Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately RMB566,475,000, a slight decrease of 0.72% compared to RMB570,572,000 in 2023[15]. - The Group's gross profit increased by approximately RMB23,916,000 or 10.3%, reaching RMB257,299,000 for the year[15]. - The net profit for the year was approximately RMB30,015,000, compared to RMB24,874,000 in the prior year, with profit attributable to owners of the Company at RMB30,030,000[16]. - Basic and diluted earnings per share were RMB4.17 cents, an increase from RMB4.11 cents in 2023[16]. - The Board has resolved not to declare a final dividend for the year[17]. Business Segments - The Faux Leather Chemicals Business remained stable due to increased sales and marketing efforts, while the Chinese Liquor Business continued to grow, contributing significantly to revenue[22]. - The revenue from the Faux Leather Chemicals Business was approximately RMB262,495,000, remaining stable compared to the previous year[33]. - The gross profit margin for the Faux Leather Chemicals Business was approximately 21.2%, slightly up from 21.1% in the prior year[34]. - Revenue from the Chinese Liquor Business decreased by approximately RMB4,060,000 or 1.31%, totaling approximately RMB303,980,000 for the year[44]. - The gross profit for the Chinese Liquor Business was approximately RMB201,598,000, an increase from RMB177,894,000 in the previous year[44]. - The segment profit for the Chinese Liquor Business was approximately RMB29,669,000, up from RMB23,407,000 in the prior year[44]. Market Outlook and Strategy - The Chinese economy is expected to rebound in 2024, with GDP growth projected at 5-6%, supported by government stimulus and increased domestic consumption[21]. - The company plans to shift focus from the Faux Leather Chemicals Business to the growing Chinese liquor market due to evolving consumer preferences[27]. - The company aims to enhance brand position in the Chinese liquor industry through strategic partnerships with e-commerce platforms[27]. - The Chinese liquor market is seen as a significant growth opportunity, with a focus on product development and market research[29]. Financial Position and Capital Management - As of December 31, 2024, the Group's current assets were approximately RMB 557,411,000, an increase from RMB 548,637,000 as of December 31, 2023[58]. - The current liabilities increased to approximately RMB 155,653,000 from RMB 95,582,000 as of December 31, 2023[58]. - The current ratio decreased from approximately 5.74 times as of December 31, 2023, to approximately 3.58 times as of December 31, 2024[58]. - Bank borrowings increased to approximately RMB 64,500,000 from RMB 25,000,000 in the previous year[59]. - The Group's capital expenditure was approximately RMB 127,301,000, representing an increase of RMB 112,318,000 compared to RMB 14,983,000 in the prior year[61]. - The gearing ratio as of December 31, 2024, was recorded at 1.01%, compared to a net cash position in the previous year[60]. Share Capital and Rights Issue - The company issued 432,000,000 rights shares at a subscription price of HK$0.67 per share, raising approximately HK$289,440,000[73]. - The net proceeds from the rights issue, after deducting estimated expenses, were approximately HK$286.55 million, representing a net price of approximately HK$0.663 per rights share[74]. - Following the share consolidation effective on May 30, 2023, the authorized share capital increased from US$1,000,000 to US$5,000,000, divided into 2,000,000,000 consolidated shares[71]. - The number of shares in issue became 720,000,000 of par value US$0.0025 each after the completion of the rights issue on July 28, 2023[78]. Governance and Management - The company has appointed independent non-executive directors with diverse backgrounds in finance, engineering, and alcohol-related technology, enhancing its governance structure[121]. - The company is focused on expanding its market presence through strategic appointments and leveraging the expertise of its directors[124]. - The company aims to enhance its product quality and management through the expertise of its independent directors in their respective fields[126]. - The company is committed to maintaining high standards in corporate governance and risk management through its experienced board members[125]. Risks and Compliance - The Group's principal business activities include the manufacturing and sales of faux leather chemicals and Chinese liquor, with significant risks related to product quality and production security[134]. - Financial risks faced by the Group include interest rate and exchange rate risks, equity price risk, credit risk, and liquidity risk[135]. - The Group has maintained compliance with applicable laws and regulations in the PRC, with no incidents of material non-compliance reported[145]. - The Group's environmental policies focus on sustainability and societal development, as detailed in the Environmental, Social, and Governance Report[144]. Employee and Community Engagement - The group had a total of 217 employees as of December 31, 2024, an increase from 208 in 2023, and offers competitive remuneration packages[101][105]. - Charitable donations made by the Group during the Reporting Period totaled approximately RMB411,000, down from RMB515,000 in the previous year[163]. Investments and Transactions - The group did not have any significant investments as no single investment accounted for 5% or more of the total assets as of December 31, 2024[88][92]. - The fair value loss for listed securities in Hong Kong for the year ended December 31, 2024, was RMB1,018,000, with an unrealized fair value loss of RMB969,000[94]. - The company agreed to sell 25% of the issued share capital of Darkblue Investment Ltd. for a consideration of RMB20,840,000, payable in cash installments[106].

Revenue and Financial Performance - Revenue from advertising and marketing services amounted to approximately HKD 20.2 million, accounting for about 67.1% of the total revenue[8] - Interest income from lending services was approximately HKD 9.9 million, representing about 32.9% of the total revenue[10] - Revenue from advertising services and book and magazine sales decreased by 24.4% to approximately HKD 20.2 million compared to HKD 26.8 million in 2023[21] - Revenue for the year ended December 31, 2024, was HKD 30,151,000, a decrease of 21.4% from HKD 38,379,000 in 2023[139] - Gross profit increased to HKD 12,416,000, up 10.5% from HKD 11,231,000 in the previous year[139] - The group reported a loss attributable to owners of approximately HKD 34.6 million, a reduction of about 48.6% from HKD 23.3 million in 2023[24] - The company reported a pre-tax loss of HKD 29,403,000, an improvement from a loss of HKD 40,465,000 in 2023[139] - Net loss for the year was HKD 28,882,000, compared to a loss of HKD 37,397,000 in the prior year, reflecting a 22.5% reduction in losses[139] Business Strategy and Operations - The company aims to diversify its revenue streams by actively expanding into digital media marketing services and multi-channel network (MCN) operations since 2020[8] - The company has ceased its securities brokerage business effective September 19, 2023, due to ongoing losses, which is not expected to significantly impact overall financial performance[9] - The group plans to strengthen its financial services and actively develop its advertising business, particularly in digital media marketing and MCN services[17] - The group will continue to monitor the performance of its financial business and identify suitable diversification opportunities[18] Credit and Risk Management - Independent credit assessments are conducted prior to loan issuance to evaluate the credit quality of potential borrowers[13] - The company is focusing on providing secured and unsecured loans to a diverse client base, primarily sourced from existing customers[12] - The company has established a structured process for monitoring loan portfolios and managing credit risks, including monthly aging analysis of borrowers[14] - The management regularly reviews the loan portfolio to ensure the value of collateral remains stable and to mitigate credit risk[14] - The expected credit loss and impairment loss for receivables and interest is approximately HKD 36.1 million, an increase from HKD 25.5 million in 2023[16] Corporate Governance - The board of directors consists of five executive directors and three independent non-executive directors, with all independent directors confirming their independence[49] - The company has complied with the corporate governance code, with minor deviations noted regarding the notice period for board meetings[45] - The company has implemented a behavior code for directors' securities trading, ensuring compliance with the standards set forth in the listing rules[47] - The company aims to enhance board performance through a diversity policy, recognizing the benefits of a diverse board[49] Financial Position and Assets - As of December 31, 2024, the total loan portfolio amounts to approximately HKD 147.3 million, with secured loans at HKD 93.8 million and unsecured loans at HKD 53.5 million[15] - The company’s cash and cash equivalents at year-end stood at HKD 19,548,000, down from HKD 41,027,000 at the beginning of the year[148] - The company’s non-current assets decreased to HKD 12,080,000 from HKD 24,169,000, a decline of 50%[141] - Current assets decreased to HKD 311,048,000 from HKD 354,777,000, a reduction of 12.3%[141] Shareholder Information - The group will not recommend a dividend for the fiscal year 2024, consistent with the previous year[25] - Major shareholders as of December 31, 2024, include Li Wei with 30,778,750 shares (5.17%) and Yongrong (Hong Kong) Asset Management Limited with 136,940,000 shares (18.60%)[109] - The company has no distributable reserves for shareholders as of December 31, 2024, and December 31, 2023[96] Environmental and Social Responsibility - The company has actively responded to environmental and social responsibilities, implementing various energy-saving and waste-reduction measures in its operations[89] - The company has adopted various environmental, social, and governance practices, with a separate report to be published alongside the annual report[89] Audit and Compliance - The financial statements for the year ending December 31, 2024, were audited by KPMG[121] - The statutory audit fees for the fiscal year ending December 31, 2024, are approximately HKD 500,000, compared to HKD 550,000 for 2023[71] - The audit committee must approve any non-audit services provided by the external auditor to avoid conflicts of interest[70] Employee and Talent Management - The company recognizes employees as valuable assets and provides competitive compensation to attract and retain talent[116] - As of December 31, 2024, the company has 55 employees in Hong Kong and China, down from 70 in 2023[41] Future Outlook - The group acknowledges the challenges posed by global economic conditions, including trade tensions and geopolitical uncertainties, but remains cautiously optimistic about future growth prospects[17]

Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, decreased by approximately 8.1% to RMB 22,323.6 million, while the attributable profit to equity holders dropped significantly by about 31.0% to RMB 3,369.2 million[6]. - Basic earnings per share for the year were RMB 0.792, down from RMB 1.176 in the previous year[6]. - The average selling price of float glass significantly declined, contributing to the 31.0% decrease in net profit, alongside one-time impairment losses on property, plant, and equipment[8]. - The average cost of raw materials and energy was lower in 2024, which mitigated the negative impact of lower average selling prices on profitability[8]. - The company's revenue decreased by 8.1% to RMB 22,323.6 million in 2024, down from RMB 24,293.7 million in 2023[28]. - Net profit attributable to equity holders fell by 31.0% to RMB 3,369.2 million in 2024, compared to RMB 4,883.1 million in 2023[28]. - In 2024, the cost of sales decreased by 8.4% to RMB 15,091.8 million, down from RMB 16,476.2 million in 2023, primarily due to reduced sales volume and lower average costs of raw materials and energy[34]. - Gross profit for 2024 was RMB 7,231.8 million, a decrease of 7.5% from RMB 7,817.5 million in 2023, with a slight increase in gross margin from 32.2% to 32.4% attributed to higher average selling prices of automotive glass products[35]. - Other income increased significantly to RMB 721.7 million from RMB 605.7 million in 2023, mainly due to higher rental income and increased sales of self-generated electricity to the grid[36]. - Net profit attributable to equity holders decreased by 31.0% to RMB 3,369.2 million from RMB 4,883.1 million in 2023, with a decline in net profit margin to 15.1%[45]. Cost Control and Efficiency - The company implemented strict policies to control production costs and save energy, focusing on developing innovative high-value-added components and energy-saving coated glass products[9]. - The company has strengthened cost control measures for raw materials and improved production processes, resulting in enhanced production efficiency and compliance with national carbon neutrality policies[12]. - The company has reduced interest expenses by repaying most of its Hong Kong dollar bank loans with its financial resources and RMB loans, which have a lower interest cost[8]. Market and Sales Strategy - Despite weak demand for float glass in China, the sales volume of construction glass products still recorded growth due to the company's strong reputation and flexible marketing strategies[10]. - The construction glass sales volume continued to grow, driven by increasing demand for energy-efficient low-emissivity glass[10]. - The company is focusing on commercial and public projects for new glass window installations, primarily led by government-related entities or financially strong state-owned enterprises[10]. - The automotive glass business is focusing on addressing challenges from overseas demand slowdown due to high inflation, high loan interest costs, and increased transportation costs, with new glass products for ADAS, HUD, and electric vehicles being developed for future launch[11]. - The company anticipates a cautious optimistic outlook for the float glass market in 2025, supported by government initiatives to ensure property project completions and easing of property purchase restrictions[18]. Research and Development - The company is investing in R&D for new glass products and advanced low-emission coating materials to capture new market opportunities[15]. - The company plans to allocate sufficient resources for R&D to enhance product quality and develop new products and materials[23]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year ending December 31, 2024[76]. - The board consists of 12 members, with 11 males and 1 female, achieving gender diversity[101]. - The board has implemented a diversity policy, considering factors such as gender, age, cultural background, and professional experience in appointing board members[97]. - The company has a strong governance framework, with the chairman and CEO closely monitoring operational and financial performance[84]. - The board closely monitors corporate governance practices, risk management, and internal control systems to align corporate value with the company's culture[78]. Environmental and Social Responsibility - The company has implemented environmental measures, including using natural gas as the main energy source for glass furnaces and utilizing waste heat for power generation[126][127]. - The group has established a wind power project in Anhui Province and several small solar power projects to reduce fossil fuel consumption and improve air quality[128]. - The company is preparing its Environmental, Social, and Governance (ESG) report for the fiscal year ending December 31, 2024, to be published by April 30, 2025[129]. Shareholder Information - The company plans to propose a final dividend of HKD 0.10 per share at the upcoming annual general meeting[6]. - The board proposed a final dividend of HKD 0.10 per share for the fiscal year ending December 31, 2024, subject to shareholder approval at the annual general meeting scheduled for May 30, 2025[122]. - The company intends to maintain a relatively stable dividend payout ratio, balancing operational cash needs and future growth[144]. Employee and Workforce - The number of full-time employees as of December 31, 2024, was 16,485, with 15,039 based in China and 1,446 in Hong Kong and other regions, reflecting the company's commitment to maintaining a skilled workforce[54]. - As of December 31, 2024, the employee gender distribution is 88% male and 12% female among 16,485 employees[101]. Related Party Transactions - The company has ongoing related party transactions, including a glass procurement agreement with Xinyi Solar, with a transaction limit of RMB 13.6 million and an actual transaction amount of RMB 5.417 million for the year[185]. - A production equipment procurement agreement with Xinyi Solar has a transaction limit of RMB 288 million and an actual transaction amount of RMB 199.371 million for the year[186]. - The company established a glass supply agreement with 信義汽車玻璃, with a transaction cap of HKD 8,600,000 (approximately RMB 7,922,000) and an actual transaction amount of HKD 8,224,000 (approximately RMB 7,575,000) for the year ending December 31, 2024[189].

Financial Performance - Prada Group reported a net revenue of €1,341.3 million for the three months ending March 31, 2025, representing a 12.5% increase compared to the same period in 2024[2]. - Retail sales net revenue increased by 13.0% year-over-year, accounting for 90.6% of total net revenue[5]. - The total net revenue for retail sales was €1,215.8 million, reflecting a 13.5% increase[4]. Retail Sales Growth - Miu Miu's retail sales net revenue surged by 60.2%, while Prada's remained stable with a slight increase of 0.1%[4]. - The Asia-Pacific region saw a retail sales net revenue increase of 9.6%, Europe increased by 14.3%, and the Middle East recorded a robust growth of 26.5%[4]. - Japan's retail sales net revenue increased by 18.0%, supported by strong local demand and positive tourism numbers[9]. - Church's retail sales net revenue recorded a year-over-year growth of 1.8%[7]. Store Operations - The company opened 4 new stores and closed 2, bringing the total number of stores to 611 as of March 31, 2025[5]. Wholesale and Licensing Revenue - Wholesale sales net revenue grew by 6.9% year-over-year, aligning with the company's strategic goals[5]. - Licensing revenue increased by 14.7%, driven by contributions from eyewear and fragrances[5].

除年報所披露之資料外，本公司董事會（「董事會」）謹此就年報「購股權計劃」一節所 載之購股權計劃向本公司股東及潛在投資者提供以下補充資料： 購股權計劃 （ 於百慕達註冊成立之有限公司 ） （ 股份代號：00922） 有關截至二零二四年三月三十一日止年度之年報之補充公佈 茲提述安賢園中國控股有限公司（「本公司」）於二零二四年七月十八日刊發的截至二 零二四年三月三十一日止年度之年報（「年報」）。除非文義另有所指，否則本公佈所 用之詞彙與年報所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ANXIAN YUAN CHINA HOLDINGS LIMITED 安賢園中國控股有限公司* 截至二零二三年四月一日、二零二四年三月三十一日及年報日期，根據計劃授權可 供授出及根據購股權計劃可供發行的購股權總數為74,054,526份，佔年報日期已發 行股份總數（不包括庫存股份）約3.33%。購股權計劃項下並無設有服務提供者分項 限額。 經董事會酌情 ...

Financial Performance - In 2024, the company's revenue was RMB 21,921.4 million, a decrease of 9.3% compared to 2023[9]. - Profit attributable to equity holders dropped by 73.8% to RMB 1,008.2 million in 2024[9]. - Basic earnings per share for 2024 were RMB 0.1127, down from RMB 0.4317 in 2023[9]. - The gross profit decreased from RMB 6,466.2 million in 2023 to RMB 3,473.1 million in 2024, a decline of 46.3%, with the overall gross margin dropping to 15.8%[40]. - The net profit attributable to equity holders decreased by 73.8% from RMB 3,842.8 million in 2023 to RMB 1,008.2 million in 2024[51]. - EBITDA decreased by 38.2% from RMB 7,107.5 million in 2023 to RMB 4,392.8 million in 2024, with an EBITDA margin of 20.0%[51]. - Cash generated from operating activities decreased significantly from RMB 5,305.0 million in 2023 to RMB 1,235.1 million in 2024[53]. - Other income decreased from RMB 336.4 million in 2023 to RMB 273.9 million in 2024, a reduction of RMB 62.5 million[43]. - Administrative and other operating expenses decreased by 6.6% from RMB 1,091.5 million in 2023 to RMB 1,019.3 million in 2024[46]. - Financial costs increased from RMB 348.7 million in 2023 to RMB 432.1 million in 2024, primarily due to higher average bank borrowings[48]. Market and Industry Trends - China's newly installed photovoltaic capacity grew by 28.3% to 277.57 GW in 2024, with large-scale ground-mounted projects accounting for 159.39 GW[11]. - The global photovoltaic installation growth rate slowed down in 2024 compared to 2023, with major markets like the EU showing signs of contraction[10]. - The solar industry is undergoing a significant cyclical adjustment, leading to a wave of consolidation and mergers due to financial difficulties among less efficient companies[13]. - The solar industry faces challenges with declining product prices across the supply chain, necessitating capacity reductions to stabilize market prices and improve overall profitability[23]. - The average selling price of solar glass products significantly declined due to supply-demand imbalance and intense competition[9][13]. Business Operations - The company experienced a sales volume increase in its solar glass business, despite a decrease in gross margin[9]. - In 2024, the solar glass business achieved a sales volume increase of 9.6% year-on-year, despite a significant decline in revenue and gross profit by 11.9% and 60.5% respectively due to falling average selling prices[17]. - The actual number of new production lines for solar glass was reduced from six (daily melting capacity of 6,400 tons) to four (daily melting capacity of 4,400 tons) in 2024, with total production capacity decreasing from 27,000 tons/day to 23,200 tons/day by December 31, 2024[16]. - The cumulative approved grid-connected capacity of solar power projects reached 6,244 MW by December 31, 2024, with 5,841 MW from large ground-mounted projects[19]. - The company completed the sale of solar power projects with a total capacity of 860 MW to Xinyi Energy in 2024, enhancing operational funding for project development[18]. - The company is actively seeking potential solar power projects and conducting feasibility studies, despite slowing down new project construction due to increased uncertainty in investment returns[18]. Financial Strategy and Capital Structure - The company applied for the issuance of up to RMB 3 billion in Panda bonds to optimize its capital structure and enhance financial liquidity, with approval received on March 12, 2025[20]. - The proportion of RMB bank loans increased from 33.8% at the end of 2023 to 84.3% by the end of 2024, improving financial liquidity[22]. - The net debt ratio rose to 31.0% in 2024 from 17.5% in 2023, attributed to increased borrowings and reduced cash[53]. Corporate Governance - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules for the year ending December 31, 2024[74]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[75]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[74]. - The board is responsible for preventing fraud and safeguarding the company's assets while formulating overall business strategies[75]. - The company has a strong focus on risk management and internal control systems to align corporate values with its culture[74]. Environmental and Social Responsibility - The group has invested in various solar power projects to reduce fossil fuel consumption and carbon dioxide emissions, improving air quality and the environment[130]. - Environmental measures include using natural gas as the primary energy source for glass furnaces and recycling waste glass in the production process[129]. - The environmental, social, and governance (ESG) report for the year ending December 31, 2024, will be published simultaneously with the annual report[131]. Employee and Compensation - The group has approximately 9,645 full-time employees as of December 31, 2024, with 8,211 in mainland China and 1,434 in other regions[62]. - Total employee costs, including director remuneration, amounted to RMB 1,279.8 million for the fiscal year ending December 31, 2024[62]. - The company maintains competitive compensation and benefits for employees, with regular reviews based on performance and overall company performance[62]. Share Options and Incentives - A total of 18,700,000 stock options were granted during the year ending December 31, 2024[157]. - The fair value of stock options granted under the 2014 stock option plan is estimated at approximately HKD 39,622,000[157]. - The exercise price of the stock options granted on March 28, 2024, is HKD 6.15, with a share price of HKD 5.99 at the time of grant[158]. - The stock options granted are subject to performance targets set by the board of directors[159]. - The company has established a standard employee performance assessment system to evaluate contributions to the group[159].

Financial Performance - The total market value of the group's investment properties as of December 31, 2024, is approximately HKD 604.1 million, a decrease of about HKD 247.3 million compared to 2023[9]. - Rental income for the year ended December 31, 2024, is approximately HKD 26.8 million, a decrease of about 3.5% from 2023, primarily due to increased rental concessions[10]. - The net loss for the year ended December 31, 2024, is approximately HKD 234.3 million, compared to a net loss of HKD 47.1 million in 2023[13]. - Revenue for the fiscal year 2024 was HKD 26.8 million, a decrease from HKD 27.8 million in 2023, representing a decline of approximately 3.6%[20]. - The annual loss attributable to equity holders of the company was HKD 234.3 million in 2024, compared to HKD 47.1 million in 2023, indicating a significant increase in losses[20]. - The total equity attributable to equity holders was HKD 608.0 million as of December 31, 2024, down from HKD 882.3 million in 2023, a decrease of approximately 30.9%[20]. - The basic loss per share for 2024 was HKD 0.6066, an increase from HKD 0.1219 in 2023, reflecting a worsening financial performance[33]. Investment Properties - The fair value of the group's investment properties decreased by approximately HKD 247.3 million in 2024, reflecting the overall market conditions for commercial retail and residential investment properties in Hong Kong[13]. - The fair value of the investment in the Epic Capital Development Fund I, L.P. is approximately HKD 55.7 million as of December 31, 2024, down from HKD 89.5 million in 2023[11]. - The net change in fair value of investment properties decreased by HKD 247.3 million in 2024, compared to a decrease of HKD 56.7 million in 2023[20]. - The investment in a fund related to property reconstruction decreased in fair value to approximately HKD 55.7 million in 2024 from HKD 89.5 million in 2023, a decline of about 37.8%[31]. Market Conditions - The long-term high-interest environment and strong HKD are negatively impacting consumer sentiment, hindering the recovery of the Hong Kong retail market[15]. - The group anticipates ongoing challenges in the retail market due to changing consumer habits and geopolitical tensions affecting the global economic outlook[15]. Financial Health - The group's total comprehensive expenses for 2024 are approximately HKD 40.1 million, compared to about HKD 6.2 million in 2023[10]. - The net current liabilities were approximately HKD 7.6 million as of December 31, 2024, a significant decrease from HKD 66.8 million in 2023[34]. - The current ratio improved to approximately 0.91 in 2024, compared to 0.40 in 2023, indicating better short-term financial health[34]. - The company has no major plans for significant investments or acquisitions due to an uncertain market outlook[20]. Corporate Governance - The company emphasizes effective corporate governance as a key factor for sustainable development and shareholder value[60]. - The board consists of seven members, including four executive directors and three independent non-executive directors[61]. - The independent non-executive directors have extensive experience in banking and property investment[55][56]. - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules[60]. - The board is responsible for overall management, including policy formulation, strategy approval, and risk management systems[61]. - The company has established sufficient risk management procedures to identify and control various risks in its internal and external environment[47]. Employee and Board Diversity - The gender diversity ratio among board members is balanced, with 28.6% male and 71.4% female employees in 2024[73]. - The company has implemented a board diversity policy, considering factors such as gender, age, and professional experience[67]. - The company reported a 0% employee turnover rate for the year 2024, maintaining a stable workforce of 7 full-time employees[137]. - The age distribution of employees showed 42.8% in the 36-45 age group and 57.2% in the 56 and above category, with no employees in the 18-25 and 26-35 age groups[140]. Environmental, Social, and Governance (ESG) Compliance - The company has complied with the environmental, social, and governance (ESG) reporting guidelines for the year ending December 31, 2024[121]. - Stakeholder engagement activities are conducted to maintain ongoing dialogue and make informed decisions regarding ESG matters[122]. - The company remains committed to environmental compliance, with no significant adverse impacts reported from its operations[135]. Risk Management and Internal Controls - The board is responsible for maintaining an effective internal control and risk management system, which is reviewed annually for effectiveness[106]. - The company has established an insider information policy to guide the handling of insider information and ensure compliance with regulations[107]. - The company has implemented internal control policies to manage potential conflicts of interest among directors[102]. Shareholder Information - The company did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[51]. - The company’s available reserves for distribution as of December 31, 2024, were approximately HKD 0, unchanged from the previous year[178]. - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special general meeting[112]. Charitable Contributions - The company donated HKD 50,000 to the Wing Lee Entrance Scholarship at the University of Hong Kong to encourage youth[153]. - The company made a charitable donation of HKD 50,000 during the fiscal year, consistent with the previous year[169].

Financial Performance - The company's net profit for 2024, according to Chinese accounting standards, is RMB 153,452 million, while the profit under Hong Kong accounting standards is RMB 152,399 million[4]. - The distributable profit for shareholders for 2024 is RMB 152,399 million, based on the lower of the profits calculated under domestic and foreign accounting standards[4]. - The company's operating revenue for 2024 reached ¥7,091,832,628.35, representing a 6.94% increase compared to ¥6,631,337,271.78 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥1,668,981,126.49, a slight increase of 0.55% from ¥1,659,928,716.34 in 2023[24]. - The net cash flow from operating activities for 2024 was ¥2,628,757,994.25, showing a decrease of 0.93% from ¥2,653,472,269.21 in 2023[24]. - Total assets at the end of 2024 amounted to ¥24,414,336,538.24, a 12.31% increase from ¥21,738,743,118.83 in 2023[24]. - The company's net assets attributable to shareholders increased by 5.36% to ¥13,335,168,274.45 in 2024 from ¥12,656,911,593.98 in 2023[24]. - Basic earnings per share for 2024 were ¥1.0063, reflecting a 0.55% increase from ¥1.0008 in 2023[26]. - The weighted average return on equity for 2024 was 12.84%, down from 13.51% in 2023[26]. - The company reported a pre-tax profit of ¥2,226,777,000 for 2024, slightly down from ¥2,263,826,000 in 2023[28]. - Total liabilities increased to ¥9,563,072,000 in 2024 from ¥7,631,261,000 in 2023[30]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 6.04 per 10 shares, totaling RMB 100,180.04 million, based on a total share capital of 1,658,610,000 shares[4]. - The company has reached a cumulative legal surplus reserve that exceeds 50% of the total share capital, thus no further allocation will be made this year[4]. - The total retained earnings available for distribution to shareholders as of December 31, 2024, amounted to RMB 11,000,485 thousand, an increase from RMB 10,473,278 thousand in 2023, reflecting a growth of approximately 5%[149]. - For the current year, the company plans to distribute a cash dividend of RMB 0.604 per share, achieving a payout ratio of 60.02%[180]. Risk Management and Compliance - The report includes a detailed description of existing risk factors and future development strategies, which investors are advised to consider[5][6]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company is committed to risk management, conducting annual risk assessments and optimizing its risk warning indicator system to proactively address foreseeable risks[184]. - The company has complied with significant laws and regulations impacting its operations, fulfilling its social responsibilities towards shareholders, employees, consumers, and the community[185]. - The company has not engaged in any related party fund occupation during the reporting period, maintaining strict compliance with regulatory requirements[178]. Operational Efficiency and Growth Strategies - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. - The company aims to enhance its market presence through strategic management and operational improvements[49]. - The company is actively exploring digital transformation through the application of 5G and big data technologies[59]. - The company is focusing on technological innovation and asset optimization to strengthen its competitive advantage in the highway industry[126]. - The company plans to enhance operational efficiency by optimizing management mechanisms and promoting innovation within operational units[134]. Corporate Governance - The company has established a robust investor relations management system, actively engaging with investors through various channels to enhance transparency[179]. - The company has fully adopted the Corporate Governance Code, ensuring alignment with regulatory standards set by the China Securities Regulatory Commission[171]. - The company has conducted 7 supervisory board meetings during the reporting period, with all supervisors present, ensuring compliance with financial oversight responsibilities[173]. - The board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors, with a strong background in finance and management[172]. Financial Instruments and Debt Management - The group secured bank loans totaling RMB 2.649 billion during the reporting period, a significant increase from RMB 480 million in 2023[150]. - As of the end of the reporting period, the outstanding bank loan balance was RMB 6.641 billion, compared to RMB 6.477 billion in 2023, indicating a slight increase of about 2.5%[150]. - The capital debt ratio as of December 31, 2024, was 29.07%, up from 28.33% in 2023, showing a trend towards increased leverage[150]. - The group maintained a fixed interest rate of 1.2% on RMB 220 million of its bank loans, while the remaining loans had floating rates ranging from 2.29% to 3.17%[150]. Market and Revenue Outlook - The company provided an optimistic outlook, projecting a revenue growth of 10% for the next quarter, aiming for $1.32 billion[199]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[200]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[198]. - The company aims to achieve a total toll revenue target of approximately RMB 4.603 billion (after tax) by 2025, compared to RMB 3.830 billion in 2024[133].

Financial Performance - In 2024, the company's revenue decreased by 4.0% compared to the previous year, and contract sales dropped by 33.8% from 2023, resulting in tense cash flow[16]. - For the year ended December 31, 2024, the company reported revenue of RMB 2,019 million, a decrease of 3.9% from RMB 2,102 million in 2023[36]. - The gross loss for 2024 was RMB (190) million, compared to a gross profit of RMB 395 million in 2023[36]. - The loss before taxation for 2024 was RMB (5,267) million, significantly higher than the loss of RMB (2,555) million in 2023[36]. - The total loss for the year attributable to equity shareholders of the company was RMB (5,586) million, compared to a loss of RMB (2,986) million in 2023[36]. - The Group's revenue decreased by 4.0% to RMB 2,018.8 million in 2024 from RMB 2,101.9 million in 2023, primarily due to a decline in income from property management and hotel operations[85]. - Revenue from property management and hotel operation decreased by 7.6% to RMB 492.8 million in 2024 from RMB 533.3 million in 2023[91]. - Rental income for the reporting period was RMB 151.9 million, representing a decrease of 11.1% compared to 2023[73]. Sales and Contracted Sales - Contracted sales during the reporting period were RMB 384.4 million, representing a decrease of 33.8% from 2023[46]. - The average unit price for contracted sales was RMB 11,610 per square metre, a decrease of 19.5% from 2023[46]. - Contracted sales area increased to 10,009 square metres in 2024, up 36% from 7,359 square metres in 2023[49]. - Contracted sales amount rose to RMB 155.6 million in 2024, compared to RMB 116.3 million in 2023, reflecting a growth of 33.8%[49]. - The total contracted sales amount for the Group decreased to RMB 384.4 million in 2024 from RMB 580.8 million in 2023, a decline of 33.8%[51]. - The proportion of residential properties in total contracted sales decreased to 30% in 2024 from 67% in 2023[53]. - The proportion of commercial properties and car parks increased to 70% in 2024 from 33% in 2023[53]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 46,097 million, down from RMB 50,832 million in 2023[36]. - Total liabilities increased to RMB 51,088 million in 2024, compared to RMB 50,024 million in 2023[36]. - The current ratio decreased to 76.7% from 85.2% as of December 31, 2023, with current assets dropping from RMB 36,619.9 million to RMB 34,265.1 million[126]. - The gearing ratio increased to 58.0% from 53.2% as of December 31, 2023, while the debt to asset ratio rose by 12.4 percentage points to 110.8% due to operational losses[127]. - Total loans and borrowings amounted to RMB 26,748.7 million as of December 31, 2024, with RMB 22,864.3 million due within one year[129]. Operational Challenges - The company faced a series of lawsuits and debt collection actions from creditors, which put tremendous pressure on operations[22]. - The company is actively pursuing a practical debt restructuring plan to alleviate financial pressure and create a favorable environment for sustainable development[31]. - Certain project companies are undergoing bankruptcy reorganization, impacting construction activities[54]. - The company has outlined plans for future phases in both Weifang and Yantai, indicating ongoing market expansion strategies[62]. Strategic Initiatives - The company implemented the Amoeba business model to improve operational efficiency and maintain basic operations amid tight funds[20]. - The company is actively exploring business innovation, focusing on upgrading existing projects and developing new formats such as health and wellness apartments[21]. - The company aims to combine cultural tourism and commercial resources to create a diversified product and service system[21]. - The market environment remains complex, but the company believes in seizing opportunities through innovative thinking for sustainable development[23]. Project Development - The total Gross Floor Area (GFA) at the end of the reporting period was 5,168,724 square meters, with attributable GFA of 4,628,879 square meters[83]. - The company has a total saleable GFA of 469,681 square meters, with 463,200 square meters under development and 607,816 square meters planned[62]. - The company is focusing on expanding its composite and residential projects across various cities in Shandong Province[62]. - The company is actively developing new composite projects, with significant GFA planned for future phases in multiple locations[62]. Financial Assistance and Loans - Sunshine 100 Group has provided financial assistance through loans, with an outstanding principal amount of RMB 236 million to Wuxi Puyida Electronics Co., Ltd. as of the report date[157]. - The loans provided by Sunshine 100 Group are secured by accounts receivable and equity interests in the respective borrowers[162]. - The company has not issued any written repayment notices for the loans, indicating that none of the loans are currently overdue except for the loan to Shenzhen Chengjin[166]. Shareholder and Corporate Governance - Joywise Holdings Limited, the controlling shareholder, holds 1,353,353,906 ordinary shares, approximately 53.06% of the total issued share capital, including 9.21% of derivative interests[186]. - A winding-up order was made against Joywise on January 17, 2024, which may impact the company's operations[186]. - The company received a letter regarding the appointment of receivers over 971,335,000 ordinary shares, representing approximately 38.08% of the total issued shares as of the report date[184].

Financial Performance - The company reported revenue of approximately HKD 21,961,000 for the year ended December 31, 2024, a decrease of 27.5% or about HKD 8,337,000 compared to HKD 30,298,000 for the year ended December 31, 2023[9]. - Gross profit for the year was approximately HKD 6,601,000, with a gross margin increase from 18.8% in 2023 to 30.1% in 2024[9]. - The company recorded a loss before tax of approximately HKD 17,072,000 for the year, compared to a loss of HKD 27,641,000 in the previous year[6]. - The basic loss per share attributable to the owners of the company was HKD 0.041, improving from HKD 0.072 in 2023[12]. - Total revenue for 2024 was HKD 21,433,000, down from HKD 29,547,000 in 2023, representing a decline of approximately 27.4%[15]. - The leather retail business recorded a loss of about HKD 2,004,000 in 2024, an improvement from a loss of HKD 2,857,000 in 2023[16]. - The company recorded a significant loss of approximately HKD 17,072,000 for the year, with net current liabilities of about HKD 48,866,000 and asset deficit of approximately HKD 62,021,000 as of December 31, 2024[173]. - The net loss for the year was HKD 17,072,000, compared to HKD 27,909,000 in 2023, reflecting a decrease of 38.7%[196]. - The total comprehensive loss for the year was HKD 17,038,000, compared to HKD 27,732,000 in 2023, indicating a decrease of 38.5%[196]. Revenue Breakdown - Revenue from the leather manufacturing business was approximately HKD 21,433,000, a decrease of 27.5% from HKD 29,547,000 in 2023, primarily due to reduced sales orders from brand clients[14]. - The leather manufacturing and retail businesses accounted for approximately 97.6% and 2.4% of total revenue, respectively, showing a stable revenue structure[13]. - Revenue from Hong Kong decreased by approximately 30.5% to about HKD 522,000 in 2024, compared to HKD 751,000 in 2023[16]. Expenses and Costs - Administrative and other operating expenses decreased by approximately HKD 2,843,000 to about HKD 16,516,000, attributed to improved human resource management[11]. - Financing costs rose to HKD 3,091,000 from HKD 2,931,000, an increase of 5.5%[196]. - The company recorded other losses of HKD 1,553,000, down from HKD 8,162,000, showing a significant reduction of 81.0%[196]. - Administrative and other operating expenses decreased to HKD 16,516,000 from HKD 19,359,000, a decline of 14.8%[196]. Assets and Liabilities - Total current assets decreased to approximately HKD 10,878,000 in 2024 from HKD 13,252,000 in 2023[23]. - The company’s current ratio was 0.18, slightly down from 0.20 in the previous year, indicating liquidity challenges[6]. - The debt-to-asset ratio increased to approximately 670.2% in 2024 from 522.8% in 2023[24]. - Cash and cash equivalents decreased from 997 thousand HKD in 2023 to 829 thousand HKD in 2024, a decline of approximately 16.9%[200]. - Inventory decreased significantly from 4,594 thousand HKD in 2023 to 2,010 thousand HKD in 2024, a reduction of about 56.3%[197]. - Trade payables increased from 3,100 thousand HKD in 2023 to 4,766 thousand HKD in 2024, an increase of approximately 53.7%[197]. - Non-current liabilities increased from 6,975 thousand HKD in 2023 to 13,155 thousand HKD in 2024, an increase of approximately 88.5%[197]. - The total equity attributable to owners decreased from (59,325) thousand HKD in 2023 to (62,011) thousand HKD in 2024, reflecting a decline of about 4.5%[199]. Corporate Governance - The company has adhered to the corporate governance code, with no significant issues raised during the annual review of internal controls[51]. - The board emphasizes the importance of good corporate governance to enhance shareholder value and protect shareholder interests[50]. - The board consists of six directors, including four executive directors and two independent non-executive directors, following the passing of an independent director on December 28, 2024[60]. - The company has appointed a new independent non-executive director on January 21, 2025, to comply with listing rules regarding the minimum number of independent directors[60]. - The audit committee was restructured to meet the requirement of having at least three members after the passing of an independent director[60]. - The board is responsible for overall management and oversight, including approving policies, strategies, budgets, and risk management systems[61]. - The company has adopted a standard code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2024[53]. - The board meets approximately quarterly and holds additional meetings as needed based on business requirements[58]. Risk Management - The company has a commitment to improving risk management and internal control systems as a continuous process[52]. - An independent external consultant was hired to conduct an annual review of the risk management system, which has been approved by the board and audit committee[104]. - The company has adopted insider information policies to ensure the accuracy and timeliness of disclosures, including risk identification and management processes[105]. - The audit committee has rigorously reviewed disclosures regarding significant uncertainties related to the company's ability to continue as a going concern[102]. Shareholder Relations - The company maintains good investor relations through various communication channels, including annual and interim reports published on its website[112]. - The company encourages shareholders to attend annual general meetings and allows them to raise questions regarding performance and future direction[113]. - Shareholders holding at least 10% of the paid-up capital can request the board to convene an extraordinary general meeting[114]. Future Plans - The company plans to diversify into industrial hemp cultivation and hemp fabric production, having obtained necessary permits and leased land for trials[19]. - The company aims to enhance its product lines and expand into high-end craftsmanship and sustainable fashion, targeting growth in domestic orders[18]. - The company will continue to monitor market recovery and allocate marketing resources accordingly to adapt to changing consumer behavior[20]. Employment and Staff - The group employed 109 staff as of December 31, 2024, down from 126 in 2023, with employee compensation based on job nature, performance, and tenure[39]. - The company has a pension plan where it contributes 5% of employees' monthly salaries, with a cap of HKD 1,500 per month[150].