Financial Performance - Revenue surged over threefold year-on-year to HK$3.55 billion, reaching a record high since listing[13] - EBITDA grew by 425% year-on-year to HK$303 million[13] - The company remained in a loss-making position for the full year, consolidating BTHL Group's financial data only from August to December 2024[13] - The Group's net loss for the year was approximately HK$181.6 million, an increase of 449.2% from HK$33.1 million in 2023, primarily due to depreciation and finance costs related to the acquisition of BTHL[121] - EBITDA for the Group reached approximately HK$302.9 million, a significant increase of 425.2% from HK$57.7 million in the previous year[122] - Operating costs increased to approximately $3,557.5 million, up 272.5% from $954.9 million in 2023, primarily due to increased inventory costs and consolidation of BTHL Group[133] - Finance costs rose to approximately $190.9 million from $31.7 million, largely due to liabilities from deferred payments related to the acquisition[134] Strategic Expansion - The company increased its stake in Bravo Transport Holdings Limited, becoming its largest shareholder, marking a strategic expansion into public transportation and media advertising sectors[12] - A name change from "Hans Energy Company Limited" to "Hans Group Holdings Limited" was completed to reflect the broader business scope[12] - The group completed the acquisition of a 70% stake in BTHL on July 31, 2024, making it a non-wholly owned subsidiary, enhancing its bus service operations under the "Citybus" brand[29][30] - The acquisition of 54.44% of the total issued shares of BTHL was a significant investment for the Group, enhancing its market position[150] Hydrogen Energy Development - The first double-deck hydrogen bus was approved for operation on multiple routes, pioneering hydrogen energy application in public transport[17] - A hydrogen supply cooperation framework agreement was signed with Grand Resource Hydrogen Energy Science & Technology Co., Ltd. to ensure stable hydrogen supply for Citybus[17] - The company aims to capitalize on hydrogen energy opportunities to reduce operating expenses for Citybus[14] - The Group has committed to a zero-emission transition plan (MissionZero) for Citybus, with a goal of transitioning to 70% hydrogen-powered and 30% electric buses by 2045[111] - The Group signed a hydrogen supply framework agreement with Grand Resource Hydrogen Energy Science & Technology Co., Ltd. to ensure a stable and competitively priced hydrogen supply for its hydrogen bus fleet[111] Operational Efficiency - The company is actively enhancing operational efficiency through service scheduling optimization and digital upgrades[14] - The company aims to provide high-quality, efficient, and safe public transportation services while reducing costs and increasing efficiency for sustainable development[22][24] - The Group will continue to enhance operational efficiency and drive sustainable growth by integrating its various business segments[115] Transportation Services - As of December 31, 2024, Citybus operated 235 franchised bus routes, including 97 routes on Hong Kong Island, 85 cross-harbour routes, and 53 routes in Kowloon and the New Territories[66] - Citybus carried approximately 358.8 million passenger journeys in 2024, averaging over 1 million journeys per day, representing about 25.9% of the total daily average passenger journeys of all franchised bus operators in Hong Kong[67] - The new HK City Sightseeing service launched in 2024 operates three routes with departures every 8 minutes, enhancing tourist access to key attractions and retail outlets[73] - Citybus successfully bid for a new route package in September 2023, with operations commencing in April 2024, serving the Shap Sze Heung development area[70] Advertising and Media - Bravo Media Limited manages Citybus's advertising services under a ten-year contract, expanding advertising opportunities across MTR lines[106] - The advertising partnership allows BML to connect with over 3.2 million patrons daily, enhancing brand visibility across Hong Kong[107] - Advertising income reached approximately $189.4 million, reflecting new revenue streams from advertising services post-acquisition[129] Market Opportunities - The company is actively exploring overseas market opportunities by bidding for new market franchises to expand its transportation solutions without significant capital investment[22][24] - The Group's advertising services, managed by Bravo Media, have expanded their coverage, now reaching over 3.2 million passengers daily across 109 MTR stations and Citybus routes[110] Employee and Community Engagement - Citybus has implemented family-friendly policies, including 24 weeks of full-pay maternity leave and 2 weeks of full-pay paternity leave, prioritizing employee well-being[86] - The overall female workforce at Citybus has increased by 25% year-on-year, with the proportion of female bus captains rising by over 30%[89] - In 2024, Citybus partnered with Ebenezer New Hope School to create the first "Barrier-Free Bus Classroom," enhancing inclusive travel experiences[95] - The "Citybus Lite" App launched in April 2024, designed for elderly and disabled customers, offering ad-free access to bus arrival times and route information[96] Financial Position and Debt Management - As of December 31, 2024, the Group's total assets were approximately $9,870.2 million, a significant increase from $1,957.0 million in 2023[143] - The gearing ratio increased to 89.2% in 2024 from 37.0% in 2023, indicating a higher level of debt relative to total assets following the acquisition[144] - The Group successfully obtained new loan facilities of up to $2,800 million, including a term loan of $2,000 million and revolving loans of $800 million, to refinance existing loans and support working capital[145] - The total outstanding bank and other borrowings reached approximately $2.3948 billion as of December 31, 2024, up from $564 million in 2023, largely due to the consolidation of BTHL's bank loans totaling $1.7116 billion[147] Leadership and Management - Mr. David An has been the Chairman and an executive Director since July 2002, with extensive experience in petroleum trading and property investments in China[193] - Mr. Yang Dong has served as the Chief Executive Officer since July 2016, bringing significant experience in international trade of petroleum and chemical commodities[194] - Mr. Zhang Lei, an executive Director since August 2007, has expertise in petrochemical technology and project management, with a background in financial accounting policies in China[195] - Mr. Li Wai Keung was re-designated as an executive Director in July 2024, previously serving as an independent non-executive Director since July 2002, and has held various senior management positions in listed companies[197]

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 50.8 million, a decrease from HKD 58.4 million in the previous year, representing a decline of about 12.9%[17]. - Total revenue for the group decreased by 13.0% from HKD 58.4 million in 2023 to HKD 50.8 million in 2024[31]. - Brokerage income decreased by approximately 16.3% to HKD 11.8 million from HKD 14.1 million in 2023, reflecting a challenging capital market environment in Hong Kong[17]. - Wealth management service revenue remained stable at HKD 6.6 million, compared to HKD 6.7 million in 2023[18]. - Investment management services generated revenue of HKD 5.1 million, an increase from HKD 4.5 million in the previous year, indicating a growth of approximately 13.3%[18]. - Interest income decreased by HKD 7 million to HKD 22.8 million from HKD 29.8 million in 2023, primarily due to stabilizing market interest rates[19]. - The group recorded a net loss attributable to shareholders of approximately HKD 35.1 million for the year, significantly improved from a net loss of HKD 95.2 million in 2023[20]. - The impairment charge for the year was approximately HKD 400,000, a substantial decrease from HKD 42.9 million in the previous year, reflecting improved credit control measures[20]. Business Expansion and Development - The company established a new office in Qingdao, enhancing its business network in key economic regions of China, including the Greater Bay Area and the Yangtze River Delta[13]. - The company participated as a joint lead manager and underwriter in Horizon's IPO, contributing significantly to revitalizing the local stock market[13]. - The company won the "Best Financial Services Award in the Greater Bay Area," reflecting its successful expansion of the customer base and deepening interactions through various promotional activities[13]. - The group has expanded its wealth management and family office services in the Greater Bay Area and other major cities, aiming to capture significant market opportunities[18]. - The company is focusing on expanding investment-related services and enhancing distribution channels through internal sales team training and development[45]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share within the next two years[58]. Technological Innovation - The company upgraded its trading platform and integrated it with backend systems to streamline operations and enhance customer experience[13]. - The company is initiating a research program to integrate AI technology into investment decision-making processes, aiming to provide real-time insights for global asset allocation and tactical security selection[14]. - The company launched a research project to apply artificial intelligence for real-time decision-making in global asset allocation and tactical security selection[41]. - The company is investing $5 million in research and development for new trading algorithms to improve trading efficiency[60]. Employee and Workforce Management - The total employee wage cost for the group was HKD 45,500,000 for the year[47]. - The group employed 106 employees as of December 31, 2024[47]. - The employee turnover rate decreased to 25.62% in 2024 from 31.46% in 2023, indicating an improvement in employee retention[175]. - The company has implemented various training programs to enhance employee skills and overall competitiveness, including product knowledge and compliance training[49]. - The company achieved a total of 4,366 training hours during the reporting period, compared to 1,428 hours in 2023[181]. - 100% of male employees and 95.83% of female employees received training in 2024, with average training hours of 47.31 and 33.79 respectively[181]. Corporate Governance - The company has fully complied with the corporate governance code for the year ending December 31, 2024, with some exceptions noted[67]. - The board consists of five executive directors and three independent non-executive directors, ensuring over one-third of the board members are independent[72]. - The company maintains a mechanism to ensure the board receives independent opinions and views, which is reviewed annually[76]. - The board is responsible for overall strategy formulation, reviewing corporate and financial policies, and overseeing business management[77]. - The company has established a nomination committee to identify suitable candidates, including independent non-executive directors, for appointment to the board[79]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's initiatives and performance in sustainability, covering key performance indicators relevant to its operations in Hong Kong[135][136]. - The company emphasizes the importance of stakeholder engagement and materiality assessment in preparing its ESG report[139]. - The company is committed to sustainability and has outlined its performance and challenges in the ESG report, adhering to accuracy and fairness principles[139]. - The company received multiple awards for its environmental and social efforts during the reporting period, including the Hong Kong Environmental Excellence Award for waste reduction[152]. - The total greenhouse gas emissions density decreased by approximately 9% compared to 2023, primarily due to reduced electricity consumption, but increased by 67% compared to the 2021 baseline due to decreased revenue[154]. Risk Management - The company has established a risk management and internal control system to identify, assess, manage, and report significant risks[117]. - The risk register records all identified major risks and provides updates to the board and management on mitigation measures taken[117]. - An independent professional consultant was engaged to review the adequacy and effectiveness of the internal control and risk management systems[126]. - The board is not aware of any significant internal control deficiencies or major concerns that could affect shareholder interests as of December 31, 2024[127]. Community Engagement - The company has sponsored community initiatives, including a donation of approximately HKD 33,000 to support social services[198]. - The company participated in volunteer activities to reduce food waste and assist underprivileged families[198]. - The company collaborated with local organizations to support community fundraising events[198].

Financial Performance - Total revenue for 2024 reached RMB2,572 million, representing a year-over-year increase of 19.9%[62]. - Gross profit for the year was RMB1,189,995, with a gross profit margin of 46.3%, up 0.7 percentage points from the previous year[55][62]. - Net profit increased by 9.7% year-over-year to RMB252 million[62]. - Revenue from aesthetic medical services reached RMB928 million, up 9.1% year-over-year[62]. - Revenue from subhealth medical services skyrocketed to RMB201 million, marking a 98.9% year-over-year increase[62]. - Revenue from beauty and wellness services amounted to RMB1,443 million, an increase of 20.9% year-over-year, with a gross profit margin of 40.7%, up 1.1 percentage points[73][75]. - Revenue from the Women's Special Care Center exceeded RMB100 million, increasing over 300% year-over-year, with active members rising by more than 200% year-over-year[101]. - The acquisition of the AI-Powered wellness brand Naturade contributed RMB162 million in revenue since its consolidation in July 2024[122]. - Revenue from beauty and wellness services in direct stores rose by 20.9% from RMB1,080 million in 2023 to RMB1,306 million in 2024[122]. Market Expansion and Acquisitions - The company successfully completed the acquisition of the Guangzhou Naturade brand, expanding its store count to 554 and strengthening its market share in the Greater Bay Area[32]. - The company acquired a 70% stake in Naturade for RMB350 million, marking its entry into the wellness sector[57]. - Naturade contributed RMB287.3 million in revenue to the Group, with 232,860 client visits and 34,252 active members recorded in the second half of 2024[103]. - The company plans to enhance its brand strength through acquisitions or partnerships with upstream skincare brands[35]. - The company will continue to pursue both horizontal and vertical industry consolidation opportunities to expand its market presence[40]. Customer Engagement and Service Innovation - The company upgraded its "Craftsmanship Service" program to better meet customer needs, resulting in a significant market response with 12 monthly sales exceeding 100 million[19][23]. - The successful launch of the LPG BF+ Program highlights the company's ability to respond to growing demands for pain management and body sculpting[19][23]. - The company continues to focus on member value and customer-centric services, addressing the dual challenges faced by women in urban areas[19][23]. - The company is committed to industry innovation, tracking market dynamics to adapt to modern women's evolving needs[19][23]. - The company plans to launch a "Craftsmanship Service" brand upgrade program in 2025, aiming to enhance service quality and customer experience[79]. Operational Efficiency and Technology - The company has invested hundreds of millions of RMB in building digital capabilities over the past five years, transitioning from IT-based systems to data-driven intelligence[36]. - The launch of the CellCare self-developed aesthetic medical business management system in May 2024 significantly enhanced operational efficiency across various business levels[95]. - The company is focused on innovative applications of AI technology in the beauty and health sectors to enhance operational efficiency[39]. - The company plans to deploy AI-powered skin diagnostic devices in all beauty and wellness stores by 2025, enhancing service professionalism and customer experience[80]. - The company is committed to leveraging AI technology in the beauty and health sector to drive innovation and operational decision-making[113]. Shareholder Returns and Financial Strategy - The company plans to distribute no less than 50% of the annual net profit attributable to the parent company's shareholders as dividends over the next three fiscal years[45]. - The company has established a long-term shareholder return mechanism to share growth with shareholders[45]. - The Company's market capitalization surged by 60% in 2024, driven by stellar results and proactive shareholder return strategies[108]. - The Company plans to return at least 50% of annual net profit to shareholders as dividends over the next three fiscal years[111]. Employee and Operational Metrics - The total number of active members increased to 7,552, surging by 80.2% year-over-year, with an active member penetration rate of 6.1%[97]. - The number of client visits at direct stores rose to 1.52 million, a 20.4% increase year-over-year[58]. - Active members in direct stores surged to 137,027, reflecting a 46.3% year-over-year growth[58]. - The number of members in franchised beauty and wellness stores surged to 61,447, a 57.9% increase year-over-year[77][78]. - The total employee welfare expenses for 2024 amounted to RMB1,029 million, an increase from RMB854 million in 2023[194]. - As of December 31, 2024, the Group had a total of 5,609 employees[194].

Financial Performance - Tristate Holdings Limited reported revenue of HKD 4,183,746,000 for 2024, a slight decrease of 0.75% from HKD 4,215,667,000 in 2023[9]. - The net profit attributable to equity shareholders was HKD 156,015,000, down 8.9% from HKD 171,232,000 in the previous year[9]. - The overall gross profit for the company was HKD 1.715 billion in 2024, down 4% from HKD 1.783 billion in 2023, with a gross margin of 41.0%[32]. - EBITDA for the company was HKD 580 million in 2024, a decrease of 4% from HKD 602 million in 2023[28]. - The company's cash flow from operations was HKD 410 million in 2024, down 31% from HKD 590 million in 2023[28]. - The group's net profit attributable to equity shareholders was HKD 156 million in 2024, down from HKD 171 million in 2023[22]. Business Segment Performance - The apparel business continued to show strong performance, benefiting from increased customer orders, leading to a robust revenue and profit contribution[9]. - Nautica's revenue decreased by 20% compared to the post-pandemic growth in 2023, prompting the brand to close underperforming stores[12]. - Spyder's revenue decreased by 10%, while Reebok's revenue fell by 19% in 2024 compared to the previous year[13]. - The group's brand business revenue was HKD 2.025 billion in 2024, a decrease of 11% from 2023, with net losses increasing[14]. - The apparel business generated revenue of HKD 2.158 billion, representing a 12% increase compared to 2023, contributing strong profits[15]. Operational Strategies - The company plans to further expand production capacity in Vietnam in 2025 to meet rising demand[9]. - The group plans to enhance brand awareness and expand customer base for C.P. Company despite a soft market outlook[16]. - The company aims to enhance brand awareness and expand customer base through marketing strategies and collaborations despite a soft market outlook[42]. - The company is focused on improving operational efficiency and controlling costs in response to challenges in the global economic environment[43]. Corporate Governance - The board of directors consists of eight members, including one executive director and four independent non-executive directors, ensuring a 50% independence ratio[59]. - The company has adhered to the Corporate Governance Code, with a deviation regarding the roles of the chairman and CEO being held by the same individual[54][57]. - The nomination committee evaluates the independence of non-executive directors annually, ensuring compliance with the listing rules[60]. - The board meets at least four times a year, with regular meetings scheduled quarterly[71]. Sustainability and Environmental Initiatives - The company aims to promote responsible production in the apparel industry, exceeding legal requirements to create long-term sustainable value for stakeholders[119]. - The company reported a commitment to sustainable development practices integrated across various operational areas, enhancing its business capabilities[119]. - The company emphasizes reducing carbon emissions and waste during production to promote sustainability[126]. - The company aims to reduce energy consumption density by 8%, water consumption density by 5%, and greenhouse gas emissions density by 9% by 2025, using 2021 as the baseline[140]. Employee and Community Engagement - The company emphasizes equal opportunities for both genders in recruitment, employee development, and promotion[68]. - The company invests in employee development through training programs covering industry knowledge and safety standards, continuously assessing learning needs[182]. - The company has established a confidential reporting policy to encourage employees to report unethical behavior, ensuring protection for whistleblowers[186]. - C.P. Company made donations to the Eleonora Cocchia Vivere a Colori ONLUS Association for cancer research and prevention efforts[189]. Risk Management and Compliance - The company has implemented a zero discharge of hazardous chemicals (ZDHC) wastewater guideline and conducts annual testing to ensure compliance with industry standards[168]. - The board monitors ESG-related risks and ensures strategies are effective and appropriate[131]. - The company has established mechanisms to ensure independent opinions are considered in board decisions, with independent directors actively participating in meetings[60]. - The company maintains a zero-tolerance policy towards corruption and fraud, adhering to applicable anti-corruption laws and providing clear guidelines for employees[185][187].

Financial Performance - The group reported a loss attributable to shareholders of HKD 125 million for the year ending December 31, 2024, compared to a loss of HKD 72 million in the previous year, marking an increase in loss of approximately 74%[19] - The group's consolidated post-tax loss amounted to HKD 116 million in 2024, compared to HKD 62 million in 2023[33] - The group did not recommend a final dividend due to the reported loss for the year[20] - The company reported a loss of HKD 72 million for the fiscal year ending December 31, 2023, compared to a profit of HKD 127 million in 2020[57] - The group's operating loss before tax was HKD 109 million for the year ended December 31, 2024, up from HKD 51 million in 2023[48] Sales and Revenue - Total sales revenue from self-operated products decreased by 10% to HKD 287 million, with a gross margin of only 31%[27] - The total sales amount from self-operated products, consignment counters, and licensed counters decreased by 12% to HKD 1,358 million[26] - Total sales revenue for self-operated products decreased to HKD 287 million in 2024 from HKD 319 million in 2023, representing a decline of 10%[28] - Commission income from consignment counters fell by 12% to HKD 308 million in 2024, down from HKD 351 million in 2023[28] - Unicorn's total sales increased by 4% to HKD 1,169 million in 2024, driven by an 8% rise in self-operated product sales to HKD 864 million[30] Operational Efficiency and Strategy - The company plans to enhance operational efficiency by reducing store sizes and opening pop-up stores for promotional events[25] - The group aims to improve synergy and efficiency by integrating the IT systems of Citistore and Unicorn after establishing a central distribution center[22] - The group plans to optimize store network performance and expand its membership loyalty program to enhance customer engagement[35] - The integration of information technology systems aims to better understand customer needs and adjust product offerings accordingly[35] Employee and Workforce Management - The total employee cost for the year ended December 31, 2024, was HKD 257 million, down from HKD 277 million in 2023[56] - The group has 866 full-time employees and 100 part-time employees as of December 31, 2024, compared to 962 full-time and 115 part-time employees in 2023[56] - The employee turnover rate was 45% for males and 78% for females, with 44% for employees under 30 years old[97] - The employee training program has achieved a participation rate of 89% for both male and female employees[104] Environmental and Sustainability Initiatives - The company aims to reduce carbon intensity per square foot of retail space by 15% by 2030 compared to the 2023 baseline[85] - The usage of plastic shopping bags in the company's stores decreased by 1.5% year-on-year during the reporting period, attributed to government initiatives and internal policies[86] - The company has set a target to phase out the use of plastic bags across its retail network by 2050[88] - The company has implemented energy efficiency measures, including setting indoor temperatures to 25 degrees Celsius and using LED lighting in new stores[83] - The company has not recorded any violations of environmental laws during the reporting period, demonstrating its commitment to regulatory compliance[80] Corporate Governance - The board of directors is responsible for managing the company, including formulating corporate strategies and overseeing financial reporting[125] - The company has a clear governance structure, ensuring that power and authority are not overly concentrated despite the dual role of the chairman and CEO[124] - The company has established policies to manage environmental and social risks in its supply chain[118] - The board consists of nine members, including three executive directors and six independent non-executive directors, ensuring a balanced composition for independent judgment[127] Customer Engagement and Satisfaction - The company engaged social media influencers to promote its "激拼購物日" shopping event, successfully increasing brand awareness among mainland customers[23] - The group actively pursues high customer satisfaction through regular feedback collection to continuously improve products and services[66] - The group emphasizes a "customer first" business philosophy, ensuring quality service, products, and overall customer experience[67] - The group has established a comprehensive complaint handling mechanism to ensure all customer complaints are properly addressed[68] Risk Management - The company has implemented a "three lines of defense" model for risk management, ensuring accountability and transparency in managing ESG-related risks[61] - The internal audit department assesses the adequacy and operation of the risk management and internal control systems for the fiscal year ending December 31, 2024[182] - The company emphasizes the importance of proactive risk management to ensure significant risks are identified, assessed, and effectively managed[178] Community Engagement and Social Responsibility - The company is committed to community engagement, focusing on areas such as education, environmental issues, labor needs, health, culture, and sports[121] - The company has been recognized for its corporate social responsibility efforts, receiving the "Caring Company" logo for five consecutive years[107] - The company donated HKD 29,000 to support the Green Action initiative and collected 817 kg of red packets for recycling[108] Financial Reporting and Compliance - The company confirmed that the financial statements for the year ending December 31, 2024, must fairly reflect the financial position and performance of the group, adhering to applicable accounting policies and legal requirements[159] - The auditor's fees for the year ending December 31, 2024, are approximately HKD 2,000,000 for audit services and HKD 600,000 for non-audit services, compared to HKD 2,000,000 and HKD 1,000,000 respectively in 2023[161] - The company has adopted a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[167]

Financial Performance - Revenue increased by approximately 32.6% to RMB747.9 million (2023: RMB564.0 million) [21] - Gross profit increased by approximately 41.8% to RMB538.3 million (2023: RMB379.7 million) [21] - Profit for the Year was RMB34.6 million (2023: Profit of RMB52.6 million) [21] - Profit per share was RMB3.65 cents (2023: Profit per share RMB5.56 cents) [21] - The Group recorded a profit of approximately RMB 34.6 million for 2024, a decrease of approximately RMB 18.0 million from a profit of approximately RMB 52.6 million in 2023[46] - The gross profit increased by approximately 41.8% from approximately RMB 379.7 million in 2023 to approximately RMB 538.3 million in 2024, with a gross profit margin rising from 67.3% to 72.0%[53][57] - The Group recorded a foreign exchange loss of approximately RMB 18.5 million in 2024, compared to a gain of approximately RMB 1.7 million in 2023[63] - The effective tax rate increased from 9.5% in 2023 to 15.4% in 2024, primarily due to increased profits from one of the Group's subsidiaries[61][66] - The Group reported accumulated losses of RMB 284.5 million as of December 31, 2024[172] Dividends - The Board does not recommend the payment of any final dividend or special dividend for the Year (2023: Nil) [21] - The Group did not declare any final or special dividends for the year ended December 31, 2024[163] Market Strategy and Growth - The Company plans to expand its market presence and invest in new product development [22] - The Company is focusing on strategic acquisitions to enhance its competitive position [22] - The management anticipates continued growth in revenue and profitability in the upcoming fiscal year [22] - The focus on cross-border e-commerce for nutritional supplements under the Good Health brand contributed to rapid business growth[46] - The Group aims to achieve the goal of being the top seller in core product categories on e-commerce platforms[35] - The Group will expand its health products in multiple sales channels in the PRC, New Zealand, and Australia[32] - The Chinese consumer healthcare industry is experiencing high-quality and rapid development, driven by increasing health awareness among the large population[28] - The demand for high-quality imported healthcare products is growing, supported by the development of cross-border e-commerce platforms[28] - The younger generation's focus on appearance and healthy lifestyles is shifting market demand towards innovation and sustainability[31] Expenses and Cost Management - Selling and distribution expenses increased by approximately 63.4% from approximately RMB 250.0 million in 2023 to approximately RMB 408.6 million in 2024, representing 44.3% and 54.6% of the Group's revenue respectively[59][64] - Administrative expenses rose by approximately 22.7% from approximately RMB 72.2 million in 2023 to approximately RMB 88.6 million in 2024, accounting for 12.8% and 11.8% of revenue respectively[60][65] - The Group is committed to optimizing marketing and promotional expenses to improve overall profitability[35] Product Development - The Group launched a total of 26 new products in 2024, including 3 New Goodhealth series products and 22 Good Health series products[48][50] - The increase in revenue was primarily driven by significant growth in the Good Health brand's revenue from cross-border e-commerce platforms[52][56] - The nutritional supplements industry is characterized by rapid changes in demand for new products, necessitating constant innovation[89] Employee and Management Information - The Group employed 477 employees as of December 31, 2024, an increase from 349 employees as of December 31, 2023[90] - Total salaries and related costs for the year amounted to approximately RMB 120.8 million, up from approximately RMB 89.8 million in the previous year[90] - The Company has established various social security funds for its employees in the PRC, including pension and medical insurance[158] - The Company has appointed Mr. Ye Bangyin and Mr. Cheng Jianming as independent non-executive Directors effective from 23 October 2024[180] - Ms. Cai Tianchen and Mr. Wang Wei resigned as independent non-executive Directors effective from 22 October 2024 after serving for six years[180] Risk Factors - The Group faces risks related to the increase in prices of raw materials and packaging materials, which could adversely affect its business operations[82] - The Group is exposed to foreign currency risk primarily for purchases in USD, AUD, and NZD, which could significantly impact profitability due to fluctuations in exchange rates[89] - A depreciation of RMB could increase costs for purchasing products from Australia and New Zealand, requiring more RMB to obtain the equivalent foreign currency[89] - The Group has not used any derivative contracts to hedge against foreign currency risk, leaving it vulnerable to exchange rate fluctuations[89] - The success of new product offerings depends on accurately anticipating customer needs and timely commercialization[89] - Failure to introduce new products in a timely manner could lead to obsolescence and negatively affect operating results[89] - The Group's ability to maintain customer relationships and market share is contingent on its responsiveness to changing consumer preferences[89] Corporate Governance - The Company aims to ensure compliance with corporate governance practices as prescribed in the Listing Rules[145] - The Company has established four Board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategy and Development Committee[145] - The Audit Committee assists the Board in reviewing financial information, risk management, and internal control systems[149] - The Remuneration Committee reviews and makes recommendations on the remuneration packages of individual Directors and senior management[150] - The Nomination Committee assesses the independence of independent non-executive Directors and makes recommendations on appointments[151] - The Strategy and Development Committee conducts research and submits proposals concerning long-term development strategies[152] Financial Position - Cash and cash equivalents decreased by approximately RMB 13.0 million during the year, with net cash inflow from operating activities of approximately RMB 1.0 million and net cash outflow from investing and financing activities of approximately RMB 6.0 million and RMB 4.5 million, respectively[69] - Inventories increased by approximately 9.4% to RMB 119.1 million as of December 31, 2024, compared to RMB 108.9 million in 2023, with inventory turnover days increasing by 15 days to approximately 196 days[70] - Trade receivables rose by approximately RMB 9.4 million or 28.9% to RMB 41.9 million as of December 31, 2024, driven by increased revenue from e-commerce channels[71] - Trade payables decreased by approximately RMB 20.3 million or 61.3% to RMB 12.8 million as of December 31, 2024, due to a reduction in raw material purchases[72] - The gearing ratio improved to approximately 18.7% as of December 31, 2024, down from 22.0% in 2023[79] - Capital expenditure for the year was approximately RMB 7.4 million, significantly higher than RMB 1.7 million in 2023, indicating increased investment in property, plant, and equipment[80] - The Group did not have any outstanding borrowings or pledges of assets as of December 31, 2024[78] - Revenue from the Group's five largest customers accounted for less than 30% of total revenue, with the largest customer contributing less than 10%[174]

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

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

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

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