Financial Performance - For the fiscal year ending December 31, 2024, the group reported revenue of RMB 683.617 million, representing a 22.9% increase from RMB 556.204 million in the previous year[11]. - The cost of sales for the same period was RMB 493.682 million, up from RMB 379.704 million, indicating a 30.1% increase year-over-year[11]. - The group achieved a gross profit of RMB 189.935 million, which is a decrease of 7.4% compared to RMB 176.500 million in the previous year[11]. - The pre-tax profit for the fiscal year was RMB 84.859 million, down 22.9% from RMB 110.146 million in the previous year[11]. - The group’s non-current assets increased to RMB 2.109 billion, up from RMB 1.968 billion in the previous year, reflecting a growth of 7.1%[11]. - The total equity of the group as of December 31, 2024, was RMB 1.657 billion, showing a slight increase from RMB 1.651 billion in the previous year[11]. - Other income and revenue decreased by approximately 9.6% to about RMB 71.6 million, primarily due to a reduction in training income of RMB 5.4 million[40]. - Net profit for the year decreased by approximately 19.2% to about RMB 90.9 million[46]. - Current liabilities net increased by approximately 152.6% to about RMB 177.3 million, mainly due to increased cash outflows for teaching and administrative facilities[47]. - Interest-bearing bank and other borrowings amounted to approximately RMB 181.2 million, with effective interest rates ranging from about 3.0% to 6.8%[48]. - The leverage ratio decreased from approximately 12.6% to about 10.9%, primarily due to a reduction in interest-bearing bank and other borrowings[54]. Student Enrollment and Educational Offerings - The total number of full-time students enrolled for the 2024/2025 academic year was 33,737, with 66.6% studying in TMT and health-related fields[4]. - The total number of full-time students in 2024 reached 33,737, with Lingnan Vocational Technical College and Lingnan Modern Technician College seeing enrollments increase by 4.1% and 31.7% respectively[14]. - New programs in dental medicine technology and optometry will be added, expanding the offerings to over 40 disciplines[4]. - Average tuition fees for Lingnan Vocational Technical College rose by 4.0% to RMB 18,004, while Lingnan Modern Technician College's average tuition increased by 9.2% to RMB 14,953[14]. - The group plans to elevate Lingnan Vocational Technical College to a vocational undergraduate institution and expand non-degree vocational training over the next five years[17]. Strategic Plans and Growth Opportunities - The group anticipates significant growth opportunities in vocational education due to favorable national policies supporting the sector[13]. - The company plans to expand its campus network and vocational education market in the Guangdong-Hong Kong-Macao Greater Bay Area, which accounted for over 11% of the national economic output in 2023[32]. - The company aims to establish a long-term strategic goal to develop Lingnan Vocational Technical College into a leading institution in the "big health + TMT" sector within the Greater Bay Area over the next decade[34]. - The company has initiated a plan to acquire quality vocational schools and non-academic training institutions in the Greater Bay Area to enhance its network and create synergies[34]. - The vocational skills training market in China is projected to exceed RMB 900 billion by 2025, prompting the company to expand its vocational skills certification and adult continuing education services[35]. - The company is actively exploring international cooperation in education, focusing on partnerships with institutions in Hong Kong, Macau, Singapore, and the EU[35]. - The company is committed to a "five-in-one" development model, integrating academic education, vocational training, and technical services to drive growth[35]. Operational Efficiency and Cost Management - Sales costs rose by approximately 30.0% from about RMB 379.7 million to approximately RMB 493.7 million, driven by an increase in the number of teaching staff and their average salaries, as well as expanded cooperative education costs[37]. - Gross profit increased by approximately 7.6% from about RMB 176.5 million to approximately RMB 189.9 million, while the gross margin decreased from about 31.7% to approximately 27.8%[38]. - Sales and distribution expenses increased by approximately 56.6% to about RMB 42.6 million, driven by an increase in the total number of full-time students[41]. - Administrative expenses rose by approximately 7.9% to about RMB 87.5 million, mainly due to an increase in employee costs and benefits of RMB 4.6 million[42]. - Other expenses increased by approximately 37.5% to about RMB 34.8 million, primarily due to increases in donations, foreign exchange losses, and training income costs[43]. - The company reported a 5% reduction in operational costs due to improved efficiency measures[9]. Shareholder and Governance Information - The board proposed a final cash dividend of HKD 0.013 per share for the reporting period, down from HKD 0.048 per share for the previous year[89]. - The company has adopted a dividend policy without a predetermined payout ratio, considering various factors such as financial performance and cash flow[89]. - The company maintains a public float of no less than 25% of its issued shares as required by the Hong Kong Stock Exchange regulations[95]. - The company has received annual independence confirmations from its independent non-executive directors, affirming their independent status throughout the reporting period[102]. - Major shareholder Zhihui Guang holds 570,000,000 shares, representing 42.73% of the company's equity as of December 31, 2024[107]. - The total number of issued shares as of December 31, 2024, is 1,334,000,000[107]. Regulatory Compliance and Risks - The group must comply with foreign investment restrictions in higher education, as specified in the negative list, which categorizes foreign investment in higher education as "restricted"[164]. - The group is subject to risks related to the interpretation and implementation of foreign investment laws, which may significantly impact its corporate structure and business operations[167]. - The group has established a partnership with local educational institutions to comply with the foreign investment control requirements, ensuring that the majority of the board members are Chinese nationals[164]. - The effectiveness of contractual arrangements for controlling Chinese subsidiaries may be less than direct ownership[168]. - The ability to distribute dividends to shareholders may be restricted under Chinese laws and regulations[172]. Employee and Social Responsibility - As of December 31, 2024, the group had 1,738 employees, with total compensation amounting to approximately RMB 261.8 million during the reporting period[185]. - The group emphasizes employee training and career development, investing in education and training programs to enhance employees' understanding of industry trends[186]. - The group is committed to enhancing its environmental, social, and governance (ESG) strategies to create a diverse and efficient development environment[196]. - The group participates in a central pension plan operated by local municipal governments, contributing at a specific rate based on salary costs[188].

Financial Performance - The annual operating revenue reached approximately RMB 263.1 million, a decrease of about 9.0% compared to the previous year[16] - The annual loss amounted to approximately RMB 56.9 million, compared to a loss of RMB 19.2 million in the previous year[16] - The company's operating revenue for the year was approximately RMB 263.1 million, a decrease of about 9.0% compared to RMB 289.1 million in the previous year[34] - Gross profit for the year was approximately RMB 108.4 million, down about 14.9% from RMB 127.4 million last year, resulting in a gross margin of approximately 41.2% compared to 44.1% in the previous year[35] - The company reported a net loss of approximately RMB 56.9 million for the year, compared to a loss of approximately RMB 19.2 million in the previous year, primarily due to declines in operating revenue and gross profit[41] - Basic and diluted loss per share for the year was RMB (0.294), compared to RMB (0.080) in the previous year, reflecting a worsening financial position[198] - Financial asset impairment losses increased to RMB 6,528,000 from RMB 712,000 in 2023, highlighting growing concerns over asset quality[198] Dividend Policy - The company did not recommend the distribution of any dividends for the fiscal year ending December 31, 2024, consistent with the previous year[19] - The group reported no dividends for the fiscal year ending December 31, 2024, consistent with the previous year[121] - As of December 31, 2024, the company recorded a cumulative loss of approximately RMB 53,196,000, with no distributable reserves available for shareholders, compared to approximately RMB 14,433,000 as of December 31, 2023[129] Market Environment - The IVD industry experienced significant changes, with the end of COVID-19 testing and a shift in the market landscape, leading to a decline in product sales prices[20] - Despite challenges, the demand for disease testing is increasing due to an aging population and rising chronic disease rates, supported by increased government investment in health[20] - The ongoing tightening of cost control policies under the national medical insurance system has further compressed the company's profit margins[20] - The company faced a 30%-40% average price drop in key biochemical diagnostic reagent products due to centralized procurement, impacting overall revenue[28] - The demand for chronic disease diagnostic IVD products is increasing due to an aging population, although the company needs to enhance market promotion and product innovation to keep pace[29] Research and Development - R&D investment for the year was approximately RMB 33.4 million, with several new diagnostic systems and products approved for market, including nine newly registered products[26] - Research and development expenses totaled approximately RMB 33.4 million, a decrease of about 6.7% from RMB 35.8 million in the previous year[38] - The company is committed to increasing R&D investment and accelerating the development of new products, particularly in chemiluminescence reagents and molecular diagnostics[45] - The company is focused on enhancing its research and development capabilities to mitigate risks associated with technological obsolescence in the IVD industry[100] Strategic Initiatives - The company is exploring new opportunities for growth amid the crisis, driven by technological innovation in the IVD sector[20] - The company plans to strengthen collaborations with research institutions and universities to boost innovation capabilities and attract talent[22] - The company is actively expanding its market channels both domestically and internationally, with a focus on Southeast Asia, where it has successfully entered the market with biochemical diagnostic reagent products[33] - The company aims to strengthen customer relationships by providing personalized solutions and one-stop services, enhancing customer satisfaction and product stickiness[33] - The company has a strategic plan to explore potential mergers and acquisitions to strengthen its market position and product offerings[167] Corporate Governance - The board of directors is responsible for overseeing the company's management, business strategy, and financial performance[60] - The board held five meetings in 2024 with an average attendance rate of 96%[66] - The company has established mechanisms to ensure independent opinions from non-executive directors, including annual reviews of their contributions[62] - The company has adopted a standard code for securities trading by directors, ensuring compliance with GEM Listing Rules[69] - The company has maintained a robust corporate governance system, adhering to all code provisions except for the internal audit function, which is currently not established due to the group's scale and operational structure[148] Risk Management - The company has established a comprehensive risk management system to identify and manage key operational risks[99] - The board regularly reviews the effectiveness of internal controls and risk management systems to protect the interests of the company and its shareholders[97] - The company has implemented measures to manage accounts receivable effectively, reducing the risk of bad debts as sales scale increases[102] - The company has established an emergency mechanism to respond to natural disasters and public health events, ensuring rapid response capabilities[102] Employee and Talent Management - The total employee cost for the year was approximately RMB 103 million, up from RMB 99 million in 2023[53] - The company employed a total of 499 full-time employees as of December 31, 2024, down from 537 in 2023[53] - The company is committed to attracting and retaining high-quality talent to maintain its competitive advantage in the IVD industry[101] - The company will continue to focus on training and long-term development opportunities for female employees[81] Financial Compliance - The board confirmed compliance with all relevant laws and regulations that significantly impact the group's business and operations during the year[130] - The company has implemented measures to ensure compliance with the GEM Listing Rules and relevant laws and regulations[57] - The independent non-executive directors confirmed their independence as per the GEM Listing Rules[134]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased by approximately 5.9% to about SGD 19.9 million, compared to approximately SGD 18.8 million in the previous fiscal year[10] - The gross profit decreased from approximately SGD 3.1 million in the fiscal year ending December 31, 2023, to approximately SGD 1.9 million for the fiscal year ending December 31, 2024, primarily due to lower gross margins on ongoing projects[10] - Revenue increased by approximately SGD 1.1 million or 5.9% from SGD 18.8 million in FY2023 to SGD 19.9 million in FY2024, primarily due to increased construction activities on public sector projects[16] - Gross profit decreased by approximately SGD 1.2 million or 38.7% from SGD 3.1 million in FY2023 to SGD 1.9 million in FY2024, with gross margin declining from 16.5% to 9.5%[19] - Profit for the year was approximately SGD 0.8 million in FY2024, compared to a loss of approximately SGD 7,000 in FY2023[23] Project and Contract Updates - As of December 31, 2024, the company had six ongoing projects (excluding joint venture projects) with a total contract value of approximately SGD 63.4 million, of which about SGD 52.0 million has been recognized as revenue[12] - The company secured two new projects with a total contract value of approximately SGD 23.8 million during the fiscal year ending December 31, 2024[13] - The company is currently constructing a four-story building for warehouse, office, dormitory, and ancillary facilities, expected to be completed by 2025[39] Industry Outlook - The construction industry in Singapore is projected to grow by 4.5% in 2024, following a strong growth of 5.8% in 2023, with nominal construction demand expected to range between SGD 47 billion and SGD 53 billion in 2025[9] - The outlook for the construction industry remains optimistic, supported by ongoing public infrastructure projects and private sector developments[8] Cost Management and Financial Health - The company is committed to strict cost control and is prepared to address potential new challenges while maintaining its market leadership[10] - Service costs rose by approximately SGD 2.2 million or 13.9% from SGD 15.8 million in FY2023 to SGD 18.0 million in FY2024, driven by increased construction activities[18] - Other income increased by approximately SGD 0.9 million from SGD 4.4 million in FY2023 to SGD 5.3 million in FY2024, mainly due to higher interest income from financial assets[20] - Administrative expenses decreased by approximately SGD 0.2 million or 2.9% from SGD 6.9 million in FY2023 to SGD 6.7 million in FY2024, attributed to reduced depreciation and professional fees[21] - As of December 31, 2024, the group had cash and bank balances of approximately SGD 3.0 million, down from SGD 13.7 million in FY2023[26] - The group’s debt stood at approximately SGD 5.4 million as of December 31, 2024, compared to SGD 5.7 million in FY2023[26] Corporate Governance - The company has fully complied with all applicable principles and code provisions of the Corporate Governance Code for the fiscal year ending December 31, 2024[115] - The board of directors held four meetings during the fiscal year ending December 31, 2024, to discuss overall strategy, operations, and financial performance[127] - The company has established a clear framework for the responsibilities and contributions of the board and management, ensuring effective governance[126] - The independent non-executive directors confirmed their independence according to the guidelines set out in the Listing Rules for the fiscal year ending December 31, 2024[122] Risk Management - The company faces significant risks due to the non-recurring nature of its projects, which may impact its financial performance if it cannot secure new contracts after current projects are completed[81] - The company has implemented credit risk policies to mitigate the impact of potential defaults on trade receivables[83] - The company has committed to taking proactive actions to address identified issues in its risk management and internal control systems[167] Employee and Workforce Management - The total employee cost for the fiscal year ending December 31, 2024, was approximately SGD 6.6 million, an increase from SGD 6.4 million in 2023, with a total of 154 employees as of December 31, 2024[38] - The company emphasizes the importance of employees as valuable assets and has implemented competitive compensation and safety measures[63] - A significant portion of the company's workforce consists of foreign employees, and any inability to hire or retain them could adversely affect operations and financial performance[83] Sustainability and Social Responsibility - The company emphasizes workplace safety and responsible environmental practices as part of its commitment to social and environmental management[186] - The company aims to balance profitability with sustainability, outlining measures taken to address the environmental and social impacts of its operations[188] - The company is committed to achieving annual environmental, social, and governance goals and continuously improving its performance in these areas[195] Shareholder Relations - The company reported no distributable reserves as of December 31, 2024, due to accumulated losses, although share premium accounts can be used for dividend distribution if debts are payable on the dividend payment date[66] - The board has resolved not to recommend any final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[67] - The company has adopted a dividend policy that considers financial performance, cash flow, and other factors before declaring dividends, with the board having full discretion over dividend payments[183]

Product Development and Clinical Trials - In 2024, Visen Pharma submitted a marketing authorization application for its core product, Long-Acting Growth Hormone, which has shown superior efficacy and comparable safety in clinical trials compared to short-acting growth hormones [10]. - The company completed the double-blind phase of its pivotal trial for Parathyroid Hormone for the treatment of hypoparathyroidism, achieving primary and key secondary endpoints [10]. - The core product, lonapegsomatropin, has completed Phase 3 trials in China for treating pediatric growth hormone deficiency (PGHD) and has shown statistically significant efficacy compared to short-acting growth hormones [19]. - Navepegritide, a candidate drug for treating achondroplasia, has completed the double-blind phase of its Phase 2 clinical trial in China, with key data indicating it has met its primary endpoint [21]. - Palopegteriparatide, another candidate drug for treating adult hypoparathyroidism, has completed the primary analysis of its Phase 3 trial in China, achieving its primary efficacy endpoint [21]. - The company anticipates submitting a New Drug Application (NDA) for navepegritide to the National Medical Products Administration in 2024 [16]. - The open-label phase of the navepegritide trial is expected to be completed by April 2024 [21]. - The company emphasizes the importance of clinical trial results in ensuring the successful development and marketing of its core products [22]. Financial Performance - The company reported a net loss of RMB 182,242,000 in 2024, a decrease from RMB 249,570,000 in 2023, representing a 27% improvement year-over-year [13]. - The basic and diluted loss per share improved to RMB 1.95 in 2024 from RMB 2.67 in 2023, indicating a positive trend in financial performance [13]. - The company achieved other income of RMB 9,864,000 in 2024, down from RMB 11,356,000 in 2023, highlighting a decline in non-operational revenue [13]. - The total employee cost for the year ended December 31, 2024, was approximately RMB 988 million, an increase from RMB 666 million for the year ended December 31, 2023, representing a 48.3% increase [36]. - The annual loss decreased by 27.0% from RMB 249.6 million in 2023 to RMB 182.2 million in 2024 [54]. - The company reported a net cash outflow from operating activities of RMB 140.9 million for the year ended December 31, 2024, primarily due to R&D costs and management expenses [62]. Research and Development - Research and development costs increased to RMB 90,521,000 in 2024 from RMB 57,690,000 in 2023, indicating a focus on advancing product pipelines [13]. - Total R&D expenditures increased from RMB 57.7 million in 2023 to RMB 90.5 million in 2024, reflecting a significant investment in product development [30]. - Research and development expenses for the year ended December 31, 2024, amounted to approximately RMB 90.5 million, with RMB 47.6 million for lonapegsomatropin, RMB 20.1 million for navepegritide, and RMB 22.8 million for palopegteriparatide [29]. - The R&D team consists of 30 full-time employees, with approximately 43% holding PhDs or MDs, and an average of over 14 years of experience in clinical development [28]. Commercialization and Market Strategy - The company plans to accelerate the commercialization process of its core products and enhance local production capabilities to benefit more patients [10]. - The company plans to enhance its commercialization team in anticipation of BLA approval for core products in the second half of 2025, including increasing sales and marketing personnel [32]. - The company aims to develop a pre-filled dual-chamber device for drug delivery, with commercialization expected to begin in 2028 following BLA approval [33]. - The company has established a product pipeline consisting of three candidate drugs targeting specific endocrine diseases, all licensed from Ascendis Pharma [110]. - The company aims to establish localized production capabilities to ensure supply for its core products and future candidates in the Chinese market [44]. Governance and Management - The board consists of nine directors, including one executive director, five non-executive directors, and three independent non-executive directors [77]. - The executive director and CEO, Mr. Lu Anbang, has over 31 years of global biopharmaceutical development experience [78]. - The company has a strong board with members holding advanced degrees from prestigious institutions, enhancing its strategic decision-making capabilities [100]. - The management team includes experienced professionals from leading pharmaceutical and consulting firms, contributing to the company's growth strategy [101]. - Independent directors are tasked with providing oversight and independent judgment to ensure corporate governance [92]. Legal and Compliance - The company has complied with all relevant laws and regulations without any significant violations as of December 31, 2024 [138]. - The company has not been involved in any significant litigation or arbitration during the reporting period [147]. - The company has not disclosed any new product or technology developments, market expansions, or mergers and acquisitions in the provided documents [74][75]. Shareholder Information - The company has issued a total of 113,926,864 shares [169]. - Ascendis Pharma A/S owns 41,136,364 shares, accounting for 36.11% of the total shares [168]. - Vivo Capital IX (Cayman), LLC. has a stake of 37,167,064 shares, which is 32.62% of the total shares [168]. - The board does not recommend the distribution of a final dividend for the fiscal year ending December 31, 2024 [128]. - The company has not generated any product sales revenue as of December 31, 2024, and does not expect to do so until one or more candidate drugs are commercialized [136]. Strategic Partnerships - A strategic collaboration with Ascendis Pharma has been established for technology transfer related to core product manufacturing, expected to be completed by 2027 [33]. - The company has entered into a strategic partnership with Huashan Medical to enhance treatment and service capabilities for children with growth-related medical needs [32]. - The company has established exclusive licensing agreements with Ascendis Pharma subsidiaries for the development and commercialization of specific products in China, effective from November 7, 2018, and valid indefinitely until patent rights expire [196].

Financial Performance - The Group's revenue decreased by approximately 13.1% to approximately HK$462.1 million from approximately HK$531.5 million for the year ended 31 December 2023[15]. - The Group recorded a net loss from continuing operations of approximately HK$68.4 million for the Year, compared to a profit of HK$17.9 million in the Previous Year, primarily due to a one-off loss on debt capitalisation of approximately HK$80.6 million[16]. - The sales of materials business generated approximately HK$461.8 million in revenue for the year ended December 31, 2024, compared to HK$530.3 million for the previous year, reflecting a decrease of about 12.9%[31]. - The Group recorded revenue from continuing operations of approximately HK$461.8 million, a decrease of 12.9% compared to the previous year (HK$530.5 million) due to intense competition[46]. - Gross profit from continuing operations decreased by HK$5.7 million to approximately HK$34.4 million, with a stable gross profit margin of 7.4% compared to 7.6% in the previous year[47]. - The Group's loss for the year from continuing operations attributable to the owners was approximately HK$76.6 million, compared to a profit of HK$6.4 million in the previous year[65]. Business Strategy and Development - The establishment of Hangzhou Junheng in October 2022 is expected to enhance the Group's sales network and customer base in the construction industry in the PRC[15]. - The management identified significant demand for building materials in Hangzhou, leveraging existing supply networks to explore new business opportunities[17]. - The Group is responsible for sourcing, procurement, quality control, and supplier selection for building materials, while Hangzhou Zhongji introduces customers and new projects[17]. - The Company remains confident in the long-term future of its sales of materials business despite challenges from inflation and price instability in building materials[17]. - The joint establishment of Hangzhou Junheng allows the Group to expand its sales channels and provide more business opportunities[17]. - The Group's strategy focuses on enhancing its sales network and customer base in the construction industry in the PRC[17]. - The management's exploration of other business opportunities is based on the existing supply of building materials[17]. - The significant demand for building materials in Hangzhou has been identified as a key opportunity for future growth[38]. Financial Position and Liabilities - As of December 31, 2023, the Group had net current liabilities of approximately HK$154.1 million and net liabilities of HK$63.9 million, facing challenges in seeking debt or equity financing[53]. - The Group entered into a settlement agreement to capitalize approximately HK$44.9 million of debt, issuing 896,993,536 capitalization shares at an issue price of HK$0.05 per share[54]. - The Debt Capitalisation resulted in a one-off loss of approximately HK$80.6 million during the year[58]. - The cumulative exchange reserve of approximately HK$8.8 million was released to the consolidated statement of profit or loss upon the disposal[61]. - As of December 31, 2024, the Group's total equity attributable to the owners was approximately HK$12.7 million, a significant improvement from a total deficit of HK$79.7 million as of December 31, 2023, primarily due to debt capitalisation during the year[73]. - The Group's current assets and current liabilities as of December 31, 2024, were approximately HK$105.7 million and HK$60.3 million, respectively, compared to HK$210.5 million and HK$364.5 million as of December 31, 2023[73]. - The Group's bank and cash balances increased to approximately HK$37.7 million as of December 31, 2024, up from HK$28.0 million as of December 31, 2023, with 98.0% in Renminbi and 2.0% in Hong Kong Dollar[75]. - The current ratio improved to 1.8 as of December 31, 2024, compared to 0.6 as of December 31, 2023, indicating better liquidity management[75]. - The Group's net cash position as of December 31, 2024, resulted in a gearing ratio that was not applicable, as net debts were negative at HK$28.4 million[72]. - Other borrowings decreased significantly from HK$200.6 million in 2023 to HK$4.3 million in 2024, reflecting a substantial reduction in debt[72]. Corporate Governance - The company complied with all applicable code provisions of the Corporate Governance Code for the year ended December 31, 2024, except for code provision C.2.1[166]. - The Board consists of three executive Directors, one non-executive Director, and three independent non-executive Directors[168]. - The Board meets regularly and at least four times a year, with attendance records provided for each director[173]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all Directors during the year[167]. - The company emphasizes high levels of corporate governance to enhance shareholder value[165]. - The Board's composition reflects a balance of executive and independent non-executive Directors[168]. - The Audit Committee consists of three independent non-executive directors, with Mr. Liu Qin as the chairman, who resigned on April 22, 2025, and was succeeded by Ms. Xie Jiayang[198]. - The Audit Committee met twice during the year to review the consolidated financial statements for the year ended December 31, 2023, and the unaudited condensed consolidated financial information for the six months ended June 30, 2024[199]. - The primary duties of the Audit Committee include reviewing the financial reporting process and the effectiveness of the Group's internal controls and risk management[200]. Legal and Compliance Issues - The Group completed the disposal of its entire equity interests in two wholly-owned subsidiaries, representing the entire properties investment business, in September 2024[22]. - The disposal allows the Group to settle loans, reduce indebtedness, and improve its gearing ratio, addressing audit qualifications and legal encumbrances related to litigation[23]. - The Group's properties investment business has been classified as discontinued operations following the completion of the disposal[37]. - The Group did not engage in any currency hedging for the year, but management will monitor foreign currency exposure as needed[82]. - The Group's obligations under the Extended Loan became overdue on August 17, 2023, due to non-repayment[99]. - The audit qualification was primarily due to the outstanding consideration receivables, which the auditor deemed recoverability was uncertain as of 31 December 2023[116]. - Management believes that the consideration receivables can be recovered through negotiations and potential debt restructuring, although no agreements have been reached yet[117]. - The Group completed the disposal of Yingkou Subsidiaries in September 2024, which is expected to remove the audit qualification regarding consideration receivables for the year ending 31 December 2025[125]. - The Group is no longer a party to the litigation concerning repayment obligations after the disposal of Yingkou Subsidiaries, which alleviates legal encumbrances[132]. Economic and Market Risks - The Group faces significant economic risks due to its reliance on the global economic conditions, particularly in the United States, Mainland China, and Hong Kong[146]. - The Group's existing businesses operate in a competitive environment, which pressures revenue and profitability, prompting management to focus on increasing market share[148]. - The Group is exposed to customer risk due to reliance on a small number of customers, limiting its bargaining power[154]. - Financial risks related to foreign currency, interest rates, equity prices, liquidity, and credit risk are present in the Group's ordinary course of business[155]. - The Group has complied with relevant laws and regulations, with no material breaches reported during the Year[156]. - The Group is committed to environmental sustainability and adheres to local laws regarding environmental protection[158].

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately HKD 168.83 million, a decrease of about 70.0% compared to HKD 563.54 million in 2023[10] - Revenue from big data services for the fiscal year was approximately HKD 167.67 million, down from HKD 561.40 million in 2023[10] - The company reported a loss from continuing operations of approximately HKD 496.37 million for the fiscal year, compared to a loss of HKD 132.46 million in 2023[10] - Loss per share from continuing operations was approximately HKD 0.266 for the fiscal year, compared to HKD 0.061 in 2023[11] - The net asset value per share attributable to owners was approximately HKD 0.05, down from HKD 0.22 in 2023[12] - The company did not recommend a final dividend for the fiscal year, consistent with 2023[13] - The group's gross profit from continuing operations decreased to approximately HKD 100,629,000 for the year ended December 31, 2024, down from HKD 402,390,000 in 2023, resulting in a gross margin of approximately 59.6% compared to 71.4% in 2023[23] - The impairment loss on non-financial assets for the group's continuing operations was approximately HKD 357,606,000 for the year ended December 31, 2024, compared to none in 2023[23] - The group's financing costs increased to approximately HKD 20,509,000 for the year ended December 31, 2024, up from HKD 10,936,000 in 2023, primarily due to increased interest on bank and other borrowings[26] - The group's non-current assets were approximately HKD 112,827,000 as of December 31, 2024, a significant decrease from HKD 495,369,000 in 2023, including intangible assets dropping to approximately HKD 22,885,000 from HKD 367,599,000[27] - The group’s administrative expenses from continuing operations decreased to approximately HKD 92,389,000 for the year ended December 31, 2024, down from HKD 104,187,000 in 2023, mainly due to reduced employee costs[24] - The group’s research and development expenses decreased significantly to approximately HKD 36,087,000 for the year ended December 31, 2024, from HKD 222,054,000 in 2023, primarily due to reduced employee costs and technical service expenses in the big data services segment[24] - As of December 31, 2024, the total debt of the group was approximately HKD 149,202,000, a significant decrease from HKD 595,813,000 in 2023[28] - The group's debt-to-asset ratio as of December 31, 2024, was 1.1 times, compared to 0.7 times in 2023[29] - The current ratio, calculated as current assets divided by current liabilities, was approximately 0.8 times as of December 31, 2024, down from 1.0 times in 2023[29] Business Strategy and Operations - The company is focusing on enhancing its core capabilities and optimizing resource allocation to improve customer retention and operational efficiency[6] - The company plans to upgrade its SaaS/PaaS cloud platform architecture and develop a multimodal data fusion engine to enhance service offerings[8] - The company aims to explore new data applications in government data governance and supply chain finance[8] - The company emphasizes a long-term strategy, focusing on technology development and operational efficiency amidst external challenges[7] - The group has decided to sell its entire interest in the third-party payment services segment due to its negative contribution in the previous year[22] - The average revenue growth rate for LYGR Group from fiscal year 2024 to 2028 is estimated at approximately 24.6%[37] - The average revenue growth rate for LYGR Group from fiscal year 2025 to 2029 has been revised down to approximately 8.1%[41] - The company is primarily engaged in investment holding, with significant revenue expected to continue from its operations in China[62] - The company aims to maintain sufficient reserves while providing ongoing returns to shareholders, considering various financial and operational factors[68] Governance and Compliance - The board consists of experienced directors with backgrounds in finance and law, enhancing governance and strategic oversight[60] - The company has a structured approach to managing its business risks, with policies in place to identify and mitigate potential adverse impacts[63] - The company has faced compliance issues with listing rules, as disclosed in announcements made on May 31, 2024[62] - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[123] - The company has adopted a diversity policy for board members, considering factors such as gender, age, cultural background, and professional experience[134] - The company has established anti-corruption and reporting policies to promote a healthy corporate culture[120] - The board is responsible for overall strategy and performance monitoring, while management is tasked with day-to-day operations[127] - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[170] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to sustainable development and corporate social responsibility, integrating environmental, social, and governance (ESG) considerations into its annual risk assessments[178] - The board of directors is responsible for overseeing ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[179] - The company has established an ESG working group composed of senior management to support the board in implementing ESG strategies and managing identified issues[180] - Key ESG issues identified include emissions, greenhouse gas emissions, and energy consumption, with a focus on compliance with environmental laws and regulations[189] - The company is committed to monitoring and adhering to relevant environmental laws, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[189] - The company aims to enhance employee awareness of environmental protection and establish a sustainable operational environment[189] - The company recorded zero emissions of nitrogen oxides, sulfur oxides, and particulate matter during the reporting period, a significant reduction compared to the previous period where nitrogen oxides were 72.48 kg, sulfur oxides were 0.12 kg, and particulate matter was 3.66 kg[191] - The total greenhouse gas emissions decreased from 1,628.34 tons of CO2 equivalent in the previous year to 303.05 tons in the current year, representing a reduction of approximately 81.39%[193] - The company aims to maintain or reduce greenhouse gas emissions density between 90% to 120% compared to the baseline level by December 31, 2024[193] - The company has implemented green office measures to reduce paper usage, including setting printers to double-sided printing by default[198] Shareholder and Stakeholder Engagement - The company encourages all shareholders to attend the Annual General Meeting and allows for proxy representation if unable to attend[166] - The next Annual General Meeting is scheduled for June 2, 2025, with a notice to be sent at least 20 business days prior[166] - Shareholders holding at least 10% of the paid-up capital can request a special general meeting, which must be held within two months of the request[168] - The company’s website provides updated information regarding board members, committee charters, and other relevant corporate communications[170]

Financial Performance - In the fiscal year 2024, the company reported a revenue of RMB 1,650.5 million, a decrease of 0.4% from RMB 1,657.3 million in fiscal year 2023[9]. - The gross profit for fiscal year 2024 was RMB 74.0 million, representing a decline of 22.3% compared to RMB 95.1 million in fiscal year 2023[9]. - The net loss attributable to shareholders was RMB 21.5 million, an increase of 157.1% from a loss of RMB 8.4 million in fiscal year 2023[21]. - The basic loss per share for fiscal year 2024 was RMB 4.9, compared to RMB 1.9 in fiscal year 2023[9]. - Revenue decreased by 0.4% from approximately RMB 1,657.3 million in fiscal year 2023 to approximately RMB 1,650.5 million in fiscal year 2024[34]. - The decrease in revenue was impacted by a reduction in government subsidy income by RMB 5.2 million, a decrease in gross profit by RMB 21.2 million due to lower revenue and gross margin, and a decline in other income by RMB 12.2 million[34]. - The company reported a loss attributable to owners of approximately RMB 21.5 million for the fiscal year 2024, an increase of RMB 13.1 million (or 157.1%) compared to a loss of RMB 8.4 million in fiscal year 2023[34]. - Overall gross profit margin decreased to 4.5% in fiscal year 2024 from 5.7% in fiscal year 2023[43]. Revenue Breakdown - In fiscal year 2024, the revenue from processed foods was RMB 757.7 million, accounting for 45.9% of total revenue[16]. - The revenue from frozen and chilled chicken products was RMB 175.5 million, representing 10.6% of total revenue in fiscal year 2024[16]. - Revenue from processed foods decreased by 5.0% to approximately RMB 757.8 million, impacted by intense competition from domestic suppliers[38]. - Revenue from chilled and frozen chicken increased by 8.0% to approximately RMB 694.9 million, driven by a recovery in consumer demand[39]. - Revenue from chilled and frozen rabbit meat decreased by 6.7% to approximately RMB 175.5 million due to a slowdown in overseas demand[40]. - Revenue from other products fell by 20.2% to RMB 22.4 million as the company reduced production and sales of pet food[41]. - Revenue from China increased by 2.1% to RMB 1,246.2 million, contributing 75.5% of total revenue, while export revenue decreased by 7.5% to RMB 404.3 million[42]. Strategic Initiatives - The company aims to enhance its competitiveness by increasing investment in new product development, focusing on high value-added processed foods[23]. - The company plans to optimize its product mix, strengthen cost management, and expand new sales channels to enhance overall performance[23]. - The company will continue to maintain business relationships with key customers and actively develop new markets and clients[35]. - The company emphasizes strict quality control and food safety systems to provide high-quality products to customers[35]. - The company plans to increase investment in new product research and development, focusing on high value-added processed foods to maintain overall profitability and enhance competitiveness[35]. Governance and Management - Ms. Lang Ying was appointed as the company's director, chairman, and CEO on January 26, 2024[74]. - The board held a total of 5 meetings in the fiscal year 2024, with an attendance rate of 100% for executive directors[76]. - The board is responsible for approving major corporate policies, including mergers and acquisitions, investments, and annual budgets[76]. - The board's governance functions include monitoring compliance with laws and regulations, and approving financial targets and strategies[77]. - The company ensures that new directors receive comprehensive orientation regarding the group's business and legal obligations[77]. - The board has established a framework for risk management and internal controls to safeguard the company's operations[77]. - The company has established a whistleblowing policy allowing employees and others to report concerns about financial misconduct confidentially and anonymously[112]. - The board believes that the current management team possesses diverse expertise to assist in decision-making for the group's operations[83]. Financial Position and Liabilities - As of December 31, 2024, the company's net current liabilities amounted to approximately RMB 26,551,000[190]. - The total bank borrowings as of December 31, 2024, were approximately RMB 149,500,000, with additional loans from related parties totaling RMB 38,993,000 and RMB 94,024,000 from the direct holding company, resulting in total liabilities of approximately RMB 282,517,000 due within 12 months[190]. - The independent auditor expressed a disclaimer of opinion regarding the appropriateness of preparing the consolidated financial statements on a going concern basis due to multiple uncertainties[194]. - Significant uncertainties exist that may cast doubt on the company's ability to continue as a going concern, potentially affecting asset realizability and liability settlement[193]. - The company is actively taking measures to improve liquidity and financial condition, including negotiating with lenders for repayment extensions and seeking new financing sources[192]. Risk Management - The board is responsible for evaluating and ensuring the effectiveness of the risk management and internal control systems[121]. - The company has engaged external consultants to perform internal audit functions to ensure the effectiveness and efficiency of its risk management and internal control systems[122]. - The risk management strategies include risk retention, avoidance, sharing, and transfer[123]. - The audit committee will review the independence and objectivity of external auditors, including the nature and extent of non-audit services provided[2]. Shareholder Communication - The company has established a shareholder communication policy to ensure effective communication with shareholders[143]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy for the fiscal year 2024, finding it effective due to good communication with shareholders in the past[143]. - The company encourages shareholder participation in annual meetings, allowing board members to address shareholder questions[143]. - The company has a dedicated internal investor relations function to facilitate regular communication with shareholders and analysts[143].

Financial Performance - For the twelve months ended December 31, 2024, the company's oil sands heavy oil sales decreased slightly from CAD 29.6 million to CAD 29.3 million, primarily due to a decrease in sales volume and increased royalty expenses [6]. - The net operating loss for the three months ended December 31, 2024, was CAD 1.3 million, compared to a net operating income of CAD 0.8 million in the same period of 2023 [7]. - The company reported a net loss attributable to shareholders of CAD 75.4 million for the twelve months ended December 31, 2024, compared to a net loss of CAD 19.3 million for the same period in 2023 [7]. - The operating cash flow for the twelve months ended December 31, 2024, was a net loss of CAD 2.4 million, an improvement from a net loss of CAD 9.5 million in the same period of 2023 [9]. - The company reported a net loss of approximately CAD 75.69 million for the fiscal year ending December 31, 2024 [62]. - Current liabilities exceeded current assets by approximately CAD 92.67 million as of December 31, 2024 [62]. - The total amount of current liabilities, including accounts payable and accrued liabilities, was approximately CAD 108.59 million [62]. - The company had cash and cash equivalents of only about CAD 319,000 as of December 31, 2024 [62]. - The company reported a distributable reserve of approximately CAD 17 million as of December 31, 2024, down from CAD 91 million in 2023 [94]. - The board of directors decided not to declare any final dividend for the fiscal year ending December 31, 2024 [96]. Production and Sales - The average oil sands heavy oil production decreased from 1,152.8 barrels per day in 2023 to 1,018.8 barrels per day in 2024 [7]. - The average production rate for West Ells for the twelve months ended December 31, 2024, was 727 barrels per day, down from 946 barrels per day in 2023 [166]. - Oil sands heavy oil production averaged 302 barrels per day for the three months ended December 31, 2024, a decrease of 1,302 barrels per day compared to 1,604 barrels per day in the same period of 2023 [166]. - Oil sands heavy oil sales averaged 311 barrels per day for the three months ended December 31, 2024, down from 1,550 barrels per day in the same period of 2023, indicating a substantial reduction in sales volume [167]. - The realized heavy oil revenue for Q4 2024 was CAD 1.96 million, a decrease of CAD 4.90 million from CAD 6.89 million in Q4 2023 [163]. - The realized price per barrel of heavy oil increased from CAD 40.54/barrel in Q4 2023 to CAD 49.80/barrel in Q4 2024 [163]. - The total sales of oil (net of royalties) for the twelve months ended December 31, 2024, was CAD 29.3 million, slightly down from CAD 29.6 million in 2023, indicating a stable revenue stream despite volume reductions [168]. Liabilities and Debt - The company reported a significant increase in total liabilities, rising from CAD 654.9 million in 2023 to CAD 722.2 million in 2024 [8]. - The company’s cash and cash equivalents decreased from CAD 527,000 in 2023 to CAD 319,000 in 2024 [8]. - The company has unsecured debt totaling $56.6 million (approximately CAD 81.4 million) as of December 31, 2024 [192]. - Over 90% of the company's debt is owed to related parties, who have committed not to demand repayment of interest-bearing debts for the next twelve months after 2024 [67]. - The company's debt-to-asset ratio increased to 98% as of December 31, 2024, compared to 88% as of December 31, 2023 [195]. Corporate Governance - The board consists of eight members, including two executive directors and three non-executive directors, ensuring a balanced composition [24]. - All independent non-executive directors confirmed their independence, meeting the requirements of the Listing Rules, with none holding more than 1% of the company's issued shares [28]. - The company is committed to high standards of corporate governance, which is fundamental to protecting shareholder interests [23]. - The board is responsible for setting the strategic business direction and overseeing operational and financial performance [26]. - The company has established four board committees: Audit Committee, Corporate Governance Committee, Remuneration Committee, and Reserves Committee, each with clear written terms of reference [40]. - The board held at least one meeting annually to review disclosure procedures related to oil and gas activities [50]. - The company has adopted a board diversity policy aimed at enhancing decision-making capabilities, considering factors such as gender, age, and professional experience [33]. - The board's diversity policy is reviewed at least annually to ensure alignment with the company's business strategy [37]. Risk Management - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses [71]. - The company conducted an annual review of its risk management and internal control systems, assessing their effectiveness based on the 2013 framework by the Committee of Sponsoring Organizations of the Treadway Commission [72]. - The audit committee and board of directors concluded that the risk management and internal control systems are effective and sufficient [73]. Environmental and Community Engagement - The company emphasized the importance of health, safety, and environmental principles, maintaining a good safety record [52]. - The company is committed to improving on-site safety monitoring systems to prevent workplace injuries [52]. - The company engages with local Indigenous communities to discuss operational impacts and address concerns, emphasizing community development and sustainability [83]. - The company maintains strict compliance with environmental standards and regulations as part of its operational principles [127]. - The company has not identified any significant non-compliance issues with relevant laws and regulations as of December 31, 2024 [128]. Future Plans and Acquisitions - The company has signed a memorandum of understanding with Noble Energy Holdings (China) Ltd. to acquire its environmental energy business, which is expected to significantly improve the company's financial position, including revenue and cash flow [12]. - The company is assessing the feasibility of resuming production at West Ells, with expectations to restore operations by Q4 2025 [67]. - The acquisition of Nobao assets is anticipated to significantly enhance the company's business, profitability, and cash flow, with potential investors showing interest post-transaction [66]. - The company plans to utilize new energy management technologies from the target company to enhance its oil sands production efficiency [69]. Share Capital and Equity - The company issued 48,695,736 Class A ordinary shares at a price of HKD 0.38 per share, generating total proceeds of HKD 18,504,380 [98]. - As of December 31, 2024, the company's issued share capital consisted of 243,478,681 Class A ordinary voting shares [105]. - Executive director Sun Guoping holds 61.7% of the company's ordinary shares, totaling 150,232,591 shares [105]. - Major shareholder Zhang Jun holds 59,695,736 shares, representing 20.40% of the ordinary shares [118]. - The company has a post-IPO share option plan aimed at attracting and retaining skilled personnel by providing them with equity opportunities [113].

Financial Performance - The company reported unaudited operating revenue of RMB 1,344,515,823.01 for the three months ended March 31, 2025, a slight increase from RMB 1,330,855,660.89 in the same period of 2024[7]. - The operating loss for the same period was RMB 121,976,307.89, an improvement compared to the operating loss of RMB 149,573,723.26 in 2024[7]. - The company's net loss for the three months ended March 31, 2025, was RMB 125,010,235.85, compared to a net loss of RMB 149,170,603.57 in 2024[7]. Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 31,543,036,247.40, an increase from RMB 30,675,356,744.13 as of December 31, 2024[5][6]. - Current assets increased to RMB 4,024,106,986.36 from RMB 2,929,413,239.06 in the previous year[5]. - Total liabilities increased to RMB 18,212,168,438.13 from RMB 17,219,478,699.01 in the previous year[6]. - The company’s total equity decreased slightly to RMB 13,330,867,809.27 from RMB 13,455,878,045.12 as of December 31, 2024[6]. - The company’s long-term investments remained stable at RMB 41,464,419.58 as of March 31, 2025[5]. Cash Flow - Operating cash flow for the three months ended March 31, 2025, was RMB 420,342,087.48, a significant improvement compared to a negative cash flow of RMB 113,296,349.42 in the same period of 2024[8]. - Cash inflow from financing activities was RMB 2,623,610,511.72, down from RMB 2,911,381,058.72 in the previous year[9]. - Net cash flow from financing activities decreased to RMB 518,568,753.93 from RMB 613,294,291.37 year-over-year[9]. - Total cash and cash equivalents at the end of the period reached RMB 2,283,843,079.16, compared to RMB 1,597,981,706.07 at the end of the same period last year[9]. - Cash outflow for purchasing goods and services was reduced to RMB 523,110,059.85 from RMB 1,061,497,508.61 in the previous year[8]. - Cash outflow for fixed assets and other long-term assets was RMB 83,260,432.59, a decrease from RMB 185,717,756.68 in the same period of 2024[8]. - Cash received from operating activities totaled RMB 1,211,783,797.83, compared to RMB 1,255,032,078.88 in the previous year[8]. - Cash paid to employees decreased to RMB 233,993,033.94 from RMB 262,140,281.64 year-over-year[8]. - The impact of exchange rate changes on cash and cash equivalents was a negative RMB 24,177.69, contrasting with a positive impact of RMB 34,073.90 in the previous year[9]. - Cash flow from investment activities showed a net outflow of RMB 82,741,385.32, compared to RMB 183,856,168.47 in the same period of 2024[8]. Financing Activities - The company issued RMB 1.5 billion of three-year medium-term notes in September 2023[3].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 315,028,000, a decrease of 10.5% compared to RMB 351,767,000 in 2023[11]. - The company recorded a loss attributable to owners of the company of RMB 3,122,000 for 2024, compared to a profit of RMB 4,694,000 in 2023, indicating a significant decline in profitability[11]. - The company's revenue decreased by approximately 10.5% from RMB 351.8 million for the year ended December 31, 2023, to approximately RMB 315.0 million for the year ending December 31, 2024, primarily due to a decline in OEM product sales[15]. - Gross profit for the year ending December 31, 2024, was approximately RMB 87.4 million, a decrease of about 12.2% from approximately RMB 99.5 million for the year ended December 31, 2023, with gross margins remaining relatively stable at 27.7% and 28.3% respectively[17]. - The company recorded a net loss of approximately RMB 3.6 million for the year ending December 31, 2024, compared to a profit of approximately RMB 4.9 million for the year ended December 31, 2023, primarily due to an increase in expected credit loss provisions[23]. - Basic and diluted loss per share for 2024 was RMB (0.5), compared to earnings of RMB 0.6 per share in 2023[193]. - The company reported a pre-tax profit of RMB 1,495 thousand in 2024, down from RMB 11,064 thousand in 2023, a decline of about 86.5%[200]. Assets and Liabilities - Total assets increased to RMB 729,446,000 in 2024 from RMB 707,873,000 in 2023, reflecting a growth of approximately 3.0%[12]. - Current liabilities rose to RMB 199,548,000 in 2024, up from RMB 164,195,000 in 2023, representing an increase of about 21.5%[12]. - The company experienced an increase in non-current liabilities, which amounted to RMB 133,060,000 in 2024, compared to RMB 143,718,000 in 2023, showing a decrease of approximately 7.4%[12]. - As of December 31, 2024, the total borrowings of the group amounted to approximately RMB 254.7 million, a slight decrease from RMB 256.1 million as of December 31, 2023[31]. - The group's debt-to-equity ratio remained relatively stable at approximately 70.2% as of December 31, 2024, compared to 68.6% as of December 31, 2023[35]. - Total equity decreased from RMB 399,960 thousand in 2023 to RMB 396,838 thousand in 2024, a decline of approximately 0.5%[198]. Expenses and Income - The cost of sales decreased by about 9.8%, from approximately RMB 252.3 million for the year ended December 31, 2023, to approximately RMB 227.7 million for the year ending December 31, 2024, aligning with the revenue decline[16]. - Other income shifted from a net loss of approximately RMB 4.7 million for the year ended December 31, 2023, to a net income of approximately RMB 0.9 million for the year ending December 31, 2024, mainly due to a reduction in losses from sale-leaseback transactions[18]. - Selling expenses decreased from approximately RMB 34.8 million for the year ended December 31, 2023, to approximately RMB 31.4 million for the year ending December 31, 2024, primarily due to reduced marketing and promotional expenses[19]. - Administrative expenses decreased from approximately RMB 34.6 million for the year ended December 31, 2023, to approximately RMB 32.9 million for the year ending December 31, 2024, mainly due to a reduction in R&D expenses[20]. - The financing costs for 2024 were RMB 13,829 thousand, slightly up from RMB 13,587 thousand in 2023[193]. Market Strategy and Operations - The company aims to strengthen its existing business and provide stable returns and growth prospects for shareholders in the future[8]. - The company continues to focus on the production and sale of confectionery products, including gummy candies, tablet candies, and hard candies[13]. - The company is committed to expanding its market presence both domestically and internationally through its own brands and OEM partnerships[7]. - The company aims to strengthen its market position in China and expand into new markets with significant growth potential through enhanced marketing and product development strategies[14]. Corporate Governance - The company has adopted a corporate governance code that emphasizes transparency and accountability, aligning with the Stock Exchange's listing rules[70]. - The board believes it has complied with the corporate governance code for the year ending December 31, 2024, with the exception of a deviation regarding the separation of the roles of chairman and CEO[71]. - The company has established a code of conduct for directors' securities trading, which is stricter than the listing rules, and all directors have complied with these standards during the review period[72]. - The board consists of three executive directors and four independent non-executive directors, ensuring a balanced governance structure[73]. - The company has a structured approach to corporate governance, aiming to create value for shareholders and maximize returns[70]. - The board has a responsibility to prepare financial statements that fairly reflect the group's affairs, with no significant uncertainties affecting the company's ability to continue as a going concern as of December 31, 2024[100]. Human Resources and Management - The group employed 386 staff as of December 31, 2024, a decrease from 406 staff as of December 31, 2023[36]. - The company has a strong management team with members holding significant experience in finance and operations, ensuring effective decision-making[61]. - The company has a dedicated human resources director with over 24 years of experience in HR and administrative management[68]. - The technology and quality director has over 34 years of experience in the food and confectionery industry, overseeing new product development and quality control[67]. Shareholder Information - The board does not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[51]. - The company has no fixed dividend policy, and any future dividends will depend on the group's operating performance, available cash flow, and financial condition[97]. - The company has maintained a public float of at least 25% of its total issued share capital since its listing date[162]. - The company has no knowledge of any tax relief or exemptions provided to shareholders for holding its securities[135].