Financial Performance - The company's operating revenue for Q1 2025 was RMB 17,850,312, a decrease of 3.7% compared to RMB 18,533,340 in the same period last year[4]. - Net profit attributable to shareholders increased by 23.0% to RMB 218,352 from RMB 177,466 year-on-year[4]. - The net profit after deducting non-recurring gains and losses rose by 61.3% to RMB 219,153 from RMB 135,847 in the previous year[4]. - Basic and diluted earnings per share increased by 33.3% to RMB 0.012 from RMB 0.009 year-on-year[5]. - The company reported a total profit of RMB 379,949 thousand for Q1 2025, an increase from RMB 332,573 thousand in Q1 2024, marking a growth of 14.2%[19]. Cash Flow and Assets - The net cash flow from operating activities was RMB 1,666,653, a significant recovery from a negative RMB 765,461 in the same period last year[5]. - Cash and cash equivalents at the end of Q1 2025 totaled RMB 4,662,178 thousand, compared to RMB 1,855,808 thousand at the end of Q1 2024[22]. - Current assets increased to RMB 44.73 billion from RMB 43.33 billion at the end of 2024[15]. - Total assets at the end of the reporting period were RMB 77,705,263, reflecting a slight increase of 0.5% from RMB 77,340,105 at the end of the previous year[5]. - The company's total liabilities were RMB 68.67 billion, slightly down from RMB 68.69 billion at the end of 2024[16]. Contracts and Market Activity - The total new contracts signed in Q1 2025 amounted to RMB 34.82 billion, a year-on-year increase of 2.2%[11]. - New contracts signed with Sinopec Group totaled RMB 17.77 billion, a year-on-year decrease of 9.1%[11]. - New contracts in the overseas market reached RMB 8.92 billion, a significant year-on-year increase of 65.8%[11]. Shareholder Information - The company reported a total of 109,293 common shareholders at the end of the reporting period[9]. - Shareholder equity attributable to the parent company increased by 4.5% to RMB 9,034,870 from RMB 8,648,802 at the end of the previous year[5]. Non-Recurring Items - Non-recurring gains and losses for the period totaled RMB -801, primarily due to asset disposal losses and other non-operating income[6].

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately HKD 1,133.1 million, a decrease of about HKD 110.6 million compared to HKD 1,243.7 million for the year ended December 31, 2023[7]. - The net loss attributable to the owners of the company for the year ended December 31, 2024, was approximately HKD 605.0 million, compared to a net loss of approximately HKD 294.6 million for the year ended December 31, 2023, representing an increase in loss of about HKD 310.4 million[10]. - The basic loss per share for the year was approximately HKD 0.9432, compared to approximately HKD 0.4592 for the same period last year[14]. - The property development segment reported revenue of approximately HKD 1,053.8 million for the year ended December 31, 2024, down from HKD 1,158.0 million for the year ended December 31, 2023[16]. - The total loss from property unit sales increased from approximately HKD 39.6 million to approximately HKD 155.7 million for the respective periods[13]. - The impairment of properties held for sale increased from approximately HKD 23.6 million to approximately HKD 185.7 million for the respective periods[13]. - Financing costs (excluding capitalized amounts) rose from approximately HKD 94.0 million to approximately HKD 143.4 million for the respective periods[13]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with the previous year[11]. Debt and Equity - The total debt was successfully reduced from HKD 2 billion to HKD 1.2 billion, reflecting the company's commitment to maintaining a solid financial foundation[7]. - As of December 31, 2024, the total equity of the group was approximately HKD 801.5 million, a decrease from HKD 1,414.3 million as of December 31, 2023[27]. - The group's current assets as of December 31, 2024, were approximately HKD 1,619.0 million, down from HKD 3,157.1 million as of December 31, 2023, primarily due to the sale of property units[27]. - The group's current liabilities decreased to approximately HKD 1,523.2 million as of December 31, 2024, from HKD 2,426.4 million as of December 31, 2023, due to repayments from property sales[27]. - The capital debt ratio increased from approximately 146.3% as of December 31, 2023, to about 154.6% as of December 31, 2024, mainly due to significant losses incurred during the year[28]. - The net debt-to-equity ratio rose from approximately 143.0% as of December 31, 2023, to about 151.0% as of December 31, 2024, reflecting a decrease in total equity[28]. - The debt-to-asset ratio decreased from approximately 50.3% as of December 31, 2023, to about 48.8% as of December 31, 2024, due to sales and loan repayments[29]. Property and Investment Segments - The revenue from the "Rain After" project, a luxury shared apartment complex, was approximately HKD 1,024.5 million for the year ending December 31, 2024, with 168 residential and parking units completed and delivered, compared to HKD 996.3 million for the same period in 2023[18]. - The property investment segment generated revenue of approximately HKD 43.1 million for the year ending December 31, 2024, a decrease of about HKD 2.5 million from HKD 45.6 million in the previous year[19]. - The total carrying value of the company's investment properties was approximately HKD 738.4 million as of December 31, 2024, down from HKD 776.6 million a year earlier[20]. - The company confirmed revenue of approximately HKD 13.9 million from property management services for the year ending December 31, 2024, an increase from HKD 12.9 million in the previous year[22]. - The financing segment generated revenue of approximately HKD 2.8 million for the year ending December 31, 2024, a decrease of about HKD 1.2 million from HKD 4.0 million in the previous year due to a reduction in average outstanding loan balances[23]. - The construction and renovation segment reported revenue of approximately HKD 6.0 million for the year ending December 31, 2024, compared to HKD 5.7 million in the previous year[24]. - The wine business segment reported revenue of approximately HKD 13.4 million for the year ending December 31, 2024, a decrease of about HKD 3.6 million from HKD 17.0 million in the previous year, primarily due to a decline in wine sales[25]. Risk Management and Governance - The company acknowledges various risks, including market risk, business risk, and regulatory risk, which could significantly impact its financial condition and operations[40]. - The board has established a risk control committee to manage potential risks and uncertainties affecting the business[41]. - The company is committed to monitoring and reviewing its risk management and internal control systems regularly[41]. - The company emphasizes the importance of good governance for long-term success and sustainable development[63]. - The company has maintained compliance with the corporate governance code throughout the reporting period, except for the separation of the roles of chairman and CEO[61]. - The company has established a shareholder communication policy to enhance transparency and facilitate information sharing with shareholders[101]. - The company has adopted a whistleblowing policy to ensure the highest levels of openness, integrity, and accountability, with no significant fraud reported during the reporting period[103]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development as a long-term goal, integrating environmental, social, and governance (ESG) factors into its business strategy[111]. - The ESG report is prepared according to the guidelines set out in the Stock Exchange's listing rules, detailing the group's management methods and performance[112]. - Stakeholder engagement is considered vital for improving ESG performance, with regular communication channels established[116]. - The company has implemented a green office program to encourage energy-saving practices, including the use of energy-efficient equipment and promoting a paperless environment[122]. - The company has not reported any significant non-compliance issues regarding emissions and waste management regulations during the review year[121]. - The company has adopted measures to minimize carbon emissions from its construction projects by outsourcing to independent contractors[118]. - The company has implemented measures to promote environmental sustainability in the workplace, including a paper recycling culture and water-saving initiatives[162]. Employee and Operational Insights - The group employed 116 staff as of December 31, 2024, down from 133 staff as of December 31, 2023, maintaining competitive salary levels[39]. - The overall employee turnover rate for the year ending December 31, 2024, is approximately 33%[134]. - 49.5% of employees received training during the year, with 56.0% of female employees and 44.0% of male employees participating[138]. - The group provides competitive compensation and performance-based bonuses to employees, ensuring compliance with labor laws and regulations[132]. - The group has a zero-tolerance policy towards forced labor and child labor, adhering to all related laws and regulations[139]. - The company ensures all building projects meet BEAM Plus certification, focusing on sustainable materials and waste management, air and noise pollution control, and energy efficiency[148]. Shareholder and Capital Structure - The total available reserves for distribution as of December 31, 2024, are approximately HKD 63.6 million, down from HKD 363.1 million in 2023[176]. - The company did not declare any final dividends for the reporting period, nor any interim dividends for the six months ending June 30, 2024[167]. - The total issued share capital of the company as of December 31, 2024, is HKD 6,414,980, divided into 641,498,000 shares, all fully paid[200]. - The company’s share option plan allows for a maximum of 22,400,000 shares to be granted, representing 10% of the total issued shares as of the listing date[199]. - The company has granted 10,000,000 share options to the controlling shareholder, increasing the plan's authorization limit to 64,149,800 shares, which is 10% of the total issued shares at the time of approval[199].

Stock Performance and Dividends - The Group's stock performance in 2024 saw the Hang Seng Index increase by 18% due to stimulus measures from China[16]. - The proposed total dividends for the year 2024 amount to HK0.44 cents per share, compared to HK0 for 2023[17]. - The final dividend is set at HK0.28 cents per share, with a special dividend of HK0.16 cents per share[17]. - The dividends will be paid on June 20, 2025, subject to shareholder approval at the AGM on May 30, 2025[18]. Financial Performance - The Group's financial results for the year ended December 31, 2024, are presented in the annual report[15]. - Revenue from corporate finance advisory and related services for the Current Reporting Period was approximately HK$28.8 million, up from approximately HK$20.5 million in 2023, representing a growth of 40%[83][90]. - Revenue from asset management services was approximately HK$19.2 million, an increase from approximately HK$15.7 million in 2023, reflecting a growth of 22.4%[84][91]. - Adjusted total comprehensive income for the Current Reporting Period was approximately HK$21.3 million, compared to approximately HK$10.6 million in the previous year, indicating a substantial improvement[88]. - The Group recorded a profit for the Current Reporting Period of approximately HK$22.5 million, compared to a loss of approximately HK$161.8 million in the previous year[137]. - Basic earnings per share for the Current Reporting Period was HK1.03 cents, compared to a loss per share of HK14.20 cents in 2023[138]. - The Group's revenue for the Current Reporting Period increased by approximately HK$12.1 million, or 27.9%, to approximately HK$55.5 million compared to HK$43.4 million in the previous year[139]. Management and Governance - The Group is preparing for potential challenges in hostile takeovers and market reviews, indicating a proactive approach to risk management[2]. - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[7]. - The company has appointed independent non-executive directors to enhance governance and oversight[55][61]. - The managing director's discussion and analysis will include future business prospects for the group[27]. Company Structure and Operations - The Group's headquarters is located in Hong Kong, with a registered office in the Cayman Islands[12]. - Da Yu Financial Holdings Limited primarily engages in corporate finance advisory services, asset management, securities investment, securities broking, and money lending in Hong Kong[75]. - The company operates through several wholly-owned subsidiaries, including Yu Ming Investment Management Limited, Yu Ming High Dividend Fund, Morton Securities Limited, and Morgan Finance Limited[75]. - The company is licensed by the SFC to conduct regulated activities in securities trading, corporate finance, and asset management[51]. Risk Management and Credit - Morgan Finance continued to adopt a cautious approach to credit risk management amid economic instability, adjusting interest rates and loan-to-value ratios as necessary[96][104]. - The Group's credit approval process includes thorough background checks and credit risk assessments before granting loans[117]. - The Group ensures that all loans have a good repayment prospect and implements strict recovery actions to secure repayments[118]. Market Trends and Future Outlook - The rise of the AI company DeepSeek is highlighted as a key driver of market excitement, showcasing China's innovation capabilities[16]. - The Group's future outlook will be detailed in the "Management Discussion and Analysis" section[23]. Employee and Operational Expenses - Employee benefit expenses increased by approximately HK$7.3 million, or 35.1%, to approximately HK$28.1 million in 2024, mainly due to a rise in staff bonuses by approximately HK$5.1 million, or 107.6%[141]. - Operating expenses increased by 7%, largely due to inflation and strategic investments, with a cost-to-income ratio improving by 4 percentage points to 59%[178][182]. Asset and Liability Management - The Group's cash and cash equivalents as of December 31, 2024, were approximately HK$98.6 million, up from approximately HK$70.4 million in 2023[147][152]. - Total assets increased to approximately HK$757.2 million in 2024, up from approximately HK$492.5 million in 2023, while total liabilities rose to approximately HK$255.8 million from approximately HK$182.6 million[150][155]. - The Group's net assets as of December 31, 2024, were approximately HK$501.4 million, compared to approximately HK$309.9 million in 2023[150][155].

Financial Performance - For the Financial Year 2024, the Group's revenue decreased by approximately HK$24.1 million to approximately HK$97.1 million, compared to approximately HK$121.2 million for the Financial Year 2023[14]. - The Group's net profits decreased by approximately HK$0.8 million from approximately HK$1.3 million for the Financial Year 2023 to approximately HK$0.5 million for the Financial Year 2024[14]. - The modest decrease in net profit was mainly due to the provision for impairment losses on trade receivables and contract assets[14]. - The Group's revenue for the Financial Year 2024 was approximately HK$97.1 million, representing a decrease of approximately 19.9% from approximately HK$121.2 million for the Financial Year 2023[32]. - The Group's net profit for the Financial Year 2024 was approximately HK$0.5 million, a decrease of approximately HK$0.8 million from approximately HK$1.3 million for the Financial Year 2023[36]. Gross Profit and Expenses - The Group managed to enhance its gross profit margin by focusing on higher profitability projects and implementing stringent cost control measures[15]. - The Group's gross profit increased from approximately HK$29.5 million for the Financial Year 2023 to approximately HK$31.9 million for the Financial Year 2024, with a gross profit margin increase from approximately 24.3% to approximately 32.9%[33]. - Administrative and other operating expenses slightly increased by approximately HK$0.3 million (approximately 1.1%) to approximately HK$28.8 million for the Financial Year 2024[34]. - The Group recorded impairment losses on financial assets and contract assets amounting to approximately HK$3.7 million for the Financial Year 2024, compared to a reversal of impairment losses of approximately HK$0.8 million for the Financial Year 2023[35]. Assets and Liabilities - As of 31 December 2024, the Group's current ratio was approximately 1.5, an increase from approximately 1.3 as of 31 December 2023[40]. - The Group had total assets of approximately HK$61.9 million as of 31 December 2024, down from approximately HK$71.5 million as of 31 December 2023[40]. - The Group's gearing ratio improved to approximately 71.5% as of 31 December 2024, compared to approximately 87.6% as of 31 December 2023[41]. - The Group had cash and bank balances of approximately HK$8.5 million as of 31 December 2024, down from approximately HK$11.9 million as of 31 December 2023[40]. - As of December 31, 2024, the company's debt ratio was approximately 71.5%, a decrease from 87.6% on December 31, 2023[47]. Capital Expenditure - Capital expenditure for the Financial Year 2024 was approximately HK$2.6 million, compared to HK$0.9 million for the Financial Year 2023[42]. - Capital commitments as of December 31, 2024, were approximately HK$0.3 million, a decrease from approximately HK$0.5 million as of December 31, 2023[73]. Corporate Governance - The Audit Committee reviewed the Group's consolidated financial statements for the Financial Year 2024 and confirmed compliance with applicable accounting standards and adequate disclosures[87]. - The Board did not recommend payment of final dividend to shareholders for the Financial Year 2024[104]. - All Directors confirmed full compliance with the required standard of dealings set out in the Code of Conduct during the Financial Year 2024[100]. - The Company has adopted the required standard of dealings set out in the Model Code regarding securities transactions by Directors[100]. - The Group's governance practices comply with the Corporate Governance Code, ensuring effective internal control systems[183]. Management and Directors - The Group's management team is composed of experienced professionals with backgrounds in finance, construction, and corporate governance[134]. - The Group's independent non-executive directors include Mr. An and Ms. Zhang, who joined in December 2024, providing independent judgment on strategy and performance[126][130]. - The Board consists of four Directors, including one executive Director and three independent non-executive Directors, ensuring a strong independent element[160]. - The Company has confirmed the independence of all three independent non-executive Directors, ensuring compliance with Listing Rules[170]. Market and Industry Conditions - The construction and civil engineering projects in Hong Kong and Macau significantly impact the company's operational results, influenced by economic conditions and government policies[53]. - The company faces risks related to cost overruns and project delays, which could adversely affect financial performance and profitability[55]. - The construction industry is experiencing a labor shortage, leading to increased daily wages for workers in the concrete demolition sector[61]. Employee Relations - The company did not experience significant labor disputes or difficulties in recruitment during the fiscal year 2024[65]. - The Group had 86 full-time employees as of December 31, 2024, an increase from 85 employees in the previous year[71]. - Staff costs for the Financial Year 2024 were approximately HK$43.2 million, down from HK$47.1 million in the Financial Year 2023, representing a decrease of about 8.3%[71]. Strategic Direction - The Group is cautiously optimistic about future opportunities and is dedicated to actively participating in project tenders[16]. - The Group's strategic direction includes enhancing operational efficiency and expanding market presence through experienced leadership[134]. - The company aims to integrate environmental protection, social responsibility, and sustainable growth into its business strategies[152].

Financial Performance - The total revenue for the year 2024 was approximately RMB 486.7 million, a decrease of about 4.3% compared to 2023[14]. - Revenue from knitted fabric products was RMB 112.9 million, accounting for 23.2% of total revenue, while revenue from lingerie products was RMB 371.4 million, making up 76.3%[8]. - The gross profit for 2024 was RMB 104.15 million, resulting in a gross margin of 21.4%[7]. - The company reported a loss before tax of RMB 13.0 million for the year, compared to a loss of RMB 2.3 million in 2023[7]. - Total revenue for the group decreased by approximately RMB 21.9 million or 4.3%, from RMB 508.6 million in the previous year to RMB 486.7 million[30]. - Revenue for the knitting fabric and underwear manufacturing business was approximately RMB 484.4 million with a gross profit of RMB 103.7 million, reflecting stable demand for high-quality sportswear and underwear[28]. - Knitting fabric sales decreased from RMB 136.6 million to RMB 112.9 million, accounting for 23.2% of total revenue, down from 26.9%[30]. - Underwear product sales remained stable at approximately RMB 371.4 million, representing 76.3% of total revenue, with a unit price increase of about 11.2% compensating for a decrease in sales volume[31]. - The group recorded a net loss of RMB 20.3 million for the year, compared to a net loss of approximately RMB 9.7 million in the previous year[43]. Assets and Liabilities - Total assets amounted to RMB 612.2 million, with total liabilities of RMB 348.3 million, resulting in a total equity of RMB 264.2 million[7]. - Cash and cash equivalents at the end of 2024 were RMB 250.6 million, down from RMB 270.1 million in 2023[7]. - The current ratio remained stable at 1.2, indicating consistent liquidity management[7]. - Trade receivables increased to approximately RMB 57.6 million, with an average collection period rising to about 39 days from 27 days[47]. - As of December 31, 2024, the group had fixed-rate bank loans and other loans amounting to RMB 85.0 million and RMB 54.4 million, respectively, compared to RMB 55.0 million and RMB 54.4 million in 2023[50]. Market and Economic Outlook - Revenue from the Chinese market was RMB 180.2 million, representing 37.0% of total revenue, while revenue from Japan was RMB 243.8 million, accounting for 50.1%[9]. - In 2024, China's GDP is projected to grow by 5.0%, with quarterly growth rates of 5.3%, 4.7%, 4.6%, and 5.4%[20]. - The total value of China's goods trade reached RMB 43.85 trillion in 2024, marking a 5% year-on-year increase[21]. - The textile and apparel export value from China is expected to reach USD 301.1 billion in 2024, reflecting a 2.8% year-on-year growth[21]. Strategic Initiatives - The company plans to optimize its product mix and strengthen supply chain management to maintain competitiveness in a challenging global economic environment[14]. - The company is focusing on enhancing risk management and financial flexibility to adapt to the changing market dynamics[14]. - The group will continue to focus on high-quality functional fabrics and lingerie business, aiming to expand its global marketing network and deepen cooperation with internationally renowned brands to capture more market opportunities[61]. - The group plans to optimize fabric product structure and increase investment in niche areas such as leisure lingerie, actively improving product quality to meet diverse customer demands[61]. Environmental, Social, and Governance (ESG) Efforts - The report aims to communicate with stakeholders and address their main expectations and concerns regarding sustainability[86]. - The group is committed to sustainable development policies and practices, as outlined in the report[86]. - The report includes performance data related to environmental, social, and governance (ESG) aspects[84]. - The company has established a governance framework for environmental, social, and governance (ESG) issues, ensuring a mature mechanism and processes for managing these responsibilities[92]. - The ESG working group has identified two significant risks: product quality risk and business concentration risk, with measures in place to mitigate their impact[98]. - The company emphasizes honest, equal, and transparent communication with stakeholders, enhancing its engagement channels[100]. - The group has established a quality management system to enhance quality control throughout the production process, adhering to various inspection standards[122]. Employee and Workplace Management - The total employee cost for the group was approximately RMB 157.5 million, an increase from RMB 150.0 million in 2023, with around 2,400 employees as of December 31, 2024[56]. - The group has established a diverse training program to support employee growth and self-actualization, aligning with the company's development[162]. - The group provides various employee benefits, including statutory holidays, paid annual leave, and medical insurance, ensuring fair promotion opportunities based on performance[164]. - The group has implemented measures to ensure the safe storage and handling of flammable materials, particularly during high-temperature conditions[170]. - The group has not experienced any significant labor disputes related to compensation, recruitment, or promotion that affected operations[167]. Environmental Impact and Compliance - The total greenhouse gas emissions during the reporting period amounted to 22,706.56 tons of CO2 equivalent[146]. - The company has established a "Waste Gas Emission Management Measures" to regulate measures for reducing waste gas emissions[146]. - The company has implemented various energy-saving measures, including replacing inefficient equipment and installing energy-efficient motors[155]. - The company has updated its hazardous waste emergency response plan to enhance its ability to handle incidents effectively[149]. - The company has conducted an environmental incident drill to improve emergency response capabilities among its teams[149].

Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately RMB22,279,000, representing an increase of approximately RMB496,000 or 2.3% compared to RMB21,783,000 in 2023[17]. - The increase in revenue is attributed to the Group maintaining and stabilizing its existing business operations[17]. - The gross profit margin increased to 7.94% in 2024 from 7.46% in 2023, primarily due to reduced cost of sales[36]. - Loss attributable to shareholders decreased to approximately RMB1,298,000 in 2024, a reduction of approximately RMB2,216,000 compared to the previous year[38]. - Current assets decreased to approximately RMB12,041,000 in 2024, down by approximately RMB1,132,000 from 2023[41]. - Current liabilities increased to approximately RMB65,607,000 in 2024, representing an increase of approximately RMB143,000 compared to 2023[42]. - The Group's bank borrowings increased to approximately RMB2,952,000 in 2024 from RMB2,000,000 in 2023[45]. - Other income and gains decreased to approximately RMB6,000 in 2024 from RMB18,000 in 2023[36]. - The Group faced liquidity risk with net current liabilities of approximately RMB 53,566,000 as of December 31, 2024[115]. Business Operations - The Group's major business includes the design, manufacture, and sales of CNC machine tools, optical and mechanical products, and sales of controller systems for electronic equipment[16]. - The Group is actively expanding its product offerings, including high-end CNC machine tools and optical machines, to enhance product innovation and market expansion[32]. - Strategic partnerships have been established to expand the products and sales markets, focusing on intelligent control systems[50]. - The Group's marketing team is expanding business in multiple cities, including Hangzhou, Shanghai, and Nanjing, to increase new sales customers[33]. - The Group aims to continue exploring business opportunities in intelligent control systems despite the challenging market conditions in 2025[24]. Economic Environment - The overall economic environment in China in 2024 was challenging for private enterprises, leading the Group to simplify its operation structure and control costs[15]. - The Group anticipates that the economic growth rate will continue to slow down in 2025, alongside increasing competition and production costs[20][21]. - Automation and the replacement of labor by robotics are expected to accelerate, presenting both challenges and opportunities for the Group[23]. Corporate Governance - The Group was in compliance with all applicable laws and regulations during the year ended December 31, 2024[68]. - The company is focused on enhancing its corporate governance structure, with independent non-executive directors providing oversight since 2012[84][87]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024, with details disclosed in the Corporate Governance Report[198]. Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended December 31, 2024[70]. - The Group has no reserves available for distribution to shareholders as of December 31, 2024[123]. - Mr. He Keng holds 370,000,000 Domestic Shares, representing approximately 74% of the entire issued share capital of the Company as of December 31, 2024[160]. - The total number of Domestic Shares held by substantial shareholders is 370,000,000, which constitutes 74% of the registered capital[167]. - The largest customer accounts for 45% of total sales, while the five largest customers combined account for 98% of total sales[186]. - The largest supplier accounts for 69% of total purchases, and the five largest suppliers combined account for 97% of total purchases[186]. Employee Information - As of December 31, 2024, the Group had 11 employees, with female employees accounting for approximately 72.7%[53]. - The Group's employee headcount remained stable at 11 from 2022 to 2024, with consistent roles across sales, production, finance, and procurement[59]. - The remuneration of directors is subject to shareholders' approval and is determined based on market terms and performance[60]. Legal and Compliance - The Group is involved in an ongoing legal dispute with a former employee, claiming approximately HK$2,600,000, with a provision of RMB86,000 made in the consolidated financial statements for the year ended December 31, 2024[191]. - No complaints were received from suppliers during the year, and all debts were settled on or before due dates[194]. - The company has no specific environmental standards or requirements for conducting its business according to relevant laws[187]. Management Team - The company has a strong management team with members holding degrees in accounting, finance, and engineering from reputable universities[82][90]. - The management team has extensive experience in production management and operations, with key members having backgrounds in engineering and corporate governance[90][97]. - The company aims to expand its market presence and improve operational efficiency through strategic management and governance practices[90].

Financial Performance - The group recorded a revenue of HKD 12.7 billion in 2024, a slight decrease of 8% compared to HKD 13.8 billion in 2023, primarily due to unprecedented transformation challenges in the automotive sector[7]. - The group achieved a significant post-tax profit of HKD 609.5 million, a 60% increase from HKD 380.6 million in 2023, driven by strategic measures in its business portfolio[7]. - EBITDA increased by 13.2% from HKD 1.6 billion to HKD 1.8 billion, while operating profit rose by 27.1% from HKD 857.9 million to HKD 1.0903 billion, with an operating profit margin increasing from 6.2% to 8.6%[8]. - The total dividend for 2024 is HKD 150.998 million, consistent with the total dividend for the 2023 fiscal year, with a proposed final dividend of HKD 0.055 per share[12]. - The company reported a significant increase in revenue, achieving a total of $X million for the quarter, representing a Y% growth year-over-year[132]. - The company provided guidance for the next quarter, expecting revenue to be between $A million and $B million, indicating a growth rate of C%[135]. Debt and Financial Ratios - The net debt ratio was 48.3% as of December 31, 2024, slightly down from 48.6% in 2023, with net debt recorded at HKD 5.8721 billion[8]. - The net receivables from leasing and financing contracts amounted to HKD 2.36 billion, representing 44% of total loans and advances[23]. - Business loans totaled HKD 2.96 billion, accounting for 56% of total loans and advances, with 95% being secured loans[25]. - As of December 31, 2024, the provision for loan and advance impairment was HKD 47.6 million, up from HKD 39.4 million as of December 31, 2023[31]. - The bad debt write-off rate for the entire year of 2024 was 0.3%[31]. Employee and Operational Metrics - The group’s total employee count decreased by 11% to 4,912 as of the end of 2024, primarily due to the closure of the Subaru factory in Thailand[9]. - The employee turnover rate increased from 18.4% in 2023 to 21.6% in 2024, with significant changes noted in Thailand due to a one-time adjustment in production[100]. - The percentage of employees receiving training remained stable at 30% for males and decreased from 32% to 27% for females from 2023 to 2024[102]. - The average training hours completed per employee decreased for both management and non-management categories, attributed to the hiring of experienced personnel[103]. Sales and Market Performance - In Singapore, the total industry volume (TIV) increased by 37% in 2024, driven by the recovery of the Certificate of Entitlement (COE)[13]. - Nissan's overall sales increased by 27% compared to the previous year, maintaining strong market demand for its electric vehicle series[14]. - Subaru sales tripled in 2024, achieving a growth of nearly 203% compared to 2023, with the TIV rising by 42%[15]. - In Hong Kong, the group achieved a 10% increase in sales volume in 2024, outperforming the TIV growth of 6%[17]. - In Taiwan, sales volume decreased by 48% in 2024 due to intensified competition, while TIV contracted by 4%[18]. - In Malaysia, sales dropped by 29% compared to 2023, attributed to the introduction of multiple new brands in the market[19]. Governance and Compliance - The board consists of five executive directors, one non-executive director, and five independent non-executive directors, ensuring a balanced governance structure[40]. - The group has adopted the Corporate Governance Code and has complied with most of its provisions during the review period[38]. - The board has established an independence assessment mechanism in 2022 to enhance its effectiveness and ensure the protection of shareholders' interests[42]. - The board meets approximately quarterly, with special meetings convened for urgent matters, and has approved mid-term and annual performance results, as well as dividend recommendations[44]. - The company has adopted an anti-corruption policy to prevent, deter, detect, report, and investigate all forms of fraud and corruption, with the next review scheduled for 2025[118]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development practices and responsible resource management, emphasizing operational sustainability and efficient resource utilization[77]. - The company has established an ESG committee to assist the board in evaluating, prioritizing, and managing significant ESG issues[75]. - The company adheres to all applicable environmental laws and regulations set by authorities, supporting local governments in achieving net-zero emissions goals[77]. - The company has identified significant ESG focus areas, including resource usage, emissions, environmental compliance, and community investment[76]. - The company is exploring alternative fuel solutions, including e-Fuels and electric automated vehicles, to improve fuel efficiency and reduce greenhouse gas emissions[79]. Community Engagement and Corporate Social Responsibility (CSR) - The company donated two Subaru flat engines to a technical college in Thailand to enhance technical training for future workforce development[124]. - The company is actively involved in community projects, including a canal cleaning initiative in Thailand aimed at flood prevention and improving local community welfare[124]. - The company encourages employee participation in CSR activities, fostering a culture of social responsibility and enhancing workplace morale[124]. Product and Market Development - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on expanding the product line in the upcoming year[136]. - The company is investing in new technology development, allocating $E million towards R&D initiatives aimed at enhancing product efficiency[138]. - Market expansion plans include entering two new regions, projected to increase market share by F% over the next fiscal year[139]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the automotive sector[140].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 458.95 billion, a decrease of 18.6% compared to RMB 564.08 billion in 2023[28]. - Gross profit for the same period was RMB 38.46 billion, down 39.1% from RMB 63.11 billion in 2023, resulting in a gross margin of 8.4%[28]. - Profit attributable to owners of the company was RMB 9.54 billion, reflecting a significant decline of 58.5% from RMB 23.02 billion in the previous year[28]. - The company reported a net profit margin of 2.1%, down from 4.1% in 2023, indicating a decrease of 2.0 percentage points[28]. - Contract sales for the year were RMB 401.10 billion, a decline of 6.3% from RMB 428.20 billion in 2023[28]. - The company reported a revenue of RMB 45.895 billion for the fiscal year 2024, a decrease of 18.6% year-on-year, with a profit attributable to shareholders of RMB 0.954 billion, down 58.5%[44]. - The overall gross profit for the year was RMB 3.846 billion, a decline of 39.1% from RMB 6.311 billion in the previous year, resulting in a gross profit margin of approximately 8.4%[65]. - Operating profit for the year was RMB 2.210 billion, down 47.5% from RMB 4.207 billion in the previous year, mainly due to the drop in gross profit[67]. Cash Flow and Debt Management - Cash and bank balances increased by 4.9% to RMB 272.91 billion compared to RMB 260.21 billion in the previous year[28]. - Total borrowings decreased by 8.9% to RMB 397.02 billion from RMB 435.64 billion in 2023[28]. - The net debt-to-equity ratio improved to 33.1%, down from 46.0% in the previous year, a reduction of 12.9 percentage points[28]. - Cash reserves exceeded RMB 27 billion, with net debt ratio decreasing from 46.0% to 33.1%[51]. - The average financing cost was 4.1%, remaining low within the industry[51]. - The group secured new credit facilities totaling RMB 20.8 billion from leading financial institutions during the year[95]. - As of December 31, 2024, the total loans (including guaranteed notes and corporate bonds) amounted to RMB 39.702 billion, a decrease of RMB 3.862 billion from RMB 43.564 billion in 2023[97]. - The weighted average financing cost for the group decreased to 4.1% in 2024 from 4.6% in 2023, primarily due to an increase in offshore low-interest RMB bank loans[100]. Property Development and Sales - The company’s land bank for property development decreased by 26.7% to 13,778.1 thousand square meters from 18,806.8 thousand square meters in 2023[28]. - The average selling price of residential properties was approximately RMB 12,400 per square meter, reflecting a decrease of 5.9% year-on-year, with a contract sales area of 3.4835 million square meters, down 1.4%[47]. - The company acquired 11 quality projects through public land auctions, adding a total floor area of 1,189,200 square meters and a total land cost of RMB 5.229 billion, enhancing its market share and competitiveness[49]. - The company achieved a delivery of approximately 36,000 units with a customer satisfaction rate of 94%, exceeding the industry benchmark of 95[50]. - The company is focusing on developing properties in second and third-tier cities in mainland China to meet varying housing demands[79]. - The total contracted sales area for major projects as of December 31, 2024, reached approximately 6,227,400 square meters, with 84% sold by year-end[85]. - Revenue from the property development segment for the year was RMB 45.41 billion, a decrease of 18.9% compared to RMB 56.00 billion in 2023[85]. - The gross profit margin for the property development segment narrowed to 8.0% from 11.0% in the previous year[85]. Corporate Governance and Compliance - The company appointed PwC as its auditor in June 2024, replacing the previous auditor who served for 14 consecutive years, to ensure the independence and objectivity of external audit services[120]. - The company emphasizes the importance of diverse perspectives in decision-making to support its strategic goals and sustainable development[133]. - The board's composition includes a mix of executive, non-executive, and independent directors, ensuring a balanced approach to governance[135]. - The company has established a whistleblowing policy to allow employees and stakeholders to report misconduct, ensuring protection against retaliation for genuine whistleblowers[195]. - The company has adopted an anti-corruption policy to identify and assess corruption risks and ensure compliance with ethical standards across all business transactions[190]. - The company conducted legal compliance inspections in six regions to enhance compliance management and mitigate legal risks[188]. - The board has mechanisms for independent discussions among independent non-executive directors to maintain high independence[138]. - The company has implemented effective risk management and internal control systems to protect assets and ensure compliance with applicable laws[177]. Market Outlook and Strategy - The real estate market is expected to stabilize with increased policy support, providing opportunities for the group[58]. - The group plans to enhance customer satisfaction by delivering high-quality, safe, and green products[57]. - The group aims to leverage market adjustments to capture structural opportunities while ensuring project returns[56]. - The company is focusing on standardized product development, completing several standardized housing types and enhancing operational efficiency in key projects, contributing to improved sales performance[50]. - The company aims to optimize returns while addressing different market and customer needs through tailored products[79]. - The company is committed to a "dual carbon" strategy, focusing on green operations and low-carbon management throughout the project lifecycle[125]. Employee and Board Diversity - The company has appointed Liu Ping as a non-executive director effective April 22, 2024, replacing Guo Guanghui[130]. - The board's diversity policy aims to achieve at least 10% female representation, which has been met with one female director currently serving[136]. - As of December 31, 2024, the proportion of female employees in the group is 43.2%, up from 40.6% a year earlier, exceeding the target of 41%[137]. - The company recognizes the challenges of achieving gender diversity in the male-dominated real estate industry and is committed to promoting gender balance in hiring and promotions[137]. - The board's skill matrix highlights expertise in real estate development, business operations, and risk management, crucial for strategic planning and oversight[132].

Business Environment and Market Performance - In the fiscal year 2024, the company faced a challenging business environment but demonstrated strong resilience, with Macau's GDP growing by 11.5% year-on-year and total visitor numbers increasing by 23.8%[5]. - The total gaming revenue in Macau reached MOP 226.8 billion, recovering to 77.5% of pre-pandemic levels[5]. - The company anticipates increased demand for infrastructure projects, electromechanical engineering, and facility management due to ongoing urban planning and development in Macau[8]. - The company plans to expand its revenue and market share in Macau, Hong Kong, Australia, Cyprus, and Southeast Asia, with a focus on recovering gaming revenue to pre-pandemic levels[48]. - Significant investments in hardware renovations and upgrades are expected from the six major gaming companies in Macau, following a new gaming operating contract signed at the end of 2022[48]. Financial Performance - The group recorded revenue of MOP 1,506.6 million for the year, a slight increase from MOP 1,496.4 million in the previous fiscal year, with steel structure business revenue reaching MOP 1,113.2 million, up 8.0% from MOP 1,030.4 million[13]. - The steel structure business accounted for 73.9% of total revenue, compared to 68.9% in the previous fiscal year[13]. - Construction business revenue decreased by 15.7% to MOP 391.4 million due to a decline in large construction projects initiated by casino operators and integrated resort operators[13]. - The group’s net profit margin for the year was 0.3%, slightly down from 0.4% in the previous fiscal year[13]. - The overall revenue for the group increased by MOP 10.2 million or 0.7%, totaling MOP 1,506,571,000 in FY2024[19]. Strategic Initiatives and Business Development - The company successfully secured contracts for the maintenance of cultural center facilities and the expansion of a cloud computing center, capitalizing on opportunities from the Macau government's economic diversification efforts[6]. - The company expanded its new materials steel structure business to Macau, Hong Kong, and Southeast Asia, leveraging strategic partnerships for green energy and new materials development[7]. - The group established a strategic partnership with Beijing Construction Machinery Institute to focus on green energy and new materials, enhancing market opportunities in Macau, Hong Kong, Singapore, and Australia[15]. - New project contracts valued at approximately MOP 329.5 million were secured, ensuring a solid foundation for continued business growth in 2025[17]. Sustainability and Environmental Initiatives - The group aims to reduce carbon emissions by 30% by 2030 and achieve carbon neutrality by 2050, with a focus on monitoring emissions intensity in relation to business growth[60]. - The company has received ISO 14001:2015 certification for its environmental management system, demonstrating its commitment to sustainable practices[66]. - The company achieved a reduction in nitrogen oxide emissions from 103.02 kg in 2023 to 75.06 kg in 2024, representing a decrease of approximately 27.2%[70]. - The total direct greenhouse gas emissions (Scope 1) decreased from 48.63 tons CO2 equivalent in 2023 to 44.55 tons in 2024, a reduction of about 8.5%[70]. - The company is actively exploring opportunities in sustainable development projects and seeking green solutions to address sustainability challenges[66]. Employee and Workforce Management - The group had 405 employees as of December 31, 2024, compared to 366 employees in the fiscal year 2023, indicating a growth of approximately 10.67%[47]. - The total number of employees increased to 405 in 2024 from 366 in 2023, with a notable rise in full-time employees from 129 to 238[109]. - Employee turnover rate for males rose significantly to 53% in 2024 from 32% in 2023, while for females it remained relatively stable at 46%[109]. - The company has set a target for female representation in the workforce, aiming for 20% on the board, 25% in senior management, and maintaining at least 17% overall[104]. - The company has established a structured recruitment and termination process based on fair assessment criteria, ensuring compliance with local labor laws[106]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance and risk management, as evidenced by the expertise of its independent directors[144]. - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a balanced skill set and experience for effective leadership[166]. - The company has adhered to the corporate governance code, maintaining compliance with all relevant standards throughout the year[157]. - The board has established three committees: audit committee, nomination committee, and remuneration committee, to oversee various aspects of the company's affairs[165]. - The company emphasizes a strong corporate culture as a key to achieving sustainable growth and value creation for shareholders and stakeholders[160]. Health and Safety - The company has implemented an ISO 45001:2018 certified occupational health and safety management system to enhance workplace safety[111]. - The company reported a total of 95 workdays lost due to injuries in 2024, with no workdays lost in the Macau engineering sector[118]. - The company has established a safety team to conduct risk assessments and ensure compliance with safety regulations across all projects[111]. - The company has identified extreme weather events as acute physical risks that could threaten employee safety and disrupt operations, implementing measures to mitigate these risks[97]. - The company has implemented measures to mitigate the negative impacts of extreme weather, including securing outdoor equipment and halting hazardous operations during typhoons[98].

Advertising and Partnerships - The company established a diverse group of advertisers from various industries, including e-commerce, media, finance, and education, to adapt to the rapidly changing advertising industry [8]. - The company is a partner in multiple advertising programs, including Google AdWords Reseller Programme and Meta's China agency partnership, enhancing its media coverage and advertising optimization capabilities [9]. - The company has expanded its media partnerships and continues to improve advertising returns for its clients [10]. - The company continues to enhance its strategic partnerships with major media publishers such as Meta, Google, and TikTok to optimize advertising placements [22]. - The company has been recognized as a quality partner by Meta for six consecutive years and has received multiple accolades for its digital marketing impact [11]. Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 303,365,000, representing a 3.1% increase from RMB 294,157,000 in 2023 [18]. - The gross profit for the same period was RMB 53,621,000, a decrease of 3.9% compared to RMB 55,801,000 in 2023 [18]. - The net loss for the year was RMB 4,830,000, a significant improvement of 57.9% from a loss of RMB 11,464,000 in 2023 [18]. - Total assets increased to RMB 709,318,000 in 2024, up from RMB 670,661,000 in 2023, marking a growth of approximately 5.3% [21]. - Total liabilities rose to RMB 514,189,000 in 2024, compared to RMB 474,542,000 in 2023, reflecting an increase of about 8.3% [21]. Advertising Optimization and Technology - The proprietary advertising optimization management platform, AdTensor, has been significantly upgraded with new AI GPU clusters, enhancing computational power and scalability [14]. - The company plans to increase R&D investment in AI, big data analysis, and automation technologies to optimize advertising performance and explore new business growth opportunities [14]. - The company has integrated advanced AI technologies into its AdTensor platform, enhancing video production efficiency and quality [28]. - The company has developed an AI automatic editing feature that significantly reduces the time required for video editing from hundreds of hours to just one minute [28]. - The company aims to combine technology-based materials with real-person filming to enhance production efficiency and quality for brands expanding overseas [29]. Awards and Recognition - The company received several awards in 2024, including the New Business Powerhouse Award from Outbrain and recognition as a leading partner by Kwai for Business [13]. - The company has been awarded various industry recognitions, including the 2023 Marketing Awards and the IAI International Advertising Awards [11]. - The company has been recognized with multiple awards, including the 2024 New Business Powerhouse Award from Outbrain and the 2024 Excellence in Overseas Advertising Growth Award from Microsoft [24][26]. Employee and Management - The total number of employees as of December 31, 2024, is 145, with a gender distribution of 43 males and 102 females [193]. - The employee turnover rate for the year ending December 31, 2024, is 31%, with a total of 45 employees leaving the company [197]. - The company emphasizes work-life balance by providing monthly team activity funding for employees [200]. - The executive director, Ms. Chang, has approximately 15 years of experience in advertising, marketing, and technology, contributing to the company's strategic planning and operations [77]. - Ms. Li, the senior vice president, has over 15 years of experience in online marketing services, overseeing marketing and new customer development [79]. Corporate Governance - The company has a commitment to high standards of corporate governance to protect shareholder interests and enhance corporate value and accountability [94]. - The company has complied with all mandatory provisions of the corporate governance code during the year, except for a deviation disclosed in the report [94]. - The board consists of 2 executive directors, 1 non-executive director, and 3 independent non-executive directors [102]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee [112]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements [111]. Environmental, Social, and Governance (ESG) - The company is committed to sustainable development and integrates environmental management into its business decisions, focusing on stakeholder engagement [165]. - The total greenhouse gas emissions for the year ending December 31, 2024, decreased to 29.17 tons of CO2 equivalent from 43.96 tons in 2023, representing a reduction of approximately 33.7% [174]. - The company has implemented a green office initiative to minimize waste generation and maximize resource utilization [178]. - The company encourages employee participation in environmental activities, such as recycling workshops and sustainability practices, to promote a culture of sustainability [187]. - The board of directors is responsible for overseeing ESG matters and has formed a working group to assist in implementing related strategies [167].