Financial Performance - The company reported a revenue of RMB 2.98 billion for the fiscal year 2024, representing a 45.8% increase compared to the previous year[12]. - Gross profit reached RMB 214.8 million, an increase of 36.9% year-on-year[12]. - Profit attributable to owners of the company was RMB 693 million, reflecting a significant increase of 153.3% compared to the previous year[12]. - The company's total revenue for 2024 reached approximately RMB 2.98 billion, a year-on-year increase of about 45.8% from RMB 2.05 billion in 2023[19]. - Profit attributable to owners of the company for 2024 was approximately RMB 693 million, representing a year-on-year growth of about 153.3%[19]. - Revenue from end-to-end cross-border delivery services in 2024 was approximately RMB 1.37 billion, accounting for about 46.1% of total revenue[20]. - Revenue from freight forwarding services increased to approximately RMB 600 million, a year-on-year growth of about 219.3%[20]. - Revenue from other logistics services surged to approximately RMB 1.01 billion, reflecting a year-on-year increase of about 495.2%[20]. - The company's gross profit for 2024 was approximately RMB 214.8 million, up about 36.9% from RMB 156.96 million in 2023[24]. - The group recorded a net profit of approximately RMB 692.1 million in FY2024, a significant increase of about 156.8% compared to RMB 269.5 million in FY2023, driven by a gross profit increase of approximately RMB 578.4 million[30]. - Adjusted net profit (non-HKFRS measure) for FY2024 was approximately RMB 692.1 million, up about 26.0% from RMB 549.3 million in FY2023, after excluding listing expenses of RMB 27.98 million in FY2023[32]. Strategic Initiatives - The company aims to deepen its global layout and restructure traditional logistics resources to support the scaling needs of cross-border e-commerce[13]. - The company plans to enhance strategic cooperation with major platforms and optimize its operational system to improve service quality[13]. - There will be an increased investment in technology research and development, focusing on integrating AI technology to enhance digital operations and service capabilities[13]. - The company established a solid foundation for achieving its 2025 annual targets through its strong performance in the cross-border logistics sector[12]. - The group plans to expand its overseas logistics network and enhance cross-border delivery capabilities, aiming to build an international logistics supply chain network[45]. - The group will continue to deepen strategic cooperation with major cross-border e-commerce platforms to expand its customer base and improve service standards[44]. - The company plans to invest heavily in technology, particularly AI, to enhance digital transformation and operational efficiency[46]. Awards and Recognition - The company received multiple awards, including the "Annual Corporate Governance Award" and recognition as a "National 4A Level Logistics Enterprise" for its achievements in corporate governance and sustainable development[13]. Financial Challenges - Financing costs increased by approximately RMB 14.88 million or 332.78% to RMB 193.5 million in 2024, primarily due to increased bank borrowings[28]. - The company recorded a net loss of approximately RMB 97.7 million in other income, losses, and gains for 2024, compared to a net gain of RMB 1.09 million in 2023[26]. - Trade and other receivables impairment losses for 2024 were approximately RMB 184.4 million, up from RMB 87.8 million in 2023[27]. - The group's income tax expense increased by approximately 6.9% from RMB 108.3 million in FY2023 to RMB 115.8 million in FY2024, primarily due to an increase in profit before tax[29]. Corporate Governance - The company has adopted a corporate governance code and has complied with most of its recommended best practices during the reporting period[155]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors as of December 31, 2024[163]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific aspects of its affairs[160]. - The company has mechanisms in place to ensure strong independent elements within the board, allowing for independent judgment and better protection of shareholder interests[166]. - The company has committed to reviewing and monitoring its corporate governance practices to ensure compliance with the corporate governance code[156]. - The company emphasizes a culture of integrity and accountability, which is crucial for attracting and retaining top talent[159]. Shareholder Information - As of December 31, 2024, Mr. Wang Quan holds 263,189,164 shares, representing 33.74% of the company's total issued share capital[126]. - Major shareholders include Ziyue and Tianyuan, holding 221,213,154 shares (28.36%) and 41,976,010 shares (5.38%) respectively[129]. - AIDC SI PTE. LTD. and Alibaba Group entities collectively hold 67,041,663 shares, accounting for 8.60% of the total issued share capital[129]. - The total number of shares issued as of December 31, 2024, is 780,000,000[130]. Employee and Social Responsibility - The total employee cost for the reporting period was approximately RMB 81.17 million, an increase from RMB 73.74 million in the previous fiscal year[53]. - The company is committed to providing a better working environment and attractive compensation for its employees, including regular training and performance-based incentives[93]. - The company encourages all employees to participate in environmental activities that benefit society[97]. - The company participates in employee social security plans in mainland China, contributing a certain percentage of wage costs to fund benefits[117]. Risk Factors - The group has faced significant risks including global economic changes affecting cross-border e-commerce logistics services and competition in a highly competitive industry[89]. - The group has complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[90].

Revenue Growth - In 2024, the company achieved a significant revenue increase of 67% from its three major projects, contributing to 49% of total revenue, up from 32% in 2023[9] - The new games "Doomsday: Last Survivors" and "Viking Rise" generated approximately HKD 1 billion and HKD 700 million in revenue respectively, together accounting for 30% of the group's total revenue[10] - The long-standing game "King of Kingdoms" continued to perform well, generating nearly HKD 2.6 billion in revenue in its ninth year[10] - The company's APP business accumulated 62 million monthly active users and generated approximately HKD 1.1 billion in revenue, contributing significantly to the group's diversified growth[10] - In 2024, the company achieved a revenue of HKD 5.737 billion, a 9% increase from HKD 5.266 billion in 2023, driven by the success of new games and the APP business[33] - The new games "Doomsday: Last Survivors" and "Viking Rise" contributed approximately HKD 1.021 billion and HKD 0.680 billion respectively, while the APP business generated about HKD 1.088 billion, accounting for 19% of total revenue[34] - The classic game "King of Kingdoms" celebrated its 9th anniversary, generating nearly HKD 2.589 billion, representing 45.1% of total revenue[34] Profitability - The company reported a profit of HKD 580 million in 2024, a substantial increase of 697% compared to the previous year[13] - The company reported a profit of HKD 582.6 million in 2024, a significant increase of 697% year-on-year, with core business profit soaring 3,626% to HKD 655.5 million[18] Future Plans - The company plans to launch a series of new strategy games in 2025, leveraging its strengths in the strategy game sector[13] - The company plans to launch two major strategy games, "Frozen War" and "PSS project," along with a casual game "Tycoon Master" in 2025, aiming for continued growth in gaming and APP sectors[28] User Engagement - The company has established a global presence with approximately 1.5 billion total game users and over 17 million monthly active users[16] - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[76] - The company has achieved a customer satisfaction rate of 90%, reflecting strong user engagement and loyalty[76] Cost Management - The sales cost for 2024 was HKD 1.126 billion, a decrease of 16% from HKD 1.347 billion in 2023, attributed to reduced operational costs[35] - The net cash inflow from operating activities for the year ended December 31, 2024, was HKD 1.121 billion, significantly up from HKD 128.6 million for the year ended December 31, 2023, primarily due to increased revenue and reduced operating costs[49] Corporate Governance - The company emphasizes effective corporate governance to create shareholder value and has implemented good governance practices[86] - The board consists of nine directors, including five executive directors and three independent non-executive directors, ensuring a balance of power and authority[89] - The company has complied with the listing rules by appointing at least three independent non-executive directors, with independent directors making up one-third of the board[90] - The board has established a three-year term for both executive and non-executive directors, with automatic renewal unless terminated with appropriate notice[107] Environmental, Social, and Governance (ESG) Initiatives - The company has integrated Environmental, Social, and Governance (ESG) risks into its risk management framework[128] - The company aims to ensure new office buildings meet China's Green Building Evaluation Standards and promotes energy-saving and waste reduction measures[145] - The company has established an ESG working group directly led by the board to effectively implement and oversee governance related to ESG matters[143] Risk Management - The board has reviewed the implementation of the shareholder communication policy and found it effective during the year[135] - The company’s internal audit department conducts independent reviews of internal control systems and operational activities, reporting results to the Board[131] - The board is responsible for overseeing risk management and evaluating the nature and extent of risks the group is willing to accept to achieve strategic goals[155] Employee Management - As of December 31, 2024, the group had 2,028 employees, with total employee-related costs amounting to HKD 935 million, a decrease from HKD 1.026 billion in the previous year[59] - The group has a 100% training coverage for all employees on anti-corruption regulations and reporting channels[174] Market Expansion - The company plans to expand its market presence by entering three new countries by the end of the fiscal year[76] - New product launches are expected to contribute an additional $50 million in revenue, with a projected market expansion into Southeast Asia[76] Technology and Innovation - The company has introduced AI-generated content (AIGC) technology to enhance efficiency in code development, art design, and marketing, leading to a reduction in development cycles[190] - The company is investing $10 million in research and development for new technologies aimed at enhancing user experience[76] Community Engagement - The company organized multiple offline esports events and player meetups in 2024, including the first global offline esports competition for "King of Kingdoms" and "Doomsday: Last Survivors" in Thailand, as well as over ten events in Brazil, China, Spain, Turkey, Japan, and South Korea[197] - The company engages with stakeholders through various channels to understand and respond to their expectations, enhancing its sustainable development capabilities[156]

Financial Performance - In 2024, the company achieved a revenue of RMB 192.4 million and a net profit of RMB 12.3 million[14]. - In 2023, the company's revenue was RMB 238,461 thousand, a 8% increase from RMB 220,632 thousand in 2022[18]. - The company's pre-tax profit for 2023 was RMB 21,002 thousand, a decrease of 11.4% compared to RMB 23,696 thousand in 2022[18]. - Revenue decreased by 19.3% from RMB 238.5 million in 2023 to RMB 192.5 million in 2024, primarily due to a reduction in offline customized industry events and training course sessions[25]. - Net profit decreased by 23.1% from RMB 16.0 million in 2023 to RMB 12.3 million in 2024, with net profit margin slightly declining from 6.7% to 6.4%[38]. Investment and Growth - Investment in the AI sector exceeded RMB 100 billion in 2024, representing a year-on-year growth of 35.5%[13]. - The company aims to achieve multi-dimensional business growth in 2025, leveraging strong industry accumulation and technological empowerment[23]. - The rise of AI, exemplified by DeepSeek, is expected to reshape the industry landscape and attract significant investment opportunities[22]. - The company plans to continue optimizing its investment layout and operational efficiency to strengthen its competitive position in the market[22]. User Engagement and Market Expansion - The proprietary SaaS platform, Private Tong MAX, has over 360,000 registered users as of December 31, 2024, enhancing data service capabilities[20]. - The online information platform has accumulated over 3.5 million users across various third-party platforms, indicating strong market engagement[20]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[70]. - Market expansion plans include entering three new international markets by the end of 2024, targeting a 10% increase in global market share[79]. Financial Products and Wealth Management - Cash and cash equivalents and short-term bank deposits amounted to approximately RMB 299.7 million as of December 31, 2024[39]. - The expected annual yield for the financial products ranges from 3.4% to 6.37%, with various products having fixed terms and some being redeemable[49]. - The company anticipates that the financial products will yield better returns compared to current fixed deposit rates offered by commercial banks in China and Hong Kong[46]. - The company plans to continue utilizing financial products for wealth management to maximize cash returns from operational earnings[46]. Corporate Governance - The independent directors highlighted the importance of corporate governance, ensuring compliance with regulatory standards[82]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors[90]. - The company has adopted a board diversity policy, considering factors such as gender, skills, age, industry experience, knowledge, cultural background, and length of service[95]. - The company has maintained compliance with corporate governance codes throughout the reporting period[90]. Environmental, Social, and Governance (ESG) Initiatives - The company has committed to sustainable development and has released its fifth Environmental, Social, and Governance (ESG) report[148]. - The report adheres to the mandatory disclosure requirements of the ESG reporting guidelines set by the Hong Kong Stock Exchange[149]. - Key highly important ESG issues include service quality assurance, customer privacy protection, and employee health and safety[174]. - The board of directors oversees the company's sustainable development efforts, including regular reviews and approvals of ESG management policies[162]. Risk Management and Internal Controls - The company has established a risk management and internal control system, with the audit committee overseeing its design and implementation[130]. - The audit committee assists the board in monitoring the overall risk status and has deemed that management has taken appropriate measures to manage key risks to an acceptable level[132]. - The company has implemented control procedures to prevent unauthorized access and use of insider information[135]. - The internal audit system is central to the group's risk management, conducting regular audits across financial, operational, and compliance areas to enhance management effectiveness[195].

Financial Performance - Interest income for 2024 decreased to RMB 196,354,000, down 16.9% from RMB 236,165,000 in 2023[15] - Profit before tax for 2024 was RMB 91,604,000, a decline of 30.1% compared to RMB 131,091,000 in 2023[15] - The annual profit attributable to equity shareholders for 2024 was RMB 62,440,000, a decrease of 32.6% from RMB 92,650,000 in 2023[15] - Net interest income for 2024 was RMB 155,842 thousand, down 16.7% from RMB 187,149 thousand in 2023[35] - Total annual profit and comprehensive income for the years ending December 31, 2023, and 2024, were RMB 96.6 million and RMB 65.4 million, respectively[44] - Total assets as of December 31, 2024, were RMB 2,578,519,000, a decrease of 3.0% from RMB 2,657,317,000 in 2023[15] - Total liabilities for 2024 decreased to RMB 537,408,000, down 18.0% from RMB 654,603,000 in 2023[15] - Total equity increased to RMB 2,041,111,000 in 2024, up 1.9% from RMB 2,002,714,000 in 2023[15] Loan and Asset Management - The company's total loan balance (excluding accrued interest) decreased from RMB 2,700.9 million as of December 31, 2023, to RMB 2,640.5 million as of December 31, 2024[24] - The total loans and advances to customers amounted to RMB 2,656,268 thousand as of December 31, 2024, a decrease of 2.4% from RMB 2,720,846 thousand as of December 31, 2023[27] - The non-performing loan ratio improved to 3.9% in 2024 from 4.6% in 2023, indicating better loan quality[31] - The total overdue loans decreased to RMB 104,956 thousand in 2024 from RMB 124,812 thousand in 2023, reflecting a reduction of 15.9%[33] - The overdue loan rate decreased to 4.0% in 2024 from 4.6% in 2023, showing an improvement in loan management[31] - The total amount of loans with credit impairment was RMB 384,215 thousand as of December 31, 2024, compared to RMB 127,715 thousand in 2023[30] Strategic Focus and Development - The company plans to focus on market expansion and new product development in the upcoming fiscal year[14] - The management highlighted ongoing research and development efforts aimed at enhancing service offerings[14] - The company is exploring potential mergers and acquisitions to strengthen its market position[14] - Future guidance indicates a cautious outlook due to market conditions, with a focus on cost management and operational efficiency[14] - The company aims to enhance its internal capabilities and institutional framework to align with business development while continuing its green development strategy[18] Green Development and Sustainability - The company established an ESG Sustainable Development Committee under the board to support its sustainable development strategy[18] - The company aims to focus on green sustainable development and enhance its service to small and micro enterprises and the agricultural sector[116] - The company is committed to green development, responding to national carbon neutrality goals, and expanding green loan products[170] - The company has implemented a green loan information management system, which is the first of its kind in the country to receive national software copyright certification[139] - The company has engaged international investors and consultants to enhance its green loan capabilities and ESG training for board members and employees[140] Employee Management and Corporate Governance - The company employed 77 employees as of December 31, 2024, down from 86 employees as of December 31, 2023, reflecting a decrease of about 10.5% in workforce size[69] - The employee turnover rate for contract employees decreased to 10.47% in 2024 from 18.09% in 2023, reflecting improved employee retention[121] - The company maintained a strict adherence to labor laws, ensuring no instances of child labor or forced labor as of December 31, 2024[150] - The company provides financing solutions to clients in agriculture, small and micro enterprises, and online retailers, with a focus on green loans for ecological industries[181] - The company has a policy against commercial bribery, requiring all employees to sign a declaration against it when issuing loans[169] Customer Relations and Market Position - The company is positioned to benefit from supportive policies in Zhejiang Province aimed at achieving common prosperity and enhancing economic development[76] - The company has established partnerships with DEG and GCPF to enhance its green loan offerings, aiming to better serve green loan customers[79] - The company actively collects customer feedback through various channels to improve service quality[162] - The company has no major disputes with customers, reflecting strong customer relationships[187] - Interest income from the top five customers accounted for less than 30% of the company's total annual interest income as of December 31, 2024[188]

Financial Performance - Total revenue for 2024 reached HKD 3,627,126,000, a 9% increase from HKD 3,341,729,000 in 2023[26] - Gross profit rose to HKD 845,569,000, reflecting a 27% growth compared to HKD 663,634,000 in the previous year[26] - Operating profit increased by 32% to HKD 192,334,000 from HKD 145,871,000 in 2023[26] - Profit attributable to equity holders was HKD 709,211,000, up 19% from HKD 593,673,000 in 2023[26] - Earnings per share (EPS) grew by 20% to HKD 0.4838 from HKD 0.4033 in the previous year[26] - The shipping services segment saw a revenue increase of 26% to HKD 3,487,682,000, with the coatings segment alone growing by 63% to HKD 1,344,147,000[28] - The company's market capitalization increased by 40% to approximately HKD 6,245,038,000 by the end of 2024, compared to HKD 4,456,553,000 at the end of 2023[32] - The total asset return rate improved to 7.65%, up from 6.44% in 2023, while the return on equity rose to 9.03% from 7.59%[26] - The group's net profit attributable to equity holders increased by 19% to HKD 709,211,000, compared to HKD 593,673,000 in 2023[60] - Total assets increased by 1% to HKD 9,333,570,000, up from HKD 9,205,229,000 in 2023[69] Dividends - The company reported a proposed final dividend of HKD 0.215 per share for 2024, totaling an annual dividend of HKD 0.48 per share[18] - The company proposed a final dividend of HKD 0.215 per share, totaling HKD 0.48 for the year, a 20% increase from HKD 0.40 in 2023[31] Strategic Initiatives - The company aims to provide green low-carbon digital solutions throughout the entire lifecycle of ships, focusing on green energy and digital intelligence[6] - The company is actively investing in establishing a green marine energy platform, targeting the development of a green methanol industry chain[6] - The company plans to continue expanding its market presence and enhancing its service offerings to support the sustainable development of the shipping industry[7] - The company is focusing on integrating digital intelligence technologies to enhance operational efficiency and service offerings in the shipping industry[33] - The company aims to enhance its green energy industry layout and strengthen the application of digital technology innovation to adapt to structural changes in the global shipping industry[39] - The company is focusing on digitalization and green low-carbon transformation, emphasizing the development of a "Green Digital Ship Service Platform" and a "Marine Green Energy Platform"[91] Corporate Governance - The company emphasizes the importance of corporate governance and investor relations in achieving its strategic goals[9] - The company has a strong governance structure with multiple committees including audit, remuneration, and corporate governance[157] - The board of directors has been disclosed in detail, including their qualifications and experience, ensuring transparency[158] - The company emphasizes its commitment to risk management and investor relations as part of its governance strategy[159] - The company is focused on maintaining high standards of corporate governance and compliance with regulatory requirements[160] - The company has adhered to the corporate governance code throughout the fiscal year ending December 31, 2024, with minor deviations noted regarding attendance at the annual general meeting[163] Acquisitions and Investments - The company completed the acquisition of Haining Insurance Brokerage in December 2023, enhancing business scale and profit growth, and is set to acquire Yuan Hua Technical & Supply Corporation by the end of 2024[35] - The company undertook several internal resource integration initiatives, including the acquisition of a 49% stake in Yuan Hua Technical & Supply Corporation, enhancing its service chain[92] Employee and Workforce - Employee benefits expenses totaled HKD 522,270,000, an increase from HKD 446,150,000 in 2023[85] - As of December 31, 2024, male employees account for 69.84% and female employees for 30.16% of the total workforce, reflecting the company's commitment to gender diversity in a male-dominated industry[176] Market Trends - In 2024, the global shipping industry demonstrated resilience with a 2.6% year-on-year increase in maritime trade volume, reaching 1.266 billion tons[89] - The new shipbuilding market experienced explosive growth, with total contract orders reaching 63.07 million compensated gross tons (CGT), a 46.6% increase year-on-year, marking a nearly ten-year industry peak[91] Segment Performance - Revenue from the core shipping services business grew by 26% to HKD 3,487,682,000, accounting for 96% of total group revenue[63] - The segment operating profit for shipping services rose by 24% to HKD 298,878,000, attributed to increased profits from coatings and ship trading agency[65] - The insurance consulting services segment saw revenue rise by 58% to HKD 220,994,000, with profit before tax increasing by 48% to HKD 141,916,000, benefiting from the acquisition of Haining Insurance Broker[104] - The paint production and sales segment reported revenue of HKD 1,344,147,000, with profit before tax of HKD 329,751,000, reflecting significant growth[119] Risk Management - The Risk Management Committee reviewed the risk management assessment report, focusing on identified risks for 2025, including environmental, social, and governance risks[196] - The company has implemented multiple internal control mechanisms to monitor related party transactions[179] ESG Commitment - The company emphasizes its commitment to environmental, social, and governance (ESG) principles, actively participating in charitable activities and receiving recognition for its contributions to society[36] - The company has established an Environmental, Social, and Governance (ESG) Committee to oversee ESG-related functions and responsibilities[198]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 6,270.5 million, representing an 18.2% increase from RMB 5,303.6 million in 2023[9]. - Profit attributable to the company's owners increased to RMB 129.8 million, a growth of 2.7% compared to RMB 126.5 million in 2023[9]. - Adjusted profit attributable to the company's owners rose to RMB 145.6 million, reflecting a 7.8% increase from RMB 135.1 million in the prior year[9]. - Revenue from the flexible workforce segment rose by 19.7% from RMB 5,122.8 million in 2023 to RMB 6,132.9 million in 2024[19]. - Total revenue increased by approximately 18.2% from RMB 5,303.6 million in 2023 to RMB 6,270.5 million in 2024[19]. - Revenue from mainland China increased by 24.8% from RMB 3,578.9 million in 2023 to RMB 4,466.7 million in 2024[20]. - Revenue from recruitment solutions decreased by approximately 26.7% from RMB 157.8 million for the year ended December 31, 2023, to RMB 115.7 million for the year ending December 31, 2024, primarily due to a sluggish employment market and higher client job requirements[21]. - Revenue from other human resources services declined by approximately 4.8% from RMB 22.9 million for the year ended December 31, 2023, to RMB 21.9 million for the year ending December 31, 2024, mainly due to decreased demand from government clients in the current economic environment[21]. Workforce and Employment - The flexible workforce revenue in mainland China grew by 27%, up from 25% in the previous year[9]. - Revenue per employee increased by 36.3% to RMB 5,619, compared to RMB 4,124 in the previous year[9]. - The total number of full-time employees decreased by 13.2% to 1,116 from 1,286 in 2023[9]. - Contract employee numbers rose by 2.4% to 55,300, up from 54,000 in the previous year[9]. - The number of candidates in the flexible workforce talent database grew by 14.5% from 2,523 thousand in 2023 to 2,889 thousand in 2024[17]. - The number of introduced job positions in recruitment solutions decreased by 29.4% from 2,448 in 2023 to 1,728 in 2024[17]. - The average revenue per contract employee increased due to a reduction in short-term positions and an increase in full-time positions in the Greater China region[19]. Dividends and Shareholder Engagement - The company's board proposed a final dividend of HKD 0.31 per share, equivalent to RMB 0.29 per share, representing approximately 45% of the group's earnings per share[11]. - The company reported a proposed final dividend of HKD 0.31 per share, totaling HKD 64.3 million (approximately RMB 60.2 million), which represents about 45% of the profit attributable to shareholders for the fiscal year ending December 31, 2024[154]. - The company has established multiple communication channels with shareholders, including publishing interim and annual reports, and hosting annual general meetings for shareholder engagement[137]. - The company has adopted a dividend policy that allows for the declaration and distribution of dividends, contingent upon the group recording post-tax profits and ensuring normal operations are not affected[153]. Corporate Governance - The company has adopted the corporate governance code as its own since its listing and has complied with its provisions throughout the reporting period[74]. - The board recognizes the importance of corporate culture and shared values for the long-term operation and sustainable growth of the company[74]. - The company has appointed independent non-executive directors with extensive experience in various sectors, enhancing its governance structure[68][69][70]. - The board consists of one executive director and six non-executive directors, ensuring compliance with listing rules regarding independent non-executive directors[78]. - The company has implemented a board diversity policy, emphasizing the importance of diverse board members to achieve strategic goals and sustainable development[90]. - The board is responsible for overseeing major company affairs, including policy formulation, overall strategy, and risk management systems[79]. - The company has purchased liability insurance for directors and senior management to provide adequate protection against potential legal liabilities[81]. - The independent non-executive directors play a crucial role in providing unbiased opinions and monitoring the company's performance[85]. Risk Management - The group faces various financial risks, including currency, interest rate, and liquidity risks, and employs a conservative risk management strategy without using derivatives for hedging[38][39][40][43]. - The board is responsible for maintaining effective risk management and internal control systems, which are reviewed at least annually[124]. - The company has established a quality assurance function to oversee certain internal audit functions, ensuring the accuracy of orders and billing[125]. - An external consultant has been engaged to identify and assess significant business and operational risks, enhancing the objectivity and transparency of the evaluation process[125]. - The internal control systems have been reviewed during the reporting period and deemed effective and sufficient[126]. - The company has implemented procedures for handling and disclosing insider information, ensuring compliance with relevant regulations[127]. Strategic Focus and Future Plans - The company expects stable growth in the flexible workforce business in mainland China, supported by an expanded product portfolio and ongoing development in IT outsourcing[14]. - The company plans to focus on strategic acquisitions and partnerships to strengthen its leadership position in the human resources solutions market[15]. - The company’s strategic focus includes expanding market share and enhancing operational performance through various initiatives[53]. - The company has extended the expected timeline for the use of unutilized net proceeds from December 31, 2025, to December 31, 2026, to optimize financial resource allocation in response to changing market conditions[52]. Compensation and Incentives - The company has implemented long-term incentive plans, including stock option plans and restricted share unit plans, to reward eligible participants[115]. - The annual salary range for senior management members is between RMB 5,500,000 and RMB 6,000,000[116]. - The company emphasizes internal and external fairness in its compensation practices to create long-term value[112]. - The company has adopted a compensation policy aimed at ensuring competitive remuneration for all directors and senior management, aligning their interests with those of shareholders[112]. Management and Leadership - The company’s management team includes experienced professionals with backgrounds in finance and strategic decision-making, contributing to its long-term growth strategy[56]. - The leadership team has a strong academic background, with degrees from prestigious institutions, contributing to informed decision-making[61]. - The company is actively involved in the healthcare sector through its board members, indicating potential strategic interests in this industry[64]. Share Option and Restricted Share Unit Plans - The total number of shares that may be issued under the stock option plan is capped at 10% of the total issued shares on the date of listing, equivalent to 20,000,000 shares[173]. - The stock options granted during the reporting period totaled 6,824,375 shares, with 5,710,500 shares remaining unexercised after accounting for forfeitures[181]. - The 2023 Restricted Share Unit Plan was adopted on November 22, 2023, aimed at recognizing and rewarding participants for their contributions to the group[194]. - Participants in the 2023 Restricted Share Unit Plan include full-time and part-time employees, directors, and senior officers of any member company of the group[195].

Financial Performance - The company's revenue decreased by 11% to HKD 1.7 billion due to industry challenges and changing consumer demand [15]. - Despite the revenue decline, net profit increased by 9% to HKD 9,817,000, highlighting the strength of the company's business model and cost control measures [15]. - Revenue from the sale of goods for the year ended December 31, 2024, was approximately HKD 1,717,242,000, a decrease from HKD 1,935,876,000 in 2023, representing a decline of about 11.3% [186]. - Gross profit for the year was HKD 54,028,000, compared to HKD 47,861,000 in the previous year, indicating an increase of approximately 12.8% [186]. - The pre-tax profit for the year was HKD 11,473,000, slightly up from HKD 11,007,000 in 2023, reflecting an increase of about 4.2% [186]. - Net profit for the year was HKD 9,817,000, compared to HKD 9,010,000 in 2023, marking an increase of approximately 9.0% [186]. - Basic earnings per share for the year were HKD 3.51, up from HKD 3.22 in the previous year, representing an increase of about 9.0% [186]. - The company reported other income of HKD 2,855,000, significantly higher than HKD 871,000 in 2023, indicating an increase of approximately 228.5% [186]. - Total sales and distribution expenses increased to HKD 19,433,000 from HKD 14,906,000, reflecting an increase of about 30.3% [186]. - Administrative expenses rose to HKD 25,103,000 from HKD 21,766,000, representing an increase of approximately 15.5% [186]. - Financial costs increased to HKD 484,000 from HKD 194,000, indicating a rise of about 149.5% [186]. Assets and Liabilities - The total assets of the company as of December 31, 2024, amounted to HKD 204,655,000, with total equity of HKD 170,980,000 and total liabilities of HKD 33,675,000 [17]. - Total assets decreased from HKD 212,393,000 in 2023 to HKD 179,255,000 in 2024, a decline of approximately 15.6% [188]. - Current liabilities decreased significantly from HKD 64,555,000 in 2023 to HKD 27,616,000 in 2024, a reduction of about 57.2% [188]. - The total equity attributable to the owners increased from HKD 163,316,000 in 2023 to HKD 170,980,000 in 2024, reflecting an increase of approximately 4.1% [189]. - The company’s total liabilities decreased from HKD 64,555,000 in 2023 to HKD 27,616,000 in 2024, a decline of about 57.2% [188]. Cash Flow and Investments - Cash and cash equivalents stood at HKD 81,042,000, down from HKD 110,498,000 a year earlier [18]. - The company’s operating cash flow showed a significant decrease, with cash used in operations amounting to HKD 24,793,000 in 2024 compared to cash generated of HKD 32,139,000 in 2023 [191]. - The fair value gain on equity investments increased from HKD 1,343,000 in 2023 to HKD 2,047,000 in 2024, representing a growth of about 52.5% [189]. - The company invested HKD 167,000 in property, plant, and equipment during the year, compared to HKD 138,000 in the previous year [128]. Employee and Compensation - As of December 31, 2024, the number of employees decreased to 57 from 65 in the previous year, with total employee compensation amounting to HKD 22,361,000, up from HKD 18,817,000 [22]. - The company experienced a 12% reduction in total employees during the reporting period, decreasing from 65 to 57 employees [56]. - Total training hours provided to employees increased to 197 hours in the reporting period, up from 107 hours in 2023, representing an increase of 84% [63]. - The percentage of employees receiving training reached 105% during the reporting period, compared to 43% in 2023 [63]. - Average training hours per trained employee rose to 3.5 hours, up from 1.6 hours in 2023, indicating a significant increase in training engagement [63]. Corporate Governance - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors [82]. - The company emphasizes the importance of a diverse board, with two out of nine members being female as of the end of 2024 [87]. - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value [79]. - The audit committee is responsible for reviewing the company's financial controls, risk management, and internal control systems [92]. - The company has established a clear process for the nomination and appointment of directors, ensuring transparency and compliance with regulations [86]. - The company has established multiple communication channels with investors and shareholders, including annual general meetings and special meetings to facilitate direct communication with the board [109]. Environmental, Social, and Governance (ESG) Initiatives - The ESG report covers the group's environmental and social performance for the fiscal year 2024, with no changes in the reporting scope compared to the previous year [26]. - The group adheres to the ESG reporting guidelines and has established a governance framework to manage sustainability effectively [33]. - The company reported a total greenhouse gas emissions of 58.3 tons for the fiscal year 2024, an increase from 54.4 tons in fiscal year 2023, with a carbon density of 1.02 tons per employee compared to 0.84 tons per employee in the previous year [43]. - Energy consumption increased by 7% to 118,527 kWh in fiscal year 2024, with an energy density of 2,079 kWh per employee, up from 110,742 kWh in fiscal year 2023 [44]. - The company has committed to reducing greenhouse gas emissions by replacing conventional vehicles with electric vehicles, achieving a reduction in indirect energy emissions to 46.2 tons in fiscal year 2024 from 43.2 tons in fiscal year 2023 [42]. - The company aims to enhance its ESG policies and reporting to improve its ESG performance in the future, focusing on social operations and employment aspects [40]. Risk Management - The company has identified key climate-related risks and their potential financial impacts on its distribution business [51]. - The company is diversifying its supply chain to mitigate acute risks from extreme weather events, including typhoons and flooding in Hong Kong [52]. - The company has established an internal audit function to continuously review risk management and internal control systems [104]. Shareholder Information - The company proposed a final dividend of HKD 0.015 per share, totaling HKD 4,200,000, to be paid to shareholders on record as of July 4, 2025 [125]. - The company declared dividends of HKD 4,200,000 in 2024, down from HKD 5,600,000 in 2023, a decrease of approximately 25% [189]. - The company’s ability to declare dividends will depend on various factors, including operating performance, capital requirements, and overall financial condition [132].

Financial Performance - The company recorded revenue of approximately MYR 475,821,000 for the fiscal year 2024, an increase of about 28.2% compared to MYR 371,105,000 in fiscal year 2023[14] - Gross profit was approximately MYR 92,858,000, reflecting a growth of about 34.7% from MYR 68,941,000 in the previous year, with a gross margin of approximately 19.5%[14] - Net profit reached approximately MYR 31,554,000, up from MYR 18,379,000 in fiscal year 2023[14] - Operating costs totaled approximately 382,963,000 MYR, an increase of about 26.7% compared to the previous year[23] - The company’s capital expenditure for the period was approximately 112,515,000 MYR, significantly higher than 16,326,000 MYR in 2023[30] Segment Performance - The container liquid bag segment saw the highest growth at approximately 62.1%, primarily due to the acquisition of a subsidiary in December 2023[14] - The logistics center segment grew by approximately 19.7%, driven by higher demand for transportation services and the launch of new yard operations[15] - The integrated freight forwarding segment increased by about 17.2% due to rising customer demand for maritime services[15] - The land transportation segment recorded a growth of approximately 3.9% due to increased demand for land branch services[15] - The fourth-party logistics segment experienced a decline of about 6.5%, attributed to reduced customer shipments within this service category[16] Employee Development and Training - The company conducted 2,066 training hours and held 51 training courses and workshops to prepare employees for the digital transformation in the industry[17] - The company provided internal and external training on logistics, customer service, safety, and quality management to enhance employee skills[94] - The company has established a robust "Learning and Development Policy" to enhance employee skills and knowledge, ensuring equal training opportunities for all employees[110] - The total number of employees increased from 816 in 2023 to 992 in 2024, representing a growth of 21.6%[100] - The average training hours per employee in 2024 were 4.09 hours for males and 13.84 hours for females, showing an increase for females from 8.52 hours in 2023[113] Sustainability and Environmental Initiatives - The group aims for sustainable development as a long-term goal, integrating climate-related and ESG factors into its strategic planning[37] - The company aims to reduce air pollutants, greenhouse gas emissions, and waste generation density based on 2021 as the baseline year[59] - The company is actively implementing measures to enhance energy efficiency and reduce emissions, including the installation of solar panels on building rooftops[61] - The company has established a waste control and recycling program, including a bulb recycling system[63] - The company has implemented climate risk assessments to identify and mitigate climate-related risks, including acute risks from extreme weather events[89] Corporate Governance - The company adheres to the corporate governance code as per the Hong Kong Stock Exchange listing rules during the reporting period, with deviations noted regarding attendance at the annual general meeting[151] - The board consists of a mix of executive, non-executive, and independent non-executive directors, ensuring compliance with the requirement for at least three independent non-executive directors[156] - The company has adopted anti-corruption and whistleblowing policies to maintain integrity and ethical conduct within its operations[153] - The board held a total of 2 meetings for the Board of Directors and 2 for the Audit Committee during the reporting period[163] - The company has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, in accordance with corporate governance practices[174] Community Engagement and Social Responsibility - Charitable donations made by the company amounted to approximately 600,000 MYR during the reporting period, compared to 161,000 MYR in 2023[138] - The Dapur Infinity project has distributed over 23,000 food packages to various charitable organizations since its launch in 2021[140] - The company is collaborating with local organizations to provide safe drinking water to the Kg Pos Hau village, benefiting 159 residents[144] - The company emphasizes the importance of corporate social responsibility and aims to build long-term relationships with stakeholders[138] - The company has committed to expanding the scope of anti-corruption training data disclosure in the future[137] Risk Management - The company has a risk management system in place, which is reviewed for effectiveness regularly[177] - The board believes that the risk management and internal control systems during the reporting period were adequate and effective[191] - The company encourages shareholders to attend general meetings, providing a platform for communication between shareholders and the board[196] - The independent consultant's report on risk management and internal control measures has been presented to the audit committee and the board for review[191] - The company emphasizes that the risk management and internal control systems are designed to manage risks rather than eliminate them[191]

Project Management and Expansion - The Group managed a total of 322 projects with a contracted gross floor area (GFA) of 54.198 million sq.m., an increase of 0.55% compared to 2023[22]. - The total GFA under management reached 49.260 million sq.m., with a commercial GFA of 2.719 million sq.m., representing a 3.79% increase from 2023[22]. - Market-oriented expansion GFA accounted for 21.249 million sq.m., which is 43.1% of the total GFA under management, showing a decrease of 1.1% compared to 2023[22]. - The Group established its presence in 58 cities across China, reflecting its ongoing market expansion efforts[22]. - The overall managed projects increased to 322 across 58 cities, reflecting a strategic focus on quality and sustainable growth in property management[24][27]. - The Group consolidated its core strategy of "penetrating the Greater Jiangsu Region" and identified ten key cities for expansion, including Nanjing, Shanghai, and Wuhan[47]. - The Group has expanded its geographic presence to 58 cities in China as of December 31, 2024[66]. Financial Performance - The Group achieved revenue of RMB1,026.7 million, a decrease of 3.6% compared to 2023, and gross profit of RMB199.6 million, down 20.9% from 2023[25][27]. - Net profit reached RMB15.1 million, representing an increase of 6.3% compared to 2023[25][27]. - Total revenue for the Group in 2024 was RMB 1,026,678,000, a decrease of 3.5% from RMB 1,063,634,000 in 2023[58]. - Revenue from property management services accounted for 80.1% of total revenue in 2024, slightly up from 79.0% in 2023[58]. - Community value-added services generated RMB 161,243,000 in revenue, representing 15.7% of total revenue, compared to 14.7% in 2023[58]. - Revenue from value-added services to non-property owners decreased to RMB 42,697,000, down from RMB 66,857,000 in 2023, marking a decline of 36.1%[58]. - The Group's gross profit decreased by approximately 20.9% to RMB199.6 million from RMB252.4 million in 2023, mainly due to reduced revenue from value-added services and increased costs[79]. - The gross profit margin for the Group was 19.4%, a decrease of 4.3% from 23.7% in 2023, influenced by the withdrawal from commercial property management projects and rising staff costs[81]. Customer Satisfaction and Service Quality - Customer satisfaction remained high, with non-residential property services exceeding industry standards despite a downward trend in the market[30][32]. - The Group is committed to a "customer-centered" service philosophy, focusing on quality-driven services to enhance customer trust and brand image[30][36]. - The Group aims to improve customer satisfaction and achieve stable growth through enhanced service quality and community engagement[44]. Strategic Focus and Development - The Group emphasized quality over quantity in its development strategy, focusing on high-quality project acquisition and management[19]. - The Group's strategy included shedding low-quality projects to enhance overall management quality and efficiency[19]. - The Group's commitment to understanding customer demands and building a strong brand image contributed to its stable development[21]. - The Group plans to continue expanding its business in 2025 while ensuring sustainable and quality growth in business scale and profits[118]. - The Group aims to provide accurate and targeted services in response to market changes and customer needs in 2025[117]. - The Group's development strategy focuses on penetrating the Greater Jiangsu Region and strengthening its foothold in the Yangtze River Delta Region, seeking new opportunities in central cities[123][126]. Technology and Innovation - The Group is investing in technology to create an intelligent property platform and improve service quality through digital transformation[34][36]. - The Group will continue to focus on customer-centered service and enhance its technological investments in the future[44]. Employee Management and Governance - The Group has established a systematic and market-competitive employee incentive plan to attract and retain talent, including a three-tier talent team training project[137]. - The Group's employee compensation is determined based on responsibilities, performance, and current market levels, supported by competitive incentive plans and comprehensive talent development programs[139]. - The company is expanding its management team with experienced professionals from various sectors, enhancing its operational capabilities[199]. - The company aims to leverage Mr. Hu's extensive financial background to improve financial operations and management[199]. - The company is committed to maintaining high standards of financial accountability and transparency through its audit committee[188]. Industry Challenges - The property management industry faced increased pressure on property fee pricing and service quality requirements, leading to intensified competition in certain markets[20]. - The overall industry growth has slowed, impacting the growth of property enterprises and increasing competition for high-quality stock projects[20]. - The property management industry growth rate was lower than the actual GDP growth rate, indicating increased competition in the inventory market[44]. Corporate Governance - The Group is committed to high standards of corporate governance and has complied with all applicable code provisions during the reporting period[156]. - The audit committee confirmed compliance with all applicable accounting principles and standards for the consolidated financial statements for the year ended December 31, 2024[168]. - The audit committee is responsible for reviewing and supervising the financial reporting process and internal control systems of the Group[171].

Financial Performance - Total revenue for 2024 was RMB 2,621,334,000, a decrease of 21% compared to 2023[7] - Management fees for 2024 amounted to RMB 631,505,000, down 10.7% from RMB 707,580,000 in 2023[7] - Performance fee income for 2024 was RMB 47,841,000, significantly lower than RMB 16,344,000 in 2023[7] - Operating income for 2024 was RMB 633,889,000, a decline of 42.3% from RMB 1,097,915,000 in 2023[7] - The company reported a net income of RMB 2,600,982,000 for 2024, down from RMB 3,294,696,000 in 2023[7] - For the fiscal year ending December 31, 2024, the company's net income was RMB 2,601.0 million, a decrease of 21.1% compared to 2023, primarily due to a reduction in global insurance product distribution[12] - Shareholders' net income dropped by 52.9% from RMB 1,009.5 million in 2023 to RMB 475.4 million in 2024[12] - The total revenue for 2024 was RMB 2,621.3 million, reflecting a decline of 21.0% from the previous year[13] - The company reported a significant decrease in operating income, which fell by 42.3% to RMB 633.9 million in 2024[13] - The total revenue from wealth management business was RMB 1,808.4 million in 2024, a decrease of 27.7% compared to RMB 2,500.6 million in the previous year[29] - Wealth management business total revenue fell by 27.7% from RMB 2,500.6 million in 2023 to RMB 1,808.4 million in 2024, with fundraising volume decreasing by 13.8%[42] Market Strategy and Expansion - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[7] - New product development initiatives are underway to improve service offerings and client engagement[7] - The company is exploring potential mergers and acquisitions to strengthen its market position[7] - Future guidance indicates a cautious outlook, with expectations of gradual recovery in revenue streams[7] - The company aims to expand its influence in overseas markets, particularly among Chinese high-net-worth individuals, where it currently captures only 0.3% of the estimated 500,000 potential clients[10] - The company is committed to strategic investments to enhance its global presence and adapt to changing regulatory environments[11] - The company plans to expand its international infrastructure, particularly in Hong Kong, Singapore, and the United States, to enhance market penetration and support growth[35] Operational Efficiency and Cost Management - Total operating expenses for 2024 were RMB 1,967,093,000, a decrease of 10.4% compared to RMB 2,196,781,000 in 2023[7] - Operating costs and expenses decreased by 10.5% from RMB 2,196.8 million in 2023 to RMB 1,967.1 million in 2024, mainly due to the implementation of cost control measures[48] - The operating costs and expenses of the wealth management business decreased by 13.4% from RMB 1,681.4 million in 2023 to RMB 1,456.7 million in 2024, primarily due to a reduction in sales expenses[49] Compliance and Risk Management - The company has undergone significant compliance restructuring in response to tightening regulatory environments, including the separation of domestic sales teams into independent licensed entities and streamlining branches to core cities, which is expected to reduce fixed costs and enhance future operational efficiency[18] - The company has implemented risk management and internal control policies to ensure effective operations and compliance with applicable laws and regulations[91] - The company conducts strict customer due diligence processes, including identity verification and financial source declarations, to mitigate risks[92] - The company has a dedicated information security team to manage data and system-related risks, ensuring customer data protection[92] Corporate Governance - The company emphasizes compliance and governance, with dedicated committees overseeing ethical conduct and environmental, social, and governance (ESG) practices[160] - The board is committed to high standards of corporate governance, which is essential for protecting shareholder interests and enhancing corporate value[180] - The governance report indicates that the board's composition meets the requirement of having at least three independent directors, constituting over one-third of the board[198] - All independent directors confirmed their independence according to the Hong Kong Listing Rules, ensuring compliance with governance standards[195] Human Resources and Management - The total number of employees as of December 31, 2024, was 1,990, with 29.7% in business development roles[75] - The management team has a strong educational background, with degrees from prestigious institutions such as CEIBS and Shanghai University of Finance and Economics[168] - The company provides training for new employees to enhance their understanding of corporate culture, policies, and quality awareness[183] Shareholder Returns - The company has proposed a final dividend of RMB 275 million (approximately USD 37.7 million) for the year ending December 31, 2024, which is 50% of the net income attributable to shareholders under non-GAAP[140] - The proposed special dividend also amounts to RMB 275 million (approximately USD 37.7 million), to be paid from accumulated cash reserves prior to 2024[140] Customer Relations and Market Position - The company is a leading wealth management service provider, primarily targeting high-net-worth Chinese investors, with a comprehensive range of investment products including private equity and public market securities[82] - The company aims to be the most trusted wealth management advisor for high-net-worth individuals globally, aligning its business model with long-term strategic goals[188] - Revenue from the top five customers accounted for 20.0% of total revenue for the year ended December 31, 2024, down from 28.6% in 2023[116] Charitable Contributions - The group made charitable donations of RMB 93 million for the year ended December 31, 2024, an increase from RMB 63 million in 2023[126]