Financial Performance - The group's revenue for the fiscal year 2024 was approximately HKD 117.6 million, an increase of about 20.9% compared to HKD 97.2 million in fiscal year 2023[14]. - Revenue from the printing business was approximately HKD 108.1 million, up about 11.1% from HKD 97.2 million in the previous year[12]. - The new supply chain management services business generated revenue of approximately HKD 9.5 million, contributing a net profit of about HKD 0.4 million since its launch in August 2024[13]. - The group's gross profit for fiscal year 2024 was approximately HKD 13.7 million, a decrease of about 36.2% from HKD 21.6 million in fiscal year 2023[15]. - The gross profit margin for the printing business decreased to 12.1% in fiscal year 2024 from 22.2% in fiscal year 2023[15]. - Other income increased from approximately HKD 0.9 million in fiscal year 2023 to about HKD 2.6 million in fiscal year 2024, primarily due to increased bank interest income and government subsidies[16]. - The annual loss for FY2024 increased to approximately HKD 12.0 million, compared to a loss of approximately HKD 3.7 million in FY2023[19]. - The company reported a loss attributable to shareholders of approximately HKD 12,000,000 for the fiscal year 2024, compared to a loss of HKD 3,690,000 in 2023, resulting in a basic loss per share of HKD (1.18) for 2024, compared to HKD (0.36) for 2023[54][57]. - The company experienced a significant decline in net profit, with a loss of HKD 12,000,000 in 2024 compared to a loss of HKD 3,690,000 in 2023 and a profit of HKD 16,001,000 in 2020[57]. Business Expansion and Strategy - The group is expanding its business into the logistics sector in sub-Saharan Africa, marking a significant milestone for future growth and diversification[7]. - The company plans to continue leveraging its leading one-stop printing platform while tightening control over operating expenses and streamlining production processes to improve overall production efficiency[21]. - The company successfully expanded its business into the logistics sector in Sub-Saharan Africa, establishing its own truck fleet in Zambia, which contributed to FY2024 revenues[22]. - The company is focused on expanding its core business and exploring new opportunities in the pharmaceutical sector[39]. - The group plans to use the proceeds from the convertible bonds for general working capital, including expanding its logistics fleet and developing a logistics center on the acquired land[34]. Financial Position and Assets - As of December 31, 2024, total assets were HKD 142.5 million, down from HKD 150.3 million in FY2023, while shareholders' equity decreased to HKD 113.2 million from HKD 126.6 million[24]. - The current ratio as of December 31, 2024, was approximately 4.3, down from 5.8 in FY2023, indicating a decrease in liquidity[28]. - The company held cash and cash equivalents of approximately HKD 55.3 million as of December 31, 2024, compared to approximately HKD 65.6 million in FY2023[25]. - The group acquired properties, plants, and equipment amounting to approximately HKD 7.3 million in FY2024, compared to HKD 0.5 million in FY2023[31]. - As of December 31, 2024, the group has authorized but not provided for capital commitments of approximately HKD 1.1 million for property acquisition, HKD 27.1 million for land acquisition, and HKD 11.2 million for construction in progress[31]. Employee and Labor Practices - The total employee cost for FY2024 was approximately HKD 38.5 million, an increase from approximately HKD 34.7 million in FY2023, with the total number of employees rising to 438 from 364[33]. - The employee count at the Heyuan factory increased to 406 from 350 year-over-year[33]. - The employee turnover rate for the reporting period is 15%, down from 17% in 2023, indicating an improvement in employee retention[113]. - The employee distribution by gender shows 252 males (57.5%) and 186 females (42.5%)[110]. - The average training hours completed per employee is 0.6 hours, with males averaging 0.6 hours and females averaging 0.7 hours[117]. - The percentage of trained employees is 73%, with 15% at junior level, 43% at intermediate level, and 42% at management level[117]. - The company recorded 9 work-related injuries during the reporting period, with no fatalities reported[115]. - The company is committed to adhering to labor laws in China, Hong Kong, and Zambia, ensuring fair labor practices and employee rights[118]. Environmental, Social, and Governance (ESG) Initiatives - The company has established dedicated ESG working groups to manage ESG issues across its business segments, reflecting its commitment to sustainable development and corporate social responsibility[58][59]. - The ESG report for the fiscal year 2024 outlines the company's strategies for improving environmental and social performance, aligning with global sustainability standards[58][62]. - The company achieved ISO 14001 environmental management system certification, demonstrating its commitment to sustainable environmental practices[81]. - The company is committed to complying with all applicable laws and regulations regarding emissions, including various environmental protection laws in China and Zambia[81]. - The company has implemented measures to reduce greenhouse gas emissions, including regular vehicle maintenance and the use of low-emission vehicles[89]. - The company emphasizes the importance of stakeholder engagement and aims to balance profitability with environmental and social impacts[59]. - The company has established an ESG governance framework to enhance the management of ESG issues, with the board overseeing ESG-related risks and opportunities[66]. - The company has implemented a comprehensive safety management system, achieving ISO 45001 certification for occupational health and safety[115]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with its principles, with some deviations noted[164]. - The board believes that having the same individual serve as both chairman and CEO enhances decision-making efficiency despite deviating from the governance code[164]. - The board will regularly review the need to separate the roles of chairman and CEO to maintain good corporate governance[165]. - The board is responsible for overseeing the overall strategy and development of the company, ensuring effective risk management and internal controls[167]. - The company has confirmed that all directors have fully complied with the standards of the securities trading code during the fiscal year 2024[166]. - The board has established guidelines to clearly define the responsibilities of the board and management, including approval of significant financial and operational matters[167]. - The company has made appropriate insurance arrangements for its directors and senior officers against potential legal claims[169]. - The board consists of four executive directors and three independent non-executive directors, with all directors attending at least one training course related to corporate governance in the fiscal year 2024[175].

Acquisition and Strategic Partnerships - The company acquired Dongsoft Health Medical and its subsidiaries, creating an integrated development ecosystem in education, healthcare, and wellness[6] - The company signed a strategic cooperation memorandum with Itochu Corporation, establishing a Sino-Japanese elderly care industry alliance to explore innovative elderly care models and products[11] - The company completed the acquisition of Dongsoft Health Medical and its subsidiaries, including two hospitals and one elderly care facility, on May 31, 2024, with a revenue of approximately RMB 56.8 million from the elderly care business from June 1 to December 31, 2024[76] Education and University Rankings - The company launched the first domestic education metaverse platform, OpenNEU, enabling collaborative and interactive learning environments[6] - The company’s Dalian University ranked fourth among Chinese universities in the 2024 World University Rankings (WURI) and seventh globally in the "Generative AI Applications" category[8] - The company’s three universities ranked in the top ten of the national index for computer education development among newly established undergraduate institutions[17] - As of December 31, 2024, the total number of enrolled students across three universities reached over 58,000, representing a 2.3% increase compared to the same period in 2023, marking a historical high in student enrollment[43] - Dalian University has established 33 undergraduate programs, 7 associate degree programs, and 5 vocational undergraduate programs, including 5 health technology programs, and has received multiple honors in educational quality[39] - Chengdu University has opened 31 undergraduate programs and has been recognized as a pilot demonstration project for industrial internet security talent cultivation, being the only university in the country to receive this approval in 2024[40] - Guangdong University has launched 23 undergraduate programs and has been awarded the "Best Ecological Development Award" by Huawei Cloud, highlighting its contributions to the Huawei cloud ecosystem[42] - Dalian University ranked second nationally and first in Liaoning Province in the 2024 evaluation of first-class private universities in China, showcasing its strong educational quality[39] Financial Performance - For the fiscal year ended December 31, 2024, total revenue reached RMB 2,042,073,000, representing a 13.1% increase from RMB 1,806,073,000 in 2023[24] - The gross profit for the same period was RMB 968,552,000, up 12.0% from RMB 865,076,000 in the previous year[24] - Adjusted net profit for 2024 was RMB 466,092,000, reflecting an 8.7% increase compared to RMB 428,713,000 in 2023[24] - The education business accounted for 79.6% of total revenue, with full-time higher education services generating RMB 1,625,566,000, an 11.8% increase from RMB 1,453,347,000[34] Growth and Expansion - The company plans to expand its healthcare and elderly care services, integrating education, healthcare, and wellness into a comprehensive ecosystem[29] - The company aims to leverage cutting-edge technologies such as AI and the metaverse to enhance its service offerings across various business scenarios[30] - The company has restructured its business strategy to focus on five major ecosystems: education technology, medical care services, health technology, university technology parks, and health tourism[35] - The company plans to integrate education and healthcare, elderly care technology, and services to create greater development and profit opportunities for sustainable growth[35] Technological Advancements - The company showcased its products in artificial intelligence, big data, health technology, and digital media at the 62nd Higher Education Expo, receiving widespread acclaim[18] - The company developed 299 courses and 12,122 projects across five professional directions, with 159 new courses and 5,260 new projects launched in 2024[60] - The company has created a comprehensive 4S product service system, focusing on IT, DT, and HT fields, to enhance educational technology products[56] - The company launched several new platforms in 2024, including the OpenNEU Metaverse Creative Sharing Platform and a comprehensive quality monitoring and evaluation platform[57] Elderly Care Services - The company achieved a 75% occupancy rate in its international high-end elderly care center during its first year of operation[28] - The company has initiated a strategic expansion into the silver economy market to address the growing needs of the aging population in China, recognizing the increasing demand for health management and social participation among the elderly[75] - The integrated "Education, Medical Care, and Elderly Care" model has been established, combining education, healthcare, and elderly care services to enhance the quality of life for the elderly[75] - The elderly care center utilizes advanced medical resources from Ruikang Cardiovascular and Dental Hospitals, providing comprehensive medical services and rapid access to healthcare[86] Employment and Training - The employment placement rate for the 2024 graduates exceeded 90%, demonstrating resilience in the post-pandemic job market[50] - A total of 648 provincial-level entrepreneurial projects were cultivated, with over 200 virtual companies and 84 physical companies incubated in 2024[51] - The company implemented 193 training projects across 94 institutions, with over 41,000 participants in offline training programs in 2024[71] - The company’s educational resources output business is increasingly recognized for its support in educational reform and curriculum development[65] Corporate Governance and Leadership - The board consists of nine members, including one executive director and three independent non-executive directors, ensuring diverse expertise[133] - The company has maintained a stable leadership structure with no significant changes in the past three years[159] - The company is committed to enhancing its governance through the appointment of qualified independent directors[152] - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[192] Market Trends and Government Initiatives - By the end of 2024, the population aged 60 and above in China is expected to exceed 300 million, with the silver economy projected to reach approximately RMB 7.1 trillion, accounting for about 6% of GDP[120] - The silver economy is forecasted to grow to around RMB 30 trillion by 2035, representing over 10% of GDP as the elderly population surpasses 400 million[120] - The government has introduced 26 measures to optimize elderly health services and enhance the quality of elderly care, emphasizing the development of smart health care models[120] - The integration of technology in elderly care services is prioritized, with plans for a unified national elderly service information platform and the promotion of "Internet + healthcare" initiatives[122]

Financial Performance - Total revenue for 2024 was RMB 1,500,402 thousand, a decrease of 14.9% compared to RMB 1,763,734 thousand in 2023[9]. - Gross profit for 2024 was RMB 301,217 thousand, down 10.4% from RMB 336,050 thousand in 2023, with a gross margin of 20.1%[9]. - The company reported a profit attributable to owners of RMB 16,079 thousand for 2024, a significant recovery from a loss of RMB 113,473 thousand in 2023[9]. - In 2024, the company experienced a 14.9% decline in sales revenue, but managed to achieve a positive financial performance after significant losses in 2023[20]. - The net profit after tax for 2024 showed a turnaround from loss to profit, with order intake increasing by 12.1% compared to the same period in 2023[33]. - The total revenue for the year was approximately RMB 1,500.4 million, a decrease of about 14.9% compared to the previous year, primarily due to declines in the integrated process and packaging equipment systems and consulting, digitalization, and construction segments[81]. - The group recorded a profit before tax of approximately RMB 21.2 million, compared to a loss of RMB 34.4 million for the year ended December 31, 2023[106]. - The group reported a net profit of approximately RMB 13.6 million for the year, a significant improvement from a loss of RMB 151.3 million in the previous year[108]. Business Segments and Revenue Breakdown - Revenue contribution by business segment showed Integrated Process and Packaging Equipment & Systems at RMB 655,205 thousand (43.6%), Consulting, Digitalization and Construction at RMB 515,814 thousand (34.4%), and Life Science Equipment and Consumables at RMB 329,383 thousand (22.0%) for 2024[13]. - Revenue breakdown by business segment shows integrated process and packaging equipment systems at RMB 655.2 million (43.6%), consulting, digitalization, and construction at RMB 515.8 million (34.4%), and life science equipment and consumables at RMB 329.4 million (22.0%) for the year[82]. - The revenue from integrated process and packaging equipment systems decreased by RMB 207.9 million or 24.1% to RMB 655.2 million, mainly due to a reduction in uncompleted contracts[83]. - The revenue from consulting, digitalization, and construction decreased by RMB 81.5 million or 13.6% to RMB 515.8 million, attributed to a decline in uncompleted contract balances and delays in project starts[84]. - The revenue from life science equipment and consumables increased by RMB 26.0 million or 8.6% to RMB 329.4 million, driven by an increase in order volume and uncompleted contracts[85]. Assets and Liabilities - Total assets decreased by 3.5% to RMB 2,083,635 thousand as of December 31, 2024, compared to RMB 2,158,972 thousand in 2023[9]. - Net assets increased by 2.3% to RMB 793,468 thousand in 2024 from RMB 775,473 thousand in 2023[9]. - The asset-to-liability ratio improved to 33.9% in 2024 from 39.2% in 2023[9]. - The capital to debt ratio improved to approximately 33.9% as of December 31, 2024, compared to 39.2% as of December 31, 2023[113]. Market and Competitive Landscape - The biopharmaceutical sector is facing intense competition due to reduced capital expenditure, impacting profit margins significantly[21]. - The company is optimistic about order growth opportunities in 2025, contingent on market competition levels[21]. - Global expansion, particularly in sales, is a key action for 2025, with significant order breakthroughs in the US, South Korea, and India[22]. - The company faces intense competition in the pharmaceutical equipment and process systems market, which may lead to pricing pressure and impact financial performance[139]. Strategic Initiatives and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16]. - The company consolidated six business divisions into three, aiming to adapt to market trends and improve resource allocation[20]. - The company aims to increase the share of its service business, which is less replicable and offers higher profit margins, by integrating environmental monitoring and testing systems into its service offerings in 2024[33]. - The company plans to restructure its business segments from six to three, aiming to enhance operational efficiency and adapt to competitive pressures starting in 2024[38]. - The company is focusing on continuous investment in technology and talent recruitment to strengthen its competitive advantage in the long term[38]. Research and Development - The company continues to invest in research and development to provide comprehensive solutions for existing and new customers[147]. - The group has developed 12 technology applications, including "Pharmaceutical Automation and Digitalization" and "Biopharmaceutical Processes and Technologies" to enhance its technical capabilities[74]. - The company is focusing on the development of microneedle drug delivery systems, which are gaining traction in the market due to their safety and efficacy[32]. - The application of artificial intelligence (AI) and machine learning (ML) in drug discovery is accelerating, creating opportunities for technological collaboration and digital investment[32]. Operational Efficiency and Cost Management - Selling and marketing expenses decreased by RMB 35.4 million or 21.2% to approximately RMB 131.9 million, mainly due to reductions in personnel costs and travel expenses[96]. - Administrative expenses decreased by approximately RMB 26.5 million or 19.8% to RMB 107.2 million for the year ended December 31, 2023, primarily due to reductions in personnel costs, professional fees, and auditor remuneration[99]. - The company emphasizes cost management to ensure project profit margins, with risks associated with project duration and labor costs[141]. Corporate Governance and Compliance - The company has adopted a corporate governance code to enhance management standards and protect shareholder interests[186]. - The company has confirmed compliance with the corporate governance code throughout the year, except for a deviation noted in the section regarding the chairman and CEO[193]. - The company’s board of directors has confirmed the independence of all independent non-executive directors, in accordance with listing rules[168]. Employee and Organizational Structure - As of December 31, 2024, the group had 1,445 full-time employees, a decrease of 165 employees compared to December 31, 2023[116]. - Employee costs for the year were approximately RMB 402.6 million, a reduction of about 12.4% from RMB 459.8 million for the year ended December 31, 2023[116]. - Employee performance evaluations are conducted annually, with a focus on maintaining good relationships and competitive compensation[145]. Environmental and Social Responsibility - The company is committed to sustainable development and compliance with environmental regulations, minimizing its carbon footprint[149]. - The company participates in the national pension scheme operated by the Chinese government, ensuring compliance for eligible employees in China and mandatory provident fund contributions for employees in Hong Kong[180].

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HKD 1,334.3 million, compared to HKD 1,652.4 million in 2023, representing a decrease of 19.2%[19]. - The loss attributable to owners of the company for the year was HKD 373.4 million, compared to a loss of HKD 72.2 million in 2023[19]. - The Group recorded revenue of HK$1,152,570,000 for the Current Year, with a loss attributable to owners of approximately HK$373,435,000[39]. - The operating loss before tax for the Current Year was approximately HK$122,924,000, up from HK$88,104,000 in 2023[55]. - The Group's revenue for the Current Year was HK$1,152,570,000, representing a decrease of 10.1% from the Prior Year[86]. - Revenue from retail sales decreased by 17.7% to HK$720,169,000, accounting for 62.5% of total revenue[87]. - E-commerce sales increased by 8.6% year on year to HK$400,423,000, rising from 28.8% to 34.7% of total revenue[87]. - The Group's total staff cost for the Current Year was HK$412,426,000, down from HK$455,603,000 in the Prior Year[85]. - The Group recognized an impairment of property, plant, and equipment amounting to approximately HK$118,699,000 for the Current Year, compared to nil in 2023[100]. - The fair value of the Group's investment properties decreased by approximately HK$69,380,000 in the Current Year, contrasting with a fair value gain of HK$889,000 in 2023[102]. Retail Network and Market Presence - As of December 31, 2024, the Group had a total of 811 retail outlets, including 671 concessionary counters and 140 retail shops in Mainland China, Hong Kong, and Macau[15]. - The Group experienced a net decrease of 196 retail outlets during the Current Year, retaining 811 outlets with better sales performance[38]. - The Group's sales network spans all major cities in China, allowing for efficient customer response and deeper market penetration[16]. - The Chinese Mainland contributed 96.5% of total sales in 2024, with Hong Kong contributing 3.0%[18]. - The Group aims to optimize its sales network and enhance operational efficiency by rationalizing retail outlets[27]. Product Development and Innovation - The lingerie segment accounted for 85.3% of total sales in 2024, slightly down from 85.4% in 2023[18]. - The ODM (Original Design Manufacturer) products represented only 0.5% of total sales in 2024, up from 0.2% in 2023[18]. - The Group launched a full range of new collections, including "Miss Embry 2024" and "Peace Year after Year," contributing to a strong market response[74][76]. - The Group obtained 24 new patents in China during 2024, bringing the total to 138 patents, including 82 utility model patents and 13 invention patents[78]. - The Group continued to enhance its product design and development, focusing on environmentally friendly materials and lightweight underwear to meet consumer demand[72][75]. Strategic Initiatives and Future Outlook - Future strategies include expanding market presence and investing in new product development to meet diverse customer needs[27]. - The Group plans to adopt a prudent approach to align with consumers' rational consumption trends, focusing on quality, functions, and sustainable consumption[44]. - Looking ahead to 2025, the Group maintains a conservative outlook on the overall economic situation in Mainland China and predicts limited growth in the underwear industry[41]. - The Group aims to refine market segments in the underwear market, necessitating greater investment in product development and innovation to meet diversified consumer needs[134]. - The Group will optimize offline store networks to reduce operational costs while aggressively expanding online sales channels, focusing on social media engagement and digital content quality[134]. Corporate Governance and Leadership - The Company has adopted the Corporate Governance Code as its own code of corporate governance practices, ensuring compliance with all applicable provisions throughout the year ended December 31, 2024[170][171]. - The Board comprises four Executive Directors and four Independent Non-Executive Directors, ensuring a balanced composition that reflects necessary skills and experience for business development[182][183]. - The Company has a board diversity policy that promotes diversity in gender, age, cultural background, and professional experience among its directors[184]. - The Company believes that good corporate governance is essential for effective management and enhancing shareholder value[169][175]. - The Board has set measurable objectives to improve diversity, with a commitment to identifying suitable candidates[187]. Environmental and Social Responsibility - The Group's Eco Month activities and product series were launched to promote energy conservation and emission reduction[61]. - The Group's Shandong Industrial Park prioritizes low-carbon operations, utilizing geothermal energy and energy-efficient features to reduce environmental impact[80]. - The Group's environmental initiatives included the launch of a new eco-friendly product series during the 22nd Environmental Month, promoting sustainability[63][77]. Economic Context - China's GDP increased by 5.0% in 2024, driven by export growth and stimulus measures, despite challenges in domestic consumption and the real estate market[30][34]. - Domestic consumption in Mainland China is expected to achieve gradual recovery, but consumer confidence remains dampened due to a sluggish real estate market and uncertain economic prospects[128]. - The global economic growth is projected to remain subdued at 2.6% in 2025, influenced by high costs, elevated debt levels, and rising protectionism[127].

Financial Performance - The company sold 59 machines, generating total revenue of approximately RMB 369.7 million, an increase of about 5% compared to the previous year[11]. - The company recorded a net loss of approximately RMB 41.0 million for the year[11]. - The company's revenue increased by approximately RMB 19.0 million (or 5%) to about RMB 369.7 million, driven mainly by sales of baby diaper machines (approximately RMB 28.9 million) and wet wipe machines (approximately RMB 4.2 million) [23]. - The gross profit rose from approximately RMB 46.4 million to about RMB 52.0 million, with the gross profit margin increasing by 0.9 percentage points to approximately 14.1% [25]. - Other income decreased by approximately RMB 1.7 million or 13.9% to about RMB 10.5 million due to a reduction in foreign exchange gains[26]. - Selling and distribution costs increased by approximately RMB 4.1 million or 24.3% to about RMB 21.0 million, primarily due to higher marketing personnel salaries and advertising expenses[27]. - Administrative and other operating expenses rose by approximately RMB 16.1 million or 32.9% to about RMB 65.1 million, mainly due to increased amortization of intangible assets and R&D expenses[28]. - Financial costs increased by approximately 6.7% to about RMB 1.6 million, attributed to higher bank loan interest[29]. - The company recorded a loss attributable to owners of approximately RMB 38.1 million, an increase from RMB 35.8 million in the previous year, mainly due to an increase in expected credit loss provisions[31]. - The current ratio decreased to approximately 0.7 times as of December 31, 2024, down from 1.3 times the previous year[33]. - The debt-to-equity ratio increased to approximately 109.0% as of December 31, 2024, compared to 30.9% the previous year[39]. - The total reserves available for distribution to the company's owners as of December 31, 2024, is approximately RMB 136.6 million, a decrease from RMB 144.3 million in 2023[143]. Research and Development - The company has 165 patents in China as of 2024, reflecting its focus on innovation and technology advancement[12]. - A new generation high-speed smart diaper production line was developed, increasing production efficiency by nearly 30% from 700 to 900 pieces per minute[12]. - The company plans to establish a new R&D center, expected to be completed in the first half of 2025, to enhance product development efficiency and support the transition to smart manufacturing [14]. - The R&D center is expected to be completed in the first half of 2025, enhancing the company's product development capabilities[50]. - The company has allocated approximately RMB 29.6 million for R&D expenses, fully funded by internal resources, to strengthen its innovation capabilities[15]. Market Expansion and Strategy - The company has expanded its sales to 13 overseas countries, enhancing its market penetration[11]. - The company is increasing its investment in emerging markets such as Asia, Africa, and South America, which are expected to be key growth engines [19]. - The company is advancing its global "platformization" strategy and enhancing brand exposure through advertising on major media platforms and participation in international exhibitions [18]. - The company aims to enhance its production capabilities and flexibility to provide comprehensive solutions for customers, while also focusing on sustainable development strategies [16]. - The company is focusing on the flexible materials smart equipment manufacturing sector to accelerate the smart transformation of the manufacturing industry[11]. Corporate Governance - The board of directors has held four meetings during the year, with all executive, non-executive, and independent non-executive directors in attendance[61]. - The group has adopted a corporate governance code that aligns with the interests of the company and its shareholders, ensuring high standards of corporate governance[55]. - The board believes that having the same person serve as both chairman and CEO ensures consistent internal leadership and effective strategic planning[55]. - The board of directors has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to enhance corporate governance[73]. - The Audit Committee held three meetings this year, reviewing the annual financial statements and interim financial reports[75][77]. - The Remuneration Committee met once during the year to discuss the compensation packages for directors and senior management[81]. - The Nomination Committee conducted two meetings this year, evaluating the independence of non-executive directors and reviewing board composition[79][80]. - The company emphasizes the importance of corporate governance as a shared responsibility among directors[72]. - The board retains decision-making authority on significant matters, including policies, strategies, and financial data[68]. - The company has implemented internal controls and checks to define the authority and responsibilities of the board and management[69]. Risk Management - The company has implemented a three-tier risk management approach to identify, assess, and manage various types of risks[94]. - An external consultant has been appointed to enhance the internal audit function, ensuring effective risk management and internal control systems[94]. - The board confirmed the effectiveness and adequacy of the risk management and internal control systems for the year[95]. Sustainability Initiatives - The company is investing in green manufacturing and aims to reduce energy consumption and waste emissions by 2025[12]. - The group aims to enhance its sustainability strategy by promoting green factory construction and reducing energy consumption and waste emissions during production processes by 2025[51]. Shareholder Information - The company does not have a fixed dividend policy but expects the dividend payout ratio to be no less than 25% of the annual distributable profits[108]. - The board will continue to review the dividend policy but does not guarantee any specific amount of dividends during any designated period[109]. - The company encourages shareholders to attend general meetings and ensures that all resolutions are voted on according to listing rules[102]. - The company has established a shareholder communication policy to ensure timely access to information for shareholders and potential investors[106]. Related Party Transactions - The framework procurement agreement with Shengrong Machinery has a transaction cap of RMB 5.0 million for the fiscal years ending December 31, 2023, and December 31, 2024[186]. - The transaction amount under the Shengrong procurement agreement for the reporting period was approximately RMB 1.7 million[187]. - The framework procurement agreement with Hengqin Machinery has a transaction cap of RMB 10.0 million for the fiscal years ending December 31, 2024, and December 31, 2026[190]. - The transaction amount under the Hengqin procurement agreement for the reporting period was approximately RMB 5.3 million[191]. - The framework procurement agreement with Guangdong Aimeigao has a transaction cap of RMB 1.0 million, RMB 10.0 million, and RMB 10.0 million for the fiscal years ending December 31, 2023, December 31, 2024, and December 31, 2025, respectively[193]. - The transaction amount under the Aimeigao procurement agreement for the reporting period was approximately RMB 3.8 million[194]. - All mentioned agreements constitute continuing connected transactions and are subject to the relevant listing rules[198]. - The external auditor confirmed no issues regarding disclosed continuing connected transactions, ensuring compliance with pricing policies and regulatory agreements[200]. - No disclosed continuing connected transactions exceeded the company's established maximum annual limit[200].

Financial Performance - For the fiscal year ending December 31, 2024, the company's total revenue increased by 49.4% to RMB 852.3 million, compared to RMB 570.6 million in 2023[9]. - The gross profit for the same period rose by 39.8% to RMB 333.4 million, up from RMB 238.6 million in the previous year[9]. - Net profit attributable to the company's owners surged by 69.4% to RMB 145.6 million, compared to RMB 86.0 million in 2023[9]. - Basic earnings per share rose by 71.2% to RMB 26.68, compared to RMB 15.58 in the previous year[10]. - The adjusted net profit for the year was RMB 175.7 million, a 62.7% increase from RMB 108.0 million in 2023[9]. - The operating profit for the year was reported at RMB 191.5 million, reflecting ongoing operational efficiency improvements[12]. - Profit before tax increased by 55.0% from RMB 116.7 million to RMB 181.0 million[28]. - Income tax expense rose by 10.0% from RMB 32.2 million to RMB 35.5 million due to an increase in taxable profits and withholding tax[29]. - Profit attributable to owners increased by 69.4% from RMB 86.0 million to RMB 145.6 million[30]. - Adjusted profit attributable to owners increased by 62.7% from RMB 107.999 million to RMB 175.716 million[31]. Revenue Sources and Growth - Revenue from competency courses grew from RMB 518.9 million to RMB 766.8 million, indicating a robust market for these offerings[12]. - The number of tutoring class hours increased significantly from 5,973,028 hours to 8,692,591 hours, reflecting strong demand for non-academic courses[12]. - The number of enrolled students for non-academic quality courses increased by 45.8% to 348,523, while tutoring course hours rose by 61.8% to 935,748 hours[19]. - For the fiscal year ending December 31, 2024, the company reported revenue and profit attributable to owners of approximately RMB 852.3 million and RMB 145.6 million, respectively, with about 90.0% of revenue coming from non-academic quality courses and others, and approximately 10.0% from tutoring courses[76]. Business Strategy and Expansion - The company plans to diversify its offerings and enhance service quality by leveraging artificial intelligence technology[8]. - The company aims to expand its revenue base through new initiatives, including educational tourism and international courses[8]. - The company plans to expand its business in Guangzhou, having received positive feedback from parents and students, and aims to diversify its offerings in quality education[14]. - The company has initiated new business opportunities, including educational tourism and international courses, to broaden its revenue base for long-term growth[14]. Regulatory Environment - The Ministry of Education issued the "Interim Measures for Administrative Penalties for Off-campus Training" on August 23, 2023, which will take effect on October 15, 2023, outlining penalties for illegal training activities[48]. - The new regulations specify that illegal off-campus training may result in penalties such as rectification orders, refunds, and fines for organizations operating without necessary permits[48]. - The Ministry of Education's notification on December 18, 2023, emphasizes the need to strengthen supervision and enforcement to prevent hidden variations in subject training and reduce the burden of off-campus training on students[48]. - The "Interim Measures" include provisions for administrative penalties related to pricing, fee collection, and pre-collection fund supervision for off-campus training institutions[48]. - The Ministry of Education has been actively working to regulate non-academic training institutions, ensuring compliance with standards and enhancing daily supervision[47]. Financial Position - Total assets as of December 31, 2024, amounted to RMB 1,327.4 million, with total liabilities of RMB 692.6 million, resulting in total equity of RMB 634.8 million[18]. - Total equity increased to RMB 634.8 million from RMB 453.4 million[37]. - Cash and cash equivalents increased by 7.9% from RMB 362.0 million to RMB 390.7 million[37]. - The company has bank borrowings of RMB 40.0 million as of December 31, 2024, compared to none in 2023[87]. Shareholder and Governance Matters - The board has proposed a final dividend of HKD 0.07 per share for the year ending December 31, 2024, compared to no dividend for the previous year[51]. - The company has established a compensation committee to review its compensation policies based on operational performance and market practices[93]. - The board consists of four executive directors and three independent non-executive directors, complying with listing rules regarding board composition[195]. - The company aims to maintain the current female member ratio on the board, with a long-term goal of achieving gender parity in board nominations and elections[198]. - Independent non-executive directors have confirmed their independence according to Listing Rule 3.13, and the company considers them all to be independent individuals[199]. Compliance and Risk Management - The company is committed to compliance with relevant laws and regulations, with no significant violations reported for the fiscal year ending December 31, 2024[82]. - The company will regularly disclose updates regarding compliance with foreign investment laws and any significant impacts on its operations and financial condition[173]. - The company has engaged an auditor to confirm compliance with the disclosure requirements of the listing rules regarding related party transactions[148]. Employee and Operational Metrics - As of December 31, 2024, the company employed 2,973 employees, an increase of 28.2% from 2,319 employees in 2023[44]. - Research and development expenses increased by 76.2% to RMB 26.5 million, primarily due to higher personnel costs related to developing teaching materials and market research for various quality courses[24]. Share Incentive Plans - The company has three active share incentive plans, including a share option plan that was approved on June 3, 2019[103]. - A total of 27,785,000 stock options were granted under the stock option plan, with an exercise price of HKD 1.62 per share[107]. - The share reward plan aims to retain and attract qualified participants by providing direct economic benefits and recognizing their contributions to the group's growth[125]. Related Party Transactions and Structured Contracts - The company has established multiple structured contracts with related parties, including exclusive operational and consulting agreements, to ensure economic benefits flow to the company[146]. - The structured contracts allow the company to retain most profits generated by the Chinese operating entities, with no dividends or distributions made to the owners of these entities[148]. - The company does not hold any equity in the Chinese operating entities but controls them through structured contracts to minimize potential conflicts with Chinese laws[153].

Financial Performance - Goldwind Technology reported a revenue of RMB 20 billion for the fiscal year 2024, representing a year-on-year increase of 15%[8]. - The company achieved a net profit of RMB 3 billion, which is a 10% increase compared to the previous year[8]. - The company achieved a revenue of RMB 56,516.21 million in 2024, representing a 12.48% increase from RMB 50,243.73 million in 2023[13]. - Net profit attributable to shareholders reached RMB 1,860.45 million, a 39.78% increase compared to RMB 1,330.99 million in 2023[14]. - The company’s total assets increased by 8.17% to RMB 155,224.29 million in 2024, up from RMB 143,494.60 million in 2023[16]. - The total liabilities rose by 11.17% to RMB 114,797.20 million in 2024, compared to RMB 103,265.69 million in 2023[16]. - The company’s cash flow from operating activities was RMB 2,315.85 million, an increase from RMB 1,854.04 million in 2023[19]. - The company’s gross profit for the year ended December 31, 2024, was RMB 7,716.76 million, reflecting an increase of RMB 1,371.67 million or 21.62% from RMB 6,345.09 million in 2023[96]. - The gross margin for the group improved to 13.65% in 2024 from 12.63% in 2023, with the wind turbine manufacturing segment showing a significant increase in gross margin from -0.28% to 4.91%[97]. Market Expansion and Strategy - Goldwind plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[8]. - The company is actively expanding into international markets and new business areas, focusing on high-quality development and technological innovation[28]. - The company is actively exploring new business areas such as mixed towers, energy storage, and carbon management, aiming to enhance its comprehensive competitive strength[63]. - The company is expected to contribute 10% of new installed capacity through the renovation and upgrading of onshore wind power during the 14th Five-Year Plan period[135]. - The company aims to achieve breakthroughs in business structure, product innovation, and market expansion in 2025, focusing on high-quality growth driven by innovation and efficiency[137]. Product Development and Innovation - The company is investing RMB 1 billion in R&D for new wind turbine technologies, aiming to improve efficiency by 15%[8]. - New product launches include a next-generation wind turbine model, projected to increase output by 20%[8]. - The company launched the new generation wind resource assessment software "Wind Craftsman 3.0," receiving the first DNV certification in the country[23]. - The newly launched GWH204 Ultra flagship model has been recognized as the "Best Innovative Product" at the 2024 Wind Power Leader Awards, showcasing the company's commitment to product innovation[70]. - The new flagship product GWH300-20(25)MW is expected to reduce the Levelized Cost of Energy (LCOE) by 10% in future deep-sea applications[71]. Operational Efficiency and Cost Management - The company reported a 5% reduction in operational costs due to improved supply chain management[9]. - The company achieved a 5.4 times increase in inspection efficiency through the implementation of an unmanned operation solution in wind farms[78]. - Selling and distribution expenses increased by 19.44% to RMB 1,321.53 million in 2024 from RMB 1,106.44 million in 2023, primarily due to rising employee costs[99]. - Administrative expenses rose by 20.94% to RMB 4,934.14 million in 2024 compared to RMB 4,079.67 million in 2023, driven by increased R&D and employee costs[100]. Corporate Governance and Leadership - The company has a diverse board with expertise in finance, law, and energy, enhancing its strategic decision-making capabilities[151]. - The company is committed to maintaining high standards of corporate governance through its experienced board members[152]. - The management team is committed to leveraging their expertise to drive the company's strategic initiatives and growth in the renewable energy sector[163]. Sustainability and Environmental Commitment - Future strategies include a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company is committed to sustainable development by continuously launching higher quality, lower cost, and better performance products and solutions[139]. - The company is actively promoting the development of offshore wind power projects and expanding renewable energy applications in key sectors such as industry, transportation, and construction[135]. Shareholder Returns and Dividends - The company plans to distribute a final dividend of RMB 1.4 per 10 shares for the fiscal year ending December 31, 2024, subject to shareholder approval[183]. - The company has established a cash dividend policy, aiming for a minimum cash dividend proportion of 80% during profit distribution in a mature stage without significant capital expenditure[182]. - The company emphasizes active cash dividend distribution when profits are positive and cash flow supports normal operations and long-term development[180]. Risks and Challenges - The company faces potential risks including policy changes affecting the wind power industry, intensified market competition, and economic fluctuations impacting international business expansion[139].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net loss attributable to shareholders of HKD 4,000,000, with a loss per share of HKD 0.5 cents, compared to a net loss of HKD 30,100,000 and a loss per share of HKD 3.8 cents for the year ending December 31, 2023[8]. - Total revenue for 2024 was HKD 4,241,300,000, a decrease of 41.7% from HKD 7,274,400,000 in 2023. Property sales revenue fell from HKD 7,246,200,000 in 2023 to HKD 4,224,500,000 in 2024, also a 41.7% decline[12]. - Rental income from investment properties decreased by 41.9% to HKD 15,700,000 in 2024, down from HKD 27,100,000 in 2023[16]. - The total contracted sales amount for the year was approximately HKD 2,280,700,000, down from HKD 4,075,800,000 in 2023[14]. - The company did not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[9]. Asset and Liability Management - The company's net asset value attributable to equity holders was HKD 1,011,200,000 as of December 31, 2024, compared to HKD 1,029,100,000 in 2023, resulting in a net asset value per share of HKD 1.26[10]. - As of December 31, 2024, the group's net borrowings amounted to HKD 3,990,000,000, an increase from HKD 1,012,300,000 in 2023[19]. - The total borrowings reached HKD 4,940,900,000, up from HKD 2,009,800,000 in 2023, with 100% of the borrowings denominated in RMB[20]. - The group's capital to debt ratio was 394.6% as of December 31, 2024, compared to 98.4% in 2023[19]. - The group's cash and bank balances totaled HKD 950,900,000, a slight decrease from HKD 997,500,000 in 2023, with approximately 98.7% in RMB[19]. Market Outlook - The company anticipates that the easing of purchase restrictions and optimized loan conditions in first-tier and certain second- and third-tier cities will support a recovery in the real estate market[11]. - The overall property market remains weak, particularly in Hong Kong, due to high interest rates and a lack of demand and confidence in key sectors such as retail and office spaces[12]. - The group anticipates a gradual recovery in the real estate market in mainland China, supported by ongoing government policies and measures[24]. Corporate Governance - The board consists of six directors, including three executive directors and three independent non-executive directors[40]. - The company has adopted a set of guidelines for regulating securities trading by directors, ensuring compliance with the standards set forth in the Listing Rules[37]. - The board is responsible for the overall strategy, management goals, and monitoring management performance, ensuring corporate governance functions are fulfilled[39]. - The company has established four committees: the remuneration committee, nomination committee, audit committee, and executive committee, each with written terms of reference[43]. - The company has appointed three independent non-executive directors, meeting the requirement that at least one-third of the board consists of independent directors[44]. Risk Management - The company has established a risk management framework to identify and manage risks, including environmental, social, and governance risks[67]. - Management confirmed that the risk management and internal control systems are adequate and effective, with no significant deficiencies identified during the year[63]. - The Audit Committee receives internal audit reports on identified major risk areas and ensures that any significant internal control deficiencies are reported to the Board[68]. - The board is responsible for overseeing the effectiveness of the company's environmental, social, and governance risk management and internal control systems[96]. Employee Management - As of December 31, 2024, the group employed 391 staff members, offering various employee benefits including medical insurance and retirement plans[26]. - The company has established a comprehensive compensation and benefits package for employees, ensuring alignment with performance and shareholder interests[150]. - The total employee turnover rate for 2024 is approximately 18.16%, a significant decrease from 27.43% in 2023[153]. - The company emphasizes a culture of equal opportunity and diversity, ensuring all employees have access to training and career development opportunities[156]. - The company has implemented a comprehensive training program to enhance employee skills and knowledge, including online learning resources for occupational health and safety[164]. Environmental, Social, and Governance (ESG) Initiatives - The company has integrated environmental, social, and governance (ESG) factors into its business strategy to ensure sustainable development[99]. - The company aims to achieve steady progress towards its ESG goals through regular reporting from senior management to the board[100]. - The company has established a community investment policy to encourage employee participation in community projects, focusing on sustainable development and charitable contributions[192]. - The company is actively investing time and resources to address the urgent challenges posed by climate change[198]. - The company has committed to monitoring and disclosing greenhouse gas emissions annually, focusing on direct (Scope 1), energy indirect (Scope 2), and other indirect (Scope 3) emissions[149]. Stakeholder Engagement - The company has established a policy for shareholder communication, which is reviewed annually to ensure effectiveness[80]. - The company provides various formal channels for shareholders to communicate and inquire about company matters[88]. - Senior management maintains good communication with stakeholders to facilitate timely exchanges of opinions, which is crucial for long-term success[200]. - The board has reviewed stakeholder feedback and prioritized ESG issues for better strategic planning and resource allocation[109].

Financial Performance - For the year ended December 31, 2024, the company's net interest income was RMB 112.3 million, and net profit was RMB 96.3 million, with a loan balance reaching RMB 727.7 million[8]. - The total amount of loans granted to customers was RMB 888.2 million, generating interest income of RMB 112.7 million during the reporting period[13]. - The company's capital net amount decreased from RMB 1,268.5 million in 2023 to RMB 1,221.2 million in 2024, while the loan to capital net amount ratio improved from 0.73 times to 0.60 times[13]. - The loan principal balance decreased from RMB 925.9 million as of December 31, 2023, to RMB 727.7 million as of December 31, 2024, due to adjustments in loan scale in response to changes in credit policies[15]. - The company reported a significant increase in overdue loans primarily due to temporary cash flow difficulties faced by borrowers[21]. - The overdue loan balance rose to RMB 190.1 million in 2024, representing 26.0% of the total loan balance, up from RMB 108.3 million or 11.7% in 2023[21]. - The non-performing loan ratio improved to 3.7% as of December 31, 2024, down from 7.9% as of December 31, 2023, primarily due to the recovery of RMB 455 million in substandard loans[27]. - The provision coverage ratio increased significantly to 216.9% as of December 31, 2024, compared to 92.8% in the previous year, indicating a stronger buffer against potential loan losses[26]. - Interest income from loans decreased to RMB 112.7 million in 2024 from RMB 140.2 million in 2023, reflecting a decline in the outstanding balance of non-performing loans[32]. - Net profit increased from RMB 76.2 million in 2023 to RMB 96.3 million in 2024, with profit attributable to equity holders rising from RMB 64.8 million to RMB 91.7 million[48]. Loan Portfolio and Risk Management - The proportion of revolving loans increased to 72.3% in 2024, compared to 67.9% in 2023, while term loans decreased to 27.7% from 32.1%[17]. - The company has a significant portion of its loans secured, with 52.0% backed by collateral in 2024, compared to 41.1% in 2023[18]. - Loans with a maturity of less than one year accounted for 94.4% of the total loan balance as of December 31, 2024[20]. - The loan portfolio includes a diverse range of borrowers, with 44.8% of loans being less than RMB 1 million in 2024[22]. - The company has implemented a comprehensive risk assessment system to ensure steady improvement in loan quality[9]. - The company faces various risks including credit risk, foreign exchange risk, interest rate risk, price risk, and liquidity risk[126]. - The company has established risk management and internal control systems to monitor operations and compliance, but cannot guarantee the detection of non-compliance events[126]. Economic Environment and Strategic Outlook - The external economic environment remains uncertain due to geopolitical conflicts and trade protectionism, impacting domestic economic stability[8]. - The global economy is expected to maintain stable growth into 2025, with developed economies like the US and Europe experiencing a slight slowdown, while emerging markets such as China and India continue to show strong growth[86]. - Domestic economic operation shows positive factors, but insufficient domestic demand remains the biggest constraint[86]. - The government will continue to strengthen macroeconomic regulation, deepen reform and opening up, and expand domestic demand to promote high-quality economic development[86]. - The company plans to innovate financial products to meet diverse customer needs and expand customer channels to enhance brand influence[86]. - The company aims to improve service efficiency and optimize customer experience while strengthening team building and enhancing professional capabilities[86]. Corporate Governance and Compliance - The company has complied with all major regulatory capital requirements and lending limits as of December 31, 2024, ensuring adherence to financial regulations[29]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee to oversee various matters[197]. - The company is committed to maintaining high levels of corporate governance and protecting shareholder rights, fully complying with the corporate governance code during the reporting period[196]. - The supervisory board has verified the financial statements for the year ending December 31, 2024, and believes they fairly reflect the group's financial position and operating performance[190]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[147]. - The company has a strong focus on strategic advice from its board members, including Jiang Haiying and Cai Rongjun, who have over 30 years of combined experience in business management[95][96]. Shareholder and Capital Structure - The proposed final dividend for the year ending December 31, 2024, is RMB 0.05 per share, subject to shareholder approval at the annual general meeting on June 12, 2025[133]. - As of December 31, 2024, the company has a total of 680,000,000 shares issued, including 180,000,000 H shares and 500,000,000 domestic shares[156]. - The major shareholder, Fujian Qipiwolf Group, owns 203,932,000 domestic shares, accounting for 40.79% of the relevant class of shares and 29.99% of the total issued share capital[157]. - The company has not engaged in any buybacks, sales, or redemptions of its listed securities during the year ending December 31, 2024[142]. Employee and Operational Insights - The company actively engages in team building and professional development to improve employee skills and knowledge[9]. - The number of employees as of December 31, 2024, was 51, all based in China, with compensation aligned with local laws and regulations[84]. - Total operating and management expenses decreased from RMB 24.0 million in 2023 to RMB 23.0 million in 2024, mainly due to reduced employee costs[41]. Acquisitions and Investments - The company completed the acquisition of a 23.0% equity stake in Jinjiang Huixin for a total consideration of RMB 82.96 million, which will continue to be consolidated in the financial statements[80]. - The company completed the acquisition of 24% equity in Huizhi Xin for approximately RMB 185 million, enhancing control over its assets and business strategies[176]. - The company also acquired 23.04% equity in Jinjiang Huixin for approximately RMB 829.6 million, which is expected to strengthen its competitive advantage in the financial market[179].

Revenue Performance - For the year ended December 31, 2024, the Group's revenue decreased by 40.2% from approximately HK$134.6 million in 2023 to approximately HK$80.5 million in 2024[12]. - Total revenue for construction and engineering services decreased by approximately 50.2% to HK$61.1 million for the year ended December 31, 2024, compared to HK$122.8 million in the previous year[23]. - The completion of major slope works projects in 2023 and 2024 significantly impacted revenue[12]. - Revenue from property-related services increased by 6.7% from approximately HK$8.4 million in 2023 to approximately HK$9.0 million in 2024[12]. - Revenue from property-related services remained stable, with approximately HK$5.0 million for the year ended 31 December 2024 compared to approximately HK$4.6 million for the year ended 31 December 2023[42]. - The Group recorded revenue of approximately HK$10.4 million from luxury product sales in 2024, up from approximately HK$3.4 million in 2023, driven by stable growth in luxury watch sales[29]. - Revenue from sales of luxury products increased by approximately HK$7.0 million or approximately 207.5%, from approximately HK$3.4 million for the year ended 31 December 2023 to approximately HK$10.4 million for the year ended 31 December 2024[43]. Profitability and Financial Performance - The Group's total gross profit for the year ended 31 December 2024 amounted to approximately HK$5.4 million, representing an increase of 50.6% compared to approximately HK$3.6 million for the year ended 31 December 2023[48]. - The gross profit margin for the year ended 31 December 2024 was approximately 6.7%, compared to approximately 2.7% for the year ended 31 December 2023[48]. - Gross profit from construction and engineering services increased by 150% to approximately HK$0.6 million for the year ended 31 December 2024, with a gross profit margin of approximately 1.0%[49]. - Gross profit from property-related services increased to approximately HK$2.8 million for the year ended 31 December 2024, with a gross profit margin of approximately 31.5%[50]. - Gross profit from sales of luxury products increased by approximately 100% to approximately HK$2.0 million for the year ended 31 December 2024, with a gross profit margin of approximately 18.8%[51]. - The net loss for the year ended December 31, 2024, was approximately HK$15.8 million, a slight improvement from a net loss of approximately HK$16.4 million for the year ended December 31, 2023, with a net loss margin of approximately 19.6%[61]. Business Strategy and Future Outlook - The Group plans to review existing operations and formulate long-term business strategies to improve profitability, particularly in site formation and ground investigation works[13]. - The Group aims to optimize and diversify business operations while exploring new business opportunities to strengthen revenue[14]. - The Group plans to continue exploring business expansion opportunities beyond construction and engineering services to enhance future development and strengthen revenue bases[35]. - The Group is adopting a cautious approach to future development, monitoring market risks and uncertainties during the economic recovery cycle[36]. - The construction and engineering services sector is expected to face challenges in the coming years[13]. Corporate Governance - The Company emphasizes high standards of corporate governance to enhance shareholder value and safeguard stakeholder interests[113]. - The Board has adopted the Corporate Governance Code provisions applicable for the year ended December 31, 2024, to ensure compliance with the Listing Rules[113]. - The Company will continue to review and enhance its corporate governance practices in line with the latest developments[113]. - The Company has adopted and complied with the Corporate Governance Code during the year ended 31 December 2024[114]. - The Board is composed of five members, including two executive Directors and three independent non-executive Directors[124]. - The Board has achieved a gender diversity target of at least 20% female Directors, currently comprising one female and four male Directors[135]. - The Company has adopted a nomination policy to ensure a balance of skills, experience, and diversity among Board members[139]. - The roles of chairman and chief executive officer are held by separate individuals, in compliance with corporate governance standards[146]. Employee and Operational Information - The Group employed 60 full-time employees as of December 31, 2024, down from 65 full-time employees in the previous year, with total staff costs amounting to approximately HK$29.0 million[81]. - The Group's cash and bank deposits denominated in US dollars amounted to approximately HK$37.8 million as of December 31, 2024, compared to approximately HK$37.1 million as of December 31, 2023[77]. - The Group has sufficient insurance coverage for claims and litigations related to employee compensation and personal injury, with no material adverse impact expected on operations or financial position[88]. - The Group continues to review its employee compensation policy to ensure competitiveness in the market[85]. - The Group has been involved in various claims and litigations but does not anticipate any significant financial impact from these issues[87]. Financial Position and Cash Flow - As of December 31, 2024, the Group had total cash and bank balances of approximately HK$121.4 million, down from approximately HK$137.2 million as of December 31, 2023[69]. - The gearing ratio as of December 31, 2024, was approximately 0.4%, a decrease from approximately 0.8% as of December 31, 2023, due to lower total indebtedness from lease liability repayments[71]. - The Group had no significant investments, material acquisitions, or disposals of subsidiaries, joint ventures, and associated companies during the year ended December 31, 2024[79]. - The Board did not recommend the payment of any final dividend for the year ended December 31, 2024, consistent with the previous year[62]. - The Company has a dividend policy that considers factors such as financial condition, capital and debt levels, and future cash requirements[145]. Board and Committee Activities - The Audit Committee is composed of three independent non-executive Directors, ensuring oversight of the Group's financial integrity[180]. - The external auditor, Grant Thornton, received HK$940,000 for audit services and HK$30,000 for non-audit services for the year ended 31 December 2024[190]. - The Directors confirmed that the consolidated financial statements for the year ended 31 December 2024 were prepared on a going concern basis and complied with relevant accounting standards[191]. - The company held four Board meetings and one general meeting during the year ended 31 December 2024[175]. - The Audit Committee held three meetings to review the Group's interim and annual financial results, internal control, and risk management systems[185].