Economic Overview - In 2024, China's GDP reached 134 trillion yuan, growing by 5.0% year-on-year, primarily driven by policy stimulus rather than intrinsic growth[8]. - Fixed asset investment (excluding rural households) for the year was 51.4374 trillion yuan, a year-on-year increase of 3.2%, slightly up from 3.0% in 2023[8]. - The overall market recovery remains uncertain, with future trends dependent on policy implementation and the restoration of market confidence[10]. Real Estate Market Trends - Real estate development investment nationwide decreased by 10.6% year-on-year, with residential investment down by 10.5%, significantly impacting overall investment[9]. - The real estate market continues to face downward pressure, with transaction volumes declining and high inventory levels persisting, particularly in second and third-tier cities[9]. - In 2024, the residential land transaction amount in 40 major cities in China decreased significantly by 26.35% year-on-year, following a 24.17% decline in 2023[22]. - The transaction area of new commercial residential properties in 31 cities dropped by 18.46% year-on-year, compared to a mere 1.42% decrease in 2023[22]. - New home sales remained sluggish in the first three quarters, with the second-hand housing market showing only a slight recovery due to price adjustments[22]. - Despite a slight increase in new and second-hand housing transaction volumes in the fourth quarter, overall activity remained at historical lows[23]. - Core city second-hand housing prices only achieved temporary stabilization, lacking a comprehensive recovery trend[23]. - The government reiterated its commitment to stabilize the housing market in December, reflecting ongoing concerns about the real estate sector[23]. - In 2024, the national new residential property sales area decreased by 14.1% year-on-year, totaling 97,385 million square meters, while sales revenue dropped by 17.6% to RMB 96,750 billion[24]. - The overall new residential property sales in key 100 cities fell by 19% year-on-year, indicating a significant decline in market demand[27]. Company Financial Performance - The company's capital debt ratio was 485.8% as of December 31, 2024, indicating a significant increase from 72.1% in 2023[47]. - The group's revenue for the year was approximately RMB 1.4 million, a significant decline of 84.4% compared to RMB 9.0 million in the previous year[33]. - The group recorded a gross loss of approximately RMB 0.5 million, compared to a gross loss of RMB 0.3 million last year, attributed to increased marketing expenses[35]. - The comprehensive real estate consulting and sales agency services generated revenue of approximately RMB 623,000, a decrease of 91.9% year-on-year, reflecting the overall economic downturn in China's real estate market[36]. Business Strategy and Operations - The company plans to expand its real estate consulting, sales agency, and asset management businesses in first and second-tier cities to identify suitable investment opportunities[10]. - The company aims to reduce operating expenses and strictly control cash flow to ensure a healthy financial status for sustainable long-term development[10]. - The company acknowledges the ongoing challenges in the real estate sector and will adjust its market positioning accordingly[10]. - The company plans to explore light asset management operations to reduce reliance on traditional real estate sales and seek new profit points[41]. Employee and Governance Policies - The group recorded employee costs of approximately RMB 3,697,000, a decrease from RMB 5,184,000 in 2023, with a total of 25 employees compared to 50 in the previous year[52]. - The company has a strict zero-tolerance policy towards corruption, bribery, and fraud, ensuring compliance with local and national laws[86]. - All employees are required to undergo anti-corruption training and sign a corporate integrity guarantee[86]. - The company emphasizes the importance of employee satisfaction and training to retain talent and promote a harmonious work environment[94]. - The company has established a whistleblowing policy to encourage employees to report any suspicious internal misconduct[88]. Environmental, Social, and Governance (ESG) Initiatives - The group aims to reduce greenhouse gas emissions by 3% before 2026, aligning with local government targets for carbon neutrality by 2030 in Hong Kong and 2060 in China[57]. - The group has established a governance framework for environmental, social, and governance (ESG) factors, integrating these into its operations to create sustainable value for stakeholders[68]. - The company has set a target to reduce all emissions and resource consumption by 3% by 2026 compared to the reporting period[121]. - The company is committed to achieving carbon neutrality in Hong Kong by 2050 and in mainland China by 2060[153]. Stakeholder Engagement - The company engaged stakeholders through various channels, including seminars, training, direct communication with customers, and investor meetings, to understand their needs and expectations[69]. - Stakeholder engagement activities were conducted to gather insights and feedback on sustainability issues, informing the company's strategic direction[75]. - The company aims to enhance stakeholder participation through diverse communication channels, fostering long-term sustainable development[70]. Future Outlook - The real estate market is expected to remain in a deep adjustment phase in 2024, with weak demand and limited policy stimulus effects, leading to a prolonged recovery period[39]. - By 2025, the real estate market is anticipated to continue facing challenges, with high inventory levels and unresolved debt issues, making full recovery distant[40].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 3,641,442,907.15, representing a year-on-year increase of 29.73% compared to RMB 2,806,869,058.01 in the same period last year[6]. - Net profit attributable to shareholders reached RMB 184,464,019.76, a significant increase of 1,099.85% from RMB 15,373,901.72 in the previous year[6]. - The net profit excluding non-recurring gains and losses was RMB 177,951,301.87, up 605.35% from RMB 25,228,892.06 year-on-year[6]. - The basic earnings per share (EPS) was RMB 0.1305, reflecting a 1,097.25% increase from RMB 0.0109 in the same quarter last year[6]. - In Q1 2025, the company reported a net profit of ¥220,940,523.02, a significant increase from ¥24,679,465.08 in Q1 2024, representing a growth of approximately 795%[30]. - The operating profit for Q1 2025 was ¥221,840,221.41, compared to ¥26,918,285.68 in Q1 2024, indicating a substantial increase of about 720%[30]. - The total revenue from operating activities in Q1 2025 was ¥4,410,663,938.72, up from ¥2,787,618,537.83 in Q1 2024, reflecting an increase of approximately 58%[35]. - The company’s total profit for Q1 2025 was ¥223,642,641.52, compared to ¥26,975,829.81 in Q1 2024, indicating an increase of about 728%[30]. Cash Flow and Assets - The net cash flow from operating activities was RMB 359,469,340.17, a significant recovery from a negative cash flow of RMB -3,403,181,373.38 in the previous year[6]. - The cash flow from investment activities surged by 6,807.75% to ¥1,110,349,129.00 from ¥16,073,973.30, indicating a substantial increase in cash from long-term deposits maturing[22]. - The net increase in cash and cash equivalents for Q1 2025 was approximately $1.28 billion, compared to a decrease of $3.53 billion in Q1 2024[37]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $9.19 billion, up from $6.17 billion in Q1 2024[37]. - The beginning balance of cash and cash equivalents for Q1 2025 was approximately $7.91 billion, compared to $9.70 billion in Q1 2024[37]. - Total assets at the end of the reporting period were RMB 54,876,784,503.45, an increase of 2.39% from RMB 53,596,113,615.25 at the end of the previous year[6]. - Current assets totaled ¥34,389,278,300.54 as of March 31, 2025, an increase from ¥32,140,949,910.03 as of December 31, 2024[24]. - Non-current assets decreased to ¥20,487,506,202.91 as of March 31, 2025, down from ¥21,455,163,705.22 as of December 31, 2024[25]. - Total liabilities increased to ¥34,372,094,200.10 as of March 31, 2025, compared to ¥32,425,656,525.38 as of December 31, 2024[26]. - Total equity decreased to ¥20,504,690,303.35 as of March 31, 2025, from ¥21,170,457,089.87 as of December 31, 2024[27]. Shareholder Information - The company reported a total of 83,911 common shareholders at the end of the reporting period[12]. - Shareholders' equity attributable to the company was RMB 17,121,032,147.70, down 3.95% from RMB 17,824,706,200.68 at the end of the previous year[6]. Research and Development - Research and development expenses increased by 44.33% to ¥197,703,698.08 from ¥136,983,220.26, reflecting higher investment in research projects[21]. - The company plans to continue investing in R&D to enhance product offerings and market competitiveness[29]. Market Strategy - The company focused on annual goals and improved production efficiency, leading to a significant increase in gross profit margins[10]. - The company plans to continue expanding its market presence and investing in new technologies to enhance competitiveness[19]. - The company is exploring market expansion opportunities and potential acquisitions to drive future growth[29]. Other Financial Metrics - The company's trading financial assets decreased by 87.10% to ¥151,076.50 from ¥1,171,434.07 in the previous year, primarily due to the expiration and settlement of certain financial derivatives[20]. - Accounts receivable decreased by 63.33% to ¥20,570,686.03 from ¥56,102,457.89, attributed to the maturity of certain notes receivable[20]. - Investment income rose to ¥127,471,417.55 from a loss of -¥1,317,113.77, indicating a positive turnaround in returns from joint ventures[21]. - The company reported a 370.42% increase in non-operating income to ¥2,630,968.74 from ¥559,279.07, driven by higher insurance claims received[21]. - The financial expenses decreased significantly to -¥38,783,288.48 from -¥84,189,143.88, reflecting improved interest income and exchange rate gains[21]. - The company recorded a total comprehensive income of ¥-666,167,418.36 in Q1 2025, a decrease from ¥1,254,806,694.09 in Q1 2024, indicating a decline of approximately 153%[32]. - The company reported other income of ¥25,831,426.81 in Q1 2025, up from ¥21,744,091.72 in Q1 2024, representing an increase of about 9.6%[30]. - The investment income from associates and joint ventures was ¥129,024,744.82 in Q1 2025, a substantial increase from ¥3,197,798.47 in Q1 2024, reflecting a growth of approximately 3,925%[30].

Sales Performance and Revenue - The company achieved stable sales performance despite a challenging business environment, meeting market expectations[17] - Total revenue decreased by 7.7% to HKD 620.7 million for the year ended December 31, 2024, compared to HKD 672.7 million in 2023[27] - Hong Kong retail revenue fell by 7.2% to HKD 467.3 million, accounting for 75.3% of total revenue[29] - Wholesale revenue declined by 9.2% to HKD 153,400,000, compared to HKD 168,900,000 in 2023, accounting for 24.7% of total revenue[35] - The mainland China wholesale business saw a significant drop of 21.7% in revenue, down to HKD 19,100,000 from HKD 24,400,000 in 2023[38] Membership and Customer Engagement - Membership in the "self-owned CLUB" increased by approximately 100,000, surpassing 1.4 million members by December 31, 2024[19] - The company reported a total of over 1,458,000 members in its "self-owned CLUB" loyalty program as of December 31, 2024, indicating a strong customer retention strategy[95] Product Development and Innovation - The company introduced new products, including a vegetarian option in its postpartum product line and new flavors of herbal tea, contributing to its product diversification[11] - The company plans to expand its product offerings by collaborating with various brands to develop functional beverages and health-focused meals[22] - New product launches included sugar-free beverages and collaborations with major supermarkets to enhance product penetration[37] - The company will continue to focus on health-oriented products, including more sugar-free options and soups, to meet consumer demand[46] Financial Management and Cost Optimization - The company plans to optimize costs and enhance production efficiency, significantly narrowing losses in response to the complex operating environment[19] - The loss attributable to owners narrowed to HKD 13.7 million from a loss of HKD 34.6 million in the previous year[27] - Cash and cash equivalents increased to approximately HKD 110.2 million, up from HKD 88.5 million in 2023[27] - Employee costs for the fiscal year ending December 31, 2024, were HKD 189.7 million, a decrease of 10.6% from HKD 212.2 million in 2023, with employee costs as a percentage of revenue at 30.6%, down from 31.5%[53] - Rental expenses related to retail stores in Hong Kong amounted to HKD 98.7 million, a decrease of 5.7% from HKD 104.7 million in 2023, with rental expenses as a percentage of revenue at 21.1%, compared to 20.8% in 2023[54] Market Expansion and Strategic Initiatives - The company is actively pursuing market expansion in the U.S., U.K., Thailand, Indonesia, and Japan while enhancing brand visibility[22] - The company continues to expand its wholesale business in overseas markets to mitigate the impact of economic fluctuations in mainland China and Hong Kong[98] - The company participated in the 7th China International Import Expo, establishing a strategic cooperation agreement with a subsidiary of Feng's Group[13] Sustainability and Environmental Initiatives - The company reduced carbon emissions by approximately 68 metric tons through the use of 100% rPET recycled bottles in new product launches[11] - The group recycled approximately 316 tons of food waste in 2024, contributing to a reduction of about 163 tons of CO2 equivalent greenhouse gas emissions[68] - The group installed solar panels that generated 174 MWh of renewable energy in its Hong Kong facility and 2,950 MWh in its mainland China facility during the fiscal year[68] - Future guidance indicates a commitment to sustainable practices, with a target of reducing carbon emissions by F% over the next five years[10] Corporate Governance and Management - The board of directors includes Mr. Xie Baoda (Chairman) and Dr. Situ Yongfu (CEO), among others[122] - The company has adopted the corporate governance code as per the listing rules, emphasizing effective internal controls and risk management systems[152] - The board is responsible for establishing strategic goals and ensuring the necessary financial and human resources to achieve business objectives[159] - The company emphasizes transparency and accountability in its corporate governance practices to enhance shareholder value[152] Community Engagement and Social Responsibility - The group sponsored over 13,000 food vouchers, raising over HKD 1 million for charity through its participation in the "折"食日 event, marking 15 consecutive years of support[71] - The group continues to support various community initiatives, including the "無障行者" event to assist individuals with disabilities and long-term illnesses[71] - The company is committed to corporate social responsibility, engaging in various activities that benefit employees, the community, and the environment[101] Employee Development and Well-being - The group conducted nearly 366 hours of training courses with over 1,000 employees participating during the review year[70] - The group emphasizes employee well-being and work-life balance through initiatives like pet care workshops in collaboration with local animal welfare organizations[70] - The company has established a culture of continuous improvement and employee development, evidenced by its extensive training programs and recognition as a "Super人才企業" by the Employee Retraining Board[73]

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately SGD 66.1 million, representing a stable growth of 9.3% compared to approximately SGD 60.5 million for the previous year[17]. - Revenue from truck transportation services increased from approximately SGD 20.0 million in 2023 to approximately SGD 22.6 million in 2024, marking a growth of about SGD 2.6 million or 13% due to sustained demand from customers[18]. - Freight forwarding service revenue for the years ending December 31, 2023, and 2024, was approximately SGD 26.6 million and SGD 29.7 million, respectively, reflecting an increase of SGD 3.1 million or 11.7% due to higher import and export demand in 2024[19]. - Value-added transportation service revenue remained stable at approximately SGD 13.9 million for both years ending December 31, 2023, and 2024[20]. - Gross profit for the years ending December 31, 2023, and 2024, was approximately SGD 19.2 million and SGD 20.9 million, respectively, representing an increase of SGD 1.7 million or 8.9% driven by increased service demand[21]. - Net profit increased from approximately SGD 3.4 million for the year ending December 31, 2023, to approximately SGD 5.0 million for the year ending December 31, 2024, with a net profit margin rising from about 5.7% to 7.6%[28]. Operational Capacity and Expansion - The company signed a lease agreement for a property in Singapore for SGD 17 million, with a lease term of 20 years starting from February 26, 2025, to enhance its operational capacity[13]. - The fleet as of December 31, 2024, included 55 prime movers, 485 trailers, and 21 flatbed trucks, along with 3 logistics yards and 3 warehouses totaling approximately 81,323 square meters[14]. - The company aims to improve visibility in logistics operations and broaden funding channels to support its expansion plans and strengthen market position[14]. - The company plans to continue strategic acquisitions to achieve long-term growth and enhance its competitive advantage[8]. Cost Management and Financial Health - The management emphasizes prudent cost management in response to external factors such as diesel price fluctuations and labor cost pressures[16]. - Administrative expenses for the years ending December 31, 2023, and 2024, were approximately SGD 15.0 million and SGD 15.9 million, respectively, mainly due to increased wage costs and foreign employee accommodation[26]. - The debt ratio decreased to approximately 27.7% as of December 31, 2024, from 31.3% as of December 31, 2023, due to repayment of bank loans and an increase in total equity[33]. - As of December 31, 2024, the company had cash and bank balances of approximately SGD 14.5 million, down from SGD 22.8 million as of December 31, 2023[31]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[60]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, demonstrating commitment to high governance standards[57]. - The management team is required to provide sufficient information to the board to enable them to fulfill their duties effectively[59]. - The company has established committees to assist the board in fulfilling its governance responsibilities[59]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional skills in selecting board candidates[68]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainability as a key to ongoing success and has integrated it into its business strategy[161]. - The group has established an ESG working group responsible for collecting relevant data for the ESG report[162]. - The company is committed to reducing greenhouse gas emissions through various measures, including improving energy efficiency and promoting double-sided printing[181]. - The company actively seeks opportunities to enhance its environmental, social, and governance performance[176]. - The company has established risk management policies to identify and mitigate potential climate-related risks that could affect its business activities[200]. Shareholder Engagement and Policies - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders[97]. - The company encourages shareholder participation in the annual general meeting and other decision-making processes[97]. - The board has resolved not to recommend a final dividend for the year ending December 31, 2024, consistent with the previous fiscal year where no dividend was declared[156]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders while retaining sufficient reserves for future growth[152]. Related Party Transactions - The ongoing related party transactions include the R&S Master Service Agreement and JH Master Service Agreement, both effective from January 1, 2023, to December 31, 2025[127]. - Independent non-executive directors have reviewed the ongoing related party transactions, confirming they are conducted in the ordinary course of business and on fair terms[128]. - The company has complied with the relevant disclosure requirements under the Listing Rules regarding related party transactions[125].

Financial Performance - In 2024, the company achieved a revenue record of RMB 4,052.3 million, representing a year-on-year growth of 90.8%[9] - Gross profit reached RMB 1,239.8 million, a significant increase of 121.6%, with a gross margin of 30.6%[9] - Net profit surged by 277.2% to RMB 1,069.6 million, reflecting operational leverage and strict cost control measures[9] - Revenue for the year ended December 31, 2024, increased by 90.8% to RMB 4,052.3 million[22] - Gross profit for the year ended December 31, 2024, increased by 121.6% to RMB 1,239.8 million[22] - Net profit for the year ended December 31, 2024, increased by 277.2% to RMB 1,069.6 million[22] - Adjusted net profit for the year ended December 31, 2024, increased by 184.8% to RMB 1,174.0 million[22] - The company’s revenue increased by 90.8% from RMB 2,123.8 million for the year ended December 31, 2023, to RMB 4,052.3 million for the year ended December 31, 2024[73] - Adjusted net profit increased by 184.8% from RMB 412.3 million for the year ending December 31, 2023, to RMB 1,174.0 million for the year ending December 31, 2024[95] - Basic earnings per share grew by 217.9% from RMB 0.28 for the year ending December 31, 2023, to RMB 0.89 for the year ending December 31, 2024[96] Operational Expansion - The company expanded its global footprint and enhanced execution capabilities, with significant progress in its first overseas production base in Singapore[7] - The total number of ongoing integrated projects increased from 143 as of December 31, 2023, to 194 as of December 31, 2024[22] - The company is expanding its production capacity and attracting talent to meet the growing demand for bioconjugate drug CRDMO services globally[19] - The company is expanding its production capacity for antibody intermediates in Wuxi, China, and building new facilities in Singapore to meet growing demand for bioconjugate drugs[42] - The new Singapore facility is expected to start operations by the end of 2025, with four production lines planned for clinical and commercial production[45] - The company operates integrated CRDMO services from drug discovery to commercialization across its bases in Shanghai, Wuxi, and Changzhou[42] Research and Development - The proprietary WuXiDARx™ technology has successfully developed 45 preclinical candidates and 7 clinical projects, addressing diverse R&D needs[10] - The company launched innovative linker and payload technologies, including X-LinC, to optimize the therapeutic potential of ADCs[10] - The company is focused on optimizing ADC production processes to ensure consistency and successful scale-up for commercialization[39] - The company plans to submit 30 IND applications in 2024 and deliver over 300 batches of GMP-compliant products[1] - The company aims to enhance its platform to drive the development of the bioconjugate drug industry, benefiting global biopharmaceutical partners and patients[33] Client and Market Growth - The company ranked second globally and first in China in the ADC CRDMO sector based on 2022 revenue, with a strategy focused on empowering and winning molecular partnerships[59] - As of December 31, 2024, the company had 499 clients, a significant increase from 345 in 2023, reflecting a growing and diversified customer base[59] - Revenue from North America grew significantly, contributing RMB 2,030.4 million (50.1% of total revenue) in 2024, compared to RMB 851.9 million (40.1%) in 2023[74] - The company generated RMB 3,767.2 million from ADC projects, accounting for 93.0% of total revenue in 2024, up from 88.9% in 2023[79] Financial Management - Financial costs increased by 331.9% from RMB 0.7 million for the year ending December 31, 2023, to RMB 3.2 million for the year ending December 31, 2024, primarily due to increased interest expenses from bank loans[87] - Other income rose by 149.1% from RMB 92.3 million for the year ending December 31, 2023, to RMB 229.9 million for the year ending December 31, 2024, mainly driven by increased bank interest income[88] - The company maintains a centralized management of financial activities to control and reduce funding costs[111] - The company plans to manage foreign currency risk through forward contracts and hedge accounting for derivatives[120] Sustainability and ESG Commitments - The company implemented strict waste management and emission control standards, contributing to its ESG commitments[11] - The company aims to reduce greenhouse gas emissions by 50% by 2030, using 2021 as the baseline year, while expanding its operations[65] - The company is committed to social responsibility and sustainable growth, with details to be disclosed in its environmental, social, and governance report[199] Governance and Leadership - The board of directors includes experienced professionals with over 20 years in the biotechnology industry, such as Dr. Chen Zhisheng and Dr. Zhou Weichang[141][142] - The company has appointed Ulf Grawunder, an experienced entrepreneur in the life sciences sector, as an independent non-executive director[145] - The company emphasizes the importance of independent judgment in its governance structure, as highlighted by the roles of independent directors[145] - The independent non-executive directors have confirmed their independence as per the listing rules for the fiscal year ending December 31, 2024[165] Risks and Challenges - The company faces significant risks including potential declines in customer spending and demand, which could adversely impact its business, especially given the early-stage development of its products[200] - Increased competition in the industry may lead to customer attrition, affecting the company's market position[200] - The company's growth strategies and business expansion plans may not succeed, which could negatively impact its operations and financial performance[200] - The company may face challenges in successfully developing new technologies and improving existing ones to maintain its competitive edge[200]

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, decreased by approximately 33.40% to HKD 148.89 million, down from HKD 223.58 million in 2023[8] - The gross profit margin improved to approximately 45.53% compared to 40.73% in the previous year, despite the decline in revenue[8] - The net loss for the year was approximately HKD 27.8 million, an improvement from a net loss of HKD 31.62 million in 2023[8] - The total income from the media and entertainment business was approximately HKD 138.70 million, a decrease of 31.67% from HKD 202.99 million in the previous year[18] - The cremation and funeral services business recorded revenue of approximately HKD 10,204,000 for the year ending December 31, 2024, a decrease of 50.45% compared to HKD 20,594,000 in the same period last year, due to the business being sold on July 12, 2024[19] - The company did not recommend the payment of dividends for the year ended December 31, 2024, consistent with the previous year[145] - The company has no retained earnings available for distribution to shareholders as of December 31, 2024[153] - The company’s financial performance is subject to various risks and uncertainties, which are discussed in the management discussion and analysis section of the report[147] Operational Activities - The company organized 12 concerts in 2024, an increase from 8 concerts in 2023, and invested in 49 concerts compared to 42 in the previous year[8] - The company anticipates economic recovery in 2024, with expectations for a resurgence in concerts and related artist management activities[9] - The number of concerts organized by the company increased to 12 in the current year from 8 in the previous year, but revenue decreased due to smaller scale concerts[148] Expenses and Cost Management - Selling, marketing, and distribution expenses decreased by 7.66% to approximately HKD 5.69 million, representing about 3.82% of total revenue[15] - General and administrative expenses were approximately HKD 68.52 million, consistent with the previous year's HKD 67.33 million, but decreased by 12.48% when excluding losses from the sale of subsidiaries[16] Corporate Governance - The company has appointed Mr. Tang Caizhi as the Chairman and Mr. Zhong Chulin as the CEO, with clearly defined responsibilities[33] - The board of directors is responsible for overall management and supervision of the company's major matters, including operational strategies and risk management systems[34] - The Audit Committee is tasked with reviewing the effectiveness of the risk management framework and internal control systems, as well as overseeing financial reporting processes[39] - The Nomination Committee is responsible for reviewing the board's structure and diversity policies, and evaluating the independence of non-executive directors[40] - The Remuneration Committee provides recommendations on the remuneration policies for directors and senior management, ensuring alignment with market practices[41] - The company conducts regular board meetings to discuss overall strategies and approve annual, interim, and quarterly performance[42] Risk Management - The risk management and internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and compliance with applicable laws and regulations[61] - The board conducts an annual review of the effectiveness of the risk management and internal control systems through the audit committee[62] - The company has established a three-line defense model for risk management, with business units identifying and monitoring risks, management providing oversight, and internal audit reviewing the effectiveness of the first two lines[62] - Identified risks are prioritized, and action plans are developed to manage these risks, with management responsible for implementing risk mitigation measures[63] - The company utilizes external consultants to assist in designing and monitoring the risk management and internal control systems[64] Environmental and Social Responsibility - The company aims to reduce total emissions and greenhouse gas emissions density by 5% by the fiscal year 2025, using the fiscal year 2023 as the baseline[91] - In the fiscal year 2024, the company reported zero significant emissions of nitrogen oxides, sulfur oxides, or particulate matter due to the cessation of its cremation and funeral services[88] - The total greenhouse gas emissions for fiscal year 2024 were 42.09 tons of CO2 equivalent, with an emissions density of 0.84 tons per employee[89] - The company recycled 0.383 tons of waste in the fiscal year 2024, with a goal to reduce waste per employee by 5% by the fiscal year 2025[95] - The company has established a resource usage policy, focusing on energy and resource efficiency, primarily consuming electricity and packaging materials in fiscal year 2024[96] Employee and Workplace Policies - The employee turnover rate for fiscal year 2024 was 16%, with the highest turnover rate of 38.46% in the 41-50 age group, while the turnover rate for males was 22.73% and for females was 10.71%[110] - The total number of employees in fiscal year 2024 was 50, with 46 located in Hong Kong and 4 in Taiwan, reflecting a diverse workforce[105] - The company is committed to fair and competitive compensation, regularly reviewing salaries to recognize employee contributions and incentivize performance[109] - The group has implemented internal policies to promote equal opportunities and combat discrimination, adhering to relevant laws and regulations[113] Shareholder and Financial Management - The company issued a total of 419,000,000 new ordinary shares at a subscription price of HKD 0.036 per share, raising net proceeds of approximately HKD 14,972,000[22][23] - The net proceeds from the subscription were fully allocated to the investment in media and entertainment business[23] - The group has established a three-year internal audit plan based on risk assessment results, with external consultants hired to review selected operational cycles[67] Community Engagement - The group actively participated in community investment, focusing on addressing urgent needs of impoverished groups[131] - A team-building event in Bali involved 38 employees and artists, contributing to local special education schools through volunteer work[132] - The group received the "Caring Company" logo from the Hong Kong Council of Social Service, recognizing efforts in creating a happy workplace[134]

Financial Performance - Operating revenue for 2024 was RMB 12,311,928 thousand, a decrease of 7.15% compared to 2023[34]. - Pre-tax profit for 2024 was RMB 4,103,910 thousand, down 20.62% from the previous year[34]. - Net profit for 2024 was RMB 4,860,559 thousand, reflecting a decline of 9.08% year-over-year[34]. - Total assets increased to RMB 745,904,488 thousand, representing a growth of 5.23% compared to 2023[35]. - Basic earnings per share for 2024 decreased to RMB 0.67, down 10.67% from 2023[35]. - The cost-to-income ratio increased to 37.44%, up 2.14 percentage points compared to the previous year[37]. - Net interest income decreased to RMB 9.17 billion, a decline of RMB 1.40 billion or 13.22% year-on-year[50]. - Non-interest income increased to RMB 3.14 billion, up RMB 449.79 million or 16.73% year-on-year[50]. Asset and Loan Management - The total assets of the group reached RMB 746.904 billion, with total deposits amounting to RMB 520.248 billion and total loans of RMB 381.045 billion[19]. - Customer loans and advances reached RMB 381,044,893 thousand, a growth of 7.31% from 2023[35]. - The non-performing loan ratio stands at 1.84%, with a provision coverage ratio of 207.72%[26]. - The total amount of customer loans and advances reached RMB 381.04 billion, an increase of RMB 25.97 billion or 7.31% compared to the previous year[100]. - The non-performing loan (NPL) ratio improved to 1.84% in 2024 from 1.23% in 2023, with total non-performing loans amounting to RMB 6.98 billion compared to RMB 4.30 billion in the previous year[134][135]. Risk Management - The company has not identified any significant risks that could adversely affect its future development strategy and operational goals during the reporting period[7]. - The report indicates that the company has maintained a focus on risk management, detailing the main risks faced and the measures taken to address them[7]. - The risk management framework includes a board of directors, supervisory board, senior management, and specialized committees, ensuring comprehensive risk oversight[199]. - The company maintains a prudent risk appetite, balancing risk, capital, and returns in its overall risk management principles[199]. Strategic Initiatives - The new five-year development strategy has been established, focusing on enhancing strategic execution and promoting digital transformation[21]. - The group aims to improve financial service quality and efficiency, emphasizing the importance of serving the real economy and enhancing financial product innovation[22]. - The group is committed to deepening institutional reforms and enhancing core competitiveness through improved organizational structure and resource allocation[22]. - The group plans to align with national and local strategic decisions, focusing on high-quality development and market changes[20]. Shareholder and Dividend Information - The company plans to allocate 10% of the audited net profit for 2024, amounting to RMB 443 million, to statutory surplus reserves and another RMB 443 million to general reserves[7]. - A cash dividend of RMB 0.25 per share (before tax) is proposed based on the total share capital, pending approval at the 2024 annual general meeting[7]. - The group aims to create greater value for shareholders, customers, society, and employees while achieving symbiosis with the economy, society, and environment[22]. Digital Transformation and Technology - The bank is focusing on digital transformation and light capital development as part of its strategic initiatives[30]. - The company is actively advancing financial technology innovations, focusing on smart marketing, risk control, and operational efficiency[195]. - The company has invested a total of RMB 615.55 million in financial technology during the reporting period[192]. - The comprehensive counter replacement rate for electronic channels reached 98.49%, indicating a strong digital operation capability[198]. Market Presence and Expansion - The company aims to deepen its market presence in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on regional coordinated development[139]. - The company has established 485 branches, with 475 located in Dongguan, making it the leader in the number of bank branches in that area[196]. - The company has partnered with third parties to set up two rural commercial banks in Zhanjiang and Shantou, totaling 165 branches[196]. Compliance and Governance - The company assures that the content of the annual report is true, accurate, and complete, with no false records or misleading statements[6]. - The bank's governance structure includes a diverse shareholder base, promoting a balanced and coordinated decision-making process[30]. - The company has maintained compliance with regulatory requirements, with the single largest customer loan to net capital ratio at 4.23%, below the 10% threshold[143].

Financial Performance - The group's revenue increased by approximately 13.4% from about SGD 14,008,000 in 2023 to approximately SGD 15,889,000 in 2024[12] - The gross profit for the year was approximately SGD 3,784,000, with a gross margin of about 23.8%, down from 37.2% in 2023[16] - The group recorded a loss of approximately SGD 902,000 for the year, a significant improvement from a loss of about SGD 2,280,000 in 2023[20] - The pre-tax loss for the year was approximately SGD 706,000, down from about SGD 1,960,000 in 2023[19] - The net loss attributable to equity holders for the year was SGD 901,630, compared to SGD 2,280,454 in 2023, indicating a reduction of 60.5%[159] - Basic and diluted loss per share improved to SGD (0.381) from SGD (0.963) year-over-year[159] - The total comprehensive loss for the year was SGD 699,281, a significant improvement from SGD 2,155,421 in 2023[159] Revenue Breakdown - The total revenue from sales of signage and related products in Singapore for the year ended December 31, 2024, was approximately SGD 11,835,000, compared to SGD 11,639,000 in 2023, indicating a stable demand in the construction sector[23] - Revenue from renovation services for commercial and residential projects increased to approximately SGD 4,054,000 in 2024, up from SGD 2,369,000 in 2023, reflecting a growth of about 70.9%[23] - Revenue from renovation and refurbishment services for the year ended December 31, 2024, was SGD 4,054,373[147] Expenses and Costs - Selling and administrative expenses increased by approximately 17.7% to about SGD 4,154,000, primarily due to higher advertising and other expenses[17] - The total employee costs for the year ended December 31, 2024, were approximately SGD 4,084,000, compared to SGD 4,319,000 in 2023, showing a reduction of about 5.4%[29] - Financing costs reduced to SGD 105,191 from SGD 130,003, indicating better management of debt[159] Cash and Liquidity - As of December 31, 2024, the group's cash and cash equivalents increased to approximately SGD 4,505,000, up from SGD 4,292,000 in 2023[22] - Cash generated from operating activities was SGD 1,903,534 in 2024, down from SGD 2,519,178 in 2023[167] - The net cash increase for cash and cash equivalents was SGD 183,466 in 2024, compared to SGD 1,867,062 in 2023[169] - The company actively manages liquidity risks associated with contracts ranging from 1 to 4 years, monitoring cash flow to ensure sufficient working capital[99] Debt and Borrowings - The total borrowings of the group as of December 31, 2024, were approximately SGD 2,514,000, a decrease from SGD 2,804,000 in 2023[21] - The group's debt-to-asset ratio as of December 31, 2024, was approximately 14.2%, down from 15.2% in 2023[21] - The company’s borrowings include property loans of approximately SGD 1,603,000 and lease liabilities of about SGD 910,000 as of December 31, 2024[103] Governance and Compliance - The board has established the group's mission, values, and strategy, emphasizing sustainable growth and stakeholder value creation[42] - All directors confirmed compliance with the trading code for the year ending December 31, 2024, with no known violations[43] - The board consists of five members, including two executive directors and three independent non-executive directors[44] - The Audit Committee held 4 meetings during the year ending December 31, 2024, with all members attending all sessions[57] - The company maintains a strict anti-discrimination policy to ensure equal employment opportunities for all candidates and employees[66] Risk Management - The company has established a risk management and internal control system, which has been deemed sufficient and effective by the audit committee and board for the year ending December 31, 2024[76] - The board is responsible for assessing the nature and extent of risks acceptable in achieving strategic objectives[76] Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[85] - The company has set up multiple channels for communication with shareholders and investors[86] Accounting Policies - The group has applied new and revised International Financial Reporting Standards (IFRS) for the first time in the preparation of consolidated financial statements, effective from January 1, 2024, with no significant impact on the financial position or performance for the current and prior years[172][174]. - Revenue from customer contracts is recognized when control of the goods or services is transferred to the customer, in accordance with IFRS 15[185]. - The group recognizes income from subsidiaries based on received and receivable dividends, with impairment testing required if dividends exceed the subsidiary's total comprehensive income[183]. Employee Composition - As of December 31, 2024, the board consisted of 4 males (80%) and 1 female (20%), reflecting the company's commitment to board diversity[65] - The gender composition of employees, including senior management, was approximately 76% male and 24% female as of December 31, 2024[66]

Financial Performance - The company achieved a revenue of approximately RMB 1,829.2 million in 2024, a slight decrease of 0.5% year-on-year, while maintaining stable market share[20]. - The group recorded a net revenue of RMB 1,829.2 million in 2024, a decrease of 0.5% year-on-year[29]. - Revenue from the smart transportation segment was approximately RMB 435.2 million, down 6.8% from RMB 467.1 million in 2023[33]. - The smart building and park segment's revenue decreased by 12.4% to approximately RMB 720.3 million from RMB 822.5 million in 2023[34]. - The smart energy segment achieved a revenue increase of 22.9%, reaching RMB 673.8 million compared to RMB 548.4 million in 2023[31]. - In 2024, the revenue of the smart energy segment reached approximately RMB 673.8 million, a 22.9% increase from RMB 548.4 million in the same period last year, driven by technological innovation and market expansion in the heating sector[35]. - The group's gross profit decreased by 14.2% to approximately RMB 145.2 million in 2024, with a gross margin of 7.9%, down 1.3 percentage points year-on-year, due to intensified industry competition[38]. - Other income increased by approximately 17.0% to RMB 32.4 million in 2024, primarily due to increased interest income from EMC projects[39]. - Selling and distribution expenses rose by 35.5% to approximately RMB 85.8 million in 2024, accounting for 4.7% of revenue, compared to 3.4% in 2023, reflecting increased marketing resource investment[40]. - The impairment loss on trade and other receivables and contract assets surged by approximately 264.0% to RMB 210.0 million in 2024, attributed to delayed payment schedules from clients due to industry environment changes[42]. - The group recorded a loss of approximately RMB 265.0 million in 2024, compared to a loss of RMB 99.9 million in 2023, with a net margin decline from -5.4% to -14.5%[45]. Strategic Initiatives - The company achieved a stable revenue base despite industry downturns, focusing on enhancing core competitiveness and accelerating independent innovation[13]. - The company is focusing on enhancing project gross margins and improving project settlement and collection management to ensure sustainable development[20]. - The company plans to deepen its focus on construction parks, urban rail transit, and centralized heating sectors, leveraging policy support for significant equipment upgrades[18]. - The company aims to increase R&D investment and accelerate the cultivation and introduction of high-end talent to support urban digital transformation and green low-carbon development[18]. - The company is committed to driving innovation and resource integration to cultivate new business growth points amid a competitive market environment[29]. - The company aims to enhance brand value and competitiveness by increasing R&D investment and focusing on key technology breakthroughs[28]. Innovation and Development - The company successfully delivered a domestically produced IoT controller module, enhancing the competitiveness of its "Kunlun" industrial internet platform[14]. - The company obtained 7 patent authorizations, including 6 invention patents, and achieved 27 software copyrights in the fiscal year[14]. - The company made significant breakthroughs in the smart transportation sector, including a major renovation project for the Chongqing Line 6 comprehensive monitoring system[15]. - The smart energy segment successfully implemented an automatic control system for nearly 900 heat exchange systems, achieving a fuel utilization efficiency improvement with an expected heat saving rate exceeding 8%[17]. - The company received the "Green Energy Star" first-class award for the Xinjiang Altash Zero Carbon Park project, highlighting its commitment to sustainable energy solutions[17]. - The company has established a benchmark project for smart operation and maintenance in tertiary hospitals, integrating core systems such as building automation and energy management[16]. Market Challenges - The company faced significant challenges in 2024 due to tightened local government debt regulations and a decline in real estate investment, impacting effective demand and increasing competition[13]. - The gross profit margin significantly declined due to intensified industry competition, leading to a net loss of approximately RMB 265.0 million for the year[20]. Corporate Governance - The company has a diverse board with members experienced in finance, investment, and management, which supports strategic decision-making[75][78]. - The company is committed to enhancing its governance structure by including independent directors with diverse backgrounds and expertise[75][77]. - The company emphasizes the importance of independent directors in decision-making processes, particularly regarding strategy and performance[174]. - The company has adopted a board diversity policy since August 2013, ensuring a balanced mix of skills and experiences among board members[175]. - The independent non-executive directors have reviewed the ongoing connected transactions and confirmed they are conducted on normal commercial terms[142]. Employee and Management - The total employee count increased from 665 to 669, while total employee costs decreased from approximately RMB 206.6 million to RMB 168.5 million[55]. - The company has implemented a share incentive plan since December 4, 2015, to motivate and reward eligible members[55]. - The management team regularly participates in training and industry exhibitions to enhance their understanding of market conditions and product developments[55]. - The company’s remuneration policy is based on individual contributions, qualifications, and capabilities, reviewed regularly by the remuneration committee[148]. Financial Position - As of December 31, 2024, the group's inventory increased by 6.3% to approximately RMB 1,363.8 million, with inventory turnover days rising to about 264 days[47]. - The group's cash and cash equivalents amounted to approximately RMB 344.7 million as of December 31, 2024, representing 13.1% of net assets[49]. - The group’s net cash position was approximately RMB -2.9 million as of December 31, 2024, with a debt-to-asset ratio of approximately 6.2%[50]. - The group has pledged the Xinjiang Tianfu South Thermal Power Plant and associated urban heating network renovation project to secure a mortgage loan of approximately RMB 37.4 million at an interest rate of 4.74%[51]. - As of December 31, 2024, the group had no significant contingent liabilities[53]. Related Party Transactions - The supply agreement between Tongfang Taited Beijing and Tongfang sets annual sales limits for smart energy-saving products at RMB 420 million, RMB 460 million, and RMB 510 million for the years ending December 31, 2023, 2024, and 2025 respectively[131]. - For the year ending December 31, 2024, the group sold products to Tongfang Group amounting to approximately RMB 257.3 million, within the approved limit of RMB 460 million[134]. - The procurement agreement establishes annual purchase limits for energy management and environmental protection products at RMB 220 million, RMB 250 million, and RMB 270 million for the years ending December 31, 2023, 2024, and 2025 respectively[133]. - The group purchased raw materials from Tongfang Group amounting to approximately RMB 104.4 million for the year ending December 31, 2024, within the approved limit of RMB 250 million[134]. - The agreements are aimed at addressing the business needs of the group's non-core operations[133]. Environmental and Compliance - The company has obtained ISO14001 environmental management system certification, demonstrating its commitment to energy-saving and environmental protection[161]. - The company has not violated any relevant environmental regulations that would significantly impact its development, performance, or business[161]. - The company has complied with all corporate governance codes as per the main board listing rules throughout the year ending December 31, 2024, except for deviations in the frequency of board meetings[166].

Financial Performance - Total operating revenue for Q1 2025 reached CNY 7,240,223,552.43, an increase of 46.29% compared to CNY 4,949,345,961.54 in the same period last year[10] - Net profit attributable to shareholders for Q1 2025 was CNY 2,757,201,312.78, reflecting a growth of 79.23% from CNY 1,538,328,759.88 year-on-year[10] - Basic earnings per share for Q1 2025 increased to CNY 0.33, up 94.12% from CNY 0.17 in the previous year[10] - Net profit for the current period was ¥2,970,388,406.34, compared to ¥1,713,072,977.76 in the previous period, indicating a year-over-year increase of about 73.5%[33] - Basic and diluted earnings per share both stood at ¥0.33, up from ¥0.17 in the previous period, reflecting a growth of 94.1%[34] Assets and Liabilities - Total assets as of March 31, 2025, amounted to CNY 814,616,464,709.01, representing a 7.36% increase from CNY 758,745,107,933.09 at the end of the previous year[10] - Total liabilities increased to ¥658,911,082,919.04 as of March 31, 2025, compared to ¥605,659,726,624.79 at the end of December 2024, marking an increase of approximately 8.7%[30] - The total assets and liabilities combined reached ¥814,616,464,709.01 as of March 31, 2025, compared to ¥758,745,107,933.09 at the end of December 2024, reflecting an increase of about 7.4%[30] Investment and Income - The company reported a significant increase in investment income, which rose by 208.32% to CNY 2,315,409,197.16 compared to CNY 750,966,943.33 in Q1 2024[15] - Net interest income for the current period was ¥531,508,277.07, compared to ¥438,457,684.88 in the previous period, reflecting an increase of approximately 21.2%[32] - Investment income for the current period was ¥2,315,409,197.16, significantly higher than ¥750,966,943.33 in the previous period, indicating a growth of around 208%[32] Cash Flow - The net cash flow from operating activities for Q1 2025 was negative at CNY -13,688,509,753.43, worsening from CNY -11,861,776,432.59 in the same period last year[10] - Operating cash flow net amount decreased to -13.69 billion from -11.86 billion in the previous period[36] - Cash inflow from operating activities totaled 56.10 billion, down from 84.62 billion in the previous period[36] - Cash outflow from operating activities totaled 69.79 billion, down from 96.48 billion in the previous period[36] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 184,679, including 183,350 A-share shareholders[20] - The top ten shareholders held a combined 68.56% of the shares, with the largest shareholder, Hong Kong Central Clearing Limited, owning 22.36%[20] Equity and Capital - The company’s total equity attributable to shareholders increased by 1.63% to CNY 150,009,398,401.02 from CNY 147,601,915,206.29 at the end of the previous year[10] - Total equity rose to ¥155,705,381,789.97 as of March 31, 2025, from ¥153,085,381,308.30 at the end of December 2024, showing a growth of about 1.7%[30] Other Financial Metrics - Risk coverage ratio decreased to 258.89%, down by 17.33 percentage points from the previous year[17] - Liquidity coverage ratio decreased to 168.97%, a reduction of 14.20 percentage points year-over-year[17] - The proportion of self-operated non-equity securities and their derivatives to net capital increased significantly by 62.22 percentage points to 358.73%[17] - The company remains compliant with the relevant regulations of the Securities Company Risk Control Indicator Management Measures[18] Operational Changes - The company completed the issuance of offshore bonds amounting to USD 380 million and CNY 800 million, both with a maturity of 3 years[26] - The company repurchased 15,242,153 A-shares for a total of CNY 234 million, which were subsequently canceled, reducing the total share capital from 7,621,087,664 shares to 7,605,845,511 shares[24] - The company has 26 subsidiaries and 330 securities business departments across 31 provinces and municipalities in China as of March 2025[23] - The company plans to provide a guarantee for a loan of up to USD 140 million for its subsidiary in the UK to support its internationalization strategy[26]