Financial Performance - In FY2024, the Group reported revenue of approximately HK$648.0 million, a decrease of approximately HK$63.1 million or 9.7% compared to FY2023[14]. - Profit for the year decreased by 77.8% to approximately HK$1.0 million for FY2024 from approximately HK$4.5 million for FY2023[14]. - Revenue for FY2024 decreased to approximately HK$648.0 million, down 9.7% from HK$717.6 million in FY2023, primarily due to a decline in Enterprise IT solutions revenue[55]. - Revenue from Professional IT services decreased by approximately HK$89.7 million or 23.6% due to the completion of several large contracts in FY2023[62]. - Revenue from distribution and resale decreased by approximately HK$5.4 million or 2.2% from approximately HK$251.0 million for FY2023 to approximately HK$245.6 million for FY2024[68]. - Revenue from Managed services increased by approximately HK$24.1 million or 87.0%, contributing to the overall revenue growth in high-profit businesses[62]. - The cost of sales and services decreased by approximately HK$78.7 million or 13.1% to approximately HK$523.2 million for FY2024 from approximately HK$601.9 million for FY2023[70]. - Other income increased by approximately HK$9.2 million or 112.2% to approximately HK$17.4 million for FY2024 from approximately HK$8.2 million for FY2023, primarily due to increased government grants for R&D activities and income from a partnership agreement in Macau[76][79]. Business Strategy and Development - The Group is enhancing its business model by expanding its product range and improving solution integration capabilities to capitalize on digital transformation and AI advancements[15]. - The Group continues to expand its footprint in the Greater Bay Area, leveraging policy benefits and initiatives such as cross-border data flow pilots and tax incentives[21]. - The Group anticipates stable growth in its traditional IT solutions business driven by investments from non-gaming operators in Macau and the government's push for economic diversification away from gaming[25][32]. - The Group's strategy includes scaling SaaS subscription services to diversify revenue streams from technology licensing[40]. - The Group is focusing on expanding Managed services and IT maintenance and consultancy services in Macau and Hong Kong, anticipating steady revenue contributions from these services[61]. - The Group plans to enhance R&D in core AI technologies, focusing on industry-specific solutions such as AI-driven risk control systems for financial institutions and AI-powered footfall analytics for smart retail[43][42]. Research and Development - A dedicated R&D team specializing in AI and large language models was established in Macau, achieving breakthrough progress in developing foundational large language models and BCI applications[16]. - The Group registered 26 software copyrights and 57 patents related to AI and BCI technologies as of December 31, 2024, showing significant growth from 17 copyrights and 31 patents in the previous year[45]. - The Group plans to invest in R&D for technologies such as multi-agent information security alert analysis to enhance competitive advantage and boost revenue[64]. - Research and development expenses increased by approximately HK$8.4 million or 84.0% to approximately HK$18.4 million for FY2024, driven by investments in BCI technologies and the establishment of a new R&D team in Macau[82][86]. Market Opportunities - The digital transformation wave and rapid advancements in the AI industry present significant opportunities, particularly in Macau, Hong Kong, and the PRC[22]. - Investments by Macau gaming operators in non-gaming sectors and intelligent transformation are expected to drive steady growth in the traditional Enterprise IT solutions business[22]. - The demand for IT solutions is expected to rise significantly as local enterprises plan to increase investments in IT infrastructure renovation and new IT upgrade projects in response to digital transformation trends[30][32]. - The Macau SAR government's "1+4" diversification strategy aims to enhance Macau's role in integrated tourism and leisure while promoting emerging industries, which will increase the demand for IT solutions[32]. - The increasing integration of IT elements in traditional industries, such as tourism and gaming, is expected to create new business opportunities for the Group[32]. Governance and Leadership - The board consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors[132]. - The Group has been actively involved in talent cultivation through a scholarship and internship awards program launched in May 2019[139]. - The Group's leadership team includes individuals with advanced degrees and certifications, enhancing their expertise in their respective fields[150]. - The Group's executives have been recognized for their contributions, with Mr. Ng awarded as Guangdong-Hong Kong-Macao Greater Bay Area Outstanding Young Entrepreneur in 2023[153]. - The Group's management structure includes roles dedicated to sales, application development, and innovation and R&D[189]. Financial Position - As of December 31, 2024, cash and cash equivalents increased to approximately HK$85.9 million from approximately HK$28.7 million as of December 31, 2023, mainly due to decreased pledged deposits and cash inflow from operations[93][97]. - The gearing ratio as of December 31, 2024, was approximately 4.4%, with total borrowings increasing to approximately HK$14.7 million from approximately HK$11.1 million in the previous year[98]. - The Group's total borrowings as of December 31, 2024, were approximately HK$14.7 million, up from HK$11.1 million as of December 31, 2023, with a capital debt ratio of about 4.4% compared to 3.3% in the previous year[103]. - Total staff costs incurred by the Group for FY2024 were approximately HK$136.9 million, an increase from approximately HK$112.1 million for FY2023[110]. - The Group employed a total of 341 employees as of December 31, 2024, compared to 287 employees as of December 31, 2023[110]. Community Engagement - The Group's commitment to community service is demonstrated by its executives' involvement in local advisory committees[153].

Financial Performance - The group recorded total revenue of approximately RMB 84,460,000 for the year ending December 31, 2024, an increase from RMB 74,137,000 in 2023, representing a growth of about 13.9%[4][5] - The profit attributable to the owners of the company for the same period was approximately RMB 4,350,000[4] - The increase in revenue of approximately RMB 10,323,000 from the previous year indicates a positive trend in sales performance[5] - The overall gross profit for the year ending December 31, 2024, was approximately RMB 25,068,000, with a gross profit margin of 29.7%, stable compared to 29.1% for the previous year[13] - The company reported a profit attributable to owners of the company of approximately RMB 4,350,000 for the year ending December 31, 2024, down from RMB 8,521,000 the previous year, primarily due to goodwill impairment related to marine firefighting equipment[20] - Revenue for the year ended December 31, 2024, was RMB 84,460,000, an increase of 13.5% from RMB 74,137,000 in 2023[170] - Gross profit for 2024 was RMB 25,068,000, representing a gross margin of 29.6%, compared to RMB 21,550,000 in 2023[170] - The company reported a net profit of RMB 9,868,000 for 2024, down 13.9% from RMB 11,477,000 in 2023[171] - Basic and diluted earnings per share for 2024 were RMB 2.32, a decrease from RMB 4.55 in 2023[170] Expenses and Costs - Other income and gains decreased from approximately RMB 4,950,000 for the year ending December 31, 2023, to approximately RMB 4,279,000 for the year ending December 31, 2024, primarily due to a reduction in interest income[14] - Selling and distribution expenses increased by approximately 15.7%, from RMB 3,096,000 to about RMB 3,581,000, mainly due to rising transportation and employee costs[15] - Administrative expenses rose by 28.9%, from approximately RMB 11,291,000 to RMB 14,555,000, attributed to increased general administrative costs and legal and professional fees[16] - Financial expenses decreased by approximately 36.4%, from RMB 368,000 to RMB 234,000, mainly due to a decline in interest rates charged by banks[17] - Total administrative expenses increased to RMB 14,555,000 in 2024 from RMB 11,291,000 in 2023, reflecting a rise of 29.9%[170] Assets and Liabilities - As of December 31, 2024, the group's current assets amounted to RMB 178,674,000, resulting in a current ratio of 12.9, an increase from 11.9 as of December 31, 2023[21] - Trade receivables increased by 52.7% to approximately RMB 15,627,000, primarily due to increased sales of aquarium products and marine firefighting equipment[21] - The group's debt-to-equity ratio improved to 16.4% as of December 31, 2024, down from 18.9% as of December 31, 2023, indicating enhanced financial stability[22] - The net asset value of the group was approximately RMB 173,943,000 as of December 31, 2024, compared to RMB 163,024,000 as of December 31, 2023[28] - The company's total liabilities decreased from RMB 30,890,000 to RMB 29,467,000, a reduction of approximately 4.6%[173] Corporate Governance - The company has a board of directors consisting of six members, including three executive directors and three independent non-executive directors, with meetings held seven times in 2024 to discuss strategic and financial matters[42] - The audit committee held five meetings in 2024 to review the consolidated financial statements and discuss the company's financial performance and internal audit matters[48] - The company has adopted the GEM Listing Rules Appendix 15 corporate governance code, ensuring responsible decision-making and transparency in shareholder communications[40] - The company’s management team has been tasked with reviewing internal controls and risk management systems annually to ensure they meet expected goals[44] - The company has ensured compliance with the GEM Listing Rules regarding securities trading by its directors[41] Employee and Labor Relations - The group had 98 employees as of December 31, 2024, an increase from 84 employees in the previous year[29] - Employee turnover rate for the year is 17%, with 28% for males and 3% for females[86] - 50% of executive directors and senior management received training this year, with an average training hours of 20 for both male and female employees[93] - No work-related fatalities have occurred in the past three years, and there were no lost workdays due to occupational injuries[90] - The company provides competitive employment benefits, including discretionary bonuses and medical insurance, to attract and retain talent[85] Environmental, Social, and Governance (ESG) - The company is committed to environmental, social, and governance (ESG) practices, adhering to national regulations and promoting sustainable development[62] - The board of directors actively participates in overseeing ESG matters and has set annual environmental protection goals focused on eco-friendliness and energy conservation[61] - The company has implemented a diversity policy for board members, considering various factors such as gender, age, and professional experience[54] - The company emphasizes resource efficiency and has established a framework to systematically optimize resource usage[75] - The company supports the "3R" waste hierarchy (Reduce, Reuse, Recycle) to minimize waste generation[68] Shareholder Information - As of December 31, 2024, Mr. Zhou Jinhui holds 133,170,000 shares, representing approximately 71.05% of the total issued share capital[137] - The major shareholder, Liancheng Fire Group Co., Ltd., owns 131,870,000 shares, accounting for about 70.36% of the registered share capital[139] - The company has not provided any indemnity provisions for directors' liabilities during the year[134] - The company re-elected its directors on June 30, 2023, with terms lasting until the 2026 annual general meeting[132] Financial Reporting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with relevant Hong Kong regulations[185] - The company has adopted revised International Financial Reporting Standards, which did not impact its financial position or performance[189] - The group plans to apply the newly issued and amended IFRS standards when they become effective, as applicable[191] - The company adopts the acquisition method for business combinations, measuring the transferred consideration at fair value on the acquisition date[199] - Goodwill is initially measured as the excess of the transferred consideration, recognized non-controlling interest, and the fair value of previously held equity interests over the net identifiable assets acquired[200]

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately HKD 219 million, a decrease of about 26.5% compared to HKD 298 million in the previous year[9]. - The company recorded a loss attributable to equity holders of approximately HKD 40.2 million, compared to a profit of approximately HKD 5.9 million in the previous year[9]. - Revenue from the cold storage and related services business decreased by approximately 21.8%[9]. - Revenue from the food and beverage trading and sales business in mainland China decreased by approximately 42.6%[9]. - As of December 31, 2024, the company's basic and diluted loss per share was HKD (13.87), a significant decline from HKD 2.02 in 2023[28]. - The total liabilities to total assets ratio increased to 1.04 in 2024 from 0.93 in 2023, indicating a deterioration in financial leverage[28]. - The company's cash and bank balances decreased to approximately HKD 59.8 million in 2024 from HKD 62 million in 2023, primarily due to reduced cash generated from operations[29]. - The asset-liability ratio dropped to -43.7% in 2024 from 197.4% in 2023, reflecting a significant decrease in total equity from approximately HKD 17.7 million to a total deficit of about HKD 22.9 million[29]. - The group reported a net loss of approximately HKD 40,228,000 for the year ending December 31, 2024, with current liabilities netting approximately HKD 88,556,000 and total liabilities netting approximately HKD 22,875,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[146]. Operational Strategy - The company plans to enhance the operational efficiency of its cold storage facilities and effectively manage costs to optimize revenue[8]. - The company has implemented internal business restructuring to focus on a product mix targeting the mass market with moderate profit margins[7]. - The company aims to diversify its customer base to maintain and attract demand for storage and logistics services[12]. - The company has decided not to renew the agreement for its Tsing Yi warehouse and will transfer all customers to the Kwai Hoi Street warehouse, which is expected to save significant costs[11]. - The company is focusing on improving the operational efficiency of temperature-controlled warehouse areas to meet market demand from grocery distributors, supermarkets, and restaurants[12]. - The company is actively seeking new opportunities in the frozen warehouse and logistics sector and aims to enhance its core business through value-added services[22]. - The company has implemented strict cost control measures to manage its business and operational risks, ensuring a balance between safety and profitability[17]. - The company aims to optimize human resources as part of its ongoing efforts to improve operational efficiency[22]. Market Outlook - The company expresses cautious optimism regarding economic recovery in mainland China, Hong Kong, and globally[8]. - The company anticipates a gradual recovery in its frozen warehouse and logistics business in Hong Kong and food and beverage distribution in mainland China due to government economic stimulus measures[21]. - The profitability of the food and beverage distribution business in mainland China is expected to recover due to the development of diversified wholesale channels and an enriched product portfolio[24]. Customer and Supplier Relations - The group reported that the top five customers accounted for approximately 38% of total revenue, with the largest customer contributing about 16%[52]. - The group’s top five suppliers represented around 62% of total procurement, with the largest supplier accounting for approximately 39%[52]. Corporate Governance - The company maintains a high level of corporate governance practices[87]. - The board consists of three committees: Audit Committee, Nomination Committee, and Remuneration Committee, which assist in monitoring management functions[93]. - The board includes three independent non-executive directors, exceeding one-third of the total board members, ensuring independence in decision-making[95]. - The independent opinion policy was adopted to ensure the board receives independent advice and information[96]. - The board is responsible for approving and monitoring business plans, assessing group performance, and overseeing management[104]. - The company has established risk management policies to enhance its ability to prevent risks and ensure stable operations[92]. - The board will continue to monitor corporate governance practices to ensure appropriate regulation of daily business activities and decision-making processes[92]. Shareholder Communication - The company emphasizes two-way communication with shareholders and investors, welcoming inquiries and suggestions through designated channels[159]. - The company has adopted a shareholder communication policy to ensure timely, clear, and comprehensive information is provided to shareholders[163]. - The board will review the implementation and effectiveness of the shareholder communication policy annually[173]. - The company ensures that all sensitive information is disclosed in accordance with listing rules to maintain transparency[162]. ESG and Sustainability - The company plans to enhance its sustainable development performance and integrate sustainability further into its core strategy[189]. - The board is responsible for the ESG strategy direction, ensuring it reflects the company's values and core business issues[191]. - The company aims to actively participate in ESG-related programs starting from the next fiscal year to continuously improve its ESG performance[193]. - The group has implemented the ISO 9001:2015 quality management system during the reporting period[195]. - The group participates in the HKQAA ESG Connect program to disclose its ESG measures and connect with stakeholders[195]. - The importance matrix identifies key ESG aspects, including energy, water, and occupational health and safety[200]. - The group is committed to creating a comfortable and healthy work environment for employees[196]. Risk Management - The audit committee has met twice to review risk management and internal control systems, ensuring the reliability of financial reporting[142]. - The audit committee has maintained appropriate relationships with external auditors to ensure the objectivity and reliability of the financial reporting system[142]. - The company has established a whistleblowing policy to encourage reporting of misconduct, with no reports received during the review period[154]. - An independent internal control consultant has been appointed to assess the adequacy of the risk management and internal control systems across subsidiaries[155].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,573,469, a decrease of 7.2% compared to RMB 3,848,973 in 2023[11]. - Gross profit for 2024 was RMB 882,658, down 25.3% from RMB 1,182,364 in 2023[11]. - The company reported a net loss of RMB 558,659 for 2024, a significant decline from a profit of RMB 62,318 in 2023, representing a 996.5% change[11]. - The company reported a basic and diluted loss per share of RMB 28.25 for 2024, compared to earnings of RMB 1.50 per share in 2023, marking a 1,983.3% change[11]. - The gross profit decreased by RMB 299.7 million or 25.3% to RMB 882.7 million in 2024, with a gross margin of 24.7%, down from 30.7% in 2023[63]. - The total sales cost for the year ended December 31, 2024, was approximately RMB 2,690.8 million, a slight increase of RMB 24.2 million or 0.9% from RMB 2,666.6 million in 2023[62]. - Administrative expenses decreased by RMB 35.8 million or 7.1% to RMB 471.6 million in 2024, reflecting improved management efficiency[66]. - The net loss for the year ended December 31, 2024, was approximately RMB 558.7 million, compared to a net profit of RMB 62.3 million in 2023[69]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 6,184,524, a decrease of 10.3% from RMB 6,894,358 in 2023[11]. - Total liabilities decreased by 4.5% to RMB 3,042,413 in 2024 from RMB 3,184,955 in 2023[11]. - As of December 31, 2024, the group's cash and cash equivalents amounted to approximately RMB 1,145.6 million, a decrease of about 20.6% from RMB 1,442.9 million as of December 31, 2023[71]. - The total borrowings of the group as of December 31, 2024, were approximately RMB 524.1 million, down from RMB 637.0 million as of December 31, 2023[72]. - Trade receivables increased to approximately RMB 2,783.6 million as of December 31, 2024, representing an increase of about RMB 342.4 million or 14.0% from RMB 2,441.2 million as of December 31, 2023[73]. - Trade payables rose to approximately RMB 609.0 million as of December 31, 2024, an increase of about RMB 74.2 million or 13.9% from RMB 534.8 million as of December 31, 2023[74]. Business Strategy and Operations - The company aims to leverage industry opportunities through active developer collaborations and third-party market expansion strategies[9]. - The company plans to enhance operational efficiency and service quality through technology-driven initiatives[9]. - The company is focused on achieving high-quality development across various business sectors to strengthen its market position[9]. - The company is shifting its development strategy from prioritizing scale to prioritizing efficiency, actively cutting low-revenue and high-management difficulty projects[20]. - The company aims to improve customer service experience and operational quality through organizational restructuring and management standardization[22]. - The company is focusing on enhancing operational efficiency and quality service to adapt to the challenges of rising costs and market competition[20]. - The company is actively pursuing the collection of outstanding receivables related to the acquisition of Youhuo Zhiliang, with ongoing legal actions initiated since the second half of 2023[140]. Revenue Segmentation - For the fiscal year ending December 31, 2024, the company achieved revenue of approximately RMB 3,573.5 million, with third-party revenue increasing from 82.9% in 2023 to 88.6% in 2024[22]. - The residential property segment achieved revenue of approximately RMB 1,769.2 million, representing a year-on-year growth of about 1.4%[37]. - The residential property management service revenue increased by 9.2% year-on-year, driven by the steady expansion of managed project scale and continuous improvement in service quality[37]. - The non-residential property segment recorded revenue of approximately RMB 1,804.3 million, a year-on-year decline of 14.3% due to strategic contraction in urban services[38]. - The revenue contribution from the Greater Bay Area in the residential segment was approximately RMB 699.2 million, accounting for 39.5% of the total residential revenue in 2024[46]. - The revenue from community value-added services in the residential segment decreased due to pressure in the real estate market, leading to a reduction in the number of sales offices managed[45]. - The company focused on strategic areas, with revenue from the Greater Bay Area and Yangtze River Delta accounting for about 59% of the residential property management services revenue[45]. Corporate Governance - The board of directors is responsible for improving the company's financial performance and making decisions in the best interest of the company[81]. - The board composition includes a mix of executive and independent non-executive directors, ensuring a balance of power and independent judgment[86]. - The company has adopted a board diversity policy, ensuring a range of backgrounds and expertise among board members[86]. - The board has established mechanisms to ensure independent viewpoints, with at least three independent non-executive directors making up at least one-third of the board[88]. - The board held a total of 4 regular meetings and 1 annual general meeting during the year ending December 31, 2024[90]. - The CEO position was separated from the chairman role, with Wang Zhongqi appointed as CEO effective August 29, 2024, following Wang Jianhui's resignation[92]. - All directors participated in training sessions to enhance their knowledge and skills, ensuring compliance with corporate governance codes[95]. Risk Management - The risk management system is integrated into core business operations, with operational units responsible for identifying and managing their own risks[112]. - The company has implemented a three-line defense model for risk management, involving operational units, functional departments, and a dedicated risk control team[112]. - The risk control team conducts regular risk assessments and develops internal audit plans based on the results[112]. - The board has evaluated the effectiveness of the risk management and internal control systems, deeming them effective and sufficient for the fiscal year ending December 31, 2024[112]. Shareholder Relations - The company is committed to maintaining ongoing dialogue with shareholders and stakeholders through regular updates and investor relations activities[123]. - The company will hold a special general meeting within two months if a valid request is made by shareholders holding at least 10% of the voting rights[114]. - The board will consider multiple factors when declaring dividends, including financial performance, shareholder interests, and capital requirements[120]. - The company has established a shareholder communication policy to ensure equal and timely access to information for shareholders through its website and other platforms[123]. Social Responsibility and Sustainability - The company is committed to fulfilling its corporate social responsibility while ensuring high-quality living for property owners[22]. - The company is committed to integrating ESG strategies into every aspect of its operations, focusing on sustainable development and social responsibility[30]. - The group made charitable donations of approximately RMB 378,000 during the year[188].

Financial Performance - Revenue surged over threefold year-on-year to HK$3.55 billion, reaching a record high since listing[13] - EBITDA grew by 425% year-on-year to HK$303 million[13] - The company remained in a loss-making position for the full year, consolidating BTHL Group's financial data only from August to December 2024[13] - The Group's net loss for the year was approximately HK$181.6 million, an increase of 449.2% from HK$33.1 million in 2023, primarily due to depreciation and finance costs related to the acquisition of BTHL[121] - EBITDA for the Group reached approximately HK$302.9 million, a significant increase of 425.2% from HK$57.7 million in the previous year[122] - Operating costs increased to approximately $3,557.5 million, up 272.5% from $954.9 million in 2023, primarily due to increased inventory costs and consolidation of BTHL Group[133] - Finance costs rose to approximately $190.9 million from $31.7 million, largely due to liabilities from deferred payments related to the acquisition[134] Strategic Expansion - The company increased its stake in Bravo Transport Holdings Limited, becoming its largest shareholder, marking a strategic expansion into public transportation and media advertising sectors[12] - A name change from "Hans Energy Company Limited" to "Hans Group Holdings Limited" was completed to reflect the broader business scope[12] - The group completed the acquisition of a 70% stake in BTHL on July 31, 2024, making it a non-wholly owned subsidiary, enhancing its bus service operations under the "Citybus" brand[29][30] - The acquisition of 54.44% of the total issued shares of BTHL was a significant investment for the Group, enhancing its market position[150] Hydrogen Energy Development - The first double-deck hydrogen bus was approved for operation on multiple routes, pioneering hydrogen energy application in public transport[17] - A hydrogen supply cooperation framework agreement was signed with Grand Resource Hydrogen Energy Science & Technology Co., Ltd. to ensure stable hydrogen supply for Citybus[17] - The company aims to capitalize on hydrogen energy opportunities to reduce operating expenses for Citybus[14] - The Group has committed to a zero-emission transition plan (MissionZero) for Citybus, with a goal of transitioning to 70% hydrogen-powered and 30% electric buses by 2045[111] - The Group signed a hydrogen supply framework agreement with Grand Resource Hydrogen Energy Science & Technology Co., Ltd. to ensure a stable and competitively priced hydrogen supply for its hydrogen bus fleet[111] Operational Efficiency - The company is actively enhancing operational efficiency through service scheduling optimization and digital upgrades[14] - The company aims to provide high-quality, efficient, and safe public transportation services while reducing costs and increasing efficiency for sustainable development[22][24] - The Group will continue to enhance operational efficiency and drive sustainable growth by integrating its various business segments[115] Transportation Services - As of December 31, 2024, Citybus operated 235 franchised bus routes, including 97 routes on Hong Kong Island, 85 cross-harbour routes, and 53 routes in Kowloon and the New Territories[66] - Citybus carried approximately 358.8 million passenger journeys in 2024, averaging over 1 million journeys per day, representing about 25.9% of the total daily average passenger journeys of all franchised bus operators in Hong Kong[67] - The new HK City Sightseeing service launched in 2024 operates three routes with departures every 8 minutes, enhancing tourist access to key attractions and retail outlets[73] - Citybus successfully bid for a new route package in September 2023, with operations commencing in April 2024, serving the Shap Sze Heung development area[70] Advertising and Media - Bravo Media Limited manages Citybus's advertising services under a ten-year contract, expanding advertising opportunities across MTR lines[106] - The advertising partnership allows BML to connect with over 3.2 million patrons daily, enhancing brand visibility across Hong Kong[107] - Advertising income reached approximately $189.4 million, reflecting new revenue streams from advertising services post-acquisition[129] Market Opportunities - The company is actively exploring overseas market opportunities by bidding for new market franchises to expand its transportation solutions without significant capital investment[22][24] - The Group's advertising services, managed by Bravo Media, have expanded their coverage, now reaching over 3.2 million passengers daily across 109 MTR stations and Citybus routes[110] Employee and Community Engagement - Citybus has implemented family-friendly policies, including 24 weeks of full-pay maternity leave and 2 weeks of full-pay paternity leave, prioritizing employee well-being[86] - The overall female workforce at Citybus has increased by 25% year-on-year, with the proportion of female bus captains rising by over 30%[89] - In 2024, Citybus partnered with Ebenezer New Hope School to create the first "Barrier-Free Bus Classroom," enhancing inclusive travel experiences[95] - The "Citybus Lite" App launched in April 2024, designed for elderly and disabled customers, offering ad-free access to bus arrival times and route information[96] Financial Position and Debt Management - As of December 31, 2024, the Group's total assets were approximately $9,870.2 million, a significant increase from $1,957.0 million in 2023[143] - The gearing ratio increased to 89.2% in 2024 from 37.0% in 2023, indicating a higher level of debt relative to total assets following the acquisition[144] - The Group successfully obtained new loan facilities of up to $2,800 million, including a term loan of $2,000 million and revolving loans of $800 million, to refinance existing loans and support working capital[145] - The total outstanding bank and other borrowings reached approximately $2.3948 billion as of December 31, 2024, up from $564 million in 2023, largely due to the consolidation of BTHL's bank loans totaling $1.7116 billion[147] Leadership and Management - Mr. David An has been the Chairman and an executive Director since July 2002, with extensive experience in petroleum trading and property investments in China[193] - Mr. Yang Dong has served as the Chief Executive Officer since July 2016, bringing significant experience in international trade of petroleum and chemical commodities[194] - Mr. Zhang Lei, an executive Director since August 2007, has expertise in petrochemical technology and project management, with a background in financial accounting policies in China[195] - Mr. Li Wai Keung was re-designated as an executive Director in July 2024, previously serving as an independent non-executive Director since July 2002, and has held various senior management positions in listed companies[197]

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 50.8 million, a decrease from HKD 58.4 million in the previous year, representing a decline of about 12.9%[17]. - Total revenue for the group decreased by 13.0% from HKD 58.4 million in 2023 to HKD 50.8 million in 2024[31]. - Brokerage income decreased by approximately 16.3% to HKD 11.8 million from HKD 14.1 million in 2023, reflecting a challenging capital market environment in Hong Kong[17]. - Wealth management service revenue remained stable at HKD 6.6 million, compared to HKD 6.7 million in 2023[18]. - Investment management services generated revenue of HKD 5.1 million, an increase from HKD 4.5 million in the previous year, indicating a growth of approximately 13.3%[18]. - Interest income decreased by HKD 7 million to HKD 22.8 million from HKD 29.8 million in 2023, primarily due to stabilizing market interest rates[19]. - The group recorded a net loss attributable to shareholders of approximately HKD 35.1 million for the year, significantly improved from a net loss of HKD 95.2 million in 2023[20]. - The impairment charge for the year was approximately HKD 400,000, a substantial decrease from HKD 42.9 million in the previous year, reflecting improved credit control measures[20]. Business Expansion and Development - The company established a new office in Qingdao, enhancing its business network in key economic regions of China, including the Greater Bay Area and the Yangtze River Delta[13]. - The company participated as a joint lead manager and underwriter in Horizon's IPO, contributing significantly to revitalizing the local stock market[13]. - The company won the "Best Financial Services Award in the Greater Bay Area," reflecting its successful expansion of the customer base and deepening interactions through various promotional activities[13]. - The group has expanded its wealth management and family office services in the Greater Bay Area and other major cities, aiming to capture significant market opportunities[18]. - The company is focusing on expanding investment-related services and enhancing distribution channels through internal sales team training and development[45]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share within the next two years[58]. Technological Innovation - The company upgraded its trading platform and integrated it with backend systems to streamline operations and enhance customer experience[13]. - The company is initiating a research program to integrate AI technology into investment decision-making processes, aiming to provide real-time insights for global asset allocation and tactical security selection[14]. - The company launched a research project to apply artificial intelligence for real-time decision-making in global asset allocation and tactical security selection[41]. - The company is investing $5 million in research and development for new trading algorithms to improve trading efficiency[60]. Employee and Workforce Management - The total employee wage cost for the group was HKD 45,500,000 for the year[47]. - The group employed 106 employees as of December 31, 2024[47]. - The employee turnover rate decreased to 25.62% in 2024 from 31.46% in 2023, indicating an improvement in employee retention[175]. - The company has implemented various training programs to enhance employee skills and overall competitiveness, including product knowledge and compliance training[49]. - The company achieved a total of 4,366 training hours during the reporting period, compared to 1,428 hours in 2023[181]. - 100% of male employees and 95.83% of female employees received training in 2024, with average training hours of 47.31 and 33.79 respectively[181]. Corporate Governance - The company has fully complied with the corporate governance code for the year ending December 31, 2024, with some exceptions noted[67]. - The board consists of five executive directors and three independent non-executive directors, ensuring over one-third of the board members are independent[72]. - The company maintains a mechanism to ensure the board receives independent opinions and views, which is reviewed annually[76]. - The board is responsible for overall strategy formulation, reviewing corporate and financial policies, and overseeing business management[77]. - The company has established a nomination committee to identify suitable candidates, including independent non-executive directors, for appointment to the board[79]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's initiatives and performance in sustainability, covering key performance indicators relevant to its operations in Hong Kong[135][136]. - The company emphasizes the importance of stakeholder engagement and materiality assessment in preparing its ESG report[139]. - The company is committed to sustainability and has outlined its performance and challenges in the ESG report, adhering to accuracy and fairness principles[139]. - The company received multiple awards for its environmental and social efforts during the reporting period, including the Hong Kong Environmental Excellence Award for waste reduction[152]. - The total greenhouse gas emissions density decreased by approximately 9% compared to 2023, primarily due to reduced electricity consumption, but increased by 67% compared to the 2021 baseline due to decreased revenue[154]. Risk Management - The company has established a risk management and internal control system to identify, assess, manage, and report significant risks[117]. - The risk register records all identified major risks and provides updates to the board and management on mitigation measures taken[117]. - An independent professional consultant was engaged to review the adequacy and effectiveness of the internal control and risk management systems[126]. - The board is not aware of any significant internal control deficiencies or major concerns that could affect shareholder interests as of December 31, 2024[127]. Community Engagement - The company has sponsored community initiatives, including a donation of approximately HKD 33,000 to support social services[198]. - The company participated in volunteer activities to reduce food waste and assist underprivileged families[198]. - The company collaborated with local organizations to support community fundraising events[198].

Financial Performance - Total revenue for 2024 reached RMB2,572 million, representing a year-over-year increase of 19.9%[62]. - Gross profit for the year was RMB1,189,995, with a gross profit margin of 46.3%, up 0.7 percentage points from the previous year[55][62]. - Net profit increased by 9.7% year-over-year to RMB252 million[62]. - Revenue from aesthetic medical services reached RMB928 million, up 9.1% year-over-year[62]. - Revenue from subhealth medical services skyrocketed to RMB201 million, marking a 98.9% year-over-year increase[62]. - Revenue from beauty and wellness services amounted to RMB1,443 million, an increase of 20.9% year-over-year, with a gross profit margin of 40.7%, up 1.1 percentage points[73][75]. - Revenue from the Women's Special Care Center exceeded RMB100 million, increasing over 300% year-over-year, with active members rising by more than 200% year-over-year[101]. - The acquisition of the AI-Powered wellness brand Naturade contributed RMB162 million in revenue since its consolidation in July 2024[122]. - Revenue from beauty and wellness services in direct stores rose by 20.9% from RMB1,080 million in 2023 to RMB1,306 million in 2024[122]. Market Expansion and Acquisitions - The company successfully completed the acquisition of the Guangzhou Naturade brand, expanding its store count to 554 and strengthening its market share in the Greater Bay Area[32]. - The company acquired a 70% stake in Naturade for RMB350 million, marking its entry into the wellness sector[57]. - Naturade contributed RMB287.3 million in revenue to the Group, with 232,860 client visits and 34,252 active members recorded in the second half of 2024[103]. - The company plans to enhance its brand strength through acquisitions or partnerships with upstream skincare brands[35]. - The company will continue to pursue both horizontal and vertical industry consolidation opportunities to expand its market presence[40]. Customer Engagement and Service Innovation - The company upgraded its "Craftsmanship Service" program to better meet customer needs, resulting in a significant market response with 12 monthly sales exceeding 100 million[19][23]. - The successful launch of the LPG BF+ Program highlights the company's ability to respond to growing demands for pain management and body sculpting[19][23]. - The company continues to focus on member value and customer-centric services, addressing the dual challenges faced by women in urban areas[19][23]. - The company is committed to industry innovation, tracking market dynamics to adapt to modern women's evolving needs[19][23]. - The company plans to launch a "Craftsmanship Service" brand upgrade program in 2025, aiming to enhance service quality and customer experience[79]. Operational Efficiency and Technology - The company has invested hundreds of millions of RMB in building digital capabilities over the past five years, transitioning from IT-based systems to data-driven intelligence[36]. - The launch of the CellCare self-developed aesthetic medical business management system in May 2024 significantly enhanced operational efficiency across various business levels[95]. - The company is focused on innovative applications of AI technology in the beauty and health sectors to enhance operational efficiency[39]. - The company plans to deploy AI-powered skin diagnostic devices in all beauty and wellness stores by 2025, enhancing service professionalism and customer experience[80]. - The company is committed to leveraging AI technology in the beauty and health sector to drive innovation and operational decision-making[113]. Shareholder Returns and Financial Strategy - The company plans to distribute no less than 50% of the annual net profit attributable to the parent company's shareholders as dividends over the next three fiscal years[45]. - The company has established a long-term shareholder return mechanism to share growth with shareholders[45]. - The Company's market capitalization surged by 60% in 2024, driven by stellar results and proactive shareholder return strategies[108]. - The Company plans to return at least 50% of annual net profit to shareholders as dividends over the next three fiscal years[111]. Employee and Operational Metrics - The total number of active members increased to 7,552, surging by 80.2% year-over-year, with an active member penetration rate of 6.1%[97]. - The number of client visits at direct stores rose to 1.52 million, a 20.4% increase year-over-year[58]. - Active members in direct stores surged to 137,027, reflecting a 46.3% year-over-year growth[58]. - The number of members in franchised beauty and wellness stores surged to 61,447, a 57.9% increase year-over-year[77][78]. - The total employee welfare expenses for 2024 amounted to RMB1,029 million, an increase from RMB854 million in 2023[194]. - As of December 31, 2024, the Group had a total of 5,609 employees[194].

Financial Performance - Tristate Holdings Limited reported revenue of HKD 4,183,746,000 for 2024, a slight decrease of 0.75% from HKD 4,215,667,000 in 2023[9]. - The net profit attributable to equity shareholders was HKD 156,015,000, down 8.9% from HKD 171,232,000 in the previous year[9]. - The overall gross profit for the company was HKD 1.715 billion in 2024, down 4% from HKD 1.783 billion in 2023, with a gross margin of 41.0%[32]. - EBITDA for the company was HKD 580 million in 2024, a decrease of 4% from HKD 602 million in 2023[28]. - The company's cash flow from operations was HKD 410 million in 2024, down 31% from HKD 590 million in 2023[28]. - The group's net profit attributable to equity shareholders was HKD 156 million in 2024, down from HKD 171 million in 2023[22]. Business Segment Performance - The apparel business continued to show strong performance, benefiting from increased customer orders, leading to a robust revenue and profit contribution[9]. - Nautica's revenue decreased by 20% compared to the post-pandemic growth in 2023, prompting the brand to close underperforming stores[12]. - Spyder's revenue decreased by 10%, while Reebok's revenue fell by 19% in 2024 compared to the previous year[13]. - The group's brand business revenue was HKD 2.025 billion in 2024, a decrease of 11% from 2023, with net losses increasing[14]. - The apparel business generated revenue of HKD 2.158 billion, representing a 12% increase compared to 2023, contributing strong profits[15]. Operational Strategies - The company plans to further expand production capacity in Vietnam in 2025 to meet rising demand[9]. - The group plans to enhance brand awareness and expand customer base for C.P. Company despite a soft market outlook[16]. - The company aims to enhance brand awareness and expand customer base through marketing strategies and collaborations despite a soft market outlook[42]. - The company is focused on improving operational efficiency and controlling costs in response to challenges in the global economic environment[43]. Corporate Governance - The board of directors consists of eight members, including one executive director and four independent non-executive directors, ensuring a 50% independence ratio[59]. - The company has adhered to the Corporate Governance Code, with a deviation regarding the roles of the chairman and CEO being held by the same individual[54][57]. - The nomination committee evaluates the independence of non-executive directors annually, ensuring compliance with the listing rules[60]. - The board meets at least four times a year, with regular meetings scheduled quarterly[71]. Sustainability and Environmental Initiatives - The company aims to promote responsible production in the apparel industry, exceeding legal requirements to create long-term sustainable value for stakeholders[119]. - The company reported a commitment to sustainable development practices integrated across various operational areas, enhancing its business capabilities[119]. - The company emphasizes reducing carbon emissions and waste during production to promote sustainability[126]. - The company aims to reduce energy consumption density by 8%, water consumption density by 5%, and greenhouse gas emissions density by 9% by 2025, using 2021 as the baseline[140]. Employee and Community Engagement - The company emphasizes equal opportunities for both genders in recruitment, employee development, and promotion[68]. - The company invests in employee development through training programs covering industry knowledge and safety standards, continuously assessing learning needs[182]. - The company has established a confidential reporting policy to encourage employees to report unethical behavior, ensuring protection for whistleblowers[186]. - C.P. Company made donations to the Eleonora Cocchia Vivere a Colori ONLUS Association for cancer research and prevention efforts[189]. Risk Management and Compliance - The company has implemented a zero discharge of hazardous chemicals (ZDHC) wastewater guideline and conducts annual testing to ensure compliance with industry standards[168]. - The board monitors ESG-related risks and ensures strategies are effective and appropriate[131]. - The company has established mechanisms to ensure independent opinions are considered in board decisions, with independent directors actively participating in meetings[60]. - The company maintains a zero-tolerance policy towards corruption and fraud, adhering to applicable anti-corruption laws and providing clear guidelines for employees[185][187].

Financial Performance - The group reported a loss attributable to shareholders of HKD 125 million for the year ending December 31, 2024, compared to a loss of HKD 72 million in the previous year, marking an increase in loss of approximately 74%[19] - The group's consolidated post-tax loss amounted to HKD 116 million in 2024, compared to HKD 62 million in 2023[33] - The group did not recommend a final dividend due to the reported loss for the year[20] - The company reported a loss of HKD 72 million for the fiscal year ending December 31, 2023, compared to a profit of HKD 127 million in 2020[57] - The group's operating loss before tax was HKD 109 million for the year ended December 31, 2024, up from HKD 51 million in 2023[48] Sales and Revenue - Total sales revenue from self-operated products decreased by 10% to HKD 287 million, with a gross margin of only 31%[27] - The total sales amount from self-operated products, consignment counters, and licensed counters decreased by 12% to HKD 1,358 million[26] - Total sales revenue for self-operated products decreased to HKD 287 million in 2024 from HKD 319 million in 2023, representing a decline of 10%[28] - Commission income from consignment counters fell by 12% to HKD 308 million in 2024, down from HKD 351 million in 2023[28] - Unicorn's total sales increased by 4% to HKD 1,169 million in 2024, driven by an 8% rise in self-operated product sales to HKD 864 million[30] Operational Efficiency and Strategy - The company plans to enhance operational efficiency by reducing store sizes and opening pop-up stores for promotional events[25] - The group aims to improve synergy and efficiency by integrating the IT systems of Citistore and Unicorn after establishing a central distribution center[22] - The group plans to optimize store network performance and expand its membership loyalty program to enhance customer engagement[35] - The integration of information technology systems aims to better understand customer needs and adjust product offerings accordingly[35] Employee and Workforce Management - The total employee cost for the year ended December 31, 2024, was HKD 257 million, down from HKD 277 million in 2023[56] - The group has 866 full-time employees and 100 part-time employees as of December 31, 2024, compared to 962 full-time and 115 part-time employees in 2023[56] - The employee turnover rate was 45% for males and 78% for females, with 44% for employees under 30 years old[97] - The employee training program has achieved a participation rate of 89% for both male and female employees[104] Environmental and Sustainability Initiatives - The company aims to reduce carbon intensity per square foot of retail space by 15% by 2030 compared to the 2023 baseline[85] - The usage of plastic shopping bags in the company's stores decreased by 1.5% year-on-year during the reporting period, attributed to government initiatives and internal policies[86] - The company has set a target to phase out the use of plastic bags across its retail network by 2050[88] - The company has implemented energy efficiency measures, including setting indoor temperatures to 25 degrees Celsius and using LED lighting in new stores[83] - The company has not recorded any violations of environmental laws during the reporting period, demonstrating its commitment to regulatory compliance[80] Corporate Governance - The board of directors is responsible for managing the company, including formulating corporate strategies and overseeing financial reporting[125] - The company has a clear governance structure, ensuring that power and authority are not overly concentrated despite the dual role of the chairman and CEO[124] - The company has established policies to manage environmental and social risks in its supply chain[118] - The board consists of nine members, including three executive directors and six independent non-executive directors, ensuring a balanced composition for independent judgment[127] Customer Engagement and Satisfaction - The company engaged social media influencers to promote its "激拼購物日" shopping event, successfully increasing brand awareness among mainland customers[23] - The group actively pursues high customer satisfaction through regular feedback collection to continuously improve products and services[66] - The group emphasizes a "customer first" business philosophy, ensuring quality service, products, and overall customer experience[67] - The group has established a comprehensive complaint handling mechanism to ensure all customer complaints are properly addressed[68] Risk Management - The company has implemented a "three lines of defense" model for risk management, ensuring accountability and transparency in managing ESG-related risks[61] - The internal audit department assesses the adequacy and operation of the risk management and internal control systems for the fiscal year ending December 31, 2024[182] - The company emphasizes the importance of proactive risk management to ensure significant risks are identified, assessed, and effectively managed[178] Community Engagement and Social Responsibility - The company is committed to community engagement, focusing on areas such as education, environmental issues, labor needs, health, culture, and sports[121] - The company has been recognized for its corporate social responsibility efforts, receiving the "Caring Company" logo for five consecutive years[107] - The company donated HKD 29,000 to support the Green Action initiative and collected 817 kg of red packets for recycling[108] Financial Reporting and Compliance - The company confirmed that the financial statements for the year ending December 31, 2024, must fairly reflect the financial position and performance of the group, adhering to applicable accounting policies and legal requirements[159] - The auditor's fees for the year ending December 31, 2024, are approximately HKD 2,000,000 for audit services and HKD 600,000 for non-audit services, compared to HKD 2,000,000 and HKD 1,000,000 respectively in 2023[161] - The company has adopted a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[167]

Financial Performance - Revenue increased by approximately 32.6% to RMB747.9 million (2023: RMB564.0 million) [21] - Gross profit increased by approximately 41.8% to RMB538.3 million (2023: RMB379.7 million) [21] - Profit for the Year was RMB34.6 million (2023: Profit of RMB52.6 million) [21] - Profit per share was RMB3.65 cents (2023: Profit per share RMB5.56 cents) [21] - The Group recorded a profit of approximately RMB 34.6 million for 2024, a decrease of approximately RMB 18.0 million from a profit of approximately RMB 52.6 million in 2023[46] - The gross profit increased by approximately 41.8% from approximately RMB 379.7 million in 2023 to approximately RMB 538.3 million in 2024, with a gross profit margin rising from 67.3% to 72.0%[53][57] - The Group recorded a foreign exchange loss of approximately RMB 18.5 million in 2024, compared to a gain of approximately RMB 1.7 million in 2023[63] - The effective tax rate increased from 9.5% in 2023 to 15.4% in 2024, primarily due to increased profits from one of the Group's subsidiaries[61][66] - The Group reported accumulated losses of RMB 284.5 million as of December 31, 2024[172] Dividends - The Board does not recommend the payment of any final dividend or special dividend for the Year (2023: Nil) [21] - The Group did not declare any final or special dividends for the year ended December 31, 2024[163] Market Strategy and Growth - The Company plans to expand its market presence and invest in new product development [22] - The Company is focusing on strategic acquisitions to enhance its competitive position [22] - The management anticipates continued growth in revenue and profitability in the upcoming fiscal year [22] - The focus on cross-border e-commerce for nutritional supplements under the Good Health brand contributed to rapid business growth[46] - The Group aims to achieve the goal of being the top seller in core product categories on e-commerce platforms[35] - The Group will expand its health products in multiple sales channels in the PRC, New Zealand, and Australia[32] - The Chinese consumer healthcare industry is experiencing high-quality and rapid development, driven by increasing health awareness among the large population[28] - The demand for high-quality imported healthcare products is growing, supported by the development of cross-border e-commerce platforms[28] - The younger generation's focus on appearance and healthy lifestyles is shifting market demand towards innovation and sustainability[31] Expenses and Cost Management - Selling and distribution expenses increased by approximately 63.4% from approximately RMB 250.0 million in 2023 to approximately RMB 408.6 million in 2024, representing 44.3% and 54.6% of the Group's revenue respectively[59][64] - Administrative expenses rose by approximately 22.7% from approximately RMB 72.2 million in 2023 to approximately RMB 88.6 million in 2024, accounting for 12.8% and 11.8% of revenue respectively[60][65] - The Group is committed to optimizing marketing and promotional expenses to improve overall profitability[35] Product Development - The Group launched a total of 26 new products in 2024, including 3 New Goodhealth series products and 22 Good Health series products[48][50] - The increase in revenue was primarily driven by significant growth in the Good Health brand's revenue from cross-border e-commerce platforms[52][56] - The nutritional supplements industry is characterized by rapid changes in demand for new products, necessitating constant innovation[89] Employee and Management Information - The Group employed 477 employees as of December 31, 2024, an increase from 349 employees as of December 31, 2023[90] - Total salaries and related costs for the year amounted to approximately RMB 120.8 million, up from approximately RMB 89.8 million in the previous year[90] - The Company has established various social security funds for its employees in the PRC, including pension and medical insurance[158] - The Company has appointed Mr. Ye Bangyin and Mr. Cheng Jianming as independent non-executive Directors effective from 23 October 2024[180] - Ms. Cai Tianchen and Mr. Wang Wei resigned as independent non-executive Directors effective from 22 October 2024 after serving for six years[180] Risk Factors - The Group faces risks related to the increase in prices of raw materials and packaging materials, which could adversely affect its business operations[82] - The Group is exposed to foreign currency risk primarily for purchases in USD, AUD, and NZD, which could significantly impact profitability due to fluctuations in exchange rates[89] - A depreciation of RMB could increase costs for purchasing products from Australia and New Zealand, requiring more RMB to obtain the equivalent foreign currency[89] - The Group has not used any derivative contracts to hedge against foreign currency risk, leaving it vulnerable to exchange rate fluctuations[89] - The success of new product offerings depends on accurately anticipating customer needs and timely commercialization[89] - Failure to introduce new products in a timely manner could lead to obsolescence and negatively affect operating results[89] - The Group's ability to maintain customer relationships and market share is contingent on its responsiveness to changing consumer preferences[89] Corporate Governance - The Company aims to ensure compliance with corporate governance practices as prescribed in the Listing Rules[145] - The Company has established four Board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategy and Development Committee[145] - The Audit Committee assists the Board in reviewing financial information, risk management, and internal control systems[149] - The Remuneration Committee reviews and makes recommendations on the remuneration packages of individual Directors and senior management[150] - The Nomination Committee assesses the independence of independent non-executive Directors and makes recommendations on appointments[151] - The Strategy and Development Committee conducts research and submits proposals concerning long-term development strategies[152] Financial Position - Cash and cash equivalents decreased by approximately RMB 13.0 million during the year, with net cash inflow from operating activities of approximately RMB 1.0 million and net cash outflow from investing and financing activities of approximately RMB 6.0 million and RMB 4.5 million, respectively[69] - Inventories increased by approximately 9.4% to RMB 119.1 million as of December 31, 2024, compared to RMB 108.9 million in 2023, with inventory turnover days increasing by 15 days to approximately 196 days[70] - Trade receivables rose by approximately RMB 9.4 million or 28.9% to RMB 41.9 million as of December 31, 2024, driven by increased revenue from e-commerce channels[71] - Trade payables decreased by approximately RMB 20.3 million or 61.3% to RMB 12.8 million as of December 31, 2024, due to a reduction in raw material purchases[72] - The gearing ratio improved to approximately 18.7% as of December 31, 2024, down from 22.0% in 2023[79] - Capital expenditure for the year was approximately RMB 7.4 million, significantly higher than RMB 1.7 million in 2023, indicating increased investment in property, plant, and equipment[80] - The Group did not have any outstanding borrowings or pledges of assets as of December 31, 2024[78] - Revenue from the Group's five largest customers accounted for less than 30% of total revenue, with the largest customer contributing less than 10%[174]