Market Growth Projections - The global luxury car market is projected to grow from $582.19 billion in 2023 to $623.9 billion in 2024, representing a year-on-year increase of 7.2%[9]. - The global high-performance car market is expected to grow from $19.16 billion in 2023 to $25.6 billion in 2024, with a year-on-year growth rate of 33.6%[7]. - In China, the luxury car market is estimated to reach $161.55 billion in 2024, with a compound annual growth rate (CAGR) of 2.0% until 2031[10]. - The global new energy vehicle market is valued at approximately $1,328.08 billion in 2024, with a projected CAGR of 32.5% from 2025 to 2030[12]. - In 2024, sales of new energy vehicles in China exceeded 11 million units, accounting for nearly two-thirds of global registrations, reflecting a year-on-year increase of over 40%[12]. - The Japanese new energy vehicle market is projected to grow from approximately USD 43.32 billion in 2024 to about USD 94.51 billion by 2029, driven by government incentives and increasing environmental awareness[19]. - The global top-tier supercar market is projected to reach $84.76 billion by 2029, with a compound annual growth rate (CAGR) of 26.0% from 2025 to 2029[28]. Company Strategy and Innovation - The company is focusing on innovation in lightweight composite materials and hybrid power systems to enhance vehicle performance and safety[7]. - The company is committed to sustainable transportation solutions, aligning with global trends towards electrification and stricter emission regulations[12]. - The company plans to invest in R&D to ensure the Apollo supercar series incorporates cutting-edge technology and unparalleled performance, funded by proceeds from various subscription agreements and the sale of Divergen[15]. - The company aims to redefine luxury and performance standards in the luxury electric vehicle market, which is expected to grow significantly post-2025[30]. - The investment in Divergent Technologies Inc. is expected to create synergies with the company's mobility business, leveraging patented 3D printing technology for vehicle structures[43]. - The company aims to utilize its proprietary electric vehicle technology to establish strong synergies with EV Power, enhancing the overall value chain in mobility[42]. Financial Performance - Revenue for the year ended December 31, 2024, increased by approximately 21.8% to about HKD 340,200,000, compared to approximately HKD 279,200,000 for the previous year[34]. - The company's gross profit for the year was approximately HKD 15,700,000, with a gross margin of about 4.6%, down from 22.6% in the previous year[35]. - The company reported a net loss attributable to shareholders of approximately HKD 1,538,300,000 for the year, compared to a loss of HKD 860,500,000 in the previous year, indicating a significant increase in losses[39]. - The impairment of goodwill was recognized at approximately HKD 646,100,000, up from HKD 410,200,000 in the previous year, primarily due to increased competition in the mobility industry and global economic uncertainties[37]. - The company confirmed an impairment loss of approximately HKD 201,300,000 for other receivables, which included HKD 165,300,000 for bills receivable and HKD 35,900,000 for consideration receivable[38]. - The total current assets and current liabilities as of December 31, 2024, are approximately HKD 1,549,800,000 and HKD 854,700,000, respectively, compared to HKD 719,300,000 and HKD 524,800,000 as of December 31, 2023[53]. - The group’s cash and cash equivalents amounted to approximately HKD 464,800,000 as of December 31, 2024, a significant increase from HKD 64,300,000 as of December 31, 2023[53]. - The group’s asset-liability ratio as of December 31, 2024, is approximately 0.8%, down from 1.1% as of December 31, 2023[56]. - The group has no write-offs of receivables as of December 31, 2024, indicating effective credit risk management[50]. Share Issuance and Capital Structure - The company completed a share placement on January 24, 2024, issuing 96,130,985 shares at HKD 0.51 each, enhancing its capital structure[21]. - A subsequent share placement on May 13, 2024, involved the issuance of 445,652,177 shares at HKD 0.46 each, further optimizing the company's equity structure[23]. - The company issued HKD 300,000,000 of 5% convertible bonds, with net proceeds of approximately HKD 299,200,000 intended for R&D of supercars and electric vehicles[25]. - The company sold 4,931,588 shares of Divergent Technologies Inc., representing approximately 12.87% of its total issued shares, for a total consideration of $101,533,292.15 (approximately HKD 793,000,000)[24]. - The net proceeds from the sale are expected to be approximately HKD 790,000,000, with around HKD 711,000,000 allocated for R&D of high-performance supercars and electric vehicles[24]. Corporate Governance and Management - The company has complied with the corporate governance code as per the listing rules during the year[128]. - The board of directors includes a mix of executive and independent non-executive directors, ensuring independence and accountability[153]. - The company has established a corporate governance committee to review policies and ensure compliance with legal and regulatory requirements since November 24, 2017[158]. - The audit committee consists of independent non-executive directors, with Li Qiao En appointed as the chairperson effective June 13, 2024[162]. - The company has appointed Mr. Xu Jinying as the executive director and chairman of the board since September 20, 2023[138]. - The company has maintained sufficient public float as per listing rules prior to the report's publication[127]. - The board is committed to maintaining high levels of business integrity and corporate governance practices to enhance shareholder value[150]. Employee and Talent Management - The company aims to attract and retain top talent through the Share Option Scheme, which was designed to incentivize employees and promote business success[103]. - The total employee cost for the year was approximately HKD 48,800,000, down from HKD 66,600,000 in the previous year[65]. - The total employee gender ratio is approximately 2.2:1 (male to female), with efforts to improve female representation in senior positions[173]. - The company aims to provide training and support to enhance the competitiveness of female employees in the traditionally male-dominated automotive industry[173]. Risk Management and Compliance - The company identified various financial and operational risks, particularly related to its operations primarily located in China[77][78]. - The audit committee has reviewed the effectiveness of the company's risk management and internal control systems, confirming their adequacy for the fiscal year ending December 31, 2024[184]. - The company has no internal audit department but considers hiring external professionals for internal audit functions to meet its needs cost-effectively[183]. - The company continues to monitor foreign exchange risks, primarily from sales and purchases in HKD, RMB, EUR, and JPY, without significant operational difficulties anticipated[60].

Financial Performance - The company recorded revenue of approximately RMB 6.0277 billion for the fiscal year ending December 31, 2024, representing a year-on-year increase of approximately 19.2%[8] - Shareholders' profit for the year was approximately RMB 25.7 million, a decrease of about 91.0% due to a one-time non-cash goodwill impairment in the hazardous waste segment[8] - The total revenue increased from approximately RMB 5.0576 billion for the year ended December 31, 2023, to approximately RMB 6.0277 billion for the year ended December 31, 2024, representing a growth of about 19.2%[39] - The group reported a decrease in gross margin from 20.2% for the year ended December 31, 2023, to 19.1% for the year ended December 31, 2024, primarily due to a decline in the gross margin of hazardous waste treatment business[39] - The gross profit margin for urban environmental governance services decreased by 1.1% to 20.9% in 2024, compared to 22.0% in 2023[22] - The gross margin for hazardous waste treatment services dropped significantly from 17.2% in 2023 to 5.0% in 2024, attributed to increased competition and reduced demand[47] - Other income and net gains have decreased to RMB 52.9 million from RMB 97 million last year, primarily due to reductions in interest income and government subsidies[57] - Administrative expenses have increased to RMB 593.5 million from RMB 523.7 million last year, mainly due to ongoing business expansion in urban services[58] - Income tax expenses have increased from RMB 86 million last year to RMB 108.9 million this year, mainly due to the continued expansion of urban services[62] Urban Services and Projects - The company secured 64 urban service projects through public bidding and acquisitions, with a total contract value and estimated annual revenue of approximately RMB 7.8475 billion and RMB 1.4969 billion, respectively[8] - The group has signed management contracts for 231 urban service projects across 25 provinces and municipalities[21] - The group operates 231 urban service projects under various models, including 99 integrated cleaning projects and 118 traditional environmental sanitation projects[30] - The group successfully won a total of 35 urban service projects through public bidding, with a total contract value of approximately RMB 6.4218 billion and an estimated annual revenue of approximately RMB 987.4 million[28] - The group recorded a total of 231 urban service projects as of December 31, 2024, compared to 186 projects in 2023[41] Strategic Initiatives and Innovations - The company has implemented strategies to enhance service quality and management capabilities, focusing on high-quality expansion of urban service projects[11] - The company is actively exploring technological applications and service innovations to strengthen its core competitiveness in a rapidly changing market environment[11] - The company is advancing digital transformation initiatives, including the development of standardized management systems and data collection platforms to improve operational efficiency[13] - The group aims to expand its urban management capabilities and enhance service efficiency through the development of an independent smart city management platform[30] - The company plans to invest 100 million in research and development over the next three years to drive innovation[168] Financial Management and Cash Flow - The company is focusing on strengthening cash flow management and enhancing customer trust and satisfaction in response to industry cash flow pressures[18] - The company aims for "high-quality development" by focusing on profitability, investment returns, and risk control, with a strategic emphasis on "efficiency enhancement, innovation-driven, and value cultivation" by 2025[80] - The net debt ratio increased to 44.4% as of December 31, 2024, compared to 38.5% last year, primarily due to increased net debt from business expansion[76] - The company has pledged a performance guarantee of RMB 132,062,000 as of December 31, 2024, to ensure compliance with contractual obligations[84] Sustainability and Corporate Governance - The company is committed to sustainable development and aims to systematically reduce its operational carbon footprint while enhancing cash flow management[81] - The company has established a dynamic risk monitoring mechanism to support sustainable development goals[81] - The Sustainability Committee held two meetings in the fiscal year ending December 31, 2024, focusing on ESG management and climate change risks[130] - The group conducted ESG risk assessments this year to actively manage environmental and social risks[132] - The company is committed to promoting green procurement and sustainable supply chain management[17] Shareholder Relations and Dividends - The company proposed a cash dividend of HKD 0.013 per share, totaling HKD 0.025 per share for the year, to reward shareholders for their long-term support[8] - The board proposed a final dividend of 1.3 HK cents per share for the year ending December 31, 2024, down from 1.5 HK cents in 2023, pending shareholder approval[92] - The company’s dividend policy aims to ensure sufficient reserves for future development while allowing shareholders to share in profits[153] - The board considers various factors when declaring dividends, including financial performance, retained earnings, and capital expenditure needs[154] Board and Management Structure - The board consists of eight experienced directors, ensuring a balanced mix of skills and backgrounds to guide the group's business development[111] - The company has adopted a board diversity policy to ensure a balanced skill set and diverse perspectives among directors[111] - The board is responsible for ongoing supervision of risk management and internal control systems, ensuring they are effective and adequate to protect shareholder interests[132] - The audit committee, consisting of three independent non-executive directors, has held three meetings to review the financial statements for the year ending December 31, 2024, and discussed accounting principles and internal controls[121] Market Outlook and Future Plans - The urban services industry is projected to grow at a compound annual growth rate of no less than 13% over the next five years, with the market size exceeding RMB 320 billion in 2024[8] - The company has set a future outlook with a revenue target of 1.5 billion for the next fiscal year, indicating an expected growth of 25%[161] - Market expansion plans include entering two new international markets by the end of 2024, aiming to increase market share by 10%[163] - The company is exploring potential acquisitions to enhance its service offerings, with a budget allocation of 200 million for strategic investments[164]

Financial Performance - Revenue for 2024 reached RMB 345.615 million, a 36.4% increase from RMB 253.228 million in 2023[12] - Gross profit for 2024 was RMB 182.849 million, up 51.5% from RMB 120.665 million in 2023[12] - The net loss for 2024 decreased to RMB 63.118 million from RMB 125.016 million in 2023, indicating improved profitability[12] - The company's operating revenue for the year ending December 31, 2024, was RMB 345.62 million, a 36.5% increase from RMB 253.23 million for the year ending December 31, 2023, primarily driven by the launch and commercialization of the new generation continuous glucose monitoring system AiDEX X[43] - The continuous glucose monitoring system generated RMB 180.43 million in revenue, accounting for 52% of total revenue, compared to RMB 75.71 million and 30% in the previous year[44] - The gross profit for the year ending December 31, 2024, was RMB 182.85 million, a 51.5% increase from RMB 120.67 million in the previous year, with the gross margin improving from 47.7% to 52.9%[46] - The company's operating costs increased by 22.8% to RMB 162.77 million, up from RMB 132.56 million, mainly due to increased labor and material costs driven by higher sales volumes[45] - Research and development expenses rose by 9.2% to RMB 76.56 million, up from RMB 70.10 million, reflecting ongoing product development and clinical trials[48] Market Expansion and Product Development - Cumulative users of the continuous glucose monitoring system exceeded 600,000, driving a 138% year-on-year increase in sales revenue[8] - The company has expanded its product coverage to 108 countries and regions, enhancing its international market presence[8] - The number of hospitals cooperating with the diabetes digital management platform surpassed 2,200, increasing the scale of healthcare personnel served from over 7,000 to over 10,000[8] - The company plans to accelerate the development and clinical registration of new products, including the CGM and PanCares artificial pancreas system, in 2025[9] - The company aims to expand its market share and brand reputation for core products, with a projected annual growth rate of over 20% for continuous glucose monitoring systems in China[64] - The company has successfully entered markets in 108 countries, including Europe, the Middle East, Africa, Asia, and Latin America, with positive feedback on its Equil brand products from local doctors and patients[66] - The company plans to enhance its product portfolio by advancing the development and clinical registration of new products, including the second-generation patch insulin pump system and the new AiDEX X continuous glucose monitoring system[68] - The company is focused on upgrading diabetes management through an innovative model combining devices, algorithms, and cloud platforms, aiming to improve monitoring and management efficiency[69] Research and Development - R&D investment for the reporting period was RMB 76.56 million, an increase from RMB 70.10 million in 2023, primarily for personnel expenses and ongoing product development[34] - The company aims to integrate advanced analytics and AI algorithms into its cloud-based artificial pancreas solution for personalized glucose management[22] - The company’s product pipeline includes five major categories, focusing on diabetes monitoring, treatment, and management technologies[16] - The new generation AiDEX X continuous glucose monitoring system has entered rapid commercialization after receiving approvals from national and EU authorities[32] Corporate Governance and Management - The company has a strong focus on strategic planning, international business development, and capital market activities led by Dr. Shi Yonghui, the Chief Strategic Development Officer[78] - The financial management is overseen by Ms. Liu Xiu, who has over 18 years of experience in finance and investment[80] - The leadership team includes experienced professionals with backgrounds in biomedical engineering and strategic consulting, contributing to the company's growth strategy[85] - The company is committed to maintaining high standards of corporate governance and transparency in its operations[85] - The board of directors includes independent members who provide oversight and strategic guidance on corporate governance and audit matters[85] - The company has established specific terms of reference for its four board committees, ensuring clear definitions of their powers and responsibilities[124] - The board has maintained a balanced diversity among its members, considering various factors such as skills, experience, and gender[135] Risk Management and Compliance - The board acknowledges its responsibility for risk management and internal control systems, which aim to manage significant risks rather than eliminate them[147] - The company has adopted a series of risk management policies to continuously identify, assess, and monitor key risks related to its strategic objectives[150] - The company has established a risk management and internal control system, which is reviewed annually, and is deemed effective and sufficient for the year ending December 31, 2024[154] - The company has implemented various internal control measures across its business operations, including employee training on compliance with policies related to intellectual property protection and environmental safety[152] - The company has a strict anti-corruption policy for sales and marketing activities, requiring distributors to provide written commitments to adhere to the company's standards[152] Sustainability and Social Responsibility - The company is committed to sustainability, with plans to reduce operational carbon emissions by 25% over the next three years[104] - The company is committed to integrating social responsibility into its business development strategies and human resource management[183] - The company has established an ESG supervisory committee to oversee and implement ESG strategies, consisting of the CFO, securities officer, legal officer, and administrative executive[185] - The company identified 23 material issues based on industry trends, national regulations, and international standards to enhance sustainable development performance[189] - The company engages with stakeholders to understand their concerns and expectations, ensuring transparency and accountability in operations[186][188] Shareholder Engagement - The company communicates with shareholders through various channels, ensuring their rights are protected during significant matters presented at the annual general meeting[162] - The company has established a website for public access to the latest information regarding its operations and financial data[171] - The company emphasizes the importance of effective communication with shareholders to enhance understanding of its business performance and strategies[171] - The company has a policy for shareholders to propose extraordinary general meetings if the board does not respond within a specified timeframe[166]

Financial Performance - The company's revenue for 2024 was $81.1 million, a decrease of 22.8% compared to $105.1 million in 2023[9]. - Gross profit for 2024 was $7.3 million, down from $15.5 million in 2023, reflecting a significant decline in profitability[9]. - The company reported a loss before tax of $3.5 million in 2024, compared to a profit of $1.9 million in 2023[9]. - Total assets decreased to $103.4 million in 2024 from $106.1 million in 2023, indicating a reduction in the company's asset base[9]. - The total liabilities increased to $58.4 million in 2024 from $55.0 million in 2023, resulting in a higher debt level[9]. - The company's net asset value was $45.0 million in 2024, down from $51.1 million in 2023, showing a decline in shareholder equity[9]. - The group experienced a net loss of $3.8 million for the year ended December 31, 2024, a decrease of $5.5 million from a net profit of $1.7 million in the previous year[15]. - The company recorded a net loss of $3.8 million for the year ending December 31, 2024, compared to a net profit of $1.7 million for the year ending December 31, 2023, resulting in a decrease of $5.5 million. The net profit margin decreased from 1.6% to a net loss margin of 4.7%[25]. - The group's gross profit was approximately $7.3 million with a gross margin of 9.0%, down from $15.5 million and 14.7% respectively in the previous year, reflecting decreased sales volume and underutilized production capacity[18]. - Operating loss for the year ended December 31, 2024, was $2.8 million, compared to an operating profit of $1.9 million in the previous year[22]. Sales and Market Performance - The overall motorcycle sales in Vietnam reached approximately 51.7 thousand units in 2024, an increase of 30.8% compared to the previous year[12]. - The company exported approximately 27.6 thousand units of scooters and national motorcycles to ASEAN and non-ASEAN markets, a decrease of 41.0% from the previous year[12]. - Revenue for the year ended December 31, 2024, was $81.1 million, a decrease of $24.0 million or 22.8% compared to $105.1 million for the year ended December 31, 2023, primarily due to a significant drop in sales in Thailand[16]. - Domestic sales in Vietnam contributed approximately 50.3% of total revenue, up from 34.4% in the previous year, with domestic revenue increasing by 13.0% to $40.8 million[16]. - Export sales revenue decreased by 41.6% to $40.3 million, down from $69.0 million in the previous year, largely due to reduced sales in Thailand[16]. Corporate Governance - The company maintains a high standard of corporate governance, adhering to the corporate governance code as per the Hong Kong Stock Exchange[49]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, with defined scopes of authority[61]. - The board is responsible for setting the group's goals, strategies, policies, and business plans, as well as monitoring operational and financial performance through annual budgets[54]. - The company emphasizes a corporate culture of "quality first and customer satisfaction," aiming for sustainable development and value creation for stakeholders[48]. - The board believes that the risk management and internal control systems are effective and sufficient as of December 31, 2024[81]. Employee and Workforce Management - The company employed 1,014 employees as of December 31, 2024, with total salary and related costs approximately $10.5 million, down from $12.0 million in the previous year[35]. - As of December 31, 2024, the total number of shares issued by the company is 797,489,604, with key shareholders holding significant stakes, including SY International Ltd. with 67.07%[141]. - The group has a total of 1,014 employees, with 793 male and 221 female employees, indicating a gender ratio of approximately 78% male to 22% female[188]. - The majority of employees (751) are full-time junior staff, while there are 150 full-time middle management and 113 full-time senior management[188]. - Employee training statistics for 2024 show that 12.74% of female employees and 87.26% of male employees participated in training programs, with an average training duration of 6 hours per employee[200]. Sustainability and Environmental Initiatives - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 25% by 2026[107]. - The company is committed to promoting environmental sustainability and high standards of corporate governance[156]. - The company has established an ESG governance framework to enhance its ESG management efforts[164]. - The company aims to expand the reporting scope of environmental KPIs to better reflect its ESG performance in the future[161]. - The company conducts annual environmental assessments, including noise and air quality tests, to ensure employee health and safety[198]. Risk Management - The company faces significant risks in the Vietnamese motorcycle industry due to market changes and increased competition[144]. - The company emphasizes the importance of risk management practices to mitigate operational and financial risks[144]. - The group has established procedures to identify, assess, and manage significant risks, with management responsible for risk identification[83]. Shareholder Communication - The board emphasizes the importance of maintaining clear and timely communication with shareholders to build investor confidence and attract new investors[93]. - The company has adopted a formal shareholder communication policy to ensure accurate and timely information is available through annual reports, interim reports, and announcements[93]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within two months of submitting a written request[96]. Future Outlook and Strategic Initiatives - The company plans to launch two to three new or revamped motorcycle models in the Vietnamese market, including scooters and national vehicles, to enhance product diversification and profitability[38]. - The company is focusing on market expansion, particularly in Southeast Asia, aiming for a 30% market share by 2025[105]. - New product development includes the launch of an electric scooter line, expected to contribute $50 million in revenue in the first year[104]. - The management team has set a performance guidance of 20% EBITDA margin for the upcoming fiscal year[110].

Financial Performance - Revenue for the year ended December 31, 2024, was HK$24,030,000, a decrease of 31.75% compared to HK$35,207,000 in 2023[9] - The loss for the year increased to HK$33,108,000 in 2024 from HK$22,829,000 in 2023, representing a 45.06% increase in losses[19] - Basic loss per share for 2024 was HK$2.89, a 47.74% increase from HK$1.99 in 2023[19] - The decrease in turnover is mainly attributed to the decline in business volume of star-rated hotel operations during the year[40] - For the year ended 31 December 2024, the hotel operation turnover was approximately HK$20.06 million, representing a decrease of approximately 35.95% from HK$31.32 million in 2023[45] - Accommodation revenue was approximately HK$10.10 million, a decrease of approximately 39% compared to the previous year[49] - Catering revenue generated approximately HK$7.97 million, representing a decrease of approximately 37% over the corresponding year[50] Asset and Liability Management - Total assets as of December 31, 2024, were HK$354,231,000, a decrease from HK$390,200,000 in 2023[11] - Total liabilities decreased to HK$8,988,000 in 2024 from HK$11,281,000 in 2023[11] - Net assets as of December 31, 2024, were HK$345,243,000, down from HK$378,919,000 in 2023[11] - The net asset value of the Group was approximately HK$345.42 million as of December 31, 2024, compared to HK$378.92 million in 2023[75] - The Group had a net cash balance of approximately HK$31.57 million as of December 31, 2024, down from HK$39.47 million in 2023[75] - The gearing ratio of the Group was 2.60% as of 31 December 2024, a slight decrease from 2.98% in 2023, indicating a low debt ratio and ample liquidity[41] Operational Efficiency and Strategy - The Group is actively studying revitalization and optimization plans for stock assets, including Hong Kong properties, to improve asset management efficiency[30] - The Group aims to strengthen the integration of hotel resources, cultural tourism, and green environmental protection industries to enhance core competitiveness[30] - Future prospects include tapping into the potential of basic consumption and promoting new types of consumption such as community commerce and green consumption[29] - The Group will focus on cost control to minimize cash outflows while enhancing internal management and training[41] - The hotel management is actively expanding diversified operations and enhancing its dining business model, including online sales cooperation with banquet platforms[53] Investment and Market Position - The fair value of the equity interest in Fujian Huamin Leasing was HK$104.57 million as of 31 December 2024, representing approximately 29.52% of the total assets of the Company[63] - The interest in finance leasing contributed approximately HK$9.50 million profit in fair value for the year, compared to a loss of approximately HK$9.44 million in 2023[68] - The significant investment in Fujian Huamin Leasing was valued at approximately HK$104.57 million as of December 31, 2024, representing about 29.52% of the total assets of the Company[97] - The investment cost in Fujian Huamin Leasing is approximately HKD 76.42 million, and it generated a profit of about HKD 9.5 million through fair value changes during the year[99] - The financial leasing industry in China is projected to grow to approximately RMB 12 trillion in 2025, driven by economic recovery and government policy support[100][104] Corporate Governance and Management - The company has a strong management team with diverse backgrounds in finance, legal, and operational roles, enhancing its strategic capabilities[139] - The company is focused on expanding its operational management across various sectors, leveraging the experience of its directors[138] - The board includes members with extensive experience in risk management, accounting, and financial management, ensuring robust oversight[134] - The leadership team includes individuals with advanced degrees from prestigious institutions, enhancing the company's strategic direction[148] - The company is committed to maintaining compliance with legal obligations as confirmed by Mr. Su on March 6, 2025[129] Employee and Operational Details - The company had approximately 112 employees as of December 31, 2024, with remuneration packages based on performance and market rates[103] - The Group's five largest customers accounted for approximately 36.40% of total sales for the year, down from 44.45% in 2023, with the largest customer contributing about 14.35%[179] - Purchases from the Group's five largest suppliers represented approximately 62.49% of total purchases, slightly up from 61.40% in 2023, with the largest supplier accounting for about 29.41%[180] Dividend and Reserves - The company does not recommend the payment of dividends for the year ended December 31, 2024[110] - There were no reserves available for distribution to shareholders as of December 31, 2024[109] - There were no distributable reserves available for shareholders as of December 31, 2024, consistent with 2023[183] Compliance and Regulatory Matters - The company has confirmed compliance with legal obligations as per Rule 3.09D of the Listing Rules[142] - There were no continuing connected transactions required to be disclosed under the Listing Rules during the year[194] - No continuous related party transactions were disclosed during the year as per the Listing Rules[199] - The company reported no serious accidents or claims related to occupational health and safety during the reporting period[200]

Economic Outlook - In 2024, the global economy is expected to show moderate recovery, with the US labor market remaining resilient and consumer demand stable, while inflation may decline slower than anticipated [9]. - The GDP of mainland China grew by 5.0% year-on-year in 2024, supported by strong external demand and inventory replenishment, with exports increasing by 5.9% [6]. - The company anticipates that the economic growth rate in 2025 will remain around 5%, despite short-term pressures on growth [9]. Market Performance - The Hang Seng Index rose by 17.67% in 2024, with the average daily trading volume on the main board reaching HKD 131.8 billion, a 26% increase compared to 2023 [7]. - In 2024, the number of new IPOs in Hong Kong decreased slightly to 67, while total fundraising increased to approximately HKD 87.7 billion, a year-on-year growth of about 102% [7]. - The A-share market saw a decline in new listings, with only 100 new stocks launched in 2024, a decrease of 68.05% year-on-year, raising a total of RMB 67.35 billion, down 81.11% [6]. Financial Performance - In 2024, the group's revenue decreased by 91% year-on-year to HKD 56 million, down from HKD 618 million in 2023 [14]. - The group recorded a loss attributable to shareholders of HKD 161 million in 2024, an improvement from a loss of HKD 192 million in 2023 [14]. - Commission and fee income increased by 3% to HKD 232 million in 2024, compared to HKD 225 million in 2023 [15]. - Interest income decreased by 12% to HKD 239 million in 2024, down from HKD 272 million in 2023 [15]. Business Segments - The wealth management business revenue decreased by approximately 12% year-on-year, with commission and fee income growing by 7% to HKD 70 million in Q4 2024 [19]. - The group achieved a significant turnaround in investment business, reporting a profit of HKD 10,000 in 2024 compared to a loss of HKD 71,000 in 2023 [18]. - Corporate finance business commission and fee income rose by 28% to HKD 90 million in 2024, up from HKD 70 million in 2023 [21]. Strategic Initiatives - The company plans to focus on expanding domestic demand and boosting consumption growth, alongside increasing infrastructure investment to stabilize economic recovery [9]. - The company will continue to optimize its trade layout in response to complex international trade environments and external pressures [9]. - The group aims to enhance its financial service capabilities and optimize its asset-liability structure while accelerating digital transformation [12]. Environmental, Social, and Governance (ESG) Efforts - The company aims to reduce direct greenhouse gas emissions from company vehicles to 12.48 tons, a 15% decrease from the end of 2019 [58]. - Direct greenhouse gas emissions from company vehicles in 2024 were reported at 2.99 tons of CO2, a reduction of approximately 38.85% compared to the previous year [56]. - The total greenhouse gas emissions (Scope 1 and 2) for 2024 were 464.57 tons, down 8.25% from 506.21 tons in 2023 [60]. - The company has identified 18 key ESG issues for 2024, including "Customer Information Security" and "Employee Welfare," which are deemed critical for stakeholders [54]. Employee and Training Metrics - The total number of full-time employees decreased to 256 in 2024 from 283 in 2023, with total employee costs amounting to approximately HKD 233 million, down from HKD 249 million in 2023 [45]. - A total of 196 employees received training in 2024, a decrease of 19% from 242 in 2023 [79]. - The percentage of employees receiving training in 2024 was 12.5%, a slight decrease from 14% in 2023 [79]. Corporate Governance - The company has maintained high levels of corporate governance, adhering to all applicable code provisions under the Hong Kong Stock Exchange Listing Rules for the year ending December 31, 2024 [110]. - The board consists of eight directors, including three executive directors and five non-executive directors, ensuring a balanced composition for independent judgment [116]. - The company emphasizes effective risk and compliance management as part of its core values to create sustainable long-term value for shareholders [111]. Risk Management - The company has implemented a "three lines of defense" model for effective risk management and internal control systems [162]. - The risk management department operates independently from business units to ensure effective monitoring and compliance with policies and procedures [164]. - The company has established a credit risk management framework to monitor customer accounts and ensure compliance with credit policies [175]. Shareholder Engagement - The company has adopted a shareholder communication policy to maintain ongoing dialogue with shareholders, which is regularly reviewed for effectiveness [199]. - Shareholders can propose resolutions at the annual general meeting if they represent at least 2.5% of the voting rights or at least 50 shareholders [198]. - The company has provisions for shareholders to request special general meetings if they hold at least 5% of the voting rights [194].

Financial Performance - In 2024, the company reported a gross profit of RMB 254,989,000, a decrease from RMB 185,066,000 in 2023 and RMB 208,234,000 in 2022[9]. - The company recorded a revenue of approximately RMB 2,079,022,000 in 2024, a decrease of about 19.78% or approximately RMB 512,751,000 compared to 2023[23]. - The company's gross profit for 2024 was approximately RMB 567,158,000, a decrease of about 13.46% or approximately RMB 88,232,000 compared to 2023, with an overall gross margin increase from 25.29% to approximately 27.28%[27]. - Administrative and other operating expenses increased by approximately 34.78% or about RMB 94,159,000, totaling approximately RMB 364,903,000 in 2024[31]. - The company reported a profit attributable to owners of approximately RMB 185,066,000 in 2024, down from RMB 254,989,000 in 2023, with basic and diluted earnings per share of approximately RMB 9.04 and RMB 8.96 respectively[33]. - The company reported a significant goodwill allocation of RMB 52,444,000 related to its offshore oil and gas equipment manufacturing business[165]. - The company’s total equity as of December 31, 2024, was RMB 2,175,401 thousand, an increase from RMB 2,011,739 thousand in 2023, representing a growth of approximately 8.1%[188]. Dividends and Share Capital - The board of directors did not recommend a final dividend for the year ending December 31, 2024[11]. - The company does not have a preset dividend payout ratio, and the board will consider various factors, including financial performance and cash flow, when recommending dividends[67]. - The company's authorized share capital is HKD 40,000,000, comprising 4,000,000,000 ordinary shares[71]. - As of December 31, 2024, the company's share capital consists of 2,131,598,389 ordinary shares, an increase from 1,981,598,389 ordinary shares in 2023[72]. Market and Strategic Developments - The company faced challenges due to geopolitical conflicts and was listed on the OFAC's Specially Designated Nationals list, impacting client relationships and potential orders[15]. - In the second half of 2024, the company established a detailed design department to enhance its module business capabilities and drive strategic transformation[17]. - The company plans to construct a new terminal in Zhuhai to meet the capacity demands for future large projects and wind power construction projects[20]. - The company has established a dedicated market business team to strategically deploy business opportunities in various regional markets, focusing on offshore wind power equipment manufacturing as a key development direction[23]. - The company anticipates significant market opportunities in the offshore wind power sector in the coming years, driven by technological innovation and policy support[19]. Operational Efficiency and Safety - The company emphasized cost reduction and efficiency improvements, promoting domestic material substitution and optimizing operational processes[18]. - The company achieved a zero incident rate for work-related injuries over the past ten years, accumulating 133 million safe working hours[18]. - The company maintained a strong focus on safety management, integrating safety with production management, and achieved high customer satisfaction[18]. Financial Position and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of approximately RMB 785,161,000, an increase from RMB 752,805,000 in 2023[34]. - The company has approximately RMB 200,000,000 in available bank credit as of December 31, 2024, compared to RMB 104,290,000 in 2023[34]. - The company's capital debt ratio decreased to 4.87% in 2024 from 16.56% in 2023, primarily due to a reduction in bank loans and lease liabilities, along with an increase in total equity[43]. - Current liabilities decreased to RMB 858,794 thousand in 2024 from RMB 1,781,239 thousand in 2023, indicating improved liquidity[184]. - Non-current liabilities decreased significantly to RMB 92,921 thousand in 2024 from RMB 292,021 thousand in 2023[186]. Employee and Corporate Governance - The total number of employees as of December 31, 2024, was 2,181, down from 2,281 in 2023, indicating a reduction of approximately 4.39%[44]. - The company emphasizes the importance of employee welfare, offering reasonable compensation and benefits, and has established various training programs to enhance employee skills[56]. - The company has established a Diversity Policy for the Board, focusing on various criteria including gender, age, and professional experience to ensure a balanced composition[153]. - The company has adopted the Corporate Governance Code to enhance transparency and protect shareholder rights[131]. - The board confirmed that all independent non-executive directors are independent according to Listing Rule 3.13[134]. Environmental and Social Responsibility - The company has implemented a consistent environmental policy and waste management regulations to control its operational environmental impact[60]. - The company has achieved OHSAS18001:2007 certification for its occupational health and safety management system, ensuring a safe working environment[61]. - The board of directors is responsible for overseeing the company's policies and performance related to environmental, social, and governance issues[60]. Audit and Compliance - The auditor, Deloitte (Hong Kong) Limited, was reappointed at the last annual general meeting[128]. - The Audit Committee held three meetings during the reporting year to review financial data, discuss risk management, and evaluate the effectiveness of internal controls[148]. - The company has established a comprehensive internal management system to manage risks and ensure compliance, with financial departments monitoring financial risks[143]. Share Options and Rewards - The company adopted a share reward plan on March 18, 2024, which will be effective for ten years and will not involve the issuance of new shares[97]. - A total of 66,000,000 shares were granted as rewards on May 21, 2024, representing 3.10% of the company's total issued shares as of December 31, 2024[101]. - The 2024 Share Option Scheme aims to reward and retain participants, aligning their interests with those of shareholders[83].

Financial Performance - The company's profit attributable to shareholders for the year ended December 31, 2024, was approximately RMB 126,157,000, representing a growth of about 197% compared to RMB 42,483,000 for the year ended December 31, 2023[9]. - The profit attributable to the owners of the company for the year ended December 31, 2024, was approximately RMB 126,157,000, an increase of about 197% compared to RMB 42,483,000 in 2023[19]. - Revenue from intimate apparel products was RMB 2,554,880,000, accounting for 84.9% of total revenue, while revenue from logistics and industrial projects was RMB 455,250,000, accounting for 15.1%[20]. - The company's revenue for the year ending December 31, 2024, is projected to be RMB 3,010.13 million, an increase from RMB 2,757.08 million for the year ending December 31, 2023[170]. - The gross profit margin for the group remained stable at approximately 45.7%, with the gross profit margin for intimate apparel products at about 47.3%[22]. E-commerce and Market Expansion - The e-commerce gross merchandise value (GMV) exceeded RMB 1.5 billion for the year ended December 31, 2024, marking a growth of over 100% compared to the previous year[14]. - The company successfully expanded its e-commerce business, achieving a total gross merchandise value (GMV) of approximately RMB 1.1 billion from related e-commerce platforms[26]. - The company successfully expanded its offline store network, achieving net growth in store numbers despite a challenging market environment[12]. - The "Pure Cotton Home" brand achieved a revenue growth of approximately 50% year-on-year in 2024, with expectations to double store numbers and revenue by 2025[13]. Cost Management and Financial Stability - Sales and marketing expenses decreased by approximately 7.5% to about RMB 1,019,925,000, primarily due to changes in e-commerce business strategy and optimized marketing investments[23]. - General and administrative expenses decreased by approximately 5.4% to about RMB 184,383,000, attributed to effective cost control measures[24]. - The net financial expenses decreased to approximately RMB 19,840,000, mainly due to a reduction in bank loan interest expenses[27]. - The group maintained a solid financial position with cash and cash equivalents of approximately RMB 621,871,000 and a current ratio of about 1.6 times[29]. - The total debt ratio was approximately 19.6%, indicating a slight decrease from 20.4% in the previous year[29]. Corporate Governance and Management - The company has a strong management team with extensive experience in operations and strategic planning, including independent directors with over 21 years of financial and accounting experience[50]. - The company has adopted the principles outlined in the Corporate Governance Code as per the Hong Kong Stock Exchange, except for the separation of roles between the Chairman and CEO[58]. - The board consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors[59]. - The company has implemented a mechanism to ensure the independence of the board, which is crucial for effective corporate governance[69]. - The company is committed to high standards of corporate governance, emphasizing quality management, transparency, and accountability to all shareholders[57]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to achieving carbon neutrality by 2060 and has integrated this concept into its business operations, complying with environmental regulations[110]. - The company has established an Environmental, Social, and Governance (ESG) working group to collect data and prepare the ESG report, ensuring regular reviews of its ESG performance[111]. - The company has achieved ISO 14001:2015 certification for its environmental management system, demonstrating its commitment to environmental protection and sustainability[160]. - The company aims to balance economic success with stakeholder expectations and environmental needs, reflecting its core values in daily operations[115]. - The company has implemented strict environmental management systems to minimize negative impacts on the environment and natural resources[172]. Employee Management and Workplace Culture - The company employed approximately 2,200 full-time employees as of December 31, 2024, down from 2,600 the previous year[39]. - The company emphasizes a diverse and inclusive work environment, with recruitment based on merit regardless of age, gender, or ethnicity[124]. - The company has implemented a comprehensive employee benefits system, including compliance with social insurance laws and additional commercial accident insurance for specific roles[126]. - The employee turnover rate increased to 20.86% in 2024 from 15.19% in 2023, with significant increases among females (22.55% vs. 16.14%) and employees under 30 (31.34% vs. 23.29%)[128]. - The company has achieved ISO45001:2018 certification for its occupational health and safety management system, reflecting its commitment to providing a safe working environment[133]. Community Engagement and Corporate Social Responsibility - The company has actively engaged in corporate social responsibility since 2009, contributing to community welfare through donations and support[112]. - The company participated in community charity activities, including tree planting and educational contributions, in 2024[183]. - The company donated 488 sets of thermal underwear and homewear to various community groups in 2024, supporting vulnerable populations[178]. - The company organized various employee engagement activities in 2024 to enhance team cohesion and promote a healthy work-life balance[129]. - The company is committed to corporate social responsibility and plans to continue giving back to society in the future[183].

Financial Performance - For the fiscal year 2024, the Group recorded revenue of RMB200.3 million, representing an increase of 0.3% from RMB190.7 million in fiscal year 2023[27]. - Loss attributable to owners of the Company for fiscal year 2024 amounted to RMB33.8 million, a significant reduction from RMB341.0 million in fiscal year 2023[27]. - The Group's operating loss improved to RMB32.1 million in fiscal year 2024 from a loss of RMB356.3 million in fiscal year 2023[13]. - Rental income increased by 2.5% to RMB187.5 million in FY2024 from RMB182.9 million in FY2023, primarily due to a decrease in the vacancy rate[43][45]. - Direct sales surged by 66.2% to RMB12.3 million in FY2024 from RMB7.4 million in FY2023[43][45]. - Other operating revenue decreased to RMB27.2 million in FY2024 from RMB29.9 million in FY2023, mainly due to a reduction in government grants[47][52]. - Other gains – net amounted to RMB25.4 million in FY2024, down from RMB57.5 million in FY2023, due to rental reductions and changes in lease liabilities[48]. - Fair value loss on investment properties decreased to RMB139.5 million in FY2024 from RMB156.0 million in FY2023[49]. - Employee benefit expenses rose by 14.8% to RMB31.8 million in FY2024 from RMB27.7 million in FY2023, mainly due to the reversal of accruals[51]. - The Group's results for the year ended December 31, 2024, are detailed in the consolidated income statement[107]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB2,169.5 million, down from RMB2,342.4 million in 2023, indicating a decrease of approximately 7.4%[15]. - Total liabilities decreased to RMB1,418.8 million in 2024 from RMB1,556.6 million in 2023, reflecting a reduction of about 8.8%[15]. - As of December 31, 2024, the Group's cash and cash equivalents decreased by 17.6% to RMB55.4 million from RMB67.2 million as of December 31, 2023[74]. - The gearing ratio increased to 74.3% as of December 31, 2024, compared to 70.8% as of December 31, 2023[75]. - As of December 31, 2024, the Group's long-term and short-term borrowings were RMB507.3 million and RMB50.8 million, respectively, compared to RMB520.3 million and RMB36.2 million in 2023[172][176]. Business Strategy and Operations - The Group is focusing on community business strategies, introducing a new brand targeting young lifestyles to enhance competitiveness[24]. - The Group aims to create a 24-hour community business ecosystem by operating convenient stores, gyms, restaurants, and pharmacies around the clock[27]. - Online platforms and membership loyalty programs are being utilized to enhance customer engagement and shopping experience[28]. - The Group plans to consolidate resources and enhance market position to meet diverse consumer needs and explore future market opportunities[30][33]. Employee and Management Information - The total number of employees in the Group as of December 31, 2024, is 199, a decrease from 216 employees as of December 31, 2023, reflecting a reduction of approximately 7.9%[87]. - The Group's executive management includes Ms. Huang Xue Rong, who has over 15 years of experience in administrative and business matters, and Mr. Yang Ti Wei, who has been with the Group since June 2009[91][92]. - Mr. Chow Chun Pong has been appointed as the chief financial officer and company secretary since September 1, 2022, overseeing financial and compliance matters[101]. - The Group has implemented key performance indicators to enhance performance and operational efficiency[87]. Legal and Compliance Matters - The legal proceedings initiated by certain suppliers and an ex-employee are related to disputes over contract terms and employment contract terms[84]. - The Group's directors believe that the accumulated provision is adequate to cover any potential liabilities arising from the ongoing claims[84]. - The Group has confirmed compliance with a deed of non-competition by the controlling shareholders for the year ended December 31, 2024[157][161]. - The Group has not reported any significant changes in its financial resources or liquidity position[87]. Shareholder Information - As of December 31, 2024, the Company's accumulated loss amounted to RMB671.1 million, while the share premium was RMB751.0 million[120]. - The Company is primarily engaged in department store operations and property development in the People's Republic of China[106]. - The largest customer contributed 23.3% of the Group's total revenue, while the top five customers accounted for 37.3%[165][170]. - The largest supplier represented 17.7% of the Group's total purchases and cost of services, with the top five suppliers making up 60.3%[165][170]. Dividends and Donations - The Company has decided not to recommend any final dividend for the year ended December 31, 2024[108]. - No charitable donations were made by the Group for the year ended December 31, 2024[121].

Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue was RMB 397,998,000, a decrease of 1.8% compared to RMB 403,729,000 in 2022[11] - The gross profit for the same period was RMB 21,366,000, resulting in a gross margin of 5.37%, slightly down from 5.25% in 2024[11] - The company reported a loss attributable to shareholders of RMB 20,160,000, which is an improvement from a loss of RMB 27,452,000 in 2022[11] - Total assets as of December 31, 2023, were RMB 303,278,000, while total liabilities increased to RMB 238,699,000[11] - The total revenue for the year ended December 31, 2024, was RMB 385,482,322, a decrease of 3.14% compared to RMB 397,998,097 in 2023[43] - The comprehensive gross profit for the year was RMB 20,222,876, with a gross margin of 5.25%, down from 5.37% in the previous year[43] - The group reported a loss attributable to owners of RMB 27,802,241 for the year ended December 31, 2024, compared to a loss of RMB 20,159,658 for the year ended December 31, 2023, with a loss per share of RMB 1.46[50] Business Operations - The company operates in two main business areas: bio-composite fertilizers and elderly care services, with ongoing efforts in both sectors[7] - The company plans to expand its elderly care services and integrate management operations across the nation[7] - The gross profit margin for the bio-composite fertilizer segment has shown fluctuations, indicating potential areas for operational improvement[11] - The company established an e-commerce sales platform to expand market coverage and introduced new products such as liquid fertilizers and water-soluble compound fertilizers[17] - The company aims to enhance market marketing management and adjust product structure to improve market share in the compound fertilizer sector[23] - The company has expanded its product offerings to include liquid fertilizers and water-soluble compound fertilizers to meet market demand[34] Research and Development - The company is committed to enhancing its research and development capabilities in both fertilizer and healthcare sectors[7] - The company is actively developing new environmentally friendly fertilizer products in response to increasing quality demands from farmers[30] - The company is committed to integrating advanced technologies into its healthcare services to accelerate digital and intelligent upgrades in the elderly care sector[24] Market Trends - In 2024, the compound fertilizer market experienced structural adjustments, with nitrogen fertilizer prices fluctuating at low levels due to capacity release, while phosphate fertilizer remained high due to resource costs[16] - The national food production target is set to stabilize above 1.3 trillion jin, which is expected to drive rigid growth in fertilizer demand[17] - The fertilizer industry has improved its supply-demand balance and industry concentration due to structural reforms and stricter environmental policies[64] Corporate Governance - The company has appointed independent non-executive directors with extensive experience in accounting and law, enhancing governance and oversight[94][95][96] - The company is committed to ensuring compliance with its articles of association regarding board and supervisory board member requirements[87] - The board is led by Chairwoman Sun Li, who is responsible for the company's development strategy and risk management[126] - The company will seek to enhance corporate governance transparency and independence in the near future[129] Environmental Responsibility - The company maintains a corporate social responsibility strategy focused on employee care, environmental protection, and social responsibility[162] - The company adheres to strict environmental regulations, ensuring that emissions meet national standards[165] - Waste management practices include comprehensive utilization of solid waste, with all solid waste being recycled[165] - The company has implemented energy-saving measures and pollution control technologies in its operations[163] Financial Management - The audit committee held two meetings during the fiscal year and reviewed the financial reporting procedures of the group[117] - The financial statements for the year ending December 31, 2024, were audited by Fan Chen CPA Limited[121] - The company has provisions for shareholders to convene a special general meeting if they hold at least 10% of the issued share capital[157] - The total remuneration for executive director Sun Li for the fiscal year 2024 was RMB 516,303, a decrease of 16.7% from RMB 620,127 in 2023[153] Shareholder Engagement - The company emphasizes high transparency and timely disclosure of relevant information to shareholders[160] - The company encourages shareholder participation in annual general meetings, providing opportunities for direct dialogue[160]