Financial Performance - For the year ended December 31, 2024, the Group reported revenue of HK$1,913,162,000, a slight decrease of 0.6% compared to HK$1,923,964,000 in 2023[14]. - The Group's gross profit decreased by 14.8% to HK$527,619,000 from HK$618,962,000 in 2023[14]. - The loss for the year attributable to equity holders of the Company was HK$135,163,000, a significant decline of 318.0% compared to a profit of HK$61,998,000 in 2023[14]. - Adjusted profit for the year increased by 11.9% to HK$89,410,000 from HK$79,916,000 in the previous year[14]. - Adjusted EBITDA rose by 2.5% to HK$344,211,000 compared to HK$335,794,000 in 2023[14]. - The gross profit margin decreased to 27.6% from 32.2%, reflecting a decline of 4.6 percentage points[14]. - The adjusted profit attributable to equity holders increased by 5.7% to HK$58.7 million in 2024, compared to HK$55.6 million in 2023[21]. - The adjusted profit attributable to equity holders of the Company for 2024 was HK$58.7 million, up from HK$55.6 million in 2023, while total revenue decreased to HK$1,913.2 million from HK$1,924.0 million[35][36]. - The overall loss for the Mainland China ophthalmic business decreased from HK$75.7 million in 2023 to HK$47.1 million in 2024, excluding impairment losses[50]. Revenue Breakdown - Core medical service revenue increased by 0.5% to HK$1,913,162,000 from HK$1,904,531,000 in the previous year[14]. - Revenue from the ophthalmic business decreased by 4.3% to HK$1.37 billion in 2024, primarily due to reduced demand for refractive surgeries[24]. - Revenue from Hong Kong decreased by 3.3% to HK$901.6 million in 2024 from HK$932.1 million in 2023, primarily due to cautious consumer trends[60]. - Revenue from ophthalmic services in Mainland China increased by 4.0% to HK$1,011.6 million in 2024 from HK$972.4 million in 2023, with a 6.1% increase in RMB terms[61]. - Revenue from dental services in Shenzhen surged by 20.8% to HK$464.6 million in 2024 from HK$384.7 million in 2023[65]. - Revenue from the use of Elderly Health Care Vouchers at Shenzhen CKJ Hospital amounted to HK$15.1 million from August 14 to December 31, 2024[53]. - Revenue from oncology and other medical services decreased to approximately HK$38.1 million, representing 2.0% of total revenue[91]. - Revenue from sales of vision aid products decreased by 3.8% to HK$156.4 million in 2024, mainly due to reduced demand in Mainland China[92]. Operational Challenges and Strategies - The Group faced challenges including a complex global macroeconomic environment and intense industry competition, prompting a refinement of business strategies[19]. - The Group aims to identify new avenues for growth amidst the evolving market landscape[19]. - The Group's operational strategy includes optimizing its organizational structure and refining management to improve profitability and efficiency[41][47]. - The company plans to invest in innovative healthcare solutions, including a fair value gain of HK$111.1 million from its investment in Health Hope Pharma Limited[30]. Capital Expenditures and Financial Position - Capital expenditures in 2024 totaled HK$444.7 million, primarily for the addition of right-of-use assets and equipment for hospitals and clinics[127]. - As of December 31, 2024, the Group's total capital commitments amounted to approximately HK$31.9 million, a decrease from HK$107.2 million in 2023, mainly related to property and hospital lease renovations in Shenzhen Ping Shan[133]. - The Group's debt-to-equity ratio is not applicable as of December 31, 2024, due to a net cash position, consistent with 2023[134]. - The Group reported cash and cash equivalents of HK$423.1 million, short-term bank deposits of HK$29.0 million, and bank borrowings of HK$29.2 million, with most borrowings denominated in US dollars, Renminbi, or Hong Kong dollars[155][158]. Future Outlook and Expansion Plans - The outlook for ophthalmic services in Hong Kong remains strong due to an aging population, while challenges persist in Mainland China's ophthalmic business due to changing consumer patterns[152]. - The Group plans to capitalize on business opportunities in the dental sector in Shenzhen and the medical business in Luohu, Shenzhen, driven by the trend of cross-border consumption[153]. - The C+ Health CKJ (Shenzhen) Hospital is set to open in January 2025, offering dental and multi-specialty medical services to meet the needs of Hong Kong's elderly population[28]. - A strategic agreement was signed for the construction of a "Hong Kong-style" private hospital near Luohu port, expected to open in January 2025[54]. Management and Governance - Dr. Dennis Lam has been appointed as a "Justice of the Peace" in Hong Kong since 2004 and has served as a Deputy of the National People's Congress of China since 2008[193]. - Ms. Li Xiaoting has been the general manager of the eye center in Hong Kong since January 2012 and the general manager of Shenzhen C-MER Hospital since March 2013[195]. - Dr. Lee Yau Wing Vincent has been practicing since January 2012 and is the Head of Hong Kong Operation[199].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-over-year growth of 15%[1]. - Total revenue for 2024 reached RMB 1,314,959,000, representing a year-on-year increase of 27.9%[15]. - Revenue from digital payment services amounted to RMB 1,150.6 million, reflecting a year-on-year increase of 31.6%[30]. - The adjusted net profit for the year was RMB 78,693,000, indicating a recovery trend in profitability[15]. - The company's loss for the year was RMB 166.5 million, a reduction of RMB 487.7 million compared to the previous year, representing a 74.5% decrease in losses[48]. - Adjusted EBITDA for the year was RMB (280,257,000), showing improvement from RMB (359,188,000) in 2023[15]. - The company achieved a gross profit of RMB 682,521,000, with a gross margin of 51.9%[15]. - Gross profit for the year was RMB 682.5 million, an increase of 18.2%, with a gross margin of 51.9%, down 4.2% year-over-year, primarily due to the growth of lower-margin domestic payment business[34]. User Growth and Market Expansion - User base expanded to 10 million active users, reflecting a growth rate of 25% year-over-year[1]. - Market expansion efforts include entering two new Southeast Asian countries by the end of 2025, targeting a 15% increase in user acquisition[1]. - The company plans to launch three new products in 2025, aiming to capture an additional 10% market share in the digital payment sector[1]. Investment and R&D - The company is investing RMB 200 million in R&D for new technologies, focusing on enhancing payment security and user experience[1]. - The company plans to enhance its global licensing layout and invest in emerging markets to strengthen its competitive advantage in cross-border payments[16]. - The company plans to enhance its global license layout and expand its business areas, leveraging technologies such as AI and blockchain[25]. Strategic Partnerships and Acquisitions - The company has completed the acquisition of a local fintech startup for RMB 50 million, expected to enhance its service offerings[1]. - A new strategic partnership with a major bank is expected to increase transaction volume by 30% over the next year[1]. - The company obtained 65 global payment licenses, enhancing its service capabilities in the European market[14]. Financial Position and Liquidity - The total assets increased to RMB 14,538,817,000, up from RMB 10,467,499,000 in 2023, marking a growth of 38.5%[12]. - Total liabilities rose to RMB 13,303,310,000, compared to RMB 9,873,855,000 in 2023, an increase of 34.6%[12]. - As of December 31, 2024, the company's cash and cash equivalents increased by RMB 327.0 million, totaling RMB 522.3 million[49]. - The company maintained sufficient liquidity to meet daily management and capital expenditure requirements[52]. Employee and Management Structure - The company employed a total of 1,103 employees as of December 31, 2024, with 91.30% based in China and 8.70% overseas[72]. - The workforce composition includes 34.90% in R&D, 33.00% in sales and marketing, and 32.09% in general and administrative roles[73]. - The company has established a union in China as of December 31, 2024, to represent employees in collective bargaining[74]. - The company appointed Mr. Sun Dali as President in April 2024, responsible for overall strategic planning and domestic operations management[95]. Shareholder and Equity Information - As of December 31, 2024, the total share capital of the company is RMB 1,079,060,000, divided into 1,079,060,000 shares with a par value of RMB 1.0 each, including 418,668,764 H shares and 660,391,236 unlisted shares[121]. - Major shareholder Mr. Lu Zhonglin holds 92,316,555 unlisted shares, accounting for 13.98% of the relevant shares and 8.56% of the total equity[148]. - The total number of unlisted shares issued as of December 31, 2024, is 660,391,236, while the total number of H shares is 418,668,764, leading to a total equity of 1,079,060,000 shares[145]. Risks and Challenges - The company faces significant risks related to product development and market adaptation, which could adversely affect its business and financial performance[110]. - The company has a history of net losses and may continue to incur losses in the future, impacting its financial stability[115]. Incentive Mechanisms and Employee Benefits - The company aims to enhance its incentive mechanisms to ensure the achievement of development goals[74]. - Employee benefits expenses totaled RMB 816.3 million, an increase of 21.6% from RMB 670.9 million in 2023[75]. - The company has adopted pre-IPO stock option plans and a first-phase incentive trust plan to attract and retain talent[74]. Compliance and Governance - The company confirmed compliance with legal responsibilities as per listing rules for newly appointed directors[103]. - The board consists of eight members, including five executive directors and three independent non-executive directors[78]. - The company has no disclosed interests in any competing businesses as per listing rules[102].

Financial Performance - As of December 31, 2024, the net asset value of the Group was approximately HK$31.9 million, a decrease of about HK$17.4 million compared to the previous year[11]. - The Group reported an operational loss of approximately HK$21.6 million for the year, compared to a loss of HK$6.3 million in 2023[11]. - The Group's investment portfolio value decreased by HK$11.2 million, totaling approximately HK$20.1 million, with current and non-current portions at about HK$11.7 million and HK$8.4 million, respectively[12]. - Gross proceeds from the disposal of investments for the year ended December 31, 2024, decreased to about HK$23.4 million, down from approximately HK$71.5 million in 2023[21]. - For the year ended 31 December 2024, the Group's revenue increased to approximately HK$0.3 million, up from HK$0.2 million in 2023, primarily from dividend income[26]. - The loss from operations rose significantly from HK$6.3 million in 2023 to about HK$21.6 million in 2024, with a fair value loss of approximately HK$10.4 million attributed to non-constituent stocks[23][27]. - The net fair value losses from the listed equity investment portfolio were approximately HK$10.4 million in 2024, compared to net fair value gains of about HK$13.0 million in the prior year[24][28]. - Total proceeds from the sale of investments decreased to approximately HK$23.4 million in 2024, down from HK$71.5 million in 2023, due to lower trading volumes in non-constituent stocks[25]. - As of 31 December 2024, bank and cash balances decreased to approximately HK$4.3 million, down from HK$12.2 million in 2023, primarily due to financing operational losses[45][49]. - The net current assets decreased to approximately HK$15.8 million as of 31 December 2024, compared to HK$31.6 million in 2023[45][49]. - The Group maintained a low gearing ratio of 0.2% as of 31 December 2024, a decrease from 1.2% in the previous year[46][50]. - Property, plant, and equipment amounted to approximately HK$7.8 million as of 31 December 2024, down from HK$8.3 million in 2023[47][51]. Market Conditions - The Hang Seng Index and Hang Seng TECH Index increased by 17.7% and 18.7%, respectively, during the year, reflecting improved market sentiment[18]. - The Dow, Nasdaq, and S&P500 rose by 12.9%, 28.6%, and 23.3%, respectively, indicating a bullish market sentiment in the US[17]. - The Federal Reserve lowered interest rates three times for a total of 100 basis points from September to December 2024, supporting technology stocks[17]. - The overall trading volume of the Group was affected by the inactive trading volume of non-constituent stocks in the market[21]. - The ongoing geopolitical conflicts and trade tensions are expected to remain major risks affecting market sentiment and investment strategies[39][41]. Investment Strategy - The Group's focus shifted towards index constituents of major Hang Seng indices to seek better returns amid market conditions[21]. - The Group plans to continue investing prudently while emphasizing diversification to enhance financial strength and overall performance[42][44]. - The investment portfolio primarily consists of listed equities in the Hong Kong stock market, with no significant exposure to foreign exchange fluctuations[61][67]. Shareholder Returns - The Group did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with the previous year[10]. - The Company has adopted a dividend policy aimed at providing stable returns to shareholders while maintaining a healthy financial position[195]. - The Board may propose final dividends annually and declare interim or special dividends based on operating results, accumulated earnings, and liquidity position[196]. - The dividend payout ratio may vary each year, with no assurance of specific amounts being paid[197]. - The Board will consider various factors including future earnings volatility and investment opportunities when determining dividends[200]. Corporate Governance - The Company aims to achieve capital appreciation and generate stable income from interests and dividends as its primary investment objective[116]. - The Investment Manager, Success Advance Investments Limited, receives a monthly fee of HKD32,500, with the appointment extended for an additional year after the initial term[118]. - The Board consists of five Directors, including one Executive Director and three Independent non-executive Directors, ensuring a balance of skills and experience[131]. - The Company emphasizes a culture of inclusion and sustainable performance aligned with good governance practices[122]. - The Board diversity policy aims to enhance performance quality and maintain high standards of corporate governance, considering factors such as gender, age, and professional experience[136]. - The Nomination Committee will review the diversity policy and its effectiveness annually, with a target to maintain at least one female director on the Board[138]. - The Company recognizes the importance of continuous professional development for Directors to ensure informed contributions to the Board[129]. - The Company integrates Environmental, Social, and Governance (ESG) factors into its investment processes[116]. - The Board regularly reviews its composition to ensure it meets the requirements of the investment business[131]. - The Board held six meetings for all directors and one meeting between the Chairman and all Independent Non-executive Directors during the year ended December 31, 2024[143]. - The attendance of the Chairman, Dr. Lam Man Chan, at Board meetings was 7 out of 7, and he attended 1 Annual General Meeting (AGM)[146]. - The Company has at least three independent non-executive directors, representing at least one third of the Board, in compliance with Listing Rules[147]. - The Nomination Committee reviewed the Board size and composition to ensure diversity of skills, experience, and gender representation[154]. - The Directors confirmed their responsibilities for the preparation of financial statements in accordance with statutory requirements and applicable accounting standards[155]. - The external auditor, RSM Hong Kong, provided a report on their responsibilities regarding the Company's financial statements[156]. - The Company received written annual confirmations of independence from each independent non-executive director[148]. - The Board is not aware of any material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern[157]. - The current Non-executive Directors are not appointed for a specific term and are subject to retirement by rotation at the AGM[153]. - The Chairman and Chief Executive Officer roles are separated, with Dr. Lam Man Chan serving as Chairman[162]. - The Audit Committee held four meetings during the year, with all members attending each meeting[172]. - The Remuneration Committee conducted one meeting to review the remuneration of Independent Non-executive Directors, with all members present[178]. - The Nomination Committee held two meetings to review the board's composition and diversity, with all members attending both meetings[185]. - The Company Secretary has complied with professional training requirements for the year ended December 31, 2024[187]. Employee Information - The company had 15 employees and directors as of December 31, 2024, an increase from 13 in 2023[63][69]. Capital Management - The company raised approximately HK$4.12 million from the placement of 28,284,000 new ordinary shares at a price of HK$0.153 each[52][58]. - As of December 31, 2024, HK$0.68 million of the net proceeds has been utilized, leaving HK$3.44 million unutilized, which is planned to be used by June 30, 2025[54]. - The total number of issued shares increased to 169,707,187 as of December 31, 2024, up from 141,423,187 shares in 2023[58]. - The company did not engage in any significant acquisitions or disposals during the year, aside from the deregistration of inactive subsidiaries[55][56]. - The net gains on financial assets at fair value through profit or loss amounted to approximately HK$2.2 million as of December 31, 2024[60]. - The office premises with a carrying amount of about HK$7.8 million were pledged for an installment loan as of December 31, 2024[62].

Financial Performance - Total revenue for 2024 was HKD 223,604,000, a decrease of 27.3% compared to HKD 307,263,000 in 2023[6] - Operating loss for 2024 was HKD 51,672,000, compared to a loss of HKD 39,339,000 in 2023, indicating a worsening performance[10] - The total assets decreased to HKD 1,042,235,000 in 2024 from HKD 1,153,702,000 in 2023, reflecting a decline of 9.7%[11] - Total liabilities increased to HKD 565,390,000 in 2024, up from HKD 516,963,000 in 2023, marking an increase of 9.4%[11] - The net cash flow from operating activities was a negative HKD 71,565,000 in 2024, an improvement from a negative HKD 112,295,000 in 2023[9] - The company reported a basic and diluted loss per share of HKD 0.106 for 2024, compared to HKD 0.066 in 2023[6] - The total equity decreased to HKD 476,845,000 in 2024 from HKD 636,739,000 in 2023, a decline of 25.1%[11] - The group recorded a gross loss of approximately HKD 13,920,000 for the reporting period, with the cement segment contributing a gross loss of about HKD 5,570,000, an increase of approximately 129.1% compared to 2023[41] - The rare earth segment reported a gross loss of approximately HKD 8,408,000, which is an increase of about 303.1% compared to the same period in 2023, resulting in a gross margin of -21.7%[41] - The group’s net profit margin for the reporting period was approximately -30.9%, a decline of about 17.5% compared to -13.4% in 2023[48] Cement Segment Performance - The cement production for 2024 reached 775,000 tons, with a significant decline in output compared to the previous year, marking the lowest production level in 15 years[12] - The cement sales volume for the year was approximately 778,000 tons, resulting in a revenue of about HKD 184,712,000, a decrease of approximately 30.5% compared to the previous year[13][20] - The group recorded total revenue of approximately HKD 223,604,000 for the reporting period, with the cement segment contributing about HKD 184,782,000, down by HKD 81,347,000 or 30.6% from the previous year[17] - The cement segment recorded total revenue of approximately HKD 184,712,000, a decrease of about 30.5% compared to HKD 265,908,000 in 2023, primarily due to intensified market competition and a downturn in the real estate sector[36] - The average sales price of PO 32.5 cement was HKD 217 per ton, while PO 42.5 cement was HKD 223 per ton, contributing to a total cement sales volume of approximately 777,000 tons in 2024, down 17.3% from 2023[36] - The company plans to enhance internal management and cost control in the cement segment to improve profitability amidst a challenging market environment[22] Rare Earth Segment Performance - The rare earth segment generated revenue of approximately HKD 38,764,000, with magnetic material sales accounting for about 47.0% of this revenue[14][20] - The average price of metal neodymium decreased by approximately 25% in 2024, impacting the overall profitability of the rare earth segment[14] - The company has implemented a series of technological upgrades in the rare earth materials production workshop, which commenced production in February 2024[15] - The rare earth segment is expected to grow, driven by technological innovation and market orientation, with a focus on cost reduction and efficiency improvement[23] - The company aims to innovate and improve product quality in the rare earth segment, responding to increasing customer expectations[67] Market Conditions - In 2024, the cement industry faced a nearly double-digit decline in demand due to ongoing adjustments in the real estate sector, leading to significant price drops and profit declines[25] - The national cement production in 2024 was 1.825 billion tons, a year-on-year decrease of 9.5%, marking the lowest production level in 15 years[26] - The average national cement market price in 2024 was 384 RMB/ton, a year-on-year decline of 2.6%[27] - The real estate development investment in 2024 was 1,002.8 billion RMB, a decline of 10.6% compared to the previous year[26] - The real estate market is expected to stabilize in 2025, with policies aimed at boosting market confidence, although cement demand indicators have not yet improved[65] Cash Flow and Investments - Investment activities generated a net cash flow of HKD 149,505,000 in 2024, an increase from HKD 125,533,000 in 2023[9] - As of December 31, 2024, the group’s cash and cash equivalents were approximately HKD 135,495,000, an increase of about 518.8% from HKD 21,895,000 in 2023[51] - The group’s total borrowings increased by approximately 14.7% to HKD 299,755,000 as of December 31, 2024, compared to HKD 262,641,000 in 2023[52] - The capital expenditure for the group in 2024 was approximately HKD 33,963,000, an increase from HKD 15,210,000 in 2023, primarily due to increased construction in the cement segment[56] Corporate Governance and Management - The company has established an ESG working group to oversee and align ESG strategies with operational strategies[98] - The company has adopted a long-term incentive plan linking part of the executive directors' remuneration to corporate and individual performance[119] - The independent non-executive directors have confirmed their independence according to the listing rules, ensuring compliance with the independence guidelines[115] - The company has established a risk prevention strategy by purchasing liability insurance for all directors[167] - The board of directors is responsible for maintaining an effective internal control system to safeguard the group's assets and shareholders' interests, ensuring the system is adequate and effective as of December 31, 2024[185] Shareholder Information - The company declared a special dividend of HKD 0.136 per share, which will be distributed on March 31, 2025, due to tax processing delays[94] - As of December 31, 2024, the company's distributable reserves amounted to approximately HKD 5,437,000, a significant decrease from HKD 139,144,000 on December 31, 2023[108] - The company has not proposed a final dividend for the year ending December 31, 2024[95] - The largest customer accounted for 4.60% of total sales, while the top five customers combined represented 18.12%[144] - The largest supplier contributed 32.96% of total procurement, with the top five suppliers together accounting for 51.47%[144] Management Team - Liu Dong has over 10 years of experience in the Hong Kong capital market and investor relations[77] - Wu Junxian has been with the group since March 2009, holding various management positions[78] - Jiang Xueming has served as chairman of Dongfang Holdings International Group since 1995[79] - Xie Yingxia has held multiple roles including financial director and vice president at Dongfang Holdings Group[80] - Cao Guanyu has extensive banking and financial experience, previously serving as deputy general manager at Bank of China Singapore Branch[81] - Yu Xiaoying has over 20 years of accounting and finance experience, previously working at Deloitte and Visa[82] - Suo Suo has over 25 years of experience in banking, private equity, and asset management[83] - Yu Liwen has over 20 years of accounting, finance, and investment experience, previously working at PwC and Citigroup[84] Audit and Compliance - The company’s financial statements for the year ending December 31, 2024, were audited by Hong Kong Lixin Dehao CPA Limited[145] - The independent auditor, Hong Kong Li Xin De Hao CPA Limited, received a total remuneration of HKD 1,512,000 for the fiscal year ending December 31, 2024, which includes HKD 1,362,000 for audit services and HKD 150,000 for non-audit services[199] - The audit committee ensures that internal and external auditors' work is coordinated and that the internal audit function has sufficient resources and appropriate status[190] Future Outlook - The company expects to continue facing challenges in the upcoming year, with a focus on cost management and operational efficiency[10] - The group anticipates that stimulus policies for equipment updates and recycling will drive new demand in consumption and industrial sectors by 2027[23] - The company plans to achieve breakthroughs in oil pump motors, water pump motors, and elevators by 2025, expanding its product offerings in the direct current brushless permanent magnet synchronous motor sector[33]

Financial Performance - The company's revenue decreased by 3.2% from approximately HKD 843 million for the year ended December 31, 2023, to approximately HKD 815 million for the year ended December 31, 2024[12]. - The company's revenue for the year ending December 31, 2024, was approximately HKD 81.5 million, a decrease of about 3.2% from approximately HKD 84.3 million for the same period in 2023[16]. - Revenue from the sale of industrial aluminum electrolytic capacitors decreased from approximately HKD 73.6 million in 2023 to approximately HKD 68.7 million in 2024, a decline of about 4.9 million HKD[16]. - The net loss for the year ending December 31, 2024, was approximately HKD 5.5 million, a reduction from a loss of approximately HKD 12.2 million in 2023[24]. - Basic loss per share for the year ending December 31, 2024, was approximately HKD 0.019, compared to approximately HKD 0.0423 for the year ending December 31, 2023[25]. - Total assets as of December 31, 2024, were approximately HKD 96.6 million, down from HKD 107.6 million in 2023[26]. - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[29]. - The company reported no final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[122]. Strategic Initiatives - The company successfully expanded into the high-end smart electronic devices and artificial intelligence sectors, leveraging its experience in electronic component production[12]. - The integration of AI technology into products aims to create data-driven added value for customers[12]. - The company plans to increase innovation investment to promote the synergy of electronic components, smart hardware, and AI algorithms[13]. - The strategic implementation is expected to create sustainable long-term value for shareholders[13]. - The company is focused on developing a comprehensive solution from underlying technology to application scenarios[13]. Corporate Governance - The company has a strong governance structure with independent non-executive directors overseeing audit and remuneration committees[42]. - The company has adhered to the corporate governance code throughout the fiscal year ending December 31, 2024, with the exception of deviation from code provision C.2.1[52]. - The board consists of five members, including two executive directors and three independent non-executive directors[57]. - The company has adopted the GEM Listing Rules regarding the minimum appointment of three independent non-executive directors, ensuring compliance with independence guidelines[61]. - The board has established an independence assessment mechanism to enhance its effectiveness and identify areas for improvement[62]. - The independence assessment report for the board was presented and the results were satisfactory for the fiscal year ending December 31, 2024[63]. - The company aims to provide satisfactory and sustainable returns to shareholders while safeguarding the interests of business partners[54]. - The company will continue to strengthen its corporate governance practices to align with its business operations and development[52]. Risk Management - The company has implemented a risk management and internal control system to identify, assess, and manage risks affecting operational efficiency and effectiveness[97]. - The board has adopted a credit risk management policy to mitigate financial risks, including continuous credit assessments and monitoring of significant overdue payments[98]. - The company has established a whistleblowing policy for employees and stakeholders to report misconduct confidentially and anonymously[98]. - The board confirmed that there are no significant uncertainties that may cast doubt on the company's ability to continue as a going concern[101]. Environmental, Social, and Governance (ESG) Practices - The company emphasizes sustainable development and stakeholder engagement in its environmental, social, and governance (ESG) practices[169]. - The group adheres to ISO 9001:2015 quality standards and has implemented a comprehensive quality control system[176]. - The board is responsible for overseeing the group's ESG strategies and performance, with a dedicated ESG working group assisting in implementation[178]. - The total greenhouse gas emissions for the reporting year amounted to 4,404.90 tons of CO2 equivalent, a slight increase from 4,328.70 tons in the previous year[191]. - The company aims to maintain stable levels of waste and greenhouse gas emissions in the next reporting year, targeting a density of 80% to 120% of the current year's recorded density[190]. - The company achieved ISO14001:2015 certification, ensuring minimal negative environmental impact during major production processes[187]. - The company has implemented an environmental management system to guide the R&D, production, and sales of aluminum electrolytic capacitors[187]. Shareholder Relations - The company has a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[111]. - The independent non-executive directors attended the annual general meeting to gather shareholder feedback[95]. - The company has received annual confirmations from former controlling shareholders regarding compliance with non-competition agreements[73]. Board Composition and Diversity - The company has adopted a board diversity policy on October 24, 2017, which emphasizes the importance of a diverse board for maintaining competitive advantage[81]. - The board consists of 5 members, with 4 male and 1 female, achieving a gender diversity target of at least 20% female directors[86]. - The company aims for female employees, including senior management, to represent at least 40% of the workforce, which has been met[86]. - The nomination committee will regularly review the board diversity policy to ensure its effectiveness[84]. Operational Performance - The company operates in a highly competitive aluminum electrolytic capacitor industry, with significant reliance on the Chinese market for revenue[124]. - The company has established a good reputation for producing high-quality and reliable products, which is crucial for customer satisfaction[127]. - The company has fully utilized funds to increase production capacity for aluminum electrolytic capacitors and establish a second production facility in Dongguan, Guangdong Province[162].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 32,968,196 thousand, representing a 7.82% increase compared to RMB 30,578,301 thousand in Q1 2024[10] - Net profit attributable to ordinary shareholders decreased by 10.50% to RMB 2,453,172 thousand from RMB 2,740,979 thousand year-on-year[10] - The company's basic and diluted earnings per share both decreased by 10.53% to RMB 0.51 from RMB 0.57 year-on-year[10] - Net profit for Q1 2025 was RMB 2,464,117 thousand, down 10.8% from RMB 2,761,185 thousand in Q1 2024[25] - Total operating profit for Q1 2025 was RMB 2,912,938 thousand, a decrease of 9.5% from RMB 3,216,306 thousand in Q1 2024[25] - The company’s total profit for Q1 2025 was RMB 2,928,391 thousand, compared to RMB 3,206,793 thousand in Q1 2024, reflecting a decline of 8.7%[25] - The company’s total comprehensive income for Q1 2025 was RMB 2,428,225 thousand, down from RMB 2,709,941 thousand in Q1 2024[25] Cash Flow and Financial Position - The net cash flow from operating activities fell by 37.93% to RMB 1,851,253 thousand, down from RMB 2,982,601 thousand in the same period last year[10] - Operating cash flow decreased by 37.93% to 1,851,253 from 2,982,601 year-on-year, mainly due to increased cash payments for purchases and services[15] - Cash flow from operating activities generated RMB 1,851,253 thousand in Q1 2025, a significant decline from RMB 2,982,601 thousand in Q1 2024[27] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 33,392,385 thousand, compared to RMB 44,943,538 thousand at the end of Q1 2024[27] Assets and Liabilities - Total assets as of March 31, 2025, increased by 5.11% to RMB 217,918,283 thousand from RMB 207,323,230 thousand at the end of 2024[10] - Current assets totaled RMB 151,359,279 thousand, up from RMB 141,787,346 thousand, indicating a growth of about 6.5%[21] - Total liabilities amounted to RMB 145,350,129 thousand, compared to RMB 134,212,948 thousand, reflecting an increase of approximately 8.4%[23] - The company's total equity reached RMB 72,568,154 thousand, up from RMB 73,110,282 thousand, indicating a decrease of approximately 0.7%[23] - Non-current assets totaled RMB 66,559,004 thousand, an increase from RMB 65,535,884 thousand, indicating a growth of about 1.6%[21] Shareholder Information - The total number of shareholders as of March 31, 2025, was 542,757, with 542,461 being A-share shareholders[17] - The largest shareholder, ZTE Corporation, holds 20.09% of the shares, amounting to 958,940,400 shares[17] Other Financial Metrics - The weighted average return on equity declined by 0.56 percentage points to 3.38% from 3.94% in the previous year[10] - Research and development expenses amounted to RMB 5,946,993 thousand in Q1 2025, a decrease of 6.5% compared to RMB 6,375,823 thousand in Q1 2024[25] - Other income increased by 90.72% to 16,642 from 8,726 year-on-year, primarily due to increased external compensation income[15] - Financial expenses surged by 432.98% to RMB (340,005) thousand, attributed to increased net interest income and foreign exchange gains compared to losses in the previous year[14] - Credit impairment losses increased by 263.81% to (117,240) compared to (32,226) in the same period last year, primarily due to increased provisions for accounts receivable[15] - The company reported a 78.86% decrease in asset impairment losses to (80,064) from (378,745) year-on-year, mainly due to reduced provisions for inventory write-downs[15] - Foreign currency translation losses decreased by 33.77% to (35,708) from (53,913) year-on-year, attributed to fluctuations in exchange rates[15] - Minority shareholders' profit decreased by 45.83% to 10,945 from 20,206 year-on-year, mainly due to reduced profits from subsidiaries with higher minority ownership[15] Investment Activities - Investment cash flow net outflow decreased by 90.81% to (1,383,661) from (15,060,862) year-on-year, indicating reduced investment outflows[15]

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 232,677,000, representing a year-on-year increase of 32.5% compared to RMB 175,556,000 in 2023[14]. - The gross profit for the same period was approximately RMB 43,596,000, reflecting a year-on-year growth of 16.9% from RMB 37,297,000[15]. - The group reported a net loss of approximately RMB 4,893,000 for the year, a decrease of 146.5% compared to a profit of RMB 10,521,000 in the previous year[15]. - The total revenue from logistics services grew by 11.3% year-on-year, reaching approximately RMB 27,922,000 in 2024[20]. - Revenue from port services decreased by 3.5% in 2024 due to the higher unit price of port transportation compared to logistics services[19]. Supply Chain and Logistics - The supply chain business revenue increased approximately 5.0 times year-on-year, contributing significantly to the overall revenue growth[8]. - Container throughput for port logistics services was 4,008,184 TEUs, a 3.1% increase from 3,889,024 TEUs in 2023[17]. - The logistics service revenue from port logistics was RMB 56,678,000, up 4.0% from RMB 54,507,000 in the previous year[18]. - The group completed over 4 million TEUs in container logistics services for the year 2024, representing a year-on-year growth of 3.1%[19]. - Heavy container transportation volume increased by 18.1% and empty container transportation volume increased by 17.4% in 2024, driven by a larger share of short-distance transportation[20]. Strategic Initiatives - The group plans to enhance management and optimize production processes to improve efficiency and better meet market demands[10]. - The company aims to increase the use of electric traction vehicles and explore the feasibility of autonomous driving solutions in port transportation services[10]. - The group will focus on accounts receivable management in the supply chain operations, particularly in the sand and gravel sector, amid domestic infrastructure and real estate market developments[10]. - The company emphasizes green development and the intelligentization of production processes as part of its strategic initiatives[8]. Corporate Governance - The board has maintained high standards of corporate governance, adhering to the corporate governance code as of December 31, 2024[52]. - The board consists of five members, including two executive directors and three independent non-executive directors, complying with listing rules[57]. - The company has established corporate governance policies and practices, which are regularly reviewed to ensure compliance with legal and regulatory requirements[69]. - The audit committee is tasked with monitoring the integrity of financial statements and overseeing the risk management and internal control systems[76]. - The company has implemented a whistleblowing policy that encourages reports from stakeholders, ensuring confidentiality and protection for whistleblowers[94]. Environmental, Social, and Governance (ESG) Efforts - The company has established an ESG committee composed of executive directors and heads of finance, human resources, and operations to implement ESG policies and monitor key performance indicators[111]. - The ESG report adheres to the Hong Kong Stock Exchange's mandatory disclosure requirements and follows four reporting principles: materiality, quantification, balance, and consistency[114]. - The company aims to enhance its environmental management efforts and expand the scope of disclosures to cover all ESG work and major business areas[121]. - The company has set three environmental goals: emissions reduction, climate change impact management, and workplace safety and health[130]. - The company has complied with all applicable laws and regulations related to air and greenhouse gas emissions, with no significant claims or penalties during the reporting period[132]. Employee and Workforce Management - Employee costs for the group were approximately RMB 92,806,000 in 2024, up from RMB 91,222,000 in 2023[22]. - The group employed 856 staff members as of December 31, 2024, an increase from 846 in the previous year[35]. - The overall employee turnover rate is reported at 46% for the current period, slightly down from 54% in 2023, showing a decrease of approximately 14.8%[158]. - The company emphasizes equal employment opportunities and has established a fair treatment policy for all employees[163]. - The company has implemented strict safety measures, including mandatory safety training for all dock workers[165]. Community and Social Responsibility - The company is committed to corporate social responsibility, actively participating in community service and encouraging employee involvement in social welfare activities[196]. - The company has a policy against collaborating with suppliers that frequently violate environmental regulations[185]. - The company encourages employees and stakeholders to report any suspected misconduct, ensuring protection for whistleblowers[195]. - The company has established supplier behavior guidelines focusing on human rights, labor protection, environmental protection, and anti-corruption[182]. Future Outlook - The company anticipates that China's import and export growth may slow down in 2025, potentially aligning with the growth rate of 2024 due to external uncertainties and domestic market stability[43]. - The company aims to achieve both revenue and profit growth by 2025[47]. - The company plans to enhance stakeholder communication and engagement through diversified channels[128].

Financial Performance - Revenue rose by 3.7% to $8,182.2 million compared to $7,890.2 million in 2023[10] - Profit attributable to owners increased by 42.8% to $392.4 million, up from $274.7 million in the previous year[10] - Basic earnings per share rose by 42.9% to 24.37 cents, compared to 17.05 cents in 2023[10] - The company reported a significant increase in orders, contributing to improved production efficiency and capacity utilization[30] - The company's overall revenue increased by 3.7% to approximately $8.2 billion, driven by strong performance in the manufacturing business[31] - The company reported a 42.8% increase in profit attributable to shareholders, reaching approximately $392.4 million[32] - The manufacturing business's total revenue was $5,620.8 million, reflecting an 11.1% increase from the previous year[49] - Gross profit rose by 3.5% to $1,992.7 million, with an overall gross margin of 24.4%[57] - The group achieved a gross profit margin of 24.4% for the fiscal year 2024, maintaining the same level as in 2023, while the operating profit margin increased to 6.7% from 5.1% in 2023[181] - The net profit margin improved to 5.2% in 2024, up from 3.9% in 2023, indicating a positive trend in profitability[181] Cash Flow and Dividends - Free cash flow decreased by 56.2% to $325.8 million, down from $744.1 million in 2023[10] - Cash flow from operating activities was $537.1 million, down from $944.7 million in 2023[66] - The company declared a total annual dividend of 1.30 HKD per share, a 44.4% increase from 0.90 HKD in 2023[10] - The board has declared a final dividend of HK$0.90 per share for 2025, up from HK$0.70 per share in 2023, resulting in a total annual dividend of HK$1.30 per share[81] - The company declared an interim dividend of HKD 0.40 per share for the six months ending June 30, 2024, and proposed a final dividend of HKD 0.90 per share, totaling approximately HKD 1,444,094,000, subject to shareholder approval[111] Operational Efficiency - The gross profit margin for the manufacturing business improved by 0.7 percentage points to 19.9%, achieving the highest operating profit margin since 2010[31] - Retail sales in the Greater China region decreased by 8.0% year-on-year in RMB terms, reflecting weak consumer confidence[30] - The company aims to fully implement the SAP ERP system and integrated operation platform by 2025 to enhance production efficiency[33] - The company is focusing on digital transformation and smart manufacturing to enhance short-term and long-term profitability[33] - The company plans to focus on optimizing store efficiency and selectively adjusting or renovating stores as part of its refined retail strategy[51] Market Trends and Demand - Total footwear shipments increased by 16.9% year-on-year to 255.3 million pairs in 2024[10] - Global footwear demand showed a significant recovery, with Vietnam's footwear exports rising by 13.0% to $22.9 billion in 2024[30] - The company’s sports/outdoor footwear accounted for 53.8% of total revenue, while casual shoes and sports sandals made up 9.4%[52] Sustainability and ESG - The company received a "BB" rating from MSCI ESG and improved its scores in various sustainability assessments, outperforming 87% of companies in the textile, apparel, and luxury goods sector[35] - The company’s ESG score improved to 48 in 2024 from 41 in 2023, outperforming 87% of companies in the textile, apparel, and luxury goods sector[45] - The company aims to achieve a 46.2% reduction in absolute greenhouse gas emissions by 2030, using 2019 as the baseline year[184] - The group plans to achieve carbon neutrality by 2025 through the procurement of renewable energy and enhancing energy efficiency[184] Employee and Governance - The group employed approximately 285,500 employees as of December 31, 2024, a 7.9% increase from 264,700 employees in 2023[83] - The board of directors includes a mix of executive and independent non-executive members, ensuring a diverse governance structure[121] - The company emphasizes the importance of employee development and communication channels, including internal websites and surveys, to enhance talent capital and sustainable competitiveness[189] Risk Management - The company has established a risk management framework to address various operational risks, including labor law compliance and data security, by hiring local experts and implementing high-security communication systems[195][197] - The company is focused on diversifying its revenue sources by continuously analyzing brand client orders and exploring new brands and profit sources to mitigate operational risks[198] - The company is prepared to activate contingency plans in response to significant events or abnormal price fluctuations affecting operational costs[200] Capital Expenditure and Investments - The group’s total capital expenditure for 2024 is $211.3 million, an increase from $200.6 million in 2023, with manufacturing capital expenditure at $159.8 million, up from $152.0 million[72] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in Tamil Nadu, India, with the project already underway[73] - The company invested $142.2 million in product development, focusing on innovation and sustainable materials[62] Shareholder Relations - The total number of issued shares is 1,604,556,486 shares[135] - The company has adopted stock option and share award plans to incentivize directors and eligible employees, aligning their interests with the company's performance[127] - The company confirmed a net expense of $2,766,000 related to the Yu Yuan Share Incentive Plan for the year ending December 31, 2024, as equity-settled share-based payments[147]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 18,453,923, a decrease of 8.0% compared to RMB 20,064,497 in 2023[12] - Gross profit for the same period was RMB 6,308,950, down 6.6% from RMB 6,755,980 in the previous year[12] - Operating profit decreased by 3.6% to RMB 709,226 from RMB 735,861 in 2023[12] - The profit attributable to the company's owners was RMB 491,497, a slight increase of 0.2% from RMB 490,425[12] - The gross profit margin improved to 34.2%, up 0.5 percentage points from 33.7%[12] - The company reported a 22.4% decrease in cash and cash equivalents, totaling RMB 1,419,052 compared to RMB 1,827,563 in 2023[12] - In 2024, the company recorded operating revenue of RMB 18,453.9 million, a decrease of 8.0% compared to 2023[43] - Gross profit for 2024 was RMB 6,308.9 million, down 6.6% year-on-year, with a gross margin increase of 0.5 percentage points to 34.2%[46] - Sales and distribution expenses for 2024 were RMB 5,136.1 million, accounting for 27.8% of operating revenue, a slight decrease from 27.9% in 2023[47] - Operating profit decreased by 3.6% to RMB 709.2 million, with an operating profit margin slightly improving by 0.1 percentage points to 3.8%[48] - Financial income for 2024 was RMB 50.0 million, while financing costs decreased by 26.6% to RMB 67.8 million[49] - The net profit attributable to the company's owners was RMB 491.5 million, with a profit margin of 2.7%, up 0.3 percentage points year-on-year[50] Market Environment - In 2024, the retail sales of clothing, footwear, and knitted goods in China grew by only 0.3%, while overall retail sales increased by 3.5%, indicating a challenging market environment[35] - The company reported a nearly 30% year-on-year decline in foot traffic to physical stores, although the in-store conversion rate improved, partially offsetting the negative trend in same-store sales[37] - The total number of directly operated stores in Greater China decreased from 4,093 at the beginning of the year to 3,448 by the end of 2024, reflecting a net reduction of 75 stores[39] - The company's omnichannel sales contributed approximately 28% to total sales in 2024, helping to mitigate the impact of weak foot traffic in physical stores[40] - The group anticipates that the retail environment will remain volatile and challenging in 2025, focusing on balancing sales momentum and profit margins[56] Strategic Initiatives - The company is focusing on digital transformation and operational excellence to enhance store efficiency and optimize channel mix[27] - The company upgraded its ERP system to improve decision-making efficiency and operational excellence[29] - The company is expanding its market presence in lower-tier cities through enhanced collaboration with wholesale partners[28] - The company continues to enhance its digital capabilities and optimize its store layout to improve customer experience and operational efficiency[39] - The company is committed to advancing digitalization and robust channel strategies while deepening strategic partnerships with brand partners[30] - The company aims to balance sales momentum with profitability as a primary objective in the upcoming challenging year of 2025[30] - The group aims to enhance operational efficiency and implement a digital transformation strategy, including the launch of a new multi-brand outlet store "Victory Warehouse" to provide high-quality products at great value[56] - The group plans to expand its product categories and market segments, including opening new single-brand stores for Crocs, Saucony, and Pony 1972, and targeting the outdoor market with Jack Wolfskin and Dynafit[57] Corporate Governance - The company has a strong focus on corporate governance, with independent directors actively participating in various committees[66][67] - The board of directors includes experienced members with backgrounds in finance, management, and corporate governance, enhancing strategic planning and development[68][69][70][71][72][73] - The company maintains transparency in its operations and governance, adhering to regulatory requirements and best practices in corporate governance[66][67] - The board consists of eight directors, including three independent non-executive directors, ensuring compliance with listing rules regarding board composition[170] - The roles of the Chairman and the CEO are separated to ensure a balanced distribution of power and authority within the board[172] - The board is committed to maintaining high standards of corporate governance to enhance shareholder returns and ensure effective management[166] Employee and Talent Management - The company is committed to expanding its talent pool and providing competitive compensation and development opportunities to attract and retain skilled employees[85] - The company has established effective retention systems and succession planning to address the risk of losing key management personnel[85] - The company has arranged suitable directors and officers liability insurance for its directors and senior management[123] - The company provides ongoing professional development for directors to enhance their knowledge and skills[181] Environmental, Social, and Governance (ESG) Initiatives - The company is actively involved in environmental, social, and governance (ESG) initiatives, reflecting its commitment to sustainable practices[75] - The group has established a climate change policy and is actively monitoring regulatory changes related to carbon emissions[89] - The company has implemented measures to reduce carbon emissions and improve energy efficiency as part of its ESG initiatives[95] - The group has established a dedicated ESG team to manage environmental risks and promote sustainable practices[95] Shareholder Information - The company proposed a final dividend of HKD 0.01 per share and a special dividend of HKD 0.01 per share, totaling an annual dividend of HKD 0.06 per share, with a payout ratio of 60%, doubling from last year[30] - The company declared an interim dividend of HKD 0.02 per share and a special dividend of HKD 0.02 per share, totaling approximately HKD 213.0 million for the six months ended June 30, 2024, compared to HKD 98.5 million for the same period in 2023[79] - The total dividend for the year 2024 is expected to be HKD 0.06 per share, with a payout ratio of 60%, up from 30% in 2023[79] Risk Management - The company is addressing potential risks from natural disasters and public health crises that could impact its retail operations[87] - The company has made significant investments in technology infrastructure to mitigate risks related to IT and data security, including regular testing and maintenance plans[84] - The group has made significant investments in logistics and delivery infrastructure to enhance operational efficiency and reduce costs[87]

Business Strategy and Market Position - The company aims to become a leading financial investor in the region, with a focus on providing high-quality financial products to achieve stable profits[3]. - The company is committed to becoming a top supplier for garment operators in the export business, enhancing its market position[3]. - The retail business aims to lead the clothing retail market in its region, focusing on customer satisfaction and shareholder returns[3]. - The company is focused on sustainable growth and aims to achieve social benefits alongside its partners[3]. - The company plans to expand its market presence in Australia and New Zealand, contributing HKD 8.3 million to the overall revenue in 2024[86]. - The company is focusing on new product development and technology innovation to enhance its competitive edge in the market[87]. - Future guidance indicates a continued growth trajectory with expectations of revenue growth of approximately 15% year-over-year for 2024[87]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its business portfolio[87]. Financial Performance - The company's total revenue for the year reached HKD 910,170,000, representing a growth of 10.83% compared to the previous year[34]. - Profit attributable to equity holders increased by 40.75% to HKD 61,380,000[34]. - Basic earnings per share rose by 41.96% to HKD 4.06[35]. - The company reported a significant increase in financial investment revenue, up 291.00% to HKD 194,385,000[35]. - The proposed final dividend is HKD 0.058 per share, an increase of 20.83% from HKD 0.048 per share last year[36]. - The company continues to focus on high-quality development and effectivity, concentrating resources on the most beneficial and promising businesses[33]. - The company has consistently opted for voluntary dissolution as a method to exit non-performing business segments[24][25][27]. - The operating profit margin improved to 11.18% in 2024 from 6.31% in 2023, indicating enhanced operational efficiency[76]. Corporate Governance - The company has adopted the corporate governance code principles as per the Hong Kong Stock Exchange Listing Rules for the fiscal year ending December 31, 2024[97]. - The board consists of nine members, with five executive directors and four independent non-executive directors, ensuring compliance with the requirement of at least three independent non-executive directors[105]. - The company has maintained a gender diversity policy within the board, with two female executive directors among the nine members[105]. - The board has established mechanisms to ensure independent viewpoints are communicated effectively, which were reviewed and deemed effective during the fiscal year[106]. - The company has confirmed that all independent non-executive directors meet the independence criteria as per the Listing Rules[104]. - The board is committed to appointing at least three independent non-executive directors, with at least one-third of the board being independent[107]. - The company has a clear separation of roles between the chairman and the CEO, enhancing governance and operational oversight[101]. - The company has implemented a code of conduct for securities trading by directors, ensuring compliance with the established standards[126]. Shareholder Information - The company plans to hold its annual general meeting on May 19, 2025, to discuss financial statements and declare dividends for the year ending December 31, 2024[9][10]. - The company will seek approval for the appointment of new executive directors and independent non-executive directors during the annual general meeting[10]. - The company intends to authorize the board to determine the remuneration of directors and auditors, ensuring proper governance[10]. - The company will suspend share registration from May 14, 2025, to May 19, 2025, to determine eligibility for the upcoming annual general meeting[19]. - The company will also suspend share registration from May 23, 2025, to May 27, 2025, for the distribution of the proposed final dividend[19]. - The proposed final dividend for the year ending December 31, 2024, is HKD 5.80 per share, an increase from HKD 4.80 in 2023, with a total dividend amounting to approximately HKD 147,555,000, representing 240.40% of the profit attributable to equity holders[54]. Risk Management and Internal Controls - The company has adopted a risk management and internal control system that is reviewed at least annually, covering financial, operational, and compliance areas[132]. - The board confirmed that there were no significant deficiencies found in the risk management and internal control system during the review period[139]. - The internal audit department plays a crucial role in reviewing and assessing the effectiveness of the risk management and internal control system, following the COSO control framework[138]. - The company has established a whistleblowing policy to allow employees and third parties to report concerns confidentially and anonymously[140]. - The company has adopted an anti-corruption policy outlining guidelines and personal responsibilities regarding anti-corruption and bribery prevention[141]. Share Repurchase and Capital Management - The company authorized the purchase of shares in China Construction Bank and Industrial and Commercial Bank of China, with a total amount not exceeding HKD 400 million each, excluding stamp duty and related costs[6]. - The company repurchased a total of 13,332,000 shares during the year, with a total cost of approximately HKD 12,958,000[8]. - The highest repurchase price per share was HKD 1.24, while the lowest was HKD 0.82[9]. - The company has maintained at least 25% of its issued shares held by the public as of the report date[7]. Audit and Compliance - The auditor for the financial statements for the year ending December 31, 2024, is Ernst & Young, with no change in auditors over the past three years[11]. - The consolidated financial statements reflect the group's financial position as of December 31, 2024, and its performance for the year ended on that date[198]. - The audit was conducted in accordance with the Hong Kong Financial Reporting Standards, ensuring a true and fair view of the financial statements[198]. - Key audit matters were identified based on professional judgment, highlighting the most significant issues during the audit process[200].