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

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

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

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

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

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

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

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,016.8 million, a decrease of 8.4% compared to RMB 1,110.4 million in 2023[9] - Profit attributable to equity holders of the parent for 2024 was RMB 26.7 million, down 14.7% from RMB 31.2 million in 2023[9] - Basic earnings per share for 2024 were RMB 0.8, a decline of 20.0% from RMB 1.0 in 2023[9] - Total assets as of December 31, 2024, amounted to RMB 2,829.2 million, a decrease of 4.3% from RMB 2,957.3 million in 2023[9] - The company reported a net cash outflow from operating activities of RMB (143.3) million in 2024, compared to an inflow of RMB 176.4 million in 2023[9] - The group achieved significant growth in sales, production, and profit of medical collagen products, with a notable increase in the sales volume of medical collagen raw materials[18] - The sales revenue of collagen food, skincare products, and high molecular collagen medical biomaterials increased by approximately 83.2% compared to the previous year[29] - Medical collagen raw materials showed a remarkable growth of 542.7% compared to the previous year, with endotoxin levels at 0.01 EU/ml, significantly better than the FDA standard[30] - The group has a total of 114 patents, with 77 currently valid and 21 under review as of December 31, 2024[32] - The group has established stable customer relationships with leading meat processing and sausage manufacturers in China, Southeast Asia, South America, and the United States[37] Operational Efficiency - Inventory turnover days for raw materials increased by 23.4 days to 61.1 days in 2024, compared to 37.7 days in 2023[9] - The group has established a standardization management system for collagen casing equipment, aiming to reduce production costs and improve efficiency[27] - Sales costs reduced by approximately 10.0% from about RMB 939,600,000 to approximately RMB 845,700,000, with raw material costs decreasing by about 18.7% to approximately RMB 381,700,000[40] - Gross profit increased by approximately 0.1% from about RMB 170,900,000 to approximately RMB 171,100,000, with the gross margin rising from about 15.4% to approximately 16.8%[41] - The company aims to stabilize product quality and enhance management awareness while reducing unnecessary expenses in the upcoming year[17] - The company is focused on high-quality development and has achieved its operational goals for the year[17] Research and Development - The group has made significant advancements in research and development, including a joint publication with Huazhong University of Science and Technology on innovative collagen-based sound-absorbing materials[19] - The group plans to accelerate clinical trials and production license applications for other new products by 2025[18] - The company is committed to advancing the application of collagen in skincare products, including collagen masks, nourishing waters, and multi-effect creams, leveraging existing production capabilities[64] - The company aims to accelerate clinical trials and production license applications for medical collagen products, including collagen bone filler materials and oral medical collagen sponges, targeting to initiate clinical trials by 2025[64] Corporate Governance - The company emphasizes the importance of corporate governance to enhance performance, transparency, and accountability, adhering to the Hong Kong Stock Exchange's corporate governance code[66] - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors, ensuring a high level of independence[68][70] - The company has adopted a board diversity policy to improve performance quality through diverse perspectives[82] - Independent non-executive directors have confirmed their independence and have no significant relationships that could impair their judgment[74] - The company has established a nomination policy for directors, emphasizing the importance of character, integrity, and relevant experience[84] - The company acknowledges the importance of compliance with governance codes and will continue to evaluate its practices[76] Shareholder Relations - The company has established procedures for shareholders to submit inquiries and propose resolutions for special meetings[126] - The company has a clear process for shareholders to nominate candidates for the board of directors, published on its website[127] - The board will consider various factors, including retained earnings and operational funding needs, when proposing dividends[93] - The company has adopted a dividend policy that allows for the payment of annual dividends, subject to shareholder approval and stable operating conditions[88] Market Environment - The GDP of China grew by 5.0% year-on-year, with final consumption expenditure contributing 76.2% to economic growth, indicating a positive market environment for collagen products[22] - Domestic demand fluctuations in China could adversely affect the company's performance and profitability, as sales in China account for a significant portion of total revenue[158] - The company’s operations are influenced by international competition and potential substitutes for its products, which may affect profitability[157] Human Resources - The company employed approximately 3,070 contract employees, with total compensation and employee benefits expenses of about RMB 236,100,000, up from RMB 219,500,000 in the previous year[59] - The company emphasizes the importance of human resources for long-term business success and development, ensuring competitive employee compensation and training[160] Risk Management - The company has a risk management and internal control system in place, with a clear governance structure and reporting mechanisms[117] - The risk management team identifies and assesses significant risks at least once a year, developing mitigation plans for major risks[117] - The board has confirmed that the group's risk management and internal control systems are effective and adequate, complying with relevant codes and regulations[118] Strategic Initiatives - The company is focusing on the development and marketing of new products, including collagen food, skincare products, and medical devices[137] - The company has a clear strategy for future growth, emphasizing innovation and product development in the collagen industry[137] - The company is committed to expanding its product offerings in the medical and healthcare sectors, particularly in collagen and medical devices[149]

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 4,807,056,429, representing an increase of 8.51% compared to RMB 4,430,060,683 in the same period last year[6]. - Net profit attributable to shareholders was RMB 1,402,495,573, reflecting a growth of 6.51% from RMB 1,316,828,018 year-on-year[6]. - Basic and diluted earnings per share increased by 10.00%, reaching RMB 0.22, up from RMB 0.20 in the same quarter last year[6]. - Operating profit for Q1 2025 was RMB 1,910,340,829, up from RMB 1,820,979,419 in Q1 2024, indicating a year-over-year increase of 4.9%[22]. - The company reported a total comprehensive income of RMB 1,544,033,012 for Q1 2025, compared to RMB 1,480,395,363 in Q1 2024, indicating a growth of 4.3%[23]. Cash Flow - The net cash flow from operating activities surged by 120.47%, amounting to RMB 1,236,955,398, compared to RMB 561,065,676 in the previous year[6]. - The company reported a net cash flow from operating activities of RMB 1,236,955,398 for Q1 2025, significantly higher than RMB 561,065,676 in Q1 2024[25]. - In Q1 2025, the company reported a net cash outflow from investing activities of approximately $347 million, compared to $352 million in Q1 2024[26]. - The total cash inflow from financing activities in Q1 2025 was approximately $1.465 billion, significantly higher than $276 million in Q1 2024[26]. - The net cash flow from financing activities for Q1 2025 was approximately $1.323 billion, compared to $74 million in Q1 2024[26]. - The company experienced a net increase in cash and cash equivalents of approximately $2.214 billion in Q1 2025, compared to $283 million in Q1 2024[26]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $14.422 billion, up from $10.416 billion in Q1 2024[26]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 65,356,115,628, marking a 4.15% increase from RMB 62,749,753,460 at the end of the previous year[7]. - Current assets amounted to RMB 19,083,275,841, up from RMB 16,633,470,244, indicating a growth of about 14.7%[18]. - Total liabilities were RMB 9,070,655,155, compared to RMB 8,402,717,841, showing an increase of around 7.9%[19]. - Total liabilities as of March 31, 2025, amounted to RMB 17,011,265,715, an increase from RMB 15,957,667,061 as of December 31, 2024[20]. - The company’s total non-current liabilities were RMB 7,940,610,560 as of March 31, 2025, compared to RMB 7,554,949,220 at the end of 2024[20]. Shareholder Information - Shareholders' equity attributable to the company was RMB 43,902,813,202, which is a 3.33% increase from RMB 42,487,932,456 at the end of the last fiscal year[7]. - The total number of ordinary shareholders at the end of the reporting period was 31,188[13]. - Total equity attributable to shareholders reached RMB 43,902,813,202 as of March 31, 2025, compared to RMB 42,487,932,456 at the end of 2024[20]. Research and Development - Research and development expenses for Q1 2025 were RMB 26,777,718, compared to RMB 23,079,370 in Q1 2024, reflecting a 16.5% increase[22]. - The company has not disclosed any new strategies or significant developments in product or technology research during the reporting period[17]. Other Information - The company reported non-recurring gains and losses totaling RMB 34,406,622 for the period[9]. - Short-term borrowings increased significantly by 929.68%, reaching RMB 98,162,000 due to new short-term loans[12]. - The company maintains a strong liquidity position with current liabilities totaling RMB 9,070,655,155 against current assets of RMB 19,083,275,841[19]. - There are no known related party relationships among the top shareholders beyond those controlled by China Ocean Shipping Group[16]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[17].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 7,558,000,324, representing a 4.77% increase compared to RMB 7,214,073,753 in the same period last year[6]. - Net profit attributable to shareholders increased by 84.86% to RMB 3,015,845,560 from RMB 1,631,459,083 year-on-year[6]. - The net profit excluding non-recurring gains and losses also rose by 85.06% to RMB 3,021,125,943 compared to RMB 1,632,526,324 in the previous year[6]. - Basic and diluted earnings per share increased by 108.33% to RMB 0.25 from RMB 0.12 in the same period last year[6]. - Total operating income for Q1 2025 was CNY 7.56 billion, up 4.8% from CNY 7.21 billion in Q1 2024[38]. - Net profit for Q1 2025 reached CNY 3.02 billion, a significant increase of 84.7% compared to CNY 1.63 billion in Q1 2024[38][39]. - Total comprehensive income for Q1 2025 was approximately CNY 1.74 billion, a decrease of 31.6% compared to CNY 2.54 billion in Q1 2024[40]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 749,980,342,362, a 1.70% increase from RMB 737,470,691,458 at the end of the previous year[9]. - Total liabilities increased to CNY 607.75 billion as of March 31, 2025, compared to CNY 596.97 billion as of December 31, 2024, marking an increase of approximately 1.3%[34]. - Total liabilities as of March 31, 2025, amounted to ¥512,186,330,151.12, slightly up from ¥510,205,709,946.22 as of December 31, 2024[48]. - Total assets increased to CNY 749.98 billion as of March 31, 2025, from CNY 737.47 billion as of December 31, 2024, reflecting a growth of approximately 1.9%[33][36]. Cash Flow - The net cash flow from operating activities decreased significantly by 91.04% to RMB 7,379,071,396 from RMB 82,344,456,666 in the previous year[6]. - The company reported a net cash flow from operating activities of -¥125,417,327.51 for Q1 2025, a decrease from ¥86,476,388,358.25 in Q1 2024[57]. - Cash inflow from investment activities in Q1 2025 totaled CNY 13.56 billion, significantly higher than CNY 810.31 million in Q1 2024[43]. - The company received CNY 7.40 billion from issuing bonds in Q1 2025, compared to CNY 12.00 billion in Q1 2024, indicating a decrease of 38.3%[43]. - The company reported a net increase in cash from operating activities of CNY 19.71 billion in Q1 2025, down from CNY 116.48 billion in Q1 2024[42]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 177,197, with 176,605 A-share shareholders and 592 H-share registered shareholders[22]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 47.43% of shares, totaling 5,186,538,364 shares[24]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 33.74% of shares, totaling 3,689,040,986 shares[24]. Income and Expenses - The company’s operating expenses decreased to CNY 4.07 billion in Q1 2025 from CNY 5.43 billion in Q1 2024, a reduction of about 25.1%[39]. - Interest and commission income for Q1 2025 was CNY 7.31 billion, compared to CNY 6.89 billion in Q1 2024, reflecting a growth of 20.6%[42]. - The company’s total operating expenses for Q1 2025 were ¥2,093,978,522.72, up from ¥1,669,246,798.48 in Q1 2024[51]. Other Financial Metrics - The weighted average return on equity improved by 1.14 percentage points to 2.44% from 1.30% year-on-year[6]. - The liquidity coverage ratio improved to 386.12% from 376.07% year-on-year, indicating better liquidity management[11]. - The company reported a significant increase in asset disposal gains by 293.11% to ¥807,929.59 from ¥205,524.99, due to higher proceeds from non-current asset disposals[21]. - Other comprehensive income after tax showed a decline of 241.04%, resulting in a loss of ¥1,280,184,297.62 compared to a gain of ¥907,702,448.56, influenced by changes in the fair value of other debt investments[21].