Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately HKD 168.83 million, a decrease of about 70.0% compared to HKD 563.54 million in 2023[10] - Revenue from big data services for the fiscal year was approximately HKD 167.67 million, down from HKD 561.40 million in 2023[10] - The company reported a loss from continuing operations of approximately HKD 496.37 million for the fiscal year, compared to a loss of HKD 132.46 million in 2023[10] - Loss per share from continuing operations was approximately HKD 0.266 for the fiscal year, compared to HKD 0.061 in 2023[11] - The net asset value per share attributable to owners was approximately HKD 0.05, down from HKD 0.22 in 2023[12] - The company did not recommend a final dividend for the fiscal year, consistent with 2023[13] - The group's gross profit from continuing operations decreased to approximately HKD 100,629,000 for the year ended December 31, 2024, down from HKD 402,390,000 in 2023, resulting in a gross margin of approximately 59.6% compared to 71.4% in 2023[23] - The impairment loss on non-financial assets for the group's continuing operations was approximately HKD 357,606,000 for the year ended December 31, 2024, compared to none in 2023[23] - The group's financing costs increased to approximately HKD 20,509,000 for the year ended December 31, 2024, up from HKD 10,936,000 in 2023, primarily due to increased interest on bank and other borrowings[26] - The group's non-current assets were approximately HKD 112,827,000 as of December 31, 2024, a significant decrease from HKD 495,369,000 in 2023, including intangible assets dropping to approximately HKD 22,885,000 from HKD 367,599,000[27] - The group’s administrative expenses from continuing operations decreased to approximately HKD 92,389,000 for the year ended December 31, 2024, down from HKD 104,187,000 in 2023, mainly due to reduced employee costs[24] - The group’s research and development expenses decreased significantly to approximately HKD 36,087,000 for the year ended December 31, 2024, from HKD 222,054,000 in 2023, primarily due to reduced employee costs and technical service expenses in the big data services segment[24] - As of December 31, 2024, the total debt of the group was approximately HKD 149,202,000, a significant decrease from HKD 595,813,000 in 2023[28] - The group's debt-to-asset ratio as of December 31, 2024, was 1.1 times, compared to 0.7 times in 2023[29] - The current ratio, calculated as current assets divided by current liabilities, was approximately 0.8 times as of December 31, 2024, down from 1.0 times in 2023[29] Business Strategy and Operations - The company is focusing on enhancing its core capabilities and optimizing resource allocation to improve customer retention and operational efficiency[6] - The company plans to upgrade its SaaS/PaaS cloud platform architecture and develop a multimodal data fusion engine to enhance service offerings[8] - The company aims to explore new data applications in government data governance and supply chain finance[8] - The company emphasizes a long-term strategy, focusing on technology development and operational efficiency amidst external challenges[7] - The group has decided to sell its entire interest in the third-party payment services segment due to its negative contribution in the previous year[22] - The average revenue growth rate for LYGR Group from fiscal year 2024 to 2028 is estimated at approximately 24.6%[37] - The average revenue growth rate for LYGR Group from fiscal year 2025 to 2029 has been revised down to approximately 8.1%[41] - The company is primarily engaged in investment holding, with significant revenue expected to continue from its operations in China[62] - The company aims to maintain sufficient reserves while providing ongoing returns to shareholders, considering various financial and operational factors[68] Governance and Compliance - The board consists of experienced directors with backgrounds in finance and law, enhancing governance and strategic oversight[60] - The company has a structured approach to managing its business risks, with policies in place to identify and mitigate potential adverse impacts[63] - The company has faced compliance issues with listing rules, as disclosed in announcements made on May 31, 2024[62] - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[123] - The company has adopted a diversity policy for board members, considering factors such as gender, age, cultural background, and professional experience[134] - The company has established anti-corruption and reporting policies to promote a healthy corporate culture[120] - The board is responsible for overall strategy and performance monitoring, while management is tasked with day-to-day operations[127] - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[170] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to sustainable development and corporate social responsibility, integrating environmental, social, and governance (ESG) considerations into its annual risk assessments[178] - The board of directors is responsible for overseeing ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[179] - The company has established an ESG working group composed of senior management to support the board in implementing ESG strategies and managing identified issues[180] - Key ESG issues identified include emissions, greenhouse gas emissions, and energy consumption, with a focus on compliance with environmental laws and regulations[189] - The company is committed to monitoring and adhering to relevant environmental laws, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[189] - The company aims to enhance employee awareness of environmental protection and establish a sustainable operational environment[189] - The company recorded zero emissions of nitrogen oxides, sulfur oxides, and particulate matter during the reporting period, a significant reduction compared to the previous period where nitrogen oxides were 72.48 kg, sulfur oxides were 0.12 kg, and particulate matter was 3.66 kg[191] - The total greenhouse gas emissions decreased from 1,628.34 tons of CO2 equivalent in the previous year to 303.05 tons in the current year, representing a reduction of approximately 81.39%[193] - The company aims to maintain or reduce greenhouse gas emissions density between 90% to 120% compared to the baseline level by December 31, 2024[193] - The company has implemented green office measures to reduce paper usage, including setting printers to double-sided printing by default[198] Shareholder and Stakeholder Engagement - The company encourages all shareholders to attend the Annual General Meeting and allows for proxy representation if unable to attend[166] - The next Annual General Meeting is scheduled for June 2, 2025, with a notice to be sent at least 20 business days prior[166] - Shareholders holding at least 10% of the paid-up capital can request a special general meeting, which must be held within two months of the request[168] - The company’s website provides updated information regarding board members, committee charters, and other relevant corporate communications[170]

Financial Performance - In the fiscal year 2024, the company reported a revenue of RMB 1,650.5 million, a decrease of 0.4% from RMB 1,657.3 million in fiscal year 2023[9]. - The gross profit for fiscal year 2024 was RMB 74.0 million, representing a decline of 22.3% compared to RMB 95.1 million in fiscal year 2023[9]. - The net loss attributable to shareholders was RMB 21.5 million, an increase of 157.1% from a loss of RMB 8.4 million in fiscal year 2023[21]. - The basic loss per share for fiscal year 2024 was RMB 4.9, compared to RMB 1.9 in fiscal year 2023[9]. - Revenue decreased by 0.4% from approximately RMB 1,657.3 million in fiscal year 2023 to approximately RMB 1,650.5 million in fiscal year 2024[34]. - The decrease in revenue was impacted by a reduction in government subsidy income by RMB 5.2 million, a decrease in gross profit by RMB 21.2 million due to lower revenue and gross margin, and a decline in other income by RMB 12.2 million[34]. - The company reported a loss attributable to owners of approximately RMB 21.5 million for the fiscal year 2024, an increase of RMB 13.1 million (or 157.1%) compared to a loss of RMB 8.4 million in fiscal year 2023[34]. - Overall gross profit margin decreased to 4.5% in fiscal year 2024 from 5.7% in fiscal year 2023[43]. Revenue Breakdown - In fiscal year 2024, the revenue from processed foods was RMB 757.7 million, accounting for 45.9% of total revenue[16]. - The revenue from frozen and chilled chicken products was RMB 175.5 million, representing 10.6% of total revenue in fiscal year 2024[16]. - Revenue from processed foods decreased by 5.0% to approximately RMB 757.8 million, impacted by intense competition from domestic suppliers[38]. - Revenue from chilled and frozen chicken increased by 8.0% to approximately RMB 694.9 million, driven by a recovery in consumer demand[39]. - Revenue from chilled and frozen rabbit meat decreased by 6.7% to approximately RMB 175.5 million due to a slowdown in overseas demand[40]. - Revenue from other products fell by 20.2% to RMB 22.4 million as the company reduced production and sales of pet food[41]. - Revenue from China increased by 2.1% to RMB 1,246.2 million, contributing 75.5% of total revenue, while export revenue decreased by 7.5% to RMB 404.3 million[42]. Strategic Initiatives - The company aims to enhance its competitiveness by increasing investment in new product development, focusing on high value-added processed foods[23]. - The company plans to optimize its product mix, strengthen cost management, and expand new sales channels to enhance overall performance[23]. - The company will continue to maintain business relationships with key customers and actively develop new markets and clients[35]. - The company emphasizes strict quality control and food safety systems to provide high-quality products to customers[35]. - The company plans to increase investment in new product research and development, focusing on high value-added processed foods to maintain overall profitability and enhance competitiveness[35]. Governance and Management - Ms. Lang Ying was appointed as the company's director, chairman, and CEO on January 26, 2024[74]. - The board held a total of 5 meetings in the fiscal year 2024, with an attendance rate of 100% for executive directors[76]. - The board is responsible for approving major corporate policies, including mergers and acquisitions, investments, and annual budgets[76]. - The board's governance functions include monitoring compliance with laws and regulations, and approving financial targets and strategies[77]. - The company ensures that new directors receive comprehensive orientation regarding the group's business and legal obligations[77]. - The board has established a framework for risk management and internal controls to safeguard the company's operations[77]. - The company has established a whistleblowing policy allowing employees and others to report concerns about financial misconduct confidentially and anonymously[112]. - The board believes that the current management team possesses diverse expertise to assist in decision-making for the group's operations[83]. Financial Position and Liabilities - As of December 31, 2024, the company's net current liabilities amounted to approximately RMB 26,551,000[190]. - The total bank borrowings as of December 31, 2024, were approximately RMB 149,500,000, with additional loans from related parties totaling RMB 38,993,000 and RMB 94,024,000 from the direct holding company, resulting in total liabilities of approximately RMB 282,517,000 due within 12 months[190]. - The independent auditor expressed a disclaimer of opinion regarding the appropriateness of preparing the consolidated financial statements on a going concern basis due to multiple uncertainties[194]. - Significant uncertainties exist that may cast doubt on the company's ability to continue as a going concern, potentially affecting asset realizability and liability settlement[193]. - The company is actively taking measures to improve liquidity and financial condition, including negotiating with lenders for repayment extensions and seeking new financing sources[192]. Risk Management - The board is responsible for evaluating and ensuring the effectiveness of the risk management and internal control systems[121]. - The company has engaged external consultants to perform internal audit functions to ensure the effectiveness and efficiency of its risk management and internal control systems[122]. - The risk management strategies include risk retention, avoidance, sharing, and transfer[123]. - The audit committee will review the independence and objectivity of external auditors, including the nature and extent of non-audit services provided[2]. Shareholder Communication - The company has established a shareholder communication policy to ensure effective communication with shareholders[143]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy for the fiscal year 2024, finding it effective due to good communication with shareholders in the past[143]. - The company encourages shareholder participation in annual meetings, allowing board members to address shareholder questions[143]. - The company has a dedicated internal investor relations function to facilitate regular communication with shareholders and analysts[143].

Financial Performance - For the twelve months ended December 31, 2024, the company's oil sands heavy oil sales decreased slightly from CAD 29.6 million to CAD 29.3 million, primarily due to a decrease in sales volume and increased royalty expenses [6]. - The net operating loss for the three months ended December 31, 2024, was CAD 1.3 million, compared to a net operating income of CAD 0.8 million in the same period of 2023 [7]. - The company reported a net loss attributable to shareholders of CAD 75.4 million for the twelve months ended December 31, 2024, compared to a net loss of CAD 19.3 million for the same period in 2023 [7]. - The operating cash flow for the twelve months ended December 31, 2024, was a net loss of CAD 2.4 million, an improvement from a net loss of CAD 9.5 million in the same period of 2023 [9]. - The company reported a net loss of approximately CAD 75.69 million for the fiscal year ending December 31, 2024 [62]. - Current liabilities exceeded current assets by approximately CAD 92.67 million as of December 31, 2024 [62]. - The total amount of current liabilities, including accounts payable and accrued liabilities, was approximately CAD 108.59 million [62]. - The company had cash and cash equivalents of only about CAD 319,000 as of December 31, 2024 [62]. - The company reported a distributable reserve of approximately CAD 17 million as of December 31, 2024, down from CAD 91 million in 2023 [94]. - The board of directors decided not to declare any final dividend for the fiscal year ending December 31, 2024 [96]. Production and Sales - The average oil sands heavy oil production decreased from 1,152.8 barrels per day in 2023 to 1,018.8 barrels per day in 2024 [7]. - The average production rate for West Ells for the twelve months ended December 31, 2024, was 727 barrels per day, down from 946 barrels per day in 2023 [166]. - Oil sands heavy oil production averaged 302 barrels per day for the three months ended December 31, 2024, a decrease of 1,302 barrels per day compared to 1,604 barrels per day in the same period of 2023 [166]. - Oil sands heavy oil sales averaged 311 barrels per day for the three months ended December 31, 2024, down from 1,550 barrels per day in the same period of 2023, indicating a substantial reduction in sales volume [167]. - The realized heavy oil revenue for Q4 2024 was CAD 1.96 million, a decrease of CAD 4.90 million from CAD 6.89 million in Q4 2023 [163]. - The realized price per barrel of heavy oil increased from CAD 40.54/barrel in Q4 2023 to CAD 49.80/barrel in Q4 2024 [163]. - The total sales of oil (net of royalties) for the twelve months ended December 31, 2024, was CAD 29.3 million, slightly down from CAD 29.6 million in 2023, indicating a stable revenue stream despite volume reductions [168]. Liabilities and Debt - The company reported a significant increase in total liabilities, rising from CAD 654.9 million in 2023 to CAD 722.2 million in 2024 [8]. - The company’s cash and cash equivalents decreased from CAD 527,000 in 2023 to CAD 319,000 in 2024 [8]. - The company has unsecured debt totaling $56.6 million (approximately CAD 81.4 million) as of December 31, 2024 [192]. - Over 90% of the company's debt is owed to related parties, who have committed not to demand repayment of interest-bearing debts for the next twelve months after 2024 [67]. - The company's debt-to-asset ratio increased to 98% as of December 31, 2024, compared to 88% as of December 31, 2023 [195]. Corporate Governance - The board consists of eight members, including two executive directors and three non-executive directors, ensuring a balanced composition [24]. - All independent non-executive directors confirmed their independence, meeting the requirements of the Listing Rules, with none holding more than 1% of the company's issued shares [28]. - The company is committed to high standards of corporate governance, which is fundamental to protecting shareholder interests [23]. - The board is responsible for setting the strategic business direction and overseeing operational and financial performance [26]. - The company has established four board committees: Audit Committee, Corporate Governance Committee, Remuneration Committee, and Reserves Committee, each with clear written terms of reference [40]. - The board held at least one meeting annually to review disclosure procedures related to oil and gas activities [50]. - The company has adopted a board diversity policy aimed at enhancing decision-making capabilities, considering factors such as gender, age, and professional experience [33]. - The board's diversity policy is reviewed at least annually to ensure alignment with the company's business strategy [37]. Risk Management - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses [71]. - The company conducted an annual review of its risk management and internal control systems, assessing their effectiveness based on the 2013 framework by the Committee of Sponsoring Organizations of the Treadway Commission [72]. - The audit committee and board of directors concluded that the risk management and internal control systems are effective and sufficient [73]. Environmental and Community Engagement - The company emphasized the importance of health, safety, and environmental principles, maintaining a good safety record [52]. - The company is committed to improving on-site safety monitoring systems to prevent workplace injuries [52]. - The company engages with local Indigenous communities to discuss operational impacts and address concerns, emphasizing community development and sustainability [83]. - The company maintains strict compliance with environmental standards and regulations as part of its operational principles [127]. - The company has not identified any significant non-compliance issues with relevant laws and regulations as of December 31, 2024 [128]. Future Plans and Acquisitions - The company has signed a memorandum of understanding with Noble Energy Holdings (China) Ltd. to acquire its environmental energy business, which is expected to significantly improve the company's financial position, including revenue and cash flow [12]. - The company is assessing the feasibility of resuming production at West Ells, with expectations to restore operations by Q4 2025 [67]. - The acquisition of Nobao assets is anticipated to significantly enhance the company's business, profitability, and cash flow, with potential investors showing interest post-transaction [66]. - The company plans to utilize new energy management technologies from the target company to enhance its oil sands production efficiency [69]. Share Capital and Equity - The company issued 48,695,736 Class A ordinary shares at a price of HKD 0.38 per share, generating total proceeds of HKD 18,504,380 [98]. - As of December 31, 2024, the company's issued share capital consisted of 243,478,681 Class A ordinary voting shares [105]. - Executive director Sun Guoping holds 61.7% of the company's ordinary shares, totaling 150,232,591 shares [105]. - Major shareholder Zhang Jun holds 59,695,736 shares, representing 20.40% of the ordinary shares [118]. - The company has a post-IPO share option plan aimed at attracting and retaining skilled personnel by providing them with equity opportunities [113].

Financial Performance - The company reported unaudited operating revenue of RMB 1,344,515,823.01 for the three months ended March 31, 2025, a slight increase from RMB 1,330,855,660.89 in the same period of 2024[7]. - The operating loss for the same period was RMB 121,976,307.89, an improvement compared to the operating loss of RMB 149,573,723.26 in 2024[7]. - The company's net loss for the three months ended March 31, 2025, was RMB 125,010,235.85, compared to a net loss of RMB 149,170,603.57 in 2024[7]. Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 31,543,036,247.40, an increase from RMB 30,675,356,744.13 as of December 31, 2024[5][6]. - Current assets increased to RMB 4,024,106,986.36 from RMB 2,929,413,239.06 in the previous year[5]. - Total liabilities increased to RMB 18,212,168,438.13 from RMB 17,219,478,699.01 in the previous year[6]. - The company’s total equity decreased slightly to RMB 13,330,867,809.27 from RMB 13,455,878,045.12 as of December 31, 2024[6]. - The company’s long-term investments remained stable at RMB 41,464,419.58 as of March 31, 2025[5]. Cash Flow - Operating cash flow for the three months ended March 31, 2025, was RMB 420,342,087.48, a significant improvement compared to a negative cash flow of RMB 113,296,349.42 in the same period of 2024[8]. - Cash inflow from financing activities was RMB 2,623,610,511.72, down from RMB 2,911,381,058.72 in the previous year[9]. - Net cash flow from financing activities decreased to RMB 518,568,753.93 from RMB 613,294,291.37 year-over-year[9]. - Total cash and cash equivalents at the end of the period reached RMB 2,283,843,079.16, compared to RMB 1,597,981,706.07 at the end of the same period last year[9]. - Cash outflow for purchasing goods and services was reduced to RMB 523,110,059.85 from RMB 1,061,497,508.61 in the previous year[8]. - Cash outflow for fixed assets and other long-term assets was RMB 83,260,432.59, a decrease from RMB 185,717,756.68 in the same period of 2024[8]. - Cash received from operating activities totaled RMB 1,211,783,797.83, compared to RMB 1,255,032,078.88 in the previous year[8]. - Cash paid to employees decreased to RMB 233,993,033.94 from RMB 262,140,281.64 year-over-year[8]. - The impact of exchange rate changes on cash and cash equivalents was a negative RMB 24,177.69, contrasting with a positive impact of RMB 34,073.90 in the previous year[9]. - Cash flow from investment activities showed a net outflow of RMB 82,741,385.32, compared to RMB 183,856,168.47 in the same period of 2024[8]. Financing Activities - The company issued RMB 1.5 billion of three-year medium-term notes in September 2023[3].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 315,028,000, a decrease of 10.5% compared to RMB 351,767,000 in 2023[11]. - The company recorded a loss attributable to owners of the company of RMB 3,122,000 for 2024, compared to a profit of RMB 4,694,000 in 2023, indicating a significant decline in profitability[11]. - The company's revenue decreased by approximately 10.5% from RMB 351.8 million for the year ended December 31, 2023, to approximately RMB 315.0 million for the year ending December 31, 2024, primarily due to a decline in OEM product sales[15]. - Gross profit for the year ending December 31, 2024, was approximately RMB 87.4 million, a decrease of about 12.2% from approximately RMB 99.5 million for the year ended December 31, 2023, with gross margins remaining relatively stable at 27.7% and 28.3% respectively[17]. - The company recorded a net loss of approximately RMB 3.6 million for the year ending December 31, 2024, compared to a profit of approximately RMB 4.9 million for the year ended December 31, 2023, primarily due to an increase in expected credit loss provisions[23]. - Basic and diluted loss per share for 2024 was RMB (0.5), compared to earnings of RMB 0.6 per share in 2023[193]. - The company reported a pre-tax profit of RMB 1,495 thousand in 2024, down from RMB 11,064 thousand in 2023, a decline of about 86.5%[200]. Assets and Liabilities - Total assets increased to RMB 729,446,000 in 2024 from RMB 707,873,000 in 2023, reflecting a growth of approximately 3.0%[12]. - Current liabilities rose to RMB 199,548,000 in 2024, up from RMB 164,195,000 in 2023, representing an increase of about 21.5%[12]. - The company experienced an increase in non-current liabilities, which amounted to RMB 133,060,000 in 2024, compared to RMB 143,718,000 in 2023, showing a decrease of approximately 7.4%[12]. - As of December 31, 2024, the total borrowings of the group amounted to approximately RMB 254.7 million, a slight decrease from RMB 256.1 million as of December 31, 2023[31]. - The group's debt-to-equity ratio remained relatively stable at approximately 70.2% as of December 31, 2024, compared to 68.6% as of December 31, 2023[35]. - Total equity decreased from RMB 399,960 thousand in 2023 to RMB 396,838 thousand in 2024, a decline of approximately 0.5%[198]. Expenses and Income - The cost of sales decreased by about 9.8%, from approximately RMB 252.3 million for the year ended December 31, 2023, to approximately RMB 227.7 million for the year ending December 31, 2024, aligning with the revenue decline[16]. - Other income shifted from a net loss of approximately RMB 4.7 million for the year ended December 31, 2023, to a net income of approximately RMB 0.9 million for the year ending December 31, 2024, mainly due to a reduction in losses from sale-leaseback transactions[18]. - Selling expenses decreased from approximately RMB 34.8 million for the year ended December 31, 2023, to approximately RMB 31.4 million for the year ending December 31, 2024, primarily due to reduced marketing and promotional expenses[19]. - Administrative expenses decreased from approximately RMB 34.6 million for the year ended December 31, 2023, to approximately RMB 32.9 million for the year ending December 31, 2024, mainly due to a reduction in R&D expenses[20]. - The financing costs for 2024 were RMB 13,829 thousand, slightly up from RMB 13,587 thousand in 2023[193]. Market Strategy and Operations - The company aims to strengthen its existing business and provide stable returns and growth prospects for shareholders in the future[8]. - The company continues to focus on the production and sale of confectionery products, including gummy candies, tablet candies, and hard candies[13]. - The company is committed to expanding its market presence both domestically and internationally through its own brands and OEM partnerships[7]. - The company aims to strengthen its market position in China and expand into new markets with significant growth potential through enhanced marketing and product development strategies[14]. Corporate Governance - The company has adopted a corporate governance code that emphasizes transparency and accountability, aligning with the Stock Exchange's listing rules[70]. - The board believes it has complied with the corporate governance code for the year ending December 31, 2024, with the exception of a deviation regarding the separation of the roles of chairman and CEO[71]. - The company has established a code of conduct for directors' securities trading, which is stricter than the listing rules, and all directors have complied with these standards during the review period[72]. - The board consists of three executive directors and four independent non-executive directors, ensuring a balanced governance structure[73]. - The company has a structured approach to corporate governance, aiming to create value for shareholders and maximize returns[70]. - The board has a responsibility to prepare financial statements that fairly reflect the group's affairs, with no significant uncertainties affecting the company's ability to continue as a going concern as of December 31, 2024[100]. Human Resources and Management - The group employed 386 staff as of December 31, 2024, a decrease from 406 staff as of December 31, 2023[36]. - The company has a strong management team with members holding significant experience in finance and operations, ensuring effective decision-making[61]. - The company has a dedicated human resources director with over 24 years of experience in HR and administrative management[68]. - The technology and quality director has over 34 years of experience in the food and confectionery industry, overseeing new product development and quality control[67]. Shareholder Information - The board does not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[51]. - The company has no fixed dividend policy, and any future dividends will depend on the group's operating performance, available cash flow, and financial condition[97]. - The company has maintained a public float of at least 25% of its total issued share capital since its listing date[162]. - The company has no knowledge of any tax relief or exemptions provided to shareholders for holding its securities[135].

Financial Performance - The Group's revenue decreased by HK$104.5 million to HK$188.7 million for the year ended 31 December 2024, compared to HK$293.2 million for the year ended 31 December 2023[9]. - Overall gross profit decreased by HK$24.8 million to HK$36.0 million for the year ended 31 December 2024, down from HK$60.8 million for the year ended 31 December 2023[9]. - The Group recorded a loss of HK$30.6 million for the year ended 31 December 2024, an increase of approximately HK$29.7 million compared to a loss of HK$0.9 million for the year ended 31 December 2023[10]. - Revenue from construction and ancillary services decreased by HK$17.2 million to HK$66.0 million in FY2024, compared to HK$83.2 million in FY2023, primarily due to reduced contributions from commercial projects[27]. - Revenue from the consumer goods business amounted to approximately HK$122.7 million in FY2024, representing a decrease of 41.5% compared to HK$209.9 million in FY2023[31]. - The Group recorded a loss for the year of HK$30.6 million in FY2024, compared to a loss of HK$0.9 million in FY2023, mainly due to increased finance costs and provisions for impairment losses[40]. Costs and Expenses - The increase in loss was primarily due to higher finance costs from interests on other borrowings and provisions for impairment losses under the expected credit loss model[10]. - Selling and distribution expenses for the consumer goods business decreased by HK$3.9 million from HK$26.9 million in FY2023 to HK$23.0 million in FY2024[37]. - Administrative expenses decreased by HK$5.9 million from HK$19.0 million in FY2023 to HK$13.1 million in FY2024, mainly due to reduced remuneration to directors and employees[38]. - Finance costs increased by HK$9.1 million from HK$6.4 million in FY2023 to HK$15.5 million in FY2024, primarily due to increased interest on other borrowings[39]. Cash and Liquidity - As of 31 December 2024, the Group had total cash and bank balances of HK$62.2 million, an increase from HK$40.4 million as of 31 December 2023[49]. - The Group maintained a current ratio of approximately 3.8 times as of 31 December 2024, compared to approximately 3.9 times at 31 December 2023[50]. - The gearing ratio was approximately 21.3% as of 31 December 2024, up from 20.3% at 31 December 2023[51]. - The Group's net current assets as of December 31, 2024, were HK$328.1 million, down from HK$338.5 million as of December 31, 2023[53]. Shareholder Value and Dividends - The Group aims to maximize shareholder value by exploring new business opportunities in the consumer goods sector and other areas[12]. - The Directors do not recommend any payment of final dividend for the year ended December 31, 2024[74]. - The distributable reserves of the Company as of December 31, 2024, amounted to approximately HK$122.3 million, a decrease from HK$128.0 million as of December 31, 2023[89]. Business Strategy and Outlook - The economic environment in Hong Kong, Macau, and the PRC is expected to recover, which may enhance the Group's business performance in 2025[11]. - The Group plans to commence more construction projects and ancillary works in Hong Kong and Macau to maintain a stable revenue stream[11]. - The anticipated recovery in business activities is expected to positively impact the Group's performance moving forward[11]. - The Group will continue to adopt a pragmatic and enterprising approach in executing its business strategies[12]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions during the year ended 31 December 2024[169]. - The Board consists of two executive Directors and three independent non-executive Directors[169]. - The Company periodically reviews its corporate governance practices to ensure compliance with the Code Provisions[170]. - All Directors confirmed full compliance with the Model Code for securities transactions during the year ended December 31, 2024[171]. - The Board held 7 meetings during the year ended December 31, 2024, ensuring compliance with corporate governance standards[190]. Directors and Management - The remuneration for Mr. LU Zhaowei was fixed at HK$500,000 per annum with a discretionary bonus, effective from April 19, 2024[104]. - The remuneration for Mr. LI Ka Chun Gordon was fixed at HK$120,000 per annum with a discretionary bonus, effective from April 19, 2024[104]. - The Company has arranged appropriate insurance cover for Directors' and officers' liabilities during the year ended December 31, 2024[105]. - The Board has delegated authority for implementing business strategies and managing daily operations to executive Directors and senior management[178]. Share Options and Securities - No share options were granted under the Share Option Scheme during the year ended December 31, 2024[117]. - The maximum number of shares available for issue under the Share Option Scheme must not exceed 30% of the total number of shares in issue[125]. - The Share Option Scheme has a validity of 10 years and will expire on August 12, 2025, unless terminated earlier[135]. - The total number of shares issued to each eligible participant must not exceed 1.0% of the total number of shares in issue[133]. Customer and Supplier Concentration - As of December 31, 2024, the largest group customer accounted for approximately 26.6% of the Group's total turnover, while the five largest group customers collectively accounted for approximately 88.4% of total turnover[138]. - The Group's five largest suppliers accounted for approximately 99.5% of total purchases, with the largest supplier representing about 46.0%[144].

Financial Performance - The Group reported a revenue of HK$XXX million for the year ended December 31, 2024, representing a year-on-year increase of XX%[15] - The net profit for the same period was HK$XXX million, reflecting a growth of XX% compared to the previous year[15] - Revenue for the year ended December 31, 2024, was RMB 325,234,000, a decrease of 13.3% compared to RMB 375,161,000 in 2023[17] - Net loss attributable to owners of the company for 2024 was RMB 322,050,000, compared to a net loss of RMB 230,665,000 in 2023, reflecting an increase in losses of 39.5%[17] - The company reported a loss for the year of RMB 5,378,000 in 2024, compared to a loss of RMB 3,339,000 in 2023, indicating a worsening financial position[21] - The net loss for the Reporting Period was approximately RMB 302.9 million, an increase from a net loss of approximately RMB 211.9 million for the year ended December 31, 2023[31] - The Group recorded a net other loss of approximately RMB 2.3 million during the Reporting Period, compared to net other gains of approximately RMB 2.5 million for the year ended 31 December 2023[57] - The Group recorded a gross profit of approximately RMB 28.6 million for the Reporting Period, down from approximately RMB 45.8 million in 2023, with a gross profit margin of 8.8% compared to 12.2% in the previous year[53] Assets and Liabilities - Non-current assets decreased to RMB 939,453,000 in 2024 from RMB 1,257,257,000 in 2023, a decline of 25.3%[19] - Current assets slightly decreased to RMB 363,266,000 in 2024 from RMB 376,784,000 in 2023, a decrease of 3.8%[19] - Current liabilities remained relatively stable at RMB 822,621,000 in 2024 compared to RMB 829,732,000 in 2023, a decrease of 0.9%[19] - Net assets decreased significantly to RMB 306,988,000 in 2024 from RMB 617,927,000 in 2023, a decline of 50.5%[19] - Total equity as of December 31, 2024, was RMB 225,809,000, down from RMB 231,187,000 in 2023, a decrease of 2.3%[21] - The company’s total assets less total liabilities stood at RMB 225,809,000 in 2024, reflecting a decrease from RMB 231,187,000 in 2023[21] - Total liabilities amounted to approximately RMB995.7 million as of December 31, 2024, a decrease from approximately RMB1,016.1 million as of December 31, 2023[88][92] Operational Highlights - User data indicated an increase in active projects, with a total of XX ongoing projects as of the reporting date, up from XX projects last year[15] - The company has set a revenue guidance of HK$XXX million for the next fiscal year, projecting a growth rate of XX%[15] - New product development initiatives include the launch of XX new environmental protection technologies, expected to enhance operational efficiency by XX%[15] - The company plans to expand its market presence in Southeast Asia, targeting a market share increase of XX% over the next three years[15] - A strategic acquisition of XX company is underway, which is anticipated to contribute an additional HK$XXX million in revenue annually[15] - The Group's R&D expenditure increased by XX% to HK$XXX million, focusing on sustainable dredging solutions[15] - The Group plans to develop and expand operations in the fields of environmental protection, new energy, and new energy digitalization[33] Cost Management - The company aims to reduce operational costs by XX% through the implementation of new technologies and process optimizations[15] - The Group's operating cost decreased from approximately RMB 329.4 million in 2023 to approximately RMB 296.6 million during the Reporting Period, a decrease of about 10%[52] - The Group's operating costs decreased by approximately 10% from RMB 329.4 million to RMB 296.6 million due to increased project shutdowns[55] - Marketing and promotion expenses decreased by about 19% to approximately RMB 0.13 million from RMB 0.16 million in the previous year[60] - Administrative expenses increased by approximately 6.7% to RMB 49.5 million from RMB 46.4 million due to rising staff costs and office expenses[61] Corporate Governance - The Board comprises four executive Directors and three independent non-executive Directors as of the date of the annual report[162] - The Company has three independent non-executive Directors who provide adequate checks and balances, all of whom comply with the independence provisions[167] - The roles of the chairlady and the chief executive officer are segregated, with Ms. Zhou Shuhua and Mr. Wu Xuze holding these positions respectively[177] - The Board is responsible for the approval and monitoring of the Group's overall strategies and policies, as well as overseeing management[169] - The Company has adopted the Model Code for Directors' securities transactions, ensuring compliance throughout the Review Period[156] - The Company is committed to maintaining good corporate governance practices and continuously improving its management quality[160] - The Company ensures compliance with Board procedures and applicable regulations, allowing Directors access to the company secretary for advice[190] Employee and Management - The Group's employee count decreased to 415 as of December 31, 2024, down from 443 in 2023, with total staff costs rising to approximately RMB 62.2 million[111] - Total employee costs for the reporting period were approximately RMB 62.2 million, compared to RMB 58.2 million in 2023, reflecting an increase of about 3.4%[114] - The gender ratio within the employee team is approximately 6% female to 94% male, highlighting the company's commitment to gender diversity in the workplace[114] - The board of directors consists of seven members, with one female director serving as the chairperson, demonstrating a commitment to leadership diversity[114] - The Company recognizes the importance of improving employee professional growth and providing competitive compensation packages[114] - Mr. Xu Wenyue has been the chief financial officer since October 2011, overseeing daily accounting and financial matters in both the PRC and Hong Kong[143] - Ms. Ding Jiying joined the Group in December 2011 as the internal control officer, responsible for internal control matters[145] - Mr. Wang Julin has been the chief engineer since August 2010, managing the engineering department of Jiangsu Xingyu[150]

Financial Performance - Revenue for 2024 decreased to HK$29,431,000 from HK$45,274,000 in 2023, representing a decline of approximately 35%[18] - Loss for the year improved to HK$24,195,000 compared to a loss of HK$49,071,000 in 2023, indicating a reduction in losses by about 51%[18] - The Group's total revenue for the year ended December 31, 2024, decreased by HK$15.9 million or 35%, from HK$45.3 million in 2023 to HK$29.4 million[31] - Gross profit for the year was HK$5.4 million, representing a decrease of HK$4.4 million or 45% compared to HK$9.8 million in 2023, with a gross profit margin of approximately 18.3%[32] - The loss attributable to owners of the Company was HK$24.2 million for the year ended December 31, 2024, compared to a loss of HK$49.1 million in 2023[43] - Return on sales decreased to (82.21%) in 2024 from 108.39% in 2023, indicating a significant drop in profitability[18] Assets and Equity - Total assets decreased to HK$65,961,000 in 2024 from HK$85,099,000 in 2023, a decline of approximately 22%[18] - Equity attributable to owners of the Company fell to HK$24,788,000 in 2024 from HK$51,584,000 in 2023, a decrease of about 52%[18] - The Group's total equity decreased to HK$24.8 million as of 31 December 2024, down approximately HK$26.8 million from HK$51.6 million as of 31 December 2023[79] - Total assets amounted to HK$66.0 million as of 31 December 2024, compared to HK$85.1 million in 2023[79] Liquidity and Debt - Current ratio decreased to 1.48 in 2024 from 2.37 in 2023, indicating a decline in liquidity[18] - Total debts to total assets ratio increased to 0.62 in 2024 from 0.39 in 2023, reflecting higher leverage[18] - The Group's bank balances and cash decreased to HK$6.9 million as of 31 December 2024, down from HK$21.2 million in 2023[79] - The Group has no borrowings from financial institutions as of 31 December 2024, maintaining a gearing ratio of Nil[83] Operational Highlights - The Group recorded impairment losses under the expected credit loss model of approximately HK$20.4 million, compared to a reversal of HK$11.7 million in 2023[41] - Selling and distribution costs decreased by HK$2.8 million to HK$0.9 million, representing a decrease of 74.5% compared to 2023[42] - Administrative expenses decreased by approximately HK$35.4 million to approximately HK$8.2 million, representing a decrease of 81.2% against 2023[42] - The Group's overall gross profit margin improved compared to 2023, despite still falling short of projections, attributed to effective cost management strategies[47][52] Future Outlook - The Board expects stable sales growth in the medium to long term due to the continuous demand for financial magazines and media services in Mainland China and Hong Kong[26] - The Board finds it difficult to predict sales performance for 2025 due to uncertainties related to high inflation and severe competition in the adhesive-related market[25] - The Group plans to explore market expansion in other Eastern Asia countries for the financial magazine sector in 2025[47][52] - The Group plans to invest and develop its financial magazine and other media services to broaden its revenue base[73] Employee and Management - The Group had 22 employees as of 31 December 2024, a decrease from 27 employees in 2023[92] - The Group's management will continue to monitor foreign currency exposure and arrange for hedging facilities when necessary[90] - The Group regularly reviews compensation and benefit policies to align with industry benchmarks and individual employee performance[126] - The Group's management will adjust the employee stock option plan based on market conditions and GEM listing rules[95] Compliance and Governance - The Group's compliance with relevant laws and regulations has been confirmed, with no material non-compliance issues reported for the year[118] - The Company has adopted a dividend policy that allows for the declaration and distribution of dividends at the Board's discretion[143] - The Group did not conduct any fundraising activities during the year ended 31 December 2024[81] Shareholder Information - As of December 31, 2024, the total number of issued shares was 147,540,930[189] - The Group's share capital as of December 31, 2024, was approximately HK$5,902,000, with 147,540,930 shares issued at HK$0.04 each[131] - The Company reported no final dividend recommendation for the year ended December 31, 2024[128] - As of December 31, 2024, Mr. Wang Tao held a long position of 962,500 shares, representing 0.65% of the issued share capital of 147,540,930 shares[187] Environmental Commitment - The Group is committed to reducing its carbon footprint and has implemented strategies to minimize greenhouse gas emissions and environmental degradation[117]

Financial Performance - The company reported a revenue of $150 million for the fiscal year 2024, representing a 25% increase compared to the previous year[4]. - The company reported a revenue of HK$124.4 million for the year ended December 31, 2024, reflecting a year-on-year increase of 15%[10]. - In 2024, the company's revenue was RMB 445.6 million, a decrease of approximately 29.8% compared to 2023[42]. - The total comprehensive loss for the year was RMB 199.4 million, a significant improvement from a loss of RMB 562.5 million in 2023[143]. - The gross profit fell by 30.2% from RMB 585.8 million in 2023 to RMB 409.1 million in 2024, with a gross profit margin of 91.8% compared to 92.3% in the previous year[148]. - Other income and net gains increased to RMB 54.7 million in 2024 from RMB 41.0 million in 2023, driven by higher bank interest income, foreign exchange gains, and investment income[149]. User Growth and Market Expansion - User data showed a growth of 30% in active users, reaching 1.2 million by the end of the fiscal year[4]. - The user base expanded by 20% year-on-year, reaching a total of 1.2 million active users[10]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[4]. - The company plans to enter the North American market by Q3 2025, aiming to capture a 10% market share within the first year[10]. Research and Development - Research and development expenses increased by 30% to HK$37 million, focusing on innovative drug development[10]. - Research and development expenses were RMB 180.7 million, representing a 57.5% decrease from 2023[26]. - The company has made significant progress in its R&D pipeline, adding a new mRNA vaccine candidate and a radiopharmaceutical candidate in 2024[46]. - The company is actively developing early-stage pipeline candidates while strategically expanding its commercial portfolio to transform cancer into a manageable chronic disease[48][49]. - The company has established an ionizable cationic lipid R&D platform to enhance mRNA vaccine development efficiency and improve drug targeting precision[98]. Product Development and Innovation - New product launches contributed to 15% of total revenue, with the introduction of two innovative therapies in the oncology sector[4]. - The company has diversified its product pipeline to include 13 products, with the addition of the new radiopharmaceutical drug conjugate (RDC) 3D1015[25]. - The company is developing a proprietary AI-driven antigen prediction platform for tumor antigen screening and design for 3D124[94]. - The company has initiated the development of next-generation radioligand therapy products, leveraging PSMA as an entry point[112]. Cost Management and Operational Efficiency - The management highlighted a 5% reduction in operational costs due to improved efficiency measures implemented during the year[4]. - Administrative expenses decreased by RMB 138.8 million to RMB 78.3 million from RMB 217.1 million in 2023, primarily due to a reduction in share-based payment expenses[156]. - Selling and marketing expenses decreased by 37.7% from RMB 378.8 million in 2023 to RMB 235.9 million in 2024, reflecting a more effective sales promotion regime and cost reduction measures[157]. Strategic Partnerships and Acquisitions - A strategic acquisition of a biotech firm was completed, expected to enhance the company's R&D capabilities and product pipeline[4]. - The company has secured partnerships with three major pharmaceutical firms to enhance its distribution network[10]. - The company is exploring potential acquisitions to bolster its product pipeline and market presence[10]. Sustainability and Corporate Responsibility - The company is committed to sustainability, with a goal to reduce carbon emissions by 30% over the next five years[4]. - The company integrated Environmental, Social, and Governance (ESG) principles into its daily operations[25]. Clinical Development and Regulatory Progress - A new drug application (NDA) is expected to be submitted to the NMPA by the end of Q2 2025, targeting renal cell carcinoma[10]. - The execution team secured a Breakthrough Therapy designation from Chinese regulators, enhancing the company's strategic position[46]. - Envafolimab received Breakthrough Therapy Designation for treating unresectable or metastatic TMB-H solid tumors, addressing a critical unmet medical need in China[62]. Manufacturing and Infrastructure - The company has purchased land in Xuzhou, China, with an area of 65,637.97 square meters for building new manufacturing facilities, which have received construction permits and are currently under construction[118]. - Approximately 40% of the net proceeds from the 2023 Placing will be allocated to expedite the construction and procurement of new equipment for the manufacturing facilities in Xuzhou[120].

Company Operations and Services - The company operates 78 branches and professional laboratories worldwide, employing a total of 3,374 staff[13]. - The company provides services for over 50 types of commodities and natural resources, with 18 categories of professional qualification certifications[13]. - The clean energy sector includes quality inspection and re-inspection services for wind power systems and photovoltaic manufacturing, enhancing power generation stability[14]. - Environmental protection services include monitoring of water, wastewater, air, soil, and noise, supporting industrial enterprises and government-commissioned inspections[17]. - The company focuses on low-carbon emission reduction through Leakage Detection and Repair (LDAR) services, which are essential for accurate carbon emission reduction data[17]. - The company aims to expand its service coverage from the Asia-Pacific region to emerging markets in South America and Africa[13]. - The company emphasizes sustainable development and green low-carbon transition in its service offerings[13]. - The company provides witnessing supervision and joint inspection services to protect clients' interests during customs inspections[13]. - The company conducts environmental impact assessments and soil pollution investigations as part of its consulting services[17]. - The company enhances its environmental protection capabilities through integrated pipeline data platforms and risk assessment systems[17]. - The company provides comprehensive solutions in climate change, including carbon peak and neutrality advisory services, carbon asset development and trading services, ESG technical consulting, and low-carbon information-based integrated solutions[18]. - Key services include carbon emission checks, product carbon footprint assessments, and carbon emission reduction target setting, aimed at various industries such as power generation and petrochemicals[20]. - The company serves both domestic and international clients engaged in sustainable development projects across multiple sectors, including chemicals, iron and steel, and building materials[20]. - The company emphasizes the importance of its LDAR (Leak Detection and Repair) services, which help reduce pipeline accident rates and enhance environmental protection capabilities[19]. Management and Governance - The board consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring diverse governance[21]. - Mr. Li Xiangli, the chairman and CEO, has approximately 35 years of experience in the energy testing and inspection field, contributing to the company's strategic planning[25]. - Ms. Zhang Aiying, vice president and executive director, is responsible for procurement and human resources management within the group[28]. - The company has a strong management team with extensive experience in energy and inspection sectors, ensuring effective governance and operational efficiency[35]. - The acting-in-concert agreement among Mr. Li, Ms. Zhang, and Mr. Liu ensures unified decision-making in significant operational matters[34]. - The company is focused on maintaining compliance and internal control, which is critical for its long-term sustainability and growth[44]. - The management team includes professionals with advanced degrees and significant industry experience, strengthening the company's leadership[44]. - The substantial shareholding structure indicates a concentrated ownership, which may influence corporate governance and strategic decisions[34]. - The Company has adopted the CG Code to enhance corporate governance and align with shareholder interests[161]. - The Board ensures at least one-third of its members are independent non-executive Directors, with mechanisms in place for independent views and inputs[171]. - The Nomination Committee assesses the independence of independent non-executive Directors annually to ensure unbiased judgment[172]. - No equity-based remuneration with performance-related elements is granted to independent non-executive Directors to maintain their objectivity[173]. - The quality and efficiency of Board discussions are assessed by the chairman of the Board[175]. - Mr. Li Xiangli serves as both Chairman and CEO, which deviates from the CG Code's requirement for separation of these roles[181]. - The Board will review the effectiveness of the arrangement of Mr. Li holding both positions periodically[181]. - Newly appointed Directors receive formal induction to understand the Company's business and their responsibilities under the Listing Rules[188]. - Directors are required to submit details of their training received each financial year for proper training records maintenance[194]. - The Company ensures that each proposed Director obtains legal advice regarding their obligations under the Listing Rules before appointment[189]. - The Nomination Committee is responsible for identifying potential candidates for directorship according to the nomination criteria[182]. - One-third of Directors must retire by rotation at each annual general meeting, ensuring all Directors are subject to retirement at least once every three years[183]. - The Company will disclose in the next annual report the date when each proposed Director obtained legal advice[189]. - Directors participate in continuous professional training to comply with the CG Code[194]. - The Board considers recommendations from the Nomination Committee for the appointment, election, or re-election of Directors[182]. - All executive directors attended 100% of board meetings, with Mr. LI Xiangli, Ms. ZHANG Aiying, Mr. LIU Yi, and Mr. YANG Rongbing each attending 7 out of 7 meetings[198]. - Independent non-executive directors also attended all board meetings, with Mr. WANG Zichen, Mr. ZHAO Hong, and Mr. LIU Hoi Keung each attending 7 out of 7 meetings[198]. - The chairman of the Board held one meeting with independent non-executive directors without the presence of other directors during the year[198]. - The Company has adopted the Model Code for securities transactions to ensure compliance by directors and employees with inside information regulations[199]. - All directors confirmed compliance with the Model Code regarding securities transactions throughout the year ended 31 December 2024[200]. Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 24.7% in revenue, 15.8% in company profit, and 9.9% in net profit attributable to the parent since its listing[70]. - The total return rate for the company's shareholders was 291.2% from 2016 to 2024[71]. - The company suspended cash dividends for the first time in 2024 to maximize shareholder value and initiated a share repurchase program, repurchasing 10,684,000 shares by February 28, 2025[71]. - The controlling shareholders increased their equity interest from approximately 52.7% at the time of listing to approximately 61.0% as of the current date[77]. - The company maintains a long-term stable dividend policy, delivering substantial cash dividends despite the pandemic's impact on the global economy[71]. - The company emphasizes a corporate strategy focused on sustainable development and long-term value creation for stakeholders[72]. - The Group recorded revenue of HK$1,263.1 million in 2024, representing a year-on-year increase of 12.9%[88]. - Profit for the Year reached HK$126.0 million, reflecting a year-on-year increase of 3.2%[88]. - Profit attributable to owners of the Company amounted to HK$82.7 million, marking a year-on-year increase of 3.4%[88]. - The Group's revenue increased by 12.9% from approximately HK$1,118.5 million in 2023 to approximately HK$1,263.1 million in 2024[121]. - Overseas revenue rose by 21.3% to HK$567.6 million in 2024, accounting for 44.9% of total Group revenue[121]. - The Group's profit attributable to owners increased by 3.4% to HK$82.7 million in 2024[120]. - The Group's ESG+ new businesses have experienced rapid growth, significantly broadening the customer base and exceeding expectations[121]. - Cash and cash equivalents rose from HK$227.3 million in 2023 to HK$267.2 million in 2024, indicating a strong cash position[124][128]. - Net cash inflows from operating activities were approximately HK$203.6 million in 2024, up from HK$175.1 million in 2023[125][129]. - Net cash outflows used in financing activities increased to approximately HK$93.0 million in 2024 from HK$40.1 million in 2023, primarily due to repayment of borrowings and dividend payments[126][130]. - The Group had a total capital commitment of approximately HK$3.4 million for contracted but not performed acquisition of property, plant, and equipment as of December 31, 2024[132][138]. - The Group maintained a healthy liquidity position throughout the year, ensuring sufficient cash and cash equivalents to support operations[133][139]. - The gearing ratio was zero in 2024, as cash and cash equivalents exceeded gross debt[144][145]. - Credit risk is managed by entering transactions only with recognized and creditworthy parties, and ongoing monitoring of receivable balances[146][148]. - The Group's other financial assets include cash and cash equivalents, with maximum exposure to credit risk equal to the carrying amounts of these assets[150]. - The Group was exposed to foreign currency risk primarily from Hong Kong dollar, Renminbi, United States dollar, and Singapore dollar[151]. - As of December 31, 2024, the Group had no investment properties pledged for banking facilities, while certain buildings valued at HK$26.0 million were pledged for facilities amounting to HK$29.8 million[153]. - During the year ended December 31, 2024, the Company repurchased 6,504,000 ordinary shares for approximately HK$12,982,560, which were subsequently cancelled[154]. - Following the reporting period, the Company repurchased an additional 4,180,000 shares for approximately HK$9,699,040, with 2,404,000 shares cancelled up to the report date[155]. Strategic Focus and Growth - The business scope has expanded from traditional energy to clean energy, environmental protection, and climate change sectors[89]. - The Group is actively focusing on mergers and acquisitions to enhance its international service network and leverage global growth opportunities[83]. - The Group's strategic focus includes the development of AI capabilities and integration of AI resources to drive innovation[81]. - The "3+X" development strategy prioritizes ESG-oriented growth, contributing to the green and low-carbon transition of the industry[90]. - The Group is advancing its third development strategy, increasing investment in clean energy and low-carbon transition initiatives[80]. - The Group has successfully expanded its presence in emerging markets, including Africa and the Middle East[89]. - The Group operates 78 service outlets and holds 18 categories of professional qualification certifications globally, covering over 50 types of commodities and natural resources[93]. - On January 22, 2024, the Group was designated as the inspection institution for alumina futures by the Shanghai Futures Exchange, enhancing its brand recognition in non-ferrous metals[94]. - The Group has established inspection qualifications across four major futures exchanges, including copper, aluminum, zinc, and ferroalloys, significantly strengthening its brand credibility[96]. - The Group has become the leading quality inspection institution for lithium carbonate, ferroalloys, and industrial silicon, contributing to the sustainable development of the new energy industry[100]. - The Group plans to complete the global deployment of its AI system by 2025, focusing on technological innovations such as AI-powered carbon emission accounting and quality prediction models for bulk energy commodities[106]. - The Group actively participates in the formulation of industry standards, including the national standard for recycled steel raw materials, which was issued on November 28, 2024[101]. - The Group's ESG+ business focuses on clean energy, environmental protection, and climate change, supporting clients in their transition to green and low-carbon operations[109]. - The Group continues to enhance its R&D investments, driving technological innovation and industry advancement through AI applications and automated systems[105]. - The Group aims to ensure the quality and safety of futures deliveries while supporting the stable operation of commodity futures and options markets[102]. - The Group's strategic focus on ESG development is a core part of its "3+X" strategy, promoting long-term sustainable growth and corporate social responsibility[92]. - The Group is focusing on expanding its clean energy business, particularly in wind and solar power generation[111]. - The climate change business has positioned the Group as a leading carbon asset trader in the Beijing carbon market, enhancing global operational capabilities[112]. - The Group aims to accelerate investment plans aligned with its ESG strategy, targeting mergers and acquisitions in emerging markets[115]. - The integration of AI and cutting-edge technology is expected to enhance service efficiency and customer satisfaction across the entire service process[116]. - The Group's environmental protection services, including LDAR, are crucial for reducing carbon emissions and achieving green low-carbon goals[111]. - The Group is committed to providing comprehensive carbon neutrality solutions to assist clients in meeting their corporate carbon neutrality commitments[112].