Financial Performance - For the fiscal year ending December 31, 2024, the company reported operating revenue of approximately RMB 2,132.4 million, an increase of about RMB 130.0 million or approximately 6.5% compared to RMB 2,002.4 million in 2023[13]. - The company's gross profit for the year was approximately RMB 324.1 million, a decrease of about 5.1% from RMB 341.4 million in the previous year, with a gross margin of approximately 15.2%, down from 17.1%[13]. - The net loss for the year was RMB 19,374 thousand, compared to a profit of RMB 22,414 thousand in 2023, indicating a significant turnaround in performance[157]. - Total revenue for the year ended December 31, 2024, was RMB 2,132,395 thousand, representing an increase of 6.5% compared to RMB 2,002,406 thousand in 2023[157]. - Gross profit decreased to RMB 324,104 thousand in 2024 from RMB 341,418 thousand in 2023, reflecting a decline of 5.1%[157]. - Operating cash flow before changes in working capital decreased to RMB 126,313 thousand in 2024 from RMB 174,151 thousand in 2023, a decline of approximately 27.5%[165]. - Net cash generated from operating activities fell to RMB 28,200 thousand in 2024 compared to RMB 167,590 thousand in 2023, representing a decrease of about 83.2%[165]. - The company reported a loss before tax of RMB 19,096 thousand in 2024, compared to a profit of RMB 36,855 thousand in 2023[165]. Revenue Breakdown - Revenue from the sale of corrugated packaging products was approximately RMB 1,918.4 million, up about 5.8% from approximately RMB 1,812.7 million in 2023, accounting for about 90.0% of total revenue[15]. - Revenue from the sale of corrugated board was approximately RMB 214.0 million, an increase of about 12.8% from approximately RMB 189.7 million in 2023, accounting for about 10.0% of total revenue[16]. Operational Developments - The company achieved a record high in sales volume, driven by significant success in acquiring new customers, despite a decline in product selling prices due to market oversupply[6]. - The company has 15 production facilities with a total capacity of approximately 977 million square meters as of December 31, 2024[6]. - The company opened its first production facility in Hubei in 2024 and a new facility in Huzhou, Zhejiang, which began trial operations in the second half of 2024[12]. - The company plans to build seven new production plants over the next three years to expand market coverage in central and western China[33]. Cost Management - The company is committed to strict cost control measures to improve profitability amidst declining product prices and initial losses from new facilities[12]. - Operating expenses increased by approximately 13.2% to about RMB 144.6 million from approximately RMB 127.8 million in 2023, primarily due to increased sales volume[19]. - Administrative expenses were approximately RMB 167.0 million, an increase of about 8.3% from approximately RMB 154.2 million in 2023, mainly due to new factories and internet platform initiatives[20]. Shareholder Returns - The company plans to distribute a special dividend of HKD 0.08 per share to shareholders listed on the register as of July 7, 2025, in recognition of their support[6]. - The board of directors is focused on improving shareholder returns, with a commitment to increasing dividends by 10% in the next fiscal year[10]. - The company reported a special dividend of HKD 0.08 per share, to be paid on July 18, 2025, for shareholders listed on July 7, 2025[48]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[95]. - The board consists of 2 executive directors and 4 independent non-executive directors, ensuring a diverse range of business experience and knowledge[104]. - The audit committee consists of three independent non-executive directors, overseeing financial reporting, governance measures, and risk management systems[113]. - The company has established clear written terms of reference for all committees, including the audit, remuneration, nomination, and environmental committees[113]. Risk Management - The board believes that the current risk management and internal control systems are adequate and effective, having established a comprehensive framework for identifying, classifying, analyzing, and mitigating various operational, financial, legal, and market risks[132]. - The internal audit department plays a key role in monitoring the group's internal governance, conducting comprehensive audits of all subsidiaries, and evaluating the effectiveness of risk management and internal control systems[133]. - The board will continue to review the risk management, internal control systems, and internal audit functions as necessary[134]. Employee and Workforce Diversity - The company has a total of 1,884 full-time employees as of December 31, 2024, comprising 1,321 male employees and 563 female employees[120]. - The company aims to enhance workforce diversity by introducing more employees of different genders and ages, with a review planned for the end of 2024[120]. - The board currently comprises one female director and five male directors, indicating a commitment to gender diversity[119]. Environmental and Sustainability Initiatives - The management team emphasized the importance of sustainability initiatives, with a goal to reduce carbon emissions by 25% over the next five years[8]. - The environmental committee held a meeting on March 24, 2024, to review the implementation of environmental-related matters[122]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10%[3]. - New product launches are expected to contribute an additional $50 million in revenue over the next year[4]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $30 million set aside for potential deals[7].

Financial Performance - For the year ended December 31, 2024, the Group recorded a revenue of approximately HK$131,256,000, a year-on-year decrease of 14.2% compared to HK$152,950,000 in the previous financial year[15]. - The loss attributable to the equity shareholders of the Company was approximately HK$6,861,000, compared to a profit of approximately HK$680,000 in 2023[15]. - The Group's revenue decreased by approximately HK$21,694,000 or 14.2% to approximately HK$131,256,000 for the year ended December 31, 2024, primarily due to a suspension of a project in Tuen Mun[31]. - The Group's gross profit decreased by approximately HK$5,825,000 or 30.3% to approximately HK$13,382,000 for the year ended December 31, 2024, with a gross profit margin decline from approximately 12.6% to 10.2%[37]. - The cost of services decreased by approximately HK$15,869,000 or 11.9% to approximately HK$117,874,000 for the year ended December 31, 2024, compared to approximately HK$133,743,000 for the previous year[36]. - The total staff costs for the year ended December 31, 2024, were approximately HK$26,098,000, down from approximately HK$32,157,000 in 2023[88]. Assets and Liabilities - Current assets decreased to HK$134,840,000 in 2024 from HK$170,597,000 in 2023, reflecting a decline of 21%[12]. - Non-current assets decreased to HK$1,661,000 in 2024 from HK$2,116,000 in 2023, a reduction of 21.5%[12]. - Current liabilities decreased to HK$15,381,000 in 2024 from HK$20,364,000 in 2023, a decrease of 24.5%[12]. - The net assets of the Group were HK$120,967,000 in 2024, down from HK$151,828,000 in 2023, representing a decline of 20.4%[12]. - The Group's net current assets were approximately HK$119,459,000 as of December 31, 2024, down from approximately HK$150,233,000 in 2023[63][69]. - The quick ratio improved to approximately 8.7 times as of December 31, 2024, compared to approximately 8.3 times in 2023[63][69]. - The Group's gearing ratio was approximately 0.7% as of December 31, 2024, down from 1.0% in 2023[66][72]. Market Conditions and Future Outlook - The Group's operations faced challenges due to sluggish property transactions and a weak property market, impacting revenue generation[16]. - The construction industry in Hong Kong is expected to gradually recover, which may benefit the Group's operations moving forward[17]. - The property value threshold for levying the Stamp Duty will be raised from HK$3 million to HK$4 million effective February 26, 2025, which may positively influence the market[17]. - The Group aims to maintain relationships with suppliers and customers while exploring potential development opportunities to enhance future profitability[18]. - Competition is expected to remain keen, with profit margins tightening due to rising labor and operating costs[58][62]. Dividends and Shareholder Information - A special dividend of HK2.40 cents per ordinary share was declared on July 25, 2024, while no final dividend was recommended for the year ended December 31, 2024[48][54]. - The Group does not have a fixed dividend policy, and future dividends will depend on various factors including operations, earnings, and cash flow position[154]. - The Board has approved a special dividend of HK2.40 cents per ordinary share for the year ended 31 December 2024, compared to no dividend in 2023[153]. - The Company will hold its Annual General Meeting on June 5, 2025[159]. Management and Governance - The Group's overall strategy planning, business development, and corporate management are primarily overseen by Mr. Tony Cheung and Mr. Gary Cheung[103]. - The Group's management team is responsible for significant contract approvals, investment decisions, and senior management appointments[106]. - The combined experience of the management team exceeds 100 years in the air-conditioning and engineering services sector, positioning the Group for future growth[106]. - The Board received annual confirmations of independence from all independent non-executive Directors and considers them to be independent[188]. Risks and Compliance - The Group faces risks such as reliance on major customers and fluctuations in revenue and profit margins due to various factors[150]. - There were no material breaches of laws and regulations that significantly impacted the Group's business and operations during the year[140]. - The Group currently does not have a foreign currency hedging policy due to insignificant foreign currency risk exposure[87]. - The Group's monetary assets and liabilities are primarily denominated in Hong Kong dollars, minimizing foreign exchange risk[86]. Customer and Supplier Concentration - For the year ended December 31, 2024, 35.3% of the Group's revenue was generated from the largest customer, while the five largest customers accounted for 99.5% of total revenue[186]. - The largest supplier represented approximately 22.4% of the total direct costs, with the five largest suppliers accounting for 46.1%[186].

Financial Performance - The company reported a revenue increase of 15% year-over-year for FY2023, reaching HK$500 million[1]. - Revenue for the fiscal year reached $150 million, a 15% increase compared to the previous year, driven by new game launches and user engagement[10]. - Future guidance indicates expected revenue growth of 18% for FY2024, projecting HK$590 million[1]. - For FY2024, the Group's revenue was approximately US$9.1 million, representing a decrease of approximately 8.6% from US$9.9 million in FY2023[40]. - The decline in revenue was attributed to certain matured games generating less revenue and newly launched games not meeting performance expectations[40]. - Gross profit for FY2024 amounted to approximately US$4.14 million, representing an increase of approximately 1.0% from approximately US$4.10 million recorded in FY2023[23]. - The Group's cost of revenue decreased by approximately US$0.9 million or 15.4% to approximately US$4.9 million, while the gross profit margin increased from 41.4% in FY2023 to 45.7% in FY2024[114][120]. - Loss attributable to owners of the Company for FY2024 amounted to approximately US$3.2 million, representing a decrease of approximately 44.4% from approximately US$5.8 million recorded in FY2023[24]. User Engagement and Growth - User engagement metrics showed a 25% growth in daily active users (DAU), reaching 1.5 million users[1]. - The company reported a significant increase in monthly active users (MAUs), averaging 1.5 million in the last quarter, representing a 25% year-over-year growth[8]. - The average revenue per paying user (ARPPU) for the company's games was HK$120, reflecting a 10% increase compared to the previous year[1]. - The company plans to launch three new games in FY2024, targeting a 20% increase in user acquisition[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in user base by the end of the next fiscal year[11]. - The mobile games business has seen a significant increase in user numbers in Latin America, with several new products launched, contributing to a several-fold increase in actual users in the region[95]. Strategic Initiatives - The company is expanding its market presence in Southeast Asia, with a targeted investment of HK$50 million in marketing and partnerships[1]. - A new strategic partnership was announced with a leading technology firm to enhance game development capabilities[1]. - The company is exploring potential acquisitions to enhance its product portfolio, with a focus on companies in the gaming sector[1]. - The company has entered into a joint venture with Guangzhou Red Circle Information Technology, aiming to enhance game development capabilities and increase market share[9]. - The company plans to continue the parallel publishing model of web and mobile games in 2025, aiming to enrich product types and launch multiple new titles to cater to diverse user preferences[47]. Research and Development - Research and development expenses increased by 30%, totaling HK$80 million, to support new technology initiatives[1]. - The company has allocated $10 million for research and development in new technologies, including artificial intelligence (AI) integration in gaming[11]. - New product development includes a virtual reality (VR) game set to launch in Q3 2024, with an expected investment of $5 million[12]. - The company entered the VR market with an investment in a VR studio in China[21]. Corporate Governance - The company aims to improve its corporate governance practices in line with the latest regulatory requirements[1]. - The Group's board includes independent non-executive directors with extensive experience in venture development, investment, and technology companies, enhancing governance and strategic oversight[75]. - The Company has maintained compliance with applicable corporate governance codes, except for the separation of the roles of chairman and CEO[156]. - The Board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring a balance of skills and experience[163]. Financial Management and Investor Relations - The Group's focus on investor relations and risk management is critical for maintaining investor confidence and navigating market dynamics[73]. - The total remuneration payable to the Directors for FY2024 was approximately USD0.2 million[169]. - The Company has provided continuous professional development for Directors through in-house briefings and reading materials[178]. Gender Diversity and Workforce Composition - As of December 31, 2024, the Group's employee composition is 66% male and 34% female, indicating a commitment to achieving gender diversity through gender-neutral positions[192][196]. - The Company aims to create a gender-balanced workforce by hiring more females based on qualifications, experience, and skills required for positions[192][196]. - The Board consists of seven Directors, with one female Director, achieving the goal of gender diversity[189][191]. - The Company has adopted a board diversity policy to ensure a diverse composition of Directors in terms of skills, experience, and gender[186][190].

Financial Performance - Revenue increased from RMB 3,405.8 million in 2023 to RMB 3,772.1 million in 2024, representing an increase of approximately 10.7%[8] - Gross profit rose from RMB 1,500.8 million in 2023 to RMB 1,619.7 million in 2024, marking an increase of about 7.9%[8] - Annual loss decreased from RMB 6,494.7 million in 2023 to RMB 4,306.6 million in 2024, a reduction of approximately 33.8%[8] - Adjusted EBITDA loss improved from RMB 4,369.0 million in 2023 to RMB 3,089.2 million in 2024, reflecting a decrease of about 29.3%[8] - In 2024, the total revenue of SenseTime Group increased by 10.8% year-on-year, reaching RMB 3,772.1 million, with generative AI revenue surpassing RMB 2,404.0 million, a year-on-year growth of 103.1%[13] - Generative AI now accounts for 63.7% of the group's total revenue, up from 34.8% in 2023, marking it as the largest revenue contributor[14] - The group's gross profit for 2024 was RMB 1,619.7 million, with a gross margin of 42.9%, while total management and sales expenses decreased by 9.1% year-on-year[13] Customer Engagement and Product Development - The company achieved a significant increase in customer willingness to pay, with order amounts growing sixfold compared to 2023[12] - Monthly user engagement increased eightfold compared to 2023, driven by enhanced user experience and product offerings[12] - The company launched the first domestic large model surpassing GPT 4-Turbo performance in April 2024, followed by a video streaming interactive model in July 2024[12] - The productivity tools based on the multi-modal model have seen a 6x year-on-year increase in customer payment willingness, represented by order amounts in 2024[24] - The user base for office and code assistant products has surpassed 1.5 million, with daily invocation exceeding 1 million times and processing over 3.5 billion tokens daily[26] Research and Development - Research and development expenses increased to RMB 4,131,884 thousand in 2024 from RMB 3,465,766 thousand in 2023, indicating a focus on innovation[40] - R&D expenses grew by 19.2% from RMB 3,465.8 million in 2023 to RMB 4,131.9 million in 2024, driven by investments in training and fine-tuning base models[45] - The company aims to achieve carbon neutrality by 2030 and has implemented measures that saved 800 MWh of electricity in 2024[34] - The company has been recognized as the first to pass the enhanced level assessment of the National Computing Power Service Capability Maturity Model (CPMM)[35] Financial Position and Cash Flow - Total assets increased from RMB 32,888.0 million in 2023 to RMB 34,599.5 million in 2024, an increase of approximately 5.2%[7] - Total liabilities rose from RMB 9,732.6 million in 2023 to RMB 10,957.8 million in 2024, an increase of about 12.6%[7] - As of December 31, 2024, the total cash reserves of the group amounted to RMB 12,752.2 million, and trade receivables increased by 19.0% year-on-year to RMB 4,623 million[13] - The net cash used in operating activities for the year ended December 31, 2024, was RMB (3,926.7) million, compared to RMB (3,234.3) million in 2023, indicating an increase in cash outflow of 21.5%[64] - The net cash generated from financing activities for the year ended December 31, 2024, was RMB 6,259.9 million, significantly higher than RMB 1,083.6 million in 2023, marking a 478.5% increase[67] Strategic Partnerships and Market Expansion - The company has established partnerships with emerging industry clients in areas such as embodied intelligence and AI for science, expanding its market reach[15] - In the smart automotive sector, the delivery of the "Zhenying" system increased by 29.2% year-on-year, with over 1.67 million new deliveries and a cumulative total exceeding 3.6 million vehicles[29] - The company signed strategic cooperation agreements with Dongfeng and Chery to deliver smart driving solutions based on the domestically produced Horizon J6 platform in Q1 2025[30] Governance and Compliance - The company held a total of 7 board meetings, 5 audit committee meetings, 2 remuneration committee meetings, 1 nomination committee meeting, and 3 corporate governance committee meetings during the reporting period[99] - The audit committee held 5 meetings during the reporting period to discuss audit and financial reporting matters with the auditors[106] - The corporate governance committee conducted 3 meetings to review and monitor the company's governance policies and compliance with legal and regulatory requirements[110] - The company has established a whistleblowing mechanism to encourage internal reporting of suspicious activities, with no significant fraud or misconduct events affecting the financial statements for the year ending December 31, 2024[134] Shareholder Engagement and Dividends - The company encourages shareholders to participate in annual general meetings and provides at least 21 days' notice for such meetings[141] - The company did not recommend the distribution of a final dividend for the year ending December 31, 2024, considering the long-term interests of shareholders[156] - The company maintains a website for regular updates and communication with shareholders, including financial reports and announcements[143] Risk Management - The company has established a comprehensive risk management framework to identify and manage compliance risks, ensuring operations comply with applicable laws and regulations[129] - The company has implemented a series of internal procedures to manage operational risks, aiming to control potential losses through identification, measurement, monitoring, and control of these risks[127] - The audit committee has reviewed the company's risk management and internal control systems, deeming them effective and sufficient[136]

Financial Performance - Total revenue for 2024 reached RMB 1,031,173,000, an increase of 18.8% compared to RMB 867,764,000 in 2023[9] - Gross profit for the year was RMB 717,273,000, reflecting a 36.2% increase from RMB 526,515,000 in the previous year, with a gross margin of 69.6%[9] - The company reported a net loss attributable to equity shareholders of RMB 835,381,000, a significant increase of 89.3% from RMB 441,240,000 in 2023[9] - The adjusted loss for the year (non-IFRS) was RMB 679,270,000, representing a 134.8% increase from RMB 289,272,000 in the previous year[9] - The company's revenue and earnings amounted to RMB 10.31 billion, reflecting a year-on-year growth of 19%[18] - Revenue from core enterprise cloud solutions rose by 26.7% from RMB 523.9 million in 2023 to RMB 663.7 million in 2024, driven by an increase in supply chain assets processed[38] - Revenue from financial institution cloud solutions grew by 2.4% from RMB 299.7 million in 2023 to RMB 306.9 million in 2024, despite a decrease in assets processed by e-chain cloud[38] - The company recorded losses of RMB 835.5 million and RMB 443.3 million for the years ended December 31, 2024, and 2023, respectively[61] - Adjusted losses (non-IFRS) for the year ended December 31, 2024, were RMB 679.3 million compared to RMB 289.3 million for the year ended December 31, 2023[64] Customer Metrics - The number of core enterprise customers increased by 59.3% to 962 from 604 in 2023, indicating strong customer acquisition[11] - The customer retention rate improved to 96%, up from 86% in the previous year, showcasing enhanced customer loyalty[11] - The number of core enterprise and financial institution clients increased by 51% to 1,108, with 373 new clients added in 2024[19] - The overall customer retention rate rose from 86% in 2023 to 96% in 2024[19] Supply Chain Assets - The total amount of supply chain assets processed by the company's technology solutions reached RMB 411,210.8 million, a 27.7% increase from RMB 321,977.0 million in 2023[16] - In 2024, the total supply chain assets processed by the company's technology solutions reached RMB 411.2 billion, a year-on-year increase of 28%[18] - The sustainable supply chain asset scale served by the company reached RMB 37.1 billion, a substantial year-on-year increase of 93%[23] - The multi-level circulation cloud business processed supply chain assets totaling RMB 2,073 billion in 2024, reflecting a significant year-on-year growth of 52%[25] - The ABS cloud business saw a total of RMB 542 billion in supply chain assets processed in 2024, marking a substantial year-on-year increase of 101%[26] - The cross-border cloud business processed supply chain assets totaling RMB 207 billion in 2024, achieving a year-on-year growth of 64%[27] - The company processed over RMB 50 billion in supply chain asset transactions across 14 industries for core enterprise clients and partners in 2024[31] Technological Innovations - The company is focusing on technological innovations, particularly in AI, to drive efficiency and value creation in the supply chain finance sector[17] - The company anticipates that supply chain finance will become a key driver for global industrial chain upgrades, supported by macroeconomic resilience and policy incentives[17] - The newly launched lightweight supply chain financial AI product "BeeLink AI" has been successfully deployed in multiple financial institutions[22] Operational Costs and Expenses - Research and development expenses decreased by 9.6% from RMB 365.8 million in 2023 to RMB 330.8 million in 2024, mainly due to a reduction in share-based incentives[42] - Total operating costs decreased by 8.0% from RMB 341.2 million in 2023 to RMB 313.9 million in 2024, due to optimized product structure[40] - Sales and marketing expenses increased by 8.1% from RMB 137.8 million for the year ended December 31, 2023, to RMB 149.0 million for the year ending December 31, 2024, primarily due to increased salaries and business development costs related to customer expansion[43] - Administrative expenses remained stable at RMB 207.7 million for the year ended December 31, 2023, and are projected to be RMB 208.1 million for the year ending December 31, 2024[44] - Equity incentive expenses decreased by 89.4% from RMB 78.1 million for the year ended December 31, 2023, to RMB 8.3 million for the year ending December 31, 2024, mainly due to a reduction in unvested equity incentives[45] Impairment and Losses - Impairment losses increased significantly from RMB 214.4 million for the year ended December 31, 2023, to RMB 640.3 million for the year ending December 31, 2024, primarily due to credit impairment of financial assets[47] - Major impairment losses included RMB 445.1 million from receivables related to core enterprise payments and RMB 176.5 million from supply chain assets[47] - The company recorded other net losses of RMB 58.7 million for the year ending December 31, 2024, compared to net gains of RMB 58.7 million for the year ended December 31, 2023, due to decreased interest income and government subsidies[56] - Operating losses increased from RMB 340.6 million for the year ended December 31, 2023, to RMB 669.7 million for the year ending December 31, 2024[57] Strategic Acquisitions and Growth - The company is exploring external growth strategies through strategic acquisitions to enhance market competitiveness and operational efficiency[29] - The acquisition of Bait Technology will enrich the company's product matrix and extend its solutions from supply chain financing to treasury management systems[30] - The company plans to focus on "AI + industrial finance" and strategic acquisition opportunities to create new growth curves[34] Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its business as of December 31, 2024[94] - The company has obtained appropriate directors' liability insurance since its listing date[115] - The independent auditor, KPMG, confirmed that the disclosed continuing connected transactions were conducted on normal commercial terms or more favorable terms[158] - The company has demonstrated sincere efforts to comply with applicable laws and regulations regarding its business operations, including commercial factoring and asset securitization[149][150] Shareholder Information - The board proposed a final special dividend of HKD 0.03 per share for the year ending December 31, 2024, subject to shareholder approval at the annual general meeting scheduled for June 17, 2025[112] - As of December 31, 2024, the company's distributable reserves amounted to RMB 7,975.1 million, a decrease from RMB 8,710.5 million as of December 31, 2023[116] - The company has a dual-class share structure that allows different voting rights beneficiaries to exert significant influence over company affairs, which may not align with the interests of other shareholders[184] - The company emphasizes the potential risks associated with investing in companies with different voting rights structures, urging investors to consider these risks carefully[184] Management and Experience - The company has a total of 31 years of experience in finance, internet, and technology industries, with the CEO having held senior positions at major banks[162] - The company’s president has nearly 30 years of experience in the financial industry, previously working at China Construction Bank and China Resources Bank[163] - The company’s risk management is overseen by a vice-chairwoman with nearly 40 years of experience in the financial sector, including roles at major banks[165] - The company’s board includes members with extensive backgrounds in investment and mergers, particularly from Tencent Group[168]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately HKD 3,364 million, an increase of about 6.1% compared to HKD 3,172 million in 2023[22]. - The gross profit margin for the same period was approximately 53.5%, with gross profit amounting to HKD 1,798 million, reflecting a 5.8% increase from HKD 1,700 million in 2023[22]. - Adjusted EBITDA for the fiscal year was approximately HKD 741 million, marking a historical high and an increase of about 2.1% from HKD 694 million in 2023[22]. - The net profit for the fiscal year was approximately HKD 406 million, a 1.2% increase from HKD 402 million in 2023[22]. - The adjusted EBITDA for the year ended December 31, 2024, was approximately HKD 741,481,000, an increase of about HKD 47,582,000 or 6.9% compared to 2023[26]. - Core business profit for the year ended December 31, 2024, was approximately HKD 434,982,000, reflecting an increase of about HKD 33,377,000 or 8.3% from 2023[26]. - Basic earnings per share for the year ended December 31, 2024, were HKD 0.432, up approximately 1.9% from HKD 0.424 in 2023[26]. - The total revenue for the year ended December 31, 2024, was HKD 3,364,018,000, representing a 6.1% increase from HKD 3,172,048,000 in 2023[25]. - The company reported a significant increase in overall market strategy and management, with a focus on dental technology and related production techniques[122]. Market Expansion and Strategy - The company is actively pursuing strategic acquisitions, including the acquisition of Hexa Ceram Company Limited, Thailand's largest dental laboratory, to enhance its product offerings and market coverage[20]. - The company has invested in digital workflows and proprietary dental solutions, positioning itself at the forefront of the digital transformation in the dental industry[9]. - The company aims to evolve into a comprehensive dental ecosystem by 2025, providing full support to customers and enhancing its product offerings, particularly in clear aligners[59]. - The company plans to establish a new business unit in Vietnam to serve mid to large dental clinic chains in North America, enhancing operational flexibility amid tariff challenges[51]. - The company aims to leverage digitalization trends in the dental industry to capture market share and enhance customer experience through advanced digital solutions[50]. - The company has made several landmark acquisitions, including the recent acquisition of Thailand's largest dental laboratory, Hexa Ceram, to diversify its global distribution and sales network[59]. - The company plans to strengthen its global leadership position through strategic measures, including acquisitions and partnerships, to expand its product offerings and enhance its distribution network[59]. Regional Performance - The company experienced growth in various regions, with Europe showing a double-digit increase in revenue, driven by the digitalization trend in the dental industry[29]. - In Europe, revenue amounted to HKD 1,618,436,000 for the fiscal year ending December 31, 2024, representing a 16.1% growth from HKD 1,399,371,000 in 2023, accounting for 48.1% of total revenue[50]. - North America generated revenue of HKD 752,083,000, a slight decrease of HKD 1,532,000 from HKD 753,615,000 in 2023, contributing approximately 22.3% to total revenue[51]. - The Greater China market recorded revenue of approximately HKD 662,210,000 for the year ending December 31, 2024, a decrease of about HKD 51,382,000 compared to the previous year, representing approximately 19.7% of total group revenue, down from 22.5%[55]. - The Australian market generated revenue of approximately HKD 264,752,000 for the year ending December 31, 2024, an increase of about HKD 10,411,000, accounting for approximately 7.9% of total group revenue, slightly down from 8.0%[56]. - The company reported a 30.1% increase in revenue from other markets, totaling HKD 66,537,000 compared to HKD 51,129,000 in 2023[46]. Operational Efficiency and Investments - The company has expanded its production capacity with the full operation of its Dongguan Phase II and Vietnam facilities to meet growing demand[11]. - The company is committed to sustainable growth and responsible business practices, focusing on minimizing waste and carbon emissions through digital production technologies[13]. - The company is committed to investing in digitalization to improve operational efficiency and customer experience, positioning itself at the forefront of industry integration[58]. - Research and development costs for the year were approximately HKD 43,564,000, representing about 3.1% of the group’s revenue, an increase from 2.4% in 2023[83]. - Capital expenditures for the year ended December 31, 2024, amounted to approximately HKD 153,504,000, with investments in cutting-edge technology machinery totaling approximately HKD 59,207,000, up from HKD 32,862,000 in 2023[83]. Financial Management and Governance - The group’s debt ratio as of December 31, 2024, was approximately 14%, a decrease from 16% in 2023, indicating a stable financial condition[87]. - The group has significant goodwill and intangible assets, which account for a major portion of total assets, with key assumptions for impairment testing remaining stable[104]. - The group has a diversified customer base, reducing the concentration of credit risk, as it only engages with reputable third parties[109]. - The management team has over 30 years of experience in the dental industry, contributing to the company's strategic planning and operational management[125]. - The company is committed to maintaining high standards of corporate governance through its independent board members[130]. - The board of directors includes experienced professionals with extensive backgrounds in dental and corporate governance, ensuring effective oversight and strategic direction[142]. Shareholder Information and Dividends - The company proposed a final dividend of HKD 0.092 per share for the year ended December 31, 2024, up from HKD 0.090 in 2023, pending shareholder approval[26]. - The company reported a mid-term dividend of HKD 0.08 per share for the six months ending June 30, 2024, an increase from HKD 0.06 for the same period in 2023[150]. - As of December 31, 2024, the company's distributable reserves were approximately HKD 320.27 million, down from HKD 397.84 million in 2023[158]. - The company will hold its annual general meeting on May 29, 2025, with a cutoff for share transfer registration from May 26 to May 29, 2025[151]. Risks and Challenges - Geopolitical risks and trade disputes are noted as factors that could complicate the global economic outlook, affecting the group's operations and supply chain[103]. - The group faces various foreign exchange risks, particularly with currencies such as RMB, EUR, AUD, and USD, and actively monitors these risks to maintain them at acceptable levels[108]. - The budgeted sales growth rate for 2024 is projected to be between 0% to 10%, consistent with the previous year[104].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 46,453,309 thousand, a decrease of 8.1% compared to RMB 50,560,063 thousand in 2023[8] - Gross profit for the same period was RMB 685,686 thousand, down 25.6% from RMB 921,534 thousand in 2023[8] - The total comprehensive loss for the year was RMB (385,139) thousand, representing an increase of 102.2% compared to RMB (190,493) thousand in 2023[8] - The company recorded a net loss of approximately RMB 385.1 million for the year ending December 31, 2024, an increase of about 102.2% compared to a net loss of approximately RMB 190.5 million for the year ending December 31, 2023[42] - The company achieved revenue of approximately RMB 46.45 billion and a gross profit of approximately RMB 686 million for the review year[45] - Gross profit decreased from approximately RMB 921.5 million in 2023 to approximately RMB 685.7 million in 2024, primarily due to the reduction in revenue[53] - Other income fell from approximately RMB 69.2 million in 2023 to approximately RMB 57.3 million in 2024, mainly due to a decrease in government subsidy income[54] Sales and Processing Volumes - Stainless steel sales volume increased by 0.7% to 2,056,957 tons from 2,043,000 tons in 2023[11] - Carbon steel sales volume rose by 4.2% to 5,059,186 tons compared to 4,855,332 tons in 2023[11] - The processing volume of stainless steel decreased by 1.9% to 3,179,884 tons from 3,241,597 tons in 2023[11] - The processing volume of carbon steel also declined by 1.6% to 4,785,147 tons from 4,863,370 tons in 2023[11] - The annual sales volume of stainless steel processing increased by approximately 0.7% from about 2,043,000 tons in 2023 to about 2,057,000 tons in 2024, while processing volume decreased by approximately 1.9% from about 3,242,000 tons to about 3,180,000 tons[42] - The annual sales volume of carbon steel processing increased by approximately 4.2% from about 4,855,000 tons in 2023 to about 5,059,000 tons in 2024, while processing volume decreased by approximately 1.6% from about 4,863,000 tons to about 4,785,000 tons[42] Corporate Governance and Board Structure - The board consists of 6 executive directors, 2 non-executive directors, and 4 independent non-executive directors, with a total of 5 board meetings held in the fiscal year ending December 31, 2024[71][73] - The board's composition reflects a mix of experience, with recent appointments and resignations noted, ensuring a diverse governance structure[71][72] - The board of directors consists of four independent non-executive directors, accounting for one-third of the board's total members[87] - The board has delegated certain functions to committees, including the remuneration committee, nomination committee, and audit committee[89] - The independent non-executive directors provide independent opinions on the group's business strategy, performance, and management[86] - The company has established a mechanism to ensure the board receives independent views and opinions, with at least one-third of the board being independent non-executive directors[83] Strategic Initiatives and Future Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[18] - The company plans to enhance service networks and improve processing service capabilities through investments in advanced automation equipment and digital transformation of existing production facilities[43] - The company aims to become a global leader in metal processing services, focusing on sustainable profitability, cash flow, and dividend growth without compromising financial stability[70] - The company is focused on internal growth in industries or regions where it has management experience and resources[70] - The company is increasingly prioritizing sustainability, including circular economy practices and sustainable procurement[70] Risk Management and Internal Controls - The board is responsible for risk management and internal control systems, which are designed to manage risks rather than eliminate them[128] - The group has established and maintained effective risk management and internal control systems, ensuring adequate resources and qualified personnel in accounting, internal audit, and financial reporting[132] - The internal audit function regularly analyzes and independently reviews the adequacy and effectiveness of the group's risk management and internal control systems, reporting findings to the audit committee[133] - The group conducts annual reviews of its risk management and internal control systems, covering all significant controls including financial, operational, and compliance monitoring[135] - The group has adopted a whistleblowing and anti-fraud policy to maintain high standards of business ethics, encouraging employees to report observed and suspected violations[136] Employee and Board Diversity - The company aims to maintain gender diversity on the board, with one female director representing 8% of the board members[106] - As of December 31, 2024, 81% of the company's employees and senior management are male, while 19% are female[109] - The company has adopted a board diversity policy since 2013, considering various factors such as gender, age, and professional experience[102] - The company plans to review its diversity policy annually to ensure its effectiveness and make necessary adjustments[108] Shareholder Communication and Engagement - The company emphasizes regular communication with shareholders and investors to ensure they are informed about strategies and financial performance[123] - The company will hold interactive live sessions after announcing interim or annual results to enhance communication with investors[126] Major Shareholders and Ownership Structure - The major shareholders include Lianhao Group Limited with 738,435,000 shares (57.94%), China Baowu Steel Group Co., Ltd. with 207,500,000 shares (16.28%), and Baosteel Stainless Steel (International) Co., Ltd. with 103,750,000 shares (8.14%)[192] - The board of directors includes significant shareholders, with Zhou Keming and Xu Xia holding 738,551,000 shares each, representing 57.95% of the issued share capital[186] Dividend Policy - The company has a dividend policy established in 2019, which was revised on March 28, 2025, focusing on sustainable dividend distribution while enhancing business growth capabilities[115] - The board will consider various factors, including financial performance and capital expenditure needs, when proposing any dividend distribution[116] - The company did not declare any interim dividends for the year, consistent with 2023[158] - The company did not recommend any final dividends for the year ending December 31, 2024, similar to 2023[159]

Financial Performance - The Group reported a comprehensive income of HK$XX million for the year ended December 31, 2024, representing a Y/Y increase of XX%[22] - The total revenue for the reporting period was HK$XX million, reflecting a growth of XX% compared to the previous year[22] - For the year ended December 31, 2024, the company's revenue reached RMB 18,527.76 million, representing a 6.5% increase compared to the previous year[31] - The gross profit for the same period was RMB 3,196.67 million, with a gross margin of 17.3%, showing a 9.7% increase in gross profit year-over-year[31] - Net profit attributable to equity shareholders for the year was RMB 785.08 million, reflecting a 29.7% increase compared to the previous year[31] - The net profit margin for the year was 4.7%, calculated as profit attributable to equity shareholders divided by revenue[32] - Profit for the year was RMB 867.4 million, representing a 21.1% increase from RMB 716.1 million in 2023, with profit attributable to equity shareholders rising by 29.7% to RMB 785.1 million[120] - The net profit margin improved to 4.7%, up 0.6 percentage points from 4.1% in 2023[121] Revenue Breakdown - Property services accounted for 66.9% of overall revenue in 2024, indicating a focus on this segment[31] - Revenue from property services reached RMB 12,401.3 million, accounting for 66.9% of the Group's total revenue, with a year-on-year growth of 11.7% from RMB 11,101.5 million in 2023[92] - Revenue from community living services was RMB 3,373.2 million, accounting for 18.2% of total revenue, reflecting a year-on-year decrease of 5.5% from RMB 3,568.6 million in 2023[92] - Consulting services generated revenue of RMB 2,412.0 million, which is 13.0% of total revenue, showing a year-on-year growth of 5.1% compared to RMB 2,295.3 million in 2023[92] - Technology services revenue amounted to RMB 341.2 million, accounting for 1.9% of total revenue, with a year-on-year decrease of 20.3% from RMB 428.0 million in 2023[92] Market Expansion and Strategy - User data indicates that the Group has served over XX million residents, enhancing its market presence significantly[22] - The Group plans to expand its service offerings by introducing new technology services aimed at improving customer experience[22] - Future outlook includes a projected revenue growth of XX% for the upcoming fiscal year, driven by market expansion strategies[22] - The Group's market expansion strategy includes targeting new geographic regions within China to increase its customer base[22] - The Group is actively pursuing potential acquisitions to enhance its service portfolio and market reach[22] - The Group is committed to enhancing service quality and expanding its market presence, aiming for "high-quality development" in 2025[86] - The Group's strategic goal is to become the most valuable happiness service provider in China, adhering to a customer-oriented and quality-focused service strategy[90] Operational Efficiency and Innovation - The company plans to enhance its technology services to support digital transformation for clients, which is crucial for building a differentiated product system[27] - The community living services segment is evolving to meet the changing needs of property owners and residents, integrating online and offline services[27] - The Group aims to build a digital management center for industrial communities through smart community products[174] - The company reduced the management expense ratio by 0.5 percentage points through digital empowerment and precise operation[77] - AI-powered glasses, floor-cleaning robots, and customer service robots are in pilot deployment as part of the company's technological innovation strategy[78] Assets and Liabilities - Current assets as of December 31, 2023, amounted to RMB 12,111,712, up from RMB 10,840,595 in 2022[38] - Total assets reached RMB 18,081,669, an increase from RMB 16,853,692 in 2022[38] - Net assets as of December 31, 2023, were RMB 8,225,204, compared to RMB 7,876,143 in 2022[38] - The debt ratio decreased to 51.7% as of December 31, 2024, down 2.8 percentage points from 54.5% in 2023[131] - Trade and other receivables increased by 9.1% to RMB 5,576.6 million as of December 31, 2024, from RMB 5,113.9 million in 2023, due to business growth[136] Employee and Operational Costs - The Group's total staff costs increased by 5.7% to RMB 6,150.5 million in 2024, up from RMB 5,816.9 million in 2023, primarily due to new project deliveries and rising manpower costs[181] - As of December 31, 2024, the Group had 48,423 employees, representing a 5.2% increase compared to 2023[181] Future Plans and Investments - The Group plans to expand its community products and services, projecting a revenue increase of 11.7% for 2024[35] - The Group has not employed any financial instruments for hedging foreign exchange risks but will explore options with major banks[175] - The Group did not have any significant investments during the year[185] - As of December 31, 2024, the Group had no future plans for material investments and capital assets[193]

Financial Reporting Changes - The company announced a change in its financial year end date from June 30 to December 31, effective immediately, resulting in a six-month audited financial statement covering July 1, 2023, to December 31, 2023[13]. - The annual report for the current financial period covers a full year from January 1, 2024, to December 31, 2024[13]. - To enhance comparability, the company included unaudited financial results for the twelve months ended December 31, 2023, derived from combining previous financial results[14]. - The financial performance highlights and detailed results for the six-month period will be available in the annual report, which includes key metrics and performance indicators[4]. - The company is expected to provide guidance on performance metrics and targets for the upcoming fiscal year in the annual report[4]. - The report will also cover any potential mergers and acquisitions or strategic initiatives that may impact future growth[4]. - The company aims to maintain transparency and accuracy in its financial reporting, as emphasized by the involvement of KPMG as its auditor[9]. Financial Performance Metrics - Revenue for the six months ended December 31, 2023, was RMB 7,632,467 thousand, representing a significant increase compared to RMB 13,838,797 thousand for the twelve months ended December 31, 2023[16]. - Gross profit for the fiscal year ended December 31, 2024, reached RMB 7,637,060 thousand, up from RMB 5,698,431 thousand for the twelve months ended December 31, 2023, indicating a growth of approximately 34.1%[16]. - Operating profit for the six months ended December 31, 2023, was RMB 1,553,707 thousand, which is a substantial increase from RMB 2,819,648 thousand for the twelve months ended December 31, 2023[16]. - Profit for the period attributable to equity shareholders of the Company for the fiscal year ended December 31, 2024, was RMB 2,617,560 thousand, compared to RMB 2,253,241 thousand for the twelve months ended December 31, 2023, reflecting an increase of approximately 16.2%[16]. - Basic earnings per share for the fiscal year ended December 31, 2024, was RMB 2.11, up from RMB 1.81 for the twelve months ended December 31, 2023, representing a growth of 16.6%[16]. - Adjusted net profit for the six months ended December 31, 2023, was RMB 1,302,509 thousand, compared to RMB 2,356,729 thousand for the twelve months ended December 31, 2023[16]. - Adjusted net profit for the fiscal year ended December 31, 2024, was RMB 2,720,612 thousand[28]. - Adjusted EBITDA for the fiscal year ended December 31, 2024, was RMB 4,334,325 thousand[28]. Store Expansion and Market Presence - For the fiscal year ended December 31, 2024, MINISO's total number of stores increased from 6,413 to 7,504, representing a growth of approximately 17%[30]. - As of December 31, 2024, MINISO operated nearly 4,400 stores in mainland China and over 3,100 stores in overseas markets[35]. - The number of TOP TOY stores increased from 148 to 276, marking an increase of approximately 86%[30]. - The number of directly operated TOP TOY stores grew from 14 in 2023 to 40 in 2024, indicating a strong expansion strategy[37]. - The total number of MINISO stores in overseas markets increased from 2,487 in 2023 to 3,118 in 2024, representing a growth of approximately 25.3%[58]. - The number of stores operated under the MINISO Retail Partner model in mainland China increased from 3,878 in 2023 to 4,335 in 2024, a net increase of 457 stores[40]. - The company has begun expanding the TOP TOY store network to overseas markets starting in 2024, aligning with its global expansion strategy[36]. Financial Position and Assets - Total assets as of December 31, 2024, were RMB 18,120,128 thousand, an increase from RMB 14,485,309 thousand as of December 31, 2023, indicating a growth of approximately 25.5%[18]. - Non-current assets as of December 31, 2024, reached RMB 6,464,627 thousand, up from RMB 4,157,675 thousand as of December 31, 2023, reflecting an increase of about 55.4%[18]. - Total liabilities as of December 31, 2024, were RMB 7,764,606 thousand, compared to RMB 5,294,092 thousand as of December 31, 2023, indicating an increase of approximately 46.8%[18]. - The company’s cash and cash equivalents totaled RMB 6,698.1 million, down from RMB 6,887.0 million as of December 31, 2023[139]. - The company has a capital commitment of RMB 633.5 million as of December 31, 2024, down from RMB 837.2 million as of December 31, 2023, primarily due to the construction of the headquarters building[163]. Strategic Initiatives and Future Outlook - The company plans to use the net proceeds for overseas store network expansion, supply chain optimization, brand building, and share repurchase programs[87]. - The share repurchase program allows for the repurchase of up to HK$2 billion in value of Shares and/or ADSs over a 12-month period starting from August 30, 2024[90]. - The company aims to strengthen its product offerings and optimize its store network as part of its long-term strategic goals for 2025[100]. - The company will adopt a flexible operating model for each overseas market to expand its store network in strategic markets such as North America, Asia, and Europe[99]. - The company plans to implement the "Super Store" strategy to enhance brand image and target "Big Beauty," "Big Toys," and "Big IPs" as super categories[102]. Risks and Challenges - The company faces risks related to consumer demand and discretionary spending, particularly in the context of economic downturns[186]. - The company faces significant risks related to maintaining competitive pricing and high-quality products, which could materially affect its business and financial condition[188]. - A substantial portion of the company's operations are conducted in China, exposing it to various legal, regulatory, and economic risks that could impact its operations and securities value[189]. - The trading price of the ADSs and shares has been volatile, potentially resulting in substantial losses for investors[196]. - The concentration of share ownership among executives and principal shareholders may limit investors' influence on corporate matters[196]. Legal and Compliance Matters - The company is involved in a federal securities class action lawsuit, with a court decision on a motion to dismiss expected in February 2024[164]. - Compliance with relevant laws and regulations has been maintained during the reporting period, impacting the group's operations[192]. - The company has not established any detailed future plans for material investments or capital assets as of December 31, 2024[151].

Investment Strategy - The company has completed investments in sectors such as high-end manufacturing, semiconductors, new materials, and artificial intelligence, accumulating a portfolio of quality project resources[9]. - The company aims to explore new business tracks in emerging industries like the Internet of Things and integrated circuits through a limited partnership fund established in collaboration with Wuxi Transportation Group[3]. - The company has successfully completed minority equity investments in several semiconductor and new material projects, gaining industry experience[3]. - The company plans to leverage its shareholder resources to drive business transformation and create new growth points in the new economy[9]. - A new limited partnership, Xinsheng Investment, was established to prioritize investments in IoT, integrated circuits, biomedicine, high-end manufacturing, energy conservation, and new materials[32]. - The company plans to focus on mergers and acquisitions in sectors such as integrated circuits, new energy, high-end equipment manufacturing, big data, and artificial intelligence, establishing clear main business directions[46]. - The company aims to complete the selection of industries and targets for mergers and acquisitions by 2025, leveraging national industrial policy directions[36]. - The company is focusing on acquiring projects in promising industries such as the new energy vehicle supply chain and high-end equipment manufacturing[53]. Financial Performance - In 2024, the company achieved a revenue of 412 million RMB and an operating profit of approximately 100 million RMB, with a proposed annual dividend of 0.0039 HKD per share[29]. - The fixed income investment segment generated approximately 184 million RMB in revenue, while the Wuhan property project contributed around 133 million RMB in rental and management fees, maintaining stability compared to 2023[30]. - In 2024, the company achieved a total revenue of 412 million RMB and a net profit of approximately 56 million RMB[42]. - The fixed income investment portfolio contributed a post-tax investment return of 184 million RMB, with a total investment amount of 2.5 billion RMB across 9 projects[43]. - The company's total assets as of December 31, 2024, amounted to RMB 7.896 billion, slightly up from RMB 7.879 billion in 2023[85]. - Total liabilities stood at RMB 3.197 billion, showing a minor decrease from RMB 3.209 billion in the previous year[85]. - The net profit attributable to equity holders of the parent company for 2024 was RMB 44.317 million, down from RMB 140.858 million in 2023[85]. - The company’s total equity increased to RMB 4.698 billion from RMB 4.670 billion in 2023[85]. Project Development - The company holds a 66.4% stake in the Wuhan Optics Valley New Development International Center project and a 72.63% stake in the Shanghai Luodian New Town project[11]. - The total land area is 6.80 square kilometers, located in Baoshan District, approximately 30 minutes from downtown Shanghai via Metro Line 7[12]. - The project company has a total floor area of 172,496 square meters, with above-ground construction area of 116,978 square meters[12]. - The Wuhan Optics Valley High-tech Development Zone is a well-known base for optoelectronics and semiconductor industries, aligning with the company's strategic direction in integrated circuit property development[12]. - The company has established a joint venture with Vanke to develop the Eastern District project, holding a 50% stake[12]. - The land use planning for the Junzhuang Town in Mentougou District was approved by the Beijing government in March 2025, and the company is collaborating with partners to advance project strategies[12]. Risk Management and Compliance - The company emphasizes risk management and stable income generation through diversified financing channels[15]. - The management team emphasizes a "safety first, stability first" investment philosophy, ensuring no new risk projects were added throughout the year[34]. - The company is committed to strengthening internal management and risk control, regularly reviewing the effectiveness of its risk management and internal control systems[34]. - The company has engaged Deloitte as the internal auditor to review all significant control policies and procedures, reporting any major potential risks to the board[178]. - The audit committee is responsible for evaluating the adequacy and consistency of the company's risk management and internal control systems, including administrative, operational, and internal accounting controls[186]. Corporate Governance - The board of directors consists of nine members: three executive directors, three non-executive directors, and three independent non-executive directors, ensuring diverse and objective perspectives in decision-making[143]. - The company is committed to maintaining a clear governance structure, with defined roles and responsibilities for management and staff, ensuring compliance with the employee code of conduct[138]. - The board reviews the company's financial performance and significant investments at least four times a year, approximately once per quarter[138]. - The company has established a robust control framework to ensure effective governance and strategic goal setting[138]. - The company has implemented an independent assessment mechanism for the board to seek professional advice, enhancing independent judgment[148]. Employee and Shareholder Engagement - The company emphasizes timely and fair communication with shareholders and investors, holding regular roadshows and communication meetings in Hong Kong and other regions[198]. - Shareholders are encouraged to participate in the annual general meeting, where resolutions and operational issues are discussed[200]. - The company has a policy that one-third of the board must retire at each annual general meeting, ensuring regular rotation of directors[160]. - The company has received written annual independence confirmations from all current independent non-executive directors, affirming their status[155]. Future Outlook - The outlook for 2025 indicates a focus on establishing the main business direction and formulating the "15th Five-Year" development strategy[35]. - The company plans to continue expanding its urbanization projects and enhance its investment property portfolio to drive future growth[87]. - The company will actively explore financing activities in 2025, including bonds and bank loans, to support strategic transformation and business development[40]. - For 2025, the company anticipates a stable profit growth while controlling project risks, with a focus on industry mergers and acquisitions to accelerate business transformation[51].