Financial Performance - The Group recorded a revenue of approximately HK$90.62 million for the year ended 31 December 2024, representing an increase of approximately 30.41% from last year (2023: approximately HK$69.49 million) [35] - Gross profit increased by approximately 196.83% to approximately HK$57.65 million from last year (2023: approximately HK$19.42 million) due to improved cost efficiency [35] - The Group achieved a profit for the year of approximately HK$17.75 million, a turnaround from a loss of approximately HK$107.70 million in 2023 [36] - Total operating expenses for the year ended 31 December 2024 amounted to approximately HK$51.52 million, representing an increase of approximately 13.14% compared to last year (2023: approximately HK$45.54 million) [37] - As at 31 December 2024, the Group recorded net current liabilities of approximately HK$0.56 million, a shift from net current assets of approximately HK$20.79 million in 2023 [38] - Net assets increased to approximately HK$25.20 million as at 31 December 2024, up from approximately HK$11.79 million in 2023, primarily due to the profit for the year [38] - Cash and bank balances as at 31 December 2024 were approximately HK$22.70 million, significantly higher than HK$3.33 million in 2023 [39] Strategic Initiatives - The Group expanded its service portfolio to include comprehensive medical, aesthetic, and value-added healthcare solutions, enhancing its position in Hong Kong's premium healthcare sector [16] - A key initiative in 2024 involved medical-academic exchange programs, which generated sustainable revenue streams and deepened trust among high net-worth individuals [17] - The Board implemented three core strategies focused on attracting like-minded partners to foster a collaborative ecosystem in the medical industry [17] - The Group's strategy includes optimizing asset portfolios and enhancing operational efficiency to secure long-term growth [21] - Future prospects involve expanding business scope in the healthcare industry and reallocating resources to maintain leadership in healthcare products and services [31] Credit Risk and Expected Credit Loss - The reversal of expected credit loss on Other Receivables for the year ended 31 December 2024 amounts to approximately HK$12,290,000, compared to a provision of approximately HK$83,001,000 for the year ended 31 December 2023 [66] - The lifetime Probability of Default (PD) for Other Receivables under the 5-year repayment plan is 45.8%, with a Loss Given Default (LGD) of 61.2% [73] - For Other Receivables that are not overdue and not under the repayment plan, the lifetime PD is 1.2%, with an LGD of 61.7% [73] - The significant changes in the value of inputs for PD assessment from FY2023 to FY2024 are noted, indicating a shift in credit risk evaluation [79] - The Valuer utilized Moody's 2024 default rate research to determine PD and LGD, reflecting a comprehensive approach to credit risk assessment [75] - The ECL calculation follows the formula: ECL = Exposure at default x PD x LGD, as per HKFRS 9 [67] - The assessment of Other Receivables includes historical aging schedules and industry credit data to ensure reliable measurement of ECL [78] - Forward-looking adjustments in the ECL assessment were made using regression models based on macroeconomic indicators and historical market default data [75] - The significant reversal in expected credit loss indicates an improvement in the credit quality of Other Receivables [66] - The expected credit loss (ECL) rates for the fiscal year ending December 31, 2024, are projected to be significantly lower, with a lifetime probability of default (PD) of 1.2% for balances not overdue and not under a repayment plan, and 45.8% for balances under the repayment plan [81] Corporate Governance - The company is committed to maintaining high standards of corporate governance practices, which provide a solid foundation for management quality and accountability to shareholders [105] - The company has complied with all code provisions of the Corporate Governance Code throughout the reporting period, except for the deviation regarding the roles of chairman and chief executive officer being held by the same individual [106] - The board believes that having the same person serve as both chairman and CEO can enhance the execution of business strategies and operational effectiveness [106] - The company will continue to review its governance structure and appoint suitable candidates for the roles of chairman or CEO as necessary to ensure compliance with the Corporate Governance Code [106] - The company has established a framework to attract and retain high-quality management and promote sound internal control [105] - The board is dedicated to meeting the expectations of various stakeholders through transparency and accountability [105] - The company has a history of strong governance practices, which are essential for achieving its strategic objectives [105] - The board will keep reviewing its governance practices to align with the latest developments in corporate governance standards [106] Board Composition and Diversity - As of December 31, 2024, the Board consists of four Directors, including one executive Director and three independent non-executive Directors [116] - The Company has appointed five Directors during the Reporting Period, with one female Director among them [125] - Male employees account for 29.41% and female employees account for 70.59% of the Group's total workforce, indicating a gender ratio within a reasonable range [126] - The Board has established measurable objectives to implement the Board Diversity Policy, focusing on various diversity perspectives including gender, age, and professional experience [124] - The current composition of the Board includes core competencies in accounting, finance, business management, legal profession, and merger and acquisition, deemed appropriate for the Company's operations [129] Audit and Risk Management - The Audit Committee consists of independent non-executive directors, with at least one member possessing appropriate professional qualifications or financial management expertise [174] - The Audit Committee met twice during the Reporting Period to review and supervise the financial reporting process and internal control of the Group [184] - The Audit Committee reviewed the Group's consolidated financial statements for the six months ended June 30, 2024, and for the year ended December 31, 2024 [183] - All members of the Audit Committee are independent non-executive directors, ensuring unbiased oversight [178] - The Audit Committee has the authority to obtain independent professional advice and has full access to management for effective duty discharge [180] - The Audit Committee's responsibilities include reviewing compliance with accounting principles and GEM Listing Rules related to financial reporting [182]

Financial Performance - The total revenue of AMCO United Holding Limited increased by HK$3.5 million or 10.2%, from HK$34.3 million in 2023 to HK$37.8 million in 2024[17]. - The loss for the year decreased from HK$2.75 million in 2023 to HK$1.23 million in 2024, representing a reduction of approximately 55.4%[6]. - The equity attributable to owners of the Company decreased slightly from HK$61.36 million in 2023 to HK$60.13 million in 2024[6]. - The current ratio improved from 2.2 in 2023 to 2.3 in 2024, indicating better short-term financial health[6]. - The return on total assets improved from (1.6%) in 2023 to (0.8%) in 2024, reflecting a reduction in losses relative to total assets[6]. - Gross profit decreased by HK$0.9 million or 6.1% to HK$13.9 million, with a gross profit margin decline of 6.2 percentage points to 36.9%[27]. - The overall loss attributable to owners of the Company decreased by HK$1.6 million or 57.1% to HK$1.2 million compared to a loss of HK$2.8 million in 2023[30]. Business Segments - The Group's Money Lending Business generated stable income in 2024, while the Securities Investment segment recorded a loss[19]. - Medical Products revenue rose by HK$3.7 million or 16.9% to HK$25.6 million, accounting for 67.6% of the Group's total revenue[35]. - The segment profit for Medical Products increased to HK$4.2 million in 2024 from HK$3.3 million in 2023, aided by the reversal of impairment loss under ECL[39]. - The segment loss for Plastic Products in 2024 was approximately HK$1,546,000, an increase of HK$717,000 compared to a loss of approximately HK$829,000 in 2023[109]. - The segment profit from Money Lending amounted to HK$7.3 million, down from HK$14.7 million in 2023[114]. Operational Strategies - The Group plans to maintain liquidity by effectively managing working capital and controlling costs in response to market uncertainties[22]. - The Group aims to optimize its business portfolio and explore new growth potentials to maximize shareholder value[23]. - The Group is focused on dynamic performance evaluation and asset reallocation to adapt to market changes and enhance operational efficiency[24]. - The Group employs a just-in-time production strategy to enhance competitiveness, allowing for quick adjustments in production volumes and product mix according to market demand[85]. - The procurement department monitors raw material consumption and adjusts procurement based on sales orders and forecasts to minimize storage costs and obsolete stock risks[85]. Customer Engagement and Market Development - The Group is actively exploring potential business opportunities to expand its customer base in the Medical Devices Business[18]. - The customer base mainly consists of users and distributors in the PRC, including retailers and trading companies[51][54]. - The Group is actively seeking new opportunities to broaden its customer base through various channels, including referrals and business events[52][53]. Investment and Financial Management - The Group recorded loan interest income of HK$11.2 million from its Money Lending, representing a decrease of HK$0.6 million or 5.1% compared to HK$11.8 million for the previous year, accounting for 29.7% of the Group's total revenue[114]. - The Group experienced net impairment losses of approximately HK$3.0 million for expected credit losses and write-offs on loan and interest receivables for the year ended December 31, 2024[120]. - The Group intends to diversify its investment portfolio to reduce concentration and investment risks in light of recent market volatility[137]. - The Group has a policy for assessing credit risk based on close monitoring, including aging analysis and past collection history[134]. Governance and Management - The Group's management team includes experienced professionals with backgrounds in finance, human resources, and e-commerce[163][164][173]. - The Board consists of two Executive Directors and three Independent Non-executive Directors, ensuring a balanced composition[178]. - The Company complied with all provisions of the Corporate Governance Code throughout the year ended December 31, 2024, with certain disclosed deviations[175]. - Each Executive Director is suitably qualified and possesses sufficient experience to effectively carry out their duties[191]. Quality Control and Production - The Group emphasizes consistent product quality through a stringent quality control system to meet relevant medical device standards[45][48]. - Quality control measures are implemented throughout the production process to ensure that finished products meet safety standards and customer specifications[78]. - The Group's production process includes manual testing and assembly steps to ensure the quality of medical devices before packaging[90]. Future Outlook - The Board anticipates stable market demand for medical products, particularly lancet piping parts and devices, due to the increasing prevalence of diabetes, projected to affect 783 million adults by 2045[103]. - The demand for medical products is expected to grow due to increased public health awareness post-COVID-19, with stable revenue anticipated from pandemic-related products[106].

目錄 | | | 5 管理層討論及分析 7 董事及高級管理層 9 董事會報告 23 企業管治報告 35 獨立核數師報告 40 綜合損益及其他全面收益表 41 綜合財務狀況表 43 綜合權益變動表 44 綜合現金流量表 46 綜合財務報表附註 119 財務概要 120 公司資料 主席報告書 截至二零二四年十二月三十一日止年度（「本年度」），全球牛仔布行業仍受不明朗因素籠罩，包括美國（「美國」，主 要牛仔布市場）政府的關稅調整。有見及此，興紡控股有限公司（「興紡」或「本公司」）及其附屬公司（統稱「本集團」） 採取審慎措施，把握COVID-19疫情後的復甦機遇。當中包括積極與客戶聯繫及提升營運效率。此外，作為本集團 「中國加一」策略的一部分，其與一家越南分包商合作建立新的生產線，加強滿足客戶多樣化的採購需求。與二零 二三年比較，此等措施使本集團的表現顯著改善，收益及毛利均大幅增加。然而，人民幣貶值導致的匯兌虧損對 本集團的財務業績造成負面影響，部分抵銷本年度的收益。 截至二零二四年十二月三十一日止年度，本集團總收益約214.7百萬港元（二零二三年：162.9百萬港元），按 年增加約31.8%。毛利合共約33.4百萬 ...

Financial Performance - For the fiscal year 2024, the rental income from investment properties in Hong Kong was approximately HKD 32.6 million, a decrease of about 3.6% compared to HKD 33.8 million in fiscal year 2023[16]. - The group's revenue for the fiscal year 2024 was approximately HKD 32.6 million, a decrease of about 3.6% compared to approximately HKD 33.8 million in fiscal year 2023[23]. - The net loss attributable to the company's owners for fiscal year 2024 was approximately HKD 176.7 million, compared to a loss of approximately HKD 72.9 million in fiscal year 2023[31]. - Other income for fiscal year 2024 was approximately HKD 1.3 million, a decrease of about HKD 2.0 million compared to approximately HKD 3.3 million in fiscal year 2023[24]. - Employee costs for fiscal year 2024 were approximately HKD 3.1 million, a reduction of about 22.5% from approximately HKD 4.0 million in fiscal year 2023[25]. - Other operating expenses for fiscal year 2024 were approximately HKD 5.9 million, down about 19.2% from approximately HKD 7.3 million in fiscal year 2023 due to strict cost control measures[26]. - Financial costs for fiscal year 2024 were approximately HKD 50.5 million, an increase of about 16.4% from approximately HKD 43.4 million in fiscal year 2023[28]. - The fair value of the group's investment properties as of December 31, 2024, was revalued at HKD 1,582.1 million, down from HKD 1,731.1 million as of December 31, 2023, resulting in a fair value loss of approximately HKD 149.5 million for the fiscal year 2024[27]. - As of December 31, 2024, the group's cash and bank balances were approximately HKD 16.7 million, a significant decrease from approximately HKD 123.0 million as of December 31, 2023[33]. - The group's net asset value as of December 31, 2024, was approximately HKD 776.7 million, a decrease of about 18.5% from approximately HKD 953.5 million as of December 31, 2023[36]. Operational Performance - The occupancy rate of the investment property portfolio as of December 31, 2024, was approximately 70.6%, down from 84.6% as of December 31, 2023[16]. - The core income source, Jardine Center, accounted for approximately 76.5% of the total revenue for the fiscal year 2024[16]. - The retail sales in Hong Kong decreased by 7.3% compared to the same period in 2023, reflecting the challenging economic environment[12]. - The company expects that measures taken by the central government to stimulate the economy will benefit the retail sector in Hong Kong[12]. - The company continues to assess potential growth opportunities as the tourism and retail sectors recover in Hong Kong[12]. - The company plans to focus on strengthening its core property leasing business in Hong Kong, particularly in Causeway Bay, to maintain long-term competitiveness[17]. Financial Management and Debt - The company is negotiating with financial institutions to extend or restructure loan repayment terms to improve liquidity and financial conditions[13]. - The company received a letter from Hang Seng Bank indicating a breach of financial covenants, stating that the consolidated tangible net worth of the company fell below the minimum requirement of HKD 2,000 million[40]. - The company was required to make a partial repayment of at least HKD 164 million to potentially remedy the breach within one month from the date of the letter[40]. - The company has extended the maturity date of loans totaling approximately HKD 78.4 million to August 15, 2023, under the "pre-approved interest repayment without principal repayment" plan[48]. - The total principal amount of bank loans approved for extension by Hang Seng Bank is approximately HKD 236.0 million, with the maturity date extended to December 27, 2023[53]. - The company provided corporate guarantees to Hang Seng Bank for bank financing amounting to HKD 1,127 million as of December 31, 2024[58]. Corporate Governance - The board of directors has service contracts with an initial term of two years, which can be renewed for an additional year[87]. - The company has adopted the latest corporate governance code and complied with it throughout the reporting period, with one exception regarding attendance at the annual general meeting[133]. - The board consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors[143]. - The company has established three committees: the Remuneration Committee, the Audit Committee, and the Nomination Committee to oversee specific aspects of the group's affairs[164]. - The company has mechanisms in place to ensure the board receives independent viewpoints and opinions, with independent non-executive directors actively participating in meetings[156]. - The company has established a whistleblowing policy and system for employees and other stakeholders to report concerns regarding any misconduct[173]. - The board will review the effectiveness of the risk management and internal control systems at least annually, ensuring adequate resources and training for accounting and financial reporting functions[194]. Risk Management - The group faces significant economic and financial risks due to its primary assets being investment properties in Hong Kong, which are affected by the local economic conditions and property market performance[107]. - The group is closely monitoring and managing interest rate fluctuation risks and may consider using hedging tools when appropriate[108]. - The company has established internal control systems and risk management procedures to monitor significant risks and achieve strategic objectives[107]. - The internal control report for the fiscal year 2024 found no significant internal control issues[192]. Employee Relations - The group employed 5 employees as of December 31, 2024, maintaining competitive compensation and benefits[60]. - The company emphasizes the importance of good corporate governance to protect shareholder interests[132]. - The company has maintained sufficient public float as required by the Hong Kong Stock Exchange throughout the fiscal year 2024[75]. Shareholder Relations - The company has not engaged in any significant investments, acquisitions, or disposals during the reporting period[61]. - The company’s available reserves for distribution to shareholders as of December 31, 2024, are approximately HKD 96,135,000, an increase from approximately HKD 49,602,000 in 2023[76]. - The company maintains ongoing communication with shareholders and stakeholders, encouraging participation in the annual general meeting[196]. - Shareholders can submit written inquiries to the company via email, ensuring their concerns are addressed[200].

Financial Performance - The group's revenue increased from approximately RMB 485 million for the year ended December 31, 2023, to approximately RMB 545 million for the year ended December 31, 2024, representing a growth of about RMB 60 million or approximately 12.4%[13] - The loss for the year ended December 31, 2024, was approximately RMB 70 million, a significant reduction from the loss of approximately RMB 270 million for the year ended December 31, 2023, primarily due to cost control strategies[13] - Revenue increased from approximately RMB 48.5 million for the year ended December 31, 2023, to approximately RMB 54.5 million for the year ended December 31, 2024, representing a growth of about 12.4%[20] - Cost of sales rose from approximately RMB 47.1 million to approximately RMB 52.7 million, an increase of about 11.9%[21] - Gross profit increased from approximately RMB 1.5 million to approximately RMB 1.8 million, with the gross profit margin rising from about 3.0% to 3.3%[22] - Other losses increased from a loss of approximately RMB 0.7 million to a loss of approximately RMB 3.7 million, representing a rise of about 428.6%[23] - Administrative and other expenses decreased from approximately RMB 13.9 million to approximately RMB 6.9 million, a reduction of about 50.4%[25] - Financing costs decreased from approximately RMB 3.1 million to approximately RMB 1.6 million, a decline of about 48.4%[26] - Loss for the year reduced from approximately RMB 27.0 million to approximately RMB 7.0 million[27] Cash Flow and Financial Position - Total cash and cash equivalents decreased from approximately RMB 20.3 million to approximately RMB 4.1 million[29] - The debt-to-asset ratio increased from 24.6% to 60.0%[29] - The company's issued share capital as of December 31, 2024, is HKD 32 million (approximately RMB 27.909 million), with 160 million ordinary shares issued[40] - The company’s reserves available for distribution to shareholders as of December 31, 2024, were approximately zero million RMB[150] - As of December 31, 2024, the company's net current liabilities and total liabilities were approximately RMB 49,109,000 and RMB 93,598,000, respectively[187] Employee and Workforce Management - The company employed 75 employees as of December 31, 2024, down from 92 employees in the previous year[34] - The employee count at the end of 2024 was 75, down from 92 in 2023, with a turnover rate of 20%[111] - The total employee turnover rate for 2024 was 33%, slightly down from 34% in 2023[113] - The average training hours provided per employee during the reporting period was 2.6 hours, with 87% of employees receiving training[119] - In 2024, the percentage of trained employees increased to 87%, up from 71% in 2023[120] Corporate Governance - The board consists of three executive directors and three independent non-executive directors as of December 31, 2024[51] - The board held a total of 11 meetings during the year ending December 31, 2024[57] - All directors confirmed their commitment to contribute sufficient time and effort to the company's affairs[53] - The company does not have a corporate governance committee; the board as a whole is responsible for corporate governance duties[58] - The board regularly reviews compliance with corporate governance codes and policies[58] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of a stable and efficient governance framework to address potential environmental, social, and governance risks[89] - The company has formed an environmental, social, and governance working group to support the board and oversee the implementation of related measures[91] - The company identifies seven key social aspects as crucial, including employment, health and safety, and supply chain management[92] - The company aims to reduce energy intensity by 10% from the 2022 baseline by 2027[94] - The company plans to lower water consumption intensity by 10% from the 2022 baseline by 2027[96] Risk Management - The company has established a risk management framework to mitigate operational risks[68] - The company has identified potential climate-related risks, including acute physical risks from extreme weather events and transitional market risks due to increased demand for environmentally friendly materials[109] - The company has implemented safety training and guidelines to enhance employee safety awareness and minimize the risk of workplace injuries[114] Customer and Supplier Relationships - The largest customer accounted for approximately 21.5% of total revenue for the year ended December 31, 2024, down from 33.6% in 2023[151] - Revenue from the top five customers represented about 47.7% of total revenue for the year ended December 31, 2024, compared to 72.2% in 2023[151] - The largest supplier accounted for approximately 8.2% of total procurement for the year ended December 31, 2024, down from 31.1% in 2023[151] - Procurement from the top five suppliers constituted about 35.0% of total procurement for the year ended December 31, 2024, compared to 80.0% in 2023[151] Compliance and Legal Matters - The company has not reported any significant violations of applicable environmental laws and regulations during the reporting period[102] - The company has maintained strict customer data protection measures, with no significant violations of applicable health and safety, advertising, labeling, and privacy laws reported[131] - The company has not discovered any incidents of corruption or fraud during the reporting period, and there were no violations of relevant laws regarding bribery, extortion, fraud, or money laundering[132] Audit and Financial Reporting - The audit committee reviewed the consolidated financial statements for the fiscal year ending December 31, 2024, confirming compliance with applicable accounting standards[183] - The company appointed a new auditor, Zhongzhi Xin (Hong Kong) CPA Limited, effective January 29, 2024, to fill the vacancy left by the previous auditor[184] - The auditors maintain professional skepticism and communicate significant audit findings to the audit committee[197] Strategic Initiatives - The group plans to expand its sales channels to seek new customers as part of its strategy to diversify its revenue streams and reduce reliance on any single customer group[14] - The management team believes the group is well-positioned to compete against competitors and face future challenges due to its experienced management and market reputation[15] - The company has committed to increasing charitable work to fulfill its corporate social responsibility and is actively seeking opportunities to participate in community programs[134]

Financial Performance - In 2024, the company's revenue was RMB 302,501 thousand, a decrease of 5.3% compared to RMB 319,437 thousand in 2023[11]. - The gross profit for 2024 was RMB 75,351 thousand, down from RMB 80,306 thousand in 2023, reflecting a gross margin of approximately 24.9%[11]. - The net profit decreased to approximately RMB 21.8 million, a decrease of about RMB 19.2 million or approximately 46.8% compared to fiscal year 2023[41]. - The operating and administrative expenses increased to approximately RMB 38.5 million, an increase of about RMB 9.7 million or approximately 33.7% compared to fiscal year 2023[37]. - The gross profit decreased to approximately RMB 75.4 million, a reduction of about RMB 4.9 million or approximately 6.1% from fiscal year 2023[36]. - The revenue breakdown for fiscal year 2024 shows that municipal public works contributed RMB 70.7 million (23.4% of total revenue), foundation engineering contributed RMB 100.1 million (33.1%), construction engineering contributed RMB 92.7 million (30.6%), and petrochemical engineering contributed RMB 39.0 million (12.9%)[28]. - In the fiscal year 2024, the revenue from municipal engineering was approximately RMB 70.7 million, a decrease of about RMB 115.5 million or approximately 62.0% compared to fiscal year 2023[30]. - The revenue from foundation engineering increased to approximately RMB 100.1 million, an increase of about RMB 16.8 million or approximately 20.2% compared to fiscal year 2023[31]. - The revenue from construction engineering rose to approximately RMB 92.7 million, an increase of about RMB 51.5 million or approximately 125.0% compared to fiscal year 2023[32]. - The revenue from petrochemical engineering was approximately RMB 39.0 million, an increase of about RMB 30.8 million or approximately 375.6% compared to fiscal year 2023[33]. Assets and Liabilities - The total assets increased to RMB 710,355 thousand in 2024, up from RMB 556,422 thousand in 2023, representing a growth of 27.6%[11]. - The total liabilities rose to RMB 381,479 thousand in 2024, compared to RMB 331,235 thousand in 2023, indicating an increase of 15.2%[11]. - As of December 31, 2024, the current ratio was 1.7, compared to 1.5 as of December 31, 2023[42]. - The total debt increased from approximately RMB 20.2 million to approximately RMB 43.1 million, with the debt-to-asset ratio rising from approximately 8.9% to approximately 12.1%[43]. - As of December 31, 2024, the company's trade receivables amounted to approximately RMB 291.0 million, an increase of about RMB 58.5 million from RMB 232.5 million as of December 31, 2023, primarily due to longer collection processes[47]. - As of December 31, 2024, the company's contract assets were approximately RMB 300.5 million, up by about RMB 79.2 million from RMB 221.3 million as of December 31, 2023, mainly due to project measurement delays[48]. - As of December 31, 2024, the company's trade payables and notes payable were approximately RMB 298.8 million, an increase of about RMB 23.0 million from RMB 275.8 million as of December 31, 2023, primarily due to delayed payments[49]. Cash Flow and Operating Activities - The net cash used in operating activities for 2024 was RMB (103,073) thousand, a significant decline from RMB (33,600) thousand in 2023[11]. - The company's capital expenditures for the reporting year were approximately RMB 2.9 million, compared to RMB 0.9 million in the 2023 fiscal year, mainly for the acquisition of properties and purchase of plant and equipment[52]. - As of December 31, 2024, the company's interest-bearing bank loans were approximately RMB 40.0 million, up from RMB 20.0 million as of December 31, 2023[56]. Strategic Plans and Market Outlook - The company plans to strengthen strategic cooperation with major enterprises and actively participate in national key project constructions to enhance brand recognition[15]. - The company aims to expand its business in Southeast Asia and improve its international marketing network to enhance overseas operational capabilities[15]. - The company will focus on digital transformation and the development of an efficient information management system to improve operational management[15]. - The company anticipates that the urbanization strategy in China will create more opportunities and challenges for the construction industry in 2024[14]. - The company will explore various forms of cooperation and business models to support future development beyond the Tianjin region[14]. - The municipal public works market in Tianjin is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2022 to 2027, reaching RMB 71.2 billion by 2027[17]. - The overall market size for municipal public works in China is projected to increase from RMB 2.3 trillion in 2018 to RMB 3.8 trillion by 2027, with a CAGR of 7.3%[17]. Management and Governance - The company has a strong management team responsible for daily operations, with detailed resumes provided for key executives[86]. - The board of directors is composed of five executive directors, one non-executive director, and three independent non-executive directors, ensuring a high level of independence[188]. - The supervisory board is responsible for overseeing the board of directors and the senior management's performance, as well as the company's financial and risk status[193]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee to oversee specific aspects of governance[192]. - The company has adopted the corporate governance code as its own governance code, ensuring high standards of corporate governance to protect shareholder interests[173]. Shareholder Information - The company’s distributable reserves for shareholders as of December 31, 2024, are approximately RMB 439 million, an increase from RMB 273 million as of December 31, 2023[116]. - The company has confirmed the independence of all independent non-executive directors as per the listing rules[81]. - The company has maintained compliance with listing rules regarding the appointment of at least three independent non-executive directors[199]. - Major shareholders include Ms. Dou Enyan with 97.3% of non-listed shares and 73.0% of total issued shares[144]. Compliance and Regulatory Matters - The company has acknowledged its responsibilities regarding environmental, social, and governance (ESG) matters and is committed to compliance with relevant reporting regulations[108]. - The company expressed regret over unintentional violations of listing rules related to related party transactions and is taking remedial measures to prevent recurrence[112]. - The company has not entered into any non-exempt related party transactions or continuing connected transactions during the reporting year, aside from those disclosed[165]. - The company has taken remedial measures to prevent similar violations in the future and has consulted compliance advisors following the identification of the related party transactions[164]. Employee and Training Policies - The company is committed to establishing a competitive and fair compensation and benefits system for employees, which includes performance bonuses[154]. - The company provides necessary on-the-job training and timely position training to help employees meet professional technical skills and daily project management[154]. - The company has established a five-day work week for all employees, along with various welfare leave policies[154]. - The company encourages employees to become versatile talents through various training programs, including professional skill advancement and management capability training[154].

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was RMB 51,635,000, a decrease of 20.0% compared to RMB 64,536,000 in the previous year[10]. - The net loss attributable to the company's owners increased to RMB 5,779,000, up 99.4% from RMB 2,898,000 in the previous year[10]. - The total assets increased by 4.3% to RMB 512,559,000, while total liabilities rose by 72.0% to RMB 105,767,000[10]. - Revenue from the film, series, and non-series segment decreased by 11.0% to RMB 31,839,000, down from RMB 35,784,000[38]. - The artist and event management segment saw revenue drop from RMB 28,752,000 to RMB 19,796,000, reflecting a decline of 30.9%[31]. - Segment profit decreased by 53.6% to RMB 3,449,000, with a profit margin of 17.4%, down from 25.9% in the previous year[39]. - Annual loss increased to RMB 11,048,000 from RMB 7,717,000, with losses attributable to decreased overall revenue and increased tax expenses[48]. - Fair value loss on equity instruments recognized in other comprehensive income increased to RMB 25,809,000 from RMB 8,328,000, primarily due to changes in business models and market conditions[49]. - Other income decreased by 4.2% to RMB 13,772,000, offset by increased interest income from bank deposits due to rising interest rates[41]. - Sales costs decreased by 13.3% to RMB 29,693,000, attributed to lower distribution costs for films and artist management services[40]. Market and Industry Insights - The Hong Kong film industry saw a 6% decrease in box office revenue in 2024, highlighting the challenges faced in the overall market[17]. - The Hong Kong film box office revenue exceeded HKD 1.34 billion in 2024, a decrease of 6% from 2023, with local films outperforming Hollywood for the first time since 2004[28]. - The company is focusing on enhancing its film production capabilities and expanding its market reach through various government-supported initiatives aimed at promoting investment in the mainland and other regions[17]. - The company continues to collaborate with business partners to produce, invest in, or distribute quality content to capture opportunities in the Chinese market and the global Chinese community[22]. Artist and Event Management - The company managed approximately 50 artists, with over 50% of the revenue from artist and event management coming from the Chinese mainland in 2024[23]. - The company is actively seeking opportunities for its artists to participate in commercial activities and performances in mainland China, capitalizing on the market's potential[23]. - Revenue for the artist and event management segment decreased by 31.1% from RMB 28,752,000 to RMB 19,796,000 due to reduced live streaming income and fewer projects[39]. - The company is actively expanding collaborations with partners and investors, particularly in mainland China, to develop quality films and series[29]. Corporate Governance - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[71]. - The company has adopted a board diversity policy since August 2013, emphasizing the importance of diverse skills, experiences, and perspectives[83]. - The company has ensured compliance with the standards for securities trading by all directors as of December 31, 2024[82]. - The board is responsible for overseeing the company's business management and ensuring alignment with shareholder interests and stakeholder considerations[90]. - The company has established specific committees, including the executive, audit, remuneration, and nomination committees, to assist in effective governance[95]. Risk Management and Compliance - The company has established an effective risk management and internal control system, with no significant risks identified during the risk assessment for the year ending December 31, 2024[107]. - The board of directors is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually, ensuring they are adequate and effective[113]. - The company has implemented a policy for handling inside information to ensure its disclosure is accurate, complete, and timely, with no significant deficiencies found in internal controls[110]. - The independent non-executive directors have reviewed the related transactions and confirmed compliance with relevant regulations[179]. Employee and Board Composition - The group had a total of 51 employees as of December 31, 2024, down from 58 employees as of December 31, 2023[64]. - The average age of the board members is 60 years, with 3 members aged 51-55, 2 aged 56-60, 1 aged 61-65, 1 aged 66-70, and 1 aged 71-75[84]. - As of December 31, 2024, the employee gender ratio (excluding directors) is 38% female and 62% male, with a goal to achieve a more balanced gender ratio in the future[87]. - The company aims to attract and retain executives by aligning compensation with industry standards and individual performance[105]. Shareholder Information - The company will maintain an open and effective investor communication policy to keep investors informed about business-related information[120]. - The annual general meeting will be held in June 2025, with notifications sent to shareholders accordingly[125]. - Shareholders can request a special general meeting if they hold at least 10% of the paid-up capital[122]. - The company has a policy to review its diversity policy regularly to ensure its effectiveness[128]. Financial Position and Reserves - The company's available distributable reserves amounted to approximately RMB 369,628,000 as of December 31, 2024[187]. - The total revenue from the group's top five customers accounted for approximately 79% of total sales, with the largest customer contributing 53%[166]. - The procurement amount from the group's top five suppliers represented about 27% of total procurement, with the largest supplier accounting for 12%[167]. - The group recorded a loss attributable to equity shareholders of RMB 5,779,000, compared to a loss of RMB 2,898,000 in the previous year[164].

Financial Performance - The Group recorded a revenue of approximately HK$1,110,226,000 for the year ended 31 December 2024, representing a decrease of approximately 27.61% compared to HK$1,533,714,000 in the previous year[33]. - For the year ended 31 December 2024, the Group recorded a loss attributable to owners of the Company of approximately HK$68,486,000, a decrease in loss of approximately 95.8% compared to the loss of approximately HK$1,632,535,000 in 2023[34]. - The Group incurred a net loss of approximately HK$249,235,000 during the year ended 31 December 2024, with net current liabilities and net liabilities of approximately HK$1,488,805,000 and HK$570,868,000 respectively[36]. - The Group's revenue from continuing operations for the year ended 31 December 2024 was approximately HK$1,110,226,000, a decrease of about 27.61% from approximately HK$1,533,714,000 in the previous year[37]. - The decrease in revenue was primarily attributed to the chemical trading operation, which saw a decline compared to the previous year[33]. Mining Operations - Full-scale mining operations resumed in October 2024 after nearly three years of suspension due to licensing issues, with expectations to return to or exceed pre-suspension output levels in upcoming quarters[15][16]. - The molybdenum concentrate grades remained consistent, and the focus on cost control and process improvements positions the Group for a strong rebound in mining operations[17]. - Enhanced safety protocols and upgraded equipment have been implemented to ensure operational efficiency and environmental compliance in mining operations[16]. - The mining licence has been successfully renewed and is valid up to 22 February 2034, which is essential for the Group's mining activities[47]. - The Safety Production Licence has also been renewed, valid until 17 October 2027, allowing the Group to resume full mining operations[48]. - The mining operation sold approximately 714 tonnes of molybdenum concentrate during the year, with an average selling price of approximately HK$135,710 per tonne, contributing approximately HK$116,378,000 to the Group's revenue[49]. - The gross profit from the mining operation was approximately HK$54,745,000, resulting in a gross profit margin of 47.04%[49]. - For the year ended 31 December 2024, impairment losses for mining operations were approximately HK$147,503,000 for property, plant and equipment, HK$1,020,000 for right-of-use assets, and HK$215,715,000 for mining rights, compared to HK$30,818,000, HK$Nil, and HK$51,564,000 respectively in 2023[53][69]. Chemical Operations - Significant strides in cost optimization were achieved in the chemical operation, reducing operating expenses across several product lines through process automation and strategic sourcing[18][22]. - The Group continues to explore opportunities to expand its chemical product offerings in high-demand sectors, reinforcing its role in overall performance[25]. - The Group's revenue from chemical trading operations for the year ended 31 December 2024 was approximately HK$993,830,000, a decrease from approximately HK$1,533,714,000 in 2023[55][59]. - No impairment loss was recognized for the chemical trading operation for the year ended 31 December 2024, compared to an impairment loss of approximately HK$790,000 and HK$149,000 in 2023[58][62]. - The chemical operation aims to improve product quality and competitiveness through research and development and additional production facilities[87]. Financial Position and Liquidity - The Group's cash and cash equivalents increased from approximately HK$5,941,000 as of December 31, 2023, to approximately HK$15,247,000 as of December 31, 2024[97]. - As of December 31, 2024, the Group's current ratio improved to approximately 0.24, up from approximately 0.17 in 2023, primarily due to the resumption of mining operations[98]. - The Group's debt to equity ratio as of December 31, 2024, was approximately 48.72, an improvement from a deficit of approximately 52.44 in 2023, reflecting a reduction in total liabilities[101]. - The Group's total liabilities were approximately HK$2,109,133,000 as of December 31, 2024, compared to approximately HK$2,096,113,000 in 2023[101]. - Current liabilities rose to approximately HK$1,953,133,000 in 2024 from HK$1,842,120,000 in 2023, an increase of about 6.0%[102]. Strategic Focus and Future Outlook - The strategic focus includes sustaining safe and efficient mining production, expanding the chemical portfolio, investing in innovation, and strengthening financial resilience[32]. - The Group anticipates ongoing macroeconomic challenges in 2025, including geopolitical uncertainties and inflation, and aims to enhance resilience through strategic management and supply chain improvements[86]. - The Group aims to enhance its operational efficiency and broaden its revenue base by actively identifying investment opportunities and expanding mineral resources[91]. - Changes in the pre-tax discount rate and growth rate assumptions could significantly impact the recoverable amounts for both mining and chemical operations, with variations of 0.5% leading to changes of up to HK$25,056,000 for mining and HK$2,478,000 for chemical operations[72][78]. Governance and Management - The Group is committed to long-term value creation for shareholders and stakeholders through operational optimization and strategic initiatives[26]. - The Group will maintain effective communication with stakeholders and improve investor relations management to enhance operational management and corporate governance[88]. - The Directors do not recommend the payment of any dividend for the year ended December 31, 2024, consistent with 2023[156]. - The Group's single largest customer accounted for approximately 12% of total operating revenue in 2024, up from 11% in 2023[157]. - The Group's five largest customers accounted for approximately 33% of total operating revenue in 2024, down from 39% in 2023[157]. Risk Management - The Company is subject to economic environment risks due to macroeconomic conditions and policies in Mainland China and abroad, which could impact its mining and trading operations[140]. - Market price risks are significant, with sharp fluctuations in molybdenum concentrate and chemical product prices affecting cash flow and revenue[142]. - The Company has implemented measures to enhance risk control capabilities and strengthen production cost management in response to market price risks[143]. - Safety and environmental risks are critical, as any accidents could lead to substantial losses in reputation and assets, particularly in molybdenum concentrate production[146]. - The Company is committed to improving safety and environmental management through enhanced training and investment in technology upgrades[147].

（於開曼群島註冊成立之有限公司） （股份代號 : 2700） 2024 Green International Holdings Limited 格林國際控股有限公司 Annual Report 2024 年報 格林國際控股有限公司 二零二四年年度報告 目 錄 2 公司資料 3 主席報告書 4 管理層討論與分析 11 董事履歷 13 董事會報告 23 企業管治報告 40 環境、社會及管治報告 65 獨立核數師報告 70 綜合損益表 71 綜合損益及其他全面收益表 72 綜合財務狀況表 74 綜合權益變動表 75 綜合現金流量表 76 綜合財務報表附註 143 五年財務概要 格林國際控股有限公司 > 二零二四年年度報告 公司資料 董事會 執行董事 俞周杰先生 （主席） 余向進先生 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1–1111 Cayman Islands 香港主要營業地點 非執行董事 陳漢鴻先生 劉東先生 周璀琼女士 （於2024年12月18日獲委任） 獨立非執行董事 吳洪先生 蔡大維先生 王春林先生 公司秘書 辛英楠先生 審 ...

Financial Performance - Revenue for the fiscal year ended December 31, 2024, was $4,451,494 thousand, representing an increase of 6.1% compared to $4,195,550 thousand in 2023[7] - Gross profit increased to $878,646 thousand, with a gross margin of 19.7%, up from 19.2% in the previous year[7] - Operating profit rose to $326,757 thousand, reflecting an operating margin of 7.3%, compared to 6.3% in 2023[7] - Profit attributable to owners of the company was $153,732 thousand, with a profit margin of 3.5%, up from 3.1% in the prior year[7] - The company's revenue for the fiscal year ending December 31, 2024, was $4.451 billion, representing a 6.1% increase compared to the previous year, while operating profit rose by 19.1% to $154 million[19] - Annual profit rose by 19.1% from $130 million in 2023 to $154 million in 2024, with the profit margin increasing from 3.1% to 3.5%[39] Asset and Liability Management - Current assets increased to $3,159,618 thousand, while total assets reached $5,470,183 thousand[7] - Total liabilities increased to $2,987,095 thousand, with current liabilities at $2,241,300 thousand[7] - Cash and cash equivalents decreased from $1,316 million as of December 31, 2023, to $1,113 million as of December 31, 2024[40] - Total bank borrowings increased from $1,383 million in 2023 to $1,538 million in 2024, with short-term borrowings rising from $1,383 million to $904 million[41] - As of December 31, 2024, the company's debt-to-equity ratio was 15.4%, a significant increase from 2.6% as of December 31, 2023[53] Market Segments and Growth Strategies - The electric vehicle market revenue increased by 57.6% year-over-year, driven by the acquisition of FIT Voltaira Group GmbH, which will accelerate the development of the company's EV products[21] - The network infrastructure market revenue grew by 39.1% year-over-year, benefiting from increased demand for AI-driven server solutions and new platform rack connectors and cables[20] - The smartphone component revenue decreased by 9.7% year-over-year due to structural changes in high-end smartphone products and increased competition[19] - The company is focusing on AI-driven solutions and has developed high-speed AIoT connector solutions to meet the demands of new data centers[10] - The company is optimizing its product portfolio to align with next-generation platform demands, including new acoustic solutions and EV charging solutions[10] - Future strategies will leverage the 3+3 transformation to capture opportunities in AI infrastructure investment growth, aiming for sustainable growth and substantial returns for shareholders[14] Operational Efficiency - The average inventory turnover days improved to 87 days from 95 days in 2023, indicating better inventory management[7] - Distribution costs and selling expenses increased by 25.6% from $105 million in 2023 to $131 million in 2024, primarily due to the acquisition of Voltaira, contributing approximately $9 million to the increase[33] - Administrative expenses rose by 26.6% from $191 million in 2023 to $242 million in 2024, with Voltaira's administrative costs contributing approximately $16 million to this increase[35] - Research and development expenses increased by 7.3% from $308 million in 2023 to $330 million in 2024, with Voltaira contributing approximately $3 million to the increase and a focus on AI and acoustic product development[36] Corporate Governance and Management - The company has appointed new independent non-executive directors to strengthen its governance and oversight capabilities[73] - The management team is committed to strategic decision-making based on financial forecasting and analysis to support growth initiatives[68] - The board emphasizes a strong corporate culture based on core values such as integrity and collaboration, which supports the company's long-term strategic goals[194] - The board has established four committees to oversee specific areas of the company's affairs, including the audit committee and the remuneration committee[195] Strategic Partnerships and Acquisitions - The company completed the acquisition of the German automotive component design and manufacturing company Prettl SWH Group in July 2023, now renamed FIT Voltaira Group GmbH, to enhance its EV strategy[86] - A further acquisition of the German Auto-Kabel Group is planned by the end of 2024 to strengthen capabilities in high-voltage systems and automotive wiring harnesses[86] - The company has established a strategic partnership with PacBridge to identify specific projects for market expansion and risk management[155] Employee and Talent Management - The total employee benefits expenditure for 2024 was $927 million, up from $783 million in 2023, despite a decrease in the number of employees from 66,148 to 61,720[55] - Employee compensation is determined based on performance, skills, qualifications, and industry standards, with additional benefits including cash bonuses and retirement plans[55] - The company has experienced a decrease in employee count, indicating potential restructuring or efficiency measures[55] Compliance and Risk Management - The company emphasizes compliance with relevant laws and regulations, as well as maintaining relationships with employees, customers, and suppliers[91] - The company has adopted a prudent foreign exchange hedging policy, with a nominal principal amount of $235 million in forward foreign exchange contracts as of December 31, 2024[58] - The company faces significant foreign exchange risks due to operations in multiple currencies, including USD, EUR, TWD, and RMB, which could impact operational performance[56] Shareholder and Financial Policies - The company does not recommend a final dividend for the fiscal year ending December 31, 2024[89] - The company has entered into agreements with PacBridge Capital Partners (HK) Limited, agreeing to pay a total of $3,000,000 for business consulting services during the reporting period[109] - The beneficial ownership of shares by directors includes 420,651,000 shares (5.77%) held by Lu Songqing, 12,512,000 shares (0.17%) held by Lu Boqing, and 1,790,000 shares (0.02%) held by PIPKIN Chester John[117]