Financial Performance - Zhenro Services Group reported a revenue of HK$1.2 billion for the fiscal year ended December 31, 2024, representing a year-on-year increase of 15%[4]. - The company achieved a net profit of HK$300 million, which is a 10% increase compared to the previous year[4]. - The Group's revenue for the reporting period was approximately RMB 1,113.9 million, remaining stable compared to RMB 1,145.5 million in the same period of 2023[24][27]. - The Group reported a loss of approximately RMB 235.4 million, an increase from a loss of approximately RMB 81.9 million in the same period of 2023[24][27]. - The loss attributable to owners of the parent was approximately RMB 235.9 million, compared to a loss of approximately RMB 81.2 million in the same period of 2023[24][27]. - Total revenue for the Group amounted to approximately RMB 1,113.9 million for the year ended 31 December 2024, remaining stable compared to RMB 1,145.5 million in the same period of 2023[89]. - Gross profit decreased by approximately 4.8% to RMB232.9 million, with a gross profit margin of 20.9%, down 0.5 percentage points from 21.4% in 2023[98]. - Other income and gains increased by approximately 46.2% to RMB23.2 million, primarily due to one-off recognition of gain on right-of-use assets for commercial sublease projects[101]. - Revenue from property management services reached approximately RMB830.3 million, accounting for 74.5% of total revenue, with a growth rate of 4.0% compared to 2023[91]. - Revenue from community value-added services increased by 3.1% to approximately RMB148.4 million for the year ended 31 December 2024, compared to RMB143.9 million in the same period of 2023, accounting for 13.3% of total revenue[79]. Market Expansion and Strategy - The company has set a revenue guidance of HK$1.5 billion for the next fiscal year, projecting a growth rate of 25%[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[4]. - The company aims to focus on prime regions and expand into core cities such as Shanghai, Nanjing, Suzhou, Fuzhou, and Nanchang to enhance management coverage[31][33]. - The company is exploring segments with significant growth potential, including commercial and office buildings, schools, finance, and rail transit[31][33]. - The company aims to continue expanding its market share and business presence in China through its four business lines[56]. - The Group's geographic presence expanded to 50 cities in China as of December 31, 2024[64]. - The company is expanding its market presence in key regions such as the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, and Chengdu-Chongqing, targeting large-scale commercial complexes and urban services[47]. Technology and Innovation - Zhenro Services is investing HK$200 million in new technology development aimed at enhancing service efficiency and customer experience[4]. - The management emphasized a strategic shift towards digital transformation to improve operational efficiency and customer engagement[4]. - The company aims for a 30% improvement in service efficiency through the integration of digital operations and the application of AI technologies[46]. - The company is focusing on enhancing customer experience through digital transformation initiatives[175]. Corporate Social Responsibility and Sustainability - The company is focusing on sustainability initiatives, with a target to reduce operational carbon emissions by 15% over the next three years[4]. - The company is committed to corporate social responsibility, conducting convenience and public welfare activities, which has led to increased customer satisfaction[34]. - The company launched the "Healthier Zhenro's Communities" program, integrating traditional Chinese culture and enhancing community engagement through door-to-door services in collaboration with JD.com Service+[36]. Organizational Structure and Human Resources - The organizational structure has been optimized to enhance independent operation capabilities in property management and commercial operations, with a focus on efficient decision-making and project management[39]. - The Group will enhance its employee training program using both internal and external resources to strengthen employee skill sets[147]. - Remuneration policies for staff are aligned with industry peers, with discretionary performance bonuses awarded based on contributions[148]. - As of December 31, 2024, the Group had approximately 3,270 employees, a decrease from approximately 3,485 employees as of December 31, 2023[146]. Risks and Challenges - Major risks include the inability to achieve planned future growth and challenges in securing new property management service agreements[200]. - The company faces uncertainties related to government policies and regulations affecting property management services in China[200]. - There are risks associated with rising raw material prices and labor costs impacting the company's operations[200]. - The management discussion and analysis section includes key financial performance indicators for the year[199]. Leadership and Governance - Mr. Wang Wei was appointed as an executive Director on July 1, 2023, and has been with Zhenro Commercial Management since March 2016[161]. - Mr. Liu Weiliang has over 16 years of experience in the real estate industry and was appointed as a non-executive Director on November 11, 2022[165]. - Ms. Wei Qin was appointed as an independent non-executive Director on December 31, 2024, bringing over 20 years of professional experience in auditing and restructuring[170]. - The company has multiple independent non-executive directors with extensive backgrounds in various industries, including real estate and financial technology[185]. - The company has a strong emphasis on independent oversight through its audit and remuneration committees[187].

Financial Performance - The group's operating revenue for the first quarter of 2025 was RMB 16,746,050,116.23, a decrease of 10.96% compared to RMB 18,807,168,696.39 in the same period last year[5] - Net profit attributable to shareholders was RMB 1,937,854,243.40, down 15.98% from RMB 2,306,454,931.34 year-on-year[5] - Basic and diluted earnings per share were both RMB 0.9367, reflecting a decline of 15.98% from RMB 1.1148[5] - Total revenue for Q1 2025 was RMB 16,746,050,116.23, a decrease of 10.9% compared to RMB 18,807,168,696.39 in Q1 2024[15] - In Q1 2025, the operating profit was RMB 2,518,777,915.07, a decrease of 13.4% compared to RMB 2,908,342,158.40 in Q1 2024[16] - The net profit for Q1 2025 was RMB 2,055,785,045.68, down 15.6% from RMB 2,435,203,776.12 in Q1 2024[16] - Total comprehensive income for Q1 2025 was RMB 1,989,279,773.44, a decline of 18.6% from RMB 2,444,902,061.57 in Q1 2024[17] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.9367, compared to RMB 1.1148 in Q1 2024, reflecting a decrease of 16%[17] Cash Flow - The net cash flow from operating activities decreased by 9.52%, amounting to RMB 4,796,979,888.31 compared to RMB 5,301,855,586.86 in the previous year[5] - Cash flow from operating activities in Q1 2025 was RMB 4,796,979,888.31, down 9.5% from RMB 5,301,855,586.86 in Q1 2024[18] - Cash inflow from operating activities totaled RMB 17,533,010,301.60, a decrease of 10% from RMB 19,479,675,572.83 in the previous year[18] - Cash outflow from operating activities was RMB 12,736,030,413.29, down 10.2% from RMB 14,177,819,985.97 in Q1 2024[18] - The net cash flow from investing activities was -RMB 257,075,174.83 in Q1 2025, an improvement from -RMB 418,523,186.44 in Q1 2024[19] - The net cash flow from financing activities was RMB 419,409,247.12 in Q1 2025, compared to -RMB 256,125,481.32 in Q1 2024, indicating a positive shift[19] - The ending cash and cash equivalents balance as of March 31, 2025, was RMB 39,645,949,676.26, an increase from RMB 36,299,634,567.48 at the end of Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 80,462,334,902.91, an increase of 5.51% from RMB 76,260,373,740.60 at the end of the previous year[5] - Total liabilities increased to RMB 17,542,386,009.83 as of March 31, 2025, up from RMB 15,312,036,850.03 as of December 31, 2024, reflecting a growth of 14.5%[14] - Non-current assets totaled RMB 20,687,437,920.30 as of March 31, 2025, an increase of 1.9% from RMB 20,299,935,210.56 as of December 31, 2024[12] - Long-term borrowings rose to RMB 3,233,561,026.15 as of March 31, 2025, up from RMB 2,567,047,228.16 as of December 31, 2024, marking a 26.0% increase[14] Shareholder Information - Shareholders' equity attributable to the parent company increased by 3.40% to RMB 56,967,607,780.59 from RMB 55,096,705,562.22[5] - The total number of ordinary shareholders was 302,747 as of the end of the reporting period[7] - The largest shareholder, China Tourism Group Co., Ltd., holds 50.30% of the shares, totaling 1,040,642,690 shares[8] Inventory and Expenses - The group reported a decrease in inventory, which stood at RMB 15,751,001,779.30, down from RMB 17,348,382,658.40[11] - Total operating costs for Q1 2025 were RMB 14,080,625,510.04, down 10.7% from RMB 15,772,875,379.76 in Q1 2024[15] - The company reported a decrease in research and development expenses to RMB 12,165,946.01 in Q1 2025 from RMB 355,002.40 in Q1 2024, reflecting a significant increase in investment in innovation[15] Government Subsidies - The company received government subsidies amounting to RMB 3,224,834.44, which are closely related to its normal business operations[6] Deferred Tax Assets - Deferred tax assets decreased to RMB 1,078,353,695.92 as of March 31, 2025, from RMB 1,204,425,069.30 as of December 31, 2024, a decline of 10.5%[12]

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 43,346 million, a slight increase of 0.1% compared to RMB 43,310 million in 2023[7]. - The net loss for 2024 was RMB 17,539 million, representing a significant increase of 37.3% from RMB 12,777 million in 2023, with a net loss margin of 40.5%[7]. - The basic loss per share increased by 18.8% to RMB 3.412 in 2024 from RMB 2.873 in 2023[7]. - The total revenue for the year was RMB 43.346 billion, with property development revenue at RMB 26.552 billion, property management revenue at RMB 13.605 billion, and other business revenue at RMB 3.189 billion, representing 61.3%, 31.4%, and 7.3% respectively[26]. - The net loss for the year was RMB 17.539 billion, an increase of 37.3% compared to the net loss of RMB 12.777 billion in 2023[31]. - Other income fell by 38.4% to RMB 3.189 billion, primarily due to a decline in environmental services and property construction services[35]. Assets and Liabilities - Total assets decreased by 19.2% to RMB 195,496 million in 2024 from RMB 241,808 million in 2023[8]. - Cash and cash equivalents dropped by 51.0% to RMB 4,232 million in 2024, down from RMB 8,637 million in 2023[8]. - Short-term borrowings increased by 48.2% to RMB 38,327 million in 2024, compared to RMB 25,869 million in 2023[8]. - Shareholders' equity fell by 62.3% to RMB 10,344 million in 2024 from RMB 27,442 million in 2023[8]. - Total borrowings amounted to RMB 48.916 billion as of December 31, 2024, compared to RMB 53.554 billion in 2023[50]. - Net debt ratio increased to 103.6% as of December 31, 2024, from 65.8% in 2023[52]. - Total borrowing costs were RMB 4.319 billion, a decrease of 4.7% from RMB 4.531 billion in 2023[55]. Operational Highlights - The company delivered 41,000 units across 33 cities, totaling over 3.77 million square meters[27]. - The pre-sale amount for real estate projects was RMB 15.51 billion, a year-on-year decrease of 65.8%, with a corresponding pre-sale area of 1.161 million square meters, down 61.8%[26]. - The average selling price for confirmed sales increased to RMB 11,667 per square meter, up 5.5% from RMB 11,063 per square meter in 2023[33]. - Property management revenue decreased by 6.4% to RMB 13.605 billion, with total managed area declining to 550.6 million square meters, a decrease of 6.8%[34]. - The company aims to focus on sales and operational stability to mitigate market challenges, as stated by the Chairman[24]. Land Reserves and Projects - The company has a total land reserve of approximately 31.22 million square meters as of December 31, 2024[5]. - The total land reserve amounted to approximately 31.22 million square meters across 78 cities, with an average land cost of RMB 2,565 per square meter[32]. - The total presale amount for real estate projects managed under the "Aoyuan" brand is RMB 15.51 billion, with a total presale area of 1.161 million square meters and an average price of RMB 13,359 per square meter[67]. - The presale area distribution includes 31.5% in South China, 17.9% in Hainan and Yunnan, and 16.5% in East China[79]. - The company has a significant presence in Hainan with 7 projects, totaling a construction area of 8.99 million square meters[89]. Debt Management and Liquidity - The company aims to improve its debt management and develop a reasonable solution for its current overseas debt situation[28]. - The company is facing liquidity pressure and has not paid interest on USD 483 million of 6.05% senior notes due in 2025, which may lead to creditors accelerating debt repayment[61]. - The company is considering comprehensive debt management solutions and has engaged external financial and legal advisors to assess its capital structure and liquidity[63]. Corporate Governance - The company has fully complied with all provisions of the corporate governance code for the year ending December 31, 2024, except for certain deviations from provision C.2.1[159]. - The board consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors[164]. - The management team provides monthly updates to the board regarding the company's performance, condition, and outlook, ensuring transparency and accountability[160]. - The company emphasizes a culture of care and respect for individual needs, aiming to create long-term value for employees, customers, investors, and nature[157]. - The company is committed to maintaining high levels of corporate governance, emphasizing integrity, transparency, accountability, and independence[157]. Awards and Recognition - The company received multiple awards in 2024, including being ranked 21st in the "Top 100 Real Estate Excellence Enterprises" by the Perspective Index Research Institute[20]. - The company has received multiple awards, including "Leading Figure in China's Real Estate Development" and "Top 10 Real Estate CEOs in China" in 2021[153].

Financial Performance - For FY2024, the Group recorded consolidated revenue of approximately S$57.2 million, representing an increase of approximately 2.7% from S$55.7 million for FY2023[29][32]. - The Group's consolidated net profit after tax for FY2024 was approximately S$2.8 million, a decrease of approximately 61.6% from approximately S$7.3 million in FY2023[30][32]. - The decrease in profit after tax was primarily due to a decrease in fair value changes of investment properties by approximately S$4.8 million and an increase in finance costs by approximately S$0.8 million[30][32]. - Revenue from the sale of cooked food, beverages, and tobacco products decreased by approximately S$0.6 million or 1.4% from approximately S$43.9 million for FY2023 to approximately S$43.3 million for FY2024, mainly due to the closure of underperforming stalls[97]. - Rental income from leasing premises to tenants and providing cleaning and utilities services increased by approximately S$2.1 million or 17.8% from approximately S$11.8 million for FY2023 to approximately S$13.9 million for FY2024, attributed to a higher occupancy rate and improved leasing terms[98]. - Other income, gains, and losses decreased by approximately S$0.1 million or 8.3%, from S$1.2 million in FY2023 to S$1.1 million in FY2024, primarily due to the absence of a one-time gain from the disposal of a subsidiary[104]. - Cost of inventories consumed decreased by approximately S$0.2 million or 1.1%, from S$18.7 million in FY2023 to S$18.5 million in FY2024, in line with the decrease in revenue from sales[105]. - Staff costs increased by approximately S$0.4 million or 2.4%, amounting to S$17.4 million in FY2024, which accounted for 30.5% of revenue[106]. - Finance costs increased by approximately S$0.8 million or 28.6%, from S$2.8 million in FY2023 to S$3.6 million in FY2024, attributed to higher interest rates on outstanding loans[117]. - The income tax expense decreased by approximately S$0.3 million or 50.0%, from S$0.6 million in FY2023 to S$0.3 million in FY2024[118]. Strategic Initiatives - The Group's strategic initiatives included divesting assets to reallocate capital towards higher-value growth opportunities[13]. - The Group aims to divest lower-performing assets to reallocate capital towards higher-value growth opportunities[95]. - The Group is adopting an asset-light model to enhance operational efficiency and reduce fixed costs, allowing for greater financial flexibility[41]. - The Group plans to closely track interest rate trends, as elevated rates are expected to affect finance costs[39]. - The Group plans to expand its network of food outlets in high-demand locations to enhance business potential[95]. - The Group's strategic initiatives will focus on upgrading existing food centres to create a distinctive dining experience[95]. Operational Challenges - High interest rates and rising manpower costs have increased operational challenges, particularly in the food and beverage sector[19]. - The ongoing labor shortage in the F&B industry is expected to persist, leading to rising labor costs despite proactive recruitment efforts[40]. - Labor shortages in the food and beverage industry are anticipated to persist, leading to rising labor costs despite efforts to improve compensation packages[43]. - The operating environment in 2024 was characterized by global economic uncertainties and inflationary pressures[12]. - The operating environment for the food and beverage industry in Singapore remains challenging, with elevated interest rates and rising manpower costs impacting operational expenses[92]. Corporate Governance - The company has adopted all applicable corporate governance codes as per the Listing Rules for FY2024, except for a deviation disclosed in the report[149]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[160]. - The company has arranged appropriate liability insurance for Directors, which will be reviewed annually[159]. - The roles of chairman and chief executive officer are held by Mr. Chu, which the Board believes is beneficial for business prospects and management[166]. - The Board met the requirement of having at least three independent non-executive Directors throughout FY2024, representing one-third of the Board[167]. - Independent non-executive Directors provide independent judgment and advice on overall management and lead in potential conflicts of interest[168]. - All independent non-executive Directors confirmed their independence in accordance with the Listing Rules for FY2024[169]. - The Company has established written guidelines for employees regarding securities trading to ensure compliance with the standard code[150]. - The Board has reviewed the delegation of responsibilities to senior management and deemed it appropriate for FY2024[158]. - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the governance codes[149]. Management Team - Mr. Wong has over 30 years of banking experience, including roles in syndicated loans, project financing, and mergers and acquisitions[62]. - Mr. Mah has over 30 years of industry experience, having worked in managerial positions across various sectors including entertainment and investment management[71]. - Mr. Ng has held executive positions in multinational corporations and was the CEO of City Gas and Netlink, showcasing extensive leadership experience[75]. - Mr. Yin, the financial controller, has more than 10 years of experience in external audit, managing statutory audits for several SGX-ST listed companies[81]. - Ms. Koh has been with the Group since 2008 and currently oversees all food establishments, ensuring compliance with laws and regulations[83]. - Mr. Man, the company secretary, holds a master's degree in corporate governance and has extensive experience in the company secretarial profession[78]. - The Group is focused on strategic planning and internal control, as highlighted by Mr. Yin's responsibilities[80]. - The management team includes individuals with significant educational backgrounds, such as Mr. Mah's accountancy degree and Mr. Ng's MBA[70][75]. - The Group's operational management is led by experienced professionals, ensuring effective oversight of business operations[83]. Community Engagement - The Group is committed to corporate social responsibility, actively supporting community initiatives and collaborating with local organizations[34][36]. Property Transactions - The Group disposed of its property at 200 Jalan Sultan for S$8.8 million, recording a gain of S$450,000, resulting in a net profit of approximately S$1.3 million since acquisition[14]. - The Group sold a portion of its current office property for S$2.0 million, resulting in a disposal gain of S$235,000[15]. - In October 2024, the Group acquired a property for S$9.5 million, which will enable the Group to generate additional income[27][31]. - The Group has secured a temporary occupation permit for its new headquarters, with plans to officially launch in 2025[15]. Employee Statistics - The total number of employees decreased to 381 in FY2024 from 412 in FY2023, with a gender ratio of approximately 57.2% male to 42.8% female[141].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately SGD 11,800,000, an increase of about SGD 800,000 or 7.3% compared to SGD 11,000,000 for the fiscal year ending December 31, 2023[8]. - The gross profit for the fiscal year 2024 increased to approximately SGD 3,800,000, up SGD 1,300,000 or 52.0% from SGD 2,500,000 in the previous fiscal year, primarily due to an increase in the number of projects undertaken[8]. - Traditional projects accounted for approximately SGD 4,200,000 in revenue for the fiscal year 2024, an increase of about SGD 800,000 from SGD 3,400,000 in the previous year[14]. - Revenue from PPVC projects decreased from approximately SGD 7,200,000 in the fiscal year 2023 to about SGD 7,100,000 in the fiscal year 2024, partially offsetting the overall revenue increase[14]. - The profit for the year ending December 31, 2024, was approximately SGD 300,000, compared to a loss of SGD 100,000 for the year ending December 31, 2023, attributed to higher revenue and lower service costs[22]. Cost Management - The company aims to maintain strict cost control measures while ensuring sufficient liquidity to sustain operations, with a focus on enhancing profitability and exploring long-term growth opportunities[8]. - Service costs decreased by approximately SGD 600,000 or 7.0% to about SGD 8,000,000 for the year ending December 31, 2024, primarily due to lower subcontracting consultancy fees[15]. - Administrative expenses increased by approximately SGD 200,000 or 6.1% to about SGD 3,500,000 for the year ending December 31, 2024, primarily due to rising labor costs[19]. Workforce and Employee Management - As of December 31, 2024, the group had a total of 161 employees, an increase from 143 employees in 2023[35]. - Employee costs for the year amounted to approximately SGD 9.6 million, down from SGD 10 million in 2023[35]. - The employee turnover rate for 2024 was 24.4% for males and 16.2% for females[120]. - The company has implemented measures to reduce employee turnover, including improving talent search and matching processes[126]. - The company achieved a zero occupational accident rate over the past three years, including the reporting period for 2024, with zero work-related fatalities and zero lost days due to injuries[131]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the group's key ESG issues and measures from January 1, 2024, to December 31, 2024[38]. - The company is committed to providing substantial returns to investors while minimizing operational risks and ensuring a safe working environment for employees[45]. - The company conducts annual materiality assessments to understand stakeholder expectations regarding ESG issues[46]. - Key ESG areas identified include emissions, resource usage, climate change, employee health and safety, and community investment[53]. - The company adheres to all national and local environmental laws and regulations, implementing a "green environment policy" to assess environmental impacts[56]. Climate Change and Sustainability - The company aims to reduce CO2 emissions by 2% to 3% in the coming year through various energy efficiency initiatives[66]. - The company reported a decrease in Scope 2 greenhouse gas emissions, from 82.58 tons in 2023 to 75.74 tons in 2024, representing an 8.28% reduction[106]. - The company has identified global warming and water conservation as critical climate issues to address[89]. - The company is exploring new technologies and sustainable materials to adapt to changing resource costs and availability[99]. - The company has achieved ISO 14001:2015 environmental management system certification in Singapore and Vietnam, promoting energy-saving guidelines for green building projects[107]. Corporate Governance - The board emphasizes the importance of high corporate governance standards to protect shareholder interests and enhance corporate value[155]. - The company has adhered to the corporate governance code since its listing, with the exception of one provision regarding the separation of the roles of chairman and CEO[156][164]. - The board consists of a balanced mix of executive and independent non-executive directors, ensuring diverse expertise and independent judgment[166]. - The audit committee held five meetings during the year ending December 31, 2024, to review financial performance and significant financial reporting matters[178]. - The company has established mechanisms to ensure the board can obtain independent viewpoints[195]. Community Engagement and Social Responsibility - The group donated approximately HKD 46,476 to the Run for Heart event and sponsored SGD 10,000 for the Assisi Fun Day, supporting terminally ill patients and their families[150]. - The group sponsored approximately HKD 11,185 for Malaysia's National Day event and donated around HKD 25,066 to the Memorial Blood Centers Donation 2024[150]. - The company has implemented a comprehensive safety and health policy, ensuring a harmonious and pleasant working environment without labor disputes or litigation during the reporting period[137].

Financial Performance - The company achieved operating revenue of RMB 17,761,364,917.53, representing a year-on-year increase of 29.13% compared to RMB 13,754,570,045.36[8] - Net profit attributable to shareholders reached RMB 6,545,117,520.29, marking a 32.00% increase from RMB 4,958,574,616.76 in the same period last year[8] - Basic earnings per share increased by 31.25% to RMB 0.42 from RMB 0.32[8] - Total operating revenue for Q1 2025 reached RMB 17.76 billion, a 29.0% increase from RMB 13.75 billion in Q1 2024[32] - Net profit for Q1 2025 was RMB 6.76 billion, up 30.9% from RMB 5.16 billion in Q1 2024[33] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,789,291,189,074.62, up 4.59% from RMB 1,710,710,828,343.76 at the end of the previous year[8] - The total liabilities of the company as of March 31, 2025, were RMB 1,481.55 billion, up from RMB 1,411.94 billion at the end of 2024, indicating an increase of approximately 4.92% [31] - Total assets as of March 31, 2025, amounted to RMB 1.19 trillion, an increase from RMB 1.17 trillion as of December 31, 2024[39] - Total liabilities increased to RMB 949.14 billion as of March 31, 2025, compared to RMB 930.63 billion at the end of 2024[39] Cash Flow - The company reported a net cash flow from operating activities of RMB -53,360,099,403.62, which is not applicable for year-on-year comparison[8] - Cash flow from operating activities showed a net outflow of RMB -53.36 billion in Q1 2025, contrasting with a net inflow of RMB 70.50 billion in Q1 2024[35] - Cash flow from investing activities generated a net inflow of RMB 26.52 billion in Q1 2025, compared to a net outflow of RMB -36.66 billion in Q1 2024[35] - Cash flow from financing activities resulted in a net outflow of RMB -4.16 billion in Q1 2025, compared to RMB -1.39 billion in Q1 2024[36] Investment and Income - The company’s investment income surged by 535.36%, attributed to increased gains from financial instruments[16] - Investment income surged to RMB 14.50 billion in Q1 2025, compared to RMB 2.28 billion in Q1 2024[32] - The company reported a significant investment income of RMB 9.08 billion in Q1 2025, compared to RMB 1.12 billion in Q1 2024[40] Shareholder Information - As of March 31, 2025, the company had a total of 741,154 shareholders, with 741,012 holding A-shares and 142 holding H-shares[20] - The largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 2,619,305,707 shares, accounting for 17.67% of total shares[20] - China CITIC Financial Holdings Co., Ltd. holds 2,299,650,108 shares, representing 15.52% of total shares[20] Regulatory and Legal Matters - The company is currently involved in a legal case regarding securities false statements, with a total claim amount of RMB 1.83 million, but potential loss risks are considered low [26] - The company has implemented corrective measures in response to regulatory warnings regarding risk management deficiencies in margin trading [27] Operational Changes - The company has a total of 38 branches and 199 securities business departments as of the end of the reporting period[23] - The company completed the relocation of three securities business departments within the same city[23] - CITIC Futures Co., Ltd. completed the relocation of two branches during the reporting period[24] - CITIC Securities South China canceled one securities business department during the reporting period[25] Financial Ratios - The weighted average return on equity rose to 2.37%, an increase of 0.49 percentage points compared to 1.88%[8] - The company’s net capital to net assets ratio improved to 61.84%, up from 60.13% at the end of the previous year[10] - The company’s risk coverage ratio was 216.02%, slightly up from 213.06%[10] - The company’s liquidity coverage ratio increased to 164.35%, compared to 151.18% in the previous year[10] Other Financial Metrics - The company’s cash and cash equivalents decreased to RMB 321.78 billion from RMB 370.65 billion, a decline of about 13.14% [30] - The company's equity attributable to shareholders increased to RMB 302.44 billion from RMB 293.11 billion, reflecting a growth of about 3.83% [31] - The company reported a significant increase in trading financial assets, which rose to RMB 777.22 billion from RMB 690.86 billion, marking an increase of approximately 12.48% [30] - The company has reported a decrease in derivative financial assets, which fell to RMB 42.05 billion from RMB 48.99 billion, a decline of about 14.06% [30]

Financial Performance - For Q1 2025, the operating income was RMB 89,406 million, a slight decrease of 0.10% compared to RMB 89,494 million in Q1 2024[8] - Net profit for Q1 2025 was RMB 25,362 million, down 2.29% from RMB 25,957 million in the same period last year[8] - The net profit attributable to shareholders was RMB 25,246 million, reflecting a decrease of 2.62% from RMB 25,926 million in Q1 2024[8] - The company achieved operating revenue of 89.406 billion CNY and net profit attributable to shareholders of 25.246 billion CNY during the reporting period[22] - The bank's operating income for the first quarter of 2025 was RMB 89,406 million, slightly down from RMB 89,494 million in the same period of 2024[53] - Net profit for the period was RMB 25.362 billion, down 2.29% compared to the previous year[35] Cash Flow and Investments - The net cash flow from operating activities was RMB 75,695 million, a significant decline of 66.38% compared to RMB 225,146 million in Q1 2024[11] - The net cash flow from investing activities was RMB 49,051 million in Q1 2025, a significant recovery from a net cash outflow of RMB 65,769 million in Q1 2024[61] - The cash and cash equivalents at the end of Q1 2025 stood at RMB 346,413 million, down from RMB 543,952 million at the end of Q1 2024[61] Assets and Liabilities - Total assets as of March 31, 2025, reached RMB 17,689,399 million, an increase of 3.54% from RMB 17,084,910 million at the end of 2024[9] - Total liabilities reached RMB 166,930.06 billion, an increase of RMB 6,397.45 billion or 3.99% compared to the end of the previous year[43] - Total assets increased to RMB 17,689,399 million as of March 31, 2025, up from RMB 17,084,910 million as of December 31, 2024, representing a growth of approximately 3.55%[57] - Total liabilities increased to RMB 16,693,006 million as of March 31, 2025, compared to RMB 16,053,261 million as of December 31, 2024, marking an increase of approximately 3.98%[58] Customer Loans and Deposits - Total customer loans amounted to RMB 9,356,188 million, up 4.97% from RMB 8,913,202 million at the end of 2024[9] - Customer deposits increased to RMB 15,976,534 million, representing a growth of 4.51% from RMB 15,287,541 million at the end of 2024[9] - The company increased loans by 442.986 billion CNY in the first quarter, a year-on-year increase of 69.805 billion CNY, with corporate loans growing by 361.993 billion CNY, representing a 9.92% increase[22] - Deposits increased by 688.993 billion CNY in the first quarter, a year-on-year increase of 16.909 billion CNY, with corporate deposits rising by 141.710 billion CNY, an 8.56% growth[22] Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio was 9.21% as of March 31, 2025, down from 9.56% at the end of 2024[14] - The core Tier 1 capital adequacy ratio was 9.21%, down 0.35 percentage points from the previous year, while the total capital adequacy ratio was 13.34%, down 1.10 percentage points[45] - The leverage ratio is 5.34% as of March 31, 2025, down from 5.91% on March 31, 2024, reflecting a decrease in the bank's capital relative to its total assets[62] - The liquidity coverage ratio stands at 224.63% as of March 31, 2025, down from 282.57% on March 31, 2024, suggesting a reduction in liquidity buffer[62] Non-Interest Income and Fees - Non-interest income increased by 8.76% and 21.29% for net fee and commission income and other non-interest income, respectively, with the proportion of non-interest income rising by 2.96 percentage points year-on-year[22] - Fee and commission income increased by RMB 0.8306 billion, growing 8.76% year-on-year, driven by the expansion of investment banking and wealth management services[37] - Other non-interest income rose by RMB 1.798 billion, an increase of 21.29%, due to enhanced asset trading capabilities[38] Shareholder Information - The number of ordinary shareholders was 182,920 as of the report date, including 180,558 A-share shareholders and 2,362 H-share shareholders[15] - A total cash dividend of approximately RMB 259.41 billion (including tax) is expected to be distributed for the fiscal year 2024, with a final cash dividend of RMB 1.139 per 10 shares[49] Risk and Loan Quality - The non-performing loan ratio remained at 0.91%, with a provision coverage ratio of 266.13% and a capital adequacy ratio of 13.34%[22] - Non-performing loans stood at RMB 852.94 billion, an increase of RMB 49.75 billion, with a non-performing loan ratio of 0.91%, up 0.01 percentage points from the previous year[45] - The annualized non-performing loan generation rate was 0.94% during the reporting period[45] Strategic Initiatives - The company launched a special action plan to boost consumption, proposing 20 specific measures to enhance financial services and support consumer demand[26] - The company has supported nearly 100,000 technology enterprises, with financing balance exceeding 600 billion CNY[25] - The company has opened over 10 million personal pension accounts, promoting individual pension business rapidly[25] - The company aims to enhance its service model through the "1+N" operational framework, focusing on comprehensive marketing and customer engagement strategies[33]

Financial Performance - In 2024, Shimao Group reported a revenue of RMB 59,975 million, a slight increase of 0.9% compared to RMB 59,464 million in 2023[5]. - The company experienced a gross loss of RMB 5,869 million in 2024, compared to a gross profit of RMB 5,848 million in 2023[5]. - The net loss attributable to equity holders was RMB 35,905 million in 2024, compared to a loss of RMB 21,030 million in 2023, indicating a significant increase in losses[5]. - For the fiscal year ending December 31, 2024, the company's total revenue reached RMB 59,975 million, a 0.9% increase from RMB 59,464 million in 2023[28]. - The company reported a total comprehensive loss of RMB 43.67 billion for the year ended December 31, 2024, compared to a total comprehensive loss of RMB 24.80 billion in 2023[200]. - Basic and diluted loss per share for the year was RMB 9.48, compared to RMB 5.55 in the previous year, indicating a significant increase in losses per share[200]. Sales and Contracted Sales - Contracted sales for 2024 reached RMB 34,002 million, with a total contracted sales area of 2.675 million square meters, resulting in an average selling price of RMB 12,710 per square meter[9]. - In 2024, the company achieved contract sales of RMB 34.002 billion, with a total sales area of 2.675 million square meters and an average selling price of RMB 12,710 per square meter[18]. - Property sales accounted for 79.9% of total revenue, amounting to RMB 47,911 million, with a sales area of 3,579,261 square meters[28][30]. Assets and Liabilities - Total assets decreased to RMB 436,429 million in 2024 from RMB 543,250 million in 2023, reflecting a decline of approximately 19.7%[5]. - Non-current assets decreased to RMB 87,417 million in 2024 from RMB 115,518 million in 2023, a decline of about 24.3%[5]. - The company reported a total liability of RMB 433,083 million in 2024, down from RMB 491,999 million in 2023, a reduction of approximately 11.9%[5]. - Total borrowings amounted to approximately RMB 252.051 billion as of December 31, 2024, down from RMB 263.963 billion on December 31, 2023, a reduction of about RMB 11.912 billion[46]. - The group's asset-liability ratio was approximately 57.8% as of December 31, 2024, compared to 48.6% on December 31, 2023[46]. Market Conditions - The real estate market in China is expected to continue adjusting, with a projected 10.6% decline in national real estate development investment in 2024[7]. - The government is expected to implement policies to stabilize the real estate market, which may positively impact the company's future performance[8]. Operational Performance - The property management segment reported annual revenue of RMB 7,895.5 million, with a gross profit of RMB 1,564.3 million and a core net profit attributable to equity holders of RMB 492.4 million[11]. - The hotel segment generated revenue of RMB 2,225 million, down approximately 3.1% from RMB 2,295 million in 2023[29][31]. - The commercial business maintained a stable performance, with a 6% year-on-year increase in foot traffic, although total sales decreased by 5%[13]. - The overall occupancy rate for commercial projects remained close to 90%, while office buildings experienced a decrease in occupancy to 70% due to macroeconomic factors[13]. - The company delivered projects across 49 cities, involving 73 projects and 136 batches in 2024, focusing on quality and timely delivery[17]. Debt and Restructuring - The company successfully restructured approximately USD 11.5 billion in debt, receiving support from 98.75% of participating creditors[10]. - The group is undergoing an overseas debt restructuring process, with a total of 2,079 creditors participating, representing a voting amount of approximately USD 11.5 billion[56]. - The group anticipates that the debt restructuring plan will be completed in the first half of 2025, which will alleviate overall debt scale and pressure[57]. - The company is actively negotiating the extension or restructuring of existing loans with domestic lenders, with the expectation of gradually completing related agreements[59]. Governance and Management - The company has adopted three share incentive plans to recognize and encourage contributions from selected employees, aiming to attract suitable talent for ongoing development[79]. - The company confirms the independence of all independent non-executive directors as per the Hong Kong Stock Exchange listing rules[76]. - The board consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[117]. - The company has established internal policies to ensure independent viewpoints and opinions are available to the board, including the roles of various committees[116]. - The company has a dual-currency loan agreement for USD 290 million and HKD 2.6145 billion, also with a 48-month term, established on September 14, 2018[109]. Future Outlook - The company plans to focus on adjusting its operational structure and exploring new market opportunities in 2025[20][25]. - The planned delivery volume for 2025 will be less than half of that in 2024, significantly reducing delivery pressure and funding requirements[59]. - The company aims to enhance competitiveness through digital marketing innovation and the development of popular dining products in 2025[23].

Financial Performance - Total revenue for the year was approximately HK$480.5 million, a decrease from HK$548.7 million in 2023, representing a decline of about 12.5%[22] - The gross profit margin improved to approximately 20.2%, up from 16.1% in the previous year, indicating a positive trend in profitability[22] - The revenue from the Property Investment Business and the Music and Entertainment Business segments increased, contributing positively to overall performance[20] - Total revenue for the year was approximately HK$480.5 million, a decrease from HK$548.7 million in 2023, with a gross margin of 20.2% compared to 16.1% in the previous year[24] - The Manufacturing and Sales Business contributed 76.0% to total revenue in 2024, up from 63.2% in 2023, while the Property Development Business dropped from 29.3% to 14.9%[25] Business Segments - The Manufacturing and Sales Business segment saw an increase in purchase orders due to enhanced production and operational efficiency, leading to more competitive pricing[20] - The revenue from the Manufacturing and Sales Business increased by approximately 5.3% to approximately HK$365.1 million for the Year (Year 2023: approximately HK$346.6 million) due to increased sales orders from both overseas and domestic clients[43] - The segment loss margin for the Manufacturing and Sales Business decreased to approximately 4.7% (Year 2023: approximately 14.6%) attributed to improved gross profit margin and cost-saving measures[45] - Revenue from the Music and Entertainment Business increased by approximately 18.0% to approximately HK$4.7 million (Year 2023: approximately HK$4.0 million), with a segment profit of approximately HK$433,000 compared to a loss of approximately HK$3.4 million in the previous year[47] Property Development Challenges - The Property Development Business faced significant challenges due to a slowdown in the PRC's real estate sector, resulting in subdued demand for leasing and sales[12] - The segment loss for the Year was primarily due to decreased revenue caused by poor economic conditions in the PRC, leading to postponed expansion or relocation plans by purchasers[69] - The Group will reassess the risk and profitability of property development projects in light of the unfavorable property market conditions in the PRC[118] Loans and Credit Risk - New loans granted during the year amounted to approximately HK$6.5 million, an increase from HK$6.0 million in 2023, with an average loan interest rate of 16.1% compared to 18.0% in the previous year[34] - Interest income from loans decreased by approximately 12.2% to around HK$5.0 million, down from HK$5.7 million in 2023, resulting in a segment loss of approximately HK$779,000 compared to a gain of HK$3.1 million in the previous year[34] - The Group faced a concentration of credit risk, with 63% of total loans receivable due from two independent third parties, totaling approximately HK$19.4 million[38] - The Group recognized a net impairment loss on loans receivable of approximately HK$3.2 million, compared to a reversal of impairment loss of approximately HK$389,000 in 2023[34] Corporate Governance - The Company maintained compliance with all code provisions set out in the Corporate Governance Code throughout the year[149][150] - The Board consists of eight members, including two executive Directors, three non-executive Directors, and three independent non-executive Directors, ensuring a balanced composition for independent decision-making[155] - The Company has adopted the Corporate Governance Code and has complied with all its provisions during the year, with no known non-compliance incidents[159] - The independent non-executive Directors are required to keep up-to-date with the Company's business affairs and contribute independent judgment on key issues[161] Future Strategies - Future strategies include optimizing cost structures, expanding high-margin product lines, and investing in automation and digital printing technologies[11] - The Group aims to drive sustainable growth and restore profitability while enhancing product and service quality to meet evolving customer expectations[16] - The Group plans to diversify and expand operations cautiously in response to market challenges[105] - The Group will continue to upgrade machinery to enhance production efficiency, reduce defect rates, and lower manpower costs[112] Economic Outlook - The Group anticipates facing economic and political uncertainties in 2025, impacting demand across its business segments[105] - The Group expects to face various challenges in 2025 due to ongoing political and economic tensions, which may negatively impact consumer purchasing power and export sales of printing products[108] - Competition in the domestic printing market in the PRC is anticipated to intensify, prompting the Group to enhance procurement capabilities and improve production efficiency to reduce costs[111] Capital Expenditure and Commitments - Capital expenditure for property, plant, and equipment amounted to approximately HK$8.5 million, an increase of 57.4% from HK$5.4 million in the previous year[127][131] - Capital expenditure for properties under development for sale reached approximately HK$148.6 million, up 102.5% from HK$73.5 million in the previous year[127][131] - As of December 31, 2024, the Group had capital commitments of approximately HK$111.1 million, a decrease of 26.1% from HK$150.4 million as of December 31, 2023[128][132] Employee and Staff Costs - Total staff costs for the year were approximately HK$163.0 million, a decrease of 6.8% from HK$174.2 million in the previous year[136][141] - The Group had approximately 940 full-time employees as of December 31, 2024, down from approximately 1,000 in the previous year[136][141]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 307.4 million, an increase of approximately 5.4% from HKD 291.6 million in 2023[5]. - The net loss for the year was HKD 4.4 million, compared to a profit of HKD 1.1 million in the previous year[5]. - The gross margin improved from approximately 14.5% in 2023 to about 16.5% in 2024[12]. - The total assets increased to HKD 260.6 million in 2024 from HKD 252.9 million in 2023[5]. - The current ratio remained stable at 1.6 for both years, indicating consistent liquidity[5]. - The debt-to-equity ratio increased to 39.0% in 2024 from 30.3% in 2023, reflecting a rise in leverage[5]. - Revenue from proprietary label products was HKD 307.4 million, with backpacks and others contributing HKD 207.7 million, representing 68% of total revenue[12]. - Sales cost increased by approximately HKD 7.5 million or about 3.0% to approximately HKD 256.8 million, while overall gross profit margin rose from 14.5% to 16.5%[13]. - Sales and distribution expenses decreased by approximately HKD 0.4 million to about HKD 11.5 million, attributed to optimization measures in the sales and marketing network[14]. - Administrative expenses increased by approximately HKD 1.3 million to about HKD 43.5 million, mainly due to the establishment of a new overseas office[15]. - Net financing costs decreased by approximately HKD 0.5 million to about HKD 1.9 million, influenced by global interest rate cuts and improved financing structure[16]. - Other income and net gains significantly decreased by approximately HKD 11.0 million to about HKD 3.0 million, primarily due to a one-time gain from a sale-leaseback transaction[17]. - The group recorded a net loss of approximately HKD 4.4 million, compared to a net profit of approximately HKD 1.1 million in the previous year[20]. - As of December 31, 2024, the group's current assets net value was approximately HKD 71.0 million, with cash and bank balances of approximately HKD 70.8 million[21]. - The debt-to-equity ratio increased to 39.0% from 30.3% in the previous year, calculated as total debt divided by total equity[22]. - The group had no significant contingent liabilities as of December 31, 2024[23]. - The board did not recommend a final dividend for the reporting period, consistent with the previous year[32]. - The company reported a distributable reserve of HKD 127.5 million as of December 31, 2024, compared to HKD 129.2 million in 2023[116]. - The board has decided not to recommend any final dividend for the reporting period[118]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[119]. Supply Chain and Market Strategy - The company plans to implement a flexible supply chain strategy focusing on automation and sustainable materials to meet market demands[7]. - The company aims to diversify its supply chain network in Southeast Asia and other regions outside China to enhance product quality and market competitiveness[8]. - The company plans to diversify its supply chain network, focusing on Southeast Asia, including Vietnam, Thailand, Cambodia, and Indonesia[43]. - Strategic focus will be on market penetration and diversifying the customer base to seize emerging opportunities[43]. - The company aims to maintain a prudent financial position to support ongoing operations and explore new possibilities for business expansion[43]. - The group has established a list of approved internal suppliers and regularly evaluates their performance to ensure the quality of raw materials, which is crucial for the products manufactured[131]. - The group aims to enhance its design and production capabilities for backpacks and luggage through close collaboration with major customers[130]. Corporate Governance - The company is committed to maintaining good corporate governance to protect shareholder interests and enhance shareholder value[58]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period[58]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balance of power and independent judgment[60]. - The company has adopted a board diversity policy, with one female director among the six appointed during the reporting period, reflecting a commitment to diverse representation[65]. - The company has a commitment to diversity in its board appointments, considering various factors such as gender, age, and professional experience[66]. - The company has appointed three independent non-executive directors, meeting the requirement that independent directors must constitute at least one-third of the board[69]. - The board held six meetings during the reporting period, with attendance rates for members ranging from 4/6 to 6/6[84]. - The audit committee, composed entirely of independent non-executive directors, held four meetings, with full attendance from all members[88]. - The company has established a written terms of reference for the audit committee, which includes responsibilities for overseeing financial statements and internal controls[87]. - The company has established three board committees: audit, remuneration, and nomination, to oversee specific areas of governance[85]. - The company has ensured that all board committees have sufficient resources to fulfill their responsibilities and can seek independent professional advice when necessary[86]. - The company has established a remuneration committee to review and approve the remuneration policies for directors and senior management, ensuring transparency and alignment with corporate goals[90]. - The remuneration committee held one meeting during the reporting period, with all members in attendance[93]. - The company paid HKD 800,000 for audit services and HKD 15,000 for non-audit services during the reporting period, ensuring the independence of the auditor[99]. - The board confirmed its responsibility for the company's risk management and internal control systems, which are regularly reviewed for effectiveness[100]. - The company has implemented a policy to ensure timely and fair disclosure of insider information in compliance with applicable laws[102]. - The nomination committee reviewed the board's diversity policy and recommended the re-election of three directors at the upcoming annual general meeting[96]. - The company has appointed two joint company secretaries to facilitate communication between the board, shareholders, and management, both having completed over 15 hours of professional training[103][104]. - The company has a policy for reviewing corporate governance practices annually, adhering to the "comply or explain" principle[74]. - The company has established a standard code of conduct for securities trading by directors, confirming compliance during the reporting period[59]. - Independent non-executive directors have confirmed their independence according to the relevant listing rules[69]. - The company provides internal training for directors, covering legal updates and corporate governance matters[78]. Human Resources and Employee Relations - As of December 31, 2024, the group employed 406 staff, an increase from 393 staff in the previous year, with total employee costs amounting to approximately HKD 49.4 million, up from HKD 49.1 million in 2023[150]. - The gender ratio among employees is approximately 34.1% male and 65.9% female, indicating a reasonable balance in workforce diversity[65]. - The company aims to maintain a low employee complaint rate and zero litigation to retain talent[194]. Environmental, Social, and Governance (ESG) - The company has established an ESG framework to promote and implement its sustainability strategy, with the board responsible for overall ESG work[189]. - The ESG report covers the period from January 1, 2024, to December 31, 2024, detailing the company's initiatives and performance in environmental and social aspects[181]. - The company has maintained a consistent approach to ESG reporting, adhering to the principles of materiality, quantification, balance, and consistency[184]. - The company is committed to minimizing environmental impact and complying with environmental laws and regulations in China[200]. - The production operations adhere to the Environmental Protection Law of the People's Republic of China[200]. - No significant hazardous waste was generated during the reporting period, with non-hazardous waste primarily consisting of household waste[200]. - Detailed environmental protection rules and guidelines have been established for employees to follow during the production process[200]. - Qualified recycling companies are engaged to handle and dispose of waste, especially hazardous waste, to minimize environmental impact[200]. - The company conducts at least one inspection and monitoring of pollutant emissions by a qualified third-party monitoring company each fiscal year[200]. - The company prioritizes community engagement and local hiring to promote community development[195]. - A total of 16 key environmental, social, and governance issues have been identified as priorities for stakeholders and the company[197]. - The company aims to enhance its environmental and social governance practices based on stakeholder expectations and industry trends[199]. Shareholder Relations - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders and investors[109]. - The company has a policy in place for shareholders to propose new resolutions at general meetings[107]. - The company emphasizes compliance with laws and regulations, including tax obligations and local government safety management standards[193]. - The company has not experienced any significant violations of applicable laws and regulations during the reporting period[125]. - The company’s articles of association did not undergo any significant changes during the reporting period[110]. - The company’s board is committed to balancing shareholder interests with prudent capital management when deciding on dividend payments[117]. Risk Management - The company faces risks related to order fluctuations from private label customers, which may adversely affect its business and financial performance[126]. - The company has not identified any significant uncertainties that may affect its ability to continue as a going concern[97]. - The company has established a policy for reviewing corporate governance practices annually, adhering to the "comply or explain" principle[74].