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].

Financial Performance - Revenue for FY2024 decreased by 13.2% to HK$1,007,545,000 compared to HK$1,160,211,000 in FY2023[31]. - Gross profit fell by 18.4% to HK$187,485,000 from HK$229,790,000 year-on-year[31]. - Profit before income tax dropped significantly by 87.2% to HK$7,347,000 from HK$57,445,000 in the previous year[31]. - Profit for the year decreased by 81.8% to HK$8,558,000 compared to HK$47,149,000 in FY2023[31]. - Basic and diluted earnings per share fell by 81.7% to 0.86 HK cents from 4.71 HK cents[31]. - Proposed final dividend of 1.2 HK cents per share, subject to shareholder approval at the AGM on 27 May 2025[31][32]. - The decline in revenue was primarily driven by weakened demand for smart vending systems and switch-mode power supplies, with smart vending systems revenue dropping by 21.4% to HK$320.5 million and switch-mode power supplies revenue decreasing by 47.2% to HK$156.9 million[107]. - Profit attributable to owners of the Company declined to approximately HK$8.6 million in FY2024, down from approximately HK$47.1 million in FY2023[104]. Market Presence and Strategy - The Group reported a strong global presence with production facilities in the PRC, Thailand, and Ireland, enhancing its manufacturing capabilities[8]. - The Group's long-term strategy includes expanding its market presence and enhancing product offerings to drive value creation for stakeholders[12]. - The PRC (including Hong Kong) represented 89.1% of total sales in FY2024, slightly up from 87.9% in FY2023[36]. - The Group has strategically expanded into the new energy sector, developing its self-owned "Deltrix" brand and positioning Kazakhstan as a key regional hub for this business[48][50]. - Expansion plans include entering the Uzbekistan market to establish smart charging stations and develop electric driverless heavy-duty truck manufacturing facilities[54]. - The Group is also entering the Hong Kong and Southeast Asian markets, initially focusing on Thailand and Indonesia, leveraging expertise in new energy solutions[55]. New Energy Initiatives - The Group established three model EV charging stations in Almaty, Kazakhstan, featuring Deltrix-branded chargers and energy storage systems, contributing to the new energy business expansion[11]. - A strategic initiative, "Greater Asia New Energy Business Circle," aims to integrate EV charging infrastructure and energy storage across multiple regions, emphasizing sustainability and technological innovation[12]. - The Group's commitment to sustainability aligns with global initiatives and the PRC's "Belt and Road" strategy, positioning it as a key player in the new energy sector[11]. - The Group is enhancing its charging infrastructure by deploying smart charging stations that integrate solar power and energy storage systems, creating a comprehensive ecosystem[53][57]. - The development of the "Greater Asia New Energy Business Circle" aims to integrate EV charging infrastructure, energy storage, digital advertising, and intelligent service solutions across multiple regions[56]. Management and Personnel Changes - Mr. Huang Siqi was appointed as the executive director and chairman of the board, bringing extensive experience in corporate management, business strategy, and finance[64]. - Mr. Tai Leung Lam has over 45 years of experience in the electronics industry, focusing on the establishment and management of production plants[66]. - Ms. Liu Yun, with nearly 20 years of experience in financial and capital markets, was appointed as an executive director effective October 28, 2024[68]. - Mr. Lo Ka Kei Jun has over 20 years of experience in international marketing and business development in the electronics industry[73]. - Mr. Kwan Tak Sum Stanley, a founder of the Group, has over 30 years of experience in the electronics industry, particularly in plastic injection molding and electronic assembly services[75]. - Mr. Kan Pak Cheong appointed as independent non-executive Director effective May 28, 2024, brings over 35 years of experience in real estate finance and investment[78]. - Mr. Wong Kwok Kuen appointed as independent non-executive Director effective August 28, 2024, has 28 years of banking experience and 15 years in investment and asset management[83]. - Mr. Yip Wa Ming appointed as independent non-executive Director effective October 28, 2024, has over 26 years of experience in financial advisory services[84]. - Mr. Kwan Chan Kwong resigned as Chief Executive Officer effective July 2, 2024, and appointed as a consultant[87]. - Ms. Zhang Jingjing joined as general manager of business development in August 2023 and appointed as Chief Executive Officer effective July 2, 2024[92]. Operational Highlights - The Group's total revenue from all product categories in FY2024 was HK$1,007.5 million, reflecting a significant shift in market demand[108]. - New manufacturing facilities in the PRC and Thailand became operational in FY2023 and FY2024, respectively, with a UK factory set to commence operations in the first half of 2025[103]. - Electro-mechanical products revenue increased by 5.0% to HK$330.6 million, while smart chargers revenue rose by 42.6% to HK$192.5 million in FY2024[108]. - The Group's initiatives in the new energy sector align with the PRC's "Belt and Road" initiative, enhancing market presence in Central Asia[99]. Financial Position and Risks - The Group's current ratio decreased from 2.9 as of December 31, 2023, to 2.2 as of December 31, 2024, indicating a decline in liquidity[139]. - The Group maintained a positive net cash position as of December 31, 2024, with net debt classified as not applicable due to cash and cash equivalents exceeding borrowings[139]. - Credit risk concentration was significant, with 45.6% of total trade receivables due from the largest customer and 84.2% from the five largest customers as of December 31, 2024[155]. - The Group's liquidity risk is managed through maintaining sufficient bank balances, committed credit lines, and access to interest-bearing borrowings[160]. - The Group's interest rate risk primarily arises from borrowings at floating rates, with no interest rate hedging strategy adopted[150]. Employee and Share Option Scheme - The Group's total employee benefit expenses for FY2024 amounted to approximately HK$183.1 million, a decrease from approximately HK$192.6 million in 2023[183]. - As of December 31, 2024, the Group had 1,310 employees, down from 1,560 in 2023[183]. - The total number of shares available for issue under the Share Option Scheme as of December 31, 2024, was 70,000,000 shares, representing 7% of the issued share capital[192]. - The Share Option Scheme aims to motivate eligible persons to enhance their performance and to attract and retain significant contributors to the Group's success[190].

Financial Performance - The group's revenue and net profit levels were maintained for the year ending December 31, 2024, despite a challenging economic environment[7]. - The company's revenue increased from approximately HKD 331,200,000 for the year ended December 31, 2023, to approximately HKD 351,400,000 for the year ended December 31, 2024, representing a growth of about 6.1%[20]. - Other net income rose from HKD 1,800,000 for the year ended December 31, 2023, to HKD 3,900,000 for the year ended December 31, 2024, primarily due to increased market and promotional support income[21]. - The net profit after tax for the year ended December 31, 2024, was approximately HKD 18,400,000, a decrease of about 8.0% compared to the previous year, attributed to adverse market conditions in Macau and increased employee costs[26]. - The company reported a net profit for the year of HKD 18,571,000, a decline of 7.4% from HKD 20,045,000 in 2023[157]. - Basic and diluted earnings per share for 2024 were both HKD 3.78, down from HKD 3.99 in 2023[157]. Market Conditions - The local GDP growth rate in Hong Kong for 2024 is estimated to be 2.5%, while private consumption expenditure is expected to decline by 0.6%[7]. - The retail sales value index in Hong Kong decreased by 7.3% compared to 2023, indicating a slow recovery in the retail market[15]. - Macau's retail sales value decreased by 15.5% year-on-year, reflecting a poor local retail market situation[15]. - The business environment for 2025 is expected to be filled with challenges and opportunities, with potential market opportunities arising from weaker competitors exiting the market[10]. Operational Strategy - The company plans to further expand its market planning and sales division in the coming years to maximize the synergy of its logistics backbone and distribution network[8]. - The company aims to optimize service quality and IT systems while implementing stricter cost control measures to improve cost efficiency[10]. - The company continues to operate as a fourth-party logistics (4PL) service provider, achieving natural growth in both Hong Kong and Macau markets[8]. - The company plans to expand its distribution network and brand partnerships through the adoption of fourth-party logistics (4PL) services[17]. - The company has begun offering cold chain services to an existing customer, enhancing its overall logistics solutions[18]. - The company is focusing on inventory management and operational cash flow monitoring to reduce business risks[19]. Employee and Governance - Employee benefits expenses increased to approximately HKD 65,700,000 for the year ended December 31, 2024, up from HKD 63,700,000 for the year ended December 31, 2023, mainly due to salary increases[22]. - The group employed 183 full-time employees as of December 31, 2024, a decrease from 206 employees in 2023[38]. - The company has established a governance structure that includes an audit committee, remuneration committee, and nomination committee to ensure proper regulation of its operations and decision-making processes[47]. - The board consists of experienced individuals, including three independent non-executive directors, ensuring a balance of power and responsibilities[48]. - The company has a strong focus on corporate governance, integrating core elements to balance the interests of shareholders, customers, and employees[47]. Financial Position - The company has a current asset net value of approximately HKD 54,600,000 as of December 31, 2024, down from HKD 83,500,000 in the previous year[27]. - The company's debt-to-asset ratio as of December 31, 2024, was 0.01, unchanged from the previous year[28]. - As of December 31, 2024, the group had bank borrowings of approximately HKD 1,000,000, down from HKD 2,000,000 in 2023[35]. - The group recognized new right-of-use assets and lease liabilities of HKD 69,000,000 due to the renewal of lease agreements[37]. - The group has a total bank financing facility of HKD 25,000,000, with HKD 15,000,000 guaranteed by the group[35]. Dividends - The board declared an interim dividend of HKD 0.01 per share, totaling approximately HKD 5,018,000, payable on September 30, 2024[31]. - A special dividend of HKD 0.02 per share was declared, amounting to approximately HKD 10,037,000, to be paid on January 2, 2025[31]. - The proposed final dividend of HKD 0.02 per share, totaling approximately HKD 10,037,000, is subject to shareholder approval at the upcoming annual general meeting[31]. - The company declared dividends totaling HKD 15,054,000 for the year, compared to HKD 10,037,000 in the previous year[161]. Risk Management and Compliance - The company has established a risk management framework to assess and manage risks faced by the group[53]. - The board is committed to ensuring effective internal controls and risk management structures are in place[62]. - The company has implemented procedures for handling and disclosing inside information, ensuring compliance with listing rules[81]. - The company has complied with all relevant laws and regulations, including the Cayman Islands Companies Law and listing rules[131]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[140]. - The audit identified revenue recognition in the supply chain management services as a key audit matter due to its significance as a key performance indicator[144]. - The group is responsible for preparing consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and ensuring internal controls to prevent material misstatements[149]. - The auditor's responsibility includes obtaining reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[151].

Financial Performance - The company reported revenue of approximately HKD 125.9 million for the year ending December 31, 2024, a decrease of about HKD 13.3 million or 9.6% compared to the previous year[8]. - The gross profit for the reporting period was approximately HKD 30.2 million, an increase of about 38.5% from HKD 21.8 million in the previous year[12]. - The company achieved a net profit of approximately HKD 1.8 million, recovering from a net loss of about HKD 12.4 million in the previous year[12]. - The group's revenue decreased from approximately HKD 139.2 million for the year ended December 31, 2023, to approximately HKD 125.9 million during the reporting period, a decline of about 9.6%[15]. - The group's gross profit increased to approximately HKD 30.2 million during the reporting period, compared to HKD 21.8 million in 2023, resulting in a gross profit margin of approximately 24.0%[25]. - The group reported a profit attributable to the owners of the company of approximately HKD 1.8 million during the reporting period, an increase of about HKD 14.2 million compared to a loss of HKD 12.4 million in 2023[33]. - Other income, primarily from government subsidies, amounted to approximately HKD 0.4 million during the reporting period, compared to HKD 0.2 million in 2023[26]. Operational Metrics - The number of events conducted during the reporting period was approximately 780, down from about 890 events in the previous year[12]. - Revenue from exhibitions accounted for approximately 48.4% of total revenue, down from 62.0% in the previous year[12]. - Total service costs decreased from approximately HKD 117.5 million in 2023 to HKD 95.6 million during the reporting period[19]. - Employee benefit expenses accounted for approximately 31.1% of total service costs during the reporting period, compared to 27.6% in 2023[22]. - Administrative expenses decreased by approximately 18.2% from about HKD 23.1 million in 2023 to approximately HKD 18.9 million during the reporting period[30]. - The net financial expenses decreased by approximately 19.1% from about HKD 6.8 million in 2023 to approximately HKD 5.5 million during the reporting period[31]. - Employee costs totaled approximately HKD 48.5 million for the reporting period, down from HKD 53.1 million in 2023, with a total of 135 employees as of December 31, 2024, compared to 152 in 2023[44]. Governance and Compliance - The company has maintained compliance with the corporate governance code, with the exception of a deviation noted in section C.2.1[65]. - The board emphasizes the importance of transparency and accountability for maintaining shareholder trust and creating long-term value[64]. - The company has a strong commitment to corporate governance practices and policies, which are regularly reviewed and updated[65]. - The independent non-executive directors bring over 30 years of experience in financial management and corporate governance[51][53]. - The company has appointed a new independent non-executive director with extensive experience in corporate compliance and governance[55]. - The company has established a corporate secretary role to ensure adherence to corporate governance standards[61]. - The company has adopted GEM Listing Rules regarding the conduct of directors in securities trading, confirming full compliance during the reporting period[67]. Risk Management - The company acknowledges various risks and uncertainties that may impact its financial condition and operational performance, including market risk, credit risk, and liquidity risk[13]. - The company has established a risk management policy that identifies, assesses, and manages key risks affecting its business operations[122]. - The board of directors is responsible for overseeing the effectiveness of the group's risk management and internal control systems[123]. - The company has engaged an independent internal control consultant to review its internal control systems during the reporting period[122]. Environmental, Social, and Governance (ESG) Efforts - The environmental, social, and governance (ESG) report outlines the company's efforts in sustainability and social responsibility[125]. - The report covers the company's environmental, social, and governance performance from January 1, 2024, to December 31, 2024[126]. - The company adheres to the four reporting principles of significance, quantification, balance, and consistency in its ESG report[128]. - The board confirms its responsibility for the accuracy and completeness of the ESG report[133]. - The company emphasizes the integration of sustainable development concepts into its daily operations[135]. - The company has established an Environmental, Social, and Governance (ESG) Committee to enhance transparency and accountability, focusing on climate-related risks and opportunities[137]. - The company identifies key stakeholders, including investors, decision influencers, and affected groups, and maintains effective communication channels to understand market risks and opportunities[138]. Employee Management and Welfare - The total number of employees at the end of the reporting period was 135, down from 152 in the previous year[195]. - Employee composition by gender shows 77.8% male and 22.2% female, with a decrease in female representation from 24.5%[195]. - The company emphasizes a safe, inclusive, and fair work environment, aligning with labor laws in China and Hong Kong[188][193]. - The company provides competitive medical benefits and retirement security through mandatory contributions to pension plans[192]. - The employee training programs and annual performance reviews are designed to foster loyalty and align employee growth with organizational goals[189]. - The company reported zero workdays lost due to occupational injuries for the years 2022, 2023, and 2024[199]. - There were no cases of work-related fatalities reported during the operational period[199].

Financial Performance - In 2024, the total cargo throughput reached 453 million tons, representing a year-on-year increase of 1.9%[30] - The container throughput for 2024 was 20.47 million TEUs, an increase of 2.2% compared to the previous year[30] - The revenue for the year ended December 31, 2024, was HKD 13.721 billion, up from HKD 13.484 billion in 2023[20] - The profit attributable to shareholders for 2024 was HKD 690 million, a decrease from HKD 729 million in 2023[20] - The basic earnings per share for 2024 were 11.2 HK cents, down from 11.8 HK cents in 2023[20] - The total revenue for 2024 was HKD 13,721 million, reflecting a growth of 1.8% from HKD 13,484 million in 2023[42] - The gross profit for 2024 was HKD 3,958 million, which is a 7.0% increase from HKD 3,698 million in 2023[42] - The total cost of sales decreased by 0.3% to HKD 9.754 billion, with significant reductions in the sales business cost by 18.8%[49] - The gross profit for 2024 was HKD 3.958 billion, with a gross margin of 28.8%, up from 27.4% in 2023[57] - The total throughput of bulk cargo for 2024 was 254.97 million tons, compared to 237.80 million tons in 2023[20] Dividends and Shareholder Returns - The company plans to declare a final dividend of 4.48 HK cents per share for 2024, with a payout ratio of approximately 40%[30] - The company plans to maintain a dividend of HKD 0.0448 per share for the 2024 fiscal year, with a payout ratio of approximately 40%[44] - The company proposed a final dividend of HKD 0.0448 per share for the year ending December 31, 2024, subject to shareholder approval at the upcoming annual general meeting[169] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 40.674 billion, slightly up from HKD 40.620 billion in 2023[20] - The debt ratio improved to 15.9% in 2024 from 18.8% in 2023[20] - As of December 31, 2024, the company's equity attributable to shareholders was HKD 13.756 billion, with a net asset value per share of HKD 2.2[66] - The total borrowings of the group were HKD 4.861 billion as of December 31, 2024, down from HKD 5.707 billion in 2023, with all borrowings settled in RMB[68] - The debt-to-equity ratio as of December 31, 2024, was 15.9%, a decrease from 18.8% in 2023[69] - The current ratio was 1.5 as of December 31, 2024, compared to 1.6 in 2023[69] Operational Efficiency and Strategy - The company aims to enhance production intelligence and service efficiency while promoting a green low-carbon layout[30] - The company aims to enhance operational efficiency through digital transformation and automation upgrades[39] - The company is committed to green and low-carbon development, focusing on renewable energy projects such as wind and solar power[40] - The company anticipates stable growth in the Chinese economy, supported by macroeconomic policies and increased domestic demand[45] - The company will leverage national strategies like the Belt and Road Initiative to enhance its market position and operational capabilities[46] Governance and Board Structure - The board consists of 8 directors, including 5 executive directors and 3 independent non-executive directors as of December 31, 2024[99] - The company held a total of 7 board meetings, 1 annual general meeting, and 1 special general meeting in 2024[104] - All directors confirmed compliance with the standard code of conduct for securities trading during the applicable period ending December 31, 2024[98] - The company has adopted a mechanism to ensure the board receives independent views and opinions, which was reviewed for effectiveness as of December 31, 2024[112] - The board is responsible for overseeing the company's business, overall strategy, corporate governance, risk management, and financial performance[102] Risk Management and Internal Controls - The company has confirmed that its risk management and internal control systems are adequate and effective in all significant aspects, including financial, operational, and compliance monitoring[134] - The internal audit department is responsible for reviewing the effectiveness of the risk management and internal control systems and reports directly to the audit committee[141] - The company has established a structured risk identification and assessment process to manage significant risks impacting its objectives[139] - Regular reviews of the risk management and internal control systems are conducted to adapt to changing business environments and emerging risks[139] Employee and Management Information - The group had approximately 5,399 employees as of December 31, 2024, with a focus on employee development and training to enhance productivity[179] - The company has a three-year service contract with each executive director, which can be extended[196] - The company has purchased directors and officers liability insurance for its board members[199] Shareholder Communication - The company emphasizes regular communication with shareholders to enhance long-term shareholder value and has established a shareholder communication policy that is reviewed periodically[151] - The company encourages shareholders to participate in annual general meetings and welcomes their feedback and questions[150] - The company has a commitment to protecting shareholder privacy and complies with applicable data protection laws[158]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 618,542,128.87, a decrease of 4.25% compared to RMB 645,995,271.22 in the same period last year[9]. - Net profit attributable to shareholders for Q1 2025 was RMB 90,312,072.67, down 7.41% from RMB 97,541,532.98 year-on-year[9]. - The net profit after deducting non-recurring gains and losses was RMB 88,474,729.61, reflecting a decrease of 7.08% compared to RMB 95,217,851.02 in the previous year[9]. - The total revenue for the first quarter of 2025 was CNY 618,542,128.87, a decrease of approximately 4.5% compared to CNY 645,995,271.22 in the first quarter of 2024[24]. - The operating profit for the first quarter of 2025 was CNY 103,806,860.81, compared to CNY 114,427,839.61 in the first quarter of 2024, indicating a decline of approximately 9.1%[24]. - Net profit for Q1 2025 was approximately ¥83.81 million, a decrease of 9.1% compared to ¥92.49 million in Q1 2024[25]. - Total comprehensive income for Q1 2025 reached approximately ¥106.29 million, an increase of 49.2% from ¥71.27 million in Q1 2024[25]. - Basic and diluted earnings per share for Q1 2025 were both RMB 0.39, down 7.14% from RMB 0.42 in the same period last year[9]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.39, down from ¥0.42 in Q1 2024[25]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 13.04% to RMB 85,876,398.75, compared to RMB 75,969,702.64 in the same period last year[9]. - Cash flow from operating activities for Q1 2025 was approximately ¥85.88 million, an increase of 13.5% compared to ¥75.97 million in Q1 2024[28]. - Cash flow from investing activities for Q1 2025 showed a net outflow of approximately ¥179.29 million, compared to a net inflow of ¥159.29 million in Q1 2024[28]. - Cash flow from financing activities for Q1 2025 resulted in a net outflow of approximately ¥79.08 million, compared to a net inflow of ¥42.14 million in Q1 2024[29]. - The cash and cash equivalents as of March 31, 2025, were CNY 2,544,062,908.38, a decrease from CNY 2,630,205,433.37 as of December 31, 2024[21]. - The cash and cash equivalents at the end of Q1 2025 were approximately ¥944.67 million, an increase from ¥846.19 million at the end of Q1 2024[29]. Research and Development - Research and development expenses totaled RMB 48,418,019.42, a decrease of 25.40% from RMB 64,900,123.30 year-on-year[9]. - R&D expenses accounted for 7.83% of operating revenue, down from 10.05% in the previous year, a reduction of 2.22 percentage points[9]. - The company reported a decrease in R&D expenses to CNY 48,418,019.42 in the first quarter of 2025, down from CNY 64,900,123.30 in the same period last year, reflecting a reduction of approximately 25.5%[24]. Assets and Equity - Total assets at the end of the reporting period were RMB 7,127,388,076.14, a slight increase of 0.08% from RMB 7,121,392,176.35 at the end of the previous year[9]. - Equity attributable to shareholders increased by 1.68% to RMB 5,669,029,445.16 from RMB 5,575,258,634.87 at the end of the previous year[9]. - The total liabilities as of March 31, 2025, were CNY 1,175,145,054.36, a decrease from CNY 1,204,351,783.01 as of December 31, 2024[22]. - The equity attributable to shareholders as of March 31, 2025, was CNY 5,669,029,445.16, an increase from CNY 5,575,258,634.87 at the end of 2024[22]. Inventory and Costs - The company's inventory as of March 31, 2025, was CNY 488,198,643.67, slightly down from CNY 490,650,955.52 at the end of 2024[21]. - The total operating costs for the first quarter of 2025 were CNY 510,997,863.52, down from CNY 535,026,579.06 in the same period last year, reflecting a reduction of about 4.5%[24]. - The company experienced a significant increase in other comprehensive income, with a net amount of approximately ¥22.48 million in Q1 2025, compared to a loss of ¥21.22 million in Q1 2024[25]. Capital Changes - The company completed a capital reserve conversion to increase share capital, issuing 66,782,692 new shares in 2024[9].