Sales Performance and Market Presence - The company achieved significant sales success in new property projects, winning multiple sales championships from major developers, including projects like 吉㊧ and 明雋[15] - The company was awarded several accolades at the annual developer award ceremony, including "Highest Total Sales Agency" and multiple "Highest Sales Amount" awards for various projects[13] - The company continues to expand its market presence in Hong Kong, China, and Macau through various strategic business units, including property agency and financial services[5] - The residential property market in Hong Kong saw a 22.8% increase in transactions in 2024, contributing to an overall property registration volume increase of 17.1%, the highest in three years[42] - The overall property registration volume in November 2024 saw a substantial increase, reaching a new high since April 2024, indicating a recovery in market activity[45] Financial Performance - The group recorded revenue of approximately HKD 6.084 billion for the year ending December 31, 2024, representing a 49% increase compared to the previous year[40] - The group achieved a profit attributable to equity holders of approximately HKD 320 million, a significant turnaround from a loss of HKD 42 million in the previous year[40] - The group’s operating performance for the year ending December 31, 2024, significantly improved compared to 2023, driven by a rebound in the Hong Kong residential property market and optimized operational efficiency[44] Innovation and Technology - The company emphasizes innovation and technology in its operations, as demonstrated by its recent anniversary event that integrated digital technology elements[8] - The establishment of the "Market and Innovation Technology Center" aims to enhance digital intelligence development and optimize internal systems for business growth[19] - The group won multiple awards for its online platform, including silver awards for "Best Digital Targeted Audience Campaign" and "Best Digital Advertising Strategies" in 2024[21] - The company is focusing on digital transformation and has made significant investments to enhance digital marketing capabilities and internal online sales platforms[56] - The company has launched "KOL-led property viewings" and "AI • VR property tours" to enhance digital services, allowing customers to view properties through introduction videos and virtual reality technology[175] Employee Development and Training - The company is focused on enhancing employee training and professional development through its training center, 美聯大學堂[7] - The group received external recognition for its training efforts, being awarded the "Talent Enterprise" honor for over 10 consecutive years and ranking first among real estate agencies with 135 branches recognized by the regulatory authority in 2024[182] - Employee training programs are tailored to job roles and levels, with specialized training for frontline and support staff[180] - The company developed a digital learning management system to enhance employee training, allowing flexible access to online courses and live training sessions, improving engagement and collaboration[182] Corporate Governance - The company emphasizes integrity, transparency, accountability, and independence in its corporate governance practices[71] - The board consists of seven members, including four executive directors and three independent non-executive directors[77] - The company has maintained compliance with the Hong Kong Stock Exchange's corporate governance code throughout the fiscal year ending December 31, 2024[72] - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and protect shareholder interests[71] - The company has established arrangements for stakeholders to raise concerns regarding financial reporting and internal controls[92] Corporate Social Responsibility - The company is committed to corporate social responsibility and governance, as reflected in its various reports and initiatives[20] - The company has been recognized for its corporate social responsibility efforts, receiving the "Caring Company" logo for 21 consecutive years[132] - The company has actively participated in various charitable activities, including donations and volunteer work, to support vulnerable communities[135] - The company has provided internship and employment opportunities to students, contributing to their market competitiveness[129] - The company has organized numerous free seminars and programs to educate the public on real estate and financial information[127] Environmental Sustainability - The company has been recognized for its commitment to environmental sustainability, receiving multiple awards including the "Hong Kong Green Organization" certification[148] - The company is committed to reducing its carbon footprint and has set energy efficiency targets, expecting to reduce energy consumption by 20% to 30% through the installation of energy-saving equipment[189] - The company actively monitors greenhouse gas emissions and prepares annual reports in accordance with ISO 14064-1:2018 standards, ensuring data accuracy through external audits[189] - The company has implemented a green procurement policy to prioritize environmentally friendly products and services[197] - The company encourages employees to practice the 4Rs principles (Reduce, Reuse, Recycle, Replace) to enhance environmental awareness[193]

Financial Performance - For the three months ended March 31, 2025, the company's unaudited revenue was HKD 16,932,000, a decrease of 12.7% compared to HKD 19,393,000 in the same period last year[5] - The unaudited loss attributable to shareholders for the same period was HKD 4,940,000, which is a reduction of 38.4% from a loss of HKD 8,022,000 in the previous year[11] - The company's equity decreased to HKD 14,154,000 from HKD 19,061,000 over the same period[5] Asset Management - Total assets as of March 31, 2025, were HKD 95,564,000, down from HKD 97,154,000 as of December 31, 2024[5] Production and Sales - The total production of cowhide leather was 226,000 square feet, a significant decrease of 72.6% from 825,000 square feet in the previous year[8] - Cowhide leather sales volume was 760,000 square feet, down 42.5% from 1,322,000 square feet in the previous year[9] - The company did not produce any grey leather during the period, compared to 364 tons produced in the previous year[8] Revenue Streams - External processing business revenue increased by 159.6% to HKD 10,575,000 from HKD 4,074,000 year-on-year[11] Operational Efficiency - The company implemented cost control measures that effectively reduced operating costs, leading to improved operational performance despite a decline in revenue[8] - The company aims to enhance production conditions and product quality through equipment modifications and deepening cooperation with customers[8]

Dividend and Profit Distribution - The company plans to distribute a final dividend of RMB 1.03 per share for the fiscal year 2024, subject to shareholder approval[4] - The company plans to distribute a final cash dividend of RMB 1.03 per share, which, combined with the interim dividend, represents 50% of the net profit attributable to shareholders[71] - The proposed cash dividend for the fiscal year 2024 is RMB 1.03 per share, totaling approximately RMB 16.131 billion, which represents about 50% of the net profit attributable to shareholders for the fiscal year 2024[176] - For the fiscal year 2023, the total cash dividend distributed was approximately RMB 11.867 billion, also around 50% of the net profit attributable to shareholders for that year[177] - The company declared a total annual dividend of RMB 1.55 per share, compared to RMB 0.74 per share in the previous year, marking an increase of 109.46%[83] Financial Performance - The company achieved a revenue of RMB 233.86 billion, a year-on-year increase of 33.29%[70] - EBIT reached RMB 70.15 billion, reflecting a year-on-year growth of 91.27%[70] - Net profit amounted to RMB 55.59 billion, up 95.77% year-on-year[70] - The net profit attributable to shareholders was RMB 49.17 billion, representing a 106.09% increase compared to the previous year[70] - The return on equity (ROE) improved to 22.63%, an increase of 10.83 percentage points year-on-year[70] - Basic earnings per share rose to RMB 3.08, marking an increase of 108.11% year-on-year[70] - The profit attributable to equity holders of the company was RMB 49,172,465 thousand, an increase of RMB 25,312,296 thousand from the previous year[86] - The gross profit margin improved to 28.94%, an increase of 13.21 percentage points compared to the previous year[83] - Operating profit for the year was RMB 59,023,154 thousand, an increase of RMB 34,372,608 thousand, representing a growth of 139.48%[85] - The net cash flow from operating activities was RMB 69,312,919 thousand, a significant increase of 206.91% from RMB 22,583,829 thousand in the previous year[88] Fleet and Operational Expansion - The company signed contracts for the dual-fuel retrofitting of four existing container ships, marking a global first for simultaneous MAN and WARTSILA dual-fuel retrofitting projects[21] - The company signed contracts for the construction of 12 methanol dual-fuel container ships, enhancing its fleet capabilities[65] - The company received 12 new vessels with a total capacity of 230,000 TEU, including several next-generation eco-friendly ships, bringing its self-operated fleet capacity to over 3.3 million TEU[73] - The self-operated container fleet consists of 538 vessels with a capacity of about 3.32 million TEUs, maintaining a leading position in the industry[147] - The company has ordered a total of 43 new vessels, with a combined capacity of nearly 750,000 TEUs[147] Digital and Green Initiatives - The company introduced three new digital supply chain products: "Flexible Distribution," "Sea-Rail Link," and "Global Easy," along with solutions for the automotive export and cross-border e-commerce logistics sectors[25] - The company collaborated with GSBN to launch the Hi-ECO green blockchain shipping product, completing a pilot program for issuing traceable and verifiable green certificates[27] - The company is committed to green and low-carbon development, exploring new energy fuel supply chains, including green methanol, to support its transition[186] - The company is actively developing green digital supply chain products to meet the growing demand for sustainability from customers[135] - The company aims to enhance operational efficiency and customer satisfaction through lean management and technological innovation, focusing on "digital intelligence" and "green low-carbon" initiatives[188] Market and Strategic Outlook - The global container shipping market is expected to see a demand growth of approximately 5%-7% in 2024, driven by improved global production activities and active service trade[134] - The company plans to accelerate globalization and digital transformation while focusing on high-quality development to address uncertainties in the container shipping industry[81] - The company aims to enhance global supply chain resilience through digital innovation and green low-carbon development strategies[140] - The company is focused on building a world-class digital supply chain enterprise centered on container shipping, integrating investment, construction, and operation[183] - The company anticipates that the global trade landscape will shift towards more resilient and diversified supply chain strategies[180] Risk Management - The company faces risks from geopolitical changes and international trade dynamics, which could impact its global operational goals[189][191] - Strategies to mitigate geopolitical risks include enhancing dynamic management and risk assessment mechanisms for key regions and clients[192] - Economic fluctuations pose a risk to trade demand in operational regions, influenced by global supply chain restructuring and inflation[195] Investment and Partnerships - The company strategically invested in Midea Group and Anji Logistics, increasing its stake in the logistics supply chain to 19%, enhancing strategic cooperation across the industry chain[80] - The company is actively pursuing investment opportunities in emerging markets and third-country markets to enhance its comprehensive service capabilities[144] - The company will continue to invest in and acquire resources along the supply chain to enhance its global service capabilities and operational efficiency[187]

Financial Performance - For the year 2024, the Group's revenue increased to approximately HK$660.5 million, representing an increase of approximately 42.9% compared to 2023[19] - Profit attributable to equity holders for the year increased to approximately HK$16.9 million, a significant recovery from a loss of HK$5.0 million in 2023[19] - Revenue from the Apparel Supply Chain Servicing Business was approximately HK$660.5 million in 2024, up from HK$462.3 million in 2023[20] - The increase in revenue for 2024 was primarily driven by increased sales from existing customers[20] - Gross profit rose by 107.1% to approximately HK$81.4 million, with a gross profit margin of 12.3%, up from 8.5% in 2023[37] - Net profit for 2024 was approximately HK$16.9 million, a significant turnaround from a net loss of HK$5.0 million in 2023, driven by increased sales orders and reduced finance costs[41] Operational Efficiency - The Group plans to enhance product innovation and creativity to explore new opportunities with existing and potential customers[22] - Production management will focus on simplifying processes to improve operational efficiency and reduce product delivery time[22] - The Group aims to consolidate fabrication with customers to achieve better material prices through mass procurement, enhancing cost competitiveness[24] - The Group's strategy includes simplifying its organizational structure to reduce costs[24] - The Group plans to continue implementing cost-saving measures to enhance profitability[37] Financial Position - The Group's total assets increased by 8.5% to HK$283.3 million as of December 31, 2024, compared to HK$261.0 million in 2023[29] - Bank borrowings decreased by 67.8% to HK$21.2 million, down from HK$65.9 million in 2023[29] - Net current assets increased by 41.2% to HK$83.0 million, compared to HK$58.8 million in 2023[29] - The current ratio improved to 1.4 in 2024, up from 1.3 in 2023[29] - Trade receivable turnover days decreased to 40 days in 2024, down from 47 days in 2023[29] Expenses and Costs - Sales and marketing expenses reduced to approximately HK$1.2 million in 2024, compared to HK$1.5 million in 2023[38] - Administrative expenses increased to approximately HK$49.0 million (2023: HK$40.3 million), primarily due to employee benefits rising from approximately HK$16.0 million in 2023 to approximately HK$27.2 million in 2024[49] - Other losses amounted to approximately HK$6.1 million in 2024, compared to other gains of HK$0.5 million in 2023, mainly due to losses on the disposal of a subsidiary[50] - Finance income decreased by 24.3% to approximately HK$2.4 million (2023: HK$3.2 million) due to a reduction in interest income from short-term deposits[51] - Finance costs decreased by 44.6% to approximately HK$4.0 million (2023: HK$7.1 million), primarily due to the repayment of bank borrowings[52] Corporate Governance - The company has complied with the Corporate Governance Code provisions during the year 2024, with the exception of the separation of roles between the chairman and the chief executive officer[118] - The Board currently consists of six directors, including two executive directors and four independent non-executive directors[122] - The company has adopted a code of conduct for securities transactions that meets or exceeds the standards set out in the Model Code[119] - The company is committed to ongoing enhancements of corporate governance principles and practices to balance the interests of shareholders, customers, and employees[117] - The Board is responsible for overseeing the Company's affairs, including adopting long-term strategies and supervising senior management[132] Risk Management - The Board is responsible for maintaining effective risk management and internal control systems to safeguard shareholder interests[181] - The Group's risk management process includes identification, assessment, evaluation, and treatment of risks[182] - The Audit Committee conducted an annual review of the effectiveness of the Group's risk management and internal control system for the year ended 31 December 2024, finding it effective and adequate[185] Environmental, Social, and Governance (ESG) - The Company focuses on integrating environmental, social, and governance (ESG) principles into its business strategy, prioritizing sustainable practices in its supply chain services and property development plans[198] - The Company aims to create long-term value for stakeholders while making positive contributions to the environment and society through its ESG initiatives[198] Shareholder Rights - Shareholders holding not less than one tenth of the paid-up capital have the right to requisition an extraordinary general meeting[188] - The notice period for proposals at general meetings varies, requiring at least 14 days for ordinary resolutions and 21 days for special resolutions[192]

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately 122.5 million MYR, representing a slight increase of about 4.0% from 117.8 million MYR in the previous fiscal year[13]. - The distribution segment contributed 94.8 million MYR (77.3% of total revenue), while the manufacturing segment generated 27.8 million MYR (22.7% of total revenue) for the fiscal year 2024[19]. - The net profit after tax decreased to approximately 7.7 million MYR, down about 30.0% from 11.0 million MYR in the previous fiscal year, primarily due to additional project expenses incurred by a subsidiary[13]. - The manufacturing revenue decreased by approximately 19.0% or about 6.5 million MYR, from approximately 34.3 million MYR in the previous fiscal year to about 27.8 million MYR in the current fiscal year, attributed to intense price competition in the market[20]. - Distribution revenue increased from approximately 83.5 million MYR to about 94.8 million MYR, representing a growth of approximately 13.5% or about 11.3 million MYR[21]. - Gross profit slightly decreased from approximately 26.1 million MYR to about 25.8 million MYR, a decline of about 1.1%[23]. - Other income and gains rose from approximately 3.7 million MYR to about 5.3 million MYR, primarily due to increased bank interest income and foreign exchange gains[24]. - Administrative and other operating expenses increased by approximately 3.3 million MYR or 25.4% to about 16.3 million MYR, mainly due to additional project expenses from investments in Wenchang, Hainan[25]. - Profit for the fiscal year decreased from approximately 11.0 million MYR to about 7.7 million MYR, with earnings per share dropping from approximately 2.42 MYR to about 1.76 MYR[28]. - The effective tax rate increased from approximately 26.7% to about 33.0% due to an increase in non-deductible expenses[27]. Economic Outlook - The company anticipates continued economic challenges in 2025, including a sluggish outlook for major trading partners and ongoing geopolitical conflicts[15]. - The company is committed to monitoring global economic developments while maintaining a cautiously optimistic outlook[15]. - The company will maintain a vigilant cost management approach to mitigate adverse impacts while seeking domestic and international opportunities[15]. Corporate Governance - The company has a structured governance framework with committees for remuneration and audit, ensuring compliance and strategic oversight[63]. - The board consists of six members, with three being female, achieving a gender ratio of approximately 1.1:1[115]. - The board has adopted a nomination policy to ensure a balanced composition of skills, experience, and diversity[119]. - The company has established mechanisms to ensure the board receives independent opinions and advice, which are reviewed annually[127]. - The board has achieved all measurable targets set for diversity in the current financial year[118]. - The company has adopted a zero-tolerance policy towards bribery and corruption, aligning with the Malaysian Anti-Corruption Commission (Amendment) Act 2018[128]. - The board held a total of four meetings during the fiscal year, with all directors attending 100% of the meetings[135]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of its operations[141]. Environmental, Social, and Governance (ESG) Initiatives - The company reported a commitment to sustainable development through the establishment of an ESG working group to coordinate and implement sustainability initiatives[71]. - The ESG report indicates no legal or regulatory violations reported in Malaysia, the company's operational region[71]. - The company has maintained a consistent reporting scope and framework in the ESG report to ensure meaningful comparisons with the previous year[75]. - The company has a strong focus on stakeholder engagement, utilizing various communication channels to address their concerns and expectations[76]. - The company has adopted appropriate risk management policies to mitigate potential financial or reputational damage related to ESG performance[71]. - Total greenhouse gas emissions for the fiscal year 2024 were 529.0 tons of CO2 equivalent, slightly up from 522.6 tons in 2023, with Scope 1 emissions decreasing from 229.9 tons to 201.3 tons[78]. - The company achieved a reduction in nitrogen oxides (NOx) emissions from 0.9 kg in 2023 to 0.8 kg in 2024, and sulfur oxides (SOx) emissions decreased from 4.5 kg to 3.9 kg[77]. - The company has implemented waste management principles focusing on reduction, reuse, and recycling, and encourages employees to use reusable containers[82]. - There were no significant environmental violations reported in the fiscal year 2024, with no fines or penalties from the Malaysian Ministry of Environment[87]. Employee and Training Initiatives - The company has a total of 52 full-time employees, with 48% male and 52% female representation[94]. - Employee turnover rate is 16.0% for those under 30 years old, 25.9% for those aged 30 to 50, and 5.8% for those over 50[93]. - In the fiscal year 2024, a total of 37 employees participated in training, averaging 3 hours of training per employee[98]. - The percentage of trained employees is 46% male and 54% female, with 29% from senior management and 71% from middle management[99]. - Average training hours per employee are 17.0 hours for males and 20.0 hours for females[100]. Risk Management - The group has identified key risks including animal disease outbreaks and fluctuations in product demand and market prices, which could adversely affect financial performance[40]. - The group has implemented risk management policies to address various potential risks associated with its business operations[154]. - The board has confirmed the effectiveness and sufficiency of the group's risk management and internal control systems, which are designed to manage rather than eliminate risks[157]. Shareholder and Financial Policies - The company declared a special dividend of approximately 29.5 million MYR, equivalent to 0.11 HKD per share, to be paid on January 15, 2025[31]. - The company does not recommend a final dividend for the fiscal year, consistent with the previous year where no dividend was declared[174]. - The company has adopted a share option scheme to incentivize employees and other contributors, allowing the board to grant options at a price of HKD 1.00[182]. - The maximum number of shares that may be issued under the share option scheme is capped at 30% of the total issued shares at any time[183]. - The company will suspend share transfer registration from June 20 to June 25, 2025, to determine eligibility for the upcoming annual general meeting[175].

Financial Performance - The group recorded revenue of approximately RMB 1,253,500,000 for the fiscal year ending December 31, 2024, primarily from digital payment solutions in China[8]. - The company recorded revenue of approximately RMB 1,253,500,000, a decrease of about 11.7% compared to RMB 1,419,800,000 in the same period last year[21]. - Gross profit was approximately RMB 157,800,000, with a gross margin of about 12.06%, down from 14.5% in the previous year, representing a decline of approximately 23.3%[21]. - Other income decreased to approximately RMB 8,100,000 from RMB 11,300,000, primarily due to a drop in loan interest income from RMB 3,700,000 to RMB 435,000[22]. - The company reported a net loss of approximately RMB 142,500,000, an increase of about 91.6% compared to RMB 74,400,000 in the previous year[31]. - Cash and cash equivalents as of December 31, 2024, were approximately RMB 54,200,000, down from RMB 79,000,000 in the previous year[32]. - Interest-bearing borrowings increased to approximately RMB 17,300,000 from RMB 12,000,000, with a weighted average effective interest rate of about 3.94%[33]. - Administrative expenses increased to approximately RMB 72,500,000 from RMB 51,000,000, an increase of about 42.2%, mainly due to higher legal and professional fees[26]. Business Strategy and Expansion - The group plans to expand its lending business in Hong Kong, having successfully acquired a licensed money lender and completed its first loan transaction of HKD 15,000,000 in November 2024[18]. - The group aims to diversify its customer base by expanding its loan portfolio in 2025, offering a wider range of secured loans, corporate, and personal loans[18]. - The company plans to continue its light asset and service-oriented business strategy through 2025[19]. - The business strategy for 2025 includes expanding product offerings, enhancing brand recognition, and upgrading IT systems to improve operational efficiency[51]. - The group is committed to leveraging growth opportunities to enhance market share and brand influence in its lending business[18]. Corporate Governance - The board of directors held 22 meetings during the reporting period, with one annual general meeting and one special general meeting conducted[69]. - The company has adopted corporate governance principles in line with the interests of shareholders and has complied with the applicable corporate governance code provisions[61]. - The board believes that the dual role of the chairman and co-CEO enhances operational efficiency and ensures the smooth execution of business strategies[66]. - The company has established three committees: the audit committee, the remuneration committee, and the nomination committee to enhance corporate governance[78]. - The audit committee is composed of three independent non-executive directors and is responsible for overseeing financial reporting and internal control processes[79]. - The company encourages all directors to participate in continuous professional development to ensure they contribute effectively to the board[76]. - The board retains decision-making authority on significant matters including policies, strategies, and financial data[75]. - The company has adopted a shareholder communication policy to provide timely and balanced information to shareholders and potential investors[116]. Risk Management - The group faces significant credit risk related to digital payment solutions, which could adversely affect profitability if customer payments are delayed or defaulted[48]. - The board is responsible for the continuous supervision of the group's risk management and internal control systems, ensuring shareholder interests and asset protection[104]. - An external consultant has been appointed to enhance the group's risk management and internal control, evaluating significant control situations including financial, operational, and compliance risks[105]. - The audit committee confirmed that the external consultant found no significant deficiencies or weaknesses in the internal control system during the review period[106]. Environmental, Social, and Governance (ESG) - The company is committed to sustainable development and adheres to environmental protection laws, aiming to enhance resource efficiency and reduce waste[146]. - The ESG report covers the company's digital payment solutions in China and optical product retail in Malaysia, with ongoing evaluations of ESG issues across different businesses[148]. - The board is responsible for the formulation and execution of the ESG strategy and regularly reviews ESG-related risks and opportunities[155]. - The company has engaged a professional consultancy to ensure the accuracy of environmental key performance indicators in the ESG report[149]. - The group has set specific environmental goals focused on energy conservation, emission reduction, and waste management to support local government carbon neutrality initiatives[167]. Employee Management and Development - The company is committed to providing competitive compensation and benefits to attract and retain talent, including health insurance and employee discounts[192]. - The company has a comprehensive human resources management policy that emphasizes equal opportunity, diversity, and anti-discrimination in recruitment and promotion processes[193]. - A total of 288 employees received training during the reporting period, with approximately 27% being male and 73% female; 94% of employees participated in training, averaging 100 hours each[197]. - The company has initiated a performance management system since 2022 to enhance employee development and ensure fairness and transparency in performance evaluations[200]. - The company is focused on improving workplace health and safety standards, aiming for zero or minimal reportable serious workplace injuries[194]. Diversity and Inclusion - The board diversity policy was adopted on March 23, 2020, emphasizing the importance of diversity for enhancing company performance[93]. - As of December 31, 2024, the gender ratio of employees was approximately 67.6% female and 32.4% male[96]. - The board currently has two female directors, reflecting gender diversity efforts[94]. - The company aims to improve female representation in senior management and provide career development opportunities for women[94].

Financial Performance - The Group's overall sales from continuing operations increased by 9.2% from RMB264.5 million for the year ended 31 December 2023 to RMB288.8 million for the Reporting Period[20]. - Gross profit margin improved significantly from 6.3% for the year ended 31 December 2023 to 15.5% for the Reporting Period[20]. - The Group recorded a net profit of approximately RMB6.6 million for the Reporting Period, compared to a net loss of approximately RMB31.5 million for the corresponding period in 2023[20]. - Gross profit for the reporting period was approximately RMB44.8 million, representing an increase of approximately 214.8% compared to RMB14.2 million for the year ended December 31, 2023[39]. - Total revenue for the Reporting Period was approximately RMB44.8 million, a 214.8% increase from RMB14.2 million in 2023, with a gross profit margin of 15.5% (2023: 5.4%)[41]. - Other income for the Group decreased to approximately RMB5.9 million for the Reporting Period (2023: approximately RMB8.5 million), primarily from government grants and bank interest income[46][50]. - Selling and distribution expenses increased by approximately 47.4% to approximately RMB3.5 million for the Reporting Period (2023: approximately RMB2.4 million), mainly due to increased transportation costs[48][52]. - Administrative expenses amounted to approximately RMB32.8 million for the Reporting Period (2023: approximately RMB31.7 million), representing a decrease of approximately 7.9% due to the disposal of the financial technology business[53][58]. - Income tax expense for the Reporting Period was approximately RMB3.5 million (2023: approximately RMB0.2 million), primarily due to increased profit before tax[57][62]. Business Strategy and Operations - The Group is focusing on diversifying its customer base and product offerings to broaden revenue sources and mitigate business risks[21]. - The Group actively adjusted order allocation between its Chongqing and Shenzhen factories to increase capacity utilization[20]. - The Group's strategy includes strict cost control measures at every stage of the production process[20]. - The Group aims to maintain a cautious approach towards spending and expansion to reduce financial risks[25]. - The Group plans to actively enrich or expand its customer base and product portfolio to broaden revenue sources and diversify business risks[24]. - The Group will continue to invest in developing in-house capabilities and stay updated with the latest technology advancements in the EMS business[25]. Financial Technology Business - The financial technology business recorded a loss of RMB12.3 million for the year ended 31 December 2023, leading to the decision to dispose of the business for RMB1.0[15]. - The Group has ceased its engagement in the financial technology business following the disposal of the related assets[15]. - The Group's entry into the financial technology sector through the acquisition of 60% of Shanghai Regan Financial Information was slower than expected due to intense competition[14]. Management and Governance - The Group has been expanding its management team with experienced professionals in the electronic products sector[101][103][107]. - The company has a focus on enhancing operational efficiency and strategic planning to drive business growth[98][101]. - The company emphasizes the importance of high corporate governance standards to enhance performance, transparency, and accountability[130]. - The company has adopted and complied with the Corporate Governance Code during the Reporting Period, with a noted deviation regarding the roles of chairman and chief executive officer being held by the same individual, Mr. Li[130]. - The Board consists of three independent non-executive Directors, providing independent perspectives to the decision-making process[131]. - The company has a structured approach to corporate governance, focusing on internal control and adequate disclosure[130]. - The company will continue to review and monitor its practices to comply with the Corporate Governance Code[131]. - The company has a commitment to earning the trust of shareholders and the public through sound governance practices[130]. Board and Committees - The Company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined terms of reference[168]. - The Audit Committee comprises three independent non-executive Directors, ensuring oversight of financial reporting and risk management[171]. - The Nomination Committee was established to make recommendations on the appointment of Directors and manage Board succession[184]. - The Remuneration Committee held two meetings during the Reporting Period to review and recommend remuneration policies for Directors and senior management for the years ended December 31, 2023, and December 31, 2024[179]. - The Nomination Committee will monitor the implementation of the Nomination Policy and report to the Board annually[195]. Employee and Financial Health - The Group's total remuneration for employees was approximately RMB64.8 million during the reporting period, down from approximately RMB85.7 million in 2023, with a reduction in the number of employees from 771 to 489[83]. - Net current assets increased to approximately RMB173.9 million as at 31 December 2024 (2023: approximately RMB139.9 million), with the current ratio rising from approximately 3.6 to 4.3[65]. - The Group's bank borrowings decreased to approximately RMB3.3 million as of December 31, 2024, down from RMB3.8 million in 2023, with secured assets valued at approximately RMB8.3 million[71]. - The gearing ratio improved to approximately 3.6% as of December 31, 2024, compared to 4.4% in 2023, reflecting a decrease in total borrowings and lease liabilities by approximately RMB2.1 million[72]. - Capital expenditure for the reporting period was approximately RMB19.9 million, a decrease from approximately RMB21.4 million in 2023, primarily for office equipment and plant improvements[75].

Financial Performance - Total revenue for 2024 reached RMB 5.26 billion, a year-on-year increase of 25.1% compared to RMB 4.20 billion in 2023[6] - Gross profit for 2024 was RMB 2.24 billion, with a gross margin of 42.7%, down from 47.1% in 2023[6] - The annual loss attributable to the parent company was RMB 268.79 million, a reduction of RMB 640 million or 70.4% compared to 2023[6] - Adjusted net loss for the year was RMB 292.47 million, a decrease of RMB 123 million or 29.6% from the previous year[6] - Revenue from the Fourth Paradigm's AI platform business reached RMB 3.68 billion, a significant increase of 46.7% year-on-year[9] - The SHIFT intelligent solutions business generated revenue of RMB 1.022 billion in 2024, which is a year-on-year decline of 20.3%, representing 19.4% of total group revenue[15] - The 4Paradigm AIGS service business reported revenue of RMB 563 million in 2024, contributing 10.7% to total group revenue[16] - Revenue from the Prophet AI platform reached RMB 3,675.9 million, up 46.7% year-on-year, accounting for 69.9% of total revenue, compared to 59.6% in 2023[29] - Revenue from SHIFT intelligent solutions decreased by 20.3% year-on-year to RMB 1,022.3 million, representing 19.4% of total revenue, down from 30.5% in 2023[30] - Revenue from the Shisuo AIGS service increased by 35.4% year-on-year to RMB 562.5 million, accounting for 10.7% of total revenue, up from 9.9% in 2023[31] Market Position and Strategy - The company has maintained the largest market share in China's machine learning platform market for six consecutive years, according to IDC[9] - The company aims for clear profitability targets moving forward, with a focus on technology innovation and application expansion[9] - The strategic implementation of "AI agent + vertical world model" has accelerated the deployment of ecosystem products, driving business growth[9] - The company has successfully deployed hundreds of AI agent applications across various industries, including finance, energy, and education[18] - The company is collaborating with consumer electronics manufacturers to develop AI-enabled products, positioning this sector as a key growth driver[24] Research and Development - Research and development expenses for the period amounted to RMB 2.17 billion, with a research and development expense ratio of 41.2%[10] - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5] - Approximately 60% of the net proceeds from the global offering, amounting to approximately HKD 555.4 million, will be used to enhance research, technical capabilities, and solution development[113] User and Customer Metrics - The number of benchmark users served by the company in 2024 is 161, representing a year-on-year growth of 16%, with an average revenue of RMB 19.1 million per benchmark user[10] - The average net income growth rate (NDER) for benchmark users in 2024 is projected at 110%[10][11] - As of December 31, 2024, revenue from the top five customers accounted for 41.6% of the company's total revenue, with the largest customer contributing 10.6%[176] Financial Health and Assets - Non-current assets increased to RMB 1.90 billion in 2024, up from RMB 1.49 billion in 2023[7] - Total assets grew to RMB 7.59 billion in 2024, compared to RMB 7.15 billion in 2023[7] - Current cash resources were approximately RMB 23,010,000,000 as of December 31, 2024, down from RMB 32,953,000,000 in 2023[52] - The company's debt-to-equity ratio improved to approximately 0.1% as of December 31, 2024, from 2.0% in 2023, indicating a more robust capital structure[54] Corporate Governance and Compliance - The board of directors emphasized the importance of corporate governance and strategic oversight in driving future growth[10] - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[193][194] - The board of directors is committed to maintaining high standards of corporate governance and regularly reviews its governance practices[195][198] - The independent non-executive directors have confirmed their independence according to the listing rules[122] Employee and Shareholder Information - As of December 31, 2024, the total employee cost for the group was approximately RMB 447.2 million, down from 1,801 employees in 2023 to 967 employees[143] - The equity incentive plan approved on September 19, 2024, allows for a total of 23,283,271 shares to be granted, representing 4.72% of the company's issued shares as of the report date[148] - The company has a significant ownership structure, with Dr. Dai holding approximately 53.38% of the domestic shares and 22.79% of the total equity[124] Risks and Challenges - The company faces significant risks including the evolving nature of artificial intelligence technology and the potential inability to retain key personnel[109] - The company may be subject to complex and evolving privacy and data protection laws, which could impact its reputation and operations[112] Social Responsibility - The company is committed to fulfilling social responsibilities and improving employee welfare while promoting sustainable growth in 2024[106] - The company made charitable donations totaling RMB 200,000 during the reporting period[181]

Financial Performance - In 2024, the total revenue reached RMB 162.36 billion, a 29.6% increase from RMB 125.29 billion in 2023[7] - The net profit for the year was RMB 93.36 million, up 42.2% from RMB 65.68 million in the previous year[7] - The company achieved a basic and diluted earnings per share of RMB 1.04, compared to RMB 0.41 in 2023[7] - The total assets increased to RMB 69.48 billion in 2024, compared to RMB 63.78 billion in 2023[7] - The company achieved a revenue of approximately RMB 40.5 billion during the reporting period[25] - Revenue from supply chain management and trading business contributed approximately 99.6% of total revenue, amounting to RMB 161,736.0 million for the year ended December 31, 2024, up from RMB 124,691.4 million in the previous year[35] - The company recorded expected credit loss impairment of approximately RMB 232.7 million for the year ended December 31, 2024, up from RMB 104.6 million in the previous year[45] - The total equity attributable to shareholders as of December 31, 2024, was approximately RMB 13,951.2 million, compared to RMB 13,804.3 million in 2023, reflecting a slight increase of 1.06%[54] - The group's cash and cash equivalents as of December 31, 2024, were approximately RMB 1,546.0 million, a decrease from RMB 1,783.0 million in 2023, indicating a decline of about 13.3%[55] - The total interest-bearing borrowings decreased by approximately 2.9% to RMB 14,831.4 million as of December 31, 2024, down from RMB 15,268.3 million in 2023[56] Operational Developments - The company successfully established a low-altitude logistics operation base, with three low-altitude logistics routes opened in the first phase[10] - The company is expanding its supply chain network by introducing new categories such as the coffee supply chain, attracting over 30 large coffee supply chain enterprises[9] - The total online and offline transaction volume at Hankou North International Trade City exceeded RMB 200 billion in 2024[9] - The company is focusing on high-end manufacturing and digital supply chain platforms to enhance efficiency amid increasing global trade protectionism[12] - The establishment of 50 service centers across more than 310 cities enhances customer service depth and breadth[13] - The digital management platform 2.0 has been launched, utilizing big data and IoT for improved operational efficiency[20] - The company is developing a modern logistics operation system that integrates "channels + hubs + networks," showcasing significant demonstration value for national logistics and supply chain development[23] Market Expansion and Strategy - The company is accelerating its overseas market layout in countries like Indonesia and South Africa[25] - The overseas platform CIC is projected to achieve exponential revenue growth in 2024, becoming the second growth curve for the group[14] - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[70] - The company aims for a revenue growth target of 20% for the upcoming fiscal year, supported by new business initiatives[70] - The company plans to enhance its digital technology research and development, focusing on big data, artificial intelligence, and blockchain to improve operational efficiency[30] Corporate Governance and Management - The company has a strong management team with over 20 years of experience in capital markets, led by CFO Zhu Guohui[76] - The board of directors has approved a new compensation strategy aimed at retaining top talent, with a focus on performance-based incentives[72] - The company has established corporate governance policies and practices, which include reviewing and monitoring the training and continuous professional development of directors and senior management[199] - The audit committee is responsible for overseeing the company's financial reporting, internal control principles, and risk management[198] - The independent non-executive directors have reviewed and confirmed the ongoing related party transactions for the year ending December 31, 2024[169] Social Responsibility and Community Engagement - The company made charitable donations of approximately RMB 800,000 during the review year, a significant increase from RMB 55,000 in the previous year[133] - The company has committed to maintaining high standards of corporate governance throughout the year ending December 31, 2024[180] Future Outlook - The company has allocated $100 million for research and development in innovative technologies over the next three years[70] - New product launches are expected to drive an additional $50 million in revenue in the next fiscal year[70] - The group plans to continue investing in the Hankou North International Commodity Trading Center project, aiming to enhance supply chain infrastructure and establish it as a major market hub in Central and Western China[138]

Financial Performance - The Group recorded total revenue of approximately HK$1,632.5 million for the year ended December 31, 2024, representing an increase of 19.5% compared to HK$1,366.0 million in 2023[15]. - Gross profit amounted to approximately HK$373.2 million, an increase of 9.8% from HK$339.8 million in 2023[15]. - Profit attributable to owners of the Company was approximately HK$70.7 million, reflecting a slight decrease of 1.3% compared to HK$71.7 million in 2023[15]. - The overall profit slightly declined due to increased operational costs in the travel-related business despite satisfactory revenue growth[15]. - The Group's gross profit for 2023 was HK$339,768,000, indicating a recovery from previous losses[165]. - The net profit for the year was HK$71,095,000, slightly down from HK$71,834,000 in 2023, resulting in earnings per share of HK 14.08 cents[170]. - Gross profit margin decreased to 22.9% in 2024 from 24.9% in 2023[83]. - Operating profit margin declined to 6.4% in 2024 compared to 8.4% in 2023[83]. - Net profit margin fell to 4.3% in 2024 from 5.2% in 2023[83]. Revenue Sources - Revenue from package tours for the year amounted to approximately HK$1,430.1 million, representing an increase of 21.6% compared to HK$1,176.1 million in 2023, contributing 87.6% to the Group's total revenue[62][64]. - Revenue from FIT products and ancillary travel related products and services decreased by 13.2% to approximately HK$77.0 million, contributing 4.7% to the Group's total revenue[66][71]. - Revenue from the sale of merchandise dropped by 92.7% to approximately HK$0.5 million, contributing 0.0% to the Group's total revenue[67][73]. - Hotel room rental and ancillary services revenue increased by 24.9% to approximately HK$139.4 million, contributing 7.7% to the Group's total revenue[76][81]. Customer Engagement and Marketing - The Group successfully launched multiple package tours with direct charter flights to various destinations in Japan, enhancing customer experience[21]. - The Group introduced the "Craftsmanship China" travel series to cater to the rising trend of Hong Kong residents traveling to mainland China, enhancing brand awareness[19]. - In September 2024, the Group introduced a new package tour series "Travelling with Parents," which gained over 1 million views on Facebook, effectively reaching the 25-40 age demographic[27]. - The "Family Travels" themed package tour, launched in 2023, maintained similar performance to the previous year despite a general market downturn in the second half of the year[27]. - The membership programme "EGL Travel Rewards" has seen rapid growth since its launch, offering members bonus points and exclusive events[30]. - The Group launched the "Refined Routes in China" travel series to enhance brand recognition, targeting the booming trend of northbound tourism from Hong Kong residents[23]. Operational Challenges - The increase in operating costs offset the revenue growth in the Travel Related Business, resulting in a slight decline in overall profit[52]. - Selling expenses increased by 30.4% to approximately HK$91.3 million in 2024 from HK$70.0 million in 2023[93]. - Administrative expenses rose by 10.3% to approximately HK$175.9 million in 2024 from HK$159.4 million in 2023[94]. - The Group's hotel operations in Japan may encounter intense competition, impacting its ability to maintain room rates and service quality[190]. Community and Social Responsibility - The Group donated 15 million Japanese Yen to Ishikawa Prefecture following a 7.6 magnitude earthquake in January 2024, and 3 million New Taiwan Dollars to Hualien County after a 7.2 magnitude earthquake in April 2024[35]. - The Group actively participates in travel and wedding exhibitions to enhance customer interaction and understanding of traveller needs[31]. - The Group participated in various volunteer activities to support the community and promote employee well-being[37]. - The Group's initiatives included providing free influenza vaccinations to employees and their families before the peak of the flu season[40]. Future Outlook and Strategy - The Group anticipates continued growth in outbound travel demand to Japan before 2025, particularly due to the Osaka-Kansai Expo, which is expected to attract millions of travelers[149]. - The Group plans to benefit significantly from the influx of travelers to its "Osaka no Sai Hotel" during the Osaka-Kansai Expo[149]. - The Group plans to continue promoting product innovation and enhance customer service experiences before and after trips[43]. - The Group aims to enhance customer satisfaction and loyalty, striving to become the preferred travel partner[43]. Financial Health and Ratios - Interest coverage ratio improved to 8.3 times in 2024 from 4.9 times in 2023[105]. - Current ratio decreased to 0.8 times in 2024 from 1.0 times in 2023[107]. - Gearing ratio based on total borrowings decreased to 47.2% in 2024 from 57.8% in 2023[108]. - Gearing ratio based on net debts over equity significantly reduced to 243.1% in 2024 from 684.0% in 2023[108]. - Return on total assets increased to 9.3% in 2024 from 8.3% in 2023, primarily due to a decrease in property, plant, and equipment, as well as cash at banks and on hand[116]. - Return on equity attributable to owners of the Company decreased to 72.2% in 2024 from 151.1% in 2023, mainly due to an increase in equity attributable to owners generated from profits for the year[117]. Corporate Governance - The Board does not recommend the payment of a final dividend for the year, with a special dividend of 6 Hong Kong cents per share declared for 2025[20]. - The Group has not recommended a final dividend for the year, reflecting a cautious approach to shareholder returns amid economic uncertainties[181]. - The Board believes the Group has complied with all relevant laws and regulations that significantly impact its operations during the year[195].