Financial Performance - The group's revenue for 2024 was HKD 55,473 million, a decrease of 3% compared to HKD 56,971 million in 2023[20] - Shareholders' profit attributable for 2024 was HKD 5,712 million, down 6% from HKD 6,070 million in 2023[20] - The diluted earnings per share for 2024 was HKD 0.301, a decrease of 5% from HKD 0.316 in 2023[20] - The group's total revenue for the year was HKD 55.473 billion, with core business profit increasing by 5% to HKD 5.955 billion[35] - The group's attributable profit, before property revaluation, was HKD 5.668 billion, up 2%[35] - The group achieved a basic earnings per share of HKD 0.306, with a proposed final dividend of HKD 0.23 per share, totaling HKD 0.35 per share for the year[36] Customer Growth - The number of customers in Hong Kong as of December 31, 2024, was 2,037 thousand, an increase of 1% from 2,020 thousand in 2023[20] - The number of customers in mainland cities as of December 31, 2024, was 42,491 thousand, reflecting a growth of 6% from 40,186 thousand in 2023[20] - The group reported a total of 12,825 shareholders as of December 31, 2024, down 3% from 13,177 in 2023[20] Gas Sales and Operations - The group maintained a consistent gas sales volume in Hong Kong at 27,159 TJ, slightly up from 27,125 TJ in 2023[20] - In Hong Kong, gas sales volume remained stable with a slight increase of 0.1%, driven by more local restaurants switching to gas stoves[37] - Industrial gas sales volume increased by 2% overall, with hotel-related gas sales rising by 6.6%, while residential gas sales slightly decreased by 1.4%, resulting in an overall gas sales volume increase of 0.1%[88] - The group achieved a gas supply reliability rate of 99.992%, with 100% of customers notified three days in advance of any supply interruptions[97] Renewable Energy Initiatives - The group operates over 1,000 renewable energy projects across 24 provincial cities in mainland China, with distributed photovoltaic capacity reaching 2.3 GW and generating 1.83 billion kWh[41] - The renewable energy business achieved a net profit of HKD 479 million in 2024, representing a fivefold year-on-year growth, with over 1,000 renewable energy projects across 24 provinces[137] - The group has developed 128 zero-carbon smart parks across various regions, contributing to carbon neutrality goals and generating positive economic benefits[143] - The group is committed to gradually introducing zero-carbon fuels to replace fossil fuels, aiming for carbon neutrality in the long term[98] Strategic Development and Investments - The group aims to develop into a leading green smart energy enterprise, focusing on sustainable energy solutions[7] - The group plans to invest RMB 10 billion to develop a green methanol production facility with an annual capacity of 1 million tons, with construction expected to start in mid-2025[44] - The group has signed distribution cooperation agreements for green methanol with multiple companies, enhancing its supply chain capabilities[152][153] - The group has established a long-term agreement for the import of 1.5 million tons of liquefied natural gas annually through its Hong Kong international trade platform, enhancing resource security and flexibility[133] Technological Innovation - The company aims to strengthen its digital systems, including enhancing the capabilities of its AIoT platform to fully leverage data value[51] - The company will continue to embrace technological innovation, hosting the TERA-Award Smart Energy Innovation Competition to discover more zero-carbon projects and accelerate the commercialization of research outcomes[51] - The "Kwang Wah Chip" developed in collaboration with Sai Fang Technology has achieved a cumulative shipment of over 3.85 million units by the end of 2024, expanding its application from smart gas meters to various scenarios including smart kitchens and safety homes[174] Corporate Governance and Leadership - The company is committed to corporate governance and transparency, as evidenced by its diverse and experienced board composition[62] - The company has a diverse board with members holding various prestigious honors and extensive industry experience[63] - The board includes independent directors with significant contributions to the financial and educational sectors[64] - The company appointed Professor Huang as an independent non-executive director effective June 2024, bringing extensive experience from major financial institutions[67] Community Engagement and Social Responsibility - The group has provided over 1 million service hours and benefited over 8.5 million individuals through its "Gas Warmth Volunteer Team" since its establishment in 1999[194] - The group continues to support the government's "Co-Creating Bright 'Teen' Program" and has participated in the "Corporate Internship Program" for four consecutive years[195] - The "Gas Discount Program" has benefited over 40,000 households in Hong Kong, with a total amount exceeding HKD 36 million[178] Environmental and Sustainability Efforts - The company has achieved a 9% reduction in greenhouse gas emissions compared to the 2020 baseline[179] - The group actively promotes clean energy applications, including green methanol, hydrogen energy, and sustainable aviation fuel, in response to national carbon neutrality goals[187] - The group has successfully issued a green asset-backed securities plan worth 515 million RMB, receiving 2.5 times subscription, marking a significant milestone in the market[143] Future Outlook - The company anticipates stable growth in gas sales in Hong Kong, driven by the recovery of the tourism industry and the "High Talent Pass" program, which is expected to bring in tens of thousands of people[49] - The group plans to provide 500,000 tons of green methanol annually by 2028, with production capacity expected to increase to 150,000 tons by the end of 2025[151] - The new production facility in Johor, Malaysia is expected to commence operations in the second half of 2025, adding an annual capacity of 300,000 tons[150]

Financial Performance - Revenue for the year ended December 2024 was RMB 933,423,000, a decrease of 2.3% compared to RMB 955,580,000 in December 2023[15] - Gross profit decreased by 17.0% to RMB 187,601,000 from RMB 226,039,000 year-over-year[15] - Profit for the period fell by 39.7% to RMB 37,674,000, down from RMB 62,497,000 in the previous year[15] - The Group maintained a gross profit margin of 20.1%, down from 23.7% in the previous year, indicating pressure on profitability[15] - Revenue from property management services reached RMB 832.4 million, an increase of RMB 91.5 million from 2023, representing 89.2% of total revenue[71] - Revenue from residential properties was RMB 577.46 million, accounting for 69.4% of total revenue, up from 65.3% in 2023[54] - Revenue from non-residential properties decreased to RMB 254.92 million, representing 30.6% of total revenue, down from 34.7% in 2023[54] - Revenue from value-added services to non-property owners fell by 63.5% to RMB 38.7 million compared to RMB 106.09 million in 2023[55] - Community value-added services revenue decreased by 42.6% to RMB 62.4 million from RMB 108.6 million in 2023[58] - For the year ended December 31, 2024, the Group's revenue amounted to RMB 933.4 million, a decrease of 2.3% compared to RMB 955.6 million in 2023[68] Asset and Liability Management - Total assets decreased to RMB 1,341,107,000 from RMB 1,424,649,000, reflecting a decline in overall asset value[15] - Total liabilities slightly decreased to RMB 650,874,000 from RMB 665,616,000, indicating improved liability management[15] - Cash and bank balance decreased to RMB 202,181,000 from RMB 229,728,000, showing a reduction in liquidity[15] - As of December 31, 2024, trade and other receivables and prepayments amounted to RMB 1,077.4 million, a decrease of RMB 72.8 million compared to RMB 1,150.3 million as of December 31, 2023[98] - Trade payables decreased by 5.0% to RMB 409.2 million as of December 31, 2024, from RMB 430.7 million as of December 31, 2023, due to reduced operational scale[105] - Cash and cash equivalents decreased by 12.0% to RMB 202.2 million as of December 31, 2024, from RMB 229.7 million as of December 31, 2023[107] Operational Strategy and Development - The Group focused on high-quality development by optimizing operational quality and withdrawing from low-efficiency projects[19] - The Group implemented a flatter management structure and project group management, enhancing on-site service response efficiency and aligning daily operations with comprehensive budget targets, particularly in cash flow management[22] - The Group aims to create a low-carbon service ecosystem by integrating energy-saving technologies and deploying distributed photovoltaic applications in commercial projects[29] - The Group's future strategy emphasizes embracing technological innovation to remain competitive in the evolving property service industry[31] - The Group is focusing on service product innovation in the commercial sector, including the development of a new service model for digital cultural parks and customized services for cultural enterprises[26] Employee Management and Development - The company is committed to providing competitive salary packages and comprehensive social insurance coverage for employees in accordance with PRC laws[136] - The Group has implemented a systematic review of the remuneration policy to align with market conditions and business development, ensuring competitive compensation for employees[137] - A regular performance evaluation system is in place, assessing employee performance annually, quarterly, and monthly, with results directly impacting compensation adjustments and promotions[139] - The Group emphasizes employee training and development, establishing a clear promotion mechanism and diverse career development platforms, including online and offline training methods[140] - The Group's strategic focus includes cultivating core talents and empowering professionalism through targeted training initiatives[140] Leadership and Governance - The Group's leadership includes experienced professionals with extensive backgrounds in real estate and property management, enhancing strategic decision-making capabilities[142][149] - The company has a strong leadership team with members holding significant qualifications and experience in their respective fields, enhancing its operational capabilities[153] - The Group emphasizes the importance of independent directors in ensuring effective governance and management oversight[175] - The management team is committed to maintaining high standards of operational efficiency and strategic growth[186] Market Position and Competition - The Group was recognized as one of the "TOP 100 Property Management Companies in China" for the 11th consecutive year, moving up to the 20th place[19] - The company expanded its geographical presence to 39 cities in China by the end of 2024, focusing on first-tier and second-tier cities to enhance competitive strength in the property industry[47] - The company experienced intensified market competition, which contributed to the slight reduction in GFA under management[39] Project Management and Acquisitions - The company agreed to acquire a 24.0% stake in Hangzhou Xiangyu Property Management Co., Ltd. for RMB 7.37 million and an 8.0% stake for RMB 2.46 million, with the transactions not yet completed as of December 31, 2024[120] - The company conditionally agreed to acquire 100% equity interest in Deqing Moganshan Ruijing Real Estate Co., Ltd. for RMB 90 million, with the principal asset being Moganshan Yungu Dexin New Century Mingting Hotel[122] - The company entered into agreements to transfer parking space usage rights for a total consideration of RMB 211.43 million, with specific amounts for each agreement being RMB 52.83 million, RMB 21.45 million, RMB 17.16 million, and RMB 120 million[121] Community and Value-Added Services - The community value-added services offered included smart community solutions and home decoration services, aimed at enhancing customer satisfaction and loyalty[38] - The "Companion with Passion" quality improvement campaign created vibrant community spaces, leading to multiple recognitions for property management excellence in Hangzhou and Zhejiang Province[23] - Revenue from community retail and home services decreased to RMB 20.2 million, down by RMB 8.6 million from RMB 28.8 million in 2023[65]

Financial Performance - In 2024, the company's total revenue reached RMB 5.09 billion, a year-on-year increase of 53.9%[11] - Adjusted EBITDA for 2024 was RMB 963.1 million, reflecting a year-on-year growth of 42.8%[9] - Social business revenue amounted to RMB 4.63 billion, with a year-on-year growth of 58.1%[11] - Innovative business revenue reached RMB 460 million, showing a year-on-year increase of 21.3%[11] - Total revenue for the year ended December 31, 2024, was approximately RMB 5,091.5 million, an increase of about 53.9% compared to RMB 3,307.8 million for the year ended December 31, 2023[22] - Social business revenue reached approximately RMB 4,631.9 million, up 58.1% from RMB 2,929.0 million in the previous year, driven by improved operational capabilities and the acquisition of Chizicheng Strategy Investment Limited[22] - Innovative business revenue was approximately RMB 459.6 million, a 21.3% increase from RMB 378.8 million in the previous year, supported by the growth of social e-commerce and contributions from premium games[23] - Operating profit for the year ended December 31, 2024, was approximately RMB 728.9 million, an increase of about 32.3% from RMB 551.1 million for the year ended December 31, 2023[37] - Net profit for the year ended December 31, 2024, increased by approximately 3.6% to about RMB 787.8 million from RMB 760.6 million for the year ended December 31, 2023[40] - Adjusted EBITDA for the year ended December 31, 2024, was approximately RMB 963.1 million, representing a growth rate of 42.8% compared to RMB 674.6 million for the year ended December 31, 2023[43] Assets and Liabilities - Total assets increased to RMB 3.58 billion, up from RMB 2.79 billion in the previous year[10] - Total liabilities rose to RMB 1.93 billion, compared to RMB 843.4 million in 2023[10] - Total assets increased from approximately RMB 2,790.9 million as of December 31, 2023, to approximately RMB 3,583.0 million as of December 31, 2024[44] - Total liabilities increased from approximately RMB 843.4 million as of December 31, 2023, to approximately RMB 1,928.1 million as of December 31, 2024, primarily due to the acquisition of non-controlling interests in NBT Social Networking Inc.[44] - Cash and cash equivalents increased to approximately RMB 2,048.6 million as of December 31, 2024, from RMB 1,386.3 million as of December 31, 2023[45] - Operating cash flow increased to approximately RMB 1,015.5 million in 2024 from RMB 738.8 million in 2023[45] - The debt-to-asset ratio increased from approximately 30.2% as of December 31, 2023, to approximately 53.8% as of December 31, 2024[44] Business Growth and Strategy - The company established strong localization barriers in markets such as MENA and Southeast Asia, contributing to revenue growth[11] - The company completed the acquisition of the remaining shares of NBT Social Networking, making it a wholly-owned subsidiary[12] - The social e-commerce business saw revenue growth exceeding 200%, with profit growth surpassing 600%[8] - The company's core social business continues to achieve high-quality growth in 2024, with SUGO's revenue increasing over 200% year-on-year, reaching an average monthly revenue of over $10 million[14] - The flagship game "Alice's Dream: Merge Games" achieved a total revenue of RMB 705 million in 2024, representing a year-on-year increase of 80.4%[17] - The company plans to deepen its market penetration in key regions such as the Middle East and North Africa, leveraging local cultural advantages for further growth[18] - The company plans to further develop innovative businesses and enhance its second growth curve by leveraging AI technology and expanding into new markets[21] - The company is actively exploring AI technology to improve product capabilities and monetization efficiency through iterative matching algorithms and operational strategies[16] Expenses and Profitability - Cost of revenue for the year ended December 31, 2024, was approximately RMB 2,483.9 million, an increase of 56.6% from RMB 1,585.7 million in the previous year[25] - Gross profit for the year ended December 31, 2024, was approximately RMB 2,607.7 million, a 51.4% increase from RMB 1,722.1 million in the previous year[32] - Gross margin decreased from approximately 52.1% in 2023 to 51.2% in 2024, while social business gross margin increased from 48.5% to 49.7%[33] - Sales and marketing expenses for the year ended December 31, 2024, were approximately RMB 1,295.1 million, an increase of 88.1% from RMB 688.4 million in the previous year[34] - Research and development expenses were approximately RMB 335.4 million, a 6.6% increase from RMB 314.5 million in the previous year[35] - General and administrative expenses were approximately RMB 239.0 million, a 39.0% increase from RMB 172.0 million in the previous year[36] Employee and Management Information - The company employed a total of 1,573 full-time employees as of December 31, 2024, with 795 employees in R&D, accounting for 50.54% of the total workforce[54] - The board consists of seven directors, including the Chairman Liu Chunhe and CEO Li Ping[91] - Major shareholders include BGFG with 125,966,383 shares (8.93%), JZZT with 150,460,810 shares (10.66%), and Da Meng Trust Services holding 130,795,031 shares (9.27%) as of December 31, 2024[105] - The company has experienced significant management changes, with several key personnel appointed in recent years, enhancing operational and strategic capabilities[69][72] Shareholder and Stock Information - As of December 31, 2024, the total issued shares were 1,410,964,391[103] - Liu Chunhe held 238,706,646 shares, representing 16.92% of the company[102] - The company has not entered into any arrangements allowing directors to benefit from purchasing shares or debt securities during the reporting period[104] - The company has no management contracts related to its overall or any significant part of its business as of December 31, 2024[98] - The company has established a director liability insurance to protect against potential claims[101] Environmental and Regulatory Compliance - The company emphasizes environmental protection and has implemented measures to encourage energy conservation and reduce waste[82] - The company has complied with all relevant laws and regulations that significantly impact its operations as of December 31, 2024[81] Dividend and Financial Policies - For the fiscal year ending December 31, 2024, the board does not recommend the distribution of a final dividend[78] Risks and Challenges - The company faces risks related to rapid industry competition and potential challenges in retaining existing advertisers and attracting new ones[55]

Financial Performance - In 2024, Novus Energy Inc. sold 843,000 equivalent barrels of oil and gas, a year-on-year decrease of 22.95%, with sales revenue of CAD 60.8 million, down 29.61%[7]. - The average natural gas sales price dropped significantly by 41.02%, while the mixed oil and gas sales price decreased by 8.65%[7]. - Novus achieved a net profit of CAD 11.6 million, aided by a reversal of impairment on oil and gas assets amounting to CAD 25.26 million[7]. - The company's revenue for the fiscal year ending December 31, 2024, was HKD 29,184,915,000, representing a 5% increase from HKD 27,742,529,000 in 2023[28]. - Other income decreased by 49% to HKD 9,132,000 from HKD 17,784,000 in the previous year[31]. - The cost of revenue increased to HKD 28,782,973,000, up 6% from HKD 27,145,282,000, primarily due to increased sales in the oil and by-products trade in China[32]. - The operating loss from exploration, extraction, and production business was HKD 4,300,000, compared to an operating profit of HKD 33,431,000 in 2023, with oil and gas sales volume dropping to 843,000 equivalent barrels from 1,093,000[29]. - Revenue from oil and by-products trade in China increased to HKD 28,853,582,000 from HKD 27,240,712,000, despite a decrease in selling prices[30]. - The company recorded a profit of HKD 55,578,000 for the year, a significant decrease from HKD 580,132,000 in the previous year, primarily due to the absence of one-time gains recognized in 2023[46]. Production and Operations - Total capital expenditure for the year was CAD 11.31 million, with 5 new one-mile wells drilled, contributing 7,300 tons of new well production[8]. - Novus implemented over 105 production optimization measures, resulting in an increase of 129 equivalent barrels per day in production[9]. - The company signed a 5-year transportation agreement with a pipeline company, reducing transportation rates by 11% and saving CAD 650,000 in transportation costs for 2024[9]. - Novus completed a comprehensive geological study of its oilfield, which was recognized with a first-class award from the Shaanxi Petrochemical Science and Technology Award[10]. - The company successfully maintained over 80 drillable locations to avoid expiration risks, ensuring operational readiness[9]. - Novus's single well completion cost decreased by CAD 80,000 per well compared to the previous year[9]. - Novus drilled 5 one-mile wells with a total footage of 11,628 meters, achieving a drilling cycle of under 5 days and a 100% drilling success rate[11]. - Novus completed the drilling of one exploratory well in the "Success" reservoir, producing a cumulative output of 5,000 equivalent barrels over six months[15]. Reserves and Assets - The 2P reserves increased by 124.7 thousand equivalent barrels, reaching 18.52 million equivalent barrels by the end of 2024, a year-on-year increase of 2.3%[12]. - As of December 31, 2024, the group's capital commitments for property, plant, and equipment amounted to HKD 179,000, down from HKD 275,000 as of December 31, 2023[69]. - The group's confirmed and probable reserves as of January 1, 2024, were estimated at 13,601.3 thousand barrels of oil equivalent, increasing to 13,737.0 thousand barrels by December 31, 2024[85]. - The total assets decreased from HKD 3,684,542,000 in 2023 to HKD 2,799,999,000 in 2024, representing a decline of approximately 24%[62]. - The company's property, plant, and equipment decreased by 5% from HKD 1,859,533,000 in 2023 to HKD 1,771,918,000 in 2024[44]. - The company's exploration and evaluation assets decreased by 22% from HKD 11,384,000 in 2023 to HKD 8,898,000 in 2024[44]. Liabilities and Financial Health - The company’s total liabilities decreased from HKD 2,336,376,000 in 2023 to HKD 1,499,820,000 in 2024, a reduction of approximately 36%[62]. - The company's current ratio improved from 79.5% in 2023 to 107.0% in 2024, indicating better short-term financial health[62]. - The company’s capital debt ratio improved from 173.3% in 2023 to 115.4% in 2024, reflecting a stronger equity position[62]. - Trade receivables decreased by 55% from HKD 1,014,916,000 in 2023 to HKD 457,758,000 in 2024[53]. - Cash and bank balances increased by 23% from HKD 226,188,000 in 2023 to HKD 278,675,000 in 2024[55]. Corporate Governance - The board did not recommend any dividend for the year ending December 31, 2024, consistent with the previous year[73]. - The company has adopted the standard code of corporate governance as per the listing rules and confirmed compliance for the year ending December 31, 2024[144]. - The board is committed to high standards of corporate governance and will continue to review and improve governance practices to enhance shareholder value[151]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, to assist the board in fulfilling its responsibilities[168]. - The audit committee is tasked with overseeing the financial reporting, risk management, and internal control systems of the group[169]. - The company has engaged external independent consultants for annual reviews of its risk management and internal control systems[184]. - The board has confirmed compliance with the standards set out in the listing rules regarding securities transactions throughout the year[177]. Shareholder Relations - The company maintains a shareholder communication policy to enhance transparency and facilitate effective communication between shareholders and management[198]. - The board of directors is open to addressing shareholder inquiries during annual general meetings[196]. - The company has a clear procedure for shareholders to propose resolutions at special meetings, requiring a written request from shareholders holding at least 10% of the paid-up capital[194]. - The company actively communicates with shareholders through annual and interim reports, ensuring timely disclosure of relevant information[196]. Environmental and Social Responsibility - The company achieved a carbon dioxide reduction of 136,000 tons, avoiding penalties of CAD 13.52 million for carbon emissions[18]. - The company has established a robust anti-corruption policy, ensuring no incidents of corruption were reported during the year[187]. - Employees are encouraged to report suspicious activities anonymously, with investigations conducted confidentially and without retaliation[189]. - The company has implemented a fair procurement process to eliminate potential corruption risks[187]. - The company's internal anti-corruption policies are mandatory for all employees, promoting a culture of integrity[187].

Brand Value and Market Presence - In 2024, Tsingtao Beer maintained its position as the top brand value in the Chinese beer industry, with a brand value of RMB 264.675 billion[11]. - The total brand value of Tsingtao Beer, Laoshan Beer, and Hans Brewery exceeded RMB 426.7 billion[13]. - Tsingtao Beer products have been sold in over 120 countries and regions globally, enhancing its international market presence[18]. - Tsingtao Beer was recognized as The World's Strongest Beer Brand in 2024 by Brand Finance, solidifying its market position[40][43]. Product Development and Innovation - The company has introduced a range of new products, including "Century Legend" and "Tsingtao IPA," to meet evolving consumer demands[15]. - The company launched new products including Augerta A Series, Nicasi White Beer, and Non-alcoholic Series, catering to diverse consumer demands[46][50]. - The company emphasizes technological innovation as a key driver for meeting consumer needs and enhancing brand influence[17]. Financial Performance - Operating profit for the year reached RMB 5,843,119,000, reflecting a strong performance[21]. - Total revenue for 2024 was RMB 32,137,830,000, a slight decrease from RMB 33,936,523,000 in 2023[23]. - Net profit attributable to shareholders increased to RMB 4,344,984,000, compared to RMB 4,267,851,000 in the previous year, marking a growth of approximately 1.8%[23]. - Net cash flow from operating activities significantly improved to RMB 5,154,661,000, up from RMB 2,777,567,000 in 2023[23]. - Basic earnings per share rose to RMB 3.191, an increase from RMB 3.139 in the prior year[23]. - Total assets increased to RMB 51,420,386,000, compared to RMB 49,256,011,000 in 2023, indicating growth in the company's asset base[23]. - Total equity attributable to shareholders of the Company reached RMB 29,060,385,000, up from RMB 27,449,478,000 in 2023[23]. - The company reported a fully diluted return on net assets of 14.95%, slightly down from 15.55% in the previous year[23]. Sales and Distribution - The company achieved a product sales volume of 7.538 million kiloliters and revenue of RMB 32.14 billion, with a net profit attributable to shareholders of RMB 4.34 billion, reflecting a year-on-year increase of 1.8%[38][41][54][57]. - Online product sales grew by 21% year-on-year, marking the 12th consecutive year of growth[39][42]. - The company expanded its fresh beer delivery service, achieving fresh delivery of Tsingtao's Original Beer and Draft products in 24 cities[39][42]. - The company has focused on improving production equipment to meet advanced international standards, ensuring high product quality and safety[14]. - Tsingtao Beer has strengthened its marketing efforts and deepened its sales network to enhance its competitive edge in both base and emerging markets[18]. Sustainability and Environmental Commitment - The company has 23 breweries recognized as "National Green Factory," supporting its commitment to sustainable development[47][51]. - The Company has amended and improved its environmental management policy and published relevant technical standards to enhance environmental performance[74]. - The Company is committed to sustainable development by establishing close relationships with employees and providing quality products to customers[76]. Shareholder and Capital Structure - The Board proposed a final dividend of RMB2.20 per share for the year ended 31 December 2024, subject to approval at the Company's 2024 Annual General Meeting[67]. - The Company implements a profit distribution policy where cash dividends shall be no less than 30% of the distributable profits realized in the current year[68]. - The total number of ordinary shares increased from 1,364,196,788 to 1,364,100,121, with a change of 4,332,529 shares issued, representing an increase of 0.32%[84]. - The proportion of unrestricted tradable shares rose from 99.68% to 99.99%, indicating a significant increase in liquidity[84]. - The total number of shareholders at the end of the reporting period was 51,948, including 51,709 A-share holders and 239 H-share holders[89]. Management and Governance - The company has implemented an annual performance appraisal and remuneration incentive program for executive directors and senior management officers[108]. - The total remuneration for the reporting period amounted to RMB 1,527.28 million[116]. - The company has established a code of conduct for securities trading by directors, supervisors, and senior management personnel[106]. - The Supervisory Board held 9 meetings during the reporting period, discussing 23 proposals, including quality improvement and efficiency enhancement plans[200]. Continuing Connected Transactions - The Company entered into four continuing connected transactions with its controlling shareholder, Qingdao Beer Group, and its subsidiaries, which are required to comply with the relevant listing rules[163]. - The independent non-executive directors confirmed that the continuing connected transactions for the year ended December 31, 2024, were conducted in the ordinary course of business and on normal commercial terms[182]. - The Group complied with the disclosure requirements of Chapter 14A of the Listing Rules regarding continuing connected transactions during the year ended December 31, 2024[186].

Financial Performance - The Company reported a net loss attributable to shareholders of HK$28,978,531 for the year ended December 31, 2024, primarily due to a net change in fair value loss of HK$17,515,762 on investment positions in the portfolio[13]. - As of December 31, 2024, the audited net asset value per share was approximately HK$0.05, reflecting the impact of market volatility on financial assets[14]. - The investment performance was adversely affected by significant economic challenges in the Chinese economy and increasing political risks in the Hong Kong and China stock markets[14]. - The Company reported a market value of HK$6,627,000 for its investment in Gransing Financial Group Limited, with a cost of HK$46,377,000, resulting in an unrealized loss of HK$39,750,000[30]. - The Company’s investment in Strong Petrochemical Holdings Limited was valued at HK$10,000,000 as of December 31, 2024[30]. - The total remuneration cost incurred by the Company for the Year was approximately HK$2,738,910, a decrease from HK$4,132,184 in the previous year[67][72]. - The Company had no capital expenditure or commitments as of December 31, 2024[58][63]. - There were no significant contingent liabilities as of December 31, 2024[51][55]. - The Company held six investments as of December 31, 2024, with the largest investment in the financial printing sector focusing on the Hong Kong IPO market[60][65]. - The Company aims to maximize returns for shareholders by focusing on Greater China and other significant global markets[23]. Market Overview - The Chinese GDP for 2024 reached RMB134,908.4 billion, representing a 5.0% increase compared to the previous year, with quarterly growth rates of 5.3%, 4.7%, 4.6%, and 5.4% respectively[18]. - The Hang Seng Index increased by 17.7% in 2024, while the Hang Seng China Enterprises Index surged by 26.4%, indicating strong performance in the Chinese enterprises sector[19]. - The U.S. Federal Reserve cut the federal funds rate by 25 basis points in December 2024, bringing it to a range of 4.25%–4.5%, influencing market expectations[17]. - The prolonged period of high interest rates in the U.S. presented further economic challenges, impacting the performance of the Hong Kong stock market[17]. - Recent policy measures in China showed signs of stabilization in the property market, with home sales picking up towards the end of 2024[17]. Investment Strategy - The Company maintained a medium to long-term investment strategy, holding one investment in a Hong Kong-listed company and three investments in private equity securities as of year-end[13]. - The Company invested in one listed company, two funds, and three private equity securities, reflecting a diversified investment strategy[24]. - The Company remains vigilant in seeking additional investment opportunities, including unlisted investments, to enhance value for investors and shareholders[24]. - The Company’s investment strategy emphasizes short to medium-term investments in listed securities while maintaining a commitment to long-term investments in private equity[22]. Corporate Governance - The Company is focused on compliance with regulatory requirements regarding share registration and corporate governance[78]. - The board's composition reflects a strategic approach to leverage expertise in financial management and corporate governance[83]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the year[195]. - The Company has arranged appropriate directors' and officers' liabilities insurance coverage during the year[128]. - The Company has not entered into any management contracts with individuals or firms to manage its business, except for the disclosed Investment Management Agreement[136]. Shareholder Information - The Directors do not recommend the payment of any final dividend for the Year[50]. - The Company has not commenced any operation or business prior to the Listing Date[98]. - The Company has not entered into any equity-linked agreements during the year, nor were there any subsisting agreements at the end of the year[121]. - The Company has not entered into any arrangements that would allow its Directors or their family members to benefit from purchasing shares or debentures of the Company[143]. - As of December 31, 2024, the company had 1,319,700,274 issued shares[163]. Related Party Transactions - The Company has a continuing connected transaction with the custodian as defined under Chapter 14A of the Listing Rules[168]. - The Investment Manager is considered a connected person under Rule 14A.08 of the Listing Rules, due to the involvement of Mr. Chan Cheong Yee, an executive Director[182]. - The auditor has issued an unqualified letter regarding the Company's continuing connected transactions, confirming compliance with the Listing Rules[184]. Directors and Management - Mr. Chan Cheong Yee has been an executive director since June 1, 2013, and is licensed for type 4 and type 9 regulated activities under the SFO[79]. - Mr. Chen Shengjie has been appointed as a non-executive director and chairman since October 16, 2024, with over 30 years of experience in accounting and financial affairs[83]. - The company has a diverse board with members experienced in various sectors, including finance, real estate, and media[83][85][86].

Financial Performance - The company reported a consolidated profit of $150 million for the fiscal year, representing a 10% increase compared to the previous year[95]. - The Group's consolidated revenue for the year ended December 31, 2024, was approximately HK$1,074,248,000, representing an increase of approximately 3.7% compared to HK$1,036,268,000 in 2023[26]. - Non-gaming revenue decreased to approximately HK$863,966,000 in 2024 from approximately HK$989,503,000 in 2023, while gaming revenue increased significantly to approximately HK$210,282,000 from approximately HK$46,765,000[26]. - The loss attributable to the owners of the Company was approximately HK$494,142,000, a decrease from approximately HK$522,439,000 in 2023, with a basic and diluted loss per share of HK51.54 cents compared to HK114.59 cents in the previous year[27]. - The consolidated net asset value of the Company as of December 31, 2024, was approximately HK$6,340,262,000, down from approximately HK$7,405,721,000 in 2023[28]. Revenue Growth and Market Expansion - User data showed a growth of 25% in active users, reaching 2 million by the end of the fiscal year[95]. - The company provided a revenue guidance of $200 million for the next fiscal year, indicating a projected growth of 15%[95]. - New product launches contributed to a 30% increase in sales in the last quarter, with three new products introduced[95]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[95]. - A strategic acquisition of a local competitor was completed for $50 million, expected to enhance market capabilities[95]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 5% through efficiency improvements in the upcoming year[95]. - The management is actively exploring new strategies to improve operational efficiency and reduce costs[27]. - Research and development expenses increased by 12%, focusing on innovative technologies and product enhancements[95]. Customer Satisfaction and Experience - Customer satisfaction ratings improved to 85%, up from 78% last year, reflecting enhanced service quality[95]. - The company introduced a Hanbok rental service and various promotional events to enhance customer experiences amid intense competition[41]. Gaming Business Performance - The gaming business recorded net revenue of approximately HK$210,282,000, representing a substantial increase of approximately 350% compared to HK$46,765,000 in 2023[47]. - The gaming business segment reported a loss of approximately HK$139,281,000, an improvement from a loss of approximately HK$258,417,000 in 2023[52]. - The Company aims to enhance its gaming business segment, which has shown significant growth in revenue[26]. Property Development and Real Estate - Revenue from sales of residential properties amounted to approximately HK$97,093,000, down from approximately HK$201,969,000 in 2023[50]. - The property development segment generated revenue of approximately HK$97,093,000 from residential property sales, down from HK$201,969,000 in 2023, indicating a decline due to macroeconomic conditions[54]. - As of December 31, 2024, approximately HK$259,623,000 was classified as completed properties for sale, a decrease from HK$345,807,000 in 2023[54]. Financial Position and Liabilities - The Group's total liabilities were approximately HK$1,545,197,000 as of December 31, 2024, down from approximately HK$1,795,347,000 in 2023[72]. - The Group's current ratio decreased to 0.53 as of December 31, 2024, compared to 2.69 in 2023, primarily due to the classification of bank borrowings as current liabilities[70]. - The Group's gearing ratio was 19.6% as of December 31, 2024, compared to 19.5% in 2023[72]. Corporate Governance - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[129]. - The board is committed to high standards of corporate governance to enhance investor confidence and maximize shareholder returns[136]. - The Company has complied with all code provisions set out in the Corporate Governance Code, except for one instance of absence by an independent non-executive director[137]. - The Board aims to maintain a minimum of 15% female representation, with a long-term target of gender parity by the end of 2034[159]. Risk Management - The Group has established risk management and internal control systems to monitor and manage significant risks affecting business strategy and performance[62]. - The Group faced risks from changes in government regulations and policies that could significantly affect development plans and budgets[69]. - Environmental risks could lead to substantial costs due to various health and environmental protection laws[69]. Future Outlook - Future outlook includes continued investment in gaming and entertainment facilities to capitalize on market opportunities[25]. - The group plans to focus on facility upgrades and host large gaming tournaments in 2025 to enhance competitiveness and attract tourists[57]. - The company does not rule out the possibility of conducting debt and/or equity fundraising exercises to support future developments and investments[101].

Financial Performance - The company's revenue for 2024 reached RMB 1,805.7 million, representing an increase of 6.6% compared to RMB 1,694.4 million in 2023[11] - Gross profit for 2024 was RMB 257.2 million, a decrease of 3.1% from RMB 265.9 million in 2023[11] - The pre-tax profit for 2024 was RMB 138.3 million, down 17.9% from RMB 168.5 million in 2023[11] - The net profit for 2024 was RMB 99.9 million, a decline of 17.5% compared to RMB 121.0 million in 2023[11] - The group's gross profit for 2024 was RMB 257.16 million, down 3.29% from RMB 265.89 million in 2023, with a gross margin of 14.24%, a decrease of 1.45% from 15.69% in 2023[55][57] - Other income and net other gains for 2024 were RMB 21.44 million, a decrease of 29.76% from RMB 30.52 million in 2023, mainly due to reduced interest income and government subsidies[45] - The group's net profit for 2024 was RMB 99.90 million, a decrease of 17.41% from RMB 120.96 million in 2023, attributed to an increase in deductible temporary differences[62][63] Assets and Liabilities - Total non-current assets as of December 31, 2024, were RMB 1,069.0 million, slightly up from RMB 1,064.5 million in 2023[12] - Total current assets increased significantly to RMB 2,676.8 million in 2024 from RMB 1,942.1 million in 2023, marking a growth of 37.8%[12] - The company's net assets reached RMB 1,043.2 million in 2024, an increase of 5.4% from RMB 989.8 million in 2023[12] - As of December 31, 2024, the group held cash and cash equivalents of RMB 1,449.17 million, a 30.43% increase from RMB 1,111.04 million in 2023, due to increased net cash flow from operating activities and financing activities[64] - The group reported bank borrowings and other borrowings of RMB 615,550,000 as of December 31, 2024, compared to zero as of December 31, 2023[129] Heating Business Operations - The heating service area provided by the company covers approximately 69.76 million square meters, serving around 570,000 residents and non-residential users in Changchun[7] - The heating area increased to 69.762 million square meters, a growth of 3.94% compared to 2023[20] - The number of heating customers rose to 572,058, reflecting a growth of 3.72% from 2023[20] - Heating business revenue reached RMB 1,615.31 million, an increase of RMB 44.59 million or 2.84% from the previous year[20] - The group procured a total of 22.04 million GJ of heating resources, with 19.9 million GJ used for heating production[26] - The utilization rate of purchased heating resources was 86.90%, down from 88.51% in 2023[29] - The group continues to focus on clean heating models, enhancing heating security capabilities to meet the demands of new heating area loads[25] Technological Innovation - The company has established a smart heating network system recognized as a leading system in the industry, enhancing service levels through the application of "Internet + heating" production models[8] - The company is leveraging advanced technologies such as IoT, big data, and AI to optimize heating system management and improve energy efficiency[18] - The company developed a "Heat Exchanger Efficiency Evaluation System" to improve thermal energy efficiency, which is now operational[38] - The group is actively promoting technological innovation and equipment upgrades in the heating industry through government policies and incentives[19] Capital Expenditures and Investments - Capital expenditures for 2024 were RMB 124.45 million, a significant increase of 326.78% from RMB 29.16 million in 2023, primarily due to increased procurement of fixed assets[65] - The group did not engage in any significant investments during the year ended December 31, 2024[73] Shareholder Information and Dividends - The board has approved a dividend policy to distribute at least 30% of the annual distributable net profit to shareholders, subject to certain conditions[110] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.065 per share, totaling approximately RMB 30.34 million, compared to RMB 42 million in 2023[114] - The company will withhold a 10% corporate income tax for non-resident H-share shareholders when distributing the final dividend[115] - The company's distributable reserves as of December 31, 2024, amount to approximately RMB 352.91 million, an increase from RMB 335.82 million as of December 31, 2023[127] Corporate Governance and Management - The company has maintained compliance with corporate governance codes, ensuring high standards of governance throughout the reporting period[191] - The company has confirmed that all ongoing related party transactions did not exceed the annual value limits set by the company[192] - Independent non-executive directors have reviewed and confirmed that all ongoing related party transactions were conducted under fair terms and in the overall interest of shareholders[186] - The company has taken measures to ensure management independence, including provisions in the articles of association to avoid conflicts of interest[151] Employee Information - The total number of employees as of December 31, 2024, was 1,595, all based in China[79] - The company has implemented a competitive compensation structure and provides various training opportunities for employees[197] Related Party Transactions - The asset transfer agreements constitute related party transactions due to Changre Group's significant shareholding[162] - Long Heat Group, holding approximately 69.75% of the company's total equity, is a related party and has not drawn any loans under the loan agreement as of December 31, 2024, with a total amount provided to Long Heat Group being RMB 206 million[171] Future Outlook - The company aims to deepen reforms and continue to contribute to the development of the clean energy heating industry, aligning with industry trends[9] - The group aims to enhance its competitiveness and brand influence by focusing on energy efficiency and sustainable innovation in line with national policies[82] - The company plans to optimize its energy structure and management systems to achieve sustainable development in its heating business[83] - The group will accelerate digital transformation using big data and AI to improve management and energy efficiency[84]

Financial Performance - Revenue for Q1 2025 reached RMB 10,797.5 million, a 6.4% increase compared to RMB 10,148.0 million in the same period last year[5] - Net profit attributable to shareholders was RMB 887.2 million, representing a 39.6% increase from RMB 635.5 million year-on-year[5] - Net profit excluding non-recurring gains and losses was RMB 960.2 million, up 46.4% from RMB 655.7 million in the previous year[5] - Basic and diluted earnings per share increased by 46.2% to RMB 0.19 from RMB 0.13 in the same period last year[5] - Total profit amounted to RMB 1,129.2 million, reflecting a year-on-year growth of 20.1%[15] - Net profit reached RMB 936.7 million, showing a significant year-on-year increase of 35.6%[15] - Operating profit for Q1 2025 was CNY 1,241,196,412, representing a 24.0% increase from CNY 1,001,144,665 in Q1 2024[24] - The total comprehensive income for Q1 2025 was CNY 927,917,809, compared to CNY 698,147,125 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 83,377.9 million, a 0.5% increase from RMB 82,947.7 million at the end of the previous year[6] - The total assets as of March 31, 2025, were RMB 83,377.9 million, compared to RMB 82,947.7 million at the end of 2024[19] - The total liabilities decreased to RMB 38,006.9 million from RMB 38,523.1 million at the end of 2024[20] - The total equity attributable to shareholders of the parent company was CNY 44,706,914,140, an increase from CNY 43,797,161,954 year-over-year[21] Cash Flow - The net cash flow from operating activities was a negative RMB 2,288.2 million, compared to a negative RMB 835.0 million in the same period last year[5] - Cash flow from operating activities showed a net outflow of CNY -2,288,151,342, worsening from CNY -834,951,230 in Q1 2024[25] - Cash flow from investing activities generated a net inflow of CNY 4,348,899,049, compared to a net outflow of CNY -333,915,883 in Q1 2024[26] Operational Highlights - The number of drilling service operating days increased to 4,889, up 11.4% from the previous year[16] - The utilization rate of self-elevating drilling platforms improved to 91.9%, an increase of 7.6 percentage points year-on-year[16] - The ship service business recorded 20,621 operating days, a substantial increase of 44.9% compared to the previous year[17] - The company operated 12 LNG-powered guard vessels, which cumulatively worked 1,065 days, reducing carbon emissions by approximately 12,000 tons annually[17] Strategic Focus - The company focused on enhancing international operations and improving resource integration, which contributed to profit growth[8] - The company is focusing on the development of intelligent equipment and low-carbon technologies to enhance core competitiveness and stabilize operational performance[15] Government Support - The company received government subsidies amounting to RMB 8,874,300, which are closely related to its normal business operations[7] - The company received CNY 5,525,000,000 from investment recoveries, significantly higher than CNY 3,000,000,000 in Q1 2024[26]

Financial Performance - In 2024, the company's operating revenue was CNY 27.24 billion, a decrease of 30.71% compared to CNY 39.32 billion in 2023[16]. - The net profit attributable to shareholders was a loss of CNY 3.20 billion in 2024, worsening from a loss of CNY 1.49 billion in 2023[16]. - The company reported a significant decline in revenue from its main business, with adjusted operating revenue at CNY 26.99 billion, down 30.83% from CNY 39.03 billion in 2023[16]. - Basic earnings per share for 2024 is -0.36 RMB, down from -0.17 RMB in 2023, reflecting a significant decline[17]. - The weighted average return on equity for 2024 is -17.53%, a decrease of 10.27 percentage points from 2023[17]. - The net profit attributable to shareholders for Q1 2024 is -333,758 thousand RMB, with a total net profit for the year projected at -3,195,561 thousand RMB[21][29]. - In 2024, the total profit of the company decreased by RMB 3.292 billion, a year-on-year reduction of RMB 1.547 billion[30]. - The company’s main business revenue for 2024 is projected to be RMB 26.998 billion, a decrease of 30.83% year-on-year, with commodity billet sales revenue expected to drop by RMB 11.850 billion[43]. Cash Flow and Assets - The net cash flow from operating activities increased by 28.16% to CNY 1.31 billion in 2024, compared to CNY 1.02 billion in 2023[16]. - The total assets decreased by 5.03% to CNY 35.48 billion at the end of 2024, down from CNY 37.36 billion at the end of 2023[16]. - The net assets attributable to shareholders decreased by 16.36% to CNY 16.61 billion at the end of 2024, compared to CNY 19.85 billion at the end of 2023[16]. - Cash flow from operating activities increased by 28.16% to 1,309,863 thousand compared to 1,022,039 thousand in the previous year[72]. - The company reported a net cash flow from financing activities of 459,916 thousand, a significant improvement from a negative 2,327,132 thousand in the previous year[72]. Operational Efficiency - The company achieved a cost reduction of RMB 382 million through optimizing material structure and improving energy efficiency, with a self-generated electricity rate of 90.63%, an increase of 5.7 percentage points year-on-year[31]. - The purchasing and sales price difference decreased by over 13% compared to 2023, leading to a continuous narrowing of profit margins[30]. - The company reduced inventory capital occupation by RMB 865 million by the end of 2024, with inventory turnover days decreasing by 2.80 days compared to the beginning of the year[31]. - The company has reported a significant increase in non-current asset impairment losses, impacting overall profitability[29]. - The company identified impairment signs for long-term assets, resulting in an impairment loss of RMB 1.006 billion in 2024[30]. Market and Sales - The sales volume of commodity billets was 7.5994 million tons, down 26.14% year-on-year, contributing to a revenue drop of RMB 11.850 billion[43]. - The average selling price of commodity billets decreased by 7.45% to RMB 3,367 per ton, resulting in a revenue loss of RMB 2.481 billion[46]. - The company’s sales volume of hot-rolled products was 454.64 thousand tons, down 8.75% year-on-year, leading to a revenue decrease of RMB 1.572 billion[47]. - The company’s revenue from the southwestern region was RMB 20.672 billion, a decrease of 34.62% year-on-year, with a gross margin decline of 3.10 percentage points[52]. - Steel exports reached 11.0716 million tons in 2024, a year-on-year increase of 22.7%, marking the highest level since 2015[33]. Corporate Governance - The company has received a standard unqualified audit opinion from Ernst & Young Hua Ming[5]. - The board of directors confirmed that all members attended the board meeting and ensured the accuracy and completeness of the annual report[5]. - The company has adhered to information disclosure regulations, ensuring that all investors have equal access to accurate and timely information[107]. - The company is committed to enhancing corporate governance as part of its value creation strategy, ensuring transparency and accountability to shareholders[108]. - The board of directors consists of 9 members, including 3 independent directors and 1 independent director with accounting expertise, ensuring compliance with governance standards[106]. Strategic Initiatives - The company plans to focus on expanding its market presence and developing new technologies to improve future performance[29]. - The company aims to achieve zero accidents in safety production and create energy efficiency benchmarks while promoting green development[101]. - The company will focus on optimizing logistics and enhancing procurement systems to reduce costs[101]. - The company is committed to deepening management reforms and enhancing operational efficiency through collaborative new business models[101]. - The company plans to produce 6.67 million tons of iron, 8.01 million tons of steel, and 7.73 million tons of materials by 2025[100]. Human Resources - The company employs 4,608 male employees, accounting for approximately 83.69% of the total workforce, while female employees number 898, making up about 16.31%[128]. - The number of R&D personnel is 921, making up 16.73% of the total workforce[67]. - The company is focused on long-term development through its proposed compensation plan for directors and senior management for 2024-2026[196]. - The company has implemented a term-based and contractual management system for senior management from 2024 to 2026, enhancing accountability and performance evaluation[175]. - The company has conducted training sessions on new regulations regarding delisting and H-share market acquisition processes for its directors[125]. Risk Management - The company faces risks from global economic uncertainties and fluctuations in raw material prices, which are influenced by supply and demand factors, transportation costs, and geopolitical risks[102]. - In response to these risks, the company plans to enhance its procurement strategy by focusing on cost reduction and efficiency improvements, aiming for a more robust supply chain by 2025[102]. - The steel industry is expected to face severe challenges in 2025, with increased policy constraints and a focus on mergers and acquisitions to optimize existing capacity[97]. - The strategic and risk committee is tasked with researching and proposing recommendations for the establishment of a comprehensive risk management system[135]. Remuneration and Compensation - The total pre-tax remuneration for current and departing directors, supervisors, and senior management during the reporting period amounted to CNY 603.79 million[155]. - The total number of shares held by current and departing directors, supervisors, and senior management remained unchanged at 3,843,200 shares[155]. - The annual fixed allowance for independent non-executive directors is RMB 180,000 per person (pre-tax)[178]. - The remuneration for directors in operational and management positions ranges from RMB 480,000 to RMB 640,000 per year (pre-tax), with performance bonuses based on annual performance indicators[178]. - The company confirmed that the 2023 compensation for directors, supervisors, and senior management was in line with the established compensation design plan[196].