Guarantees - As of December 31, 2024, the outstanding guarantees amounted to RMB 1,482.2 million, a decrease from RMB 2,070.9 million as of December 31, 2023, reflecting a reduction of approximately 28.5%[3] Financial Data Accuracy - The clarification announcement does not affect any other financial data disclosed in the 2024 annual performance announcement, ensuring the accuracy of all other information remains unchanged[4]

Financial Performance - The Group recorded revenue of HK$169.7 million for the year ended 31 December 2024, a significant increase from HK$62.4 million in the previous year, representing a growth of 172%[18] - Gross profit for the current year was HK$30.0 million, compared to HK$13.1 million in the corresponding year, indicating a gross profit margin improvement[18] - The net loss for the year was HK$35.3 million, reduced from a loss of HK$65.1 million in the previous year, showing a 46% improvement in financial performance[18] - The Group's revenue for the current year was HK$169.7 million, a significant increase from HK$62.4 million in the previous year, with a gross margin of 17.7%, down from 21.0%[39][45] - Other income for the current year was HK$10.0 million, compared to HK$8.6 million in the previous year, primarily from interest, investment, and rental income[40][46] - The Group recorded a net loss of HK$35.3 million, which is a reduction of HK$29.8 million from the previous year, attributed to growth in the Sports and Entertainment Business and lower impairment losses[52][58] Assets and Liabilities - Total assets as of 31 December 2024 amounted to HK$421.7 million, up from HK$335.2 million in 2023, reflecting a growth of 26%[15] - Total liabilities increased to HK$269.8 million in 2024 from HK$145.9 million in 2023, indicating a rise of 85%[15] - Net assets decreased to HK$151.8 million in 2024 from HK$189.3 million in 2023, a decline of 20%[15] - As of December 31, 2024, the Group's net cash position is HK$25.3 million, down from HK$62.9 million in 2023[69] - The Group's cash and bank balances decreased to HK$75.5 million from HK$87.0 million in the previous year[69] - Interest-bearing bank and other borrowings increased to HK$50.2 million from HK$24.1 million in 2023[69] - The net cash outflow from operating activities for the current year was HK$27.8 million, compared to HK$3.4 million in the corresponding year[70] - The current ratio decreased to 1.18 from 1.55 in 2023, while the quick ratio fell to 0.97 from 1.40[75] - The gearing ratio increased to 0.33 from 0.13, and the debt to total assets ratio rose to 0.12 from 0.07[75] Business Operations and Strategy - The Group has established a leading dome manufacturing center in Huzhou, Zhejiang Province, with an annual processing capacity exceeding 5 million square meters[20] - MetaSpace, a subsidiary, focuses on providing integrated services for air-dome facilities applicable in five major sectors, including sports and commercial tourism[19] - The company aims to enhance its competitive edge through customized manufacturing processes and comprehensive solutions for clients[20] - Future strategies include expanding nationwide sales channels and leveraging technical advantages to capture market opportunities[20] - MetaSpace secured new contracts amounting to approximately RMB206 million during the current year, indicating a strong recovery post-pandemic[31] - The company is actively expanding its market presence through professional exhibitions and collaborations to promote dome structure technology[25] - The air dome technology is being applied in agricultural warehousing, aiding in food preservation and transportation[30] - The management remains cautiously optimistic about future performance due to substantial new contracts in the pipeline[31] Lending and Interest Income - The Group's lending business generated interest income of HK$3.1 million, an increase from HK$2.2 million in the previous year[32] - As of December 31, 2024, the gross loan balances were HK$27.0 million, up from HK$26.0 million in 2023[32] - The weighted average interest rate of outstanding loans decreased to 10.9% from 12.0% in the previous year[32] - Interest income from the lending business contributed HK$3.1 million, up from HK$2.2 million last year, with total loan balance increasing to HK$27.0 million from HK$26.0 million[36] Corporate Governance and Management - The Directors of the Company include Mr. Liu Xue Heng as Chairman and Chief Executive Officer, and Mr. Lam Ka Tak among others[131] - The Company has received annual confirmations of independence from all Independent Non-executive Directors[132] - Directors' remuneration is determined by the Board based on duties, responsibilities, performance, and Group results[141] - The directors' fees are subject to shareholders' approval at general meetings[141] - Mr. Tse Man Kit, Keith was redesignated from chief financial officer to chief executive officer on December 30, 2024[139] - Mr. Lam Ka Tak was appointed as an independent non-executive director and chairman of the audit committee on March 31, 2025[139] Share Options and Equity - The company operates a share option scheme to incentivize eligible participants contributing to the Group's success[157] - As of December 31, 2024, there are 12,874,500 outstanding share options, representing approximately 0.9% of the total number of shares in issue[165] - The Company may grant share options to eligible participants conferring rights to subscribe for a total of up to 127,927,400 shares, representing approximately 9.09% of the total number of shares in issue as of December 31, 2024[165] - The maximum number of shares that may be issued upon exercise of all share options under the Share Option Scheme must not exceed 30% of the total number of ordinary shares in issue from time to time[163] - The New Share Option Scheme will expire on June 17, 2031, if not terminated earlier by a general meeting[171] - The exercise price for share options must be at least the higher of the closing price on the date of the offer or the average closing price for the five business days preceding the date of grant[170] Risk Management - The Group's credit risk is well-managed, with no significant concentrations of credit risk due to a large number of counterparties and customers[82] - The Group's liquidity risk is minimal, with a substantial portion of financial assets and liabilities due within one year[84] - The Group is exposed to foreign currency risk primarily with respect to Renminbi and United States dollar, but considers this risk to be insignificant[86] - The Group adheres to a robust credit approval procedure for new customers in the Sports and Entertainment Business[82] - The Group regularly reviews and monitors the creditworthiness of counterparties to recover overdue debts[82] Compliance and Legal Matters - There was no material breach of applicable laws and regulations by the Group during the year ended December 31, 2024[105] - The Group had no significant pending litigation or arbitration as of December 31, 2024[194] - The Group did not have any significant contingent liabilities as of December 31, 2024, compared to nil in 2023[195] - The Company is not aware of any tax relief available to shareholders due to their holdings[192] Employee Benefits - The Group contributes 5% of employees' monthly salaries to the mandatory provident fund scheme, capped at HK$30,000[185] - The Group has no further obligation for post-retirement benefits beyond the contributions made to social insurance and the MPF scheme[184]

Financial Performance - For the first quarter of 2025, the group's revenue was approximately RMB 5.787 billion, a decrease of 22.8% compared to the same period last year[3] - The operating profit for the same quarter was approximately RMB 398 million, reflecting a decline of 48.6% year-on-year[3] - The total contracted sales amount recorded by the group and its joint ventures was approximately RMB 6.932 billion, with a sales area of about 598,400 square meters, down 12.5% and 15.9% respectively from the previous year[4] Land Acquisition and Reserves - The group acquired four new land parcels in Nantong, Hohhot, and Hefei, with a total attributable floor area of approximately 414,900 square meters, at a land cost of about RMB 2.458 billion[4] - The total land reserve held by the group and its joint ventures amounted to approximately 13,753,600 square meters, with the group's attributable floor area being about 11,591,800 square meters[4] Pending Sales - As of March 31, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 492 million, covering an area of about 40,700 square meters[4] Financial Management and Risks - The group maintains a professional and prudent financial management approach, closely monitoring external economic conditions and industry consolidation opportunities[5] - The company emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[6] - The financial data presented is unaudited and should not be considered as guarantees of the group's financial performance for the period ending March 31, 2025[6] Corporate Governance - The board of directors includes eight members, with three executive directors and three independent non-executive directors[8]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 23.641 billion, a decrease of approximately 49% compared to RMB 46.459 billion in 2023[21]. - The gross loss for 2024 was RMB 398 million, compared to a gross profit of RMB 1.183 billion in 2023, resulting in a gross loss margin of 2%[21]. - The net loss attributable to the company's owners was RMB 18.624 billion, a 12% improvement from RMB 21.097 billion in the previous year[10]. - The group’s total revenue for 2024 decreased by approximately 49% to RMB 23.64 billion, down from RMB 46.46 billion in 2023[38]. - The group recorded a gross loss of RMB 398 million in 2024, compared to a gross profit of RMB 1.18 billion in 2023, resulting in a gross loss margin of 2%[42]. - The group aims to improve its net debt-to-equity ratio by focusing on the delivery and collection of property development projects in 2025[51]. - The company reported a basic and diluted loss per share of RMB 2.445, a 12% improvement from RMB 2.770 in 2023[10]. Assets and Liabilities - The total assets decreased by 12% to RMB 181.405 billion from RMB 206.172 billion in 2023[10]. - The company's cash resources amounted to RMB 4.828 billion, down 4% from RMB 5.022 billion in 2023[10]. - The net debt ratio surged to 42,020%, an increase of 41,582 percentage points from 438% in 2023[10]. - The total loan amount due by December 31, 2024, is RMB 96.01 billion, with 66% maturing within one year[52]. - The total interest expense for 2024 decreased to RMB 5.30 billion, down from RMB 5.36 billion in 2023, with a weighted average interest rate declining from 5.63% to 5.39%[47]. - Cash resources totaled RMB 4.83 billion as of December 31, 2024, with a current ratio of 0.90, indicating liquidity challenges amid a slow recovery in the real estate market[51]. Real Estate Market and Development - The real estate market in China is expected to stabilize following a series of government policies aimed at promoting recovery, despite a 12.9% year-on-year decline in new residential sales area[22]. - The company has over 240 real estate projects at various stages of development, with land reserves totaling approximately 31 million square meters as of December 31, 2024[5]. - Property development remained the largest contributor, accounting for about 73% of total revenue in 2024[38]. - The average land cost for property development in 2024 was approximately RMB 6,300 per square meter, down from RMB 6,500 per square meter in 2023[41]. - The total area delivered for sale in 2024 was approximately 1,506,754 square meters, a 50% decrease from 2023[61]. - In 2024, residential properties (including villas) accounted for 93% of the group's total property development revenue, down from 92% in 2023[67]. Strategic Initiatives and Future Outlook - The company aims to focus on business transformation due to significant asset price declines and the need to address various risks in the real estate sector[22]. - In 2025, the company aims to enhance high-quality delivery and sustainable operations while actively exploring new business opportunities, including light-asset construction and urban renewal[31]. - The group plans to maintain construction scale in 2025 to ensure sufficient sales resources and deliverable floor area for future growth[77]. - The group aims to enhance investor confidence and loyalty through improved communication mechanisms with the capital market[115]. - The company is focused on expanding its market presence and exploring new investment opportunities[138]. Debt Restructuring and Financial Management - The company successfully completed an overseas debt restructuring process, reducing leverage by approximately $4 billion, which significantly improved its balance sheet and alleviated liquidity pressure[26]. - The total amount of existing offshore debt subject to restructuring is approximately $5.636 billion, which includes various existing offshore debt instruments[106]. - The restructuring involves the issuance of new debt totaling $2.2 billion, including new loans and new notes, to exchange for the release of existing debt obligations[106]. - The group is actively communicating with investors regarding the ongoing negotiations for a new repayment plan for domestic bonds totaling RMB 13.27 billion[109]. - The group has implemented a series of measures to stabilize operations and mitigate debt risks amid ongoing industry pressures[113]. Corporate Governance and Management - The board of directors includes 14 members, with three executive directors and several independent non-executive directors[171]. - The company maintains high corporate governance standards, as detailed in the corporate governance report section of the annual report[159]. - The management team has a diverse background in real estate and financial sectors, contributing to the company's strategic direction[138]. - The board is committed to enhancing corporate governance and strategic operations[137]. - The company emphasizes high standards in information disclosure to ensure timely and transparent communication with investors[114]. Social Responsibility and Sustainability - The company emphasizes environmental responsibility and aims for carbon neutrality by 2050, implementing various environmental policies and standards[152]. - The company is committed to supporting national policies for the sustainable development of the real estate market and improving living quality for families[154]. - The company has established the Ocean Sail Charity Foundation to support education and environmental initiatives, effectively integrating resources for charitable donations and collaborations[156]. - The company focuses on customer service and community building, promoting a healthy lifestyle and quality living standards[155]. - The company emphasizes sustainable development and social responsibility through partnerships with local suppliers and regular evaluations of strategic procurement suppliers[156].

Dividend Distribution - The company plans to distribute a final dividend of RMB 0.25 per share, totaling approximately RMB 45.755 billion based on the total share capital of 183,020,977,818 shares as of December 31, 2024[12]. - The company emphasizes its commitment to shareholder returns through dividend distributions[12]. - Cash dividends for 2024 amounted to RMB 86.020 million, representing 52.2% of the net profit[118]. - The proposed final dividend is subject to approval at the 2024 annual general meeting of shareholders[120]. - The dividend for A-shares will be paid in RMB, while H-shares will be paid in HKD, with the applicable exchange rate based on the average midpoint rate published by the People's Bank of China one week prior to the dividend declaration[121]. - Individual shareholders holding A-shares for more than one year will be exempt from individual income tax on dividends, while those holding for one year or less will not have tax withheld[122]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld on dividends received[123]. - Non-resident corporate shareholders will also have a 10% withholding tax on dividends distributed[124]. - H-share individual shareholders will have their income tax withheld at rates varying from 10% to 20% based on their residency status and applicable tax treaties[125]. - The company will determine the residency status of H-share individual shareholders based on the registered address as of June 24, 2025[126]. - The company will comply with tax regulations for dividends distributed to investors through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, applying a 20% withholding tax for mainland individual investors[127]. Financial Performance - The company reported significant cash flow and financial performance, although specific figures were not detailed in the provided content[12]. - The company's revenue for 2024 was CNY 2,937,981 million, a decrease of 2.5% compared to CNY 3,012,812 million in 2023[17]. - Operating profit for 2024 was CNY 233,954 million, slightly down from CNY 235,862 million in 2023[17]. - Net profit attributable to shareholders for 2024 was CNY 164,684 million, representing a 2.0% increase from CNY 161,416 million in 2023[19]. - The total assets at the end of 2024 were CNY 2,753,007 million, a slight decrease of 0.2% from CNY 2,759,237 million in 2023[19]. - The company's cash flow from operating activities for 2024 was CNY 406,532 million, down 11.0% from CNY 456,847 million in 2023[19]. - The basic earnings per share for 2024 was CNY 0.90, an increase of 2.0% from CNY 0.88 in 2023[19]. - The company reported a net asset return rate of 10.9% for 2024, slightly down from 11.1% in 2023[17]. - Capital expenditures for 2024 were CNY 275,849 million, compared to CNY 275,393 million in 2023[17]. - Non-recurring losses for 2024 totaled CNY 8,611 million, primarily due to asset disposal losses and other non-operating expenses[22]. Market Position and Operations - The company is one of the largest oil and gas producers and sellers in China, with a dominant position in the industry[13]. - The company operates under both Chinese and International Financial Reporting Standards, ensuring comprehensive financial transparency[11]. - The company is involved in various sectors including exploration, production, refining, and sales of oil and gas, as well as new energy initiatives[13]. - The company has a robust market presence, being one of the largest revenue-generating companies in China[13]. - The company is focused on future growth and expansion in both domestic and international markets[12]. - The company achieved operating revenue of RMB 2,937.981 billion, driven by increased oil and gas production and optimized product structure[49]. - The company processed 1,378.4 million barrels of crude oil in 2024, a decrease of 1.5% from 1,398.8 million barrels in the previous year[65]. - The total sales volume of gasoline, kerosene, and diesel was 15,900.0 thousand tons in 2024, down 4.1% from 16,579.8 thousand tons in 2023[69]. - The company’s market share for gasoline, kerosene, and diesel increased to 31.3% in 2024, up from 31.1% in 2023[70]. Shareholder Information - As of December 31, 2024, the total number of shareholders was 491,311, with 486,082 domestic A-share shareholders and 5,229 overseas H-share shareholders[30]. - By February 28, 2025, the total number of shareholders increased to 547,674, with 542,478 domestic A-share shareholders and 5,196 overseas H-share shareholders[31]. - The largest shareholder, China National Petroleum Corporation, holds 82.46% of the shares, totaling 150,923,565,570 shares, with no changes during the reporting period[33]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 11.43% of the shares, totaling 20,919,164,608 shares, with an increase of 11,598,632 shares during the reporting period[33]. - The company has no other shareholders holding 10% or more of the shares, apart from China National Petroleum Corporation[42]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council[43]. Governance and Compliance - The financial reports have been audited by KPMG Huazhen and KPMG, both issuing unqualified audit opinions[11]. - The company has a strong governance structure with a board of directors ensuring the accuracy and completeness of financial reports[11]. - The company has established a comprehensive internal governance structure to ensure good corporate governance and internal control mechanisms[196]. - The board has evaluated the internal control and risk management system, deeming it effective and sufficient for the fiscal year ending December 31, 2024[186]. - The company has established a risk management system to identify, analyze, evaluate, and respond to risks that may materially impact its strategy, operations, compliance, and financial condition[186]. - The independent non-executive directors have a maximum term of six years, ensuring a rotation of perspectives[199]. - The company has received independence confirmation letters from 5 independent non-executive directors, confirming their full independence in accordance with the Hong Kong Listing Rules[197]. - The board has established 5 specialized committees: Nomination Committee, Audit Committee, Investment and Development Committee, Remuneration and Assessment Committee, and Sustainability Committee to support decision-making[197]. - The company has mechanisms in place to ensure the board receives independent opinions, including the establishment of management measures for independent directors and regular communication with auditors[198]. Future Plans and Investments - The company aims to build a world-class comprehensive international energy company and is focusing on high-quality development and innovation strategies[42]. - For 2025, the company plans to produce 936.2 million barrels of crude oil and 5,341.0 billion cubic feet of marketable natural gas[50]. - The company aims to process 1,330.9 million barrels of crude oil in 2025 as part of its refining and chemical business strategy[51]. - The company plans to strengthen its market position by expanding its comprehensive energy service stations and improving its marketing strategies[51]. - The company plans to allocate RMB 210.00 billion for oil and gas and new energy in 2025, representing 80.09% of total projected capital expenditures[104]. - The company expects capital expenditure for the oil and gas and new energy segment to decrease to RMB 210.000 billion in 2025, continuing to focus on key domestic basins[106]. Related Party Transactions - The group continues to engage in several ongoing related party transactions with China National Petroleum Corporation, with transaction limits approved for the period from January 1, 2024, to December 31, 2026[154]. - A total agreement for mutual supply of products and services has been established with China National Petroleum Corporation, effective from January 1, 2024, for a duration of three years[155]. - The group will provide various products and services to China National Petroleum Corporation, including crude oil, natural gas, and financial services[156]. - China National Petroleum Corporation is expected to provide more products and services to the group than the group provides to them, including engineering and production services[157]. - The company has confirmed that all related transactions for 2024 have been conducted under normal business terms and are in the overall interest of shareholders[175][176]. Environmental and Renewable Energy Initiatives - The company's renewable energy segment saw a significant increase in wind and solar power generation, reaching 4.72 billion kWh, a 116.2% increase from 2.18 billion kWh in 2023[63]. - The Chinese government is promoting high-quality development in refined oil circulation, which is expected to enhance the group's sustainable growth and operational results[150]. - The government is also deepening the market-oriented reform of renewable energy grid prices, aiming for all renewable energy generation to enter the electricity market, which will benefit the group's ongoing business[151].

Financial Performance - Revenue decreased by approximately HKD 86.0 million or 56.0% to about HKD 67.7 million for the year ended December 31, 2024, compared to approximately HKD 153.7 million in the previous year[13]. - Gross profit fell from HKD 55.5 million to HKD 23.5 million, with the gross margin slightly declining from 36.1% to 34.7%[14]. - The group reported a loss of HKD 13.0 million for the year, compared to a profit of HKD 7.3 million in the previous year, mainly due to a decline in gross profit of HKD 32.0 million[22]. - Basic and diluted loss per share for 2024 was HKD (2.14), compared to earnings of HKD 1.15 per share in 2023[124]. - Total revenue for 2024 was HKD 67,711,000, a decrease of 56.0% compared to HKD 153,748,000 in 2023[124]. - Gross profit for 2024 was HKD 23,466,000, down 57.8% from HKD 55,457,000 in 2023[124]. - Operating loss for 2024 was HKD 11,528,000, compared to an operating profit of HKD 12,151,000 in 2023[124]. - The company reported a foreign exchange loss of HKD 4,662,000 in 2024, compared to a loss of HKD 1,909,000 in 2023[124]. Cost Management - The sales cost decreased by about HKD 54.0 million or 55.0%, aligning closely with the revenue decline[14]. - Sales expenses decreased by approximately HKD 9.7 million to HKD 4.0 million due to a decline in sales in overseas markets, leading to lower freight and transportation costs[16]. - The total employee costs for the year amounted to approximately HKD 15.0 million, slightly down from HKD 15.1 million in the previous year, with a stable workforce of 41 employees[34]. Market and Business Strategy - The foundation business segment's performance remained relatively weak due to the uncertain real estate market, contributing to the overall revenue decline[10]. - The company is focusing on expanding its tunnel business segment by developing engineering solutions for tunnel boring machines in collaboration with major suppliers in Europe and China[6]. - The company anticipates improved performance in overseas markets, particularly in Australia and continental Europe, in the coming year[12]. - The company is adopting a cautious approach in the Chinese market, focusing on managing receivables and operational capital[11]. - The company plans to closely monitor potential opportunities related to the "Railway Development Strategy" and "Northern Metropolis" development in Hong Kong[10]. - The company expects overall performance in 2025 to improve compared to the current year, driven by new projects and overseas demand[6]. Risk Management - The company faces several risks, including competition for new contracts and reliance on a limited number of suppliers[37]. - Demand for the company's services may be adversely affected by a slowdown in the tunneling and foundation industries in Hong Kong, China, Singapore, and Australia[38]. - The company is actively monitoring credit risks associated with its customers[38]. - The management is committed to risk assessment and control, ensuring that acceptable risks are identified and managed effectively[37]. - The company has established emergency plans to address potential loss situations[37]. Corporate Governance - The company has adopted the Corporate Governance Code as per the GEM Listing Rules and has complied with it throughout the year ending December 31, 2024, with some exceptions noted[50]. - The board consists of seven members, including three executive directors and four independent non-executive directors, responsible for overall strategy and policy formulation[54]. - The company has implemented a board diversity policy to enhance gender balance, aiming to gradually improve gender diversity among board members[52]. - The company encourages continuous professional development for all directors to ensure informed decision-making[55]. - The company has established a director liability insurance policy for its board members[105]. Financial Position - As of December 31, 2024, the current ratio improved to 2.46 from 2.05 in the previous year, with current assets amounting to HKD 147.9 million and current liabilities at HKD 60.2 million[24]. - The net capital debt ratio as of December 31, 2024, was 1.7%, down from 4.7% in the previous year, with total debts of HKD 1.6 million against equity of HKD 99.0 million[27]. - The group generated cash flow from operating activities of approximately HKD 6.2 million, resulting in a decrease in financial expenses to approximately HKD 2.1 million, a reduction of HKD 0.9 million from the previous year[20]. - The company reported a reserve of approximately HKD 81.8 million available for distribution as of December 31, 2024[84]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[79]. Audit and Compliance - The independent auditor, BDO Limited, has audited the financial statements for the year ending December 31, 2024, confirming they present a true and fair view[110]. - The audit committee reviewed the financial statements and reports for the year ending December 31, 2024, ensuring their completeness and compliance with accounting standards[61]. - The company incurred an audit fee of HKD 650,000 for audit services and HKD 83,000 for non-audit services, totaling HKD 733,000 for the year ending December 31, 2024[68]. - The board believes that the risk management and internal control systems are effective and sufficient, although they are designed to manage rather than eliminate risks[67]. Accounting Policies - The company is currently evaluating the impact of new accounting standards that will take effect in future periods, which may affect financial reporting[140]. - The company adopted accounting policies in accordance with Hong Kong Financial Reporting Standards No. 9 and No. 7 (revised), clarifying the derecognition of financial assets and liabilities, which is not expected to have a significant impact on the financial statements[141]. - The group recognizes expected credit losses for trade receivables and other financial assets based on a simplified approach, calculating expected credit losses over the entire period[154]. - The group measures inventory at the lower of cost and net realizable value, using the FIFO method for cost determination[166]. - The group recognizes deferred tax liabilities based on taxable temporary differences arising from investments in subsidiaries, with a focus on controlling the timing of reversals[173].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a sales revenue of RMB 28,662,938, an increase of 14.3% from RMB 24,969,792 in 2023[8] - The company's profit before tax for 2024 was RMB 7,163,778, representing a 43.5% increase compared to RMB 4,995,501 in 2023[8] - The net profit for 2024 was RMB 6,240,581, up 37.0% from RMB 4,557,263 in 2023[8] - The gross profit margin improved to 28.1% in 2024, compared to 24.3% in 2023[8] - The group’s overall revenue and operating performance returned to growth, achieving a new high in 2024[12] - The company achieved a sales revenue of approximately RMB 28,662,938,000 for the fiscal year 2024, representing an increase of about 14.8% compared to the previous year[28] - Gross profit for the year was approximately RMB 8,054,897,000, up about 32.9% year-on-year, with a gross margin improvement of 3.8 percentage points to 28.1%[28] - Net profit attributable to the parent company was approximately RMB 6,240,581,000, reflecting a year-on-year increase of about 36.9%[28] - The company reported a total comprehensive income of RMB 6,171,766 thousand for 2024, compared to RMB 4,566,558 thousand in 2023, reflecting overall financial health[166] Market and Sales Performance - Sales from the sports category accounted for 69.1% of total sales in 2024, amounting to RMB 19,799,350[9] - Domestic sales in China reached RMB 8,061,175, representing 28.1% of total sales in 2024[10] - The group's sales in the domestic market of China increased by 13.2% year-on-year, with apparel sales amounting to approximately RMB 7,870,002,000, up from RMB 6,964,278,000, representing a growth of about RMB 905,724,000 or 13.0%[34] - Sales of sports products reached approximately RMB 19,799,350,000, an increase of about 9.8% from the previous year, driven by demand in the mainland China and U.S. markets[30] - Sales of casual products increased by approximately 27.1% to RMB 7,207,239,000, primarily due to rising demand in the Japanese market[30] - The company’s sales in the Japanese market grew by approximately 31.5% to RMB 4,834,111,000, attributed to increased demand for casual and lingerie products[33] Production and Capacity - The company produced 5.5 billion garments in 2024, maintaining its capacity to produce 250,000 tons of fabric annually[4] - The group initiated the construction of a second fabric factory in Vietnam and plans to start hiring for a new garment factory in Phnom Penh, Cambodia, to expand production capacity[11] - The company plans to start recruiting for its new garment factory in Phnom Penh, Cambodia, in March 2025, with an expected workforce of around 6,000 employees[26] Assets and Financial Health - The company’s total assets increased to RMB 53,107,848 in 2024, up from RMB 48,611,137 in 2023[8] - The current ratio improved to 2.3 in 2024, compared to 2.1 in 2023, indicating better short-term financial health[8] - As of December 31, 2024, the equity attributable to the owners of the parent company was approximately RMB 35,852,895,000, an increase from RMB 32,867,316,000 in the previous year[36] - The net cash generated from operating activities was approximately RMB 5,272,964,000, slightly up from RMB 5,226,525,000 in the previous year, with cash and cash equivalents totaling approximately RMB 10,868,830,000[37] - The net debt (bank borrowings minus cash and cash equivalents) increased to approximately RMB 1,949,734,000 from RMB 507,515,000, primarily due to an increase in time deposits over three months[38] Corporate Governance - The company has adhered to all corporate governance codes as of December 31, 2024[54] - The board consists of five executive directors and four independent non-executive directors, with independent non-executive directors accounting for approximately 44.4% of the board members[64] - The company has implemented a shareholder communication policy to ensure that shareholder views and concerns are appropriately addressed[60] - The board has a clear division of responsibilities, with the chairman managing board operations and the co-CEOs overseeing daily business operations[63] - The company provides ongoing professional development for directors to enhance their knowledge and skills in accordance with corporate governance codes[57] Sustainability and Innovation - The group is committed to promoting green and low-carbon transformation, enhancing production efficiency through digitalization and automation[12] - The company aims to enhance production efficiency through automation and AI applications, focusing on reducing training periods and improving employee comfort[51] - The company is committed to sustainable development through smart manufacturing and digital transformation to drive industry upgrades[52] Dividends and Shareholder Returns - The company reported a final dividend of HKD 1.28 per share, equivalent to approximately RMB 1.19, subject to shareholder approval[107] - The interim dividend for the six months ended June 30, 2024, was declared at HKD 1.25 per share, compared to HKD 0.95 per share for the same period last year[107] - The company will consider the group's profitability, financial condition, investment requirements, and future prospects when deciding on dividend distribution[110] Risk Management and Compliance - The company has implemented a risk management system aimed at improving operational efficiency and ensuring asset safety, while managing significant risks rather than eliminating them[75] - The internal audit department plays a key role in governance, reporting directly to the chairman and regularly reviewing business processes[75] - The company has established compliance procedures to ensure adherence to applicable laws and regulations[142] Future Outlook - The company anticipates a high capacity utilization rate in 2025, supported by the gradual release of new capacity in overseas bases[52] - The company plans to increase R&D investment in new fabrics and emphasize the application of new materials and processes to diversify product offerings[51]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% year-over-year growth[2]. - Revenue for the last quarter reached $150 million, representing a 15% increase compared to the previous quarter[1]. - Total revenue for the year ended December 31, 2024, was RMB 1,141.1 million, representing a 25.5% increase from RMB 908.5 million in 2023[21]. - Revenue for 2024 reached RMB 1,141.1 million, a 25.6% increase from RMB 908.5 million in 2023[39]. - Revenue from game publishing and operations reached RMB 1,035.0 million, a 45.9% increase from RMB 709.3 million in 2023, while development and licensing revenue decreased by 43.2% to RMB 105.5 million[54]. - Revenue generated from mainland China was RMB 884.5 million, up 49.4% from RMB 592.1 million in 2023, while revenue from regions outside mainland China decreased by 18.9% to RMB 256.6 million[55]. - The company reported a net profit margin of 12%, an improvement from 10% in the previous quarter[1]. - The company reported a net loss of RMB 287.2 million for 2024, slightly improved from a net loss of RMB 315.6 million in 2023[21]. - The adjusted net loss for 2024 was RMB 270.0 million, compared to RMB 282.9 million in 2023, showing a trend towards reduced losses[21]. User Engagement - User engagement metrics showed a 40% increase in daily active users, reaching 2 million users in the last quarter[2]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[1]. - The game "With a Shining Name" maintained strong user retention rates and consistent revenue through multiple high-quality updates in 2024[27]. - The game "With Glorious Name" has received over 18 million interactions on its official Weibo account and maintains a high rating of 8.9 on the TapTap platform[43]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[2]. - Market expansion efforts include entering two new international markets by Q3 2024, projected to increase overall revenue by 5%[1]. - The company aims to expand its global presence by adapting its products to local market characteristics, moving from a "go out" strategy to a deeper "go in" approach[32]. - The company has launched 23 mobile games in over 170 markets, with a total registered user base exceeding 200 million and total revenue surpassing RMB 22 billion[41]. Product Development - New product launches are expected to contribute an additional $30 million in revenue, with two major titles set to release in Q3 2024[2]. - The company plans to launch three new products in the upcoming year, aiming to capture an additional 10% market share[1]. - The company plans to launch 8 new games globally from 2025 to 2027, including "Dragon Tribe: Castle Gate" and "Treading Wind" in 2025[47]. - New game titles, including "Treading the Wind" and "Odin," are set for testing in 2025, indicating ongoing product development and market expansion efforts[51][52]. Research and Development - Research and development expenses increased by 10%, totaling $20 million, focusing on enhancing gaming technology and user experience[2]. - The company is investing $30 million in research and development for new technologies, focusing on enhancing user experience[1]. - Research and development expenses decreased to RMB 532.1 million in 2024 from RMB 582.2 million in 2023, reflecting a focus on cost management[21]. - Research and development expenses decreased by 8.6% to RMB 532.1 million from RMB 582.2 million in 2023, attributed to improved cost control in employee benefits and outsourced technical services[60]. Strategic Partnerships and Acquisitions - The company announced a strategic partnership with Tencent to co-develop new gaming titles, expected to generate $50 million in revenue over the next three years[2]. - A recent acquisition of a smaller gaming studio for $10 million is anticipated to enhance the company's development capabilities[2]. - The company has completed a strategic acquisition of a smaller competitor for $50 million, expected to enhance its product offerings[1]. - The group has entered into several related party transactions, including agreements with Perfect World Group and Tencent Group for game development and operation[127]. Financial Management - The management highlighted a strong balance sheet with cash reserves of $100 million, providing flexibility for future investments[1]. - Cash used in operating activities increased by 136.5% to RMB 188.0 million for the year ended December 31, 2024, compared to RMB 79.5 million for the year ended December 31, 2023[72]. - Cash generated from investment activities was RMB 122.5 million for the year ended December 31, 2024, a significant improvement from cash used of RMB 589.1 million in the previous year[74]. - The company reported other net income of RMB 22.5 million for the year, a significant recovery from a net loss of RMB 37.9 million in 2023, mainly due to gains from financial assets measured at fair value[64]. Corporate Governance - The board expressed confidence in achieving long-term growth, emphasizing a commitment to innovation and user satisfaction[2]. - The board has approved a new stock option plan, which is anticipated to incentivize key employees and improve retention rates[1]. - The board will review the overall compliance with contractual arrangements at least once a year[170]. - The independent non-executive directors have reviewed the contractual arrangements and confirmed that transactions conducted under these arrangements have been approved by the board[170]. Social Responsibility - The company continues to fulfill its social responsibilities by engaging in various public welfare activities[40]. - The group has made charitable donations totaling approximately RMB 0.6 million for the year ending December 31, 2024[176]. - The company has executed environmental protection measures and encourages employees to minimize energy consumption and waste[104].

Financial Performance - For the year ended December 31, 2024, the Group recorded a profit attributable to owners of the Company of approximately HK$0.4 million, a significant turnaround from a loss of approximately HK$25.3 million for the year ended December 31, 2023[14]. - The profit turnaround was primarily due to a change from a loss of approximately HK$12.0 million in fair value of financial assets at fair value through profit or loss in 2023 to a gain of approximately HK$17.4 million in 2024[14]. - Administrative and other operating expenses increased by approximately HK$4.4 million for the year ended December 31, 2024[14]. - The Group recorded a profit attributable to owners of approximately HK$0.4 million for the year ended 31 December 2024, a turnaround from a loss of approximately HK$25.3 million for the year ended 31 December 2023[27]. - The profit turnaround was primarily due to a change in fair value of financial assets, with a gain of approximately HK$17.4 million in 2024 compared to a loss of approximately HK$12.0 million in 2023[27]. - Administrative and other operating expenses increased by approximately HK$4.4 million for the year ended 31 December 2024[27]. Investment Strategy - The investment approach will focus on capital preservation and prudent risk management, with an emphasis on sectors with strong fundamentals[20]. - The Group's investment strategy includes a focus on both listed and unlisted companies, with no restriction on the proportion of assets invested in any specific sector[29]. - The Company will not take legal or effective management control of underlying investments, and will not own more than 30% of the voting rights in any one company[35]. - The Group's principal activity is to act as an investment holding company, primarily investing in listed and unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[130]. Market Outlook - The Company remains optimistic about the Chinese market due to low valuations, government support, technological advancements, and increased shareholder returns[17]. - The Chinese government continues to implement policies to bolster the economy, enhancing investor confidence[19]. - The Hang Seng Index and CSI 300 delivered positive returns in 2024, marking a turning point after three years of market downturns[15]. Cryptocurrency and Technology - Cryptocurrency is viewed as a potential cornerstone of the Company's strategy, offering a hedge and growth opportunity during economic downturns[20]. - Over the next three years, Alibaba plans to invest more in AI infrastructure than it has in the past decade, addressing the massive demand for AI and cloud computing infrastructure[41]. - Alibaba will significantly increase R&D investment in AI foundation models to maintain technological leadership and drive the development of AI-native applications[42]. - The company aims to enhance user value across its e-commerce and internet platform businesses by deeply integrating AI technology, capturing new growth opportunities[43]. Financial Position - As of December 31, 2024, the Group's cash and cash equivalents increased to approximately HK$5,999,000 from HK$1,595,000 in 2023[58]. - The Group's net current assets rose to approximately HK$120,490,000 as of December 31, 2024, compared to HK$64,655,000 in 2023[58]. - The gearing ratio improved to 7.83% in 2024 from 14.24% in 2023, indicating a reduction in leverage[58]. - The current ratio increased to 9.95 in 2024, up from 6.46 in 2023, reflecting enhanced liquidity[58]. - The Group's net asset value increased to approximately HK$127,659,000 as of December 31, 2024, compared to HK$71,883,000 in 2023, primarily due to the completion of the Rights Issue on May 30, 2024, which generated net proceeds of approximately HK$55,377,000[100]. - The net asset value per share rose to approximately HK$0.12 in 2024 from HK$0.10 in 2023, calculated based on 1,050,500,887 shares outstanding as of December 31, 2024, compared to 700,333,925 shares in 2023[101]. Share Capital and Dividends - The Company had 1,050,500,887 shares issued as of December 31, 2024, an increase from 700,333,925 shares in 2023[65]. - The Company conducted a rights issue on April 9, 2024, offering one rights share for every two existing shares at a subscription price of HK$0.162, aiming to raise gross proceeds of HK$57 million by issuing up to 350,166,962 rights shares[66]. - The net proceeds from the rights issue were approximately HK$55 million after expenses, with HK$15 million allocated for general working capital and approximately HK$40 million for future investments[66]. - For the year ended December 31, 2024, the Directors do not recommend the payment of any dividend, consistent with the previous year[132]. - The company did not recommend any dividend distribution for the year ended December 31, 2024, consistent with the previous year[138]. Operational Highlights - The Group's total staff costs for the year ended December 31, 2024, amounted to approximately HK$11,692,000, an increase from approximately HK$7,701,000 for the year ended December 31, 2023[85]. - The Group has not experienced any incidents of non-compliance with relevant laws and regulations that significantly impact its operations during the year[94]. - The Group emphasizes maintaining good relationships with employees and stakeholders to achieve its immediate and long-term goals[96]. Acquisitions and Collaborations - Baijin Life completed the acquisition of Tonnett Julis Holdings Limited, which provides scientific and pharmaceutical research services and skincare solutions[49]. - The acquisition allows Baijin Life to expand its business both vertically and horizontally, enhancing its product range from pearls and jewelry to skincare[49]. - Baijin Life's cooperation with a local high-end jewelry brand contributed 21.4% to its total revenue by September 30, 2024, indicating a positive impact on financial performance[48]. Risk Management - The Group continuously monitors market dynamics and adopts a conservative investment approach to mitigate business risk[88]. - Regular reviews of forward-looking indicators are conducted to identify economic conditions and mitigate economic risk[90]. - Liquidity risk is managed by maintaining appropriate liquidity to cover commitments and regularly monitoring the financial position[90]. - The Group employs financial instruments such as forward exchange contracts to hedge against exchange risk[90]. - Competitive reward and benefit packages are provided to attract and retain key personnel, addressing people risk[90]. Corporate Governance - The Company has complied with the public float requirement of the Listing Rules throughout the year ended December 31, 2024[185]. - All three independent non-executive Directors have confirmed their independence in accordance with the Listing Rules[180]. - The Board has reviewed the independence of all independent non-executive Directors and concluded that they are independent[181].

Financial Performance - The company reported unaudited revenue of RMB 1,062.5 million for the three months ended March 31, 2025, representing a 25.8% increase compared to RMB 844.3 million in the same period of 2024[5] - Net profit for the same period was RMB 33.2 million, a significant recovery from a net loss of RMB 37.8 million in the previous year[5] - Adjusted net profit reached RMB 57.9 million, compared to an adjusted net loss of RMB 18.8 million in the prior year[5] Business Growth - The company's F-end and B-end corporate health business revenue grew by 43% year-on-year, driven by innovative insurance and healthcare collaboration models[9] - The number of corporate clients served exceeded 2,100, with B-end paying users increasing by over 45% compared to the previous year[9] - The family doctor service has covered over 20 million users, while home care service users increased by 15% compared to the end of 2024[9] AI and Technology Integration - The company launched the AI assistant service "Ping An Xin Yi," which provides various online and offline medical support services, covering over 20 real medical scenarios[9] - The company plans to continue expanding the application of AI across various business scenarios to enhance the efficiency and quality of medical services[9]