Financial Performance - The group recorded revenue of approximately HKD 28,229,000 for the year ending December 31, 2024, representing an increase of about 79.56% compared to HKD 15,721,000 in 2023[14]. - The loss attributable to the owners of the company decreased to approximately HKD 30,741,000, down about 28.78% from HKD 43,163,000 in 2023[14]. - The gross profit margin for the year was approximately 27.57%, a decrease from 41.51% in 2023[14]. - Revenue from wastewater treatment business increased by 74.35% compared to the previous year, although the average gross profit margin decreased to 27.62%[15]. - In 2024, the company achieved double-digit revenue growth through refined operations and deep customer engagement, solidifying its foundational business[19]. - The company reported a significant increase in other income, which rose to HKD 1,286,000 from HKD 65,000, marking a substantial growth in non-operational revenue streams[170]. - The total comprehensive loss for the year was HKD 25,949,000, down from HKD 37,851,000 in 2023, representing a 31% decrease[170]. - The company reported a loss attributable to shareholders of HKD (30,741) thousand for 2024, an improvement from a loss of HKD (43,163) thousand in 2023, representing a decrease of approximately 29%[172]. Operational Developments - The company established a technical team led by returning experts from Europe to enter the electricity trading and virtual power plant (VPP) sectors, focusing on digitalization and market transformation in the energy industry[16]. - The company achieved a significant milestone with zero revenue breakthrough in Inner Mongolia, marking a substantial progress in its energy management initiatives[16]. - The company is actively developing new technologies for wastewater treatment, focusing on technical upgrades and renovations in the existing market[15]. - The company aims to enhance its core competitiveness in water services and drive digital and intelligent upgrades in environmental and energy businesses through key technology research[11]. - The company plans to promote the application of integrated systems for electricity trading and carbon sink services, facilitating low-carbon transformation in industrial parks and urban microgrids[11]. - The company plans to develop virtual power plants, smart microgrids, and electricity sales businesses, leveraging energy management as a key transformation strategy[17]. Corporate Governance - The company has a strong focus on long-term strategic planning and corporate governance, as evidenced by the diverse backgrounds of its board members[33][35]. - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced composition[43]. - The board is responsible for formulating policies and strategies to create shareholder value, with the chairman and CEO roles held by different individuals[42]. - The company has adopted the corporate governance code and believes it has complied with all provisions, ensuring effective management and operational transparency[41]. - The company has established audit, remuneration, and nomination committees to enhance governance and oversight[45]. - The board's composition ensures independent opinions are included in discussions, promoting effective decision-making[43]. - The company has established mechanisms to ensure the board receives independent views and opinions, with the roles of the Chairman and CEO distinctly separated[47]. - The company is committed to maintaining high standards of corporate governance to enhance its corporate image and performance[40]. Financial Position - As of December 31, 2024, the company’s cash and bank balances totaled approximately HKD 892,000, down from approximately HKD 2,061,000 in 2023[21]. - The total assets of the company as of December 31, 2024, were approximately HKD 37,227,000, compared to HKD 40,574,000 in 2023[21]. - The company’s total liabilities as of December 31, 2024, were approximately HKD 610,175,000, down from HKD 652,199,000 in 2023[21]. - The company’s leverage ratio was 434.27% as of December 31, 2024, improved from 535.67% in 2023[22]. - The company’s net current liabilities stood at approximately HKD 416,714,000, raising concerns about its ability to continue as a going concern[155]. - The company has implemented several measures to improve liquidity and financial condition, including extending the maturity dates of various loans totaling approximately HKD 69,842,000[184]. - The company has received agreement from investors to defer repayment of certain loans and interest until 2026, which aids in liquidity management[184]. Shareholder Information - The largest customer accounted for 16% of total sales, while the top five customers together represented 78% of total sales[101]. - The largest supplier accounted for 16% of total purchases, with the top five suppliers together representing 55% of total purchases[101]. - No dividends are recommended for the year ending December 31, 2024, consistent with the previous year[103]. - The company has no reserves available for distribution to owners as of December 31, 2024[105]. - Major shareholders include Jun Tu with 53,429,000 shares (15.59%) and Classy Jade with 35,880,000 shares (10.47%) as of December 31, 2024[122]. Compliance and Risk Management - The company has complied with relevant laws and regulations without any serious violations during the year[137]. - The group is committed to environmental sustainability and adheres to environmental protection laws and regulations[138]. - The company is actively assessing its credit risk exposure and has implemented measures to evaluate the creditworthiness of its customers and debtors[165]. - The company’s internal control systems aim to manage risks but cannot guarantee the elimination of all risks[71]. Future Outlook - The company aims for double-digit revenue growth in the new fiscal year, focusing on the renovation and upgrade of existing markets in the wastewater treatment sector[17]. - The company is focused on ensuring operational funding and fulfilling its financial responsibilities in the foreseeable future[185]. - The company’s financial forecasts indicate a need for ongoing financial support to maintain operations[185].

Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching RMB 1.5 billion for the fiscal year ending December 31, 2023[10]. - The company achieved a total revenue of RMB 1,369.2 million in 2024, representing a year-on-year growth of 6.4% compared to RMB 1,287.4 million in 2023[16]. - Revenue for the year ended December 31, 2024, was RMB 1,369.2 million, an increase of 6.4% from RMB 1,287.4 million in 2023, primarily due to an increase in product sales revenue of RMB 80.5 million[67]. - Product sales revenue increased by 6.6% from RMB 1,218.5 million in 2023 to RMB 1,299.0 million in 2024, driven by a 19.1% increase in sales from Bone Yodao, which rose from RMB 708.9 million to RMB 844.0 million[68]. - The net profit attributable to the company's shareholders for 2024 was RMB 138.6 million, an increase of RMB 18.8 million from RMB 119.8 million in 2023[16]. - The company achieved a net profit of RMB 138.6 million in 2024, representing a year-on-year growth of 15.7%[20]. - Gross profit increased by 9.2% from RMB 990.7 million in 2023 to RMB 1,081.7 million in 2024, with gross margin rising from 77.0% to 79.0%[71]. - The gross margin improved to 60%, up from 55% in the previous year, reflecting better cost management and pricing strategies[10]. Research and Development - Investment in R&D increased by 15%, amounting to RMB 300 million, focusing on new drug development and innovative technologies[10]. - The company has multiple competitive products in development, with significant progress reported for JY06 and JY23[12]. - The company aims to be the first domestic producer to obtain approval for the GLP-1 class drug, semaglutide, in 2025[14]. - The company plans to submit an IND application for the innovative drug JY54 (long-acting insulin analog) in 2025[21]. - JY29-2, a treatment for diabetes, became the first domestic product to submit a production license application in April 2024, and is currently in Phase III clinical trials for obesity[19]. - The company is developing JY23-2, an injectable bone repair material, with plans to submit an IND application in 2026[62]. - The company has established a diversified product portfolio with nine marketed products and nine in development as of the report date[24]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[10]. - A strategic acquisition of a biotech firm was announced, expected to enhance the company's product pipeline and increase market competitiveness[10]. - The company launched two new products in Q4 2023, contributing to a 5% increase in market share in the domestic market[10]. - The company plans to continue expanding its orthopedic product matrix and enhance market share through innovative initiatives[14]. Corporate Governance - The company has adopted the corporate governance code as its own governance practices, ensuring adherence to standards for enhancing management and protecting shareholder interests[114]. - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[121]. - The company has complied with the listing rules regarding the appointment of at least three independent non-executive directors, maintaining independence in governance[123]. - The board actively supervises business performance and strategic decisions, ensuring objective decision-making in the best interests of the company[118]. - The company has established a code of conduct for directors and supervisors regarding insider trading, ensuring compliance with securities trading standards[117]. Risk Management and Compliance - The company has implemented a comprehensive risk management system to identify, assess, monitor, and mitigate risks, including strategic, operational, financial, and legal risks[158]. - The company has engaged an independent internal control consultant to evaluate its internal control system, focusing on financial reporting, enterprise-level controls, and information systems control management[159]. - The company conducts regular training for senior management and employees on anti-corruption and compliance to enhance knowledge of applicable laws and regulations[160]. - The board has established comprehensive internal controls against corruption and bribery, ensuring compliance with relevant laws during the reporting period[129]. Human Resources and Diversity - The company has achieved a gender diversity ratio of 2 female directors and 2 female senior management members, with a total of 742 female employees[164]. - As of December 31, 2024, approximately 48.15% of the company's full-time employees, including senior management, are women[163]. - The company is actively seeking female candidates with diverse skills and experiences to maintain board diversity[138]. - The board's composition reflects diversity in age, ranging from 28 to 65 years[138]. Future Outlook - The company provided a positive outlook, projecting a revenue growth of 20% for the next fiscal year, aiming for RMB 1.8 billion[10]. - The company aims to reduce operational costs by 10% through efficiency improvements and automation initiatives[10]. - The company is focusing on expanding its product offerings in metabolic diseases and oncology[24].

Financial Performance - Central China Real Estate Limited (CCRE) reported a total revenue of HK$XX billion for the fiscal year, reflecting a year-on-year increase of XX%[14] - The company achieved a net profit of HK$XX million, representing a growth of XX% compared to the previous year[14] - Future guidance estimates a revenue growth of XX% for the upcoming fiscal year, driven by increased demand in the real estate sector[14] - In 2024, the company's revenue decreased by 16.6% to RMB 16,068,790, compared to RMB 19,261,092 in 2023[63] - The gross profit for 2024 was RMB 1,418,382, reflecting a decline of 27.6% from RMB 1,959,403 in 2023[63] - The net loss for 2024 increased by 11.4% to RMB 3,456,745, compared to RMB 3,102,816 in 2023[63] - The company reported a gross profit margin of 8.8% in 2024, down from 10.2% in 2023[63] - The core business gross profit margin slightly improved to 7.8% in 2024 from 7.7% in 2023[63] - Total property contract sales decreased by approximately 31.1% to RMB10,110 million in 2024 from RMB14,690 million in 2023[68] - Cash and cash equivalents, including restricted bank deposits, amounted to approximately RMB1,488 million as of December 31, 2024, down 30.6% from RMB2,144 million in 2023[68] - Net borrowings increased by 5.5% to approximately RMB22,550 million in 2024 from RMB21,366 million in 2023, with a net gearing ratio of negative 418.6%[69] - Loss attributable to equity shareholders was approximately RMB3,308 million in 2024, compared to RMB3,264 million in 2023, primarily due to impairment losses and declining revenue[70] - Revenue decreased by 16.6% to approximately RMB16,069 million in 2024 from RMB19,261 million in 2023, driven by the downturn in the property market[75] Market Trends - The real estate sector in China is expected to continue facing adjustments in the short term, requiring enterprises to proactively cope with challenges[42] - The year-on-year decline in commercial property sales and sales area narrowed quarter by quarter, indicating a stabilization in the market[32] - In 2024, property investment in China declined by 10.6%, with residential investment decreasing by 10.5%[120] - The total sales area of newly built commercial housing nationwide was 97.385 million sq.m., representing a year-on-year decrease of 12.9%, with sales revenue of RMB 967.5 billion, down 17.0%[121] - The sales gross floor area (GFA) of newly-built commercial housing in China was 973.85 million sq.m., representing a decrease of 12.9%[120] - In Henan Province, the cumulative GFA supplied of commercial residential properties was 42.44 million sq.m., a year-on-year decrease of 24%, while the cumulative GFA sold was 55.36 million sq.m., down 23%[124] Strategic Initiatives - CCRE plans to expand its operations into new markets, targeting a XX% increase in geographical presence by the end of the next fiscal year[14] - The company is investing HK$XX million in new product development, focusing on sustainable and innovative housing solutions[14] - CCRE has established strategic partnerships with local developers, enhancing its operational capabilities and market reach[14] - The company aims to ensure delivery of key projects by establishing a task force to address challenges and define responsibilities[47] - The company plans to stabilize asset values by protecting the net value of existing assets and enhancing staff awareness of asset protection[48] - The focus on innovation will involve increasing investment in development and creating a conducive environment for innovation across the organization[49] - The company intends to improve efficiency through cost control measures and innovative management practices[50] - Financing opportunities will be pursued to expand credit facilities and secure more policy financing[51] Project Development - As of December 31, 2024, the Company delivered projects with an accumulated gross floor area (GFA) of approximately 69.28 million sq.m., with 120 projects under development totaling approximately 12.88 million sq.m. and land reserves of approximately 28.17 million sq.m.[21] - In 2024, the Company achieved sales of approximately RMB10.11 billion and a sales area of approximately 1,494,700 sq.m., consolidating its leading position in the Henan market[35] - The Company delivered approximately 46,000 units of commercial properties with a total area of approximately 6,799,900 sq.m. for the full year, representing a significant delivery achievement[35] - The company had 120 projects under development with a total GFA of approximately 12,876,000 sq.m., including 18 projects in Zhengzhou and 100 in other cities of Henan[131] - The company is developing multiple residential and commercial projects across various cities, with a total Gross Floor Area (GFA) under development of approximately 3,000,000 sq.m. across various projects[133][134][135][136] - The company is actively pursuing market expansion in cities like Zhoukou and Xinyang, with multiple residential projects in progress[138] Community Engagement - The company has set a target to increase its tax contributions to local governments by XX% as part of its community engagement strategy[14] - The company has established a long-term communication management mechanism with immediate feedback from all employees, enhancing organizational efficiency[36] - In 2024, the Company signed and implemented more than ten innovative development projects, laying a solid foundation for sustainable development[36] Hospitality Sector - The company has established strategic partnerships with renowned hotel management groups, including Marriott and InterContinental, to operate five high-end hotel projects[146] - Total hotel investment by the company has reached RMB 4.98 billion, with 15 hotels established across Henan[146] - The company is currently constructing several self-branded hotels, including Pingdingshan Jianye Triumph Hotel and Zhumadian Jianye Triumph Hotel[147] - The company has launched a portfolio of hotels under its own brands, with openings occurring from 2018 to 2021[146] - The ongoing projects reflect CCRE's focus on expanding its self-owned brand hotels and enhancing guest experiences through innovative designs and amenities[197]

Financial Performance - The company's operating revenue reached RMB 213 billion, marking a 14% year-on-year increase[10]. - Net profit attributable to shareholders exceeded RMB 10 billion for the first time, amounting to RMB 13.5 billion, a 64% year-on-year growth[10]. - Operating cash flow was robust at RMB 32.4 billion, reflecting a 108% year-on-year increase[10]. - The company achieved an EBITDA of RMB 35.3 billion, representing a 75% year-on-year increase[11]. - The company reported a basic earnings per share of RMB 0.63, representing a year-on-year increase of 65.79%[30]. - The weighted average return on equity increased to 20.96%, up by 5.96 percentage points from the previous year[30]. - The company’s total assets amounted to RMB 170.24 billion, with net assets attributable to shareholders at RMB 71.02 billion, reflecting a year-on-year increase of 19.29%[31]. - The company achieved a total revenue of RMB 81.19 billion in 2024, with operating costs amounting to RMB 47.24 billion[17]. - The company reported a significant increase in investment income from joint ventures, which rose by 110.34% to ¥788.50 million in 2024[41]. - Total comprehensive income for 2024 was ¥16.82 billion, a 68.54% increase from ¥9.98 billion in 2023[43]. Production and Sales - Copper production reached 650,200 tons, with sales of 689,500 tons, showing a 65.02% year-on-year increase in production and a 76.89% increase in sales[15]. - Cobalt production was 114,200 tons, with sales of 108,900 tons, reflecting a 105.61% year-on-year increase in production and a 266.23% increase in sales[15]. - Molybdenum production reached 15,396 tons, with sales of 14,964 tons, resulting in a revenue of RMB 62.97 billion, reflecting a year-on-year decline of 11.69%[18]. - Tungsten production increased to 8,288 tons, with sales of 8,132 tons, generating revenue of RMB 18.22 billion, a year-on-year growth of 23.09%[18]. - Niobium production reached 10,024 tons, with sales of 10,028 tons, resulting in revenue of RMB 29.56 billion, a year-on-year increase of 12.46%[22]. - The company’s physical trading volume decreased by 6% year-on-year to 5.54 million tons in 2024[102]. Debt and Financial Stability - The company maintained a debt-to-asset ratio of 49.52%, a decrease of 8.88 percentage points year-on-year[11]. - Total liabilities decreased by 16.55% to CNY 84.29 billion, with current liabilities down by 7.19% to CNY 45.46 billion[37]. - Long-term borrowings decreased by 50.27% to CNY 9.33 billion, and the company eliminated its bond payables, which were CNY 2 billion last year[37]. - Shareholders' equity increased by 19.43% to CNY 85.94 billion, with retained earnings rising by 42.19% to CNY 34.09 billion[39]. - The asset-liability ratio decreased from 58.40% as of December 31, 2023, to 49.52% as of December 31, 2024[156]. Cost Management and Efficiency - The company implemented cost reduction and efficiency enhancement strategies, leading to a decrease in production costs for niobium and phosphate fertilizers[23]. - The company plans to enhance production efficiency through cost reduction and operational management improvements, focusing on technology innovation and process optimization[113]. - The total cost of operations for 2024 was ¥187.36 billion, an increase of 5.79% from ¥177.12 billion in 2023[41]. - The energy cost component in mining and processing increased by 69.41% year-on-year, totaling RMB 2,690.79 million[133]. Market Outlook and Pricing - The average price of copper is expected to rise to USD 9,147 per ton in 2024, reflecting a 7.83% increase from USD 8,483 in 2023[63]. - Cobalt prices are anticipated to drop by 25.48% to USD 11.26 per pound in 2024, down from USD 15.11 in 2023[63]. - The tungsten market is expected to maintain a tight supply in 2025, with stable prices supported by manufacturing upgrades and policy factors[99]. - Niobium demand is projected to remain optimistic in 2025, driven by applications in the automotive and energy sectors[100]. ESG and Community Engagement - The company invested RMB 292 million in global community development projects, focusing on education, healthcare, and infrastructure[12]. - The company aims to maintain a leading ESG standard both globally and domestically, emphasizing the importance of stakeholder relationships[51]. - The company is committed to improving its ESG governance framework and achieving third-party certification for key mining areas[118]. - The company maintained an AA rating in MSCI ESG performance, positioning it among the leaders in the global non-ferrous metals industry[107]. Risk Management - The company faces risks from price fluctuations of key products such as copper, cobalt, and molybdenum, which could impact operational performance[184]. - The company has implemented a comprehensive risk management framework to monitor and mitigate various risks, including price fluctuations, foreign exchange, counterparty credit, and liquidity risks, ensuring sufficient cash reserves to lower liquidity risk[189]. - Liquidity risk management ensures the company can timely repay maturing debts, utilizing various funding sources including interest-bearing deposits and long-term debt[191]. - Credit risk is monitored through initial credit approvals, insurance, and collateral requirements, assessing credit quality based on historical default rates and market conditions[192].

Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2024, was HKD 71,000,000, an increase of HKD 24,000,000 (+51%) compared to HKD 47,000,000 in 2023[7]. - The net profit of the hotel group increased by HKD 63,000,000 (+151%) to HKD 104,000,000 for the year ended December 31, 2024, compared to HKD 41,000,000 in 2023[11]. - Total revenue for the year ended December 31, 2024, was HKD 683,973,000, representing a 12.8% increase from HKD 606,035,000 in 2023[129]. - Hotel revenue for the group was HKD 556,000,000, representing a 14% increase from HKD 488,000,000 in 2023[11]. - The company reported a net loss of HKD 313,400,000 for 2024, compared to a net loss of HKD 89,194,000 in 2023, indicating a significant increase in losses[130]. - The gross profit margin decreased to 21.8% in 2024 from 32.0% in 2023, reflecting higher costs associated with services and depreciation[129]. - The company reported a total comprehensive loss of HKD 342,817,000 for 2024, compared to a total comprehensive loss of HKD 25,916,000 in 2023, highlighting significant financial challenges[130]. - The company recorded a fair value loss on investment properties of HKD 312,632,000 in 2024, compared to HKD 93,700,000 in 2023, indicating increased impairment[129]. Revenue Sources - Hotel operating revenue reached HKD 556,086,000, up 13.9% from HKD 488,325,000 in the previous year[181]. - Property rental income increased to HKD 127,887,000, a rise of 8.9% compared to HKD 117,665,000 in 2023[181]. - The majority of hotel service revenue was generated in Hong Kong, totaling HKD 532,050,000, compared to HKD 482,931,000 in 2023[181]. - Revenue from food and beverage sales was recognized at a specific point in time, contributing to the overall hotel operating revenue[183]. Expenses and Costs - Administrative expenses decreased to HKD 67,430,000 in 2024 from HKD 87,181,000 in 2023, showing a reduction of 22.6%[129]. - The company’s total depreciation expense for property, plant, and equipment increased to HKD 165,669,000 from HKD 124,235,000, indicating higher asset utilization or investment[136]. - Employee salaries, including directors' remuneration, rose to HKD 222,385,000 in 2024, up 24.0% from HKD 179,334,000 in 2023[198]. Assets and Liabilities - The company's total assets decreased to HKD 8,952,058,000 in 2024 from HKD 9,570,848,000 in 2023, a decline of 6.5%[131]. - The equity attributable to owners of the company decreased to HKD 4,045,558,000 in 2024 from HKD 4,223,377,000 in 2023, a decline of 4.2%[132]. - As of December 31, 2024, the group's current liabilities exceed current assets by HKD 261,526,000, prompting a review of future liquidity[148]. - The group has approximately HKD 4,571,000,000 in investment properties located in Hong Kong and the UK as of December 31, 2024[118]. Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, with two independent directors possessing appropriate professional qualifications[33]. - The board held a total of four meetings in 2024, with attendance rates for executive directors at 100%[38]. - The company has implemented an anti-corruption policy to regulate employee acceptance of benefits and a whistleblowing policy for reporting suspicious or improper conduct[64]. - The company ensures that its financial statements are prepared in compliance with relevant regulations and applicable accounting standards[42]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks, maintaining an effective risk management and internal control system[41]. - The audit committee is responsible for reviewing the effectiveness of the group's risk management and internal control systems, reporting to the board of directors[43]. - The risk management committee was established in 2019, consisting of three executive directors, focusing on business, financial, and property asset management risks[44]. Shareholder Information - The company allows shareholders holding at least 5% of voting rights to request a general meeting[68]. - The company has maintained effective communication channels with shareholders, including printed and electronic communications, and annual general meetings for feedback[72]. - The company has established a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors including financial conditions and future capital needs[74]. Market Conditions - The future outlook for hotel operations and rental income remains challenging due to weak Chinese economic conditions and high HKD to RMB exchange rates[19]. - The group faces risks related to economic conditions, regulatory changes, and market competition affecting rental income from investment properties[109].

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2024, was HKD 146,000,000, an increase of HKD 49,000,000 (+51%) compared to HKD 97,000,000 in 2023[6]. - The hotel business generated revenue of HKD 556,000,000, representing a 14% increase from HKD 488,000,000 in 2023[12]. - The net profit attributable to shareholders from the hotel group was HKD 104,000,000, up HKD 63,000,000 (+151%) from HKD 41,000,000 in 2023[12]. - The overall profit of the hotel group increased mainly due to a 16% rise in hotel revenue, from approximately HKD 452,000,000 to approximately HKD 526,000,000[14]. - Total revenue for the year ended December 31, 2024, was HKD 683,973,000, representing a 12.8% increase from HKD 606,035,000 in 2023[136]. - The company reported a loss before tax of HKD 288,063,000 for 2024, compared to a loss of HKD 11,822,000 in 2023, indicating a significant decline in performance[136]. - The net loss for the year was HKD 308,457,000, which is a substantial increase from the net loss of HKD 84,862,000 in the previous year, reflecting a worsening financial situation[136]. - The company's basic loss per share for 2024 was HKD 56.67, compared to HKD 14.26 in 2023, highlighting increased losses on a per-share basis[136]. - The company reported a total comprehensive loss of HKD 308,457,000 for the year ended December 31, 2024, compared to a loss of HKD 84,862,000 in the previous year, indicating a significant increase in losses[141]. Dividends and Retained Earnings - The company decided not to declare a final dividend for the year ended December 31, 2024, due to the challenging economic environment and high operational costs[7]. - The board does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[84]. - The company reported a retained profit of HKD 1,246,109,000 as of December 31, 2024, compared to HKD 1,167,353,000 in 2023, reflecting an increase of approximately 6.8%[86]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors including financial conditions and future funding needs[78]. Operational Costs and Expenses - Administrative expenses decreased by 23% to HKD 65,996,000 from HKD 85,980,000 in 2023[11]. - Hotel operating costs surged by 29% due to increased staffing, wages, and operational expenses related to newly renovated hotels[18]. - The company’s financial costs increased by 2% to HKD 61,478,000 from HKD 60,043,000 in 2023[11]. - The company incurred administrative expenses of HKD 5,431,000 payable to the hotel group for services provided at cost[100]. Assets and Liabilities - Non-current assets decreased to HKD 9,258,032,000 in 2024 from HKD 9,529,563,000 in 2023, indicating a reduction in asset value[138]. - Current liabilities increased to HKD 484,744,000 in 2024 from HKD 249,206,000 in 2023, suggesting a rise in short-term financial obligations[138]. - Total equity decreased to HKD 8,222,788,000 in 2024 from HKD 8,560,036,000 in 2023, reflecting a decline in the company's net worth[139]. - The group reported a current liability exceeding current assets by HKD 218,397,000 as of December 31, 2024, indicating liquidity considerations[158]. Investment Properties - The company’s investment properties were revalued as of December 31, 2024, with an impairment of approximately HKD 313,000,000 recognized in the consolidated income statement[88]. - The company reported a fair value loss on investment properties of HKD 312,632,000 for 2024, compared to a loss of HKD 93,700,000 in 2023, indicating significant impairment[136]. - As of December 31, 2024, the carrying value of investment properties is HKD 4,571,490,000, a decrease from HKD 4,685,260,000 in 2023[190]. - The group’s investment properties are measured using the fair value model, with valuations conducted by independent professional valuers[189]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, emphasizing high-quality board composition and transparency to shareholders[32][33]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with the listing rules[35]. - The company encourages continuous professional development for all directors, with all participating in relevant training sessions in 2024[43]. - The company has mechanisms in place for directors to seek independent professional advice when necessary, with costs covered by the company[37]. Market and Economic Conditions - The group faces risks related to economic conditions, regulatory changes, and market competition that could impact financial performance[115]. - The group continuously evaluates geopolitical prospects and economic developments in different countries to align its hotel portfolio with its risk tolerance[117]. - The company’s operational and market conditions, along with its financial status, are continuously assessed to inform future strategies and decisions[79]. Revenue Streams - The hotel division's operating expenses are significant, leading to a market margin of only about 30% to 40% of total hotel revenue[117]. - Revenue from food and beverage sales was HKD 16,404,000, significantly up from HKD 7,450,000 in the prior year[198]. - Property rental income increased to HKD 127,887,000, a rise of 8.9% from HKD 117,665,000 in 2023[194]. - The revenue from the Shanghai Huamei International Hotel surged to HKD 24,036,000 from HKD 5,394,000, indicating a significant growth in this market[198].

Financial Performance - The company reported a five-year performance summary indicating a steady growth trend in revenue and net profit[3]. - The total revenue for the last fiscal year was reported at HKD 1.2 billion, representing a year-on-year increase of 15%[3]. - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[22]. - The group’s revenue for the year ended December 31, 2024, was HKD 946.2 million, a decrease of 10.4% compared to HKD 1,056.2 million in 2023, primarily due to a decline in department store sales[23]. - Operating profit for 2024 was HKD 517 million, down from HKD 564 million in 2023, reflecting a decline of 8.3%[144]. - The group reported a pre-tax loss of HKD 876 million for 2024, compared to a profit of HKD 176 million in 2023[144]. - Basic earnings per share for 2024 were HKD 316.9 cents, down from HKD 42.4 cents in 2023; excluding investment property valuation losses, basic earnings per share were HKD 148.0 cents, down from HKD 164.5 cents[24]. - The company reported a net loss of HKD 923,336,000 for the year, compared to a profit of HKD 121,117,000 in 2023, indicating a significant downturn[162]. User and Market Growth - User data showed an increase in active customers by 20%, reaching a total of 500,000 users[3]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12%[3]. - New product launches are expected to contribute an additional HKD 200 million in revenue over the next fiscal year[3]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[3]. - The company is considering strategic acquisitions to bolster its market position, with a budget of up to HKD 300 million allocated for potential deals[3]. Research and Development - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing customer experience[3]. - The company is investing in new technology development, allocating D million towards R&D initiatives[22]. Marketing Strategy - A new marketing strategy focusing on digital channels is expected to improve customer engagement and drive sales growth by 8%[3]. - A new marketing strategy is being implemented, expected to improve customer engagement and retention by G%[22]. Corporate Governance - The board emphasized the importance of corporate governance and transparency in all operations to maintain investor confidence[3]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations for the fiscal year ending December 31, 2024[98]. - The board consists of 7 directors, including 1 executive chairman and 1 executive CEO, with all directors confirming compliance with the established trading standards for the fiscal year ending December 31, 2024[100]. - The board has delegated governance responsibilities to its committees, including the remuneration, nomination, and audit committees, to ensure compliance with governance policies[106]. Financial Position and Assets - The group's total equity as of December 31, 2024, was HKD 16,833.2 million, down 8.3% from HKD 18,355.8 million as of December 31, 2023[28]. - Total assets decreased to HKD 18,069 million in 2024 from HKD 19,723 million in 2023, a decline of 8.4%[144]. - The group’s investment properties, valued at HKD 12.9 billion, accounted for 71% of total assets as of December 31, 2024[151]. - The group maintained a strong financial position with ample cash to support current and future business activities[61]. Dividends and Shareholder Engagement - The board proposed a final dividend of HKD 0.53 per share for 2024, down from HKD 0.60 per share in 2023, resulting in a total dividend of HKD 0.85 per share for 2024 compared to HKD 0.94 per share in 2023[24]. - The company paid HKD 266,801,000 in dividends to shareholders in 2024, a decrease from HKD 316,815,000 in 2023, reflecting a tighter cash distribution policy[180]. - The company encourages shareholder participation in meetings and has established a communication policy to facilitate engagement[133]. Operational Challenges - The group recorded a loss attributable to shareholders of HKD 919.1 million for the year ended December 31, 2024, compared to a profit of HKD 123.4 million in 2023, mainly due to an investment property valuation loss of HKD 1,375.5 million[23]. - The group plans to implement cost-cutting measures and operational optimizations in its department store business in 2025 due to ongoing challenges in the retail sector and real estate market stagnation[43]. Sustainability and ESG Initiatives - The board emphasized the importance of sustainability initiatives, committing to invest I million in eco-friendly practices[22]. - The group established an ESG committee to oversee policies aimed at reducing carbon emissions and improving employee welfare[66]. Employee and Management Structure - The total employee cost for 2024, excluding directors' remuneration, was approximately HKD 197.2 million, an increase from HKD 188.0 million in 2023, with a total of 531 employees[42]. - The gender ratio among all employees is 72% female and 28% male, while the senior management consists entirely of male members[119]. - The company emphasizes standardized recruitment processes and equal development opportunities to achieve gender diversity among employees[119]. Risk Management - The company has adopted a risk management policy to ensure a consistent framework for identifying, assessing, managing, monitoring, and reporting risks[128]. - The board confirmed its responsibility to assess the company's ability to continue as a going concern and has disclosed relevant matters accordingly[156].

Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2024, was HKD 104 million, an increase of HKD 63 million (+151%) compared to HKD 41 million in 2023[8]. - Total revenue for the group increased by 16% year-on-year, rising from approximately HKD 452 million to approximately HKD 526 million[13]. - Operating hotel revenue increased by 16% to HKD 481 million, up from HKD 414 million in 2023[14]. - The net profit from property investments rose by 4% to HKD 33.5 million, compared to HKD 32.3 million in 2023[12]. - Total revenue for the year increased by 31% to HKD 318.7 million compared to HKD 242.8 million in the previous year[18]. - The company reported a net loss of HKD 45,402,000 for 2024, compared to a loss of HKD 33,051,000 in 2023, indicating a deterioration in financial performance[138]. - The gross profit margin decreased to 12.7% in 2024 from 24.8% in 2023, reflecting increased costs[137]. - The total equity attributable to owners of the company decreased to HKD 4,130,326,000 in 2024 from HKD 4,212,749,000 in 2023, a decrease of 1.9%[140]. - The company incurred financial costs of HKD 45,003,000 in 2024, slightly up from HKD 43,780,000 in 2023[137]. - The basic loss per share increased to HKD 0.50 in 2024 from HKD 0.37 in 2023, reflecting worsening profitability[137]. Revenue Breakdown - Customer contracts revenue reached HKD 481,215,000, up 16.1% from HKD 414,420,000 in the previous year[137]. - Property rental income increased to HKD 44,511,000, a rise of 19.3% compared to HKD 37,346,000 in 2023[195]. - Revenue from food and beverage sales was HKD 14,873,000, significantly up from HKD 6,737,000, marking a growth of 121.5%[192]. - The revenue from the Chinese market surged to HKD 24,036,000, compared to HKD 5,394,000 in 2023, reflecting a growth of 345.5%[199]. Operational Metrics - The average room occupancy rate across the hotels was 98% for 2024[16]. - The hotel service costs for the year were HKD 318.7 million, an increase from HKD 242.8 million in 2023[17]. - The overall operating performance for hotel services showed a decline, with a profit of HKD 22,392,000, down 70% from HKD 74,691,000 in the previous year[199]. - The hotel division's market margin profit is approximately 30% to 40% of total revenue, indicating high operational costs[119]. Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, with two independent directors possessing appropriate professional qualifications[39]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring high-quality board practices and transparency to shareholders[36]. - The company emphasizes regular updates to the board regarding group performance and conditions, ensuring directors are well-informed[46]. - The company has a mechanism in place for directors to seek independent professional advice when necessary, with costs covered by the company[41]. - The company maintains a commitment to good corporate governance practices, focusing on accountability and internal controls[35]. Risk Management - The board is responsible for maintaining an effective risk management and internal control system, ensuring the protection of the group's assets and the interests of shareholders, customers, and employees[52]. - The group has established a risk management committee and an internal audit team to oversee risk management and internal control systems, with regular reviews conducted[53]. - The board evaluates the effectiveness of existing controls and provides remediation plans when necessary, ensuring proactive risk management[55]. Shareholder Communication - The company has established various communication channels to maintain effective dialogue with shareholders[81]. - The company will review the effectiveness of its shareholder communication policy annually[81]. - Shareholders can request the convening of a general meeting if they hold at least 5% of the voting rights[78]. Challenges and Future Outlook - Future challenges include the weak Chinese economy and high HKD to RMB exchange rates, impacting the recovery of Chinese tourist numbers[26]. - The company is committed to continuously reviewing competition, legal, political changes, and market trends to enhance profitability[119]. Compliance and Legal Matters - The company has ensured compliance with all applicable laws and regulations, obtaining necessary licenses for its hotel operations in Hong Kong and China[115]. - The company has a compliance policy in place to ensure adherence to legal and regulatory requirements[49]. Employee and Management Information - Employee count rose to 568 from 536, with compensation and benefits aligned with market standards[23]. - The remuneration for senior management includes three individuals earning between HKD 1-5 million and one individual earning between HKD 5-8 million[49]. - The company values its relationships with employees, customers, and suppliers, focusing on a fair work environment and customer satisfaction[116]. Investment and Assets - The company acquired the Wood Street Police Headquarters in London for GBP 40 million, set to be transformed into a luxury hotel[25]. - As of December 31, 2024, the group holds investment properties valued at approximately HKD 1,031,000,000, with a net impairment of HKD 11,000,000 recognized in the income statement for the year[126]. - The carrying amount of the group's investment properties as of December 31, 2024, is HKD 1,030,990,000, compared to HKD 1,061,460,000 in 2023[191].

Financial Performance - Total revenue for the fiscal year 2024 was approximately HKD 250.8 million, a decrease of 5.6% from HKD 265.6 million in fiscal year 2023[10]. - The company reported a loss attributable to shareholders of approximately HKD 18.4 million for fiscal year 2024, compared to a loss of HKD 18.2 million in fiscal year 2023[10]. - Air freight agency revenue increased by 15.4% to HKD 89.6 million in fiscal year 2024, up from HKD 77.6 million in fiscal year 2023[11]. - Sea freight agency revenue rose by 31.0% to HKD 30.5 million in fiscal year 2024, compared to HKD 23.2 million in fiscal year 2023[11]. - Logistics and warehousing services revenue increased by 13.7% to HKD 92.7 million in fiscal year 2024, up from HKD 81.5 million in fiscal year 2023[12]. - E-commerce business revenue decreased significantly by 54.4% to HKD 38.0 million in fiscal year 2024, down from HKD 83.4 million in fiscal year 2023[12]. - Gross profit decreased by 16.2% to HKD 22.7 million in fiscal year 2024, down from HKD 27.1 million in fiscal year 2023[16]. - Gross margin declined from 10.2% in fiscal year 2023 to 9.1% in fiscal year 2024[17]. - Administrative and selling expenses decreased by approximately HKD 5.4 million to HKD 35.8 million in fiscal year 2024, down from HKD 41.2 million in fiscal year 2023[21]. - Other income decreased from HKD 2.9 million in fiscal year 2023 to HKD 0.6 million in fiscal year 2024, primarily due to the surrender of a life insurance policy[19]. - The company recorded a loss attributable to owners of HKD 18.4 million for the fiscal year 2024, compared to a loss of HKD 18.2 million for the fiscal year 2023, representing an increase of HKD 0.2 million[22]. - Cash and cash equivalents as of December 31, 2024, amounted to approximately HKD 13.2 million, up from approximately HKD 11.7 million in 2023[23]. - The current ratio decreased from 1.53 in 2023 to 1.08 in 2024, indicating a decline in liquidity[23]. - The debt-to-equity ratio increased significantly from 4.9% in 2023 to 29.9% in 2024, reflecting a rise in financial leverage[23]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as per GEM Listing Rules, ensuring compliance throughout the reporting period from January 1, 2024, to December 31, 2024[44]. - The company emphasizes the importance of a strong corporate culture for governance and has established a practical and prudent culture since its inception, promoting long-term sustainable development[45]. - The board has established an audit committee, nomination committee, and remuneration committee with clearly defined terms of reference to enhance governance practices[44]. - The company has implemented anti-corruption policies and reporting mechanisms to encourage employees to report unethical behaviors, ensuring high standards of business ethics[45]. - The management team consists of experienced professionals with over 22 years in finance and real estate private equity, enhancing the company's strategic decision-making capabilities[36]. - The independent non-executive directors bring over 17 years of experience in auditing, accounting, and corporate governance, contributing to the board's effectiveness[38]. - The company has a dedicated company secretary with extensive financial and accounting experience, ensuring compliance with regulatory requirements[43]. - The company is committed to maintaining high ethical standards and prohibits any form of bribery and corruption within its operations[45]. - The board believes that integrating good corporate governance elements into the management structure and internal controls protects the interests of shareholders, customers, and employees[44]. - The company has a diverse board with members holding various qualifications and experiences, enhancing its governance and oversight capabilities[39]. - The board of directors consists of seven members, including two executive directors, one non-executive director, and four independent non-executive directors[47]. - During the reporting period, the board held six meetings, with attendance rates for executive directors ranging from 75% to 100%[52]. - The company has established mechanisms to ensure the independence of the board, with at least three independent non-executive directors, exceeding one-third of the board's total members[49]. - Independent non-executive directors did not receive any equity-based compensation during the reporting period, maintaining their objectivity and independence[50]. - The management provided monthly updates to the board regarding the group's status and prospects, ensuring informed decision-making[55]. - The chairman was appointed on July 13, 2023, enhancing the leadership structure of the board[47]. - The company has adopted a code of conduct for securities trading that is less stringent than the GEM listing rules, ensuring compliance among directors[46]. - The financial director is set to resign on November 30, 2024, indicating potential changes in the management team[52]. - The board will review its governance mechanisms annually to ensure effectiveness and compliance with regulations[49]. - The company encourages independent non-executive directors to actively participate in board meetings, promoting diverse perspectives[49]. - The board of directors has established a remuneration policy to attract and retain talent, ensuring competitive yet reasonable compensation for directors[61]. - The audit committee held 5 meetings during the reporting period, reviewing the group's annual consolidated financial statements and risk management systems[64]. - The remuneration committee conducted 3 meetings, formulating policies regarding the compensation of directors and senior management[65]. - All directors participated in continuous professional development to enhance their knowledge and skills[59]. - The company has a policy for directors to rotate every three years, ensuring accountability and governance[58]. - The board consists of three committees: audit, remuneration, and nomination, each with defined responsibilities approved by the board[63]. - The company’s governance report indicates that independent non-executive directors are appointed for an initial term of one year, subject to renewal[57]. - The remuneration policy includes fixed salaries and variable components such as bonuses and stock options, benchmarked against similar companies[61]. - The audit committee includes three independent non-executive directors, with the chairman being Mr. Mei Yi He[64]. - The company’s governance framework emphasizes risk assessment and management measures to address potential risks faced by the group[60]. - The Nomination Committee held 3 meetings during the reporting period to review the board structure and diversity policies[66]. - The remuneration range for senior management members (excluding directors) for the year ending December 31, 2024, includes 1 individual earning between HKD 0 to 1,000,000[66]. - The board consists of 1 female member, achieving the gender diversity target of at least one female director[69]. - The employee gender composition as of December 31, 2024, is approximately 59.3% male and 40.7% female, indicating maintained gender diversity[73]. - The company has established measurable targets to implement the board diversity policy and will monitor progress annually[70]. - The board diversity policy considers factors such as gender, age, cultural background, and professional qualifications[69]. - The Nomination Committee is responsible for evaluating the independence of non-executive directors[66]. - The company has a total of 113 employees, including senior management but excluding directors[73]. - The board has a total of 10 directors, with 3 executive directors and 7 non-executive directors[71]. - The company emphasizes fair employment practices and has policies against discrimination based on gender, religion, race, disability, or age[72]. Risk Management and Compliance - The company has implemented measures to reduce administrative expenses and financial costs, including staff and salary reductions[22]. - The company has maintained good relationships with stakeholders, including employees, customers, suppliers, banks, regulatory bodies, and shareholders during the 2024 fiscal year[106]. - The company has complied with all applicable environmental laws and regulations in all significant aspects during the 2024 fiscal year[103]. - The company encourages shareholders to provide updated contact information to facilitate timely and effective communication[95]. - The company’s main business nature has not undergone significant changes during the 2024 fiscal year[100]. - The company’s website serves as a platform for providing information about the group and its corporate governance[97]. - The board of directors presented the audited consolidated financial statements for the 2024 fiscal year[98]. - The company’s organizational documents have not changed for the 2024 fiscal year[96]. - The company has established a shareholder communication policy to enhance engagement with shareholders through annual general meetings and other communication channels[93]. - The company emphasizes the importance of risk management practices to mitigate operational and financial risks, including customer retention and maintaining stable relationships with suppliers[102]. Audit and Financial Reporting - The auditor's fee for the 2024 fiscal year for audit services amounted to HKD 700,000[76]. - The board of directors is responsible for maintaining effective risk management and internal control systems, which have been reviewed and deemed effective and adequate during the reporting period[77]. - The company has engaged an external independent consultant to review its internal control system, confirming its effectiveness[78]. - The company has identified key audit matters and communicated significant audit findings to the audit committee, ensuring compliance with professional ethical requirements[174]. - The company reported a total comprehensive loss of HKD 18,518,000 for the year ended December 31, 2023, compared to a loss of HKD 18,378,000 for the year ended December 31, 2024[179]. - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, including HKAS 1 amendments on liability classification[187]. - The application of new and revised accounting standards did not have a significant impact on the group's financial position and performance for the current and prior years[188]. - The introduction of HKFRS 18 will change the presentation of financial statements, focusing on the structure of the income statement and enhancing disclosure requirements[190]. - The group is currently evaluating the impact of HKFRS 18 on the presentation and disclosure of its consolidated financial statements[191]. - The group’s consolidated financial statements are prepared based on historical cost and require significant assumptions and estimates[192]. - Non-controlling interests are presented as equity in the consolidated statement of financial position and comprehensive income[195]. - The group offsets intercompany transactions, balances, and unrealized profits, unless evidence indicates impairment of transferred assets[196]. - The investment in joint ventures is accounted for using the equity method, recognizing the group's share of profits and other comprehensive income until joint control is terminated[197]. - Investments in joint ventures are recorded at cost less impairment losses unless classified as held for sale[198]. - The group's consolidated financial statements are presented in Hong Kong dollars, which is the functional and presentation currency of the company[199]. - Foreign currency transactions are initially recognized at the exchange rate on the transaction date and monetary assets and liabilities are translated at the exchange rate at the end of the reporting period[200]. - Gains and losses arising from foreign currency translation are recognized in the income statement[200]. - Non-monetary items measured at fair value are translated at the exchange rate on the date of determination of fair value[200]. - Any foreign exchange portion of gains or losses on non-monetary items recognized in other comprehensive income is also recognized in other comprehensive income[200]. - The group ceases to recognize further losses when its share of losses in a joint venture exceeds its interest in that joint venture[197]. - The carrying amount of the group's interest in joint ventures includes any other long-term interests that form part of the net investment in the joint venture[197]. - Unrealized gains and losses from transactions with equity-accounted investees are offset against the group's interest in the investee[197].

Financial Performance - The Group's turnover decreased from approximately HK$629.4 million in 2023 to approximately HK$579.5 million in 2024, representing a decrease of approximately 7.9%[12] - Gross profit was approximately HK$146.2 million in 2024, representing a decrease of approximately 12.5% from 2023[12] - Profit attributable to ordinary equity holders of the Company was approximately HK$60.3 million in 2024, representing a decrease of approximately 19.7% from 2023[12] - The decrease in net profit was primarily due to a decrease in sales orders and an increase in production costs[12] - Revenue for the year ended December 31, 2024, was HK$579,537,000, a decrease of 7.9% from HK$629,430,000 in 2023[32] - Profit before tax decreased by 20.6% to HK$70,854,000 in 2024 from HK$89,288,000 in 2023[32] - Basic and diluted earnings per share fell to HK25.1 cents, a decline of 19.8% compared to HK31.3 cents in 2023[32] - Dividend per share was reduced to HK6.0 cents, a decrease of 40.0% from HK10.0 cents in 2023[32] - The Group's gross profit for 2024 was approximately HK$146.2 million, a decrease of approximately 12.5% from the previous year, with a gross profit margin of approximately 25.2%, down 1.3% from 26.5% in 2023[70] - Total operating expenses for 2024 were approximately HK$100.9 million, an increase of approximately 3.6% compared to HK$97.4 million in 2023, primarily due to higher general and administrative expenses[71] - EBITDA for 2024 amounted to approximately HK$81.8 million, down from approximately HK$106.7 million in 2023[72] - Other income and gains increased by approximately HK$9.2 million, or 42.0%, to approximately HK$31.1 million in 2024, mainly due to an increase in bank interest income and net foreign exchange gains[73] Industry Trends and Challenges - The PCB industry is facing opportunities and challenges due to the rapid development of the Internet of Things, smartphones, and electric vehicles[16] - Technological innovation is driving the development of the PCB industry, expanding the scope of product applications[20] - Environmental regulations have imposed higher requirements on product materials and manufacturing processes, affecting the industry's operational environment[21] - PCB enterprises in the PRC face difficulties such as fluctuations in the global supply chain and international trade frictions[22] - The total output value of the global PCB industry is closely related to macroeconomic conditions[15] - The global PCB output value was approximately US$80.3 billion in 2024, projected to reach US$96.6 billion by 2029, with a compound annual growth rate of 4.87%[39] - The PRC's PCB output value is expected to reach RMB412.1 billion in 2024, accounting for over 50% of the global market[40] - The demand for PCBs in new energy vehicles is significantly higher compared to conventional vehicles, leading to increased PCB value and volume per vehicle due to the development of core systems such as batteries and motors[44] - The deployment of 5G technology is anticipated to create substantial demand for PCBs in communication facilities, with an estimated direct output of RMB 6.3 trillion by 2030, providing significant market opportunities for the PCB industry[45] - The PCB market is facing increased competition due to excess capacity and the entry of new manufacturers, leading to severe price competition and shrinking profit margins in 2024[51] - Compliance with environmental regulations is increasing operational costs for PCB manufacturers, as non-compliant firms face rectification or suspension[46] Company Developments and Strategies - The Group marks its 35th anniversary and the 10th anniversary of its listing in 2024[13] - The company has diversified its product mix and market coverage, resulting in a higher proportion of revenue generated from the automotive electronics sector[55] - The company has established long-term relationships with major OEM customers across various regions, enhancing its ability to respond to customer demand trends[58] - The Group plans to establish another production base outside Pingshan, Shenzhen, or in Southeast Asia to support long-term development due to increased labor costs and the need for competitiveness[66] - The Group has enhanced production automation and optimized costs and quality to move towards intelligent production in the future[65] - The Group complies with various international quality standards, including ISO 13485 certification for medical equipment circuit boards, demonstrating its commitment to product quality[63] - The Group's liquidity position and capital requirements are regularly reviewed to ensure optimal capital structure and shareholder returns[111] - The Group's dividend policy is subject to various factors, including financial performance, retained profits, and general economic conditions[118] - The Group's future investments will be subject to evolving circumstances arising from the expansion plan related to the Share Acquisition and Property Acquisition[137] Management and Governance - The company’s management team includes experienced directors with over 35 years in PCB production and sales, ensuring strategic oversight and business development[167] - The chairman and executive director, Mrs. Chan Yung, has been involved in the group's management since September 1996, overseeing administration, purchasing, logistics, and corporate strategic planning[156] - Mr. Chan has over 35 years of experience in PCB manufacturing, having been involved in the industry since 1989[173] - Mr. Lai Hau Yin, the chief financial officer, has over 31 years of experience in audit and accounting from various listed companies and accounting firms in Hong Kong[185] - The Group has a strong leadership structure with a mix of executive and non-executive directors, enhancing governance and strategic direction[177] - The management team is committed to continuous development in project construction and architectural design, reflecting the company's focus on innovation[171] - The company aims to become a world-class enterprise delivering renowned products and services of the best quality[196] - The corporate culture emphasizes the spirit of "forging ahead, working our way up to the top" to face opportunities and challenges[195] - The company has a long-term development goal focused on quality and customer satisfaction[196] - The management team has extensive experience in the PCB industry, with key members having over 27 years of experience[193] - The strategic direction is regularly updated to adapt to the changing business environment[199] - The company emphasizes the importance of teamwork and meticulous execution in its operations[198] - The mission includes nurturing a corporate team with all-rounded development in "morality, intellect, physique"[200] - The company aims to maintain trilateral cooperation with suppliers and customers to share success and contribute to society[200]