Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately RMB 117.7 million, a decrease of 1.6% compared to RMB 119.7 million in the previous year[20]. - Gross profit for the fiscal year was approximately RMB 18.1 million, down 20.3% year-on-year, with a gross margin of 15.3%[10]. - The revenue from the life paper and hygiene products segment was approximately RMB 104.8 million, a decrease of 10.9% compared to the previous year[15]. - The property leasing segment generated revenue of approximately RMB 12.9 million, representing a significant increase of 560.8% from RMB 1.9 million in the previous year[21]. - Other income and gains increased by approximately 58.7% to about RMB 2.2 million, primarily due to miscellaneous income during the reporting period[23]. - The net profit attributable to owners from continuing operations decreased to approximately RMB 3.1 million for the year ending December 31, 2024, compared to RMB 14.6 million for the same period in 2023[30]. - Revenue from the top five customers accounted for approximately RMB 39.2 million, representing about 33.3% of total revenue for the year ending December 31, 2024[48]. - The top five customers accounted for approximately 33.3% of total sales this year, down from 54.4% in the previous year, with the largest customer contributing about 10.9% of total sales[62]. - The top five suppliers represented about 87.1% of total purchases this year, a decrease from 94.1% in the previous year, with the largest supplier accounting for approximately 78.3% of total purchases[62]. Expenses and Capital Expenditure - Sales and distribution expenses increased by approximately 44.2% from RMB 1.7 million for the year ended December 31, 2023, to about RMB 2.5 million for the year ending December 31, 2024, primarily due to rising transportation costs[24]. - Administrative expenses rose from approximately RMB 6.4 million for the year ended December 31, 2023, to about RMB 7.2 million for the year ending December 31, 2024, mainly driven by increased employee costs[27]. - The total capital expenditure for the year ending December 31, 2024, was approximately RMB 3.9 million, up from RMB 3.1 million for the year ended December 31, 2023[35]. - The company employed 41 staff as of December 31, 2024, compared to 22 staff as of December 31, 2023, with total employee costs for the year amounting to approximately RMB 4.6 million, an increase from RMB 2.8 million in the previous year[40]. Debt and Financial Health - The total debt decreased from approximately RMB 32.2 million as of December 31, 2023, to about RMB 21.9 million as of December 31, 2024, resulting in a reduction of the debt-to-equity ratio from about 9.6% to approximately 6.6%[32]. - The company has no significant contingent liabilities as of December 31, 2024, consistent with the previous year[38]. - The company’s distributable reserves as of December 31, 2024, are approximately RMB 127 million[95]. Strategic Plans and Market Outlook - The company is open to potential mergers and acquisitions to enhance its business portfolio and adapt to future operating environments[11]. - The Chinese market for life paper is projected to reach approximately USD 18 billion by 2025, with an expected annual growth rate of 5.25% from 2025 to 2029[14]. - The company anticipates a significant opportunity in the household paper and hygiene products industry by 2025, driven by urbanization and an expanding middle class, leading to increased demand for high-quality living products[50]. - The company plans to enhance regional penetration by expanding its business in underrepresented areas, particularly in rapidly developing cities and suburbs in China[51]. - The company aims to strengthen its position in the expanding hygiene product market by introducing innovative products and leveraging its strong distribution capabilities[51]. - The company plans to utilize approximately RMB 21 million of unutilized funds for investment in production workshops, equipment upgrades, and technology research and development[45]. Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the year[115]. - The company has established service agreements for its executive directors, with an initial term of three years[85]. - The company has established appropriate policies and procedures for risk management and internal control, ensuring compliance with applicable laws and regulations[172]. - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring effective governance[132]. - The independent non-executive directors have confirmed their independence according to the listing rules[124]. - The company has established three committees: audit, remuneration, and nomination, each with defined responsibilities[146]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental policy to balance economic value creation and environmental impact, aiming for sustainable development[118]. - The company is committed to enhancing its ESG performance and has identified significant ESG risks and challenges for the period from January 1, 2024, to December 31, 2024[187]. - The ESG report highlights the company's main business operations, which include trading household paper products and hygiene products, as well as property leasing[187]. - The company has established various communication channels with stakeholders, including shareholders, customers, employees, and suppliers, to enhance ESG engagement[195]. - A materiality assessment was conducted, revealing that employee health and safety, corporate governance, and product quality are of utmost importance to stakeholders[191]. - The company has established an environmental protection committee to oversee and guide environmental management[199]. - The safety and environmental department is responsible for enhancing environmental control and developing related policies[199]. - No violations of environmental laws and regulations related to emissions, wastewater, and waste disposal occurred during the reporting period[199].

Company Rebranding and Development - The company rebranded from "Modern Media Holdings Limited" to "Meta Media Holdings Limited" in 2022, marking a transition to a new era of development[3]. - The company rebranded from "Modern Media" to "Super Media Holdings" in 2022, marking a new development phase after over 30 years in the cultural communication industry[47]. Acquisitions and Partnerships - The group has acquired controlling stakes in "Nowness," a leading online video platform for creative culture, and "ArtReview," a magazine with over 75 years of history, enhancing its global market presence[4]. - The group has established a media partnership with Art Basel Hong Kong, set to take place from March 28 to 30, 2025, providing comprehensive communication support for the event[62]. - The group plans to collaborate with Montgomery Group to hold the PHOTOFAIRS Shanghai in May 2025, which has become a leading contemporary photography collection platform in China since its inception in 2014[64]. - The group aims to strengthen its international presence by actively hosting the Tokyo Gendai art fair in 2025, leveraging Tokyo's status as a premier art market in Asia[64]. Digital and AI Initiatives - The company launched the first "Meta Eye Festival" in 2024, focusing on the integration of art, technology, and business, showcasing immersive multimedia experiences[11]. - The group is developing an innovative content platform that combines Professional Generated Content (PGC), User Generated Content (UGC), and AI Generated Content (AIGC) to seize new opportunities in AI[11]. - The company has established the AI art platform MC2.Art, focusing on the fusion of art and technology, particularly in the field of artificial intelligence and future image production[5]. - A new AI art platform, MC2.Art, was launched in May 2024, focusing on the integration of art and technology, particularly in AI and future image production[50]. - The company is developing the Meta Eye platform to merge "image" and "art," leveraging AIGC and advanced visual creation technologies[51]. Financial Performance - The overall EBITDA increased by 32% from RMB 15.257 million in 2023 to RMB 20.17 million in 2024[26]. - The group's reported segment revenue for the art platform was RMB 187.727 million and for the digital platform was RMB 175.056 million, totaling RMB 362.783 million for the year 2024[45]. - The loss for the art platform decreased to RMB 33.397 million in 2024 from RMB 45.555 million in 2023, indicating improved performance[45]. - The digital platform achieved a profit of RMB 20.637 million in 2024, up from RMB 19.681 million in 2023[45]. - The total loss for the group narrowed by 45% to RMB 19.154 million in 2024 from RMB 34.535 million in 2023[45]. - The group expects future performance to improve as the economy gradually recovers[46]. User Engagement and Digital Platforms - The iWeekly APP attracted over 15 million users on smartphone and tablet platforms by December 31, 2024[23]. - The "InStyle iLady" APP accumulated approximately 7.33 million users, becoming a major revenue source for the digital platform[23]. - The "Business Weekly (Chinese Version)" APP user count rose to about 14.22 million, with paid content becoming a significant revenue growth point[23]. - The "NOWNESS" application achieved a cumulative download of over 13 million, serving as a platform for emerging directors and young artists[24]. - The digital platform revenue has seen varying degrees of increase across several mature mobile applications and websites, with significant growth potential expected in the future[52]. Social Responsibility and Community Engagement - The company emphasizes the importance of social responsibility, having supported special education initiatives in China for over 16 years[6]. - The company is committed to reconstructing urban culture and lifestyle through cultural products, aligning with its mission to integrate art into everyday life[14]. - The company is committed to enhancing brand value through art marketing, connecting brands with high-end consumer groups, and fostering potential consumers[54]. Governance and Board Structure - The board consists of six members, with three executive directors and three independent non-executive directors, ensuring independent oversight[83]. - The board is responsible for strategic direction, financial budgeting, and major investments, ensuring effective governance[87]. - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and risk management[103]. - The board has established various committees under the board, including audit, remuneration, nomination, and environmental, social, and governance committees[102]. - The board consists of 33.3% (2) female directors and 66.7% (4) male directors, with a target of at least 33.3% female representation achieved[116]. Environmental and Sustainability Initiatives - The company is committed to environmental sustainability and has implemented internal recycling programs to minimize operational impact[144]. - The company plans to upgrade its air conditioning and power systems to achieve energy savings and improve air quality in the workplace[144]. Future Outlook and Strategic Goals - The strategic focus on AI, art, and technology aims to redefine the future of business and media, positioning the company as a leader in the industry[11]. - The company aims to reshape the future of business through art and technology, emphasizing a strategy of "No IP, No Business; No AI, No Entrepreneurship" by 2025[61]. - The group aims to diversify its revenue sources and improve cost efficiency to seek profit growth[155]. - The group has adopted a dividend policy to provide sustainable returns and stable dividends to shareholders[163].

Company Overview - Shougang Century Holdings Limited has been listed on the Stock Exchange since April 1992, with substantial shareholders including Shougang Group, Bekaert, and Redamancy[5]. - The company aims to achieve an annual manufacturing capacity exceeding 300,000 tonnes of high-quality steel cord and become one of the top three manufacturers in China's steel cord industry[11]. - The company is focused on manufacturing and sales of steel cords for radial tyres, sawing wires, and hose wires[11]. - The company is actively pursuing market expansion and aims to enhance its competitive position in the steel cord manufacturing sector[11]. - The company is considering establishing a production base in Europe, preferably in Eastern Europe, to enhance market competitiveness[150]. Financial Performance - The Group's revenue for the year ended December 31, 2024, was HK$2,396,950,000, a decrease of 3.9% compared to HK$2,494,534,000 in 2023[80]. - The net profit attributable to the owners of the Company was HK$31,647,000, down 49.4% from HK$62,506,000 in the previous year[96]. - The gross profit decreased by 13.0% to HK$325,569,000 from HK$374,166,000 in 2023[96]. - The steel cord segment sold 240,049 tonnes, an increase of 5.0% from 228,637 tonnes last year[99]. - The sales volume of sawing wire products increased by 11.9% from 757 tonnes to 847 tonnes[99]. - The Group raised net proceeds of approximately HK$128,547,000 through a rights issue, enhancing its capital position[81]. - The final dividend recommended for the year ended December 31, 2024, is approximately HK$40,186,000[83]. - The Group's net asset value per share was HK$0.76 as of December 31, 2024[80]. - The steel cord segment's revenue amounted to HK$2,395,754,000, representing 99.9% of total revenue, down 3.9% from HK$2,493,165,000 in the previous year[111]. - The gross profit for the steel cord segment decreased by 13.0% to HK$324,492,000, with a gross profit margin of 13.5%, down from 15.0% in the previous year[108]. Management and Governance - Mr. Su Fanrong resigned as managing director on July 1, 2023, but remains as chairman of the company[30]. - Mr. Li Jinping was appointed as managing director effective July 1, 2023, and has extensive experience in financial supervision and risk control[36]. - The company has appointed directors with extensive experience in the steel industry and financial management, enhancing its leadership capabilities[30][36][41]. - The company has a strong governance structure with experienced directors in key positions[58]. - The Company has three independent non-executive Directors, representing one-third of the Board, ensuring a strong element of independence[184]. - The Company does not grant equity-based remuneration to independent non-executive Directors to maintain their objectivity and independence[192]. Market Conditions and Outlook - In 2024, China's passenger car market saw vehicle production and sales reach 31.28 million and 31.43 million units, representing increases of 3.7% and 4.5% respectively[77]. - Retail sales of new energy vehicles achieved a record high, supported by policies such as the purchase tax exemption and the automobile to the countryside program[77]. - The introduction of new tariff policies by the United States has created significant uncertainties and contributed to inflation, impacting both export and domestic markets in China[77]. - The Group anticipates market expansion for domestic steel cords due to rising demand for electric vehicles and replacement tyres[88]. - The increasing output of electric vehicles is expected to drive demand for accessory tyres, which will accelerate the market expansion of steel cords for domestic radial tyres[162]. - The company is optimistic about its business outlook despite uncertainties in global political and economic conditions, including U.S.-China relations and the ongoing conflicts in Ukraine and the Middle East[161]. Expenses and Cost Management - Selling and distribution expenses increased by 4.1% to HK$129,167,000, primarily due to increased sales volume in the steel cord segment[114]. - Administrative expenses rose by 11.2% to HK$62,768,000, with plans for cost control measures[115]. - Research and development expenses decreased by 5.8% to HK$101,977,000, aligning with customer requirements in tyre manufacturing[116]. - The total employee benefit expense for the year amounted to approximately HK$319.1 million[153]. Shareholder Information - As of the last trading day of 2024, the company had issued 2,350,058,193 shares with a market capitalization of HK$988,774,732 and a closing share price of HK$0.425[20]. - The 2024 Annual General Meeting is scheduled for June 10, 2025, with the closure of the register of members from June 3 to June 10, 2025[21]. - The total number of issued shares increased to 2,350,058,193 as of 31 December 2024, up from 1,968,903,828 shares in 2023[130]. Risk Management - Two risk assessment meetings were held during the year to address risk management issues of the Group[199]. - The Board has established various committees, with the majority of members being independent non-executive Directors, to ensure independent views are available[184]. - The Company has mechanisms in place to ensure independent views are available to the Board, reviewed annually for effectiveness[183].

Financial Performance - The company reported a revenue of approximately RMB 22,338,716,000 for the year ending December 31, 2024, a decrease of about 15.6% compared to the previous year[28]. - The profit attributable to the company's owners was approximately RMB 409,907,000, representing a significant decline of about 53.9% year-over-year[28]. - Earnings per share (EPS) decreased to RMB 0.79, down approximately 53.3% from the previous year[28]. - Operating profit was approximately RMB 960.70 million, down 35.0% from RMB 1.48 billion in the previous year[44]. - Excluding the one-time compensation, operating profit and net profit attributable to owners decreased by 15.9% and 35.6%, respectively, primarily due to reduced revenue from property development and lower gross margins on recognized projects[44]. - The company reported a net profit attributable to owners of approximately RMB 409,907,000, a significant decrease of about 53.9% compared to the previous year[71]. - The company’s distributable reserves as of December 31, 2024, amount to RMB 1,300,880,000, an increase from RMB 1,151,372,000 in 2023, representing a growth of approximately 12.9%[167]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 45,202,576,000, while total liabilities were RMB 31,655,053,000[17]. - The debt ratio improved to approximately 2.3 as of December 31, 2024, down from 2.7 in 2023[70]. Cash Flow and Financial Health - The net cash ratio decreased to 49.1% in 2024 from 58.7% in 2023[18]. - Operating cash flow showed a net outflow of RMB 24,485,000 compared to a net inflow of RMB 1,431,117,000 in the previous year[18]. - Investment cash outflow increased to RMB (533,165,000) from RMB (221,879,000), reflecting higher deposits in fixed-term accounts[72]. - Financing cash outflow was RMB (870,425,000), a significant increase from last year's inflow of RMB 465,917,000, primarily due to increased loan repayments[72]. Revenue Segmentation - The construction segment generated revenue of RMB 14,135.01 million, down 12% from RMB 16,014.86 million in the previous year, with operating profit of RMB 524.09 million, a decline of 15%[49]. - The real estate development segment reported revenue of RMB 5,269.45 million, a significant drop of 28% from RMB 7,285.89 million, with operating profit falling 49% to RMB 435.79 million[51]. - The company reported a revenue of approximately RMB 2,542,462,000 from its construction materials business, a decrease of about 10% compared to the previous year, with an operating loss of approximately RMB 27,321,000, a significant decline of about 479%[61]. Dividend and Shareholder Returns - The company proposed a final dividend of RMB 0.12 per share for the year ending December 31, 2024[28]. - The company declared a dividend of RMB 0.12 per share for 2024, amounting to a total of RMB 62,475,366, which represents 15.2% of the annual profit of RMB 409,907,000[194]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with all provisions except for the separation of the roles of Chairman and CEO, which is currently not adhered to[85]. - The board of directors consists of 11 members, including 1 non-executive director, 6 executive directors, and 4 independent non-executive directors, ensuring a balanced composition for effective decision-making[92]. - The company has established an ESG committee to enhance systematic management of ESG initiatives and assess related risks and opportunities[92]. - The board has established a risk management and internal control system to assess and manage risks associated with achieving strategic objectives[104]. Market and Strategic Focus - The company is focusing on land reserve enhancement plans in first-tier cities to ensure sustainable and stable development[28]. - The company aims to leverage sufficient cash flow as a foundation for business expansion amid ongoing industry adjustments[28]. - The company emphasized the importance of high-quality, low-energy housing in response to changing market demands and urbanization trends[30]. - The company aims to enhance housing quality by integrating technology and craftsmanship in its projects, focusing on the development of "good houses"[65]. Community and Social Responsibility - The group made charitable donations totaling RMB 11,594,000 in the current year, compared to RMB 5,281,000 in 2023, reflecting a significant increase[177]. - The company’s total charitable donations increased by 119% year-over-year from 2023 to 2024[177]. Leadership and Management - The company’s founder, Mr. Pang Baogen, has extensive experience in the construction industry and has led various national-level projects[150]. - The company has a strong leadership team with extensive experience in engineering and management, including several high-ranking engineers and industry leaders[151][152][153][154][155][156]. - The leadership team has a proven track record in financial management and corporate governance, with members holding significant positions in other publicly listed companies[155][156]. Shareholder Engagement - The company emphasizes timely and accurate information disclosure to build market confidence, maintaining effective communication with investors through various channels[142]. - The company has a dedicated investor relations department to enhance communication with shareholders, investors, analysts, and financial media[142]. - The company has adopted multiple mechanisms to encourage shareholder participation in meetings, including allowing proxy voting for those unable to attend[142].

Financial Performance - The company recorded a loss attributable to shareholders of approximately HKD 14,100,000 for the year ended December 31, 2024, compared to a profit of HKD 304,179,000 for the previous year, marking a significant decline [6]. - Basic loss per share for the review period was HKD 0.04, down from a basic earnings per share of HKD 0.77 in the previous year [7]. - Revenue from contracts with customers was approximately HKD 375,960,000, a decrease of 4.4% compared to the previous year, primarily due to stagnation in global automotive production and a rebound in demand for high-end communication equipment [8]. - Interest income from debt instrument investments was approximately HKD 17,961,000, down from HKD 25,175,000 in the previous year [10]. - The net reversal of expected credit losses was approximately HKD 1,683,000, significantly lower than the previous period's reversal of HKD 384,788,000 [33]. - The fair value loss on investment properties was approximately HKD 78,054,000, compared to HKD 28,459,000 in the previous period [34]. - The company reported a 2.1% depreciation of the Renminbi during the review period, negatively impacting its financials [93]. Revenue and Income Sources - Rental income generated from properties held by the group was approximately HKD 13,174,000, a significant increase from HKD 1,177,000 in the previous year, following the acquisition of legal ownership of several investment properties in Hong Kong and China [9]. - Dividend income from investments in Hong Kong listed securities was approximately HKD 12,017,000, slightly up from HKD 11,608,000 in the previous year [11]. - The total interest income from loans granted by the group during the review period was approximately HKD 1,592,000, compared to HKD 790,000 in the previous period, representing an increase of 101% [44]. - The geographical revenue composition for the review period included China at 28.7%, South Korea at 18.4%, the UK at 12.9%, and the US at 12.0% [8]. Investment and Asset Management - The fair value of investment properties held as of December 31, 2024, was approximately HKD 689,387,000, down from HKD 779,718,000 as of December 31, 2023 [40]. - The total investment cost of debt instruments held by the group was HKD 419,622,000, down from HKD 626,829,000 in the previous year, reflecting a decrease of 33% [48]. - The net carrying amount of investments after impairment losses was HKD 415,442,000, compared to HKD 642,902,000 in 2023, indicating a decline of 35.4% [48]. - The company maintains a diversified investment portfolio, focusing on stable dividend-paying companies and low-risk bonds [72]. Corporate Governance and Compliance - The company is committed to compliance with the new Hong Kong Companies Ordinance (Chapter 622) regarding business reviews and disclosures [115][117]. - The board consists of six members, including three executive directors and three independent non-executive directors, with one female director as of December 31, 2024 [180]. - The independent non-executive directors account for at least one-third of the board, ensuring compliance with listing rules [183]. - The company has established four committees: audit committee, nomination committee, remuneration committee, and investment committee to enhance management efficiency [190]. Market and Economic Conditions - The company faces economic climate and individual market performance risks, particularly in Taiwan, the United States, and Europe [118]. - The sales performance is significantly influenced by local economic conditions, which can affect consumer confidence and overall sales [118]. - The overall commercial real estate investment landscape in mainland China and Hong Kong is expected to remain challenging in 2025 [69]. Shareholder Information - The board proposed a final dividend of HKD 0.02 per share for the review period, consistent with the previous year [101]. - The company's reserves available for distribution to shareholders as of December 31, 2024, are approximately HKD 411,136,000, which includes retained earnings of about HKD 374,698,000 [132]. - Major shareholders include 佳帆 with 201,995,834 shares (52.79%) and Medusa with 48,520,666 shares (12.68%) as of December 31, 2024 [152]. Risk Management - The company has established individual credit limits for customers to mitigate credit risk, reviewing financial conditions and credit histories regularly [119]. - The company aims to diversify its investment portfolio to reduce equity price risk associated with market volatility [124]. - The company is considering credit ratings of issuers to minimize risks related to bonds and certificates of deposit [125].

Financial Performance - For the year ended December 31, 2024, the company's revenue reached HK$110,776,000, representing an increase from HK$101,560,000 in 2023, which is a growth of approximately 11.8%[4] - The basic loss per share for 2024 was HK$0.69, a slight improvement from HK$0.76 in 2023, indicating a reduction in losses[8] - The total loss attributable to equity shareholders of the company for 2024 was HK$7,500,000, compared to HK$8,290,000 in 2023, reflecting a decrease in losses[9] - Revenue increased by approximately HK$9.2 million or 9.1% from approximately HK$101.6 million in FY2023 to approximately HK$110.8 million in FY2024, primarily due to the growth in Hotel Operation revenue[21] - The net loss for FY2024 was approximately HK$7.5 million, a slight improvement from a net loss of approximately HK$8.3 million in FY2023[21] - The gross profit increased by approximately HK$2.8 million or 11.2% from approximately HK$25.5 million in FY2023 to approximately HK$28.3 million in FY2024[31] Revenue Breakdown - Revenue distribution by geographical regions shows that in 2024, 54.6% of revenue came from Canada, while 45.4% came from China[6] - Revenue by business segments in 2024 indicated that hotel operations accounted for 54.6%, property management for 37.1%, and catering management for 8.3%[11] - The company experienced a revenue increase in the hotel operation segment, which grew from 48.1% in 2023 to 54.6% in 2024[11] - Revenue from Hotel Operation increased by approximately HK$4.3 million from approximately HK$56.2 million in FY2023 to approximately HK$60.5 million in FY2024, accounting for approximately 54.6% of total revenue[68] - Revenue from Properties Management increased by approximately 5.9% from approximately HK$38.8 million in FY2023 to approximately HK$41.1 million in FY2024[69] - Revenue from Catering Management rose by approximately 40.9% from approximately HK$6.6 million in FY2023 to approximately HK$9.2 million in FY2024[70] Financial Stability - Total assets decreased by 8.6% from HK$120.4 million in FY2023 to HK$110.0 million in FY2024[21] - The current ratio improved to 1 from 0.15 in FY2023, indicating better short-term financial stability[21] - Shareholders' deficit increased to approximately HK$35.7 million in FY2024 from approximately HK$23.5 million in FY2023[21] - As of December 31, 2024, the Group's net current liabilities were approximately HK$118.0 million, with a current ratio of 0.15 times, compared to net current liabilities of approximately HK$117.3 million and a current ratio of 0.13 times in 2023[49] - The Group incurred a loss of approximately HK$7.5 million for the year ended December 31, 2024, with current liabilities exceeding current assets by approximately HK$118.0 million[103] - The Group has net liabilities of approximately HK$35.7 million, indicating material uncertainty regarding its ability to continue as a going concern[103] Operational Efficiency and Future Outlook - Future outlook remains cautiously optimistic, with management focusing on cost control and operational efficiency to improve profitability[12] - The company aims to continue its market expansion efforts, particularly in the Canadian region, to further enhance revenue streams[6] - The management anticipates continued growth opportunities in the PRC market, driven by economic recovery and business expansion strategies[88] - The Group plans to improve financial positions by reviewing business operations for efficiency and negotiating with creditors to extend repayment periods[106] Governance and Compliance - The Board meets at least four times annually to review business development and overall strategic policies[96] - The Nomination Committee is responsible for reviewing the Board composition and monitoring the appointment and succession planning of directors[112] - The Audit Committee held three meetings in FY2024 to monitor the integrity of financial reporting and review internal control systems[125] - The Remuneration Committee conducted two meetings in FY2024 to review the remuneration packages of directors and senior management[129] - The Company plans to re-appoint Asian Alliance (HK) CPA Limited as the auditor for the financial years ending December 31, 2024, and December 31, 2025, subject to shareholder approval[125] Risk Management - The Board is responsible for evaluating risks and ensuring effective risk management and internal control systems are in place[159] - The Group has established risk management procedures to address significant risks, with strategies including risk retention, avoidance, sharing, and transfer[169] - The Audit Committee continuously reviews significant risk management and internal controls, considering the adequacy of resources and qualifications of staff[164] - The Group's risk management strategy prioritizes risks based on their impact and occurrence probability, ensuring appropriate responses are in place[167] Shareholder Communication - The Group maintains effective communication with shareholders through annual and interim reports, ensuring transparency via timely updates on its website[185][187] - Shareholders holding at least 5% of voting rights can request the convening of an Extraordinary General Meeting (EGM) if the Board does not act within 21 days[190][194] - The Company emphasizes the importance of general economic conditions and other factors impacting financial performance in its decision-making[188]

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].