Financial Performance - The company's revenue for Q1 2025 reached CNY 2,407,203,605.84, representing a 29.85% increase compared to CNY 1,853,842,113.41 in the same period last year[7]. - Net profit attributable to shareholders increased by 141.10% to CNY 483,416,308.44 from CNY 200,507,242.93 year-on-year[7]. - The basic earnings per share rose by 141.67% to CNY 0.29, compared to CNY 0.12 in the previous year[8]. - Operating profit for Q1 2025 was ¥818,176,911.20, representing a 128.5% increase from ¥359,192,685.63 in Q1 2024[28]. - The total comprehensive income for Q1 2025 was ¥548,761,682.74, compared to ¥239,902,117.38 in Q1 2024[29]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,475,764,627.26, a 10.56% increase from CNY 20,328,568,613.12 at the end of the previous year[8]. - The company's total liabilities decreased from ¥9,605,453,197.04 in the previous period to ¥8,681,221,412.60[25]. - Shareholder equity increased significantly from ¥10,723,115,416.08 to ¥13,794,543,214.66, reflecting a growth of 28.8%[25]. - The total current assets as of March 31, 2025, amounted to RMB 8,350,459,536.91, an increase from RMB 6,404,182,464.01 at the end of December 2024[24]. - The total non-current assets amounted to RMB 14,125,305,090.35, up from RMB 13,924,386,149.11 in the previous period[24]. Cash Flow - The company's cash flow from operating activities was CNY 338,008,396.30, a decrease of 12.81% compared to CNY 387,683,907.25 in the same period last year[8]. - Cash and cash equivalents at the end of Q1 2025 amounted to ¥4,580,248,304.76, compared to ¥1,323,922,668.28 at the end of Q1 2024, indicating a substantial increase[32]. - The company reported a net cash inflow from operating activities of ¥338,008,396.30 in Q1 2025, down from ¥387,683,907.25 in Q1 2024[32]. Production and Sales - The production volume of gold in the first quarter of 2025 was 3,338.88 kg, a decrease of 6.89% compared to the same period last year, while sales volume was 3,331.08 kg, down 7.04%[18]. - The unit cost of gold sales increased to RMB 355.09 per gram, up 11.51% from RMB 300.51 per gram in the same period last year[20]. - The sales price of electrolytic copper was RMB 68,703.24 per ton, reflecting an increase of 15.77% year-on-year[18]. Future Outlook - The company plans to continue leveraging the rising gold prices to enhance profitability and maintain stable production and sales volumes[12]. - The company plans to gradually return to normal cost levels in the latter three quarters of 2025 after a significant increase in unit costs due to operational adjustments[21].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased significantly from approximately HKD 264,515,000 to about HKD 236,371,000, representing a decline of approximately 10.6%[11] - The company reported a loss of approximately HKD 386,605,000 for the year, a substantial increase from a loss of about HKD 73,220,000 in the previous year[12] - The loss attributable to shareholders was approximately HKD 251,341,000, compared to a loss of HKD 47,026,000 in the previous year[13] - The company recognized a one-time fair value loss on investment properties of approximately HKD 158.8 million and an impairment loss on properties held for sale of about HKD 90.8 million[14] Operational Strategy - The company maintained strong sales performance, exceeding market averages, and achieved stable growth in rental income, particularly in core commercial properties[15] - The company plans to leverage advanced technologies, such as artificial intelligence (AI), to further reduce operational costs and improve efficiency[16] - The company is actively adjusting its financing structure to lower costs and has effectively reduced financial expenditures through precise capital operations[15] - The company aims to optimize its real estate asset portfolio, focusing on high-quality and high-potential assets to enhance asset value[7] - The company is committed to a cautious and prudent development strategy to ensure sustainable growth in a competitive market[16] Financial Position - As of December 31, 2024, the group's cash and cash equivalents amounted to approximately HKD 43,969,000, an increase from HKD 40,925,000 as of December 31, 2023[18] - The total current assets as of December 31, 2024, were approximately HKD 529,482,000, down from HKD 715,847,000 as of December 31, 2023, while total current liabilities increased to approximately HKD 884,723,000 from HKD 728,705,000[19] - The total interest-bearing borrowings as of December 31, 2024, were approximately HKD 577,328,000, a decrease from HKD 641,305,000 as of December 31, 2023, with a significant portion due within one year[20] - The debt-to-equity ratio as of December 31, 2024, was approximately 242%, up from 127% as of December 31, 2023[21] Corporate Governance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of chairman and CEO, which remains vacant[49] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced professional knowledge and experience to meet the company's business needs[52] - The company is committed to establishing good corporate governance practices and has provided monthly updates to all board members[54] - The company has a dedicated audit committee and remuneration committee to oversee financial reporting and compensation matters[49] Risk Management - The company established a risk management framework consisting of two main components: risk management structure and risk management procedures[115] - The board of directors is responsible for establishing the risk management framework and policies, continuously monitoring the effectiveness of the risk management and internal control systems, and reviewing them at least annually[116] - The management team is tasked with identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks, reporting changes to the board and audit committee[119] - The company has completed a review of its risk management framework and procedures during the fiscal year, reporting the risk assessment results to the board and audit committee[128] Shareholder Communication - The company is committed to high levels of disclosure and financial transparency to its shareholders and investors[170] - The company has established multiple communication channels for shareholders to provide feedback and inquiries[170] - The board is responsible for ensuring balanced and clear assessments of the company's financial condition and prospects for shareholders[165] - The company has adopted the latest shareholder communication policy effective from January 1, 2022, aimed at ensuring timely, clear, and reliable information is provided to shareholders[174] Internal Controls - The company aims to enhance internal controls and has implemented corrective measures based on recommendations from internal control consultants[162] - The internal control consultant identified significant internal control deficiencies and made recommendations for improvement[138] - The company will implement a credit risk management system, including setting credit limits and conducting periodic credit assessments[159] - The company must enhance measures to identify potential fraud risks, including financial anomaly analysis and historical background checks[144] Board Diversity and Composition - The company has adopted a new board diversity policy effective from January 1, 2022, emphasizing the importance of a diverse board for long-term stability and performance[93] - The board consists of five male directors and two female directors, achieving gender diversity and possessing appropriate skills and expertise for the company's business[108] - The company aims to maintain a board that reflects diverse experiences and perspectives to enhance decision-making and stakeholder interests[94] - The nomination committee is responsible for evaluating potential board candidates based on various criteria, including professional qualifications and experience[90]

Company Overview - Voicecomm Technology Co., Ltd. is set to list its H-shares on July 10, 2024, with a share price of RMB 1.00 per share[5]. - The company plans to hold its annual general meeting on June 20, 2025[5]. - The report period covers the fiscal year ending December 31, 2024[6]. - The company is headquartered in Wuhan, Hubei Province, China, focusing on software development and technology solutions[12]. Governance and Management - The board of directors includes key figures such as Chairman Tang Jinghua and several independent non-executive directors[10]. - The audit committee is chaired by Liang Jiankang, who was appointed on September 4, 2024[10]. - The company has established a strategic and sustainable development committee to enhance its long-term growth strategy[10]. - The company has appointed several independent directors with extensive experience in finance and law to enhance governance[106][110]. - The company is committed to maintaining high standards of corporate governance and oversight through its board of directors[109]. - The company has established a governance framework that includes a clear distinction between the roles of the chairman and the CEO[190]. - The board has a responsibility to guide and supervise the company's affairs, ensuring effective risk management and internal control systems[187]. - The company has committed to enhancing its corporate governance practices to ensure compliance with legal and professional standards[180]. Financial Performance - The company achieved a revenue of RMB 941.4 million in 2024, representing a year-on-year growth of 15.8%[19]. - Gross profit for 2024 was RMB 510.4 million, with a year-on-year increase of 56.9%, resulting in a gross margin of 54.2%, up 14.2 percentage points[19]. - Adjusted net profit reached RMB 151.4 million, reflecting a year-on-year growth of 28.6% and an adjusted net profit margin of 16.1%, up 1.6 percentage points[19]. - The company's total assets grew to RMB 2,395.3 million in 2024, up from RMB 1,380.1 million in 2023[16]. - Total liabilities decreased to RMB 794.6 million in 2024 from RMB 1,372.6 million in 2023, indicating improved financial stability[16]. - The company's annual loss increased from RMB 29.2 million in 2023 to RMB 481.5 million in 2024, primarily due to changes in the redeemable capital's carrying value[73]. - The company reported a significant increase in trade receivables impairment losses, which rose by 119.0% from RMB 55.4 million in 2023 to RMB 121.3 million in 2024[49]. Market Expansion and Strategy - The company aims to leverage advancements in AI and IoT technologies to expand its market presence[6]. - The company has plans for future product development and market expansion, focusing on innovative technology solutions[6]. - The company plans to expand its market presence in the ASEAN region, focusing on Malaysia and later the Middle East, particularly the UAE, Saudi Arabia, and Oman[48]. - The company is actively exploring diversified business opportunities, leading to a 139.3% increase in revenue from other industries, from RMB 30.2 million in 2023 to RMB 72.3 million in 2024[57]. - The company aims to establish a second growth curve by expanding horizontally into new application scenarios in energy management and health sectors, leveraging its technological and market experience[41]. Research and Development - Research and development expenses rose by 35.4% from RMB 98.8 million in 2023 to RMB 133.7 million in 2024[49]. - The company is investing in research and development, allocating $HH million towards new technology initiatives aimed at improving operational efficiency[101]. - The company is focused on enhancing interactive artificial intelligence technology, aiming to develop mature and commercially valuable products and solutions in 2024[127]. Strategic Partnerships and Collaborations - The company has signed a strategic cooperation framework agreement with Meigaoyu Group to provide comprehensive IT infrastructure solutions and services in the China and Hong Kong markets[27]. - The company has entered into a strategic cooperation agreement with China State Construction First Engineering Group to participate in industrial park construction projects in Shanghai, Wuhan, and Malaysia, ensuring high-quality construction services[40]. - The company has signed a memorandum of cooperation with Qinghai Water Resources and Hydropower Group to collaborate in smart water management, clean energy, AI, and big data industries, aiming to create a new platform and ecosystem for smart water services[39]. Corporate Social Responsibility and Sustainability - The company is focusing on sustainability initiatives, with plans to reduce operational costs by JJ% through eco-friendly practices[103]. - The company has not faced significant environmental risks and has not incurred fines or penalties for violating environmental regulations during the reporting period[134]. Shareholder Information - The company will no longer have a supervisory board, with all supervisors resigning effective January 13, 2025[114]. - The board consists of 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors as of August 1, 2024, following the resignation of an independent non-executive director[188]. - The company has maintained a sufficient public float, with at least 25% of its issued shares held by the public[154]. Audit and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and believes they fairly reflect the financial position and performance of the group[178]. - The audit committee consists of three members, ensuring proper oversight of financial reporting and internal controls[178]. - The company has implemented a whistleblowing policy to allow employees to report concerns regarding financial reporting and internal controls confidentially[198].

Revenue and Profit Performance - The company's revenue decreased by approximately SGD 5.01 million or 21.0% from SGD 23.87 million in the previous year to SGD 18.87 million for the year ended December 31, 2024[9]. - The automotive service business in Singapore generated revenue of SGD 17.49 million, a decrease of SGD 3.2 million from the previous year[12]. - The smart kitchen and restaurant brand management segment in China reported revenue of SGD 1.4 million, down by SGD 1.8 million compared to the previous year[12]. - The company achieved a profit of approximately SGD 1.03 million for the year, compared to a loss of SGD 1.53 million in the previous year, primarily due to the sale of a subsidiary in China[9]. - The company's revenue for the year ended December 31, 2024, decreased by approximately SGD 5.01 million or 21.0% to about SGD 18.87 million, down from approximately SGD 23.87 million for the year ended December 31, 2023[17]. - Revenue from Singapore operations declined by 15.6% to SGD 17.49 million, primarily due to a decrease in parts export sales and a slowdown in maintenance and repair service income[17]. - Revenue from mainland China operations fell by 56.1% to SGD 1.38 million, attributed to ongoing macroeconomic challenges leading to cautious customer spending[17]. - Other income and gains increased by approximately SGD 0.75 million or 48.1% to about SGD 2.31 million, mainly due to the sale of a subsidiary in China[18]. - The company recorded a profit of approximately SGD 1.03 million for the year ended December 31, 2024, compared to a loss of approximately SGD 1.53 million in the same period of 2023[23]. - The company reported a pre-tax profit of SGD 1,160,000, compared to a loss of SGD 1,260,000 in 2023[168]. - Net profit for the year was SGD 1,031,000, a significant recovery from a loss of SGD 1,528,000 in the prior year[168]. Operational Focus and Strategy - The company plans to focus on cost control and key operational areas to navigate the challenging economic environment[9]. - The company aims to enhance its service offerings for various passenger car brands, including hybrid and electric vehicles, by ensuring technicians are familiar with advanced repair equipment[10]. - The company is committed to exploring new partnerships and business opportunities to add value to the group in the future[10]. - The company aims to strategically expand its business by diversifying into new industries and geographical locations while maintaining its competitive advantage in traditional automotive services[57]. - The company plans to expand its market presence in China, focusing on automotive sales and services[176]. Financial Position and Cash Flow - The net cash flow from operating activities for the year ended December 31, 2024, was approximately SGD 2.97 million, compared to SGD 2.21 million when excluding the impact of IFRS 16 depreciation[29]. - The company's cash and bank balances increased to approximately SGD 5.35 million as of December 31, 2024, from SGD 2.93 million as of December 31, 2023[29]. - The debt-to-equity ratio as of December 31, 2024, was 0.29, slightly improved from 0.30 as of December 31, 2023[31]. - The company has a total of 130 full-time employees as of December 31, 2024, down from 139 employees as of December 31, 2023[38]. - The company incurred a depreciation expense of SGD 219,000 for property, plant, and equipment in 2024, down from SGD 334,000 in 2023[172]. - The company sold a subsidiary, generating a net cash inflow of SGD 247,000, contributing to the overall financial improvement[170]. - Operating cash flow for the year ended December 31, 2024, was SGD 2,971,000, a substantial increase from SGD 527,000 in 2023[172]. - Cash and cash equivalents increased to SGD 5,351,000 at the end of 2024, up from SGD 2,930,000 at the beginning of the year[173]. Corporate Governance and Board Structure - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[42]. - The company has a commitment to high standards of corporate governance, ensuring that the roles of chairman and CEO are not held by the same individual, although currently, they are[56]. - The board has adopted a diversity policy to enhance board member diversity, considering factors such as gender, age, cultural and educational background, and professional experience[58]. - The company has established a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[63]. - The board is responsible for overseeing the company's financial performance, including liquidity, working capital, and capital expenditure requirements[62]. - The audit committee held three meetings in the fiscal year ending December 31, 2024, reviewing the group's interim and annual financial performance[70]. - The company has maintained at least three independent non-executive directors, ensuring compliance with GEM listing rules regarding independence[68]. - The board is tasked with formulating overall strategy and reviewing financial performance, including significant transactions such as acquisitions and capital expenditures[69]. - The company has established a remuneration committee to review the compensation policy based on operational performance and market practices[126]. Risk Management and Compliance - The company has established policies and procedures to identify, assess, and manage significant risks, including ESG risks, with the board responsible for maintaining effective risk management systems[83]. - The company has implemented a whistleblowing policy applicable to all directors and employees, providing a confidential reporting channel for misconduct[87]. - The anti-corruption policy prohibits any form of corruption, bribery, extortion, fraud, or money laundering, and is part of the corporate governance framework[88]. - The company has complied with all relevant laws and regulations without any significant violations during the year[134]. Shareholder Engagement and Communication - The company emphasizes the importance of ongoing communication with shareholders through various channels, including announcements and quarterly reports[96]. - The company plans to distribute future corporate communications electronically, effective December 31, 2024, unless shareholders request printed copies[97]. - The company encourages shareholders to participate in all general meetings and provides avenues for submitting opinions and suggestions[96]. - The company is committed to compensating reasonable expenses incurred by shareholders if the board fails to convene a special meeting within 21 days of a request[91]. Market and Industry Context - The company operates primarily in the automotive sector, including maintenance, modification, financing, and sales of passenger vehicles[102]. - Regulatory factors in Singapore, such as the Certificate of Entitlement (COE) system, may significantly impact the company's business operations[103]. - The company acknowledges that its reputation and consumer perception of service quality are critical to its business success[101]. - The company's business performance is subject to risks related to negative publicity and customer complaints, which could adversely affect financial results[101]. Share Capital and Securities - The company plans to issue up to 400,000,000 shares at a placement price of HKD 0.04 per share, which was completed on January 23, 2025[35]. - As of December 31, 2024, the company had a total of 2,000,000,000 shares issued, with the largest shareholder holding approximately 29.54%[116]. - The company adopted a share option scheme on October 21, 2016, which is set to expire on October 20, 2026[118]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the year ending December 31, 2024[110]. - There were no changes in the company's share capital for the year ending December 31, 2024, as detailed in the financial statements[109]. Financial Reporting and Audit - The financial statements were prepared in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[156]. - The audit was conducted in compliance with International Auditing Standards, ensuring the independence of the auditors[157]. - The audit report indicates that the consolidated financial statements fairly reflect the group's financial position and performance as of December 31, 2024[156]. - The company has adopted consistent and appropriate accounting policies, making reasonable judgments and estimates in accordance with applicable accounting standards[77]. - The independent auditor's responsibility is to express an opinion on the financial statements prepared by the board, ensuring transparency and compliance with GEM listing rules[77].

Financial Performance - The company's revenue for 2024 was RMB 21,264,854, a decrease of 2.14% from RMB 21,728,120 in 2023[16] - Gross profit increased to RMB 2,543,838, up 12.54% from RMB 2,259,547 in the previous year[16] - Profit attributable to shareholders rose to RMB 1,061,480, representing a significant increase of 69.91% compared to RMB 625,549 in 2023[16] - Basic earnings per share improved to RMB 0.1511, up from RMB 0.0891 in the prior year[16] - Return on equity increased to 10.55%, compared to 6.52% in 2023, indicating enhanced profitability[16] - The company achieved a revenue of RMB 21.265 billion for the year ending December 31, 2024, with a net profit attributable to shareholders of RMB 1.061 billion, representing a year-on-year growth of 69.49%[58] - Excluding impairment losses related to Yangmei Plain Chemical Co., the adjusted net profit attributable to shareholders for the year was RMB 1.229 billion, a growth of 6.96% compared to RMB 1.149 billion for the previous year[59] - The segment profit for the fiscal year ending December 31, 2024, was RMB 1.38 billion, down from RMB 1.42 billion in the previous year, a decrease of about 3.06%[90][93] - The basic business segment reported a profit of RMB 645 million, a decrease of 4.9% compared to the previous year[90] - The growth business segment achieved a profit of RMB 347 million, a significant increase of 45.11% year-over-year, driven by a 10% increase in compound fertilizer sales and a 59% increase in high-end differentiated compound fertilizer sales[90] - The production business segment's profit was RMB 387 million, a decrease of 23% year-over-year, impacted by a significant drop in synthetic ammonia prices[90] - The net profit margin for the fiscal year ending December 31, 2024, was 4.99%, an increase of 2.11 percentage points compared to the previous year[94] Sales and Market Performance - In 2024, the company achieved a sales volume of 7.21 million tons and a revenue of RMB 21.265 billion, with a net profit of RMB 1.075 billion, representing a year-on-year growth of 57%[20] - The company's shareholder profit reached RMB 1.061 billion, marking a year-on-year increase of 69.49%[20] - The company launched 6 new or upgraded products, including "Huanfeng" and "Weidefeng," achieving a total research output of 1.285 million tons, with sales of Class A products like Lanlin and Kede Feng increasing by 55% year-on-year[60] - The company achieved a 12% year-on-year increase in phosphate fertilizer sales, with differentiated biological phosphate fertilizer sales reaching 250,000 tons, a 14% increase year-on-year[63] - The differentiated compound fertilizer sales for 2024 are projected to be 1.5 million tons, an increase of 160,000 tons year-on-year, with high-end biological products seeing a 59% year-on-year sales growth[64] - The total sales of specialty fertilizers exceeded 110,000 tons in 2024, a year-on-year increase of 20%, with soil health products achieving sales of 30,000 tons, up 11% year-on-year[65] - The company reported a revenue of RMB 410 million from collaborative plant protection in 2024, a 5% increase year-on-year, with a three-year compound growth rate of 17%[66] Research and Development - The company is committed to continuous research and development in crop nutrition products and related technologies[12] - The company launched the "Bio+" technology brand and achieved a research output conversion of 1.285 million tons, with Class A product sales increasing by 55% year-on-year[22] - The company’s research and development efforts are focused on the "Biological +" strategy, with 27 patents granted in key biotechnology areas, enhancing its technological foundation[60] - The company’s innovative "Root-Phosphorus Efficient Coupling Technology" was recognized as a major new agricultural technology in China for 2024, marking a significant achievement in its R&D efforts[47] - The company aims to enhance its integrated R&D capabilities in "nutrient efficiency, biological agents, and soil health" under its "Biological +" strategy[78] Strategic Initiatives - The company aims to lead in bio-fertilizer and soil health innovation, focusing on sustainable agricultural practices[11] - The company has established a comprehensive sales service network covering 95% of arable land in China[12] - Strategic partnerships with international suppliers have been formed to enhance product offerings and market reach[12] - The company signed a strategic cooperation memorandum with the American company for sustainable agricultural development and technology innovation[35] - The company aims to enhance operational management and provide green and efficient crop nutrition products while ensuring stable cash flow for investment decisions[23] - The company plans to celebrate its 20th anniversary in 2025 with a focus on the "Bio+" strategy and sustainable development[23] Environmental and Social Responsibility - The company maintained a 100% utilization rate of phosphogypsum for two consecutive years and received multiple awards for its environmental projects[22] - The company is committed to ensuring food security and supporting farmers' income growth as part of its social responsibility initiatives[78] - The company received the "Leading Environmental Project" award for its "Sinochem Changshan Low Carbon Environmental Comprehensive Management Project" at the 2024 ESG Leading Enterprises event[47] Governance and Management - The company has a strong governance structure with independent non-executive directors overseeing various committees, ensuring compliance and strategic direction[145][146][147] - The company emphasizes its commitment to corporate governance and strategic planning through the establishment of various committees[145][146] - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[158] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and transparency in its operations[155] - The company has experienced a change in board composition, with Mr. Liu Hongsheng resigning as non-executive director and chairman, and Mr. Su Fu appointed as his successor[159] - The company has implemented a mechanism to ensure that the opinions and suggestions of independent non-executive directors are communicated to management for follow-up[164] Employee Development - The group employs approximately 4,371 full-time employees, with compensation structured to align employee interests with company performance and shareholder value[135] - A total of 21,565 training sessions were conducted, amounting to approximately 158,092 hours of training, covering various topics to enhance management skills and overall employee quality[190] - The group emphasizes employee development, with significant training initiatives aimed at improving core competitiveness[190] Financial Management and Risks - The company faces significant financial risks, including market risk, credit risk, and liquidity risk[127] - Market risk encompasses currency risk, interest rate risk, and other price risks, with management employing forward foreign exchange contracts to mitigate potential adverse impacts on financial performance[128] - The group has implemented robust management procedures for credit limits, payment terms, and overdue collections to prevent and control credit risk[130] - Liquidity risk management includes strengthening daily cash position management and maintaining sufficient cash and cash equivalents to meet operational and debt obligations[131]

Financial Performance - The group's net profit for the year ended December 31, 2024, was approximately RM 13.29 million, an increase of about RM 2.99 million compared to RM 10.30 million for the year ended December 31, 2023[5]. - Total revenue for the year ended December 31, 2024, was approximately RM 93.06 million, a slight decrease of about 1.46% from RM 94.44 million for the year ended December 31, 2023[10]. - The net profit margin for the year ended December 31, 2024, was approximately 14.3%, compared to 10.9% for the year ended December 31, 2023[19]. - Operating profit increased to RM 18,502,000, up 18.4% from RM 15,574,000 in the previous year[187]. - Basic earnings per share rose to 3.32 sen, an increase of 28.6% from 2.58 sen in the prior year[187]. Revenue and Expenses - Employee costs decreased by approximately RM 4.94 million or 7.8% to about RM 58.42 million for the year ended December 31, 2024[13]. - Other operating expenses increased by approximately RM 2.28 million or 20.6% to about RM 13.33 million for the year ended December 31, 2024[15]. - Other income decreased by approximately RM 0.46 million due to a reduction in estimated interest income from financial assets[11]. - Employee costs for the year ending December 31, 2024, total approximately MYR 58.42 million, accounting for about 62.8% of total revenue, down from 67.1% in 2023[26]. - The company reported a decrease in employee costs to RM 58,415,000 from RM 63,364,000, a reduction of 7.5%[187]. Cash Flow and Financial Position - The net cash inflow from operating activities for the year ending December 31, 2024, is approximately MYR 14.71 million, compared to MYR 14.33 million in 2023[20]. - As of December 31, 2024, the total equity and liabilities of the group are approximately MYR 42.98 million and MYR 20.63 million, respectively, compared to MYR 48.95 million and MYR 25.03 million in 2023[22]. - The company's net cash from operating activities was RM 14,706,000, slightly up from RM 14,329,000 in 2023[195]. - The company reported a net cash outflow from financing activities of RM 25,814,000, which is an increase of 33.7% compared to RM 19,317,000 in the previous year[197]. - Cash and cash equivalents decreased by RM 729,000, contrasting with an increase of RM 11,792,000 in 2023[197]. Strategic Initiatives - The group plans to enhance capabilities and maintain its leadership role in the telemarketing industry, including establishing a customer contact center and upgrading existing IT systems[5]. - The group aims to pursue innovation and convert challenges into opportunities to provide the best service to customers[6]. - The company plans to continue focusing on operational efficiency and cost management strategies to enhance profitability in the upcoming fiscal year[187]. Governance and Compliance - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring a balanced oversight structure[89]. - The company has complied with listing rules by having at least 3 independent non-executive directors, with one possessing suitable accounting and financial management expertise[90]. - The company has adopted a dividend policy that allows for cash or stock dividends, with distributions being contingent on the board's discretion and the group's financial performance, including earnings per share and market conditions[107]. - The audit committee reviewed the group's annual and interim financial performance, ensuring compliance with accounting standards and statutory requirements[112]. - The company has complied with the corporate governance code as of December 31, 2024, with no deviations reported[156]. Shareholder Information - The company announced a special dividend of HKD 0.04 per share (equivalent to MYR 0.02452) on May 27, 2024, and another special dividend of HKD 0.04 per share (equivalent to MYR 0.02363) on December 3, 2024[47]. - As of December 31, 2024, Ng Chee Wai holds 163,000,000 shares, representing 40.75% of the issued share capital[141]. - Lee Koon Yew holds 75,300,000 shares, representing 18.83% of the issued share capital[141]. - The company paid dividends amounting to RM 21,808,000, which represents a 42.5% increase from RM 15,337,000 in 2023[197]. Risk Management - The company has identified key risks affecting operational performance, including labor acquisition and payment delays from major clients[129]. - The group must disclose matters related to its ability to continue as a going concern when preparing the financial statements[179]. - The independent auditor has audited the consolidated financial statements for the year ending December 31, 2024, and will be proposed for reappointment at the upcoming annual general meeting[171].

Financial Performance - For the year ended December 31, 2024, the attributable profit to shareholders was HKD 450 million, a decrease of 21.5% compared to HKD 573 million in 2023[19] - The basic earnings per share for 2024 was HKD 0.36, down from HKD 0.49 in 2023[19] - The fair value changes of property development rights and financial investments, along with impairment of investment properties, resulted in a profit attributable to shareholders of HKD 116 million, a decline of 65.6% from HKD 337 million in 2023[19] - The total revenue for 2024 was HKD 5.39 billion, an increase from HKD 2.94 billion in 2023[28] - The operating profit for 2024 was HKD 317 million, significantly lower than HKD 623 million in 2023[28] - The total rental income from the company's investment properties in Hong Kong for 2024 is HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[41] - The company plans to distribute a final cash dividend of HKD 0.12 per share for the year ending December 31, 2024, compared to a scrip dividend of HKD 0.57 per share in 2023[32] - The total rental income from the Hong Kong property portfolio for 2024 is projected to be HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[84] Property Development and Management - The Group's landbank amounted to approximately 3.0 million sq m of attributable gross floor area in Hong Kong and Mainland China as of December 31, 2024[5] - The Group is engaged in property development projects in various locations, including Shenyang, Huizhou, and Tianjin, with a total development land reserve of 2.777 million sq m[16] - The Group manages properties totaling 1.348 million sq m in Hong Kong and other recognized financial markets[16] - The group has sold over 1,380 residential units at the residential development project "Haein Garden" in Tseung Kwan O, accounting for 88.7% of the total units, with sales revenue of approximately HKD 2 billion recognized during the year[35] - The group’s pre-sale/sales total for development projects in mainland China is approximately RMB 1.7 billion, with the group's attributable share being approximately RMB 1.4 billion[35] - The overall vacancy rate for commercial properties in Hong Kong reached approximately 17% by year-end 2024, indicating a slowdown in demand[34] - The group is actively selling remaining units in the residential project at Tseung Kwan O, having sold approximately 510 units in 2024[47] - The Clearwater Bay project has a total floor area of approximately 201,000 square meters and is currently in the basement and superstructure construction phase, with completion expected between 2026 and 2028[59] Financial Position and Debt Management - The capital debt ratio for 2023 is 111.53%, reflecting a significant increase from 61.07% in 2020[29] - The company completed the repurchase of 60% equity and shareholder loans of its wholly-owned subsidiary for a total consideration of HKD 1.39 billion, improving liquidity and reducing the capital debt ratio[36] - As of December 31, 2024, the total bank loans of the group amounted to HKD 19.125 billion, a decrease from HKD 20.897 billion in 2023[103] - The net bank borrowings decreased to HKD 18.334 billion, with cash and bank balances totaling HKD 0.791 billion[103] - The capital-to-debt ratio as of December 31, 2024, was 104.4%, down from 111.5% in 2023[103] - The group generated cash inflow of approximately HKD 2.14 billion from property sales in Hong Kong, primarily from the sale of the Hain Villa[103] - The group recorded cash inflow of about HKD 1.132 billion from pre-sales and sales of various properties in mainland China, mainly from Jiangwan City (Wuxi)[103] - The group has strategically sold non-core assets totaling over HKD 300 million to reduce debt levels and enhance cash flow[104] Corporate Governance and Management - The company has a strong commitment to corporate governance, ensuring transparency and accountability to shareholders[120] - The board consists of nine members as of December 31, 2024, reflecting a diverse range of expertise[128] - The company emphasizes a positive corporate culture aligned with its vision and values, which is crucial for achieving long-term success[125] - The company has been compliant with the corporate governance code, with the exception of the separation of roles between the chairman and CEO[121] - The management team has extensive experience in real estate development, financial investment, and information technology, contributing to strategic decision-making[116] - The company focuses on employee development, workplace safety, and sustainability, which are essential for building a strong workforce[127] - The board regularly reviews corporate governance practices to maintain the company's long-term health and development[120] - The company has implemented high standards of business ethics and governance across all operations[126] Risk Management - The group faces various risks in property development and has established a risk management system to monitor and manage these risks[86] - The group's performance is significantly influenced by local property market conditions and overall economic environment, with risks including economic recovery weakness and a sluggish property market[88] - The group faces regulatory risks due to strict market and industry regulations, requiring compliance with various legal and tax obligations[89] - Financial risks include interest rate, credit, liquidity, foreign currency, and other price risks arising from daily business operations[91] - The risk management framework follows the "three lines of defense" model, with operational management as the first line, and internal audit as the third line[179] - The internal audit department reports to the chairman and the audit committee, assessing the effectiveness of the risk management and internal control systems[185] - The risk management system aims to provide reasonable assurance against significant misstatements or losses, addressing financial, operational, compliance, and ESG risks[179] Environmental, Social, and Governance (ESG) - The group is committed to high environmental protection standards, continuously improving environmental performance since 2007, and has implemented strict measures to ensure compliance with regulations[96] - The latest residential development project, "Haein Garden," incorporates energy-efficient designs and has received a silver rating from the Green Building Council[97] - The group has provided 33 transitional housing units under the Lok Sin Tong social housing program to support government initiatives[100] - The group actively engages with stakeholders to assess their views on environmental, social, and governance issues through annual surveys[99] - The group has established a comprehensive environmental, social, and governance (ESG) framework, integrating ESG management into its operations and decision-making processes[183] Shareholder Relations - The company emphasizes the importance of shareholder privacy and will not disclose shareholder information without consent, except as required by law[192] - The company has established a shareholder communication policy to ensure timely access to public information for shareholders and the investment community[191] - The company actively updates its website to provide shareholders with access to announcements, financial reports, and corporate governance developments[191] - The total voting rights at the annual general meetings over the past five years were as follows: 2020 - 72.81%, 2021 - 72.55%, 2022 - 72.45%, 2023 - 72.74%, and 2024 - 44.95%[196] - The company declared a final dividend of HKD 0.57 per share for the year ending December 31, 2023, with a support rate of 99.99% from shareholders[197] - The company received 100% approval for the reappointment of KPMG as auditors and authorization for the board to determine their remuneration[197] - The company obtained 97.17% approval for a general mandate to issue new shares not exceeding 20% of the total issued shares[197] - The company approved a buyback of shares not exceeding 10% of the total issued shares with 100% support from shareholders[197]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the latest fiscal year[13]. - Total revenue for the year ended December 31, 2024, was approximately RMB 648.8 million, representing a year-on-year decrease of approximately 27.5%[27]. - Loss attributable to the owners of the Company was approximately RMB 737.3 million, compared to a loss of approximately RMB 529.5 million for the previous period[27]. - Adjusted net loss (non-IFRS measure) was approximately RMB 417.0 million, a year-on-year decrease of approximately 11.5%[27]. - The Group reported a loss for the year of RMB 777,759,000 in 2024, compared to a loss of RMB 577,531,000 in 2023, indicating a deterioration in financial performance[99]. Revenue Breakdown - Revenue from overseas regions increased by approximately 151.7% year-on-year, while sales revenue of hydrogen fuel cell systems for non-vehicle scenarios increased by approximately 132.6% year-on-year[27]. - Revenue from hydrogen fuel cell systems was RMB 330.5 million, down from RMB 637.2 million, indicating a significant decline in this segment[71]. - Revenue from sales of hydrogen fuel cell systems in non-vehicle scenarios rose by approximately 132.6%, amounting to RMB 54.1 million[73]. Market Expansion and Strategy - Market expansion efforts have led to a 25% increase in market share in the Asia-Pacific region[13]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence, with a budget of RMB 500 million allocated for this purpose[13]. - The company aims to expand its market presence through new product development and strategic initiatives[20]. - The company is committed to advancing the commercialization of hydrogen energy technologies, focusing on key markets and priority products[38]. Research and Development - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[13]. - Continuous R&D efforts will be made on fuel cell systems and hydrogen equipment to improve product durability, reliability, and cost-effectiveness[63]. - The company is committed to research and development in the fuel cell technology sector[20]. Sustainability and Innovation - The management emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2030[13]. - The hydrogen energy industry is transitioning from being policy-driven to market-driven, with the Company committed to continuous innovation and technological advancement[31]. - The company has achieved large-scale commercial applications of hydrogen-powered heavy-duty trucks in non-subsidy markets, solidifying its advantages in this sector[33]. Corporate Governance and Management - The company has adopted employee incentive schemes as of January 21, 2024[17]. - The group employs a total of 414 full-time employees as of December 31, 2024, focusing on recruitment through various channels including online platforms[123]. - The leadership team has a strong academic background, with multiple members holding advanced degrees in engineering and business, which supports the company's strategic initiatives[145]. Strategic Partnerships - A strategic partnership was formed with a leading tech firm to co-develop innovative solutions, expected to launch in Q3 2025[13]. - The company signed a framework cooperation agreement with Contemporary Amperex Technology Co., Limited to explore multi-domain hydrogen-electricity applications[53]. Financial Management - The cost of sales decreased by approximately 25.0% from RMB 715.7 million in 2023 to RMB 537.0 million in 2024, aligning with the change in revenue during the reporting period[74][76]. - Cash and cash equivalents rose by approximately 32.8% to RMB 883.4 million in 2024 from RMB 664.5 million in the previous period[106][108]. - The current ratio decreased to approximately 1.7 as of December 31, 2024, down from approximately 2.1 as of December 31, 2023, indicating a decline in short-term liquidity[106][108]. Employee Engagement and Development - The company has established several ESOP platforms to enhance employee engagement and retention[17]. - The group is committed to enhancing its employee benefits, including salary, stock-based payments, and retirement contributions[123]. Future Outlook - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues to reach RMB 1.32 billion[13]. - The company plans to list its H Shares on the Stock Exchange on December 6, 2024[19].

Financial Performance - Kangji Medical achieved a revenue of RMB1,008.6 million, representing a year-on-year increase of approximately 8.9%[3]. - The profit attributable to owners of the parent company reached RMB581.4 million, reflecting a year-on-year increase of approximately 15.4%[3]. - For the year ended December 31, 2024, the company achieved revenue of RMB1,008.6 million, representing an increase of 8.9% compared to 2023, primarily driven by increased sales of disposable products[23][37]. - The net profit attributable to owners of the parent increased by 15.4% from RMB504.0 million in 2023 to RMB581.4 million in 2024, mainly due to higher revenue and other income and gains[24][37]. - The Group's revenue for the year ended December 31, 2024, amounted to RMB1,008.6 million, representing an increase of 8.9% compared to RMB926.0 million for the year ended December 31, 2023[67]. - Revenue from disposable products reached RMB898.8 million for the year ended December 31, 2024, reflecting an increase of 11.7% from RMB804.9 million in 2023, accounting for 89.1% of total revenue[68]. - The Group's gross profit increased by 7.6% to RMB 797.6 million, with a gross profit margin of 79.1%, slightly down from 80.0% in the previous year[91]. - The cost of sales for the year was RMB 211.0 million, an increase of 14.1% compared to RMB 184.8 million in 2023, aligning with revenue growth[86]. - Other income and gains rose to RMB 182.2 million in 2024 from RMB 155.4 million in 2023, primarily due to a non-recurring gain of RMB 27.3 million from the deconsolidation of Weijing Medical[97][98]. - Income tax expenses for the year ended December 31, 2024, were RMB 113.6 million, a decrease of 16.8% from RMB 136.5 million for the year ended December 31, 2023[118]. Market Expansion and Strategy - The Group won the bidding for a full range of ligation clip products in the nationwide centralized VBP activities, which is expected to enhance market share[4]. - The overseas business maintained good growth momentum, particularly benefiting from increased sales in the European market[4]. - The Group plans to optimize its product structure and strengthen academic initiatives to support the development of China's minimally invasive surgery industry[8]. - The Group will continue to allocate resources to seize opportunities from centralized procurement in China and accelerate overseas product registration[4]. - The strategic focus on minimally invasive surgical instruments and consumables positions the Group for stable future growth[4]. - The Group is strengthening its overseas commercial network to strategically position itself for long-term growth opportunities in global markets[56]. Research and Development - The Group's strategic investment in Hangzhou Weijing Medical Robot Co., Ltd. focuses on laparoscopic surgical robots, with the SR01-200 robot receiving NMPA approval in April 2025[5]. - The Group's new R&D building in Hangzhou became operational in June 2024, enhancing R&D capabilities and supporting innovation[49]. - The Group conducted 12 sessions of the "Dialogue with Medical Experts" series in 2024 to align product development with real-world surgical practices[44]. - The Group introduced a new absorbable knotless suture, a Class III medical device, which enhances surgical efficiency by eliminating manual knot-tying[45]. - The Group's four-arm surgical robotic system completed multi-specialty human clinical trials in March 2024, with regulatory approval expected in Q2 2025[50]. - The Group plans to establish a mass production base for surgical robot systems in Tonglu County, Hangzhou, to enhance product development and production capacity[52]. Human Resources and Management - The Group had 1,007 employees as of December 31, 2024, with total staff remuneration expenses amounting to RMB173.4 million, an increase from RMB163.1 million in 2023[155]. - The total employee compensation expenses reflect a year-over-year increase of approximately 6.4% from the previous year[159]. - The company has implemented a stock option plan and restricted share unit plan to recognize and incentivize contributions from directors, senior management, and employees[160]. - The group has a structured compensation policy for directors and senior management based on comparable company salaries and individual performance[159]. - Mr. Zhong, one of the founders, has over 20 years of experience in the group and serves as the Chairman and CEO, responsible for overall business management and corporate development[161]. - Ms. Shentu, also a founder, has been with the group for over 20 years and holds the position of Vice General Manager, focusing on business strategy and corporate development[167]. Investment and Financial Position - The company increased its equity interest in Weijing Medical from 35% to approximately 41.99% during the reporting period, supporting the development of laparoscopic surgical robots[28]. - The group recorded a gain of RMB 27.3 million from the deconsolidation of Weijing Medical, which is now treated as an investment in an associate[109][111]. - As of December 31, 2024, the group's carrying value for its investment in Weijing Medical was approximately RMB 377.8 million, representing about 12.9% of total assets[113]. - The Group's net current assets decreased to RMB1,803.0 million as of December 31, 2024, down RMB1,386.9 million from RMB3,189.9 million as of December 31, 2023, mainly due to the declaration of dividends totaling RMB1,663.9 million[135][137]. - The Group did not have any outstanding bank loans or borrowings as of December 31, 2024, indicating a strong liquidity position[145][150]. - The Group intends to utilize net proceeds from the Global Offering for strategic investments and capital asset acquisitions, with no additional plans for material investments disclosed[154][158]. Product Performance - Revenue from disposable trocars generated revenue of RMB430.4 million, a 9.1% increase from RMB394.4 million in 2023, representing approximately 42.7% of total revenue[69]. - Ligation clips recorded revenue of RMB234.9 million, up 3.0% from RMB228.1 million in 2023, accounting for approximately 23.3% of total revenue[70]. - Revenue from disposable electrocoagulation forceps amounted to RMB 139.9 million, with a growth rate of 14.2%, contributing approximately 13.9% to total revenue[74]. - Revenue from ultrasonic scalpels increased by 37.8% to RMB 52.4 million compared to RMB 38.0 million in 2023, driven by market development efforts[75]. - Revenue from reusable products decreased by 9.3% to RMB 109.8 million from RMB 121.1 million in the previous year, primarily due to cyclical purchasing needs[76]. Corporate Governance - The Group has a strong focus on corporate governance, with key personnel like Mr. Yin overseeing investor relations and corporate matters[175]. - The Group's leadership structure emphasizes independent oversight and diverse expertise, which is crucial for navigating market challenges[187]. - Mr. Jiang has 35 years of experience in the medical and medical device industry, having held various clinical and managerial positions[190]. - Mr. Guo Jian, aged 69, was appointed as an independent non-executive director on March 7, 2020, and is responsible for supervising the Board[198].

Financial Performance - Revenue decreased by approximately 10.3% from about RMB 585.4 million in 2023 to approximately RMB 525.2 million in 2024, primarily due to weak consumer market performance and a slowdown in domestic and outbound travel activities in China[9]. - Profit for 2024 was approximately RMB 81.9 million, a decrease of about 43.6% compared to approximately RMB 145.2 million in 2023[10]. - Gross profit margin decreased from 24.8% in 2023 to 15.6% in 2024, reflecting a decline of 9.2 percentage points[10]. - Total revenue decreased by approximately 10.3% from about RMB 585.4 million in 2023 to approximately RMB 525.2 million in 2024, with a gross margin decline from about 38.1% to approximately 31.4%[17]. - Gross profit decreased to RMB 164,927 thousand, down 26.1% from RMB 223,312 thousand in the previous year[32]. - The company reported a net profit of RMB 81,851 thousand for 2024, a decline of 43.6% from RMB 145,167 thousand in 2023[32]. - Other income and gains decreased by approximately 61.6%, from about RMB 8.6 million in 2023 to approximately RMB 3.3 million in 2024[44]. - The company's net profit decreased from approximately RMB 145.2 million in 2023 to approximately RMB 81.9 million in 2024, representing a year-on-year decline of about 43.5%[54]. Operational Highlights - The number of online electronic guides increased from 60,147 to 75,943 during the reporting period, with coverage of Chinese tourist attractions rising from 41,435 to 49,734[11]. - The company has developed a total of 75,943 online electronic guides, covering 921 domestic AAAAA-level tourist attractions, 5,321 AAAA-level attractions, and 5,867 AAA-level attractions as of December 31, 2024[14]. - Continuous investment in R&D resources has been made to enhance the coverage of tourist attractions and improve the quality of electronic guide content[19]. - The company is focusing on multi-dimensional innovation in electronic guide content, including creative audio dramas and 3D hand-drawn maps, to enrich the user experience[21]. - The company aims to assist in the recovery and development of the tourism market through deep cooperation with local travel agencies and scenic spots[19]. Strategic Initiatives - The company is focusing on enhancing user experience in online electronic guides through the integration of AR, MR, and AI technologies[13]. - The "Shu Jing Tong" product continues to be iterated for smart management, marketing, and services, aiming to provide digital marketing solutions for scenic spots[15]. - Collaboration with content creators on mobile internet platforms is being expanded to enhance the visibility and conversion rates of the company's electronic guide products[16]. - The company aims to create long-term value for shareholders through its business strategies and market leadership in the online electronic guide industry[13]. - The company aims to leverage AI and MR technologies to enhance user experience and create long-term value in the tourism market[25]. Revenue Sources - Revenue from online electronic guides sold through online travel platforms accounted for approximately 92.5% of total revenue in 2024, decreasing by about 16.1% from RMB 579.2 million in 2023 to RMB 485.9 million in 2024[35]. - Revenue from sales to travel agents was approximately RMB 38.3 million, marking a return to sales after a suspension due to the COVID-19 pandemic[37]. - Revenue from customized content sales decreased by approximately 88.2%, from about RMB 5.8 million in 2023 to approximately RMB 0.7 million in 2024[40]. Cash Flow and Liquidity - The company's cash and cash equivalents increased to approximately RMB 219.5 million as of December 31, 2024, up from RMB 125.1 million as of December 31, 2023[56]. - Operating cash flow for 2024 was approximately RMB 292.2 million, an increase from RMB 255.2 million in 2023[57]. - The net cash used in investing activities for 2024 was approximately RMB 304.9 million, primarily due to the acquisition of intangible assets amounting to approximately RMB 409.3 million[58]. - Financing activities generated a net cash inflow of approximately RMB 107.1 million in 2024, mainly from share issuance and new borrowings[59]. - The company maintained a robust liquidity position throughout 2024, focusing on continuous credit assessments to mitigate credit risk[64]. Shareholder and Governance Matters - The company has adopted a share option plan to attract and retain top talent, with no options granted or agreed upon as of December 31, 2024[72]. - The company has adopted a share award plan on January 21, 2022, aimed at recognizing employee contributions and attracting suitable talent for further development[83]. - The company has not issued or granted any convertible securities, options, warrants, or similar rights during the reporting period[196]. - The independent auditor, Crowe (HK) CPA Limited, has audited the consolidated financial statements and is eligible for reappointment at the upcoming annual general meeting[200]. - The company is committed to maintaining high levels of corporate governance to safeguard shareholder interests and enhance accountability[199]. Market and Competitive Landscape - The group faces intense competition in the online travel agency sector, which may lead to reduced profit margins and market share loss[153]. - The company aims to diversify its customer base to mitigate risks associated with reliance on major customers, including partnerships with local travel agencies and cultural heritage units[152]. - User engagement and retention are critical for the group's success, with strategies focused on deepening user recognition and enhancing brand value through marketing activities[155]. - The group aims to provide a more personalized user experience through its smart travel solutions to meet evolving user needs[155]. Future Outlook - The Chinese government is expected to implement measures in 2024 to stimulate domestic consumption, which may boost tourism-related spending[26]. - The online penetration rate of tourism products is projected to increase, driven by government support for the "Internet + Tourism" initiative[28]. - The company's future business development outlook is detailed in the annual report's "Chairman's Report" and "Management Discussion and Analysis" sections[159].