Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 1,564,897,805.73, with a proposed cash dividend of RMB 0.85 per 10 shares, totaling RMB 474,930,020.00[4] - Operating revenue for 2024 was CNY 6,865,375,581.39, a decrease of 2.69% compared to CNY 7,054,883,834.36 in 2023[23] - Net profit attributable to shareholders for 2024 reached CNY 1,564,897,805.73, reflecting a growth of 2.20% from CNY 1,531,202,403.96 in 2023[23] - Basic earnings per share for 2024 was CNY 0.28, an increase of 3.70% compared to CNY 0.27 in 2023[24] - The total profit for 2024 was 190,025.69 million RMB, an increase of 0.91% year-on-year[72] - The company's gross profit for the year was CNY 261,531.74 million, a decrease of 0.98% year-on-year, with a gross profit margin of 38.09%, an increase of 0.65 percentage points[123] - The net profit for the year was CNY 157,459.02 million, a year-on-year increase of 0.65%, with a net profit margin of 22.94%, up by 0.76 percentage points[129] Cash Flow and Assets - The net cash flow from operating activities for 2024 was CNY 2,415,146,972.94, showing a slight increase of 0.89% from CNY 2,393,799,107.25 in 2023[23] - Cash and cash equivalents increased to CNY 4,280,764,000 in 2024 from CNY 2,838,023,000 in 2023[27] - The company's asset-liability ratio improved to 27.29% in 2024 from 30.88% in 2023[27] - The total assets at the end of 2024 were CNY 27,880,013,639.48, a decrease of 0.52% from CNY 28,026,106,959.77 at the end of 2023[23] Operational Highlights - The company achieved a total throughput of 414 million tons in 2024, with coal throughput at 209 million tons and metal ore throughput at 157 million tons, reflecting a year-on-year increase of 5.63%[43] - The coal throughput was 208.83 million tons, a decrease of 8.05 million tons or 3.71% from 216.88 million tons in 2023, primarily due to weak domestic demand and increased imports[51] - The metal ore throughput increased to 156.62 million tons, up by 24.44 million tons or 18.49% from 132.18 million tons in 2023, driven by enhanced global economic activity[52] - The container throughput reached 1,256,490 TEU, equivalent to 16.13 million tons, representing an increase of 161,125 TEU or 14.71% compared to 1,095,365 TEU in 2023[54] Governance and Compliance - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6] - The company has a strong governance structure with all board members present at the meeting[6] - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[7] - The company has established a comprehensive governance structure with six specialized committees under the board of directors to ensure effective decision-making[137] - The company has committed to maintaining the independence of its operations and protecting the rights of minority shareholders amid the integration of port resources[140] - The company has ensured compliance with relevant laws and regulations to avoid conflicts of interest and protect shareholder rights[141] Strategic Initiatives - The company focused on enhancing its core business and improving operational efficiency, particularly in coal and metal ore logistics services[44] - The company plans to focus on developing new cargo sources and fostering new business formats to enhance growth potential[46] - The company aims to accelerate the construction of a world-class dry bulk port, contributing to the development of maritime capabilities[46] - The company is committed to promoting smart, green, efficient, and safe port construction as part of its strategic planning[46] Research and Development - The total R&D expenditure accounts for 2.53% of the operating revenue, indicating a commitment to innovation[91] - The company has 887 R&D personnel, accounting for 10.23% of the total workforce[93] - In 2024, the company plans to implement 262 R&D projects, including significant initiatives for "smart port" construction[95] - Research and development investments increased by 18%, focusing on innovative technologies in supply chain management[152] Management and Human Resources - The total compensation for executives amounted to 1,079.93 million CNY, with a breakdown of 242.89 million CNY in basic salary and 326.83 million CNY in performance-related pay[146] - The average compensation for the board members and executives reflects a strategic focus on attracting and retaining top talent, with the highest individual compensation reaching 160.28 million CNY[146] - The company employed a total of 8,674 staff, with 7,142 in the parent company and 1,532 in major subsidiaries[194] - The company conducted training for 130,203 participants in 2024, achieving a 100% training coverage rate[196] Market and Economic Context - The macroeconomic environment in 2024 showed a GDP growth of 5.0%, with the total economic output reaching 134.9 trillion RMB, positioning China as a key driver of global economic growth[42] - The company anticipates stable business volume in the metal ore sector for 2025, supported by the ongoing development of the steel industry[117] - The company plans to optimize its service and explore new growth points in the general cargo business, benefiting from the expected increase in international trade volume[118] Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[150] - The company has outlined a future outlook with a revenue target of 1.5 billion yuan for the next fiscal year, reflecting a 25% growth expectation[157] - Overall, the company remains optimistic about future growth, citing strong demand in key markets[150]

Economic Outlook - The global economy is experiencing a steady recovery in 2024, with the US showing robust growth and a significant "soft landing" trend[7]. - China's economy is achieving stable growth supported by a series of policies, with domestic demand gradually being released[7]. - The Federal Reserve initiated a rate cut cycle in September 2024, reducing rates by a total of 100 basis points throughout the year[7]. - External demand has strengthened due to the recovery of the global economy and the impact of tariff policies[7]. - The fourth quarter of 2024 saw an unexpected economic rebound in China, driven by a series of growth-stabilizing policies[7]. - The Hong Kong economy is expected to achieve slight growth despite challenges from high interest rates and currency fluctuations, supported by government measures to attract talent and activate financial markets[8]. Company Performance - Total revenue for the group reached approximately HKD 363.4 million, a 133.3% increase from HKD 155.7 million in the previous year, with a net profit of HKD 50.8 million compared to a net loss of HKD 572.3 million[13]. - The company reported a profit attributable to shareholders of approximately HKD 50.8 million, compared to a loss of HKD 572.3 million in the previous year, marking a turnaround from loss to profit[18]. - Basic and diluted earnings per share for the reporting year were HKD 0.0459, a significant improvement from a loss of HKD 0.5104 per share in the previous year[18]. - Total income generated from the investment portfolio for the reporting year is approximately HKD 119.7 million, a decline of about 55% compared to HKD 267.8 million in the previous year[29]. - The asset management business recorded revenue and profit of approximately HKD 135.9 million and HKD 111.0 million, respectively, an increase from HKD 124.4 million and HKD 99.3 million in the previous year[52]. Investment Strategy - The company is focusing on market expansion and new product development to leverage the improving economic conditions[7]. - The company aims to align its strategies with the global economic recovery trends to maximize growth opportunities[7]. - The company is focusing on investment opportunities in Greater China and gradually expanding into Asia and developed regions, targeting industries with high growth potential and strong competitive barriers[24]. - The investment strategy emphasizes sustainable high-level returns while adhering to a diversified investment principle, limiting individual bond holdings to no more than 5% of the total portfolio[31]. Risk Management - The company has established practical guidelines to control overall credit and operational risks, monitoring loan recoverability[39]. - The management team regularly assesses the financial status of borrowers and collateral to ensure loan recoverability[41]. - The risk management and internal control committee meets biannually to review risk management reports and ensure system effectiveness[41]. - The company has implemented strict risk control measures and ongoing management for its loan business to ensure credit and operational risks remain manageable[32]. - The company is enhancing risk compliance management capabilities by implementing a structured risk governance framework and strict credit risk controls[80]. Corporate Governance - The company has maintained high standards of corporate governance, adhering to all applicable provisions of the corporate governance code[186]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[190]. - The independent non-executive directors have reviewed the continuous related transactions and confirmed they were conducted on fair and reasonable terms[161]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors throughout the reporting year[187]. Future Outlook - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year[99]. - New product launches are expected to contribute an additional $200 million in revenue over the next year[99]. - A strategic acquisition is planned, which is anticipated to enhance the company's technology capabilities and add $150 million in annual revenue[99]. - The company plans to continue solid preparations for potential IPO projects, anticipating ongoing market volatility in 2025[53]. Employee and Talent Development - The talent development system is being strengthened to attract diverse and skilled professionals, ensuring a solid human resource foundation for the company's growth[80]. - The company has a focus on continuous employee engagement and loyalty to enhance overall business capabilities[80]. - The total employee cost for the reporting year was approximately HKD 86.7 million, an increase from HKD 62.8 million in the previous year, with the number of employees rising to 93 from 72[74].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 8,854.7 million, a slight decrease from RMB 8,862.0 million in 2023[15] - Net profit for 2024 was RMB 1,512.9 million, compared to RMB 1,532.9 million in 2023, reflecting a decrease of approximately 1.3%[15] - Basic earnings per share for 2024 was RMB 2.12, consistent with the previous year[15] - Total revenue for 2024 was RMB 7,139.2 million, a decrease of 15.1% compared to RMB 8,411.7 million in 2023[19] - Net profit for 2024 was RMB 1,512.9 million, down from RMB 1,607.5 million in 2023, representing a decline of 5.9%[19] - Basic earnings per share for 2024 was RMB 0.17, compared to RMB 0.18 in 2023, reflecting a decrease of 5.6%[19] - The company's annual profit for 2024 was RMB 1,512.9 million, a decline of 5.9% from RMB 1,607.5 million in 2023, attributed to a challenging economic environment and decreased financing lease business[108] Asset and Liability Management - Total assets as of December 31, 2024, amounted to RMB 111,296.8 million, a decrease from RMB 124,513.7 million in 2023[17] - Total assets decreased to RMB 111,296.8 million in 2024 from RMB 123,351.1 million in 2023, a reduction of 9.8%[20] - The asset-liability ratio for 2024 was 82.05%, a slight improvement from 83.59% in 2023[21] - Total current liabilities decreased by 1.4% to RMB 53,133.4 million from RMB 53,865.0 million[113] - Non-current liabilities decreased by 22.5% to RMB 38,180.4 million from RMB 49,240.8 million, indicating a significant reduction in long-term debt[113] - The total liabilities of the group as of December 31, 2024, were RMB 91,313.8 million, down 11.4% from RMB 103,105.8 million at the end of the previous year[150] Asset Quality and Risk Management - The non-performing asset ratio as of December 31, 2024, was 1.17%, indicating a slight improvement in asset quality[18] - The non-performing asset ratio increased to 1.17% in 2024 from 1.12% in 2023, indicating a slight deterioration in asset quality[21] - The overall asset quality of the group remains stable, with a non-performing asset ratio of 1.17% at year-end, indicating strong risk resistance capability[62] - The coverage ratio for non-performing asset provisions increased to 316.17%, up by 50.35 percentage points compared to the previous year-end, further enhancing risk resistance ability[62] - The group implemented a comprehensive risk management system, enhancing risk control capabilities and proactive risk management levels[166] Business Strategy and Development - The company aims to advance its long-term goals of professionalization, group integration, internationalization, and digitization[9] - The company plans to focus on expanding its financing leasing business and enhancing asset quality in the upcoming year[26] - The group will focus on five strategic areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to drive business innovation and development breakthroughs[65] - The group intends to expand its direct leasing business and improve the entire chain management system to ensure standardized operations and controllable risks[66] - The company plans to enhance its financial technology capabilities and promote digital transformation through the introduction of new technologies and applications[75] Investment and Growth - The company plans to invest approximately RMB 12.6 billion in advanced manufacturing throughout 2024, accounting for over 26% of total investments, with a projected asset balance of RMB 19.9 billion by year-end[48] - Green leasing business is expected to exceed RMB 9.2 billion in investments for 2024, representing about 19% of total investments, supporting the green and low-carbon development initiatives[48] - The company aims to support specialized and innovative enterprises with investments exceeding RMB 2.2 billion, marking a 91% increase compared to the previous year[48] - The company has provided equipment and financial support to over 2,600 small and micro enterprises, enhancing its role in inclusive finance[47] Employee and Talent Management - The group has a total of 1,512 full-time employees, with approximately 92.3% holding a bachelor's degree or higher, and 31.1% holding a master's degree or higher[198] - The total employee cost for the reporting period amounted to RMB 723.0 million[199] - The group has conducted a total of 358 training sessions in 2024, with 38,716 employee participations[198] - The group is committed to establishing a competitive and fair compensation and benefits system, continuously improving its compensation and incentive policies[200] Market and Economic Context - In 2024, China's GDP was RMB 1,349,084 billion, growing by 5.0% year-on-year, with the fourth quarter growth rate rebounding to 5.4%[39] - Fixed asset investment in China (excluding rural households) reached RMB 514,374 billion in 2024, an increase of 3.2% compared to the previous year[39] - The People's Bank of China reduced the loan market quotation rate (LPR) for five years and above by 60 basis points to 3.60% in 2024[40] - The total number of financing leasing companies in China decreased to approximately 8,671 by June 2024, a decline of 2.3% from the end of 2023[42] Corporate Social Responsibility and ESG - The company has enhanced its ESG management level and engaged in various community support activities, including donations to local youth development projects[30] - The company has been awarded the "Best ESG Performance Award" by a well-known financial magazine, highlighting its commitment to sustainable development[59] - The group has complied with all statutory social insurance and housing fund obligations applicable under Chinese law during the reporting period[200]

Financial Performance - The company reported a revenue of HKD 3,973,103,000 for 2024, a 29.3% increase from HKD 3,073,686,000 in 2023[12]. - The production business generated revenue of HKD 3,321,000,000, reflecting a 34.7% increase from HKD 2,466,000,000 in the previous year[12]. - The high-end fashion retail business achieved revenue of HKD 652,100,000, a 7.3% increase from HKD 607,700,000 in 2023[12]. - The company's revenue from continuing operations for the year ended December 31, 2024, was HKD 3,973,100,000, representing a 29.3% increase from HKD 3,073,700,000 in 2023[20]. - The gross profit margin increased to 19.5%, up 3.1 percentage points from 16.4% in 2023, resulting in a gross profit of HKD 774,600,000, a 53.7% increase from HKD 504,100,000 in 2023[20]. - The company recorded a net loss of HKD 61,943,000 for the year, significantly reduced from a loss of HKD 382,608,000 in 2023[13]. - The group recorded an operating loss of HKD 63.5 million for the year ending December 31, 2024, compared to an operating loss of HKD 47.1 million in 2023[29]. - The company recorded an operating loss of HKD 9,300,000, significantly reduced from an operating loss of HKD 231,400,000 in 2023[21]. - The company experienced a turnaround from a tax-adjusted loss of HKD 85,700,000 in the first half of 2024 to a profit of HKD 23,800,000 in the second half[13]. Cash and Debt Management - Cash and bank balances increased to HKD 250,321,000, compared to HKD 209,456,000 in the previous year[13]. - The net debt-to-equity ratio decreased to 16.0% from 18.4% in 2023, indicating improved financial stability[13]. - The group has cash and bank balances of HKD 250.3 million as of December 31, 2024, compared to HKD 209.5 million in 2023, while net borrowings decreased to HKD 214.7 million from HKD 265.2 million[35]. - The net cash used in financing activities improved to HKD (135,797) thousand in 2024, a significant reduction of 70.0% from HKD (467,328) thousand in 2023[198]. Market Focus and Strategy - The company continues to focus on the mainland China market for its high-end fashion retail business despite weak consumer demand[12]. - The company has introduced a direct-operated and franchising model to provide clear direction for its high-end fashion retail business[12]. - The company aims to expand its customer base to strengthen market leadership and ensure sustainable long-term growth[14]. - The group plans to introduce franchised stores for a fast-growing brand in the second half of 2024, marking a strategic shift in the high-end fashion retail business[34]. Operational Challenges and Improvements - The overall economic recovery in the Greater China region remains slow, affecting consumer sentiment, particularly in the premium fashion retail market[24]. - The high-end fashion retail business's operating loss decreased from HKD 52,200,000 in the first half of 2024 to HKD 11,300,000 in the second half[28]. - The sportswear production business has turned profitable due to a rebound in customer orders, benefiting from a global focus on health and fitness[31]. Corporate Governance and Management - The company emphasizes strong corporate governance, adhering to the principles of the corporate governance code as per the listing rules[52]. - The management team is responsible for the overall operations and strategic planning of the group, with regular reviews of authorized functions and responsibilities[55]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balanced composition with relevant knowledge and expertise[56][57]. - The company has established three core corporate values to guide employees in achieving its vision and mission[51]. - The roles of the Chairman and CEO are clearly distinguished to ensure a balance of power and authority[59]. Employee and Diversity Initiatives - The group employed about 17,000 employees as of December 31, 2024, an increase from approximately 16,000 in 2023[37]. - The company aims to foster a culture of excellence, innovation, and collaboration among its employees[51]. - The company has adopted a board diversity policy, aiming to avoid a single-gender board composition, with currently 1 out of 7 board members being female[71]. - As of December 31, 2024, approximately 22.9% of the group's employees, including directors and senior management, are male, while about 77.1% are female[71]. Risk Management and Compliance - The company is committed to identifying, monitoring, and managing risks related to its business activities, with a continuous risk management process in place[89]. - The internal audit plan was updated based on ongoing risk assessments, ensuring effective internal control evaluations[89]. - The company maintains a robust internal control system to comply with accounting standards and financial reporting regulations[76]. - The audit committee is authorized to review the effectiveness of the group's risk management and internal control procedures at least once a year[95]. Shareholder Communication and Dividends - The board decided not to recommend a dividend for the year ended December 31, 2024, to retain financial resources for future market changes[22]. - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders[101]. - The board will continue to review the dividend policy and reserves the right to amend it at any time[109]. Environmental and Social Responsibility - The company has implemented energy-saving measures and encourages the recycling of office supplies to minimize environmental impact[119]. - The company reported a total charitable and other donations of HKD 316,000 during the review year[132]. Audit and Financial Reporting - The financial statements for the year ended December 31, 2024, were audited by PricewaterhouseCoopers, who will be reappointed at the upcoming annual general meeting[164]. - The independent auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[181]. - The auditor evaluated the appropriateness of accounting policies and the reasonableness of estimates made by management[183].

Financial Performance - The company reported a consolidated revenue of approximately RMB 716 million for the fiscal year ending December 31, 2024, a decrease of 7.6% compared to RMB 775 million in 2023[5]. - Revenue from the marble stone products business was approximately RMB 27 million, a significant decline of 75.8% from RMB 113 million in the previous year, primarily due to weak market demand in the real estate sector[10]. - The calcium carbonate business contributed approximately RMB 675 million in revenue, an increase of about RMB 22 million (or 3.3%) from RMB 653 million in 2023[10]. - The group's operating revenue for 2024 was approximately RMB 71.6 million, a decrease of about RMB 5.9 million (or 7.6%) compared to 2023[13]. - Total sales cost for 2024 was approximately RMB 60.4 million, a decrease of RMB 7.1 million from RMB 67.5 million in 2023, primarily due to reduced production and sales of marble products[15]. - Gross profit for 2024 was approximately RMB 11.2 million, with a gross profit margin of 15.7%, up from 13.0% in 2023[16]. - Other income and gains increased to approximately RMB 9.9 million in 2024 from RMB 5.2 million in 2023, mainly due to a one-time gain from loan restructuring[17]. - The company reported a net loss of RMB 285,206,000 for the year, a significant improvement from a loss of RMB 396,220,000 in 2023, representing a reduction of 28.1%[177]. - The company's total equity decreased to RMB 600,704,000 from RMB 856,660,000, a decline of 30.0%[179]. Capital and Financing - The company raised approximately HKD 12.2 million from the issuance of 61,720,000 new shares at HKD 0.20 per share on January 26, 2024, and approximately HKD 22.2 million from the placement of 197,500,000 new shares at HKD 0.1140 per share on September 27, 2024[6]. - The company plans to use approximately HKD 110 million from the proceeds of the rights issue for repaying loans and other payables, with about HKD 11.15 million allocated for general working capital[38]. - Total bank and other borrowings decreased to approximately RMB 225.5 million in 2024 from RMB 337.8 million in 2023, a reduction of RMB 112.3 million due to financing activities and improved cash flow[32]. - The company raised RMB 28,702,000 through share issuance in 2024, a decrease from RMB 123,146,000 in 2023[183]. Operational Strategy - The company plans to explore opportunities in the artificial intelligence (AI) sector as part of its diversification strategy[6]. - The company is seeking to monetize non-core assets, such as its warehousing and logistics business, to improve liquidity and reduce debt[6]. - The company has adopted a cautious approach, focusing on supporting sales and managing inventory levels effectively amid ongoing economic challenges[9]. - The company has implemented prudent strategies, including tightening credit terms and postponing significant investments until the economic outlook improves[5]. Corporate Governance - The company has maintained high levels of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency[69]. - The company has complied with the corporate governance code except for specific deviations noted[69]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2024[72]. - The company has adopted a board diversity policy, considering measurable aspects such as gender, age, cultural and educational background, and professional experience[78]. - The company emphasizes ethical and responsible conduct as part of its corporate values, promoting a culture of integrity among all directors[70]. Risk Management - The company has established a comprehensive internal control framework applicable to all operating units to manage significant risks[105]. - The board regularly reviews the effectiveness of the risk management and internal control systems with the assistance of the audit committee[105]. - The group has identified key risks, including potential changes in consumer preferences that may affect the market acceptance of its marble products[111]. Shareholder Information - The group has reserves available for distribution to shareholders amounting to approximately RMB 496.4 million as of December 31, 2024, down from RMB 597.1 million in 2023[124]. - The group has not declared any final dividends for the year ending December 31, 2024, compared to no dividends declared in 2023[120]. - The company has maintained a sufficient public float of over 25% of the total issued share capital as required by listing rules[157]. Subsidiaries and Investments - The company has 100% ownership in several subsidiaries, including 雅高珺奇 (Xiamen) and 江西科越科技, focusing on mining machinery import/export and calcium carbonate production respectively[187]. - The registered capital of 贵州德江三鑫石材 is RMB 20 million, with an 80% ownership stake, focusing on marble mining and processing[187]. - The company has a significant presence in the mining and construction materials sector, with multiple subsidiaries contributing to its overall asset base[188]. Compliance and Reporting - The company has applied revised International Financial Reporting Standards (IFRS) for the first time in 2024, including IFRS 16 regarding lease liabilities[193]. - The financial statements are prepared based on historical cost principles, with values rounded to the nearest thousand RMB[189]. - The independent auditor's report is included in pages 43 to 47 of the financial statements[95].

Awards and Recognition - The company was awarded multiple accolades in 2024, including "Best Listed Company Award" and "Top 20 Financial Institutions" in the new productivity investment agency soft power ranking[4]. Company Operations - The company operates in 30 provinces and municipalities in mainland China, with 33 branches and approximately 14,000 employees[3]. - The company has established nine directly managed subsidiaries in mainland China and Hong Kong, including banks and securities firms[3]. - The company has introduced strategic investors such as the National Social Security Fund and UBS AG since its establishment in 2010[3]. Business Focus - The core business of the company is non-performing asset management, which is a significant contributor to its revenue[3]. - The company aims to create a well-known brand in asset management and financial services, focusing on core competitiveness[7]. - The company emphasizes a market-oriented approach and prioritizes efficiency in its operations[7]. Financial Performance - In 2024, the total revenue of China Cinda Asset Management Co., Ltd. was RMB 73,039.9 million, a decrease from RMB 76,167.8 million in 2023, representing a decline of approximately 2.9%[17]. - The income from non-performing asset revenue measured at amortized cost was RMB 2,114.7 million in 2024, down from RMB 6,084.2 million in 2023, indicating a significant decrease of about 65.3%[17]. - The profit attributable to shareholders for the year was RMB 3,036.4 million, a decrease from RMB 5,820.9 million in 2023, representing a decline of approximately 52.1%[17]. - The pre-tax profit from continuing operations was RMB 3,990.3 million in 2024, down from RMB 8,186.3 million in 2023, indicating a decrease of about 51.2%[17]. - The average return on equity decreased to 0.92% in 2024 from 2.70% in 2023, indicating a decline in profitability[20]. - The cost-to-income ratio increased to 24.85% in 2024, compared to 22.96% in 2023, suggesting rising operational costs[20]. Risk Management - The company has a comprehensive risk management framework to ensure compliance and proactive management of financial risks[7]. - The company faced significant risks and uncertainties that could lead to substantial differences in actual results compared to forward-looking statements[12]. - Risk management measures have improved, with the new risk asset level at its lowest in three years, enhancing the effectiveness of risk resolution[30]. Asset Management and Investments - The company has participated in over 160 real estate risk resolution projects, ensuring the timely delivery of over 100,000 residential units[26]. - Cumulative investments in strategic emerging industries exceeded RMB 800 million over the past three years, with nearly RMB 400 million allocated to the energy and coal sectors[27]. - The company has engaged in market-oriented debt-to-equity swaps for over 50 enterprises, supporting state-owned enterprise reforms[27]. - The company acquired non-performing assets from banks totaling over 220 billion yuan, maintaining a leading position in the industry[40]. - The company invested nearly 170 billion yuan in the real estate sector, facilitating the delivery of over 20,000 housing units and promoting the resumption of projects worth over 81 billion yuan[43]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.2387 per share for the 2024 fiscal year, subject to approval at the annual general meeting[16]. - The company plans to distribute an annual cash dividend of RMB 0.2387 per 10 shares, pending shareholder approval[26]. Regulatory Environment - The regulatory environment emphasizes risk prevention and the resolution of key financial risks, with over 30 billion yuan in non-performing assets disposed of throughout the year[55]. - The government has implemented a series of policies to stabilize the real estate market, approving loan quotas exceeding 500 billion yuan for "white list" projects[55]. Future Outlook - The company plans to strengthen risk management and maintain liquidity safety while promoting financing innovation[47]. - The company is committed to high-quality development and will focus on risk prevention and serving the real economy in the coming years[49]. - The company aims to enhance its financial services to support the real economy and improve customer value[49]. Customer Ecosystem and Partnerships - The company has expanded its customer ecosystem through strategic partnerships with state-owned enterprises and industry leaders, enhancing market influence[30]. - The company aims to strengthen its brand influence in "Ten Provinces and Twenty Cities" and accelerate the construction of strategic customer groups and ecosystems in 2024[185]. Financial Services Segment - The financial services business accounted for 42.5% and 45.4% of the total revenue of the group for the years 2023 and 2024 respectively[195]. - The pre-tax profit for the financial services segment in 2024 was RMB 4,318.0 million, representing an increase of RMB 751.5 million or 21.1% compared to 2023[145].

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

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

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

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