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

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

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

Financial Performance - Revenue for the fiscal year 2024 was HKD 81,212,000, a decrease of 8.3% from HKD 89,075,000 in 2023[6]. - The net loss for the fiscal year 2024 was HKD 25,650,000, improved from a loss of HKD 35,253,000 in 2023, representing a reduction of 27.3%[6]. - The net asset value decreased significantly to HKD 1,039,000 from HKD 27,584,000 in the previous year, indicating a decline of 96.2%[10]. - Cash and bank balances were reported at HKD 5,848,000, down from HKD 6,121,000 in 2023, a decrease of 4.5%[10]. - Overall revenue decreased by approximately 8.9% from about HKD 89,100,000 to about HKD 81,200,000[18]. - Loss attributable to owners decreased by approximately 27.2% from about HKD 35,300,000 to about HKD 25,700,000[18]. - The group's gross profit slightly increased by about 2.0% from approximately HKD 5,100,000 to about HKD 5,200,000, with the overall gross profit margin rising from about 5.7% to approximately 6.4%[27]. - The group's financial expenses increased by approximately HKD 1,400,000 from about HKD 500,000 to approximately HKD 1,900,000, mainly due to increased interest on loans from a director[29]. - The debt-to-asset ratio rose to approximately 3,655.6% as of December 31, 2024, compared to about 53.3% in 2023, primarily due to an increase in loans from a director and operating losses[33]. Revenue Sources - Revenue from China increased by approximately 27.1% from about HKD 19,200,000 to about HKD 24,400,000[17]. - Revenue from Singapore rose by approximately 11.5% from about HKD 48,000,000 to about HKD 53,500,000[17]. - Telecommunications business revenue decreased by approximately 9.0% from about HKD 86,700,000 to about HKD 78,900,000[19]. - GPS service revenue increased by approximately 27.1% from about HKD 19,200,000 to about HKD 24,400,000[19]. - IT services revenue decreased by approximately 50.0% from about HKD 1,000,000 to about HKD 500,000[20]. - Revenue from the wine e-commerce platform Winestry was approximately HKD 500,000, with over 540 stock-keeping units available[21]. Strategic Initiatives - The company is diversifying its telecommunications revenue base by expanding GPS services in China, which is expected to stabilize revenue streams[12]. - A new IT service related to software development for corporate clients is anticipated to start generating revenue in Q1 2025[13]. - The company aims to enhance service quality and operational efficiency to achieve sustainable growth and long-term profitability[13]. - The company plans to expand its existing IT business in China, focusing on software development and application services to meet the growing demand for IT services[25]. Market Conditions - The telecommunications market in Hong Kong and Singapore remains highly competitive, impacting the company's performance[16]. - The overall economic environment remains challenging, with rising unemployment and inflation pressures affecting business operations[16]. - IMF forecasts global GDP growth of approximately 3.3% for 2025, with various regional growth predictions reflecting economic uncertainties[24]. Corporate Governance - The company has not appointed a CEO since the resignation of Ms. Li Bing on November 9, 2020, and Mr. Zhang has been serving as both Chairman and Acting CEO since March 2, 2021[46]. - Mr. Zhang's dual role is believed to provide strong leadership and enhance the effectiveness and efficiency of business decision-making and strategy execution[46]. - The company is committed to maintaining high levels of corporate governance and prioritizing shareholder interests[46]. - The board will continue to review the current management structure and will nominate suitable candidates for the roles of Chairman and CEO when identified[46]. - The company aims to enhance long-term shareholder value through effective governance practices[46]. - The board believes that the current structure aligns with the best interests of the company and its shareholders at this stage[46]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance among all directors[47]. - The company has a commitment to transparency and has taken steps to address any compliance issues promptly[47]. Board Composition and Meetings - The board consists of two executive directors and three independent non-executive directors, with a focus on diversity and skill balance[52]. - As of December 31, 2024, the board includes five directors, one of whom is female, aligning with diversity regulations[54]. - The board held six meetings during the year, ensuring informed decision-making through adequate information provision[57]. - The Audit Committee held two meetings this year, reviewing the financial performance for the year ending December 31, 2023, and the interim results for the six months ending June 30, 2024[66]. - The Remuneration Committee conducted three meetings this year, approving the remuneration budget for the board of directors[69]. - The Nomination Committee held two meetings this year, assessing the independence of independent non-executive directors and reviewing the board's structure and composition[72]. Risk Management and Internal Controls - The board is responsible for maintaining the internal control system and risk management, ensuring reasonable assurance against material misstatements or losses[101]. - The internal control system aims to achieve operational efficiency, reliable financial reporting, and compliance with applicable laws and regulations[102]. - The risk management system includes identifying risks, assessing their likelihood and impact, and managing responses to ensure effective communication with the board[103]. - No significant risks were identified during the annual risk assessment, except for previously disclosed non-compliance with listing rules[101]. - The board believes that the risk management and internal control system is effective and sufficient, and will continue to review its effectiveness regularly[106]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an ESG policy to ensure compliance with applicable laws and to integrate ESG considerations into business decision-making[111]. - The ESG report covers the group's performance in environmental and social aspects across major operations in Hong Kong, Singapore, and China[108]. - The board is committed to high standards of ESG performance and regularly reviews progress towards achieving ESG-related goals[111]. - The company reported a total greenhouse gas emissions of 22.76 tons of CO2 equivalent for the year, an increase of 17.6% compared to 19.35 tons in the previous year[126][128]. - The company has successfully implemented all applicable mandatory measures for the Hong Kong Green Organization Certification and reported related achievements[118]. - The company has maintained its commitment to reducing waste, achieving the "Waste Reduction Certificate - Excellence Level" for ten consecutive years[115]. - The group has implemented various energy efficiency measures to reduce electricity consumption, including encouraging employees to turn off lights and equipment when not in use[150]. Employee Relations and Compliance - The company has maintained compliance with all relevant employment and labor laws, with no significant non-compliance issues reported this year[164]. - Employee benefits include competitive salaries, medical and dental allowances, and paid maternity leave, aimed at attracting and retaining talent[162]. - The company has implemented a two-way communication policy, allowing employees to express concerns and communicate with management through various channels[161]. - The company has not reported any health and safety compliance issues in the past three years, ensuring a safe working environment[177]. - The company conducts objective assessments of employee performance to inform promotions and salary adjustments, ensuring fairness in employment practices[162]. - The company has established a fair recruitment and promotion policy, strictly prohibiting discrimination and harassment in the workplace[162].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 153,126,000, a decrease of 5.6% from HKD 161,497,000 in 2023[7] - The net loss for the year was HKD 21,482,000, improved from a loss of HKD 31,284,000 in the previous year, representing a reduction of 31.5%[7] - Basic and diluted loss per share for the year was HKD 2.55, compared to HKD 3.72 in 2023, indicating a 31.5% improvement[7] - Average return on equity decreased to -9.0% from -11.6% year-on-year, showing a slight recovery in performance[7] - Total debt decreased to HKD 15,794,000 from HKD 20,296,000, a reduction of 22.1%[7] - The total debt to equity ratio improved to 24.7% from 33.2%, indicating better financial stability[7] Business Strategy and Market Outlook - The company anticipates a cautious optimism regarding the recovery of the Chinese economy and its positive impact on domestic demand[11] - The company has adjusted its trading strategies and enhanced operational efficiency in response to challenges faced in the oil trading business[10] - The geopolitical landscape remains uncertain, impacting investment considerations and operational strategies in the Utah oil fields[11] - The company is committed to providing lasting value to stakeholders through strategic foresight and resilience in navigating global market complexities[11] - The company expects improvement in trade business due to the recovery of China's heavy industry and manufacturing, with anticipated domestic demand for crude oil and related products improving by 2025[31] - The company plans to explore new business opportunities in international trade of oil and related products, while seeking quality leasing and purchasing projects in the oil industry[31] Oil and Gas Operations - The company has no longer held any rights to the Utah oil and gas leases as of December 31, 2022, and is currently managing four wells under remaining leases, with one well successfully restored to production by the end of December 2024[26] - Oil and gas sales segment recorded revenue of approximately HKD 1,000 for the year, compared to none in the previous year, indicating a resumption of operations[26] - Revenue from the oil, petroleum-related, and other products trading segment was approximately HKD 153,100,000 for the year, down from HKD 161,500,000 in the previous year, impacted by rising operating costs and reduced production from refineries[24] - The company is actively seeking legal advice regarding the implications of the termination of leases by the Bureau of Land Management, which was attributed to a lack of production since 2020[27] - The company is reviewing its pricing policy to mitigate the negative impacts of price volatility in oil and gas sales, ensuring contracts include necessary price adjustment mechanisms based on market quotations[28] - The company is exploring cost-effective alternative third-party service providers to mitigate risks associated with capital investment and operational costs in the Utah oil and gas fields[29] Environmental, Social, and Governance (ESG) Initiatives - The group is actively preparing for energy transition and exploring decarbonization pathways in response to China's carbon peak and neutrality goals[54] - The group has set environmental targets since the year ending December 31, 2021, focusing on emissions reduction, waste management, and resource conservation[54] - The group continues to monitor foreign exchange risks, primarily conducting transactions in RMB and USD, with no significant foreign exchange volatility risk identified[42] - The group has established a climate change and environmental protection policy to actively identify, analyze, and manage climate-related issues[55] - The board is responsible for overseeing environmental, social, and governance (ESG) issues and assessing their impact on the overall strategy[56] - The group aims to integrate ESG principles into its business strategy and management system to promote responsible business operations[57] Employee and Workforce Management - The number of employees decreased to approximately 20 as of December 31, 2024, down from 27 in 2023[44] - The employee turnover rate increased to 34% in 2024 from 8% in 2023[103] - The turnover rate for male employees is 22% in 2024, while for female employees it is 41%[103] - The company has not reported any work-related fatalities or lost workdays due to injuries in the past three years[106] - Employee benefits include mandatory provident fund contributions and various paid leave types, including annual and maternity leave[102] - The company has implemented health and safety management measures to create a safe working environment[106] Training and Development - 2024年85%的员工参与了相关培训，较2023年减少了15%[109] - 男性员工的培训参与率为88%，女性员工为83%[109] - 高级管理层的培训参与率为92%，中级管理层为100%，一般员工仅为33%[109] - 2024年员工的平均培训时数为4.62小时，较2023年的5.52小时减少了16.3%[109] Supply Chain and Vendor Management - 本集团在2024年有五家主要供应商，均为提供现场支持的服务供应商[115] - 本集团已制定《供应商管理规定》，以管理供应商的选择程序[115] - 本集团关注供应商的企业责任表现，包括社会责任和环保工作[116] - 本集团已实施《反舞弊及反贪污政策》，以监控采购活动[116] Corporate Governance - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, complying with listing rules[150] - The company held eleven board meetings in the fiscal year ending December 31, 2024[157] - The company has adopted the Standard Code for Securities Trading for its directors, ensuring compliance through confirmations from all directors[149] - The roles of the chairman and CEO have been separated to provide a balance of power, with the chairman focusing on strategic planning and the CEO on operations[155] Financial Management and Reporting - The company incurred audit fees of HKD 1,260,000 for statutory audit services and HKD 170,000 for non-audit services, totaling HKD 1,430,000 for the fiscal year ending December 31, 2024[177] - The company has established a dividend policy to ensure sufficient cash reserves for operational needs when declaring dividends[193] - The board of directors has the discretion to declare and distribute dividends, subject to organizational articles and applicable laws[193] Community Engagement - The group actively seeks opportunities to support local communities through various social participation and contributions[129] - The group has a community engagement program that outlines criteria for selecting suitable donation partners[128]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.197 per share to ordinary shareholders, totaling RMB 14.63 billion based on 74.263 billion shares outstanding[5] - The company reported a cash dividend distribution of RMB 0.182 per share for the first quarter of 2025[5] - Cash dividend distribution for 2023 is RMB 0.375 per share, maintaining a dividend payout ratio above 30% for 12 consecutive years[32] - The company plans to implement a mid-term dividend policy starting in 2024, with a cash dividend of RMB 0.182 per share[32] Financial Performance - Net interest income for 2024 reached RMB 169,832 million, a slight increase from RMB 164,123 million in 2023[24] - Net fee and commission income decreased to RMB 36,914 million in 2024 from RMB 43,004 million in 2023, representing a decline of approximately 14.5%[24] - Total assets increased to RMB 14,900,717 million in 2024, up from RMB 14,060,472 million in 2023, marking a growth of about 6%[24] - Customer loans rose to RMB 8,555,122 million in 2024, compared to RMB 7,957,085 million in 2023, reflecting an increase of approximately 7.5%[24] - Net profit attributable to shareholders reached RMB 93,586 million in 2024, slightly up from RMB 92,728 million in 2023, indicating a growth of about 0.9%[24] - The non-performing loan ratio improved to 1.31% in 2024 from 1.33% in 2023, showing a positive trend in asset quality[24] - The capital adequacy ratio increased to 16.02% in 2024, up from 15.27% in 2023, indicating stronger capital position[24] - Annual operating revenue grew by 0.87% year-on-year, while net profit attributable to the parent company increased by 0.93%[38] Risk Management - The company faces various risks including credit risk, market risk, operational risk, and compliance risk, and has implemented measures to manage these risks effectively[5] - The company emphasizes the importance of risk awareness regarding forward-looking statements and plans[5] - The bank's strategic focus includes risk management and maintaining financial stability while serving the real economy[21] - The company aims to strengthen risk management capabilities, achieving a provision coverage ratio exceeding 200%[32] Market Presence and Expansion - The company is focused on expanding its market presence and enhancing its product offerings in the financial services sector[12] - The bank aims to build a world-class banking group with a focus on green finance and digital transformation[20] - The bank is expanding its financial services network along the "Belt and Road" initiative, including the establishment of a branch in Dubai[28] - The company is committed to creating shared value and enhancing its corporate governance practices[4] Customer Base and Services - The bank serves 2.84 million corporate clients and 199 million retail customers through over 2,800 domestic branches and 24 overseas branches[20] - The company operates under the brand "Yuntong" for its digital services, aiming to meet customer needs through online service models[12] - The company has a unified brand for inclusive finance services, including online and offline products[12] - The retail customer base grew to 199 million, with high-end customers increasing by 9.86% to 2.75 million[137] Asset Management and Loans - The bank's asset management capabilities have been recognized with a five-level certification in Data Management Capability Maturity Model (DCMM)[23] - The total assets of the group reached CNY 14.90 trillion, an increase of 5.98% compared to the end of the previous year[46] - Customer loan balance increased by CNY 598.04 billion, with a growth rate of 7.52%[46] - Corporate loans amounted to CNY 5,566.58 billion, up CNY 387.05 billion or 7.47%[83] - Personal loans totaled CNY 2,752.41 billion, an increase of CNY 279.31 billion or 11.29%[83] Technology and Innovation - The company aims to enhance its digital finance capabilities through the establishment of a digital finance committee and the integration of AI technologies[126] - The company has launched new wealth management products, including commercial pension insurance and family service trusts, to meet customer needs[141] - The company has issued financing amounting to CNY 306.142 billion through its open banking online chain financial services, reflecting a year-on-year growth of 45.04%[180] Awards and Recognition - The bank has received multiple awards, including the first prize for Financial Technology Development from the People's Bank of China[23] - The bank is committed to providing high-quality financial services and creating more value for shareholders[21] - The company has been awarded the "Best Financial Institution for Green Finance Cases" for 2024, highlighting its commitment to sustainable finance[124] International Operations - The company has established 24 overseas branches and representative offices in major cities including Hong Kong, New York, and London, with a total of 66 overseas business outlets providing comprehensive financial services[169] - The company expanded its cross-border e-commerce platform, with the volume of foreign-related guarantees increasing by 99.37% year-on-year[168] - The cross-border RMB settlement volume reached CNY 1.94 trillion, representing a year-on-year growth of 2.15%[170]

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 1,692,023,000, a decrease of 2.7% compared to HKD 1,738,354,000 in 2023[15] - The profit attributable to equity shareholders for 2024 was HKD 255,841,000, representing an increase of 16.4% from HKD 219,656,000 in 2023[12] - Basic earnings per share for 2024 were HKD 0.752, up from HKD 0.646 in 2023, reflecting a growth of 16.4%[12] - The operating profit for 2024 was HKD 466,616,000, an increase from HKD 341,877,000 in 2023[5] - The group's hotel business revenue for 2024 slightly decreased to HKD 1,584,100,000, down from HKD 1,639,000,000 in 2023, primarily due to the strategic sale of a hotel property in Canada[21] - The group's hotel business profit increased to HKD 350,900,000 in 2024, compared to HKD 239,900,000 in 2023, driven by a reversal of impairment losses and gains from the sale of Canadian hotel assets[22] - The group reported a profit attributable to equity shareholders of HKD 255,841,000 for the year ending December 31, 2024, compared to HKD 219,656,000 in 2023, reflecting an increase of approximately 16.4%[73] - The group's revenue for the year ended December 31, 2024, was HKD 1,692,000,000, a slight decrease of 2.7% compared to the same period in 2023, primarily due to the strategic sale of a hotel property in Canada and the adverse impact of the depreciation of the Vietnamese Dong[104] Dividends - The company proposed a final dividend of HKD 0.07 per share for 2024, compared to HKD 0.08 per share in 2023, while an interim dividend of HKD 0.05 per share was paid, up from HKD 0.03 in 2023[13] - The interim dividend proposed for October 31, 2024, is HKD 0.05 per share, up from HKD 0.03 per share in 2023, while the final dividend is suggested at HKD 0.07 per share, down from HKD 0.08 per share in 2023[74] - The company plans to distribute dividends semi-annually, aligning with the net income and available cash flow, subject to the company's ability to pay based on cumulative and future earnings[179] - The company has adopted a dividend policy to provide regular dividends to shareholders, considering factors such as cash flow and potential acquisitions[178] Asset Management - The fair value of investment properties decreased by HKD 66,700,000 in 2024, compared to a decrease of HKD 12,500,000 in 2023[17] - The total assets as of December 31, 2024, were HKD 5,755,009,000, slightly down from HKD 5,796,137,000 in 2023[5] - The group's investment properties in Macau are valued at HKD 826,000,000, representing 14% of total assets as of December 31, 2024[196] - The group holds hotel properties with a carrying amount of HKD 1,487,000,000, which constitutes 26% of total assets as of December 31, 2024[199] - A reversal of impairment loss for hotel properties of HKD 170,000,000 was recognized in the income statement for the year ended December 31, 2024[199] Market Conditions - Macau's GDP grew by 8.8% in 2024, with visitor numbers increasing by 23.8% year-on-year, recovering to nearly 90% of pre-pandemic levels[16] - The Macau real estate market continues to face challenges, particularly in the commercial and office property sectors, with weak demand and declining rental yields[45] - The hotel industry in Japan saw international tourist numbers reach 36.9 million, a 47.1% increase from 2023, surpassing pre-pandemic levels[29] - The group maintains an optimistic long-term outlook for Macau, driven by ongoing infrastructure developments and government efforts to diversify the economy[18] - The overall market outlook remains cautiously optimistic as the global economic environment continues to improve, despite uneven recovery across regions[46] Operational Performance - The occupancy rate of the company's office buildings remained high despite a decline in office demand, demonstrating resilience in the property portfolio[17] - In 2024, the occupancy rate of the Wuhan Holiday Inn dropped to 46.6%, down from 55.5% in 2023, with average room rates decreasing from RMB 403 to RMB 391[24] - The Saigon Opera House Sheraton Hotel's occupancy rate rose to 79.6% in 2024, up from 76.3% in 2023, with average room rates increasing from USD 172 to USD 181[27] - The occupancy rate for San Francisco W Hotel decreased to 61.4% in 2024 from 66.5% in 2023, with average room rates dropping from $336 to $328 per night[33] - New York Sofitel Hotel's occupancy rate rose to 84.6% in 2024, up from 76.6% in 2023, maintaining an average room rate of $389[34] - Delta Hotels by Marriott at Toronto Airport saw occupancy rise to 72.8% in 2024, up from 69.7% in 2023, with average room rates increasing from CAD 177 to CAD 179[39] Strategic Initiatives - The company plans to maintain its strategic sales plan for Macau assets and is preparing for potential sales when market conditions improve[17] - The group is committed to seeking potential investment opportunities that create long-term value for shareholders, with a cautious approach to possible acquisitions[46] - The group will focus on enhancing occupancy rates and tenant retention through competitive leasing strategies to mitigate risks and seize opportunities[45] - The group emphasizes operational efficiency and investment in hotel renovations to enhance market competitiveness and drive long-term profit growth amid market uncertainties[46] Corporate Governance - The company has adhered to the corporate governance code, with a commitment to high standards of corporate governance[125] - The board of directors consists of 10 members, including 5 executive directors and 4 independent non-executive directors[128] - The independent non-executive directors ensure effective corporate governance and meet the regulatory requirements[129] - The company has established four committees: Audit and Compliance Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee to oversee various aspects of its operations[137] Sustainability and Community Engagement - The group recognizes the importance of sustainable development and environmental protection as key factors for long-term success, adhering to local laws and promoting fair competition[55] - The group is committed to resource conservation, focusing on waste recycling, energy savings, and water conservation, with no significant adverse impact on natural resources reported[62] - The group employs over 90% local employees, emphasizing its commitment to local hiring and community engagement[66] - Charitable donations made by the group during the year amounted to HKD 1,189,356, significantly higher than HKD 294,947 in 2023, indicating a growth of approximately 303%[75] Risk Management - The group has established a risk management framework that defines and manages risks to achieve strategic objectives[157] - The risk management committee, supported by the CFO, oversees the risk management processes to ensure risks are managed within acceptable levels[159] - The internal audit department monitors the risk management and internal control systems across all business units, ensuring effectiveness and compliance[160] - The group has identified key risks including global systemic risks, investment and asset/liability management, and hotel operations, with corresponding mitigation strategies in place[161] Employee Engagement and Development - The company emphasizes its core values of integrity, responsibility, and adaptability in its corporate culture[124] - The company encourages directors to participate in training courses, with costs covered by the company[132] - All directors are required to engage in continuous professional development to update their knowledge and skills[134] - The group employed approximately 1,830 staff as of December 31, 2024, with a focus on local hiring policies[101]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 10 billion for the fiscal year 2024[6]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of RMB 11 billion[6]. - The company's operating revenue for 2024 was CNY 9,245,691,487.27, a decrease of 0.53% compared to CNY 9,295,304,371.69 in 2023[28]. - Net profit attributable to shareholders for 2024 was CNY 1,145,048,951.69, down 50.80% from CNY 2,327,197,196.81 in 2023[28]. - The net cash flow from operating activities for 2024 was CNY 3,717,306,471.14, a decline of 9.22% from CNY 4,094,812,227.87 in 2023[28]. - Basic earnings per share for 2024 decreased by 55.09% to CNY 0.441 from CNY 0.982 in 2023[28]. - The weighted average return on equity for 2024 was 5.31%, a decrease of 6.68 percentage points from 11.99% in 2023[28]. - The company's operating revenue for 2024 is reported at RMB 9,246 million, a slight decrease from RMB 9,295 million in 2023, reflecting a year-over-year decline of approximately 0.5%[37]. - The net profit for 2024 is RMB 1,145 million, down from RMB 2,327 million in 2023, representing a decrease of approximately 50.8%[37]. - The total liabilities increased to RMB 40,356 million in 2024 from RMB 39,509 million in 2023, reflecting an increase of approximately 2.1%[37]. - The debt-to-asset ratio for 2024 is reported at 59.74%, up from 58.53% in 2023, indicating a rising leverage position[37]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[6]. - A strategic acquisition of a local competitor was completed, expected to enhance operational efficiency and increase market penetration by 15%[6]. - The company plans to invest RMB 500 million in infrastructure development over the next two years to support growth initiatives[6]. - Major projects such as the Outer Ring Phase III and the Jihe Expressway expansion have commenced construction, contributing to the expansion of quality highway assets[57]. - The company is actively promoting major new construction and expansion projects, including the Outer Ring Phase III, Jihe Expressway, and the Beijing-Hong Kong-Macao Expressway Guangzhou-Shenzhen section[76]. Customer and User Engagement - User data showed a growth of 20% in active users, totaling 5 million by the end of the reporting period[6]. - Customer satisfaction ratings improved by 10%, reflecting enhanced service quality and user experience[6]. Research and Development - Research and development expenses increased by 18%, focusing on innovative technologies to improve service delivery[6]. - The company is focusing on smart transportation research and improving traffic data collection, analysis, and forecasting capabilities[56]. - The company aims to promote the digital transformation of transportation infrastructure, with a goal of achieving digital upgrades for about 85% of busy national highways by 2027[73]. Environmental Initiatives - The company is engaged in solid waste resource treatment and clean energy power generation as part of its major environmental business[24]. - The company is focusing on solid waste resource treatment and clean energy generation in the environmental protection sector, gradually establishing a layout in the big environmental protection industry through acquisitions and investments[62]. - The company operates 19 BOT projects for organic waste treatment, with a design capacity of approximately 6,700 tons per day, positioning it among the industry leaders[81]. - The company has established an environmental company and a new energy company to expand its waste resource treatment and clean energy generation businesses[104]. Financial Management and Investments - The company has issued CNY 4 billion perpetual bonds in 2020, which were excluded from the calculations of earnings per share and return on equity[30]. - The group completed the issuance of 15 billion RMB in corporate bonds during the reporting period, primarily to refinance maturing debt and supplement working capital[184]. - The group maintained a AAA credit rating domestically and an investment-grade rating from Moody's and S&P internationally[183]. - The company has unused bank credit lines of approximately 65,822 million RMB, an increase of 22,082 million from 43,740 million in the previous year[177]. Operational Efficiency - The company aims to reduce operational costs by 5% through efficiency improvements and technology integration[6]. - The average financing cost of the group decreased by 1.3 percentage points year-on-year due to the expansion of diversified financing channels and coordination with banks to lower loan rates[58]. - The company is optimizing its asset and business structure by exiting less profitable equipment manufacturing and engineering construction businesses[57]. Infrastructure Development - The company has completed the first phase of the Outer Ring Expressway, totaling approximately 51 kilometers, which opened on December 29, 2020[14]. - The company has plans for the construction of the third phase of the Outer Ring Expressway, approximately 16.8 kilometers long, expected to commence by the end of 2023[14]. - The company has developed a road network monitoring and command scheduling system platform, which is now operational, enhancing road network operation monitoring and management[76]. Shareholder Information - As of the end of the reporting period, the company has issued 2,180,770,326 ordinary shares, with 1,433,270,326 A-shares listed on the Shanghai Stock Exchange, accounting for 65.72% of the total share capital[25]. - The largest shareholder is Xintong Company, holding approximately 30.03% of the company's shares, which is a wholly-owned subsidiary of Shenzhen International[25]. - The board proposed a final cash dividend of RMB 0.244 per share, with a payout ratio of approximately 64.35%[53].

Company Overview - Haichang Ocean Park Holdings Ltd. operates seven marine culture-based tourism projects across China[2]. - The company aims to enhance visitor experience and diversify into tourism and leisure services, as well as IP operations[2]. - Haichang has been listed on the Hong Kong Stock Exchange since March 13, 2014, and is included in multiple Hang Seng Indexes[2]. - The group focuses on delivering high-quality culture-based tourism and leisure products to meet consumer demand[3]. - The company is committed to creating a fun environment filled with "Dream, Love, Joy" for its consumers[3]. - Haichang's financial summary for the past five years is available for review, indicating its growth trajectory[12]. - The company has a strong presence in the emerging market indexes, including MSCI and FTSE[2]. - Haichang is expanding its business model to include integrated oceanic culture-based tourism and leisure services[2]. - The group is focused on improving its product offerings in theme parks while exploring new market opportunities[2]. Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 1,816,842, a significant increase from RMB 792,988 in 2022, representing a growth of 129%[13]. - The gross profit for 2023 was RMB 457,455, compared to a gross loss of RMB 278,728 in 2022, indicating a turnaround in profitability[13]. - The company recorded a loss before tax of RMB 186,104 for 2023, an improvement from a loss of RMB 1,418,389 in 2022[13]. - Total assets as of December 31, 2023, were RMB 11,522,744, a slight increase from RMB 10,210,925 in 2022[13]. - For the year ended December 31, 2024, the Group's revenue increased by approximately 0.1% to RMB 1,818.4 million from RMB 1,816.8 million in 2023[35]. - Revenue from park operations amounted to RMB 1,685.2 million for the year ended December 31, 2024[43]. - Ticket sales decreased to RMB 895.2 million in 2024 from RMB 902.8 million in 2023, reflecting a decline of approximately 0.6%[36]. - In-park spending increased to RMB 571.3 million in 2024 from RMB 565.7 million in 2023, showing a growth of approximately 1.0%[36]. - Overall gross profit decreased to approximately RMB 419.0 million in 2024 from approximately RMB 457.5 million in 2023, with a gross profit margin of approximately 23.0%[103]. - The Group recorded a loss for the year of approximately RMB 749.5 million in 2024, compared to a loss of approximately RMB 181.9 million in 2023[115]. - Adjusted EBITDA profit decreased by approximately 67.3% to RMB 165.7 million in 2024 from approximately RMB 507.5 million in 2023[122]. Attendance and Visitor Experience - The Shanghai Haichang Ocean Park achieved a single-day attendance record of 52,000, maintaining its position among the top domestic theme parks[16]. - The Zhengzhou Haichang Ocean Park recorded a single-day attendance of 38,000, showcasing strong operational performance throughout the year[17]. - The Group's parks recorded a total admission attendance of approximately 10.79 million, representing an increase of 16.1% compared to the corresponding period of 2023[43]. - During the Spring Festival, admission attendance at the Shanghai Park reached 270,000, with a single-day peak of 52,000 visitors[58]. - Zhengzhou Park achieved over 165,000 admissions during the May Day Holiday, with a peak single-day attendance of 38,000[64]. Project Developments - The Phase II Project of Shanghai Park is expected to officially open in 2026, while the Phase II Project of Zhengzhou Park aims for a 2025 opening[16][17]. - The OAAS business made significant progress, with the Beijing Project completing land acquisition and the Fuzhou Project being led by a local state-funded company[21]. - The Phase II Project of Zhengzhou Park is planned to cover approximately 76,000 sq. m. and aims to commence operations in 2025, featuring 21 structures and 8 large-scale rides[67]. - The Beijing Haichang Ocean Park Project will have a total construction area of approximately 150,000 sq. m. with an expected investment of around RMB 4.2 billion, aiming for trial operations in the first half of 2027[71]. - The Fuzhou Haichang Ocean Park Project is expected to complete design plans by 2025 and commence construction in 2026, with local state-funded companies leading investment[75]. - The company is advancing projects under an asset-light model, including Haichang IP Park in Ningbo and Saudi Arabia Haichang Ocean Park[76]. - The opening of Shanghai Park Phase II and Zhengzhou Park Phase II in the next two years is expected to provide definite support for performance growth[90]. - Several new theme park projects are planned, including the Zhengzhou Haichang Ocean Park Phase II in 2025 and the Shanghai Park Phase II in 2026[93]. IP Operations and Marketing - The company plans to expand its IP operations by introducing internationally renowned IPs and establishing themed retail stores in multiple cities[22]. - The Group actively introduced influential intellectual properties (IPs) to enhance visitor experience and product competitiveness[32]. - The company aims to develop a world-class IP operation platform, integrating globally influential IPs into various entertainment and consumption venues[79]. - The company is focusing on the development of IP hotels and exploring various forms of IP products, including themed pavilions and pop-up events[83]. - The Douyin platform has become the largest online sales channel for the company, with major live stream sessions ranking Top 1 in the National Hotel and Tourism Industry[49]. Governance and Management - The company has established a robust governance structure with various committees overseeing risk management and corporate governance[6]. - The management team is experienced in both domestic and international financial institutions, enhancing the company's investment strategies[167]. - The board includes independent directors responsible for providing independent judgment and supervision to the board[162]. - The company has a strong focus on strategic planning and compliance, with key directors overseeing these areas[160]. - The appointment of independent directors enhances the board's ability to provide independent judgment and oversight[185][187]. Future Outlook - Looking ahead, the company anticipates benefiting from favorable policies and consumption recovery, with several projects entering the harvesting period from 2025[25]. - The Chinese government's policies to stimulate cultural and tourism consumption are expected to create unprecedented development opportunities for the industry[86]. - The Group's strategic initiatives are designed to seize industry opportunities and achieve sustainable growth, delivering returns to shareholders[94]. - The Group aims to enhance its core competitiveness by integrating internationally renowned IPs into various leisure and entertainment sectors[90]. Employee and Financial Health - The Group had a total of 3,267 full-time employees as of December 31, 2024, a reduction of 12.3% from 3,725 employees in 2023[141]. - The Group's total equity as of December 31, 2024, was approximately RMB 1,815.3 million, down 28.0% from RMB 2,518.4 million in 2023[128]. - The net gearing ratio increased to approximately 329.4% as of December 31, 2024, compared to 182.5% in 2023[129]. - The Group's cash and bank deposits were approximately RMB 64.7 million as of December 31, 2024, a significant decrease of 96.2% from RMB 1,702.3 million in 2023[127]. - The Group's lease liabilities increased to approximately RMB 295.3 million as of December 31, 2024, compared to RMB 156.1 million in 2023[128].

Financial Performance - Revenue for 2024 reached HKD 715,682,000, a slight increase from HKD 714,289,000 in 2023[7] - Gross profit decreased to HKD 286,593,000, resulting in a gross margin of 40.0%, down from 47.0% in the previous year[7] - Net profit for the year was HKD 84,359,000, reflecting a net profit margin of 11.8%, compared to 18.7% in 2023[7] - Adjusted net profit after tax was HKD 100,334,000, with an adjusted net profit margin of 14.0%[7] - The company reported an adjusted profit attributable to owners of HKD 98,260,000, down from HKD 139,705,000 in 2023[7] - EBITDA fell by 18.8% to HKD 228.0 million, with adjusted EBITDA down 16.8% to HKD 240.5 million, reflecting the impact of new clinic costs[19] - Net profit attributable to equity holders decreased by 37.3% to HKD 82.3 million, largely due to additional costs from new clinics[19] - The total revenue for the fiscal year reached HKD 715.7 million, a year-on-year increase of 0.2%, primarily driven by strong growth in presbyopia cataract surgeries in Germany, China, and the UK[32] Revenue Breakdown - The company achieved a record revenue of HKD 715.7 million for the fiscal year 2024, up from HKD 714.3 million in 2023, with contributions from Germany, China, Denmark, and the UK being approximately HKD 385.2 million, HKD 145.5 million, HKD 71.6 million, and HKD 113.4 million respectively[13][14][18]. - Revenue from presbyopia treatment increased to HKD 390.8 million, representing a 5% growth compared to the previous year, and accounted for 54.6% of total revenue[14][17][18]. - In Germany, total revenue grew by 1% to HKD 385.2 million, driven by a 2.6% increase in revenue from lens replacement surgeries[14][20]. - The UK revenue rose by 12% to HKD 113.4 million, supported by the opening of the flagship Laser Eye Clinic in Knightsbridge, which focused on presbyopia treatment[14][20]. - In China, despite a significant drop in consumer confidence, revenue from lens replacement surgeries increased by 1% to HKD 145.5 million, offsetting declines in other treatment areas[15][19]. Cost and Expenses - The company's gross profit decreased by 14.6% to HKD 286.6 million, primarily due to the fixed costs of new clinics and inflation-related salary increases[18][19]. - Total cost of revenue increased by 13.3% to HKD 429.1 million in 2024, primarily due to higher employee benefits and depreciation of property, plant, and equipment[35]. - Selling expenses rose by 10.8% to approximately HKD 80.8 million, representing 11.3% of total revenue, compared to 10.2% in the previous year[37]. - Administrative expenses increased by 29.6% to approximately HKD 115.7 million, accounting for 16.2% of total revenue, up from 12.5% in 2023[39]. Strategic Focus and Expansion - The company aims to focus on profitable treatments, particularly for myopia and presbyopia, while controlling costs to achieve rapid breakeven[12]. - The company plans to enhance its focus on presbyopia treatments through lens replacement surgeries[12]. - The company plans to continue its expansion strategy in Europe and Asia, targeting new markets through acquisitions by 2025[15][17]. - The company opened four new clinics during the fiscal year, which contributed an impact of HKD 43.8 million to net profit[19]. - New flagship clinics in Hong Kong and London have exceeded expectations, with emerging clinics in mainland China also performing well[29]. Management and Governance - The company has a strong management team with extensive experience in ophthalmology and financial management, enhancing operational oversight in various regions[88][91]. - The company emphasizes the importance of its management team, noting that the loss of key personnel could impact operations and incur additional costs[103]. - The company has established a compensation committee to review the remuneration policies for directors and senior management based on performance and market practices[125]. Shareholder Information - The company reported a proposed final dividend of HKD 0.0297 per ordinary share, totaling approximately HKD 9,524,968, subject to approval at the upcoming annual general meeting[97]. - As of December 31, 2024, the distributable reserves available for shareholders amount to HKD 981,352,000, down from HKD 1,042,276,000 in 2023[118]. - The company’s dividend policy will be reviewed periodically by the board, considering factors such as financial performance and capital needs[100]. Risks and Compliance - The company faces risks related to economic instability, which could affect demand for its vision correction services[104]. - The company’s operations are compliant with relevant laws and regulations in Germany, Denmark, the UK, China, the Cayman Islands, and Hong Kong[110]. - The company has not been aware of any serious violations of employee-related laws and regulations that would significantly impact its operations[124]. Environmental and Social Responsibility - The company has implemented various environmental protection measures to reduce energy consumption, supported by its employees[108]. - The company has been involved in humanitarian efforts related to cataract surgery in countries such as China, Myanmar, and Nepal[89]. - The company is committed to delivering high-quality services and actively seeks customer feedback through patient surveys[113].