Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,895,682,446, representing a 4.47% increase compared to CNY 6,600,382,306 in the same period last year[7]. - Net profit attributable to shareholders decreased by 14.40% to CNY 468,184,864 from CNY 546,940,436 year-on-year[7]. - The net profit after deducting non-recurring gains and losses fell by 23.02% to CNY 416,187,540 compared to CNY 540,658,598 in the previous year[7]. - Basic and diluted earnings per share decreased by 14.29% to CNY 0.066 from CNY 0.077 year-on-year[7]. - The company reported a total profit of RMB 655,371,080 for Q1 2025, compared to RMB 761,655,302 in Q1 2024, reflecting a decline of 13.9%[24]. - Net profit for Q1 2025 was RMB 469,320,847, a decrease of 14.3% from RMB 547,495,690 in Q1 2024[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 849,822,972, down 5.58% from CNY 900,003,348 in the same period last year[7]. - Cash flow from operating activities for Q1 2025 was RMB 849,822,972, a decrease from RMB 900,003,348 in Q1 2024[28]. - Cash and cash equivalents increased to RMB 2,335,160,601 from RMB 1,934,900,900, representing a growth of about 20.73%[16]. - Cash and cash equivalents at the end of Q1 2025 totaled RMB 2,335,160,601, down from RMB 2,617,982,772 at the end of Q1 2024[30]. - The company did not report any cash inflow from new borrowings in Q1 2025, compared to RMB 400,000,000 in Q1 2024[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,189,454,267, a decrease of 1.03% from CNY 36,567,255,729 at the end of the previous year[7]. - Total liabilities decreased to RMB 8,589,904,968 from RMB 9,498,035,713, reflecting a reduction of approximately 9.59%[22]. - Total non-current assets decreased to RMB 26,475,524,036 from RMB 26,912,857,550, a decline of about 1.62%[18]. - The company reported a total asset value of RMB 36,189,454,267 as of March 31, 2025, down from RMB 36,567,255,729 as of December 31, 2024, a decrease of approximately 1.04%[22]. - Short-term borrowings were eliminated, down from RMB 300,176,917 as of December 31, 2024[20]. - Accounts payable decreased to RMB 2,118,949,676 from RMB 2,650,474,072, a decline of approximately 20.00%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 159,867[12]. - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 37.12% of the shares, totaling 2,629,451,300 shares[12]. - Equity attributable to shareholders increased by 1.95% to CNY 27,638,428,357 from CNY 27,109,235,057 year-on-year[7]. - Total equity attributable to shareholders increased to RMB 27,638,428,357 from RMB 27,109,235,057, marking a growth of about 1.94%[22]. Operating Costs and Expenses - Total operating costs increased to RMB 6,319,182,431 in Q1 2025, up 7.8% from RMB 5,860,611,391 in Q1 2024[24]. - Financial expenses increased significantly to RMB 16,767,277 in Q1 2025 from RMB 5,337,768 in Q1 2024[24]. - The company recorded other income of RMB 79,842,278 in Q1 2025, a substantial increase from RMB 18,952,508 in Q1 2024[24]. Return on Equity - The weighted average return on equity was 1.71%, a decrease of 0.34 percentage points from 2.05% in the previous year[7].

Financial Performance - The company's revenue for the year ended December 31, 2024, decreased by 72.4% to RMB 76,736,000 from RMB 278,286,000 for the previous year, primarily due to a reduction in the volume of property completions and deliveries [14]. - Gross profit fell by 81.3% to RMB 6,936,000, with a gross margin decline from 13.3% to 9.0%, attributed to a decrease in average property selling prices [14]. - For the year ended December 31, 2024, the company recorded a net loss attributable to owners of RMB 40,590,000, compared to a net profit of RMB 4,507,000 for the year ended December 31, 2023, primarily due to a decrease in revenue, gross profit, and fair value of investment properties, along with increased tax expenses [16]. - The total comprehensive loss for the year ended December 31, 2024, was RMB 41,408,000, compared to a comprehensive income of RMB 7,810,000 in 2023 [140]. - The company reported a net loss of RMB 41,310,000 for the year ended December 31, 2024, compared to a profit of RMB 7,590,000 in 2023 [140]. Expenses and Costs - Sales expenses decreased by 57.8% to RMB 3,513,000, while administrative expenses reduced by 12.1% to RMB 13,349,000, due to additional cost control measures implemented by the company [15]. - The income tax expense increased by 186.1% to RMB 24,098,000, primarily due to insufficient provisions for land value-added tax in the previous year [15]. - The company incurred a financing cost of RMB 7,000 for the year ended December 31, 2024, slightly down from RMB 8,000 in 2023 [140]. Assets and Liabilities - As of December 31, 2024, the total assets of the group amounted to RMB 1,094,032,000, with cash and cash equivalents of RMB 116,590,000, total equity of RMB 762,830,000, and total liabilities of RMB 331,202,000 [17]. - The current ratio as of December 31, 2024, was 3.06, an increase from 2.93 as of December 31, 2023, indicating improved liquidity [17]. - The debt-to-equity ratio as of December 31, 2024, was 13.4%, down from 19.7% as of December 31, 2023, reflecting a reduction in leverage [17]. - Total liabilities decreased from RMB 378,523,000 in 2023 to RMB 321,143,000 in 2024, indicating improved financial stability [143]. Shareholder Information - The company did not recommend any dividend payment for the year, consistent with the previous year [25]. - As of December 31, 2024, the company has significant shareholdings by major shareholders, with Fame Build Holdings Limited owning 1,517,896,394 shares, representing 26.00% of the issued share capital, and Talent Connect Investments Limited owning 1,780,596,394 shares, representing 30.50% [49]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting [112]. Corporate Governance - The board consists of six members, with three executive directors and three independent non-executive directors [64]. - The board has a balanced composition of executive and non-executive directors, ensuring sufficient independent judgment [69]. - The company has adopted a board diversity policy to ensure a balanced mix of skills, experience, and diverse thinking among board members [67]. - The company has established appropriate recruitment measures to promote diversity among employees [67]. - The company has maintained compliance with the corporate governance code throughout the fiscal year ending December 31, 2024 [62]. Risk Management - The board has established a risk management system that includes a three-line defense model to identify, assess, and mitigate risks [83]. - The company has engaged an external consultant to review its risk management and internal control systems for effectiveness [84]. - The company has established a risk mitigation plan and appointed risk owners for significant risks identified [83]. Compliance and Regulations - The company is committed to minimizing its environmental impact and has implemented various measures to ensure compliance with environmental laws and regulations [55]. - The company has adhered to all relevant laws and regulations that significantly impact its operations during the year [56]. - The company has established an "Insider Information Policy" to ensure timely and fair disclosure of insider information, maintaining confidentiality until public release [85]. Financial Reporting - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, reflecting a true and fair view of the group's financial position [120]. - The audit opinion confirms that the financial statements are free from material misstatement, providing assurance to stakeholders [121]. - The company is committed to transparency and adherence to ethical standards in its financial reporting and auditing processes [121]. Employee Information - The total employee cost for the year ended December 31, 2024, was RMB 8,144,000, slightly up from RMB 8,013,000 in 2023 [19]. - The gender ratio among employees, including senior management, is 1.62:1 as of December 31, 2024 [67]. Projects and Development - The company is focusing on residential property projects in China, specifically in Xinyang, Henan Province, and Wugang, Hunan Province, amidst a challenging domestic real estate market [8]. - The company has several ongoing projects, including the Xixian Kangqiao Academy in Henan and the Wugang Kangqiao Academy in Hunan, with expected completion dates ranging from 2025 to 2027 [10]. - The total area of ongoing and completed projects amounts to 1,107,000 square meters, with a significant portion still under development [10].

Financial Performance - For the year ended 31 December 2024, the Group achieved total revenue of approximately RMB 4,484 million, representing a year-on-year increase of approximately 2.8%[19] - The total profit before income tax amounted to approximately RMB 34 million, reflecting a year-on-year increase of approximately 21.0%[19] - The Group's gross profit for 2024 was approximately RMB 751 million, down from RMB 994 million in 2023[14] - The profit attributable to owners of the Company for 2024 was a loss of RMB 55 million, compared to a loss of RMB 22 million in 2023[14] - The Group achieved total revenue of approximately RMB 4.484 billion for the year ended December 31, 2024, representing a year-on-year increase of about 2.8%[24] - Gross profit decreased by approximately RMB243.7 million or approximately 24.5%, from approximately RMB994.9 million in 2023 to approximately RMB751.2 million in 2024[151] - Revenue from Solar EPC business increased by approximately 192.0%, while gross profit margin decreased from approximately 7.7% to approximately 5.7%[155] - Revenue from Wind Power EPC business amounted to approximately RMB801.3 million with a gross profit margin of approximately 2.8%[156] - Sale of electricity decreased by approximately 10.8% in 2024, with a gross profit margin of approximately 56.0% compared to 59.2% in 2023[157] - Distribution expenses increased by approximately RMB1.7 million or approximately 3.8%, in line with the increase in revenue[159] - Administrative expenses decreased by approximately RMB10.4 million or approximately 3.4% compared to 2023[164] Asset and Liability Management - Non-current assets increased to approximately RMB 8,803 million in 2024, up from RMB 8,528 million in 2023[14] - Current liabilities rose to approximately RMB 12,428 million in 2024, compared to RMB 10,796 million in 2023[14] - As of December 31, 2024, the Group had outstanding bank and other loans and bonds payable of approximately RMB7,622 million with effective interest rates ranging from 3.3% to 6.8%[165] - Capital expenditures for the year amounted to approximately RMB567.1 million, down from approximately RMB1,097.6 million in 2023[167] Operational Developments - The scale of the Group's self-owned power stations reached approximately 1.1GW by the end of 2024, with accelerated construction of implemented projects[21] - The Group signed several large-scale clean energy EPC contracts in Shandong, Hebei, and Guangdong, continuing to expand the revenue of the EPC general contracting business[22] - Key development projects in Gansu, Guangxi, and Hainan were progressing steadily, supporting the overall layout of clean energy projects[20] - The Group's self-owned power station capacity is approximately 1.1 GW, with ongoing projects in Gansu, Guangxi, and Hainan[25] Innovation and Recognition - The New Materials Company was recognized as a state-level specialized and innovative "little giant" enterprise and awarded the title "Guangdong Green Factory" during the year[23] - The Group completed acceptance reviews for 31 scientific research projects and initiated 20 new projects during the year, with 41 projects currently under research[27] - As of the end of 2024, the Group held 375 valid patents and software copyrights, with 52 new patents granted during the year[28] Corporate Governance - The Board held a total of 7 meetings during the reporting period[59] - At least one-third of the Board members are independent non-executive directors, in compliance with Listing Rules[50] - The Company will assess the independence of independent non-executive directors at least annually[50] - Directors are encouraged to express their views openly during Board meetings[50] - The Company provides sufficient resources for Directors to fulfill their duties and seek independent professional advice when necessary[53] - The Board meetings are held regularly at least four times a year, approximately quarterly[51] - Notice of board meetings is sent to all Directors at least 14 days prior to regular meetings[51] - Independent non-executive directors are required to confirm their independence annually[50] - The Company maintains an updated list of Directors, identifying independent non-executive directors and their roles[56] - The Board's composition reflects a balance of experience and diversity in nationality, ethnicity, and professional expertise[49] Board Composition and Diversity - The Board consists of 7 male directors and 1 female director, resulting in a male to female ratio of approximately 7:3 in the workforce, including senior management[100] - The Board has not set any measurable objectives for implementing the diversity policy during the year[100] - The current composition of the Board is considered sufficiently diversified in terms of gender for a company in the renewable energy sector[101] - The Nomination Committee will periodically discuss and agree on further measurable objectives for achieving diversity on the Board[101] Committees and Meetings - The Audit Committee held 3 meetings during the year ended December 31, 2024[84] - The Remuneration Committee held 1 meeting to assess individual performance of the Directors and review remuneration packages during the year ended December 31, 2024[91] - The Remuneration Committee did not recommend any bonuses or share options for the year ended December 31, 2024[93] - The Nomination Committee conducted five meetings in the year ended December 31, 2024, with two meetings focused on reviewing policies for senior management appointments and promotions[105] Internal Control and Risk Management - The Group's internal control systems are considered effective and adequate, with no material internal control weaknesses identified[119] - The Group is in the process of improving and establishing an internal control manual to enhance its internal control and risk management system[123] - The Board conducts periodic reviews of internal control and risk management systems at least annually[118] Shareholder Engagement - The Company maintains a transparent and timely disclosure policy to keep shareholders informed of business performance and strategies[125] - The annual general meeting provides a forum for direct dialogue between the Board and shareholders, with all relevant documents sent at least 20 business days prior[126] - The Company held its annual general meeting on June 27, 2024, where shareholders approved amendments to the existing bye-laws to align with Core Shareholder Protection Standards and applicable laws of Bermuda[140] Management Team - The Group has a strong management team with diverse backgrounds in finance, energy, and corporate governance[186] - The company is focused on expanding its operational capabilities and enhancing management efficiency through experienced leadership[179] - The Group's strategic direction includes leveraging expertise in energy management and financial operations to drive growth[178] - Continuous development of new strategies and technologies is a priority for the Group to maintain competitive advantage in the market[176]

Dividend Distribution - Bank of China approved the distribution of dividends for the third phase of domestic preferred shares at a rate of 3.48%, amounting to RMB 2.5404 billion, and for the fourth phase at a rate of 3.27%, amounting to RMB 0.8829 billion[6]. - The bank's independent non-executive directors expressed that the proposed dividend distribution complies with legal regulations and the company's articles of association, ensuring no harm to the bank or shareholders[6]. Financial Bonds - The bank plans to issue financial bonds with a total scale not exceeding RMB 350 billion for general purposes, effective from the date of shareholder meeting approval until the next annual shareholder meeting[7]. - The bank's total issuance of financial bonds is aimed at enhancing its capital structure and supporting its general operational needs[7]. Board of Directors - The board of directors unanimously approved the first quarter report for 2025, with all 15 directors voting in favor[4]. - The board approved the nomination of Giovanni Tria for reappointment as an independent non-executive director, with 14 votes in favor and 1 abstention due to conflict of interest[11]. - The bank's board of directors has made adjustments to the professional committee chairpersons and members, with new appointments effective upon regulatory approval[15]. - The board approved amendments to the company's articles of association and meeting rules, with all proposals receiving unanimous support[8]. - The bank will hold its 2024 annual general meeting, with several key proposals submitted for shareholder approval[17]. Independent Director Nomination - Giovanni Tria - Giovanni Tria has over 40 years of academic and professional experience in macroeconomics, price policy, and economic development[22]. - Giovanni Tria served as Italy's Minister of Economy and Finance from 2016 to 2018 and was a member of the IMF Board[22]. - Giovanni Tria has held various advisory roles, including as an advisor to the Italian government from March 2021 to October 2022[22]. - Giovanni Tria has confirmed his independence and compliance with the qualifications required for independent directors as per Chinese regulations[24]. - Giovanni Tria has no significant business relationships or conflicts of interest that would affect his independence[25]. - Giovanni Tria has not been subject to any administrative or criminal penalties by the China Securities Regulatory Commission in the last 36 months[27]. - Giovanni Tria has committed to fulfilling his duties as an independent director without influence from major shareholders or related parties[28]. - Giovanni Tria's tenure as an independent director at Bank of China will not exceed six years[27]. - Giovanni Tria has participated in training and obtained relevant certification recognized by the stock exchange[24]. - Giovanni Tria's experience includes roles at the World Bank and the International Labour Organization, enhancing his qualifications for the position[22]. Independent Director Nomination - Other Candidates - The nominee possesses over 5 years of experience in legal, economic, accounting, finance, or management, essential for fulfilling independent director responsibilities[31]. - The nominee has participated in training and obtained certification recognized by the stock exchange[31]. - The nominee does not hold any shares exceeding 1% of the company's issued shares, ensuring independence[32]. - The nominee has no adverse records, having passed the qualification review by the Bank of China Limited's Human Resources and Compensation Committee[33]. - The nominee has not been subject to administrative penalties or criminal sanctions by the China Securities Regulatory Commission in the last 36 months[34]. - The nominee's concurrent positions as an independent director in domestic listed companies do not exceed three, and tenure at Bank of China Limited has not surpassed six years[34]. - The nominee has extensive experience in auditing, corporate restructuring, and risk management, holding qualifications as a Hong Kong Certified Public Accountant[36]. - The nominee holds a Bachelor's degree in Commerce from the University of Toronto and an MBA from York University[36]. - The nomination is backed by the Board of Directors of Bank of China Limited, ensuring a thorough verification of the nominee's qualifications[34]. Independent Director Candidate - Hu Zhanyun - The independent director candidate, Hu Zhanyun, has over 5 years of relevant work experience in law, economics, accounting, finance, or management[38]. - Hu Zhanyun has confirmed compliance with the qualifications required by the Company Law of the People's Republic of China and other relevant regulations[39]. - There are no conflicts of interest or relationships that could affect Hu Zhanyun's independence as an independent director[40]. - Hu Zhanyun has not been subject to any administrative or criminal penalties by the China Securities Regulatory Commission in the last 36 months[41]. - The number of domestic listed companies where Hu Zhanyun serves as an independent director does not exceed 3[41]. - Hu Zhanyun possesses a registered accountant qualification and has over 5 years of full-time work experience in accounting, auditing, or financial management[41]. - Hu Zhanyun commits to comply with all relevant laws, regulations, and rules during the tenure as an independent director[42]. - Hu Zhanyun will resign if any circumstances arise that affect his qualifications as an independent director[42]. - The nomination has been reviewed and approved by the Human Resources and Compensation Committee of the Board of Directors of the Bank of China[40]. - The statement confirms the independence and qualifications of Hu Zhanyun as an independent director candidate[43]. Independent Director Nomination - General Qualifications - The nominee for the independent director position at Bank of China has over 5 years of relevant work experience in law, economics, accounting, finance, or management[45]. - The nominee has passed the qualification review by the Bank of China's Human Resources and Compensation Committee, confirming no conflicts of interest[47]. - The nominee has not been subject to any administrative penalties or criminal sanctions by the China Securities Regulatory Commission in the last 36 months[48]. - The nominee has extensive accounting knowledge and experience, holding a CPA qualification with over 5 years of full-time work in accounting, auditing, or financial management[48]. - The nominee's tenure as an independent director at Bank of China will not exceed 6 years, and they serve as an independent director at no more than three domestic listed companies[48]. - The nominee has participated in training and obtained relevant certification recognized by the stock exchange[45]. - The nominee does not hold more than 1% of the issued shares of the listed company or is not among the top ten shareholders[46]. - The nominee has no significant business dealings with the listed company or its controlling shareholders[46]. - The nominee has not been publicly reprimanded by the stock exchange or received three or more critical notices in the last 36 months[48]. - The nominee has a clean record with no major credit issues or other disqualifying circumstances[48]. Independent Director Nomination - Gao Meiyi - The nominee, Gao Meiyi, has over 5 years of relevant experience in law, economics, accounting, finance, and management, qualifying her for the independent director position at Bank of China Limited[53]. - The nominee has participated in training and obtained certification recognized by the securities exchange, confirming her qualifications[60]. - The nominee confirms independence, stating she does not hold more than 1% of the company's issued shares or have significant relationships that could affect her independence[54]. - The nominee has no adverse records that would impact her integrity or qualifications for the independent director role[55]. - The nominee has not been subject to administrative penalties or criminal charges by the China Securities Regulatory Commission in the last 36 months[56]. - The nominee's concurrent positions as an independent director in domestic listed companies do not exceed three, ensuring compliance with regulations[56]. - The nominee commits to adhering to laws, regulations, and the rules of the Shanghai Stock Exchange during her tenure[57]. - The nominating party, Bank of China Limited, believes the nominee meets all legal and regulatory requirements for the independent director position[60]. - The nominee has confirmed her understanding of the responsibilities of an independent director and the consequences of false statements[55]. - The nominee will resign if any circumstances arise that affect her qualifications as an independent director[57]. Independent Director Nomination - General Compliance - The nominated individual has passed the qualification review by the Board of Directors and the Human Resources and Compensation Committee of China Bank[62]. - The nominated individual has no adverse records in the last 36 months, including administrative penalties or criminal charges by the China Securities Regulatory Commission[63]. - The nominated individual has not been publicly reprimanded by the stock exchange or received more than three critical notices in the last 36 months[63]. - The nominated individual does not hold positions in more than three domestic listed companies as an independent director[63]. - The nominated individual has not served as an independent director for more than six consecutive years at China Bank[63]. - The nominated individual has no close relationships that could affect independent performance[62]. - The nominated individual has confirmed compliance with the requirements of the Shanghai Stock Exchange's self-regulatory guidelines for independent directors[62]. - The nominated individual has not been involved in any significant business dealings with the company or its major shareholders[63]. - The nominated individual has not been dismissed from independent director positions due to absence from board meetings[63]. - The nominated individual has no circumstances that would affect their integrity or qualifications as an independent director[63].

Financial Performance - For the year ended December 31, 2024, the Group achieved total revenue of approximately RMB 3,713.9 million, representing a decrease of approximately 39.3% year-on-year compared to RMB 6,117.6 million in 2023 [53]. - Gross profit for the year was approximately RMB 150.9 million, with a gross profit margin of 4.1%, down from 25.8% in 2023, indicating a decline of 21.7 percentage points [53][58]. - The Group reported a loss of approximately RMB 5,433.7 million, an increase of approximately 154.8% year-on-year, with loss attributable to owners of the Company amounting to RMB 5,171.4 million, up 143.2% from 2023 [54][58]. - Basic loss per share was RMB 100.69 cents, representing an increase of approximately 141.4% year-on-year from RMB 41.71 cents in 2023 [54][58]. - The average finance costs for the year were 8.0%, slightly down from 8.2% in 2023, while the liabilities to assets ratio increased to 76.9% from 72.2% [59]. - Revenue from property sales was approximately RMB 2,627.9 million, representing a decrease of approximately 47.6% compared to RMB 5,010.8 million in 2023, attributed to the sales of specific projects [115]. - Revenue from commercial property investment and operations amounted to approximately RMB 666.4 million in 2024, representing a year-on-year decrease of approximately 4.9% from RMB 700.9 million in 2023 [95]. - Comprehensive services generated revenue of RMB 419.5 million in 2024, reflecting a year-on-year increase of approximately 3.4% from RMB 405.9 million in 2023 [96]. Market Conditions - China's GDP for 2024 reached RMB 134.9 trillion, reflecting a growth of 5.0% compared to the previous year [16]. - The real estate market experienced a double-digit decline in sales and investment, but government policies led to a short-term recovery in the fourth quarter [17]. - The sales of new housing and second-hand property transactions showed a steady increase, indicating a stabilization in the property market [17]. - The decline in property prices and land costs in first-tier cities has ended, indicating a potential recovery in the market [17]. - The overall market for real estate is anticipated to remain in a trough stage, but policy support and market stabilization efforts are expected to drive recovery [31][34]. - The real estate sector's investment in 2024 was RMB 10,028.0 billion, a decrease of 10.6% year-on-year, with residential housing investment down by 10.5% [41]. - Sales of newly built commodity housing in 2024 totaled RMB 9,675.0 billion, reflecting a decline of 17.1%, with residential housing sales decreasing by 17.6% [41]. - The real estate market in China is expected to stabilize, with increased supply of quality homes driving improved housing demand [97]. Strategic Focus and Development - LVGEM (China) maintained a dual business model focusing on both residential and commercial development, with "NEO" and "Zoll" as core commercial brands [19]. - The Group plans to focus on five high-quality projects and enhance asset management capabilities to shift growth momentum across segments in 2025 [32]. - Urban renewal is expected to play a significant role in stabilizing economic growth, with the Group leveraging its 40 years of experience in this area [33]. - The Group aims to adopt a "Technology + Real Estate" model to improve development efficiency and meet future urban function demands [33]. - The Group is actively restructuring its offshore debts to optimize its financial position and ensure robust business operations [27][29]. - The Group is exploring debt restructuring options with creditors to alleviate liquidity stress and focus on the operation and development of five quality projects [36]. - The Group plans to continue focusing on the development of the Greater Bay Area (GBA) and promote urban renewal projects, adopting a "Technology + Real Estate" model to enhance operational efficiency [51][55]. Construction and Projects - The total construction area for LVGEM (China) was approximately 1.8 million square meters, including 2 new projects under construction (110,000 square meters), 3 completed projects (390,000 square meters), and 2 delivered projects (290,000 square meters) [18]. - The total area of construction included 2 new projects, 3 completed projects, and 2 delivered projects, showcasing ongoing development efforts [18]. - The Group's land reserve as of December 31, 2024, was approximately 6.4 million square meters, with 84% located in core areas of first-tier cities in the Greater Bay Area, indicating strong future revenue potential [87]. - The Baishizhou Urban Renewal Project is recognized as the largest urban renewal project in Shenzhen and China, consolidating global resources to create a new urban living space [62][65]. - The Group's iconic projects, including the Shenzhen Baishizhou Urban Renewal Project, have maintained good momentum and are well-recognized in the market [61]. - The construction of LVGEM Baishizhou Jingting was completed one month ahead of schedule, showcasing the project's efficient development [71]. - The delivery rate for the second phase of the Hongshuwan project reached 98%, with 939 residential units delivered within 7 days, and the delivery was two months ahead of schedule [75]. Financial Management and Challenges - Cash flow pressure is a major challenge for the Group, necessitating sophisticated fund management and the disposal of inefficient assets to generate cash [26][29]. - The Group disposed of part of its commercial units and parking spaces for RMB 814 million to alleviate liquidity pressure, demonstrating proactive cash flow management [85]. - The Group is actively communicating with overseas creditors to restructure and optimize its debt, ensuring smooth daily operations and reducing financing costs [88]. - The Group's total borrowings amounted to approximately RMB 33,578.7 million as of December 31, 2024, down from RMB 35,350.0 million in 2023 [132]. - The Group's gearing ratio as of December 31, 2024, was approximately 126.2%, up from 106.6% in 2023, indicating increased financial leverage [141]. - Current assets as of December 31, 2024, were approximately RMB 62,624.4 million, while current liabilities were approximately RMB 59,441.1 million, resulting in a significant decrease in net current assets from RMB 20,578.3 million in 2023 to RMB 3,183.4 million [142]. Management and Governance - The company has a strong management team with diverse backgrounds in finance, real estate, and corporate governance [178]. - The management team emphasizes independent judgment and performance scrutiny to enhance corporate governance [174]. - The Group's directors believe that the fair market value of the underlying properties can cover the outstanding mortgage loans guaranteed by the Group in case of default [158]. - The Group's treasury policies focus on risk management and transactions directly related to its underlying business [161]. - The Group's employee training and development programs are ongoing to enhance workforce capabilities [162]. - The Group's management discussion includes important events that occurred during the year ended December 31, 2024 [185]. Environmental and Social Responsibility - The Group emphasizes the importance of environmental protection for its long-term development and will continue to improve management practices [189]. - An "Environmental, Social and Governance Report" will be published alongside the annual report [190].

Financial Performance - The company's operating revenue for Q1 2025 reached CNY 5,381,713,789.37, representing a 49.06% increase compared to CNY 3,610,537,317.89 in the same period last year[9]. - Net profit attributable to shareholders for Q1 2025 was CNY 1,435,653,008.94, a 62.00% increase from CNY 886,228,868.51 year-on-year[9]. - The net profit after deducting non-recurring gains and losses was CNY 1,407,602,697.37, reflecting a 77.26% increase compared to CNY 794,110,163.83 in the previous year[9]. - Basic earnings per share for Q1 2025 were CNY 0.16, up 60.00% from CNY 0.10 in the same quarter last year[9]. - Operating profit for Q1 2025 reached ¥1,715,425,850.28, a significant increase of 97.7% compared to ¥866,995,341.76 in Q1 2024[36]. - Net profit for Q1 2025 was ¥1,435,596,568.51, up 62% from ¥886,576,282.08 in Q1 2024[36]. - Total comprehensive income for Q1 2025 was ¥1,255,856,930.89, a decrease of 8.9% from ¥1,379,333,071.19 in Q1 2024[38]. - The company reported a net profit margin improvement, with net income for Q1 2025 showing a positive trend compared to the previous year[34]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 413,458,929,933.89, a decrease of 1.02% from CNY 417,736,375,414.01 at the end of the previous year[11]. - Total liabilities increased by 42.03% to ¥1,664,995,855.40, attributed to higher payable settlement amounts[19]. - The company's net assets grew to ¥77,081,200,604.11, up from ¥75,847,512,900.21, reflecting a solid financial position[20]. - The total liabilities as of March 31, 2025, were CNY 330,803,257,613.13, down from CNY 336,336,560,024.14 as of December 31, 2024[32]. - Total liabilities decreased to RMB 245,949,515,548.48 from RMB 246,854,138,697.96, a reduction of approximately 0.4%[47]. Cash Flow - The net cash flow from operating activities for Q1 2025 was CNY -4,738,016,790.52, showing a significant improvement compared to CNY -22,798,135,086.96 in the same period last year[9]. - Cash flow from operating activities showed a net outflow of ¥4,738,016,790.52 in Q1 2025, an improvement from a net outflow of ¥22,798,135,086.96 in Q1 2024[41]. - Cash flow from investing activities generated a net inflow of ¥5,394,825,595.57 in Q1 2025, down from ¥9,103,162,137.55 in Q1 2024[43]. - Cash flow from financing activities resulted in a net outflow of ¥1,799,501,456.81 in Q1 2025, compared to a net outflow of ¥5,580,927,763.69 in Q1 2024[43]. - The ending cash and cash equivalents balance for Q1 2025 was approximately ¥51.83 billion, an increase from ¥39.67 billion in Q1 2024[57]. Income Sources - The increase in operating revenue was primarily driven by higher investment income from financial instruments, increased handling fees from brokerage services, and higher sales revenue from subsidiaries in commodities[17]. - Investment income surged by 337.21% to ¥1,763,906,568.84 primarily from self-operated business investments[19]. - Other business income rose by 31.15% to ¥1,493,066,533.44 driven by increased sales revenue from subsidiaries in commodities[19]. - Net commission and fee income rose to RMB 831,489,332.93, up 43% from RMB 581,505,429.14 in the previous year[51]. - Investment income significantly increased to RMB 2,005,389,144.66, compared to RMB 1,300,079,232.24 in Q1 2024, marking a growth of 54%[51]. Shareholder Equity - Shareholders' equity attributable to the company increased by 1.54% to CNY 82,652,653,158.08 from CNY 81,396,739,786.76 at the end of the previous year[11]. - The total equity attributable to shareholders increased to CNY 82,652,653,158.08 as of March 31, 2025, compared to CNY 81,396,739,786.76 at the end of 2024[32]. - Shareholders' equity increased to RMB 77,081,200,604.11 from RMB 75,847,512,900.21, reflecting a growth of about 1.6%[49]. Tax and Expenses - The company reported a significant increase in tax expenses, which rose by 213.23% to ¥315,012,109.12 due to higher pre-tax profits[19]. - Total operating expenses for Q1 2025 were CNY 3,666,287,939.09, up 33.6% from CNY 2,743,541,976.13 in Q1 2024[34]. - Total operating expenses for Q1 2025 were RMB 1,653,160,937.96, up from RMB 852,740,260.28 in Q1 2024, indicating a rise of 94%[51]. Future Outlook - The company confirmed that the quarterly financial report is unaudited, ensuring the accuracy and completeness of the financial information presented[7][6]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer service[34]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer engagement[51].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 525.6 million, a decrease of 36.5% compared to RMB 827.9 million in 2023[19]. - The company recorded a loss attributable to equity holders of RMB 334.4 million, a reduction of 12.4% from RMB 381.5 million in the previous year[10]. - The group reported a net loss of approximately RMB 348 million for the year ending December 31, 2024[86]. - Cash and cash equivalents decreased to RMB 20.5 million from RMB 29.3 million year-on-year[26]. - Current liabilities exceeded current assets by approximately RMB 699 million as of December 31, 2024[86]. - The company’s distributable reserves as of December 31, 2024, were RMB 872,728,000[131]. Gross Margin and Expenses - The overall gross margin improved from 3.2% in 2023 to 6.7% in 2024, primarily due to a slight improvement in the furniture business's gross margin[19]. - Sales and distribution expenses decreased by 39.4% to approximately RMB 100.2 million, primarily due to a significant reduction in promotional and exhibition activities[20]. - Financing costs increased by 18.7% to RMB 171.7 million, attributed to higher average borrowings and interest rates[21]. - Inventory decreased by 10.3% to approximately RMB 271.4 million, primarily due to provisions for slow-moving inventory[24]. Business Operations - The hotel business in Zengcheng District, Guangzhou, saw a revenue increase of approximately 30.2% year-on-year[10]. - The company closed three directly operated stores, resulting in a one-time impairment provision but stopped ongoing monthly losses from these stores[9]. - The number of sales outlets increased by 0.1% year-on-year to 1,960, despite a decrease in orders from dealers[9]. - The company aims to leverage its brand and new spokesperson to expand sales channels and enhance operational efficiency[11]. Corporate Governance - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors as of December 31, 2024[41]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance shareholder value[36]. - The audit committee held four meetings in 2024 to ensure the accuracy of the company's financial statements, including the review of the financial performance for the year ending December 31, 2023, and the interim results for the six months ending June 30, 2024[67]. - The company has adopted a code of conduct for directors' securities trading that meets or exceeds the standards set forth in the listing rules[37]. Shareholder Engagement - The company has adopted a shareholder communication policy to maintain effective communication channels, including annual general meetings and the company website[93]. - The annual general meeting serves as a platform for constructive engagement with shareholders, allowing them to raise concerns and suggestions[94]. - Shareholders holding at least one-tenth of the paid-up capital have the right to request the board to convene a special general meeting[98]. - The company emphasizes transparent communication with institutional investors to enhance transparency and gather feedback, ensuring equal access to information for all shareholders[103]. Risk Management - The company identifies significant risks related to its financial condition and operational performance, particularly the reliance on the Chinese furniture market, which may adversely affect business performance if the market remains sluggish[138]. - The board has reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024, and found them to be effective and appropriate[92]. Management and Leadership - The management team includes experienced individuals with over 30 years in international trade and corporate management, enhancing the company's strategic direction[106][107]. - The company has a strong management team with diverse backgrounds in finance and investment, enhancing its strategic decision-making capabilities[112][113][114]. - The CEO, Lin Ru Hai, also serves as the chairman, providing strong and stable leadership for the group[45]. Future Outlook - The company anticipates continued implementation of stable growth policies by the Chinese government, including further easing of real estate market restrictions and promoting technological innovation[34]. - The management remains optimistic about future engineering project developments despite a slight decline in project business due to overall weak commercial activity[10]. - By 2025, the group plans to optimize its financial structure and will consider asset sales to repay bank loans, aiming to reduce debt and financial costs[34]. Employee Relations - The company emphasizes the importance of sustainable relationships with employees, customers, and business partners, ensuring a fair and safe work environment and competitive compensation[136]. - The company is committed to providing sufficient training and development resources to employees to enhance their performance and self-worth[136]. Share Capital and Securities - As of December 31, 2024, the company has a total of 2,598,561,326 shares issued, with a significant portion (74.86%) held by Mr. Xie Jinpeng and related entities[148][154]. - The performance share award plan allows for a maximum of 5% of the total issued shares, equating to 129,928,066 shares[164]. - The trustee has purchased and held a total of 120,690,000 shares under the performance share award plan, representing approximately 4.64% of the total issued shares[169].

Market Growth and Demand - The health industry in China is projected to reach a market size of over RMB 16 trillion by 2030, indicating significant growth potential[9]. - By the end of 2024, the population aged 60 and above in China is expected to exceed 290 million, creating substantial demand in the health sector[10]. - The "silver economy" market size has surpassed RMB 9 trillion, driven by the aging population and increasing health needs[10]. - The demand for preventive medicine and personalized health management is rapidly increasing among younger demographics, leading to growth in niche markets like nutritional health and genetic testing[10]. - The Chinese stem cell market is projected to reach approximately RMB 26.5 billion by 2024, indicating strong growth potential[14]. Company Strategy and Focus - The company is focusing on cell therapy and health management, leveraging its extensive experience in skin health management to optimize product offerings[12]. - The company aims to enhance its investment strategies and capitalize on emerging opportunities in the health sector amidst a challenging economic environment[12]. - The company is committed to long-term growth, emphasizing the importance of maintaining a solid operational foundation while exploring new business avenues[12]. - The company is actively seeking new opportunities and breakthroughs in the health industry, aligning with national health policies and market trends[12]. - The company is focused on exploring commercialization pathways for cell therapy products and enhancing synergies between health management and other business segments[18]. - The company aims to deepen its layout in cell therapy research and applications, responding to increasing market demand for related products[18]. Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 50.7 million, a decrease of about 60.8% from HKD 129.3 million in 2023[28]. - Gross profit for the year ended December 31, 2024, was approximately HKD 28.9 million, down about 63.0% from HKD 78.1 million in 2023, with a gross margin of 57.0% compared to 60.4% in the previous year[29]. - Other income and net gains for the year ended December 31, 2024, increased to approximately HKD 53.3 million, a rise of about 114.1% from HKD 24.9 million in 2023[31]. - Total operating expenses for the year ended December 31, 2024, were approximately HKD 31.6 million, a decrease of about 19.6% from HKD 39.3 million in 2023[32]. - Profit after tax for the year ended December 31, 2024, was approximately HKD 32.0 million, down about 16.9% from HKD 38.5 million in 2023[34]. Assets and Liabilities - Non-current assets as of December 31, 2024, were approximately HKD 980.4 million, an increase of about 26.0% from HKD 778.4 million in 2023[43]. - Current assets as of December 31, 2024, were approximately HKD 688.3 million, a decrease of about 25.1% from HKD 918.8 million in 2023[43]. - The group’s net asset value as of December 31, 2024, was approximately HKD 1,201.4 million, down from HKD 1,254.3 million in 2023[42]. - The group’s total liabilities as of December 31, 2024, were approximately HKD 467.3 million, an increase from HKD 442.9 million in 2023[42]. Investment and Financing - The group remains committed to investing in the health industry, aiming to capture market opportunities in this sector[59]. - The group has established strict credit risk management and internal control procedures for its lending transactions[62]. - The group has a structured procedure for handling overdue payments, including reminders and collection actions[64]. - The group plans to explore cross-selling opportunities with Yincuan Bio, aiming for synergistic effects[112]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions during the year ending December 31, 2024[176]. - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategic Committee to oversee various aspects of the group's operations[183]. - The independent non-executive directors have a one-year appointment term or until they retire according to company bylaws[189]. - The board has implemented a mechanism to ensure strong independence and efficiency in decision-making, which is reviewed annually[187]. Employee and Management - As of December 31, 2024, the group had approximately 46 employees, a decrease from 57 employees in 2023, with employee costs amounting to approximately HKD 13.7 million, down from HKD 14.1 million in 2023[76]. - The group has adopted a share option scheme in 2019 to attract and retain skilled employees[77]. - The Compensation Committee ensures that no director or their associates participate in determining their own remuneration[197]. Related Party Transactions - The company has entered into a financing agreement with Guangyu Zhaoneng, providing a revolving loan of up to RMB 200,000,000 at an interest rate of the one-year loan market quotation rate plus 3.05%[142]. - Guangyu Zhaoneng is controlled by a director of the company, making it a related party transaction[142]. - Independent non-executive directors have confirmed that the related transactions are conducted in the ordinary course of business and on normal commercial terms[151].

Financial Performance - For the fiscal year 2024, the group's revenue slightly decreased by 0.5% to HKD 82,690,000 compared to HKD 83,082,000 in 2023[11] - The group recorded a loss attributable to shareholders of HKD 196,000 in 2024, a significant decline from a profit of HKD 21,500,000 in 2023[11] - The group experienced a foreign exchange loss of HKD 9,446,000 due to the depreciation of the Canadian dollar against the Hong Kong dollar, compared to a foreign exchange gain of HKD 2,580,000 in 2023[11] - The expected credit loss provision for debt instruments decreased to HKD 315,000 from HKD 8,832,000 in 2023, impacting overall performance[11] - The lending business experienced a 66% decrease in revenue to HKD 846,000 in fiscal year 2024, primarily due to lower average loan amounts granted[35] - The group reported a loss attributable to equity holders of HKD 196,000 in 2024, a decline from a profit of HKD 21,500,000 in 2023, primarily due to losses in the lending and securities investment segments[51] - The group's total assets as of December 31, 2024, were HKD 436,984,000, compared to HKD 445,095,000 in 2023, with a debt-to-asset ratio of approximately 9%[52] - The group's bank and other interest income increased by 30% to HKD 7,642,000 in 2024, up from HKD 5,856,000 in 2023, driven by higher average funds applied to time deposits[53] Oil and Gas Operations - The Canadian oil assets contributed revenue of HKD 73,059,000, with EBITDA of HKD 43,826,000 and operating profit of HKD 19,275,000, compared to HKD 71,597,000, HKD 38,568,000, and HKD 17,874,000 respectively in 2023[9] - The average selling price of crude oil from Canadian assets was CAD 84.1 per barrel in fiscal year 2024, compared to CAD 78.2 per barrel in 2023[24] - The company produced approximately 173,900 barrels of crude oil in fiscal year 2024, down from 183,900 barrels in 2023[24] - In the fiscal year 2024, the company produced approximately 173,900 barrels of crude oil from its Canadian oil assets, a decrease from 183,900 barrels in fiscal year 2023[173] - The company aims to reduce its greenhouse gas emissions density (tons of CO2 equivalent per thousand barrels) by approximately 9.45% in fiscal year 2024 compared to fiscal year 2023, primarily due to the use of more efficient diesel-powered drilling equipment[179] - The company has set a target to gradually reduce its greenhouse gas emissions density over the next five years, using 21.88 tons of CO2 equivalent per thousand barrels as the baseline year of 2022[178] Solar Energy Business - The solar energy business generated revenue of HKD 8,286,000, EBITDA of HKD 8,002,000, and operating profit of HKD 2,724,000, showing slight growth from HKD 8,160,000, HKD 7,735,000, and HKD 2,661,000 in 2023[10] - The company has invested a total of HKD 58,265,000 in solar energy projects under the Feed-in Tariff Scheme[20] - The solar energy business recorded a revenue increase of 2% to HKD 8,286,000 in fiscal year 2024, despite a 3% decrease in sunlight hours[34] - The total investment in solar power projects reached HKD 58,265,000, with an operational capacity of approximately 3,200 kW from 50 solar photovoltaic systems[34] - The company continues to invest in solar energy projects in Hong Kong, contributing to the government's carbon neutrality goals by 2025[176] - The company operates 50 solar photovoltaic systems as of December 31, 2024, demonstrating its commitment to renewable energy and carbon emission reduction[200] Risk Management and Compliance - The group faces significant business risks from global economic conditions and international financial markets, which are beyond its control[62] - The group is exposed to financial risks related to interest rates, foreign currencies, and liquidity, with management policies in place to mitigate these risks[65] - The company has established various risk management policies and procedures across its business units to regularly identify and assess risks[137] - The audit committee reviewed the effectiveness of the group's risk management and internal control systems[133] - The company has adopted an anti-fraud and anti-corruption policy, emphasizing a zero-tolerance approach towards fraud and corruption[140] - The company has implemented internal guidelines to ensure compliance with local environmental laws and regulations[174] Corporate Governance - The company has a strong focus on compliance with legal and regulatory requirements as outlined in the corporate governance report[77] - The company has adopted a board diversity policy that considers skills, industry experience, and other factors when determining the optimal board composition[125] - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for independent judgment[120] - The company has established a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders[149] - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2024, with some deviations explained[110] Environmental Impact - The company is committed to reducing greenhouse gas emissions and enhancing energy-saving and emission reduction management[166] - The company has not reported any significant violations of environmental laws and regulations in fiscal year 2024 related to emissions and waste management[177] - Total greenhouse gas emissions decreased from 3,853.72 tons CO2 equivalent in 2023 to 3,299.91 tons CO2 equivalent in 2024, representing a reduction of approximately 14.4%[180] - The total amount of hazardous waste increased significantly from 140.89 tons in 2023 to 265.72 tons in 2024, an increase of about 88.5%[185] - The company emphasizes minimizing environmental impact and strictly adheres to local environmental laws and regulations in its operations[197] Employee and Workforce - The total employee cost for the year was HKD 13,411,000, an increase of HKD 1,684,000 from HKD 11,727,000 in 2023, primarily due to severance payments[61] - The group employed 23 staff members as of December 31, 2024, down from 26 in 2023, with 16 based in Hong Kong and 7 in Canada[61] - The employee gender ratio, including senior management, is approximately 3:2 as of December 31, 2024, indicating gender diversity within the workforce[127] - The company encourages employees to adopt energy-saving practices and has set goals to enhance energy awareness through annual activities starting from 2022[190] Future Outlook - The company anticipates continued volatility in international oil prices in 2025 due to various geopolitical and economic factors[8] - The company plans to drill three to four new wells in 2025, depending on market conditions, including oil prices and drilling costs[28] - The company aims to diversify its energy portfolio, focusing on both oil and solar assets for long-term sustainable growth[14]

Financial Performance - The group's gaming net revenue for Q1 2025 increased to HKD 6.949 billion, compared to HKD 6.464 billion in Q1 2024, representing a growth of 7.5%[7] - Adjusted EBITDA for Q1 2025 was HKD 958 million, up from HKD 864 million in Q1 2024, reflecting a 10.9% increase[7] - The adjusted EBITDA margin for Q1 2025 was 12.8%, compared to 12.5% in Q1 2024, an increase of 0.3 percentage points[7] - The group reported a profit attributable to shareholders of HKD 31 million in Q1 2025, a significant recovery from a loss of HKD 74 million in Q1 2024[7] - The overall revenue for Q1 2025 was HKD 7.480 billion, which includes hotel, dining, retail, leasing, and related service revenues of HKD 531 million, up from HKD 456 million in Q1 2024[7] Revenue Breakdown - The gross revenue from the Grand Lisboa integrated resort for Q1 2025 was HKD 1.931 billion, including gaming gross revenue of HKD 1.568 billion and non-gaming revenue of HKD 363 million, compared to HKD 1.418 billion in Q1 2024[10] - The electronic gaming gross revenue for Q1 2025 was HKD 707 million, an increase of 32.1% from HKD 535 million in Q1 2024[8] - Casino gross gaming revenue for the three months ended March 31, 2025, was HKD 1,794 million, a decrease of 4.4% compared to HKD 1,877 million in 2024[11] - Total revenue for the same period was HKD 1,887 million, down 3.6% from HKD 1,958 million[11] - Electronic gaming revenue increased significantly by 48.8% to HKD 3,689 million from HKD 2,479 million[11] - Non-gaming revenue from hotels, dining, and shopping centers rose by 19.5% to HKD 49 million[11] - Total revenue for other properties, including satellite casinos, was HKD 1,419 million, an increase of 6.8% from HKD 1,329 million[12] Operational Metrics - The occupancy rate for the Grand Lisboa integrated resort was 98.7% in Q1 2025, up from 92.6% in Q1 2024, an increase of 6.1 percentage points[10] - The average daily room rate for Q1 2025 was HKD 1,253, which is an increase of 6.9% from HKD 1,172 in Q1 2024[10] - The average daily room rate increased by 14.0% to HKD 1,407 from HKD 1,234[11] - The occupancy rate for hotels was 98.8%, up 0.5 percentage points from 98.3%[11] Financial Position - The group had cash, bank balances, and short-term bank deposits of HKD 3.232 billion as of March 31, 2025, with total debt of HKD 26.739 billion[6] - Capital expenditure for the first quarter of 2025 was HKD 492 million, primarily for property and equipment[14] - The company reported an unrealized fair value loss of HKD 5.8 million from equity securities investments included in other comprehensive income[13]