Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by approximately 48.3% to SGD 47.1 million from SGD 91.2 million in the previous year[13]. - The gross profit for the same period was approximately SGD 12.6 million, an increase of about 9.5% from SGD 11.5 million in 2023, resulting in a gross margin of 26.7%[18]. - The company reported a net profit of SGD 599,000 for the fiscal year ending December 31, 2024, down from SGD 1.4 million in 2023[13]. - The sales cost decreased by approximately 56.7% to SGD 34.5 million from SGD 79.7 million in the previous year, aligning with the revenue decline[17]. - Other income remained stable at approximately SGD 0.1 million for both fiscal years 2024 and 2023[19]. - Other losses increased by approximately SGD 0.8 million for the year ended December 31, 2024, compared to SGD 20,000 for the year ended December 31, 2023, primarily due to increased foreign exchange losses of SGD 0.2 million and fair value losses related to convertible bonds of SGD 0.3 million[20]. - The group's impairment loss reversal for the year ended December 31, 2024, was approximately SGD 0.6 million, compared to SGD 0.4 million for the year ended December 31, 2023, attributed to a significant decrease in trade receivables and contract assets[21]. - Administrative expenses for the year ended December 31, 2024, were approximately SGD 11.0 million, up from SGD 9.6 million for the year ended December 31, 2023, mainly due to an increase in employee costs of approximately SGD 1.6 million[22]. - Financing costs for the year ended December 31, 2024, were approximately SGD 634,000, compared to SGD 176,000 in 2023, with estimated interest on convertible bonds recognized at approximately SGD 517,000[23]. - Tax expenses for the year ended December 31, 2024, were approximately SGD 0.4 million, compared to SGD 2,000 in 2023, primarily due to the full utilization of unrecognized losses carried forward from the COVID-19 pandemic[24]. - The net profit attributable to the owners decreased from approximately SGD 1.4 million for the year ended December 31, 2023, to approximately SGD 0.6 million for the year ended December 31, 2024, a reduction of approximately SGD 0.8 million[25]. - As of December 31, 2024, the group had total cash and bank balances of approximately SGD 15.8 million, down from approximately SGD 17.0 million as of December 31, 2023, with bank borrowings of approximately SGD 0.6 million compared to SGD 1.6 million in 2023[27]. - The group's debt-to-equity ratio as of December 31, 2024, was 135.5%, significantly up from 16.2% in 2023[31]. Business Operations - The company has 19 ongoing projects with a theoretical contract value of approximately SGD 27.0 million, of which about SGD 5.0 million has been recognized as revenue by December 31, 2024[12]. - The company is well-positioned to capture new business opportunities as the Singapore construction industry recovers[9]. - The company has no significant changes in its main business operations as of December 31, 2024, which primarily involves providing interior decoration services through its subsidiary Ngai Chin Construction Pte Ltd[132]. - The company has established stable business relationships with major clients, including professional consultants and multinational corporations, enhancing market visibility[168]. - The company maintains a list of approved suppliers and subcontractors, continuously evaluating their performance based on various factors such as pricing and quality[169]. Corporate Governance - The company has a strong focus on corporate governance and has been involved in numerous regulatory applications and operations for leading financial institutions[51]. - The company has established a corporate governance framework based on the principles and regulations outlined in the Corporate Governance Code, ensuring compliance throughout the fiscal year ending December 31, 2024[61]. - The board of directors has maintained a balanced composition, including both executive and independent non-executive directors, to ensure robust independent judgment[66]. - All directors have completed an independent assessment of their independence, with satisfactory results reported for the fiscal year ending December 31, 2024[73]. - The board held regular meetings, with attendance records showing that all directors participated actively, with the highest attendance being 7 out of 7 meetings[70]. - The company has committed to high standards of corporate governance, aiming to protect shareholder interests and enhance corporate value[60]. - The company has implemented a mechanism for evaluating board independence, which includes annual reviews and action plans for improvement[72]. - The company has adhered to the Corporate Governance Code's requirement of having at least three independent non-executive directors, ensuring compliance with listing rules[71]. - The board is responsible for leading and monitoring the company, guiding management, and ensuring effective internal controls and risk management systems are in place[76]. - The company has established a code of conduct for securities trading by directors and related persons, confirming compliance throughout the fiscal year[64]. - The company aims to provide satisfactory and sustainable returns to shareholders while maintaining high ethical business standards[63]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined powers and responsibilities[86]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with listing rules regarding financial management expertise[83]. - The company provides appropriate insurance coverage for directors and senior management against legal actions arising from corporate activities[84]. - The training records for directors indicate that all participated in reading relevant materials, ensuring they remain informed about regulatory developments[81]. - The company maintains a commitment to board diversity, with the Nomination Committee discussing measurable targets to achieve this goal[89]. - The company has adopted a board diversity policy aimed at enhancing corporate governance and board effectiveness, considering factors such as gender, age, and professional qualifications[91]. - The company aims to achieve a target of at least 20% female representation on the board and at least 50% in senior management within two years[93]. - Current gender representation shows 0% female on the board, 33.33% in senior management, and 12.23% across all employees[95]. - The nomination committee reviews the board diversity policy annually to ensure its effectiveness[92]. Risk Management and Compliance - The company has established a risk management and internal control system to manage operational and financial risks, with the board responsible for its effectiveness[101]. - The risk management policy includes procedures for identifying, assessing, and managing key business risks, with quarterly evaluations conducted by departments[103]. - The company has implemented a whistleblowing policy to allow employees to confidentially report concerns regarding financial reporting and internal controls[104]. - An anti-corruption policy has been established to prevent bribery within the company, with internal reporting channels available for employees[105]. - The company has engaged Baker Tilly Consultancy (Singapore) Pte. Ltd. for internal audit functions, which reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024[106]. - The board believes that the existing internal control policies are adequate, effective, and sufficient, despite some isolated incidents leading to audit reservations[107]. - The company has not identified any significant risks or internal control deficiencies since 2019, indicating that the issues leading to audit reservations were isolated events[109]. - The company secretary has undergone at least 15 hours of relevant professional training as required by the listing rules for the year ending December 31, 2024[116]. Shareholder Engagement - The company has established multiple communication channels to engage with shareholders and ensure their rights are protected during general meetings[117]. - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special general meeting within two months of their request[118]. - The company has a structured process for shareholders to submit proposals for consideration at general meetings, requiring written submission at least 15 business days prior to the meeting[119]. - The board of directors has reviewed the implementation of the shareholder communication policy and believes it has been effectively implemented[127]. Sustainability and ESG - The company has established an environmental, social, and governance (ESG) working group to identify and manage ESG risks and report performance to the board[193]. - The company is committed to reducing its carbon footprint and minimizing waste generated from projects as part of its sustainability efforts[188]. - The group identified 16 key environmental, social, and governance (ESG) issues for the fiscal year 2024, with no changes from the previous year[196]. - The group maintains consistent data collection and disclosure methods for ESG reporting, ensuring comparability across reporting periods[199]. - Stakeholder engagement activities throughout the fiscal year included formal and informal communication, emphasizing the importance of transparency[200]. - Key concerns from stakeholders include fair employment practices, workplace safety, and sustainable profitability for shareholders[200]. - The group aims to establish strong, long-term relationships with stakeholders by understanding their expectations and concerns[200]. - The group has implemented employee training programs and feedback platforms to address employee concerns regarding compensation and job security[200]. - The group emphasizes compliance with legal regulations, including those set by the Hong Kong Stock Exchange[200]. - The group focuses on maintaining a safe working environment and fair treatment of suppliers and subcontractors[200]. - The group aims to contribute to the community through volunteer services and charitable activities[200].

Financial Performance - The company's revenue for 2024 reached HKD 8,555,601 thousand, representing a 16.8% increase from HKD 7,323,532 thousand in 2023[16] - Gross profit for 2024 was HKD 5,183,436 thousand, with a gross margin of 60.6%, down from 62.0% in 2023[16] - The company reported a loss before tax of HKD 785,008 thousand for 2024, compared to a profit of HKD 395,909 thousand in 2023[16] - The net loss attributable to equity holders for 2024 was HKD 749,312 thousand, compared to a profit of HKD 325,309 thousand in 2023[16] - For the fiscal year ending December 31, 2024, the company recorded revenue of approximately HKD 8,555.6 million, representing a year-on-year increase of about 16.8% compared to HKD 7,323.5 million for the fiscal year ending December 31, 2023[47] - The gross profit for the fiscal year ending December 31, 2024, was HKD 5,183.4 million, up approximately 14.2% from HKD 4,540.4 million for the previous year, with a stable gross margin of around 60.6%[58] - The sales cost for the fiscal year ending December 31, 2024, was approximately HKD 3,372.2 million, an increase of about 21.2% compared to HKD 2,783.1 million in the previous year[57] - The group recorded an operating loss of approximately HKD 1,004.2 million for the year ended December 31, 2024, compared to an operating profit of approximately HKD 130.4 million for the year ended December 31, 2023[64] - The group recorded a pre-tax loss of approximately HKD 785.0 million for the year ended December 31, 2024, compared to a pre-tax profit of approximately HKD 395.9 million for the year ended December 31, 2023[67] - The group reported a net loss attributable to equity holders of approximately HKD 749.3 million for the year ended December 31, 2024, compared to a profit of approximately HKD 325.3 million for the year ended December 31, 2023[69] Sales and Distribution - Online sales accounted for 59.7% of total revenue in 2024, up from 52.0% in 2023, indicating a significant shift towards digital channels[19] - Revenue from laundry care products was HKD 7,627,243 thousand, making up 89.1% of total revenue, compared to 88.8% in 2023[18] - The company plans to increase its online sales and distribution spending in 2024 to strengthen its market position on e-commerce platforms[44] - The sales of all three product categories increased, driven by successful investments in new e-commerce channels and brand building strategies[53] - The company has focused on expanding its distribution network in China, particularly in lower-tier cities, to enhance brand exposure and operational efficiency[43] - The company is committed to a full-channel growth strategy, enhancing its presence in both existing and emerging channels, and maintaining a leading position on major e-commerce platforms in 2024[32] Product Innovation - The company launched a new "Concentrated+" supreme biotechnology laundry detergent in 2024, enhancing its product lineup[13] - In 2024, the company achieved significant sales growth, driven by the introduction of the "Supreme" new product series, which enhanced the overall sales of the laundry care category[31] - The company maintained a leading position in the laundry care category, with a focus on product innovation and upgrades, including the launch of the upgraded "Supreme" all-purpose cleaning laundry liquid in August 2024[41] - The company emphasized the transition from liquid to concentrated laundry products, promoting environmental sustainability and efficiency in the cleaning industry[31] - The company reported a strong performance in its diversified product offerings, including specialized laundry liquids for sportswear and antibacterial purposes, catering to various consumer cleaning needs[36] Operational Efficiency - The current ratio decreased to 5.5 in 2024 from 6.7 in 2023, indicating a decline in short-term liquidity[16] - The group aims to accelerate digitalization and upgrade its manufacturing network to improve operational efficiency[84] - The company continues to focus on optimizing its business operations through multiple core strategies, including product innovation, sales, distribution networks, and digital marketing[39] - The group is actively engaging in knowledge marketing and digital infrastructure enhancement to better understand consumer needs and improve operational efficiency[48] Corporate Governance and ESG - The company integrates ESG principles into its development strategy, promoting environmentally friendly practices and social responsibility, and has received recognition for its corporate governance efforts[33] - The group plans to maintain its industry leadership by leveraging brand advantages and providing high-quality products and services in a changing market environment[84] - The group will continue to focus on sustainable development principles, promoting green and low-carbon strategies in product development, manufacturing, and packaging[84] Employee and Shareholder Information - As of December 31, 2024, the company had 5,863,103,406 issued shares[115] - The board proposed a final dividend of HKD 0.06 per ordinary share, totaling HKD 329.5 million, subject to shareholder approval[108] - The group has approximately 7,406 employees, with competitive salary levels maintained[83] - The company has a significant concentration of ownership, with the top five shareholders holding over 50% of the total shares[144] - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[127] Share Options and Awards - The company has granted stock options under the pre-IPO stock option plan, with specific allocations to directors, including 975,000 shares to Mr. Pan Guoliang[141] - The total number of share options granted under the Pre-IPO Share Option Scheme was awarded to 684 grantees, including three directors and existing employees[159] - The purpose of the Pre-IPO Share Option Scheme is to encourage key employees to contribute to the long-term interests of the company and its shareholders[152] - A total of 81,900,999 reward shares have been granted to 429 employees under the 2021 Share Incentive Plan, and 119,600,000 reward shares have been granted to three executive directors and three directors of the company's subsidiaries under the 2022 Share Incentive Plan[148] - The maximum number of shares that can be granted under the 2021 Share Award Scheme is capped at 1% of the total issued shares, equivalent to 58,629,934 shares[169]

Financial Performance - In 2024, the company reported new car sales of 171,236 units, a decrease of 11.7% compared to 2023[18]. - Revenue for 2024 was RMB 74.295 billion, down 14.6% from RMB 73.521 billion in 2023[11][17]. - Gross profit for 2024 was RMB 5.273 billion, representing a gross margin of 8.3%, down from 9.0% in 2023[12][17]. - Net profit attributable to the company’s owners for 2024 was RMB 2.41 billion, a decline of 60.7% compared to RMB 1.412 billion in 2023[14][17]. - The used car transaction volume for 2024 was 74,969 units, a decrease of 19.4% compared to the previous year[20]. - In 2024, the company's revenue was RMB 63.42 billion, a decrease of 14.6% compared to 2023[30]. - The gross profit for 2024 was RMB 5.273 billion, down RMB 1.421 billion or 21.2% year-on-year, with new car sales and related services gross profit decreasing by RMB 1.204 billion or 58.3%[30]. - Net profit for 2024 was RMB 165 million, a decline of RMB 420 million or 71.8% year-on-year, while profit attributable to the company's owners was RMB 201 million, down RMB 372 million or 64.9%[30]. - The overall gross profit for the twelve months ended December 31, 2024, was RMB 5,273.5 million, a decline of 21.2% from RMB 6,694.4 million for the twelve months ended December 31, 2023[55]. - Operating profit for the twelve months ended December 31, 2024, was RMB 405.8 million, a decrease of 57.8% from RMB 961.5 million for the twelve months ended December 31, 2023[58]. Sales and Market Trends - The retail sales of new energy vehicles in China for 2024 reached 10.899 million units, a year-on-year increase of 40.7%, with a market penetration rate approaching 50%[28]. - The second-hand car transaction volume in China for 2024 was 19.614 million units, a year-on-year increase of 6.5%[28]. - The company aims for new energy vehicle sales to account for 50% of total sales by 2026, focusing on the dual strategy of "new energy + luxury cars"[21]. - The average selling price of new cars increased from RMB 243,000 in 2023 to RMB 283,000 in 2024, driven by the launch of high-value models like the Wanjie M9 and Xiangjie S9[34]. - The company has achieved a 65% year-on-year increase in total leads from new media platforms, maintaining a leading position in digital marketing[45]. Cost Management and Efficiency - The total sales, administrative, and financing costs for 2024 amounted to RMB 5.187 billion, a reduction of RMB 1.032 billion or 16.6% year-on-year[30]. - The company continues to focus on cost reduction and efficiency improvement, particularly in labor costs and sales management expenses[44]. - The company has enhanced cash flow management, significantly shortening the collection cycle and improving inventory turnover efficiency[43]. Inventory and Debt Management - The inventory balance at the end of 2024 was RMB 4.15 billion, a decrease of 4.9% from the end of 2023[20]. - The company’s net debt ratio as of December 31, 2024, was 10.2%, down 2.0 percentage points from the end of 2023[20]. - As of December 31, 2024, the company's inventory balance was RMB 4,149.9 million, a decrease of 4.9% from RMB 4,363.2 million as of December 31, 2023[67]. Strategic Initiatives and Future Plans - The company plans to develop a battery recycling industry and explore intelligent robotics for future sales and maintenance channels[22]. - The company plans to enhance talent cultivation in new energy, used cars, digitalization, and AI-related fields to support business transformation and sustainable development[25]. - The company is actively exploring new business models, including services like washing and refurbishment, to adapt to market changes and consumer demands[46]. - The company aims to actively participate in the national "low carbon" strategy and is committed to ESG-related corporate social responsibilities[78]. Corporate Governance and Shareholder Relations - The board is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[190]. - The company has mechanisms in place to ensure the board receives independent opinions and input data, maintaining board independence[198]. - The company has confirmed that the ongoing related transactions have been conducted in accordance with the relevant agreements and pricing principles, ensuring fairness and reasonableness[146]. Human Resources and Employee Incentives - As of December 31, 2024, the company has a total of 13,654 employees, and the compensation policy is based on individual performance[152]. - The company adopted a new share option scheme on June 1, 2023, which is valid for ten years, aimed at incentivizing eligible individuals for their contributions to the group's interests[154]. - The stock options granted under the 2013 stock option plan during the year ending December 31, 2024, include a total of 1,886,000 options for other employees, with a weighted average exercise price of HKD 8.220 and a market price of HKD 8.370 on the grant date[159]. Risks and Challenges - The company faces significant risks related to the financial condition and operational performance fluctuations of automobile manufacturers, which may impact dealership agreements and profitability[120]. - Changes in government policies regarding automobile purchases and ownership, as well as fiscal policies, could significantly impact the company's business and profitability[122]. - The company is exposed to various market risks, including currency, interest rate, credit, and liquidity risks, as detailed in the financial statements[123].

Market Performance - In 2024, the sales of newly built commodity housing in China amounted to RMB 9,675.0 billion, representing a year-on-year decrease of 17.1%, with residential sales declining by 17.6%[25]. - The top 100 real estate enterprises in China experienced a double-digit decline in sales compared to the previous year, indicating a sluggish market growth[25]. - The first quarter of 2024 saw a sluggish market due to the impact of the Chinese New Year and underwhelming sales performance in March[25]. - The overall real estate market in 2024 continued to fluctuate at low levels, reflecting ongoing challenges in the sector[25]. - The market-wide expectation of price declines curbed the release of pent-up demand and intensified the wait-and-see sentiment among potential buyers[25]. Government Policies and Market Sentiment - The Chinese government's policies aimed at stabilizing the property market led to a short-term rebound in market sentiment, but the subsequent momentum proved insufficient[25]. - The introduction of new policies on May 17 provided some support to the market, but sales weakened once the policy impact faded[25]. - By the end of the third quarter, the government emphasized the need for the real estate market to "stop falling and recovery," leading to a slight year-end rebound in the fourth quarter[25]. - The introduction of robust stimulus measures at the end of the third quarter helped stabilize the market, leading to a year-end rebound[71][73]. Company Performance - In 2024, Yuzhou Group recorded contracted sales of RMB 7,953.11 million, representing a year-on-year decrease of 55.42%[29]. - The gross floor area (GFA) of contracted sales amounted to 545,787 sq.m., reflecting a year-on-year decrease of 49.84%, with an average contracted sales price of approximately RMB 14,572 per sq.m., down 11.12% year-on-year[29]. - The company achieved strong support for its debt restructuring plan, with over 90% of qualified creditors backing the agreement, surpassing the required 75% threshold[37]. - The total revenue of the Group in 2024 was RMB9,716.26 million, a decrease of 54.76% year-on-year, primarily due to a reduction in recognized property sales revenue[109]. - The loss attributable to owners of the parent for the year was RMB11,966.84 million, with a capital deficiency of RMB11,735.69 million[59]. Financial Strategies and Restructuring - Yuzhou Group has been utilizing debt restructuring, asset disposals, and relief funds to alleviate financial strain, relying primarily on sales proceeds for daily operations[36]. - A consensual and holistic offshore debt restructuring proposal was reached in February 2024, receiving strong support from over 90% of eligible creditors[36]. - The company submitted applications to the Grand Court of the Cayman Islands and the Court of First Instance of the High Court of Hong Kong for creditor meetings related to the restructuring schemes[36]. - The company aims to complete the offshore debt restructuring as soon as possible following the approval of the restructuring schemes[36]. Operational Initiatives - Yuzhou Group successfully delivered approximately 13,000 residential units across more than 14 cities, including Shanghai, Chongqing, and Wuhan, completing nearly 30 project batches in 2024[33]. - The company implemented the "Delivery Product Officer Plan" to enhance customer experience during the delivery process, involving core project members in the inspection[33]. - Yuzhou Group is focusing on asset optimization and enhancing operational capabilities to ensure key performance targets and new product offerings[46]. - The company plans to implement a standardized management strategy through the UYO Distinctive Commercial Management System, leveraging big data analytics to improve operational efficiency[39]. Market Trends and Consumer Behavior - Homebuyers became more rational and restrained in purchasing decisions during the market downturn, influenced by various price-off promotions and lowered listing prices[25]. - The average transaction price in the real estate market declined, reflecting a shift towards lower-priced, compact-sized units favored by buyers[54]. - The proportion of new home transactions continued to shrink, while second-hand home transactions stabilized and gradually recovered[54]. Sustainability and Innovation - The introduction of fourth-generation housing products is expected to enhance living experiences and attract significant consumer attention due to their eco-friendly and energy-efficient features[42]. - The Group's commitment to sustainability aligns with national "dual carbon" goals, promoting eco-friendly development practices[95]. - The "Ucube-Temperature Space" product system has been refined, focusing on "people-oriented" design principles and creating high-quality living spaces[98]. - Advanced architectural designs and environmental protection technologies are applied in multiple green building projects, promoting energy conservation and a high-quality living environment[100]. Financial Health and Risks - The Group's cash flow remains under pressure due to ongoing weak sales, necessitating reliance on sales receipts for daily operational funding[37]. - The total interest-bearing borrowings as of December 31, 2024, amounted to RMB 52.62022 billion, a decrease of 3.53% from RMB 54.54436 billion in 2023, with a weighted average interest rate of 8.07%[151]. - The asset-liability ratio, excluding advance receipts, was 115.10% as of December 31, 2024, an increase of 20.33 percentage points compared to the previous year[151]. - The basic loss per share for the year ended December 31, 2024, was RMB 1.87[145]. Human Resources and Corporate Governance - The Group's total staff decreased to 1,012 as of December 31, 2024, down from 1,211 in 2023[171]. - The Group's human resources initiatives focused on improving organizational efficiency and team vitality under the theme "30th Forge Ahead" in 2024[170]. - The Group's cultural assessment was integrated into talent selection and appointment processes to ensure high integrity and strong work ethic among employees[170].

Financial Performance - The company achieved a revenue of RMB 16.951 billion and an adjusted profit of RMB 650 million during the reporting period, with an investment of RMB 906 million in product and solution R&D[8]. - The company's revenue for 2024 was RMB 16,950,733 thousand, a decrease of 1.0% compared to RMB 17,116,894 thousand in 2023[92]. - Service revenue declined by 1.9% to RMB 16,314,168 thousand from RMB 16,631,560 thousand year-over-year[92]. - Annual profit decreased by 28.3% to RMB 511,145 thousand from RMB 712,667 thousand year-over-year[91]. - Basic earnings per share fell by 22.7% to RMB 20.01 from RMB 25.88 in the previous year[92]. - The adjusted profit for 2024 was RMB 650,240 thousand, an increase of 3.8% from RMB 626,350 thousand in 2023, with an adjusted profit margin of 3.8% compared to 3.7% in 2023[129]. - The company's annual profit attributable to owners was RMB 512,925 thousand in 2024, down 28.1% from RMB 713,394 thousand in 2023, resulting in basic earnings per share of RMB 20.01, a decrease of 22.7%[128]. - The company achieved a compound annual growth rate (CAGR) of 24.6% in total revenue and 30.8% in service revenue since its listing in 2003[102]. Research and Development - The company invested RMB 906 million in product and solution R&D[8]. - R&D expenses for 2024 were RMB 906,274 thousand, a decrease of 16.0% from RMB 1,078,296 thousand in 2023, with a focus on AI and ERP solutions[119]. - The company has developed over 50 general AI algorithms and launched 6 industry-specific smart terminal products, successfully implementing real-time monitoring in various scenarios across cities[16]. - The company has established a technology innovation center to enhance AI service capabilities, integrating AI computing services and engineering[94]. - The company has developed a self-research AI financial analysis tool that automates report generation and provides interactive decision support[22]. AI and Technology Integration - The company launched the Agentic AI platform suite Lumi and Lumi ONE, along with the training and inference integrated platform ARK Foundry, significantly shortening the innovation cycle for AI applications[12]. - The AI data analyst Agent, based on the AI native application engine, enhances data analysis efficiency and supports enterprise management and business decision-making[13]. - The company has established a digital power innovation center in collaboration with Huawei and Beijing Changping Future Science City, integrating DeepSeek models to provide comprehensive AI services[10]. - The model factory has been upgraded to 2.0, offering full lifecycle services from data governance to model training and deployment verification[9]. - The company aims to drive the intelligent upgrade of SMEs by integrating AI Agent service scenarios into their operations[12]. Market Expansion and Partnerships - The company has established a joint venture in Saudi Arabia as a strategic center for the Middle East market, signing a memorandum of cooperation with Huawei to promote regional digital development[21]. - The company is expanding its global market presence, using Hong Kong as a hub to reach Asia-Pacific and Middle Eastern regions[26]. - The company has partnered with state-owned banks and leading city commercial banks for AIGC projects, demonstrating its capabilities in the financial sector[20]. - The company has secured contracts worth HKD 410 million for the Hong Kong Police Central Digital Imaging Platform project, establishing a benchmark for government-controlled IT[21]. - The company has established cloud excellence centers (CCOEs) in key cities to enhance localized service capabilities and support AI cloud transformation for enterprises[71]. Operational Efficiency and Innovations - The company has achieved a 10x efficiency improvement in core services such as project review and acceptance through AI upgrades, utilizing a knowledge base covering over 100,000 project rules and experiences[39]. - The company has launched an intelligent risk control solution for bills, which automates compliance checks and risk detection, showcasing significant potential for cost reduction and risk management in the financial sector[40]. - The company has successfully implemented AI solutions in multiple sectors, including smart power, government, finance, and healthcare, showcasing the extensive application value of Agentic AI[20]. - The company has launched various AI applications in traditional manufacturing, focusing on enhancing production efficiency and market competitiveness[76]. - The company has established a layered defense architecture for AI applications, ensuring security through fine-grained access control and enhanced isolation mechanisms[33]. Corporate Governance and Compliance - The board of directors includes a mix of executive, non-executive, and independent directors, ensuring diverse expertise[140]. - The company emphasizes the importance of board diversity, considering various factors such as gender, age, and professional background in the selection of candidates[150]. - The audit committee reviewed the group's financial reporting procedures and internal control systems, ensuring compliance with applicable accounting standards[161]. - The company has established a clear delegation of authority to the executive directors and management for daily operations and business strategy[145]. - The company is committed to continuously optimizing its risk management system to enhance its risk management capabilities and ensure long-term growth and sustainability[172]. Social Responsibility and Sustainability - The company is committed to fulfilling corporate social responsibility (CSR) by aligning with SA8000 standards and promoting green innovation[181]. - The company is facing challenges in talent acquisition and retention due to intensified market competition for skilled personnel[181]. - The company is enhancing information security management and has achieved ISO27001 certification while introducing ISO27701 for personal privacy protection[182]. - The company aims to maintain its competitive edge by accelerating the transition from traditional IT services to high-value AI solutions[184]. - The company is committed to building a "healthy win-win" ecosystem with partners to enhance supply chain management and cost control[179].

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately HKD 343.71 million, a decrease of about 7.74% compared to the previous year[9]. - The operating loss for 2024 was approximately HKD 13.81 million, while the operating profit for the previous year was approximately HKD 23.60 million[12]. - The loss attributable to equity shareholders for 2024 was approximately HKD 186.70 million, compared to HKD 74.63 million in 2023, including a revaluation loss of investment properties of approximately HKD 112.37 million[9]. - Rental income for the fiscal year was approximately HKD 49.87 million, accounting for about 14.51% of total revenue, compared to 13.37% in the previous year[16]. - The toy and model train business generated revenue of approximately HKD 293.84 million, a decrease of about 8.96% from HKD 322.75 million in the previous year[14]. - As of December 31, 2024, the company's net asset value per share is approximately HKD 2.03, down from HKD 2.22 in 2023[29]. - The company's net current liabilities are approximately HKD 325.12 million, compared to HKD 287.23 million in 2023[29]. - Total bank borrowings amount to approximately HKD 673.71 million, an increase from HKD 659.01 million in 2023[29]. - The debt-to-equity ratio calculated from total bank borrowings is approximately 35.00%, up from 31.16% in 2023[29]. Business Strategy and Outlook - The company plans to diversify its business and seek new sales opportunities to enhance efficiency and cost control measures[13]. - The company remains optimistic about future shareholder returns despite the challenging economic environment[10]. - The company is taking necessary measures to meet the requirements for the revitalization of Kader Building, anticipating stable increases in value and rental income in the future[10]. - The company anticipates challenges in the upcoming year due to unpredictable global economic conditions and geopolitical conflicts, but plans to diversify its business and enhance production efficiency[35]. Governance and Board Structure - The board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[42]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the year[41]. - The board meets at least four times a year, with additional meetings as necessary, ensuring regular oversight and decision-making[53]. - All directors participated in appropriate continuous professional development activities during the reporting year, enhancing their governance capabilities[50]. - The company has established three committees: the remuneration committee, audit committee, and nomination committee, to oversee various aspects of governance[55]. - The chairman and managing director is the same person, promoting strong and unified leadership[43]. - Independent non-executive directors account for more than one-third of the board, providing independent perspectives and judgments[48]. - The board is responsible for formulating the group's strategic policies and overseeing management, including risk management and internal control systems[52]. - All directors confirmed their compliance with the corporate governance code during the reporting year[50]. - The company established a diversity policy for its board members in August 2013, focusing on various criteria including gender, age, cultural background, and professional experience[68]. Audit and Risk Management - The audit committee conducted two meetings during the year to review financial statements and discuss risk management and internal controls[60]. - The audit committee is responsible for overseeing the relationship with external auditors, including their appointment and remuneration[61]. - The company aims to ensure that internal and external audit functions are adequately resourced and coordinated[66]. - The company emphasizes maintaining effective risk management and internal control systems to minimize operational risks[79]. - The internal audit function will review the effectiveness of financial, operational, and compliance controls in 2024[79]. - The company has implemented a robust risk management framework to address environmental, social, and governance (ESG) risks, enhancing resilience and integrating responsible practices into its operations[163]. Employee and Workplace Practices - The company employed 768 full-time employees as of December 31, 2024, a decrease from 817 in 2023[34]. - Employee costs for the year were approximately HKD 150.47 million, down from HKD 163.22 million in 2023[34]. - The company prioritizes employee satisfaction and development, providing training and opportunities for growth to empower its workforce[175]. - The company has established clear anti-discrimination guidelines and measures to handle discrimination and harassment issues within the workplace[176]. - The company has implemented strict policies to prevent child labor and forced labor, ensuring compliance with local laws and international standards[182]. - The company conducts thorough background checks on all potential hires to maintain integrity in the recruitment process[182]. - The company has a performance evaluation system in place to identify training needs and support personal development planning[189]. - A total of 383.50 hours of training were arranged in 2024, down from 435.00 hours in 2023, covering topics such as OHS, ISO requirements, and leadership skills[189]. Corporate Social Responsibility and ESG - The company is committed to sustainable business practices and has established an Environmental, Health, and Safety (EHS) management system[23]. - The company emphasizes its commitment to corporate social responsibility and sustainable development practices to create long-term value for stakeholders[161]. - The company has established an Environmental, Social, and Governance (ESG) committee to manage and monitor ESG issues, meeting at least annually to review performance and risks[162]. - The company has identified 26 key ESG issues through an independent consultant's survey, engaging stakeholders such as the board, employees, and consumers for prioritization[167]. - The company categorizes ESG issues into high, medium, and low importance, focusing on those most critical to its operations and stakeholders[173]. - The company has a structured framework for its quality policy aimed at continuous improvement and cost reduction[158]. Shareholder Communication and Participation - The company encourages shareholder participation in annual general meetings with a minimum of 21 days' notice[86]. - The company has established a shareholder communication policy to ensure timely and equal access to important information[89]. - The company maintains a website to provide shareholders and investors with the latest operational updates and disclosures[92]. Compliance and Legal Matters - The company has no significant contingent liabilities as of December 31, 2024[33]. - The company has not entered into any equity-linked agreements during the year[106]. - The company has not made any arrangements for directors to benefit from purchasing shares or bonds of the company or any other company during the year[139]. - There were no significant transactions, arrangements, or contracts in which the directors of the company had a direct or indirect material interest during the year[143]. - The company maintains strict compliance with labor laws and regulations, ensuring a harassment-free and non-discriminatory workplace[175].

Sales Performance and Market Presence - The company achieved significant sales success in new property projects, winning multiple sales championships from major developers, including projects like 吉㊧ and 明雋[15] - The company was awarded several accolades at the annual developer award ceremony, including "Highest Total Sales Agency" and multiple "Highest Sales Amount" awards for various projects[13] - The company continues to expand its market presence in Hong Kong, China, and Macau through various strategic business units, including property agency and financial services[5] - The residential property market in Hong Kong saw a 22.8% increase in transactions in 2024, contributing to an overall property registration volume increase of 17.1%, the highest in three years[42] - The overall property registration volume in November 2024 saw a substantial increase, reaching a new high since April 2024, indicating a recovery in market activity[45] Financial Performance - The group recorded revenue of approximately HKD 6.084 billion for the year ending December 31, 2024, representing a 49% increase compared to the previous year[40] - The group achieved a profit attributable to equity holders of approximately HKD 320 million, a significant turnaround from a loss of HKD 42 million in the previous year[40] - The group’s operating performance for the year ending December 31, 2024, significantly improved compared to 2023, driven by a rebound in the Hong Kong residential property market and optimized operational efficiency[44] Innovation and Technology - The company emphasizes innovation and technology in its operations, as demonstrated by its recent anniversary event that integrated digital technology elements[8] - The establishment of the "Market and Innovation Technology Center" aims to enhance digital intelligence development and optimize internal systems for business growth[19] - The group won multiple awards for its online platform, including silver awards for "Best Digital Targeted Audience Campaign" and "Best Digital Advertising Strategies" in 2024[21] - The company is focusing on digital transformation and has made significant investments to enhance digital marketing capabilities and internal online sales platforms[56] - The company has launched "KOL-led property viewings" and "AI • VR property tours" to enhance digital services, allowing customers to view properties through introduction videos and virtual reality technology[175] Employee Development and Training - The company is focused on enhancing employee training and professional development through its training center, 美聯大學堂[7] - The group received external recognition for its training efforts, being awarded the "Talent Enterprise" honor for over 10 consecutive years and ranking first among real estate agencies with 135 branches recognized by the regulatory authority in 2024[182] - Employee training programs are tailored to job roles and levels, with specialized training for frontline and support staff[180] - The company developed a digital learning management system to enhance employee training, allowing flexible access to online courses and live training sessions, improving engagement and collaboration[182] Corporate Governance - The company emphasizes integrity, transparency, accountability, and independence in its corporate governance practices[71] - The board consists of seven members, including four executive directors and three independent non-executive directors[77] - The company has maintained compliance with the Hong Kong Stock Exchange's corporate governance code throughout the fiscal year ending December 31, 2024[72] - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and protect shareholder interests[71] - The company has established arrangements for stakeholders to raise concerns regarding financial reporting and internal controls[92] Corporate Social Responsibility - The company is committed to corporate social responsibility and governance, as reflected in its various reports and initiatives[20] - The company has been recognized for its corporate social responsibility efforts, receiving the "Caring Company" logo for 21 consecutive years[132] - The company has actively participated in various charitable activities, including donations and volunteer work, to support vulnerable communities[135] - The company has provided internship and employment opportunities to students, contributing to their market competitiveness[129] - The company has organized numerous free seminars and programs to educate the public on real estate and financial information[127] Environmental Sustainability - The company has been recognized for its commitment to environmental sustainability, receiving multiple awards including the "Hong Kong Green Organization" certification[148] - The company is committed to reducing its carbon footprint and has set energy efficiency targets, expecting to reduce energy consumption by 20% to 30% through the installation of energy-saving equipment[189] - The company actively monitors greenhouse gas emissions and prepares annual reports in accordance with ISO 14064-1:2018 standards, ensuring data accuracy through external audits[189] - The company has implemented a green procurement policy to prioritize environmentally friendly products and services[197] - The company encourages employees to practice the 4Rs principles (Reduce, Reuse, Recycle, Replace) to enhance environmental awareness[193]

Financial Performance - For the three months ended March 31, 2025, the company's unaudited revenue was HKD 16,932,000, a decrease of 12.7% compared to HKD 19,393,000 in the same period last year[5] - The unaudited loss attributable to shareholders for the same period was HKD 4,940,000, which is a reduction of 38.4% from a loss of HKD 8,022,000 in the previous year[11] - The company's equity decreased to HKD 14,154,000 from HKD 19,061,000 over the same period[5] Asset Management - Total assets as of March 31, 2025, were HKD 95,564,000, down from HKD 97,154,000 as of December 31, 2024[5] Production and Sales - The total production of cowhide leather was 226,000 square feet, a significant decrease of 72.6% from 825,000 square feet in the previous year[8] - Cowhide leather sales volume was 760,000 square feet, down 42.5% from 1,322,000 square feet in the previous year[9] - The company did not produce any grey leather during the period, compared to 364 tons produced in the previous year[8] Revenue Streams - External processing business revenue increased by 159.6% to HKD 10,575,000 from HKD 4,074,000 year-on-year[11] Operational Efficiency - The company implemented cost control measures that effectively reduced operating costs, leading to improved operational performance despite a decline in revenue[8] - The company aims to enhance production conditions and product quality through equipment modifications and deepening cooperation with customers[8]

Dividend and Profit Distribution - The company plans to distribute a final dividend of RMB 1.03 per share for the fiscal year 2024, subject to shareholder approval[4] - The company plans to distribute a final cash dividend of RMB 1.03 per share, which, combined with the interim dividend, represents 50% of the net profit attributable to shareholders[71] - The proposed cash dividend for the fiscal year 2024 is RMB 1.03 per share, totaling approximately RMB 16.131 billion, which represents about 50% of the net profit attributable to shareholders for the fiscal year 2024[176] - For the fiscal year 2023, the total cash dividend distributed was approximately RMB 11.867 billion, also around 50% of the net profit attributable to shareholders for that year[177] - The company declared a total annual dividend of RMB 1.55 per share, compared to RMB 0.74 per share in the previous year, marking an increase of 109.46%[83] Financial Performance - The company achieved a revenue of RMB 233.86 billion, a year-on-year increase of 33.29%[70] - EBIT reached RMB 70.15 billion, reflecting a year-on-year growth of 91.27%[70] - Net profit amounted to RMB 55.59 billion, up 95.77% year-on-year[70] - The net profit attributable to shareholders was RMB 49.17 billion, representing a 106.09% increase compared to the previous year[70] - The return on equity (ROE) improved to 22.63%, an increase of 10.83 percentage points year-on-year[70] - Basic earnings per share rose to RMB 3.08, marking an increase of 108.11% year-on-year[70] - The profit attributable to equity holders of the company was RMB 49,172,465 thousand, an increase of RMB 25,312,296 thousand from the previous year[86] - The gross profit margin improved to 28.94%, an increase of 13.21 percentage points compared to the previous year[83] - Operating profit for the year was RMB 59,023,154 thousand, an increase of RMB 34,372,608 thousand, representing a growth of 139.48%[85] - The net cash flow from operating activities was RMB 69,312,919 thousand, a significant increase of 206.91% from RMB 22,583,829 thousand in the previous year[88] Fleet and Operational Expansion - The company signed contracts for the dual-fuel retrofitting of four existing container ships, marking a global first for simultaneous MAN and WARTSILA dual-fuel retrofitting projects[21] - The company signed contracts for the construction of 12 methanol dual-fuel container ships, enhancing its fleet capabilities[65] - The company received 12 new vessels with a total capacity of 230,000 TEU, including several next-generation eco-friendly ships, bringing its self-operated fleet capacity to over 3.3 million TEU[73] - The self-operated container fleet consists of 538 vessels with a capacity of about 3.32 million TEUs, maintaining a leading position in the industry[147] - The company has ordered a total of 43 new vessels, with a combined capacity of nearly 750,000 TEUs[147] Digital and Green Initiatives - The company introduced three new digital supply chain products: "Flexible Distribution," "Sea-Rail Link," and "Global Easy," along with solutions for the automotive export and cross-border e-commerce logistics sectors[25] - The company collaborated with GSBN to launch the Hi-ECO green blockchain shipping product, completing a pilot program for issuing traceable and verifiable green certificates[27] - The company is committed to green and low-carbon development, exploring new energy fuel supply chains, including green methanol, to support its transition[186] - The company is actively developing green digital supply chain products to meet the growing demand for sustainability from customers[135] - The company aims to enhance operational efficiency and customer satisfaction through lean management and technological innovation, focusing on "digital intelligence" and "green low-carbon" initiatives[188] Market and Strategic Outlook - The global container shipping market is expected to see a demand growth of approximately 5%-7% in 2024, driven by improved global production activities and active service trade[134] - The company plans to accelerate globalization and digital transformation while focusing on high-quality development to address uncertainties in the container shipping industry[81] - The company aims to enhance global supply chain resilience through digital innovation and green low-carbon development strategies[140] - The company is focused on building a world-class digital supply chain enterprise centered on container shipping, integrating investment, construction, and operation[183] - The company anticipates that the global trade landscape will shift towards more resilient and diversified supply chain strategies[180] Risk Management - The company faces risks from geopolitical changes and international trade dynamics, which could impact its global operational goals[189][191] - Strategies to mitigate geopolitical risks include enhancing dynamic management and risk assessment mechanisms for key regions and clients[192] - Economic fluctuations pose a risk to trade demand in operational regions, influenced by global supply chain restructuring and inflation[195] Investment and Partnerships - The company strategically invested in Midea Group and Anji Logistics, increasing its stake in the logistics supply chain to 19%, enhancing strategic cooperation across the industry chain[80] - The company is actively pursuing investment opportunities in emerging markets and third-country markets to enhance its comprehensive service capabilities[144] - The company will continue to invest in and acquire resources along the supply chain to enhance its global service capabilities and operational efficiency[187]

Financial Performance - For the year 2024, the Group's revenue increased to approximately HK$660.5 million, representing an increase of approximately 42.9% compared to 2023[19] - Profit attributable to equity holders for the year increased to approximately HK$16.9 million, a significant recovery from a loss of HK$5.0 million in 2023[19] - Revenue from the Apparel Supply Chain Servicing Business was approximately HK$660.5 million in 2024, up from HK$462.3 million in 2023[20] - The increase in revenue for 2024 was primarily driven by increased sales from existing customers[20] - Gross profit rose by 107.1% to approximately HK$81.4 million, with a gross profit margin of 12.3%, up from 8.5% in 2023[37] - Net profit for 2024 was approximately HK$16.9 million, a significant turnaround from a net loss of HK$5.0 million in 2023, driven by increased sales orders and reduced finance costs[41] Operational Efficiency - The Group plans to enhance product innovation and creativity to explore new opportunities with existing and potential customers[22] - Production management will focus on simplifying processes to improve operational efficiency and reduce product delivery time[22] - The Group aims to consolidate fabrication with customers to achieve better material prices through mass procurement, enhancing cost competitiveness[24] - The Group's strategy includes simplifying its organizational structure to reduce costs[24] - The Group plans to continue implementing cost-saving measures to enhance profitability[37] Financial Position - The Group's total assets increased by 8.5% to HK$283.3 million as of December 31, 2024, compared to HK$261.0 million in 2023[29] - Bank borrowings decreased by 67.8% to HK$21.2 million, down from HK$65.9 million in 2023[29] - Net current assets increased by 41.2% to HK$83.0 million, compared to HK$58.8 million in 2023[29] - The current ratio improved to 1.4 in 2024, up from 1.3 in 2023[29] - Trade receivable turnover days decreased to 40 days in 2024, down from 47 days in 2023[29] Expenses and Costs - Sales and marketing expenses reduced to approximately HK$1.2 million in 2024, compared to HK$1.5 million in 2023[38] - Administrative expenses increased to approximately HK$49.0 million (2023: HK$40.3 million), primarily due to employee benefits rising from approximately HK$16.0 million in 2023 to approximately HK$27.2 million in 2024[49] - Other losses amounted to approximately HK$6.1 million in 2024, compared to other gains of HK$0.5 million in 2023, mainly due to losses on the disposal of a subsidiary[50] - Finance income decreased by 24.3% to approximately HK$2.4 million (2023: HK$3.2 million) due to a reduction in interest income from short-term deposits[51] - Finance costs decreased by 44.6% to approximately HK$4.0 million (2023: HK$7.1 million), primarily due to the repayment of bank borrowings[52] Corporate Governance - The company has complied with the Corporate Governance Code provisions during the year 2024, with the exception of the separation of roles between the chairman and the chief executive officer[118] - The Board currently consists of six directors, including two executive directors and four independent non-executive directors[122] - The company has adopted a code of conduct for securities transactions that meets or exceeds the standards set out in the Model Code[119] - The company is committed to ongoing enhancements of corporate governance principles and practices to balance the interests of shareholders, customers, and employees[117] - The Board is responsible for overseeing the Company's affairs, including adopting long-term strategies and supervising senior management[132] Risk Management - The Board is responsible for maintaining effective risk management and internal control systems to safeguard shareholder interests[181] - The Group's risk management process includes identification, assessment, evaluation, and treatment of risks[182] - The Audit Committee conducted an annual review of the effectiveness of the Group's risk management and internal control system for the year ended 31 December 2024, finding it effective and adequate[185] Environmental, Social, and Governance (ESG) - The Company focuses on integrating environmental, social, and governance (ESG) principles into its business strategy, prioritizing sustainable practices in its supply chain services and property development plans[198] - The Company aims to create long-term value for stakeholders while making positive contributions to the environment and society through its ESG initiatives[198] Shareholder Rights - Shareholders holding not less than one tenth of the paid-up capital have the right to requisition an extraordinary general meeting[188] - The notice period for proposals at general meetings varies, requiring at least 14 days for ordinary resolutions and 21 days for special resolutions[192]