Financial Performance - Revenue for 2024 reached RMB 5,745,315, an increase of 17.9% compared to RMB 4,867,026 in 2023[16] - Gross profit for 2024 was RMB 1,019,372, representing a gross margin of approximately 17.7%[16] - The company reported a profit for the year of RMB 204,373, a significant recovery from a loss of RMB 64,863 in 2023[16] - Adjusted net profit for 2024 was RMB 349,466, up from RMB 162,225 in 2023, indicating a growth of 115.5%[16] - The Group's profit for the year improved from a loss of RMB 64.9 million in 2023 to a profit of RMB 204.4 million in 2024[106] - Adjusted net profit (non-IFRS measure) increased by 115.5% from RMB 162.2 million in 2023 to RMB 349.5 million in 2024, with an adjusted net profit margin rising from 3.3% to 6.1%[115] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 4,613,818, a slight decrease from RMB 4,734,811 in 2023[20] - Current assets decreased to RMB 2,682,858 in 2024 from RMB 3,567,238 in 2023, reflecting a decline of 25%[20] - Total liabilities for 2024 were RMB 1,059,048, down from RMB 1,351,301 in 2023, showing a reduction of 21.6%[20] - Net assets increased to RMB 3,554,770 in 2024, compared to RMB 3,383,510 in 2023, indicating a growth of 5.1%[20] Revenue Breakdown - Revenue from rice products increased by 4.8% to RMB 4,014.5 million, accounting for 69.9% of total revenue, while revenue from corn products surged by 523.2% to RMB 815.1 million, representing 14.2% of total revenue[57] - Revenue from whole grain, bean, and other products remained stable at RMB 469.5 million, while dried food and other products saw a 2.5% increase to RMB 446.2 million[57] - Revenue from online channels increased by 8.9% from RMB3,305.6 million in the previous year to RMB3,598.7 million this year, accounting for the majority of total revenue[65] Market Strategy and Growth - The company plans to expand its market presence and invest in new product development in the upcoming fiscal year[16] - Future guidance indicates a focus on improving operational efficiency and enhancing product offerings to drive revenue growth[16] - The Group aims to provide pre-packaged premium products, focusing on rice, corn, whole grains, beans, and dried food, to meet the growing consumer demand for health and quality[43] - The market for pre-packaged products is expanding due to consumer preferences for convenience and quality, leading to higher growth rates in this segment[42] Operational Efficiency - The inventory turnover days increased from 127 days in 2023 to a projected 113 days in 2024, indicating improved efficiency[22] - The gearing ratio improved significantly from 28.5% in 2023 to a projected 23.0% in 2024, reflecting a stronger financial position[22] - Efficient supply chain management allows for order-based production, ensuring products are processed and dispatched within three days, maintaining freshness[79] Leadership and Management - The company has seen significant leadership continuity with directors having extensive backgrounds in the food industry and finance, enhancing strategic decision-making capabilities[175] - The company is actively expanding its management team with experienced professionals to strengthen its operational and financial strategies[179] - The leadership team is well-educated, with degrees from prestigious institutions, enhancing the company's credibility and strategic direction[177] Investments and Future Outlook - The Group made a significant investment in Migao Group Holdings Limited on March 21, 2024, with an initial capital contribution of RMB 152.576 million, representing a 4.4% shareholding[155] - The Group maintains a positive outlook on future prospects related to its equity investments and has not altered its investment strategy due to short-term market fluctuations[157] - There are currently no plans for acquiring other material investments or capital assets during the reporting period[159]

Financial Performance - Consolidated operating revenue for 2024 was CNY 43.397 billion, representing a year-on-year growth of 20.08%[9]. - Net profit attributable to the parent company was CNY 13.024 billion, with a year-on-year increase of 38.94%[9]. - Total revenue and other income for 2024 reached CNY 61.76 billion, an increase of 18.07% year-on-year[128]. - Wealth management business generated revenue of CNY 20.14 billion, growing by 15.47% and contributing 32.61% to total revenue[130]. - Investment banking revenue decreased by 23.53% to CNY 2.81 billion, contributing only 4.54% to total revenue[130]. - Institutional and trading business revenue increased by 25.52% to CNY 26.26 billion, accounting for 42.52% of total revenue[130]. - International business revenue surged by 51.26% to CNY 7.10 billion, contributing 11.49% to total revenue[130]. - Operating profit for 2024 was CNY 16,356,424, reflecting a 38.99% increase from CNY 11,768,452 in 2023[45]. - Total expenses for 2024 were 45.40 billion RMB, an increase of 12.00% year-on-year[146]. Asset and Capital Management - The company's total assets at the end of 2024 reached CNY 1,047.745 billion, an increase of 13.22% compared to the previous year[9]. - The net capital increased to RMB 98,387,241,939 from RMB 92,603,555,793, reflecting a growth of approximately 6.5% year-over-year[26]. - The total liabilities amounted to RMB 870.27 billion, reflecting a 15.72% increase year-over-year[153]. - The total equity increased to RMB 177.47 billion, representing a growth of 2.36% from the previous year[153]. - Financial assets measured at fair value and recognized in profit or loss amounted to RMB 408.473 billion, up 9.64% year-on-year[131]. - Cash held by clients increased to RMB 202.568 billion, a rise of 42.71% from the previous year, primarily due to fluctuations in the securities market[131]. Dividend and Shareholder Returns - The company plans to distribute a total cash dividend of CNY 6.258 billion for the year, accounting for 48.05% of the net profit attributable to the parent company[2]. - Basic earnings per share for 2024 were CNY 1.39, a 41.84% increase from CNY 0.98 in 2023[47]. Mergers and Acquisitions - The company completed the acquisition of Haitong Securities and raised supporting funds on March 14, 2025[2]. - The merger with Haitong Securities is projected to result in total assets of CNY 1.73 trillion and net assets of CNY 328.3 billion by the end of 2024, positioning the company as the industry leader in capital strength[15]. - The merger transaction received approval from the Shanghai State-owned Assets Supervision and Administration Commission on November 19, 2024[174]. - The merger between Guotai Junan Securities and Haitong Securities was approved by the China Securities Regulatory Commission on January 17, 2025, allowing for the absorption and merger process to proceed[177]. Risk Management and Compliance - The company emphasizes a commitment to risk management and compliance, aiming to enhance operational efficiency and risk control capabilities[17]. - The company plans to enhance its compliance and risk management system in 2024, focusing on proactive risk management and maintaining financial stability[141]. Digital Transformation and Innovation - The company is committed to a digital transformation strategy, incorporating technology into its cultural framework to enhance competitiveness[16]. - The company achieved a 50% improvement in quality control and review efficiency in its fully digital investment banking operations[138]. Market Position and Strategy - The company aims to solidify its leading position in the domestic market while facing competition from top international investment banks[18]. - The macroeconomic environment is expected to present challenges, but the company is prepared to respond with confidence and a focus on internal development[15]. - The company aims to achieve four key breakthroughs by 2025 to establish itself as a first-class investment bank with international competitiveness and market leadership[15]. Customer Engagement and Service - A focus on customer-centric operations will drive the integration of services, with an emphasis on professional specialization and collaboration[17]. - The company will implement a performance evaluation mechanism centered on customer satisfaction to align with its customer-centric business philosophy[17]. - The company plans to enhance its core capabilities in value discovery, trading services, and global pricing to improve client engagement and service quality[18]. ESG Commitment - The MSCI ESG rating improved to the highest level of AAA, reflecting the company's commitment to ESG principles[11]. - The company has a commitment to ESG (Environmental, Social, and Governance) principles, aligning with global investment trends[24].

Product Performance - The company achieved significant growth in its core product "Walnut Sesame Black Bean Powder," which has been recognized as the top-selling item in the functional grain powder category for several consecutive years[8]. - The "Health Gift Box" product line saw encouraging results, with tailored products developed for different consumer channels, enhancing brand recognition[8]. - The ancient formula product "Moisture-Free Traces" experienced multiple sales growth compared to the same period in 2023, indicating strong consumer demand[8]. Sales and Distribution - In the first three quarters of 2024, offline sales in the fast-moving consumer goods sector grew by 1.8% year-on-year, while e-commerce channels saw a decline of 0.6%[9]. - The company's direct sales strategy focuses on improving operational efficiency and enhancing the shopping experience in its direct-operated counters[10]. - The company is actively expanding its presence on traditional and interest-based e-commerce platforms, establishing flagship and specialty stores to increase market penetration[11]. - The company participated in nine major marketing events throughout the year, including "618" and "Double Eleven," to boost brand awareness and sales[11]. Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 2,060.4 million, an increase of 11.7% compared to RMB 1,845.3 million in 2023[15]. - Offline sales accounted for 55.3% of total revenue in 2024, up from 54.2% in 2023, while online sales decreased slightly to 44.7% from 45.8%[17]. - Gross profit increased from approximately RMB 1,181.5 million in 2023 to about RMB 1,356.3 million in 2024, with the gross margin rising from 64.0% to 65.8%[18]. - The company's net profit for the year ended December 31, 2024, was approximately RMB 187.9 million, representing a growth of about 23.2% from RMB 152.4 million in 2023[27]. - Sales and distribution expenses rose from approximately RMB 897.1 million in 2023 to about RMB 1,043.4 million in 2024, primarily due to increased promotional expenses related to sales growth[20]. Assets and Liabilities - The company’s trade receivables increased to RMB 223.7 million in 2024 from RMB 217.8 million in 2023, with trade receivables turnover days improving to 39 days from 40 days[29]. - The company’s inventory remained stable at approximately RMB 94.6 million in 2024, compared to RMB 93.5 million in 2023, with a slight increase attributed to sales growth[29]. - The company’s current assets net value as of December 31, 2024, was RMB 1,182.7 million, compared to RMB 1,033.5 million as of December 31, 2023[33]. - The company had no contingent liabilities as of December 31, 2024, consistent with the previous year[36]. - The company had no pledged assets as of December 31, 2024, consistent with the previous year[37]. Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as its own corporate governance code[53]. - The board believes that the company has complied with the applicable code provisions of the corporate governance code for the year ending December 31, 2024[54]. - The company emphasizes the importance of good corporate governance elements in its management structure, internal controls, and risk management procedures[51]. - The company has independent non-executive directors overseeing the board and providing independent opinions and judgments[47]. - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[57]. Risk Management - The company has a risk management and internal control system that includes a clearly defined organizational structure with specified authority and responsibility[101]. - The company has committed to reviewing its risk management and internal control systems annually to ensure their effectiveness[103]. - The board is responsible for evaluating and determining the nature and extent of risks acceptable to the company in achieving its strategic objectives, ensuring the establishment and maintenance of effective risk management and internal control systems[100]. Employee and Shareholder Engagement - The company has a strong team of independent non-executive directors with extensive experience in finance and corporate governance[48]. - The total number of employees as of December 31, 2024, is 670, with a gender ratio of approximately 1:2 (193 male employees and 477 female employees)[68]. - The company emphasizes the importance of a diverse workforce, considering it a key element for maintaining long-term competitive advantage[68]. - The company encourages shareholders to submit inquiries and suggestions via email to enhance engagement and feedback[117]. Stock Options and Incentives - The company has a stock option plan approved on November 19, 2018, aimed at incentivizing eligible participants for their contributions to the group[159]. - The total number of shares available for issuance under the stock option plan is capped at 222,100,000 shares, which is 10% of the total shares issued as of the listing date and the report date[162]. - The stock options granted but not yet exercised are subject to the total issuance cap of 222,100,000 shares[162]. - The stock reward plan was adopted by the board on March 28, 2022, to recognize employee contributions and attract suitable personnel for further development[175][176]. Environmental and Social Responsibility - The company aims to create sustainable value by integrating economic growth, environmental protection, and social responsibility into its business strategy[119]. - The company has a dedicated team to handle environmental compliance and implements strict waste management procedures at its manufacturing bases[136].

Financial Performance - The company recorded revenue of approximately RMB 236.17 million for the year ended December 31, 2024, a decrease of about 18.7% compared to RMB 290.62 million for the year ended December 31, 2023[5]. - The net loss attributable to equity shareholders for the year was approximately RMB 22.0 million, a decline of about 158.67% from a profit of RMB 37.5 million in the previous year[5]. - The company reported a pre-tax loss of RMB 30.38 million for the year, compared to a profit of RMB 67.99 million in the previous year, reflecting a change of 144.7%[10]. - The company reported a net loss of approximately RMB 33.87 million for the fiscal year 2024, a decline of about 158.5% from a net profit of RMB 57.9 million in 2023[18]. - The gross profit for the fiscal year 2024 was RMB 83.76 million, down RMB 40.55 million or 32.62% from RMB 124.31 million in 2023, with a gross margin of 35%[17]. - The average selling price of aggregate products decreased by 16.06% from RMB 55.4 per ton in 2023 to RMB 46.5 per ton in 2024[15]. - The sales revenue from ready-mixed concrete dropped by 69.27% from RMB 64.78 million in 2023 to RMB 19.91 million in 2024, due to a 64.71% decrease in sales volume[36]. - Other income for the year ended December 31, 2024, was approximately RMB 7.55 million, a decrease of about 58.13% compared to RMB 18.03 million in 2023, primarily due to a reduction in government subsidies and foreign exchange gains[43]. Production and Sales - The company sold approximately 4.63 million tons of aggregate products in 2024, an increase of about 18.85% from 3.90 million tons in 2023[5]. - The total production of aggregate products for the fiscal year 2024 was 4.63 million tons, an increase of approximately 18.85% from 3.90 million tons in 2023[14]. - The sales volume of ready-mixed concrete dropped by 64.71%, from 172.3 thousand cubic meters in 2023 to 60.8 thousand cubic meters in 2024[15]. - The company signed key customer agreements to sell at least 1.2 million tons of aggregate products within a year, indicating a strategic focus on expanding sales channels[24]. Assets and Liabilities - Total assets increased by 3.86% to RMB 2,475.04 million in 2024, compared to RMB 2,383.01 million in 2023[10]. - Total liabilities rose by 3.18% to RMB 1,771.25 million in 2024, compared to RMB 1,716.67 million in 2023[10]. - The company's total assets as of December 31, 2024, were RMB 2,475.04 million, an increase from RMB 2,383.01 million in 2023[11]. - The total liabilities as of December 31, 2024, were RMB 1,771.25 million, slightly up from RMB 1,716.67 million in 2023[11]. Future Plans and Strategies - The company plans to increase production capacity to achieve an annual output of 6 million tons of aggregate products in 2025[6]. - The company aims to explore new sales customers and potential acquisitions to expand its asset scale and increase revenue[7]. - The group plans to increase aggregate product output to 6 million tons in 2025, with a gradual increase in production capacity in subsequent years[71]. - The group intends to pursue acquisitions of potential entities aligned with its development strategy to expand asset scale and increase revenue starting in 2025[71]. Governance and Management - The company is focused on enhancing its governance structure with experienced board members and management team[88]. - The company aims to expand its market presence and improve operational efficiency through strategic appointments and oversight[88]. - The company is committed to maintaining high standards of corporate governance and compliance in its operations[88]. - The board of directors consists of a balanced mix of executive and independent non-executive directors, with at least three independent non-executive directors, fulfilling the requirement of more than one-third of the board[107]. - The company has established clear guidelines for the allocation of functions between the board and management, retaining decision-making authority on significant matters such as policies, strategies, and financial reporting[110]. Environmental and Social Responsibility - The company is committed to low-carbon development and sustainable practices, with a vision to control greenhouse gas emissions and resource consumption[177]. - The company's greenhouse gas emission intensity was 2,464.07 tons of CO2 equivalent per million tons of production, an increase of 14.87% compared to 2023[178]. - Water consumption intensity was 31,552.22 cubic meters per million tons of production, a decrease of 41.71% compared to 2023, due to improved water resource management[178]. - The company aims to reduce greenhouse gas emission intensity to 1,170 tons of CO2 equivalent per million tons of production by 2030[179]. - The company has established a governance framework for environmental, social, and governance (ESG) matters, with a dedicated committee to oversee its implementation[171]. Compliance and Risk Management - The company has established a comprehensive ethical and regulatory compliance system to mitigate risks related to internal fraud and commercial bribery[182]. - The company has implemented a risk management mechanism to ensure compliance with labor regulations, prohibiting forced labor and child labor[198]. - The board is responsible for overseeing the implementation and management of the risk management and internal control systems, which are reviewed annually[152]. - The company has a zero-tolerance policy towards corruption, including bribery and fraud, and has implemented regular anti-corruption training for employees[154]. Employee and Workplace Diversity - The company employed a total of 166 employees as of December 31, 2024, an increase of 15 from 2023 due to the launch of a new project[132]. - The gender ratio among employees was 92:8, with 152 male employees and 14 female employees, indicating a significant decline in female representation[132]. - The company is committed to fair hiring practices and does not discriminate based on gender, race, age, nationality, or ethnicity[132]. - The company has established a diversity policy for the board of directors, focusing on gender, age, professional experience, and tenure, with measurable targets to be reviewed at least annually[133].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by approximately 48.3% to SGD 47.1 million from SGD 91.2 million in the previous year[13]. - The gross profit for the same period was approximately SGD 12.6 million, an increase of about 9.5% from SGD 11.5 million in 2023, resulting in a gross margin of 26.7%[18]. - The company reported a net profit of SGD 599,000 for the fiscal year ending December 31, 2024, down from SGD 1.4 million in 2023[13]. - The sales cost decreased by approximately 56.7% to SGD 34.5 million from SGD 79.7 million in the previous year, aligning with the revenue decline[17]. - Other income remained stable at approximately SGD 0.1 million for both fiscal years 2024 and 2023[19]. - Other losses increased by approximately SGD 0.8 million for the year ended December 31, 2024, compared to SGD 20,000 for the year ended December 31, 2023, primarily due to increased foreign exchange losses of SGD 0.2 million and fair value losses related to convertible bonds of SGD 0.3 million[20]. - The group's impairment loss reversal for the year ended December 31, 2024, was approximately SGD 0.6 million, compared to SGD 0.4 million for the year ended December 31, 2023, attributed to a significant decrease in trade receivables and contract assets[21]. - Administrative expenses for the year ended December 31, 2024, were approximately SGD 11.0 million, up from SGD 9.6 million for the year ended December 31, 2023, mainly due to an increase in employee costs of approximately SGD 1.6 million[22]. - Financing costs for the year ended December 31, 2024, were approximately SGD 634,000, compared to SGD 176,000 in 2023, with estimated interest on convertible bonds recognized at approximately SGD 517,000[23]. - Tax expenses for the year ended December 31, 2024, were approximately SGD 0.4 million, compared to SGD 2,000 in 2023, primarily due to the full utilization of unrecognized losses carried forward from the COVID-19 pandemic[24]. - The net profit attributable to the owners decreased from approximately SGD 1.4 million for the year ended December 31, 2023, to approximately SGD 0.6 million for the year ended December 31, 2024, a reduction of approximately SGD 0.8 million[25]. - As of December 31, 2024, the group had total cash and bank balances of approximately SGD 15.8 million, down from approximately SGD 17.0 million as of December 31, 2023, with bank borrowings of approximately SGD 0.6 million compared to SGD 1.6 million in 2023[27]. - The group's debt-to-equity ratio as of December 31, 2024, was 135.5%, significantly up from 16.2% in 2023[31]. Business Operations - The company has 19 ongoing projects with a theoretical contract value of approximately SGD 27.0 million, of which about SGD 5.0 million has been recognized as revenue by December 31, 2024[12]. - The company is well-positioned to capture new business opportunities as the Singapore construction industry recovers[9]. - The company has no significant changes in its main business operations as of December 31, 2024, which primarily involves providing interior decoration services through its subsidiary Ngai Chin Construction Pte Ltd[132]. - The company has established stable business relationships with major clients, including professional consultants and multinational corporations, enhancing market visibility[168]. - The company maintains a list of approved suppliers and subcontractors, continuously evaluating their performance based on various factors such as pricing and quality[169]. Corporate Governance - The company has a strong focus on corporate governance and has been involved in numerous regulatory applications and operations for leading financial institutions[51]. - The company has established a corporate governance framework based on the principles and regulations outlined in the Corporate Governance Code, ensuring compliance throughout the fiscal year ending December 31, 2024[61]. - The board of directors has maintained a balanced composition, including both executive and independent non-executive directors, to ensure robust independent judgment[66]. - All directors have completed an independent assessment of their independence, with satisfactory results reported for the fiscal year ending December 31, 2024[73]. - The board held regular meetings, with attendance records showing that all directors participated actively, with the highest attendance being 7 out of 7 meetings[70]. - The company has committed to high standards of corporate governance, aiming to protect shareholder interests and enhance corporate value[60]. - The company has implemented a mechanism for evaluating board independence, which includes annual reviews and action plans for improvement[72]. - The company has adhered to the Corporate Governance Code's requirement of having at least three independent non-executive directors, ensuring compliance with listing rules[71]. - The board is responsible for leading and monitoring the company, guiding management, and ensuring effective internal controls and risk management systems are in place[76]. - The company has established a code of conduct for securities trading by directors and related persons, confirming compliance throughout the fiscal year[64]. - The company aims to provide satisfactory and sustainable returns to shareholders while maintaining high ethical business standards[63]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined powers and responsibilities[86]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with listing rules regarding financial management expertise[83]. - The company provides appropriate insurance coverage for directors and senior management against legal actions arising from corporate activities[84]. - The training records for directors indicate that all participated in reading relevant materials, ensuring they remain informed about regulatory developments[81]. - The company maintains a commitment to board diversity, with the Nomination Committee discussing measurable targets to achieve this goal[89]. - The company has adopted a board diversity policy aimed at enhancing corporate governance and board effectiveness, considering factors such as gender, age, and professional qualifications[91]. - The company aims to achieve a target of at least 20% female representation on the board and at least 50% in senior management within two years[93]. - Current gender representation shows 0% female on the board, 33.33% in senior management, and 12.23% across all employees[95]. - The nomination committee reviews the board diversity policy annually to ensure its effectiveness[92]. Risk Management and Compliance - The company has established a risk management and internal control system to manage operational and financial risks, with the board responsible for its effectiveness[101]. - The risk management policy includes procedures for identifying, assessing, and managing key business risks, with quarterly evaluations conducted by departments[103]. - The company has implemented a whistleblowing policy to allow employees to confidentially report concerns regarding financial reporting and internal controls[104]. - An anti-corruption policy has been established to prevent bribery within the company, with internal reporting channels available for employees[105]. - The company has engaged Baker Tilly Consultancy (Singapore) Pte. Ltd. for internal audit functions, which reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024[106]. - The board believes that the existing internal control policies are adequate, effective, and sufficient, despite some isolated incidents leading to audit reservations[107]. - The company has not identified any significant risks or internal control deficiencies since 2019, indicating that the issues leading to audit reservations were isolated events[109]. - The company secretary has undergone at least 15 hours of relevant professional training as required by the listing rules for the year ending December 31, 2024[116]. Shareholder Engagement - The company has established multiple communication channels to engage with shareholders and ensure their rights are protected during general meetings[117]. - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special general meeting within two months of their request[118]. - The company has a structured process for shareholders to submit proposals for consideration at general meetings, requiring written submission at least 15 business days prior to the meeting[119]. - The board of directors has reviewed the implementation of the shareholder communication policy and believes it has been effectively implemented[127]. Sustainability and ESG - The company has established an environmental, social, and governance (ESG) working group to identify and manage ESG risks and report performance to the board[193]. - The company is committed to reducing its carbon footprint and minimizing waste generated from projects as part of its sustainability efforts[188]. - The group identified 16 key environmental, social, and governance (ESG) issues for the fiscal year 2024, with no changes from the previous year[196]. - The group maintains consistent data collection and disclosure methods for ESG reporting, ensuring comparability across reporting periods[199]. - Stakeholder engagement activities throughout the fiscal year included formal and informal communication, emphasizing the importance of transparency[200]. - Key concerns from stakeholders include fair employment practices, workplace safety, and sustainable profitability for shareholders[200]. - The group aims to establish strong, long-term relationships with stakeholders by understanding their expectations and concerns[200]. - The group has implemented employee training programs and feedback platforms to address employee concerns regarding compensation and job security[200]. - The group emphasizes compliance with legal regulations, including those set by the Hong Kong Stock Exchange[200]. - The group focuses on maintaining a safe working environment and fair treatment of suppliers and subcontractors[200]. - The group aims to contribute to the community through volunteer services and charitable activities[200].

Financial Performance - The company's revenue for 2024 reached HKD 8,555,601 thousand, representing a 16.8% increase from HKD 7,323,532 thousand in 2023[16] - Gross profit for 2024 was HKD 5,183,436 thousand, with a gross margin of 60.6%, down from 62.0% in 2023[16] - The company reported a loss before tax of HKD 785,008 thousand for 2024, compared to a profit of HKD 395,909 thousand in 2023[16] - The net loss attributable to equity holders for 2024 was HKD 749,312 thousand, compared to a profit of HKD 325,309 thousand in 2023[16] - For the fiscal year ending December 31, 2024, the company recorded revenue of approximately HKD 8,555.6 million, representing a year-on-year increase of about 16.8% compared to HKD 7,323.5 million for the fiscal year ending December 31, 2023[47] - The gross profit for the fiscal year ending December 31, 2024, was HKD 5,183.4 million, up approximately 14.2% from HKD 4,540.4 million for the previous year, with a stable gross margin of around 60.6%[58] - The sales cost for the fiscal year ending December 31, 2024, was approximately HKD 3,372.2 million, an increase of about 21.2% compared to HKD 2,783.1 million in the previous year[57] - The group recorded an operating loss of approximately HKD 1,004.2 million for the year ended December 31, 2024, compared to an operating profit of approximately HKD 130.4 million for the year ended December 31, 2023[64] - The group recorded a pre-tax loss of approximately HKD 785.0 million for the year ended December 31, 2024, compared to a pre-tax profit of approximately HKD 395.9 million for the year ended December 31, 2023[67] - The group reported a net loss attributable to equity holders of approximately HKD 749.3 million for the year ended December 31, 2024, compared to a profit of approximately HKD 325.3 million for the year ended December 31, 2023[69] Sales and Distribution - Online sales accounted for 59.7% of total revenue in 2024, up from 52.0% in 2023, indicating a significant shift towards digital channels[19] - Revenue from laundry care products was HKD 7,627,243 thousand, making up 89.1% of total revenue, compared to 88.8% in 2023[18] - The company plans to increase its online sales and distribution spending in 2024 to strengthen its market position on e-commerce platforms[44] - The sales of all three product categories increased, driven by successful investments in new e-commerce channels and brand building strategies[53] - The company has focused on expanding its distribution network in China, particularly in lower-tier cities, to enhance brand exposure and operational efficiency[43] - The company is committed to a full-channel growth strategy, enhancing its presence in both existing and emerging channels, and maintaining a leading position on major e-commerce platforms in 2024[32] Product Innovation - The company launched a new "Concentrated+" supreme biotechnology laundry detergent in 2024, enhancing its product lineup[13] - In 2024, the company achieved significant sales growth, driven by the introduction of the "Supreme" new product series, which enhanced the overall sales of the laundry care category[31] - The company maintained a leading position in the laundry care category, with a focus on product innovation and upgrades, including the launch of the upgraded "Supreme" all-purpose cleaning laundry liquid in August 2024[41] - The company emphasized the transition from liquid to concentrated laundry products, promoting environmental sustainability and efficiency in the cleaning industry[31] - The company reported a strong performance in its diversified product offerings, including specialized laundry liquids for sportswear and antibacterial purposes, catering to various consumer cleaning needs[36] Operational Efficiency - The current ratio decreased to 5.5 in 2024 from 6.7 in 2023, indicating a decline in short-term liquidity[16] - The group aims to accelerate digitalization and upgrade its manufacturing network to improve operational efficiency[84] - The company continues to focus on optimizing its business operations through multiple core strategies, including product innovation, sales, distribution networks, and digital marketing[39] - The group is actively engaging in knowledge marketing and digital infrastructure enhancement to better understand consumer needs and improve operational efficiency[48] Corporate Governance and ESG - The company integrates ESG principles into its development strategy, promoting environmentally friendly practices and social responsibility, and has received recognition for its corporate governance efforts[33] - The group plans to maintain its industry leadership by leveraging brand advantages and providing high-quality products and services in a changing market environment[84] - The group will continue to focus on sustainable development principles, promoting green and low-carbon strategies in product development, manufacturing, and packaging[84] Employee and Shareholder Information - As of December 31, 2024, the company had 5,863,103,406 issued shares[115] - The board proposed a final dividend of HKD 0.06 per ordinary share, totaling HKD 329.5 million, subject to shareholder approval[108] - The group has approximately 7,406 employees, with competitive salary levels maintained[83] - The company has a significant concentration of ownership, with the top five shareholders holding over 50% of the total shares[144] - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[127] Share Options and Awards - The company has granted stock options under the pre-IPO stock option plan, with specific allocations to directors, including 975,000 shares to Mr. Pan Guoliang[141] - The total number of share options granted under the Pre-IPO Share Option Scheme was awarded to 684 grantees, including three directors and existing employees[159] - The purpose of the Pre-IPO Share Option Scheme is to encourage key employees to contribute to the long-term interests of the company and its shareholders[152] - A total of 81,900,999 reward shares have been granted to 429 employees under the 2021 Share Incentive Plan, and 119,600,000 reward shares have been granted to three executive directors and three directors of the company's subsidiaries under the 2022 Share Incentive Plan[148] - The maximum number of shares that can be granted under the 2021 Share Award Scheme is capped at 1% of the total issued shares, equivalent to 58,629,934 shares[169]

Financial Performance - In 2024, the company reported new car sales of 171,236 units, a decrease of 11.7% compared to 2023[18]. - Revenue for 2024 was RMB 74.295 billion, down 14.6% from RMB 73.521 billion in 2023[11][17]. - Gross profit for 2024 was RMB 5.273 billion, representing a gross margin of 8.3%, down from 9.0% in 2023[12][17]. - Net profit attributable to the company’s owners for 2024 was RMB 2.41 billion, a decline of 60.7% compared to RMB 1.412 billion in 2023[14][17]. - The used car transaction volume for 2024 was 74,969 units, a decrease of 19.4% compared to the previous year[20]. - In 2024, the company's revenue was RMB 63.42 billion, a decrease of 14.6% compared to 2023[30]. - The gross profit for 2024 was RMB 5.273 billion, down RMB 1.421 billion or 21.2% year-on-year, with new car sales and related services gross profit decreasing by RMB 1.204 billion or 58.3%[30]. - Net profit for 2024 was RMB 165 million, a decline of RMB 420 million or 71.8% year-on-year, while profit attributable to the company's owners was RMB 201 million, down RMB 372 million or 64.9%[30]. - The overall gross profit for the twelve months ended December 31, 2024, was RMB 5,273.5 million, a decline of 21.2% from RMB 6,694.4 million for the twelve months ended December 31, 2023[55]. - Operating profit for the twelve months ended December 31, 2024, was RMB 405.8 million, a decrease of 57.8% from RMB 961.5 million for the twelve months ended December 31, 2023[58]. Sales and Market Trends - The retail sales of new energy vehicles in China for 2024 reached 10.899 million units, a year-on-year increase of 40.7%, with a market penetration rate approaching 50%[28]. - The second-hand car transaction volume in China for 2024 was 19.614 million units, a year-on-year increase of 6.5%[28]. - The company aims for new energy vehicle sales to account for 50% of total sales by 2026, focusing on the dual strategy of "new energy + luxury cars"[21]. - The average selling price of new cars increased from RMB 243,000 in 2023 to RMB 283,000 in 2024, driven by the launch of high-value models like the Wanjie M9 and Xiangjie S9[34]. - The company has achieved a 65% year-on-year increase in total leads from new media platforms, maintaining a leading position in digital marketing[45]. Cost Management and Efficiency - The total sales, administrative, and financing costs for 2024 amounted to RMB 5.187 billion, a reduction of RMB 1.032 billion or 16.6% year-on-year[30]. - The company continues to focus on cost reduction and efficiency improvement, particularly in labor costs and sales management expenses[44]. - The company has enhanced cash flow management, significantly shortening the collection cycle and improving inventory turnover efficiency[43]. Inventory and Debt Management - The inventory balance at the end of 2024 was RMB 4.15 billion, a decrease of 4.9% from the end of 2023[20]. - The company’s net debt ratio as of December 31, 2024, was 10.2%, down 2.0 percentage points from the end of 2023[20]. - As of December 31, 2024, the company's inventory balance was RMB 4,149.9 million, a decrease of 4.9% from RMB 4,363.2 million as of December 31, 2023[67]. Strategic Initiatives and Future Plans - The company plans to develop a battery recycling industry and explore intelligent robotics for future sales and maintenance channels[22]. - The company plans to enhance talent cultivation in new energy, used cars, digitalization, and AI-related fields to support business transformation and sustainable development[25]. - The company is actively exploring new business models, including services like washing and refurbishment, to adapt to market changes and consumer demands[46]. - The company aims to actively participate in the national "low carbon" strategy and is committed to ESG-related corporate social responsibilities[78]. Corporate Governance and Shareholder Relations - The board is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[190]. - The company has mechanisms in place to ensure the board receives independent opinions and input data, maintaining board independence[198]. - The company has confirmed that the ongoing related transactions have been conducted in accordance with the relevant agreements and pricing principles, ensuring fairness and reasonableness[146]. Human Resources and Employee Incentives - As of December 31, 2024, the company has a total of 13,654 employees, and the compensation policy is based on individual performance[152]. - The company adopted a new share option scheme on June 1, 2023, which is valid for ten years, aimed at incentivizing eligible individuals for their contributions to the group's interests[154]. - The stock options granted under the 2013 stock option plan during the year ending December 31, 2024, include a total of 1,886,000 options for other employees, with a weighted average exercise price of HKD 8.220 and a market price of HKD 8.370 on the grant date[159]. Risks and Challenges - The company faces significant risks related to the financial condition and operational performance fluctuations of automobile manufacturers, which may impact dealership agreements and profitability[120]. - Changes in government policies regarding automobile purchases and ownership, as well as fiscal policies, could significantly impact the company's business and profitability[122]. - The company is exposed to various market risks, including currency, interest rate, credit, and liquidity risks, as detailed in the financial statements[123].

Market Performance - In 2024, the sales of newly built commodity housing in China amounted to RMB 9,675.0 billion, representing a year-on-year decrease of 17.1%, with residential sales declining by 17.6%[25]. - The top 100 real estate enterprises in China experienced a double-digit decline in sales compared to the previous year, indicating a sluggish market growth[25]. - The first quarter of 2024 saw a sluggish market due to the impact of the Chinese New Year and underwhelming sales performance in March[25]. - The overall real estate market in 2024 continued to fluctuate at low levels, reflecting ongoing challenges in the sector[25]. - The market-wide expectation of price declines curbed the release of pent-up demand and intensified the wait-and-see sentiment among potential buyers[25]. Government Policies and Market Sentiment - The Chinese government's policies aimed at stabilizing the property market led to a short-term rebound in market sentiment, but the subsequent momentum proved insufficient[25]. - The introduction of new policies on May 17 provided some support to the market, but sales weakened once the policy impact faded[25]. - By the end of the third quarter, the government emphasized the need for the real estate market to "stop falling and recovery," leading to a slight year-end rebound in the fourth quarter[25]. - The introduction of robust stimulus measures at the end of the third quarter helped stabilize the market, leading to a year-end rebound[71][73]. Company Performance - In 2024, Yuzhou Group recorded contracted sales of RMB 7,953.11 million, representing a year-on-year decrease of 55.42%[29]. - The gross floor area (GFA) of contracted sales amounted to 545,787 sq.m., reflecting a year-on-year decrease of 49.84%, with an average contracted sales price of approximately RMB 14,572 per sq.m., down 11.12% year-on-year[29]. - The company achieved strong support for its debt restructuring plan, with over 90% of qualified creditors backing the agreement, surpassing the required 75% threshold[37]. - The total revenue of the Group in 2024 was RMB9,716.26 million, a decrease of 54.76% year-on-year, primarily due to a reduction in recognized property sales revenue[109]. - The loss attributable to owners of the parent for the year was RMB11,966.84 million, with a capital deficiency of RMB11,735.69 million[59]. Financial Strategies and Restructuring - Yuzhou Group has been utilizing debt restructuring, asset disposals, and relief funds to alleviate financial strain, relying primarily on sales proceeds for daily operations[36]. - A consensual and holistic offshore debt restructuring proposal was reached in February 2024, receiving strong support from over 90% of eligible creditors[36]. - The company submitted applications to the Grand Court of the Cayman Islands and the Court of First Instance of the High Court of Hong Kong for creditor meetings related to the restructuring schemes[36]. - The company aims to complete the offshore debt restructuring as soon as possible following the approval of the restructuring schemes[36]. Operational Initiatives - Yuzhou Group successfully delivered approximately 13,000 residential units across more than 14 cities, including Shanghai, Chongqing, and Wuhan, completing nearly 30 project batches in 2024[33]. - The company implemented the "Delivery Product Officer Plan" to enhance customer experience during the delivery process, involving core project members in the inspection[33]. - Yuzhou Group is focusing on asset optimization and enhancing operational capabilities to ensure key performance targets and new product offerings[46]. - The company plans to implement a standardized management strategy through the UYO Distinctive Commercial Management System, leveraging big data analytics to improve operational efficiency[39]. Market Trends and Consumer Behavior - Homebuyers became more rational and restrained in purchasing decisions during the market downturn, influenced by various price-off promotions and lowered listing prices[25]. - The average transaction price in the real estate market declined, reflecting a shift towards lower-priced, compact-sized units favored by buyers[54]. - The proportion of new home transactions continued to shrink, while second-hand home transactions stabilized and gradually recovered[54]. Sustainability and Innovation - The introduction of fourth-generation housing products is expected to enhance living experiences and attract significant consumer attention due to their eco-friendly and energy-efficient features[42]. - The Group's commitment to sustainability aligns with national "dual carbon" goals, promoting eco-friendly development practices[95]. - The "Ucube-Temperature Space" product system has been refined, focusing on "people-oriented" design principles and creating high-quality living spaces[98]. - Advanced architectural designs and environmental protection technologies are applied in multiple green building projects, promoting energy conservation and a high-quality living environment[100]. Financial Health and Risks - The Group's cash flow remains under pressure due to ongoing weak sales, necessitating reliance on sales receipts for daily operational funding[37]. - The total interest-bearing borrowings as of December 31, 2024, amounted to RMB 52.62022 billion, a decrease of 3.53% from RMB 54.54436 billion in 2023, with a weighted average interest rate of 8.07%[151]. - The asset-liability ratio, excluding advance receipts, was 115.10% as of December 31, 2024, an increase of 20.33 percentage points compared to the previous year[151]. - The basic loss per share for the year ended December 31, 2024, was RMB 1.87[145]. Human Resources and Corporate Governance - The Group's total staff decreased to 1,012 as of December 31, 2024, down from 1,211 in 2023[171]. - The Group's human resources initiatives focused on improving organizational efficiency and team vitality under the theme "30th Forge Ahead" in 2024[170]. - The Group's cultural assessment was integrated into talent selection and appointment processes to ensure high integrity and strong work ethic among employees[170].

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately HKD 343.71 million, a decrease of about 7.74% compared to the previous year[9]. - The operating loss for 2024 was approximately HKD 13.81 million, while the operating profit for the previous year was approximately HKD 23.60 million[12]. - The loss attributable to equity shareholders for 2024 was approximately HKD 186.70 million, compared to HKD 74.63 million in 2023, including a revaluation loss of investment properties of approximately HKD 112.37 million[9]. - Rental income for the fiscal year was approximately HKD 49.87 million, accounting for about 14.51% of total revenue, compared to 13.37% in the previous year[16]. - The toy and model train business generated revenue of approximately HKD 293.84 million, a decrease of about 8.96% from HKD 322.75 million in the previous year[14]. - As of December 31, 2024, the company's net asset value per share is approximately HKD 2.03, down from HKD 2.22 in 2023[29]. - The company's net current liabilities are approximately HKD 325.12 million, compared to HKD 287.23 million in 2023[29]. - Total bank borrowings amount to approximately HKD 673.71 million, an increase from HKD 659.01 million in 2023[29]. - The debt-to-equity ratio calculated from total bank borrowings is approximately 35.00%, up from 31.16% in 2023[29]. Business Strategy and Outlook - The company plans to diversify its business and seek new sales opportunities to enhance efficiency and cost control measures[13]. - The company remains optimistic about future shareholder returns despite the challenging economic environment[10]. - The company is taking necessary measures to meet the requirements for the revitalization of Kader Building, anticipating stable increases in value and rental income in the future[10]. - The company anticipates challenges in the upcoming year due to unpredictable global economic conditions and geopolitical conflicts, but plans to diversify its business and enhance production efficiency[35]. Governance and Board Structure - The board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[42]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the year[41]. - The board meets at least four times a year, with additional meetings as necessary, ensuring regular oversight and decision-making[53]. - All directors participated in appropriate continuous professional development activities during the reporting year, enhancing their governance capabilities[50]. - The company has established three committees: the remuneration committee, audit committee, and nomination committee, to oversee various aspects of governance[55]. - The chairman and managing director is the same person, promoting strong and unified leadership[43]. - Independent non-executive directors account for more than one-third of the board, providing independent perspectives and judgments[48]. - The board is responsible for formulating the group's strategic policies and overseeing management, including risk management and internal control systems[52]. - All directors confirmed their compliance with the corporate governance code during the reporting year[50]. - The company established a diversity policy for its board members in August 2013, focusing on various criteria including gender, age, cultural background, and professional experience[68]. Audit and Risk Management - The audit committee conducted two meetings during the year to review financial statements and discuss risk management and internal controls[60]. - The audit committee is responsible for overseeing the relationship with external auditors, including their appointment and remuneration[61]. - The company aims to ensure that internal and external audit functions are adequately resourced and coordinated[66]. - The company emphasizes maintaining effective risk management and internal control systems to minimize operational risks[79]. - The internal audit function will review the effectiveness of financial, operational, and compliance controls in 2024[79]. - The company has implemented a robust risk management framework to address environmental, social, and governance (ESG) risks, enhancing resilience and integrating responsible practices into its operations[163]. Employee and Workplace Practices - The company employed 768 full-time employees as of December 31, 2024, a decrease from 817 in 2023[34]. - Employee costs for the year were approximately HKD 150.47 million, down from HKD 163.22 million in 2023[34]. - The company prioritizes employee satisfaction and development, providing training and opportunities for growth to empower its workforce[175]. - The company has established clear anti-discrimination guidelines and measures to handle discrimination and harassment issues within the workplace[176]. - The company has implemented strict policies to prevent child labor and forced labor, ensuring compliance with local laws and international standards[182]. - The company conducts thorough background checks on all potential hires to maintain integrity in the recruitment process[182]. - The company has a performance evaluation system in place to identify training needs and support personal development planning[189]. - A total of 383.50 hours of training were arranged in 2024, down from 435.00 hours in 2023, covering topics such as OHS, ISO requirements, and leadership skills[189]. Corporate Social Responsibility and ESG - The company is committed to sustainable business practices and has established an Environmental, Health, and Safety (EHS) management system[23]. - The company emphasizes its commitment to corporate social responsibility and sustainable development practices to create long-term value for stakeholders[161]. - The company has established an Environmental, Social, and Governance (ESG) committee to manage and monitor ESG issues, meeting at least annually to review performance and risks[162]. - The company has identified 26 key ESG issues through an independent consultant's survey, engaging stakeholders such as the board, employees, and consumers for prioritization[167]. - The company categorizes ESG issues into high, medium, and low importance, focusing on those most critical to its operations and stakeholders[173]. - The company has a structured framework for its quality policy aimed at continuous improvement and cost reduction[158]. Shareholder Communication and Participation - The company encourages shareholder participation in annual general meetings with a minimum of 21 days' notice[86]. - The company has established a shareholder communication policy to ensure timely and equal access to important information[89]. - The company maintains a website to provide shareholders and investors with the latest operational updates and disclosures[92]. Compliance and Legal Matters - The company has no significant contingent liabilities as of December 31, 2024[33]. - The company has not entered into any equity-linked agreements during the year[106]. - The company has not made any arrangements for directors to benefit from purchasing shares or bonds of the company or any other company during the year[139]. - There were no significant transactions, arrangements, or contracts in which the directors of the company had a direct or indirect material interest during the year[143]. - The company maintains strict compliance with labor laws and regulations, ensuring a harassment-free and non-discriminatory workplace[175].

Financial Performance - The company achieved a revenue of RMB 16.951 billion and an adjusted profit of RMB 650 million during the reporting period, with an investment of RMB 906 million in product and solution R&D[8]. - The company's revenue for 2024 was RMB 16,950,733 thousand, a decrease of 1.0% compared to RMB 17,116,894 thousand in 2023[92]. - Service revenue declined by 1.9% to RMB 16,314,168 thousand from RMB 16,631,560 thousand year-over-year[92]. - Annual profit decreased by 28.3% to RMB 511,145 thousand from RMB 712,667 thousand year-over-year[91]. - Basic earnings per share fell by 22.7% to RMB 20.01 from RMB 25.88 in the previous year[92]. - The adjusted profit for 2024 was RMB 650,240 thousand, an increase of 3.8% from RMB 626,350 thousand in 2023, with an adjusted profit margin of 3.8% compared to 3.7% in 2023[129]. - The company's annual profit attributable to owners was RMB 512,925 thousand in 2024, down 28.1% from RMB 713,394 thousand in 2023, resulting in basic earnings per share of RMB 20.01, a decrease of 22.7%[128]. - The company achieved a compound annual growth rate (CAGR) of 24.6% in total revenue and 30.8% in service revenue since its listing in 2003[102]. Research and Development - The company invested RMB 906 million in product and solution R&D[8]. - R&D expenses for 2024 were RMB 906,274 thousand, a decrease of 16.0% from RMB 1,078,296 thousand in 2023, with a focus on AI and ERP solutions[119]. - The company has developed over 50 general AI algorithms and launched 6 industry-specific smart terminal products, successfully implementing real-time monitoring in various scenarios across cities[16]. - The company has established a technology innovation center to enhance AI service capabilities, integrating AI computing services and engineering[94]. - The company has developed a self-research AI financial analysis tool that automates report generation and provides interactive decision support[22]. AI and Technology Integration - The company launched the Agentic AI platform suite Lumi and Lumi ONE, along with the training and inference integrated platform ARK Foundry, significantly shortening the innovation cycle for AI applications[12]. - The AI data analyst Agent, based on the AI native application engine, enhances data analysis efficiency and supports enterprise management and business decision-making[13]. - The company has established a digital power innovation center in collaboration with Huawei and Beijing Changping Future Science City, integrating DeepSeek models to provide comprehensive AI services[10]. - The model factory has been upgraded to 2.0, offering full lifecycle services from data governance to model training and deployment verification[9]. - The company aims to drive the intelligent upgrade of SMEs by integrating AI Agent service scenarios into their operations[12]. Market Expansion and Partnerships - The company has established a joint venture in Saudi Arabia as a strategic center for the Middle East market, signing a memorandum of cooperation with Huawei to promote regional digital development[21]. - The company is expanding its global market presence, using Hong Kong as a hub to reach Asia-Pacific and Middle Eastern regions[26]. - The company has partnered with state-owned banks and leading city commercial banks for AIGC projects, demonstrating its capabilities in the financial sector[20]. - The company has secured contracts worth HKD 410 million for the Hong Kong Police Central Digital Imaging Platform project, establishing a benchmark for government-controlled IT[21]. - The company has established cloud excellence centers (CCOEs) in key cities to enhance localized service capabilities and support AI cloud transformation for enterprises[71]. Operational Efficiency and Innovations - The company has achieved a 10x efficiency improvement in core services such as project review and acceptance through AI upgrades, utilizing a knowledge base covering over 100,000 project rules and experiences[39]. - The company has launched an intelligent risk control solution for bills, which automates compliance checks and risk detection, showcasing significant potential for cost reduction and risk management in the financial sector[40]. - The company has successfully implemented AI solutions in multiple sectors, including smart power, government, finance, and healthcare, showcasing the extensive application value of Agentic AI[20]. - The company has launched various AI applications in traditional manufacturing, focusing on enhancing production efficiency and market competitiveness[76]. - The company has established a layered defense architecture for AI applications, ensuring security through fine-grained access control and enhanced isolation mechanisms[33]. Corporate Governance and Compliance - The board of directors includes a mix of executive, non-executive, and independent directors, ensuring diverse expertise[140]. - The company emphasizes the importance of board diversity, considering various factors such as gender, age, and professional background in the selection of candidates[150]. - The audit committee reviewed the group's financial reporting procedures and internal control systems, ensuring compliance with applicable accounting standards[161]. - The company has established a clear delegation of authority to the executive directors and management for daily operations and business strategy[145]. - The company is committed to continuously optimizing its risk management system to enhance its risk management capabilities and ensure long-term growth and sustainability[172]. Social Responsibility and Sustainability - The company is committed to fulfilling corporate social responsibility (CSR) by aligning with SA8000 standards and promoting green innovation[181]. - The company is facing challenges in talent acquisition and retention due to intensified market competition for skilled personnel[181]. - The company is enhancing information security management and has achieved ISO27001 certification while introducing ISO27701 for personal privacy protection[182]. - The company aims to maintain its competitive edge by accelerating the transition from traditional IT services to high-value AI solutions[184]. - The company is committed to building a "healthy win-win" ecosystem with partners to enhance supply chain management and cost control[179].