User Growth and Engagement - The number of registered individual users on the platform increased by 10.5% in 2024[17] - The number of registered physicians increased by 58.8% in 2024[17] - The number of hospitals connected to the platform increased by 59.7% in 2024[17] - The number of registered individual users increased from 186.0 million as of December 31, 2023, to 205.5 million as of December 31, 2024, representing a growth of approximately 10.1%[29] - The number of registered physicians rose from 560 thousand as of December 31, 2023, to 889 thousand as of December 31, 2024, an increase of about 58.8%[29] - The number of hospitals connected to the platform grew from 7,365 as of December 31, 2023, to 11,762 as of December 31, 2024, marking a growth of approximately 59.9%[29] - Health membership schemes were provided to 11.1 million individual customers in 2024, up from 8.6 million in 2023, reflecting a growth of about 29.1%[38] - The number of corporate customers receiving health membership schemes rose to 281 in 2024 from 278 in 2023, a slight increase of about 1.1%[38] Financial Performance - Revenue decreased by 3.5% from RMB1,244.5 million in 2023 to RMB1,200.8 million in 2024, primarily due to a decline in health and medical services revenue from RMB297.5 million to RMB249.7 million[58] - Revenue from healthcare service packages dropped significantly from RMB65.5 million in 2023 to RMB13.2 million in 2024, attributed to proactive adjustments in service structure[58] - Corporate and digital marketing services revenue increased from RMB945.8 million in 2023 to RMB950.9 million in 2024, representing 79.2% of total revenue[58] - Gross profit decreased from RMB398.2 million in 2023 to RMB365.9 million in 2024, with a gross profit margin of 30.5% compared to 32.0% in 2023[60] - Selling expenses decreased by 4.1% from RMB211.8 million in 2023 to RMB203.2 million in 2024, primarily due to reduced marketing expenses for healthcare service packages[67] - Administrative expenses decreased by 32.3% from RMB79.8 million in 2023 to RMB54.0 million in 2024, mainly due to lower office expenses[68] - Research and development costs decreased by 6.2% from RMB103.4 million in 2023 to RMB97.0 million in 2024, following the completion of several products[69] - Net loss decreased by 14.2% from RMB313.9 million in 2023 to RMB269.2 million in 2024[80] - The company's loss before tax decreased by 17.8% from RMB 320.9 million in 2023 to RMB 263.8 million in 2024[83] - Adjusted net profit (non-IFRS measure) was RMB 22.8 million in 2024, down from RMB 39.4 million in 2023[91] Cash Flow and Assets - Cash and cash equivalents rose from RMB 168.7 million in 2023 to RMB 260.2 million in 2024, primarily due to net cash generated from financing and operating activities[116] - Net cash generated from operating activities surged from RMB3.6 million in 2023 to RMB56.7 million in 2024[123] - The company recorded a net cash outflow in investing activities of RMB81.7 million, mainly due to the purchase of intangible assets and wealth management products[123] - Total bank loans and borrowings decreased from RMB89.0 million in 2023 to RMB56.4 million in 2024, with a gearing ratio improving from 499% to 60%[125] - Net current liabilities reversed to net current assets of RMB 114.4 million as of December 31, 2024, from net current liabilities of RMB 1,721.9 million in 2023[92] - Inventories decreased from RMB 13.8 million in 2023 to RMB 7.1 million in 2024 due to significant sales during the flu season[93] - Trade and other receivables increased from RMB 132.6 million in 2023 to RMB 144.2 million in 2024, reflecting business growth[95] - Trade and other payables increased to RMB 208.6 million in 2024 from RMB 193.9 million in 2023, driven by business growth[102] - Intangible assets increased from RMB39.3 million as of December 31, 2023, to RMB81.3 million as of December 31, 2024, due to additional investments in software and datasets[118] Market and Business Strategy - The digital health and wellness market in China has a compound annual growth rate (CAGR) of 32.7% from 2018 to 2023[21] - The company aims to address pain points in China's healthcare system through its multi-dimensional services[21] - The company has developed multiple monetization strategies leveraging its large user base and relationships with key industry stakeholders[21] - The company expects to further monetize its pharmaceutical sales business, content services, and information technology services to improve financial performance and profitability[24] - The company expects to drive revenue growth through monetizing pharmaceutical sales, content services, and IT services, while enhancing synergies among business segments[138] - The market for RWS support services in China has been growing rapidly, providing opportunities for broader access to clinical data and insights for pharmaceutical companies[139] - The real-world evidence (RWS) support services market in China has been rapidly growing, allowing the company to gather broader real-world clinical data[141] - The company aims to provide valuable insights for pharmaceutical companies in drug research within real-world environments[141] - The overall business outlook remains optimistic, indicating a positive trajectory for future performance[141] Company Recognition and Achievements - The company was recognized as one of the Future Unicorn Innovative Enterprises of Digital Economy in Fujian Province in 2024[18] - The company was ranked as one of the Top 100 Medical Services Companies on China Future Healthcare Rankings in 2024[18] - The company was recognized as a Leading Enterprise in Software Industry of Fuzhou City in 2024[18] - The successful listing of shares on the Main Board of The Stock Exchange of Hong Kong Limited occurred on December 30, 2024[15] Leadership and Management - Mr. Chen Yong has over ten years of experience in the healthcare industry, serving as general manager of Fujian Health Management and currently as general manager of Fujian Meinian Corporation Management Company Limited[160] - Mr. Zhang Xiangming was appointed as a non-executive Director on May 30, 2023, and has been serving as the technical director of Yilai (Hainan) Network Technology Co., Ltd since October 2021[164] - Mr. Xu Jing was appointed as an independent non-executive Director on December 30, 2024, and has extensive experience in corporate finance and investment management[167] - Dr. Lu Tao was appointed as an independent non-executive Director on December 30, 2024, and has published over 40 articles in Science Citation Index magazines[176] - Dr. Lu has been serving as the director of the integrated medical center at Beijing University of Chinese Medicine since September 2016[177] - Mr. Xu holds a bachelor's degree in business administration and a master's degree in business administration, with a focus on financial services and accountancy[175] - Mr. Zhang has a background in technology, having worked at Taobao and Ping An Health Cloud before his current role[165] - Mr. Xu has served as the chief financial officer of Standard Development Group Limited since December 2022[173] - Dr. Lu has also been the vice president of the Traditional Chinese Medicine Equipment Branch of China Medicine Equipment Association since May 2021[182] - Mr. Chen Yong has held various managerial roles in health management and wellness check businesses since joining the Group in 2010[160] - Ms. Deng Xiaolan was appointed as an independent non-executive Director on December 30, 2024, responsible for supervising the Board and providing independent judgment[184] - Ms. Deng has been a professor at Fuzhou University since 2021 and was a visiting scholar at the University of North Carolina at Chapel Hill from September 2010 to September 2011[185] - Ms. Deng was selected into the 2011 Fujian Province University Outstanding Young Scientific Research Talent Training Program and the accounting talent pool of Fujian Province in 2020[186] - Ms. Lin Xiaoxia is the vice president responsible for government affairs, personnel, administration, and national market development[193] - Ms. Lin joined the Group in February 2002 and has held various managerial positions, including general manager of Fujian Province in Fujian Health Management from May 2010 to August 2015[194] - Ms. Lin has been the vice president and deputy general manager of the operation expansion center of Fujian Health Road since September 2021[198] - Ms. Lin obtained a bachelor's degree in management from Dalian University of Technology in September 2020[195]

Financial Performance - Jiaxing Gas Group reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the latest fiscal year[4]. - The company achieved a net profit of RMB 300 million, representing a 10% increase compared to the previous year[4]. - The company's revenue for the year reached RMB 3,420.3 million, an increase of 15.69% compared to the previous year[14]. - The net profit attributable to shareholders was RMB 187.6 million, a decrease of 21.51% year-on-year[15]. - The gross profit for the year was RMB 354.9 million, up 33.64% from RMB 265.6 million the previous year, mainly driven by increased LNG sales and improved procurement cost efficiency[32]. - Other income and gains increased by 17.88% to RMB 21.1 million, mainly due to government subsidies for gas facility upgrades[33]. - The proposed final dividend for the fiscal year 2024 is RMB 0.25 per share, totaling RMB 34,461,125, subject to shareholder approval at the annual general meeting[99]. Customer and Market Growth - User data indicates a growth in customer base by 20%, with total users now exceeding 500,000[4]. - The company served approximately 487,000 residential users and 2,580 commercial users by the end of the reporting period[28]. - User data indicates a rise in active users, with a total of 500,000 new users added in the last quarter, marking a 10% increase compared to the previous quarter[64]. - The company plans to expand its market presence by entering two new provinces in the next fiscal year[4]. - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share within the next year[64]. Product Development and Innovation - New product development includes the launch of a smart gas meter, expected to enhance user experience and operational efficiency[4]. - Investment in new technology development has increased by 30%, focusing on enhancing service efficiency and customer satisfaction[64]. - The company has launched a new product line that is anticipated to contribute an additional 200 million RMB in revenue over the next year[64]. Strategic Initiatives - The company is exploring potential acquisitions of smaller gas companies to enhance market share[4]. - A strategic partnership with a local energy firm is expected to enhance service offerings and customer engagement[4]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's service capabilities and customer base by 15%[64]. - The company aims to ensure competitive pricing and stable supply in response to geopolitical uncertainties affecting the oil and gas market[24]. Operational Efficiency - The company aims to improve operational efficiency by 5% through the implementation of advanced technologies in its distribution network[4]. - Operational efficiency improvements have led to a 5% reduction in costs, positively impacting the overall profit margin[64]. Sustainability and Clean Energy - The company has allocated RMB 50 million for research and development in clean energy technologies[4]. - The company is focusing on sustainability initiatives, with a target to reduce carbon emissions by 20% over the next three years[64]. - The company anticipates further growth in clean energy consumption demand, including natural gas, driven by national economic and carbon reduction targets[24]. Financial Health and Management - The company’s current ratio was 0.92 and the debt-to-asset ratio was 60.27% as of December 31, 2024[39]. - The group has no significant contingent liabilities as of December 31, 2024[43]. - The group has no financial guarantee liabilities, consistent with December 31, 2023[44]. - The group has no mortgaged assets as of December 31, 2024, compared to RMB 43.2 million in mortgaged assets as of December 31, 2023[45]. - The group recorded an investment income of approximately RMB 35,000 from Hangjiaxin during the reporting period, with no dividends received[47]. Compliance and Governance - The group has maintained compliance with all relevant environmental laws and regulations during the fiscal year ending December 31, 2024[189]. - The group has adhered to the corporate governance code, except for specific provisions C.2.1 and F.1.1, during the fiscal year ending December 31, 2024[188]. - The supervisory board confirmed that the company's operations for the fiscal year 2024 are normal and compliant with laws and regulations[197]. - The financial reports for 2024 accurately reflect the company's financial status and operational results, as per the audit by Ernst & Young[198]. Shareholder Information - As of December 31, 2024, the company's total share capital is RMB 137,844,500, consisting of 137,844,500 shares with a par value of RMB 1.00 each[106]. - The company is obligated to withhold a 10% corporate income tax on dividends paid to non-resident H-share shareholders[102]. - The company will distribute the final dividend on July 4, 2025, pending approval from the annual general meeting[99].

Financial Performance - For the year ended December 31, 2024, revenue was HK$257,749,000, a decrease of 2.4% from HK$264,037,000 in 2023[5]. - Gross profit for 2024 was HK$76,999,000, down from HK$81,429,000 in 2023, reflecting a gross margin of approximately 29.9%[5]. - The company reported a loss before tax of HK$392,000 for 2024, compared to a loss of HK$4,366,000 in 2023, indicating an improvement in operational efficiency[5]. - In 2024, the Group recorded a revenue decrease of approximately HK$6.3 million, totaling approximately HK$257.7 million, and incurred a loss attributable to owners of the parent of approximately HK$3.5 million[40]. - The Group's revenue for the year ended December 31, 2024, decreased by approximately HK$6.3 million, or 2.4%, to approximately HK$257.7 million from approximately HK$264.0 million for the year ended December 31, 2023[60]. - The Group's loss for the year attributable to the owners of the parent remained relatively stable at approximately HK$3.5 million for the year ended December 31, 2024[87]. Revenue Breakdown - Revenue from thermal imaging products and services decreased by approximately 2.6%, amounting to HK$69.9 million (2023: HK$71.8 million), accounting for approximately 27.1% of the group's revenue[44][48]. - Revenue from the self-stabilised imaging products and services segment increased significantly by approximately HK$12.4 million to HK$56.4 million (2023: HK$44.0 million), representing approximately 21.9% of the group's revenue[47][49]. - Revenue from the general aviation products and services segment decreased by approximately 12.1% to HK$128.9 million (2023: HK$146.6 million), accounting for approximately 50.0% of the group's revenue[52][54]. Assets and Liabilities - Total assets as of December 31, 2024, were HK$398,658,000, a decrease from HK$408,814,000 in 2023[6]. - Total liabilities increased to HK$71,105,000 in 2024 from HK$66,569,000 in 2023, representing an increase of 8.1%[6]. Market and Business Strategy - The general aviation products and services segment continued to lead sales, benefiting from increased demand in the domestic general aviation sector[18]. - The Group's general aviation products and services segment continued to lead sales, benefiting from increased demand in various industries due to the promotion of the low-altitude economy in China[21]. - The Group expects significant revenue growth in the general aviation and self-stabilised imaging products and services segments in 2025[31][32]. - The low-altitude economy in Mainland China reached RMB506.0 billion and is expected to reach RMB1,064.5 billion by 2026[51]. - The Group plans to establish a new subsidiary in Kuala Lumpur, Malaysia, in January 2025 to expand its presence in the East Asian and Southeast Asian markets[21][31]. Operational Efficiency and Innovation - The self-stabilised imaging products and optoelectronics products achieved revenue growth through the empowerment of artificial intelligence, showcasing the impact of technological innovations on profitability[15]. - The overall business transformation is driven by the themes of "Intelligence and Globalisation," marking a significant milestone in the company's development[15]. - The Group emphasized the recruitment of R&D talents and the provision of AI training for its staff to enhance technological innovation[22][26]. Cash Flow and Financial Management - As of December 31, 2024, the Group's cash and cash equivalents increased to approximately HK$252.5 million, up by approximately HK$9.2 million from HK$243.3 million as of December 31, 2023[89]. - For the year ended December 31, 2024, net cash generated from operating activities was approximately HK$30.0 million, compared to HK$14.7 million in 2023, primarily due to a decrease in trade and bills receivables[90]. - The net cash from investing activities was approximately HK$53.4 million for 2024, a significant increase from a net cash outflow of approximately HK$16.6 million in 2023[90]. Dividends and Shareholder Information - The Board recommended a final dividend of HK1.35 cents per share and a special dividend of HK2.70 cents per share, totaling HK4.05 cents per share for the year ended December 31, 2024[111]. - The proposed dividends are subject to shareholder approval at the annual general meeting scheduled for June 12, 2025[116]. - The register of members will be closed from June 5, 2025, to June 12, 2025, for determining eligibility to attend and vote at the AGM[117]. - The register will also be closed from June 23, 2025, to June 25, 2025, for determining eligibility for the proposed dividends[118]. Management and Governance - The company has a strong management team with diverse backgrounds in engineering, finance, and aviation[132][144]. - The company is focused on enhancing its operational management and supplier relationships to drive growth[135]. - The board includes independent non-executive directors who provide oversight and independent judgment[138]. - The company is actively involved in the nomination and audit committees to ensure governance and compliance[141]. - The Company has adopted the principles and code provisions of the Corporate Governance Code since its listing date on January 11, 2019[169]. - The Board consists of six members, including three executive Directors and three independent non-executive Directors[179]. - The Company has received written annual confirmations of independence from all independent non-executive Directors, affirming their independence[192]. - The Board has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee specific aspects of the Company's affairs[195].

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 5.2 billion for the fiscal year 2024[2]. - The company achieved a revenue of HKD 13.07 billion for the year ending December 31, 2024, representing a year-on-year growth of 10.5%[21]. - Net profit attributable to equity holders reached HKD 853.74 million, an increase of 42.6% compared to the previous year[22]. - Basic and diluted earnings per share rose to HKD 1.23, reflecting a growth of 41.4% year-on-year[16]. - Cash and cash equivalents, along with short-term bank deposits, increased by 22.5% to HKD 2.86 billion[16]. - The return on equity improved to 28.3%, up from 25.7% in the previous year[16]. - Gross profit rose by 26.6% to HKD 1,377.6 million, up from HKD 1,088.3 million in the previous year[37]. - Other net income increased by 32.1% to HKD 120.4 million, driven by higher interest income from increased average deposit rates and short-term bank deposits[38]. - The group's net profit attributable to equity holders increased by 42.6% to HKD 853.7 million, compared to HKD 598.8 million in 2023[41]. - Basic earnings per share for the year ended December 31, 2024, was HKD 1.23, up 41.4% from HKD 0.87 in 2023[43]. Market Expansion and Growth - User data showed a growth in active customers by 20%, totaling 1.5 million users by the end of the reporting period[2]. - The company provided a positive outlook, projecting a revenue growth of 10-12% for the next fiscal year[2]. - Market expansion efforts have led to a 30% increase in sales in Southeast Asia, with plans to enter two additional markets in 2025[2]. - New product launches contributed to 25% of total sales, indicating strong market acceptance[2]. - The company is expanding its operations in Brazil, increasing the scale of raw tobacco procurement and enhancing sales channels[23]. - The company plans to focus on both organic growth and strategic acquisitions to achieve leapfrog development[24]. Research and Development - The company is investing HKD 300 million in R&D for new technologies aimed at enhancing product quality and sustainability[2]. Strategic Initiatives - The company completed an acquisition of a local competitor, which is expected to increase market share by 5%[2]. - Strategic partnerships with local distributors have improved supply chain efficiency, reducing costs by 8%[2]. - The company aims to enhance its ESG initiatives, committing to a 20% reduction in carbon emissions by 2025[2]. - Continuous investment in ESG initiatives aims to improve governance and sustainability practices within the company[23]. - The company is committed to improving its ESG standards and enhancing brand image while controlling costs[26]. Dividend and Shareholder Returns - The board has approved a dividend payout of HKD 0.50 per share, reflecting a 10% increase from the previous year[2]. - The company aims to enhance profitability and ensure stable dividend growth for shareholders[24]. - The company proposed a total dividend of HKD 0.46 per share, which is a 43.8% increase from the previous year[16]. Supply Chain and Procurement - The company focused on enhancing its supply chain for tobacco leaf products, ensuring stable supply amid market fluctuations[22]. - New market channels were actively developed to improve profitability in the tobacco leaf export business[23]. - The company imported 111,980 tons of tobacco products, a decrease of 4.5% year-on-year, with revenue of HKD 8,254.2 million, an increase of 2.2%[27]. - The company exported 83,468 tons of tobacco products, an increase of 18.4% year-on-year, with revenue of HKD 2,061.5 million, an increase of 24.8%[29]. - The company exported 3,339,700 thousand cigarettes, an increase of 19.1% year-on-year, with revenue of HKD 1,573.6 million, an increase of 30.2%[31]. - The company exported 761,910 thousand new tobacco products, an increase of 12.5% year-on-year, with revenue of HKD 135.2 million, an increase of 4.0%[33]. - The company’s Brazilian subsidiary exported 31,627 tons of tobacco products, a decrease of 2.4% year-on-year, with revenue of HKD 1,049.6 million, an increase of 37.0%[34]. Related Party Transactions - The total revenue from related party transactions at the issuer level was HKD 8,256.3 million, accounting for approximately 63.2% of the total revenue during the reporting period[58]. - The total revenue from related party transactions at the subsidiary level was HKD 1,149.7 million, representing about 8.8% of the total revenue during the reporting period[58]. - The total procurement amount from related party transactions at the issuer level was HKD 4,043.1 million, which constituted approximately 28.6% of the total procurement during the reporting period[58]. - The total procurement amount from related party transactions at the subsidiary level was HKD 2,713.1 million, accounting for about 19.2% of the total procurement during the reporting period[58]. - The total transaction amount for related party tobacco sales transactions during the reporting period was HKD 416.6 million[113]. Compliance and Governance - The company is committed to transparency and has engaged independent parties to ensure compliance with regulatory standards[161]. - The independent auditor confirmed that all ongoing connected transactions were conducted in accordance with the company's pricing policy and were fair and reasonable[159]. - The company has received exemptions from strict compliance with annual caps and independent shareholder approval for certain ongoing related party transactions[155]. - Independent non-executive directors have conducted reviews to ensure the fairness of ongoing related party transactions during the reporting period[156]. Employee and Talent Management - The company emphasizes the importance of talent development and employee satisfaction to foster a collaborative work environment[26]. - The company has adopted a competitive compensation policy to attract and retain employees, including performance-based bonuses[200]. - The company provides onboarding training for all employees to familiarize them with the tobacco industry and its operations[200]. Risks and Challenges - The company faces risks from global anti-smoking campaigns and increasing consumer health concerns, which may lead to a decline in overall tobacco product demand[197]. - The company’s new tobacco product export business may encounter challenges due to evolving regulatory interpretations and implementations[198]. - Duty-free cigarette sales may not quickly recover to pre-pandemic levels, influenced by changes in consumer behavior due to the pandemic[198].

Financial Performance - The Group's core business revenue reached HK$2,373.0 million, representing a growth of 0.5% compared to last year[16] - The Group's gross profit was HK$246.0 million, with an adjusted EBITDA of HK$110.6 million for the core business[16] - The profit for the year increased by 13.7% to HK$149.3 million, up from HK$131.3 million last year, primarily due to increased interest income and improved share of results from associates[16] - Adjusted net profit rose by 9.4% to HK$87.1 million, and adjusted operating cash flow surged by 105.7% to HK$124.8 million[19] - The Group's basic earnings per share increased to HK 17.91 cents, up from HK 15.75 cents in the previous year[18] - The final dividend remained stable at HK 3.0 cents per share[18] - The Group's total revenue for 2024 was HK$2,373.0 million, representing a growth compared to last year's HK$2,360.4 million[93] - Profit for the year attributable to the Company's equity holders was HK$149.3 million, an increase of 13.7% over last year's HK$131.3 million[98] - The Group's adjusted EBITDA for the year was HK$407.4 million, representing an 18.6% margin[39] - For the year ended December 31, 2024, total revenue was HK$2,373.0 million, with a gross profit of HK$246.0 million, showing a stable performance compared to the previous year[117] Business Growth and Expansion - Orders for Unified Technology Services grew by 6.0% to HK$1,319.0 million, while System Integration and Other Businesses saw a 2.5% increase to HK$1,221.3 million[19] - The Group established an Offshore Development Center in Zhuhai in the second half of 2024 to enhance service capabilities[24] - The Group plans to expand into Southeast Asia, establishing offices in Malaysia and Australia in February 2025[49] - The Group focused on expanding its business into the Greater Bay Area and the Asia-Pacific market[97] - The Group is focusing on expanding its business opportunities in the Asia Pacific region and enhancing its technical capabilities in response to the rise of artificial intelligence technologies[112] - The Group plans to monitor geopolitical tensions and trade conflicts that may impact the global business environment and adjust strategies accordingly[144] - The Group is enhancing its capabilities in banking, finance, and insurance sectors to meet market demands, focusing on pre-sales, development, and after-sales services[151] - The Group's performance bonds issued to customers as security for contracts were approximately HK$113.2 million as of December 31, 2024, down from HK$126.8 million in 2023[156] Strategic Initiatives - The Group's strategic focus includes enhancing customer experience through innovative applications and simplifying IT operations to increase efficiency[21][24] - The Group signed a memorandum of understanding with Tencent to collaborate on cybersecurity solutions[45] - The Group established its fourth Offshore Development Center in the Greater Bay Area to enhance software development capabilities for Hong Kong, Macau, and overseas projects[106] - The establishment of a "Joint Development Technology Testing Center" with Kylinsoft aims to enhance technological capabilities and explore business opportunities in AI[136] - The Group's SOC in Guangzhou received the third-level certification for information system security from the Ministry of Public Security of the People's Republic of China[133] Market and Sector Performance - Revenue growth was particularly strong in the retail sector, along with an increase in revenue from the financial sector compared to the previous year[44] - The Group secured numerous orders from the government and healthcare sectors, including a contract worth over HK$100 million for a large-scale human resources management system[25] - The Security Operation Center (SOC) business has grown significantly, benefiting from government legislation for the security of critical infrastructure, with the Guangzhou SOC obtaining Level 3 certification[25] - The Intelligent Cybersecurity Services business generated service revenue of HK$213.5 million, reflecting stable demand for threat detection and security services[130] - The Integrated Managed Services Business achieved service revenue of HK$477.2 million, supported by market demand for IT Service Management (ITSM) projects and managed services[134] Social Responsibility and Community Engagement - The group is committed to sustainability, focusing on creating long-term value for shareholders, customers, employees, and the wider community[75] - The expanding Graduate Trainee program provided mentorship, skills training, and educational opportunities to empower youth, demonstrating the company's commitment to social contribution[77] - The company sponsored the CoolThink@JC Competition for the fifth consecutive year, supporting educational programs to develop computational thinking skills among students[77] Financial Position and Assets - The Group's bank balances and cash and time deposits totaled approximately HK$714.4 million, indicating a healthy financial position[98] - Total assets as of December 31, 2024, were HK$3,276.4 million, up from HK$3,110.9 million in 2023[94] - Total liabilities increased to HK$999.5 million in 2024 from HK$933.6 million in 2023[94] - Equity attributable to equity holders of the Company rose to HK$2,276.9 million in 2024, compared to HK$2,177.3 million in 2023[94] - The Group's gearing ratio was 0.0% as of December 31, 2024, down from 0.5% in 2023, indicating no reliance on bank borrowings[156] Events and Recognition - In 2024, the company hosted a series of events focused on five key sectors: Government, Healthcare, BFSI, Education, and Aviation, showcasing the latest technological trends[195] - Highlights of the events included digital government solutions, advanced healthcare systems, innovative Fintech platforms, comprehensive e-learning tools, and aviation optimization technologies, aimed at helping clients succeed in the digital age[196] - The commitment to providing value and driving innovation has been recognized by stakeholders, reinforcing the company's position as a trusted partner in the tech sector in Mainland China and Southeast Asia[193]

Financial Performance - Revenue for 2024 reached RMB 24,755,737 thousand, an increase of 4.8% compared to RMB 23,626,279 thousand in 2023[11] - Operating profit for 2024 was RMB 1,538,446 thousand, reflecting a slight increase of 0.9% from RMB 1,524,827 thousand in 2023[11] - Net profit attributable to equity holders decreased by 1.7% to RMB 1,094,871 thousand in 2024 from RMB 1,113,972 thousand in 2023[11] - Basic earnings per share for 2024 was RMB 0.542, down 2.2% from RMB 0.554 in 2023[11] - Total assets increased by 6.5% to RMB 29,381,665 thousand in 2024 from RMB 27,587,424 thousand in 2023[15] - Net assets rose by 5.9% to RMB 13,105,038 thousand in 2024 compared to RMB 12,373,644 thousand in 2023[15] - The company reported a gross profit margin of 14.4% in 2024, down from 15.7% in 2023, a decrease of 1.3 percentage points[17] - The EBITDA margin for 2024 was 8.2%, slightly down from 8.3% in 2023[17] - Cash and cash equivalents increased by 3.8% to RMB 7,264,358 thousand in 2024 from RMB 6,998,191 thousand in 2023[15] - The company reported a net profit margin of 50% for the year, indicating strong operational efficiency[19] Clean Energy Initiatives - The company has a comprehensive layout in the hydrogen energy industry, with over 20 subsidiaries globally, enhancing its market presence[9] - The company is focusing on the development of hydrogen energy, energy storage, and multi-energy complementary technologies to foster new profit growth points[24] - The company has deepened cooperation with global partners in high-end liquid hydrogen equipment and energy storage solutions, achieving key breakthroughs in multiple areas[22] - The company aims to provide comprehensive clean energy lifecycle services, integrating upstream and downstream resources in the industry chain[21] - The clean energy business revenue grew by 15.3%, with new orders increasing by 17.3%, particularly benefiting from the global shipping green upgrade[38] - The company is focusing on strategic projects such as hydrogen production from blast furnace gas and the replication and implementation of green methanol from biomass[27] - The company is actively involved in the development of alternative fuels for the shipping industry to meet the IMO's 2040 emission reduction targets[74] Market Expansion and Global Presence - The company has established sales offices in Africa, Southeast Asia, Europe, and the Middle East, enhancing its global sales network and service capabilities[26] - The company aims to enhance its overseas presence and capitalize on the rapid growth opportunities brought by the green transformation of inland shipping[27] - The company is focusing on expanding its market presence in regions with rich natural gas resources, such as Africa, the Middle East, and Southeast Asia[55] - The company is set to support the scrapping and renewal of old operational vessels, promoting the development of new energy clean vessels through various subsidies based on vessel types[5] Technological Advancements - The company plans to further enhance its technological leadership and digital empowerment by integrating artificial intelligence and digital twin technologies into its operations[24] - The company is committed to continuous technological innovation to promote the rapid, efficient, and safe application of clean energy[75] - The group aims to enhance R&D in key equipment and core technologies, maintaining a leading position in LNG, high-pressure hydrogen, liquid hydrogen, liquid ammonia, and methanol storage, with a target to produce 50,000 tons of green methanol by 2025[77] - The group is focusing on developing new technologies and processes for green upgrades in global shipping and inland waterways, seizing opportunities in clean fuel power development[79] Government Policies and Industry Trends - The hydrogen energy industry was officially recognized as a strategic emerging industry in the government work report, with a focus on high-quality development[41] - The government aims for significant progress in clean low-carbon hydrogen applications in the industrial sector by 2027, particularly in metallurgy and ammonia synthesis[41] - The National Energy Administration issued guidelines in March 2024 to accelerate the construction of gas storage facilities and promote the role of natural gas in the new energy system[42] - The State Council's action plan for 2024-2025 emphasizes optimizing the oil and gas consumption structure and promoting the development of unconventional oil and gas resources[42] Employee and Management Structure - As of December 31, 2024, the total number of employees in the group is approximately 12,000, an increase from about 11,000 in 2023[174] - Total employee costs, including director remuneration and retirement benefits, amount to RMB 2,619,654,000, up from RMB 2,168,545,000 in 2023, representing an increase of approximately 20.8%[174] - The management team includes experienced professionals with backgrounds in engineering and business, ensuring strong leadership in strategic decision-making[182][183][184] Research and Development - The division is focusing on sustainable development, aiming to reduce carbon footprint and support clients in achieving net-zero emissions[137] - Significant progress was made in R&D for industrial distillation systems and mechanical vapor recompression solutions, particularly in the spirits industry[138] - The division is investing in a diverse and skilled workforce to drive innovation and meet overall strategic goals[137] After-Sales Service and Customer Support - The company is committed to providing 24/7 technical support and services to ensure safe and efficient operation of clean energy equipment for customers[89] - The company is focusing on integrating and sharing after-sales service resources to create a comprehensive, professional, and networked service layout[90] - The company has established an after-sales service network in Europe, Southeast Asia, the Middle East, and the Americas through acquisitions and licensing partnerships[90]

Financial Performance - The group's revenue for 2024 was HKD 560,626,000, a decrease of 20.1% compared to HKD 701,552,000 in 2023[6] - Gross profit for 2024 was HKD 138,549,000, down 12.8% from HKD 158,865,000 in 2023, with a gross margin of 24.7% compared to 22.6% in the previous year[6] - Operating profit for 2024 was HKD 42,503,000, a slight increase of 0.7% from HKD 42,206,000 in 2023[14] - Profit attributable to owners for 2024 was HKD 20,909,000, an increase of 85.2% from HKD 11,288,000 in 2023[14] - Basic earnings per share for 2024 were HKD 0.0909, up 85.1% from HKD 0.0491 in 2023[15] - The group recorded a net financing expense of HKD 8,254,000 in 2024, a decrease of 34.6% from HKD 12,621,000 in 2023[11] - Other income and gains totaled HKD 18,669,000 in 2024, an increase of 120.6% from HKD 8,464,000 in 2023[7] - The net profit for the year was HKD 20,907,000, an increase of 77.8% compared to HKD 11,754,000 in 2023[199] - Basic earnings per share increased to HKD 0.0909 from HKD 0.0491, representing an increase of 84.5%[199] Dividends - The board proposed a final dividend of HKD 0.03 per share, totaling HKD 6,902,000, with total dividends for the year amounting to HKD 0.16 per share compared to HKD 0.045 per share in 2023[17] - The company plans to distribute a final dividend of HKD 0.03 per share, totaling HKD 6,902,000, alongside a special dividend of HKD 0.10 per share and an interim dividend of HKD 0.03 per share, resulting in a total dividend of HKD 0.16 per share for the fiscal year ending December 31, 2024, compared to HKD 0.045 per share in 2023[48] Assets and Liabilities - Total assets decreased to HKD 737,318,000 in 2024 from HKD 820,783,000 in 2023, a decline of 10.1%[196] - Total liabilities decreased to HKD 292,270,000 in 2024 from HKD 342,641,000 in 2023, a reduction of 14.7%[197] - The group's cash and cash equivalents balance as of December 31, 2024, was HKD 26,048,000, down from HKD 29,795,000 in 2023[24] - The inventory balance as of December 31, 2024, was HKD 69,993,000, a decrease from HKD 80,209,000 in 2023, with inventory turnover days increasing from 54 to 61 days[24] - The accounts receivable balance as of December 31, 2024, was HKD 206,372,000, slightly down from HKD 209,795,000 in 2023, with accounts receivable turnover days improving from 135 to 125 days[25] Economic Environment - The Chinese economy faced challenges with a GDP growth rate of 5.0% in 2024, slightly down from 5.4% in 2023, while industrial value-added increased by 5.7%[18] - The group is facing challenges due to a weak economic environment in Europe, particularly in Germany, impacting the performance of its joint ventures[20] Strategic Initiatives - The group plans to expand its service team by hiring more engineers to enhance technical capabilities, anticipating revenue growth from after-sales services[21] - The company recognizes the risk of over-reliance on the Chinese market, with any adverse changes significantly impacting revenue, and aims to expand its business in Southeast Asia to mitigate this risk[52] - The company intends to enhance its product and service value to address competitive pressures, including increasing technical support and after-sales service for customers[52] - The company is exploring investment opportunities in manufacturing equipment in other countries, including Europe, to diversify its market risks[52] Sustainability and Environmental Management - The company emphasizes environmental management and aims to reduce its environmental impact through waste optimization and resource management[142] - The company has established a range of communication channels to engage with stakeholders and gather feedback on sustainability performance[135] - The company has set a mid-term target to reduce greenhouse gas emissions intensity by 10% from the 2021 baseline by 2030[175] - The company aims to reduce energy consumption intensity by 10% from the 2021 baseline by 2030, incorporating energy efficiency standards in office equipment procurement by 2023[175] - Water consumption and water density are targeted to decrease by 10% from the 2021 baseline by 2030[175] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with it for the year ending December 31, 2024[80] - The company confirmed that all independent non-executive directors are independent as per the relevant rules[84] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed risk management and internal control systems[82] - The board has established risk management systems to identify and manage significant risks that could adversely affect the company's performance[51] Employee and Labor Practices - The company has implemented a defined contribution retirement plan for eligible employees in Hong Kong since December 1, 2000, and complies with the national social insurance plan for employees in mainland China[145] - The company strictly prohibits forced labor and child labor, ensuring compliance with local labor laws and regulations[151] - Employee engagement initiatives included regular meetings and surveys to gather feedback, fostering a harmonious workplace culture[154] Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements reflect the company's financial position accurately as of December 31, 2024[178] - The consolidated financial statements have been audited by PwC[92] - The company reported a total audit fee of HKD 488,000 for the year, with an additional HKD 530,000 for interim performance announcement services[124]

Business Operations - As of December 31, 2024, the cumulative GFA under management stood at approximately 55.61 million sq.m., serving over 500,000 property owners[17]. - The company signed contracts on project management projects in 136 counties and above-county-level cities across 8 provinces, municipalities, and autonomous regions, with a repeat cooperation rate of 62%[17]. - The project management business is primarily conducted through its wholly-owned subsidiaries, indicating a strong operational structure[16]. - The company has four business segments: commercial project management, government project management, capital project management, and management consulting, with traditional commercial project management being the core business[18]. - CCMGT has established a four-business structure: commercial construction, government construction, capital construction, and management consulting, with traditional commercial construction being the core business[20]. - The company has formed strategic partnerships with 30 government platform companies and 8 state-owned enterprises in Henan Province[20]. - The company signed a total of 449 project contracts during the year, with a contracted GFA of 55.61 million sq.m.[94]. - The Group signed 31 new project management projects with an additional contracted GFA of 2,517,200 sq.m., a year-on-year decrease of 64.8%[114]. - The company has embarked on a path of independent, national, large-scale, and professional development in project management[16]. Financial Performance - Revenue for the year ended 31 December 2024 was RMB 252.03 million, a decrease of 46.2% compared to RMB 468.38 million in 2023[89]. - Net profit for 2024 was RMB 73.22 million, down 63.6% from RMB 201.24 million in 2023, resulting in a net profit margin of 29.1%[89]. - The company achieved an opening inventory sales of RMB 8.74 billion in 2024, with a sales rate of 48.5%, which is 8.5% higher than the average level of 40% in third- and fourth-tier cities[76][80]. - In 2024, the company's contracted sales amounted to approximately RMB 13.4 billion, representing a year-on-year decrease of 54.6%, with a contracted sales GFA of approximately 2.17 million sq.m.[76]. - Revenue from projects in Henan province was RMB 226.4 million, accounting for 89.8% of total revenue, down 48.0% from RMB 435.1 million in 2023[133]. - Other income decreased by RMB 53.0 million or 71.8% to RMB 20.9 million, mainly due to a reduction in interest income on advances to third parties[134]. - Personnel costs amounted to RMB 101.5 million, representing a decrease of 9.6% from RMB 112.2 million in 2023, attributed to strict cost control measures[137]. - Other operating expenses were RMB 47.2 million, down 19.4% from RMB 58.6 million in 2023, also due to stringent expense management[138]. - The decline in revenue was attributed to lower service fees due to the downturn in the domestic real estate market and a significant decrease in completed projects[131]. Market Conditions - The focus of real estate policies in China shifted to support reasonable housing demand, particularly for rigid demand and improvement[70]. - The real estate market remained in a deep correction trajectory, with year-on-year contraction in real estate investments, sales, and project starts yet to be fundamentally reversed[102]. - The leading real estate developers' market shares were gradually eroded by medium-sized project management companies and new entrants, resulting in increasingly fierce competition[106]. - Preliminary statistics indicate that the planned GFA of newly contracted projects of project management companies in 2024 was estimated to be 165 million sq.m.[71]. - The market concentration of leading companies in project management remained above 50% in 2024[71]. - The economic environment in 2024 faced challenges, including weak global recovery and insufficient domestic demand, impacting overall market performance[101]. Strategic Initiatives - In September 2023, CCMGT launched the CCMGT C Platform, a new project management trust system aimed at enhancing brand premium and management capabilities[22]. - CCMGT aims to ensure every project is profitable and every risk is eliminated, focusing on sustainable cooperation with partners[25]. - The company plans to implement innovative expansion models and diversified cooperation in selected pilot cities in Henan[119]. - Future strategies include strengthening panoramic management and fine control to re-establish a leading position in the market[122]. - The company will focus on risk control and quality improvement to ensure high-quality development and security[127]. - CCMGT intends to innovate service models to strengthen collaboration across the industry chain[128]. - The company will continue to deepen its Greater Central China strategy, focusing on brand building and product quality[128]. Corporate Governance - The company has established a performance-based compensation structure to reward employees and promote healthy competition[188]. - The Group is committed to high corporate governance standards and has complied with applicable code provisions during the year, except for a deviation from code provision F.2.2[192]. - The company emphasizes win-win cooperation as its guiding ideology and aims for joint industry development[196]. - The company is focused on maintaining high standards of business ethics and corporate governance across its operations[197]. - The company has implemented a whistleblowing policy to allow employees and other stakeholders to report concerns about possible irregularities anonymously[197]. - A clear anti-corruption policy has been established to support anti-corruption laws and promote a culture of integrity within the company[197]. - The board is committed to monitoring and evaluating the company's culture to ensure long-term sustainable growth for shareholders[198]. Shareholder Information - The company was incorporated in the Cayman Islands on October 22, 2020, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 31, 2021[15]. - Mr. Wu Po Sum, the chairman, sold 395,560,000 shares, representing approximately 10.2% of the total issued share capital, as collateral under margin trading conditions[199]. - The chairman and other committee chairs were absent from the 2024 Annual General Meeting, but other directors attended to maintain communication with shareholders[195]. - The company plans to ensure the attendance of its auditor at future annual general meetings to address shareholder inquiries[195]. - The company reported a delay in the publication of its annual results and annual report for the year ending December 31, 2023, affecting the approval of the consolidated financial statements and auditor's report at the 2024 Annual General Meeting[195].

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]