Financial Performance - In 2024, China Weaving Materials Holdings Limited achieved a yarn sales volume increase of 5.4% to 101,534 tons, with revenue growth of 15.8% to RMB 1.282 billion, benefiting from improved market conditions and product structure optimization [8]. - The company's gross profit was RMB 42.2 million, with an operating profit of approximately RMB 5.1 million, but it reported a net loss of RMB 11.74 million due to significant pricing pressure in the industry [8]. - The group recorded a net loss of approximately RMB 11,741,000 for the year ending December 31, 2024 [117]. - The net loss for the year was RMB 11,741 thousand, reduced from a loss of RMB 26,523 thousand in the previous year, showing a positive trend [154]. - The company reported a total comprehensive loss of RMB 11,741 thousand for the year, down from RMB 26,523 thousand in the previous year, suggesting a recovery trend [157]. - The company achieved a net cash inflow from operating activities of RMB 80,467,000, a substantial recovery from a net cash outflow of RMB 80,106,000 in 2023 [158]. - The basic loss per share improved to RMB 0.94 in 2024 from RMB 2.12 in 2023, indicating better performance on a per-share basis [154]. - The company reported a pre-tax loss of RMB 13,817,000 for the year ended December 31, 2024, significantly improved from a loss of RMB 41,598,000 in 2023, representing a reduction of approximately 66.8% [158]. Production and Capacity - The modernization plan at Jiangxi Jinyuan Textile Co., Ltd. has progressed as scheduled, with a new workshop with a capacity of 50,000 spindles now fully operational, enhancing production efficiency [9]. - The company maintains a total production capacity of approximately 760,000 spindles, focusing on the development of polyester-cotton blended yarn products [9]. - The company plans to focus on polyester-cotton yarn products, particularly polyester combed cotton yarn, which has higher entry barriers and better profit margins compared to polyester yarn products [14]. - The company has suspended production in one of its workshops for renovation and evaluation, aiming to enhance efficiency with the latest production technology [14]. Market Outlook - The outlook for 2025 remains challenging, with ongoing geopolitical tensions and a weak export market, despite signs of recovery in the domestic retail market [9]. - The textile industry continues to face challenges, with domestic retail sales growth slowing to approximately 2.9% in 2024, significantly lower than the 12.9% growth in 2023 [15]. - The textile industry is expected to face challenges in 2024 due to ongoing geopolitical conflicts and high inflation, impacting global demand and consumer confidence [33]. Financial Position - Cash and bank balances were approximately RMB 209.1 million as of December 31, 2024, compared to RMB 190.1 million as of December 31, 2023 [26]. - Interest-bearing borrowings were approximately RMB 412.7 million as of December 31, 2024, down from RMB 476.2 million as of December 31, 2023 [27]. - The debt-to-asset ratio was approximately 34.6% as of December 31, 2024, compared to 36.7% as of December 31, 2023 [28]. - Current liabilities exceeded current assets by approximately RMB 195,924,000, indicating significant uncertainty regarding the group's ability to continue as a going concern [117]. - The company's net asset value decreased to RMB 676,792 thousand in 2024 from RMB 688,533 thousand in 2023, reflecting a decline in equity [156]. Governance and Compliance - The company has established a remuneration committee, nomination committee, and audit committee to ensure effective governance and oversight [100]. - The board consists of one executive director, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules regarding board composition [96]. - The independent non-executive directors exceed one-third of the board members, meeting the requirements of the listing rules [97]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2024 [94]. - The audit report for the financial statements for the year ending December 31, 2024, was conducted by a specific accounting firm, which will be proposed for reappointment at the upcoming annual general meeting [90]. Risk Management - The board is committed to maintaining an appropriate risk management and internal control system to minimize risks and ensure compliance with relevant laws and regulations [121]. - The company faced foreign exchange risks primarily related to USD and HKD, with foreign currency assets and liabilities valued at approximately RMB 5.9 million and RMB 5.7 million, respectively, as of December 31, 2024 [29]. Shareholder Information - The company does not recommend the distribution of a final dividend for the year ended December 31, 2024 [48]. - The company's distributable reserves as of December 31, 2024, are approximately RMB 720 million [55]. - The company has maintained a minimum of 25% of its issued share capital held by the public since its listing [86]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024 [138]. - The group has been audited in accordance with the Hong Kong auditing standards, ensuring compliance with professional ethical responsibilities [139]. - The audit procedures included understanding management's control processes regarding impairment assessments and evaluating the qualifications and independence of external valuers [142]. Employee Relations - The group has established multiple employee benefit plans, including basic retirement pensions and medical insurance, in compliance with regulations in China and Hong Kong [81]. - The group has maintained harmonious relationships with employees and suppliers [44][46].

Financial Performance - Revenue for the year ended December 31, 2024, was HK$3,291,954,000, representing a 2.5% increase from HK$3,211,993,000 in 2023[14] - Profit attributable to owners of the Company decreased by 33.1% to HK$62,749,000, down from HK$93,836,000 in 2023[14] - Earnings per share attributable to owners decreased by 33.1% to HK6.24, compared to HK9.33 in 2023[14] - The Group's revenue for FY2024 increased by 2.5% to approximately HK$3,292.0 million, compared to HK$3,212.0 million in FY2023[60] - Profit attributable to owners for FY2024 was HK$62.7 million, down from HK$93.8 million in FY2023; excluding certain losses, profit would be HK$114.8 million compared to HK$132.5 million in FY2023[60] - Other income and gains decreased to HK$17.1 million in FY2024 from HK$18.6 million in FY2023[65] Revenue Breakdown - Revenue from Hong Kong and Macau increased by 8.5% to HK$2,954,684,000, while revenue from Mainland China decreased by 31.0% to HK$337,270,000[14] - The revenue distribution by brand shows Tai Hing contributing 38.2% and Men Wah contributing 26.9%[25] - Revenue from the flagship brand "Tai Hing" increased by 4.3% year-on-year to HK$1,258.6 million, accounting for 38.2% of the Group's total revenue[85] - Revenue from the "Men Wah Bing Teng" brand slightly decreased by 0.7% year-on-year to HK$886.3 million, representing 26.9% of total revenue, primarily due to strategic store consolidations in Mainland China[88] - "TeaWood" revenue grew by 5.8% year-on-year to HK$365.7 million, accounting for 11.1% of total revenue, supported by shop renovations and new meal deals[89] Dividends - The final dividend per share proposed is HK2.50 cents, a decrease of 28.6% from HK3.50 cents in 2023, while a special dividend of HK7.50 cents is proposed, an increase of 114.3% from HK3.50 cents in 2023[15] - The Board proposed a final dividend of HK2.50 cents per share and a special dividend of HK7.50 cents per share, compared to HK3.50 cents per share for both in FY2023[64] Operational Efficiency - The Group's gross profit margin slightly increased to 73.9% from 73.8% in the previous year[14] - The Group maintained a gross profit margin of over 70% by optimizing the production plan and enhancing production efficiency[35] - The cost of materials consumed in FY2024 was HK$858.4 million, representing 26.1% of revenue, a slight decrease from 26.2% in FY2023[68] - Staff costs amounted to HK$1,188.8 million, an increase from HK$1,133.6 million in FY2023, with staff cost as a percentage of revenue rising to 36.1% from 35.3%[69][71] Strategic Initiatives - The Group launched new brands such as "On Kim Pot Rice" and "Bashi Ramen" to expand its brand portfolio[40] - The Group is exploring a light operating model with low investment and short payback period to accelerate restaurant expansion[48] - The Group aims to optimize its restaurant network in Mainland China to enhance operational efficiency[49] - The Group implemented a multi-brand strategy and restructured its operating model to adapt to market challenges[60] Market Expansion - The Group's branding campaigns have extended to markets outside the Greater Bay Area for the first time[41] - The Group is committed to expanding its presence in high-potential areas such as Kai Tak, Tsim Sha Tsui, and Central, with some brands achieving same-store growth[77][80] - The Group is focusing on expanding "Tai Hing" branches in Macau, enhancing its market presence in the region[186] Customer Engagement - The "Tai Hing App" has over 240,000 members, supporting management and marketing strategies[42] - The Group's digital transformation efforts are aimed at improving customer experience in food ordering and payment systems[180] Corporate Social Responsibility - The Group's corporate volunteer team collaborated with 21 social welfare organizations on 22 community projects in FY2024, demonstrating its commitment to social responsibility[100] - The Group received multiple awards for its outstanding performance in ESG, including the "2024 Sustainable Restaurant of the Year" and "Gold Award" for environmental excellence[100] Management and Governance - The Group's management team has extensive experience in various industries, contributing to its operational and strategic effectiveness[176][186] - The board includes members with diverse backgrounds in various industries, enhancing the company's governance and strategic direction[160] - The company has a strong focus on sustainability and compliance management as part of its strategic planning[151] Financial Position - The Group maintained a healthy financial position with cash and cash equivalents of HK$330.8 million as of December 31, 2024, compared to HK$328.1 million a year earlier[63] - The Group's total current assets were approximately HK$532.1 million, while total current liabilities were approximately HK$756.6 million, resulting in a current ratio of approximately 0.7 times[116] - The Group had no interest-bearing bank borrowings as of December 31, 2024, maintaining a debt-free status[117] Awards and Recognition - The group has received multiple awards for safety and food quality, including the highest honor from the Hong Kong 5S Association in 2017[148] - Mr. Chan was awarded "Professional Marketer of the Year" in 2020 and has held various leadership roles in industry associations[153]

Financial Performance - The group's consolidated revenue for 2024 was approximately RMB 7,030.3 million, a decrease of 26.2% compared to RMB 9,525.0 million in 2023[20]. - The consolidated loss for 2024 was approximately RMB 1,809.2 million, representing an increase of 181.3% from RMB 643.1 million in 2023[20]. - The loss attributable to equity holders of the company for 2024 was approximately RMB 1,791.1 million, an increase of 283.4% from RMB 467.1 million in 2023[20]. - The group's gross profit for 2024 was approximately RMB 1,516.8 million, a decrease of 22.0% from RMB 1,944.5 million in 2023[29]. - The group does not recommend the payment of a final dividend for the year ended December 31, 2024[24]. Sales and Marketing - The total sales revenue for the group in the review year was approximately RMB 5.2728 billion, with a total construction area of 615,916 square meters, down from RMB 5.7504 billion and 851,463 square meters in 2023[41]. - The average selling price of delivered properties in 2024 was RMB 5,643.7 per square meter, a decrease of 3.5% from RMB 5,846.7 per square meter in 2023[34]. - The average delivered construction area decreased from 1,458,069 square meters in 2023 to 1,058,431 square meters in 2024[29]. - The group's sales and marketing costs for 2024 were approximately RMB 397.3 million, a decrease of 19.8% from RMB 495.7 million in 2023[33]. - The group anticipates continued challenges in property deliveries in cities like Suhong and Shanghai, impacting overall sales performance[34]. Property Development and Construction - The total construction area in Anhui and Jiangsu provinces accounted for 54.7% of the total construction area as of December 31, 2024[28]. - The completed projects total 50 with a total construction area of 3.5 million square meters, while 65 projects are under development with a total area of 10.6 million square meters[49]. - The total area of future development projects is 2.2 million square meters, with 14 projects planned[49]. - The company has a significant presence in Jiangsu, with 20.9% of its land reserves located there[51]. - The company is actively developing new residential and commercial properties, with the Nanjing Mingfa Yueshan Yuefu project completed in April 2022, covering 4,117 square meters[53]. Land Reserves and Future Projects - The group's land reserve decreased by 7.9% to approximately 16.3 million square meters, down from 17.7 million square meters in 2023, comprising a total of 129 projects[48]. - The company has 100% equity in all presold properties listed, with the largest presold project being in Shenyang at 116,517 square meters[47]. - The company continues to focus on expanding its land reserves and project completions to enhance its market footprint[48]. - The company has signed land use rights contracts for future developments, with a total land area of 495,361 square meters and a total building area of 913,314 square meters[62]. - The total area of properties under development is projected to reach 1,000,000 square meters by the end of 2025[55]. Ongoing Projects and Completion Rates - The company has several projects in various stages of completion, with the majority expected to be completed by December 2025 and 2026, indicating a strong pipeline for future revenue[59][61]. - The company has a significant project pipeline, including the Quanzhou Mingfa International Huachang City, which has a total area of 613,587 square meters and is also approximately 80% completed, scheduled for completion in December 2026[56]. - The company is focusing on residential and commercial developments, with properties like the Jiangsu Huai'an Golden Water Coast, which has a total area of 160,694 square meters and is approximately 75% completed[56]. - The company has completed construction on multiple properties, including the Tianjin Binhai Mingfa Commercial Plaza with a total area of 340,368 square meters and a land area of 209,048 square meters, expected to be fully operational by December 2026[56]. - The company is committed to completing its ongoing projects by the end of 2025, enhancing its portfolio and market position[68].

Company Overview - The Group is one of the foremost property developers in China, with major businesses including property development, investment, and management [15]. - The Group's projects are located in 24 major cities, including Shanghai, Hong Kong, Shenzhen, Guangzhou, Suzhou, Ningbo, Jinan, and Wuhan [15]. - The Group maintains a high-quality investment property portfolio, including landmark properties such as Shanghai Poly Plaza and Beijing Poly Plaza [15]. - The Group's land reserves cover economically vibrant regions such as the Yangtze River Delta and Pearl River Delta [16]. - The Group's chairman is Wan Yuqing, and the managing director is Hu Zaixin [7]. - The Group has undergone changes in its board of directors, with several appointments and resignations in 2024 [10]. Corporate Vision and Values - The Group aims to safeguard the country and serve the people while striving for excellence in its operations [5]. - The Group's corporate vision is to become an inspiring and excellent enterprise [5]. - The Group emphasizes responsibility and development as its core values [5]. Financial Performance - The Group recorded a profit attributable to shareholders of RMB183 million, representing a year-on-year decrease of 87.3% due to market downturn and pressure on selling prices [25]. - Contracted sales for the year amounted to RMB54.2 billion, reflecting a year-on-year growth of 1%, ranking 17th in the industry, a jump of 10 places from the end of 2023 [28]. - The gross profit margin decreased by 4.0 percentage points to 16.4%, with a provision for impairment of properties under development and held for sale amounting to RMB708 million [25]. - The net operating cash inflow was RMB6.8 billion, leading to a net reduction of total borrowings by RMB3.4 billion or 4.7% [31]. - The net gearing ratio decreased by 16.2 percentage points year-on-year to 76.9%, while the cash-to-short-term debt ratio rose from 1.53 to 1.77 [31]. - For the year ended December 31, 2024, the Group recorded a revenue of RMB40,208 million, representing a decrease of 1.8% compared to RMB40,932 million in 2023 [96]. - Profit attributable to shareholders amounted to RMB183 million, a significant decrease of 87.3% from RMB1,445 million in 2023 [96]. - The Group's basic and diluted earnings per share were both RMB4.79 cents, reflecting a year-on-year decrease of 87.3% [96]. Sales and Market Activity - The annual sales of newly-built commercial housing in China amounted to approximately RMB9.7 trillion, representing a year-on-year decrease of 17.1% [24]. - The sales collection for the year was RMB54.8 billion, achieving a collection rate of 101% [28]. - The average selling price of contracted sales was RMB25,546 per square metre, with the average selling price in Mainland China remaining unchanged at RMB21,986 per square metre [104]. - In 2024, Poly Property Group achieved contracted sales of RMB 54,176 million, with the Yangtze River Delta contributing 41% of the total sales [106]. - The total area sold in 2024 was 2,121,000 square metres, with the Yangtze River Delta accounting for 31% of the area sold [106]. Project Development and Construction - The Group added six property development projects in major cities, aiming to enhance returns for shareholders amid sector consolidation [29]. - The Group completed approximately 4,553,000 square metres of construction during the year, with newly commenced construction of approximately 1,555,000 square metres [99]. - The Group had 55 projects under construction and planning, representing a total GFA of approximately 13,164,000 square metres [99]. - The total GFA of new land reserves acquired in 2024 is distributed across various cities, including Shanghai, Ningbo, Shenzhen, and Jinan [107]. - The company maintains that the cost of land for new acquisitions is considered reasonable [107]. Investment Properties - The Group's investment properties have a total gross floor area (GFA) of approximately 682,000 square meters and an asset value of approximately RMB 8,677 million [147]. - The average occupancy rate for investment properties in 2024 was 75% for Beijing Poly Plaza and 92% for Shenzhen Poly Cultural Plaza, indicating strong performance in these locations [150]. - The Group's major investment properties include hotels and commercial spaces located in first-tier cities, enhancing its portfolio in high-demand areas [147]. Property Management - In 2024, the property management companies recorded total revenue of RMB 1,206 million, managing 288 property projects with a GFA of approximately 52,738,000 square meters, representing a 3.9% increase from the previous year [152]. - The Group's property management services have been recognized as leading players in the industry, receiving numerous awards and accolades [151]. Regional Development Focus - As of December 31, 2024, Poly Property Group had 58 projects in the Yangtze River Delta Region, with a total GFA of 2,641,000 square meters, accounting for 20% of the Group's total land reserves [156]. - The total completed GFA by the end of 2024 is projected to be 7,910,000 square meters across various regions [133]. - The company is focusing on expanding its residential offerings in established areas, such as the Poly Brilliant Palace in the Development Zone [161]. - The company is actively developing Poly Center Manor in Qingpu District, which is part of a core area under strategic development [160]. Ongoing and Future Projects - The company is committed to maintaining a strong pipeline of residential and commercial properties to support future growth [183]. - The company continues to expand its project portfolio, with significant contributions from both established and new developments across key regions [135]. - The overall strategy includes a mix of delivered and for-sale projects, ensuring a balanced portfolio to meet market needs [184].

Financial Performance - Total revenue for the fiscal year ended December 31, 2024, was HKD 287,213,000, a decrease of 12% compared to HKD 326,713,000 in 2023[9] - The company reported a pre-tax profit of HKD 20,680,000 for 2024, compared to HKD 19,021,000 in 2023, reflecting a growth of 8.7%[9] - Total revenue decreased by approximately HKD 39.5 million or 12.1% from HKD 326.7 million in 2023 to HKD 287.2 million in 2024, primarily due to weakened customer demand amid economic downturn[22] - Gross profit increased by approximately HKD 5.7 million or 11.3%, from HKD 50.7 million in 2023 to HKD 56.4 million in 2024, with gross margin rising from 15.5% to 19.6%[22] - The company recorded a profit of approximately HKD 17.5 million for the year ending December 31, 2024, compared to HKD 17.2 million in 2023[25] Sales and Revenue Composition - The sales of transformers accounted for approximately 41.5% of total sales, down from 44.8% in the previous year[14] - Sales of electronic components accounted for approximately 57.4% of total sales, up from 53.5% in the previous year[14] - The sales of electronic health products were reported as zero for 2024, down from HKD 2,687,000 in 2023[17] - Sales from major customers, such as Customer A and Customer B, increased to HKD 52.5 million and decreased to HKD 108.5 million respectively, highlighting shifts in customer revenue contributions[21] - The company's top five customers accounted for approximately 70.3% of revenue for the year ended December 31, 2024, down from 79.0% in 2023[149] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 217,654,000, a slight increase from HKD 210,474,000 in 2023[10] - The net asset value of the group as of December 31, 2024, was approximately HKD 84.7 million, down from HKD 98.1 million in 2023[29] - The current ratio of the group was approximately 1.33, with current assets of HKD 177.7 million and current liabilities of HKD 132.9 million as of December 31, 2024[29] - The debt-to-equity ratio decreased to approximately 0.17 in 2024 from 0.26 in 2023, primarily due to a reduction in bank loans during the review period[30] Corporate Governance - The company has adhered to the corporate governance code as stipulated in the GEM listing rules for the year ending December 31, 2024[57] - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring a balanced governance structure[62] - The independent non-executive directors have confirmed their understanding of their responsibilities under the GEM listing rules[62] - The company emphasizes the importance of corporate culture as a foundation for long-term business development and economic success[58] - The company maintains high standards of corporate governance, as detailed in the corporate governance report[198] Risk Management - The company has established a risk management and internal control system, which is regularly assessed for effectiveness[74] - The board is responsible for establishing and maintaining an effective risk management and internal control system[104] - The company aims to instill a strong risk awareness culture among all employees to enhance the effectiveness of the risk management system[104] - Significant risks and internal control weaknesses identified during the year have been reported to the audit committee for further action[117] - The company has adopted a whistleblowing policy to encourage employees and stakeholders to report suspected misconduct confidentially[110] Employee and Management - Employee headcount increased to approximately 585 as of December 31, 2024, compared to about 458 in 2023, with total employee costs around HKD 46.8 million[38] - The gender ratio of the employee team, including senior management, is 54% male to 46% female, indicating a balanced gender diversity[99] - The company has implemented a comprehensive plan to identify and train female employees for potential promotion to senior management or board positions[98] - The salary range for senior management for the year 2024 includes 2 individuals earning between 0 to 1,000,000 HKD, compared to 3 individuals in 2023[78] Capital Expenditure and Investments - Capital expenditure for the year ended December 31, 2024, was approximately HKD 6.1 million, a significant decrease from HKD 26.5 million in 2023[32] - The capital expenditure primarily related to the purchase of two non-residential properties and leasehold improvements[32] - The group plans to invest up to 30% of its cash in short-term, low-risk Hong Kong-listed securities, subject to certain conditions[42] - The group had outstanding capital commitments of approximately HKD 641,000 as of December 31, 2024[37] Dividends - The company declared a special interim dividend of HKD 0.15 per ordinary share, totaling HKD 30,000,000 for the six months ended June 30, 2024[136] - The board does not intend to declare a final dividend for the year ending December 31, 2024[136] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future business growth[137] - The company has not set a predetermined dividend payout ratio, allowing the board discretion in declaring dividends[138] Shareholder Information - The company has multiple communication channels with shareholders and investors, including quarterly and annual reports, and annual general meetings[119] - The company has established multiple communication channels with shareholders to enhance investor relations[125] - The company has received independence confirmations from its independent non-executive directors, affirming their status as independent individuals[182] - The company has not redeemed any of its own shares during the fiscal year ending December 31, 2024[194]

Financial Performance - TCL's revenue for the year ended December 31, 2024, reached HKD 99,322 million, representing a 25.7% increase from HKD 78,986 million in 2023[30] - The gross profit for 2024 was HKD 15,554 million, up 13.8% from HKD 13,674 million in the previous year[30] - Net profit attributable to shareholders increased by 136.6% to HKD 1,759 million, compared to HKD 744 million in 2023[30] - Adjusted net profit attributable to shareholders rose by 100.1% to HKD 1,606 million from HKD 803 million in the prior year[30] - The proposed final dividend per share for 2024 is HKD 31.80, a 98.8% increase from HKD 16.00 in 2023[30] - The company's net profit increased by 123.6% year-on-year to HKD 1.85 billion, with adjusted net profit growing by 100.1% to HKD 1.61 billion[38] - The company's adjusted net profit for 2024 increased by 100.1% year-on-year to HKD 16.06 billion, with a final dividend proposed at HKD 0.318 per share, representing approximately 50.0% of the adjusted net profit[88] - Overall gross profit rose by 13.8% from HKD 13.674 billion in 2023 to HKD 15.554 billion in 2024, with a gross margin of 15.7%, down 1.6 percentage points from 2023[147] Product Innovation and Market Expansion - TCL showcased nearly 100 innovative products at CES 2024, including the world's largest 115-inch QD-Mini LED TV[14] - TCL's QD-Mini LED TV X11H won the iF Design Award, highlighting its commitment to innovation in display technology[15] - The company plans to expand its market presence through partnerships and sponsorships, including becoming a global partner of the Olympics[27] - The global shipment of TCL TVs rose by 14.8% to 29 million units, with a market share increase to 13.9%[39] - Revenue from innovative businesses grew by 44.9% to HKD 27.01 billion, with gross profit increasing by 30.5% to HKD 3.35 billion[39] - TCL's Mini LED TV shipments surged by 194.5% to 1.7 million units, contributing to a 23.6% revenue growth in large-size display business to HKD 60.11 billion[39] - The company is actively expanding its photovoltaic business and innovative sectors such as AR/XR smart glasses and companion robots to diversify revenue streams[85] - The company launched the X11K QD-Mini LED TV, featuring cutting-edge technology with 14,000 local dimming zones and a peak brightness of 6,500 nits, recognized with the CES 2025 "Mini LED Display Technology Innovation Award"[96] Strategic Partnerships and Collaborations - The company signed a strategic cooperation framework agreement with COSCO Shipping to enhance digital logistics management[27] - TCL has accelerated its global localization strategy, enhancing brand influence and supply chain efficiency through strategic partnerships[42] - The company aims to deepen its "mid-to-high-end + globalization" strategy to enhance market presence and brand influence[135] Corporate Governance and Management - The board of directors is composed of seven members, including the chairperson and CEO, responsible for long-term strategy and performance oversight[192] - The company has maintained compliance with corporate governance codes throughout the fiscal year ending December 31, 2024[188] - Independent non-executive directors play a crucial role in ensuring high standards of financial reporting and governance[197] - The board regularly reviews financial and operational performance and discusses future development plans[191] - The company emphasizes transparency in governance to enhance stakeholder trust and value creation[187] Research and Development - R&D expenses for 2024 amounted to HKD 2.335 billion, focusing on advanced display technologies and AI innovations[95] - The company is investing in AI technology, launching the Fuxi AI model to enhance product capabilities and user experience[40] Market Trends and Industry Insights - The global TV industry is expected to see a shipment growth of 3.7% in 2024, with shipments of 75-inch and larger TVs increasing by 32.9%[80] - The average retail price of TVs in China has seen a double-digit increase due to the effective implementation of the "old-for-new" policy[80] - The concentration of the top four global TV brands is expected to rise from 53.8% in 2023 to 54.6% in 2024[80] - The global AR/VR market is anticipated to reach USD 83 billion by 2029, with a compound annual growth rate (CAGR) of 45%[81] Sustainability and Social Responsibility - The company is committed to sustainable development, achieving a CDP climate change management rating of B and being recognized in the top 5% globally by EcoVadis[43] - The company aims for a long-term operational goal of net profit growth exceeding revenue growth, focusing on sustainable development[138]

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

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

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

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