Financial Performance - In 2024, the company achieved a revenue growth of 8% year-on-year, with net profit attributable to shareholders increasing by 3%[7] - The company achieved a revenue of RMB 4,232.24 million for the year ending December 31, 2024, representing a 7.8% increase compared to RMB 3,926.81 million in the same period of 2023[53] - Total revenue for the year ended December 31, 2024, was RMB 4,232.24 million, an increase of 7.8% from RMB 3,926.81 million in 2023[55] - Property management service revenue increased by 12.4% to RMB 3,619.42 million, compared to RMB 3,221.36 million in the same period last year[55] - Value-added services revenue decreased by 15.9% to RMB 570.93 million, down from RMB 679.27 million in 2023, accounting for 13.5% of total revenue[56] - Gross profit for the period was RMB 793.46 million, a 6.3% increase from RMB 746.69 million in 2023, with a gross margin of 18.7%[59] - Net profit for the year was RMB 334.97 million, up 3.6% from RMB 323.35 million in 2023, with a net profit margin of 7.9%[71][72] Business Strategy and Operations - The company aims to turn operating cash flow positive by addressing potential liquidity pressures from related party receivables, focusing on asset-to-debt swaps and strict control measures[8] - The company is exploring structural opportunities in segmented markets, particularly enhancing value-added services for third-party owners and piloting commercial operation management at the Shanghai Wujiaochang shopping mall[8] - The company is transitioning from "digitalization" to "intelligentization," emphasizing the integration of AI technologies to enhance service models and customer satisfaction[8] - The company maintains a commitment to creating shareholder value through solid operational foundations, positive cash flow, and innovative business incubation[9] - The company is focused on optimizing its business structure and deepening digital transformation to enhance independence and sustainability[13] - The company aims to strengthen its core capabilities and adapt to market fluctuations while reducing reliance on related businesses[13] - The company is focused on a dual-driven strategy of solidifying core business and diversifying value-added services, aiming for long-term sustainable growth[42] Market Presence and Growth - The total managed area reached approximately 72.20 million square meters in 2024, representing a 12.7% increase compared to the same period in 2023, with third-party managed properties accounting for 61.7%[27] - The company signed new contracts covering an area of 15.698 million square meters in 2024, up from 13.154 million square meters in 2023, indicating a growth of approximately 19.1%[28] - The total contracted area as of the end of 2024 was approximately 83.32 million square meters, reflecting an 8.6% increase year-over-year[27] - The company has established a strong presence in first-tier and new first-tier cities, which account for 75.1% of the managed area, with the Guangdong-Hong Kong-Macau Greater Bay Area and Yangtze River Delta regions representing 64.2%[27] - Business property revenue accounted for 64.6% of the total property service revenue, while third-party property services represented 61.4% of the total property service revenue[30] Customer and Service Development - The group maintained a 100% retention rate for strategic customers, with new strategic customer contracts amounting to RMB 988.90 million[32] - Owner value-added services increased from 46% to 62.2% of total value-added services, indicating a structural transformation in the business model[35] - Revenue from owner value-added services reached RMB 355.38 million, representing a year-on-year growth of 13.8%[35] - The company has introduced innovative international service standards in residential property services, enhancing customer satisfaction and living experiences[20] - The company aims to provide customized and intelligent value-added services, transitioning from single to diversified service offerings[21] Digital Transformation and Technology - The company is focusing on digital transformation and has integrated resources to enhance decision-making efficiency and support sustainable business development[25] - The company is leveraging advanced technologies such as IoT, big data, and AI to improve operational efficiency and create maximum value for enterprise clients[16] - The group is focused on digital transformation, implementing a fully digital management platform for financial and business processes to enhance decision-making efficiency[39] - The company aims to transition from basic services to value co-creation, leveraging digital transformation and AI technology to enhance decision-making and service efficiency[49] Governance and Management - The company has appointed Yang Zhidong as the CEO and Executive Director, effective August 15, 2023[102] - The company has a strong management team with extensive experience in strategic planning and operational management[106] - The company has engaged independent directors with strong academic and professional backgrounds to enhance governance and strategic oversight[113] - The diverse expertise of the board members is expected to contribute positively to the company's future growth and market positioning[120] - The company emphasizes the importance of independent advice in its operational and management strategies through its board composition[114] Shareholder Returns and Dividends - The company is committed to providing sustainable returns to shareholders through stable and generous dividends[9] - The company reported a proposed final dividend of HKD 0.0628 per share for the fiscal year ending December 31, 2024, subject to shareholder approval at the annual general meeting on May 27, 2025[127] - The company is committed to maintaining liquidity to seize future growth opportunities while distributing dividends based on profitability and capital needs[130] Legal and Regulatory Compliance - The company is subject to various legal and regulatory factors that could impact its operations and financial performance[133] - The board is committed to adhering to the Hong Kong Stock Exchange's listing rules regarding director disclosures and remuneration practices[119] Future Outlook and Strategic Plans - The company plans to implement a "human-machine collaboration" service model in select projects to reduce operational costs and enhance service response speed[48] - By 2025, the company will enhance its sales and operations team collaboration to improve market responsiveness and operational efficiency[50] - The company will continue to explore digital transformation applications in external scenarios to drive growth and efficiency[49]

Financial Performance - The company recorded a consolidated loss attributable to shareholders of HKD 1,412,000,000 for the year ending December 31, 2024, compared to a loss of HKD 35,000,000 for the year ending December 31, 2023, indicating a significant increase in losses [12]. - Revenue increased to HKD 849,000,000 in 2024, up from HKD 814,000,000 in 2023, with 60% of revenue coming from Singapore and 31% from Hong Kong [12]. - The food business remains the primary source of revenue, contributing 86% of total revenue in 2024, with a growth rate of 6% compared to the previous year [12]. - Other operating expenses rose to HKD 200,000,000 in 2024, up from HKD 169,000,000 in 2023, primarily due to increased legal and professional fees [13]. - The company recorded a net fair value loss on financial instruments for the year, contrasting with a net fair value gain in 2023 [12]. - The group's property investment segment recorded total revenue of HKD 92 million, unchanged from 2023, primarily from recurring rental income and interest income from joint ventures [14]. - The group reported a net fair value loss of HKD 18 million on investment properties, an improvement from a loss of HKD 27 million in 2023, attributed to a decline in property values in Hong Kong [14]. - The group's share of losses from its joint venture, Lippo ASM Asia Property Limited, amounted to HKD 1.192 billion, a significant decline from a profit of HKD 174 million in 2023, mainly due to losses from OUE Group's investments in mainland China [16]. - The group's food business segment generated revenue of HKD 728 million, up 6% from HKD 687 million in 2023, driven by improved performance in Singapore and Malaysia [18]. - The financial and securities investment segment reported total revenue of HKD 17 million, down from HKD 21 million in 2023, with a net fair value loss of HKD 66 million compared to a gain of HKD 20 million in the previous year [19]. - The group's financial and securities investment portfolio decreased to HKD 1.008 billion as of December 31, 2024, down from HKD 1.189 billion in 2023 [20]. - The group experienced a loss of HKD 35 million in its food business segment, an improvement from a loss of HKD 55 million in 2023, despite ongoing challenges in the operating environment [18]. - The total assets of the group as of December 31, 2024, amounted to HKD 13.3 billion, a decrease from HKD 15.1 billion as of December 31, 2023 [36]. - The total liabilities increased to HKD 3.1 billion as of December 31, 2024, compared to HKD 2.2 billion as of December 31, 2023 [36]. - The equity attributable to the company's shareholders decreased to HKD 7 billion as of December 31, 2024, from HKD 9.1 billion as of December 31, 2023, equivalent to HKD 14.2 per share [39]. Special Distributions and Shareholder Engagement - The company announced a special interim distribution of up to 1,193,432,757 shares of Hongkong Chinese Limited to shareholders, providing flexibility in participation [6]. - The total distribution/dividend for the year amounts to HKD 322,227,000, with no interim dividend declared for the current year [47]. - A special interim distribution of up to 1,193,432,757 shares of Hongkong Chinese Limited (HKC) was made, with a distribution ratio of 2,420 HKC shares for every 1,000 shares held, based on a market price of HKD 0.27 per share [47]. - The company has adopted a dividend policy to enhance transparency for shareholders and investors, with details available in the corporate governance report [112]. - The company maintains ongoing dialogue with shareholders and has not made any amendments to its articles of association this year [161]. Economic Environment and Market Challenges - The economic environment in Hong Kong showed a moderate growth of 2.5% in 2024, while Singapore's economy grew by 4.4% [11]. - The company faced challenges in the food business due to decreased consumer spending and increased short trips abroad by local residents [5]. - The global growth rate is expected to be 3.3% in 2025, lower than the historical average of 3.7%, indicating a downward risk due to trade protectionism and geopolitical tensions [42]. - The GDP growth forecast for mainland China is expected to slow down due to tariff increases and industrial overcapacity, with Singapore's Ministry of Trade and Industry projecting GDP growth between 1.0% and 3.0% for 2025 [42]. Governance and Management - The company has a strong governance structure with experienced board members, including individuals with over 30 years of experience in finance and corporate governance [70][71][72][73]. - The company emphasizes market-level salary adjustments for directors based on their roles and responsibilities, ensuring competitive compensation [76]. - The board consists of independent non-executive directors who contribute to various committees, enhancing oversight and governance [71][72][73]. - The company has maintained transparency in disclosing director and executive compensation details in its financial reports [75]. - The company has established employment agreements for its directors, with terms ranging from two years starting from various dates in 2023 and 2024 [63]. - The company has appointed Dr. Li Wenzheng as honorary chairman to recognize his valuable contributions over the years [61]. - The company has a policy that one-third of the directors must retire at each annual general meeting, ensuring regular rotation and independence [126]. - The company has appointed Ms. Wu Minyan as an independent non-executive director to promote gender diversity on the board [125]. - The company has established a written guideline for employees regarding the trading of the company's securities, which is not more lenient than the standard code [123]. Risk Management and Compliance - The company has adopted a risk management and internal control system, which is reviewed annually for effectiveness, including financial, operational, and compliance monitoring [149]. - The company has identified key risks and uncertainties that may impact its financial condition and operational performance, detailed in the risk management report [111]. - The company has established a health and safety committee to monitor occupational health and safety, ensuring compliance with relevant laws and regulations [180]. - The company has implemented several key measures to enhance its risk management system for the fiscal year ending December 31, 2024 [178]. - The company has a risk management leadership team that oversees overall risk management activities [169]. - The company conducts annual reviews of the adequacy and effectiveness of its risk management and internal control systems [173]. - The company has established guidelines for the fair and timely disclosure of inside information to the public [149]. - The company has implemented a robust anti-corruption policy that sets basic behavioral standards for all directors and employees [198]. - The company conducted anti-corruption and ethics training for its directors and employees during the year [198]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance report for the year ending December 31, 2024, outlines the company's performance in sustainability efforts [186]. - The report covers the operations of the company and its subsidiaries in the food business, property development, property investment, and property management [187]. - The company aims to continuously optimize internal data collection processes and gradually expand the scope of disclosures [187]. - The environmental, social, and governance (ESG) report is prepared in accordance with the Hong Kong Stock Exchange's ESG Reporting Guide [190]. - The company has integrated ESG considerations into its annual operational decision-making processes [194]. - The board of directors is responsible for overseeing ESG-related matters, including climate-related issues [195]. - The company has established a comprehensive internal control and formal audit process to ensure the accuracy and reliability of the ESG report [196]. - The company is committed to protecting customer data privacy and respecting third-party intellectual property, implementing strict guidelines for data collection and handling [199]. - The company has a whistleblowing policy to maintain high standards of transparency and accountability, allowing employees to report misconduct confidentially [200].

Economic Overview - In 2024, China's GDP reached 134 trillion yuan, growing by 5.0% year-on-year, primarily driven by policy stimulus rather than intrinsic growth[8]. - Fixed asset investment (excluding rural households) for the year was 51.4374 trillion yuan, a year-on-year increase of 3.2%, slightly up from 3.0% in 2023[8]. - The overall market recovery remains uncertain, with future trends dependent on policy implementation and the restoration of market confidence[10]. Real Estate Market Trends - Real estate development investment nationwide decreased by 10.6% year-on-year, with residential investment down by 10.5%, significantly impacting overall investment[9]. - The real estate market continues to face downward pressure, with transaction volumes declining and high inventory levels persisting, particularly in second and third-tier cities[9]. - In 2024, the residential land transaction amount in 40 major cities in China decreased significantly by 26.35% year-on-year, following a 24.17% decline in 2023[22]. - The transaction area of new commercial residential properties in 31 cities dropped by 18.46% year-on-year, compared to a mere 1.42% decrease in 2023[22]. - New home sales remained sluggish in the first three quarters, with the second-hand housing market showing only a slight recovery due to price adjustments[22]. - Despite a slight increase in new and second-hand housing transaction volumes in the fourth quarter, overall activity remained at historical lows[23]. - Core city second-hand housing prices only achieved temporary stabilization, lacking a comprehensive recovery trend[23]. - The government reiterated its commitment to stabilize the housing market in December, reflecting ongoing concerns about the real estate sector[23]. - In 2024, the national new residential property sales area decreased by 14.1% year-on-year, totaling 97,385 million square meters, while sales revenue dropped by 17.6% to RMB 96,750 billion[24]. - The overall new residential property sales in key 100 cities fell by 19% year-on-year, indicating a significant decline in market demand[27]. Company Financial Performance - The company's capital debt ratio was 485.8% as of December 31, 2024, indicating a significant increase from 72.1% in 2023[47]. - The group's revenue for the year was approximately RMB 1.4 million, a significant decline of 84.4% compared to RMB 9.0 million in the previous year[33]. - The group recorded a gross loss of approximately RMB 0.5 million, compared to a gross loss of RMB 0.3 million last year, attributed to increased marketing expenses[35]. - The comprehensive real estate consulting and sales agency services generated revenue of approximately RMB 623,000, a decrease of 91.9% year-on-year, reflecting the overall economic downturn in China's real estate market[36]. Business Strategy and Operations - The company plans to expand its real estate consulting, sales agency, and asset management businesses in first and second-tier cities to identify suitable investment opportunities[10]. - The company aims to reduce operating expenses and strictly control cash flow to ensure a healthy financial status for sustainable long-term development[10]. - The company acknowledges the ongoing challenges in the real estate sector and will adjust its market positioning accordingly[10]. - The company plans to explore light asset management operations to reduce reliance on traditional real estate sales and seek new profit points[41]. Employee and Governance Policies - The group recorded employee costs of approximately RMB 3,697,000, a decrease from RMB 5,184,000 in 2023, with a total of 25 employees compared to 50 in the previous year[52]. - The company has a strict zero-tolerance policy towards corruption, bribery, and fraud, ensuring compliance with local and national laws[86]. - All employees are required to undergo anti-corruption training and sign a corporate integrity guarantee[86]. - The company emphasizes the importance of employee satisfaction and training to retain talent and promote a harmonious work environment[94]. - The company has established a whistleblowing policy to encourage employees to report any suspicious internal misconduct[88]. Environmental, Social, and Governance (ESG) Initiatives - The group aims to reduce greenhouse gas emissions by 3% before 2026, aligning with local government targets for carbon neutrality by 2030 in Hong Kong and 2060 in China[57]. - The group has established a governance framework for environmental, social, and governance (ESG) factors, integrating these into its operations to create sustainable value for stakeholders[68]. - The company has set a target to reduce all emissions and resource consumption by 3% by 2026 compared to the reporting period[121]. - The company is committed to achieving carbon neutrality in Hong Kong by 2050 and in mainland China by 2060[153]. Stakeholder Engagement - The company engaged stakeholders through various channels, including seminars, training, direct communication with customers, and investor meetings, to understand their needs and expectations[69]. - Stakeholder engagement activities were conducted to gather insights and feedback on sustainability issues, informing the company's strategic direction[75]. - The company aims to enhance stakeholder participation through diverse communication channels, fostering long-term sustainable development[70]. Future Outlook - The real estate market is expected to remain in a deep adjustment phase in 2024, with weak demand and limited policy stimulus effects, leading to a prolonged recovery period[39]. - By 2025, the real estate market is anticipated to continue facing challenges, with high inventory levels and unresolved debt issues, making full recovery distant[40].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 3,641,442,907.15, representing a year-on-year increase of 29.73% compared to RMB 2,806,869,058.01 in the same period last year[6]. - Net profit attributable to shareholders reached RMB 184,464,019.76, a significant increase of 1,099.85% from RMB 15,373,901.72 in the previous year[6]. - The net profit excluding non-recurring gains and losses was RMB 177,951,301.87, up 605.35% from RMB 25,228,892.06 year-on-year[6]. - The basic earnings per share (EPS) was RMB 0.1305, reflecting a 1,097.25% increase from RMB 0.0109 in the same quarter last year[6]. - In Q1 2025, the company reported a net profit of ¥220,940,523.02, a significant increase from ¥24,679,465.08 in Q1 2024, representing a growth of approximately 795%[30]. - The operating profit for Q1 2025 was ¥221,840,221.41, compared to ¥26,918,285.68 in Q1 2024, indicating a substantial increase of about 720%[30]. - The total revenue from operating activities in Q1 2025 was ¥4,410,663,938.72, up from ¥2,787,618,537.83 in Q1 2024, reflecting an increase of approximately 58%[35]. - The company’s total profit for Q1 2025 was ¥223,642,641.52, compared to ¥26,975,829.81 in Q1 2024, indicating an increase of about 728%[30]. Cash Flow and Assets - The net cash flow from operating activities was RMB 359,469,340.17, a significant recovery from a negative cash flow of RMB -3,403,181,373.38 in the previous year[6]. - The cash flow from investment activities surged by 6,807.75% to ¥1,110,349,129.00 from ¥16,073,973.30, indicating a substantial increase in cash from long-term deposits maturing[22]. - The net increase in cash and cash equivalents for Q1 2025 was approximately $1.28 billion, compared to a decrease of $3.53 billion in Q1 2024[37]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $9.19 billion, up from $6.17 billion in Q1 2024[37]. - The beginning balance of cash and cash equivalents for Q1 2025 was approximately $7.91 billion, compared to $9.70 billion in Q1 2024[37]. - Total assets at the end of the reporting period were RMB 54,876,784,503.45, an increase of 2.39% from RMB 53,596,113,615.25 at the end of the previous year[6]. - Current assets totaled ¥34,389,278,300.54 as of March 31, 2025, an increase from ¥32,140,949,910.03 as of December 31, 2024[24]. - Non-current assets decreased to ¥20,487,506,202.91 as of March 31, 2025, down from ¥21,455,163,705.22 as of December 31, 2024[25]. - Total liabilities increased to ¥34,372,094,200.10 as of March 31, 2025, compared to ¥32,425,656,525.38 as of December 31, 2024[26]. - Total equity decreased to ¥20,504,690,303.35 as of March 31, 2025, from ¥21,170,457,089.87 as of December 31, 2024[27]. Shareholder Information - The company reported a total of 83,911 common shareholders at the end of the reporting period[12]. - Shareholders' equity attributable to the company was RMB 17,121,032,147.70, down 3.95% from RMB 17,824,706,200.68 at the end of the previous year[6]. Research and Development - Research and development expenses increased by 44.33% to ¥197,703,698.08 from ¥136,983,220.26, reflecting higher investment in research projects[21]. - The company plans to continue investing in R&D to enhance product offerings and market competitiveness[29]. Market Strategy - The company focused on annual goals and improved production efficiency, leading to a significant increase in gross profit margins[10]. - The company plans to continue expanding its market presence and investing in new technologies to enhance competitiveness[19]. - The company is exploring market expansion opportunities and potential acquisitions to drive future growth[29]. Other Financial Metrics - The company's trading financial assets decreased by 87.10% to ¥151,076.50 from ¥1,171,434.07 in the previous year, primarily due to the expiration and settlement of certain financial derivatives[20]. - Accounts receivable decreased by 63.33% to ¥20,570,686.03 from ¥56,102,457.89, attributed to the maturity of certain notes receivable[20]. - Investment income rose to ¥127,471,417.55 from a loss of -¥1,317,113.77, indicating a positive turnaround in returns from joint ventures[21]. - The company reported a 370.42% increase in non-operating income to ¥2,630,968.74 from ¥559,279.07, driven by higher insurance claims received[21]. - The financial expenses decreased significantly to -¥38,783,288.48 from -¥84,189,143.88, reflecting improved interest income and exchange rate gains[21]. - The company recorded a total comprehensive income of ¥-666,167,418.36 in Q1 2025, a decrease from ¥1,254,806,694.09 in Q1 2024, indicating a decline of approximately 153%[32]. - The company reported other income of ¥25,831,426.81 in Q1 2025, up from ¥21,744,091.72 in Q1 2024, representing an increase of about 9.6%[30]. - The investment income from associates and joint ventures was ¥129,024,744.82 in Q1 2025, a substantial increase from ¥3,197,798.47 in Q1 2024, reflecting a growth of approximately 3,925%[30].

Sales Performance and Revenue - The company achieved stable sales performance despite a challenging business environment, meeting market expectations[17] - Total revenue decreased by 7.7% to HKD 620.7 million for the year ended December 31, 2024, compared to HKD 672.7 million in 2023[27] - Hong Kong retail revenue fell by 7.2% to HKD 467.3 million, accounting for 75.3% of total revenue[29] - Wholesale revenue declined by 9.2% to HKD 153,400,000, compared to HKD 168,900,000 in 2023, accounting for 24.7% of total revenue[35] - The mainland China wholesale business saw a significant drop of 21.7% in revenue, down to HKD 19,100,000 from HKD 24,400,000 in 2023[38] Membership and Customer Engagement - Membership in the "self-owned CLUB" increased by approximately 100,000, surpassing 1.4 million members by December 31, 2024[19] - The company reported a total of over 1,458,000 members in its "self-owned CLUB" loyalty program as of December 31, 2024, indicating a strong customer retention strategy[95] Product Development and Innovation - The company introduced new products, including a vegetarian option in its postpartum product line and new flavors of herbal tea, contributing to its product diversification[11] - The company plans to expand its product offerings by collaborating with various brands to develop functional beverages and health-focused meals[22] - New product launches included sugar-free beverages and collaborations with major supermarkets to enhance product penetration[37] - The company will continue to focus on health-oriented products, including more sugar-free options and soups, to meet consumer demand[46] Financial Management and Cost Optimization - The company plans to optimize costs and enhance production efficiency, significantly narrowing losses in response to the complex operating environment[19] - The loss attributable to owners narrowed to HKD 13.7 million from a loss of HKD 34.6 million in the previous year[27] - Cash and cash equivalents increased to approximately HKD 110.2 million, up from HKD 88.5 million in 2023[27] - Employee costs for the fiscal year ending December 31, 2024, were HKD 189.7 million, a decrease of 10.6% from HKD 212.2 million in 2023, with employee costs as a percentage of revenue at 30.6%, down from 31.5%[53] - Rental expenses related to retail stores in Hong Kong amounted to HKD 98.7 million, a decrease of 5.7% from HKD 104.7 million in 2023, with rental expenses as a percentage of revenue at 21.1%, compared to 20.8% in 2023[54] Market Expansion and Strategic Initiatives - The company is actively pursuing market expansion in the U.S., U.K., Thailand, Indonesia, and Japan while enhancing brand visibility[22] - The company continues to expand its wholesale business in overseas markets to mitigate the impact of economic fluctuations in mainland China and Hong Kong[98] - The company participated in the 7th China International Import Expo, establishing a strategic cooperation agreement with a subsidiary of Feng's Group[13] Sustainability and Environmental Initiatives - The company reduced carbon emissions by approximately 68 metric tons through the use of 100% rPET recycled bottles in new product launches[11] - The group recycled approximately 316 tons of food waste in 2024, contributing to a reduction of about 163 tons of CO2 equivalent greenhouse gas emissions[68] - The group installed solar panels that generated 174 MWh of renewable energy in its Hong Kong facility and 2,950 MWh in its mainland China facility during the fiscal year[68] - Future guidance indicates a commitment to sustainable practices, with a target of reducing carbon emissions by F% over the next five years[10] Corporate Governance and Management - The board of directors includes Mr. Xie Baoda (Chairman) and Dr. Situ Yongfu (CEO), among others[122] - The company has adopted the corporate governance code as per the listing rules, emphasizing effective internal controls and risk management systems[152] - The board is responsible for establishing strategic goals and ensuring the necessary financial and human resources to achieve business objectives[159] - The company emphasizes transparency and accountability in its corporate governance practices to enhance shareholder value[152] Community Engagement and Social Responsibility - The group sponsored over 13,000 food vouchers, raising over HKD 1 million for charity through its participation in the "折"食日 event, marking 15 consecutive years of support[71] - The group continues to support various community initiatives, including the "無障行者" event to assist individuals with disabilities and long-term illnesses[71] - The company is committed to corporate social responsibility, engaging in various activities that benefit employees, the community, and the environment[101] Employee Development and Well-being - The group conducted nearly 366 hours of training courses with over 1,000 employees participating during the review year[70] - The group emphasizes employee well-being and work-life balance through initiatives like pet care workshops in collaboration with local animal welfare organizations[70] - The company has established a culture of continuous improvement and employee development, evidenced by its extensive training programs and recognition as a "Super人才企業" by the Employee Retraining Board[73]

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately SGD 66.1 million, representing a stable growth of 9.3% compared to approximately SGD 60.5 million for the previous year[17]. - Revenue from truck transportation services increased from approximately SGD 20.0 million in 2023 to approximately SGD 22.6 million in 2024, marking a growth of about SGD 2.6 million or 13% due to sustained demand from customers[18]. - Freight forwarding service revenue for the years ending December 31, 2023, and 2024, was approximately SGD 26.6 million and SGD 29.7 million, respectively, reflecting an increase of SGD 3.1 million or 11.7% due to higher import and export demand in 2024[19]. - Value-added transportation service revenue remained stable at approximately SGD 13.9 million for both years ending December 31, 2023, and 2024[20]. - Gross profit for the years ending December 31, 2023, and 2024, was approximately SGD 19.2 million and SGD 20.9 million, respectively, representing an increase of SGD 1.7 million or 8.9% driven by increased service demand[21]. - Net profit increased from approximately SGD 3.4 million for the year ending December 31, 2023, to approximately SGD 5.0 million for the year ending December 31, 2024, with a net profit margin rising from about 5.7% to 7.6%[28]. Operational Capacity and Expansion - The company signed a lease agreement for a property in Singapore for SGD 17 million, with a lease term of 20 years starting from February 26, 2025, to enhance its operational capacity[13]. - The fleet as of December 31, 2024, included 55 prime movers, 485 trailers, and 21 flatbed trucks, along with 3 logistics yards and 3 warehouses totaling approximately 81,323 square meters[14]. - The company aims to improve visibility in logistics operations and broaden funding channels to support its expansion plans and strengthen market position[14]. - The company plans to continue strategic acquisitions to achieve long-term growth and enhance its competitive advantage[8]. Cost Management and Financial Health - The management emphasizes prudent cost management in response to external factors such as diesel price fluctuations and labor cost pressures[16]. - Administrative expenses for the years ending December 31, 2023, and 2024, were approximately SGD 15.0 million and SGD 15.9 million, respectively, mainly due to increased wage costs and foreign employee accommodation[26]. - The debt ratio decreased to approximately 27.7% as of December 31, 2024, from 31.3% as of December 31, 2023, due to repayment of bank loans and an increase in total equity[33]. - As of December 31, 2024, the company had cash and bank balances of approximately SGD 14.5 million, down from SGD 22.8 million as of December 31, 2023[31]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[60]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, demonstrating commitment to high governance standards[57]. - The management team is required to provide sufficient information to the board to enable them to fulfill their duties effectively[59]. - The company has established committees to assist the board in fulfilling its governance responsibilities[59]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional skills in selecting board candidates[68]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainability as a key to ongoing success and has integrated it into its business strategy[161]. - The group has established an ESG working group responsible for collecting relevant data for the ESG report[162]. - The company is committed to reducing greenhouse gas emissions through various measures, including improving energy efficiency and promoting double-sided printing[181]. - The company actively seeks opportunities to enhance its environmental, social, and governance performance[176]. - The company has established risk management policies to identify and mitigate potential climate-related risks that could affect its business activities[200]. Shareholder Engagement and Policies - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders[97]. - The company encourages shareholder participation in the annual general meeting and other decision-making processes[97]. - The board has resolved not to recommend a final dividend for the year ending December 31, 2024, consistent with the previous fiscal year where no dividend was declared[156]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders while retaining sufficient reserves for future growth[152]. Related Party Transactions - The ongoing related party transactions include the R&S Master Service Agreement and JH Master Service Agreement, both effective from January 1, 2023, to December 31, 2025[127]. - Independent non-executive directors have reviewed the ongoing related party transactions, confirming they are conducted in the ordinary course of business and on fair terms[128]. - The company has complied with the relevant disclosure requirements under the Listing Rules regarding related party transactions[125].

Financial Performance - In 2024, the company achieved a revenue record of RMB 4,052.3 million, representing a year-on-year growth of 90.8%[9] - Gross profit reached RMB 1,239.8 million, a significant increase of 121.6%, with a gross margin of 30.6%[9] - Net profit surged by 277.2% to RMB 1,069.6 million, reflecting operational leverage and strict cost control measures[9] - Revenue for the year ended December 31, 2024, increased by 90.8% to RMB 4,052.3 million[22] - Gross profit for the year ended December 31, 2024, increased by 121.6% to RMB 1,239.8 million[22] - Net profit for the year ended December 31, 2024, increased by 277.2% to RMB 1,069.6 million[22] - Adjusted net profit for the year ended December 31, 2024, increased by 184.8% to RMB 1,174.0 million[22] - The company’s revenue increased by 90.8% from RMB 2,123.8 million for the year ended December 31, 2023, to RMB 4,052.3 million for the year ended December 31, 2024[73] - Adjusted net profit increased by 184.8% from RMB 412.3 million for the year ending December 31, 2023, to RMB 1,174.0 million for the year ending December 31, 2024[95] - Basic earnings per share grew by 217.9% from RMB 0.28 for the year ending December 31, 2023, to RMB 0.89 for the year ending December 31, 2024[96] Operational Expansion - The company expanded its global footprint and enhanced execution capabilities, with significant progress in its first overseas production base in Singapore[7] - The total number of ongoing integrated projects increased from 143 as of December 31, 2023, to 194 as of December 31, 2024[22] - The company is expanding its production capacity and attracting talent to meet the growing demand for bioconjugate drug CRDMO services globally[19] - The company is expanding its production capacity for antibody intermediates in Wuxi, China, and building new facilities in Singapore to meet growing demand for bioconjugate drugs[42] - The new Singapore facility is expected to start operations by the end of 2025, with four production lines planned for clinical and commercial production[45] - The company operates integrated CRDMO services from drug discovery to commercialization across its bases in Shanghai, Wuxi, and Changzhou[42] Research and Development - The proprietary WuXiDARx™ technology has successfully developed 45 preclinical candidates and 7 clinical projects, addressing diverse R&D needs[10] - The company launched innovative linker and payload technologies, including X-LinC, to optimize the therapeutic potential of ADCs[10] - The company is focused on optimizing ADC production processes to ensure consistency and successful scale-up for commercialization[39] - The company plans to submit 30 IND applications in 2024 and deliver over 300 batches of GMP-compliant products[1] - The company aims to enhance its platform to drive the development of the bioconjugate drug industry, benefiting global biopharmaceutical partners and patients[33] Client and Market Growth - The company ranked second globally and first in China in the ADC CRDMO sector based on 2022 revenue, with a strategy focused on empowering and winning molecular partnerships[59] - As of December 31, 2024, the company had 499 clients, a significant increase from 345 in 2023, reflecting a growing and diversified customer base[59] - Revenue from North America grew significantly, contributing RMB 2,030.4 million (50.1% of total revenue) in 2024, compared to RMB 851.9 million (40.1%) in 2023[74] - The company generated RMB 3,767.2 million from ADC projects, accounting for 93.0% of total revenue in 2024, up from 88.9% in 2023[79] Financial Management - Financial costs increased by 331.9% from RMB 0.7 million for the year ending December 31, 2023, to RMB 3.2 million for the year ending December 31, 2024, primarily due to increased interest expenses from bank loans[87] - Other income rose by 149.1% from RMB 92.3 million for the year ending December 31, 2023, to RMB 229.9 million for the year ending December 31, 2024, mainly driven by increased bank interest income[88] - The company maintains a centralized management of financial activities to control and reduce funding costs[111] - The company plans to manage foreign currency risk through forward contracts and hedge accounting for derivatives[120] Sustainability and ESG Commitments - The company implemented strict waste management and emission control standards, contributing to its ESG commitments[11] - The company aims to reduce greenhouse gas emissions by 50% by 2030, using 2021 as the baseline year, while expanding its operations[65] - The company is committed to social responsibility and sustainable growth, with details to be disclosed in its environmental, social, and governance report[199] Governance and Leadership - The board of directors includes experienced professionals with over 20 years in the biotechnology industry, such as Dr. Chen Zhisheng and Dr. Zhou Weichang[141][142] - The company has appointed Ulf Grawunder, an experienced entrepreneur in the life sciences sector, as an independent non-executive director[145] - The company emphasizes the importance of independent judgment in its governance structure, as highlighted by the roles of independent directors[145] - The independent non-executive directors have confirmed their independence as per the listing rules for the fiscal year ending December 31, 2024[165] Risks and Challenges - The company faces significant risks including potential declines in customer spending and demand, which could adversely impact its business, especially given the early-stage development of its products[200] - Increased competition in the industry may lead to customer attrition, affecting the company's market position[200] - The company's growth strategies and business expansion plans may not succeed, which could negatively impact its operations and financial performance[200] - The company may face challenges in successfully developing new technologies and improving existing ones to maintain its competitive edge[200]

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, decreased by approximately 33.40% to HKD 148.89 million, down from HKD 223.58 million in 2023[8] - The gross profit margin improved to approximately 45.53% compared to 40.73% in the previous year, despite the decline in revenue[8] - The net loss for the year was approximately HKD 27.8 million, an improvement from a net loss of HKD 31.62 million in 2023[8] - The total income from the media and entertainment business was approximately HKD 138.70 million, a decrease of 31.67% from HKD 202.99 million in the previous year[18] - The cremation and funeral services business recorded revenue of approximately HKD 10,204,000 for the year ending December 31, 2024, a decrease of 50.45% compared to HKD 20,594,000 in the same period last year, due to the business being sold on July 12, 2024[19] - The company did not recommend the payment of dividends for the year ended December 31, 2024, consistent with the previous year[145] - The company has no retained earnings available for distribution to shareholders as of December 31, 2024[153] - The company’s financial performance is subject to various risks and uncertainties, which are discussed in the management discussion and analysis section of the report[147] Operational Activities - The company organized 12 concerts in 2024, an increase from 8 concerts in 2023, and invested in 49 concerts compared to 42 in the previous year[8] - The company anticipates economic recovery in 2024, with expectations for a resurgence in concerts and related artist management activities[9] - The number of concerts organized by the company increased to 12 in the current year from 8 in the previous year, but revenue decreased due to smaller scale concerts[148] Expenses and Cost Management - Selling, marketing, and distribution expenses decreased by 7.66% to approximately HKD 5.69 million, representing about 3.82% of total revenue[15] - General and administrative expenses were approximately HKD 68.52 million, consistent with the previous year's HKD 67.33 million, but decreased by 12.48% when excluding losses from the sale of subsidiaries[16] Corporate Governance - The company has appointed Mr. Tang Caizhi as the Chairman and Mr. Zhong Chulin as the CEO, with clearly defined responsibilities[33] - The board of directors is responsible for overall management and supervision of the company's major matters, including operational strategies and risk management systems[34] - The Audit Committee is tasked with reviewing the effectiveness of the risk management framework and internal control systems, as well as overseeing financial reporting processes[39] - The Nomination Committee is responsible for reviewing the board's structure and diversity policies, and evaluating the independence of non-executive directors[40] - The Remuneration Committee provides recommendations on the remuneration policies for directors and senior management, ensuring alignment with market practices[41] - The company conducts regular board meetings to discuss overall strategies and approve annual, interim, and quarterly performance[42] Risk Management - The risk management and internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and compliance with applicable laws and regulations[61] - The board conducts an annual review of the effectiveness of the risk management and internal control systems through the audit committee[62] - The company has established a three-line defense model for risk management, with business units identifying and monitoring risks, management providing oversight, and internal audit reviewing the effectiveness of the first two lines[62] - Identified risks are prioritized, and action plans are developed to manage these risks, with management responsible for implementing risk mitigation measures[63] - The company utilizes external consultants to assist in designing and monitoring the risk management and internal control systems[64] Environmental and Social Responsibility - The company aims to reduce total emissions and greenhouse gas emissions density by 5% by the fiscal year 2025, using the fiscal year 2023 as the baseline[91] - In the fiscal year 2024, the company reported zero significant emissions of nitrogen oxides, sulfur oxides, or particulate matter due to the cessation of its cremation and funeral services[88] - The total greenhouse gas emissions for fiscal year 2024 were 42.09 tons of CO2 equivalent, with an emissions density of 0.84 tons per employee[89] - The company recycled 0.383 tons of waste in the fiscal year 2024, with a goal to reduce waste per employee by 5% by the fiscal year 2025[95] - The company has established a resource usage policy, focusing on energy and resource efficiency, primarily consuming electricity and packaging materials in fiscal year 2024[96] Employee and Workplace Policies - The employee turnover rate for fiscal year 2024 was 16%, with the highest turnover rate of 38.46% in the 41-50 age group, while the turnover rate for males was 22.73% and for females was 10.71%[110] - The total number of employees in fiscal year 2024 was 50, with 46 located in Hong Kong and 4 in Taiwan, reflecting a diverse workforce[105] - The company is committed to fair and competitive compensation, regularly reviewing salaries to recognize employee contributions and incentivize performance[109] - The group has implemented internal policies to promote equal opportunities and combat discrimination, adhering to relevant laws and regulations[113] Shareholder and Financial Management - The company issued a total of 419,000,000 new ordinary shares at a subscription price of HKD 0.036 per share, raising net proceeds of approximately HKD 14,972,000[22][23] - The net proceeds from the subscription were fully allocated to the investment in media and entertainment business[23] - The group has established a three-year internal audit plan based on risk assessment results, with external consultants hired to review selected operational cycles[67] Community Engagement - The group actively participated in community investment, focusing on addressing urgent needs of impoverished groups[131] - A team-building event in Bali involved 38 employees and artists, contributing to local special education schools through volunteer work[132] - The group received the "Caring Company" logo from the Hong Kong Council of Social Service, recognizing efforts in creating a happy workplace[134]

Financial Performance - Operating revenue for 2024 was RMB 12,311,928 thousand, a decrease of 7.15% compared to 2023[34]. - Pre-tax profit for 2024 was RMB 4,103,910 thousand, down 20.62% from the previous year[34]. - Net profit for 2024 was RMB 4,860,559 thousand, reflecting a decline of 9.08% year-over-year[34]. - Total assets increased to RMB 745,904,488 thousand, representing a growth of 5.23% compared to 2023[35]. - Basic earnings per share for 2024 decreased to RMB 0.67, down 10.67% from 2023[35]. - The cost-to-income ratio increased to 37.44%, up 2.14 percentage points compared to the previous year[37]. - Net interest income decreased to RMB 9.17 billion, a decline of RMB 1.40 billion or 13.22% year-on-year[50]. - Non-interest income increased to RMB 3.14 billion, up RMB 449.79 million or 16.73% year-on-year[50]. Asset and Loan Management - The total assets of the group reached RMB 746.904 billion, with total deposits amounting to RMB 520.248 billion and total loans of RMB 381.045 billion[19]. - Customer loans and advances reached RMB 381,044,893 thousand, a growth of 7.31% from 2023[35]. - The non-performing loan ratio stands at 1.84%, with a provision coverage ratio of 207.72%[26]. - The total amount of customer loans and advances reached RMB 381.04 billion, an increase of RMB 25.97 billion or 7.31% compared to the previous year[100]. - The non-performing loan (NPL) ratio improved to 1.84% in 2024 from 1.23% in 2023, with total non-performing loans amounting to RMB 6.98 billion compared to RMB 4.30 billion in the previous year[134][135]. Risk Management - The company has not identified any significant risks that could adversely affect its future development strategy and operational goals during the reporting period[7]. - The report indicates that the company has maintained a focus on risk management, detailing the main risks faced and the measures taken to address them[7]. - The risk management framework includes a board of directors, supervisory board, senior management, and specialized committees, ensuring comprehensive risk oversight[199]. - The company maintains a prudent risk appetite, balancing risk, capital, and returns in its overall risk management principles[199]. Strategic Initiatives - The new five-year development strategy has been established, focusing on enhancing strategic execution and promoting digital transformation[21]. - The group aims to improve financial service quality and efficiency, emphasizing the importance of serving the real economy and enhancing financial product innovation[22]. - The group is committed to deepening institutional reforms and enhancing core competitiveness through improved organizational structure and resource allocation[22]. - The group plans to align with national and local strategic decisions, focusing on high-quality development and market changes[20]. Shareholder and Dividend Information - The company plans to allocate 10% of the audited net profit for 2024, amounting to RMB 443 million, to statutory surplus reserves and another RMB 443 million to general reserves[7]. - A cash dividend of RMB 0.25 per share (before tax) is proposed based on the total share capital, pending approval at the 2024 annual general meeting[7]. - The group aims to create greater value for shareholders, customers, society, and employees while achieving symbiosis with the economy, society, and environment[22]. Digital Transformation and Technology - The bank is focusing on digital transformation and light capital development as part of its strategic initiatives[30]. - The company is actively advancing financial technology innovations, focusing on smart marketing, risk control, and operational efficiency[195]. - The company has invested a total of RMB 615.55 million in financial technology during the reporting period[192]. - The comprehensive counter replacement rate for electronic channels reached 98.49%, indicating a strong digital operation capability[198]. Market Presence and Expansion - The company aims to deepen its market presence in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on regional coordinated development[139]. - The company has established 485 branches, with 475 located in Dongguan, making it the leader in the number of bank branches in that area[196]. - The company has partnered with third parties to set up two rural commercial banks in Zhanjiang and Shantou, totaling 165 branches[196]. Compliance and Governance - The company assures that the content of the annual report is true, accurate, and complete, with no false records or misleading statements[6]. - The bank's governance structure includes a diverse shareholder base, promoting a balanced and coordinated decision-making process[30]. - The company has maintained compliance with regulatory requirements, with the single largest customer loan to net capital ratio at 4.23%, below the 10% threshold[143].

Financial Performance - The group's revenue increased by approximately 13.4% from about SGD 14,008,000 in 2023 to approximately SGD 15,889,000 in 2024[12] - The gross profit for the year was approximately SGD 3,784,000, with a gross margin of about 23.8%, down from 37.2% in 2023[16] - The group recorded a loss of approximately SGD 902,000 for the year, a significant improvement from a loss of about SGD 2,280,000 in 2023[20] - The pre-tax loss for the year was approximately SGD 706,000, down from about SGD 1,960,000 in 2023[19] - The net loss attributable to equity holders for the year was SGD 901,630, compared to SGD 2,280,454 in 2023, indicating a reduction of 60.5%[159] - Basic and diluted loss per share improved to SGD (0.381) from SGD (0.963) year-over-year[159] - The total comprehensive loss for the year was SGD 699,281, a significant improvement from SGD 2,155,421 in 2023[159] Revenue Breakdown - The total revenue from sales of signage and related products in Singapore for the year ended December 31, 2024, was approximately SGD 11,835,000, compared to SGD 11,639,000 in 2023, indicating a stable demand in the construction sector[23] - Revenue from renovation services for commercial and residential projects increased to approximately SGD 4,054,000 in 2024, up from SGD 2,369,000 in 2023, reflecting a growth of about 70.9%[23] - Revenue from renovation and refurbishment services for the year ended December 31, 2024, was SGD 4,054,373[147] Expenses and Costs - Selling and administrative expenses increased by approximately 17.7% to about SGD 4,154,000, primarily due to higher advertising and other expenses[17] - The total employee costs for the year ended December 31, 2024, were approximately SGD 4,084,000, compared to SGD 4,319,000 in 2023, showing a reduction of about 5.4%[29] - Financing costs reduced to SGD 105,191 from SGD 130,003, indicating better management of debt[159] Cash and Liquidity - As of December 31, 2024, the group's cash and cash equivalents increased to approximately SGD 4,505,000, up from SGD 4,292,000 in 2023[22] - Cash generated from operating activities was SGD 1,903,534 in 2024, down from SGD 2,519,178 in 2023[167] - The net cash increase for cash and cash equivalents was SGD 183,466 in 2024, compared to SGD 1,867,062 in 2023[169] - The company actively manages liquidity risks associated with contracts ranging from 1 to 4 years, monitoring cash flow to ensure sufficient working capital[99] Debt and Borrowings - The total borrowings of the group as of December 31, 2024, were approximately SGD 2,514,000, a decrease from SGD 2,804,000 in 2023[21] - The group's debt-to-asset ratio as of December 31, 2024, was approximately 14.2%, down from 15.2% in 2023[21] - The company’s borrowings include property loans of approximately SGD 1,603,000 and lease liabilities of about SGD 910,000 as of December 31, 2024[103] Governance and Compliance - The board has established the group's mission, values, and strategy, emphasizing sustainable growth and stakeholder value creation[42] - All directors confirmed compliance with the trading code for the year ending December 31, 2024, with no known violations[43] - The board consists of five members, including two executive directors and three independent non-executive directors[44] - The Audit Committee held 4 meetings during the year ending December 31, 2024, with all members attending all sessions[57] - The company maintains a strict anti-discrimination policy to ensure equal employment opportunities for all candidates and employees[66] Risk Management - The company has established a risk management and internal control system, which has been deemed sufficient and effective by the audit committee and board for the year ending December 31, 2024[76] - The board is responsible for assessing the nature and extent of risks acceptable in achieving strategic objectives[76] Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[85] - The company has set up multiple channels for communication with shareholders and investors[86] Accounting Policies - The group has applied new and revised International Financial Reporting Standards (IFRS) for the first time in the preparation of consolidated financial statements, effective from January 1, 2024, with no significant impact on the financial position or performance for the current and prior years[172][174]. - Revenue from customer contracts is recognized when control of the goods or services is transferred to the customer, in accordance with IFRS 15[185]. - The group recognizes income from subsidiaries based on received and receivable dividends, with impairment testing required if dividends exceed the subsidiary's total comprehensive income[183]. Employee Composition - As of December 31, 2024, the board consisted of 4 males (80%) and 1 female (20%), reflecting the company's commitment to board diversity[65] - The gender composition of employees, including senior management, was approximately 76% male and 24% female as of December 31, 2024[66]