Financial Performance - The company achieved a revenue of RMB 2.592 billion for the year ending December 31, 2024, representing a year-on-year growth of 39.51%[9] - Net profit for the company was RMB 105 million, a year-on-year increase of 45.56%, while adjusted net profit reached RMB 145 million, up 77.65% year-on-year[9] - Revenue from the automotive intelligent vision products segment was RMB 1.023 billion, with a year-on-year growth of 33%[9] - The new display products segment generated revenue of RMB 807 million, reflecting a significant year-on-year increase of 85%[9] - High-end lighting products contributed RMB 761 million in revenue, marking a year-on-year growth of 17%[9] - The company's revenue for 2024 was RMB 2.592 billion, a year-on-year increase of approximately 39.51%[22] - The net profit for 2024 was RMB 105 million, reflecting a year-on-year growth of 45.56%[22] - The automotive smart vision business achieved revenue of RMB 1.023 billion, a year-on-year increase of 33%[23] - Revenue from new display products was RMB 807.1 million, a significant increase of 85.0% compared to the previous year, driven by government subsidies and the application of Mini LED technology[31] - Revenue from automotive intelligent vision products was RMB 1,023.5 million, reflecting a year-on-year growth of 32.8% due to vertical integration advantages in the LED packaging and module supply chain[30] - High-end lighting product sales amounted to RMB 761.5 million, up 17.0% year-on-year, attributed to optimized sales strategies and enhanced product performance[31] Market Overview - The global LED smart vision industry market size reached $192 billion in 2023, projected to grow to $287.2 billion by 2028, with a CAGR of 8.4%[15] - China's LED smart vision market size in 2023 was RMB 440.2 billion, expected to reach RMB 679.2 billion by 2028, with a CAGR of 9.1%[15] - The penetration rate of LED technology in China's automotive smart vision market has exceeded 90%, driven by superior light intensity, longer lifespan, and lower energy consumption[16] - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, with year-on-year growth of 3.7% and 4.5%[16] - The high-end lighting and LCD TV backlight market in China reached RMB 17.1 billion in 2023, projected to grow to RMB 26.2 billion by 2028, with a CAGR of 8.9%[18] Strategic Initiatives - The company established strategic partnerships with over 20 automotive manufacturers and tier-one suppliers, enhancing its position in the high-end intelligent automotive lighting market[9] - The company plans to expand production capacity and advance the construction of its headquarters in the Greater Bay Area, along with launching multiple new projects[9] - The company aims to deepen collaboration across its three major business segments, focusing on expanding the automotive intelligent vision market and accelerating innovation in new display technologies[12] - The company is developing a full range of automotive-grade LED devices and modules, enhancing its vertical integration in the automotive smart vision product chain[23] Corporate Governance - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[88] - The company has adopted the corporate governance code as its own governance code and has fully complied with all applicable provisions since its listing[88] - The board consists of nine directors, including one executive director, four non-executive directors, and four independent non-executive directors[91] - The independent non-executive directors confirm their independence and have no financial or other interests in the company or its subsidiaries[93] - The company has established a clear management structure with responsibilities defined for the board and senior management to ensure effective decision-making[94] - The board has established four committees: Audit Committee, Nomination Committee, Remuneration and Assessment Committee, and Strategic Committee to oversee specific matters[96] Risk Management - The company has implemented comprehensive risk management and internal control policies, which are reviewed at least annually for effectiveness[139] - The board has established a permanent procedure to identify, assess, and manage potential risks, including environmental, social, and governance (ESG) risks[140] - The company has adopted a whistleblowing policy to provide guidance and reporting channels for employees and third parties to report suspected misconduct[143] - The risk management and internal control system has been reviewed annually, and the board believes it is effective and adequate[142] Shareholder Engagement - The company emphasizes effective communication with shareholders through various formal channels, including interim and annual reports[151] - The company plans to adopt a dividend payout ratio of no less than 30% of annual net profit over the next three years, subject to board and shareholder approval[148] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.68 per share, totaling RMB 36.53 million, pending approval at the annual general meeting[172] Related Transactions - The total amount of disclosed continuing connected transactions for the year ending December 31, 2024, is expected to exceed the original annual cap of RMB 3,748,000 by RMB 4,400,000[197] - The independent non-executive directors confirmed that the continuing connected transactions were conducted in the normal course of business and on normal commercial terms[194] - The auditor has issued a qualified opinion regarding the continuing connected transactions disclosed in the annual report, indicating that they were established under fair and reasonable terms[195] - The company has implemented enhanced internal control measures to monitor related transactions and ensure compliance with listing rules[192]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 64,585,000, a significant decrease of 67.5% compared to RMB 198,460,000 in 2023[6]. - The company incurred a pre-tax loss of RMB 52,640,000, compared to a loss of RMB 44,896,000 in the previous year, indicating a deterioration in profitability[6]. - Total assets decreased to RMB 558,737,000 from RMB 644,936,000 in 2023, reflecting a decline of approximately 13.4%[6]. - The company's total liabilities also decreased to RMB 321,013,000, down from RMB 352,829,000, marking a reduction of about 9.0%[6]. - The net asset value fell to RMB 237,724,000, a decrease of 18.6% from RMB 292,107,000 in 2023[6]. - The group's revenue for the fiscal year ending December 31, 2024, was approximately RMB 64.6 million, an increase of about 225.4% compared to RMB 19.8 million in the fiscal year 2023[49]. - The net income from financing guarantee services was approximately RMB 15.1 million for the fiscal year ending December 31, 2024, representing a growth of about 13.5% from RMB 13.3 million in the previous year[49]. - Revenue from financing and non-financing guarantee services was approximately RMB 154 million and RMB 2 million, accounting for approximately 23.8% and 0.3% of total revenue, respectively[26]. - Revenue from market pig sales for the year ended December 31, 2024, was approximately RMB 4.4 million, a significant increase from RMB 1.2 million in 2023, reflecting a recovery in sales volume and revenue[56]. - Revenue from energy storage system sales for the year ended December 31, 2024, was approximately RMB 41.4 million, a substantial increase from RMB 5.0 million in 2023[59]. Business Strategy and Operations - The company is focusing on enhancing risk control capabilities and optimizing business structure to ensure stable and healthy development amid macroeconomic fluctuations[9]. - The company is advancing its supply chain finance business, particularly in the pig supply chain and international energy storage sectors, despite facing market competition and policy uncertainties[12]. - The company plans to optimize its supply chain finance business while maintaining a prudent approach to traditional business operations, focusing on small and micro enterprises[14]. - The company aims to explore new business areas and market opportunities to achieve diversified development[16]. - The company will enhance risk control and optimize its business structure to meet diverse customer needs in the guarantee service sector[14]. - The company is committed to providing high-quality energy storage solutions in response to the growing market demand in the energy storage supply chain[15]. - The company aims to enhance energy storage systems to provide more efficient, safer, and cost-effective solutions while introducing new products to meet local market demands[95]. - The company plans to deepen its presence in the South African market and selectively expand into other African, Australian, and European markets by 2025[95]. - The company recognizes the importance of the Greater Bay Area's financial development and aims to actively promote the construction of a financial hub in the region[89]. - The company is committed to maintaining prudent and stable operations while expanding its comprehensive services in the Greater Bay Area[85]. Economic Environment - The domestic GDP growth for 2024 is projected at 5.0%, indicating a resilient economic environment, which the company aims to leverage for its growth strategies[8]. - The Hong Kong economy is expected to grow by 2.5% in 2024, presenting both opportunities and challenges for the company[8]. - The global economy is expected to grow slowly in 2025, with inflation rates likely to decline and the job market remaining stable, but geopolitical tensions and high debt levels pose significant uncertainties[13]. - The overall GDP growth in Hong Kong for 2024 is projected at 2.5%, driven by improved external demand and increased service exports[20]. - The global energy storage market is experiencing rapid growth, supported by government policies, but faces challenges in technology, economics, and competition[93]. Risk Management - The company is implementing a core strategy of "risk first, business second" in its guarantee business to enhance operational efficiency and safeguard client interests[11]. - The company employs a strict credit risk assessment policy to minimize credit risk, involving thorough due diligence and background checks on clients and guarantors[28]. - The credit limit for clients is determined by the risk management department based on initial assessment reports and due diligence findings[32]. - The group maintains a cautious strategy in expanding its guarantee business, prioritizing risk management and optimizing risk control mechanisms[38]. - The group actively monitors customer financial conditions and business operations, conducting regular assessments to safeguard its interests in receivable default guarantee payments[37]. Share Options and Corporate Governance - The company has adopted stock option plans as a reward mechanism for directors and eligible employees following its initial public offering[156]. - The board of directors is composed of five executive directors, with re-elections scheduled for June 28, 2024, for Mr. Li Bin and Mr. Pang Haoquan[148]. - The company has established a compensation committee to determine the remuneration of directors based on company performance and market practices[155]. - The company has arranged appropriate liability insurance for its directors and key personnel[158]. - The company has established an Environmental, Social, and Governance (ESG) committee to assess the environmental impact of its operations and report to senior management[185]. - The company is committed to sustainable development and has set carbon reduction targets while increasing the use of renewable energy[184]. - The company has adopted and complied with the Corporate Governance Code as of December 31, 2024, ensuring high standards of corporate governance[198]. Customer and Market Dynamics - The largest customer accounts for approximately RMB 25 million in accounts receivable default guarantee payments, representing 19.3% of the total[26]. - Approximately 15,000 individual customers benefited from the customized guarantee services tailored for the payment segment of the trading market, resulting in positive financial outcomes for the group[39]. - The group faces sales revenue reduction risks due to fluctuations in live pig prices, particularly during market downturns, which may lead to operational losses[106]. - The group is implementing a live pig breeding model to mitigate cash flow pressure and respond to market price volatility[106]. Employee and Talent Management - The group employed 66 full-time employees, with total employee costs (including directors' remuneration) amounting to approximately RMB 15.7 million[81]. - The group maintains two share option plans to attract and retain talent, enhancing business success[125]. Financial Position and Capital Management - Cash and bank deposits increased to approximately RMB 185.6 million from RMB 134.1 million, an increase of about RMB 51.5 million[74]. - Trade and other receivables decreased to approximately RMB 87.6 million from RMB 135.9 million due to collections during the reporting period[75]. - The group plans to leverage its operating funds to support guarantee and financing lease businesses, while remaining open to potential debt or equity fundraising opportunities to meet operational needs[42]. - The company has not purchased, sold, or redeemed any of its listed securities, including treasury shares[175]. Subsequent Events and Compliance - There have been no significant subsequent events from December 31, 2024, to the date of this report[191]. - The company has not entered into any related party transactions that require disclosure under the listing rules as of December 31, 2024[192]. - The company has not identified any non-compliance with environmental laws and regulations as of December 31, 2024[185].

Financial Performance - The company reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching HKD 1.2 billion, representing a 15% year-over-year growth[16]. - The company's revenue increased by 17.1% to HKD 2,486,000,000 for the year ending December 31, 2024, compared to HKD 2,122,000,000 in 2023[32]. - Profit attributable to equity holders rose to HKD 127,000,000, reflecting a 5.5% increase from HKD 120,000,000 in the previous year[32]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved cost management and operational efficiency[16]. - Gross profit for the year was HKD 365,700,000, a 7.4% increase from HKD 340,600,000, but the gross profit margin decreased from 16.0% to 14.7% due to rising costs[115]. - Net profit for the year was HKD 127,100,000, a 5.5% increase from HKD 120,500,000, supported by higher gross profit and interest income[118]. - The company's total revenue for the year was HKD 2,485,700,000, an increase of 17.1% from HKD 2,122,400,000 in the previous year[114]. - The company maintained a strong financial position with cash and bank balances of HKD 562,500,000 as of December 31, 2024, slightly down from HKD 566,500,000 the previous year[119]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.50 per share, alongside a special dividend of HKD 0.20 per share, reflecting strong financial performance[16]. - The board proposed a final dividend of HKD 0.02 per share and a special dividend of HKD 0.02 per share, pending shareholder approval[33]. - The company maintains a dividend policy that considers sufficient cash reserves for operational needs and future business growth, with no guarantee of specific dividend payments for any period[100]. - The company paid dividends totaling HKD 60,000,000 in 2024, an increase of 21.3% from HKD 49,500,000 in 2023[185]. Market and Growth Strategy - User data showed a 20% increase in active users, reaching 500,000 by the end of 2024, indicating strong market engagement[16]. - The company provided an optimistic outlook for 2025, projecting a revenue growth of 10% to 12%, driven by new product launches and market expansion strategies[16]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[16]. - A strategic acquisition of a local competitor was completed, valued at HKD 200 million, expected to enhance the company's service capabilities and customer base[16]. - The company is exploring partnerships with technology firms to leverage innovative solutions, aiming to enhance product development and customer experience[16]. Corporate Governance - The company has a commitment to high standards of corporate governance, ensuring transparency and accountability to protect shareholder interests[62]. - The board consists of six executive directors and four independent non-executive directors, with a clear division of responsibilities between the chairman and the CEO[66][72]. - The company has established mechanisms to ensure independent insights and opinions from the board, with all independent non-executive directors confirming their independence[71]. - The company aims for sustainable growth through a proactive corporate culture, emphasizing integrity and accountability[63]. - The board has held two regular meetings during the year, deviating from the corporate governance code which recommends at least four meetings annually[67]. - The company has a comprehensive risk management policy to ensure operations align with the best interests of shareholders and stakeholders[64]. - The company has implemented a director and senior management liability insurance to protect individual directors' interests[69]. - The company has a balanced approach to corporate governance policies, ensuring compliance with the listing rules[62]. Operational Efficiency and Investments - Investment in new technology development increased by 25%, totaling HKD 150 million, aimed at enhancing operational efficiency and product offerings[16]. - The company is implementing an AI-driven site monitoring system and improved IT infrastructure to enhance operational efficiency in the new fiscal year[125]. - The group plans to invest approximately HKD 90 billion annually in public works projects over the next four years, a 17% increase compared to the average of the past five years[37]. - Strategic investments in equipment, facilities, and human capital are ongoing to strengthen market position and focus on sustainable growth[38]. Challenges and Industry Outlook - The construction industry is expected to face challenges in 2025, with anticipated growth slowing to 0.7% due to external uncertainties and liquidity pressures[36]. - The group anticipates a gradual decrease in private residential development, projecting the development of 20,000 units by 2025 due to cautious strategies and reduced land sales[38]. - The public sector continues to present strong business opportunities, offsetting the slowdown in private development, with a projected annual growth of 2.6% from 2026 to 2029[37]. - The group maintains a flexible strategy in resource allocation amidst high borrowing costs and liquidity challenges expected from mid-2024[38]. Board Composition and Director Information - The board consists of 10 directors, with four being independent non-executive directors, meeting the requirement of at least one-third independence[74]. - The board has 3 directors with service periods of 2 years or less and 7 directors with service periods of 7 to 10 years[88]. - The company has appointed a new independent non-executive director, effective December 2, 2024[70]. - Directors are required to participate in continuous professional development, with training records maintained for compliance and skill enhancement[76]. Financial Position and Assets - Total assets as of December 31, 2024, reached HKD 2,004,549,000, an increase of 14.1% from HKD 1,756,752,000 in 2023[127]. - Total liabilities increased to HKD (1,201,392,000), up from HKD (1,026,546,000) in 2023[127]. - The company's equity attributable to shareholders reached HKD 803,157,000, up from HKD 730,206,000 in 2023, reflecting a 10% growth[179]. - The company reported a decrease in trade receivables to HKD 203,081,000 from HKD 297,575,000 in 2023, indicating improved collection efficiency[178]. Compliance and Regulatory Matters - The company has confirmed compliance with a non-competition agreement established in 2015, ensuring no competition with Jianlian Group's business[151]. - The company has maintained a public float of at least 25% of its total issued shares as of the report date[154]. - Ernst & Young has been proposed for reappointment as the company's auditor at the upcoming annual general meeting[155]. - No serious violations of applicable laws and regulations were reported that could significantly impact the company's operations for the year ending December 31, 2024[152].

Financial Performance - For the year ended December 31, 2024, Best Pacific achieved a record high overall sales revenue of approximately HK$5,061.3 million, marking an increase of approximately 20.5% compared to 2023[14]. - Revenue has grown significantly from approximately HK$1,860.9 million in 2014 to approximately HK$5,061.3 million in 2024, reflecting a compound annual growth rate of approximately 10.5% over the past decade[15]. - In 2024, the company's total sales revenue reached approximately HK$5,061.3 million, representing an increase of approximately 20.5% compared to HK$4,200.7 million in 2023[24]. - The overall gross profit for 2024 was approximately HK$1,356.8 million, reflecting a 35.2% increase from the previous year, resulting in a gross profit margin of approximately 26.8%, up by 2.9 percentage points[28]. - Profit attributable to owners of the company amounted to approximately HK$608.1 million for 2024, marking a 75.3% increase from approximately HK$347.0 million in 2023[29]. - Basic earnings per share for 2024 were approximately HK58.48 cents, an increase of 75.3% from approximately HK33.36 cents in 2023[29]. - The Group achieved a record high net profit of approximately HK$594.1 million for the year ended 31 December 2024, representing an increase of approximately 70.0% compared to approximately HK$349.4 million for the year ended 31 December 2023[76]. - The net profit margin increased to approximately 11.7% for the year ended 31 December 2024, up approximately 3.4 percentage points from approximately 8.3% for the year ended 31 December 2023[80]. - The Group attained an EBITDA of approximately HK$1,188.2 million for the year ended 31 December 2024, representing an increase of approximately 34.5% compared to approximately HK$883.6 million for the year ended 31 December 2023[78]. Market Trends and Expansion - The ongoing athleisure trend and consumers' growing focus on quality and functionality reveal substantial market potential in the sportswear and apparel sector[15]. - Best Pacific launched a new expansion project in Vietnam in the last quarter of 2024, leveraging nearly a decade of experience in the location[16]. - The company anticipates promising returns for shareholders and stakeholders from its continuous efforts in the new expansion project[16]. - The sportswear and apparel elastic fabric segment achieved a record revenue of approximately HK$2,805.7 million, an increase of approximately HK$625.7 million or 28.7% from HK$2,180.0 million in 2023[45]. - The company achieved a high-teens sales growth in Vietnam in 2024, continuing its strong performance from the previous year[34]. - In December 2024, the company acquired land use rights in Nghe An, Vietnam, to establish an advanced production facility, aiming to capture potential growth in sales orders[35]. - The Group plans to develop a second production base in Vietnam, with the first phase of production facilities expected to commence commercial production in 2026[129]. Economic Environment - The global economy experienced moderate growth in 2024, with an estimated world output growth of 3.2% according to the IMF[14]. - World trade volume rose, driven by robust exports from Asia, benefiting Asian textile and garment manufacturers[14]. - The U.S. experienced a year-on-year GDP growth of 2.8% in 2024, contributing to a favorable economic environment for the company's operations[23]. - Ongoing trade tensions and inflation in the U.S. pose risks to consumer confidence and spending, which could impact sales for Best Pacific[118]. - The IMF projects global GDP growth at 3.3% for both 2025 and 2026, which may influence Best Pacific's market strategies moving forward[115]. Operational Efficiency and Cost Management - The Group's cost of sales for 2024 amounted to approximately HK$3,704.5 million, an increase of approximately HK$507.4 million or 15.9% compared to HK$3,197.1 million in 2023[50]. - The gross profit margin improved to 26.8% in 2024 from 23.9% in 2023, driven by better production efficiencies and stable raw material prices[53]. - The Group's finance costs decreased by approximately 24.6% from approximately HK$116.2 million for the year ended 31 December 2023 to approximately HK$87.7 million for the year ended 31 December 2024[70]. - The average trade receivables turnover days improved to 58.3 days in 2024 from 60.5 days in 2023, a decrease of 2.2 days or 3.6%[89]. - The average inventory turnover days decreased to 111.8 days in 2024 from 122.4 days in 2023, a reduction of 10.6 days or 8.7%[89]. Shareholder Returns and Dividends - A final dividend of HK$15.91 cents per ordinary share was declared for the year ended 31 December 2024, compared to HK$11.38 cents per ordinary share for the year ended 31 December 2023[106]. - An interim dividend of HK$13.33 cents per ordinary share was paid on 4 October 2024, up from HK$5.3 cents per ordinary share in 2023[107]. - Best Pacific declared a final dividend of HK$0.1591 per share for the year ending December 31, 2024, compared to HK$0.1138 per share for the previous year, reflecting a significant increase of 40.0%[109]. Sustainability and Corporate Responsibility - Best Pacific's commitment to sustainability is highlighted by securing a sustainability-linked loan in 2024, confirming that its sustainability performance targets are relevant and ambitious[114]. - The Group made charitable donations totaling approximately HK$310,000 during the year[163]. - The Company has complied with relevant laws and regulations in the Cayman Islands, PRC, Hong Kong, Vietnam, Sri Lanka, and the U.S. for the year ended December 31, 2024[161]. Employee and Governance - The Group employed a total of 11,037 employees as of 31 December 2024, an increase from 9,604 employees as of 31 December 2023[98]. - The Group has a performance appraisal system in place to reward and recognize employees, promoting career development through training and advancement opportunities[152]. - The executive directors have renewed their service agreements for an extended term of three years starting from November 23, 2024, with amendments related to holiday and housing benefits[187]. - All directors are subject to retirement by rotation, with Mr. Lu, Mr. Wu, and Mr. Cheung eligible for re-election at the upcoming AGM[189]. - Directors' fees are subject to shareholders' approval, while other emoluments are determined by the Board based on directors' duties and the Group's performance[192].

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 743,146,000, an increase from RMB 656,943,000 in 2023, representing a growth of approximately 13.1%[12] - Net profit for the same period was RMB 226,104,000, up from RMB 195,917,000 in 2023, indicating a growth of about 15.4%[13] - Total assets as of December 31, 2024, amounted to RMB 10,914,895,000, compared to RMB 9,428,623,000 in 2023, reflecting an increase of approximately 15.7%[15] - Total equity reached RMB 2,220,420,000, up from RMB 2,054,081,000 in 2023, marking a growth of around 8.1%[14] - Annual operating revenue reached RMB 878 million, a year-on-year increase of 5.27%, while total profit grew by 4.42% to RMB 362 million[26] - The return on equity was 10.9%, indicating strong financial performance[26] - The net profit margin was 30.9%, showcasing operational efficiency[18] - The company's earnings per share (EPS) for 2024 is projected to be RMB 0.20[16] - Total revenue for 2024 reached RMB 877,588,000, an increase of 5.7% compared to RMB 833,627,000 in 2023[34] - Net profit for 2024 was RMB 271,038,000, representing a year-on-year increase of 4.5% from RMB 259,875,000 in 2023[34] Risk Management and Asset Quality - The company maintained a non-performing asset ratio of 1.8%, reflecting effective risk management[27] - The company has established a dynamic risk management system utilizing generative AI technology to enhance its risk control capabilities[6] - The non-performing asset ratio was reported at 1.8%, an increase from 1.7% in the previous year, suggesting a slight rise in credit risk[40] - The company emphasized risk control and compliance, maintaining stable growth in operating performance[52] - The company has enhanced its risk control strategies, optimizing asset management processes and improving post-lease monitoring measures[118] - The expected credit impairment loss for 2024 was RMB 79.0 million, reflecting a 1.0% increase from the previous year's expected loss[98] - The provision coverage ratio improved to 207.5%, up by 22.9 percentage points from 184.6% as of December 31, 2023[130] Strategic Focus and Innovation - The company aims to deepen its focus on hard technology sectors, enhancing financial and technological integration to become a leading provider of innovation-driven financial services[7] - Future strategies include continuous investment in hard technology sectors and fostering innovation to support the growth of technology enterprises[7] - The company is committed to providing modular financial solutions that address key capital needs for technology enterprises, including equipment financing and operational optimization[6] - The company aims to enhance market competitiveness through a new product development mechanism and digital transformation initiatives[30] - The company is focusing on a "leasing + investment + service" business model, gradually enhancing its competitive advantages in differentiated services[117] Financing and Capital Structure - The financing for the year exceeded RMB 10 billion, with bond financing costs reaching a record low and the overall cost of capital reduced to 2.8%[27] - The company diversified its financing channels, raising RMB 10.084 billion in 2024, with bond financing reaching a historical high of RMB 4.914 billion[55] - The company successfully registered RMB 1.5 billion medium-term notes and raised RMB 500 million during the reporting period, along with issuing six phases of asset-backed securities totaling RMB 3.514 billion[141] - The group plans to continue optimizing its funding structure and exploring new financing channels to effectively control financing costs[80] Market Expansion and Customer Engagement - The company signed 697 new projects, serving over 2,500 technology innovation enterprises[17] - The company focused on sectors such as robotics, new energy vehicles, and medical equipment, with nearly 85% of new customers aligning with target industry segments[52] - The company accumulated over 200 potential customers through more than 10 promotional events, with 12 converting in the same period[52] - The company is exploring potential acquisitions to enhance its product portfolio and market presence[200] Employee and Management - The company has a total of 146 employees as of December 31, 2024, with approximately 67.1% holding master's degrees or higher[173] - The employee cost for the year ended December 31, 2024, is approximately RMB 99.4 million, compared to RMB 94.9 million in 2023[173] - The group has established a comprehensive performance evaluation and targeted training program for employees based on their positions and performance[178] - The management team has a strong educational background, with degrees from prestigious institutions such as Tsinghua University and Nankai University[191][197] Future Outlook - In 2024, China's GDP is expected to grow by 5% year-on-year, achieving major expected targets amid a complex international environment[47] - Overall, the company remains optimistic about future growth, driven by strategic initiatives and market demand[200] - The company plans to invest $50 million in marketing initiatives to support upcoming product launches[200]

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[5]. - Revenue from continuing operations for 2024 was HKD 18,505,293, a decrease of 8.9% compared to HKD 20,322,478 in 2023[24]. - Net profit attributable to owners for 2024 was HKD 3,142,138, reflecting a slight increase of 0.6% from HKD 3,122,069 in 2023[24]. - Basic earnings per share for 2024 increased to HKD 0.4806 from HKD 0.4775 in 2023, marking a 0.6% growth[55]. - The gross profit margin improved to 40%, up from 35% in the previous year, due to better cost management[5]. - The total assets increased to HKD 5 billion, marking a 12% growth year-over-year[5]. - The total assets decreased by 3.1% to HKD 135,595,403 from HKD 139,965,972 in 2023[24]. - The company's equity totalled HKD 56,675,473 as of December 31, 2024, down from HKD 58,029,625 in 2023, indicating a decrease of 2.3%[133]. - The total liabilities decreased to HKD 78,919,930 in 2024 from HKD 81,936,347 in 2023, showing a reduction of 3.7%[133]. - The company reported a significant increase in distributable reserves to HKD 5,367,032,000 in 2024, up from HKD 3,484,663,000 in 2023, marking a growth of 54.0%[136]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-12% for the next fiscal year, driven by new product launches and market expansion[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[5]. - The company aims to strengthen its core business in water resources while expanding into high-value areas and improving operational efficiency across all business segments[62]. - The company is actively investing in water resource management, property investment, and infrastructure, aiming to strengthen its core business and maintain industry leadership[183]. - The company plans to enhance project acquisition efficiency and expand new business capabilities to further scale its operations[183]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.0727 per share, reflecting a 5% increase from the previous year[5]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.0727 per share, combined with an interim dividend of HKD 0.2397 per share, totaling HKD 0.3124 for the year (2023: HKD 0.3104)[57]. - The company reported a mid-term dividend of HKD 0.2397 per share, an increase from HKD 0.1871 in 2023[128]. - The board proposed a final dividend of HKD 0.0727 per share for the year ending December 31, 2024, down from HKD 0.1233 in 2023[128]. Operational Efficiency and Technology - Investment in new technologies increased by 25%, totaling HKD 300 million, focusing on sustainable water management solutions[5]. - The company introduced a new water purification technology that is expected to reduce operational costs by 20%[5]. - The company is focusing on enhancing operational efficiency and employee accountability to improve market competitiveness and achieve high-quality development goals[106]. - The company is committed to optimizing product offerings and operational management to mitigate competition risks and enhance project profitability[103]. Risk Management and Governance - The company is actively monitoring macroeconomic conditions and capital market trends to adapt its strategies and maintain competitiveness amid external economic pressures[101]. - The company has implemented a dynamic monitoring system for foreign exchange risk exposure and will adjust strategies based on market conditions[100]. - The company emphasizes the importance of effective risk management for success in a complex and rapidly changing environment[196]. - The independent non-executive directors and audit committee regularly review the financial and operational performance of the group to ensure independence from major shareholders[147]. Human Resources and Corporate Culture - The total employee count as of December 31, 2024, was 10,759, down from 11,495 in 2023, with total salary expenses approximately HKD 2.337 billion, a decrease from HKD 2.502 billion in 2023[106]. - The company is enhancing its employee training programs to foster a learning organization and improve compliance and professional skills[107]. - The company is committed to a corporate culture that promotes integrity and transparency, with a zero-tolerance policy towards corruption and bribery[185]. Financial Liabilities and Loans - As of December 31, 2024, the total financial liabilities of the group were HKD 23.86 billion, a decrease from HKD 42.43 billion in 2023[94]. - The group recorded a net loss of HKD 25.27 million from fair value adjustments of investment properties, a decline from a net gain of HKD 230.12 million in 2023[90]. - The company is committed to ensuring compliance with loan agreements to avoid defaults and immediate repayment obligations[165]. - A loan of HKD 5 billion was secured on February 29, 2024, with an outstanding principal of HKD 4.5 billion as of December 31, 2024[172]. Corporate Governance - The board of directors consists of five executive directors, two non-executive directors, and four independent non-executive directors, with recent changes effective from March 25, 2025[191]. - The company emphasizes the importance of corporate governance and has adhered to the principles outlined in the Corporate Governance Code[186]. - The company has adopted a code of conduct for securities trading that aligns with the standards set out in the listing rules[189]. - Independent non-executive directors possess extensive experience in various industries, contributing valuable insights and governance knowledge[198].

Company Overview - The registered capital of Bank of Jiujiang Co., Ltd. is RMB 2,847,367,200[5]. - As of the reporting period, the bank has 5,773 full-time employees, with an average age of 30.34 years[6]. - The bank has established a total of 20 village and town banks, enhancing its regional coverage[6]. - The company has established 20 rural banks, controlling 18 of them, with total assets of RMB 170.20 billion and total loans of RMB 98.83 billion as of the reporting period[159]. Awards and Recognition - The bank achieved recognition as a "Top 100 Self-Settlement Institutions" in 2023 by the Central Government Bond Registration and Settlement Co., Ltd.[8]. - The bank received multiple awards in January 2024, including the "2023 Mobile Payment Promotion Award" and "2023 Business Innovation Award" for its outstanding performance in mobile payment and credit card business[7]. - The bank's project "New Generation Fully Online Industrial Financial Platform" won the third prize in the "2022 Financial Technology Development Award," being the only city commercial bank in Central China to receive this honor[7]. - The bank was recognized as the "Best Digital Financial Small and Medium Bank" at the 12th Small and Medium Bank Development Summit Forum in July 2024[9]. - The bank received the "Outstanding Wealth Management City Commercial Bank" award in October 2024[10]. - The bank's "Smart Ranch Project" was recognized as an excellent case in financial innovation in December 2024[11]. - The bank's credit risk early warning system was awarded for risk management innovation in December 2024[11]. - The bank has been recognized as a top 100 self-operated settlement institution for seven consecutive years since 2018[12]. - The company received multiple awards, including "Outstanding Asset Management City Commercial Bank" and "Annual Growth City Commercial Bank" in 2024, reflecting its strong market recognition[143]. Financial Performance - Net interest income for 2024 reached RMB 9,170.6 million, an increase from RMB 8,289.0 million in 2023, representing a growth of 10.65%[16]. - Total operating income for 2024 was RMB 10,388.4 million, slightly up from RMB 10,358.4 million in 2023, indicating a marginal increase of 0.29%[16]. - The net profit for the year 2024 was RMB 761.5 million, compared to RMB 745.4 million in 2023, reflecting a growth of 2.83%[16]. - The basic earnings per share for 2024 was RMB 0.14, consistent with the previous year[16]. - The average return on total assets for 2024 was 0.15%, unchanged from 2023[16]. - The core tier 1 capital adequacy ratio improved to 9.44% in 2024 from 8.64% in 2023[16]. - Total assets reached RMB 516,458.6 million, an increase from RMB 503,849.2 million in 2023, marking a growth of 1.22%[17]. - Net customer loans and advances amounted to RMB 311,947.8 million, up from RMB 293,410.2 million in 2023, reflecting a growth of 6.67%[17]. - The liquidity coverage ratio decreased to 394.39% from 448.64% in 2023, indicating a tighter liquidity position[17]. - The total customer loans and advances reached RMB 320.83 billion, reflecting an increase of RMB 19.21 billion or 6.4% year-on-year, driven by stable growth in corporate loans and an increase in bill discounting business[71]. Risk Management - The bank's provision coverage ratio improved to 154.25% compared to 153.82% in 2023, showing enhanced risk management[17]. - The non-performing loan ratio increased to 2.19% from 2.09% in 2023, indicating a slight deterioration in asset quality[17]. - The company has established a comprehensive risk control system, emphasizing professional team building and clear control plans[145]. - The company is enhancing its risk management capabilities by building a credit risk monitoring system and improving post-loan management quality[168]. - The company has implemented a comprehensive country risk management system to monitor and manage exposure to geopolitical and economic changes[170]. Digital Transformation and Innovation - The bank's RFID composite smart safe project won the "Outstanding Case Award for Scene Financial Innovation" in January 2024[7]. - The company is advancing digital finance initiatives, including the launch of "Digital Transformation Loan" and the establishment of an AI model ecosystem[20]. - The bank implemented a digital transformation strategy, achieving 86% of business contracts signed online, significantly improving operational efficiency[135]. - The digital transformation platform achieved a total credit amount exceeding RMB 42.28 billion by the end of 2024, enhancing the company's digital support capabilities[146]. - The AI model platform "Jiuyin Brain" has been developed, learning from 23,000 FAQs and over 1,300 documents, with over 6,500 users and applications in more than 30 business scenarios[157]. Customer and Market Focus - The bank allocated 88.2% of corporate loans to small and micro enterprises, emphasizing support for local economic development[21]. - The consumer finance business aims to enhance consumption potential and support local economic development, focusing on innovative scenarios and a multi-tiered consumer credit system[140]. - The bank's retail banking business focused on enhancing service quality and efficiency, with a strong emphasis on supporting small and micro enterprises[138]. - The company has developed specialized financial service solutions for 27 industry scenarios, focusing on supply chain finance and industry-specific needs[144]. Shareholder Structure - As of December 31, 2024, the total issued share capital of the company is 2,847,367,200 shares, comprising 2,365,000,000 domestic shares and 482,367,200 H shares[190]. - The proportion of state-owned shares is 48.80%, with a slight increase of 0.46% from the previous year[192]. - The top ten domestic shareholders hold a total of 1,632,987,590 shares, accounting for 57.35% of the total issued share capital[194]. - The company has no controlling shareholder as of the reporting period[199]. - The Jiujiang Finance Bureau and Beijing Automotive Group have been identified as significant shareholders with influence over the company's management[199].

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，概不對因本公告 全部或任何部分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。 澄清公告－ 截至二零二四年十二月三十一日止 年度全年業績公告 茲提述Neway Group Holdings Limited中星集團控股有限公司*（「本公司」）日期 為二零二五年三月二十六日之公告，內容有關本公司截至二零二四年十二月 三十一日止年度之全年業績（「全年業績公告」）。除另有界定者外，本公告所用 詞彙與全年業績公告所界定者具有相同涵義。 董事會謹此澄清全年業績公告之若干手民之誤，其修訂內容以底線標示如下： 1. 於全年業績公告第22頁第五段： 本集團存在信貸集中風險，原因是應收貸款總額共計約19,400,000港元 （二零二三年度：約25,400,000港元）的63%（二零二三年度：53%）乃結欠 自兩名（二零二三年度：三名）獨立第三方。五大借款人的應收貸款賬面總 值約為25,900,000港元（二零二三年度：32,800,000港元）。 * 僅供識別 1 NEWAY GROUP HOLDI ...

Financial Performance - Operating revenue for the first quarter was CNY 4,556,516,000.85, a decrease of 2.13% compared to CNY 4,655,884,153.40 in the same period last year[7]. - Net profit attributable to shareholders was CNY 529,498,722.85, down 11.66% from CNY 599,396,148.31 year-on-year[7]. - Basic and diluted earnings per share were both CNY 0.4712, reflecting an 11.66% decline from CNY 0.5334 in the previous year[7]. - Total operating revenue for Q1 2025 was approximately ¥4.56 billion, a decrease of 2.2% compared to ¥4.66 billion in Q1 2024[25]. - Net profit for Q1 2025 was approximately ¥535.77 million, a decrease of 11.7% from ¥606.90 million in Q1 2024[27]. - Earnings per share for Q1 2025 was ¥0.4712, down from ¥0.5334 in Q1 2024[29]. - The company reported a total comprehensive income of approximately ¥536.10 million for Q1 2025, compared to ¥606.91 million in Q1 2024, indicating a decline of 11.6%[29]. Cash Flow - Net cash flow from operating activities decreased by 64.76% to CNY 87,049,151.46, compared to CNY 247,036,905.03 in the same period last year[7]. - Cash inflow from operating activities for Q1 2025 was approximately $2.53 billion, a decrease of 9.4% compared to $2.80 billion in Q1 2024[34]. - Net cash flow from operating activities for Q1 2025 was approximately $87.05 million, a significant decline of 64.8% compared to $247.04 million in Q1 2024[35]. - The net increase in cash and cash equivalents for Q1 2025 was approximately $405.49 million, contrasting with a decrease of $272.83 million in Q1 2024[39]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $2.19 billion, up from $1.95 billion in Q1 2024[39]. Assets and Liabilities - Total assets increased by 8.88% to CNY 15,996,632,378.31 from CNY 14,691,335,709.97 at the end of the previous year[7]. - The total liabilities increased to RMB 7,679,708,982.76 as of March 31, 2025, compared to RMB 6,913,064,048.45 at the end of 2024, indicating a rise of about 11.1%[22]. - The company's total assets reached RMB 15,996,632,378.31 as of March 31, 2025, compared to RMB 14,691,335,709.97 at the end of 2024, representing an increase of approximately 8.9%[20]. - The total current liabilities amounted to RMB 7,274,821,529.91, an increase from RMB 6,498,069,754.11, indicating a growth of about 11.9%[21]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,723, with 37,436 being A-share holders and 287 being H-share holders[13]. - The largest shareholder, China Yituo Group Co., Ltd., holds 48.81% of the shares[14]. - Equity attributable to shareholders rose by 7.34% to CNY 7,788,081,504.56 from CNY 7,255,707,334.12 at the end of the previous year[7]. - Shareholders' equity totaled approximately ¥8.32 billion in 2025, compared to ¥7.78 billion in 2024, reflecting a growth of 7.1%[23]. Operational Insights - The company experienced a significant decline in cash flow due to seasonal factors affecting agricultural machinery sales[12]. - Research and development expenses for Q1 2025 were approximately ¥86.93 million, a decrease of 8.3% from ¥95.21 million in Q1 2024[25]. - Other income for Q1 2025 was approximately ¥76.80 million, down from ¥80.26 million in Q1 2024[26]. - Investment income for Q1 2025 was approximately ¥45.25 million, an increase from ¥41.12 million in Q1 2024[26]. Governance and Management - The company plans to extend the term of its board and supervisory committee elections, which will not affect normal operations[18]. - The independent director's term will end on April 12, 2025, and he has applied to resign, which will not impact the legality of the board's composition[18].

Financial Performance - Revenue increased from RMB 19,532.2 million in 2023 to RMB 20,748.6 million in 2024, a year-on-year increase of 6.2%[10] - Gross profit rose from RMB 12,663.4 million in 2023 to RMB 13,764.8 million in 2024, reflecting an 8.7% year-on-year growth[10] - Net profit increased from RMB 3,290.4 million in 2023 to RMB 3,654.1 million in 2024, marking an 11.1% year-on-year rise[10] - Total assets as of December 31, 2024, were RMB 35,725.7 million, compared to RMB 36,194.7 million in 2023[8] - Total equity increased to RMB 27,407.4 million in 2024 from RMB 26,334.3 million in 2023[8] - Profit before tax rose by 14.4% from RMB 4,850.3 million in 2023 to RMB 5,549.7 million in 2024[45] - Other income and net gains decreased by 11.7% from RMB 1,659.5 million in 2023 to RMB 1,465.1 million in 2024, primarily due to reduced government subsidies[39] - Cash and cash equivalents amounted to RMB 9,321.2 million as of December 31, 2024, including unrestricted time deposits and similar cash-like assets[49] - The debt-to-equity ratio improved from 0.36 in 2023 to 0.32 in 2024, indicating a stronger capital structure[52] Market and Product Development - The company launched new nutritional products such as "Supernova Cheese" and "Aiben Dynamic Protein Powder" to meet personalized nutrition needs[11] - The company is committed to product innovation and aims to lead the all-age nutrition sector, aligning with its mission to deliver love through nutrition[15] - Revenue from infant formula products accounted for 91.9% of total revenue in 2024, amounting to RMB 19,061.6 million, a 6.6% increase from the previous year[34] - The company has a strong focus on the infant nutrition market, with leadership roles held by former executives from Nestlé and Coca-Cola[77] - The company is actively involved in research and development to innovate new products in the health and nutrition sector[71] Marketing and Sales Strategy - The company held over 920,000 face-to-face seminars during the fiscal year ending December 31, 2024, to maximize consumer engagement[28] - The company plans to continue enhancing its marketing strategies, focusing on both online and offline channels to strengthen brand association[27] - The company has a distribution network of over 2,800 offline customers covering more than 77,000 retail points, with 77.1% of total revenue from dairy products generated through these sales channels[23] Corporate Social Responsibility and Governance - The company was recognized in the "2024 ESG Excellence Practice Report" and ranked among the "Top 100 ESG Listed Companies in China" for its achievements in ESG development[12] - The company participated in drafting three national standards related to "green manufacturing" to promote sustainable development[12] - The company made charitable donations of approximately RMB 26.4 million for the year ending December 31, 2024[112] Future Outlook and Strategic Plans - China Feihe aims to enhance its global brand influence and expand overseas markets, focusing on becoming a "global Feihe" through continuous innovation in maternal milk research and all-age nutrition[15] - The company plans to continue focusing on independent innovation, particularly in areas such as breast milk research and brain development research, to enhance its product offerings[62] - Market expansion plans include entering two new international markets by Q3 2024[68] - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million set aside for potential deals[69] Shareholder Information and Dividends - The company plans to distribute a final dividend of HKD 0.1632 per share for the year ending December 31, 2024, totaling approximately HKD 1,479,775,000 (equivalent to about RMB 1,366,120,000) pending shareholder approval[101] - The company aims to maintain a dividend policy of distributing no less than 30% of net profit for each financial year, subject to future investment plans[102] - As of December 31, 2024, the company's distributable reserves amount to approximately RMB 13,172.6 million, of which RMB 1,366.1 million is proposed for the final dividend[111] Management and Governance Structure - The management team has extensive experience, with key executives having over 30 years in the dairy industry[65] - The board of directors includes independent members with diverse backgrounds in finance, healthcare, and management, ensuring robust governance[80] - The company has established a strong foundation in environmental, social, and governance (ESG) practices, with dedicated committees overseeing these initiatives[80] Financial Management and Capital Allocation - The company plans to allocate HKD 2,621.9 million for offshore debt repayment, with HKD 208.3 million remaining to be used by December 31, 2025[117] - Potential acquisition opportunities are estimated at HKD 1,310.9 million, with no amount yet utilized[117] - The company has unutilized funds amounting to HKD 1,488.1 million, which is expected to be fully utilized by December 31, 2025[118]