Financial Performance - The total revenue for the year ended December 31, 2024, was approximately RMB 369.1 million, a decrease of about 13.5% compared to RMB 426.8 million in the same period of 2023, primarily due to declines in real estate agency and property management services [10]. - Revenue from the real estate agency services segment was approximately RMB 6.8 million, down 76.9% from RMB 29.4 million in the same period last year [17]. - The professional property management services segment recorded revenue of approximately RMB 362.3 million, a decrease of 8.8% from RMB 397.4 million in the previous year [18]. - Revenue from property management services was approximately RMB 303.7 million, down 6.3% from RMB 324.1 million in the previous year [19]. - Non-owner value-added services generated revenue of approximately RMB 13.1 million, a decrease of 27.2% from RMB 18.0 million in the previous year [20]. - Community value-added services recorded revenue of approximately RMB 45.5 million, down 17.7% from RMB 55.3 million in the previous year [21]. - The net loss for the year was approximately RMB 1.8 million, compared to a net income of RMB 7.4 million in the previous year [26]. - The company recorded a net loss of approximately RMB 79.3 million for the year ending December 31, 2024, an increase of 38.9% compared to the net loss of approximately RMB 57.1 million for the year ending December 31, 2023 [39]. - The net profit margin decreased from -13.4% for the year ending December 31, 2023, to -21.5% for the year ending December 31, 2024, primarily due to a mismatch between the reduction in service costs and the decline in revenue [38]. Operational Strategies - The company is focusing on strict receivables management as a priority, enhancing contract management and payment processes to ensure operational stability [10]. - Future strategies will emphasize organic growth by leveraging existing resources rather than relying on acquisitions, aiming to build sustainable long-term partnerships [13]. - The company plans to continue its strategic transformation focusing on long-term value creation and sustainable development, maintaining a commitment to integrity and operational efficiency [13]. - A tiered project management system will remain a strategic core, enhancing brand recognition through benchmark projects while optimizing resource allocation for underperforming projects [13]. - The company aims to enhance customer satisfaction and brand reputation by responding quickly to customer needs and proactively solving problems [13]. - The procurement process has been optimized to reduce costs and improve operational efficiency through centralized purchasing and streamlined procedures [11]. Financial Position - As of December 31, 2024, the group's net current liabilities were approximately RMB 28.0 million, down from net current assets of approximately RMB 71.3 million as of December 31, 2023 [42]. - Total assets as of December 31, 2024, were approximately RMB 366.7 million, a decrease from approximately RMB 478.3 million as of December 31, 2023 [42]. - The group's bank balances and cash totaled approximately RMB 66.6 million as of December 31, 2024, compared to RMB 90.8 million as of December 31, 2023 [42]. - Trade receivables decreased from approximately RMB 103.9 million as of December 31, 2023, to approximately RMB 84.0 million as of December 31, 2024, primarily due to the ongoing weakness in the Chinese real estate sector [43]. - The capital debt ratio as of December 31, 2024, was 77%, up from 64% as of December 31, 2023 [47]. - The group had no short-term borrowings as of December 31, 2024, compared to RMB 19.4 million as of December 31, 2023 [44]. Governance and Management - The board currently consists of seven directors, including four executive directors and three independent non-executive directors [59]. - The company has a strong management team with diverse backgrounds in property development, finance, and strategic planning [66][67]. - The company emphasizes the importance of corporate governance, with its secretary, Ms. Chen Zhuochen, having over 17 years of experience in the field [75]. - The company has established an Audit Committee since October 23, 2017, with responsibilities including reviewing and supervising the financial reporting process and internal control systems [76]. - The Compensation Committee was formed on October 23, 2017, to review and determine the remuneration, bonuses, and other compensation terms for directors and senior management [77]. - The Nomination Committee was also established on October 23, 2017, to review the structure, size, composition, and diversity of the board and to provide recommendations on the appointment of directors [78]. - The company has made significant changes to its governance structure, including the establishment of various committees to enhance oversight and management [76][77][78]. Risk Management - The company has a strong focus on risk management, with Ms. Ouyang previously serving as the General Manager of the Risk Control Department [73]. - The board is responsible for establishing and maintaining an effective risk management and internal control system, with annual reviews conducted by the audit committee [111]. - The internal audit team has confirmed the adequacy and effectiveness of the risk management and internal control systems for the year ending December 31, 2024, with no significant issues identified [112]. Environmental and Social Responsibility - The company emphasizes environmental protection and has implemented measures such as energy conservation and waste sorting [83]. - The company actively engages in social welfare activities, reflecting its sense of social responsibility [83]. - The company is committed to environmental sustainability, focusing on reducing paper usage and energy consumption in its operations [182]. Shareholder Information - The largest customer accounted for approximately 1.3% of total revenue for the year ending December 31, 2024, while the top five customers contributed about 4.9% of total sales [129]. - The largest supplier represented approximately 23.4% of total procurement, with the top five suppliers accounting for 40.6% of total procurement for the year ending December 31, 2024 [129]. - The company has maintained compliance with listing rules regarding the appointment of at least three independent non-executive directors, with at least one possessing relevant professional qualifications [103]. - The company has established policies to ensure timely and equal dissemination of inside information to the public [114].

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 1.28 billion, a decrease of about 2.74% compared to HKD 1.31 billion in the same period of 2023[7]. - Gross profit for the reporting period was approximately HKD 199.6 million, down about 18.10% from HKD 243.7 million in 2023[7]. - Revenue from the energy trading business was approximately HKD 1.20 billion, a decrease of about 7.14% from HKD 1.29 billion in 2023, primarily due to a reduction in customer numbers[8]. - The energy digital trade industrial park generated revenue of approximately HKD 18.90 million, down from HKD 20.00 million in 2023[9]. - The company recorded a net loss attributable to shareholders of approximately HKD 22.60 million, compared to a net loss of approximately HKD 24.26 million in 2023[17]. - Basic loss per share for the reporting period was approximately HKD 0.51, a decrease of about 5.56% compared to HKD 0.54 in the previous year[20]. - The company reported a net loss of HKD 21,862,000 for 2024, compared to a profit of HKD 1,044,000 in 2023, indicating a significant decline in performance[180]. - Total comprehensive loss for the year amounted to HKD 24,294,000, up from a loss of HKD 5,159,000 in the previous year[180]. Operational Highlights - The company has successfully introduced 600 enterprises into the energy digital trade industrial park and plans to operate 30 digital industrial parks with over 2,000 enterprises in the future[13]. - The company aims to explore new investment opportunities in various fields, including oil exploration and development[14]. - The company anticipates facing challenges in 2025 due to rising risks of global economic stagnation and ongoing geopolitical tensions affecting oil and petrochemical product prices[11]. - The company will continue to enhance its competitive advantage by identifying and evaluating various development opportunities[15]. Cost Management - The group's operating costs for the reporting period were approximately HKD 30.45 million, a decrease of about 10.90% compared to the same period last year (2023: HKD 34.18 million)[18]. - Financing costs for the reporting period were approximately HKD 11.02 million, down about 22.24% from HKD 14.17 million in the same period last year[19]. - Administrative expenses decreased to HKD 25,993,000 in 2024 from HKD 27,912,000 in 2023, a reduction of 6.9%[178]. Financial Position - As of December 31, 2024, the group's cash and cash equivalents were approximately HKD 25.24 million, slightly up from HKD 25.23 million on December 31, 2023[21]. - The group's net current assets as of December 31, 2024, were approximately HKD 65.54 million, down from HKD 83.89 million in the previous year[21]. - The capital debt ratio as of December 31, 2024, was approximately 268%, an increase from 212% in the previous year, calculated based on total borrowings of approximately HKD 160.22 million[23]. - The company's total assets increased to HKD 324,198,000 in 2024 from HKD 304,734,000 in 2023, reflecting a growth of approximately 6.5%[181]. - Total liabilities increased to HKD 257,186,000 in 2024 from HKD 218,940,000 in 2023, representing a rise of approximately 17.3%[182]. Shareholder Information - The company reported no final dividend for the year ending December 31, 2024, consistent with 2023[93]. - As of December 31, 2024, the company had no distributable reserves for shareholders, with a share premium of HKD 321,958,000 and accumulated losses of HKD 437,309,000[104]. - The company provides shareholders with the opportunity to propose resolutions at general meetings, requiring at least 10% of the paid-up capital to submit a written request[74]. - The company’s website serves as a platform for shareholders and investors to access the latest financial data, business developments, and announcements[77]. Governance and Compliance - The company adopted a dividend policy based on financial performance, cash flow, and future operational needs[54]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2023, and the interim financial statements for the six months ending June 30, 2024[60]. - The company has established a shareholder communication policy to ensure timely access to financial information and business developments for shareholders and potential investors[77]. - The board of directors includes executive director Yuan Hongbing, who has over 20 years of experience in investment and internet industries, and has held various leadership roles since 2019[82]. Risk Management - The board is responsible for maintaining effective internal controls and risk management systems to protect shareholder investments[67]. - An independent consultant was hired to audit the effectiveness of the risk management and internal control systems during the reporting period[69]. - The company confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[72]. - The company is facing significant uncertainty regarding its ability to continue as a going concern due to the classification of certain liabilities as current[162]. Market and Competition - The company operates primarily in the energy sector, including trading energy-related products and digital trade industry park operations, mainly in China[188]. - The company faces competition from other large domestic energy product distributors as the Chinese market gradually opens[99]. - The company will closely monitor the oil market and consider hedging against fuel price fluctuations due to ongoing volatility[98]. Stock Options and Share Plans - The new stock option plan, effective for 10 years until September 15, 2029, aims to incentivize selected qualified participants contributing to the group's business success[125]. - As of December 31, 2024, a total of 806,700,000 stock options granted under the plan remain unexercised, representing approximately 18.11% of the company's issued share capital[126]. - The total number of stock options granted during the reporting period was 806,700,000, with no options exercised, forfeited, or expired[128]. - The stock options are not subject to any performance targets[129]. Acquisitions and Investments - The company acquired 51% of Shenzhen Hongke Supply Chain Co., Ltd. for RMB 203,000 (approximately HKD 219,000) on November 1, 2024, focusing on dried chili trading[34]. - The company also acquired 51% of Beijing Wanjia Innovation Trading Co., Ltd. at zero cash consideration on August 8, 2024, which will primarily engage in rebar trading post-acquisition[34]. - As of December 31, 2024, there are no significant investments, acquisitions, or disposals of subsidiaries other than those disclosed in the annual report[34].

MedSci Healthcare Holdings Limited 梅斯健康控股有限公 司 ANNUAL REPORT 2024 股份代號 : 2415 （於開曼群島註冊成立之有限公司） 年報 2024 (Incorporated in the Cayman Islands with limited liability) MedSci Healthcare Holdings Limited 梅斯健康控股有限公 司 Stock code : 2415 ANNUAL REPORT 2024 MedSci Healthcare Holdings Limited 梅斯健康控股有限公 司 年報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 財務概要 | 6 | | 財務摘要 | 7 | | 管理層討論及分析 | 8 | | 企業管治報告 | 22 | | 董事會報告 | 36 | | 董事及高級管理層 | 68 | | 獨立核數師報告 | 74 | | 綜合損益及其他全面收益表 | 79 | | 綜合財務狀況表 | 81 | | 綜合權益變動表 | 83 | | 綜合現金流 ...

Financial Performance - The company reported a consolidated revenue of HKD 1.2 billion for the year ended December 31, representing a 15% increase compared to the previous year[19]. - The net profit for the year was HKD 300 million, reflecting a growth of 20% year-on-year[19]. - For the year ended 31 December 2024, the revenue decreased to HK$385,847,000, down 68.0% from HK$1,203,026,000 in 2023[20]. - The Group recorded revenue of approximately HK$385.8 million, a decrease of approximately 67.9% from HK$1,203.0 million in the prior year[70]. - Revenue from property sales was approximately HK$55.8 million, down approximately 93.2% year-on-year, primarily due to the ongoing recession in the PRC property market[71]. - The Group recorded a net loss of approximately HK$2,288.5 million for the Year, compared to a net loss of approximately HK$827.8 million for the Prior Year, reflecting a significant deterioration in financial performance[85]. Market and User Growth - User data indicated an increase in active users by 25%, reaching a total of 500,000 users[19]. - The company has projected a revenue growth of 10% for the upcoming fiscal year, targeting HKD 1.32 billion[19]. - The average sales in 30 major cities in China increased by approximately 34% after the introduction of supportive policies, with first-tier cities growing by about 53%[31]. - The real estate market in China is expected to see positive sales growth in 2025 after a 50% decline from its peak in 2021[31]. - The real estate market in Mainland China is showing signs of gradual recovery, supported by policy measures and recovering rigid demand[38]. Strategic Initiatives - New product launches are expected to contribute an additional HKD 150 million in revenue over the next year[19]. - The company is expanding its market presence in Southeast Asia, with plans to open three new offices by the end of 2025[19]. - A strategic acquisition of a local competitor is anticipated to enhance market share by 5%[19]. - The Group's strategy focuses on "guaranteeing funds, delivery, and operation" to ensure steady progress and sustainable development amid market challenges[38]. Financial Management and Challenges - The company is prioritizing solving its debt problem and is actively communicating with banks and creditors to reduce financial risks[33]. - Financial pressure remains a significant challenge for the company, necessitating prudent capital management and careful budgeting[32]. - The Group aims to maintain a healthy debt structure and capital status to ensure operational stability and safety[66]. - The Group is implementing cost-saving measures and liquidity control to address financial challenges, including seeking financing extensions and streamlining operations[63]. Asset and Liability Management - Total assets decreased to HK$7,246,841,000 in 2024 from HK$11,147,598,000 in 2023, representing a decline of 34.0%[22]. - Total liabilities decreased to HK$7,342,605,000 in 2024 from HK$8,922,013,000 in 2023, a reduction of 17.7%[22]. - The equity attributable to owners of the company turned negative at HK$305,147,000 in 2024, down from HK$1,189,207,000 in 2023[22]. - The Group's total borrowings amounted to approximately HK$3,665.8 million as of 31 December 2024, down from approximately HK$4,670.3 million as of 31 December 2023[88]. Operational Efficiency - The company aims to improve operational efficiency, targeting a reduction in costs by 8% over the next year[19]. - The Group has implemented effective measures to ensure timely delivery of projects, maintaining customer trust and reputation[37]. - The Group's measures aim to reduce reliance on a single asset or project, thereby enhancing overall financial stability[126]. Legal and Compliance Issues - The auditor issued a Disclaimer of Opinion due to multiple uncertainties relating to going concern and scope limitations on impairment assessments[96]. - As of December 31, 2024, four lenders initiated legal proceedings against Jitong Industrial and Hunan Meilian for defaulted borrowings totaling approximately RMB388 million (equivalent to approximately HK$417 million)[105]. - The Group is actively negotiating with lenders for alternative settlement arrangements for remaining defaulted borrowings, which may include using assets for settlement or extending repayment dates[111]. Management and Governance - The board of directors includes a diverse range of professionals with expertise in finance, law, and community service, enhancing the company's governance[165]. - The company emphasizes the importance of maintaining key client relationships and fostering long-term collaborations with external partners[160]. - The Group's management will continue to communicate closely with lenders to explore alternative settlement options[104]. Environmental and Social Responsibility - The Group is committed to improving environmental sustainability and will monitor its performance closely, as detailed in the upcoming ESG report[185]. - The Group has complied with all relevant PRC laws and regulations governing property development and management, with no non-compliance incidents reported for the year[186].

Financial Performance - Operating income for 2024 was CNY 12.42 billion, a year-on-year increase of CNY 1.07 billion, or 9.46%[11] - Net profit for 2024 was CNY 3.78 billion, up CNY 0.13 billion, or 3.43% year-on-year[11] - Total operating income increased by 9.46% to RMB 12,417.66 million compared to RMB 11,344.69 million in the previous year[41] - Net profit for 2024 reached RMB 3,778.51 million, reflecting a growth of 3.43% compared to the previous year[71] - The bank's total assets impairment losses rose by 36.66% to RMB 4,542.83 million from RMB 3,324.10 million in 2023[41] - The company's operating expenses decreased to CNY 3.711 billion, a reduction of CNY 0.259 billion or 6.52% year-on-year[103] Asset and Loan Growth - As of the end of 2024, total assets reached CNY 589.99 billion, an increase of CNY 13.20 billion, or 2.29% from the beginning of the year[11] - Total loans amounted to CNY 347.09 billion, up CNY 15.14 billion, or 4.56% year-to-date[11] - Total deposits reached CNY 375.00 billion, increasing by CNY 18.76 billion, or 5.26% from the start of the year[11] - The balance of loans related to "new industrialization," "new urbanization," "agricultural modernization," and "tourism industrialization" reached CNY 228.687 billion, an increase of CNY 7.905 billion from the beginning of the year[27] - The balance of technology finance loans was CNY 8.071 billion, up CNY 3.095 billion from the beginning of the year, representing a growth rate of 62%[28] - The balance of inclusive small and micro enterprise loans was CNY 52.940 billion, serving 66,500 customers, with growth rates of 11.62% and 12.48% respectively[28] Client Growth - The number of corporate clients reached 115,900, a net increase of 7,000, or 6.38% from the beginning of the year[11] - The number of individual clients was 12.17 million, with a net increase of 489,500, or 4.19% year-to-date[11] - The number of inclusive small and micro enterprise customers increased to 66,500, up by 12.48%[15] - Monthly active users of mobile banking reached 953,200, an increase of 167,300 or 21.29% from the beginning of the year[53] Asset Quality and Risk Management - The non-performing loan ratio stood at 1.72%, with a provision coverage ratio of 315.98%, indicating a stable asset quality[11] - Non-performing loan ratio increased to 1.72% in 2024 from 1.68% in 2023, indicating a slight deterioration in asset quality[43] - The bank's credit risk management framework has been enhanced, focusing on high-quality development and maintaining asset quality stability[153] - The bank's trading book maintained profitability despite increased volatility in market risk indicators such as Value at Risk (VaR)[155] Digital Transformation and Technology - The bank has implemented advanced technologies such as cloud computing and artificial intelligence, achieving a full private cloud deployment for its core transaction system[38] - The company has established a digital financial model driven by data elements and digital technology, enhancing product experience and risk control measures[184] - The company has implemented smart upgrades in 211 branches, achieving a business substitution rate of 81.38%[70] Community and Social Responsibility - The company donated a total of RMB 2.56 million during the reporting period to support rural revitalization and education for impoverished students[192] - The company conducted 3,967 consumer education activities during the reporting period, reaching 2,202,100 consumers[191] - The company organized over 1,100 volunteers to support students during the college entrance examination period[192] Compliance and Risk Management - The bank has established a comprehensive compliance risk management mechanism to effectively identify, assess, and prevent compliance risks, ensuring legal and regulatory compliance in operations[166] - The company has strengthened its legal risk management by implementing strict legal review processes and enhancing employee legal awareness through training[165] - The company has established a robust anti-money laundering management structure, integrating it into its overall risk management framework[161] Market Position and Recognition - The bank's ranking in the 2024 Global Banking 1000 list was 252, and it ranked 46th in the 2024 China Banking 100 list[37] - The bank's core Tier 1 capital adequacy ratio improved to 12.24% in 2024, up from 11.25% in 2023[43]

Financial Performance - The company reported a significant revenue increase of approximately 26.7%, rising from 1.35 billion MYR in the previous fiscal year to 1.71 billion MYR in the fiscal year ending December 31, 2024[21]. - The company's profit before tax surged to 32.86 million MYR, nearly tripling from 8.54 million MYR in the previous fiscal year[21]. - The gross profit for the fiscal year 2024 was reported at 125.96 million MYR, showing a substantial improvement from 77.08 million MYR in the previous year[9]. - The company achieved a post-tax profit of 21.54 million MYR in fiscal year 2024, a significant increase of approximately 161% from 8.24 million MYR in fiscal year 2023[65]. - The profit attributable to the owners of the company for the fiscal year 2024 is 25.46 million MYR, an increase from 8.54 million MYR in 2023[76]. - The total equity attributable to the owners of the company as of December 31, 2024, is 238.44 million MYR, up from 213.30 million MYR in 2023[79]. - The current ratio improved to 2.3 times in 2024 from 2.0 times in 2023, indicating better liquidity[78]. - The debt-to-equity ratio decreased to 0.35 times in 2024 from 0.48 times in 2023, reflecting reduced borrowings[79]. - The total borrowings as of December 31, 2024, are 76.93 million MYR, down from 98.40 million MYR in 2023[79]. Sales and Production - The total sales volume of ferrous scrap metal reached 949,634 tons, an increase of about 30.9% compared to 725,577 tons in the previous fiscal year[21]. - In the fiscal year 2023, the company sold 725,577 tons of black scrap metal, accounting for 93.4% of total revenue, and is projected to sell 949,634 tons in fiscal year 2024, accounting for 93.2% of total revenue[26]. - The average trading price of black scrap metal decreased by approximately 4.6% from 1,711 MYR per ton in fiscal year 2023 to 1,633 MYR per ton in fiscal year 2024[64]. Operational Efficiency - The company operates multiple scrap yards across Malaysia, covering approximately 61,000 square meters, strategically located to ensure a steady supply of ferrous scrap metal[25]. - The company has a fleet of 95 owned trucks, with 59 trucks having a capacity of 20 tons or more, enabling efficient logistics support for suppliers[25]. - The company remains focused on optimizing procurement strategies and improving operational efficiency to ensure sustainable profit growth[65]. Environmental and Social Responsibility - The company aims to enhance its focus on environmental management, social responsibility, and good governance in response to increasing awareness of sustainable practices[22]. - The company has implemented various energy-saving measures to minimize its carbon footprint and is committed to achieving net-zero emissions in the future[192]. - The company encourages employees to participate in environmental activities to raise awareness about sustainability[184]. - The company has established a waste recycling program, including the collection of paper, metals, and plastics, to enhance waste reuse[181]. - The company is actively monitoring and managing climate-related risks as part of its governance and strategic planning[193]. Governance and Board Structure - The board consists of five executive directors and three independent non-executive directors, with a gender ratio of 7:1 among employees as of December 31, 2024[100]. - The company has fully complied with the corporate governance code, except for the deviation regarding the roles of the chairman and CEO, which are held by Sia Kok Chin since 2001[92]. - The board has established three committees: Audit and Risk Management Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of the company's affairs[95]. - The company emphasizes the importance of independent directors in providing oversight and strategic guidance[51]. - The board will review and consider separating the roles of chairman and CEO at an appropriate time[92]. Risk Management - The company emphasizes the importance of regular risk assessments and continuous improvement of safety protocols to manage risks in the scrap metal industry[22]. - The board is responsible for maintaining adequate risk management and internal control systems to protect shareholder investments and company assets[139]. - The company has implemented various internal control and risk management policies, including asset depreciation provision management and inventory management policies[139]. ESG Reporting - The company released its seventh ESG report, highlighting sustainability measures and stakeholder concerns for the year 2024[162]. - The report covers the period from January 1, 2024, to December 31, 2024, focusing on the environmental and social impacts of the company's operations in Malaysia[163]. - The board has identified 11 significant ESG-related issues for the reporting period, focusing on energy efficiency, environmental compliance, and corporate governance[171]. Emissions and Energy Consumption - Total greenhouse gas emissions reached 9,683.85 tons of CO2 equivalent in 2024, up from 4,041.07 tons in 2021, representing an increase of 139.5%[200]. - Scope 1 direct emissions from trucks increased to 8,232.39 tons in 2024, compared to 3,057.79 tons in 2021, marking a rise of 169.5%[200]. - Scope 2 indirect emissions from electricity rose to 1,451.46 tons in 2024, up from 983.28 tons in 2021, reflecting an increase of 47.5%[200]. - CO2 emissions per thousand Malaysian Ringgit revenue increased from 0.0028 in 2021 to 0.0057 in 2024, indicating a growth of 103.6%[200].

Financial Performance - The company reported a revenue decline of 11.4%, from HKD 1,392.0 million in 2023 to HKD 1,233.9 million in 2024, primarily due to a decrease in average selling prices of main products caused by market supply and demand imbalance [9]. - The loss attributable to the company's owners for 2024 was HKD 197.1 million, a significant drop compared to a profit of HKD 83.1 million in 2023, mainly due to losses from the sale of the lithium battery production line and impairment provisions related to capitalized development costs of lithium battery products [9]. - The company's revenue decreased by 11.4% from HKD 1,392.0 million in 2023 to HKD 1,233.9 million in 2024, primarily due to a decline in average selling prices across major business products [25]. - Total revenue for the year ended December 31, 2024, decreased by 11.4% to HKD 1,233.9 million from HKD 1,392.0 million in 2023 [32]. - The energy storage business revenue dropped by 51.6%, from HKD 356.1 million in 2023 to HKD 172.4 million in 2024, indicating significant challenges in this segment [31]. - The EPC services segment saw a revenue increase of 7.0%, rising from HKD 572.0 million in 2023 to HKD 611.8 million in 2024, reflecting growth in this area [31]. - The photovoltaic film segment's revenue decreased by 6.1%, from HKD 363.5 million in 2023 to HKD 341.5 million in 2024, highlighting ongoing market pressures [31]. Operational Changes - The company decided to cease operations of its lithium battery production line, resulting in a one-time loss of HKD 95.6 million from the sale, which was completed in December 2024 [12]. - The company plans to cease the development and sales of mobile energy storage products by the end of 2024, fully impairing related assets due to market considerations [13]. - The company is transitioning to a lighter asset model for its energy storage business after selling its lithium battery production line in December 2024, which is expected to significantly reduce costs [20]. - The company is actively pursuing a dual development strategy for both commercial energy storage products and household "solar-storage-charging" products [11]. Product Development and Innovation - The company is focusing on the development and application of various battery packs, energy storage systems, and household "solar-storage-charging" products, emphasizing technological innovation and increased R&D investment [11]. - The company has developed a new residential energy storage battery pack with a capacity of 13.5 kWh, which is expected to start deliveries in 2024 [13]. - The company has begun shipping its commercial outdoor energy storage cabinets in 2024, expanding its range of commercial energy storage products [11]. - The company aims to enhance its energy storage system products and related offerings to meet customer demands and market changes [11]. - The company plans to enhance its photovoltaic film R&D, focusing on new generation products and improving quality and performance to strengthen market influence [21]. Market Strategy - The company believes that purchasing lithium batteries from other manufacturers is more commercially viable than self-production in the current competitive market [12]. - The company aims to enhance its competitiveness in the energy storage market by optimizing product integration and focusing on overseas market expansion [20]. - The company is actively expanding its photovoltaic EPC business overseas, particularly in South Africa and Indonesia, to tap into significant market potential [22]. - The company is expanding its photovoltaic EPC services into the commercial market in Canada, despite a temporary halt in national subsidy applications [15]. Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules for the entire year of 2024, emphasizing the importance of good corporate governance in management and internal control [72]. - The independent non-executive directors actively participate in board meetings and various committees, contributing to the company's governance and decision-making processes [75]. - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse range of business and financial expertise [74]. - The board is collectively responsible for the long-term success of the company, focusing on protecting shareholder interests and enhancing long-term value [73]. Financial Management - The company has established a sound risk management and internal control system to ensure operational effectiveness and compliance with applicable laws and regulations [93]. - The company has implemented a clear organizational structure with appropriate responsibilities and reporting mechanisms to minimize errors and misuse of authority [95]. - The company aims to maintain healthy order profits and cash flow while strictly controlling order sizes and assessing accounts receivable risks amid a challenging industry environment [21]. - The company has confirmed compliance with GEM listing rules regarding the appointment of independent non-executive directors, ensuring at least one has appropriate professional qualifications or financial management expertise [75]. Employee and Shareholder Relations - The company has a total of 445 employees as of December 31, 2024, with a gender distribution of 73% male and 27% female [90]. - The company provides ongoing professional development for all directors to ensure they remain knowledgeable and skilled in their roles [96]. - The company encourages management to meet with shareholders and potential investors to provide updates on business developments [102]. - The company has established multiple communication channels with shareholders, including an annual general meeting and a dedicated website for public access to information [102]. Environmental and Social Responsibility - The company has implemented various environmental measures to reduce greenhouse gas emissions and improve water recycling rates [108]. - The company has established an environmental, social, and governance report available on the stock exchange and its website [110]. Impairment and Losses - A loss of HKD 95.6 million was recognized from the sale of a battery production line, reflecting the decline in average selling prices of lithium battery products [41]. - Impairment losses of HKD 41.4 million on property, plant, and equipment were recognized due to market price declines in the photovoltaic film business [42]. - The company recognized impairment losses of HKD 2.0 million for property, plant, and equipment and HKD 25.5 million for intangible assets related to the mobile energy business due to minimal recoverable amounts [43]. - The impairment losses for the electric vehicle charging pile business amounted to HKD 3.1 million for property, plant, and equipment and HKD 14.9 million for intangible assets, reflecting a decline in expected sales and marketing performance [44].

Financial Performance - The company's revenue for the year ended December 31, 2024, increased by approximately SGD 2,344,000 or about 10.0% to approximately SGD 25,808,000 compared to the previous year[10]. - Gross profit rose from approximately SGD 1,243,000 for the year ended December 31, 2023, to approximately SGD 2,745,000 for the year ended December 31, 2024, with a gross margin increase from 5.3% to 10.6%[10]. - The loss for the year ended December 31, 2024, was approximately SGD 412,000, a significant improvement from a loss of approximately SGD 5,114,000 for the year ended December 31, 2023[10]. - Revenue from truck transportation services increased by approximately SGD 3,235,000 to about SGD 24,571,000, representing a growth of 15.2% due to increased trade volume[16]. - The revenue breakdown for the year ended December 31, 2024, shows truck transportation services accounted for 95.2% of total revenue, while consolidation services accounted for 4.8%[15]. - The revenue from consolidation services decreased by 41.8% or approximately SGD 890,000, primarily due to reduced demand as ships began arriving more timely[18][19]. - Other income and gains decreased from approximately SGD 175,000 for the year ended December 31, 2023, to approximately SGD 73,000 for the year ended December 31, 2024, primarily due to reduced gains from the sale of properties, plants, and equipment[23]. - Administrative expenses decreased from approximately SGD 6,297,000 for the year ended December 31, 2023, to approximately SGD 2,965,000 for the year ended December 31, 2024[24]. - The group recorded a loss of approximately SGD 412,000 for the year ended December 31, 2024, a reduction of approximately SGD 4,702,000 compared to a loss of approximately SGD 5,114,000 for the year ended December 31, 2023[26]. Operational Insights - The company operates a large fleet capable of handling a significant volume of customer orders, positioning itself as a reliable service provider in the logistics sector[14]. - The management team is experienced and has been instrumental in the company's development as a trusted transportation and consolidation service provider[14]. - The company is closely monitoring global trade economics and continuously engaging with customers to understand their needs and the market situation[11]. - The expected GDP growth for Singapore in 2025 is projected to be between 1% and 3%, indicating potential challenges and variables for the company[11]. - Future plans include purchasing new vehicles to increase service capacity and enhancing IT systems[40]. - The company aims to maintain growth and expand market share in Singapore, despite economic slowdowns in the region[40]. Corporate Governance - The company has adopted corporate governance practices in line with GEM listing rules, with compliance noted for the fiscal year[51]. - The company has confirmed adherence to trading regulations for directors during the fiscal year ending December 31, 2024[53]. - The company has received a written confirmation from controlling shareholders regarding compliance with the non-competition agreement since the listing date on GEM[58]. - The board consists of four members, including one executive director and three independent non-executive directors, all of whom have attended 100% of board meetings[60]. - The independent non-executive directors have confirmed their independence in accordance with GEM listing rules[63]. - The company has implemented a training program for directors to ensure they understand their responsibilities under GEM listing rules and other regulations[64]. - The board is responsible for the overall corporate governance functions, including policy formulation and compliance monitoring[69]. - The initial term for all directors is set at three years, with a requirement for re-election at the annual general meeting[71]. - The company has purchased appropriate insurance to cover legal liabilities arising from directors' activities[72]. - The board will continue to review the effectiveness of the corporate governance structure and assess the need to separate the roles of chairman and CEO[62]. Audit and Committees - The Audit Committee held five meetings in the fiscal year ending December 31, 2024, with attendance rates of 100% for the chairman and one member[76]. - The Remuneration Committee conducted three meetings in the fiscal year ending December 31, 2024, with the chairman attending all four meetings[80][82]. - The Nomination Committee held four meetings in the fiscal year ending December 31, 2024, with the chairman attending all three meetings since appointment[85][86]. - The Audit Committee is responsible for reviewing the company's financial statements, including annual and quarterly reports, ensuring their completeness before submission to the board[77]. - The Remuneration Committee is tasked with reviewing and approving the remuneration proposals for senior management based on the company's objectives[83]. - The Nomination Committee evaluates the diversity of the board and recommends changes to enhance the company's corporate strategy[87]. - The Audit Committee's chairman possesses professional qualifications in accounting and financial management as per GEM listing rules[74]. - The Remuneration Committee ensures that no director participates in determining their own remuneration[83]. - The Nomination Committee is responsible for identifying qualified candidates for board positions and assessing the independence of non-executive directors[87]. - The Audit Committee's meetings are held at least four times a year, ensuring compliance with governance codes[76]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to enhance its business operations and sustainability management, adhering to the GEM listing rules of the Hong Kong Stock Exchange[107]. - The environmental, social, and governance (ESG) report covers the fiscal year ending December 31, 2024, focusing on logistics services in Singapore, primarily truck transportation and consolidation services[108]. - The company has established a systematic management approach to assess and manage significant ESG issues, including risk assessments and stakeholder communications[113]. - The ESG committee is responsible for implementing the company's ESG initiatives and monitoring performance, with the board of directors ultimately accountable for the ESG report[109]. - The company actively engages with stakeholders, including government agencies, investors, employees, customers, suppliers, and the community, to improve ESG performance[116]. - The ESG report identifies ten key ESG issues based on stakeholder feedback and industry benchmarks, ensuring relevance and significance[119]. - The company has committed to maintaining compliance with all relevant ESG reporting guidelines and has provided a complete index for reference in the ESG report[107]. - The company emphasizes the importance of effective communication channels with stakeholders to address their concerns and enhance trust[114]. - The report outlines the company's goals and indicators for ESG performance, comparing them with actual results to ensure accountability[115]. - The company has implemented measures to ensure the effectiveness of its significant ESG initiatives and has established actionable goals[115]. Environmental Impact and Compliance - The company aims to reduce diesel consumption by 2.0% by 2029, with incremental reductions of 1%, 1.4%, 1.6%, and 1.8% in the preceding years[136]. - The company targets a 2.3% reduction in electricity consumption by 2029, with annual increases from 1.5% to 2.1% over the next five years[136]. - Water consumption reduction is also set at 2.3% by 2029, with a gradual increase from 1.5% to 2.1% in the following years[136]. - The company has implemented operational measures to minimize greenhouse gas emissions, focusing on logistics operations and energy consumption from purchased electricity[125]. - The company has maintained compliance with significant environmental laws and regulations, including the Environmental Protection Management Act in Singapore[128]. - The company encourages employees to adopt water-saving habits and has no issues with water sourcing as it is provided by the government[133]. - The company has adopted digital office practices to minimize paper usage and has implemented regular vehicle maintenance to monitor fuel consumption[126]. - The company is committed to creating a comfortable and green working environment to enhance employee efficiency[135]. - The company has established electronic workflows to reduce printing and copying, promoting double-sided printing in the office[129]. - The company evaluates climate change impacts through physical and transition risk assessments, considering both direct asset damage and supply chain disruptions[142]. Employee Welfare and Safety - The employee turnover rate for the year was reported at 6.9%, which is considered healthy and stable by the Environmental, Social, and Governance Committee[155]. - The company has established an ISO 14001 certified environmental management system to meet customer expectations for environmental friendliness[148]. - The workforce consisted of 121 full-time employees as of December 31, 2024, down from 130 in 2023, reflecting a decrease of approximately 6.9%[155]. - The company plans to negotiate cost-sharing arrangements with customers in response to potential fuel cost increases due to environmental taxes[148]. - The company is committed to monitoring and updating its action plans regarding climate change impacts regularly[147]. - The total power consumption was reported at 56,228 kWh in 2024, an increase from 44,643 kWh in 2023, representing a growth of approximately 26%[150]. - The company aims to maintain compliance with relevant laws and regulations regarding employee rights and welfare, ensuring a fair and equitable work environment[160]. - The company reported an injury rate of 0.0076% for the fiscal year 2023, an increase from 0.0055% in fiscal year 2022, but a decrease is expected in fiscal year 2024 to 0.0057%[168]. - The total number of lost workdays due to injuries was 28 in fiscal year 2023, compared to 25 in fiscal year 2022 and an expected 26 in fiscal year 2024[168]. - The company has not experienced any work-related fatalities in the past three years[166]. Risk Management and Compliance - A comprehensive anti-corruption training program aims for 100% coverage of employees within four years[178]. - The company has established a strict supplier selection process that considers environmental and social risk controls[186]. - There have been no reported incidents of bribery, extortion, fraud, or money laundering in the past three years[183]. - The company maintains a risk management system to identify and mitigate risks in the workplace[165]. - The company has implemented various COVID-19 safety measures, including regular disinfection and social distancing protocols[169]. - The company collaborates with four key suppliers in the port, diesel, tire, and land leasing sectors, crucial for its operations[185]. - The company provides at least 6 hours of training for each driver during the reporting period, focusing on health and safety regulations[173]. Logistics and Service Quality - The company has a large logistics fleet consisting of tractors, trailers, forklifts, and light vehicles to provide efficient transportation and storage services[192]. - The company has invested in various technological systems to enhance workflow timeliness and accuracy, reducing employee workload[192]. - The company maintains close relationships with suppliers to ensure the provision of quality goods and services, contributing to strong business performance[193]. - The company implements a quality control policy to provide reliable and flexible services, meeting changing customer and market demands[194]. - Regular vehicle inspections are conducted to minimize vehicle failures and road accidents, ensuring safety for all road users[199]. - All drivers are required to participate in safety courses to ensure safe operation of heavy vehicles[200]. - The company has established quality and safety inspection programs to regulate order processing and address unresolved issues with customers and suppliers[197]. - The company actively communicates with customers to understand their needs and provide timely responses during service delivery[196]. - The company utilizes an operational system that automatically matches key operational data with partners' databases daily[192]. - The company does not face risks related to product or service recalls, and any delivery issues are promptly rescheduled with customer approval[200].

Land Reserves and Property Development - As of December 31, 2024, the total land reserve of the company amounts to approximately 3.58 million square meters across 35 property projects in 10 cities[27]. - The company has a total of 3,581,776 square meters of land reserves, with 357,808 square meters completed, 722,460 square meters under construction, and 2,501,508 square meters planned for future development[29]. - The total area of land reserves is categorized into completed, under construction, and future development, indicating a strategic approach to project management[31]. - The company is focusing on expanding its land reserves and project pipeline to enhance future growth potential[31]. - The company has established operational bases in Guangdong, Hainan, Yunnan, Jiangsu, and Hunan provinces[2]. - The company has ongoing projects with a total area of 1,200,000 square meters, including 236,787 square meters in the second phase of the Jingye Shanhu Bay project[33]. - Future development projects are estimated to cover an area of 1,500,000 square meters, with 400,784 square meters planned for the Jingye Yingde Jinxiong project[32]. - The company is actively pursuing new projects and developments across different regions to strengthen its market position[30]. Financial Performance - The total contracted sales amount for 2024 was approximately RMB 470.5 million, a decrease of 69.5% compared to RMB 1,541.5 million in 2023[78]. - The confirmed revenue for 2024 was RMB 3,426.7 million, a significant increase of 567.3% from RMB 513.5 million in 2023[79]. - Revenue from property development and sales increased by 726.3% in 2024, reaching RMB 3,323.3 million, accounting for 97.0% of total revenue[80]. - The operating loss for 2024 was RMB 23.6 million, a significant improvement from the operating loss of RMB 1,977.5 million in 2023[78]. - Hotel operations revenue decreased by 18.9% to RMB 58.6 million in 2024, down from RMB 72.3 million in 2023, primarily due to the closure of a key hotel[82]. - Property management service revenue reached RMB 42.3 million in 2024, a 25.5% increase from RMB 33.7 million in 2023, driven by stable growth in managed property area[83]. - Commercial property investment revenue decreased by 51.9% to RMB 2.5 million in 2024 from RMB 5.2 million in 2023, primarily due to the sale of investment properties[84]. - The net loss for 2024 was RMB 132.6 million, significantly reduced from a loss of RMB 2,142.6 million in 2023, with basic and diluted loss per share improving to RMB 0.21 from RMB 1.11[95]. Operational Strategy and Management - The company operates four main business segments: property development and sales, hotel operations, property management, and commercial property investment[2]. - The company emphasizes its positioning as an "ecological and cultural real estate developer," focusing on natural resources and cultural heritage in project locations[2]. - The company is committed to building homes and communities that are truly suitable for buyers to live in[2]. - The group aims to maintain operational resilience and adapt its business structure in response to ongoing market uncertainties, focusing on "stable operations, ensuring delivery, and managing risks"[69]. - The group is actively seeking new financing sources and improving cash flow management to address liquidity risks and debt pressures[69]. - The company is committed to reducing debt and managing liquidity pressures while enhancing operational capabilities[74]. - The company plans to continue leveraging government policies to stabilize the market and enhance operational efficiency[73]. - The company aims to transform some existing properties into long-term rental sources to adapt to market demands[71]. Governance and Compliance - The company emphasizes strategic independent judgment through its independent non-executive directors, including Ma Qingnan, who has over 42 years of legal practice experience[115]. - The company is committed to maintaining high standards of governance and resource management through its independent committees[115][116][118]. - The independent non-executive directors have reviewed the non-competition agreement and assessed compliance by covenant parties[152]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations affecting its real estate development and management operations[159]. Stock Options and Shareholder Information - The stock option plan approved on November 13, 2019, aims to attract and retain top talent and provide additional incentives to employees and partners[160][161]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares as of the listing date, which translates to a maximum of 160 million shares[165]. - The company must seek shareholder approval for any stock options exceeding the 1% limit for individual participants[166]. - The stock option plan will remain effective for ten years from the adoption date, expiring on November 12, 2029, unless terminated earlier by shareholders[187]. - As of December 31, 2024, there are no unexercised stock options granted under the stock option plan[192]. - Mr. Chen Si Ming holds 1,200,000,000 ordinary shares, representing approximately 72.9% of the company's issued share capital as of December 31, 2024[194]. - The total number of issued ordinary shares as of December 31, 2024, is 1,646,173,000 shares[198]. Market Conditions and Risks - The group faces significant risks related to government regulations, particularly in property purchase policies in provinces such as Guangdong, Hainan, Jiangsu, Yunnan, and Hunan[158]. - The group's business performance is highly dependent on the economic conditions and real estate market in China, especially in the aforementioned provinces[158]. - The company anticipates a slow recovery in the real estate market, with continued government support expected in 2025[73].

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately RMB 79.5 million, a decrease of about 24% from RMB 105.3 million in 2023[11]. - Revenue from the trading of fabric and clothing dropped from approximately RMB 50.4 million in 2023 to approximately RMB 19.9 million in 2024, reflecting a strategic shift towards wider gross margins[11]. - The Group recorded a gross loss of approximately RMB 28.3 million in 2024, compared to RMB 22.5 million in 2023[14]. - The net loss for the Group was approximately RMB 143.2 million in 2024, an improvement from a net loss of approximately RMB 164.6 million in 2023[14]. - The loss from the reportable segment narrowed from approximately RMB 18.4 million in 2023 to approximately RMB 13.3 million in 2024, driven by improved gross profit margins in the online trading market[17]. - The Group's revenue from the Fabrics and Trading Business decreased from approximately RMB 78.4 million in 2023 to RMB 52.4 million in 2024[16]. - Revenue from the fabric and trading business decreased from approximately RMB 78.4 million for the year ended December 31, 2023, to RMB 52.4 million for the year ended December 31, 2024, primarily due to a strategic shift towards achieving higher gross margins[22]. - The reported loss for the fabric and trading business narrowed from approximately RMB 18.4 million for the year ended December 31, 2023, to approximately RMB 13.3 million for the year ended December 31, 2024, driven by an increase in gross margin from online trading[22]. Cost Management - The decrease in administrative and operating expenses by approximately RMB 8.2 million in 2024 was due to stringent cost control measures[15]. - The management has implemented stringent cost control measures, resulting in a reduction of administrative and operating expenses by RMB 8.2 million for the year ended December 31, 2024[107]. Loan and Credit Management - The Money Lending Business has not granted any new loans or loan facilities during 2024, maintaining a cautious approach amid economic uncertainty[21]. - The interest rate for loans provided by the Group ranges from 13% to 14%, with terms from 3 months to 1 year[20]. - As of December 31, 2024, the net value of receivables from loans was zero, with no new loans or financing issued during the year, reflecting a cautious tightening of credit policies[25]. - The Group's credit risk assessment includes background checks and reviews of financial conditions, asset portfolios, and credit histories for potential customers[29]. - The Group's impairment policy indicates that full impairment will be made for overdue loans if they are more than 90 days past due without a repayment plan[32]. - The Group recognized a net impairment loss of RMB 4,600,000 on receivables due to the non-repayment of one outstanding loan as of December 31, 2024[35]. - The Group recognized a net impairment loss on trade and other receivables of approximately RMB 9,083,000, including RMB 29,000 for trade receivables and RMB 9,054,000 for other receivables[75]. - The impairment loss on other receivables primarily relates to amounts due from Asia Momentum Media PTE. LTD. and 台灣亞洲心動娛樂有限公司, totaling RMB 4,716,500 and RMB 1,609,876 respectively[81]. Business Strategy and Future Outlook - The Group's strategic focus in 2024 was on achieving higher gross margins, moving away from a narrow gross profit margin strategy adopted in 2023[16]. - The Group has deferred its live-streaming e-commerce business plan to 2026 due to operational challenges and underperformance of short video content launched in 2024[50]. - The short-term strategy for the media, cultural, and entertainment business includes expanding digital platforms and seeking investment opportunities in film rights[51]. - The anticipated growth rate for the live streaming project, now scheduled for 2026, is projected at 12.4%, based on reliable sources such as Technavio and IBISWorld[62]. - The board has adopted a more cautious approach in financial projections due to the challenging economic environment[62]. - The company aims to expand its digital platforms and seek investment opportunities in film rights, targeting a strong customer base for a high-quality e-commerce platform[53]. Share Capital and Financing - The company plans to place up to 262,208,000 new shares at a price of HK$0.080 per share, aiming to raise a total of HK$20.98 million[99]. - A proposed rights issue is expected to raise HK$196.66 million, with a ratio of two rights shares for every one share held[99]. - The Company has entered into a placing agreement to secure approximately HK$20.56 million in net proceeds, with further fundraising exercises planned by October 2025[106]. - Loan capitalisation negotiations are ongoing, with completion expected by October 2025[107]. - The Group's forecast assumes successful acquisition of additional financing, effective collection of outstanding sales proceeds, and successful loan capitalisation of bond payables and other borrowings[90][94]. Governance and Management - The management is optimistic about the Group's future growth and outlook, emphasizing the importance of enhancing corporate transparency and governance[87]. - The company emphasizes the importance of experienced leadership in driving business development and investment strategies[164][165][168][169][170]. - The leadership team is expected to leverage their diverse backgrounds to support the company's strategic initiatives and market expansion efforts[164][165][168][169][170]. - The Group employed approximately 178 employees as of December 31, 2024, down from 196 in 2023[152]. - The remuneration packages for employees were maintained at a competitive level to attract and retain talent[152]. Legal and Compliance Issues - The auditors raised uncertainties regarding the Group's ability to continue as a going concern, highlighting the need for supporting evidence for the assumptions made[96]. - The management acknowledges the uncertainties raised by the auditors but maintains confidence in the Group's ability to raise adequate funds[98]. - The company is facing a winding-up petition due to an inability to pay debts totaling approximately HK$71 million, which includes a principal of HK$50 million and accrued interest of HK$21 million[136]. - The High Court ordered the withdrawal of the winding-up petition on February 28, 2024[137]. - The company is involved in litigation regarding a claim for damages amounting to HK$3 million, with a court ruling requiring payment within 56 days[139]. Customer and Supplier Concentration - The Group's five largest customers accounted for approximately 53.5% of total turnover, with the largest customer contributing about 14.4% of total sales[190]. - The Group's five largest suppliers accounted for approximately 53.5% of total purchases, with the largest supplier contributing about 13.4% of total purchases[191].