Financial Performance - The Group recorded a loss attributable to owners of the Company of HK$94.8 million for the year, compared to a profit of HK$344.3 million in 2023, resulting in a basic loss per share of HK4.42 cents[8]. - Total turnover for the year was HK$429.4 million, representing a decrease of 21.1% from HK$543.9 million in the previous year[13]. - The loss attributable to owners of the Company for the first half of the year was HK$82.3 million, while the second half saw a reduced loss of HK$12.5 million[13]. - Impairment assessments of investment properties totaled HK$56.0 million, contributing to the overall loss for the year[15]. - An exchange loss of HK$30.8 million was incurred due to the deregistration of two subsidiaries, affecting the profit and loss but not the total net asset value[15]. - The Group's revenue for the Year was HK$429.4 million, a decrease of 21.0% from HK$543.9 million in 2023[41]. - Revenue from the Core Business, which includes handsets and IoT terminals, decreased by 21.8% to HK$384.3 million compared to HK$491.2 million in 2023[41]. - The revenue from property management (Non-core Business) decreased by 14.6% to HK$45.0 million in 2024, down from HK$52.8 million in 2023[41]. - The gross profit for Core Business was HK$51.5 million, with a gross profit margin of 13.4%, down from 15.3% in 2023[42]. - The overall gross profit margin of the Group for the Year was 21.7%, slightly down from 22.1% in 2023[42]. - The basic loss per share for the Year was HK4.42 cents, a decline from earnings per share of HK16.07 cents in 2023[49]. Business Segments - The handsets and IoT terminals business generated a turnover of HK$338.0 million, down 28.6% year-on-year, with a gross profit of HK$32.4 million, a decrease of 45.3%[20]. - The automotive intelligent products business, through Shanghai Zhenkang, achieved a turnover of HK$46.3 million but recorded a segment loss of HK$30.8 million due to significant R&D investments[22]. - The Group's revenue from the handsets and IoT terminals business decreased by 28.6% year-on-year to HK$338.0 million in 2024, down from HK$473.7 million in 2023, with a gross profit margin declining to 9.6% from 12.5%[54][55]. - The automotive intelligent products business, acquired last year, recorded a gross profit margin of 41.1% in 2024, but still faced significant losses due to non-capitalized R&D expenses[56][57]. Operational Efficiency - The Group optimized its structure and workforce, incurring a one-off loss of HK$28.0 million related to employee compensation and inventory clearance[17]. - The Group focused on controlling expenses and enhancing resource utilization while developing new customers, particularly in overseas markets[21]. - The inventory turnover period improved significantly to 75 days in 2024 from 119 days in 2023, reflecting enhanced operational efficiency[62][66]. - The trade and notes receivables turnover period increased to 82 days in 2024 from 59 days in 2023 due to relaxed credit policies for selected customers[63][66]. - The trade and notes payables turnover period decreased to 105 days in 2024 from 123 days in 2023, as the Group implemented a restrictive procurement policy[64][66]. - The current ratio as of December 31, 2024, was 3.1 times, slightly down from 3.3 times in 2023, indicating stable liquidity[65][66]. Financial Position - As of December 31, 2024, the Group had bank balances and cash of HK$360.3 million, significantly up from HK$74.2 million in 2023, with 89.9% held in Renminbi[58][60]. - The total bank borrowings amounted to HK$29.2 million as of December 31, 2024, down from HK$33.0 million in 2023, all denominated in Renminbi[58][60]. - As of December 31, 2024, the total assets of the Group were HK$1,921.2 million, down from HK$2,149.5 million as of December 31, 2023[77]. - The Group's bank borrowings decreased to HK$29.2 million as of December 31, 2024, compared to HK$33.0 million as of December 31, 2023[77]. - The gearing ratio remained stable at 1.5% as of December 31, 2024, consistent with the previous year[77]. - The total staff costs incurred by the Group amounted to HK$137.7 million in the current year, down from HK$189.1 million in the previous year[82]. - The Group had approximately 570 employees as of December 31, 2024, a decrease from 688 employees in 2023[82]. Management and Governance - The Group's executive management includes Mr. Wong Cho Tung and Mrs. Wong, both aged 80, who are the founders and responsible for the strategic direction and development plans of the Group[115][116]. - Mr. Zhu Wenhui, aged 43, serves as the executive Director and general manager of the finance department, focusing on financial management control systems and risk management[123][124]. - Mr. Zhu Qi, aged 45, is the COO and has extensive experience in market and product development, responsible for operations and quality control in the PRC[126][127]. - Mr. Wong Hei, Simon, aged 52, is a non-executive Director with over 26 years of experience in the electronics and telecommunications industry, involved in multiple investment holding companies[129]. - The Group has established a financial management control system to enhance comprehensive budgeting and accounting analysis[123]. - The Group's strategic focus includes expanding its operations in the electronics and telecommunications sectors, leveraging the experience of its senior management[115][116][126]. - The Group's leadership has a combined experience of several decades in the electronics and telecommunications industry, ensuring informed decision-making[115][116][126][129]. Shareholder Information - The Board does not recommend the payment of a final dividend to Shareholders for the Year[148]. - There were no arrangements with any Shareholder regarding waiving dividends[148]. - The company did not purchase, sell, or redeem any of its listed securities during the year[160]. - As of December 31, 2024, Mr. Wong Cho Tung held a total of 1,232,996,000 shares, representing approximately 57.53% of the company's equity[173]. - Ms. Yeung Man Ying held a total of 759,091,000 shares, representing approximately 35.42% of the company's equity[173]. - The company has adopted a share option scheme that will remain in force until June 1, 2026[177]. - The directors are not aware of any tax relief or exemption available to shareholders due to their holdings in the company's securities[164]. - The company did not enter into any equity-linked agreements during the year[176]. Share Option and Award Schemes - The Existing Share Option Scheme allows for the issuance of options not exceeding 10% of the total issued shares, which is 255,789,630 shares, representing approximately 11.93% of the issued shares as of the report date[186][188]. - No share options have been granted, vested, cancelled, or lapsed under the Existing Share Option Scheme since its adoption, with a total of 255,789,630 shares available for grant as of December 31, 2024[192]. - The subscription price for shares under the Existing Share Option Scheme must be at least the highest of the closing price on the offer date, the average closing price for the preceding five business days, or the nominal value of a share[190]. - The total number of shares issued to each participant under the Existing Share Option Scheme in any 12-month period shall not exceed 1% of the aggregate number of issued shares[187]. - Any grant of options to a substantial shareholder or independent non-executive Director must be approved by independent non-executive Directors[189]. - The maximum number of shares that may be allotted upon exercise of all outstanding options must not exceed 30% of the aggregate number of issued shares from time to time[186]. - The Existing Share Option Scheme is designed to incentivize and retain high-caliber employees and attract valuable human resources[183]. - No performance target or minimum holding period is required for options under the Existing Share Option Scheme[191]. - The offer for options must be accepted within five days from the date of the offer[191]. - The Directors may determine the exercise period for options, which shall not exceed 10 years from the date of grant[192]. - The total number of shares available for grant under the Share Award Scheme as of January 1, 2024, was 194,879,030 shares[200]. - The Share Award Scheme was adopted on September 30, 2020, and was set to remain in force until September 29, 2030, but was terminated on March 13, 2024[196]. - The maximum number of shares that could be awarded under the Share Award Scheme was capped at 10% of the total issued shares, which amounted to 236,509,030 shares, representing approximately 11.03% of the issued shares as of the report date[198]. - No share awards were granted, vested, cancelled, or lapsed during the year under the Share Award Scheme[200]. - The Share Award Scheme aimed to recognize contributions from eligible persons and incentivize retention and attraction of suitable personnel for the Group's development[197]. - The maximum number of shares that could be awarded to a selected grantee in any 12-month period was limited to 1% of the total issued shares at the time of the scheme's adoption[198]. - The rules of the Share Award Scheme did not specify a uniform vesting period for share awards, allowing the Board to determine the vesting schedule[199].

Financial Performance - The group's audited net asset value as of December 31, 2024, is $647.38 million, an increase of 16.03% from $557.94 million in 2023[9]. - The group's audited post-tax comprehensive profit for 2024 is $120.35 million, a significant increase of 2,000.35% from $5.73 million in the previous year[9]. - The company's net profit attributable to shareholders for the year ended December 31, 2024, was $120.35 million, a significant increase of $114.62 million or 2000.35% compared to the previous year[19]. - The fund's net income from financial assets for the year was $137.5 million, compared to a net loss of $9.03 million in the previous year[19]. - The total net profit for 2024 reached $120,351,000, a significant increase from $5,726,000 in 2023, marking a year-over-year growth of approximately 2011%[129]. Investment Activities - The total value of the group's investment projects at the end of 2024 is $775.65 million, representing 96.13% of the total assets, up from $683.31 million in 2023[11]. - The group invested a total of $5.80 million in two projects in 2024, including $2.19 million in China International Capital Corporation and $3.61 million in iFlytek Medical Technology Co., Ltd.[12]. - The fund's total investment value as of December 31, 2024, was $775.65 million, with 58.71% allocated to financial services, 6.37% to cultural media and consumption, and 29.65% to information technology[28]. - The fund has approved a total of 69 investment projects with an approved investment amount of 4.27 billion RMB as of December 31, 2024[84]. - The fund aims to invest in quality mature projects while also exploring opportunities in emerging industries[108]. Dividend Policy - The group recommends a final dividend of $0.04 per share for 2024, maintaining the total annual dividend at $0.08 per share[9]. - The company declared an interim dividend of $0.04 per share for the year 2024, totaling $6,093,321, compared to no dividend in 2023[137]. - The proposed final dividend for 2024 is also $0.04 per share, totaling $6,093,321, down from $0.08 per share in 2023, which included a special dividend[137]. - The company aims to maintain a stable dividend policy while balancing business growth investments[139]. Economic Outlook - The World Bank projects global economic growth of 2.7% for 2025, with China's GDP expected to grow by 5.0%[10][14]. - The group anticipates challenges and opportunities in 2025, with a focus on supporting consumption recovery and infrastructure investment[14]. - China's economic performance is expected to continue recovering, with a focus on stabilizing growth, employment, and prices in 2025[107]. - Key tasks for 2025 include boosting consumption, enhancing investment efficiency, and promoting technological innovation to develop a modern industrial system[107]. Market Performance - The Shanghai Composite Index increased by 12.67% to close at 3,352 points by the end of 2024, while the Hang Seng Index rose by 17.67% to 20,060 points[11]. - The fund is monitoring foreign exchange risks, particularly due to a 1.49% depreciation of the RMB against the USD in 2024[25]. Corporate Governance - The company has established a domestic fund management platform, Shanghai Hanlun Private Fund Management Co., Ltd., to cater to domestic institutional investors[158]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[198]. - The independent non-executive directors confirmed that the related transactions were conducted on fair and reasonable terms in the overall interest of the shareholders[192]. Investment Risks - The fund faces risks from market competition as more investment firms enter the private equity space, leading to increased competition for potential investment targets[112]. - Operational risks include the complexities of evaluating and selecting investment projects, which can impact investment time costs and returns[113]. - The fund cannot acquire more than 30% voting rights in any invested company, limiting its control over management decisions[113]. Fund Management - The management fee paid or payable to the investment manager for the year ending December 31, 2024, is $10,673,598, compared to $10,458,859 in 2023[191]. - A temporary investment management agreement was signed on December 17, 2024, with a management fee of HKD 9,900,000 (or equivalent in USD or RMB) effective from January 1, 2025[195]. - The investment manager is responsible for all investment and management duties related to the company's operations[200].

Clinical Development and Product Pipeline - The company is advancing the clinical trials of its innovative oral metabolic drug HTD1801, which has shown multiple functions including glucose lowering, lipid lowering, anti-inflammatory, liver protection, and weight loss [6]. - HTD1801's clinical III phase data for Type 2 Diabetes Mellitus (T2DM) is expected to be announced, with NDA submission anticipated by the end of 2025 [7]. - The company has completed patient enrollment for three clinical III trials targeting T2DM in mainland China, assessing the efficacy and safety of HTD1801 [7]. - HTD1801 has demonstrated significant improvements in glycemic control and cardiovascular metabolic parameters, indicating its potential as an innovative treatment for comprehensive management of T2DM [7]. - The global multi-center clinical IIb trial for HTD1801 targeting Metabolic Associated Steatotic Liver Disease (MASH) is ongoing, with results expected in 2025 [8]. - The combination of HTD1801 with GLP-1RA is projected to provide further benefits in glucose lowering, lipid lowering, and weight reduction [9]. - HTD1801 has received compound patent authorization in major global markets, ensuring a long market exclusivity period [6]. - The core product HTD1801 has shown comprehensive benefits, including improved blood sugar control, weight reduction, and decreased liver fat, supported by clinical data from over 2,000 global trial participants [15]. - HTD1801 is currently being developed for multiple indications, including metabolic-associated fatty liver disease, type 2 diabetes, and severe hypertriglyceridemia, expanding its therapeutic scope [16]. - HTD1801 has received two Fast Track designations and one Orphan Drug designation from the FDA, with global development plans advancing towards commercialization [19]. - Phase IIb study for HTD1801 in metabolic-associated fatty liver disease has completed patient enrollment in the US, mainland China, and Hong Kong, with data readout expected in 2025 [21]. - HTD1801 significantly improved liver fat content compared to placebo in a Phase IIa study, indicating its potential as a long-term treatment for chronic diseases [20]. - Multiple Phase III studies for HTD1801 targeting type 2 diabetes have completed patient enrollment in China, with key data results expected in the first half of 2025 [19]. - HTD1801 demonstrated greater improvements in liver injury and inflammation markers compared to GLP-1 receptor agonists in clinical studies [20]. - HTD1801 treatment resulted in statistically significant reductions in serum alkaline phosphatase levels, a key biomarker for cholestatic liver disease, in Phase II trials [25]. - HTD1801 exhibited comprehensive benefits for both type 2 diabetes and metabolic-associated fatty liver disease, showing significant improvements in metabolic markers [22]. - The results from the 2024 EASD meeting highlighted HTD1801's efficacy in both Chinese and Western type 2 diabetes patients, demonstrating comprehensive benefits regardless of baseline conditions [22]. - HTD1801 has shown potential in reducing triglyceride levels in patients with severe hypertriglyceridemia, with clinical significance noted in subjects with baseline triglycerides above 200 mg/dL [29]. Financial Performance and Investments - Other income increased by 98.8% from RMB 34.2 million in the year ended December 31, 2023, to RMB 68.0 million in the year ending December 31, 2024, primarily due to an increase in government subsidies of approximately RMB 28.5 million [39]. - The fair value loss of convertible redeemable preferred shares decreased from a loss of RMB 522.2 million in the year ended December 31, 2023, to zero in the year ending December 31, 2024, as all preferred shares were converted to common stock upon listing [40]. - Research and development costs increased by 16.7% from RMB 311.6 million in the year ended December 31, 2023, to RMB 363.5 million in the year ending December 31, 2024, mainly due to an increase in third-party contract expenses of approximately RMB 60.7 million [42]. - Administrative expenses decreased by 40.6% from RMB 136.7 million in the year ended December 31, 2023, to RMB 81.2 million in the year ending December 31, 2024, primarily due to a reduction in professional service fees [44]. - The company recorded a loss of RMB 381.8 million for the year ending December 31, 2024, compared to a loss of RMB 939.3 million for the year ended December 31, 2023 [46]. - As of December 31, 2024, the company's current assets were RMB 513.4 million, with cash and cash equivalents amounting to RMB 310.8 million, a decrease of 48.9% from RMB 608.2 million as of December 31, 2023 [48]. - The company had outstanding interest-bearing bank loans of approximately RMB 56.9 million as of December 31, 2024, compared to RMB 3.5 million as of December 31, 2023 [49]. - The asset-liability ratio increased to 13.4% as of December 31, 2024, from 0.5% as of December 31, 2023 [51]. - Capital expenditures for the year ending December 31, 2024, were RMB 4.3 million, up from RMB 0.8 million for the year ended December 31, 2023, primarily due to increased renovations of leased properties [57]. - The company made investments of USD 12.5 million in each of Apollo Multi-Asset Growth Fund and Chaince Capital Fund LP, with related assets generating investment income of approximately RMB 11.2 million [53]. - The company reported a net loss of RMB 381.788 million for the fiscal year 2024, a significant improvement from a net loss of RMB 939.306 million in 2023, representing a reduction of approximately 59% [61]. - The adjusted net loss for 2024 was RMB 284.856 million, compared to RMB 288.443 million in 2023, indicating a slight improvement of about 1.5% [61]. - Employee benefits expenses totaled RMB 108.2 million for the fiscal year 2024, down from RMB 116.3 million in 2023, reflecting a decrease of approximately 7.5% [63]. - The company employed 70 staff members as of December 31, 2024, an increase from 66 employees in the previous year, marking a growth of about 6.1% [63]. Corporate Governance and Compliance - The company has no current foreign currency hedging policy but is monitoring foreign exchange risks, particularly with transactions in USD, RMB, and HKD [58]. - The company has adopted share incentive plans on January 22, 2020, and May 24, 2023, to enhance employee motivation and retention [64]. - The company is focused on maintaining environmental sustainability and compliance with relevant environmental laws and regulations [70][72]. - The company has not reported any significant violations of applicable laws and regulations as of December 31, 2024 [72]. - The company’s management is committed to continuous education and training programs to enhance employee skills and knowledge [64]. - The company’s financial performance analysis and future business development indicators are detailed in the management discussion and analysis section of the annual report [69]. - The group maintained stable employee relations during the reporting period, with no significant strikes or labor disputes affecting business activities [73]. - The group has no forfeited contributions available to reduce current contribution levels for retirement benefit plans [74][75]. - The company has established a long-term strategic partnership with Haiprui, leveraging its strong sales force and market share in Europe for the commercialization of licensed products [86]. - The company has not conducted any transactions under the HTD1801 agreement during the reporting period, thus no confirmations will be provided by auditors or independent non-executive directors [92]. - The company will ensure compliance with the terms of the HTD1801 agreement and applicable listing rules through regular monitoring by the CEO [93]. - Independent non-executive directors and auditors will review transactions related to the HTD1801 agreement annually and confirm compliance with relevant listing rules [94]. - The company has disclosed the background and terms of the HTD1801 agreement in its prospectus, along with the rationale for seeking waivers [94]. - The procurement amount from the group's top five suppliers accounted for approximately 36.7% of the total procurement amount for the year ending December 31, 2024, down from 44.5% in 2023 [96]. - The largest supplier's procurement amount represented about 12.5% of the total procurement amount for the year ending December 31, 2024, compared to 19.2% in 2023 [96]. - The company did not experience any significant disputes with its suppliers during the year ending December 31, 2024 [96]. - The company has not entered into any management or administrative contracts regarding its business operations [165]. - The company has a consistent governance structure with automatic renewals of director contracts, ensuring stability in leadership [120]. Leadership and Management - Dr. Liu has over 21 years of experience in new drug development, having held various leadership roles in multiple pharmaceutical companies [174]. - Dr. Liu has been serving as the Executive Director and CEO of Shenzhen Junshengtai since November 2011, with a focus on business strategy and development [176]. - The company has expanded its leadership team, with Ms. Yu Meng appointed as Executive Director in May 2023, responsible for overseeing R&D activities [178]. - Dr. Zhu Xun joined the company as a non-executive director in November 2020, providing strategic guidance and insights [179]. - The company has a strong emphasis on innovation, with Dr. Liu recognized as one of the top ten drug innovation scientists in 2021 [175]. - The leadership team has extensive experience in the pharmaceutical industry, with members holding positions in various listed companies, ensuring effective governance [182]. - The company is committed to R&D, with Ms. Yu Meng previously overseeing CMC and preclinical activities, indicating a robust pipeline [178]. - The company has received recognition for its contributions to technology innovation and entrepreneurship, enhancing its reputation in the industry [175]. - The board believes that Dr. Zhu can dedicate sufficient time to his duties despite holding positions in other companies, ensuring effective oversight [182].

Financial Performance - The company's revenue for the year ended December 31, 2024, increased by 24.1% to HKD 27,757 million, compared to HKD 22,371 million in 2023[11] - The profit attributable to shareholders rose by 24.1% to HKD 501.2 million, up from HKD 403.8 million in the previous year[11] - Basic earnings per share increased to HKD 80.09 from HKD 64.52, reflecting a growth of 24.1%[11] - The gross profit for the year was HKD 1,430 million, an increase of 8.6% from HKD 1,316 million, with a gross margin of 5.2% compared to 5.9% in the previous year[19] - The company reported a total comprehensive income of HKD 643,612 thousand for 2024, up from HKD 577,483 thousand in 2023[136] - Net profit for the year was HKD 672,491 thousand, representing a 15% increase from HKD 585,673 thousand in 2023[134] - The company reported a profit of HKD 403,801,000 for the year, contributing to total comprehensive income of HKD 399,225,000[140] Dividends and Shareholder Returns - The total dividend for the year is proposed at HKD 40.00 per share, an increase of 14.3% from HKD 35.00 in 2023, including a mid-term dividend of HKD 15.00[20] - The board proposed a final dividend of HKD 0.25 per share to shareholders listed on the register as of May 28, 2025[75] - The company has adopted a dividend policy prioritizing cash distributions to shareholders, subject to board discretion and shareholder approval[76] - The company paid dividends totaling HKD 250,335,000 in 2024, compared to HKD 219,043,000 in 2023[144] Market and Industry Trends - Sales revenue from the components team reached HKD 27,610 million, a 24.3% increase from HKD 22,210 million in the previous year, driven by demand for smartphones and consumer electronics[21] - The global smartphone shipment is projected to rebound by 6% to 1.24 billion units in 2024, following two years of decline, driven by emerging markets and aggressive supplier strategies[22] - The consumer electronics market is expected to experience transformative growth in 2024, driven by demand for AI-optimized smart home ecosystems and advanced electric vehicle control interfaces[23] Cash Flow and Financial Position - The group achieved a net operating cash inflow of HKD 552,809,000 for the year, a decrease from HKD 1,039,637,000 in the previous year[33] - The current ratio as of December 31, 2024, is 128%, slightly down from 135% in 2023[33] - The group has a net cash position of approximately HKD 736,368,000, an increase from HKD 651,780,000 in 2023[33] - Cash and cash equivalents surged from HKD 1,580,146,000 in 2023 to HKD 2,927,070,000 in 2024, marking an increase of about 85.2%[137] - The total cash and cash equivalents at the end of 2024 were HKD 2,927,070,000, up from HKD 1,580,146,000 at the end of 2023[144] Governance and Management - The company continues to adhere to high standards of corporate governance, believing it is key to business development and protecting shareholder interests[46] - The board currently consists of 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors[47] - The company has been compliant with the Hong Kong Stock Exchange's corporate governance code, with some deviations noted[46] - The company has appointed new executive directors in 2024, indicating a strategic shift in leadership[45] - The company is committed to maintaining transparency and accountability in its operations, as reflected in its governance practices[46] Risk Management - The group remains focused on cash flow management amid geopolitical tensions affecting the semiconductor industry, particularly between China and the U.S.[29] - The company faces various risks, including exchange rate risk, interest rate risk, credit risk, and liquidity risk, which are monitored closely[89] Sustainability and Corporate Responsibility - The company is committed to sustainable development, integrating environmental, social, and governance issues into its business operations[30] - The company is committed to environmental responsibility, utilizing LED lighting and eco-friendly materials in its operations[84] - The group made charitable donations of approximately HKD 2,783,000 during the year[115] Inventory and Asset Management - The carrying amount of inventory was HKD 3,061,620,000, with a provision for inventory of HKD 132,935,000, representing 30% of the group's total assets[124] - The management reviews inventory on a product-by-product basis to identify obsolete and slow-moving items[124] - Inventory increased significantly from HKD 1,780,168,000 in 2023 to HKD 3,061,620,000 in 2024, representing a growth of about 72.0%[137] Financial Reporting and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly present the group's financial position as of December 31, 2024[121] - The company confirmed compliance with the disclosure requirements under Chapter 14A of the Listing Rules[111] - The group’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards[180] Supplier and Customer Relationships - The largest supplier accounted for 68.6% of total procurement, while the top five suppliers represented 83.1% of total procurement[79] - The largest customer contributed 50.8% to total sales, and the top five customers accounted for 63.3% of total sales[80] - The company emphasizes maintaining close relationships with customers and suppliers to meet their current and long-term needs[88]

Financial Performance - The Group recorded a sales growth of 5.2% for the year, reaching RMB 2.57 billion[16] - The Group experienced a loss of RMB 43.0 million for the year, attributed to the inventory impairment[16] - The Group's revenue for the year increased by approximately 5.2% year-on-year to RMB 2,571,606,000, compared to RMB 2,445,428,000 in 2023[39] - Gross profit decreased by approximately 62.8% year-on-year to RMB 153,274,000, with a gross profit margin dropping by 10.8 percentage points to 6.0%[39] - The Group's loss for the year amounted to RMB 43,338,000, compared to a profit of RMB 162,790,000 in 2023[39] - Revenue from overseas sales amounted to RMB 1,492,134,000, representing approximately 58.0% of the Group's total revenue[44] - Revenue from the European Union countries was approximately RMB 516,543,000, accounting for about 20.1% of total revenue, while non-EU countries contributed approximately RMB 975,591,000, or 37.9%[44] - Domestic sales in China dropped by approximately 9.6% to RMB 1,079,472,000, representing about 42.0% of total revenue[46] - Other income and gains decreased to approximately RMB 11,384,000 from RMB 18,927,000 in 2023, primarily due to lower interest income and government grants[76] - Selling and distribution expenses amounted to approximately RMB 34,476,000, accounting for 1.3% of revenue, down from 1.7% in 2023, attributed to reduced sales commissions[77] - The Group recorded a net loss of approximately RMB 43,338,000 for the year, compared to a profit of approximately RMB 162,790,000 in 2023[89] Inventory and Impairment - An impairment provision of approximately RMB 199 million for inventories was recognized due to significant drops in raw material and flax yarn prices in Q4 2024[16] - A provision for inventory impairment of approximately RMB 199,431,000 was made as of December 31, 2024, due to significant drops in raw material and flax yarn prices[39] - The impairment provision for inventories as of December 31, 2024, was approximately RMB199,431,000, reflecting the difference between inventory costs and net realizable values[71] Production and Capacity - The Group's production capacity in China totals 23,000 tonnes, with all four production bases operating at near full capacity[59] - The new production facility in Ethiopia has boosted the Group's annual production capacity by 5,000 tonnes, with production ramping up to about 70%[66] - The Group owns 78.67% equity interest in the Heilongjiang facility, marking its entry into the industrial hemp yarn market, which is expected to grow due to national policies[60] Supply Chain and Operations - The company aims to improve operational efficiency and optimize the global supply chain through globalization, process orientation, standardization, and digitalization strategies[22] - The Group is collaborating with CottonConnect to develop the REEL Linen Code of Conduct, focusing on sustainability and traceability in the linen supply chain[54] - The Group plans to build a warehouse in Heilongjiang to manage the supply chain of hemp materials, aiming to establish it as a national trading hub for hemp in China[53] - The Group's production bases are continuously being improved with the latest management systems and technologies, enhancing overall production efficiency and reducing costs[58] Financial Position - The total assets of the Group as of December 31, 2024, were RMB 3,115,009,000, a decrease from RMB 3,283,176,000 in 2023[31] - The total liabilities of the Group as of December 31, 2024, were RMB 1,640,180,000, compared to RMB 1,695,964,000 in 2023[31] - The Group's net current assets as of December 31, 2024, were approximately RMB 477,487,000 (2023: RMB 562,864,000), with total cash and deposits decreasing to approximately RMB 277,650,000 (2023: RMB 521,256,000)[107] - The liquidity ratio as of December 31, 2024, was approximately 129.9% (2023: 134.6%), and total equity was approximately RMB 1,474,829,000 (2023: RMB 1,587,212,000)[108] - The gross debt gearing ratio increased to approximately 69.4% as of December 31, 2024 (2023: 54.8%) due to higher borrowings[109] Dividends - The Board has recommended a final dividend of HK$0.05 per share for the year, down from HK$0.09 in 2023[40] - The Board proposed a final dividend of HKD 0.05 per share for the year, down from HKD 0.09 per share in 2023[43] - A final dividend of HK$0.05 per ordinary share has been recommended for the Year, pending approval at the upcoming annual general meeting[182] - The board proposed a final dividend of HKD 0.05 per ordinary share, subject to shareholder approval at the upcoming annual general meeting[189] Employee and Governance - The Group has 3,703 employees as of December 31, 2024, a slight increase from 3,700 employees in 2023[131] - The Group has adopted a share option scheme and a share award plan to incentivize Directors and employees contributing to the Group's success[135] - The company has a strong governance structure with a mix of executive and independent non-executive directors to ensure effective oversight[153][154] - The management team has a significant ownership stake in the company, aligning their interests with those of shareholders[145][147][148] Market and Economic Conditions - The Group faces risks including unstable demand for linen yarn, protectionism, and potential punitive tariffs on products made in China[176] - The Group's diversification of the supply chain is deemed urgent due to the aging population in China and rising operating costs in Asia[137] - The management team anticipates challenges in 2025 and beyond due to ongoing tariffs and political divergences among superpowers[137] Charitable Contributions - Charitable donations made by the Group during the Year totaled approximately RMB200,000, compared to RMB139,000 in 2023[185] - Charitable donations made by the group during the year totaled approximately RMB 200,000, compared to RMB 139,000 in 2023[192]

Financial Performance - The company reported a 19.1% year-on-year increase in pre-tax profit, reaching RMB 756 million[12]. - Revenue for 2024 was RMB 6,047 million, a decrease of 14.8% year-over-year[29]. - Revenue from gaming and application services was RMB 3,938 million, accounting for 65.1% of total revenue, down 6.0% year-over-year[30]. - Revenue from Mynd.ai business was RMB 2,106 million, representing 34.8% of total revenue, a decrease of 27.6% year-over-year[29]. - Gross profit for 2024 was RMB 3,942 million, a decline of 10.4% compared to the previous year[29]. - Operating profit for 2024 was RMB 745 million, a decrease of 9.3% year-over-year[29]. - Profit attributable to the company's owners was RMB 311 million, down 43.5% from RMB 550 million in 2023[29]. - Cash flow from operating activities was RMB 1,100 million, a decrease of 5.7% year-over-year[29]. - Basic earnings per share for 2024 was RMB 58.60, compared to RMB 103.00 in 2023[24]. - Adjusted EBITDA loss was RMB 172 million, compared to a loss of RMB 78 million in 2023[43]. Cash and Investments - Operating cash flow remained stable at RMB 1.1 billion, supporting the ongoing "AI+" strategy[16]. - The net cash increased by 13.3% to RMB 2.1 billion, providing a solid foundation for future growth[16]. - Cash balance at the end of 2024 was RMB 541 million, down from RMB 650 million at the end of 2023[43]. - Interest-bearing debt decreased by RMB 148 million by the end of 2024[43]. - The company plans to invest RMB 50 million in Wuxi Benge New Materials Technology Co., Ltd., acquiring approximately 2.27% equity[153]. Dividends - The board declared a final dividend of HKD 0.5 per share, a 25.0% increase compared to the previous year[16]. - The final dividend for 2024 is set at HKD 0.50 per ordinary share, reflecting a year-on-year increase of 25.0%[34]. - The interim dividend of HKD 0.40 per share was paid on October 31, 2024, and a final dividend of HKD 0.50 per share is proposed, expected to amount to approximately RMB 246 million[121]. AI and Technology Initiatives - The company successfully implemented an AI production line for gamified educational content, enhancing operational efficiency[14]. - The company aims to deepen the deployment of advanced AI tools across business segments to enhance organizational efficiency[14]. - The "AI+" strategy has led to a reduction in employee costs by nearly RMB 100 million[14]. - The company is actively exploring "AI-native" gaming and interactive educational games to capture new business opportunities[15]. - The company is collaborating with Thailand's Ministry of Higher Education to develop online AI education platforms for vocational training[14]. Market and Competitive Landscape - The company faces increasing competition in the online and mobile gaming industry, with significant players like Electronic Arts and Tencent Holdings posing challenges to market share and talent retention[109]. - The company relies on consumer spending from gamers, which may be affected by economic uncertainties, including inflation and liquidity crises in major economies, potentially impacting financial performance[111]. Employee and Talent Management - The company has successfully attracted 478 outstanding talents from the gaming and education sectors in 2024, including 97 senior elite talents, enhancing the talent structure[70]. - The total number of full-time employees as of December 31, 2024, is 4,593[71]. - The company emphasizes a "people-oriented" management philosophy, focusing on employee experience and providing various welfare programs throughout the employee lifecycle[75]. - The company has initiated large-scale campus recruitment activities, attracting 27,145 resumes from graduates, ultimately hiring 86 outstanding candidates[70]. Governance and Compliance - The board includes independent directors with significant legal and investment experience, ensuring robust governance and oversight[88][86]. - The company is committed to maintaining strong corporate governance through its various committees, including the remuneration and audit committees[88]. - The company strictly adheres to various laws and regulations regarding employee rights and data protection, ensuring compliance with local and international standards[115]. Strategic Partnerships and Collaborations - The company signed a term sheet with Beijing Zhongke Wenge Technology Co., Ltd. for exclusive cooperation in promoting AI services outside mainland China, with a potential investment of RMB 75 million[39]. - The company has established partnerships with educational authorities and institutions to improve educational services[95]. Future Outlook and Plans - The company plans to launch the sequel to its flagship IP "Magic Domain" in 2025, with the new MMORPG mobile game "Code - Dragon" also set for overseas release[38]. - The company is expanding its online education business overseas, covering a wide range of educational fields[95]. - The company is committed to innovation in educational technology, particularly in AI and cloud computing[94]. Risks and Challenges - The group may face significant adverse tax consequences if the tax authorities determine that the contractual arrangements are not established on an arm's length basis[190]. - The group may incur additional tax liabilities if the tax authorities impose penalties for any unpaid taxes[190]. - There are significant risks associated with the contractual arrangements, including potential non-compliance with Chinese laws, which could adversely affect the company's ability to operate[185].

Financial Reporting - Budweiser Brewing Company APAC Limited will hold a board meeting on May 7, 2025, to consider and approve the unaudited results for the three months ending March 31, 2025[2] - The unaudited results announcement is expected to be released on May 8, 2025, at 7:00 AM Hong Kong time[2]

Financial Performance - The company reported a revenue of HKD 6,450.1 million for the fiscal year 2024, an increase from HKD 6,132.9 million in 2023, representing a growth of approximately 5.2%[28]. - Gross profit for the fiscal year 2024 was HKD 1,002.3 million, up from HKD 833.3 million in 2023, resulting in a gross margin of 15.5%[4][28]. - The profit attributable to the company's owners decreased to HKD 135.3 million in 2024 from HKD 251.5 million in 2023, reflecting a decline of about 46.3%[28]. - The cash and bank balance as of December 31, 2024, was HKD 1.0359 billion, compared to HKD 906.4 million in fiscal year 2023, enabling the company to undertake more projects and seize new market opportunities[60]. - The group recorded a net loss of HKD 28.9 million for the fiscal year 2024, compared to a net income of HKD 128.4 million in fiscal year 2023, primarily due to impairment losses and lack of one-time gains recognized in the previous year[88]. - The group's adjusted profit attributable to the company's owners for fiscal year 2024 was approximately HKD 206 million, reflecting a 10.2% increase compared to the adjusted profit for fiscal year 2023[79]. Strategic Initiatives - The company is focusing on three strategic pillars: "New Technology," "New Markets," and "New Business Models" to strengthen its industry-leading position[50]. - The company is actively developing new technologies, including AI, IoT, and digital solutions for energy optimization, as part of its strategy to become a leader in emerging industries[61]. - The company is committed to investing in the Hong Kong market, leveraging its unique advantages to explore significant market opportunities[54]. - The company aims to drive diversified business development while optimizing core operations in response to market trends[54]. - The company is exploring potential investments and collaborations to enter new markets in East Asia, Southeast Asia, Central Asia, the Middle East, and other regions[109]. Technology and Innovation - The establishment of the "MiMEP Design and Construction Center" and "MiMEP R&D Center" in Zhuhai aims to enhance the company's leadership in MiMEP technology[14]. - The company has achieved over 50% application of MiMEP, DfMA, and BIM technologies in its building services engineering projects[21]. - The AlgoWater technology has saved 47% in chemical usage for water and wastewater treatment facilities, showcasing the company's commitment to innovation in environmental engineering[23]. - The application of MiMEP in a commercial development project reached 85%, marking the highest level for commercial buildings[74]. - The company is developing a direct liquid cooling technology solution for AI data centers to meet increasing data computation demands[75]. Operational Efficiency - The newly established headquarters enhances operational efficiency and collaboration among business units, supporting the development of innovative construction technologies[60]. - The company maintains a strong operational cash level and has successfully implemented multiple high-value projects, ensuring stable core operational performance[50]. - The company has trained over 1,100 engineering talents through its graduate trainee and technician apprentice programs over the past 40 years[53]. - The group has been involved in various significant projects, including the design, construction, testing, and commissioning of wastewater treatment plants[132]. - The environmental engineering division is responsible for project management and execution, including design, procurement, construction, installation, testing, and maintenance[158]. Corporate Governance - The company has adopted the Corporate Governance Code as a benchmark for its governance practices and has complied with all applicable code provisions during the reporting year[165][166]. - The company ensures that at least one-third of the board consists of independent non-executive directors, in compliance with listing rules[173]. - The company has implemented mechanisms to ensure the board receives independent views and opinions, including the appointment of independent non-executive directors to various committees[173]. - The company’s governance practices include annual assessments of the independence of all independent non-executive directors[173]. - The company has established a process for the appointment of new directors, which includes a thorough review by the nomination committee before recommendations are made to the board[179]. Human Resources and Development - The group employed 3,149 staff as of December 31, 2024, an increase from 3,010 in the previous year, highlighting a focus on talent development[103]. - A total of 569 internal training sessions were conducted in 2024, accumulating over 38,500 training hours, emphasizing the group's commitment to employee development[104]. - The company has received multiple awards at the "Excellence in Human Resource Management Awards 2023/24," including a silver award for the Trainee Management Program, showcasing its recognition in HR practices[106]. - The company is committed to maintaining a diverse workforce and providing a friendly working environment for female employees and minority groups[111]. - The company aims to improve gender diversity at the board level, with a target to appoint at least one female director by December 31, 2024, and has already appointed two new female directors in 2023[181]. Market Position and Growth - The company has seen robust revenue growth in its international business through its brand Anlev, promoting quality products and services globally[51]. - The company is expanding its elevator and escalator business in the UK and the US, with its US joint venture turning from loss to profit and expanding its market coverage beyond New York[108]. - The environmental engineering segment's order value increased to HKD 1.514 billion as of December 31, 2024, more than doubling from HKD 730 million as of December 31, 2023, with significant contracts won for climate adaptation and environmental infrastructure[65]. - The company is actively pursuing new business opportunities in mechanical lifting, automated transport, and storage systems[158]. - The company is focused on continuous improvement and innovation to enhance its core advantages and operational performance[108].

Financial Performance - FY2024 revenue reached HKD 2,184 million, an increase of 11% compared to FY2023's HKD 1,971 million[5] - Gross profit for FY2024 was HKD 701 million, representing an 84% increase from FY2023's HKD 380 million[5] - For the year ended December 31, 2024, the Group recorded revenue of HK$17,655 million, a decrease of 4.7% from HK$18,528 million in 2023[63] - The overall gross profit increased to HK$2,184 million, representing a growth of 10.8% compared to HK$1,971 million in 2023[65] - Profit attributable to the owners of the Company was HK$181 million, turning from a loss in the previous year[65] Natural Gas Operations - Natural gas sales and transmission volume for FY2024 was 7,229 million cubic meters, a 3% increase from FY2023's 7,008 million cubic meters[6][7] - The Group's natural gas sales volume for 2024 reached 4.584 billion cubic meters, a year-on-year increase of 0.2%[41] - The transmission volume of natural gas increased by 8.7% year-over-year, totaling 2,645 million cubic meters[37] - Residential gas consumption rose by 4.3% to 1,026 million cubic meters, while industrial and commercial users consumed 3,178 million cubic meters, a 0.6% increase[38] - The Group connected 86,344 new residential users in 2024, bringing the total to 2,128,280[39] Production and Reserves - The Group's average daily production in Canada was 5,082 barrels of oil equivalent in FY2024, with proved reserves of approximately 31.89 million barrels of oil equivalent[16] - The exploration and production business has proved plus probable reserves of approximately 50.47 million barrels of oil equivalent, indicating significant growth potential[16] Infrastructure and Expansion - The Group has established 71 concession rights and built a city pipeline network to supply natural gas to various users[12] - Approximately 25,751 km of natural gas pipelines have been completed across 13 provinces, enhancing revenue from natural gas transmission[18] - The Group aims to expand its market presence by entering provinces with natural gas sales volume below 100 million cubic meters in 2024[20] Operational Efficiency and Management - The construction of intelligent gas systems achieved full coverage of SCADA and GIS, enhancing operational efficiency and management[36] - The Group's marketing management improved resource allocation, increasing low-cost resource procurement and reducing high-cost resource share[32] - The Group's operational efficiency was enhanced through integrated management of marketing, customer service, and finance[33] Financial Management and Stability - Total indebtedness as of December 31, 2024, amounted to HK$8,542 million, an increase from HK$7,712 million in 2023[71] - Cash and cash equivalents increased to HK$4,348 million from HK$3,246 million in 2023[72] - The Group's net debt-to-assets ratio improved to 20.3% from 21.4% in 2023, indicating stable financial and liquidity conditions[72] - The total staff cost for the year ended December 31, 2024, remained stable at HK$534 million, consistent with 2023[79] Governance and Management Team - The company has a strong governance structure with multiple committees including the CG Committee and the Remuneration Committee[106][113] - The management team includes members with advanced degrees from prestigious universities such as Peking University and the University of Minnesota[104][106][113] - Mr. Xu Tie-liang has extensive experience in energy, investments, and management, holding a PhD in Global Business Administration[104] Risks and Compliance - The Group faces risks related to natural gas price control, which may affect profitability if price increases cannot be passed through[126] - Foreign exchange risk exists due to the Group's operations in the PRC and Canada, with major transactions conducted in Renminbi[133] - The Company complies with relevant laws and regulations, including the Bermuda Companies Act and Hong Kong Companies Ordinance[144] Shareholder Engagement and Dividends - The Board resolved not to recommend any final dividend for the year ended December 31, 2024, consistent with the previous year[97] - The register of members will be closed from 26 May 2025 to 30 May 2025 for the upcoming annual general meeting, ensuring proper governance and shareholder engagement[153][158] Environmental and Social Responsibility - The Group emphasizes environmental policies and plans to implement stringent measures to address environmental issues[138] - The Group did not make any charitable donations during the year, maintaining a focus on operational expenditures[162][168]

Financial Performance - Total Gross Merchandise Value (GMV) for the year ended December 31, 2024, was HKD 8,589,825, representing a 2.0% increase from HKD 8,423,983 in 2023[10] - Total completed orders GMV for the year ended December 31, 2024, was HKD 8,511,995, up 2.2% from HKD 8,330,130 in 2023[10] - Revenue for the year ended December 31, 2024, was HKD 3,839,509, a slight increase of 0.7% compared to HKD 3,811,706 in 2023[10] - Adjusted EBITDA for the year ended December 31, 2024, was HKD 120,983, down 1.4% from HKD 122,717 in 2023[10] - The company reported a net loss attributable to shareholders of HKD 66,700 for the year ended December 31, 2024, compared to a profit of HKD 45,321 in 2023, marking a 247.2% decline[10] - Cash position as of December 31, 2024, was HKD 541,705, a decrease of 5.6% from HKD 573,593 in 2023[11] - Total capital expenditure for property, plant, and equipment was HKD 72,504, down 72.0% from HKD 258,830 in 2023[10] - The number of issued shares decreased to 788,546 thousand shares, a reduction of 11.3% from 888,546 thousand shares in 2023[11] - The company’s net asset value per share was HKD 2.37, a decrease of 1.5% from HKD 2.41 in 2023[11] - Adjusted free cash flow for the year ended December 31, 2024, was (HKD 33,438), an improvement of 22.4% from (HKD 43,099) in 2023[10] Market and Business Expansion - The company plans to recruit more professionals from mainland China, aiming for 15% of office staff to be mainland talent by the end of 2027[45] - HKTVmall officially launched in February 2015, partnering with over 333 merchants from Hong Kong, Japan, and South Korea[25] - The company expanded its delivery service coverage to South Lantau Island and other remote areas in February 2021[29] - HKTVmall expanded its delivery services to Australia and Canada, becoming the third and fourth regions outside Hong Kong for delivery[34] - The company aims to expand its merchant base and product offerings to enhance consumer choice and leverage long-tail effects[66] - The company plans to invest in new technology development to enhance product offerings and improve operational efficiency[78] - Market expansion efforts are focused on increasing presence in Southeast Asia, targeting a 10% market share by 2025[78] - The company aims to expand its product offerings to 100,000 items by 2025 to cater to new residents in Hong Kong[97] Customer Engagement and Services - The company launched a new service "Street Market Same-Day Grocery" in October 2022, providing fresh produce delivery within 3 hours[31] - The "Street Market Same-Day Meal" service now covers over 90% of HKTVmall customers, exceeding the 75% target set for 2022[33] - HKTVmall launched a new group chat feature "ChicChat" in its app, allowing merchants to directly communicate with customers[34] - The upgraded user interface of HKTVmall allows customers to easily revisit live shows and view key product information and promotions[96] - The new membership system effective January 1, 2024, lowered the free shipping threshold for VIP, Gold VIP, and Diamond VIP members to enhance customer experience[93] - The eight-hour express delivery service covers over 259,000 products, exceeding the initial target of 120,000 products by year-end 2024[90] - Customers using the eight-hour express delivery service have a purchase frequency 33.0% higher than those using standard delivery services[94] Product and Revenue Growth - The total revenue from the e-commerce segment reached HKD 2.057 billion in 2024, compared to HKD 1.984 billion in 2023[68] - The total merchandise transaction value for completed orders in 2024 is HKD 8.192 billion, slightly down from HKD 8.210 billion in 2023[68] - The total merchandise transaction value for the Hong Kong e-commerce business reached HKD 8,589,800,000 in 2024, a 2.0% increase from HKD 8,424,000,000 in 2023[56] - The number of independent customers shopping on the Hong Kong e-commerce platform increased to 1,519,000 in 2024, up from 1,507,000 in 2023[62] - The average shopping frequency per customer remained stable at 4.6 times in Q4 2024, consistent with Q4 2023[62] - The pet supplies category saw a significant year-on-year growth of 26.2%, achieving a total merchandise transaction value of HKD 770,000,000[61] Operational Challenges and Strategic Adjustments - The company faces various operational risks, including economic fluctuations and competition, which may impact its core business performance and profitability[140] - The management expects significant challenges in 2025 and 2026, necessitating strategic investments and careful capital management[146] - The company plans to slow down the deployment of automated retail stores in the UK and will reassess the project's feasibility by the end of 2025[48] - The company has completed two strategic acquisitions in the last quarter, aimed at diversifying its product portfolio and enhancing market competitiveness[78] Environmental, Social, and Governance (ESG) Initiatives - The company has increased the recycling volume and scope of waste, reducing the amount sent to landfills[176] - The company plans to purchase its first refrigerated electric truck by the end of 2023 to reduce greenhouse gas emissions[176] - The company has implemented energy-saving measures, including the use of energy-efficient air conditioning systems and low-energy LED office lighting[176] - A reward program has been launched to encourage merchants to reduce plastic usage and switch to environmentally friendly materials[176] - The company has identified four key environmental, social, and governance (ESG) issues as "very important" based on stakeholder feedback[184] - The company has established a cross-functional team to monitor ESG performance across departments[178] Compliance and Risk Management - The company emphasizes the importance of data protection and has established comprehensive policies to safeguard personal information[196] - A 24-hour managed security operations center has been established to enhance cybersecurity measures and protect system integrity[197] - The company has a zero-tolerance policy towards bribery, fraud, and corruption, ensuring fair investigations of all reported incidents[200] - Continuous education and training on data protection are prioritized to enhance employee awareness and responsibility[196]