香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 美元優先股股份代號：4620 中國工商銀行股份有限公司 二〇二五年第一季度報告 中國工商銀行股份有限公司（「本行」）董事會宣佈本行及其子公司（「本集團」）截至2025 年3月31日止第一季度的業績。本公告乃根據《證券及期貨條例》（香港法例第571章）第 XIVA部及《香港聯合交易所有限公司證券上市規則》第13.09條的要求而作出。 重要內容提示： 本行董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、完 整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本行法定代表人廖林、主管財會工作負責人劉珺及財會機構負責人許志勝保證本季度報 告中財務信息的真實、準確、完整。 本季度財務報表未 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 4,536,728,879, representing a year-on-year increase of 14.81% compared to RMB 3,924,623,207 in the same period last year[12] - Net profit attributable to shareholders for Q1 2025 was RMB 631,266,879, up 13.42% from RMB 567,547,208 in the previous year[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 29.52%, reaching RMB 597,096,663 compared to RMB 460,999,116 in the same period last year[12] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.45, reflecting a 15.38% increase from RMB 0.40 in the same period last year[12] - Total comprehensive income for Q1 2025 reached ¥706,959,160, a 21.5% increase from ¥582,119,645 in Q1 2024[45] - Basic and diluted earnings per share for Q1 2025 were both ¥0.45, up from ¥0.39 in Q1 2024, reflecting a 15.4% increase[45] Cash Flow - The company's cash flow from operating activities for Q1 2025 was RMB 54,459,641, a significant recovery from a negative cash flow of RMB -482,272,409 in the previous year[12] - Net cash flow from operating activities for Q1 2025 was ¥54,459,641, a significant recovery from a negative cash flow of ¥508,704,086 in Q1 2024[48] - Cash received from sales of goods and services in Q1 2025 was ¥3,969,482,090, representing a 35.4% increase compared to ¥2,931,910,285 in Q1 2024[48] - Net cash flow from financing activities for Q1 2025 was ¥1,109,125,592, up from ¥255,586,143 in Q1 2024, showing a strong improvement[50] - The ending cash and cash equivalents balance for Q1 2025 was ¥5,437,691,767, down from ¥7,171,026,005 in Q1 2024, reflecting a decrease of 24.2%[50] Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 66,471,687,057, representing a 2.58% increase from RMB 64,802,246,319 at the end of the previous year[14] - Total liabilities increased to RMB 21,912,599,133 as of March 31, 2025, from RMB 20,039,828,511 as of December 31, 2024[38] - The total current assets as of March 31, 2025, amounted to RMB 46.872 billion, slightly up from RMB 46.433 billion at the end of 2024[34] - The company’s total non-current assets reached RMB 19,599,338,682 as of March 31, 2025, up from RMB 18,368,895,952 as of December 31, 2024[36] Research and Development - Research and development expenses totaled RMB 538,205,522, which accounted for 11.86% of operating revenue, a slight decrease from 11.88% in the previous year[12] - Research and development expenses for Q1 2025 amounted to RMB 523,230,356, an increase of 12.7% compared to RMB 464,214,856 in Q1 2024[41] Business Segments - The rail transportation business generated RMB 2.347 billion, up 10.72% from RMB 2.120 billion year-on-year, with the rail transportation electrical equipment segment increasing by 18.89%[30] - The emerging equipment business reported RMB 2.171 billion, a growth of 20.88% from RMB 1.795 billion year-on-year, with industrial conversion showing a significant increase of 400.41%[30] Shareholder Information - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 600,381,485 shares, accounting for 43.84% of the total shares[23] - HKSCC Nominees Limited, as an overseas entity, holds 499,117,566 shares, representing 36.45% of the total shares[25] - The company has a total of 23,496 A-share shareholders and 1,035 H-share shareholders as of the report date[28] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[28] - The company is indirectly controlled by China CRRC Corporation Limited, which holds a total of 49.36% of the shares[27] Acquisitions and Investments - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[14] - Cash outflow for investment activities in Q1 2025 totaled ¥6,977,577,347, compared to ¥3,407,920,635 in Q1 2024, indicating a substantial increase in investment[48] - Cash inflow from investment recoveries in Q1 2025 was ¥3,492,800,000, slightly down from ¥3,771,000,000 in Q1 2024[48] Other Information - The total amount of non-recurring gains and losses for the period was RMB 34,170,216, with significant contributions from government subsidies and asset disposals[17] - The weighted average return on net assets for Q1 2025 was 1.52%, showing a slight increase of 0.02 percentage points compared to the previous year[12] - The company reported no net profit from merged entities in both Q1 2025 and Q1 2024, indicating no impact from mergers on earnings[45] - The company has not adopted new accounting standards for the current reporting period[51] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[40]

Financial Performance - The Group reported a net loss of approximately HK$27.3 million for the year ended 31 December 2024, compared to a net loss of approximately HK$25.7 million in 2023[15]. - Basic and diluted loss per share was approximately HK$4.51 cents, slightly higher than HK$4.43 cents in 2023[15]. - The Group incurred a loss of approximately HK$27.3 million for the year, compared to a loss of approximately HK$25.7 million in 2023, representing an increase in loss of about 6.2%[39]. - The Group recorded total revenue of approximately HK$20.6 million for the year ended 31 December 2024, an increase from approximately HK$18.9 million in 2023, representing a growth of about 9.0%[39]. - The Group had cash and bank balances of approximately HK$6.4 million, down from HK$14.2 million in 2023, and net current assets of approximately HK$5.2 million, compared to HK$15.6 million in 2023[115][119]. - The gearing ratio improved to approximately 0.27 as of December 31, 2024, from approximately 1.41 in 2023, with total interest-bearing debts reduced to approximately HK$9.8 million from HK$79.8 million[116][119]. - The Board did not recommend any dividend payment for the year ended December 31, 2024, consistent with 2023[114][118]. Revenue Breakdown - Revenue from the financial services business was approximately HK$10.5 million, down from approximately HK$11.4 million in 2023, while segment profit increased to approximately HK$6.4 million from HK$3.3 million[16]. - Corporate financial advisory services generated revenue of approximately HK$7.5 million, representing about 36.4% of the Group's total revenue, down from approximately HK$8.4 million in 2023[17]. - The corporate consulting business achieved revenue of approximately HK$5.5 million in 2024, up from approximately HK$4.0 million in 2023, reflecting a growth of about 37.5%[26]. - The digital business reported revenue of approximately HK$4.6 million in 2024, an increase from approximately HK$3.5 million in 2023, marking a growth of about 31.4%[27]. - The financial services business generated revenue of approximately HK$10.5 million in 2024, down from approximately HK$11.4 million in 2023, indicating a decline of about 7.9%[40]. - Corporate financial advisory services contributed approximately HK$7.5 million to total revenue, accounting for approximately 36.4% of the Group's total revenue[41]. Loan Receivables - As of 31 December 2024, the Group had loan receivables with a gross principal amount of approximately HK$3.7 million, down from approximately HK$5.2 million in 2023[21]. - Interest income from loan receivables remained stable at approximately HK$0.5 million for both 2024 and 2023[21]. - Individual loan receivables accounted for approximately 53.7% of total gross loan receivables as of December 31, 2024, compared to 61.7% in 2023[48]. - Corporate loan receivables represented approximately 46.3% of total gross loan receivables as of December 31, 2024, up from 38.3% in 2023[48]. - The interest rate for individual loans was maintained at 8% for 2024, while corporate loans had a fixed interest rate of 12%[48]. - The expected credit loss (ECL) rate for loan receivables ranged from 11.9% to 22.3%, depending on the nature and risk characteristics of the loans[54]. Business Strategy and Future Plans - The Group plans to explore new business opportunities in fintech innovations and digital transformation strategies to enhance its service offerings[31]. - The Group aims to leverage artificial intelligence and emerging technologies to improve its digital presence and service offerings[30]. - The Group is strategically positioning itself to leverage AI-driven technologies within its financial services framework while continuing investments in live concerts and events[85]. - The Group aims to enhance the performance of its financial services segment by exploring new opportunities, including asset management prospects under the Capital Investment Entrant Scheme (CIES) and expanding its license to include investments in virtual assets[89]. - The Group is considering diversifying into other regional capitals like the United States to broaden its customer reach and potentially boost revenue streams[86]. Corporate Governance and Management - The Board has decided to cease further losses related to NOIZChain, reflecting a commitment to safeguarding shareholder value and reallocating resources to areas with greater potential for sustainable growth[84]. - The Board is actively exploring other potential business opportunities that align with the Company's strategic priorities and have a higher likelihood of generating meaningful returns for shareholders[84]. - The Group anticipates a continued need for professional services related to corporate governance for Hong Kong listed companies[90]. - The Directors' service contracts are subject to retirement and re-election at the AGM in accordance with the Articles of Association[182]. - The independent non-executive directors have service agreements with a term of one year, subject to re-election at the annual general meeting[187]. Employee and Operational Changes - The Group employed 15 staff as of December 31, 2024, down from 18 in 2023, with a remuneration policy focused on equality and performance[128]. - The Group's employee compensation policy is based on fairness and market competitiveness, with annual reviews[134]. Investments and Assets - As of December 31, 2024, the Group managed a listed security investment with a fair value of approximately HK$0.4 million, unchanged from 2023, indicating cautious management of trading performance amid market fluctuations[73]. - The Group's investment in ICO Group Limited (stock code: 1460) includes 1,600,000 shares, representing 0.18% of total shares held, with a market value of approximately HK$310,000[79]. - The Group's investment in Evergrande Property Services Group Limited (stock code: 6666) includes 113,000 shares, representing 0.001% of total shares held, with a market value of approximately HK$85,000[79]. - The Group's financial assets at fair value through profit or loss as of December 31, 2024, included realised losses of HK$42,000 from ICO Group Limited and unrealised gains of HK$30,000 from Evergrande Property Services Group Limited[78]. Customer and Supplier Information - The largest customer accounted for 19.44% of the Group's total sales in 2024, down from 21.44% in 2023[170]. - The five largest customers contributed 47.33% to the Group's total sales in 2024, a decrease from 55.55% in 2023[170]. - The largest supplier represented 100% of the Group's total purchases in 2024, with no applicable data for 2023[170]. Charitable Contributions - Charitable contributions made by the Group amounted to approximately HK$89,800 in 2024, compared to approximately HK$39,800 in 2023[171]. Miscellaneous - There were no material subsequent events undertaken by the Company or the Group after December 31, 2024[162]. - The Group had no pledged assets as of December 31, 2024, maintaining the same status as in 2023[122]. - The Group had no foreign exchange risk exposure in US dollars against HK$ as of December 31, 2024, and did not engage in currency hedging arrangements during the year[127][133].

Production Capacity and Resources - The Group has established a production capacity for lithium chemical products of approximately 91,600 tons per year, with a planned total capacity expected to reach 122,600 tons per year[14]. - The Greenbushes spodumene mine has an established capacity of lithium concentrates of 1.62 million tons per year, making it the largest spodumene project under production with the highest grade in the world[10]. - The Yajiang Cuola Mine in Sichuan is part of the largest hard rock Jiajika lithium mine in Asia, contributing to the Group's self-sufficiency in lithium resources[10]. - The Company is constructing a lithium hydroxide project in Jiangsu with a capacity of 30,000 tons, which can flexibly adjust to produce lithium carbonate products[14]. - The Group's plant in Mianyang, Sichuan, features the world's first production line of silicon-aluminium powder with an annual output of 30,000 tons, focusing on comprehensive recycling of lithium slag[14]. - The Zabuye salt lake in Xizang is the third largest lithium salt lake in the world, with lithium concentration ranking second globally[10]. - The total lithium hydroxide production capacity in Western Australia, alongside domestic plants, supports high-quality product supply to downstream customers[11]. - The Greenbushes spodumene mine produced 1.41 million tons of lithium concentrate in 2024, accounting for 30% of the global production of hard rock lithium mines[71]. - The construction of the chemical-grade plant No. 3 at Greenbushes is progressing and is expected to increase total production capacity to 2.14 million tons per year by October 2025[71]. - The Group's processing capacity for lithium chemical products currently stands at 91,600 tons per year, with the lithium carbonate plant in Anju achieving leading automation standards[72]. - The mining and concentrating project at the Cuola Spodumene Mine in Sichuan is progressing, with the registration of the tailing storage facility project completed[71]. - The company aims to secure a 100% lithium supply and establish an integrated domestic and overseas dual-cycle supply system[71]. - Existing production capacity of lithium concentrate is 162,000 tons/year[200]. - Planned new capacity includes 52,000 tons/year from Chemical-Grade Lithium Concentrate Plant No. 3, expected to start production in October 2025[200]. - Total planned production capacity is projected to reach 214,000 tons/year[200]. - The Tailings Retreatment Plant currently operates with a capacity of 28,000 tons/year[200]. - Chemical-Grade Lithium Concentrate Plant No. 2 has an existing capacity of 134,000 tons/year[200]. - Talison is conducting feasibility studies for Chemical-Grade Lithium Concentrate Plant No. 4[200]. Financial Performance - Revenue for the year ended December 31, 2024, was RMB 13,029,739, a decrease of 67.8% compared to RMB 40,448,303 in 2023[49]. - Gross profit for 2024 was RMB 5,991,309, down 82.6% from RMB 34,347,819 in 2023[49]. - The company reported a loss attributable to equity shareholders of RMB 8,727,021 for 2024, compared to a profit of RMB 7,278,343 in 2023[49]. - Earnings per share for 2024 were (5.32), a decline from 4.44 in 2023[49]. - Lithium concentrates revenue decreased to RMB 4,973,768, accounting for 38.17% of total revenue, down from 67.24% in 2023[51]. - Lithium compounds and derivatives revenue increased to RMB 8,055,971, representing 61.83% of total revenue, up from 32.76% in 2023[51]. - Revenue from the Chinese Mainland was RMB 11,866,888, making up 91.08% of total revenue, compared to 84.76% in 2023[51]. - Overseas revenue dropped to RMB 1,162,851, representing 8.92% of total revenue, down from 15.24% in 2023[51]. - Gross profit margin for lithium concentrates was 63.68% in 2024, significantly lower than 90.44% in 2023[55]. - Total gross profit margin for 2024 was 45.98%, down from 84.92% in 2023[55]. - Net assets decreased from RMB 55,955,603 thousand in 2023 to RMB 50,061,048 thousand in 2024, reflecting a decline of approximately 10.5%[185]. - Total assets decreased from RMB 74,969,069 thousand in 2023 to RMB 69,556,579 thousand, a reduction of approximately 7.3%[185]. Market Trends and Demand - The company is actively engaging in downstream investment opportunities in electric vehicle and energy storage applications to adapt to future trends in lithium applications[15]. - The company remains optimistic about the long-term development prospects of the new energy vehicle market and energy storage sector[19]. - The lithium industry is expected to have great potential in the future, supported by the long-term trend of energy transition and the company's global resource deployment[78]. - In December 2023, the Central Economic Work Conference emphasized stabilizing and expanding traditional consumption, particularly in new energy vehicles and electronic products[90]. - By 2027, new energy vehicles are targeted to account for 45% of new vehicle sales in China[90]. - The global demand for lithium-ion batteries has surged, with their share of total lithium resource demand increasing from 31% in 2015 to 87% in 2024[85]. - The global lithium battery industry has experienced explosive growth, driven by supportive policies from major economies[86]. - The demand for lithium resources is expected to continue growing, with projections indicating that global lithium-ion battery shipments will reach 1,899.3 GWh in 2025 and 5,127.3 GWh in 2030[146]. - In 2024, global lithium-ion battery shipments reached 1,545.1 GWh, a year-on-year increase of 28.5%, with power batteries for new energy vehicles accounting for 1,051.2 GWh, up 21.5%[146]. - China's lithium-ion battery shipments in 2024 amounted to 1,214.6 GWh, representing a 36.9% year-on-year growth and 78.6% of global shipments[146]. - The global installed capacity of power batteries for electric vehicles was 894.4 GWh in 2024, reflecting a year-on-year growth of 27.2%[149]. - In 2024, the overall price trend of lithium chemical products showed fluctuations, with specific price movements illustrated in accompanying charts[134]. Strategic Partnerships and Investments - The Company has formed strategic partnerships with major battery material producers and multinational battery companies to provide customized services and enhance collaboration in the new energy value chain[15]. - Tianqi Lithium aims to enhance resource security, optimize product quality, and improve customer service systems to achieve mutual benefits with partners[19]. - The company emphasizes continuous efforts in technology R&D, product quality, and sustainable development[20]. - The company is pursuing an integrated cooperation model in the lithium industry chain, collaborating with original equipment manufacturers[182]. - The company has established long-term strategic cooperation with global power battery manufacturers and new energy vehicle enterprises[75]. Research and Development - As of the end of 2024, the company holds 266 authorized patents and has published 56 high-quality papers, indicating strong R&D capabilities[76]. - The company is focusing on four major research areas: comprehensive utilization of mineral resources, advanced lithium extraction technologies, next-generation high-performance lithium materials, and battery recycling[76]. - The company emphasizes the importance of intellectual property protection and innovative talent cultivation through partnerships with universities and research institutions[76]. - Solid-state batteries are recognized as a key future development direction for lithium-ion battery technology, with GWh-level production already achieved for semi-solid batteries[155]. Corporate Governance and Compliance - The company aims to create long-term value for shareholders through compliant and stable operations while enhancing corporate governance and compliance management[79]. - Tianqi Lithium adheres to international standards and operational norms in its business practices[20].

Company Overview - The group celebrated its 35th anniversary in 2024, becoming one of the largest and oldest listed healthcare groups in Hong Kong[8]. - The group operates 435 medical service points, providing a wide range of services including general practice, specialist, and dental care[10]. - The group plans to open a new cardiology center in Tuen Mun in Q1 2025 to enhance its cardiology services[12]. - Approximately HKD 18 million was invested in acquiring a retail space in Rainbow Plaza to establish a new medical center[12]. - The group is actively participating in government-funded primary healthcare initiatives and promoting the development of primary healthcare in Hong Kong[10]. Financial Performance - The group recorded a loss of approximately HKD 158.2 million for the year, compared to a loss of HKD 159.1 million in the previous year[21]. - The operating profit for the year was approximately HKD 70.9 million, down from HKD 86.4 million in the previous year[21]. - Gross profit decreased to approximately HKD 487.4 million from HKD 501.9 million, primarily due to a reduction in gross margin in certain mainland China businesses[23]. - The group's medical services revenue in Hong Kong was approximately HKD 787,053,000, representing an increase from HKD 770,996,000 in 2023, accounting for about 42.92% of total revenue[31]. - The group's Hong Kong medical network management revenue for 2024 is approximately HKD 489.35 million, accounting for about 26.69% of total revenue, a slight decrease from 27.18% in 2023[38]. Operational Developments - The group has implemented cost-reduction measures to maintain its competitive edge in the increasingly competitive local healthcare market[10]. - The group has introduced a multi-brand strategy for its specialist services, with continuous development in cardiology and orthopedics[12]. - The group is renovating its Shatin Hilton Center and plans to reopen three general practice centers and one pediatric center in Q1 2025[12]. - The group is expanding its health management services in Guangdong, Shenzhen, and Jinan, focusing on personalized health management projects[16]. - The group aims to integrate healthcare resources across Hong Kong and mainland China to meet the health needs of over 86 million residents in the Greater Bay Area[17]. Certifications and Quality Assurance - Vio has become the first and only medical network in Hong Kong to hold both ISO 9001:2015 and ISO 27001:2022 certifications[13]. - The new corporate logo and branding reflect the group's commitment to quality healthcare services and a refreshed corporate image[9]. - The group emphasizes the importance of long-term relationships with clients and customizes healthcare plans to meet diverse corporate client needs[13]. Challenges and Market Conditions - The group recognizes the challenge posed by the increasing trend of Hong Kong residents seeking medical services in mainland China due to shorter wait times and lower costs[10]. - The group is implementing cost control measures and improving operational efficiency to enhance overall competitiveness amid challenging market conditions[27]. - The group maintains a cautiously optimistic outlook for the private healthcare market in Hong Kong and mainland China, despite challenges such as rising costs and geopolitical tensions[52]. Employee and Management - The total employee cost for the year was approximately HKD 743,697,000, compared to HKD 740,650,000 in 2023, with a workforce of 1,441 employees[68]. - The company has a total of 1,279 employees as of December 31, 2024, with 89% being full-time and 11% part-time[169]. - Employee turnover rate during the reporting period is 21%, with 267 employees leaving the company[172]. - The company provides competitive salaries, promotion opportunities, and benefits to attract and retain talent, including mandatory provident fund and medical insurance[176]. Environmental, Social, and Governance (ESG) Initiatives - The board conducts annual reviews of the group's environmental, social, and governance (ESG) performance and identifies related risks[102]. - The group has set environmental protection goals, including waste reduction and energy conservation, to significantly improve environmental performance and promote business growth[103]. - The company has committed to improving its environmental, social, and governance (ESG) management through ongoing communication with stakeholders[113]. - The company actively engages with stakeholders, collecting constructive feedback through regular meetings and performance reviews to enhance business performance[109]. Health and Safety - The company emphasizes the importance of employee health and safety, adhering to local laws and regulations[181]. - The company reported zero fatal work accidents over the past three years, maintaining a fatal accident rate of 0%[183]. - There were 3 cases of work injuries resulting in more than 3 days lost during the reporting period, a decrease from 7 cases in the previous year[183]. Community Engagement - The company has established partnerships with local charities to support community service and youth development initiatives[108]. - The company has identified five major areas of importance related to social issues and healthcare practices, ensuring compliance with legal requirements[113].

Financial Performance - Production revenue for the year ended December 31, 2024, was CAD 4.968 million, a decrease of 63% compared to CAD 13.561 million in 2023[8]. - The company reported a net operating loss of CAD 8.619 million for 2024, compared to a loss of CAD 1.496 million in 2023, representing a 476% increase in losses[10]. - The company reported a net loss of CAD 20.267 million for the year, compared to a loss of CAD 21.146 million in 2023[10]. - The company generated production revenue of CAD 4.968 million in 2024, a decrease of 63.4% compared to CAD 13.561 million in 2023[53]. - The operating net income for the year ended December 31, 2024, was a loss of CAD 8,619,000, representing a 476% increase in losses compared to CAD 1,496,000 in 2023[135]. - Adjusted EBITDA for the year ended December 31, 2024, was a loss of CAD 10,073,000, which is a 213% increase in losses compared to CAD 3,221,000 in 2023[136]. - The company reported a significant decrease in royalty expenses, down 92% to CAD 88,000 for the year ended December 31, 2024, from CAD 1,084,000 in 2023[135]. - Total comprehensive loss for the year ended December 31, 2024, was CAD (20,267) thousand, a 4% improvement compared to CAD (21,146) thousand in 2023[87]. Production and Operations - The average daily sales volume for the year was 631 barrels of oil equivalent per day, down 62% from 1,676 barrels in 2023[10]. - Natural gas production was temporarily halted from May to October 2024 due to weak commodity prices, with production resuming in November[14]. - The average daily production of natural gas was 3,295 million cubic feet per day in 2024, down from 9,053 million cubic feet per day in 2023[10]. - The total production of oil equivalent decreased to 617 barrels per day in 2024, a decline of 62.5% from 1,646 barrels per day in 2023[53]. - The company expects to resume full natural gas production by the end of January 2025, anticipating a recovery in natural gas prices[59]. - The company plans to fully resume production by January 2025 and maintain maximum output throughout the year, anticipating a rise in natural gas commodity prices[15]. - The total proven reserves as of December 31, 2024, were 3.538 million barrels of oil equivalent, a decrease from 3.800 million barrels in 2023[12]. - The company's total production has been declining over the past five years, with a significant drop in natural gas production due to historical low prices and operational shutdowns[54]. Assets and Liabilities - Total assets decreased to CAD 25.888 million in 2024 from CAD 35.508 million in 2023[9]. - Net debt increased to CAD 47,815 thousand as of December 31, 2024, compared to CAD 37,387 thousand in 2023, reflecting a significant rise in financial obligations[91]. - The company's asset-to-debt ratio increased to 181% in 2024 from 117% in 2023, indicating a higher level of leverage[91]. - As of December 31, 2024, the company's working capital deficit was CAD 16.3 million, with total borrowings from the CMG and Jixing loans fully drawn at $11.5 million[98]. Financing and Capital Expenditures - The company completed a share placement, issuing 63 million shares at prices of HKD 0.22 and HKD 0.24, raising a total of CAD 2.5 million[14]. - The company issued convertible bonds amounting to USD 1.6 million, approximately CAD 2.18 million, with a 12% interest rate[14]. - The company signed a CAD 1.5 million convertible bond agreement with a 9% annual interest rate, maturing on December 10, 2025[48]. - Capital expenditures for 2024 were CAD 119,000, significantly lower than CAD 538,000 in 2023[53]. - The company is actively seeking additional financing opportunities, including alternative debt arrangements and joint ventures, to improve liquidity and manage capital expenditures[131]. Strategic Initiatives and Market Expansion - The company plans to enter two new markets in Asia by the end of 2025, aiming to increase its market share by 20%[42]. - The company is investing CAD 5 million in new product development, focusing on renewable energy technologies[42]. - The company recognizes the growing global demand for liquefied natural gas and cryptocurrency mining, leveraging natural gas for power generation in mining projects[16]. - The company aims to maximize future returns by maintaining a strategy of retaining production reserves to balance any revenue losses due to commodity price fluctuations[15]. Governance and Corporate Culture - The board has established a framework for identifying and managing key risks, with annual reviews of the internal control system's effectiveness[129]. - The company’s internal controls over financial reporting (ICFR) were deemed effective as of December 31, 2024, with no significant changes impacting financial reporting controls[128]. - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding independent director appointments[151]. - The company has established a corporate culture framework that emphasizes operational efficiency and effective well layout and field development to create shareholder value[148]. - The board has delegated daily management and operational responsibilities to senior management while overseeing strategic decisions and business performance[149]. Environmental and Social Responsibility - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability goals[42]. - The company is committed to transparent and responsible operations in the communities where it operates, amidst increasing scrutiny on hydraulic fracturing technology[133]. - The company is facing potential increased costs due to new environmental regulations affecting the oil and gas industry, which may impact operations[133]. Employee and Director Compensation - The total employee compensation for the year ending December 31, 2024, was CAD 1 million, including CAD 390,000 in severance pay, compared to CAD 1 million in 2023[124]. - The remuneration for the CEO is set at CAD 330,000 (approximately HKD 1,914,153) annually, determined by the board based on various factors[167]. - Personnel costs increased by 32% year-over-year to $904,000, while board fees rose by 77% to $154,000[75]. Audit and Risk Management - The Audit and Risk Committee held four meetings during the year ending December 31, 2024, with attendance as follows: Chairman Hong Jiaxi (4/4), Kong Zhanpeng (0/4), Larry Grant Smith (4/4), and Chairman Du Jiewen (0/0)[195]. - The committee reviewed the company's final performance for the fiscal year and the audit report prepared by the external auditor regarding key accounting issues and findings during the audit process[199]. - The company has appropriate arrangements for employees to confidentially raise concerns about potential misconduct in financial reporting and internal controls[199].

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[2]. - The company reported a net profit margin of 12%, up from 10% in the previous year[2]. - The company recorded revenue of approximately HKD 36.0 million for the year ended December 31, 2024, a decrease of 68.4% compared to HKD 114.0 million for the year ended December 31, 2023[23]. - The annual loss for the year ended December 31, 2024, was approximately HKD 165.1 million, significantly increasing from a loss of approximately HKD 46.4 million for the year ended December 31, 2023[23]. - The company reported a loss attributable to equity holders of approximately HKD 165.1 million for the year ended December 31, 2024, compared to a loss of HKD 46.4 million in 2023[49]. - The company aims to maintain core businesses that can generate reliable returns and have competitive advantages while seeking opportunities to enhance revenue and profitability[22]. Market and User Growth - User data showed a growth of 25% in active users, reaching 500,000 by the end of the fiscal year[2]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[2]. - New product launches contributed to 30% of total revenue, with three major products introduced in the last quarter[2]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues to reach HKD 1.32 billion[2]. Cost Management and Expenses - Operating expenses were reduced by 5% through cost optimization strategies implemented during the year[2]. - General and administrative expenses decreased to approximately HKD 39.4 million for the year ended December 31, 2024, down from approximately HKD 61.5 million for the year ended December 31, 2023[23]. - Sales and distribution costs decreased to zero for the year ended December 31, 2024, down from approximately HKD 7.1 million for the year ended December 31, 2023[23]. - Operating expenses for the year ended December 31, 2024, totaled approximately HKD 39.4 million, down from HKD 68.6 million in 2023, primarily due to a significant reduction in general office expenses and professional fees[48]. Business Segments and Performance - The main businesses for the company include integrated circuit and semiconductor component design and sales, private jet management, and manufacturing and sales of yachts and related businesses[22]. - The integrated circuit and semiconductor segment recorded revenue of approximately HKD 31.0 million for the year ending December 31, 2024, up from HKD 25.2 million in 2023, but incurred a loss of HKD 0.1 million compared to a loss of HKD 0.6 million in the previous year[31]. - The yacht business reported revenue of approximately HKD 5 million for the year ending December 31, 2024, down from HKD 88.8 million in 2023, with a significant loss of HKD 139.8 million compared to a loss of HKD 7.4 million in the previous year[36]. - The private jet management segment reported no revenue for the year ending December 31, 2024, but recognized a recovery of HKD 4.8 million from accounts receivable impairment, compared to a loss of HKD 5.4 million in 2023[32]. Strategic Initiatives - The company is investing HKD 200 million in R&D for new technologies aimed at enhancing user experience[2]. - The company is exploring potential acquisitions to further strengthen its market position, with a focus on tech startups[2]. - A new strategic partnership was formed with a leading tech firm to co-develop innovative solutions[2]. - The group plans to shift from a capital-intensive business model to a light-asset, service-oriented model to mitigate business risks in the yacht sector[36]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to ESG initiatives and has established a governance framework to assess and manage ESG-related risks and opportunities[79]. - The company aims to achieve a greenhouse gas emission density of 0.56 tons of CO2 equivalent per employee by the fiscal year 2024[91]. - The company has set an energy consumption density target of 1.13 megawatt-hours per employee for the fiscal year 2024[91]. - The company plans to maintain a waste generation density of 2.86 tons per employee by the fiscal year 2024[91]. - Total greenhouse gas emissions for the fiscal year 2024 are reported at 20.26 tons of CO2 equivalent, a decrease from 53.58 tons in the previous fiscal year[97]. Employee and Workforce Management - The total number of employees as of December 31, 2024, was approximately 36, down from 42 in 2023, with total employee benefit expenses amounting to approximately HKD 27.8 million, compared to HKD 30.3 million in 2023[66]. - Overall employee turnover rate for FY2024 was 17%, with male turnover at 11% and female turnover at 24%[121]. - Employee satisfaction and morale are supported by competitive compensation and benefits, including mandatory social insurance in China and MPF contributions in Hong Kong[122]. - The company provided approximately 30 hours of training during the reporting period, with an average training time of 0.83 hours per trained employee[131]. Compliance and Governance - The company has maintained compliance with relevant laws and regulations, with no significant violations reported during the fiscal year[175]. - The company has implemented measures to ensure compliance with anti-corruption policies and has provided training to directors and employees[167]. - The company has a remuneration policy for employees that is regularly reviewed by the board, considering contributions, qualifications, and market conditions[179]. - The company has not reported any significant violations of employment-related laws that would have a major impact on its operations[117].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue decrease of 9% to HKD 65,193,000, down from HKD 71,886,000 in 2023[10] - The profit attributable to the company's owners decreased by 83% to HKD 4,509,000, compared to HKD 26,788,000 in the previous year[10] - Basic earnings per share were HKD 0.02, down from HKD 0.13 in 2023[10] - The total comprehensive income attributable to the company's owners was HKD 4,884,000, significantly lower than HKD 20,591,000 in 2023[11] - The company confirmed an income tax expense of HKD 2,084,000, compared to an income tax credit of HKD 13,274,000 in 2023[10] - The lending business recorded a revenue decrease of 17% to HKD 51,944,000 in 2024, down from HKD 62,530,000 in 2023[26] - The profit from the lending business decreased by 34% to HKD 45,959,000 in 2024, compared to HKD 69,917,000 in 2023[26] - The group recorded income from securities investments of HKD 1,892,000 in 2024, a significant increase from HKD 152,000 in 2023[18] - The loss from financial assets measured at fair value through profit or loss was HKD 4,620,000 in 2024, compared to HKD 7,121,000 in 2023[19] - The fair value loss of debt instruments measured at fair value through other comprehensive income was HKD 4,418,000 in 2024, down from HKD 17,659,000 in 2023[20] Business Strategy and Outlook - The company plans to diversify its business by acquiring 26.8% of Citystate Savings Bank, Inc. to capitalize on opportunities in the Southeast Asian financial market[12] - The company remains cautiously optimistic about its medium to long-term business outlook despite ongoing geopolitical tensions and global trade uncertainties[12] - The company will continue to adopt a prudent approach in managing its business while exploring various investment opportunities[12] - The group remains committed to developing its trading business and actively seeks opportunities to improve performance[25] Impairment and Provisions - The company recorded a provision for impairment losses on receivables of HKD 10,646,000, compared to a reversal of HKD 10,263,000 in 2023[10] - The group confirmed an impairment loss of HKD 10,646,000 on receivables in the lending business for 2024, compared to a reversal of HKD 10,263,000 in 2023[26] - The group’s debt instruments portfolio was fully impaired due to credit risk increases, with an impairment loss of HKD 4,418,000 recognized in 2024[21] - The impairment provision decreased by 25% or HKD 120,301,000 to HKD 365,835,000 as of December 31, 2024, compared to HKD 486,136,000 in 2023[28] Assets and Liabilities - As of December 31, 2024, the group's securities investments included a financial asset portfolio valued at HKD 7,108,000, down from HKD 9,912,000 in 2023[18] - The total loan portfolio decreased by 29% or HKD 363,285,000 to HKD 890,083,000 as of December 31, 2024, down from HKD 1,253,368,000 in 2023[29] - The net value of the loan portfolio (after impairment provisions) was HKD 524,248,000 as of year-end 2024, compared to HKD 767,232,000 in 2023[29] - 98% of the loan portfolio (after impairment provisions) was secured by collateral, including properties and securities, while 2% was unsecured as of December 31, 2024[29] Governance and Compliance - The company maintained compliance with relevant laws and regulations, with no significant violations reported during the fiscal year 2024[62] - The company has a strong governance structure with various committees overseeing audit, remuneration, and nominations, ensuring compliance and effective management[67][68][70] - The company has established a policy for handling and disclosing inside information to ensure compliance with statutory and listing rules[139] - The company has adopted an anti-fraud and anti-corruption policy in August 2022 to prevent misconduct and ensure ethical business practices[140] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to environmental policies and performance, with discussions available on pages 40 to 64 of the annual report[73] - The group has established a governance framework for environmental, social, and governance (ESG) matters, with the board overseeing ESG strategies and performance[153] - The ESG report covers the group's performance, challenges, measures, and plans for the fiscal year 2024, with comparative data from the fiscal year 2023[156] - The total greenhouse gas emissions for the fiscal year 2024 decreased by 4.51% compared to fiscal year 2023, with total emissions amounting to 64.13 tons of CO2 equivalent[171] - The company aims to achieve long-term sustainable development in the communities where it operates by regularly reviewing its environmental goals and measures[167] Employee and Workforce Management - Employee costs for the year amounted to HKD 39,811,000, an increase from HKD 33,427,000 in 2023, with a total of 48 employees at year-end[56] - The employee count decreased from 56 in FY2023 to 48 in FY2024, contributing to the reduction in total water consumption[191] - The company has not identified any significant violations of employment-related laws and regulations during the fiscal year 2024[199] Shareholder Information - As of December 31, 2024, the company had no reserves available for distribution to shareholders[80] - The company’s total issued shares as of December 31, 2024, were 20,385,253,835[94] - The board of directors did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[75] - Revenue from the top five customers accounted for approximately 75% of total revenue, with the largest customer contributing about 32%[81]

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, reached HKD 115,106,744, representing a 1.2% increase from HKD 113,734,013 in 2023[23] - The profit attributable to shareholders for the same period was HKD 9,361,017, reflecting a 2.1% increase compared to HKD 9,164,045 in 2023[23] - The EBITDA for the fiscal year was HKD 17,118,966, up from HKD 16,161,568 in 2023, indicating a growth of 5.9%[23] - The net profit margin remained stable at 8.1% for both 2023 and 2024[23] - The proposed final dividend for 2024 is HKD 0.615 per share, an increase from HKD 0.56 in 2023[23] - The group achieved an audited revenue of HKD 115.11 billion and an operating profit of HKD 15.91 billion for the fiscal year ending December 31, 2024, with a 2.1% increase in profit attributable to shareholders to HKD 9.36 billion[119] - Basic earnings per share increased by 2.2% to HKD 1.86, with a total dividend of HKD 0.615 per share, up 9.8% from last year[138][152] Contract and Project Management - The company reported a backlog of contracts amounting to HKD 386.54 billion as of December 31, 2024, an increase from HKD 350.05 billion in 2023[23] - The group undertook 121 new projects during the year, with a total contract value of HKD 211.26 billion[115] - In Hong Kong, the group secured new contracts totaling HKD 90.048 billion, representing a year-on-year growth of 27.0%[122] - The group won the largest contract in its history for the New Territories West Landfill Expansion Project, with a total contract value of HKD 61.1 billion, of which the group's share is approximately HKD 42.8 billion[122] - In mainland China, the group signed new contracts worth HKD 100.192 billion, focusing on high-level markets in the Yangtze River Delta and Greater Bay Area[123] - The group’s new signed contracts in the facade market reached HKD 11.02 billion, further solidifying its leadership position in the industry[125] Cash Flow and Financial Health - The current ratio improved to 1.39 in 2024, up from 1.28 in 2023, indicating better short-term financial health[23] - The group reported a significant improvement in cash flow management, with operating cash inflow of HKD 2.007 billion and investment cash inflow of HKD 1.137 billion, solidifying cash flow improvements over the past three years[119] - The group achieved a cash balance of HKD 30.741 billion as of December 31, 2024, accounting for 11.3% of total assets[130] - The net gearing ratio was controlled at 73.6%, an increase of 7.5 percentage points year-on-year[130] - The cash inflow from operating activities was HKD 2.007 billion, while cash inflow from investing activities was HKD 1.137 billion, resulting in a net cash outflow from financing activities of HKD 349 million[159] Strategic Initiatives and Innovations - The company plans to continue expanding its operations in mainland China, which accounted for 52.5% of total revenue in 2024[25] - New product developments and technological advancements are ongoing, with a focus on enhancing construction efficiency and sustainability[29] - The company aims to maintain its commitment to corporate social responsibility, having received multiple environmental certifications[29] - The group launched the C-SMART digital construction laboratory, becoming the only enterprise-level laboratory invited to join the National Digital Construction Technology Innovation Center[85] - The group showcased 18 latest technological achievements at the China Construction Technology Expo[79] - The group is advancing its modular construction business (MiC), with significant projects in Shanghai and Shenzhen, including the largest urban renewal project using modular construction methods[123][124] Sustainability and Corporate Social Responsibility - The group completed its first social responsibility loan during the year, with sustainable-linked loans steadily increasing as a proportion of total loans[126] - The company aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, with a series of actionable measures planned to meet these targets[126] - The group's sustainable development performance has been recognized by various authoritative institutions, with MSCI ESG rating upgraded to B and inclusion in the FTSE4Good Index for the eighth consecutive year[126] Awards and Recognition - China Construction Hong Kong received 13 awards, including the highest honor "BIM Organization Grand Award," at the HKIBIM Award 2023[32] - The group was awarded the "Outstanding Award for Chinese Management Model" at the 14th China Management Global Forum[87] - The group was recognized with the IDC 2024 Digital Innovation Special Award and the Digital Transformation Annual CIO Award for its AI-integrated project management big data platform[78] Market and Regional Focus - The group plans to enhance its market position in the Hong Kong and Macau regions, focusing on major infrastructure projects and public welfare initiatives[134] - Major ongoing projects in Hong Kong include the Kai Tak New Emergency Hospital (Site A) and the redevelopment of Prince of Wales Hospital, with multiple other significant construction initiatives underway[178] - In Macau, key projects include the Galaxy Phase 4 superstructure and the construction of public housing in New Town Area A, indicating a strong focus on infrastructure development[196]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 10,896.7 million, a decrease of 58.4% compared to HKD 26,150.2 million in 2023[11]. - The adjusted EBITDA for the same period was a loss of HKD 17.4 million, compared to a profit of HKD 167.0 million in the previous year[11]. - The net loss attributable to shareholders for the year was HKD 87.4 million, compared to a loss of HKD 150.5 million in 2023, indicating an improvement in performance[11]. - The company's revenue for the year ended December 31, 2024, was HKD 10,896.7 million, a decrease of 58.3% compared to HKD 26,150.2 million in 2023[29]. - The adjusted EBITDA for 2024 was negative HKD 17.4 million, down from positive HKD 167.0 million in 2023, resulting in an adjusted EBITDA margin of (0.2)%[29][34]. - The gross loss for the year was HKD 131.8 million, an improvement of 3.7% compared to a gross loss of HKD 136.9 million in 2023[29][33]. - The group recorded a gross loss of HKD 131.8 million for the year, compared to a loss of HKD 136.9 million in 2023, mainly due to low Canadian natural gas prices[68]. - The group confirmed a non-cash accounting impairment reversal of HKD 76.0 million for its Canadian oil and gas assets during the year[67]. Liquidity and Financial Position - The company maintained a strong liquidity position with liquid assets totaling HKD 517.7 million and no external borrowings as of December 31, 2024[16]. - As of December 31, 2024, the group’s current assets net value is HKD 554.7 million, down from HKD 775.5 million in 2023, while cash and bank balances decreased to HKD 486.7 million from HKD 796.6 million[74]. - The total equity of the group as of December 31, 2024, is HKD 1,062.4 million, compared to HKD 1,192.4 million in 2023, with a net asset value per share of HKD 0.12[74]. - The debt ratio improved to 25.6% from 29.9% in the previous year, reflecting a stronger balance sheet[11]. - The group has no unsecured debt securities or unsecured short-term loans as of December 31, 2024, maintaining an asset-liability ratio of 0%[76]. Production and Operations - Daily production in Canada averaged 7,700 barrels of oil equivalent, primarily from natural gas, despite disruptions caused by wildfires[19]. - The company's average daily production for the year was 7,700 barrels of oil equivalent, a decrease of 30.6% compared to 2023, primarily due to wildfires and production cuts in response to low natural gas prices[42]. - The energy business recorded a revenue decrease of 49.4% year-on-year, primarily due to the closure of the Fort Nelson Gas Plant and significant production declines in Argentina[33]. - The realized natural gas price for the year decreased by 38% compared to 2023, resulting in a revenue decline of 49.3% to HKD 241.3 million[44]. - The production from the X-2001 well has seen a dramatic decline of 88%, dropping from 1,200 barrels of oil equivalent per day to only 150 barrels[54]. Strategic Initiatives and Business Focus - The company is transitioning its focus from traditional oil and gas operations to precious metals trading and refining, as part of its brand evolution[14]. - The company has expanded its strategic position in the Wapiti area by acquiring additional mining rights in Alberta's West Gold Creek[19]. - The company plans to fully withdraw from Argentina by the end of 2025, despite having the highest producing conventional oil well in the country in 2023[20]. - The new precious metals refining facility is expected to start commercial operations in early 2024, with a capacity to refine 50 tons of gold annually at 99.9% purity[22]. - The company anticipates that its new office in Dubai will accelerate growth in its precious metals trading and refining business, further expanding its global footprint[24]. Environmental and Sustainability Efforts - The company is actively seeking opportunities to collaborate with local authorities and regulators to achieve net-zero emissions goals as part of its commitment to ESG initiatives[36]. - The company is committed to transforming the 1,200-acre Discovery Park into a green ecosystem center, focusing on hydrogen/green ammonia production, renewable natural gas/biomass production, and vertical farming[175][181]. - The company aims for zero workplace injuries and accidents by continuously improving health and safety management standards[175]. - The company is committed to adhering to corporate social responsibility while focusing on health and safety, environmental protection, and community engagement[177]. - The company has implemented a policy for sustainable water resource management and aims to identify feasible water-saving measures in the next three years[196]. Governance and Management - The appointment of a new independent non-executive director with over 20 years of experience in the jewelry manufacturing and wholesale industry aims to enhance board diversity and governance[14]. - The board aims to continue developing and growing the business to enhance long-term shareholder value[167]. - The board is committed to maintaining high standards of corporate governance, with detailed measures outlined in the annual report[164]. - The company has changed its auditor from PwC to Ernst & Young for the fiscal year ending December 31, 2024[166]. - The company has not been involved in any significant litigation or arbitration during the year[108]. Shareholder Information - The company did not declare any interim dividends for the year, similar to the previous year, and the board has recommended not to declare any final dividends for this year[109]. - The company has no retained earnings available for cash or in-kind distribution as of December 31, 2024, with paid-in surplus of HKD 4,871.0 million available for distribution in the form of bonus shares[135]. - The top five customers accounted for 73% of the total revenue for the year, with the largest customer contributing approximately 22%[136]. - The top five suppliers represented about 55% of total procurement, with the largest supplier accounting for approximately 18% of total procurement for continuing operations[136]. - As of December 31, 2024, major shareholders hold significant stakes, with Wanxin Enterprises Limited owning 5,737,129,098 shares, representing 65.63% of the issued share capital[155].