Company Performance and Financials - For the year ended December 31, 2024, the Group's revenue amounted to approximately HK$558.1 million, an increase from HK$345.8 million in 2023, primarily driven by a HK$196.4 million increase in revenue from the renewable energy business[34]. - The renewable energy business contributed approximately HK$528.9 million in revenue for 2024, up from HK$332.5 million in 2023, with a total of 4 contracts on hand as of December 31, 2024[28]. - The e-commerce business generated approximately HK$27.8 million in revenue for 2024, compared to HK$12.0 million in 2023, reflecting significant growth in this segment[32]. - The gross profit margin increased from approximately 6.0% in 2023 to approximately 7.2% in 2024, attributed to a higher contribution from the e-commerce business[35]. - Selling and administrative expenses rose by approximately HK$19.5 million to approximately HK$57.1 million in 2024, compared to HK$37.6 million in 2023, mainly due to increased marketing services fees[41]. - As of December 31, 2024, the current ratio was 1.2, down from 1.5 in 2023, indicating a decrease in liquidity[44]. - The gearing ratio improved to 23.8% in 2024 from 37.3% in 2023, reflecting a reduction in total debt relative to equity[44]. - The net debt to equity ratio was (15.1)% in 2024, compared to (6.8)% in 2023, indicating a stronger equity position[44]. - The Group had a total contract sum yet to be recognized amounting to approximately RMB440.8 million as of December 31, 2024, up from RMB224.4 million in 2023[28]. Strategic Focus and Market Position - In 2024, the company achieved significant milestones, including expanding its project portfolio and enhancing operational efficiency[15]. - The company is committed to advancing renewable energy technologies and providing reliable power grid solutions, aligning its growth strategy with China's national vision for a greener future[16]. - The company aims to enhance profitability through rigorous cost-cutting initiatives, including streamlining operations and adopting innovative technologies[21]. - The company recognizes the robust demand and substantial earning potential in the renewable energy sector, committing to enhance its competitiveness in the evolving market landscape[21]. - The company is dedicated to meeting the growing demand for renewable energy infrastructure while contributing to China's energy transition goals[15]. - The company plans to create value for all stakeholders, including clients, partners, and communities, by aligning its strategies with national energy transition goals[16]. - The company is focused on navigating opportunities and challenges in the upcoming year, driving progress toward a cleaner and brighter future[17]. Governance and Management - The Board's primary role is to protect and enhance long-term shareholder value while overseeing management, business strategies, and financial performance[175]. - The company has established written guidelines for employees regarding securities dealings, with no incidents of non-compliance noted for the year ended December 31, 2024[174]. - The Board has been operating without a Chairman and CEO since the passing of Ms. Du Yi on August 12, 2023, and the resignation of Dr. Ho Chun Kit Gregory on April 25, 2023[183]. - The Board has become a single-gender board, resulting in non-compliance with Rule 13.92 of the Listing Rules, but has since appointed Ms. Liu Zhen as an Independent Non-Executive Director on February 28, 2025, achieving re-compliance[185]. - The roles of Chairman and CEO should be separate, and the division of responsibilities is clearly established[189]. - The executive Directors are responsible for encouraging full and active contributions from all Directors to the Board's affairs[196]. - Independent non-executive Directors hold at least one annual meeting among themselves to discuss significant issues without influence from executive Directors[197]. - The executive Directors ensure effective communication with shareholders and convey their views to the Board[198]. - The Board promotes a culture of openness and debate, facilitating effective contributions from non-executive Directors[199]. - All Directors have the right to propose board meetings to discuss important issues, ensuring adequate time for review of Board Papers[199]. - The Board encourages non-executive Directors to express their viewpoints during meetings[199]. - The remuneration committee consults with executive Directors regarding remuneration proposals for other executive Directors[200]. Shareholding and Capital Structure - As of December 31, 2024, Mr. Ding Ji holds 40,000,000 shares, representing 4.31% of the company's total shareholding[141]. - CT Vision Investment holds 479,160,000 shares, accounting for 51.63% of the company's total shareholding[145]. - Condover Assets Limited has a beneficial interest in 53,236,000 shares, which is 5.74% of the company's total shareholding[145]. - Dr. Ho Chun Kit Gregory has a beneficial ownership of 448,000 shares in CT Vision Investment, representing 22.4%[143]. - Mr. Wu Rui holds 156,000 shares in CT Vision Investment, which is 7.8%[143]. - As of December 31, 2024, Mr. Lee holds 53,236,000 shares, representing 5.74% of the company[146]. - Mr. Guo holds 60,000,000 shares, representing 6.47% of the company[146]. - Ms. Lin beneficially owns 44.80% of the issued share capital of CT Vision Investment, which is deemed to hold shares in the company[146]. Risk Management and Compliance - The annual report includes a business review detailing principal risks and future developments[89]. - The financial statements for the year ended December 31, 2024, are included in the annual report[86]. - The Group does not have a foreign currency hedging policy but will monitor its foreign currency exposure closely[51]. - The Group does not recommend the payment of a final dividend for the year ended December 31, 2024[99]. - The Company did not recommend the payment of a final dividend for the year ending December 31, 2024[105]. - The Company is not aware of any tax relief available to shareholders due to their shareholding[102]. - There were no significant contracts for management and administration of the Company's business other than service contracts with directors[101]. - The Company has not entered into any management contracts with external parties for substantial parts of its business[107]. - The movements in property, plant, and equipment during the year ended December 31, 2024, are detailed in the consolidated financial statements[110]. - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2024[151]. - The company has maintained the prescribed public float under the Listing Rules since its Listing Date[157]. - The company complied with all code provisions set out in the Corporate Governance Code during the year ended December 31, 2024[172]. - There were no material subsequent events after December 31, 2024, up to the date of the annual report[166]. - The financial statements for the year ended December 31, 2024, were audited by ZHONGHUI ANDA CPA Limited[167]. - The company did not participate in any pension schemes other than the mandatory provident fund during the year ended December 31, 2024[164].
中天顺联(00994) - 2024 - 年度财报