Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HK$897.5 million, representing an increase of approximately 10.9% compared to HK$809.1 million in 2023[21]. - The Group reported a loss of approximately HK$99.0 million for the year, compared to a loss of approximately HK$61.1 million in 2023[21]. - The basic loss per share amounted to approximately HK$1.35 cents, an increase from approximately HK$0.52 cents in 2023[21]. - For the year ended 31 December 2024, the Group's revenue and gross profit amounted to approximately HK$897.5 million and HK$516.2 million, representing an increase of approximately 10.9% and 9.5% compared to the previous year[44]. - The Group's net loss for the year ended 31 December 2024 was approximately HK$99.0 million, an increase from a net loss of approximately HK$61.1 million in 2023, with basic loss per share at approximately HK$1.35 cents[44]. Dividend Policy - The Board has decided not to recommend any final dividend for the year ended December 31, 2024, consistent with the previous year[18]. - The Company aims to provide stable and sustainable returns to shareholders through its dividend policy, which was adopted in December 2018[19]. - The Company will consider various factors, including operational performance and future prospects, when proposing dividends[19]. - The Group's dividend policy aims for stable and sustainable returns to shareholders, but no final dividend was recommended for the year ended 31 December 2024[22][24]. Business Segments - The pharmaceutical business remains a key pillar for the Group, with plans for sales expansion and enhancement of core competitiveness through research and development[32]. - The fitness business in Singapore is set to introduce a new revenue line of Pilates Reformers in 2025, capitalizing on growing consumer interest[37]. - The Group's fitness business has recovered significantly from the impact of the COVID-19 pandemic, offsetting the adverse effects of decreased royalty fee income[45]. - For the year ended December 31, 2024, the revenue and gross profit of the Group's pharmaceutical business were approximately HK$682.1 million and HK$501.1 million, representing year-on-year increases of approximately 12.3% and 7.3% respectively[48]. - The profit from the pharmaceutical business segment decreased to approximately HK$7.0 million for the year ended December 31, 2024, down from approximately HK$69.6 million in 2023, primarily due to a one-off gain of approximately HK$110.5 million from the disposal of 66% equity interest in Shaanxi Life Care in 2023[49]. - The Group's fitness business revenue was approximately HK$215.4 million for the year ended December 31, 2024, an increase from approximately HK$202.0 million in 2023, with a loss of approximately HK$71.8 million, improved from a loss of approximately HK$81.5 million in 2023[68]. Operational Strategies - The Company is focused on enhancing its market position and exploring new opportunities for growth[17]. - The Group will continue to focus on cost control to mitigate the negative impacts on profitability from product price fluctuations[32]. - The introduction of effective marketing strategies has driven revenue and gross profit growth in the pharmaceutical business segment[45]. - The Group plans to explore new product launches and market entries in alignment with health consumption trends[31]. - The Group will opportunistically commence investment activities to identify a second growth curve[31]. Financial Health and Management - As of 31 December 2024, the Group maintained bank balances and cash reserves of approximately HK$80.6 million, an increase from HK$77.7 million as of 31 December 2023[72]. - The Group had outstanding borrowings repayable within one year of approximately HK$88.1 million, compared to HK$39.5 million in the previous year[73]. - The gearing ratio as of 31 December 2024 was 5.5%, up from 3.0% in 2023, indicating an increase in financial leverage[75]. - The Group's bank borrowings increased to approximately HK$85.5 million in 2024 from HK$28.8 million in 2023[80]. - The Group's staff costs were approximately HK$145.0 million as of 31 December 2024, down from HK$165.0 million in the previous year, reflecting a reduction in employee expenses[86]. Environmental, Social, and Governance (ESG) Initiatives - The report outlines the company's commitment to environmental, social, and governance (ESG) performance, focusing on sustainable operations and stakeholder interests[101]. - The governance structure includes a Board responsible for overseeing ESG policies and an Executive Committee for implementing related measures[109]. - The company has established a robust ESG management framework to ensure effective implementation of policies and risk management[110]. - The report adheres to four principles: materiality, quantitative, balance, and consistency, ensuring comprehensive and comparable ESG disclosures[102]. - The company emphasizes the importance of regular reviews and assessments of ESG performance and objectives by the management[116]. - The Group is developing and implementing an ESG management framework, including strategies and objectives, to enhance sustainable development[117]. - The Executive Committee is responsible for formulating policies and allocating budgets for ESG activities, aligning with the Group's overall business strategy[124]. - The Group has identified key stakeholders and established various communication channels to engage with them regarding ESG issues[128]. - A materiality assessment has been conducted to identify and prioritize key ESG issues relevant to the Pharmaceutical and Fitness businesses[138]. - The Group aims to comply with all applicable environmental requirements and continuously improve its environmental management practices[124]. Waste Management and Emissions - The company has implemented a solar energy generation project in its Beijing plant, covering over 30,000 square feet, fulfilling daily energy consumption needs and selling surplus energy to nearby plants[155]. - The company has replaced gas-fired boilers with electric steam generators to reduce exhaust gas emissions[160]. - The company has installed electrostatic fume purifiers and low-nitrogen burners to monitor and reduce exhaust gas emissions[156]. - The company conducts regular monitoring of exhaust gas emissions to ensure compliance with government regulations and standards[153]. - The company has engaged a qualified inspection company for self-monitoring of pollutant emissions to maintain stable emission levels[160]. - The company is committed to reducing greenhouse gas emissions and has initiated various energy-saving actions[156]. - The company has upgraded its wastewater treatment system to a three-tier deep treatment device to further reduce emissions of harmful gases[159]. - The company emphasizes diversity and inclusion, respecting the labor rights and human rights of all employees[151]. - The company has centralized the handling of hazardous wastes in accordance with relevant laws and regulations, ensuring detoxification treatments by qualified vendors before disposal[166]. - The Group aims to reduce the generation of hazardous and non-hazardous waste and has established waste reduction targets[192]. Resource Optimization - The Group aims to optimize resource usage by implementing the 3R Principle (Reduce, Reuse, Recycle) and improving water recycling utilization rates[199]. - The Group has focused on reducing water consumption in production and enhancing the maintenance and recharge of water sources[200]. - The Group has strengthened the management of raw materials to minimize pollutant generation and sought alternatives for difficult-to-process materials[200]. - The Group has improved operational management for wastewater treatment, significantly reducing technical difficulties and pollution[200]. - The Group's initiatives in resource optimization include energy conservation and water conservation across all business operations[199].

Financial Performance - The Group's revenue from continuing operations increased by 91.6% to HK$101.0 million in 2024, compared to HK$52.7 million in 2023[11]. - The Group's gross profit from continuing operations rose by 20.0% to HK$21.3 million in 2024, up from HK$17.8 million in 2023[11]. - The net loss from continuing operations increased by 100.0% to HK$80.8 million in 2024, compared to HK$40.4 million in 2023[11]. - The Group recorded a net loss from continuing operations attributable to the owners of the Company of HK$80.8 million in 2024, an increase of 100.0% from HK$40.4 million in 2023[30]. - Other income from continuing operations decreased to HK$166,000 in 2024 from HK$1.8 million in 2023, mainly from interest income[36]. - The Group reported a net loss of HK$25.6 million from other gains and losses in 2024, compared to a loss of HK$12.9 million in 2023[41]. Segment Performance - The distribution segment recorded a net loss of HK$19.3 million in 2024, worsening from a loss of HK$5.0 million in 2023[13]. - The manufacturing segment reported a net loss of HK$4.7 million in 2024, slightly increasing from a loss of HK$4.6 million in 2023[13]. - The investment segment experienced a net loss of HK$20.5 million in 2024, compared to a loss of HK$8.5 million in 2023[13]. - The financial leasing segment recorded a net loss of HK$14.3 million in 2024, a significant decline from a profit of HK$2.4 million in 2023[13]. - Revenue from the Distribution Segment rose by 105.7% to HK$88.4 million in 2024, driven by increased sales of health and wellness products and stabilized supply of traditional Chinese medical products[23]. - The Manufacturing Segment recorded revenue of HK$6.4 million in 2024, up 119.8% from HK$2.9 million in 2023, attributed to broader product diversity and customer base[24]. - The Investment Segment's revenue decreased by 9.7% to HK$6.2 million in 2024, with a net loss of HK$20.5 million, primarily due to a fair value loss on investment properties[28]. - The Financial Leasing Segment reported a net loss of HK$14.3 million in 2024, compared to a profit of HK$2.4 million in 2023, mainly due to interest costs and fair value losses[29]. Assets and Liabilities - The total assets of the Group as of December 31, 2024, were HK$392.5 million, a decrease of 22.0% from HK$502.8 million as of December 31, 2023[47]. - Total liabilities increased by 3.4% to HK$51.6 million as of December 31, 2024, from HK$49.9 million as of December 31, 2023[47]. - The gearing ratio increased from 9.9% as of December 31, 2023, to 13.1% as of December 31, 2024[48]. - Cash and cash equivalents and deposits with non-bank financial institutions totaled approximately HK$13.2 million as of December 31, 2024, down from HK$28.4 million in 2023[53]. Corporate Governance - Mr. Wong Lik Ping has been serving as both Chairman and CEO since the resignation of former CEO Mr. Lai Ka Fai on July 31, 2023, while the company is in the process of nominating a suitable candidate for the CEO position[136]. - The Board currently has three Independent Non-Executive Directors (INEDs), with one holding appropriate professional qualifications or expertise in accounting or related financial management[140]. - All INEDs have confirmed their independence annually, and the company considers that they meet the independence guidelines set out in Rule 3.13 of the Listing Rules[141]. - The company has established procedures for Directors to obtain independent professional advice at the company's expense to assist in discharging their duties[132]. - The Board held meetings as necessary, providing at least 14 days' notice for regular meetings, allowing Directors to include matters for discussion in the agenda[134]. - The Audit Committee consists of three independent non-executive directors, ensuring oversight of financial reporting and compliance[168]. - The Company has adopted a Board Diversity Policy to enhance the skills and perspectives of board members[153]. - The Director Nomination Policy ensures a balanced and diverse Board, with regular reviews to meet business needs[158]. - The Remuneration Committee, comprising the Chairman and two independent non-executive directors, reviewed director remuneration packages during the year[165]. Risk Management - The Group's risk management framework includes the Board, the Audit Committee, and Senior Management, ensuring comprehensive oversight[183]. - The internal control consultant identified deficiencies and proposed improvements, with management taking remedial actions accordingly[186]. - The Board concluded that there are no material irregularities affecting the Group's state of affairs, and the risk management systems are effective and adequate[186]. - The Company regularly reminds directors and relevant staff about compliance with insider information regulations[186]. - The Audit Committee reviewed risk management and internal control matters, ensuring alignment with corporate governance standards[174]. Future Outlook and Strategy - The Group plans to steadily expand its existing business, particularly in the distribution and manufacturing segments[16]. - The Group aims to diversify income sources and pursue long-term growth through cautious exploration of new growth opportunities[16]. - The Group plans to offload certain real estate properties in the PRC to replenish liquidity and mitigate increasing market risks[100]. - The Group aims to optimize business segments to enhance volume and profitability while considering withdrawal from loss-making projects[102]. - The economic outlook for Hong Kong in 2025 indicates challenges such as weak domestic consumption and a sluggish property market, despite a stable unemployment rate around 3%[90]. - The PRC's economy faces risks from geopolitical tensions and global protectionism, but government measures aim to stimulate domestic demand and support the high-end technology sector[91].

Financial Performance - Net profit attributable to shareholders for Q1 2025 was RMB 37,286 million, a decrease of 2.08% year-on-year[7]. - Operating income for Q1 2025 was RMB 83,731 million, down 3.11% from RMB 86,420 million in Q1 2024[7]. - Basic and diluted earnings per share for Q1 2025 were both RMB 1.48, a decline of 1.99% compared to RMB 1.51 in the same period last year[7]. - The weighted average return on equity for Q1 2025 was 14.13%, down 1.95 percentage points from 16.08% in Q1 2024[7]. - Net profit for Q1 2025 was RMB 37,513 million, down from RMB 38,442 million in Q1 2024, a decline of 2.4%[50]. - Total operating income for Q1 2025 was RMB 82,892 million, compared to RMB 85,674 million in Q1 2024, reflecting a decrease of 3.3%[49]. Assets and Equity - Total assets as of March 31, 2025, reached RMB 12,529,792 million, an increase of 3.11% compared to the end of 2024[7]. - Total equity attributable to shareholders as of March 31, 2025, was RMB 1,246,207 million, reflecting a 1.65% increase from RMB 1,226,014 million at the end of 2024[7]. - Total assets reached CNY 12,529.792 billion, an increase of 3.11% from the end of the previous year[16]. - The group's equity attributable to shareholders rose by 1.65% to RMB 12.462 trillion, with retained earnings increasing by 5.85% to RMB 6.712 trillion[27]. Cash Flow - Net cash flow from operating activities for Q1 2025 was RMB 95,026 million, significantly improved from a negative RMB 1,208 million in Q1 2024[7][9]. - The net cash outflow from investment activities in Q1 2025 was RMB 199,933 million, compared to a positive cash flow of RMB 1,119 million in Q1 2024[54]. - The total cash inflow from financing activities in Q1 2025 was negative at RMB 48,655 million, contrasting with a positive inflow of RMB 129,954 million in Q1 2024[54]. - The company reported cash and cash equivalents of RMB 602,891 million as of March 31, 2025, down from RMB 729,079 million at the end of Q1 2024[54]. Loans and Deposits - Total loans and advances amounted to CNY 7,125.479 billion, growing by 3.44% compared to the previous year-end[16]. - Customer deposits totaled CNY 9,319.462 billion, reflecting a 2.45% increase from the previous year-end[16]. - Retail loans increased by RMB 139.53 billion to RMB 36.586 trillion, reflecting a 0.38% growth, supported by a gradual recovery in consumer spending[25]. - Customer deposits reached RMB 9,406,230 million, an increase from RMB 9,195,329 million at the end of 2024[52]. Non-Performing Loans - Non-performing loan balance was CNY 66.743 billion, an increase of CNY 1.133 billion from the previous year-end[17]. - Non-performing loan ratio stood at 0.94%, a decrease of 0.01 percentage points from the previous year-end[17]. - The total non-performing loan balance is CNY 66.743 billion, an increase of CNY 1.133 billion, with a non-performing loan ratio of 0.94%, a decrease of 0.01 percentage points[30]. - The balance of overdue loans is CNY 98.325 billion, an increase of CNY 6.450 billion, with an overdue loan ratio of 1.38%, an increase of 0.05 percentage points[30]. Risk Management - The company will continue to support "white list" projects and strengthen risk management and post-loan management[29]. - The company aims to maintain overall stability in the quality of real estate assets while adhering to compliance and risk control principles[29]. - The company plans to enhance risk management sensitivity and proactive measures in response to the complex external economic environment[37]. Interest Income and Expenses - Net interest income was CNY 52.996 billion, an increase of 1.92% year-on-year[16]. - In Q1 2025, the group achieved net interest income of RMB 52.996 billion, a year-on-year increase of 1.92%, accounting for 63.29% of operating income[18]. - The net interest margin decreased to 1.82%, and the net interest yield fell to 1.91%, down 8 basis points and 11 basis points year-on-year, respectively[18]. - The company received interest income of RMB 67,856 million in Q1 2025, compared to RMB 72,745 million in Q1 2024[54]. Customer Base - The number of ordinary shareholders as of the report date was 434,959, with 407,926 A-share shareholders and 27,033 H-share shareholders[10]. - The number of retail customers reached 212 million, an increase of 0.95% compared to the end of last year[47]. - The number of high-net-worth clients (with average total assets of RMB 500,000 or more) increased to 5.4747 million, a growth of 4.56% year-over-year[47].

Business Development and Strategy - In 2024, the company focused on high-quality development and deepened reforms, achieving stable growth in main businesses and increasing market share[8]. - The company aims to develop four major industrial sectors: in-depth environmental treatment, environmental protection product manufacturing, new energy technology services, and resource recycling by 2025[10]. - The company is committed to improving quality and efficiency, consolidating competitive advantages in traditional industries, and advancing technological innovation[10]. - The company plans to establish three platforms for innovative research, investment in strategic emerging industries, and engineering consulting services[10]. - The company is positioned as the sole platform for environmental protection and energy conservation business under China Datang Corporation[16]. - The Group plans to actively explore clients in the iron and steel, cement, and petrochemical industries to diversify its client base[142]. - The Group aims to improve quality and efficiency, consolidating competitive advantages in traditional industries by enhancing value creation capabilities and optimizing procurement strategies for bulk materials[145]. - The Group plans to deepen its traditional environmental protection business, focusing on expanding the scale of liquid ammonia to urea and zero wastewater discharge projects[145]. - The Group will expand its franchise business by actively pursuing incremental projects in Chaozhou, Lvsi, and Sanmenxia, aiming for steady growth in profitability[145]. Financial Performance - For the year ended 31 December 2024, the Group's revenue amounted to RMB 5,770.9 million, representing an increase of 0.9% compared to the previous year[21]. - The gross profit for the year ended 31 December 2024 was RMB 1,229.4 million, reflecting a 7.4% increase year-over-year, with a gross profit margin of 21.3%, up by 1.3 percentage points[21]. - Total comprehensive income attributable to owners of the parent for the year ended 31 December 2024 was RMB 548.4 million, an increase of 4.9% compared to the previous year[21]. - The Group's profit for 2024 amounted to RMB 552.4 million, representing an increase of RMB 48.8 million, or 9.7%, from RMB 503.6 million in 2023[75]. - Profit before tax increased by 6.1% to RMB 655.1 million in 2024 from RMB 617.6 million in 2023[91][97]. - Profit attributable to owners of the parent increased by RMB 26.7 million to RMB 549.1 million in 2024 from RMB 522.4 million in 2023[94][100]. - The Group's return on total assets for 2024 was 3.6%, an increase from 2.8% in 2023[75]. - The Group's cash and cash equivalents decreased by 43.5% to RMB 994.7 million as of December 31, 2024, down from RMB 1,759.4 million as of December 31, 2023[111]. - Total assets decreased by 14.9% to RMB 15,348.1 million as of December 31, 2024, compared to RMB 18,045.1 million as of December 31, 2023[75]. Market Position and Industry Outlook - The Group maintained its position as the largest desulfurization and denitrification concession operator and the largest manufacturer of denitrification catalysts in the PRC[21]. - The environmental protection industry is projected to reach a scale of approximately RMB 15 trillion by 2030, indicating significant growth potential for the Group's related business[28]. - The environmental protection industry is projected to reach approximately RMB 15 trillion by 2030, driven by comprehensive green transformation initiatives[29]. - The Group's customers are spread across 30 provinces in the PRC and eight overseas countries, highlighting its extensive market reach[26]. - The Group's environmental protection facility concession operation business is strategically located in economically developed areas with high electricity demand, enhancing its operational efficiency[36]. Technological Innovation and Development - The company built an initial honeycomb catalyst product library and developed a 70-hole honeycomb catalyst, overcoming key technological bottlenecks[9]. - Significant progress was made in carbon monitoring, resource recycling, and solid waste disposal, supporting sustainable development[9]. - The Group's strategic focus on green recycling aligns with national policies aimed at enhancing resource recycling quality and efficiency[30]. - The Group intends to enhance its research and development capabilities in the new catalyst industry, aiming to develop catalysts for marine diesel engines and achieve SCR certification[149]. - The Group will accelerate the implementation of resource recycling projects, including the recycling of retired wind turbine blades and solid waste disposal projects, to meet the business needs of wind farms[149]. Shareholder and Dividend Information - As of December 31, 2024, the company had issued a total of 2,967,542,000 shares, with the controlling shareholder, China Datang, holding approximately 78.96%[15]. - The Board proposed a final dividend of RMB 0.051 per ordinary share (before tax) for the year ended 31 December 2024[21]. - The proposed final dividend for the year ended December 31, 2024, is RMB 0.051 per ordinary share, compared to RMB 0.076 per share for the year ended December 31, 2023[186]. Risk Management and Compliance - The company has implemented risk management and internal control measures to ensure compliance with relevant laws and regulations[167]. - The Group's exposure to foreign currency risk was deemed insignificant for the years ended December 31, 2024, and December 31, 2023[134]. - The Group's ability to generate adequate cash inflows from operating activities will depend largely on project schedules and timely collection of receivables[141]. Environmental and Social Responsibility - The company actively fulfilled its social responsibilities in 2024, focusing on sustainable development and cooperation with stakeholders[162]. - The Group's management believes that the PRC government is unlikely to revise environmental protection policies adversely, given the severity of pollution issues[137].

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 35.7 million, a decrease of 1.7% compared to HKD 36.4 million in 2023[12]. - The loss attributable to the owners of the company for the year was HKD 8.3 million, reduced from HKD 15.3 million in 2023, primarily due to the absence of inventory write-downs[12]. - The group reported a loss of approximately HKD 8,310,000 for the year ending December 31, 2024[195]. - The company reported a pre-tax loss of HKD 8,310,000 for 2024, improving from a loss of HKD 15,346,000 in 2023[179]. - Basic and diluted loss per share for the year was HKD 14.91, compared to HKD 49.05 in the previous year, indicating a significant reduction in losses[179]. - The company’s total equity attributable to owners decreased from HKD 17,819,000 in 2023 to HKD 9,509,000 in 2024, a decline of approximately 46.7%[183]. - The group incurred a net loss of approximately HKD 8,310,000 as of December 31, 2024, with total current liabilities amounting to HKD 17,797,000 and cash reserves of only HKD 815,000[162]. Assets and Liabilities - Non-current assets decreased from HKD 2.94 million in 2023 to HKD 1.27 million in 2024[19]. - Current assets decreased from HKD 32.99 million in 2023 to HKD 26.08 million in 2024[19]. - Total assets decreased from HKD 35.93 million in 2023 to HKD 27.34 million in 2024[19]. - Total liabilities decreased slightly from HKD 18.12 million in 2023 to HKD 17.83 million in 2024[19]. - Total liabilities decreased from HKD 18,115,000 in 2023 to HKD 17,833,000 in 2024, a reduction of approximately 1.56%[182]. - Current liabilities increased to HKD 17,797,000 in 2024 from HKD 16,640,000 in 2023, representing an increase of about 6.9%[181]. - The company’s total liabilities exceeded total assets, indicating potential concerns regarding its ability to continue as a going concern[178]. Operational Challenges - The management acknowledges ongoing challenges in the restaurant industry, including rising food costs and competition, which may adversely affect performance[13]. - The group is facing ongoing challenges in the Hong Kong restaurant industry, including rising food costs, rent, utilities, and labor costs, which are putting pressure on profit margins[20]. - The group recognizes the need for flexibility in marketing strategies and operational adaptability to navigate the challenging macro environment[20]. - The group anticipates that the transformation of the local consumption market will continue to impact its performance negatively[27]. Strategic Initiatives - The company plans to expand its takeaway product line and diversify promotional strategies to enhance overall business performance[14]. - The group has implemented strategic measures to increase revenue and reduce costs, including negotiating lower rents and achieving more favorable terms with suppliers[20]. - The group plans to closely monitor supplier pricing for raw materials to ensure competitive pricing and improve market share[25]. - The group aims to expand its takeaway product line and enhance existing restaurant facilities to attract more customers[26]. - The company is actively seeking opportunities to expand revenue sources and increase shareholder value[14]. Corporate Governance - The company has a strong governance structure with a diverse board comprising members with expertise in finance, law, and public service[35][36][37][38][39]. - The board includes members with significant academic and professional qualifications, ensuring informed decision-making[36][39]. - The company has adopted a board diversity policy effective from January 3, 2019, ensuring a balanced composition with diverse management experience and industry knowledge[46]. - The independent non-executive directors play a crucial role in providing strategic advice and ensuring high standards of financial reporting[48]. - The board of directors is responsible for guiding management and reviewing its efficiency, focusing on long-term shareholder value enhancement[43]. Shareholder Relations - The group acknowledges the importance of effective communication with shareholders to enhance investor relations[92]. - The board will consider various factors, including the group's overall financial condition and future cash needs, when declaring dividends[88]. - The group has adopted a dividend policy outlining the criteria and manner for declaring dividends since January 3, 2019[86]. - The group will not recommend any dividend payment for the year ending December 31, 2024[99]. Compliance and Risk Management - The company has a strict code of conduct for securities trading, ensuring compliance with the GEM Listing Rules[50]. - The company has confirmed that all independent non-executive directors are independent as of December 31, 2024, based on assessments by the nomination committee[48]. - The company has implemented appropriate procedures to safeguard its assets and ensure compliance with relevant laws and regulations[77]. - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[160]. Future Outlook - The company is positioned for future growth with a strategic focus on expanding its market presence and enhancing its service offerings[35][38]. - The company's ability to continue as a going concern is dependent on the financial support from two major beneficial shareholders and the future economic outlook in Hong Kong[196]. - There is significant uncertainty regarding the group's ability to continue operations, which may affect the realization of assets and settlement of liabilities[196]. - The overall economic outlook in Hong Kong and consumer behavior related to cross-border spending remains uncertain[195].

Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately RMB 109.3 million, representing a year-on-year increase of 28.0%[17]. - The revenue from Smart PDLC products was approximately RMB 79.6 million, maintaining a leading market share position in the PRC[18]. - In 2024, the revenue from Smart PDLC products was approximately RMB 79.6 million, representing an increase of approximately RMB 30.7 million or 62.8% compared to RMB 48.9 million in 2023[31]. - Revenue from ITO film sales was approximately RMB 23.0 million for the year ended December 31, 2024, a decrease of approximately RMB 3.9 million or 14.5% from RMB 26.9 million in 2023[30]. - The Group recorded a profit attributable to owners of approximately RMB 11.4 million for the year ended December 31, 2024, compared to a loss of approximately RMB 39.8 million for the same period in 2023[35]. - The Group's revenue increased by approximately 28.0% compared to the same period in 2023[35]. - The Group's revenue from other products was approximately RMB 6.7 million for the year ended December 31, 2024, a decrease of approximately RMB 2.5 million from RMB 9.2 million in 2023[34]. - Gross profit increased by approximately RMB20.1 million or 89.3%, from approximately RMB22.5 million for the year ended December 31, 2023, to approximately RMB42.6 million for the year ended December 31, 2024[43]. - Gross profit margin increased from approximately 26.3% for the year ended December 31, 2023, to approximately 38.9% for the same period in 2024[43]. Cost Management - The Group effectively reduced production costs by changing the operation model and improving production techniques across all areas of operations[19]. - Cost of sales was approximately RMB66.7 million for the year ended December 31, 2024, reflecting an increase of approximately RMB3.8 million or 6.0% from approximately RMB62.9 million for the same period in 2023[42]. - Selling and distribution expenses were approximately RMB3.9 million for the year ended December 31, 2024, accounting for approximately 3.6% of revenue, down from approximately 5.7% for the same period in 2023[44]. - Administrative expenses were approximately RMB24.6 million for the year ended December 31, 2024, representing an increase of approximately RMB3.3 million or 15.5% from approximately RMB21.3 million for the same period in 2023[45]. Innovation and Development - The Group obtained 8 authorized patents in 2024, including 3 invention patents and 5 utility models, bringing the total to over 100 valid patents[24]. - The Group's technological innovations and standard formulations have laid a solid foundation for future development[24]. - The Group's Smart PDLC products are primarily sold to construction companies and contractors, indicating a strong market focus[33]. Market Conditions - The domestic market has begun to recover slightly, but the pace remains slow, impacting overall sales performance[29]. - The production of motor vehicle films continued to expand, with the Group officially joining the supplier system of well-known automotive glass manufacturers[20]. Financial Position and Borrowings - As of December 31, 2024, the Group had short-term borrowings of RMB30.0 million and no long-term borrowings[50]. - Gearing ratio as of December 31, 2024, was approximately 49.2%, stable compared to approximately 54.9% as of December 31, 2023[52]. - The Group recognized approximately RMB2.5 million as impairment losses on overdue trade receivables during the year ended December 31, 2024[63]. - As of December 31, 2024, the Group recognized an expected credit loss (ECL) of approximately RMB 2.5 million for trade receivables, primarily related to overdue balances exceeding three years[68][78]. Corporate Governance - The Board has complied with GEM Listing Rules, maintaining at least three independent non-executive Directors, representing more than one-third of the Board[104]. - Each independent non-executive Director has provided an annual confirmation of independence, and the Nomination Committee has assessed their independence[105]. - The roles of Chairman and Chief Executive Officer are held by different individuals, ensuring compliance with corporate governance standards[110]. - The Board encourages open expression of views among Directors during meetings, promoting transparency and accountability[112]. - The Audit Committee held four meetings during the year ended December 31, 2024, to review the Group's quarterly, interim, and annual financial results[123]. Shareholder Communication - The Company maintains a transparent and timely disclosure policy to keep shareholders informed of business performance and strategies[158]. - The annual general meeting provides a platform for direct dialogue between the Board and shareholders[159]. - The Company has adopted a shareholders' communication policy to maintain effective communication channels, including general meetings and the Company's website[171]. - The Company ensures that registered shareholders are notified by post of the AGM[171]. Management Team - Mr. Zhang Chao has over 16 years of experience in the curtain wall engineering sector and holds a patent for smart photovoltaic controller hubs[187]. - Mr. Zhu Xuping became the Chief Financial Officer in March 2023, having extensive experience in financial management across various subsidiaries[188]. - Ms. Pan Jianli has over 20 years of experience in accounting and financing and is currently the chairperson of the Audit Committee[194].

Financial Performance - The Group's revenue decreased by 25% from approximately HK$124,255,000 in 2023 to approximately HK$92,605,000 in 2024[20]. - Loss attributable to equity holders of the Company for the Year amounted to approximately HK$42,906,000, an increase of approximately HK$23,802,000 compared to HK$19,104,000 in 2023[20]. - The Group recognized a fair value loss on its financial asset at fair value through profit or loss of approximately HK$19,207,000 during the Year, compared to a fair value gain of approximately HK$10,647,000 in 2023[20]. - The financial results reflect prolonged pressure due to adverse market conditions and strategic challenges faced by the Group[20]. - The Group's total revenue for the year amounted to approximately HK$92,605,000, representing a 25% decrease compared to approximately HK$124,255,000 in 2023[44][50]. - Gross profit for the year was approximately HK$10,654,000, down by approximately HK$4,640,000 from approximately HK$15,294,000 in 2023, mainly due to the decline in revenue[52]. - The Group recorded net other losses of approximately HK$18,818,000, compared to net other gains of approximately HK$10,956,000 in 2023, largely due to a fair value loss of approximately HK$19,207,000 on the investment in Mobvoi[53]. Sales Performance - Sales of TFT-LCD panels and modules dropped approximately 52%, from HK$83,992,000 in 2023 to approximately HK$40,161,000[23]. - Sales of electronic signage products decreased by approximately 7%, from HK$14,029,000 in 2023 to approximately HK$12,997,000[24]. - Sales of optics products increased significantly to approximately HK$25,594,000, up approximately HK$20,600,000 from HK$4,994,000 in 2023[25]. - Sales of health-related products fell by approximately 30%, from HK$18,209,000 in 2023 to approximately HK$12,799,000[28]. - The decline in sales of electronic signage was mainly attributed to decreased demand in the education sector[24]. Market Conditions - The global display panel market faced challenges from supply and demand imbalance and changes in market demand, impacting the Group's financial results[20]. - Demand for pandemic-related hygiene products continued to decline in the post-pandemic era, further affecting the Group's performance[20]. - The Group anticipates facing challenges due to global economic uncertainty, geopolitical tensions, and trade frictions, and will adjust business strategies accordingly[33][36]. Strategic Initiatives - The Group is engaged in trading, development, and sales of display and optics products, as well as health-related products[19]. - The Company aims to navigate the complex market environment and explore new opportunities for growth in the future[20]. - The Group's strategy includes expanding its product portfolio to include rapid antigen test kits and health supplements in response to market changes[28]. - The Group strategically entered the pet-care market, launching a series of pet health food products during the year[28]. - The Group aims to explore new market opportunities and strengthen relationships with suppliers and customers to create greater shareholder value[33][36]. Cost Management - The cost of sales decreased to approximately HK$81,951,000, a 25% reduction from approximately HK$108,961,000 in 2023, primarily due to decreased sales of TFT-LCD panels and health-related products[51]. - Distribution and selling expenses decreased by approximately 43% to approximately HK$12,533,000 from approximately HK$22,087,000 in 2023, attributed to lower staff costs and promotion expenses[54]. - General and administrative expenses amounted to approximately HK$21,557,000, representing a 10% decrease from approximately HK$23,890,000 in 2023, mainly due to reduced staff costs[55]. - Research and development expenses increased by approximately 31% to approximately HK$1,227,000 from approximately HK$938,000 in 2023, driven by higher staff costs[56]. Cash Flow and Assets - Cash and cash equivalents decreased by approximately 48% to HK$24,407,000 from HK$47,372,000 in 2023[70]. - Total assets decreased by approximately 50% to HK$58,357,000 from HK$116,131,000 in 2023[69]. - The Group's net current assets position was HK$41,117,000 as of December 31, 2024, compared to HK$50,301,000 in 2023, indicating a decline of 18.2%[75]. - The Group's total bank borrowings as of December 31, 2024, were approximately HK$3,809,000, down 15.7% from HK$4,519,000 in 2023[72]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code during the year[120]. - The Board of Directors consists of four executive Directors and three independent non-executive Directors as of the date of the annual report[122]. - The Company is committed to high standards of corporate governance to protect shareholder interests[125]. - The audit committee held three meetings during the Year, reviewing the Company's annual financial statements and internal control systems[159]. - The Company has received annual independence confirmation from each of the existing independent non-executive Directors, affirming their independence[151]. Employee and Gender Diversity - The employee headcount decreased to 53 as of December 31, 2024, from 67 in 2023, reflecting a reduction of 20.9%[80]. - Total staff costs, including directors' emoluments, were approximately HK$22,595,000 for the year, down 8.6% from HK$24,713,000 in 2023[80]. - The employee gender ratio of the Group is 30 males to 23 females, reflecting the Group's commitment to gender diversity[196]. - The nomination committee has deemed the existing Diversity Policy suitable and effective after review during the year[200].

Financial Performance - For Q1 2025, the company achieved insurance service revenue of RMB 120.741 billion, a year-on-year increase of 6.1%[4] - The net profit for Q1 2025 reached RMB 11.312 billion, reflecting a significant year-on-year growth of 92.7%[4] - The original insurance premium income for Q1 2025 was RMB 180.421 billion, representing a year-on-year increase of 3.7%[5] - The underwriting profit for Q1 2025 was RMB 36.653 billion, a substantial year-on-year increase of 183.0%[7] - Operating revenue for the three months ended March 31, 2025, was RMB 128,563,879 thousand, an increase of 8.5% compared to RMB 118,988,001 thousand for the same period in 2024[13] - Net profit for the three months ended March 31, 2025, reached RMB 11,311,839 thousand, which is a significant increase of 92.5% from RMB 5,870,941 thousand in the same period of 2024[13] - The company reported investment income of RMB 4,989,902 thousand for the three months ended March 31, 2025, which is an increase of 131.5% from RMB 2,154,007 thousand in the same period of 2024[13] Investment and Assets - Total investment income for Q1 2025 amounted to RMB 57.464 billion, an increase of RMB 2.692 billion compared to the previous year[8] - The company's total assets increased to RMB 790,160,654 thousand as of March 31, 2025, up from RMB 773,926,554 thousand as of December 31, 2024, representing a growth of approximately 2.9%[12] - The company's cash and cash equivalents increased to RMB 16,963,276 thousand as of March 31, 2025, compared to RMB 9,127,946 thousand as of December 31, 2024, reflecting a growth of 86.5%[12] - The company recorded a significant increase in cash flow from investment activities, with a net cash flow of RMB (9,147,408) thousand for the three months ended March 31, 2025, compared to RMB 9,608,709 thousand in the same period of 2024[14] Solvency and Liabilities - The comprehensive solvency adequacy ratio as of March 31, 2025, was 237.5%, up 4.9 percentage points from the end of 2024[11] - The core solvency adequacy ratio increased to 216.3%, up 5.3 percentage points from the previous period[11] - The total liabilities of the company stood at RMB 519,916,244 thousand as of March 31, 2025, slightly up from RMB 515,875,306 thousand as of December 31, 2024[12] Business Strategy and Development - The company continues to optimize its business structure and enhance core competitiveness, focusing on high-quality development in personal and corporate insurance sectors[5] - The company is committed to long-term stable investment strategies, benefiting from a favorable capital market environment in Q1 2025[8] - The company reported a combined cost ratio of 494.5%, a decrease of 3.4 percentage points year-on-year[7] Cash Flow - Cash flow from operating activities generated a net amount of RMB 8,171,734 thousand for the three months ended March 31, 2025, compared to RMB 902,633 thousand for the same period in 2024, indicating a substantial improvement[14] - The company’s insurance service income for the three months ended March 31, 2025, was RMB 120,740,688 thousand, up from RMB 113,843,230 thousand in the same period of 2024, marking an increase of 6.5%[13] - The company’s total equity increased to RMB 270,244,410 thousand as of March 31, 2025, from RMB 258,051,248 thousand as of December 31, 2024, representing a growth of approximately 4.7%[12]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by RMB 5.4 million or 2.0% to approximately RMB 258.5 million from RMB 263.9 million in the previous fiscal year[12]. - Gross profit for the same period fell by RMB 5.5 million or 14.4% to approximately RMB 32.7 million, primarily due to a decline in gross profit contribution from the mobile gaming business[12]. - The net loss for the fiscal year 2024 was approximately RMB 50.9 million, a decrease from the net loss of RMB 53.8 million in fiscal year 2023, primarily due to an increase in other income and gains of approximately RMB 10.9 million and a reduction in research and development expenses of approximately RMB 7.9 million[13]. - The company reported a total revenue of RMB 153,568,000 for the fiscal year 2024[91]. - The company incurred a net loss of RMB 25,469,000 during the same period[91]. - The gross profit decreased by RMB 5.5 million or 14.4% to approximately RMB 32.7 million in fiscal year 2024, primarily due to a decline in gross profit contribution from the mobile gaming business[133]. - The company reported a net loss of approximately RMB 50.9 million for fiscal year 2024, compared to a net loss of RMB 53.8 million in fiscal year 2023, indicating a narrowing of losses[133]. Assets and Equity - Non-current assets increased significantly to RMB 134.4 million in 2024 from RMB 38.9 million in 2023, indicating a strong investment in long-term assets[7]. - Current assets also rose to RMB 416.2 million in 2024 from RMB 189.3 million in 2023, reflecting improved liquidity and operational capacity[7]. - Total assets reached RMB 550.6 million in 2024, a substantial increase from RMB 228.2 million in 2023, showcasing overall growth in the company's financial position[7]. - The total equity increased to RMB 179.3 million in 2024 from RMB 116.5 million in 2023, indicating a stronger capital base[7]. Business Development and Strategy - The company has expanded into AI application development and related services, enhancing its technological capabilities and product offerings[10]. - The company aims to integrate AI technology into its existing business lines to improve user engagement and operational efficiency[10]. - The company plans to leverage the wave of artificial intelligence technology to enhance digital entertainment services, focusing on mobile game development, digital media development, and overseas market expansion[14]. - By 2025, the company aims to deepen its integration of artificial intelligence technology into mobile games and digital media, enhancing user experience and engagement[15]. - The company continues to explore new business models and opportunities in response to trends in the domestic internet market[11]. Market Performance - The mobile gaming segment experienced a revenue decline of approximately RMB 70.5 million, while the digital media segment saw an increase of about RMB 88.8 million[12]. - The number of paying players decreased by 74.5% from 1,833.8 thousand in 2023 to 468.4 thousand in 2024[138]. - Average monthly paying users dropped by 74.5% from 152.8 thousand in 2023 to 39.0 thousand in 2024[138]. - Mobile game revenue fell by 48.3% from approximately RMB 146.0 million in 2023 to approximately RMB 75.5 million in 2024[140]. Funding and Financial Management - The company has raised approximately RMB 88.18 million from the first share placement, with all funds allocated for game product and AI product development, game sector expansion, digital media sector expansion, and working capital[34]. - The net proceeds from the second placement as of December 31, 2024, amounted to RMB 25.32 million, fully utilized for R&D, game expansion, and working capital[35]. - The net proceeds from the third placement raised approximately RMB 12.96 million on March 28, 2024, and were fully utilized by December 31, 2024[36]. - The company has incurred loans from subsidiaries amounting to approximately RMB 3.2 million and interest-bearing loans of RMB 3.0 million during the fiscal year 2024[30]. - The company has adopted a prudent cash and financial management policy to minimize funding costs and enhance cost control[155]. Corporate Governance - The board of directors has committed to maintaining high standards of corporate governance and has appointed a female director to enhance gender diversity on the board[163]. - The company has established formal and informal channels for independent non-executive directors to express their opinions, including regular board evaluations and closed-door meetings with the chairman[178]. - The company has implemented internal control and risk management systems, with the senior management team responsible for monitoring the budget adopted by the board[171]. - The company is committed to compliance with listing rules, having appointed independent non-executive directors to meet the requirements[174]. - The board has confirmed that corporate governance is a shared responsibility among directors, including compliance with legal and regulatory requirements[192]. Shareholder Information - As of December 31, 2024, Mr. Wang Le holds a 61.39% stake in the company through Infinities Global, which is controlled by him and his associates[44]. - Major shareholders include Ms. An Fenghua and Infinities Cayman, each holding 450,776,711 shares, representing 61.39% of total shares[46]. - The company has no provisions for preemptive rights in its articles of association or under Cayman Islands law[38]. - The shareholders have pledged their shares according to the equity pledge agreement, which has been registered with the relevant Chinese regulatory authorities[85]. Compliance and Legal Matters - The company has complied with relevant laws and regulations that significantly impact its operations during the fiscal year 2024[23]. - The company is closely monitoring developments in Chinese laws and regulations to ensure compliance and maintain control by Chinese investors[94]. - The company may face risks related to contractual arrangements that may not be enforceable under Chinese law[102]. - The company has taken measures to ensure compliance with contractual arrangements and has received exemptions from strict adherence to certain listing rules[106].

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HK$902,316,000, a decrease of approximately 10.5% compared to HK$1,008,101,000 in 2023[11]. - The net profit for the year ended December 31, 2024, was approximately HK$18,884,000, representing a decrease of approximately 14.8% from HK$22,168,000 in 2023[11]. - The gross profit for the years ended 31 December 2024 and 2023 was approximately HK$120,939,000 and HK$129,565,000, respectively, with gross profit margins of approximately 13.4% and 12.9%[24][28]. - Profit attributable to owners of the Company for the years ended 31 December 2024 and 2023 was approximately HK$18,884,000 and HK$22,168,000, respectively, representing a decrease of approximately 14.8%[34][38]. - The Group's financial performance reflects ongoing challenges in the market, necessitating strategic adjustments[11]. Dividends and Shareholder Matters - The Board has recommended a final dividend of HK1.67 cents per ordinary share, totaling HK$13,360,000, for the year ended December 31, 2024[13]. - The upcoming annual general meeting will require shareholder approval for the proposed dividend payment[13]. Business Development and Strategy - New products launched include "Oodles Transformer," "Cubicles and Smart Washroom Solution," "Luminous Shelves," and "Smart Emergency System"[14]. - The technology solution "Oodles Smart" was officially launched in March 2024 and has expanded its geographical footprint to Japan and Singapore[14]. - The Group aims to refine its products and services while diversifying its business to capitalize on growth opportunities and increase profitability[14]. - The Group's efforts in business diversification are expected to reduce volatility in its operations amid market fluctuations[14]. - The Group anticipates that 2025 will be a challenging year for winning new tenders in the existing fitting-out industry in Hong Kong due to ongoing economic pressures[40]. - The Group plans to leverage GenAI technology and big data to digitalize its traditional business, enhancing productivity and customer experience[42]. Financial Position and Debt - Total debts of the Group, including bank borrowings and lease liabilities, was approximately HK$498,380,000 as of December 31, 2024, compared to approximately HK$444,341,000 in 2023[47]. - The gearing ratio of the Group was approximately 66.3% as of December 31, 2024, slightly down from approximately 66.5% as of December 31, 2023[53]. - The current ratio of the Group was approximately 1.1 as of December 31, 2024, down from approximately 1.2 as of December 31, 2023[53]. Employee and Administrative Matters - Employee benefit expenses for the year ended December 31, 2024, amounted to approximately HK$100,595,000, a decrease from approximately HK$119,216,000 in 2023[62]. - The Group employed a total of 233 employees as of December 31, 2024, down from 238 employees as of December 31, 2023[59]. - Contributions to the Mandatory Provident Fund for the year ended December 31, 2024, were approximately HK$3,406,000, compared to approximately HK$5,831,000 in 2023[61]. - Administrative expenses decreased from approximately HK$71,023,000 in 2023 to approximately HK$63,295,000 in 2024, representing a decrease of 10.9%[25][29]. Corporate Governance - The Company complied with the Corporate Governance Code provisions, except for a deviation regarding the "Chairman and Chief Executive" section[80]. - The Board consists of five members, including two executive Directors and three independent non-executive Directors[90]. - The Board is responsible for corporate policy formulation, business strategic planning, and risk management[82]. - The Company has arranged appropriate insurance cover for Directors' and officers' liabilities[89]. - The Board will review the effectiveness of mechanisms for independent non-executive Directors to express their views annually[97]. - The Company has mechanisms in place for independent non-executive directors to express their opinions openly, enhancing governance[104]. Board Composition and Diversity - The Board consists of five Directors, including one female executive Director and one female independent non-executive Director, reflecting a commitment to gender diversity[131]. - As of December 31, 2024, the workforce composition was approximately 73.4% male and 26.6% female, indicating efforts to attract female talent in a traditionally male-dominated industry[135]. - The Company does not set specific gender targets for its workforce but values diversity in recruitment and promotion policies[135]. - The Nomination Committee will review the Board Diversity Policy annually to ensure its effectiveness and monitor the implementation of diversity objectives[136]. Risk Management and Internal Control - The Board is directly responsible for the Group's risk management and internal control systems, rather than establishing a separate internal audit department[196]. - The Group's risk management functions and internal control procedures are considered effective and adequate, with annual reviews conducted by the Board and other Board Committees[195]. - The Company has adopted a whistleblowing system to allow employees to report serious concerns about possible improprieties confidentially[190]. - The independent internal control consulting firm recommended certain internal control improvement measures to enhance the Group's corporate governance and compliance with applicable laws and regulations[191]. Audit and Financial Reporting - The auditor, PricewaterhouseCoopers, received HK$1,380,000 for audit services for the year ended December 31, 2024, with no non-audit services provided[179]. - The Directors acknowledged their responsibility for preparing consolidated financial statements that present a true and fair view of the Group's state of affairs as of December 31, 2024[180]. - The Audit Committee reviewed the financial reporting process, risk management, and internal control systems during its meetings[144].