Financial Performance - The total revenue for the year ended December 31, 2024, was approximately RMB 673.6 million, representing an increase of approximately 6.9% compared to RMB 630.2 million for FY2023[14]. - Gross profit for the Reporting Period amounted to approximately RMB 100.7 million, compared to approximately RMB 93.4 million for FY2023[14]. - The net profit after tax for the Reporting Period was approximately RMB 49.2 million, compared to an adjusted net profit of approximately RMB 39.9 million for FY2023, excluding non-recurring listing expenses of RMB 12 million[15]. - Revenue increased from approximately RMB630.2 million for FY2023 to approximately RMB673.6 million for FY2024, representing an increase of approximately 6.9%[34]. - The increase in revenue was primarily due to a rise in the number of projects in property cleaning services during the reporting period[37]. - Cost of services rose from approximately RMB536.7 million for FY2023 to approximately RMB572.9 million for FY2024, reflecting an increase of approximately 6.7%[35]. - Gross profit for the reporting period was approximately RMB100.7 million, compared to approximately RMB93.4 million for FY2023, with a stable gross profit margin of approximately 14.9%[36]. - Other income, gains, and losses decreased from approximately RMB6.4 million for FY2023 to approximately RMB2.4 million for FY2024, a decline of approximately 62.5%[40]. - Selling and marketing expenses decreased from approximately RMB5.1 million for FY2023 to approximately RMB4.0 million for FY2024, representing a decrease of approximately 21.6%[41]. - Income tax expenses rose from approximately RMB4.5 million for FY2023 to approximately RMB10.0 million during the Reporting Period, primarily due to deferred tax effects from fair value gains on financial assets[44][50]. - Net profit increased from approximately RMB27.9 million for FY2023 to approximately RMB49.2 million during the Reporting Period, with a net profit margin rising from 4.4% to 7.3%[45][51]. - Total employee benefit expenses increased to RMB 379.9 million in FY2024 from RMB 351.3 million in FY2023, representing an increase of approximately 8.5%[88]. Cash Flow and Capital Management - Cash and cash equivalents stood at approximately RMB 92.5 million as of December 31, 2024, indicating healthy cash flow[15]. - Cash, bank balances, and restricted bank deposits were approximately RMB92.5 million as of December 31, 2024, down from RMB150.4 million as of December 31, 2023[55][56]. - The Group issued 130,980,000 new shares at a price of HK$0.305 each, raising net proceeds of approximately HK$39.35 million for acquisitions and working capital[52][53]. - The company successfully offered 414,375,000 shares at HK$0.32 per share, raising approximately HK$73.5 million in net proceeds from the global offering[71]. - As of December 31, 2024, the unutilized net proceeds amounted to HK$50.2 million, with a full utilization expected by December 2026[74]. - The establishment of new branch offices is planned to utilize 48.9% of the total net proceeds, amounting to HK$36.0 million[74]. - Capital expenditure for the Reporting Period amounted to approximately RMB18.7 million, compared to RMB11.7 million for FY2023[59][65]. Business Expansion and Strategy - The company plans to expand its presence in both existing and new markets, leveraging its experience in cleaning and maintenance services[18]. - There is an intention to replicate the business model in other regions of the PRC with strong demand for property cleaning services[18]. - The company is exploring opportunities for potential acquisitions and investments in cleaning and maintenance service providers in the Greater Bay Area[18]. - The focus will also be on tendering for cleaning services in major infrastructures expected to be completed in the near future[18]. - Future business expansion will be supported by access to capital markets for fundraising through equity and/or debt[29]. - The company aims to explore opportunities in recycling waste materials and manufacturing environmentally friendly biodegradable materials[30]. - The investment in Best Technology (Shenzhen) Inc. (BTI) represents 19.5% of the shares held, with a carrying value of RMB101,160,000, accounting for approximately 17.7% of the total assets of the Group[80][81]. - The investment in BTI generated a fair value gain of RMB37,258,000 during the reporting period[81]. - The company aims to enhance its operational capabilities in waste management through the acquisition of BTI, which aligns with its growth strategy[82][83]. Corporate Governance and Management - The company acknowledges the support from shareholders, investors, and the community as integral to its development[19]. - The listing on the Main Board of The Stock Exchange of Hong Kong Limited on December 5, 2023, marks a significant milestone for the company[12]. - The Group's strategic planning and management are overseen by experienced executives, including Mr. Li Chenghua and Mr. Chen Liming, both of whom have over 24 years of experience in the cleaning service industry[92][98]. - The company is committed to achieving good corporate governance, focusing on creating long-term sustainable growth for shareholders and delivering long-term value to all stakeholders[137]. - The Board is responsible for overall strategic planning, management, operation, and business development of the Group[139]. - The Board meets regularly to monitor business development and financial performance of the Group[140]. - The company adopted all code provisions in the Corporate Governance Code as its own code on corporate governance practices[137]. - The company complied with the code provisions set out in part 2 of the CG Code, with the exception of code provision C.2.1[138]. - The company has a structured approach to risk management and operational plans[139]. - The management is responsible for the procurement of cleaning products and equipment of the Group[140]. - The company has a dedicated marketing director overseeing tendering and marketing activities[133]. - The administrative manager is responsible for overall supervision of operations and managing internal relationships[129]. - The procurement manager supervises and manages the procurement of cleaning products and equipment[131]. - The Board comprises two executive Directors and three independent non-executive Directors, ensuring a balanced governance structure[146]. - Four Board meetings were held during the year, with all executive Directors attending all meetings[150]. - Independent non-executive Directors provide independent views and input to support the Board's responsibilities[144]. - The Company has established mechanisms to ensure compliance with corporate governance practices and legal requirements[145]. - The Board reviews the effectiveness of risk management and internal control systems regularly[145]. - The Company emphasizes continuous professional development for Directors and senior management[145]. Director Appointments and Committees - Dr. Wang Hui appointed as independent non-executive Director on July 26, 2024, with over 25 years of experience in corporate finance and accounting[106]. - Ms. Cheung Bo Man appointed as independent non-executive Director on November 14, 2023, with over 12 years of experience in the legal industry[108]. - Ms. Yau Yin Hung appointed as independent non-executive Director on November 14, 2023, with approximately 13 years of experience in the banking industry[113]. - Mr. Xing Guojun serves as managing director of the Group, with approximately 20 years of managerial experience in the cleaning service industry[119]. - Dr. Wang is the chairperson of the audit committee and investment committee, ensuring independent judgement on key issues[106]. - Ms. Cheung is the chairperson of the remuneration committee, contributing to corporate governance[108]. - Ms. Yau is the chairperson of the nomination committee, overseeing the appointment of directors[113]. - Mr. Xing has been with the Group since November 2002, demonstrating long-term commitment and leadership[119]. - The Company has established a Nomination Committee comprising three Independent Non-Executive Directors (INEDs) to review the Board's structure and composition[174]. - The Nomination Committee is responsible for assessing the independence of INEDs and making recommendations for the appointment or re-appointment of Directors[175]. - The Remuneration Committee, comprising three INEDs, is responsible for recommending the Company's remuneration policy and structure for directors and senior management[167]. - The nomination committee held two meetings during the year ended December 31, 2024[191]. - The audit committee conducted five meetings in the year ended December 31, 2024[197]. - The investment committee met once during the year ended December 31, 2024[199]. - The audit committee is responsible for reviewing the Group's risk management and internal control systems, as well as financial reporting[193]. - The company established an audit committee comprising three independent non-executive directors[192]. - According to the Articles of Association, one-third of the directors must retire by rotation at each annual general meeting[189]. - Independent non-executive directors' terms are set for one year starting from December 5, 2023[194]. - Directors appointed to fill casual vacancies hold office until the first annual general meeting after their appointment[190]. - The Company will disclose the tenure of each existing INED if all have served more than nine years[185]. - If an INED has served more than nine years, their further appointment requires a separate resolution approved by Shareholders[184]. Employee Engagement and Development - The number of employees rose to 8,160 as of December 31, 2024, compared to 7,086 on December 31, 2023, indicating a growth of about 15.2%[88]. - The company has adopted a share option scheme to provide incentives or rewards to its staff, enhancing employee engagement and retention[88]. - Directors participated in continuous professional development activities, including training on corporate governance and directors' responsibilities[163]. - The Company ensures that one-third of all Directors retire by rotation at each annual general meeting[161]. - The Company has established a written procedure for Directors to seek external independent professional advice at reasonable costs[156]. - The Company has adopted a standard code of conduct for securities trading by Directors and related employees[170].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 25% year-over-year growth[1]. - The company reported a net profit margin of 15%, indicating strong operational efficiency and cost management[10]. - The group recorded a net profit of approximately RMB 0.1 million in FY2024, a decrease of approximately RMB 22.5 million or 99.5% from RMB 22.6 million in FY2023[47]. - The overall gross profit decreased by approximately RMB 16.9 million or 19.7% to about RMB 68.6 million in fiscal year 2024, with a gross margin decline from approximately 33.0% to 25.0%[38]. - Revenue from the integrated IT solutions service segment increased by approximately RMB 46.0 million or 32.6% to RMB 187.1 million in fiscal year 2024, driven by increased customer demand[36][38]. - Revenue from independent IT services decreased by approximately RMB 28.4 million or 67.1% to RMB 13.9 million in fiscal year 2024, primarily due to reduced customer demand[37]. - The company recorded revenue of approximately RMB 274.7 million for the fiscal year 2024, representing a growth of about 6.0% compared to RMB 259.1 million in fiscal year 2023[36]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 15% market share within the next two years[5]. - The company aims to expand its global market presence, particularly targeting the ASEAN market, focusing on smart cities and educational informationization[33]. - New product launches are expected to contribute an additional $100 million in revenue, with a focus on innovative technology solutions[4]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 30%[3]. Research and Development - Research and development expenses increased by 20%, reflecting the company's commitment to innovation and new technology[7]. - The company established a cloud computing R&D center in Shenzhen in February 2024 and an AI R&D center in Beijing in July 2024 to enhance its technological capabilities[31]. - The company plans to launch a new generation of intelligent computing integrated machines and enhance its investment in AI large models and domestic information technology innovation applications[33]. - The company is focusing on technological innovation as a core driver, integrating AI and cloud computing with the real economy[29]. Environmental, Social, and Governance (ESG) Initiatives - The board of directors emphasized the importance of environmental, social, and governance (ESG) initiatives in future business strategies[9]. - The ESG report details the company's efforts and achievements in sustainability and social responsibility during the fiscal year ending December 31, 2024[172]. - The company is committed to environmental sustainability and compliance with relevant environmental laws and regulations[72]. - The company has established communication channels to effectively address stakeholder feedback, which is crucial for sustainable development[176]. - The company has identified key ESG issues through an annual materiality assessment, focusing on customer privacy and data protection, employee health and safety, and labor standards[184]. Operational Efficiency - The company plans to implement a new customer engagement strategy, aiming to improve customer retention rates by 10%[8]. - Sales expenses decreased by approximately RMB 0.6 million or 9.1% to about RMB 6.5 million in fiscal year 2024, mainly due to reductions in employee costs and marketing expenses[40]. - Administrative expenses decreased by approximately RMB 16.1 million or 38.7% from RMB 41.7 million in FY2023 to RMB 25.6 million in FY2024[41]. - Financial costs rose by approximately RMB 1.6 million or 15.2% from RMB 10.5 million in FY2023 to RMB 12.1 million in FY2024, mainly due to increased average bank and other loan balances[45]. Corporate Governance - The board of directors consists of nine members, including six executive directors and three independent non-executive directors[128]. - The company has established three committees under the board: the audit committee, remuneration committee, and nomination committee, each with clear written terms of reference[138]. - The audit committee consists of three members, with the chairman possessing appropriate professional accounting qualifications[139]. - The company has adopted a written guideline for securities trading by employees who may be aware of non-public price-sensitive information, with no violations reported[127]. Employee and Stakeholder Relations - The group employed approximately 180 employees as of December 31, 2024, providing competitive compensation and benefits[55]. - The company aims to achieve a more balanced gender ratio among employees and will continue to monitor and evaluate its diversity policy[146]. - The company maintains good relationships with employees, customers, and suppliers, with no significant disputes reported during the period[71]. Financial Position and Investments - The group’s debt-to-equity ratio as of December 31, 2024, is approximately 69.9%, an increase from 57.9% as of December 31, 2023[58]. - The group has no significant contingent liabilities as of December 31, 2024[60]. - The group has not engaged in any significant investments or acquisitions during the reporting period[75]. - The group made charitable donations of approximately RMB 0.2 million during the reporting period, compared to none in the 2023 fiscal year[74].

Financial Performance - The company reported a revenue of approximately HKD 1,253,000,000 for the year ended December 31, 2024, a decrease of about 12.9% compared to HKD 1,439,400,000 for the same period last year[4]. - The gross profit for the reporting period was approximately HKD 45,800,000, which is an increase of about 0.5% from HKD 45,600,000 in the previous year[4]. - The net loss for the year was approximately HKD 128,700,000, compared to a net profit of HKD 51,400,000 in the prior year[4]. - Basic loss per share was HKD 32.80, a significant decline from earnings of HKD 12.47 per share in the previous year[6]. - The company recorded other income and gains of HKD 10,873,000, down from HKD 49,816,000 in the previous year[5]. - The income tax expense for the year ended December 31, 2024, was HKD 8,327,000, compared to HKD 4,154,000 for 2023, reflecting a significant increase[25]. - The basic loss per share for the year ended December 31, 2024, was HKD (124,383,000), while the basic profit for 2023 was HKD 47,293,000, indicating a substantial decline in profitability[29]. - The total borrowings at the end of the reporting period were approximately HKD 389,500,000, an increase from approximately HKD 364,700,000 in the previous year[52]. - The company's cash and bank balances at the end of the reporting period were approximately HKD 4,600,000, down from approximately HKD 9,800,000 in the previous year[52]. Assets and Liabilities - Total assets decreased to HKD 915,921,000 from HKD 1,275,209,000 year-over-year, indicating a reduction in current assets[7]. - The company's non-current assets decreased to HKD 39,799,000 from HKD 51,076,000, reflecting a decline in property, plant, and equipment[7]. - The company's total equity decreased to HKD 354,665,000 from HKD 500,138,000, indicating a significant reduction in shareholder equity[8]. - Trade and other receivables decreased to HKD 911,212,000 from HKD 1,135,753,000, showing a decline in receivables[7]. - Trade receivables decreased to HKD 238,477,000 in 2024 from HKD 396,841,000 in 2023, showing a reduction of approximately 40%[31]. - The total amount of trade and other receivables was HKD 911,212,000 in 2024, down from HKD 1,135,753,000 in 2023, representing a decline of about 20%[31]. - The accumulated impairment for trade receivables increased to HKD 95,216,000 in 2024 from HKD 41,835,000 in 2023, indicating a rise of approximately 128%[33]. - The total trade payables and notes payable decreased to HKD 165,687,000 in 2024 from HKD 419,042,000 in 2023, reflecting a reduction of about 60%[34]. Employee Costs - Total employee costs in 2024 were HKD 17,364, an increase of 72.2% from HKD 10,106 in 2023[23]. - Total employee costs during the reporting period amounted to HKD 17,400,000, compared to HKD 10,100,000 in 2023[65]. Corporate Changes - The company has undergone a name change from "China Finance Investment Holdings Limited" to "Congyu Intelligent Agricultural Holdings Limited" effective June 19, 2024[9]. - The company changed its name to Congyu Intelligent Agricultural Holdings Limited effective July 15, 2024[57]. Market and Operations - The company has over 90% of its non-current assets and revenue located in China, indicating a strong reliance on the Chinese market[18]. - The company is actively developing agricultural products and meat products, including poultry, seafood, and prepared foods, and has begun supplying products to supermarkets and online platforms in China[68]. - The company has established long-term stable partnerships with multiple nearby farms and agricultural companies to expand its agricultural base, ensuring food safety and supply for 120 million people in the Greater Bay Area[68]. - The company is exploring various cooperation models with e-commerce operators and online sales platforms to enhance online sales of its agricultural and meat products, thereby diversifying its revenue sources[69]. - The company aims to promote high-quality agricultural products into households in the Greater Bay Area, contributing to national rural revitalization and supporting local food security initiatives[69]. - The company is seeking vertical integration business opportunities to increase revenue sources, including providing distribution services for agricultural products, seafood, and meat products in China[69]. Governance and Compliance - The company has complied with the corporate governance code, with some deviations noted regarding the attendance of independent non-executive directors at the annual general meeting[71][72]. - The roles of the chairman and CEO are clearly separated, with the chairman leading the board in policy and strategy formulation, while the CEO is responsible for executing board-approved decisions[73]. - The company has established internal control systems to safeguard shareholder investments and company assets, ensuring effective risk management[75]. - The company has adopted an anti-corruption policy and established a reporting process to encourage employees to report misconduct in a safe and confidential environment[76]. - The board is responsible for evaluating and determining the nature and extent of risks acceptable to the group in achieving its strategic objectives[77]. - The audit committee continuously reviews significant risk management and internal control systems, including financial, operational, and compliance controls[78]. - The group has established risk management procedures to address all significant risks related to its business, with strategies categorized into risk retention, avoidance, sharing, and transfer[77]. - The internal control system is designed to minimize adverse impacts from risks associated with business objectives, providing reasonable but not absolute assurance against material misstatements or losses[78]. - The audit committee consists of three independent non-executive directors, who review the group's consolidated performance and accounting principles during the reporting period[80]. - The external auditor has confirmed that the financial figures for the year ending December 31, 2024, are consistent with the group's consolidated financial statements[81]. Future Plans and Announcements - The company plans to continue controlling costs and leveraging existing resources to enhance the development potential of agricultural products and expand its customer base[45]. - The company will suspend shareholder registration from May 28, 2025, to June 2, 2025, to facilitate attendance at the annual general meeting[82]. - The company plans to publish its annual results and report on its website and the stock exchange's website at an appropriate time[83]. - The board meeting to consider and approve the annual results for 2024 is scheduled for April 22, 2025[84]. - Trading of the company's shares was suspended on April 1, 2025, pending the announcement of the annual results, with a request for resumption submitted for April 23, 2025[85].

Financial Performance - The company achieved a revenue of approximately RMB 1,365.1 million for the year ended December 31, 2024, an increase of about RMB 51.8 million or approximately 3.9% compared to RMB 1,313.3 million in 2023[8]. - Gross profit was approximately RMB 349.6 million, up by about RMB 13.4 million or approximately 4.0% from RMB 336.2 million in the previous year[8]. - Net profit after tax decreased to approximately RMB 86.6 million, down by about RMB 27.5 million or approximately 24.1% from RMB 114.1 million in 2023[8]. - The property management service revenue reached approximately RMB 1,077.9 million, an increase of about RMB 90.4 million or approximately 9.2% from RMB 987.5 million in 2023[22]. - Community value-added service revenue rose by approximately RMB 4.5 million or 1.8% to approximately RMB 258.0 million for the year ended December 31, 2024[31]. - Non-owner value-added service revenue decreased by approximately RMB 43.1 million or 59.6% to approximately RMB 29.2 million for the year ended December 31, 2024[33]. - The gross profit from property management services increased by approximately RMB 20.4 million or about 9.3% to approximately RMB 238.8 million in 2024[46]. - The gross profit from community value-added services increased by approximately RMB 6.4 million or about 6.5% to approximately RMB 105.1 million in 2024, with the gross profit margin rising from 38.9% to 40.7%[47]. - The gross profit from non-owner value-added services decreased by approximately RMB 13.4 million or about 69.8% to approximately RMB 5.8 million in 2024, with the gross profit margin dropping from 26.5% to 19.8%[48]. Operational Growth - The total number of properties managed increased to 394, with a total managed area of approximately 62.2 million square meters, representing an increase of about 6.4 million square meters or approximately 11.5% from 2023[9]. - The total number of contracted projects rose to 422, with a total contracted area of approximately 70.2 million square meters, an increase of about 5.5 million square meters or approximately 8.5% compared to 2023[9]. - The number of managed projects increased from 335 to 394, contributing to the growth in property management service revenue[35]. - The company expanded its geographical coverage to 45 cities across 18 provinces and municipalities, enhancing its market presence significantly[25]. - The company actively pursued market expansion, adding over 80 new contracted projects during the year, showcasing strong market competitiveness and growth potential[22]. Corporate Governance - The board consists of eight members, including two executive directors, two non-executive directors, and four independent non-executive directors as of December 31, 2024[98]. - The company has adopted and complied with the Corporate Governance Code as per the Listing Rules Appendix C1 for the year ending December 31, 2024[95]. - The board has ensured that at least three independent non-executive directors are appointed, with one possessing appropriate professional qualifications or accounting expertise as required by Listing Rules 3.10(1) and 3.10(2)[101]. - The company has arranged appropriate liability insurance for directors and senior management to cover compensation liabilities arising from corporate activities for the year[97]. - The board is responsible for overseeing the company's business, strategic decisions, and performance, ensuring objective decisions in the best interest of the company[97]. Employee and Shareholder Engagement - The employee cost totaled approximately RMB 425.8 million for the year ended December 31, 2024, down from RMB 446.5 million in 2023, with a workforce of 4,951 employees[71]. - The company has established various communication channels for shareholders to directly engage with the board[153]. - All resolutions presented at the shareholders' meetings are subject to voting in accordance with listing rules, with results published promptly[154]. - Each director participated in at least 15 hours of relevant professional training to update their knowledge and skills during the year[106]. Environmental, Social, and Governance (ESG) Initiatives - The ESG report covers the company's main business in property management services in China and includes key environmental performance indicators[160]. - The company aims to expand the scope and depth of its sustainability performance monitoring in the future[160]. - The company has established a comprehensive environmental management system and obtained ISO 14001:2015 certification, ensuring compliance with environmental laws and regulations[191]. - The company has identified nine key issues for focus, including energy consumption, employee welfare, occupational health and safety, and customer data privacy, which will be highlighted in the report[190]. - The company has implemented risk mitigation measures and internal controls to manage identified environmental, social, and governance risks[179]. Sustainability and Environmental Performance - The company’s nitrogen oxide emissions decreased significantly from 203.18 kg in 2023 to 29.43 kg in 2024, representing a reduction of approximately 85.5%[196]. - Total greenhouse gas emissions (Scope 1, 2, and 3) dropped from 57,580.14 tons CO2 equivalent in 2023 to 38,676.21 tons CO2 equivalent in 2024, a decrease of about 32.8%[196]. - The company achieved a greenhouse gas reduction of 1.27 tons CO2 equivalent in 2024, up from 0.9 tons in 2023, indicating a positive trend in emissions management[196]. - The total energy consumption for the company reached 93,526.45 thousand kWh in 2024, compared to 90,536.66 thousand kWh in 2023, marking an increase of about 3.3%[200]. - The company encourages employees to use video or phone conferencing instead of business travel to reduce greenhouse gas emissions[197].

Financial Performance - The group's revenue for the year ended December 31, 2024, was SGD 74.697 million, representing a 12.3% increase from SGD 66.538 million in 2023[9] - The group reported a profit before tax of SGD 1.348 million for 2024, compared to a profit of SGD 552,000 in 2023[9] - Total revenue for the year ended December 31, 2024, was approximately SGD 74.7 million, an increase of about 12.3% compared to SGD 66.5 million for the year ended December 31, 2023, driven by new large contracts in Singapore and organic growth in Thailand's environmental services[14] - Cost of sales for the year ended December 31, 2024, was approximately SGD 63.6 million, an increase of about 10.4% from SGD 57.5 million for the year ended December 31, 2023[15] - Gross profit increased from approximately SGD 9.0 million for the year ended December 31, 2023, to approximately SGD 11.1 million for the year ended December 31, 2024, with gross margin rising from 13.5% to 14.9%[16] - Net profit for the year ended December 31, 2024, was approximately SGD 822,000, an increase of about 73.1% compared to SGD 475,000 for the year ended December 31, 2023[22] - The board proposed a final dividend of SGD 0.002 per share for the year ended December 31, 2024, compared to SGD 0.0015 per share for 2023[23] Assets and Liabilities - Total assets decreased to SGD 40.995 million in 2024 from SGD 44.475 million in 2023[10] - The total liabilities of the group were SGD 13.062 million in 2024, down from SGD 14.381 million in 2023[10] - The equity attributable to the company's owners was SGD 27.817 million in 2024, a decrease from SGD 30.049 million in 2023[10] - As of December 31, 2024, the group's current assets were approximately SGD 37.0 million, with a current ratio of 3.0, down from 3.4 as of December 31, 2023[24] - The net cash position as of December 31, 2024, indicated that cash and cash equivalents exceeded bank borrowings, making the net debt-to-equity ratio not applicable[24] Operational Efficiency and Investments - The group aims to enhance productivity through investments in technology and training, despite a competitive environment in the Singapore environmental services industry[13] - The group continues to invest in digital solutions to improve operational efficiency and decision-making processes[12] - The group has 311 ongoing service contracts as of March 28, 2025, with an outstanding contract value of approximately SGD 66.9 million[12] - The company is committed to maintaining its market leadership in the environmental services sector through innovation and process improvement[7] - The group may explore additional investment opportunities that could yield extra returns[13] Employee and Management Information - As of December 31, 2024, the group had a total of 2,690 full-time employees and 156 part-time employees, an increase from 2,464 full-time and 145 part-time employees as of December 31, 2023[79] - The total salary cost incurred by the group for the year ended December 31, 2024, was SGD 53,199,000, compared to SGD 44,158,000 in 2023, reflecting an increase of approximately 20.5%[79] - Peh Poon Chew has nearly 40 years of experience in the cleaning industry, having joined the group in June 2002 as Operations Director[35] - Ms. Chok Li Qiu has over 25 years of experience in the cleaning industry and has been responsible for financial management and compliance since 2008[36] - Mr. Wang Xu has extensive experience in auditing, accounting, and financial management across various industries, including automotive and construction[37] - Mr. Liu Zhenrong has served as an independent non-executive director since September 1, 2023, and has a background in accounting and finance[40] - Mr. Liang Zhi Heng has over 20 years of experience in corporate finance and capital market transactions, currently serving as the financial reporting head at Newlinks Technology Limited[41] Corporate Governance - The company has a strong focus on compliance with statutory and regulatory obligations, ensuring proper financial management and reporting[36] - The management team includes individuals with diverse backgrounds in finance, operations, and compliance, enhancing the company's governance structure[39] - The board includes independent directors with significant experience in various sectors, contributing to effective oversight and strategic direction[37] - The company emphasizes the importance of operational management and customer relations in its service delivery[35] - The board has established a dividend policy to ensure appropriate procedures for declaring and recommending dividends, allowing shareholders to share in the company's profits while retaining liquidity for future growth opportunities[58] - The company has a financial secretary with over 17 years of experience in accounting and finance, previously holding positions at Ernst & Young and other firms[47] - The company has established three committees to oversee specific functions as part of good corporate governance[138] Environmental, Social, and Governance (ESG) Initiatives - The board of directors is responsible for overseeing the group's environmental, social, and governance (ESG) matters, with a sustainable development committee assisting in the management of these issues[161] - The group has set environmental goals related to greenhouse gas emissions, energy efficiency, waste management, and water consumption, with annual reviews to track progress[163] - The group reported a significant reduction in nitrogen oxides (NOx) emissions, decreasing from 921.1 kg in FY2023 to 484.9 kg in FY2024, representing a reduction of approximately 47.4%[180] - Sulfur oxides (SOx) emissions also decreased from 1.1 kg in FY2023 to 0.9 kg in FY2024, a reduction of about 18.2%[180] - Particulate matter (PM) emissions fell from 85.8 kg in FY2023 to 46.5 kg in FY2024, marking a decrease of approximately 45.8%[180] - The group aims to achieve carbon neutrality in accordance with government targets, with a 25% increase in greenhouse gas emissions density compared to FY2021, which was 2.0 tons of CO2 equivalent per million SGD revenue[183] - The greenhouse gas emissions density for FY2024 decreased by about 32.4% compared to FY2023, primarily due to improved operational efficiency leading to a reduced fleet size[183] - The group has identified 16 significant environmental, social, and governance (ESG) issues through internal assessments, which will guide their ESG reporting and strategy[173] - The group has implemented various environmental, social, and governance-related goals and regularly monitors these objectives to enhance stakeholder understanding[176] Risk Management - The company faces market risks related to interest rates, credit, and liquidity, with details on risk management measures provided in the financial statements[55] - The board is responsible for assessing and determining the nature and extent of risks related to the group's operations, continuously reviewing the internal control system[152] - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks[153] - The audit committee conducts an annual review of the effectiveness of the internal control and risk management systems, covering significant financial, operational, and compliance controls[153] Shareholder Communication and Relations - The company has adopted a shareholder communication policy to ensure shareholders and potential investors can access balanced and easily understandable information[157] - The company emphasizes the importance of effective communication with shareholders to enhance their understanding of the group's business and performance[160] - The company has arranged appropriate liability insurance for legal claims against directors[115] Miscellaneous - The company was incorporated as an exempted company in the Cayman Islands on February 28, 2019, and its shares were listed on the main board of the Stock Exchange on July 3, 2020[50] - The annual general meeting is scheduled for May 15, 2025[56] - The group made charitable donations totaling SGD 9,750 during the reporting period[54] - The company has not engaged in any significant legal disputes as of December 31, 2024[82] - The company has not entered into any equity-linked agreements as of December 31, 2024[84]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $500 million for the fiscal year 2024[3]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of $550 million[3]. - The company recorded a revenue of approximately RMB 2,574.3 million for the year ending December 31, 2024, representing a year-on-year growth of about 17.5% compared to RMB 2,190.9 million in 2023[13]. - For the fiscal year ending December 31, 2024, the company recorded total revenue of approximately RMB 2,574.3 million, representing a year-on-year increase of 17.5%[49]. - Revenue from steel pipe products was approximately RMB 1,189.2 million, accounting for about 46.2% of total revenue, with customized steel pipes increasing by 39.5% year-on-year[52]. - Revenue from standard prefabricated pipeline products for the fiscal year was approximately RMB 393.6 million, accounting for 15.3% of total revenue, up from RMB 308.8 million and 14.1% the previous year[51]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency compared to 10% in the previous year[3]. - The net profit for the year was approximately RMB 141.8 million, a decrease of about 7.2% from RMB 152.9 million in 2023[13]. - Annual profit decreased by approximately 7.3% or RMB 11.1 million, from RMB 152.9 million in 2023 to RMB 141.8 million in 2024, primarily due to reduced gross profit and increased impairment losses[70]. Market Expansion and Product Development - User data showed a growth of 20% in active users, totaling 2 million by the end of the reporting period[3]. - New product launches contributed to 30% of total revenue, with the introduction of two major products in Q4 2024[3]. - Market expansion efforts led to a 25% increase in sales in the Southeast Asian region, contributing significantly to overall growth[3]. - The company invested $50 million in R&D for new technologies, focusing on enhancing product efficiency and sustainability[3]. - The R&D team successfully developed 68 new varieties and 389 specifications, with 13 new patents and 4 software copyrights granted, totaling 128 effective intellectual properties[14]. - The company implemented 12 technology innovation projects in Shandong Province, with 4 projects evaluated as being at the leading level domestically[14]. - The company aims to leverage market resources and technological research and development to improve operational efficiency[49]. Operational Efficiency and Cost Management - The company has established a comprehensive cost control mechanism to optimize production processes and reduce procurement costs[15]. - The company achieved a 10% reduction in energy consumption for dust removal facilities through optimization measures, significantly lowering operational costs while ensuring effective dust removal[101]. - The company has upgraded over 10 outdated VOCs treatment facilities, enhancing removal efficiency and system reliability[101]. - The company increased the reclaimed water usage rate for irrigation to 70% during dry seasons, promoting green production and resource recycling[101]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance with independent directors overseeing operations and management[27][29]. - The company has a diverse board with members possessing extensive experience in finance, management, and industry-specific knowledge[24][25][27][29][33]. - The board consists of six directors, including three executive directors and three independent non-executive directors, complying with listing rules[184]. - The company has established three board committees: audit committee, nomination committee, and remuneration committee to oversee various aspects of the business[194]. - The chairman and CEO roles are separated to ensure a balance of power within the company's management[188]. - The company is committed to continuous professional development for all directors through external seminars and relevant materials[186]. Shareholder Information and Dividends - The company proposed a final dividend of HKD 0.12 per share, totaling approximately HKD 52,056,000 for the year ended December 31, 2024, consistent with the previous year[91]. - The board proposed a final dividend of HKD 0.12 per share, totaling approximately HKD 52,056,000, subject to shareholder approval[112]. - The total number of issued shares as of December 31, 2024, is 433,800,000[156]. - The company’s major shareholder, Kong Ling Lei, holds 172,600,000 shares, representing approximately 39.79% of the total issued share capital[155]. Compliance and Audit - The financial statements for the year ending December 31, 2024, were audited by Deloitte, who will be proposed for reappointment at the upcoming annual general meeting[175]. - The company has adopted the corporate governance code as per the listing rules and has complied with its applicable provisions during the financial year ending December 31, 2024[178]. - The company’s independent non-executive directors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[146]. - The company’s auditor, Deloitte, has issued an unqualified opinion regarding the ongoing related party transactions, confirming compliance with the company's pricing policy[151]. Employee and Operational Metrics - The total number of employees increased to 1,229 as of December 31, 2024, up from 1,070 on December 31, 2023[130]. - Total salary and related costs for employees amounted to approximately RMB 122.4 million for the fiscal year ending December 31, 2024[130]. - Employee costs, including director remuneration and other forms of compensation, amounted to approximately RMB 122.4 million for the year ended December 31, 2024, compared to RMB 118.9 million for the year ended December 31, 2023[96].

Financial Performance - Revenue for 2024 was $38.1 million, a decrease of 57.5% compared to $89.5 million in 2023[11] - The company reported a net profit of $2.7 million for 2024, compared to a profit of $22.8 million in 2023[11] - Cash and cash equivalents increased to $166.8 million in 2024 from $140.3 million in 2023[11] - Total assets decreased to $215.0 million in 2024 from $228.5 million in 2023[11] - Recurring revenue increased from $5.7 million for the year ended December 31, 2023, to $16.9 million for the year ended December 31, 2024, representing a growth of 196.5%[116] - Research and development expenses were $21.0 million, down 53.3% from $45.1 million in 2023[11] - Administrative expenses fell from $19.5 million in 2023 to $13.2 million in 2024, primarily due to a reduction in employee costs[122] - Other income and gains increased from $6.6 million in 2023 to $11.2 million in 2024, a rise of 69.7%[118] - The company recorded cash and cash equivalents of $0.9 million as of December 31, 2024, an increase from $0.7 million as of December 31, 2023[135] - The total compensation cost for the year ended December 31, 2024, was $23.7 million, down from $26.3 million for the year ended December 31, 2023[143] Research and Development - The company has submitted a Biologics License Application for HBM9161 for generalized Myasthenia Gravis to the NMPA in July 2024[13] - A new drug application for HBM9378/WIN378 for Chronic Obstructive Pulmonary Disease is expected to be submitted in November 2024[14] - The company has initiated a Phase I clinical trial for HBM9027 after receiving IND approval from the FDA in January 2024[18] - The company has expanded its Harbour Therapeutics pipeline to include 8 assets from preclinical to late clinical stages, targeting a potential market exceeding $20 billion[31] - In 2024, the company submitted a Biologics License Application (BLA) for Bartolizumab to treat generalized Myasthenia Gravis (gMG) and an Investigational New Drug (IND) application for HBM9378 for treating COPD in China[31] - The company received IND approval from the FDA for HBM9027 and PD-L1xCD40 bispecific antibodies, initiating clinical studies in the U.S.[32] - Nona Bio has been advancing research and development (R&D) capabilities, focusing on delivering innovative solutions that could save lives despite global uncertainties[28] - The company has established significant partnerships with leading pharmaceutical and biotech companies to enhance R&D capabilities[31] - The company has a robust product pipeline focused on immunology and oncology, strategically selecting clinical assets with significant unmet needs[48] Collaborations and Partnerships - The company entered a global licensing agreement with AstraZeneca, receiving an upfront payment of $19 million and potential milestone payments of up to $575 million[20] - In October 2024, Nona Bio entered a strategic collaboration with OverT Bio to develop next-generation cell therapies for solid tumors using proprietary platforms[23] - In December 2024, Nona Bio partnered with Kodiak Sciences Inc. to advance multi-target novel antibody therapies for ophthalmic diseases[23] - The company has established multiple strategic collaborations, including a partnership with Boostimmune, Inc. for antibody-drug conjugates[20] - A global exclusive licensing agreement was signed with Windward Bio in January 2025 for the development and commercialization of HBM9378/WIN378, excluding Greater China and certain Southeast Asian and West Asian countries[59] - The company entered into a collaboration with Kodiak Sciences Inc. to advance multi-target antibody therapies for ophthalmic diseases using its proprietary Harbour Mice® platform[93] - A research collaboration and licensing agreement with Candid Therapeutics was signed in December 2024, allowing for up to $320 million in upfront and milestone payments[84] - HBM Alpha Therapeutics announced a strategic collaboration in February 2025, with potential payments up to $395 million for developing a new therapy targeting CRH[86] Product Development and Pipeline - HBM9161, a fully human monoclonal antibody targeting FcRn, has completed Phase III clinical trials for gMG, marking the first successful critical trial for this product globally[54] - The BLA for HBM9161 was accepted by NMPA in June 2023, representing the first BLA submission since the company's establishment[54] - HBM9378, developed in collaboration with Keren Biotechnology, received IND approval for moderate to severe asthma in February 2022 and completed Phase I trials in October 2023[58] - HBM4003 is a next-generation fully human anti-CTLA-4 antibody, progressing from candidate screening to clinical stage within three years, showing promising efficacy and safety in treating various solid tumors[61] - HBM1020, a fully human monoclonal antibody targeting B7H7, showed preliminary efficacy signals with 46.7% of 15 patients achieving stable disease and tumor reductions of 11% and 25%[64] - HBM7008, a bispecific antibody targeting B7H4 and 4-1BB, is the only clinical-stage bispecific antibody for these targets globally, with a focus on improving safety and efficacy in PD-L1 negative patients[65] - HBM7020, a BCMAxCD3 bispecific antibody, received IND approval in China for cancer treatment, with a strategic shift towards immune diseases planned for 2024[70] - HBM9027, a novel PD-L1×CD40 bispecific antibody, received IND approval from the FDA to initiate Phase I trials in the U.S. in January 2024[74] - HBM7004, a new bispecific antibody targeting B7H4xCD3, demonstrated strong anti-tumor efficacy and significant in vivo stability in preclinical studies[75] - HBM9014, a first-in-class antibody targeting leukemia inhibitory factor receptor (LIFR), showed significant anti-tumor efficacy and good safety in primate toxicology studies[78] Risks and Challenges - The company has incurred net losses over the past several years, raising concerns about future profitability[186] - The lengthy and costly clinical development process is fraught with uncertainties, which may delay or hinder the commercialization of candidate drugs[186] - Regulatory approval processes for candidate drugs are time-consuming and may evolve, posing risks to the company's business[190] - The company faces intense competition and rapid technological changes, which may adversely affect its financial condition and ability to commercialize candidate drugs[193] - The production process of biopharmaceuticals is complex and requires significant expertise and capital investment, posing risks to the business if production issues arise in the future[193] - The company lacks experience in launching and marketing candidate drugs, which may hinder its ability to effectively establish and manage its sales network[193] - Legislative changes may increase the difficulty and cost of obtaining market approval and commercialization for candidate drugs, impacting potential pricing[195] - The company may face specific risks when conducting business and operations in international markets due to licensing of commercialization rights and global collaborations[195] - The company’s patents may have limited geographic protection, potentially failing to safeguard its intellectual property globally[195] - The company may incur significant costs and time in legal disputes related to patent infringement claims, which could adversely affect its reputation and stock price[195] Corporate Governance and Management - The company has a strong leadership team with extensive experience in the pharmaceutical and biotechnology industries, including independent directors with significant backgrounds in finance and research[158][160] - The company focuses on two main business segments: Harbour Therapeutics, which specializes in clinical-stage research and development of differentiated antibody therapies for oncology and immune diseases, and Nona Bio, which collaborates on various therapeutic approaches in these disease areas[166] - The management discussion and analysis section of the annual report provides insights into the business review and future development of the group[169] - The company has maintained key relationships with employees, customers, suppliers, and other stakeholders that significantly impact its operations[166] Future Outlook - The company expects to submit at least two new product IND applications in 2025, focusing on immunology[109] - The company aims to strategically expand into the immunology field and enhance its product pipeline by leveraging its discovery engines[109] - The company plans to continue exploring drug development strategies and seek collaboration opportunities[79] - The company anticipates more global collaboration opportunities as its preclinical products mature[38] - The company is actively exploring the scalability of its proprietary technology platform to maximize its value[80] - The company plans to build an innovation center in Beijing with AstraZeneca to further advance their collaboration projects[107]

Financial Performance - The company reported a revenue of RMB 2,077.5 million and a net profit of RMB 497.3 million for the fiscal year 2024[10]. - The company recorded a total comprehensive income attributable to shareholders of RMB 373.1 million for the fiscal year 2024[10]. - The total revenue for the company in the current year reached RMB 2,077.5 million, a decrease of approximately 20.9% compared to the previous year[42]. - The profit attributable to shareholders and comprehensive income was RMB 373.1 million, down about 52.8% year-on-year[42]. - Revenue from cemetery services amounted to RMB 1,709.2 million, accounting for 82.3% of total revenue, while revenue from funeral services was RMB 339.2 million, representing 16.3% of total revenue[43]. - The number of operating graves sold decreased by 3,816 units or 23.3%, leading to a revenue decline of RMB 435.1 million or 22.2% in cemetery services[45]. - The company achieved sales of 16,504 burial plots and provided various funeral services to 65,143 families, generating a total revenue of RMB 2,077.5 million and a net profit of RMB 497.3 million, with RMB 373.1 million attributable to shareholders[114]. - The company faced risks related to strict government regulations in the funeral industry, which may impact business expansion and operational flexibility[115]. Dividends and Shareholder Returns - Shareholders will receive a final dividend of HKD 0.0954 per share, totaling an annual dividend of HKD 0.5474 per share, in line with the company's dividend policy[10]. - The company declared a special dividend of HKD 0.3882 per share, to be paid in three installments: HKD 0.1724 on April 25, 2025, HKD 0.1079 on July 25, 2025, and HKD 0.1079 on October 31, 2025[133]. - The company plans to distribute at least 35% of annual distributable net profits to shareholders starting from the fiscal year ending June 30, 2022, with annual reassessment of the dividend policy[133]. Market and Industry Trends - 2024年中國60歲及以上人口達到31,031萬人，佔比22.0%，顯示人口老齡化加劇[20]. - 2024年中國的死亡人口為1,093萬人，遺體火化率達到58.8%[20]. - 隨著城鎮化率提高至67.0%，將催生對殯葬基礎設施的廣泛需求[20]. - The cremation rate in China is increasing, driven by rising disposable income and urbanization, leading to a higher demand for diverse and quality funeral services[28]. - The ongoing reforms in the funeral sector are expected to raise entry barriers for new and existing participants, fostering a more competitive environment[25]. Corporate Strategy and Transformation - The company is transitioning from a traditional funeral service provider to a life technology service provider, emphasizing digital transformation and innovation[11]. - The company aims to enhance its international presence by sharing experiences and exploring cooperation at the 2024 International Funeral Association Conference[14]. - The company plans to transform from a funeral service provider to a provider of funeral and life technology services, focusing on high-quality life services and memorial services[88]. - The company aims to expand its market share by integrating resources in the highly fragmented Chinese funeral industry and actively seeking development opportunities[87]. - The company is committed to advancing its standardization efforts and maintaining compliance with regulatory frameworks to support sustainable growth[25]. Social Responsibility and Community Engagement - The company actively participated in social welfare activities, earning the title of "2023 Annual Chinese Public Welfare Enterprise" for its charitable efforts[13]. - The group made charitable donations of approximately RMB 1.75 million for the fiscal year ending December 31, 2024[147]. - The company is committed to achieving carbon neutrality and promoting green funerals, utilizing eco-friendly materials and constructing century-old ecological cemeteries[179]. Governance and Management - The board of directors consists of three executive directors, three non-executive directors, and four independent non-executive directors, complying with listing rules regarding board composition[185]. - The board has the discretion to determine eligible participants for the Restricted Share Incentive Plan and the number of shares to be granted[158]. - The company has established a remuneration committee to formulate remuneration policies, with directors' remuneration subject to shareholder approval at the annual general meeting[155]. - The company has adopted a corporate governance code to enhance transparency and accountability, aiming for high standards in corporate governance[181]. Innovation and Technology - The company introduced the first domestic virtual and interactive digital ancestral hall, "Yuan Family Hall," integrating various digital memorial functions[12]. - The introduction of new industry standards emphasizes the integration of technology in funeral services, including the development of an IoT-based information system for funeral management[26]. - The company aims to leverage technological innovation to enhance the dignity and quality of funeral services, aligning with modern consumer expectations[26]. - The company is focused on transforming from a funeral service provider to a life and memorial technology service provider, enhancing the quality of life services offered[119]. Employee and Operational Insights - The company has 2,198 full-time employees as of December 31, 2024, down from 2,471 in 2023, indicating a focus on optimizing workforce efficiency[126]. - Employee costs decreased by RMB 19.6 million or 3.9%, primarily due to a decline in sales services and one-time costs related to personnel optimization[55]. - The company emphasizes the importance of customer satisfaction and conducts monthly surveys to gather feedback and improve service quality[127]. Financial Health and Cash Flow - Cash generated from operating activities was RMB 731.6 million, a decrease of RMB 490.9 million or 40.2% year-on-year, primarily due to reduced revenue and increased tax payments on dividends[68]. - The debt-to-equity ratio as of December 31, 2024, was 0.5%, significantly lower than 3.5% the previous year, indicating strong cash generation capabilities[75]. - The company had no outstanding bank loans as of December 31, 2024, and maintained a comprehensive credit facility of approximately RMB 10 billion[73][74].

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year ending December 31, 2024[9]. - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[9]. - The company reported revenue of RMB 752 million for the year ended December 31, 2024, a decrease of 37.7% compared to RMB 1,209 million in 2023[20]. - Adjusted net profit for 2024 was RMB 100.6 million, down from RMB 291.1 million in 2023[20]. - The company’s franchise business revenue increased by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024[20]. - Revenue dropped by 37.8% from RMB 1,208.6 million in 2023 to RMB 752.2 million in 2024, primarily due to a weak consumer market[40]. - The loss before income tax for the year ending December 31, 2024, was RMB 76.6 million, compared to a profit of RMB 152.0 million for the year ended December 31, 2023[71]. - The adjusted net profit for the year ended December 31, 2024, was RMB 100.6 million, a decrease of 65.4% from RMB 291.1 million in 2023[74]. - The company reported a loss of RMB 78.0 million for the year ended December 31, 2024, compared to a profit of RMB 180.5 million in 2023[74]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2026[9]. - New product launches contributed to 30% of total revenue, with three major products introduced in the last quarter[9]. - The company plans to invest HKD 200 million in marketing initiatives to boost brand awareness in new markets[9]. - A new partnership with a leading tech firm is expected to drive additional revenue streams, projected to contribute HKD 100 million in 2025[9]. - The company plans to continue expanding its "Hi Beer Partner" network and strengthen supply chain management capabilities[21]. - The company aims to further integrate supply chain and market resources, optimize product mix, and upgrade decor styles for differentiated and diversified operations[127]. Operational Metrics - User data showed a growth in active users by 20%, totaling 2 million users as of the end of 2024[9]. - The total number of stores increased from 479 at the end of 2023 to 560 by the end of 2024, with further growth to 579 stores by March 19, 2025[21]. - Total number of bars increased from 479 in 2023 to 579 in 2025, representing a growth of 20.8%[24]. - Average daily sales per bar in first-tier cities rose from RMB 7.5 thousand in 2023 to RMB 8.3 thousand in 2024, an increase of 10.7%[26]. - The average daily sales per "Hi Beer Partner" bar decreased from RMB 7.1 thousand in 2023 to RMB 5.0 thousand in 2024, a decline of 29.6%[26]. Financial Position and Assets - Total assets decreased from RMB 2,164.98 million in 2023 to RMB 1,375.98 million in 2024[15]. - The company’s equity attributable to owners decreased from RMB 1,821.41 million in 2023 to RMB 1,118.79 million in 2024[15]. - Non-current assets dropped significantly from RMB 740.83 million in 2023 to RMB 459.77 million in 2024[19]. - The company’s total liabilities decreased from RMB 343.58 million in 2023 to RMB 257.18 million in 2024[15]. - Cash and bank balances decreased from RMB 1,278.9 million as of December 31, 2023, to RMB 806.4 million as of December 31, 2024, primarily due to dividend payments in 2024[86]. Cost Management and Expenses - Research and development expenses increased by 18%, amounting to HKD 150 million, focusing on innovative technologies[9]. - Employee benefits and human resources expenses decreased by 41.9% from RMB 298.8 million in 2023 to RMB 173.7 million in 2024 due to a reduction in workforce[48]. - The depreciation of right-of-use assets decreased by 44.8% from RMB 110.2 million for the year ended December 31, 2023, to RMB 60.8 million for the year ending December 31, 2024, mainly due to the termination of several direct-operated restaurant lease agreements[49]. - Utility expenses decreased by 44.3% from RMB 34.8 million for the year ended December 31, 2023, to RMB 19.4 million for the year ending December 31, 2024, as a result of the reduction in the number of restaurants[53]. Corporate Governance and Management - The management team includes experienced executives with over 20 years in the tavern operation market and over 12 years in the restaurant service industry[110][111]. - The CFO has a strong background in capital operations and financial management, having previously worked in investment banking[112]. - The independent non-executive directors bring extensive experience in strategic investment, mergers and acquisitions, and corporate governance[116][117]. - The board of directors is committed to high standards of corporate governance and will continue to review and monitor governance practices[199]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management based on their experience and qualifications[141]. Compliance and Risk Management - The company has implemented food safety and quality assurance measures to mitigate risks associated with its industry[105]. - The company emphasizes the importance of employee training and competitive compensation to retain talent, with annual reviews of employee remuneration[188]. - The company has established compliance policies to ensure adherence to applicable laws and regulations, with no significant non-compliance issues reported during the period[186]. - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[193]. Shareholder Information - The board proposed a final dividend of RMB 0.1146 per share for the year ending December 31, 2024, compared to RMB 0.3153 per share in 2023[128]. - The final dividend will be subject to approval at the annual general meeting on May 14, 2025[128]. - The final dividend will be paid in HKD to Hong Kong shareholders and in SGD to Singapore shareholders based on the official exchange rate on May 14, 2025[131]. - As of December 31, 2024, the chairman holds 861 million shares, representing 68.04% of the issued share capital[150]. - The company has no treasury shares as of December 31, 2024[177].

Financial Performance - The company's revenue for the fiscal year 2024 was RMB 2,575.4 million, a decrease of 11.8% compared to RMB 2,920.7 million in 2023[9][10] - Gross profit fell to RMB 172.0 million, representing a decline of 48.3% from RMB 333.0 million in the previous year[9][12] - Net profit for the year decreased by 55.5% to RMB 86.4 million, down from RMB 194.1 million in 2023[9][14][22] - The basic earnings per share dropped to RMB 13.6, compared to RMB 30.6 in the previous fiscal year[9] - Revenue fell by approximately RMB 345.3 million or 11.8% to about RMB 2,575.4 million, down from approximately RMB 2,920.7 million, primarily due to a decline in the average selling price of urea[28] - The average selling price of urea decreased by approximately RMB 347 per ton or 15.9% to about RMB 1,842 per ton, compared to approximately RMB 2,189 per ton for the previous year[29] - Urea revenue decreased by approximately RMB 263.2 million or 10.5% to about RMB 2,247.8 million, attributed to the drop in average selling price[29] - The gross margin fell from approximately 11.4% for the year ended December 31, 2023, to about 6.7% for the reporting period[34] - The net profit for the year decreased by approximately RMB 107.7 million or 55.5% from about RMB 194.1 million for the year ended December 31, 2023, to about RMB 86.4 million for the reporting period[41] Sales and Market Dynamics - Urea sales volume increased compared to last year, partially offsetting the impact of declining average selling prices[22] - The company faced significant challenges due to a sharp decline in urea prices and weak domestic demand, exacerbated by export restrictions[21][22] - The sales volume of urea increased by approximately 6.4% during the reporting period, despite the decline in revenue[29] - The company expects a gradual recovery in the Chinese urea market, driven by adjustments in production surplus and a rebound in product demand[25] - The company expects the Chinese urea market to gradually recover by 2025, despite ongoing challenges from global economic conditions and local policy changes[44] Operational Efficiency and Innovation - The company implemented several technical upgrades to existing production facilities, enhancing operational efficiency and reducing carbon emissions[22] - The company is actively upgrading its product lines to meet stricter market standards and customer demands, focusing on technological innovation and quality improvement[23] - The company plans to enhance operational efficiency and increase technological innovation to navigate future uncertainties and create long-term value for stakeholders[25] - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[62] - The company is investing $30 million in research and development for new technologies aimed at enhancing user experience[71] Governance and Compliance - The board proposed a final dividend of HKD 0.036 per ordinary share for the year ended December 31, 2024, totaling approximately HKD 22.4 million, down from HKD 49.7 million in 2023[55] - The company has adopted a share option scheme to incentivize eligible participants, including employees, based on their contributions[50] - The board has established effective communication policies with shareholders, encouraging participation in annual meetings[89] - The company has established governance practices to ensure compliance with applicable laws, rules, and regulations[104] - The board is committed to providing balanced and clear assessments in all statutory and regulatory communications[108] Employee and Organizational Structure - As of December 31, 2024, the group employed 1,252 employees, a decrease from 1,292 employees as of December 31, 2023[50] - Total employee costs, including director remuneration, amounted to RMB 159.3 million for the reporting period, up from RMB 134.9 million for the year ended December 31, 2023[50] - The gender ratio of employees as of December 31, 2024, is 77% male and 23% female, reflecting the industrial nature of the business[174] - The company has maintained good relationships with employees, suppliers, and customers, with an acceptable employee turnover rate[184][185][186] Strategic Planning and Future Outlook - The company aims to enhance its market position and shareholder value through capacity expansion, improving product quality, and exploring acquisition opportunities[45] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[61] - Market expansion plans include entering three new international markets by the end of the fiscal year, targeting a 10% increase in market share[63] - New product launches are expected to contribute an additional $50 million in revenue in the upcoming year[70] Risk Management and Internal Controls - The company has established risk management procedures to address and manage all significant risks related to its business[169] - The company maintains a reasonable and effective internal control system, as confirmed by the board through the audit committee[109] - The audit committee regularly reviews the effectiveness of the internal control system[109] - An external professional firm was engaged to review the internal control system for effectiveness and efficiency, with no significant deficiencies identified[169] Corporate Social Responsibility - The company made charitable donations of approximately RMB 120,000 during the year ended December 31, 2024[195] - The company continues to update internal policies and plans to prevent environmental risks and ensure compliance with applicable standards and regulations[182]