Financial Performance - The Group recorded a loss of approximately HK$99.0 million for the year ended December 31, 2024, compared to a loss of approximately HK$15.8 million for the year ended December 31, 2023, representing an increase in loss of approximately HK$83.2 million[19]. - Total revenue for the year ended December 31, 2024, was approximately HK$32.3 million, a decrease of approximately HK$117.7 million compared to the previous year[20]. - Revenue from trading of motor vehicles, agency services, and accessories sourcing was approximately HK$32.1 million for the year ended December 31, 2024, down from approximately HK$149.7 million in the previous year, indicating a decrease of approximately 78.8%[20]. - The significant drop in revenue was primarily due to the adverse market conditions affecting the automotive sector[19]. - The Group's financial performance reflects the challenges faced in the current economic environment, impacting both revenue and profitability[21]. - The loss for the year ended December 31, 2024, was mainly attributable to the significant drop in revenue and the recognition of impairment losses[19]. - The significant loss was attributed to a drop in revenue, an impairment loss on advance payments for trading motor vehicles of approximately HK$75.8 million, and an impairment loss on property acquisition of approximately HK$1.5 million[38]. - The Group recorded total revenue of approximately HK$32.3 million for the year ended December 31, 2024, a decrease of approximately 78.5% compared to the previous year[37]. - The Group incurred a loss of approximately HK$99 million for the year, an increase of about 5.3 times compared to a loss of approximately HK$15.8 million in the previous year, driven by significant revenue decline and impairment losses[42]. Impairment Losses - The impairment loss on deposits paid for acquisition of motor vehicles for resale amounted to approximately RMB70.2 million (equivalent to approximately HK$75.8 million), which was recognized due to the inability to complete the purchases[19]. - The Group's management conducted a review of the Purchase Contracts and determined that the recoverability of the Advance Payments could not be assured, leading to the impairment charge[19]. - The impairment loss on advance payments for the purchase of trading motor vehicles amounted to approximately HK$75.8 million, with additional losses on settlement of advance payments of approximately HK$2.1 million[52]. - The impairment loss on deposits for the purchase of trading motor vehicles was recognized due to the ongoing price war in the PRC automotive market, which has made it difficult for the Group to compete[29]. Market Conditions - The Group anticipated a recovery in the PRC economy in 2024; however, domestic demand remained weak due to ongoing geopolitical and trade tensions[21]. - The decline in customer purchasing desire has been attributed to factors such as the COVID-19 pandemic, lockdowns in PRC, and the Sino-US trade war[21]. - The ongoing price war among automakers in the PRC has intensified competition, particularly in the new-energy vehicle sector, affecting the Group's market position[25]. Revenue Sources - The revenue of the Group as of December 31, 2024, primarily came from the trading of motor vehicles, provision of agency services, and accessories sourcing in the PRC[69]. - The Group's trading of motor vehicles revenue as a principal was approximately HK$30.8 million for the year ended December 31, 2024, down from approximately HK$148.3 million in the previous year[30]. - The Group's agency and service fees income from accessories sourcing was approximately HK$1.3 million for the year ended December 31, 2024, compared to approximately HK$1.4 million in the previous year[30]. Corporate Governance - The Company has complied with the corporate governance code provisions, except for the separation of roles between the chairman and chief executive officer[175]. - The current board consists of two executive and five non-executive Directors, with more than one-third being independent non-executive Directors[180]. - The Company is committed to maintaining a high standard of corporate governance, as detailed in the corporate governance report[158]. - The Company has adopted a code of conduct for Directors' securities transactions that meets the standards set out in the GEM Listing Rules[177]. - The Company received annual independence confirmations from all independent non-executive directors, affirming their independence[182]. Staff and Operations - As of December 31, 2024, the Group's total staff costs amounted to approximately HK$12.0 million, a decrease from approximately HK$13.7 million in 2023, with a workforce of 38 employees compared to 46 in the previous year[68]. - The Group plans to introduce more new energy vehicles and promote the trading of petrol vehicles and new energy vehicles to enhance business performance in the motor vehicle trading segment[74]. - Chongqing Sheng Yu Hong Jia International Trading Company Limited increased its customer base to 126, with 44 customers in negotiation, aiming to reduce reliance on a small number of customers[70]. Legal and Financial Matters - The Group did not have any contingent liabilities as of December 31, 2024, maintaining a stable risk profile[58]. - The Company does not plan to transfer any amount to reserves for the year ended December 31, 2024[99]. - The Company was incorporated on May 24, 2001, as an exempted company with limited liability in the Cayman Islands[97]. - The Company has a sufficient prescribed public float of the issued shares under the GEM Listing Rules[160]. Directors and Management - Mr. Wang Jiawei has been the Executive Director and CEO since September 22, 2015, and holds a Bachelor's degree in Mathematics and a Master's degree in Finance[83]. - Ms. Li Yumei has served as an Executive Director since August 1, 2015, and has been with the company since July 14, 2008, holding a degree in Financial Services[83]. - Mr. Liu Runtong, a non-executive director since February 2, 2010, has over 26 years of experience in financial media and services in Mainland China[84]. - Professor Zhang Benzheng has been an independent non-executive director since September 30, 2008, and has held various senior positions in listed companies, contributing significantly to their success[87]. - Mr. Li Jianxing has been an independent non-executive director since March 28, 2011, and has over 30 years of experience in accounting and corporate finance[89].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% growth year-over-year[7]. - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[22]. - Revenue for the year 2024 reached HKD 423 million, an increase of 12.8% compared to HKD 375 million in 2023[41]. - The group's revenue for the year was approximately HKD 420 million, representing a year-on-year increase of 12.9% due to higher income from ferry services, shipyards, and healthcare services[72]. - Shareholders' profit attributable decreased to HKD 164 million, down 13.7% from HKD 190 million in the previous year[41]. - Basic earnings per share for 2024 were HKD 0.46, a decline of 13.2% from HKD 0.53 in 2023[41]. User Engagement and Market Expansion - User data showed a rise in active users to 500,000, up from 400,000 in the previous year, indicating a 25% increase[7]. - The company is exploring new market segments, targeting G demographics to diversify its customer base and increase market share[34]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[7]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing user experience[7]. Strategic Outlook - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[8]. - The company provided a positive outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[25]. - Financial guidance for the upcoming fiscal year includes an EBITDA margin target of H%, reflecting improved operational efficiencies[36]. Research and Development - The company is investing HKD 50 million in research and development for new technologies aimed at improving operational efficiency[7]. - The company is investing in R&D for new technologies, allocating $D million towards innovative solutions aimed at enhancing user experience[28]. Sustainability Initiatives - The board emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% by 2025[7]. - The company aims to reduce greenhouse gas emissions by 30% by 2030 compared to the 2021 baseline[83]. - The company is actively managing climate-related risks and opportunities, aiming to reduce its carbon footprint in line with the Hong Kong Climate Action Blueprint 2050[81]. - During the reporting year, the company installed rainwater collection systems, preventing 2,228 liters of wastewater from entering the harbor[84]. Corporate Governance - The company is committed to high standards of corporate governance, adhering to the Corporate Governance Code[131]. - The board promotes a corporate culture of integrity, growth, care, and collaboration aligned with the company's core values[132]. - The board of directors consists of nine members, including three executive directors, two non-executive directors, and four independent non-executive directors[139]. - The company has adopted a board diversity policy, emphasizing gender, age, professional experience, and ethnicity to enhance performance quality[141]. Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and equal access to company information for shareholders[190]. - The company has established effective communication systems for shareholders and investors to access financial information via its website[190]. - Shareholders can submit inquiries to the board through the company secretary, who will forward them for consideration[196]. Employee Engagement and Training - The company provided approximately 4,410 hours of training to employees during the reporting year[86]. - The total employee cost for the year was approximately HKD 141 million, with the number of employees increasing to around 300 from 284 in the previous year[75]. - The company employs 300 staff members, with a gender distribution of approximately 58% male and 42% female, indicating workforce diversity[142]. Risk Management - The company has established a risk management and internal control system, which is reviewed annually by the audit committee to ensure effectiveness[179]. - Major risks identified include business, financial, regulatory, environmental, social, governance, and operational risks, with corresponding mitigation strategies reported to the audit committee[185]. - The internal audit department incorporates a risk-based approach in its annual audit plan, ensuring all identified major risks are included[182]. Dividend Policy - The company plans to maintain its current dividend policy, reflecting stability in its financial performance[95]. - The interim dividend per share is HKD 0.10, consistent with the previous year, and the proposed final dividend is HKD 0.15, also unchanged from the prior year, leading to a total annual dividend of HKD 0.25[95].

Financial Performance - The company's total revenue for the fiscal year 2024 was approximately RMB 1,534.2 million, representing a decrease of about 28.4% compared to the previous year[11][18]. - Revenue from the marine construction segment was approximately RMB 497.2 million, while the municipal engineering construction segment generated about RMB 1,037.0 million[12]. - The marine construction segment's revenue decreased by approximately 31.4%, and the municipal engineering construction segment's revenue fell by about 26.9%[19]. - The group's consolidated revenue for 2024 was RMB 1,534.2 million, a decrease of approximately 28.4% compared to RMB 2,143.7 million in the previous fiscal year[23]. - The consolidated cost of sales for 2024 was RMB 1,435.7 million, a reduction of 27.1% from RMB 1,970.1 million in 2023[24]. - The group's gross profit for 2024 was RMB 98.5 million, down 43.2% from RMB 173.6 million in 2023[24]. - The operating loss for 2024 was RMB 48.8 million, a decline of 172.9% compared to an operating profit of RMB 67.0 million in 2023[27]. - Administrative expenses increased by 18.2% to RMB 99.2 million in 2024, up from RMB 83.9 million in 2023[28]. - The total employee cost for the group was approximately RMB 666 million for the reporting period, a decrease from RMB 717 million in the previous year[86]. Strategic Goals and Market Position - The company aims to achieve revenue growth in 2025 by leveraging its traditional strengths in port, channel, marine, and municipal engineering, while also enhancing its environmental technology business[13][15]. - The company plans to expand its overseas market presence and strengthen its comprehensive service capabilities in international cooperation[15]. - The overall economic environment is shifting towards high-quality development, providing opportunities for infrastructure investment in emerging economies[13]. - The company is committed to optimizing resource allocation and enhancing its risk resistance capabilities in response to intensified market competition[13][18]. - The company will continue to monitor domestic and international market conditions closely to adapt its operational strategies accordingly[15]. Shareholder and Governance Information - The company expresses gratitude to its shareholders, management team, employees, clients, suppliers, subcontractors, and business partners for their support[15]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, responsible for business and investment planning[45]. - The company has a strong board with diverse expertise in finance, management, and strategic development, enhancing its governance structure[57]. - The board's composition reflects a commitment to strong governance and oversight, with independent directors providing critical insights and guidance[57]. - The company has established a remuneration committee to review and advise on the overall remuneration policy for directors and senior management[86]. Contracts and Procurement - The company completed 376 contracts with an original contract value of RMB 2,440.1 million and entered into 358 new contracts valued at RMB 2,471.9 million during the fiscal year ending December 31, 2024[71]. - As of December 31, 2024, the company has 104 ongoing contracts with an original contract value of RMB 6,168.5 million, and the total value of unfinished contracts amounts to RMB 2,521.1 million[71]. - The procurement amount from the largest supplier was approximately RMB 292.3 million, accounting for about 20.4% of the total cost of sales, while the procurement from the top five suppliers totaled approximately RMB 468.5 million, representing about 32.6% of the total cost of sales[70]. - The total procurement agreement for 2024 to 2026 is estimated to involve transactions amounting to approximately RMB 9.0 million for each year[135]. - The pricing of raw materials will be determined through a bidding process involving at least two independent third-party bidders[134]. Risk Management and Compliance - The company has identified several major risks, including dependence on public spending policies related to transportation infrastructure projects[175]. - The company is closely monitoring the regulatory environment in Indonesia to mitigate risks associated with the contract arrangement[140]. - There is no guarantee that the contract arrangement will be deemed compliant with Indonesian laws in the future, which poses a potential risk[141]. - The group has maintained compliance with all relevant laws and regulations in the jurisdictions of China, Indonesia, Malaysia, and Brunei as of December 31, 2024[174]. - The independent auditor has issued an unqualified opinion on the related party transactions disclosed in the annual report[166]. Corporate Social Responsibility - The group reported charitable donations of approximately HKD 100,000 for the year ending December 31, 2024[181]. - The group emphasizes a corporate culture of continuous improvement and value creation for customers, employees, shareholders, and society[190]. Future Outlook - The company plans to actively explore opportunities in both domestic and international markets to inject new vitality into sustainable development[22]. - The company has not proposed any dividend for the fiscal year ending December 31, 2024, compared to a dividend of HKD 0.0102 per share (approximately RMB 0.0092) totaling about HKD 8,419,000 (approximately RMB 7,630,000) for the previous year[68].

Financial Performance - The total revenue for the fiscal year 2024 was approximately RMB 112.0 million, a decrease of about RMB 79.0 million or 41.4% compared to RMB 190.9 million in fiscal year 2023[14] - The gross profit fell from approximately RMB 17.6 million in fiscal year 2023 to about RMB 3.3 million in fiscal year 2024, a decrease of approximately RMB 14.3 million or 81.5%[14] - The gross profit margin decreased from approximately 9.2% in fiscal year 2023 to about 2.9% in fiscal year 2024[14] - The net loss attributable to shareholders for fiscal year 2024 was approximately RMB 9.5 million, compared to a loss of about RMB 2.6 million in fiscal year 2023[14] - The total loss and comprehensive loss increased from approximately RMB 2.6 million in FY2023 to about RMB 9.5 million in FY2024, an increase of approximately RMB 6.9 million or 270.7%[30] Cost Management - Sales costs decreased from approximately RMB 173.3 million in fiscal year 2023 to about RMB 108.7 million in fiscal year 2024, a reduction of approximately RMB 64.6 million or 37.3%[21] - Sales expenses decreased from approximately RMB 8.2 million in FY2023 to about RMB 5.2 million in FY2024, primarily due to reduced shipping costs resulting from lower sales volume[23] - Administrative expenses decreased from approximately RMB 17.7 million in FY2023 to about RMB 13.4 million in FY2024, mainly due to a reduction in travel and entertainment expenses by approximately RMB 1.2 million and a decrease in R&D expenses by approximately RMB 2.3 million[24] - Employee costs for FY2024 are approximately RMB 10.5 million, down from RMB 12.4 million in FY2023, reflecting a reduction in workforce from 113 to 83 employees[45] Market Outlook - The decrease in orders from major customers was attributed to a gap between expired contracts and newly acquired contracts[20] - The company anticipates stable demand for tobacco products despite government anti-smoking policies, with an expected increase in demand for mid-to-high-end cigarettes due to rising purchasing power[15] Strategic Plans - The company plans to continue optimizing and managing resources to seize long-term growth opportunities in the market[15] - The company will leverage its expertise to formulate effective strategies aimed at increasing market share[15] Asset Management - The company recorded long-term asset impairment provisions during fiscal year 2024, impacting financial performance significantly[17] - Capital expenditures for FY2024 amounted to approximately RMB 3.7 million, a significant decrease from approximately RMB 22.4 million in FY2023, primarily due to purchases of property, plant, and equipment[36] - The group had no capital commitments as of December 31, 2024, compared to approximately RMB 1.9 million as of December 31, 2023[37] Corporate Governance - The company adheres to high standards of corporate governance and has complied with all applicable provisions of the corporate governance code as of December 31, 2024[63] - The company has adopted the standard code for securities trading by directors, confirming compliance for the year ending December 31, 2024[64] - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[66] - The company held two board meetings during the fiscal year ending December 31, 2024, with all directors attending both meetings[70] - The company has received annual confirmations of independence from all independent non-executive directors, ensuring compliance with listing rules[73] Diversity and Inclusion - The gender ratio of employees, including senior management, is approximately 57:26 as of December 31, 2024, indicating a commitment to gender diversity[84] - The board has adopted a diversity policy, ensuring at least one female member and plans to increase this number over the next five years[83] - The company is committed to equal opportunity, diversity, and anti-discrimination principles in its workplace[139] Environmental Sustainability - The company emphasizes environmental sustainability in its operations, integrating this principle into various aspects of its business[143] - The board has committed to integrating environmental sustainability into the company's daily operations and business strategy[200] Shareholder Communication - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[119] - The company encourages shareholders to provide updated contact information for timely communication[125] - The company’s website serves as a channel for effective communication with shareholders, providing regular updates and information[125] Audit and Compliance - The audit committee is responsible for reviewing the integrity of financial statements and the effectiveness of risk management and internal control systems[91] - The company has engaged a compliance advisor to ensure adherence to listing rules[110] Future Developments - Future business developments are discussed in the management discussion and analysis section of the annual report[141] - The company’s main business remains unchanged, focusing on investment holding and the manufacturing and sales of cigarette packaging paper in China[136]

Financial Performance - The company's revenue for 2024 decreased by approximately 6% to HKD 525,600,000 from HKD 558,000,000 in 2023[3] - The net profit after tax slightly increased by 3% to HKD 34,200,000 in 2024, compared to HKD 33,300,000 in 2023[3] - Direct operating costs were reduced by 7% to HKD 412,600,000 in 2024, contributing to a 5% increase in profit before tax to HKD 49,600,000[8] - Gross profit decreased slightly by HKD 700,000 or about 0.6% to HKD 112,900,000, while the gross profit margin improved from approximately 20.4% to 21.5%[11] - Other income increased by approximately 23.5% to HKD 9,300,000, primarily due to improved interest income from fixed deposits[12] - The company's total comprehensive income for the year was HKD 32,766,000, with a profit of HKD 33,333,000 attributed to owners[148] - Basic earnings per share increased to HKD 6.87 from HKD 6.68, representing a growth of 2.8%[143] - The company reported a total comprehensive income of HKD 9,239,000 for the year, significantly lower than HKD 32,766,000 in the previous year, primarily due to foreign exchange losses[143] Cost Management - Administrative expenses decreased by approximately 4.3% to HKD 37,900,000, attributed to a reduction in administrative staff and no significant bad debt expenses[14] - Financial expenses decreased by approximately 46.6% to HKD 700,000 due to the expiration of several machinery lease contracts[15] - The management team will continue to focus on cost control and operational collaboration to respond dynamically to challenges in the publishing sector[9] - The company plans to continue focusing on operational efficiency and cost management to enhance profitability in the upcoming fiscal year[142] Assets and Liabilities - The company's net current assets increased to approximately HKD 201,200,000 as of December 31, 2024, compared to HKD 192,300,000 in 2023[18] - As of December 31, 2024, the current ratio of the group is approximately 3.8 times, an improvement from 3.0 times in 2023, indicating a stronger liquidity position[19] - The group's interest-bearing debt as of December 31, 2024, is approximately HKD 10,600,000, down from HKD 18,600,000 in 2023, reflecting a reduction in financial leverage[19] - The capital debt ratio is approximately 3.8% as of December 31, 2024, compared to 6.5% in 2023, demonstrating improved capital structure[19] - Current liabilities were reduced to HKD 71,898,000 from HKD 95,786,000, a decrease of 25.0%, improving the company's liquidity position[144] Workforce and Employment - The group employed 319 full-time employees as of December 31, 2024, a decrease from 329 employees in 2023, reflecting a potential adjustment in workforce strategy[25] - The board currently has one female director and aims to maintain female representation on the board[96] - The remuneration committee held one meeting in 2024 to review the compensation policy and structure, determining the annual salary packages for executive directors and senior management[113] Market and Industry Outlook - The outlook for 2025 remains cautious due to geopolitical uncertainties affecting domestic confidence and demand[4] - The company is facing overall market decline, which may lead to reduced demand for printing products and services, impacting financial performance[48] - The rise of electronic media and devices may impact the demand for printed products, affecting the need for the company's printing solutions and services[45] Corporate Governance - The board of directors is responsible for leading and overseeing the overall strategy and policies of the group[92] - The company has adopted corporate governance measures to manage potential conflicts of interest related to Mr. Celarc's interests in Ligare (NZ), which ceased operations in March 2025[76] - The company has established a strong corporate governance framework to ensure a balance of power and authority among its board members[105] Environmental and Social Responsibility - The company is committed to sustainable operations, balancing the interests of stakeholders including customers, suppliers, and employees[50] - The company has a commitment to improving ecological performance through responsible resource use and compliance with environmental laws[51] - There were no significant non-compliance issues with environmental regulations during the year[51] Financial Reporting and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024, in accordance with international financial reporting standards[129] - The group must ensure that the financial statements are prepared in accordance with International Financial Reporting Standards and reflect a true and fair view[138] - The audit committee assists the board in overseeing the financial reporting process[139] Shareholder Information - The company reported a mid-term dividend of HKD 0.04 per share for the year ending December 31, 2024, consistent with the previous year's final dividend[54] - As of December 31, 2024, the company's distributable reserves amounted to approximately HKD 201.9 million, an increase from HKD 189.5 million as of December 31, 2023[56] - The company has maintained a sufficient public float, with at least 25% of its issued shares held by the public as of the report date[80]

Financial Performance - For the third quarter of fiscal year 2025, net revenue decreased by 2.0% year-over-year to $1,183.1 million, while net revenue excluding self-operated products and live e-commerce increased by 21.2% to $1,038.3 million[9]. - Operating profit for the third quarter increased by 9.8% year-over-year to $124.5 million, with operating profit excluding losses from self-operated products and live e-commerce rising by 5.0% to $125.5 million[9]. - Net profit attributable to New Oriental shareholders for the third quarter rose by 0.1% year-over-year to $87.3 million[9]. - In the first nine months of fiscal year 2025, net revenue increased by 15.1% year-over-year to $3,657.1 million, and operating profit rose by 28.5% to $436.9 million[10]. - The company reported a Non-GAAP operating profit margin of 13.3% for the third quarter, down from 15.1% in the same period last year[12]. - The operating profit for the quarter was $124.5 million, an increase of 9.8% year-over-year, with a Non-GAAP operating profit of $142.1 million, a slight decrease of 0.2%[17]. - The net profit attributable to shareholders for the quarter was $87.3 million, a year-over-year increase of 0.1%, with basic and diluted earnings per ADS of $0.54[20]. - The Non-GAAP net profit attributable to shareholders was $113.3 million, a year-over-year decrease of 14.3%, with Non-GAAP earnings per ADS of $0.70[21]. - For the first nine months of fiscal year 2025, net revenue was $3,657.1 million, a year-over-year increase of 15.1%[24]. - Net revenue for the three months ended February 28, 2025, was $1,183,055, a decrease of 2.1% compared to $1,207,286 for the same period in 2024[42]. - Operating profit increased to $124,519, representing a 9.6% increase from $113,432 in the prior year[42]. - Net profit attributable to shareholders was $87,255, slightly up from $87,167 year-over-year[42]. - For the nine months ended February 28, 2025, net revenue rose to $3,657,107, an increase of 15.1% from $3,176,907 in the previous year[49]. - Operating profit for the nine-month period was $436,924, a 28.5% increase compared to $339,898 in the same period last year[49]. Cash and Assets - As of February 28, 2025, cash and cash equivalents totaled $1,418.8 million, with deferred revenue increasing by 15.0% year-over-year to $1,749.9 million[23]. - As of February 28, 2025, total assets amounted to $7,447.2 million, a decrease from $7,531.7 million as of May 31, 2024[39]. - Total liabilities decreased slightly to $3,471.7 million from $3,482.7 million during the same period[40]. - Shareholders' equity totaled $3,686.2 million, down from $3,775.9 million[40]. - Cash and cash equivalents increased to $1,418.8 million from $1,389.4 million[39]. - Short-term investments decreased to $1,853.6 million from $2,065.6 million[39]. - Cash and cash equivalents at the end of February 28, 2025, were $1,589,277, a decrease from $2,189,074 at the end of February 29, 2024[54]. Operational Efficiency and Strategy - The company is focusing on enhancing product quality and operational efficiency to drive sustainable growth and profitability[12]. - New Oriental is increasing investments in artificial intelligence technology applications in the education sector to improve operational efficiency and service satisfaction[12]. - The company is actively managing the expansion of its school network and executing strategic plans amid regulatory uncertainties in the private education sector in China[34]. - The company is focused on maintaining and enhancing the "New Oriental" brand while ensuring teaching and service quality[34]. - Future outlook includes potential benefits from recent and upcoming acquisitions, despite ongoing litigation risks[34]. Shareholder Returns and Financial Metrics - The total value of the share repurchase plan has been increased to $700 million, with approximately 14.4 million ADS repurchased for a total value of about $695.5 million as of April 22, 2025[13]. - The company reported a net profit excluding stock-based compensation and other adjustments, indicating a focus on Non-GAAP financial metrics[35]. - The company emphasized the importance of Non-GAAP financial indicators for assessing performance and liquidity[36]. - The weighted average shares used for calculating basic net profit per ADS decreased from 1,653,742,514 in 2024 to 1,630,423,658 in 2025, a reduction of approximately 1.4%[52]. - New Oriental's basic net profit per American depositary share (ADS) for the nine months ended February 28, 2025, was $2.24, up from $1.71 for the same period in 2024, representing a 31% increase[52]. - The diluted net profit per ADS under non-GAAP for the nine months ended February 28, 2025, was $2.55, compared to $2.40 for the same period in 2024, reflecting a 6.25% increase[52]. Cash Flow and Expenses - Operating cash flow for the nine months ended February 28, 2025, was $497,470, down from $745,808 in the same period of 2024, indicating a decrease of approximately 33.3%[54]. - Total revenue costs for the nine months ended February 28, 2025, amounted to $31,297, significantly reduced from $96,661 in the same period of 2024, showing a decrease of about 67.6%[52]. - The company reported a significant increase in cash flow from investing activities, which amounted to $79,891, compared to $11,285 in the previous year[47]. - The company experienced a net cash used in financing activities of $(486,494) for the nine months ended February 28, 2025, compared to $(51,208) in the same period of 2024, indicating a substantial increase in cash outflow[54]. - The impact of foreign exchange rate changes resulted in a cash outflow of $(5,667) for the nine months ended February 28, 2025, compared to $(21,041) in the same period of 2024, showing a decrease in negative impact[54].

Financial Performance - In 2024, the company recorded a 15% decline in turnover to HK$21,176 million compared to HK$25,013 million in 2023[9]. - Profit attributable to owners of the company decreased by 20% to HK$806 million from HK$1,012 million in the previous year[9]. - Retail turnover fell by 15% to HK$20,697 million, while other businesses saw a 35% decline to HK$479 million[9]. - Earnings per share decreased to 119.1 cents from 149.5 cents, reflecting a 20% drop[9]. - The Group's consolidated turnover from continuing operations for 2024 decreased by 15% to HK$21,176 million[50]. - Profit attributable to owners of the Company decreased by 20% to HK$806 million, while profit from continuing operations decreased by 27% to HK$772 million[50]. - Profit before tax for the year was HK$996,338, down 26.6% from HK$1,357,452 in the previous year[123]. - The profit for the year from continuing operations was HK$760,121, a decline of 27.4% compared to HK$1,046,862 in 2023[123]. - Total assets as of December 31, 2024, increased to HK$19,649,732 from HK$19,156,156 in 2023, reflecting a growth of 2.6%[127]. - Total liabilities rose to HK$7,265,256, up from HK$6,985,962 in 2023, indicating an increase of 4.0%[127]. Store Network and Operations - The company is upgrading its physical store network in Mainland China, closing underperforming stores in certain locations[16]. - The Group opened 48 new stores and closed 122 stores, mainly in Mainland China, as part of its store network consolidation efforts[49]. - The Group opened 43 and closed 112 jewellery stores in Mainland China, resulting in a net decrease of 69 stores, bringing the total to 842 stores by December 31, 2024[63]. - The company is consolidating its physical store network, trimming stores in lower-tier cities while increasing presence in high-end locations in major cities[104]. - The Group's strategy includes a focus on cost control, enhancing customer experience, and improving operational efficiency[107]. Investment and Financial Management - The Group's investment properties had a total carrying value of HK$418 million, generating rental income of HK$10 million in 2024[76]. - The Group's investment in HKEC shares was valued at HK$981 million, representing 5% of total assets as of December 31, 2024[77]. - The fair value of the strategic investment in Hong Kong Exchanges and Clearing Limited was HK$981 million, representing 5% of the group's total assets[82]. - The group repurchased a total of 4,714,000 shares for approximately HK$30 million during the year, with all repurchased shares subsequently cancelled[83][90]. - Capital expenditure for the group was HK$214 million, with HK$169 million allocated for new store openings and refurbishments[84][91]. - As of December 31, 2024, the group had cash and cash equivalents of HK$1,336 million, an increase from HK$1,096 million in 2023[85][92]. - The total unutilised banking facilities amounted to HK$6,183 million as of December 31, 2024, compared to HK$6,111 million in 2023[86][92]. - The net gearing ratio was 29.7%, calculated as total bank borrowings and bullion loans of HK$3,692 million against equity attributable to owners of the company of HK$12,430 million[87][92]. - The group maintained 18% of its bank borrowings at fixed rates as of December 31, 2024, down from 35% in the previous year[88][93]. Market and Sales Performance - Same-store sales growth (SSSG) for gold jewellery in Mainland China and Hong Kong declined by 13% and 19% respectively[59]. - Gem-set jewellery SSSG in Mainland China and Hong Kong decreased by 38% and 24% respectively, primarily due to a drop in diamond sales[59]. - The overall retail segment revenue declined by 15% year-on-year, reflecting challenging market conditions[55]. - Online sales in Mainland China accounted for approximately 22% of total sales in that market, an increase from 19% in 2023[71]. - The Group's online sales in Hong Kong, Taiwan, and other regions grew by 13% to HK$310 million in 2024[69]. - The wholesale turnover of precious metals decreased by 37% to HK$451 million during the year due to a decline in gold and platinum demand[73]. Corporate Governance and Management - The Group's management team includes members with extensive experience in various sectors, enhancing its operational capabilities[26]. - The Group's strategic direction is influenced by its experienced board members, who have diverse backgrounds in finance, healthcare, and education[30]. - The board includes independent directors with significant experience in corporate governance and financial oversight, ensuring robust management practices[29]. - The long-established performance-based emolument policy rewards performance while considering experience and industry practices[139]. - The Directors' emoluments are determined based on comparable companies, time commitment, responsibilities, and individual performance[140]. - The Company has arranged appropriate directors' and officers' liability insurance coverage for the Directors and officers during the year ended December 31, 2024[165]. Community Engagement and Sustainability - The company has committed to carbon reduction with a target aligned to 1.5°C, recognized by the Science Based Targets initiative (SBTi)[18]. - The Group made charitable contributions totaling HK$1,974,000 during the year[128]. - The ESG Report outlines the Group's management approach and performance for sustainable development strategies covering the period from January 1 to December 31, 2024[200]. Future Outlook and Strategy - The company aims to cultivate the high-end segment and focus its product portfolio to target specific market segments[20]. - The company expects demand for gem-set jewellery to require more positive economic signals for an uptick, while gold product sales will remain volatile due to high gold prices[103]. - The Group plans to expand its "YUYU" gold jewellery collection, which features diamond inlays, rapidly[105]. - The Group plans to expand its new "YUYU" series of diamond-studded gold jewelry rapidly[107].

Financial Performance - In 2024, Livzon Pharmaceutical Group achieved a revenue of RMB 11,812.34 million and a net profit attributable to shareholders of RMB 2,061.10 million[10]. - The company achieved a total revenue of RMB 12,430.04 million, with a year-on-year decrease of 4.97%[21]. - The net profit attributable to shareholders was RMB 1,953.65 million, reflecting a decline of 8.31% compared to the previous year[21]. - The company reported a net cash flow from operating activities of RMB 2,061.10 million, showing a significant increase of 51.80%[21]. - The company’s basic earnings per share for the year was RMB 2.10, with a diluted earnings per share of RMB 2.24[21]. - The company reported a total operating revenue for the year 2024 of RMB 11,812,338,854.68, representing a decrease of 4.97% compared to RMB 12,430,038,325.82 in 2023[106]. - The net profit attributable to shareholders increased by 5.50% to RMB 2,061,095.80 million in 2024[54]. - The company reported a gross margin of 45%, maintaining a stable margin compared to the previous year[37]. Research and Development - Research and development (R&D) investment accounted for 8.84% of total revenue, focusing on gastrointestinal, reproductive assistance, and mental health fields[14]. - The company has 45 products in the pipeline, including 23 innovative drugs and high-barrier complex formulations[14]. - Livzon has introduced six new projects through business development collaborations, enhancing its R&D pipeline[16]. - AI technology has been integrated into the entire R&D process, significantly improving efficiency[16]. - The company plans to increase investment in innovative drug research and development, focusing on core therapeutic areas such as digestive, mental health, and reproductive health[19]. - The company is focusing on self-research and business development (BD) to drive innovation, with a particular emphasis on gastrointestinal, reproductive, and neurological fields[73]. - The company has multiple products in various stages of clinical trials, including 3 in Phase III and 2 in Phase I[80]. - The company has established a modular and flat R&D management system to improve efficiency in project management and resource allocation[73]. Market Expansion - The company is expanding its market presence from emerging markets to Europe and the United States, optimizing its product offerings[17]. - Livzon is expanding its market presence in Southeast Asia, aiming to increase sales by 25% in that region[37]. - The company is actively pursuing international partnerships to introduce advanced technologies and expand its competitive products into global markets[93]. - The company has established branches in Malaysia and offices in Brazil, India, Spain, Vietnam, and Turkey to enhance its global commercialization strategy[101]. Product Development - Livzon plans to launch three new products in the next fiscal year, focusing on innovative drug development and biotechnology[37]. - The company has initiated Phase III clinical trials for a recombinant anti-IL-17A/F monoclonal antibody for psoriasis, aiming for market approval by 2025[76]. - The company has received approvals for three products during the reporting period, including potassium bismuth citrate granules and hydrochloride pramipexole tablets (8mg)[81]. - The company is focusing on high clinical value products, with a complete matrix of assisted reproductive products expected to enhance market presence[79]. - The company is advancing its research in traditional Chinese medicine, targeting mental health and chronic diseases, with two products expected to report this year[79]. Compliance and Sustainability - The company maintains a 100% compliance rate with GMP inspections for all production lines of listed products[18]. - The company has received MSCI ESG AAA rating for two consecutive years and was recognized as the "Best Progress Company" in the 2024 S&P Global Sustainability Yearbook[19]. - The company integrates sustainable development goals into management performance assessments, promoting green production and social responsibility[94]. - The company has established a standardized public welfare management system focusing on rural revitalization, education support, medical assistance, and disaster response, contributing to local farmers' income through the "Huangqi Industry Revitalization" project[95]. Financial Management - The company reported a total investment amount of RMB 1,711,305,473.04, representing a 134.54% increase compared to RMB 729,635,150.00 in the previous year[161]. - The company has established risk management measures for foreign exchange and commodity futures derivatives to mitigate market risks associated with currency and commodity price fluctuations[171]. - The company has not engaged in speculative derivative investments during the reporting period[172]. - The company has implemented strict internal controls to reduce operational risks related to derivative trading[171]. Customer and Supplier Relations - The average duration of the top five customers' relationship with the company is 16.60 years, indicating strong customer loyalty[114]. - The company’s total revenue from the top five customers was RMB 947,987,674.38, representing 8.10% of the total annual sales, slightly down from 8.19% in 2023[115]. - The total procurement amount from the top five suppliers was RMB 706,067,451.82, which accounted for 32.15% of the total procurement, an increase from 26.06% in 2023[119].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 151.5 million, an increase from HKD 110.0 million in 2023[12]. - The gross loss for the year ended December 31, 2024, was approximately HKD 1.5 million, significantly improved from HKD 16.6 million in 2023, resulting in a gross loss margin of 1.0% compared to 15.1% in the previous year[13]. - The net loss for the year ended December 31, 2024, was approximately HKD 27.0 million, a decrease from HKD 29.4 million in 2023[20]. - The pure loss margin for the year ended December 31, 2024, was approximately 17.8%, improved from 26.7% in 2023[21]. - Administrative expenses decreased from approximately HKD 9.3 million for the year ended December 31, 2023, to approximately HKD 6.5 million for the year ended December 31, 2024, representing a reduction of about 29.8%[16]. - The financing costs increased from approximately HKD 53,000 for the year ended December 31, 2023, to approximately HKD 96,000 for the year ended December 31, 2024, primarily due to increased bank loan interest[17]. - As of December 31, 2024, the group's net current assets and cash and bank balances were approximately HKD 101.0 million and HKD 9.7 million, respectively, compared to HKD 125.3 million and HKD 10.1 million as of December 31, 2023[22]. - The group's outstanding bank borrowings as of December 31, 2024, were approximately HKD 1.4 million, down from HKD 3.4 million as of December 31, 2023[23]. - The capital debt ratio as of December 31, 2024, was 1.1%, a decrease from 2.7% as of December 31, 2023[24]. Acquisitions and Business Strategy - The company acquired 100% of the shares of Courage Holdings Limited and its subsidiaries on April 30, 2024, enhancing its capabilities in the RMAA sector[6]. - The group completed the acquisition of the Yongwang Group on April 30, 2024, and is set to complete the acquisition of Shun Tat Construction Engineering Co., Ltd. on January 15, 2025[35]. - The company plans to adopt a horizontal acquisition strategy to increase market share and reduce competition in the RMAA industry[9]. - The group had 9 projects on hand as of December 31, 2024, compared to 7 projects in 2023[8]. Governance and Board Structure - The company emphasizes the importance of governance and has a dedicated corporate governance report[53]. - The board consists of four members, including one executive director and three independent non-executive directors, ensuring a high level of independence[58]. - The company held seven board meetings in the year ending December 31, 2024, with all directors attending every meeting[61]. - The board has adopted a diversity policy, recognizing the benefits of board diversity in enhancing performance[69]. - The company has established a mechanism to ensure board effectiveness, including having at least three independent non-executive directors[65]. - The company provides ongoing professional development for directors to ensure they are informed and compliant with governance standards[67]. - The board is responsible for formulating business policies and strategies, ensuring sufficient resources and effective internal controls[57]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, to assist in effective governance[72]. Employee and Safety Management - The company achieved ISO 45001: 2018 certification for occupational health and safety management, reflecting its commitment to employee safety[182]. - Reported one work-related injury in 2024, resulting in a total of 128 lost workdays, compared to 10 lost workdays in 2023[183]. - The company has implemented flexible working arrangements in response to extreme weather conditions, ensuring employee safety[175]. - The company is focusing on enhancing employee well-being and professional development to retain talent[176]. - The company has established a disaster recovery mechanism to address potential impacts from extreme weather events[175]. - The total number of reported accidents was zero in 2024, maintaining a record of no work-related fatalities over the past three reporting periods[183]. - The company is committed to continuous improvement of its safety policies and practices to enhance safety performance[182]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's management approach and performance for the year ending December 31, 2024[150]. - The board is responsible for overseeing the group's ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[154]. - The group emphasizes stakeholder engagement to maintain long-term value and considers industry practices and international trends in its sustainability measures[155]. - The group has established an ESG working group to support the board in implementing ESG strategies and goals[156]. - The total greenhouse gas emissions decreased from 11 tons in 2023 to 9 tons in 2024, with a reduction in emission density from 0.00010 tons per thousand HKD revenue to 0.00006 tons[165]. - The total construction and demolition (C&D) waste generated decreased significantly from 325 tons in 2023 to 150 tons in 2024, with a reduction in waste density from 0.00295 tons per thousand HKD revenue to 0.00099 tons[168]. - The company has maintained compliance with all significant environmental laws and regulations, with no confirmed non-compliance incidents reported during the reporting period[164]. - The company encourages employees to participate in green office practices to reduce fuel and electricity consumption[172]. Shareholder and Capital Management - The total amount raised from the IPO was HKD 140 million, with a net amount of approximately HKD 90.7 million after deducting underwriting commissions and related expenses[39]. - The company did not declare or propose any dividends to ordinary shareholders for the year ending December 31, 2024[117]. - The company has not entered into any equity-linked agreements during the year[119]. - The company will suspend the transfer of shares from June 16, 2025, to June 19, 2025, to determine shareholder eligibility for the 2025 Annual General Meeting[126]. - As of December 31, 2024, the major shareholder, Fuzhou Enterprises Holdings Limited, holds 525,000,000 shares, representing 44.70% of the total equity[133]. - No share buybacks or sales were conducted by the company or its subsidiaries during the year ending December 31, 2024[135]. Training and Development - The percentage of trained employees decreased from 40% in 2023 to 29% in 2024[185]. - The board of directors had a 100% training rate in 2024, up from 40% in 2023[185]. - All employees received 2 hours of anti-corruption training during the reporting period[196].

Sales Performance - In 2024, the cumulative retail sales of passenger vehicles in China reached 22.89 million units, representing a year-on-year growth of 5.5%[14] - The sales of new energy vehicles accounted for 10.9 million units, marking a significant year-on-year increase of 40.7%, with a market penetration rate of 47.6%[14] - Luxury vehicle sales declined by 7.8% year-on-year to 2.74 million units, influenced by macroeconomic factors affecting consumer behavior[14] - The number of new passenger cars sold was 56,930, down from 66,370 in 2023, with Porsche, BMW, and Lexus contributing approximately RMB 6,833.2 million, RMB 5,749.5 million, and RMB 2,838.1 million respectively[31] Financial Performance - The group's revenue for the year was approximately RMB 22,154.0 million, a decrease of about 22.4% compared to RMB 28,554.6 million in 2023[21] - New passenger car sales revenue decreased by approximately 27.4% to about RMB 17,726.3 million, accounting for approximately 80.0% of total revenue[21] - Gross profit fell to approximately RMB 1,561.0 million, down about 24.9% from RMB 2,077.9 million in 2023, with an overall gross margin of about 7.0%[23] - The company reported a loss of approximately RMB 2,258.8 million for the year, compared to a profit of RMB 155.8 million in 2023, resulting in a loss margin of about -10.2%[27] Impairment and Goodwill - The company reported a total impairment of goodwill and dealership rights amounting to approximately RMB 2.76 billion due to underperformance in cash-generating units[18] - The impairment tests confirmed a reduction in goodwill and intangible assets of approximately RMB 1.048 billion and RMB 465 million, respectively[18] - The company incurred impairment losses of approximately RMB 2,911.0 million related to goodwill and dealership rights, significantly higher than RMB 61.5 million in 2023[24] Cost Management - Operating expenses decreased by about 21.8% year-on-year, contributing to improved profitability[17] - The company emphasized cost control and operational efficiency as key strategies in the current challenging market environment[17] - The average discount rate in the luxury car market reached 20.7%, significantly compressing dealer profit margins and leading to an extended discount period[15] Inventory and Operational Efficiency - The company maintained inventory turnover days at approximately 13 days, effectively reducing the risk of larger future losses[17] - The company aims to maintain efficient operations with lower inventory levels to mitigate the risk of larger future losses amid economic uncertainties[54] Financial Position - As of December 31, 2024, the total equity of the group was approximately RMB 2,956.8 million, a decrease from RMB 5,286.1 million as of December 31, 2023[35] - Current assets increased to approximately RMB 7,113.1 million from RMB 6,372.7 million year-over-year, primarily due to an increase in pledged bank deposits[35] - Current liabilities rose to approximately RMB 6,788.4 million from RMB 4,447.4 million, mainly due to the reclassification of convertible bonds from non-current liabilities[35] - The group’s loans and borrowings decreased by approximately 30.7% to RMB 1,001.5 million from RMB 1,444.4 million year-over-year[36] Shareholder Information - The board proposed a final dividend of RMB 0.0445 per share, up from RMB 0.0330 per share in 2023[28] - The company has a significant shareholder, Mr. Ye Fan, who holds 703,916,000 shares, representing 52.29% of the total issued shares as of December 31, 2024[109] - The total number of issued shares is 1,346,247,201, which is the basis for calculating the percentage of shareholdings[110] Corporate Governance - The board consists of six members, including two executive directors and four independent non-executive directors[152] - The company has adopted a corporate governance code and has been compliant with applicable provisions throughout the year[154] - The board is responsible for setting and approving the group's development, business strategies, policies, and annual budgets[156] - The company emphasizes internal control mechanisms and risk management functions, with the board playing a crucial role in their implementation and oversight[158] Employee and Management Information - The group had a total employee cost of approximately RMB 711.1 million for the year, down from RMB 869.9 million in the previous year[140] - The company emphasizes employee compensation based on individual performance and provides various benefits, including medical benefits and bonuses[184] - The management team emphasizes the importance of human resources management and training in driving business success[62] Environmental and Social Responsibility - The company recognizes the importance of environmental protection and has adopted strict measures to comply with current environmental laws and regulations[82] - The company has maintained its commitment to environmental activities and community benefits through employee engagement[83] Future Strategies - The company intends to explore opportunities in the new energy vehicle market through the sale of existing luxury brand electric models[54] - The company will actively develop after-sales and mortgage application services to enhance customer traffic and conversion rates[54]