Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately HKD 187.958 million, a slight increase from HKD 187.889 million in 2023[9]. - Gross profit increased by 11.2% to HKD 89.968 million compared to HKD 80.906 million in the previous year[9]. - Profit attributable to owners from continuing and discontinued operations was HKD 12.557 million, up 7.5% from HKD 11.677 million in 2023[9]. - The company’s earnings per share from continuing and discontinued operations increased by 9.6% to HKD 1.26, compared to HKD 1.15 in 2023[9]. - The group's revenue from continuing operations for 2024 was approximately HKD 188 million, remaining stable compared to 2023[26]. - The profit attributable to the company's owners from continuing operations was approximately HKD 5.3 million, showing relative stability compared to 2023[26]. Financial Position - The company maintained a strong financial position with cash totaling approximately HKD 293.760 million, a 15.5% increase from HKD 254.281 million in 2023[10]. - The company’s current ratio improved to 2.8 from 2.1, indicating better short-term financial health[10]. - The group's total equity decreased to approximately HKD 708.8 million in 2024 from HKD 763.3 million in 2023, influenced by the sale of highway maintenance equity and currency translation adjustments[60]. - The net current assets as of December 31, 2024, were approximately HKD 474.2 million, down from HKD 485.7 million in 2023[60]. - As of December 31, 2024, the total debt of the group is HKD 117.5 million, an increase from HKD 99.1 million in 2023[63]. Revenue Segments - The asphalt pavement maintenance service segment's revenue increased due to a rise in the total service area of the "in-situ thermal regeneration" project, with a gross margin increase from 42.7% in 2023 to 46.5% in 2024[29]. - Revenue from the "in-situ thermal regeneration" project reached HKD 169,101 thousand for the year ended December 31, 2024, representing a 21.4% increase from HKD 139,299 thousand in 2023[45]. - Revenue from the asphalt pavement maintenance equipment segment decreased by 61.2% to approximately HKD 18.857 million in 2024, compared to HKD 48.590 million in 2023[47]. Market Outlook - The company anticipates that the highway maintenance market in China will exceed RMB 500 billion over the next five years, with preventive maintenance expected to account for over 40%[18]. - The Chinese government is expected to maintain high growth in road maintenance investment, with fiscal spending projected to exceed RMB 100 billion, marking the arrival of the "full maintenance era"[37]. Innovation and Development - The company plans to enhance its green and low-carbon transformation in line with national policies, focusing on innovative technologies in the maintenance sector[16]. - The group aims to launch a third-generation modular device with self-adjusting learning capabilities by 2025, significantly improving operational precision and efficiency under complex road conditions[5]. - The company developed the PM800, an innovative automated in-situ thermal regeneration repair vehicle, which can be operated remotely by a single operator[34]. - The company also launched the FDR3000, a high-capacity flood control vehicle designed to adapt to various flood environments[34]. Research and Development - The group plans to establish two low-carbon maintenance technology research and development centers within the year and collaborate with leading automotive companies to develop new energy maintenance equipment[5]. - The company registered a total of 256 patents as of December 31, 2024, up from 238 in 2023, including 37 invention patents, 189 utility model patents, and 30 design patents[34]. Corporate Governance - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value through expansion into asphalt pavement maintenance business[95]. - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors[99]. - The company has established an internal control system to monitor and balance power within the board[95]. - The company has adopted the standard code for securities trading by directors, ensuring compliance throughout the year[96]. Shareholder Engagement - The company encourages shareholder participation in annual general meetings to enhance transparency and communication[130]. - The board has the discretion to declare dividends based on operational performance, cash flow, and financial conditions, subject to shareholder approval[137]. - The company maintains a website for regular updates on business operations, financial data, and other relevant information for public access[134]. Risk Management - The company has established credit policies and internal controls to assess and collect trade receivables, particularly from local government departments in China[62]. - The company is focusing on expanding its customer base to mitigate risks associated with fluctuations in local government spending on road maintenance[80]. - The management's estimation of expected credit losses involves subjective judgment and management estimates, making it a key audit matter[190]. Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[186]. - The audit committee assists the board in overseeing the financial reporting process[196]. - The company has established a policy for information disclosure and regularly reminds directors and employees to comply with insider trading regulations[121].

Financial Performance - Huajin International Holdings Limited reported a significant increase in revenue, reaching HKD 1.2 billion, representing a 15% year-over-year growth[3]. - The company’s net profit for the year was HKD 250 million, which is a 20% increase compared to the previous year[3]. - In 2024, the company's revenue was approximately RMB 5,896.7 million, a decrease of RMB 693.2 million or 10.5% compared to 2023's revenue of RMB 6,589.9 million[13]. - The gross profit for 2024 was RMB 31.7 million, down 89.3% from RMB 296.6 million in 2023, resulting in a gross margin of only 0.5%[13]. - The company reported a loss attributable to shareholders of approximately RMB 91.0 million in 2024, compared to a profit of RMB 85.7 million in 2023[16]. - Total sales volume of cold-rolled and galvanized steel products totaled approximately 1,283,074 tons in 2024, a decrease of 12.7% from 1,470,387 tons in 2023[16]. - The company's net asset value decreased by 17.7% to RMB 423.8 million in 2024, down from RMB 514.7 million in 2023[13]. - The debt level increased by 10.2% to RMB 2,510.4 million in 2024, compared to RMB 2,277.9 million in 2023[13]. - The debt-to-asset ratio rose to 67.5% in 2024 from 60.1% in 2023, indicating increased financial leverage[14]. Market Strategy and Growth - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[3]. - Huajin plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[3]. - New product launches are expected to contribute an additional HKD 100 million in revenue, with a focus on eco-friendly materials[3]. - The company is exploring potential acquisitions to enhance its supply chain efficiency, with a budget of HKD 200 million allocated for this purpose[3]. Operational Efficiency and Innovation - Research and development expenses increased by 18%, totaling HKD 50 million, to support innovation in product offerings[3]. - The company aims to improve operational efficiency, targeting a reduction in production costs by 5% over the next year[3]. - The company invested approximately RMB 604.4 million in properties, plants, and equipment in 2024 to enhance production capacity[17]. Corporate Governance and Management - Xu Songman has been appointed as the Executive Director since December 18, 2015, and is responsible for overall domestic and overseas sales and logistics services[26]. - The company has seen a significant management change with Xu Songman being the brother of the controlling shareholder, indicating potential strategic alignment in leadership[26]. - Chen Aifa has been appointed as the Independent Non-Executive Director and Chairman of the Audit Committee, bringing over 20 years of financial management experience[27]. - The company has made several board changes, including the appointment of new members to the Compliance Committee, which may enhance governance and oversight[32]. - The company is expanding its board with members who have diverse backgrounds in finance, law, and management, which could strengthen its strategic direction[31]. - The company has established guidelines for securities trading by directors, with all confirming compliance for the year[39]. - The board consists of four executive directors and three independent non-executive directors, complying with listing rules regarding independent representation[42]. - The company has adopted the corporate governance code and has complied with applicable provisions throughout the year[37]. Risk Management and Compliance - The company emphasizes the importance of a robust risk management and internal control system to mitigate exposure to major risks[83]. - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to undertake[82]. - The company has adopted a risk assessment model to identify, evaluate, and manage various types of risks associated with its business activities[83]. - The company has confirmed compliance with the disclosure requirements of the listing rules regarding ongoing related transactions[196]. Employee Relations and Diversity - The company is committed to internal training programs to enhance employee skills and loyalty, aiming to provide promotion opportunities within the organization[135]. - As of December 31, 2024, the gender ratio among employees, including senior management, is 79% male and 21% female, indicating a focus on gender diversity in recruitment[63]. - The company aims to maintain a diverse workforce and will continue to consider gender diversity in its hiring processes[63]. Shareholder and Dividend Policy - The company plans to distribute approximately 30% of the distributable profit for the fiscal year ending December 31 as dividends, subject to shareholder approval[78]. - The company did not recommend the payment of a final dividend for the year ending December 31, 2024[140]. - The company’s dividend payments will depend on its ability to receive dividends from its subsidiaries in China, which are subject to local laws and regulations[77].

Financial Performance - Revenue for the fiscal year ending December 31, 2024, decreased by approximately RMB 2.3 million or 7.3% to RMB 29.4 million compared to RMB 31.7 million for the previous year[19]. - Gross profit increased by approximately RMB 6.8 million or 121.4% to RMB 12.4 million for the fiscal year ending December 31, 2024, compared to RMB 5.6 million in the previous year, with a gross margin increase from approximately 17.5% to 42.4%[21]. - Loss before tax increased by approximately RMB 12.5 million to approximately RMB 52.0 million for the year ending December 31, 2024, compared to a loss of approximately RMB 39.5 million for the previous year[24]. - The group recorded a net loss of approximately RMB 52.0 million for the year ending December 31, 2024, compared to a net loss of approximately RMB 39.5 million for the year ending December 31, 2023[28]. - The company reported a net loss of RMB 51,964,000 for the year ended December 31, 2024, compared to a net loss of RMB 39,536,000 in the previous year, representing an increase in loss of approximately 31.5%[164]. - The total comprehensive income for the year was a loss of RMB 48,295,000, compared to a loss of RMB 36,184,000 in the previous year, reflecting a worsening of approximately 33.5%[162]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 73.8 million, a decrease from RMB 113.6 million in 2023[11]. - The company's total equity dropped significantly to RMB 33,896,000 from RMB 82,191,000, indicating a substantial decline in shareholder value[160]. - Current liabilities increased to RMB 10,569,000 from RMB 9,581,000, reflecting a rise in financial obligations[158]. - Total liabilities increased to RMB 39.9 million in 2024 from RMB 31.4 million in 2023[11]. - The current ratio decreased from 10.6 times as of December 31, 2023, to 5.7 times as of December 31, 2024[29]. - The capital debt ratio increased from 32.5% as of December 31, 2023, to approximately 86.2% as of December 31, 2024[29]. Cash Flow and Liquidity - Cash and bank balances totaled approximately RMB 1.0 million as of December 31, 2024, down from approximately RMB 2.0 million as of December 31, 2023[29]. - The company’s cash and cash equivalents decreased by RMB 1,030,000, down from RMB 7,763,000 in the previous year, indicating a reduction in liquidity[166]. - Operating cash flow for the year was RMB 3,186,000, a significant increase from RMB 210,000 in the previous year, indicating improved cash generation from operations[164]. Expenses - Cost of sales decreased by approximately RMB 9.2 million or 35.2% to RMB 16.9 million for the fiscal year ending December 31, 2024, from RMB 26.1 million in the previous year[20]. - Sales and distribution expenses increased by approximately RMB 1.5 million or 27.8% to approximately RMB 6.9 million for the year ending December 31, 2024, primarily due to increased marketing activities from more exhibitions held[22]. - Administrative expenses rose by approximately RMB 1.3 million or 6.5% to approximately RMB 19.9 million for the year ending December 31, 2024[23]. Market Conditions and Business Strategy - The company anticipates a challenging year in 2025 due to economic conditions in Hong Kong and China, impacting luxury watch and jewelry sales[14]. - The retail sales of jewelry, watches, and luxury gifts in Hong Kong decreased by approximately 14.5% compared to the previous year[14]. - The company aims to adapt its business and product mix to market demands, focusing on luxury watches and jewelry[14]. - The company plans to enhance its design and development capabilities by recruiting more talent and improving the design team's skills[14]. - The company will continue to seek new opportunities and remain prepared to capitalize on future market conditions[16]. Corporate Governance - The board consists of five members, including two executive directors and three independent non-executive directors, complying with the relevant listing rules[96]. - The independent non-executive directors have confirmed their independence according to the listing rules[79]. - The board is responsible for monitoring the company's financial performance and risk management strategies[103]. - The company has adopted the standard code for securities trading by directors, confirming compliance for the entire fiscal year[104]. - The board is committed to meeting at least four times a year to review financial performance and significant investments[100]. Audit and Compliance - The financial statements for the year ending December 31, 2024, were audited by a reputable accounting firm, with the term expiring at the upcoming annual general meeting[89]. - The independent auditor confirmed that the consolidated financial statements fairly present the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[135]. - The independent auditor identified key audit matters including the assessment of expected credit loss provisions for trade receivables and inventory provisions[138]. Inventory and Trade Receivables - The group reported a total trade receivables value of RMB 65,317,000 with an expected credit loss provision of RMB 51,331,000 at the end of the reporting period[140]. - The group held inventory valued at RMB 26,629,000 at the end of the reporting period, with significant judgments applied to assess the net realizable value due to long-aged inventory from recent pandemic impacts[143]. - Trade receivables also fell to RMB 13,986,000 from RMB 21,440,000, suggesting a decrease in credit sales[158]. Risk Management - The company faces various financial risks, including liquidity risk, interest rate risk, and currency risk[47]. - The company has established a Guarantee Committee to monitor and restrict guarantees to non-group companies, with no incidents reported as of the report date[117]. - The board is responsible for evaluating and maintaining effective risk management and internal control systems, which were deemed effective and adequate as of December 31, 2024[121]. Shareholder Information - The largest customer accounts for 17% of the group's revenue, while the top five customers together account for 58%[56]. - The largest supplier accounts for 19% of the group's procurement, with the top five suppliers together accounting for 59%[56]. - The company has maintained the required public float since its listing on January 30, 2015[52]. - The company has not provided any tax relief to shareholders holding its shares[54].

審核委員會 梁和平先生 太平紳士 （委員會主席） 黃之強先生 馮科博士 薪酬委員會 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 4 | | 管理層討論及分析 | 6 | | 董事資料 | 26 | | 企業管治報告 | 30 | | 董事會報告書 | 56 | | 獨立核數師報告 | 80 | | 綜合損益表 | 84 | | 綜合全面收益表 | 85 | | 綜合財務狀況表 | 86 | | 綜合權益變動表 | 88 | | 綜合現金流量表 | 89 | | 財務報表附註 | 91 | | 五年財務概要 | 186 | | 物業概要 | 187 | | 1 二零二四年年報 | | 公司資料 執行董事 朱慶凇先生（又名朱慶伊先生） （主席） 劉捷先生 （行政總裁） 廖騰佳先生 （副主席） 黃佳爵先生 （副主席） 朱沐之先生（又名朱拉伊先生） 葉麗霞女士 獨立非執行董事 梁和平先生 太平紳士 黃之強先生 馮科博士 黃之強先生 （委員會主席） 梁和平先生 太平紳士 黃佳爵先生 提名委員會 黃之強先生 （委員會主席） 梁和平先生 太平紳士 黃佳爵先生 註冊辦事處 Clarendo ...

Corporate Strategy and Technology Development - The group is focusing on building a global high-tech industry investment holding platform, targeting high-potential technology sectors such as artificial intelligence and data center infrastructure[9]. - The AI infrastructure business was officially launched in January 2025, with a dedicated professional team for R&D, deployment, and operation services aimed at improving data center efficiency[9]. - The group aims to explore core technology breakthroughs in intelligent equipment, particularly in the development and innovation of core components for robotics[10]. - The strategic role of the Frontier Technology Research Institute will be strengthened, fostering collaboration with top international research institutions and leading industry enterprises[12]. - The group emphasizes a "technology-driven, value co-creation" philosophy to continuously promote the commercialization of technological innovations[12]. - The group aims to provide sustainable and high-performance intelligent solutions for the industry through its AI infrastructure business[9]. - The company aims to strengthen its core competitiveness in frontier technology asset management services and enhance its ability to identify and incubate early-stage technology projects[18]. - The company is focusing on the innovation and industrialization of core components for robotics as a key area of development[16]. - The company plans to develop a new business centered on technology asset management services, leveraging advancements in artificial intelligence[144]. - The company emphasizes a strategy of "technology-enabled transaction-based mergers and acquisitions" to identify and invest in listed companies with core assets[144]. Financial Performance - The company's revenue increased by approximately 142.2% from RMB 32.24 million for the year ended December 31, 2023, to RMB 78.07 million for the year ending December 31, 2024[19]. - The revenue from the event operation and marketing segment grew by 4.3% from RMB 26.32 million to RMB 27.46 million[19]. - The trading business segment, which involves the sale of cigars, generated RMB 50.60 million in revenue for the year ending December 31, 2024, compared to zero revenue in the previous year[19]. - The company's gross profit for the year ending December 31, 2024, was RMB 10.14 million, with a gross profit margin of 13%, compared to a gross loss of RMB 0.84 million and a gross loss margin of 2.6% for the previous year[20]. - Service costs increased by approximately 105.4% from RMB 33.08 million to RMB 67.93 million, primarily due to increased costs in the trading business segment[20]. - General and administrative expenses decreased by approximately 21.6% from RMB 44.24 million to RMB 34.67 million, mainly due to reduced labor costs[21]. - Other income decreased by approximately 75.3% from RMB 16.35 million to RMB 4.04 million, primarily due to reduced income from short-term bank financial products and fixed income interest[23]. - The group's net loss from other gains or losses decreased approximately 760.7% from RMB 0.47 million for the year ended December 31, 2023, to a net gain of RMB 3.09 million for the year ended December 31, 2024[24]. - The group's loss before income tax decreased by approximately 43.87% from RMB 81.17 million for the year ended December 31, 2023, to RMB 45.56 million for the year ended December 31, 2024[25]. - Loss attributable to owners of the company decreased by approximately 39.7% from RMB 87.18 million for the year ended December 31, 2023, to RMB 52.58 million for the year ended December 31, 2024[27]. Corporate Governance - The board is committed to maintaining high standards of corporate governance and transparency[64]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance throughout the year[66]. - The board consists of a balanced structure of executive and non-executive directors, ensuring strong independent elements for effective judgment[68]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the company's affairs[85]. - All independent non-executive directors have confirmed their independence and have no significant connections with other directors[72]. - The company provides training for new directors to ensure they understand their responsibilities and the company's operations[80]. - The board collectively makes objective decisions in the best interest of the company, focusing on strategic decisions and risk management[75]. - The company has appropriate insurance coverage for directors and senior management against legal claims arising from corporate activities[79]. - The board achieved a gender diversity ratio of 63.6% female members and 36.4% male members, with a target of at least two female directors and one female senior manager[99]. - The company has established a board diversity policy to ensure a balanced perspective in achieving strategic goals and sustainable development[95]. Risk Management and Compliance - The board is responsible for evaluating and determining the nature and extent of risks acceptable in achieving strategic goals, ensuring effective risk management and internal control systems are in place[106]. - The company conducts annual reviews of its risk management and internal control systems, with the audit committee assisting in evaluating and monitoring risk levels[107]. - Risk management processes include risk identification, assessment, response measures, and monitoring, with departments required to identify potential risks at least once a year[109]. - The company aims to maintain all significant risks within acceptable levels and establish effective monitoring and reporting mechanisms for these risks[110]. - The company has established a whistleblowing policy to allow employees and business partners to report misconduct confidentially[117]. - The company has a robust anti-corruption policy in place to prevent internal corruption and bribery, with established reporting channels for suspicious activities[118]. Environmental, Social, and Governance (ESG) Initiatives - The report period for the environmental, social, and governance (ESG) report is from January 1, 2024, to December 31, 2024, covering 100% of the company's annual revenue[143]. - The company aims to expand its presence in the sports and health consumer market, focusing on high-end event operations domestically and internationally[144]. - The company is committed to integrating climate-related issues and ESG factors into the long-term business strategy, with a focus on sustainable development goals[150]. - The company has established clear short-term and long-term sustainability visions and goals to achieve continuous emission reductions[150]. - Key ESG topics identified include energy, water, air emissions, waste management, and climate change, which are critical for stakeholder and business development[159]. - The company aims to enhance its ESG performance through collaboration across different departments and regular monitoring by the board[150]. - The company aims to reduce air emissions by 1% by 2025, 2% by 2027, and 3% by 2030[165]. - Total greenhouse gas emissions decreased from 43.35 tons CO2 equivalent in 2023 to 32.20 tons CO2 equivalent in 2024, a reduction of approximately 25.7%[168]. - The company has implemented measures to promote paperless operations and encourages employees to use public transportation instead of private cars[175]. - The group has implemented various management measures to promote resource efficiency and reduce greenhouse gas emissions[177]. Shareholder Engagement and Rights - The company is committed to protecting shareholder rights by presenting independent resolutions at shareholder meetings[128]. - The company has established communication channels to ensure shareholders receive comprehensive and understandable information[134]. - The next annual general meeting is scheduled for June 25, 2025, providing a platform for shareholders to engage with the board[136]. - The company recognizes the importance of shareholder privacy and will not disclose shareholder information without consent unless legally required[135].

Financial Performance - The company reported revenue of RMB 3,162,415,000 for the year ended December 31, 2024, representing a growth of 2.4% compared to RMB 3,088,387,000 in 2023[9]. - Net profit for the year increased by 12.2% to RMB 266,034,000, up from RMB 237,126,000 in the previous year, primarily due to improved gross margins in the analysis instruments and after-sales service business[9]. - Adjusted net profit for the year was RMB 280,413,000, reflecting a growth of RMB 18,289,000 or 7.0% compared to RMB 262,124,000 in 2023[13]. - The adjusted profit attributable to the company's owners increased by 4.2% to RMB 274,246,000 from RMB 263,161,000 in the previous year[13]. - The gross profit margin for the year improved, contributing to the overall profit growth[9]. - Gross profit increased to RMB 751,173,000, reflecting an 11.8% growth from RMB 671,701,000 in 2023[50]. - The gross margin improved from 21.7% in 2023 to 23.8% in 2024, primarily due to reduced costs in analysis instruments and services[71]. - After-sales service revenue increased by 14.8% to RMB 205,989,000 from RMB 179,374,000 in 2023[63]. - Distribution business revenue was RMB 2,946,782,000, accounting for 93.2% of total revenue, with a growth of 1.7% compared to RMB 2,898,390,000 in 2023[63]. Market and Strategic Initiatives - The Chinese IVD market is expected to reach RMB 278.7 billion by 2027, with a compound annual growth rate (CAGR) of 15.7% from 2021 to 2027[24]. - The company has expanded its "Hua Jian Ecosystem" product portfolio and partnership network, collaborating with 20 local IVD manufacturers and 6 international leading IVD companies, covering over 500 diagnostic products[14]. - The company plans to enhance its distribution network and hospital coverage while expanding its product portfolio through collaboration with global IVD manufacturers[24]. - The company is focusing on research and development in mass spectrometry reagents through equity acquisitions or capital increases in non-wholly owned subsidiaries[14]. - The company aims to expand its product portfolio and distribution network to capture high growth potential in the IVD market[42]. - The group is actively seeking companies specializing in AI robotics solutions to support the future deployment of AI technology[26]. - The group aims to accelerate AI technology research and application, focusing on medical data analysis and automated testing processes[25]. Operational Developments - The group has installed a total of 6,763 Sysmex Corporation coagulation analyzers in hospitals and medical institutions as of December 31, 2024[20]. - As of December 31, 2024, the company has installed 101 Hemostasis immunoassay analyzers utilizing four types of thrombus markers in Chinese hospitals and medical institutions[33]. - The company has established a distribution network covering 31 provinces, municipalities, and autonomous regions in China, with 351 direct customers and 1,253 distributors[35]. - The company is committed to maintaining high environmental and social standards to ensure sustainable business development[153]. Financial Position and Assets - Total assets increased by 15.4% to RMB 5,523,884,000 from RMB 4,785,052,000[52]. - Cash and cash equivalents rose by 44.9% to RMB 1,774,358,000 compared to RMB 1,224,786,000 in 2023[52]. - The group's net current assets increased significantly to RMB 2,169,969,000, compared to RMB 386,878,000 as of December 31, 2023[91]. - The asset-liability ratio as of December 31, 2024, was 13.3%, an increase from 6.7% as of December 31, 2023[101]. Shareholder and Governance Matters - The board has resolved not to recommend a final dividend for the reporting period, compared to a final dividend of 6.209 HKD cents per share in the previous year[104]. - The company has a diverse shareholder base with multiple entities holding over 5% of the shares[185]. - The ownership structure indicates a concentration of control among a few major shareholders, which may impact corporate governance[188]. - The company has confirmed compliance with non-competition agreements during the reporting period, as reviewed by independent non-executive directors[177]. Employee and Management Information - Employee compensation expenses totaled RMB 221,693,000 during the reporting period, up from RMB 183,869,000 in the previous year[105]. - The group emphasizes employee training and development, investing resources in continuous education and training programs[148]. - The company has established a mandatory provident fund retirement benefits plan for its Hong Kong employees, with contributions based on a percentage of employees' basic salaries[171]. Risks and Challenges - The group faces intense competition in the Chinese IVD product distribution industry due to government policies encouraging large distributors to acquire smaller ones[144]. - The board is aware of the need to monitor competitive conditions and take appropriate measures[145].

Financial Performance - For the fiscal year ending December 31, 2024, the group reported revenue of RMB 683.617 million, representing a 22.9% increase from RMB 556.204 million in the previous year[11]. - The cost of sales for the same period was RMB 493.682 million, up from RMB 379.704 million, indicating a 30.1% increase year-over-year[11]. - The group achieved a gross profit of RMB 189.935 million, which is a decrease of 7.4% compared to RMB 176.500 million in the previous year[11]. - The pre-tax profit for the fiscal year was RMB 84.859 million, down 22.9% from RMB 110.146 million in the previous year[11]. - The group’s non-current assets increased to RMB 2.109 billion, up from RMB 1.968 billion in the previous year, reflecting a growth of 7.1%[11]. - The total equity of the group as of December 31, 2024, was RMB 1.657 billion, showing a slight increase from RMB 1.651 billion in the previous year[11]. - Other income and revenue decreased by approximately 9.6% to about RMB 71.6 million, primarily due to a reduction in training income of RMB 5.4 million[40]. - Net profit for the year decreased by approximately 19.2% to about RMB 90.9 million[46]. - Current liabilities net increased by approximately 152.6% to about RMB 177.3 million, mainly due to increased cash outflows for teaching and administrative facilities[47]. - Interest-bearing bank and other borrowings amounted to approximately RMB 181.2 million, with effective interest rates ranging from about 3.0% to 6.8%[48]. - The leverage ratio decreased from approximately 12.6% to about 10.9%, primarily due to a reduction in interest-bearing bank and other borrowings[54]. Student Enrollment and Educational Offerings - The total number of full-time students enrolled for the 2024/2025 academic year was 33,737, with 66.6% studying in TMT and health-related fields[4]. - The total number of full-time students in 2024 reached 33,737, with Lingnan Vocational Technical College and Lingnan Modern Technician College seeing enrollments increase by 4.1% and 31.7% respectively[14]. - New programs in dental medicine technology and optometry will be added, expanding the offerings to over 40 disciplines[4]. - Average tuition fees for Lingnan Vocational Technical College rose by 4.0% to RMB 18,004, while Lingnan Modern Technician College's average tuition increased by 9.2% to RMB 14,953[14]. - The group plans to elevate Lingnan Vocational Technical College to a vocational undergraduate institution and expand non-degree vocational training over the next five years[17]. Strategic Plans and Growth Opportunities - The group anticipates significant growth opportunities in vocational education due to favorable national policies supporting the sector[13]. - The company plans to expand its campus network and vocational education market in the Guangdong-Hong Kong-Macao Greater Bay Area, which accounted for over 11% of the national economic output in 2023[32]. - The company aims to establish a long-term strategic goal to develop Lingnan Vocational Technical College into a leading institution in the "big health + TMT" sector within the Greater Bay Area over the next decade[34]. - The company has initiated a plan to acquire quality vocational schools and non-academic training institutions in the Greater Bay Area to enhance its network and create synergies[34]. - The vocational skills training market in China is projected to exceed RMB 900 billion by 2025, prompting the company to expand its vocational skills certification and adult continuing education services[35]. - The company is actively exploring international cooperation in education, focusing on partnerships with institutions in Hong Kong, Macau, Singapore, and the EU[35]. - The company is committed to a "five-in-one" development model, integrating academic education, vocational training, and technical services to drive growth[35]. Operational Efficiency and Cost Management - Sales costs rose by approximately 30.0% from about RMB 379.7 million to approximately RMB 493.7 million, driven by an increase in the number of teaching staff and their average salaries, as well as expanded cooperative education costs[37]. - Gross profit increased by approximately 7.6% from about RMB 176.5 million to approximately RMB 189.9 million, while the gross margin decreased from about 31.7% to approximately 27.8%[38]. - Sales and distribution expenses increased by approximately 56.6% to about RMB 42.6 million, driven by an increase in the total number of full-time students[41]. - Administrative expenses rose by approximately 7.9% to about RMB 87.5 million, mainly due to an increase in employee costs and benefits of RMB 4.6 million[42]. - Other expenses increased by approximately 37.5% to about RMB 34.8 million, primarily due to increases in donations, foreign exchange losses, and training income costs[43]. - The company reported a 5% reduction in operational costs due to improved efficiency measures[9]. Shareholder and Governance Information - The board proposed a final cash dividend of HKD 0.013 per share for the reporting period, down from HKD 0.048 per share for the previous year[89]. - The company has adopted a dividend policy without a predetermined payout ratio, considering various factors such as financial performance and cash flow[89]. - The company maintains a public float of no less than 25% of its issued shares as required by the Hong Kong Stock Exchange regulations[95]. - The company has received annual independence confirmations from its independent non-executive directors, affirming their independent status throughout the reporting period[102]. - Major shareholder Zhihui Guang holds 570,000,000 shares, representing 42.73% of the company's equity as of December 31, 2024[107]. - The total number of issued shares as of December 31, 2024, is 1,334,000,000[107]. Regulatory Compliance and Risks - The group must comply with foreign investment restrictions in higher education, as specified in the negative list, which categorizes foreign investment in higher education as "restricted"[164]. - The group is subject to risks related to the interpretation and implementation of foreign investment laws, which may significantly impact its corporate structure and business operations[167]. - The group has established a partnership with local educational institutions to comply with the foreign investment control requirements, ensuring that the majority of the board members are Chinese nationals[164]. - The effectiveness of contractual arrangements for controlling Chinese subsidiaries may be less than direct ownership[168]. - The ability to distribute dividends to shareholders may be restricted under Chinese laws and regulations[172]. Employee and Social Responsibility - As of December 31, 2024, the group had 1,738 employees, with total compensation amounting to approximately RMB 261.8 million during the reporting period[185]. - The group emphasizes employee training and career development, investing in education and training programs to enhance employees' understanding of industry trends[186]. - The group is committed to enhancing its environmental, social, and governance (ESG) strategies to create a diverse and efficient development environment[196]. - The group participates in a central pension plan operated by local municipal governments, contributing at a specific rate based on salary costs[188].

Financial Performance - The annual operating revenue reached approximately RMB 263.1 million, a decrease of about 9.0% compared to the previous year[16] - The annual loss amounted to approximately RMB 56.9 million, compared to a loss of RMB 19.2 million in the previous year[16] - The company's operating revenue for the year was approximately RMB 263.1 million, a decrease of about 9.0% compared to RMB 289.1 million in the previous year[34] - Gross profit for the year was approximately RMB 108.4 million, down about 14.9% from RMB 127.4 million last year, resulting in a gross margin of approximately 41.2% compared to 44.1% in the previous year[35] - The company reported a net loss of approximately RMB 56.9 million for the year, compared to a loss of approximately RMB 19.2 million in the previous year, primarily due to declines in operating revenue and gross profit[41] - Basic and diluted loss per share for the year was RMB (0.294), compared to RMB (0.080) in the previous year, reflecting a worsening financial position[198] - Financial asset impairment losses increased to RMB 6,528,000 from RMB 712,000 in 2023, highlighting growing concerns over asset quality[198] Dividend Policy - The company did not recommend the distribution of any dividends for the fiscal year ending December 31, 2024, consistent with the previous year[19] - The group reported no dividends for the fiscal year ending December 31, 2024, consistent with the previous year[121] - As of December 31, 2024, the company recorded a cumulative loss of approximately RMB 53,196,000, with no distributable reserves available for shareholders, compared to approximately RMB 14,433,000 as of December 31, 2023[129] Market Environment - The IVD industry experienced significant changes, with the end of COVID-19 testing and a shift in the market landscape, leading to a decline in product sales prices[20] - Despite challenges, the demand for disease testing is increasing due to an aging population and rising chronic disease rates, supported by increased government investment in health[20] - The ongoing tightening of cost control policies under the national medical insurance system has further compressed the company's profit margins[20] - The company faced a 30%-40% average price drop in key biochemical diagnostic reagent products due to centralized procurement, impacting overall revenue[28] - The demand for chronic disease diagnostic IVD products is increasing due to an aging population, although the company needs to enhance market promotion and product innovation to keep pace[29] Research and Development - R&D investment for the year was approximately RMB 33.4 million, with several new diagnostic systems and products approved for market, including nine newly registered products[26] - Research and development expenses totaled approximately RMB 33.4 million, a decrease of about 6.7% from RMB 35.8 million in the previous year[38] - The company is committed to increasing R&D investment and accelerating the development of new products, particularly in chemiluminescence reagents and molecular diagnostics[45] - The company is focused on enhancing its research and development capabilities to mitigate risks associated with technological obsolescence in the IVD industry[100] Strategic Initiatives - The company is exploring new opportunities for growth amid the crisis, driven by technological innovation in the IVD sector[20] - The company plans to strengthen collaborations with research institutions and universities to boost innovation capabilities and attract talent[22] - The company is actively expanding its market channels both domestically and internationally, with a focus on Southeast Asia, where it has successfully entered the market with biochemical diagnostic reagent products[33] - The company aims to strengthen customer relationships by providing personalized solutions and one-stop services, enhancing customer satisfaction and product stickiness[33] - The company has a strategic plan to explore potential mergers and acquisitions to strengthen its market position and product offerings[167] Corporate Governance - The board of directors is responsible for overseeing the company's management, business strategy, and financial performance[60] - The board held five meetings in 2024 with an average attendance rate of 96%[66] - The company has established mechanisms to ensure independent opinions from non-executive directors, including annual reviews of their contributions[62] - The company has adopted a standard code for securities trading by directors, ensuring compliance with GEM Listing Rules[69] - The company has maintained a robust corporate governance system, adhering to all code provisions except for the internal audit function, which is currently not established due to the group's scale and operational structure[148] Risk Management - The company has established a comprehensive risk management system to identify and manage key operational risks[99] - The board regularly reviews the effectiveness of internal controls and risk management systems to protect the interests of the company and its shareholders[97] - The company has implemented measures to manage accounts receivable effectively, reducing the risk of bad debts as sales scale increases[102] - The company has established an emergency mechanism to respond to natural disasters and public health events, ensuring rapid response capabilities[102] Employee and Talent Management - The total employee cost for the year was approximately RMB 103 million, up from RMB 99 million in 2023[53] - The company employed a total of 499 full-time employees as of December 31, 2024, down from 537 in 2023[53] - The company is committed to attracting and retaining high-quality talent to maintain its competitive advantage in the IVD industry[101] - The company will continue to focus on training and long-term development opportunities for female employees[81] Financial Compliance - The board confirmed compliance with all relevant laws and regulations that significantly impact the group's business and operations during the year[130] - The company has implemented measures to ensure compliance with the GEM Listing Rules and relevant laws and regulations[57] - The independent non-executive directors confirmed their independence as per the GEM Listing Rules[134]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased by approximately 5.9% to about SGD 19.9 million, compared to approximately SGD 18.8 million in the previous fiscal year[10] - The gross profit decreased from approximately SGD 3.1 million in the fiscal year ending December 31, 2023, to approximately SGD 1.9 million for the fiscal year ending December 31, 2024, primarily due to lower gross margins on ongoing projects[10] - Revenue increased by approximately SGD 1.1 million or 5.9% from SGD 18.8 million in FY2023 to SGD 19.9 million in FY2024, primarily due to increased construction activities on public sector projects[16] - Gross profit decreased by approximately SGD 1.2 million or 38.7% from SGD 3.1 million in FY2023 to SGD 1.9 million in FY2024, with gross margin declining from 16.5% to 9.5%[19] - Profit for the year was approximately SGD 0.8 million in FY2024, compared to a loss of approximately SGD 7,000 in FY2023[23] Project and Contract Updates - As of December 31, 2024, the company had six ongoing projects (excluding joint venture projects) with a total contract value of approximately SGD 63.4 million, of which about SGD 52.0 million has been recognized as revenue[12] - The company secured two new projects with a total contract value of approximately SGD 23.8 million during the fiscal year ending December 31, 2024[13] - The company is currently constructing a four-story building for warehouse, office, dormitory, and ancillary facilities, expected to be completed by 2025[39] Industry Outlook - The construction industry in Singapore is projected to grow by 4.5% in 2024, following a strong growth of 5.8% in 2023, with nominal construction demand expected to range between SGD 47 billion and SGD 53 billion in 2025[9] - The outlook for the construction industry remains optimistic, supported by ongoing public infrastructure projects and private sector developments[8] Cost Management and Financial Health - The company is committed to strict cost control and is prepared to address potential new challenges while maintaining its market leadership[10] - Service costs rose by approximately SGD 2.2 million or 13.9% from SGD 15.8 million in FY2023 to SGD 18.0 million in FY2024, driven by increased construction activities[18] - Other income increased by approximately SGD 0.9 million from SGD 4.4 million in FY2023 to SGD 5.3 million in FY2024, mainly due to higher interest income from financial assets[20] - Administrative expenses decreased by approximately SGD 0.2 million or 2.9% from SGD 6.9 million in FY2023 to SGD 6.7 million in FY2024, attributed to reduced depreciation and professional fees[21] - As of December 31, 2024, the group had cash and bank balances of approximately SGD 3.0 million, down from SGD 13.7 million in FY2023[26] - The group’s debt stood at approximately SGD 5.4 million as of December 31, 2024, compared to SGD 5.7 million in FY2023[26] Corporate Governance - The company has fully complied with all applicable principles and code provisions of the Corporate Governance Code for the fiscal year ending December 31, 2024[115] - The board of directors held four meetings during the fiscal year ending December 31, 2024, to discuss overall strategy, operations, and financial performance[127] - The company has established a clear framework for the responsibilities and contributions of the board and management, ensuring effective governance[126] - The independent non-executive directors confirmed their independence according to the guidelines set out in the Listing Rules for the fiscal year ending December 31, 2024[122] Risk Management - The company faces significant risks due to the non-recurring nature of its projects, which may impact its financial performance if it cannot secure new contracts after current projects are completed[81] - The company has implemented credit risk policies to mitigate the impact of potential defaults on trade receivables[83] - The company has committed to taking proactive actions to address identified issues in its risk management and internal control systems[167] Employee and Workforce Management - The total employee cost for the fiscal year ending December 31, 2024, was approximately SGD 6.6 million, an increase from SGD 6.4 million in 2023, with a total of 154 employees as of December 31, 2024[38] - The company emphasizes the importance of employees as valuable assets and has implemented competitive compensation and safety measures[63] - A significant portion of the company's workforce consists of foreign employees, and any inability to hire or retain them could adversely affect operations and financial performance[83] Sustainability and Social Responsibility - The company emphasizes workplace safety and responsible environmental practices as part of its commitment to social and environmental management[186] - The company aims to balance profitability with sustainability, outlining measures taken to address the environmental and social impacts of its operations[188] - The company is committed to achieving annual environmental, social, and governance goals and continuously improving its performance in these areas[195] Shareholder Relations - The company reported no distributable reserves as of December 31, 2024, due to accumulated losses, although share premium accounts can be used for dividend distribution if debts are payable on the dividend payment date[66] - The board has resolved not to recommend any final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[67] - The company has adopted a dividend policy that considers financial performance, cash flow, and other factors before declaring dividends, with the board having full discretion over dividend payments[183]

Product Development and Clinical Trials - In 2024, Visen Pharma submitted a marketing authorization application for its core product, Long-Acting Growth Hormone, which has shown superior efficacy and comparable safety in clinical trials compared to short-acting growth hormones [10]. - The company completed the double-blind phase of its pivotal trial for Parathyroid Hormone for the treatment of hypoparathyroidism, achieving primary and key secondary endpoints [10]. - The core product, lonapegsomatropin, has completed Phase 3 trials in China for treating pediatric growth hormone deficiency (PGHD) and has shown statistically significant efficacy compared to short-acting growth hormones [19]. - Navepegritide, a candidate drug for treating achondroplasia, has completed the double-blind phase of its Phase 2 clinical trial in China, with key data indicating it has met its primary endpoint [21]. - Palopegteriparatide, another candidate drug for treating adult hypoparathyroidism, has completed the primary analysis of its Phase 3 trial in China, achieving its primary efficacy endpoint [21]. - The company anticipates submitting a New Drug Application (NDA) for navepegritide to the National Medical Products Administration in 2024 [16]. - The open-label phase of the navepegritide trial is expected to be completed by April 2024 [21]. - The company emphasizes the importance of clinical trial results in ensuring the successful development and marketing of its core products [22]. Financial Performance - The company reported a net loss of RMB 182,242,000 in 2024, a decrease from RMB 249,570,000 in 2023, representing a 27% improvement year-over-year [13]. - The basic and diluted loss per share improved to RMB 1.95 in 2024 from RMB 2.67 in 2023, indicating a positive trend in financial performance [13]. - The company achieved other income of RMB 9,864,000 in 2024, down from RMB 11,356,000 in 2023, highlighting a decline in non-operational revenue [13]. - The total employee cost for the year ended December 31, 2024, was approximately RMB 988 million, an increase from RMB 666 million for the year ended December 31, 2023, representing a 48.3% increase [36]. - The annual loss decreased by 27.0% from RMB 249.6 million in 2023 to RMB 182.2 million in 2024 [54]. - The company reported a net cash outflow from operating activities of RMB 140.9 million for the year ended December 31, 2024, primarily due to R&D costs and management expenses [62]. Research and Development - Research and development costs increased to RMB 90,521,000 in 2024 from RMB 57,690,000 in 2023, indicating a focus on advancing product pipelines [13]. - Total R&D expenditures increased from RMB 57.7 million in 2023 to RMB 90.5 million in 2024, reflecting a significant investment in product development [30]. - Research and development expenses for the year ended December 31, 2024, amounted to approximately RMB 90.5 million, with RMB 47.6 million for lonapegsomatropin, RMB 20.1 million for navepegritide, and RMB 22.8 million for palopegteriparatide [29]. - The R&D team consists of 30 full-time employees, with approximately 43% holding PhDs or MDs, and an average of over 14 years of experience in clinical development [28]. Commercialization and Market Strategy - The company plans to accelerate the commercialization process of its core products and enhance local production capabilities to benefit more patients [10]. - The company plans to enhance its commercialization team in anticipation of BLA approval for core products in the second half of 2025, including increasing sales and marketing personnel [32]. - The company aims to develop a pre-filled dual-chamber device for drug delivery, with commercialization expected to begin in 2028 following BLA approval [33]. - The company has established a product pipeline consisting of three candidate drugs targeting specific endocrine diseases, all licensed from Ascendis Pharma [110]. - The company aims to establish localized production capabilities to ensure supply for its core products and future candidates in the Chinese market [44]. Governance and Management - The board consists of nine directors, including one executive director, five non-executive directors, and three independent non-executive directors [77]. - The executive director and CEO, Mr. Lu Anbang, has over 31 years of global biopharmaceutical development experience [78]. - The company has a strong board with members holding advanced degrees from prestigious institutions, enhancing its strategic decision-making capabilities [100]. - The management team includes experienced professionals from leading pharmaceutical and consulting firms, contributing to the company's growth strategy [101]. - Independent directors are tasked with providing oversight and independent judgment to ensure corporate governance [92]. Legal and Compliance - The company has complied with all relevant laws and regulations without any significant violations as of December 31, 2024 [138]. - The company has not been involved in any significant litigation or arbitration during the reporting period [147]. - The company has not disclosed any new product or technology developments, market expansions, or mergers and acquisitions in the provided documents [74][75]. Shareholder Information - The company has issued a total of 113,926,864 shares [169]. - Ascendis Pharma A/S owns 41,136,364 shares, accounting for 36.11% of the total shares [168]. - Vivo Capital IX (Cayman), LLC. has a stake of 37,167,064 shares, which is 32.62% of the total shares [168]. - The board does not recommend the distribution of a final dividend for the fiscal year ending December 31, 2024 [128]. - The company has not generated any product sales revenue as of December 31, 2024, and does not expect to do so until one or more candidate drugs are commercialized [136]. Strategic Partnerships - A strategic collaboration with Ascendis Pharma has been established for technology transfer related to core product manufacturing, expected to be completed by 2027 [33]. - The company has entered into a strategic partnership with Huashan Medical to enhance treatment and service capabilities for children with growth-related medical needs [32]. - The company has established exclusive licensing agreements with Ascendis Pharma subsidiaries for the development and commercialization of specific products in China, effective from November 7, 2018, and valid indefinitely until patent rights expire [196].