Financial Performance - The group's consolidated revenue for the fiscal year 2024 was approximately HKD 1,585,711,000, a decrease of about 31.16% compared to HKD 2,303,576,000 for the fiscal year 2023[11]. - The consolidated gross profit decreased by approximately 20.87% to HKD 1,208,718,000 from HKD 1,527,422,000 in the previous fiscal year[11]. - The consolidated loss for the fiscal year 2024 was approximately HKD 3,467,435,000, an increase of about 293.95% compared to HKD 880,170,000 in the fiscal year 2023[11]. - Total revenue for the fiscal year 2024 was approximately HKD 1,585,711,000, a decrease of about 31.2% compared to HKD 2,303,576,000 in fiscal year 2023[48]. - Property development revenue for fiscal year 2024 was approximately HKD 242,866,000, down from HKD 801,083,000 in fiscal year 2023, primarily due to a decrease in property deliveries[48]. - Revenue from project management services contributed approximately HKD 1,144,676,000 to total revenue in fiscal year 2024, compared to HKD 1,279,681,000 in fiscal year 2023, reflecting a reduction in the number of project management agreements[48]. - Revenue from property investment and hotel operations totaled approximately HKD 198,169,000 in fiscal year 2024, down from HKD 222,812,000 in fiscal year 2023[50]. - Rental income from investment properties decreased from approximately HKD 145,964,000 in fiscal year 2023 to HKD 130,975,000 in fiscal year 2024, mainly due to a reduction in the leased area[50]. - Gross profit decreased from approximately HKD 1,527,422,000 in fiscal year 2023 to HKD 1,208,718,000 in fiscal year 2024, attributed to the decline in revenue[51]. - Fair value loss on investment properties for fiscal year 2024 was approximately HKD 463,602,000, compared to HKD 246,487,000 in fiscal year 2023[52]. - Other income and net gains increased to approximately HKD 417,661,000 in fiscal year 2024, up from HKD 150,197,000 in fiscal year 2023, mainly due to modifications in bank and other loan terms[53]. - Administrative and selling expenses decreased from approximately HKD 413,749,000 in fiscal year 2023 to HKD 265,857,000 in fiscal year 2024, primarily due to reduced employee costs[54]. - Financing costs for fiscal year 2024 were approximately HKD 1,058,043,000, a decrease from HKD 1,123,925,000 in fiscal year 2023, mainly due to an increase in interest capitalization rate[58]. - The group recorded a net loss of approximately HKD 3,467,000,000 for the fiscal year 2024, with current liabilities amounting to approximately HKD 10,812,000,000 as of December 31, 2024[69]. - The net impairment of financial assets rose sharply from approximately HKD 250,423,000 in fiscal year 2023 to about HKD 2,248,461,000 in fiscal year 2024[61]. - The overall employee cost for the fiscal year 2024 was approximately HKD 134,100,000, down from HKD 189,600,000 in the fiscal year 2023, reflecting a reduction in workforce from 793 to 642 employees[80]. Debt and Liquidity - The group's debt-to-asset ratio increased to 81% as of December 31, 2024, compared to 68% in the previous year[16]. - The group's cash and bank balances were approximately HKD 17,000,000, a significant decrease from HKD 301,000,000 in the previous year[16]. - Total bank and other borrowings amounted to approximately HKD 13,944,416,000 as of December 31, 2024, compared to HKD 13,848,797,000 in the previous year[64]. - As of December 31, 2024, the group had outstanding interest-bearing bank and other borrowings due within 12 months totaling approximately HKD 13,746,000,000, including borrowings of approximately HKD 13,728,000,000 that were not repaid by the scheduled repayment date[69]. - The company has plans and measures in place to alleviate liquidity pressure and improve cash flow, ensuring sufficient operating funds for the next twelve months[68]. - The company is actively communicating with lenders to avoid immediate repayment demands and is discussing refinancing existing borrowings[167]. - The company believes it has sufficient operating funds to meet its financial obligations due within 12 months from December 31, 2024, based on cash flow forecasts[169]. - The company will continue to implement plans and measures to alleviate liquidity pressure and improve cash flow in 2025[171]. Strategic Focus and Future Plans - The group plans to focus on enhancing sales efforts in the Guangzhou area, which will remain a key sales region for 2025[17]. - The group aims to strengthen its strategy of "optimizing structure and enhancing quality" to overcome challenges in the real estate market[18]. - The group will continue to explore cooperation opportunities with strategic partners to support future development needs[17]. - The group aims to maintain sufficient land reserves to support its development needs for at least the next three to five years[39]. - The company is committed to actively recovering outstanding sales proceeds and controlling administrative costs[172]. - The company aims to promote the pre-sale and sale of properties under development, which is sensitive to local real estate market conditions and buyer confidence[167]. Corporate Governance - The company has adopted its own corporate governance code in accordance with the principles and provisions of the Corporate Governance Code as stated in the Listing Rules Appendix C1 for the fiscal year 2024[100]. - The company confirmed compliance with the applicable provisions of the Corporate Governance Code for the fiscal year 2024[100]. - The board of directors is responsible for considering, formulating, and approving the group's strategies, financial objectives, annual budgets, and investment proposals[106]. - The board retains decision-making authority over all significant matters, including the approval and monitoring of policies, overall strategies, and major transactions[106]. - The company has established a risk management system to identify and manage key business risks[106]. - The company has implemented a code of conduct and compliance manual applicable to employees and directors[107]. - The company is committed to maintaining high-quality corporate governance standards to ensure operations align with the best interests of shareholders[100]. - The board consists of six executive directors and three independent non-executive directors, with independent directors accounting for one-third of the board[108]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional qualifications during board composition reviews[109]. - The company emphasizes the importance of independent oversight in its operations and strategic decisions[93]. - The independent non-executive directors are actively involved in audit, nomination, and remuneration committees, ensuring robust corporate governance[90]. Risk Management - The group established a risk management framework in fiscal year 2016, focusing on risk identification, assessment, and mitigation[145]. - The group has identified and assessed its top ten risks for fiscal year 2024, comparing changes with fiscal year 2023, and has reported the evaluation results to the audit committee[149]. - The board has conducted a comprehensive review of the effectiveness of the risk management and internal control systems, concluding that they are effective and sufficient[156]. - The internal audit function has been established as an independent third line of defense to assist the audit committee in evaluating the adequacy and effectiveness of the group's risk management and internal control systems[151]. - The group will continue to strengthen its risk management framework through ongoing training, regular risk alerts, and management reports, with at least annual reviews of major risks[149]. Shareholder Communication - The company emphasizes the importance of maintaining effective communication with shareholders, with a review of its shareholder communication policy conducted in the fiscal year 2024[199]. - The company ensures that all resolutions presented at the shareholders' meetings are voted on by poll, with results published on the stock exchange and the company's website[198]. - The company provides a platform for shareholders to exchange views with the board during the annual general meeting, where board members and external auditors are present to address questions[198]. - The company encourages shareholders to submit inquiries and suggestions regarding its business and management for discussion at the annual general meeting[194].

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

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

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

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

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

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

Financial Performance - The Group's revenue decreased by approximately 13.1% to approximately HK$462.1 million from approximately HK$531.5 million for the year ended 31 December 2023[15]. - The Group recorded a net loss from continuing operations of approximately HK$68.4 million for the Year, compared to a profit of HK$17.9 million in the Previous Year, primarily due to a one-off loss on debt capitalisation of approximately HK$80.6 million[16]. - The sales of materials business generated approximately HK$461.8 million in revenue for the year ended December 31, 2024, compared to HK$530.3 million for the previous year, reflecting a decrease of about 12.9%[31]. - The Group recorded revenue from continuing operations of approximately HK$461.8 million, a decrease of 12.9% compared to the previous year (HK$530.5 million) due to intense competition[46]. - Gross profit from continuing operations decreased by HK$5.7 million to approximately HK$34.4 million, with a stable gross profit margin of 7.4% compared to 7.6% in the previous year[47]. - The Group's loss for the year from continuing operations attributable to the owners was approximately HK$76.6 million, compared to a profit of HK$6.4 million in the previous year[65]. Business Strategy and Development - The establishment of Hangzhou Junheng in October 2022 is expected to enhance the Group's sales network and customer base in the construction industry in the PRC[15]. - The management identified significant demand for building materials in Hangzhou, leveraging existing supply networks to explore new business opportunities[17]. - The Group is responsible for sourcing, procurement, quality control, and supplier selection for building materials, while Hangzhou Zhongji introduces customers and new projects[17]. - The Company remains confident in the long-term future of its sales of materials business despite challenges from inflation and price instability in building materials[17]. - The joint establishment of Hangzhou Junheng allows the Group to expand its sales channels and provide more business opportunities[17]. - The Group's strategy focuses on enhancing its sales network and customer base in the construction industry in the PRC[17]. - The management's exploration of other business opportunities is based on the existing supply of building materials[17]. - The significant demand for building materials in Hangzhou has been identified as a key opportunity for future growth[38]. Financial Position and Liabilities - As of December 31, 2023, the Group had net current liabilities of approximately HK$154.1 million and net liabilities of HK$63.9 million, facing challenges in seeking debt or equity financing[53]. - The Group entered into a settlement agreement to capitalize approximately HK$44.9 million of debt, issuing 896,993,536 capitalization shares at an issue price of HK$0.05 per share[54]. - The Debt Capitalisation resulted in a one-off loss of approximately HK$80.6 million during the year[58]. - The cumulative exchange reserve of approximately HK$8.8 million was released to the consolidated statement of profit or loss upon the disposal[61]. - As of December 31, 2024, the Group's total equity attributable to the owners was approximately HK$12.7 million, a significant improvement from a total deficit of HK$79.7 million as of December 31, 2023, primarily due to debt capitalisation during the year[73]. - The Group's current assets and current liabilities as of December 31, 2024, were approximately HK$105.7 million and HK$60.3 million, respectively, compared to HK$210.5 million and HK$364.5 million as of December 31, 2023[73]. - The Group's bank and cash balances increased to approximately HK$37.7 million as of December 31, 2024, up from HK$28.0 million as of December 31, 2023, with 98.0% in Renminbi and 2.0% in Hong Kong Dollar[75]. - The current ratio improved to 1.8 as of December 31, 2024, compared to 0.6 as of December 31, 2023, indicating better liquidity management[75]. - The Group's net cash position as of December 31, 2024, resulted in a gearing ratio that was not applicable, as net debts were negative at HK$28.4 million[72]. - Other borrowings decreased significantly from HK$200.6 million in 2023 to HK$4.3 million in 2024, reflecting a substantial reduction in debt[72]. Corporate Governance - The company complied with all applicable code provisions of the Corporate Governance Code for the year ended December 31, 2024, except for code provision C.2.1[166]. - The Board consists of three executive Directors, one non-executive Director, and three independent non-executive Directors[168]. - The Board meets regularly and at least four times a year, with attendance records provided for each director[173]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all Directors during the year[167]. - The company emphasizes high levels of corporate governance to enhance shareholder value[165]. - The Board's composition reflects a balance of executive and independent non-executive Directors[168]. - The Audit Committee consists of three independent non-executive directors, with Mr. Liu Qin as the chairman, who resigned on April 22, 2025, and was succeeded by Ms. Xie Jiayang[198]. - The Audit Committee met twice during the year to review the consolidated financial statements for the year ended December 31, 2023, and the unaudited condensed consolidated financial information for the six months ended June 30, 2024[199]. - The primary duties of the Audit Committee include reviewing the financial reporting process and the effectiveness of the Group's internal controls and risk management[200]. Legal and Compliance Issues - The Group completed the disposal of its entire equity interests in two wholly-owned subsidiaries, representing the entire properties investment business, in September 2024[22]. - The disposal allows the Group to settle loans, reduce indebtedness, and improve its gearing ratio, addressing audit qualifications and legal encumbrances related to litigation[23]. - The Group's properties investment business has been classified as discontinued operations following the completion of the disposal[37]. - The Group did not engage in any currency hedging for the year, but management will monitor foreign currency exposure as needed[82]. - The Group's obligations under the Extended Loan became overdue on August 17, 2023, due to non-repayment[99]. - The audit qualification was primarily due to the outstanding consideration receivables, which the auditor deemed recoverability was uncertain as of 31 December 2023[116]. - Management believes that the consideration receivables can be recovered through negotiations and potential debt restructuring, although no agreements have been reached yet[117]. - The Group completed the disposal of Yingkou Subsidiaries in September 2024, which is expected to remove the audit qualification regarding consideration receivables for the year ending 31 December 2025[125]. - The Group is no longer a party to the litigation concerning repayment obligations after the disposal of Yingkou Subsidiaries, which alleviates legal encumbrances[132]. Economic and Market Risks - The Group faces significant economic risks due to its reliance on the global economic conditions, particularly in the United States, Mainland China, and Hong Kong[146]. - The Group's existing businesses operate in a competitive environment, which pressures revenue and profitability, prompting management to focus on increasing market share[148]. - The Group is exposed to customer risk due to reliance on a small number of customers, limiting its bargaining power[154]. - Financial risks related to foreign currency, interest rates, equity prices, liquidity, and credit risk are present in the Group's ordinary course of business[155]. - The Group has complied with relevant laws and regulations, with no material breaches reported during the Year[156]. - The Group is committed to environmental sustainability and adheres to local laws regarding environmental protection[158].

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].