Financial Performance - Revenue for 2024 reached HKD 333,376,000, representing a 25% increase from HKD 266,548,000 in 2023[8] - Gross profit margin improved to 52.6% in 2024, up from 41.5% in 2023[6] - Operating profit margin turned positive at 20.2% for 2024, compared to a loss of 25.3% in 2023[6] - Net profit attributable to equity shareholders was HKD 32,300,000 in 2024, a significant recovery from a loss of HKD 69,043,000 in 2023[8] - The pre-tax profit for the fiscal year was approximately HKD 63,690,000, a turnaround from a pre-tax loss of HKD 70,600,000 in 2023, representing an improvement of about HKD 132,290,000[18] - Overall gross profit rose approximately 58.8% from about HKD 110,540,000 in 2023 to about HKD 175,510,000 in 2024, with a gross margin increase from approximately 41.5% to 52.6%[26] - The net profit attributable to equity shareholders for 2024 was approximately HKD 32,300,000, compared to a loss of approximately HKD 69,040,000 in 2023, resulting in a profit margin of about 9.3%[32] Assets and Liabilities - Total assets increased to HKD 551,788,000 in 2024, up from HKD 278,103,000 in 2023[6] - Cash and cash equivalents rose to HKD 141,480,000 in 2024, compared to HKD 63,332,000 in 2023[6] - The company reported a current ratio of 1.3 in 2024, down from 2.2 in 2023, indicating tighter liquidity[6] - The debt-to-asset ratio increased to 65.1% in 2024, up from 52.0% in 2023, reflecting higher leverage[6] - The total assets minus current liabilities as of December 31, 2024, were HKD 364,074,000, compared to HKD 191,036,000 in 2023[12] - The net asset value of the company increased to HKD 192,593,000 in 2024 from HKD 133,459,000 in 2023[12] - The bank borrowings as of December 31, 2024, amounted to approximately HKD 114,490,000, with a portion secured by properties owned by related parties[44] - The debt-to-equity ratio as of December 31, 2024, was 59.4%, calculated based on bank borrowings divided by total equity[48] Revenue Breakdown - The revenue from the zipper business was approximately HKD 237,880,000, reflecting a slight increase of about 1.8% from HKD 233,680,000 in 2023[21] - The property management service generated revenue of approximately HKD 95,501,000, a significant increase of about 190.5% compared to HKD 32,871,000 in the previous year, as it contributed a full year's revenue versus only four months in the prior year[14] - Revenue from mainland China accounted for approximately HKD 224,380,000, representing 94.3% of the total zipper business revenue[22] Operational Strategies - The company plans to expand its market presence and invest in new product development to drive future growth[5] - The company plans to continuously review and adjust its operational policies for the zipper business to stabilize performance amid external pressures[15] - The company successfully turned a loss into a profit by adjusting operational strategies and diversifying its business in a challenging economic environment[65] - The introduction of property management services aims to diversify the business model and achieve stable cash flow, contributing to the company's profitability[66] Employee and Management - Employee costs for 2024 were approximately HKD 131,120,000, an increase from HKD 115,870,000 in 2023, attributed to a rise in the number of full-time employees and average salaries[58] - The group had 696 full-time employees as of December 31, 2024, compared to 655 in 2023[58] - The company provided various employee benefits, including free meals and dormitory accommodations for factory workers[147] - The company implemented a health and safety policy in compliance with relevant laws, ensuring a safe working environment[150] - The company conducted annual occupational health checks for employees to mitigate health risks[152] Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[77] - The company has complied with all corporate governance code provisions during the reporting period, with specific deviations disclosed[75] - The chairman and CEO roles are held by the same individual, which is a deviation from the governance code, but the board believes this structure allows for effective decision-making[81] - The audit committee held five meetings during the fiscal year ending December 31, 2024, to review financial performance and compliance procedures[93] - The remuneration committee conducted four meetings in the same fiscal year to evaluate the compensation policies for directors and senior management[95] Environmental Management - The company adheres to ISO standards and relevant national laws in its environmental management policies, focusing on waste reduction and energy conservation[129] - The company has not reported any violations of the Environmental Protection Law of the People's Republic of China during the fiscal year ending in 2024[131] - The company has obtained the Pollution Discharge Permit from the Environmental Protection Bureau, ensuring emissions comply with national standards[135] - The company continuously improves its waste gas emission systems to further reduce environmental impact[135] - The company encourages employees to recycle resources to minimize environmental impact during daily operations[129] Social Responsibility - The group established the "Kaiyi Public Welfare Foundation" to provide financial assistance to employees in need, demonstrating its commitment to corporate social responsibility[172] - The group has suspended corporate social responsibility program activities in fiscal year 2024 due to internal restructuring and operational adjustments, while still providing targeted assistance through the foundation[172] - The group conducts anti-corruption training to enhance employees' awareness of integrity and compliance with national and regional anti-corruption laws[170] Customer Relations - The largest customer accounted for 28.6% of total revenue in 2024, up from 7.4% in 2023[200] - The top five customers represented 45.7% of total revenue in 2024, compared to 29.5% in 2023[200] - All top five customers are independent third parties, with no significant shareholders having interests in them[200]

Financial Performance - In 2024, the Group recorded revenue of approximately RMB419.6 million, representing a decrease of approximately 6.6% compared to RMB449.3 million in 2023[18]. - The net loss for the Group in 2024 was approximately RMB20.1 million, with total comprehensive expense amounting to approximately RMB19.9 million[18]. - Revenue from property management services increased by approximately 8.5% to approximately RMB318.8 million in 2024, driven by an increase in GFA under management and higher average management fees[54][55]. - Revenue from value-added services to non-property owners decreased by approximately 27.6% to approximately RMB51.5 million in 2024, primarily due to a significant drop in revenue from sales offices management services[56][60]. - Revenue from community value-added services fell by approximately 41.5% to approximately RMB49.4 million in 2024, attributed to reduced home renovation and decoration services[57][61]. - The gross profit of the Group decreased by approximately 9.7% from approximately RMB125.7 million for the year ended 31 December 2023 to approximately RMB113.4 million for the year ended 31 December 2024[64]. - Profit and total comprehensive income for the year decreased from approximately RMB0.6 million for the year ended 31 December 2023 to a loss of approximately RMB19.9 million for the year ended 31 December 2024[84]. Operational Metrics - As of December 31, 2024, the aggregate gross floor area under management reached approximately 21.1 million square meters, reflecting a year-on-year growth of approximately 2.8%[18]. - The aggregate contracted gross floor area reached approximately 27.3 million square meters, representing a year-on-year growth of approximately 0.7%[18]. - The Group's gross profit margin for property management services increased to approximately 24.6% for the year ended 31 December 2024 from approximately 24.2% for the year ended 31 December 2023 due to an increase in average property management fees[66]. - The gross profit margin for value-added services to non-property owners decreased from approximately 34.1% for the year ended 31 December 2023 to approximately 33.9% for the year ended 31 December 2024, primarily due to decreased contributions from sales offices management services[67]. - The gross profit margin for community value-added services decreased from approximately 35.9% for the year ended 31 December 2023 to approximately 35.6% for the year ended 31 December 2024 due to a reduction in home renovation and decoration services[68]. Strategic Initiatives - The Group implemented a "lifestyle + healthcare" dual butler service system to enhance community service and create new growth drivers[24]. - The Group focused on integrating information technology and healthcare services to sharpen regional focus and improve service quality[23]. - The company maintained a strategic focus on quality service, deepening value-added services and integrating technology with healthcare operations[26]. - The dual butler service system will be improved using AI algorithms and big data analysis to provide personalized service experiences[135]. - The company aims to enhance digital service capabilities and operational efficiency through smart technology applications[29]. - The Group plans to consolidate its market leadership in economically developed regions by integrating technology development and low-carbon economy trends[133]. Cost Management and Financial Stability - The Group emphasized strict cost management and resource optimization to ensure financial stability and security[21]. - The cost of services decreased by approximately 5.4% to approximately RMB306.2 million in 2024, mainly due to lower cleaning expenses and direct material costs[59][62]. - Administrative expenses decreased by approximately 2.9% from approximately RMB57.9 million for the year ended 31 December 2023 to approximately RMB56.2 million for the year ended 31 December 2024[76]. - The Group will continue to strengthen its internal control systems and risk management to ensure steady growth in a complex market environment[41]. Leadership and Management - The Group has a strong leadership team with diverse backgrounds in real estate, management, and corporate governance[161]. - The management team is committed to implementing effective business strategies to drive growth and market expansion[159]. - The company emphasizes the importance of independent advice in its operations and management from its independent directors[160]. Sustainability and ESG Commitment - The company was recognized as the "Outstanding Enterprise in ESG Development of Chinese Property Service in 2024," reflecting its commitment to low-carbon development and sustainable practices[27]. - The company is committed to building a green, healthy, and sustainable living environment through investments in green technology[30]. - Continuous investment in green technology and sustainable development is a priority to contribute positively to environmental protection and low-carbon economy[137]. Market Position and Future Outlook - The Group's ranking among China's Top 100 Property Management Companies improved to 33rd[21]. - In 2025, the company aims to consolidate its market leadership in economically developed regions by expanding service scale and enhancing value-added services[29]. - The company aims to strengthen its market leadership in economically developed regions by 2025, leveraging its core competencies in property services[136].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 536,631,000, a decrease of 28.35% compared to HKD 748,973,000 in 2023[8] - The gross profit for 2024 was HKD 87,125,000, down 52.27% from HKD 182,521,000 in the previous year[8] - The company experienced a net loss of HKD 334,025,000 in 2024, which is a 56.35% increase in losses compared to HKD 213,635,000 in 2023[8] - The EBITDA for 2024 was reported at a loss of HKD 80,144,000, a significant decline of 389.93% from a profit of HKD 27,643,000 in 2023[8] - The cash and cash equivalents decreased to HKD 45,156,000 in 2024 from HKD 148,785,000 in 2023, reflecting liquidity challenges[8] - Total revenue and gross profit for the fiscal year 2024 were HKD 536,630,000 and HKD 87,130,000, respectively, representing declines of HKD 212,340,000 and HKD 95,390,000 from the previous fiscal year[35] - The net loss for the fiscal year ending December 31, 2024, was approximately HKD 334,030,000, an increase of HKD 120,390,000 compared to the net loss of HKD 213,640,000 for the fiscal year ending December 31, 2023[32] Operational Efficiency and Management - The company plans to optimize internal management and enhance operational efficiency to address challenges such as increased accounts receivable, which totaled over RMB 40 million[11] - The company plans to optimize three wastewater treatment companies to alleviate pressure from accounts receivable in the first half of 2025[27] - The company has implemented stricter cost control measures, resulting in reduced administrative and sales expenses[33] - The total sales and distribution expenses and administrative expenses for fiscal year 2024 were HKD 202,210,000, down by HKD 40,580,000 from HKD 242,780,000 in fiscal year 2023, attributed to cost control measures and the integration of only nine months of Yichun Water Group's expenses[38] Business Development and Expansion - The company aims to explore diversified business models and expand into overseas markets, particularly in promoting China's biomass gas technology and services[11] - The company is expanding its overseas market presence, focusing on Southeast Asia and the Middle East, with significant project developments in the Philippines and Indonesia[19] - The company will actively participate in overseas environmental projects, extending its business footprint to broader international markets[26] - The company is shifting its business focus from water supply to renewable energy and biomass energy, which involves significant capital investment and a return period[130] Environmental and Sustainability Initiatives - The company estimates to reduce carbon dioxide emissions by over 2 million tons by the end of 2024 through comprehensive optimization of production processes and equipment maintenance[14] - The company has successfully launched two new projects, adding a total installed capacity of 3.7 MW in landfill gas power generation[14] - The company achieved a 40% improvement in energy conversion efficiency through the industrial application of "light quantum gasification technology" in its pilot project[17] - The company is advancing the comprehensive treatment of agricultural organic waste, with a demonstration project in Fengtai District progressing to 30% completion[24] Financial Management and Capital Structure - The company will enhance its financing capabilities, including issuing new shares and obtaining loans from domestic and international banks to support future project development[29] - The company raised a net amount of up to HKD 90,100,000 through a rights issue completed in January 2025, issuing 287,360,964 shares[60] - The total liabilities of the remaining group decreased by HKD 130,600,000 to HKD 1,264,140,000, primarily due to the repayment of bank and other borrowings[78] - The debt-to-asset ratio increased to 54.51% as of December 31, 2024, compared to 52.93% in the previous year, reflecting a higher proportion of liabilities relative to total assets[78] Corporate Governance - The company aims to achieve high levels of corporate governance, ensuring transparency and effective risk management[140] - The board of directors held 20 meetings in 2024, ensuring adequate notice and information for informed decision-making[141] - The company has a commitment to maintaining an ethical corporate culture, promoting values throughout all departments[140] - The chairman and CEO roles are currently held by the same individual, which does not comply with the corporate governance code requiring separation of these roles[145] Risk Management - The company has established an Enterprise Risk Management (ERM) framework to effectively manage risks and internal controls[177] - The management regularly identifies and mitigates key risks, which are outlined in a risk register submitted to the board and audit committee for review[190] - The company conducts annual reviews of its risk management and internal control systems to ensure their effectiveness[184] - The group faces foreign exchange rate risk due to most assets and loans being denominated in RMB, with a slight increase in risk noted[124] Employee Management and Development - The company has established an employee incentive plan to attract and retain talent, which includes personal development plans and annual incentive programs[174] - The company ensures all eligible employees have equal training and career development opportunities without discrimination[164] - The company is implementing measures to attract and retain talent, including competitive compensation packages and a positive work environment[129] - The company has 376 employees as of December 31, 2024, down from 592 employees a year earlier[122]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $500 million for the fiscal year 2024[5]. - Revenue for the year ended December 31, 2024, was RMB 314,356,000, a decrease of 30.2% compared to RMB 450,539,000 in 2023[14]. - Gross profit for the same period was RMB 203,462,000, down 32.0% from RMB 298,992,000, resulting in a gross margin of 64.7%[14]. - The net loss for the year increased by 80.3% to RMB 85,059,000 from RMB 47,170,000, leading to a net loss margin of 27.1%[14]. - The loss attributable to owners of the company was approximately RMB 85.1 million, an increase of RMB 39.7 million compared to a loss of RMB 45.4 million in 2023[82]. - The total revenue from restaurant operations decreased by RMB 132.0 million to RMB 309.6 million in 2024, a decline of 29.9% from RMB 441.6 million in 2023[90]. - The company reported a significant increase in net cash position, with a net cash amount of RMB (17,711,000), up 307.9% from RMB (4,342,000)[14]. - The company has a net cash outflow of RMB 16,713,000 for the year, with cash and cash equivalents at RMB 3,689,000 as of December 31, 2024[190]. - The basic and diluted loss per share for the year was RMB (3.9) cents, compared to RMB (2.1) cents in 2023[199]. Market and Growth Initiatives - User data showed a growth of 20% in active users, totaling 2 million by the end of Q4 2024[5]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of $550 million[5]. - New product launches contributed to a 25% increase in sales in Q4 2024 compared to Q3 2024[5]. - Market expansion efforts have led to a 30% increase in market share in the Asia-Pacific region[5]. - The company plans to enter two new international markets by the end of 2025, aiming for a 15% revenue contribution from these markets[5]. - A new marketing strategy is projected to increase brand awareness by 40% over the next year[5]. - The company is focused on deepening its engagement in healthy dining, leveraging technology for operations, and enhancing brand building to remain competitive in the market[112]. Corporate Governance and Board Changes - The board of directors has undergone significant changes, with three new members appointed to enhance governance and oversight[6]. - The board of directors has undergone changes, with key appointments and resignations noted, including the transition of Gu Tongshan to executive director and chairman[57]. - The company emphasizes the importance of corporate governance to maximize shareholder value and enhance accountability, adhering to all applicable code provisions[115]. - The company has established a diversity policy for its board, recognizing that diversity enhances overall performance and supports strategic goals[124]. - The nomination committee is responsible for identifying qualified candidates for board membership, with a focus on improving gender diversity among board members[125]. - All independent non-executive directors confirmed their independence according to the listing rules[127]. - The board is committed to evaluating the independence of directors annually, ensuring independent opinions and advice[128]. Financial Health and Challenges - Total assets decreased by 46.2% to RMB 137,747,000 from RMB 256,010,000[14]. - Cash and cash equivalents fell by 82.1% to RMB 3,689,000 from RMB 20,658,000[14]. - The capital debt ratio rose significantly to 430.8% from 202.9%[14]. - The company faced a challenging year in 2024 due to prolonged economic downturn and consumer spending fatigue in the restaurant service industry[88]. - The effectiveness of the company's going concern assumption is dependent on the success of its plans and measures, which are currently subject to various uncertainties[192]. - The company is seeking new sources of financing, including refinancing existing loans and negotiating with investors for new funding[191]. Operational Adjustments - The number of restaurants decreased by 31.0% to 20 from 29[14]. - The company employed approximately 233 staff members as of December 31, 2024, a decrease of 57.2% from 544 employees in 2023[110]. - The company plans to optimize its multi-brand strategy and focus on smaller store formats to adapt to changing consumer preferences[111]. - Sales and distribution costs decreased from RMB 285.2 million in 2023 to RMB 221.0 million in 2024, a reduction of 22.5%[95]. - Administrative expenses decreased from RMB 49.0 million in 2023 to RMB 26.6 million in 2024, a decline of 45.7%[96]. Environmental and Social Responsibility - The company has implemented various environmental protection measures, including the use of eco-friendly takeaway packaging and waste separation for kitchen waste and used oil[45]. - The company emphasizes optimizing food, beverage, and dining service quality to enhance customer satisfaction, as detailed in the Environmental, Social, and Governance report[48]. - The company maintains mutually beneficial relationships with suppliers, focusing on corporate social responsibility and compliance in supplier selection and procurement processes[49]. Audit and Compliance - The audit committee held two meetings during the year ending December 31, 2024, with members attending all sessions[147]. - The audit committee is responsible for overseeing financial reporting and internal control procedures to ensure fair investigations of reported misconduct[146]. - The independent auditor's report indicates that the Group's consolidated financial statements were not issued an opinion due to uncertainties regarding going concern factors[189]. - The company has received a "disclaimer of opinion" from auditors regarding its financial statements due to significant uncertainties affecting its ability to continue as a going concern[174].

Financial Performance - Operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[6] - Net profit attributable to shareholders was RMB 478,007,244.10, reflecting a slight increase of 1.50% from RMB 470,958,969.66 in the same period last year[6] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.203, up 4.10% from RMB 0.195 in Q1 2024[6] - Net profit for Q1 2025 was RMB 514,281,845.56, slightly up from RMB 512,669,617.76 in Q1 2024, representing a growth of 0.31%[32] - Operating profit for Q1 2025 was RMB 621,113,486.27, down from RMB 634,811,192.70 in Q1 2024, a decline of 2.73%[32] - The company’s total comprehensive income for Q1 2025 was RMB 546,823,605.96, compared to RMB 474,681,285.95 in Q1 2024, an increase of 15.19%[33] Cash Flow and Assets - Net cash flow from operating activities increased by 28.96% to RMB 980,875,169.00, primarily due to the receipt of prior year waste treatment subsidies and increased revenue from transportation fees[8] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 8,019,330,500.54, up from RMB 3,235,689,796.04 at the end of Q1 2024[36] - The company reported a net cash flow from operating activities of RMB 980,875,169.00 in Q1 2025, an increase from RMB 760,626,644.48 in Q1 2024[35] - As of March 31, 2025, total current assets increased to RMB 12,921,011,423.05 from RMB 7,643,838,856.74 as of December 31, 2024, representing a growth of approximately 69.8%[27] - The company’s total assets increased to RMB 73,150,343,598.02 in Q1 2025, compared to RMB 67,558,030,948.58 in Q1 2024, reflecting a growth of 8.67%[30] Shareholder Information - The number of shareholders totaled 17,576, with 17,336 being A-share shareholders and 240 H-share shareholders[9] - The top shareholder, Xintong Industrial Development (Shenzhen) Co., Ltd., holds 28.79% of shares, totaling 730,710,144 shares[10] - Equity attributable to shareholders rose by 23.53% to RMB 27,056,358,745.56, mainly due to the issuance of A-shares to specific investors[8] Market and Operational Insights - The company plans to continue expanding its market presence and enhancing operational efficiency through strategic initiatives[12] - In the Guangdong province, the average daily mixed traffic volume for the Meiguan Expressway was 158, with toll revenue of RMB 411,000 for Q1 2025[13] - The average daily mixed traffic volume for the Jihe East Section was 308, generating toll revenue of RMB 1,817,000 in Q1 2025[13] - The average daily mixed traffic volume for the Jiangjiang Project was 205, resulting in toll revenue of RMB 2,010,000 for Q1 2025[13] - The average daily mixed traffic volume for the Guangshen Expressway was 608, generating toll revenue of RMB 7,409,000 in Q1 2025[15] - The total operating revenue from the Guizhou project in organic waste processing was RMB 22,046,770, processing 36.99 thousand tons in Q1 2025[17] - The total operating revenue from the Xinjiang Mu Lei wind power project was RMB 49,291,490, with an electricity generation of 107,112.87 MWh in Q1 2025[19] - The total operating revenue from the Huai'an Zhongheng project in clean energy generation was RMB 31,993,820, generating 66,346.40 MWh in Q1 2025[20] - The total operating revenue from the Tai Zhou project in organic waste processing was RMB 9,772,530, processing 17.03 thousand tons in Q1 2025[18] - The total operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[32] Liabilities and Financing - Current liabilities totaled RMB 11,890,985,416.04 as of March 31, 2025, down from RMB 14,175,295,530.40 at the end of 2024, a decrease of approximately 16.5%[29] - Long-term borrowings decreased to RMB 12,800,758,083.34 from RMB 13,912,273,334.21, reflecting a reduction of about 8.0%[29] - The company’s total non-current liabilities increased to RMB 28,869,147,098.41 as of March 31, 2025, compared to RMB 26,181,164,708.79 at the end of 2024, an increase of approximately 10.3%[29] - The company’s total liabilities amounted to RMB 40,760,132,514.45 as of March 31, 2025, slightly up from RMB 40,356,460,239.19 at the end of 2024, indicating a marginal increase of about 1.0%[29] - The company issued RMB 23 billion in corporate bonds with a 5-year term and a coupon rate of 2.29% on March 12, 2025[22] - The company completed the issuance of RMB 15 billion in short-term financing notes with a term of 270 days at an interest rate of 1.64% on April 15, 2025[22]

Financial Performance - For the year ended December 31, 2024, the Group reported a turnover of RMB 2,600,933, a decrease of 24.6% compared to RMB 3,449,182 in 2023[15]. - The gross profit for 2024 was RMB 514,543, down 41.5% from RMB 878,020 in 2023[15]. - Operating profit increased to RMB 750,418 in 2024, compared to RMB 523,859 in 2023, marking a growth of 43.3%[15]. - The profit for the year attributable to equity shareholders was RMB 501,944, significantly up from RMB 200,346 in 2023, representing a 150.5% increase[15]. - The coal business revenue for the year ended 31 December 2024 was RMB2,600,933,000, a decrease of 24.6% compared to RMB3,449,182,000 in 2023[60]. - The average coal selling price decreased to RMB504 per tonne in 2024 from RMB665 per tonne in 2023, representing a decline of approximately 24.2%[67]. - The cost of sales in 2024 was RMB2,086,400,000, an 18.9% decrease from RMB2,571,200,000 in 2023[68]. - The gross profit margin for 2024 was 19.8%, down from 25.5% in 2023, primarily due to the decrease in average selling price of thermal coal[75]. - Other income, gains, and losses for 2024 amounted to a net gain of RMB547.3 million, a significant increase from a net gain of RMB2.0 million in 2023[76]. - Net profit margin improved significantly to 21.4% in 2024 from 5.6% in 2023, influenced by an increase in net gain on substantial/non-substantial modification of borrowings[160]. Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 8,629,329, an increase of 9.8% from RMB 7,857,573 in 2023[17]. - Total liabilities decreased to RMB 5,143,084 in 2024, down 31.8% from RMB 7,538,655 in 2023[17]. - Net current liabilities decreased to RMB2,094.9 million in 2024 from RMB3,324.8 million in 2023, with the current ratio improving to 0.5 from 0.36[86]. - The gearing ratio improved to 59.6% in 2024 from 95.9% in 2023, reflecting the repayment of loans during the year[102]. - The Group's debt-to-asset ratio improved to 59.6% as of December 31, 2024, down from 95.9% in the previous year, primarily due to loan repayments[105]. - As of December 31, 2024, the Group's total banking and other borrowings amounted to RMB1,184.5 million, a decrease of 66.8% from RMB3,566.0 million as of December 31, 2023[107]. Coal Production and Operations - The coal handling and trading volume for 2024 was 5,161,000 tonnes, slightly down from 5,187,000 tonnes in 2023[15]. - Total raw coal production for 2024 reached 9,294,000 tonnes, an increase of 21.4% from 7,651,000 tonnes in 2023[58]. - Commercial coal production volume for 2024 was 4,680,000 tonnes, slightly down from 4,882,000 tonnes in 2023[58]. - As of December 31, 2024, total coal reserves were 342.14 million tonnes, down from 348.11 million tonnes as of January 1, 2024[56]. - Proven reserves as of December 31, 2024, were 9.25 million tonnes, while probable reserves were 332.89 million tonnes[56]. - The total coal reserve depleted from mining operations in 2024 was 9.29 million tonnes[56]. - The total coal reserves of the SDE Coal Mine reached 305,380,000 tonnes, significantly higher than the domestic coal mines' total reserves of 36,760,000 tonnes, indicating substantial development potential[128]. Strategic Initiatives and Acquisitions - The Group successfully realized RMB 2.95 billion in cash from the disposal of a 30% indirect equity interest in the SDE Coal Project in Indonesia[20]. - The Group acquired 70% equity interests in several high-quality coal mines in Indonesia, expanding its overseas resource footprint and enhancing its competitive advantage in the Southeast Asian market[24]. - The Group successfully acquired three mining business licenses in June 2024, increasing its total holdings to nine coal mines, with five located in China and four in Indonesia[35]. - The Group successfully acquired a 70% equity interest in PT Suprema Marulabo Energi, PT Inisiasi Merdeka Jaya, and PT Venerasi Sejahtera Energi in 2024[115]. - The Group plans to continue seeking high-quality coal mines and mining rights in Indonesia at reasonable prices to expand resource reserves and maintain rapid development over the next decade[130]. Environmental and Social Responsibility - The Group aims to remove the stigma of environmental destruction associated with coal mining through innovative practices and technologies[44]. - The Group is committed to enhancing quality and efficiency through the development of new technologies such as green intelligent mining and clean low-carbon utilization[41]. - The Group aims to minimize environmental impact by improving resource efficiency and reducing pollutant emissions[166]. - The Group is committed to responsible procurement and ensuring suppliers meet sustainability standards[168]. - The Environmental, Social and Governance Committee was established to monitor sustainability performance and stakeholder engagement[176]. Human Resources and Corporate Governance - The Group employed 3,612 employees as of December 31, 2024, and has implemented a performance-based reward system[121]. - The Group was awarded the "2024 Outstanding Human Resources Research Achievement," reflecting its commitment to talent development and corporate culture[47]. - The Directors will retire by rotation at the upcoming annual general meeting, with eligibility for re-election[197]. - The board of directors includes Mr. Xu Da (Chairman), Mr. Bai Tao (CEO), Mr. Zhai Yifeng, and Ms. Deng Bingjing (appointed on April 19, 2024)[198]. Dividends and Shareholder Value - A final dividend of HKD0.02 per ordinary share has been recommended for the year ended December 31, 2024, compared to no dividend in 2023[120]. - The Group has recommended a final dividend of HKD0.02 per share for the year ended December 31, 2024, compared to nil in 2023[184]. - As of 31 December 2024, the total reserves available for distribution amount to approximately RMB1,150,969,000, a significant increase from nil in 2023[186]. - The retained earnings as of December 31, 2024 stand at RMB173,366,000, recovering from accumulated losses of RMB1,005,484,000 in 2023[188].

Financial Performance - The group's consolidated revenue decreased by 6.5% from approximately HKD 51,800,000 for the year ended December 31, 2023, to approximately HKD 48,400,000 for the year ended December 31, 2024[10]. - Revenue from property investment and management was approximately HKD 33,400,000 and HKD 15,000,000 respectively, compared to HKD 36,400,000 and HKD 15,400,000 in 2023[10]. - Overall gross profit decreased by 2.1% from approximately HKD 32,500,000 in 2023 to approximately HKD 31,800,000 in 2024, while gross profit margin increased from 62.8% to 65.7%[10]. - The group recognized a net fair value loss of approximately HKD 79,500,000 on investment properties for the year ended December 31, 2024, compared to HKD 33,100,000 in 2023[10]. - Loss attributable to owners of the company was approximately HKD 65,800,000 for the year ended December 31, 2024, down from HKD 111,300,000 in 2023[10]. - The group's revenue from continuing operations decreased to approximately HKD 48.4 million for the year ended December 31, 2024, a decline of about 6.5% compared to HKD 51.8 million in the previous year[18]. - The gross profit decreased to approximately HKD 31.8 million, down by about HKD 0.7 million from HKD 32.5 million in the previous year, with a gross margin of 65.7%, up from 62.8%[20]. - Other operating income fell to approximately HKD 1.5 million, a decrease of about HKD 0.7 million from HKD 2.2 million in the previous year, primarily due to a reduction in interest income[21]. - Other operating expenses increased to approximately HKD 50.4 million, up from HKD 31.2 million in the previous year, mainly due to increased impairment losses on property inventory and assets[22]. - The group recorded a loss of approximately HKD 79.5 million from fair value changes of investment properties, compared to a loss of HKD 33.1 million in the previous year[23]. - The total borrowings amounted to approximately HKD 358.1 million, an increase from HKD 344.3 million in the previous year, with certain investment properties valued at approximately HKD 422.6 million mortgaged as collateral[30]. - The debt-to-equity ratio increased to approximately 57.9% from 50.5% in the previous year, primarily due to the net loss incurred during the year[31]. - The company reported its annual performance for the year ending December 31, 2024, with detailed financial statements available on page 74 of the report[49]. - No dividends were recommended for the year ending December 31, 2024[50]. - The company reported no distributable reserves as of December 31, 2024, in compliance with Cayman Islands company law[60]. - The board has decided not to declare a dividend for the year ending December 31, 2024, consistent with the previous year[62]. Property Management and Operations - The occupancy rate of the Future City shopping center reached 93.2% as of December 31, 2024, up from 88.6% in 2023[11]. - Rental income generated from investment properties was approximately HKD 33,400,000 for the year ended December 31, 2024, compared to HKD 36,400,000 in 2023[12]. - The group established Wuhan Future City Property Management Co., Ltd. to manage the Future City shopping center, which has a total leasable area of approximately 55,029 square meters[11]. - The total fair value of the Future City, Future Mansion parking lot, and Zhongshui Longyang Plaza parking lot was approximately HKD 1,036,600,000 as of December 31, 2024, down from HKD 1,051,600,000 in 2023[12]. Corporate Governance and Social Responsibility - The company emphasizes the importance of maintaining good relationships with suppliers and customers to achieve short-term and long-term goals[51]. - The company is committed to enhancing governance, promoting employee welfare, and protecting the environment to fulfill its social responsibilities and achieve sustainable growth[52]. - There were no significant violations of applicable environmental laws or regulations during the review year[53]. - The company strives to maintain high integrity in all business aspects and has implemented various internal control measures and training[54]. - The company has not entered into any significant contracts with directors or related parties during the year[76]. - Major shareholders owning 5% or more of the company's issued share capital will be disclosed in accordance with the Securities and Futures Ordinance[77]. - The audit committee, consisting of independent non-executive directors, reviewed the group's financial statements for the year ending December 31, 2024[83]. - The company has maintained directors' and senior officers' liability insurance during the year[90]. - The board emphasizes sustainable development and corporate social responsibility to enhance corporate image and reduce risks[99]. Employee and Workforce Management - The total number of employees as of December 31, 2024, was approximately 92, with total employee costs for the year amounting to approximately HKD 16.3 million[34]. - The total number of employees decreased from 119 in 2023 to 92 in 2024, indicating a significant change due to the sale of a subsidiary[166]. - The employee distribution by type shows 92 full-time employees and 0 part-time employees in 2024, compared to 119 full-time and 0 part-time in 2023[167]. - The gender distribution of employees in 2024 is 61 males and 31 females, compared to 76 males and 43 females in 2023, reflecting a decrease in both categories[170]. - The employee turnover rate for males in 2024 is 21.79% and for females is 27.91%, indicating a notable difference in retention[182]. - The turnover rate for employees under 30 years old is 20.59%, while for those aged 51 to 60 years old, it is 62.50%, showing a significant variance across age groups[184]. - The company maintained a zero incident record for work-related deaths and zero days lost due to occupational injuries over the past three years, including the 2024 reporting period[191]. - The company adheres to all employment laws and regulations in China and Hong Kong, with no disputes related to salary, compensation, or health benefits reported[165]. - The company provides statutory benefits to all eligible employees, including mandatory provident fund and social insurance, in compliance with local laws[165]. - The employee recruitment and assessment processes are transparent, ensuring equal opportunities regardless of age, race, religion, gender, or disability[165]. - The company is committed to providing a safe and comfortable working environment, continuously improving occupational safety and health management systems[189]. - Employee training participation rate increased to 25.00% in 2024 from 23.53% in 2023[195]. - Average training hours per employee rose to 1.96 hours in 2024, up from 1.41 hours in 2023[196]. - Average training hours for male employees increased to 2.75 hours in 2024 from 2.21 hours in 2023[196]. - Average training hours for female employees recorded at 0.39 hours in 2024, with no data for 2023[196]. - General staff maintained a consistent average training hour of 30.00 in 2024, compared to 28.00 in 2023[196]. - The company has not faced any labor lawsuits or allegations during the 2024 reporting period, consistent with 2023[198]. - The company adheres strictly to labor laws and employment regulations in China and Hong Kong, ensuring a safe and harmonious work environment[198]. - The company continues to support employee development through internal and on-the-job training programs[195]. - The company has established regular communication with employee representatives to discuss working conditions and safety issues[198]. Environmental, Social, and Governance (ESG) Initiatives - The group is committed to environmental, social, and governance (ESG) principles, focusing on reducing negative environmental impacts[97]. - The company operates in real estate-related businesses, including property development and management in Wuhan, China[97]. - The company prioritizes employee well-being by implementing health and wellness programs and promoting professional growth[100]. - The company aims to create long-term value for stakeholders through strong relationships and open dialogue[100]. - The company maintains the same environmental, social, and governance (ESG) management framework as the previous reporting period[102]. - The board regularly reviews and discusses annual environmental goals to ensure progress and compliance[103]. - The company adheres to the Hong Kong Stock Exchange's ESG reporting guidelines to fulfill its sustainable development objectives[103]. - Indirect CO2 emissions from the Hong Kong office increased by 7.82% to 11.31 tons in 2024, compared to 10.49 tons in 2023[119]. - Indirect CO2 emissions from Wuhan decreased by 21.50% to 2,517.10 tons in 2024, down from 3,206.30 tons in 2023[119]. - Total indirect CO2 emissions decreased by 21.40% to 2,528.41 tons in 2024, compared to 3,216.79 tons in 2023[119]. - CO2 emissions per employee in the Hong Kong office decreased by 33.59% to 0.87 tons in 2024, down from 1.31 tons in 2023[119]. - CO2 emissions per employee in Wuhan increased by 10.28% to 31.86 tons in 2024, compared to 28.89 tons in 2023[119]. - The company aims to reduce indirect CO2 emissions in both Wuhan and Hong Kong offices by 1% to 2% in the coming year[121]. - The company reported no violations of environmental laws or regulations in 2024, consistent with 2023 performance[118]. - The company plans to reduce overall paper consumption by 2% to 3% in the coming year[123]. - The company has not received any complaints regarding noise pollution during the reporting period, maintaining performance from 2023[121]. - The company has not received any complaints regarding wastewater discharge during the reporting period, consistent with 2023 performance[121]. - The electricity consumption in Hong Kong office increased by 11.04% to 17,131 kWh in 2024 from 15,428 kWh in 2023[128]. - Total electricity consumption decreased by 16.59% to 4,704,470.27 kWh in 2024 from 5,640,512.19 kWh in 2023[128]. - Water consumption in Wuhan significantly decreased by 79.07% to 17,287 cubic meters in 2024 from 82,656.36 cubic meters in 2023[131]. - The paper usage in Hong Kong office reduced by 66.67% to 12,000 sheets in 2024 from 36,000 sheets in 2023[133]. - The company aims to reduce electricity consumption by 1-2% under normal operating conditions in the coming year[128]. - The company plans to maintain the downward trend in water consumption and achieve an overall reduction of 1-2% in the coming year[132]. - The company has not reported any unreasonable resource usage during the reporting period[127]. - The company has implemented various measures to promote efficient use of resources, including electricity, water, and paper[127]. - The company has not received any environmental violation warnings or complaints during the reporting period[136]. - The company continues to support all possible measures for reduction, reuse, and recycling of resources[136]. - The board has identified global warming and reduction of paper usage as the two most significant climate issues impacting the company[137]. - The company has implemented policies to effectively utilize electricity to reduce indirect CO2 emissions, acknowledging that CO2 emissions are a primary cause of global warming[138]. - The management team plays a critical role in reviewing and responding to climate-related risks and opportunities, ensuring the implementation of board-established policies[139]. - The company has identified extreme weather events such as typhoons and heavy rain as acute physical risks that could lead to economic losses and increased operating costs[142]. - Measures have been established to mitigate the negative impacts of extreme weather, including securing equipment and notifying customers of potential delays[144]. - Long-term physical risks include increased electricity demand and operating costs due to prolonged high temperatures, which could lead to higher employee health risks[146]. - The company is exploring new technologies and sustainable materials to address transition risks associated with moving to a low-carbon system[150]. - The company aims to expand its product and service range to meet the growing demand for environmentally friendly options, addressing market and reputational risks[150]. - The company has set recent targets to demonstrate its commitment to carbon reduction efforts, responding to legal and policy risks related to stricter carbon reduction regulations[150]. - The company recognizes the need for increased transparency in carbon emissions reporting to maintain reputation and avoid potential stock price declines[150]. - The company recognizes climate change as a strategic business risk and integrates climate-related risks and opportunities into its overall business strategy[154]. - The company aims to reduce greenhouse gas emissions by 1-2% in the coming year through monitoring employee energy-saving behaviors[158]. - Indirect greenhouse gas emissions from electricity usage decreased by 21.40%, from 3,216.79 tons in 2023 to 2,528.41 tons in 2024[156]. - The company has implemented policies to reduce electricity consumption and plans to invest in more energy-efficient equipment and procedures in the near future[159]. - The company is actively seeking logistics partners that utilize electric vehicles or similar methods to minimize their carbon footprint[161]. - The company has updated its climate scenario analysis assessment method based on TCFD recommendations, evaluating climate risks and opportunities under two integrated scenarios[154]. - The company aims to enhance long-term resilience by comprehensively assessing, managing, and monitoring climate risks that may impact its operations[154]. - The company has established effective strategies and measures to manage significant climate risks affecting its value chain[154]. - The company continues to monitor key indicators, particularly greenhouse gas emissions, to assess climate-related risks[154]. - The company has taken measures to encourage employees to use water more efficiently to reduce consumption[160].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 187,850,000, a decrease of 36% compared to HKD 291,929,000 in 2023[4] - Adjusted segment EBITDA for graphene products was HKD 17,734,000, down 54% from HKD 38,319,000 in the previous year[4] - The company reported a pre-tax loss of HKD 119,168,000, which is a 4% increase from a loss of HKD 114,281,000 in 2023[4] - Total assets decreased by 4% to HKD 809,348,000 from HKD 847,343,000 in 2023[4] - Cash and bank balances fell by 43% to HKD 15,547,000 compared to HKD 27,190,000 in the previous year[4] - The net asset value decreased by 24% to HKD 280,360,000 from HKD 369,638,000 in 2023[4] - The graphene products segment reported a revenue decline of 39% year-on-year to approximately HKD 118.0 million, accounting for 63% of the group's total revenue[24] - The total revenue of the group decreased to approximately HKD 187.9 million, a 36% decrease compared to HKD 291.9 million for the year ended December 31, 2023[31] - The adjusted EBITDA for the graphene products segment fell by 54% to approximately HKD 17.7 million[24] - The landscape design segment contributed approximately HKD 69.9 million in revenue, representing a 28% decrease from approximately HKD 97.0 million[28] - The group experienced a 24% increase in impairment losses on financial and contract assets, rising to approximately HKD 27.7 million from HKD 22.3 million[35] - The group reported a net loss attributable to equity holders of approximately HKD 111.4 million for the year ended December 31, 2024, compared to a loss of HKD 113.2 million in the previous year[41] Strategic Plans and Market Position - The company plans to focus on enhancing resilience and strategic deployment in 2025 despite ongoing challenges[14] - Expansion plans in China faced unexpected delays due to logistics and administrative issues, affecting the timeline for new anode material production facilities[14] - The company sees potential value in its role within the U.S. battery materials supply chain due to export restrictions on graphite and graphene products[14] - The company anticipates new revenue sources from government incentives in renewable energy, electric vehicles, drones, and robotics[14] - The group plans to continue increasing its graphene product capacity despite geopolitical tensions affecting global expansion strategies[24] - The company plans to invest at least RMB 200 million in the first phase of a graphite deep processing project, aiming for an annual production of 20,000 tons of high-purity spherical graphite[47] - The estimated total investment for the first phase of the lithium-ion battery anode material project in Laixi City is approximately RMB 1 billion[48] - A comprehensive five-year plan has been established focusing on capacity expansion, R&D enhancement, and innovative battery systems[60] - The company anticipates strong demand for lithium-ion batteries driven by the global shift towards electrification, particularly in electric vehicles and renewable energy storage[60] Governance and Compliance - The company has adopted a dividend policy since January 8, 2019, allowing shareholders to share in profits while retaining sufficient reserves for future development[96] - The board will continue to review the dividend policy and reserves the right to update, amend, and modify the policy at any time[99] - The company emphasizes the importance of board diversity to enhance performance quality, considering various measurable aspects such as gender, age, ethnicity, knowledge, and tenure[101] - The board currently consists of eight members, including three executive directors, one non-executive director, and four independent non-executive directors[112] - The company has five independent non-executive directors, which is at least one-third of the board members[112] - The board is responsible for developing the company's strategy, overseeing operations and financial performance, and ensuring effective governance and risk management systems[113] - The nomination committee reviews the board's composition annually to ensure diversity and effectiveness[103] - The company adopted a nomination policy on December 31, 2018, to ensure a balanced and suitable skill set on the board[105] - Independent non-executive directors have confirmed their compliance with independence standards as per listing rules[112] - The board has established mechanisms to ensure independent opinions and perspectives are available to all directors[116] - The company has a mechanism for indemnifying directors and senior officers against costs and liabilities incurred in the execution of their duties[116] - The nomination committee evaluates potential candidates based on integrity, commitment, and diversity factors[108] - The board is responsible for preparing financial statements that fairly reflect the company's affairs and performance[115] - The board plans to hold at least four regular meetings annually, with a total of eight meetings scheduled for 2024[118] - The company encourages continuous professional development for directors to enhance their knowledge and skills[124] - The company’s compliance with legal regulations and corporate governance policies is regularly reviewed[121] - Directors are required to retire and seek re-election at least every three years, ensuring board refreshment[122] - The company has established specific committees, including the Audit, Remuneration, and Nomination Committees, to enhance governance[126] - The company’s governance report includes a commitment to maintaining effective internal controls and risk management systems[127] Risk Management - The company has established a risk management system that includes risk identification, assessment, and management to mitigate potential impacts on business objectives[134] - Major risks identified include market risk due to a slowdown in China's real estate development, which could affect demand for design services[136] - Credit risk is a concern, particularly regarding accounts receivable management, with measures in place to address overdue payments[136] - The company has implemented a comprehensive IT security policy to mitigate risks associated with network security threats, which are increasingly relevant to its operations[138] - The company is committed to monitoring and managing significant risks that could adversely affect its performance and strategic execution[135] - The board reviews the effectiveness of the risk management and internal control systems annually, concluding that these systems are effective and adequate, providing reasonable assurance against significant errors or losses[141] - The internal audit function operates independently and evaluates the risk management and internal control systems through interviews, process tracking, and operational efficiency testing[142] Shareholder Communication and Equity - The company encourages effective communication with shareholders and stakeholders, providing detailed information through annual reports and interim reports[147] - The company has a dedicated company secretary who has complied with the relevant professional training requirements under the listing rules[143] - The company has a total equity of 98,610,887 shares, representing approximately 8.4% of the issued share capital[70] - The company has a total equity of 680,000 shares, representing approximately 0.06% of the issued share capital[73] - The company has outstanding bonds of approximately HKD 113.8 million and issued bills of approximately HKD 61.7 million as of December 31, 2024[44] - The company issued 2,400,000 and 43,689,383 ordinary shares on May 8, 2024, and June 28, 2024, respectively, to offset liabilities totaling HKD 5,890,600[51] - The company completed a placement of 185,480,000 shares at a price of HKD 0.066 per share, raising approximately HKD 11.97 million[54] - The intended use of the net proceeds includes repaying loans of HKD 11,865 million and general working capital of HKD 105 million, totaling HKD 11,970 million[54] - A rights issue will be conducted at a subscription price of HKD 0.170 per share, aiming to raise approximately HKD 119.7 million by issuing 704,284,056 shares[58] Employee and Share Incentive Plans - The company has approximately 232 employees as of December 31, 2024, with compensation based on job nature, market trends, and individual performance[50] - The company has adopted a new share incentive plan effective from February 6, 2023, after terminating the existing share option and incentive plans[195] - The total number of share options available for issuance under the share option plan is 1,935,538 shares, which is approximately 0.82% of the issued shares as of the report date[191] - The company has 9,677,692 share options that are unexercised as of December 31, 2024, which represents about 1.00% of the weighted average number of shares issued and outstanding[191] - A total of 35,231,235 shares were granted to three employees and eight service providers, representing approximately 4.53% of the company's issued shares as of June 12, 2023[196] - The fair value of the shares granted on June 12, 2023, was estimated at HKD 0.455 per share, based on the closing price of HKD 0.425 per share on the grant date[196] - On July 24, 2023, a total of 22,990,000 shares were granted to three directors and thirteen employees, representing about 2.94% of the company's issued shares[198] - The fair value of the shares granted on July 24, 2023, was estimated at HKD 0.46 per share, based on the closing price of HKD 0.47 per share on the grant date[198] - A total of 10,128,072 shares were granted to twelve employees on December 14, 2023, representing approximately 1.13% of the company's issued shares[198] - The fair value of the shares granted on December 14, 2023, was estimated at HKD 0.38 per share, based on the closing price of HKD 0.375 per share on the grant date[198] - The total number of shares granted under the 2023 Share Incentive Plan is capped at 68,349,307 shares, which is 10% of the company's issued shares as of the plan adoption date[197] - The maximum allocation for each participant is limited to 1% of the company's issued share capital[197] - The shares granted under the 2023 Share Incentive Plan do not have performance targets but are subject to general clawback provisions[199] - The plan is effective for ten years from February 6, 2023[197]

Sales Performance - Dongfeng Motor Group sold approximately 1.8959 million vehicles, a year-on-year decrease of 9.2%. Among them, self-owned passenger vehicles sold 438,900 units, an increase of 26.4%[11]. - New energy vehicle sales reached approximately 394,600 units, a year-on-year increase of 13.4%, with the proportion of new energy vehicle sales in total sales rising by 4.1 percentage points[11]. - The group's total sales volume for the period was approximately 1.8959 million units, a year-on-year decrease of about 9.2%, while sales revenue reached approximately RMB 106.197 billion, an increase of about 6.9%[144]. - The group's passenger vehicle business generated sales revenue of approximately RMB 52.297 billion, a year-on-year increase of approximately 22.93%[147]. - The commercial vehicle business reported sales revenue of approximately RMB 47.220 billion, a year-on-year decrease of approximately 4.68%[148]. - The overall automotive market in China saw production and sales reach 31.43 million units, with a year-on-year growth of 4.5%[141]. - The passenger vehicle market sold 27.563 million units, reflecting a year-on-year increase of 5.8%, while the commercial vehicle market experienced a decline of 3.9% with sales of 3.873 million units[141]. Financial Performance - The group achieved sales revenue of 106.197 billion RMB, a year-on-year increase of 6.9%, and gross profit of 13.585 billion RMB, up 38.2%[13]. - The net profit attributable to shareholders was 58 million RMB, a significant increase of 39.45 million RMB, marking a turnaround from loss to profit[13]. - The group's gross profit margin improved to 12.8%, an increase of 2.9 percentage points compared to the same period last year[144]. - The total sales cost for 2024 was approximately RMB 92.61 billion, an increase of about RMB 3.06 billion or 3.4% compared to the same period last year[169]. - The total gross profit for 2024 was approximately RMB 13.59 billion, an increase of about RMB 3.75 billion or 38.2% compared to the same period last year, with a gross margin of 12.8%, up by 2.9 percentage points year-on-year[169]. - Other income for 2024 totaled approximately RMB 7.02 billion, an increase of about RMB 2.86 billion compared to the same period last year[170]. - The net profit attributable to shareholders for 2024 was approximately RMB 58 million, an increase of about RMB 3.94 billion compared to the same period last year, with a net profit margin of 0.05%[184]. Investment and Expenditure - The company's capital expenditure for 2024 was RMB 17.77 billion, an increase of RMB 4.98 billion or 38.94% compared to the previous year, primarily allocated to new energy platforms and R&D[29]. - The net cash outflow from investment activities was RMB 11.802 billion, mainly due to an increase in property, plant, and equipment expenditures of RMB 11.658 billion and R&D expenses of RMB 6.084 billion[192]. Market Expansion and Product Development - The company plans to launch 7 new and 2 refreshed self-owned passenger vehicle models, along with 7 commercial vehicle models in 2024[14]. - The company anticipates a 3.6% growth in overall automotive sales for 2025, with a projected 23% increase in new energy vehicles[30]. - The company plans to optimize its new energy business and accelerate its international expansion while enhancing its supply chain resilience[30]. - The company is focusing on three key transitions: new energy, intelligence, and internationalization, to drive its future growth[30]. Financial Services and Risk Management - The penetration rate of financial services improved to 28%, with new energy penetration exceeding 40%[15]. - As of December 31, 2024, Dongfeng Finance's loan assets amounted to approximately RMB 34.3 billion, with 68.21% from end customers and an average interest rate of 7.70%[154]. - The company has established a credit risk management framework, including a risk and compliance management committee to oversee credit policies[162]. - The loan impairment assessment model incorporates macroeconomic factors such as GDP growth and consumer price index changes[159]. Corporate Governance and Structure - The company's board of directors includes six members, with the chairman being Yang Qing[55]. - The company has appointed Zong Qingsheng as an independent non-executive director since September 2020[200]. - Zong has extensive experience in various roles within the Ministry of Foreign Trade and Economic Cooperation of China from 1982 to 1995[200]. - The company values Zong's expertise in international business and management[200]. - Zong's appointment enhances the board's independence and governance[200]. Legal and Compliance - The company has not been involved in any major litigation or arbitration as of December 31, 2024[34]. - The company has confirmed compliance with the non-competition agreement with Dongfeng Motor Group Co., Ltd. as of December 31, 2024[71]. - The company has received annual confirmation letters regarding the independence of all independent non-executive directors for the fiscal year 2024[60].

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