors received necessary induction and training to understand the company's operations and their responsibilities[87]. - The company encourages continuous professional development for all directors, with participation recorded for the year ended December 31, 2024[88]. - The president is responsible for daily operations and implementing the Board's strategy, ensuring effective coordination among departments[86]. - The audit committee is composed of three independent non-executive directors with extensive experience in accounting, economics, or legal aspects[95]. - The chairman of the audit committee is responsible for reporting meeting results and recommendations to the Board after each meeting[95]. - The company has mechanisms in place to ensure independent opinions and advice are provided to the Board[82]. - The remuneration committee held three meetings during the year with a 100% attendance rate from all members[103]. - The remuneration policy is based on staff responsibilities, qualifications, and performance, ensuring no director determines their own remuneration[104][105]. - The nomination committee reviewed the Board structure and recommended re-election of retiring directors, with a 100% attendance rate in their meeting[111][113]. - As of December 31, 2024, the Board consists of five male members and one female member, with ongoing considerations for enhancing gender diversity[121]. - The Company has a total of 1,232 employees, with a female-to-male ratio of approximately 1.4:1, reflecting a commitment to gender diversity in hiring[122]. - The nomination committee confirmed that all independent non-executive directors comply with independence requirements as per Listing Rules[114]. - The Board Diversity Policy aims to maintain competitive advantage through increased diversity at the Board level[118]. - The nomination committee assessed the effectiveness of the Board Diversity Policy and found it appropriate and effective[120]. - The remuneration received by directors is detailed in the financial statements, ensuring transparency in compensation[105]. - The nomination committee will continue to review the need for achieving higher gender diversity within the Group annually[121]. - The Board has adopted a dividend policy without a predetermined payout ratio, considering factors such as expected financial performance and future expansion plans[123]. - As of December 31, 2024, the company has 1,232 employees, with a gender ratio of approximately 1.4:1 (719 females to 513 males)[125]. Risk Management and Compliance - The Group has implemented a risk management framework involving the Board, audit committee, and senior management to monitor and control risks[129]. - The Board conducts an annual review of the adequacy of resources and effectiveness of the Group's risk management and internal control systems[136]. - The company has adopted an anti-corruption policy and a whistleblowing policy to address potential improprieties[131]. - Internal audit functions are in place to assist the Board in monitoring risk management and internal control systems[132]. - The Group ensures that inside information is disclosed to the public as soon as practicable, maintaining confidentiality until full disclosure[137]. - The company secretary is Mr. Lo Tai On, who complies with relevant training requirements under the Listing Rules[138]. - The company has committed to maintaining effective ongoing dialogue with shareholders since adopting its communication policy in 2012[158]. - The Group complied with all relevant laws and regulations in Bermuda, mainland China, Hong Kong, and the British Virgin Islands during the year[187]. - There were no significant disputes with suppliers or customers reported during the year[185]. - The Group's financial risk management policies are outlined in Note 5 of the financial statements[173]. - The Group faces various risks including business, operational, and financial management risks[173]. - Events significantly affecting the Group since December 31, 2024, are noted in Note 44 of the financial statements[172]. - The Group's environmental, social, and governance report is available on pages 46 to 89 of the annual report[181]. - The Group is committed to environmental sustainability and compliance with environmental laws and regulations[186]. Company Changes and Communication - The company changed its name from "China Investments Holdings Limited" to "Hing Yip Holdings Limited" effective January 18, 2024[144]. - The stock short name changed to "HING YIP HLDGS" for trading purposes on February 9, 2024, while the stock code remains "00132"[146]. - The corporate website address changed to "http://hingyiphk.quamhkir.com" effective February 6, 2024[149]. - The audit fee for the year ended December 31, 2024, was approximately HK$1,040,000[151]. - The company has established a shareholders' communication policy to ensure timely and relevant information is provided to shareholders[152]. - Shareholders holding at least one-tenth of the paid-up capital can requisition a special general meeting[159]. - The company maintained communication with shareholders through annual and special general meetings held throughout 2024[154]. - The Company presented the annual report and audited financial statements for the year ended December 31, 2024[169]. - The Group's business review and future development discussions are detailed in the Chairman's Statement on pages 4 to 13 of the annual report[171]. - The Group's financial performance analysis with key performance indicators is included in the Chairman's Statement[172]. - The Group maintains good relationships with suppliers and customers, with no material disputes reported in 2024[180]. - The Group's property, plant, and equipment movements are detailed in Note 18 of the financial statements[190]. - The Company did not purchase, sell, or redeem any of its listed securities during the year[191][195]. - The directors of the Company include Mr. He Xiangming (Chairman) and Mr. Fu Weiqiang (President), with Mr. You Guang Wu retiring on 26 June 2024[194][199]. - The consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2024 is detailed on pages 100 to 101 of the annual report[183][188].

Financial Performance - The company's overall revenue increased by 39.5% year-on-year, with significant advancements in both transcatheter valve therapy and neurointervention businesses[14] - Revenue for the year ended December 31, 2024, was RMB 615.5 million, an increase of 39.5% compared to RMB 441.1 million in 2023[21] - Gross profit for 2024 was RMB 433.6 million, reflecting a 33.3% increase from RMB 325.4 million in 2023[21] - Revenue from neurointervention and transcatheter valve therapy businesses was RMB 355.5 million and RMB 259.9 million, representing increases of 39.1% and 40.1% respectively compared to the previous year[103] - The gross profit increased by 33.3% to RMB 433.6 million, with a gross margin of 70.5%, down from 73.8% in the previous year[106] - The operating loss decreased by 44.4% to RMB 239.3 million, with the neuro-interventional business achieving a profit of RMB 52.1 million[23] - The company recorded a net loss of RMB 228.5 million, a significant decrease of 41.8% compared to 2023, with the neurointerventional business generating a segment profit of RMB 52.1 million, marking an important milestone in profitability[29] Market Expansion and Product Development - The market share in China's TAVR market expanded to approximately 25%, with sales revenue for TAVR-related products rising by 40.1% to RMB 259.9 million[15] - The total implantation volume exceeded 3,400 units, representing a year-on-year growth of about 37%[15] - The company launched the next-generation adjustable TAVR system, TaurusMax™, and introduced a smaller size specification for existing valves[16] - The company has initiated FDA 510(k) registration for the DCwire® microguidewire to accelerate global expansion[18] - The company restructured its transcatheter valve therapy business to optimize resource allocation and enhance innovation in high-potential projects[17] - The company secured exclusive distribution rights for the YonFlow® blood flow-directed stent in the Greater China region, enhancing its hemorrhagic product pipeline[18] - The partnership with JenaValve for aortic regurgitation technology has led to satisfactory investment returns following a proposed acquisition by Edwards Lifesciences[16] - The company launched the DCwire® micro-guidewire nationwide, achieving first-year revenue of RMB 37.5 million[26] - The new generation TAVR product TaurusMaxTM received regulatory approval, enhancing product performance and surgical efficiency[24] - The company has a comprehensive portfolio of commercialized and in-development products, including seven registered products and multiple in-development products in the transcatheter valve therapy segment[41] Research and Development - The R&D expense ratio decreased from 66.5% to 33.1%, a year-on-year decline of 33.4 percentage points, primarily due to revenue growth and products entering lower R&D expenditure phases[30] - The company has registered 17 products in the Chinese market as of the report date, with expectations to maintain leadership in the neurointerventional sector due to high-quality product offerings and strong brand reputation[28] - The company has received special approval for innovative medical devices under the NMPA's expedited review process[44] - The company is focused on developing innovative solutions for unmet clinical needs in the heart valve disease market[66] - The company is actively developing next-generation products based on clinical feedback to optimize current product performance[85] Operational Efficiency - Non-current assets increased by 18.6% to RMB 1,701.7 million, up from RMB 1,434.5 million in 2023[21] - Total liabilities rose by 61.9% to RMB 644.1 million, compared to RMB 397.9 million in 2023[21] - The sales and distribution expenses increased by 1.0% year-on-year, with the sales and distribution expense ratio decreasing by 20.3 percentage points to 53.3%, resulting in a commercial profit of RMB 105.3 million[30] - Research and development expenses decreased by 30.7% to RMB 203.4 million, primarily due to a reduction in service fees[109] - The company has achieved a market share of approximately 25% in the TAVR market in China, with over 3,400 total implants annually and coverage of about 650 medical institutions as of December 31, 2024[95] Governance and Management - The board consists of three executive directors, four non-executive directors, and four independent non-executive directors[136] - Dr. Zhang, the CEO, has been with the company since May 30, 2012, and oversees overall management, business, and strategic development[137] - The company has established individual employment contracts with employees, covering salary, bonuses, and various employee benefits as per Chinese labor laws[135] - The company has a strong management team with diverse backgrounds in finance, operations, and technology, enhancing its strategic capabilities[161][162][163] - The governance structure includes a mix of experienced professionals from various industries, contributing to the company's strategic direction and oversight[145][147][149] Risks and Challenges - The company has incurred significant operating losses since its inception and may continue to do so in the foreseeable future[187] - The company may not be able to maintain or renew all necessary licenses, permits, and certifications for production[190] - Changes in Chinese government political and economic policies could adversely affect the company's business and growth strategies[197] - The company may face risks associated with strategic alliances or acquisitions, including increased capital requirements and potential dilution of shareholder equity[197] - Potential product liability claims and recalls may arise, and existing insurance may not cover all liabilities[196] Future Outlook - Future growth largely depends on the successful commercialization of in-development products[190] - The company aims to expand its market presence and enhance its product offerings through strategic initiatives and potential acquisitions[176] - The company plans to utilize HKD 1,682.18 million for core product development, with HKD 732.37 million remaining as of December 31, 2023[128] - The company will continue to maintain revenue growth in its neurointerventional business while implementing cost control measures to maximize shareholder value[102]

Financial Performance - In 2024, the company's revenue was RMB 1,095,949,000, a decrease of 2.3% compared to RMB 1,121,454,000 in 2023[6] - The profit before tax was RMB 4,519,902,000, down 45.6% from RMB 8,262,811,000 in the previous year[6] - The net profit attributable to shareholders was RMB 3,101,075,000, a decline of 59.9% compared to RMB 7,734,993,000 in 2023[6] - The basic and diluted earnings per share were RMB 0.61465, down from RMB 1.53312 in 2023[6] - The gross profit decreased by 32.8% from RMB 288,500,000 in 2023 to RMB 193,900,000 in 2024, resulting in a gross margin decline from 25.7% to 17.7%[28] - Sales costs increased by 8.3% from RMB 833,000,000 in 2023 to RMB 902,100,000 in 2024[28] - The group's profit before tax decreased by 45.3% from RMB 8,262,800,000 in 2023 to RMB 4,519,900,000 in 2024, with net profit attributable to equity holders dropping by 60.0% to RMB 3,101,100,000[32] - The company's interest income for the year was RMB 417,838,000, while financial costs amounted to RMB 3,684,000[25] - Other income decreased by 40.7% from RMB 39,800,000 in 2023 to RMB 23,600,000 in 2024, primarily due to adjustments related to excess provisions for expenses in 2023[29] - Interest income fell by 37.7% from RMB 670,200,000 in 2023 to RMB 417,800,000 in 2024, attributed to declining bank deposit rates and a reduction in cash and cash equivalents[29] Market and Sales Performance - The total sales volume of NEVs reached 1,180,000 units, representing a growth of 24.2% compared to the previous year[9] - The luxury passenger car market grew by 12.8%, reaching a total sales volume of 5,100,000 units[10] - Brilliance BMW's domestic vehicle sales in 2024 reached 603,807 units, a decrease of 15.0% from 709,954 units in 2023[30] Production and Operations - The company achieved a significant milestone with the production of its 6,000,000th vehicle at the Shenyang plant, showcasing advanced manufacturing capabilities[11] - The company continues to focus on localizing production and optimizing supply chains to enhance competitiveness amid market challenges[10] - The implementation of the BMW iFactory production strategy at the Shenyang plant aims to enhance production efficiency and quality through data science and AI[12] - Jinbei Shenyang is gradually resuming operations, with production capacity expected to be achieved by Q2 2025, and plans to restart various fuel and electric vehicle models starting from Q2 2024[13] Strategic Initiatives and Investments - Brilliance BMW plans to introduce more new internal combustion engine models and BEVs in the coming years, with the local production of the "Neue Klasse" model set to begin in 2026, supported by a total investment of RMB 10 billion for the sixth-generation battery project[12] - The company has established a joint venture with TCL to enhance its automotive cockpit technology, aiming to integrate advanced display and control systems into its vehicles[15] - The company’s investment strategy includes exploring opportunities in high-tech sectors, particularly in smart cockpit technology[15] - The group completed a capital injection of RMB 1,340,000,000 into Jinbei Shenyang, regaining control with an 80.72% stake, and received RMB 451,400,000 in compensation from the government for relocation costs[31][38] Environmental and Sustainability Efforts - The company announced a reduction of 227.4 tons of CO2 equivalent emissions through renewable energy applications at its Ningbo Yumin facility, recognized as a three-star green factory[43] - Over 97% of GHG emissions are attributed to electricity consumption during production operations, with ongoing efforts to reduce pollutants and resource consumption[44] - The company has enhanced its data collection systems in 2024 to improve monitoring procedures related to waste management and resource conservation[44] - In 2024, the company will focus on developing ESG skills and knowledge among employees through comprehensive training sessions[45] Corporate Governance and Leadership - The company has undergone changes in its board of directors, with several appointments and resignations noted, including the appointment of Mr. Zhang Yue as chairman effective November 4, 2024[67] - The company continues to maintain a strong governance structure with independent non-executive directors, including Song Jian and Jiang Bo, who have significant industry experience[139][140] - The board consists of seven members, including three executive directors and four independent non-executive directors[155] - The company has adopted whistleblowing and anti-corruption policies to ensure compliance and ethical conduct[153] - The board will continue to review and improve corporate governance practices to adapt to changing market conditions[151] Financial Position and Liabilities - As of December 31, 2024, the group had cash and cash equivalents amounting to RMB 10,539,600,000, a decrease from RMB 30,845,800,000 as of December 31, 2023[102] - The total assets of the group as of December 31, 2024, were approximately RMB 29,105,700,000, down from RMB 55,154,600,000 as of December 31, 2023[104] - The group incurred capital expenditures of RMB 259,600,000 in 2024, significantly higher than RMB 39,500,000 in 2023[106] - The group’s total liabilities as of December 31, 2024, were RMB 2,007,800,000, down from RMB 3,263,500,000 as of December 31, 2023[104] Shareholder Engagement and Dividends - The company declared special dividends of HKD 1.5 per share on April 15, 2024, and HKD 4.3 per share on June 14, 2024, with payments made on May 17, 2024, and July 25, 2024, respectively[51] - No dividends were recommended for the fiscal year 2024 during the board meeting held on March 21, 2025[52] - The company has not made any charitable donations for the fiscal year ending December 31, 2024[53] Risk Management and Compliance - The company has a risk management policy in place to assess and manage risks that could impact share prices and market behavior[196] - The company has a communication policy for shareholders to ensure transparency and timely information dissemination[191] - The company has a policy for disclosing transactions involving major shareholders or directors with potential conflicts of interest[197]

Fleet and Operations - As of the end of 2024, the fleet size reached 138 vessels, with 122 in operation and 16 under construction[9] - The average age of operational vessels was 4.03 years, indicating a relatively young fleet[62] - The company expanded its fleet by investing in eight 55,000-ton chemical tankers through a joint venture established in 2018[22] - The company signed new shipbuilding orders for 9 vessels with a contract value of USD 849 million, with 100% being mid-to-high-end ship types[47] - The company signed a financing lease project for two 174,000 cubic meter floating LNG storage and regasification units (LNG-FSRU) in 2017, marking a first in the domestic market[22] Financial Performance - In 2024, the company achieved a revenue of HKD 4.034 billion, representing a year-on-year growth of 11.3%[46] - The net profit for 2024 was HKD 2.155 billion, reflecting a year-on-year increase of 12.7%[46] - The company achieved a net profit margin of 53.4% for the year ending December 31, 2024, compared to 52.7% in 2023[39] - The average return on assets (ROA) increased to 4.8% in 2024 from 4.5% in 2023[39] - The company reported total assets of HKD 43,920,995,000 as of December 31, 2023[33] Debt and Financing - The company achieved a debt-to-asset ratio of 67.5% in 2024, down from 71.6% in 2023, indicating improved financial stability[39] - The average cost of interest-bearing liabilities was controlled at 3.5%, a decrease of 18 basis points year-on-year[63] - The company secured a 10-year ship mortgage loan totaling USD 596 million in collaboration with Standard Chartered Bank in 2021[22] - The company issued a total of RMB 800 million in "Panda Bonds," marking a historical low in financing costs and coupon rates for domestic bonds[22] - By the end of 2024, the proportion of RMB loans increased from 16.8% to 30.5%, while HKD loans rose from 5.1% to 7.0%, effectively diversifying financing currencies and lowering costs[64] Risk Management - The company aims to strengthen risk management and improve operational efficiency while ensuring transparency and shareholder returns[51] - The group has established a comprehensive risk management system to enhance its risk response capabilities and ensure stable performance amid various risks, including credit, market, and liquidity risks[130] - The group has adopted a prudent risk appetite strategy, focusing on industries with mature business models and high asset quality, while preferring large enterprises and industry leaders as clients[130] - The group plans to continue strengthening its comprehensive risk management system in 2024, optimizing its risk management strategies across major risk categories and business segments[131] Environmental and Social Governance - The company focuses on "green finance" and aims for carbon neutrality, aligning with national "dual carbon" goals[11] - The company received an ESG rating of A from Wind for 2024 and scored 45 points from S&P CSA, reflecting significant improvements in ESG governance[66] - The company aims to enhance its focus on clean energy and smart vessel market expansion, targeting collaborations with major cargo owners and energy companies[72] - The group aims to deepen its green low-carbon business model transformation while focusing on the ship and marine equipment leasing sector[109] Shareholder and Employee Information - The board proposed a final dividend of HKD 0.104 per share, bringing the total dividend for the year to HKD 0.134 per share[47] - The major shareholder, the State-owned Assets Supervision and Administration Commission, holds 4,602,046,234 shares, representing 74.38% of the company's equity[183] - The group has granted a total of 172,250,000 stock options under the stock option plan, which is 10% of the total shares issued as of the approval date[189] - Approximately 98% of the group's employees hold a bachelor's degree or higher as of December 31, 2024[179] Market Outlook - Global shipping trade volume is expected to grow by 1.4% and turnover by 0.9% in 2025, indicating potential opportunities in emerging market routes[68] - The global fleet capacity is projected to increase by 3.3% in 2025, driven by ongoing bulk order deliveries[68] - The capacity of product oil tankers is expected to grow by 5.6%, significantly outpacing the trade growth rate of 1.7%[69] - LNG vessel capacity is anticipated to rise by 9.9%, while trade volume is expected to grow by only 4.1%, indicating pressure on freight rates[69]

Assets and Collateral - As of December 31, 2024, the group's assets with a net book value of approximately HKD 2,103,000,000 were pledged as collateral, compared to HKD 1,814,000,000 as of December 31, 2023[4] Financial Position - The group maintained fixed deposits of HKD 20,000,000, unchanged from the previous year[4] - The clarification does not affect other financial data disclosed in the 2024 annual results announcement[5]

Financial Performance - The overall revenue for the group in 2024 was HKD 947 million, a decrease of 27% compared to HKD 1,297 million in 2023, primarily due to a sluggish real estate market and intense competition in the property agency sector [17]. - The property agency business generated approximately HKD 924 million in revenue in 2024, down from HKD 1,251 million in 2023 [18]. - The financial services segment reported revenue of about HKD 23 million in 2024, compared to HKD 44 million in 2023 [19]. - For the fiscal year ending December 31, 2024, the group reported revenue of approximately HKD 947 million, a decrease of about 27% compared to HKD 1,295 million in the previous year [38]. - The group incurred a loss attributable to shareholders of approximately HKD 280 million, an improvement from a loss of HKD 531 million in the previous year [38]. - The property agency business segment generated revenue of approximately HKD 924 million, accounting for 98% of the group's total revenue, down from HKD 1,251 million in the previous year [38]. - The financial services segment reported revenue of approximately HKD 23 million, representing 2% of the group's total revenue, down from HKD 44 million in the previous year [38]. Market Environment - The real estate market in mainland China experienced a decline in sales area and sales value by 12.9% and 17.1% respectively in 2024, reflecting a challenging market environment [17]. - National real estate development investment decreased by 10.6% year-on-year, with construction area and funds in place dropping by 12.7% and 17.0% respectively [37]. - The overall market environment in 2024 was characterized by weak domestic demand and structural contradictions in the real estate sector [37]. - The company is committed to a slow recovery in the market supported by increasing policy measures [37]. Strategic Initiatives - The group has established partnerships with over 40 well-known developers, including Vanke and Poly, to enhance its market position in the domestic real estate service sector [11]. - The group is actively pursuing digital transformation by integrating mobile networks and online services with traditional service models [13]. - The group aims to leverage government policies aimed at stabilizing the market, including optimizing purchase restrictions and lowering down payment ratios, to create new business opportunities [17]. - The company adjusted its operational strategy to optimize cost structure and focus on core cities to maintain market competitiveness amid challenging market conditions [37]. - The company aims to stabilize development and expand diversified business while enhancing the efficiency of its main operations [37]. Corporate Governance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's Corporate Governance Code, aiming to maintain high standards of business ethics [65]. - The board of directors is committed to enhancing corporate governance and has confirmed compliance with the Corporate Governance Code for the year ending December 31, 2024 [66]. - The board consists of a mix of executive, non-executive, and independent non-executive directors, all of whom have confirmed their independence [68]. - The board held 4 meetings and 3 shareholder meetings in the fiscal year ending December 31, 2024, with full attendance from most directors [71]. - The audit committee, composed of three independent non-executive directors, held 4 meetings during the fiscal year and reviewed the financial reporting procedures and internal controls [80][81]. - The board regularly reviews its structure and composition to maintain high standards of corporate governance [74]. Risk Management - The company has established a risk management and internal control system, which is regularly reviewed by the board [72]. - The board is responsible for the company's risk management and internal control systems, which are reviewed annually for effectiveness [102]. - The company faces various risks and uncertainties that could impact its financial condition and operational performance, particularly related to economic and political developments in China [129]. Environmental, Social, and Governance (ESG) - The company has implemented an environmental policy aimed at reducing resource consumption and promoting recycling [174]. - The board has confirmed the effectiveness of environmental and social policies, with a target to reduce greenhouse gas emissions by approximately 5% by 2025 [187]. - The company has conducted discussions to assess the importance of various ESG issues, leading to action plans for improvement [188]. - The report provides quantitative data on the company's ESG performance, with calculation methods described in relevant sections [189]. - The company generated a total greenhouse gas emission of approximately 1,383 tons of CO2 equivalent in the fiscal year ending December 31, 2024, a decrease from 2,333 tons in 2023 [200]. Employee and Stakeholder Relations - The company emphasizes the importance of maintaining good relationships with employees, customers, and business partners for sustainable development [126]. - The company maintains regular communication with stakeholders to address their concerns and expectations regarding corporate governance and shareholder rights [194]. - The company’s focus on customer satisfaction and privacy protection is evident in its communication channels with clients [194].