Financial Performance - Revenue for 2024 increased by 3.9% to RMB 28.68 billion compared to RMB 27.60 billion in 2023[14] - Gross profit rose by 6.0% to RMB 14.16 billion, with a gross margin of 49.4%, improving by 1 percentage point from the previous year[14] - Profit attributable to equity holders was RMB 3.01 billion, resulting in a net profit margin of 10.5%[14] - Operating cash inflow reached RMB 5.27 billion, up from RMB 4.69 billion in 2023, indicating healthy cash flow management[14] - The overall operating profit for 2024 was RMB 3.68 billion, slightly up from RMB 3.56 billion in 2023[8] - The return on equity for equity holders was 11.9%, down from 13.1% in the previous year, indicating a need for strategic adjustments[8] - The net profit attributable to equity holders was RMB 3,012,918 thousand, down 5.5% from RMB 3,186,910 thousand in the previous year[24] - Basic earnings per share decreased to RMB 116.98, a decline of 5.1% from RMB 123.21 in 2023[24] - The income tax expense for the year ended December 31, 2024, was RMB 1,096,691,000, with an effective tax rate of 26.7%, compared to 25.1% in 2023[41] Asset and Liability Management - Total non-current assets decreased to RMB 15.18 billion from RMB 20.55 billion in 2023, while current assets increased to RMB 20.53 billion from RMB 13.65 billion[8] - The debt-to-equity ratio improved to 36.8% from 40.2% in the previous year, reflecting better financial stability[8] - The accumulated inventory provision as of December 31, 2024, was RMB 166,817,000, an increase from RMB 134,727,000 in 2023, indicating a rise in inventory value[43] - The accumulated expected credit loss provision as of December 31, 2024, was RMB 45,678,000, relatively stable compared to RMB 45,738,000 in 2023, with trade receivables provision increasing to RMB 41,658,000 from RMB 38,215,000[44] Revenue Streams and Sales Performance - E-commerce revenue grew by 10.3% due to deep channel development and cost control optimization, while distributor revenue increased by 2.6%[27] - Revenue from footwear reached RMB 14,300,341,000, accounting for 49.9% of total revenue, while apparel revenue decreased by 2.9% to RMB 12,050,245,000[28] - Direct sales accounted for 24.0% of total revenue, down from 25.0% in 2023, while e-commerce sales increased to 29.0% from 27.3%[29] - The overall sales cost for the year was RMB 14,519,540,000, with a gross margin of 49.4%, up from 48.4% in 2023, reflecting improved discount strategies in retail stores[32] Innovation and Product Development - The company focused on enhancing technology research and innovation to improve operational efficiency and consumer experience[13] - The company launched six innovative technologies and three new products, including the "绝影3" running shoes and "龙雀" racing shoes, enhancing its competitive edge in the sports market[17] - The introduction of the new midsole technology "超䨻" showcases the company's dual innovation capabilities in materials and processes, significantly improving product performance[67] - The company has established a strong lineup of six proprietary innovative technologies, enhancing its competitive edge in professional sports technology[66] Marketing and Brand Strategy - The company plans to strengthen its "single brand, multiple categories, and multi-channels" strategy to enhance brand competitiveness and expand into international markets[18] - The company aims to strengthen its brand value through diversified global marketing activities, focusing on six core categories while expanding into emerging sports and niche categories[70] - The company has implemented a new retail business model, enhancing digital and omnichannel capabilities to efficiently convert private traffic and steadily improve sales performance[92] Corporate Governance and Management - The board of directors is committed to high standards of corporate governance, ensuring compliance with legal and regulatory requirements[101] - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balanced composition with diverse expertise[109] - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience to achieve sustainable development[110] - The company has established a comprehensive risk management and internal control system based on the COSO framework, aimed at enhancing operational efficiency and compliance[148] Environmental, Social, and Governance (ESG) Initiatives - The company achieved a MSCI ESG rating upgrade to BBB in 2024, reflecting steady progress in ESG initiatives[184] - The company is committed to green and low-carbon operations, aligning with the national "30-60" carbon peak and carbon neutrality strategy[184] - The group aims for sustainable development by integrating responsible practices across the entire value chain, including product design, procurement, production, marketing, and waste management[186] - The company has established an ESG management committee led by the executive director and co-CEO to oversee long-term ESG strategies and goals[180] Employee and Community Engagement - The company emphasizes equal employment and career development opportunities for all qualified employees[111] - The group emphasizes employee welfare by optimizing compensation structures and enhancing workplace safety and health programs[189] - The company actively participates in charitable activities to improve overall social welfare and promote sports culture[192] - The group will provide full social insurance and supplementary medical insurance benefits to employees as part of its commitment to SDG1 (No Poverty)[194]

Financial Performance - Revenue for 2024 reached RMB 1,551,043 thousand, representing a 32.7% increase from RMB 1,168,451 thousand in 2023[13] - Gross profit for the year was RMB 426,189 thousand, up 12.1% from RMB 380,173 thousand in the previous year[13] - The net cash generated from operating activities was RMB 419,945 thousand, a significant increase of 98.4% compared to RMB 211,709 thousand in 2023[13] - The adjusted net loss (non-IFRS measure) improved to RMB 53,717 thousand, a reduction of 33.0% from RMB 80,151 thousand in the prior year[13] - The adjusted EBITDA (non-IFRS measure) increased by 56.1% to RMB 7,129 thousand from RMB 4,567 thousand in 2023[13] - The company reported a net loss of RMB 68.7 million for 2024, a significant improvement from a loss of RMB 469.6 million in 2023[17] - Adjusted net loss (non-IFRS measure) for 2024 was RMB 53.7 million, down from RMB 80.2 million in 2023, reflecting a 33.1% improvement[19] - Revenue for 2024 reached RMB 1.6 billion, representing a 32.7% increase compared to the previous year[23] - The gross profit for 2024 was RMB 426.2 million, showing a year-on-year growth of 12.1%[23] - Adjusted EBITDA (non-IFRS measure) for 2024 was RMB 7.1 million, up 56.1% from RMB 4.6 million in 2023[23] - Total GMV for 2024 was RMB 188.0 billion, a decrease of 3.8% from RMB 195.5 billion in 2023[35] - Gross profit margin for 2024 was 27.5%, down from 32.5% in 2023[37] - Revenue for continuing operations increased by 32.7% to RMB 1,551.0 million in 2024 from RMB 1,168.5 million in 2023[38] - Revenue from transaction support services decreased by 15.1% to RMB 432.1 million in 2024 from RMB 509.0 million in 2023[43] - Revenue from technology subscription services decreased by 16.9% from RMB 34.0 million in 2023 to RMB 28.3 million in 2024, primarily due to a reduction in events and conferences held with business partners[44] - Total revenue cost rose by 42.7% from RMB 788.3 million in 2023 to RMB 1,124.9 million in 2024, consistent with revenue growth[51] - Gross profit increased by 12.1% from RMB 380.2 million in 2023 to RMB 426.2 million in 2024, while overall gross margin decreased from 32.5% to 27.5%[53] Operational Highlights - The company aims to expand its platform services to include more industrial goods beyond steel, enhancing user stickiness[10] - The logistics platform "Fat Cat Logistics" has become the largest third-party steel terminal logistics service provider in China[10] - The company issued nearly RMB 200 billion in value-added tax invoices in 2024, indicating strong transaction volume[10] - The company’s steel trading platform registered over 15,000 suppliers and 183,000 customers, covering over 630,000 SKUs[23] - The total transaction volume for the steel trading business reached RMB 187.6 billion in 2024[23] - The trading platform's profitability significantly improved, with transaction service revenue increasing by 11.4% and the average commission per ton rising from RMB 5.1 to RMB 5.6, leading to a 28.8% growth in gross profit for SME trading solutions[25] - International business revenue surged from RMB 221.1 million in 2023 to RMB 593.3 million in 2024, marking a 168.4% year-on-year increase, with international transaction volume growing by 174.5%[26] - The non-steel sector's transaction business generated a GMV of RMB 408.4 million, a 192.7% increase compared to 2023, with 371 suppliers and 1,728 customers engaged[29] - The logistics business gross profit increased from RMB 26.2 million to RMB 34.8 million, representing a year-on-year growth of 32.8%[25] Technology and Innovation - The company is leveraging AI technology to improve supplier information processing and transaction efficiency[9] - AI technology has been fully integrated into operations, with the AI trading assistant processing over 10 million messages daily and achieving a 95% accuracy rate in transaction matching[32] - The company’s AI capabilities have improved internal efficiency, generating over 140,000 business documents and processing more than 4.4 million transactions[33] - The company has established a digital trading platform that significantly enhances transaction efficiency and reduces human involvement through its logistics fulfillment network and technology management tools[131] Strategic Initiatives - Following its successful listing in Hong Kong in March, the company is focused on increasing market recognition and understanding[11] - The company aims to strategically consolidate and expand its operations in 2024, marking a key year for growth[22] - The company plans to continue optimizing its logistics business structure, focusing on lower-cost but higher-margin short-distance transportation services[56] - The company aims to optimize supply chain management and enhance market competitiveness by leveraging digital management and high-value product layouts[27] Financial Position and Liabilities - Total assets decreased by 14.6% to RMB 10,048.6 million in 2024 from RMB 11,764.7 million in 2023[14] - Total liabilities decreased from RMB 10,676.4 million as of December 31, 2023, to RMB 9,181.8 million as of December 31, 2024, mainly due to reduced transaction volume and lower average steel prices[83] - Cash and cash equivalents decreased from RMB 1,053.2 million to RMB 746.9 million between December 31, 2023, and December 31, 2024[92] - The company reported a net loss attributable to owners of RMB 6,506.4 million as of December 31, 2024, compared to RMB 6,438.1 million as of December 31, 2023[86] - The company’s debt-to-asset ratio was 164.7%, up from 154.7% in 2023, primarily due to the impact of convertible preferred shares[102] Compliance and Governance - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[122] - The company is committed to fulfilling social responsibilities and promoting sustainable growth, as detailed in the environmental, social, and governance report[121] - The independent auditor confirmed that the ongoing related party transactions are conducted under normal commercial terms and are fair and reasonable[160] - The company has complied with the disclosure requirements under the relevant listing rules regarding related party transactions[162] Shareholder Structure and Risks - The company operates under a dual-class share structure, where Class A shareholders have one vote per share and Class B shareholders have ten votes per share[165] - The company’s B-class shareholders hold significant influence, which may not always align with the best interests of independent shareholders[123] - The largest customer accounted for 13.9% of total revenue, while the top five customers contributed 28.5% of total revenue for the year ending December 31, 2024[169] - The largest supplier represented 10.9% of total procurement, with the top five suppliers making up 33.2% of total procurement for the same period[169] - The company faces significant liquidity risks due to past operating cash outflows, which may limit operational flexibility and adversely affect financial condition and expansion capabilities[118] - The company is exposed to risks related to fluctuations in supply and demand for steel products in both domestic and overseas markets, which could negatively affect business and financial performance[117] - The company’s financial condition and operating performance may be adversely affected by customer concentration risks[120] Employee and Community Engagement - The company employed 1,120 full-time employees as of December 31, 2024, and maintained good working relationships without any significant labor disputes during the reporting period[107] - The company made charitable donations amounting to RMB 210,000 during the reporting period[179] - The total remuneration paid to directors during the reporting period was approximately RMB 6.4 million, including salaries, bonuses, and other benefits[191] Miscellaneous - The company did not declare any annual dividends for the year ending December 31, 2024[182] - There were no bonds issued by the group during the reporting period[180] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[199]

Financial Performance - Total sales revenue for 2023 was RMB 12,989.8 million, a decrease of 9.0% compared to 2022[6] - The gross profit for 2023 was RMB 2,061.0 million, down 18.7% from RMB 2,536.6 million in 2022[6] - The net profit attributable to shareholders for 2023 was RMB 2,381.7 million, an increase of 45.0% compared to RMB 1,642.6 million in 2022[6] - The company achieved a total revenue of RMB 11.946 billion in 2024, with a gross profit of RMB 1.705 billion and a net profit attributable to shareholders of RMB 1.071 billion[21] - The group’s revenue for the reporting period was RMB 11,946.5 million, a decrease of RMB 1,043.3 million or 8.0% compared to RMB 12,989.8 million in 2023, primarily due to fluctuations in the urea market[74] - The revenue from urea sales was RMB 3,710.2 million in 2024, down 20.7% from RMB 4,676.9 million in 2023, attributed to a decrease in sales price and volume[74] - The phosphate and compound fertilizer revenue was RMB 2,687.0 million, a slight decrease of 0.7% from RMB 2,707.0 million in 2023[74] - The group's methanol revenue for the reporting period was RMB 3,090.7 million, an increase of RMB 57.3 million or 1.9% compared to RMB 3,033.4 million in 2023, primarily due to a price increase of RMB 66.2 per ton[75] - The group's acrylonitrile series products generated revenue of RMB 2,010.6 million, a significant increase of RMB 707.4 million or 54.3% from RMB 1,303.2 million in 2023, driven by a sales price increase of RMB 738.1 per ton and a volume increase of 66,191.8 tons[75] Production and Sales - The total production volume for fertilizers in 2024 was 1,917,802 tons, a decrease of 4.4% from 2,005,933 tons in 2023[8] - The total sales volume for chemical products in 2024 was 1,425,991 tons, a decrease of 1.2% from 1,443,602 tons in 2023[9] - The company sold 1.888 million tons of urea, 1.426 million tons of methanol, 509,000 tons of phosphate fertilizer, 295,000 tons of compound fertilizer, and 226,000 tons of acrylonitrile products during the year[24] - The company’s production output included 1.918 million tons of urea, 855,000 tons of compound fertilizer, and 1.438 million tons of methanol, reflecting strong operational performance[23] - The total sales of phosphate and compound fertilizers in 2024 were 803,838 tons, down from 826,695 tons in 2023[59] - The company exported 0.4 million tons of urea, 126,000 tons of diammonium phosphate, 9,000 tons of methanol, and 9,000 tons of acrylonitrile in 2024[53] Assets and Equity - The total assets as of December 31, 2024, were RMB 24,076.0 million, a slight decrease from RMB 24,317.3 million in 2023[7] - The total equity as of December 31, 2024, was RMB 19,507.0 million, an increase from RMB 19,407.1 million in 2023[7] Dividends - The board proposed a final dividend of RMB 0.1208 per share for the 2024 fiscal year, resulting in a payout ratio of 52%[12] - The board proposed a final dividend of RMB 556.9 million for the year 2024, equating to a dividend of RMB 0.1208 per share, subject to shareholder approval[91] - The company has adopted a dividend policy that allows shareholders to receive declared dividends, with all shareholders having equal rights to dividends and distributions[192] - The company will continuously review its dividend policy and retains the sole discretion to update, revise, or modify the policy at any time[197] Safety and Environmental Practices - The company maintained a safety production record with zero employee fatalities and zero environmental pollution incidents for three consecutive years[23] - The company will continue to implement its green development strategy, achieving leading energy efficiency indicators in the industry and receiving international certifications[25] - The company’s methanol production facility has been recognized as an "energy efficiency leader" for 13 consecutive years, showcasing its commitment to sustainable practices[25] - The company is committed to energy conservation and environmental protection, gradually replacing low-efficiency equipment[112] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 20% by 2025[175] Future Plans and Strategies - The company plans to expand its production capacity for methanol and other chemical products in the coming years[3] - The company plans to focus on enhancing the quality of "plant nutrition solutions" and expanding its international development space through overseas natural gas resource projects[16] - The company plans to deepen research on the application of low-carbon natural gas and CO2 resource utilization technologies in 2025[111] - The company is enhancing its market expansion initiatives and innovating sales models to ensure price realization[112] - The company is exploring potential acquisitions to enhance its product portfolio, targeting firms with complementary technologies[174] - Market expansion plans include entering three new international markets by Q3 2024, aiming for a 10% market share in each[175] Governance and Board Structure - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with corporate governance regulations[125] - Independent non-executive directors constitute half of the board, meeting the requirement of at least one-third as per listing rules[128] - The company has implemented training programs for all directors to enhance their knowledge and skills, including updates on regulatory trends and ESG compliance[132] - The board has conducted training and professional development for directors and senior management[133] - The company has a diversity policy that considers various factors, including gender, age, and professional experience, in board member selection[125] Risk Management - The company has implemented a comprehensive risk management system, including a risk management committee and department to identify and report significant risks[161] - The board has conducted reviews of the company’s risk management and internal control systems, ensuring their effectiveness and adequacy[161] - The internal audit department plays a crucial role in supporting the board and management in risk management and internal control systems[161] Financial Management - The group's financing income decreased to RMB 351.1 million, down RMB 6.8 million or 1.9% from RMB 357.9 million in 2023, attributed to lower interest rates on large certificates of deposit and deposits[85] - The group's financing costs increased to RMB 52.8 million, an increase of RMB 18.6 million or 54.3% from RMB 34.2 million in 2023, primarily due to increased costs associated with long-term borrowings[85] - The group's administrative expenses rose to RMB 629.1 million, an increase of RMB 26.3 million or 4.4% from RMB 602.7 million in 2023, primarily due to higher labor costs[83] Market Conditions - The domestic urea market is expected to see supply and demand growth, but still faces pressure due to existing supply-demand gaps[105] - The average market price of urea in 2024 was RMB 2,099 per ton, down RMB 348 per ton or 14% compared to 2023[33] - The average price of compound fertilizers fell to RMB 2,820 per ton in 2024, a decline of about 7.3% from 2023, despite a slight decrease in production to 5.084 million tons[36] - The total domestic methanol production in 2024 was approximately 78.96 million tons, reflecting a year-on-year increase of 8.7%, while imports decreased by 7.5% to 13.47 million tons[44] Employee Development - The company trained 107,508 employees during the reporting period, with a total training duration of 1,086,419 hours[96]

Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, was SGD 87.8 million, a decrease of approximately SGD 17.5 million compared to SGD 105.3 million in the fiscal year 2023[9]. - The decline in revenue was primarily attributed to a reduction of about SGD 17.0 million from the mainland China automotive trade business[9]. - Automotive supply revenue decreased by approximately SGD 17.7 million to about SGD 69.7 million for the fiscal year 2024, compared to SGD 87.4 million in fiscal year 2023[12]. - Total revenue for fiscal year 2024 was SGD 87.8 million, down from SGD 105.1 million in fiscal year 2023, a decrease of approximately SGD 17.3 million[17]. - Other income and gains increased by approximately SGD 0.6 million due to proceeds from the sale of properties, plants, and equipment in fiscal year 2024[18]. - The group recorded a total comprehensive loss of approximately SGD 1.5 million in fiscal year 2024, compared to a loss of SGD 1.3 million in fiscal year 2023[25]. - As of December 31, 2024, the group's distributable reserves amounted to approximately SGD 2.2 million, down from SGD 3.7 million as of December 31, 2023[148]. - The largest customer accounted for about 10% of total revenue, a decrease from 17% in 2023, while the top five customers represented 23% of total revenue, down from 49% in 2023[149]. - The largest supplier accounted for approximately 16% of total costs, an increase from 4% in 2023, and the top five suppliers represented 35% of total costs, up from 12% in 2023[149]. Business Strategy and Growth - The group aims to strengthen existing operations and explore opportunities for growth in sectors such as bio-health, green energy technology, new retail, e-commerce, and franchise management[8]. - The company is actively seeking business expansion opportunities in other regions of China and overseas[9]. - The group aims to enhance its position in the automotive after-sales service business and rental services in Singapore while increasing market share in mainland China[13]. - The company is exploring feasible equity investments or business segments for expansion, including biocare, green technology, e-commerce, and new energy businesses[13]. - The group plans to diversify income sources by expanding local revenue streams, such as car rentals, and seeking opportunities in the electric vehicle sector[33]. - The group has increased its rental fleet in response to restrictions on vehicle ownership certificates and rising car prices, indicating a shift in consumer preferences towards rentals[34]. Corporate Governance - The board emphasizes the importance of high corporate governance standards for sustainable growth and has established appropriate policies[67]. - The company has conducted an annual review of the need for an internal audit department, with risk management and internal control systems audited by a third party[68]. - The board retains overall responsibility for major matters, including financial data and significant transactions, ensuring transparency and accountability[70]. - The company has arranged appropriate liability insurance for all directors, which will be reviewed regularly by the board[72]. - The board consists of five executive directors and three independent non-executive directors, ensuring a balanced composition in terms of gender, age, culture, and professional experience[75]. - The board has complied with GEM listing rules by appointing at least three independent non-executive directors, with at least one possessing appropriate professional qualifications in accounting and financial management[77]. - Independent non-executive directors have confirmed their independence in writing according to GEM listing rules, ensuring unbiased judgment in decision-making[78]. - The company has established a nomination committee to recommend candidates for board vacancies and ensure good corporate governance practices[81]. - New directors receive comprehensive training to understand their responsibilities under GEM listing rules and relevant regulations[82]. - The board reviews its mechanisms annually to ensure the provision of independent opinions and advice[78]. - The company has no financial, business, family, or other significant relationships among board members, ensuring independence[77]. - The board will hold an annual general meeting where one-third of the directors will retire and be eligible for re-election[80]. - The company has adopted measures to ensure independent non-executive directors can provide independent views and advice to the board[76]. - The board held a total of 4 meetings during the fiscal year ending December 31, 2024, with all directors actively participating in the decision-making process[87]. - The chairman and CEO roles are held by different individuals, ensuring a clear separation of responsibilities[89]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined terms of reference[90]. - The Remuneration Committee is responsible for recommending overall remuneration for directors and senior management, ensuring no director determines their own pay[91]. - All directors participated in training sessions to enhance their skills and knowledge related to corporate governance and regulatory compliance[83]. - The company encourages all directors to attend relevant training courses, with costs covered by the company[83]. - The board has mechanisms in place to ensure independent opinions and recommendations are provided to enhance governance effectiveness[86]. - The company conducted a meeting between the chairman and independent non-executive directors to discuss matters without the presence of other directors[88]. - Directors are provided with sufficient information and materials at least 14 days prior to meetings to facilitate informed decision-making[84]. - The company maintains records of all board meetings and resolutions for reference by directors at any time[88]. - The remuneration committee consists of three independent non-executive directors, with a total of 5 highest-paid individuals in the group[92]. - The audit committee held 4 meetings during the year ending December 31, 2024, with attendance from senior management[95]. - The nomination committee has conducted 2 meetings and reviewed the financial statements, accounting principles, and risk management systems[96]. - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future business growth[106]. - The company secretary provides support to the board and ensures compliance with governance policies and procedures[107]. - The nomination committee evaluates the current board composition to ensure diversity in gender, age, culture, and professional experience[97]. - The remuneration committee assesses executive directors' performance based on business performance and market conditions[93]. - The company secretary is an external service provider, with an executive director designated as the contact person[108]. - The audit committee's main duties include reviewing financial data, internal controls, and risk management systems[95]. - The company has adopted a risk management framework that includes identifying significant risks in the operating environment and assessing their impact on business[114]. - The audit committee reviewed the internal control system and found it effective and sufficient for the fiscal year ending December 31, 2024[112]. - The company paid S$142,000 for audit services in 2024, a decrease from S$152,000 in 2023[122]. - The board confirmed compliance with the GEM Listing Rules regarding the trading of company securities by all directors for the fiscal year ending December 31, 2024[111]. - The company has implemented a whistleblowing policy to encourage reporting of misconduct, with no significant fraud or misconduct incidents reported for the fiscal year ending December 31, 2024[115]. - The board is committed to maintaining high standards of integrity and ethical behavior as part of its anti-corruption policy[117]. - The internal audit function has not yet been established, but the board will continue to review its necessity annually[113]. - The company has ensured that all insider information is handled confidentially and disclosed in a timely manner according to GEM Listing Rules[119]. - The board has confirmed that there are no significant uncertainties affecting the company's ability to continue as a going concern as of December 31, 2024[123]. - The company has adopted a code of conduct requiring all employees to adhere to high standards of behavior and ethical values[114]. Management and Board Composition - Mr. Hu was appointed as Executive Director on January 6, 2021, and became Chairman on August 15, 2021[53]. - Mr. Hong has approximately 29 years of experience in the automotive industry and has been responsible for overall business development and strategic planning since March 14, 2018[54]. - Ms. Nie has 19 years of corporate management experience and was appointed as Executive Director on May 18, 2020[55]. - Ms. Lin has served on the board of Senmiao Technology Limited since March 2018 and has extensive experience in finance and management[57]. - Mr. Zhang was appointed as an Independent Non-Executive Director on February 25, 2021, and has been the General Manager of a trading company since April 2020[58]. - Mr. Zhu has over 20 years of experience in accounting and corporate secretarial roles, currently serving as the Chairman of the Audit Committee[60]. - Ms. Yi has been an Independent Non-Executive Director since June 30, 2022, and has a background in law with qualifications obtained in 2019[62]. - The company has a diverse board with members holding various qualifications in finance, law, and management, enhancing its governance structure[61]. - The management team has a strong focus on strategic planning and operational oversight to drive business performance[54]. - The company is actively expanding its market presence and exploring new business strategies to enhance growth[62]. - Ms. Dai Xiaoyan appointed as independent non-executive director on April 16, 2024, with over 16 years of sales and corporate management experience[63]. - Mr. Wu Huamin joined as Chief Financial Officer in December 2023, bringing over 10 years of auditing and accounting experience[64]. - Ms. Xu Jiayuan has been the company secretary since September 30, 2021, with over 9 years of experience in corporate governance[65]. Compliance and Risk Management - The company has conducted an annual review of its risk management and internal control systems, with a professional third party responsible for the assessment[188]. - The company has established an audit committee to oversee financial reporting and risk management processes[190]. - The company is committed to environmental sustainability and has adhered to relevant environmental laws and regulations during the year ending December 31, 2024[195]. - There have been no significant violations of applicable laws and regulations that could materially impact the company's business and operations during the year ending December 31, 2024[196]. - The independent auditor, Guowei CPA Limited, has audited the consolidated financial statements for the year ending December 31, 2024, and will be proposed for reappointment at the upcoming annual general meeting[200].

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 377,314,000, up 10.5% from RMB 341,405,000 in 2023[17] - Gross profit rose to RMB 81,299,000, representing a 31.6% increase from RMB 61,693,000 in the previous year[17] - Net loss for 2024 was RMB 21,594,000, compared to a net loss of RMB 13,746,000 in 2023, indicating a worsening of 57.1%[17] - Basic loss per share increased to RMB 5.42 from RMB 3.47, reflecting a 56.0% increase in losses per share[17] - The gross profit margin in 2024 was 21.5%, an increase of 3.4 percentage points compared to 2023[41] - Gross profit for 2024 was approximately RMB 81.3 million, representing an increase of approximately RMB 19.6 million or approximately 31.8% compared to RMB 61.7 million in 2023[94] - The gross profit margin for the year ended 31 December 2024 was 21.5%, up from 18.1% for the year ended 31 December 2023, primarily due to a significant increase in higher-margin non-residential property revenue[97] Revenue Breakdown - Property management services accounted for RMB 323,809,000 of total revenue, a 11.7% increase from RMB 289,885,000 in 2023[18] - Value-added services revenue grew to RMB 44,130,000, up 5.0% from RMB 41,869,000 in 2023[18] - Property developer related services revenue slightly decreased to RMB 9,375,000 from RMB 9,651,000, a decline of 2.8%[18] - Revenue from property management services increased by approximately RMB 33.9 million, or about 11.7% year on year, with residential properties contributing approximately RMB 21.8 million or approximately 9.1% to this increase[75] - The Group's revenue generated from property management services, property developer related services, and value-added services contributed 85.8%, 2.5%, and 11.7% to the total revenue, respectively[71] - Revenue from non-residential properties increased by approximately RMB 12.1 million or approximately 24.2%, primarily due to the acquisition of 4 non-residential properties during the year[75] - The revenue-bearing GFA for residential properties was 12,354,000 sq.m., generating revenue of RMB 261.85 million, which accounted for 80.9% of total revenue from property management services[78] - The revenue from property management services for non-residential properties was RMB 61.96 million, accounting for 19.1% of total revenue from property management services[78] Market Conditions - In 2024, the real estate market is experiencing deep adjustments with sluggish market demand and significant inventory pressure[35] - The property management industry is facing unprecedented challenges and changes due to the current market conditions[35] Company Recognition and Achievements - The company ranked 38th in the "2024 Top 100 Property Management Companies in China"[29] - The company was recognized as one of the "2024 Top 100 Brand Influential Property Management Companies in China"[31] - The company received the honor of being among the "2024 Top 100 High-quality Service Property Management Companies in China"[32] - The company was also listed in the "2024 Top 10 Residential Service Power Property Management Companies in North China"[32] Operational Efficiency and Customer Service - The company focuses on enhancing professional capabilities and improving management efficiency to support business development[35] - A rapid response mechanism, including 24-hour customer service and an online repair platform, has been established to improve customer experience[36] - Regular satisfaction surveys are conducted to dynamically adjust service content based on property owners' needs[36] - The company promotes both "invisible service" and "active service" to continuously enhance customer experience[36] Growth and Expansion Plans - The Company aims to consolidate its basic business while achieving high-quality growth through diversified expansion in the future[43] - The Group is committed to fulfilling social responsibility and promoting green and sustainable development initiatives[38] - The Company plans to enhance operational efficiency and explore new growth points to achieve high-quality service and management[43] - The Group aims to strengthen its market expansion efforts and pursue quality scale growth in residential and commercial properties[58] - By 2025, the Group plans to develop new modules for value-added services and provide professional property training services to external property companies[66] Assets and Liabilities - Total assets decreased to RMB 422,346,000 from RMB 439,484,000, a decline of 3.9%[20] - Total liabilities increased slightly to RMB 208,294,000 from RMB 203,610,000, an increase of 2.3%[20] - Total equity decreased to RMB 214,052,000 from RMB 235,874,000, a decline of 9.3%[20] - Trade and other receivables increased by approximately RMB38.4 million or about 40.4% from RMB95.1 million as of December 31, 2023, to RMB133.5 million as of December 31, 2024[126] - Trade receivables increased by approximately RMB38.3 million or about 48.9% from RMB78.4 million as of December 31, 2023, to RMB116.7 million as of December 31, 2024[130] Management and Governance - The company has a diverse board with members holding various positions in both local and overseas companies, enhancing its strategic oversight capabilities[182] - The company emphasizes the importance of financial qualifications among its executives, with members holding relevant degrees and certifications[186] - The board includes independent non-executive directors who provide independent judgment and advice, ensuring corporate governance[191] - Mr. Chan Cheong Tat has been appointed as an independent non-executive director since February 17, 2020, and serves as the chairman of the Audit Committee[196] - Mr. Chan provides independent judgment and advice to the Board, contributing to the Nomination and Remuneration Committees[199] Employee and Staff Information - Staff costs for the year ended December 31, 2024, amounted to approximately RMB158.9 million, with a total of 1,226 employees[159] Future Outlook - The company adopted a more cautious approach towards mergers and acquisitions due to the ongoing downtrend in the real estate industry, delaying the utilization of proceeds[145] - The Group did not have detailed future plans for material investments or capital assets as of December 31, 2024[148]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 8,053.4 million, a 27.4% increase from RMB 6,323.2 million in the previous year[10]. - The profit attributable to shareholders rose to RMB 241.2 million, reflecting a 28.7% increase from RMB 187.4 million in 2023, primarily due to rising copper prices and increased sales volume[10]. - In 2024, the group's copper processing business achieved revenue of RMB 8,049 million, a 27.5% increase from 2023, with sales volume reaching 166,401 tons, up 19.5%[16]. - The total sales volume for the copper business reached 166,401 tons, a 19.5% increase from 139,259 tons in 2023, contributing to a gross profit of RMB 761.6 million, up 24.8% from the previous year[23]. - Other income amounted to RMB 35.4 million, an increase of RMB 8.7 million from 2023, primarily due to increased government subsidies[24]. Market Conditions - In 2024, copper prices experienced significant volatility, reaching a historical high of USD 11,104.5 per ton before closing the year at USD 8,781.5 per ton, a 2.6% annual increase[11]. - The copper processing industry faces challenges from increased trade barriers and geopolitical tensions, which may lead to price uncertainties[12]. - The group anticipates a decline of over 10% in copper strip exports by 2025 due to domestic export tax rebate policies and U.S. tariff policies[15]. Strategic Initiatives - The company plans to implement a pragmatic and stable annual operational strategy for 2025, focusing on resource optimization and enhancing shareholder value[7]. - The company aims to respond to internal and external pressures while striving to achieve its goal of becoming a world-class copper processing enterprise[7]. - The group plans to enhance R&D investment and focus on high value-added products to improve competitiveness in response to market challenges[15]. - The company has adopted flexible pricing strategies and effective cost-cutting measures to navigate competitive pressures and maintain profitability[6]. Corporate Governance - The company has adopted the Corporate Governance Code and confirmed compliance with the standards set forth in the listing rules[50]. - The board consists of three executive directors and three independent non-executive directors, ensuring compliance with the minimum requirements of the listing rules[52]. - The board is committed to high levels of corporate governance, which is considered key to the company's success[48]. - The company has established a nomination policy to identify and nominate suitable candidates for the board[64]. Environmental and Sustainability Efforts - The company emphasizes environmental protection and resource recycling as fundamental operational principles, aiming to reduce environmental impact[45]. - The company aims to reduce unit water consumption by 40% by 2025 compared to 2018 levels[130]. - The company plans to cut greenhouse gas emissions per unit product by 50% by 2025 compared to 2018 levels[130]. - The company has established a climate change and sustainability task force in 2024 to enhance governance on climate-related issues[132]. Employee Engagement and Development - The company established "Xingye Happy Home" in 2015 to enhance employee cohesion and sense of belonging, contributing to stable and sustainable development[51]. - Starting from October 2024, the company will launch skill competitions across various departments to enhance employee operational skills[200]. - Over 150 employees will participate in the competitions to showcase their skills[200]. Risk Management - The board is responsible for maintaining a robust risk management and internal control system, which is reviewed for effectiveness annually[85]. - The company has established a department for risk monitoring and internal audit, conducting quarterly audits of the risk management and internal control systems[86]. - The company has adopted a whistleblowing policy since March 29, 2012, to ensure transparency and accountability regarding suspected misconduct[90]. Financial Management - The net financial cost for the group was RMB 16.6 million, a shift from a net financial income of RMB 3.8 million in 2023, primarily due to increased foreign exchange losses and interest expenses on borrowings[28]. - The income tax expense rose to RMB 76.6 million from RMB 35.9 million in 2023, with the effective tax rate increasing to 24.1% from 16.1% due to reduced deductions for qualified R&D expenses[29]. - As of December 31, 2024, the group had net current assets of RMB 1,195.4 million, up from RMB 860.2 million in 2023, and maintained a debt-to-capital ratio of 34.8%[31][32].

Financial Performance - Revenue for the year ended December 31, 2024, was RM 114,497,661, representing an increase of 34.3% compared to RM 85,217,638 in 2023[10] - Profit before taxation for 2024 was RM 13,294,344, a significant recovery from a loss of RM 2,667,003 in 2023[10] - Net profit for the year attributable to equity shareholders was RM 9,367,974, compared to a loss of RM 1,800,969 in the previous year[10] - Total assets as of December 31, 2024, amounted to RM 172,118,669, an increase from RM 163,262,553 in 2023[10] - Total liabilities were RM 45,328,843, slightly up from RM 44,387,056 in 2023[10] - Net assets increased to RM 126,789,826 from RM 118,875,497 in 2023, reflecting a growth of 9.6%[10] - The Group achieved approximately RM114.50 million in revenue for FY2024, representing a 34.36% increase compared to RM85.22 million in FY2023, primarily due to increased sales of coconut powder and coconut milk[36] - The gross profit margin improved to approximately 25.51% in FY2024 from 20.35% in FY2023[36] - The financial performance for FY2024 reflects a healthy position despite challenges in the global coconut industry[28] Market Strategy and Outlook - The company aims to expand its market presence globally, focusing on high-quality coconut food products[4] - Future outlook includes the introduction of new product lines and enhancements in technology to improve production efficiency[4] - The company is committed to achieving superior returns and sharing success with all stakeholders involved[4] - Strategic initiatives may include potential mergers and acquisitions to enhance market share and operational capabilities[4] - The Group anticipates rising coconut prices and operating costs, indicating a competitive business environment ahead[29] - The Group remains optimistic about the growth of the coconut industry and will focus on improving product quality and cost-effectiveness[30] Management and Leadership - The Group's overall management and strategic planning are overseen by experienced executives with extensive industry backgrounds[42] - Tang has over 27 years of experience in the food industry, having held various positions including General Manager and Managing Director at S & P Food Industries[47] - Lee has accumulated over 40 years of experience in the food industry, responsible for sales, marketing, and factory operations at S & P Food Industries[50] - Yap has over 34 years of experience in the food industry, primarily responsible for implementing new projects and providing technical support at S & P Industries[52] - Wong has over 20 years of experience in the food industry, currently serving as General Operations Manager at S & P Industries[60] - Dato' Mohd Ibrahim was appointed as Chairman on August 29, 2024, and has held various senior positions in multiple companies listed on the KLSE[62] - The company has a strong management team with extensive experience across various sectors of the food industry, enhancing its operational capabilities[59] - The management team has a diverse background, contributing to strategic decision-making and operational efficiency[60] - The company aims to leverage its experienced leadership to drive growth and innovation in the food sector[62] Sustainability and ESG Initiatives - The Group is committed to balancing business growth with environmental, social, and governance considerations[30] - The ESG Report outlines sustainability approaches and discloses ESG performances for the period from January 1, 2024, to December 31, 2024[91] - The Group adheres to the ESG Reporting Guide issued by HKEX to disclose sustainability issues during the reporting period[93] - The reporting principles include materiality, quantitative, balance, and consistency, ensuring comprehensive and transparent disclosures[97] - The Group identifies current material sustainability issues through stakeholder engagement and materiality assessment, confirmed by the Board of Directors[98] - Environmental and social key performance indicators (KPIs) are disclosed in a quantitative manner, with historical data provided for comparison[98] - The Group aims to present its ESG achievements and challenges in a fair and transparent manner to all stakeholders[98] - The Board oversees the Group's ESG strategies and risk management related to sustainable development[121] - Monthly meetings are held to monitor ESG-related targets and performance, ensuring timely achievement of relevant goals[124] Quality Control and Compliance - The company emphasizes high food quality and safety as essential for customer satisfaction, supported by an in-house chemical and microbiological testing laboratory[144] - The company has achieved multiple certifications including HACCP, FSSC 22000v5, and ISO 9001:2015, enhancing customer confidence in product quality[145] - During the reporting period, there were no significant non-compliance issues with applicable laws and regulations impacting the company[146] - All incoming raw materials undergo quality assessments, including checks on weight, acidity, and physical appearance, ensuring adherence to quality standards[149] - A comprehensive final test is conducted on finished products, including random sampling checks for various quality parameters and microbiological tests[154] - The Group's commitment to customer satisfaction includes strict quality control and a structured complaint handling process[160] Employee and Workforce Management - As of December 31, 2024, the Group employs a total of 375 employees, an increase from 337 employees as of December 31, 2023[174] - The overall turnover rate for 2024 was approximately 28%, consistent with the turnover rate of 2023[182] - The employee distribution by gender in 2024 was 31% male and 69% female, while in 2023 it was 28% male and 72% female[182] - The Group's workforce is predominantly located in Malaysia, accounting for 74% of total employees in 2024[181] - The age group distribution in 2024 shows that 41% of employees are aged 30 or below, while 31% are aged 31-40[181] - The Group emphasizes a zero-tolerance policy towards discrimination in employment practices, ensuring fairness and equity[187] - Performance appraisals are conducted regularly to assess employee performance and determine promotions and bonuses[188] - The Group is committed to providing a harmonious working environment and professional development opportunities for its employees[185]

Financial Performance - Revenue for 2024 was RMB 545.294 million, a decrease of 30.3% compared to RMB 782.764 million in 2023[10] - Gross profit for 2024 was RMB 252.062 million, down 20.7% from RMB 318.054 million in 2023[10] - The company reported an operating loss of RMB 42.845 million for 2024, an improvement from a loss of RMB 55.126 million in 2023[10] - Non-IFRS adjusted net loss for 2024 was RMB 21.102 million, compared to a loss of RMB 10.081 million in 2023[10] - Total equity decreased to RMB 1,599.085 million in 2024 from RMB 1,651.035 million in 2023, a decline of 3.2%[12] - The net loss for the year was RMB 27.956 million, a slight improvement from RMB 31.402 million in 2023[39] - Gross profit margin improved to 46.2% in 2024, compared to 40.6% in 2023[37] - The cost of sales for the year ended December 31, 2024, was RMB 293.2 million, down 36.9% from RMB 464.7 million for the year ended December 31, 2023[42] - Research and development expenses for the year ended December 31, 2024, were RMB 177.0 million, a decrease of 23.4% from RMB 231.1 million for the year ended December 31, 2023[46] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,875.051 million, a slight decrease from RMB 1,920.099 million in 2023[12] - Non-current assets increased to RMB 819.906 million in 2024, up from RMB 585.242 million in 2023, reflecting a growth of 40%[12] - The total liabilities as of December 31, 2024, were RMB 275.966 million, compared to RMB 269.064 million as of December 31, 2023[60] - The asset-liability ratio increased to 15% as of December 31, 2024, from 14% as of December 31, 2023[60] - Cash and cash equivalents as of December 31, 2024, were RMB 495.7 million, down from RMB 966.0 million as of December 31, 2023[62] Market and Industry Trends - The gaming industry is showing a stable upward trend, although competition remains intense[13] - In 2024, the domestic gaming market's actual sales revenue reached RMB 325.783 billion, a year-on-year increase of 7.53%[31] - The company aims to leverage its unique IP strategy to create innovative and attractive products for young users[9] User Engagement and Marketing - The company continues to focus on user needs and innovation in gameplay and content iteration to meet the evolving demands of players[13] - A series of creative marketing activities were implemented, including online promotions via social media and offline player meetups, which strengthened user loyalty and brand effect[15] - The company has actively explored and innovated in gameplay and content optimization, significantly enhancing player community engagement through frequent content updates[14] - The company aims to enhance emotional connections with users through innovative marketing strategies, thereby improving overall user gaming experience[16] Future Outlook and Strategy - Looking ahead to 2025, the company plans to increase investment in innovative game content creation and integrate diverse cultural elements to enhance the gaming experience[16] - The company plans to enhance product competitiveness by focusing on refined IP operations and integrating traditional Chinese culture into gaming[33] - The company is actively preparing multiple products for future release and aims to strengthen its overseas presence to explore new growth opportunities[35] - The management expressed gratitude to partners, users, and investors for their unwavering support, emphasizing the commitment to creating greater value for shareholders[17] Shareholder and Governance - The company has maintained a dividend policy since December 20, 2018, ensuring sufficient cash reserves for operational needs and future growth[104] - The board proposed a special dividend of HKD 0.012 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[102] - The company has a strong focus on corporate governance, with experienced management overseeing financial management and investor relations[98] - The board has the discretion to declare dividends based on various factors, including financial performance, cash flow, and business conditions[104] Related Party Transactions - Tencent Holdings Limited became a major shareholder after acquiring 81,515,820 shares on January 25, 2021, which established a related party relationship[159] - The total amount of continuing transactions with Tencent Group during the reporting period includes service fees of RMB 1,175,657 for the "Aola Star" mobile game cooperation agreement and RMB 2,565,210 for the "Aoqi Legend" mobile game cooperation agreement[160] - The "Aola Star" mobile game cooperation agreement has been renewed for one year starting from February 1, 2024, to January 31, 2025[160] Compliance and Risk Management - The company has maintained compliance with applicable laws and regulations, with no significant litigation or arbitration cases reported as of December 31, 2024[198] - The company has identified major risks and uncertainties in economic, operational, regulatory, and financial areas that could significantly impact its future performance[188] - The company emphasizes environmental protection and sustainability, adhering to relevant laws and regulations without generating harmful waste during operations[200]

Financial Performance - In 2024, the company recorded revenue of RMB 4,668.3 million, an increase of 9.8% compared to 2023[4] - Total revenue increased by RMB 416.8 million or 9.8% from RMB 4,251.5 million in 2023 to RMB 4,668.3 million in 2024, driven by growth in oilfield services and marine engineering services[15] - The oilfield services segment achieved revenue of RMB 1,579.9 million, reflecting a growth of 35.2% compared to 2023[7] - The marine engineering services segment reported revenue of RMB 963.8 million, marking a significant increase of 105.9% year-on-year[8] - The oilfield equipment manufacturing and services segment generated revenue of RMB 2,124.7 million, a decrease of 18.7% year-on-year[5] - Revenue from oilfield equipment manufacturing and services decreased by RMB 489.7 million or 18.7% from RMB 2,614.4 million in 2023 to RMB 2,124.7 million in 2024, primarily due to a decline in drill pipe sales[16] - The company reported a total income from oilfield services of RMB 1,579.9 million, representing 33.8% of total revenue in 2024[15] - Oilfield services segment revenue increased by RMB 411.0 million or 35.2% from RMB 1,168.9 million in 2023 to RMB 1,579.9 million in 2024[19] - Marine engineering services segment revenue surged by RMB 495.6 million or 105.9% from RMB 468.2 million in 2023 to RMB 963.8 million in 2024[19] Operational Efficiency and Management - The company has strengthened cash flow management and implemented proactive financial measures to enhance overall operational efficiency[4] - The company has established a scientific management approach to enhance operational efficiency and cash flow management[45] - The company is focused on enhancing its core competitiveness in oilfield services through improved technical capabilities and research levels[11] - The company is committed to technological innovation and digital management transformation to overcome traditional business development bottlenecks[11] - The company is focused on digital transformation and automation in its operations to improve efficiency and reduce production costs[49] Market Expansion and Strategy - The company aims to expand its business in the Middle East, Southeast Asia, and South America, capitalizing on opportunities from overseas oil companies[9] - The company plans to enhance its high-value drill tool products and automate its production lines, focusing on high-end market demands in regions like the Middle East and North America[10] - The company will actively pursue new contracts in international markets such as Nigeria, Ecuador, Brazil, and Kuwait, while diversifying its service offerings[11] - The company aims to enhance its market reputation by promoting high-value drill products tailored to high-end customer needs in regions like the Middle East and North America[51] - The company is actively expanding into new markets and developing new technologies to support long-term growth[45] Financial Health and Risks - The annual profit attributable to the owners of the company decreased from RMB 148.7 million in 2023 to RMB 28.3 million in 2024[28] - The net financial cost increased by RMB 98.2 million or 62.3% to RMB 255.9 million in 2024, mainly due to reduced repurchase note income[25] - Trade receivables increased to RMB 2,620.8 million in 2024 from RMB 2,397.4 million in 2023, with trade receivables turnover days rising from 146 days to 154 days[30][31] - The company's cash and cash equivalents totaled RMB 721.6 million as of December 31, 2024, down from RMB 840.4 million in 2023, while net borrowings decreased to RMB 1,964.9 million from RMB 2,023.5 million[33] - The company faces risks from fluctuations in domestic and international oil and gas prices, which could significantly impact its business and financial performance[164] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange, ensuring compliance with all applicable rules[82] - The board consists of a balanced mix of executive and non-executive directors, promoting independent judgment in decision-making[87] - The company is committed to high ethical standards and transparency, aiming to maximize shareholder returns and maintain high-quality products and services[84] - The company has implemented measures to remind all directors of the importance of compliance with trading rules, especially during blackout periods[85] - The company has established a risk management system that involves all employees and focuses on major business and high-risk areas[134] Leadership and Management Team - The company has a strong management team with extensive experience in the oil sector, including Mr. Gao Zhihai, who has been with the group since June 2005[74] - The company reported a significant leadership change, with Mr. Daliang resigning as Executive President effective October 15, 2024[80] - The company appointed Mr. Zhang Jun as the co-CEO effective December 23, 2024, bringing over 29 years of experience in the oil industry[74] - The management team includes professionals with advanced degrees and certifications, enhancing the company's governance and operational capabilities[75][76] Community Engagement and Social Responsibility - The company actively participates in community activities and collaborates with charitable organizations to enhance community welfare[163] - The company is committed to providing a safe and harmonious work environment for its employees, recognizing them as its most valuable asset[164] - The group has adhered to environmental laws and regulations, ensuring compliance with standards for emissions and waste management, with no significant costs incurred during the reporting period[156] Internal Controls and Risk Management - The company has made significant progress in addressing identified internal control deficiencies through the appointment of an internal control consultant[136] - An internal audit team has been established to regularly assess the effectiveness of the risk management and internal control systems, reporting results every six months[137] - The audit committee is responsible for monitoring and reviewing the effectiveness of the risk management and internal control systems[129] Shareholder Communication - The company has established multiple channels for ongoing dialogue with shareholders, ensuring timely and transparent communication[145] - The company provides shareholders with contact information for inquiries, including phone numbers and email addresses[147] - All company communications, including annual reports and financial summaries, are made available in both Chinese and English to facilitate understanding[149]

Financial Performance - The company recorded a comprehensive loss attributable to shareholders of HKD 1,200,000,000 for the year ending December 31, 2024, compared to a comprehensive profit of HKD 157,000,000 for the year ending December 31, 2023[7]. - Revenue for the year was HKD 73,000,000, a slight decrease from HKD 75,000,000 in 2023, with property investment business contributing 97% of total revenue[13]. - The group recorded a loss of HKD 1,205,000,000 from its investment in LAAPL, compared to a profit of HKD 174,000,000 in 2023, primarily due to losses from a joint venture in mainland China[18]. - The group's total assets decreased to HKD 9,500,000,000 as of December 31, 2024, down from HKD 11,200,000,000 in 2023, while total liabilities increased to HKD 600,000,000 from HKD 500,000,000[20]. - The equity attributable to shareholders decreased to HKD 9,000,000,000, equivalent to HKD 4.5 per share, down from HKD 10,600,000,000 or HKD 5.3 per share in 2023[21]. - The group reported an employee cost of HKD 11,000,000 for the year, significantly reduced from HKD 23,000,000 in 2023, with a decrease in full-time employees from 27 to 23[22]. - No interim dividend was declared for the year, and the board decided against recommending any final dividend for the year, compared to a final dividend of HKD 0.01 per share in 2023[28]. Business Developments - OUE Limited, a major joint venture, is set to develop Singapore's first zero-energy hotel at Changi Airport, expected to be completed by 2028[5]. - OUE Healthcare Limited acquired a 60% stake in Rehab Matters Private Limited, enhancing its healthcare service offerings[6]. - OUE Real Estate Investment Trust (OUE REIT) sold non-core assets in mainland China, reallocating funds to more strategic uses, with all remaining assets now located in Singapore[6]. - The company aims to continue focusing on value creation and maximizing returns for stakeholders in the face of economic challenges[8]. - The company aims to diversify its business and focus on attractive investment opportunities to enhance and expand its operations while maintaining prudent financial management[25]. Visitor and Market Insights - The number of international visitors to Singapore increased by 21% to 16,500,000 in 2024, contributing positively to the local economy[12]. Corporate Governance and Management - 李國輝先生將於2024年6月7日獲委任為公司行政總裁，任期兩年[35]. - 李棕博士自2015年1月1日起擔任公司執行總裁，並於2024年6月7日調職為副主席[36]. - The company has adopted a written guideline for employees regarding the trading of the company's securities, which is not less stringent than the standard code[85]. - The board of directors consists of eight members, including four executive directors and four non-executive directors, with a majority being independent[86]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, to oversee specific matters[91]. - The board is responsible for continuous oversight of risk management and internal control systems[128]. Risk Management - The company has adopted a risk management and internal control system, which was reviewed for effectiveness during the year[110]. - Major risks identified include operational, strategic, compliance, and financial risks, with specific mitigation measures outlined for each category[138]. - The company has implemented a business continuity plan and crisis management procedures to enhance risk management practices[139]. - The company has established a systematic risk management process, including risk assessment standards and matrices to identify and manage risks effectively[135]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to sustainable development and resource optimization in its operations[76]. - The ESG report for the year ending December 31, 2024, aims to enhance stakeholder understanding of the group's sustainability progress[144]. - The group adheres to the "comply or explain" principle in preparing the ESG report, ensuring transparency and accountability in its disclosures[147]. - The company is committed to enhancing corporate governance through a robust internal control system[127]. - The company is committed to providing high-quality and reliable products and services to build long-term customer relationships[164]. Employee and Workplace Practices - The company has maintained a competitive compensation scheme to attract and motivate employees, regularly reviewing and adjusting it to meet market standards[70]. - Employee well-being is a key focus, with competitive compensation and benefits exceeding legal minimums, including paid leave and health insurance[172]. - The company maintains a strict policy against child labor and forced labor, ensuring compliance during the recruitment process[176]. - The company promotes a culture of diversity and equal opportunity, treating all employees fairly regardless of their background[173]. Sustainability and Environmental Impact - The company aims to minimize environmental impact and promote sustainable practices through strict measures for monitoring and reducing emissions and waste[189]. - Nitrogen oxides emissions decreased from 6.5 tons in 2023 to 1.7 tons in 2024, a reduction of approximately 73.85%[200]. - Total greenhouse gas emissions reduced from 357.4 tons of CO2 equivalent in 2023 to 176.6 tons in 2024, representing a decrease of about 50.59%[200]. - Total energy consumption decreased significantly from 1,305.4 MWh in 2023 to 465.7 MWh in 2024, a reduction of approximately 64.29%[200]. - The company has implemented energy efficiency measures, including automatic lighting controls and energy-saving appliances, to reduce energy consumption[192].