Financial Performance - The total income of the Group decreased by approximately HK$22,461,000 to approximately HK$798,962,000, representing a slight decrease of 2.7% compared to the previous year[9]. - The operating income of the wellness and elderly care business increased by approximately HK$45,417,000 compared to the previous year[9]. - The financial leasing business's operating income increased by approximately HK$15,389,000, focusing on domestic environmental protection sectors[9]. - The civil explosives business experienced a decrease in operating income of approximately HK$70,882,000 due to reduced market demand and increased competition[9]. - The comprehensive results from continuing operations turned from loss to profit, increasing by approximately HK$105,884,000, representing a substantial increase of approximately 455.4%[10]. - The net profit of the Group was approximately HK$123,999,000 after accounting for other factors, reflecting a decrease of HK$31,937,000[10]. - The financial leasing segment's operating income increased by approximately 4.4% to approximately HK$368,025,000, with 68.5% contributed by clients in the environmental industry[23]. - The civil explosives business experienced a decline in operating income by 26.7% to approximately HK$194,868,000, and operating profit decreased by 33.1% to approximately HK$25,925,000[26]. - For the year ended December 31, 2024, the Group's total revenue decreased by 26.7% to approximately HK$194,868,000, and operating profit fell by 33.1% to approximately HK$25,925,000[28]. - The profit contribution from the discontinued industrial park and property development business decreased by approximately HK$137,821,000 to approximately HK$41,366,000, representing a decline of 76.9% compared to the previous year[29]. - Total rental income from properties decreased by approximately 20.5% to approximately HK$7,647,000, with the occupancy rate of China Holdings Building dropping from approximately 92.40% to approximately 80.0%[30]. - The hotel business reported a turnover of HK$11,440,000, a decrease of approximately 23.7% or HK$3,558,000 compared to last year, while profit increased by 420.8% to HK$5,562,000[31]. - Changhai Power Plant recorded a profit of approximately HK$135,875,000, contributing approximately HK$40,335,000 to the Group, representing a decrease of 21.5% compared to the previous year[32]. Elderly Care Business - The Group added 700 elderly care beds in October 2024, bringing the total to 3,425 beds, an increase of approximately 26.5% year-on-year[14]. - The occupancy rate for elderly care beds was approximately 61.1%, increasing to about 76.8% when excluding the newly added beds[14]. - The Group has 500 elderly care beds under construction, which will increase the total to 3,925 beds upon completion, making it the enterprise with the largest number of operational beds in Foshan[14]. - The Group has 455 medical nursing beds with an occupancy rate as high as 74.2%[14]. - The wellness and elderly care business segment recorded operating income of approximately HK$202,858,000 for the year ended December 31, 2024, representing a continuous increase of 28.8% compared to the previous year[15]. - The elderly care business turned profitable, achieving an operating profit of approximately HK$9,577,000, which is an increase of 188.2% year-on-year[15]. - The total number of elderly care beds increased to 3,425, a year-on-year increase of approximately 26.5%, with an occupancy rate of about 61.1%[16]. - The company is actively promoting the construction of integrated medical and elderly care facilities and has launched several new departments focusing on geriatric medicine and rehabilitation[15]. - The company has successfully secured inclusion in the "Guangdong Residential Care Service Scheme" to enhance elderly care services for seniors from Hong Kong and Macau[44]. - The company is actively pursuing investments in institutional elderly care business in Hong Kong to facilitate relocation services for seniors from Hong Kong and Macau[44]. - The company aims to expand its elderly care facilities to reach 5,000 beds by the end of 2025, with ongoing negotiations for multiple prospective projects[44]. Corporate Governance - The company emphasizes the importance of corporate governance and has complied with all code provisions under the Corporate Governance Code for the year ended December 31, 2024[53]. - The board of directors comprises six members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[59]. - The Board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[62]. - The Board convened nine meetings in 2024, with all directors achieving a 100% attendance rate[75]. - The chairman, Mr. He Xiangming, and the president, Mr. Fu Weiqiang, are responsible for leading the Board and managing the Group's operations, respectively[80]. - Independent non-executive directors provide diverse experience and ensure checks and balances to protect shareholders' interests[78]. - The Company has mechanisms in place for independent views, allowing directors to seek independent advice at the Company's expense when necessary[77]. - The Board is responsible for corporate governance and aims to increase shareholder value through strategic planning and oversight of management performance[66]. - Each director is required to retire at least once every three years, ensuring regular rotation and fresh perspectives[64]. - The Board reviews its governance policies and practices annually to ensure compliance with legal and regulatory requirements[76]. - The management is authorized to handle day-to-day operations, while the Board focuses on strategic direction and major decisions[66]. - The Company emphasizes the importance of training and continuous professional development for directors and senior management[71]. - The audit committee held four meetings in 2024, with all members achieving a 100% attendance rate[96]. - The audit committee reviewed the 2023 audited financial statements and the interim report for the six months ended June 30, 2024[100]. - The remuneration committee convened three meetings in 2024 to review remuneration plans for directors and senior management[102]. - The company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all directors for the year ended December 31, 2024[90]. - All newly appointed directors received necessary induction and training to understand the company's operations and their responsibilities[87]. - The company encourages continuous professional development for all directors, with participation recorded for the year ended December 31, 2024[88]. - The president is responsible for daily operations and implementing the Board's strategy, ensuring effective coordination among departments[86]. - The audit committee is composed of three independent non-executive directors with extensive experience in accounting, economics, or legal aspects[95]. - The chairman of the audit committee is responsible for reporting meeting results and recommendations to the Board after each meeting[95]. - The company has mechanisms in place to ensure independent opinions and advice are provided to the Board[82]. - The remuneration committee held three meetings during the year with a 100% attendance rate from all members[103]. - The remuneration policy is based on staff responsibilities, qualifications, and performance, ensuring no director determines their own remuneration[104][105]. - The nomination committee reviewed the Board structure and recommended re-election of retiring directors, with a 100% attendance rate in their meeting[111][113]. - As of December 31, 2024, the Board consists of five male members and one female member, with ongoing considerations for enhancing gender diversity[121]. - The Company has a total of 1,232 employees, with a female-to-male ratio of approximately 1.4:1, reflecting a commitment to gender diversity in hiring[122]. - The nomination committee confirmed that all independent non-executive directors comply with independence requirements as per Listing Rules[114]. - The Board Diversity Policy aims to maintain competitive advantage through increased diversity at the Board level[118]. - The nomination committee assessed the effectiveness of the Board Diversity Policy and found it appropriate and effective[120]. - The remuneration received by directors is detailed in the financial statements, ensuring transparency in compensation[105]. - The nomination committee will continue to review the need for achieving higher gender diversity within the Group annually[121]. - The Board has adopted a dividend policy without a predetermined payout ratio, considering factors such as expected financial performance and future expansion plans[123]. - As of December 31, 2024, the company has 1,232 employees, with a gender ratio of approximately 1.4:1 (719 females to 513 males)[125]. Risk Management and Compliance - The Group has implemented a risk management framework involving the Board, audit committee, and senior management to monitor and control risks[129]. - The Board conducts an annual review of the adequacy of resources and effectiveness of the Group's risk management and internal control systems[136]. - The company has adopted an anti-corruption policy and a whistleblowing policy to address potential improprieties[131]. - Internal audit functions are in place to assist the Board in monitoring risk management and internal control systems[132]. - The Group ensures that inside information is disclosed to the public as soon as practicable, maintaining confidentiality until full disclosure[137]. - The company secretary is Mr. Lo Tai On, who complies with relevant training requirements under the Listing Rules[138]. - The company has committed to maintaining effective ongoing dialogue with shareholders since adopting its communication policy in 2012[158]. - The Group complied with all relevant laws and regulations in Bermuda, mainland China, Hong Kong, and the British Virgin Islands during the year[187]. - There were no significant disputes with suppliers or customers reported during the year[185]. - The Group's financial risk management policies are outlined in Note 5 of the financial statements[173]. - The Group faces various risks including business, operational, and financial management risks[173]. - Events significantly affecting the Group since December 31, 2024, are noted in Note 44 of the financial statements[172]. - The Group's environmental, social, and governance report is available on pages 46 to 89 of the annual report[181]. - The Group is committed to environmental sustainability and compliance with environmental laws and regulations[186]. Company Changes and Communication - The company changed its name from "China Investments Holdings Limited" to "Hing Yip Holdings Limited" effective January 18, 2024[144]. - The stock short name changed to "HING YIP HLDGS" for trading purposes on February 9, 2024, while the stock code remains "00132"[146]. - The corporate website address changed to "http://hingyiphk.quamhkir.com" effective February 6, 2024[149]. - The audit fee for the year ended December 31, 2024, was approximately HK$1,040,000[151]. - The company has established a shareholders' communication policy to ensure timely and relevant information is provided to shareholders[152]. - Shareholders holding at least one-tenth of the paid-up capital can requisition a special general meeting[159]. - The company maintained communication with shareholders through annual and special general meetings held throughout 2024[154]. - The Company presented the annual report and audited financial statements for the year ended December 31, 2024[169]. - The Group's business review and future development discussions are detailed in the Chairman's Statement on pages 4 to 13 of the annual report[171]. - The Group's financial performance analysis with key performance indicators is included in the Chairman's Statement[172]. - The Group maintains good relationships with suppliers and customers, with no material disputes reported in 2024[180]. - The Group's property, plant, and equipment movements are detailed in Note 18 of the financial statements[190]. - The Company did not purchase, sell, or redeem any of its listed securities during the year[191][195]. - The directors of the Company include Mr. He Xiangming (Chairman) and Mr. Fu Weiqiang (President), with Mr. You Guang Wu retiring on 26 June 2024[194][199]. - The consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2024 is detailed on pages 100 to 101 of the annual report[183][188].
中国兴业控股(00132) - 2024 - 年度财报