Company Overview - The company is the largest fruit retail operator in China, ranking No. 1 in sales of fruit chain stores for eleven consecutive years (2014-2024) [6]. - The company operates primarily from its headquarters located in Shenzhen, Guangdong Province, China [29]. - The company has a stock code of 2411 and its website is www.pagoda.com.cn [31]. - The company has established several wholly-owned subsidiaries, including Baiguo Technology and Baixin Investment [36]. - The principal banks associated with the company include Shanghai Pudong Development Bank and China CITIC Bank [31]. Financial Performance - The Group recorded a loss of RMB 399,788,000 for the year ended December 31, 2024, compared to a profit of RMB 339,992,000 in 2023 [200]. - The Group's total revenue decreased by approximately 9.8% from RMB 11,390.6 million in 2023 to RMB 10,273.3 million in 2024 [151]. - The Group's gross profit decreased by approximately 41.9% from RMB 1,314.8 million for the year ended December 31, 2023, to RMB 764.4 million for the year ended December 31, 2024 [164]. - The net loss for the year ended December 31, 2024, was approximately RMB 399.8 million, compared to a net profit of approximately RMB 340.0 million for the year ended December 31, 2023 [190]. - The Group's operating loss increased from RMB 341.5 million in 2023 to RMB 391.5 million in 2024 [146]. - Revenue from sales of fruits and other food products accounted for approximately 97.2% and 97.5% of total revenue for the years ended December 31, 2023 and 2024, respectively [151]. - The Group's finance income increased from RMB 40.9 million in 2023 to RMB 44.1 million in 2024 [146]. - The Group's finance costs rose by approximately 31.9% from RMB 75.8 million in 2023 to RMB 100.0 million in 2024, primarily due to increased bank borrowings [182]. Market Expansion and Strategy - The company aims to build a nationwide community-based fruit specialty retail network with store-as-warehouse and OMO features [8]. - The company plans to continue diversifying product categories and expanding customer channels both domestically and internationally [10]. - The company is expanding its market presence by entering three new provinces in China, aiming to increase its market share by 10% in these regions [44]. - The Group plans to build a diversified business system with retail as the core, 2B business as a growth engine, and category brands as a long-term moat [60]. - The Group aims to enhance store profitability by optimizing the retail network layout, resulting in a decrease in the number of retail stores [58]. Product Development and Innovation - The company introduced 46 self-owned Excellent fruit brands, with their sales accounting for 14.7% of total retail sales in 2024 [10]. - New product development includes the introduction of a line of organic food products, expected to contribute an additional HK$300 million in revenue [46]. - The company plans to create a cost-effective product matrix centered around the "best fruit for you" series, aiming to attract more customers and meet diverse consumer needs [135][138]. - The introduction of a simplified grading system for fruits enhances consumer recognition of high-quality products while offering more cost-effective options [113]. - The focus on product innovation will include introducing unique products and ensuring compliance with the highest food safety standards in the fruit industry [139][142]. Operational Efficiency and Cost Management - The company focused on optimizing store layout and enhancing franchisee support systems to improve operational efficiency and profitability [9]. - The Group's strategy focuses on optimizing cost structure and improving operational efficiency through digital intelligence applications [75]. - A strategic acquisition of a local supply chain company is underway, which is anticipated to enhance operational efficiency and reduce costs by 15% [43]. - The company plans to invest HK$50 million in technology upgrades to improve its online and offline integration model, enhancing customer experience [45]. Consumer Trends and Marketing - The company has captured the trend of healthier gift consumption, focusing on major festivals for sales growth [9]. - The consumption scenarios for fruit gift-giving are expanding rapidly, providing stable growth momentum for fruit consumption [70]. - User data indicates a growth in active users, reaching 2 million, which is a 25% increase compared to the previous year [43]. - The cumulative number of live streaming views on Douyin reached 190 million, representing a year-on-year growth of approximately 449.0% compared to 2023 [99]. Challenges and Future Outlook - The national fresh fruit consumer price index (CPI) for 2024 decreased by approximately 3.5% compared to 2023, indicating weak end-consumer demand [69]. - The Group's new strategy for 2024 focuses on becoming an "Expert and Leader in High-quality and Cost-effective Fruit Industry," which includes store refurbishments and marketing campaigns [188]. - The Group's expenses increased in 2024 due to the implementation of the new strategy and related activities [188]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% driven by new product launches and market expansion strategies [45].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 30,331,512, an increase of 6.1% from RMB 28,591,271 in 2023[12]. - Gross profit for 2024 was RMB 9,869,668, reflecting a growth of 13.2% compared to RMB 8,711,731 in 2023[12]. - Profit before income tax increased to RMB 2,483,774, up 10.9% from RMB 2,239,924 in the previous year[12]. - The profit for the year attributable to equity holders of the Company was RMB 1,849,119, representing a 10.9% increase from RMB 1,667,060 in 2023[12]. - Basic earnings per share rose to 42.81 RMB cents, a 10.4% increase from 38.60 RMB cents in 2023[12]. - Total assets as of December 31, 2024, amounted to RMB 23,376,234, up from RMB 22,134,218 in 2023[12]. - Total liabilities increased to RMB 9,977,124, compared to RMB 8,751,841 in the previous year[12]. - In 2024, the Group's revenue reached RMB30,331.5 million, representing an increase of 6.1% year-on-year, while post-tax profits amounted to RMB1,849.1 million, reflecting a growth of 10.9% compared to the previous year[17][19]. - The Group recorded a revenue of RMB30,331.5 million for the year ended December 31, 2024, representing a 6.1% increase from RMB 28,591.3 million in 2023[171]. - Profit attributable to equity holders was RMB 1,849.1 million, up 10.9% from RMB 1,667.1 million in 2023[175]. Revenue Growth - The Group achieved a compound annual growth rate of 7.4% in revenue since 2020, with beverage revenue growing at a compound annual growth rate of 11.3%[14]. - The food business achieved a revenue of RMB9,998.2 million in 2024, reflecting a growth of 1.5% year-on-year[40]. - The instant noodles business generated revenue of RMB9,848.5 million in 2024, marking a 2.6% increase from the previous year[41]. - The beverages business recorded a revenue of RMB19,240.6 million in 2024, representing an increase of 8.2% over last year[66]. - The tea drinks business achieved a revenue of RMB8,574.9 million in 2024, reflecting a growth of 13.1% compared to the previous year[67]. - The Group's juice business generated revenue of RMB3,604.7 million in 2024, reflecting a growth of 5.9% compared to the previous year[93]. - The milk tea business generated revenue of RMB6,403.7 million in 2024, representing a 1.6% increase from the previous year[116]. - The original milk tea product line demonstrated steady growth across various specifications, showcasing strong market competitiveness[121]. Product Innovation and Development - The product "Uni Stewed Beef Flavoured Noodles" underwent a comprehensive upgrade, focusing on innovation and product strength, contributing to the Group's performance[19]. - "The King of Tomato" has recorded a compound annual growth rate of over 100% in revenue since 2020, reinforcing its brand positioning as a pioneer in tomato delicacies[19]. - The "Soup Daren" brand underwent a comprehensive upgrade for the first time in 16 years, launching new products and innovative packaging technology in 2024[43]. - The "Uni-President Braised Beef Noodles" brand focused on product innovation and collaborated with the "China University Advertising Art Festival" to enhance brand recognition and drive revenue growth[49]. - The "Danggui Huadiao Chicken Noodle" utilizes non-fried technology and has applied for 4 patents related to formulation and processes, aiming to replicate the texture of freshly boiled noodles[156]. - The "Uni Green Tea" product line focuses on high mountain green tea and micro-fermentation technology, achieving improvements in aroma and extraction efficiency while being sugar-free[152]. - The "Haizhiyan" isotonic drink received positive consumer feedback, indicating growing recognition of its taste and concept since its launch in April 2024[153]. Marketing and Brand Strategy - The Group's marketing strategy focuses on value-based marketing, enhancing brand awareness and customer loyalty to accumulate brand assets for future growth[38]. - The company aims to meet the core needs of consumers by innovating product strength and expanding both offline and online channels[35]. - The "Uni Green Tea" has been actively engaging young consumers, particularly delivery riders and blue-collar workers, through the "Send coolness to delivery riders" campaign for five consecutive years[73]. - "Spring Breeze Green Tea" has strengthened brand recognition by sponsoring popular comedy shows and collaborating with the sports platform "Keep" for health-focused events[74]. - The "Uni Orangeate" brand is enhancing its market presence by optimizing gift box packaging and leveraging social media for promotion, particularly in lower-tier cities[96]. Operational Efficiency and Risk Management - The management emphasizes the importance of risk management and organizational resilience in navigating market challenges[14]. - The market price of food and beverage raw materials remained volatile in 2024, influenced by geopolitical tensions and inflation, prompting the Group to enhance its risk management capabilities[31]. - The Group aims to enhance operational efficiency by reviewing and improving turnover days, which could lead to increased revenue and profit[197]. - Financial management policies are designed to minimize the impact of interest rate and exchange rate fluctuations on the Group's financial position[200]. - The Group has implemented automated systems to significantly improve capital utilization efficiency and processing efficiency[198]. Corporate Social Responsibility and Sustainability - The Group emphasizes sustainable development and social responsibility, integrating these principles into its overall business strategy[34]. - The Group is committed to creating value for the community while pursuing performance growth, as outlined in its corporate social responsibility initiatives[36]. - The introduction of zero trans fatty acids in all product lines aims to enhance consumer trust and promote healthier choices[146]. - The Company is committed to sustainable development by continuously optimizing R&D project management and focusing resources on key product innovations[141].

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 262,770,000, an increase from HKD 216,555,000 in 2023, representing a growth of about 21.4%[16] - The loss attributable to shareholders significantly decreased to approximately HKD 2,364,000 in 2024, compared to HKD 18,537,000 in 2023[19] - Basic and diluted loss per share for the year was approximately HKD 0.05, down from HKD 0.36 in the previous year[19] - The golf equipment revenue showed a notable increase due to the recovery of the golf industry after inventory adjustments by major brands[16] - The hotel segment did not generate revenue due to external restrictions in the Northern Mariana Islands, impacting overall business performance[19] - The company aims to enhance its financial performance in the golf business and identify additional development opportunities[16] - The golf equipment business accounted for approximately 91.6% of the group's revenue for the year ending December 31, 2024, up from 89.8% in 2023[20] - Golf equipment sales increased by approximately 23.8% to about HKD 240,569,000 in 2024, compared to HKD 194,369,000 in 2023[20] - Sales to the largest segment customer grew over 133.7% to approximately HKD 203,610,000, representing about 84.6% of segment revenue[20] - The golf bag segment's revenue slightly increased to approximately HKD 22,201,000, accounting for about 8.4% of the group's total revenue[24] - The golf bag segment recorded a profit increase of approximately 13.1% to about HKD 1,206,000 for the year ending December 31, 2024[26] Operational Strategies - The company has implemented diversified marketing strategies to strengthen customer relationships and explore new business opportunities[19] - The company is focused on rationalizing operations and optimizing costs to adapt to the ongoing economic uncertainties[19] - The group is considering investments in other countries to establish production facilities to mitigate the impact of customers shifting orders away from China[29] - The group has implemented strict measures to rationalize operations and optimize costs amid ongoing economic uncertainty[29] Financial Position - As of December 31, 2024, the bank balance and cash amounted to approximately HKD 116,008,000, an increase from HKD 111,965,000 in 2023[32] - The debt ratio decreased to approximately 1.6% as of December 31, 2024, down from 2.0% in 2023[33] - Total assets and net asset value as of December 31, 2024, were approximately HKD 399,972,000 and HKD 227,612,000, respectively, compared to HKD 388,333,000 and HKD 230,272,000 in 2023[33] - The current and quick ratios improved to approximately 1.58 and 1.41, respectively, as of December 31, 2024, compared to 1.51 and 1.33 in 2023[33] Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for a deviation from C.2.1[100] - The board of directors consisted of five members during the year, including one executive director and three independent non-executive directors[101] - The board is responsible for leading and monitoring the group's business operations to maximize shareholder value[113] - The company has established a board independence assessment mechanism to enhance decision-making effectiveness[109] - The company has adopted a board diversity policy to improve governance and efficiency[116] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's commitment and strategies towards corporate social responsibility and sustainable development for the year ending December 31, 2024[161] - The ESG report focuses on sustainable measures and performance in the golf equipment and bags business, which is the only revenue-generating segment of the group[162] - The company aims to continuously reduce air and water pollutant emissions, with a target for chemical oxygen demand (COD) emissions at 56 mg/L in 2024, down from 70 mg/L in 2023, against a standard of 500 mg/L[178] - The company has established internal management mechanisms for wastewater and air emissions to ensure compliance with applicable laws and standards[182] - The company has invested in electric vehicles to reduce fuel consumption and associated emissions, contributing to lower environmental impact[181] Risk Management - The company aims to manage risks rather than eliminate them, using risk management as a tool for daily operations[138] - The company has established policies and procedures to enhance the efficiency of risk management and internal control systems, ensuring compliance with relevant codes[141] - An independent annual review of the risk management and internal control systems will be conducted by a professional firm until December 31, 2024, to ensure proper identification and management of significant risks[141] Employee and Stakeholder Engagement - The company has a strong focus on maintaining a healthy and safe work environment for employees, along with competitive compensation and training opportunities[59] - The company emphasizes effective communication with stakeholders, including shareholders, government departments, suppliers, customers, and employees[60] - The company is committed to improving gender diversity at all levels, including the board and senior management[117] Audit and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024[127] - The audit committee has confirmed that the audited consolidated financial statements are prepared in accordance with applicable accounting standards and fairly present the financial position and performance of the group[127] - The total remuneration paid to auditors for the year ending December 31, 2024, amounted to HKD 1,370,000, with HKD 1,300,000 for audit services and HKD 70,000 for non-audit services[158]

Financial Performance - ESR Group Limited's total assets under management reached $141.7 billion, with a management fee-related asset management scale of $71.4 billion[16]. - The company raised $5.4 billion in the fiscal year 2024, with 78% attributed to new economy investments[21]. - The total assets under management reached $142 billion, with management fee income of $710 million for the fiscal year 2024[49]. - In the fiscal year 2024, the company recorded total revenue of $639 million, with over 75% derived from the fund management segment[76]. - The fund management segment's EBITDA for fiscal year 2024 was $321 million, while the overall EBITDA for the company was negative $80 million[77]. - The company recorded a net loss of $726.3 million for the fiscal year 2024, compared to a net profit of $268.1 million in fiscal year 2023, primarily due to negative fair value changes of assets and reduced transaction fees[163]. - Revenue decreased by 26.7% from $871.3 million in fiscal year 2023 to $639 million in fiscal year 2024, mainly due to lower management fees which fell by 32.4% to $497.8 million[164]. - EBITDA dropped from a profit of $724.6 million in fiscal year 2023 to a loss of $415.6 million in fiscal year 2024, while PATMI decreased from a profit of $230.8 million to a loss of $699.8 million[168]. - The company's administrative expenses increased by 51.3% to $696.7 million in fiscal year 2024, largely due to impairment losses related to non-core asset sales[171]. Asset Management and Investments - ESR's investment portfolio includes $10.1 billion in private logistics and $12.6 billion in listed real estate investment trusts[17]. - New economy investments accounted for 46% of the uncalled capital, totaling $22.3 billion[24]. - The total construction area managed by ESR is 47 million square meters[24]. - The company aims to expand its project reserves and capital, targeting over 2 gigawatts of land and power acquisition in the Asia-Pacific region[72]. - The company has committed to a joint venture with CloudHQ valued at $2 billion, providing 130 megawatts of capacity, expected to stabilize capital deployment in 2025[72]. - ESR's development pipeline amounts to approximately $11.4 billion, with over 50% of projects located in high-growth regions such as Australia, New Zealand, Japan, and South Korea[83]. - The total asset management scale of the new economy-related assets managed by the group is approximately $42.6 billion, with one of the largest development projects in the Asia-Pacific region reaching $11.4 billion[156]. - The company completed approximately $1.1 billion in asset sales since January 2024, including assets sold to investment companies managed by ESR[127]. Sustainability and ESG Commitments - The company aims to achieve carbon neutrality as part of its sustainable development mission[8]. - ESR is focusing on sustainable development and ESG commitments, integrating these principles into the planning, design, development, and management of its data center assets[71]. - ESR is committed to sustainable development principles and aims to integrate ESG factors into its business practices to create long-term and sustainable value for stakeholders[193]. - The company has outlined its 2024 ESG priorities and performance summary, aligning with the ESG 2030 development blueprint[193]. - Sustainability is at the core of ESR's mission, with a commitment to developing and maintaining sustainable and efficient buildings[199]. Operational Efficiency and Strategy - The company aims to enhance operational efficiency and reduce unit operating costs through continuous improvement and innovation initiatives[33]. - ESR's integrated fund management and development platform generates fees across the entire real estate value chain, including asset management fees, development fees, and incentive fees[29]. - The company is focused on executing and expanding its industry-leading development projects while simplifying operations through the sale of non-core assets[91]. - ESR's commitment to a light-asset strategy aims to optimize its balance sheet and drive sustainable growth in recurring management fee income[90]. - The company is positioned for sustainable growth through a streamlined business model and a focus on core strengths within the One ESR integrated platform[84]. Market Position and Recognition - ESR ranked as the largest real estate management company in the Asia-Pacific region according to the 2024 ANREV fund management survey, and is also among the top ten global real estate investment management companies[29]. - The company is ranked first in the 2024 PERE Asia-Pacific Fund Manager Guide among private real estate fund managers[22]. - The group has been recognized as a leader in the real estate investment management sector, ranking first in Asia and sixth globally in various assessments[103]. Debt and Financial Management - The weighted average cost of interest decreased by 60 basis points to 4.7% for the fiscal year 2024[52]. - The net debt increased from $4.978 billion in fiscal year 2023 to $5.234 billion in fiscal year 2024, resulting in a net debt to total assets ratio of 35.3%[61]. - The group aims to reduce its debt-to-asset ratio, which stood at 35.3% as of December 31, 2024, through ongoing asset sales and capital management strategies[185]. - The group's total borrowings slightly increased to $6.1 billion as of December 31, 2024, from $6.0 billion as of December 31, 2023, mainly due to delayed capital cycle receipts[177]. Development Projects and Future Outlook - ESR's data center strategy includes the development of a $2 billion data center campus in Osaka, Japan, with a total capacity of 130 MW[135]. - The company has ongoing construction projects in China and Japan, with significant logistics facilities expected to be completed by 2025[162]. - The group’s major investment properties include logistics facilities with various completion dates extending to 2071[160][161]. - The company announced a joint venture with CloudHQ to develop and operate a $2 billion, 130 MW data center campus in Japan[51].

Financial Performance - The operating revenue for the first quarter of 2025 was RMB 186,735 million, representing a year-on-year increase of 0.32%[7] - The net profit attributable to shareholders of the parent company was RMB 71,931 million, reflecting a year-on-year growth of 2.20%[7] - The group achieved a net profit of RMB 72.116 billion for the three months ending March 31, 2025, representing a year-on-year growth of 1.80%[18] - The net profit for the period was RMB 72,116 million, representing an increase of 1.8% compared to RMB 70,839 million in the previous year[30] - Pre-tax profit for the three months ended March 31, 2025, was RMB 77,643 million, a decrease of 2.3% from RMB 79,439 million in the same period of 2024[34] Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 44,818,957 million, an increase of 3.66% from the end of the previous year[7] - Total assets reached RMB 44,818.957 billion, an increase of RMB 158.082 billion or 3.66% compared to the end of the previous year[19] - The total liabilities increased to RMB 41,675.952 billion, up RMB 153.509 billion or 3.82% from the end of the previous year[20] - The bank's total liabilities were RMB 41,675,952 million, compared to RMB 40,140,862 million at the end of 2024[32] Shareholder Information - The equity attributable to shareholders of the parent company was RMB 3,137,261 million, up by 1.50% from the previous year[7] - The bank's equity attributable to shareholders was RMB 3,137,261 million, an increase from RMB 3,090,808 million at the end of 2024[32] - The total number of ordinary shareholders at the end of the reporting period was 495,130, with 475,578 A-share shareholders and 19,552 H-share shareholders[10] - The top shareholder, Central Huijin Investment Ltd., held 40.14% of the shares, while the Ministry of Finance of the People's Republic of China held 35.29%[10] Cash Flow - The net cash flow from operating activities was RMB (768,830) million, a significant decrease of 198.12% compared to the same period last year[9] - Cash flow from operating activities showed a net outflow of RMB 768,830 million, compared to a net inflow of RMB 783,563 million in the previous year[34] - Cash flow from investment activities resulted in a net outflow of RMB 145,817 million, significantly improved from a net outflow of RMB 1,187,549 million in the same period last year[35] - Cash flow from financing activities generated a net inflow of RMB 374,422 million, up from RMB 63,340 million in the previous year[35] Loans and Advances - Customer loans and advances totaled RMB 26,187.372 billion, up RMB 128.1185 billion or 5.14% from the end of the previous year[19] - Customer loans and advances in rural areas reached RMB 10,581.049 billion, an increase of RMB 72.6095 billion or 7.37% from the end of the previous year[22] - The net change in customer loans and advances was a decrease of RMB 1,284,220 million, compared to a decrease of RMB 1,245,191 million in the same period last year[34] Income and Expenses - The net interest income was RMB 140.577 billion, a decrease of 2.74% year-on-year, with a net interest margin of 1.34%[18] - For the three months ended March 31, 2025, the net interest income was RMB 140,577 million, a decrease of 2.7% from RMB 144,535 million in the same period of 2024[29] - The bank reported a decrease in net trading income to RMB 7,326 million from RMB 9,445 million year-on-year[29] - The bank's total interest expenses on issued debt securities were RMB 17,306 million, slightly down from RMB 17,467 million in the previous year[34] Dividends - The group distributed a cash dividend of RMB 40.738 billion to ordinary shareholders, with a per-share dividend of RMB 0.1164[25] Other Comprehensive Income - Other comprehensive income for the period was a loss of RMB 21,611 million, compared to a loss of RMB 4,801 million in the previous year[30] Capital Adequacy - The capital adequacy ratio was reported at 17.79%, with a Tier 1 capital ratio of 13.36% and a core Tier 1 capital ratio of 11.23%[24] Non-Performing Loans - Non-performing loans amounted to RMB 334.644 billion, with a non-performing loan ratio of 1.28%, a decrease of 0.02 percentage points from the end of the previous year[21]

Financial Performance - The company reported a net loss of HKD 21,600,000 for the year ended December 31, 2024, compared to a net profit of HKD 1,400,000 in 2023[8]. - Total revenue for 2024 was HKD 453,581,000, a decrease from HKD 393,284,000 in 2023, reflecting a year-over-year increase of 15.3%[12]. - Gross profit for 2024 was HKD 44,665,000, down from HKD 56,979,000 in 2023, indicating a decline of 21.5%[12]. - Operating loss for 2024 was HKD 19,457,000, compared to an operating profit of HKD 3,856,000 in 2023[12]. - The group's gross profit decreased by approximately HKD 12,300,000 or 21.6% to approximately HKD 44,700,000, with the overall gross profit margin declining from 14.5% to 9.8% due to increased market competition and a drop in average selling prices[19]. - Other income decreased from approximately HKD 24,100,000 to approximately HKD 12,800,000, primarily due to the absence of dismantling compensation income in the current year[20]. - The company’s financial performance and position as of December 31, 2024, are detailed in the consolidated financial statements on pages 52 to 54 of the annual report[120]. Assets and Liabilities - Total assets as of December 31, 2024, were HKD 282,928,000, an increase from HKD 264,004,000 in 2023[13]. - Total liabilities increased to HKD 126,494,000 in 2024 from HKD 80,813,000 in 2023, representing a significant rise of 56.5%[13]. - The current ratio decreased to approximately 2.0 times from 3.1 times, indicating a reduction of about 35.5% in liquidity[27]. - The group maintained cash and bank balances of approximately HKD 27,800,000, an increase of about HKD 7,500,000 from HKD 20,300,000 in the previous year[30]. - As of December 31, 2024, the company's lease liabilities amount to approximately HKD 12,600,000[32]. Business Strategy and Outlook - The company plans to enhance cost control measures and improve production capacity to strengthen competitiveness[8]. - The company aims to develop advanced automated production lines to prepare for future growth[8]. - The company will seek new business opportunities to achieve better diversification[8]. - The company expressed a cautious yet optimistic outlook for business development in 2025[8]. - The group plans to continue monitoring market trends and consumer behavior while implementing cost-saving measures to enhance financial performance[15]. - The group aims to diversify its business and revenue sources to mitigate potential risks and uncertainties in the market[15]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, as evidenced by the diverse expertise of its board members[62]. - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors as of December 31, 2024[69]. - All directors confirmed compliance with the securities trading standards code for the year ending December 31, 2024[65]. - The company has established clear separation of roles between the chairman and the CEO, with defined responsibilities[71]. - Independent non-executive directors are required to confirm their independence annually, ensuring unbiased decision-making[80]. - The board has reviewed the implementation and effectiveness of governance measures for the year ending December 31, 2024[81]. - The company’s governance practices are regularly reviewed to meet stakeholder expectations and regulatory requirements[68]. Committees and Meetings - The company has a total of four committees: Audit, Remuneration, Nomination, and Risk Management, all with written terms of reference[84]. - The Audit Committee held three meetings during the year ending December 31, 2024, reviewing interim and annual financial statements[87]. - The Remuneration Committee held one meeting during the year, reviewing the company's remuneration policies and making recommendations regarding director compensation[90]. - The nomination committee held one meeting during the year and reviewed the board's structure and composition[97]. - The risk management committee held two meetings and assessed the group's exposure to sanction-related risks[98]. Shareholder Information - The company has adopted a shareholder communication policy to ensure effective and timely communication with shareholders and potential investors[114]. - The company will suspend the transfer of shares from May 23, 2025, to May 29, 2025, to determine the eligibility of shareholders for the upcoming annual general meeting[130]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, and the year ended December 31, 2023[121]. - The company has disclosed no significant transactions or arrangements involving directors' interests beyond what is stated in the annual report[137]. Employee Information - Total employee benefit expenses for the year ended December 31, 2024, are approximately HKD 129,300,000, compared to HKD 123,100,000 for the previous year[42]. - The company has a total of 1,025 employees as of December 31, 2024, with 1,008 located in China and 17 in Hong Kong[42]. Risk Management - The company faces various financial risks, including foreign currency risk, credit risk, liquidity risk, and interest rate risk[36]. - The company has adopted internal control and risk management policies to ensure compliance with relevant laws and regulations[196]. Environmental and Social Responsibility - The company is committed to promoting environmental sustainability and social development, with details provided in the Environmental, Social, and Governance report[194].

Business Operations and Strategy - In 2024, the company stabilized its core business operations despite a complex global economic environment and elevated supply chain costs[15]. - The company plans to focus on core consumer segments by enhancing brand penetration through accurate marketing and innovative channels, aiming to provide more consumers with firsthand experience of the premium quality of "5100" water[17]. - The company will implement rigorous cost control and innovation by optimizing the entire production process and introducing new products such as portable and family-size packaging[25]. - The company aims to integrate ESG principles into its core strategy, implementing measures like water-conservation technologies and low-carbon packaging to achieve ecological preservation alongside commercial value[25]. - The management team is committed to delivering tangible results in 2025 to rebuild market confidence and reward shareholder trust[22]. - The company acknowledges that its current share price does not fully reflect its intrinsic value, emphasizing a united management team focused on transformation[22]. - The company has faced challenges in recent years but views these experiences as opportunities to sharpen its vision and enhance capabilities[16]. - The company is committed to maintaining its high-end brand positioning while adapting to market demands and consumer preferences[17]. - The company recognizes the importance of adapting to market fluctuations and strategic adjustments to remain competitive in the industry[15]. Financial Performance - In 2024, the total revenue of the Group amounted to RMB 226 million, representing a decrease of 28.2% compared to 2023[35]. - The revenue from the water business segment was RMB 88 million, reflecting a year-on-year increase of 1%[36]. - The beer business segment experienced a sales volume decrease of 35.4%, with revenue declining by 38.5% to RMB 137.3 million[38]. - The overall gross profit margin increased to 27.1%, up by 2.4 percentage points from 2023[39]. - Selling and distribution costs rose by 25.4% to RMB 63 million, primarily due to increased marketing and promotion expenses[40]. - Administrative expenses decreased by 13.7% to RMB 77 million, attributed to reductions in staff costs and special service fees[40]. - The Group's operating loss for 2024 was RMB 89 million, compared to a loss of RMB 83 million in 2023, marking an increase of 6.8%[27]. - Loss for the year attributable to owners of the Company was RMB 573.9 million, a 62.7% increase from RMB 352.9 million in 2023[26]. - Total assets as of December 31, 2024, were RMB 3,507.5 million, down from RMB 3,985.6 million in 2023[26]. - Equity attributable to owners of the Company decreased to RMB 2,380 million from RMB 2,856 million in 2023[27]. - The allowance for expected credit losses (ECL) on financial assets rose to RMB48 million in 2024 from RMB37 million in 2023, with trade receivables allowance increasing to RMB43 million from RMB24 million[43]. - Other gains, net, amounted to RMB37 million in 2024, up from RMB15 million in 2023, including government grants of RMB18 million and a gain on disposal of a subsidiary of RMB17 million[44]. - Finance costs increased by RMB3 million to RMB44 million in 2024, while finance income decreased by RMB6 million to RMB31 million[45]. - The Group recognized an impairment loss on investments of RMB295 million and RMB168 million for Shannan Yalaxiangbu and Highland Natural Water, respectively, due to adverse market conditions[50]. - The loss for the year was RMB574 million in 2024, compared to a loss of RMB353 million in 2023[55]. - As of December 31, 2024, investments accounted for using the equity method decreased to RMB742 million from RMB1,216 million in 2023, primarily due to the recognized impairment losses[56]. - As of December 31, 2024, net trade receivables decreased to RMB134 million from RMB182 million in 2023, mainly due to an increase in the allowance for ECL on trade receivables[58]. - As of December 31, 2024, the Group's inventory was RMB 72 million, a decrease from RMB 119 million as of December 31, 2023, mainly due to a reduction in raw material inventory[61]. - As of December 31, 2024, the Group's contract liabilities increased to RMB 123 million from RMB 17 million as of December 31, 2023, due to higher advances received from customers for water and beer product sales[64]. - As of December 31, 2024, the Group's bank borrowings were RMB 394 million, a decrease of RMB 33 million compared to December 31, 2023, due to net repayments of principal[68]. - The gearing ratio as of December 31, 2024, was 21.59%, compared to 20.94% as of December 31, 2023[77]. - In 2024, the Group acquired property, plant, and equipment (PP&E) amounting to RMB 12 million, down from RMB 14 million in 2023[79]. - The total number of employees decreased to 342 as of December 31, 2024, from 368 as of December 31, 2023, with relevant staff costs amounting to RMB 73 million in 2024[70]. - There were no merger and acquisition transactions in 2024[78]. - The Group's debt ratio was 21.59%, an increase from 20.94% on December 31, 2023[82]. Environmental and Social Responsibility - The Group has established a "water protection zone" of 60 square kilometers around its water source to maintain product quality and safety[98]. - The Group has implemented procedures for waste storage, handling, and disposal to minimize environmental impact during production activities[99]. - The Group will continue to improve its social responsibility management system to align ESG philosophy with business goals[124]. - The group is committed to improving its social responsibility management system, integrating ESG concepts into its business, and contributing to economic prosperity, ecological harmony, and improved livelihoods[129]. Governance and Board Composition - The Company emphasizes high standards of corporate governance to enhance shareholder value and safeguard interests, complying with the CG Code for 2024[172]. - The Board is responsible for overseeing the Company's business direction and financial performance, with established committees for various responsibilities[173]. - The Board currently comprises nine members, including three executive Directors, three non-executive Directors, and three independent non-executive Directors, ensuring a balance of skills and diversity[178]. - Independent non-executive Directors represent one third of the Board, with the Audit, Nomination, and Remuneration Committees chaired by independent non-executive Directors[185]. - The Company has established effective mechanisms to support an independent Board and independent views, with regular reviews of the remuneration of independent non-executive Directors[189]. - The Nomination Committee assesses Board composition and recommends new Directors, considering factors such as gender, age, and professional experience[186]. - The Board Diversity Policy aims to achieve diversity in the Board's composition, reflecting the Group's business scope and specific needs[186]. - The roles of chairman and chief executive officer are separated, with Dr. ZHANG Chunlong as chairman and Mr. WANG Dong and Mr. DU Hui as co-chief executive officers[194]. - The Board is responsible for overseeing the Company's overall development and direction, aiming to enhance shareholder value[176]. - Regular Board meetings are held to review financial information, material investments, and changes in accounting policies[199]. - Directors have access to legal advice to ensure compliance with Board procedures and regulations[199]. - Directors with a conflict of interest abstain from voting on relevant resolutions and are not counted in the quorum[200]. Leadership and Management - The group has a strong executive team with extensive experience in corporate management, finance, and legal compliance, which supports its strategic initiatives[132][137]. - The group is focused on business development and merger and acquisition activities, leveraging the expertise of its executives in e-commerce and corporate finance[137]. - The group plans to enhance its operational management and quality control through experienced leadership in its major subsidiary, Tibet Glacier Mineral Water Co., Ltd.[139]. - The group is actively pursuing new product innovations and cost control measures to improve profitability and market competitiveness[127]. - The group is committed to expanding its market presence and enhancing its product offerings to meet diverse consumer needs[128].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 10,129.1 million, representing a year-on-year increase of 14.3% compared to RMB 8,863.4 million in 2023[13] - Gross profit decreased by 13.6% to RMB 889.4 million from RMB 1,029.9 million in the previous year[13] - Profit for the year was RMB 273.5 million, down 14.5% from RMB 319.9 million in 2023[13] - Earnings per share (EPS) decreased to RMB 0.139 (basic) and RMB 0.138 (diluted), reflecting a decline of 9.7% and 10.4% respectively compared to the previous year[13] - The Group recorded revenue of approximately RMB10,129.1 million, representing an increase of approximately 14.3% compared to RMB8,863.4 million for the same period in 2023[27] - Gross profit was approximately RMB889.4 million, reflecting a year-on-year decrease of approximately 13.6%[29] - Profit from operations was approximately RMB427.9 million, representing a year-on-year decrease of approximately 14.5%[29] - Net profit after tax was approximately RMB273.5 million, marking a year-on-year decrease of approximately 8.0%[29] - Profit attributable to equity shareholders of the Company was approximately RMB189.9 million, down by approximately RMB20.8 million from RMB210.7 million in 2023[69] - Other income, gains, and losses for the year ended December 31, 2024, were approximately RMB24.1 million, a decrease of approximately 54.4% from RMB52.9 million in 2023[73] Market Trends and Opportunities - The company is focusing on the integration of AI technology and the physical economy, anticipating sustained high demand for chips[20] - Comtech is actively participating in the global computing power network, enhancing chip solutions through self-developed AI technologies and large language models[18] - Global chip sales reached a record high of US$627.6 billion in 2024, with a year-on-year increase of 19.1%[31] - The Americas, China, and Asia Pacific regions saw annual chip sales increases of 44.8%, 18.3%, and 12.5%, respectively[31] - The World Semiconductor Trade Statistics (WSTS) predicts global chip sales will rise to US$697.2 billion in 2025, an annual increase of 11.2%[31] - The global AI market spending is projected to reach $632 billion by 2028, with a CAGR of approximately 29.0%[44] - China's AI industry market demand is estimated to reach RMB5.6 trillion by 2030, with total investment projected to exceed RMB10 trillion between 2024 and 2030[44] Strategic Initiatives - The company plans to expand its international cooperation and strategic investment opportunities to enhance market competitiveness[21] - The Group aims to enhance market competitiveness through international cooperation and strategic investment opportunities[24] - The Group is focused on five major fields downstream, including smart vehicles and digital infrastructure, to leverage synergy advantages[23] - The Group aims to strengthen innovation and technology investment to improve customer loyalty and satisfaction[21] - The Group plans to pursue strategic partnerships and acquisitions to enhance business operations and expand its user and revenue base[62] - The Group aims to develop new complementary services to improve customer service and increase repeat purchase rates among newly acquired customers[61] Research and Development - The Group has developed a proprietary smart battery management system to optimize battery performance in the new energy sector[22] - Comtech has developed proprietary AI technology and LLMs, enhancing product performance and reliability through intelligent and automated solutions in chip selection and system integration[36] - Ingdan focuses on the research and development of AIoT intelligent hardware products and smart new energy batteries, enhancing battery efficiency and intelligence[175] - The company has a strong emphasis on research and development, particularly in AI technology and supply chain management services[172] Operational Efficiency - Comtech's intelligent supply chain management has improved operational efficiency while reducing costs through AI and big data analytics[36] - Continuous investment in customer service, order fulfillment, and delivery capabilities is planned to improve service reliability and response times[59] - Selling and distribution expenses increased to approximately RMB186.2 million, an increase of approximately RMB10.5 million or 6.0% from RMB175.7 million in 2023[74] - Research and development expenses rose by approximately RMB1.5 million or 1.5% to approximately RMB104.1 million for the year ended December 31, 2024, driven by increased spending on IC chip distribution and AIoT products[82] Governance and Management - The Group's founder and CEO, KANG Jingwei, has over 25 years of experience in the Internet multimedia and electronic component distribution industry[144] - The CFO, WU Lun Cheung Allen, has over 20 years of experience in auditing and commercial consulting, previously serving as Vice President of Finance at Viewtran[146] - The Group's independent non-executive director, YE Xin, has served as CTO of a leading wireless entertainment service provider from 2003 to 2006[151] - Independent non-executive director, Dr. MA Qiyuan, has over 30 years of R&D management experience and holds 30 patents[152] - The Group's management team includes individuals with advanced degrees in finance and engineering, contributing to its strategic initiatives[149][153] - The Group has a diverse board with expertise in various sectors, including technology, finance, and healthcare[151][152] Risks and Challenges - Key risks and uncertainties facing the Group are outlined, indicating potential challenges beyond the company's control[192][193] - The company derives substantially all of its revenue from purchases made by companies in China engaged in electronics manufacturing, making it vulnerable to adverse factors affecting this industry[194] - Intense competition in the Chinese electronic components procurement market is anticipated, particularly as the company develops its e-commerce platform to attract and retain customers[194] - Credit facilities provided to customers expose the company to credit risks, with collateral values potentially fluctuating due to market conditions[198] - Unforeseen external events such as political instability or economic recession could significantly impact the credit facilities available to the company, stressing its cash position[198] Corporate Developments - The company entered into a subscription agreement to issue 250,000,000 subscription shares at a price of HK$1.30 each, totaling HK$325,000,000[124] - The subscription shares represent approximately 17.93% of the existing issued share capital as of the subscription announcement date[124] - The total issued shares increased from 1,394,262,732 to 1,519,262,732 shares after the first tranche completion on February 20, 2025[129] - Following the second tranche completion on March 3, 2025, the total issued shares further increased to 1,644,262,732 shares[129] - The Group's pledged bank deposits were approximately RMB231.5 million and RMB287.7 million as of December 31, 2024, and December 31, 2023, respectively[115] - The Group has complied with all relevant laws and regulations during the year ended December 31, 2024, with no material breaches reported[183] Environmental and Social Responsibility - Environmental initiatives include recycling, energy-saving measures, and donations of old computers, with no penalties for non-compliance with regulations[189] - The Group maintains good relationships with suppliers and customers, with no significant disputes reported during the year[188]

Financial Performance - The group's revenue increased by 0.8% from RMB 642.7 million in the fiscal year ending December 31, 2023, to RMB 648.1 million for the fiscal year ending December 31, 2024[9]. - The group's revenue increased by 0.8% from RMB 642.7 million to RMB 648.1 million, primarily due to an increase in average tuition fees[26]. - Other income rose by 45.5% from RMB 33.6 million to RMB 48.9 million, mainly due to improved operations at Jiangsu school[27]. - The main operating costs decreased by 3.4% from RMB 264.7 million to RMB 255.8 million, attributed to reduced depreciation expenses[28]. - Gross profit increased by 3.8% from RMB 378.0 million to RMB 392.3 million, driven by improved management and resource integration[29]. - Profit before tax rose by 7.8% from RMB 313.2 million to RMB 337.5 million, mainly due to increased taxable profits in China[33]. - Net profit for the period was RMB 330.2 million, a 7.5% increase from RMB 307.1 million[35]. - Adjusted net profit increased from RMB 329.7 million to RMB 359.4 million, reflecting the impact of foreign exchange losses and share-based payment expenses[36]. - Cash and cash equivalents, along with long-term bank deposits, amounted to RMB 1,019.9 million as of December 31, 2024, up from RMB 684.6 million in 2023[37]. - As of December 31, 2024, the net current assets of the group amounted to RMB 343.5 million, an increase of 43.9% compared to RMB 238.7 million as of December 31, 2023[38]. Student Enrollment and Educational Quality - The total number of full-time students for the 2024/25 academic year is approximately 42,553, a decrease of about 2.94% year-on-year, while continuing education enrollment increased by approximately 32.15% to 20,183 students[13]. - The proportion of undergraduate students among full-time students reached approximately 97.09%[13]. - The group has been approved for 4 national first-class undergraduate programs and 14 provincial first-class undergraduate programs, enhancing its educational quality[14]. - The number of awards won by students in provincial and above competitions increased by 21.7% year-on-year, with national-level awards increasing by 1.7 times[15]. - The number of doctoral and senior title teachers recruited increased by 23.1% year-on-year, with 837 training sessions conducted covering 30,000 participants[16]. Strategic Initiatives - The group's revenue guidance for the next fiscal year is expected to continue growing, leveraging its strong educational resources and market potential[10]. - The group aims to strengthen industry-education integration and school-enterprise cooperation to enhance management levels and service quality[10]. - The group is committed to optimizing its curriculum and improving educational conditions to meet labor market demands[12]. - The group plans to enhance international cooperation and expand educational resources, including establishing overseas campuses and language training centers[25]. - The group aims to optimize academic programs and deepen industry-education integration to meet regional economic needs[22]. Capital and Financial Management - The group's capital expenditure during the reporting period was RMB 93.7 million, down from RMB 151.9 million as of December 31, 2023, primarily related to the construction of buildings and school facilities[39]. - As of December 31, 2024, the group's bank loans and other borrowings totaled RMB 601.8 million, an increase from RMB 546.3 million as of December 31, 2023[41]. - The asset-liability ratio of the group as of December 31, 2024, was 23.3%, up from 22.6% as of December 31, 2023, due to a greater increase in total liabilities compared to total assets[43]. - The group had no significant investments or capital asset plans as of December 31, 2024[44]. - The group had no off-balance sheet transactions as of December 31, 2024[50]. Corporate Governance and Compliance - The company has established a dividend policy, with no preset dividend payout ratio, and any dividend declaration will be at the discretion of the board based on financial performance and future prospects[78]. - The board does not recommend the distribution of a final dividend for the reporting period, which was 6.32 HK cents in 2023[80]. - The company has maintained a public float of no less than 25% of its total issued shares throughout the reporting period[200]. - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed audit, internal control, and financial reporting matters[198]. - The company is committed to maintaining high standards of corporate governance practices[199]. Risk Management - The group faces multiple operational risks, including the overall market conditions of the private education sector in China and the ability to provide quality education and increase enrollment or tuition fees[84]. - The group has established a risk management structure to address various risks, including market risks related to interest rates, credit, and liquidity[85]. - The company has taken measures to ensure compliance with structured contracts, including annual reviews by the board of directors[184]. Structured Contracts and Regulatory Compliance - The group has established a second structured contract to control Chinese operating schools, ensuring compliance with local laws and regulations[141]. - The structured contracts facilitate the flow of economic benefits from Chinese operating schools to the group through service fees[145]. - The structured contracts are designed to mitigate potential conflicts with Chinese laws and regulations regarding foreign ownership in the education sector[141]. - The company has committed to regular updates in annual and interim reports regarding compliance with qualification requirements and the Foreign Investment Law[184]. - The structured contracts do not require approval from educational authorities, according to consultations with the Anhui Provincial Education Department[179]. Share Options and Compensation - The company has adopted a share option plan on March 8, 2018, to incentivize eligible individuals and retain talent[118]. - The total number of shares that may be issued under the share option plan is capped at 10% of the shares issued on the listing date, which amounts to 160,000,000 shares[120]. - The share options granted during the reporting period totaled 139,800,000, with 2,000,000 options having been canceled[123]. - The exercise price for options granted on June 5, 2023, is set at HKD 0.764, with a 10-year exercise period[123]. - The company has implemented a spouse commitment that ensures spouses are aware of and agree to the structural contract arrangements[161].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by 2.3% to HKD 245.49 million compared to HKD 251.22 million in 2023[14]. - The net profit for the same period fell by 67.2% to HKD 12.97 million, down from HKD 39.50 million in 2023, primarily due to one-time listing expenses of approximately HKD 19.2 million[9][14]. - Revenue decreased by approximately HKD 5.7 million or 2.3%, from HKD 251.2 million in FY2023 to HKD 245.5 million in FY2024[18]. - Total profit for FY2024 was approximately HKD 13.0 million, a decrease of approximately HKD 26.5 million or 67.2% compared to HKD 39.5 million in FY2023[31]. - Adjusted net profit for FY2024 was approximately HKD 32.1 million, down approximately HKD 7.4 million or 18.6% from HKD 39.5 million in FY2023[31]. Retail and Wholesale Performance - Retail sales increased by 16% in the fiscal year 2024, driven by the opening of 10 new stores, despite a 7.3% contraction in total retail sales in Hong Kong[9]. - Retail business revenue increased by approximately HKD 20.4 million or 16.3%, from HKD 125.3 million in FY2023 to HKD 145.6 million in FY2024, driven by the expansion of retail stores from 16 to 33[20]. - Wholesale business revenue decreased by approximately HKD 23.8 million or 20.2%, from HKD 118.0 million in FY2023 to HKD 94.2 million in FY2024, primarily due to reduced demand from the largest customer[22]. - Consignment revenue decreased by approximately HKD 2.3 million or 28.7%, from HKD 8.0 million in FY2023 to HKD 5.7 million in FY2024, affected by the overall decline in retail sales in Hong Kong[23]. Strategic Plans and Expansion - The company plans to expand its retail network and enhance its e-commerce platform in 2025, aiming to diversify its wholesale business and reduce reliance on any single customer[9][10]. - The company is exploring opportunities to expand into mainland China in 2025, targeting unique market characteristics to ensure effective responses to regulatory and competitive environments[10]. - The company plans to strategically expand its retail business by opening 10 new stores in FY2024, which is expected to boost retail sales[17]. - Future investments will focus on retail network expansion, improving the e-commerce platform, and increasing wholesale business[52]. - The company is exploring opportunities to expand its business into China, particularly the Greater Bay Area and Southeast Asia by 2025, aiming to diversify revenue sources and reduce reliance on the Hong Kong market[53]. Corporate Governance and Management - The company emphasizes a commitment to sustainable development and corporate governance standards following its successful listing on December 19, 2024[8]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[78]. - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules[74]. - The company is committed to high levels of corporate governance and has complied with all applicable codes during the reporting period[73]. - The board is responsible for formulating corporate policies, business strategies, and risk management[75]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the fiscal year ending December 31, 2024, focusing on key strategies, initiatives, and performance related to ESG matters[136]. - The group applies four reporting principles: materiality, quantification, balance, and consistency to ensure transparency and credibility in ESG disclosures[137][138][139][140]. - The group actively engages with stakeholders to identify ESG priorities, emphasizing the importance of open dialogue for business sustainability[143][145]. - The company has implemented standardized quality control procedures to ensure product safety and compliance with relevant laws and regulations[152]. - The company has adopted various environmental measures to reduce energy consumption and packaging usage in its operations[168]. Employee and Workforce Management - Total number of employees as of December 31, 2024, is 247, with 31 males and 216 females[185]. - Employee turnover rate is 29% for males and 54% for females, with a total turnover rate of 51% in Hong Kong[185]. - Training completion rate is 45% for male employees with an average of 24.5 hours of training, and 57% for female employees with an average of 37.1 hours[187]. - The company has maintained a zero-accident record with no work-related fatalities or injuries reported in the past three years[189]. - The organization has a strict zero-tolerance policy towards corruption and bribery, ensuring compliance with relevant laws[190]. Financial Position and Capital Management - Non-current assets increased to HKD 44.53 million in 2024 from HKD 29.00 million in 2023, while current assets rose to HKD 197.47 million from HKD 112.05 million[15]. - The company's net asset value improved significantly to HKD 187.18 million in 2024, compared to HKD 90.63 million in 2023[15]. - As of December 31, 2024, the group has no outstanding bank borrowings, resulting in a capital debt ratio of 0%, compared to approximately 7.1% in 2023[37]. - Cash and cash equivalents as of December 31, 2024, are approximately HKD 119.2 million, significantly higher than HKD 22.5 million in 2023[36]. - The company plans to issue 33,333,600 shares at a price of HKD 3.75 per share, with net proceeds estimated at approximately HKD 94.4 million after deducting underwriting fees and other expenses[55].