Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 5,473,251 thousand, a 22.3% increase from RMB 4,472,172 thousand in 2023[4] - Gross profit for 2024 was RMB 498,831 thousand, resulting in a gross margin of 9.1%, slightly down from 9.4% in 2023[4][6] - The company reported a net loss attributable to equity holders of RMB 70,970 thousand for 2024, compared to a profit of RMB 41,045 thousand in 2023[4] - Adjusted net profit attributable to equity holders was RMB 87,888 thousand for 2024, up from RMB 68,249 thousand in 2023[4] - Total revenue for the year ended December 31, 2024, was approximately RMB 5,473.3 million, an increase of approximately RMB 1,001.1 million or 22.4% compared to RMB 4,472.2 million for the year ending December 31, 2023[44] - The revenue from digital technology and cloud services reached approximately RMB 2,144.5 million, with a year-on-year growth of about 22.4%, accounting for approximately 39.1% of the company's total revenue[10] - The company recorded a net loss of approximately RMB 58.2 million for the fiscal year due to impairment provisions of about RMB 130.9 million related to goodwill from the acquisition of Shanghai Sire[11] - The company recorded a revenue of approximately RMB 5,473.3 million for the year ending December 31, 2024, an increase of approximately RMB 1,001.1 million or 22.4% compared to RMB 4,472.2 million for the year ending December 31, 2023[19] - The general service outsourcing segment generated revenue of approximately RMB 3,010.1 million, reflecting an increase of approximately RMB 594.4 million or 24.6% from RMB 2,415.7 million in the previous year[22] - The digital technology and cloud services segment achieved revenue of approximately RMB 2,144.5 million, an increase of approximately RMB 392.0 million or 22.4% compared to RMB 1,752.5 million in the prior year[19] Assets and Liabilities - Total assets increased to RMB 2,651,049 thousand in 2024, up from RMB 2,291,357 thousand in 2023[5] - Current assets rose to RMB 2,248,878 thousand in 2024, compared to RMB 1,753,778 thousand in 2023, indicating improved liquidity[5] - The company’s total equity decreased to RMB 1,418,884 thousand in 2024 from RMB 1,504,528 thousand in 2023[5] - Current liabilities increased to RMB 1,201.82 million in 2024 from RMB 768.22 million in 2023, marking a rise of approximately 56.2%[74] - Trade receivables, contract assets, and notes receivable amounted to RMB 1,730.90 million as of December 31, 2024, up from RMB 1,301.90 million in 2023, reflecting a growth of approximately 33.0%[75] - The company's trade and other payables rose to approximately RMB 701.1 million as of December 31, 2024, an increase of about RMB 160.1 million or 29.6% from RMB 541.0 million on December 31, 2023[85] - Borrowings increased by approximately RMB 271.1 million or 147.0% to about RMB 455.6 million as of December 31, 2024, compared to RMB 184.5 million on December 31, 2023[87] Employee and Workforce - The number of information technology talents employed by the company exceeded 11,800, with a significant increase of 2,365 employees, representing a growth rate of about 25.0% compared to the previous year[17] - The internal growth of flexible staffing employees increased to 26,319, up by 3,399 from the previous year, representing a growth rate of approximately 14.8%[17] - The company increased its flexible workforce from 35,908 employees as of December 31, 2023, to 41,868 employees by December 31, 2024, driven by internal growth[19] - The average adjusted profit per employee increased from approximately RMB 100.9 thousand to about RMB 105.1 thousand year-on-year[12] - The average adjusted profit per internal employee increased to RMB 105.1 thousand in 2024, up from RMB 100.9 thousand in 2023, reflecting a growth of 2.1%[31] - As of December 31, 2024, the company had a total of 44,058 employees, including 1,168 internal employees and 42,890 outsourced employees[32] Strategic Initiatives - The company aims to leverage digital transformation and international development opportunities in the human resources sector[8] - A global expansion strategy is being implemented to enhance localized service capabilities in multiple countries and regions[8] - The company plans to accelerate its international business investments and establish overseas subsidiaries to provide localized human resource services in over 20 countries and regions[13] - The company is focusing on enhancing its integrated human resource ecosystem through self-developed technology and investing in AI recruitment platforms to improve hiring efficiency[13] - The company aims to maintain rapid business growth and restore profitability by leveraging its experience in the human resources industry and ongoing global expansion strategies[11] - The company is focusing on global expansion by providing localized HR services to clients' subsidiaries outside of China, enhancing multi-dimensional service offerings[41] - The company is investing in the Wancai Youcai recruitment platform to explore AI technology applications in recruitment, aiming to improve efficiency and precision[42] Governance and Compliance - The company is preparing for its upcoming listing on the Hong Kong Stock Exchange in May 2024, indicating growth and expansion plans[128] - The company is focused on maintaining compliance with listing rules and enhancing corporate governance through experienced board members[136] - The independent directors bring diverse backgrounds in finance, accounting, and corporate governance, which is expected to strengthen the company's strategic initiatives[135] - The company has seen significant leadership changes with the appointment of various independent directors with extensive experience in finance and compliance[135] - The board includes members with qualifications from prestigious institutions, enhancing the company's governance and strategic direction[136] Risks and Challenges - Major risks include reliance on new economy industry clients for general outsourcing services, which could significantly impact business performance if demand slows[142] - The company has a limited operational history, which poses challenges in managing current and future growth in a rapidly changing market[142] - The company is subject to foreign investment restrictions in the value-added telecommunications business as per the old negative list and the Ministry of Industry and Information Technology consultations[185] - The interpretation and implementation of the Foreign Investment Law of the People's Republic of China may create substantial uncertainty affecting the company's structure and governance[191] Shareholder Information - As of December 31, 2024, the company has issued a total of 156,699,879 shares[166] - Zhang Jianguo holds 46,970,500 shares, representing 29.97% of the company's equity[166] - Major shareholder Wang Fen holds 61,066,300 shares, representing 38.97% of the equity[169] - The board does not recommend the payment of a final dividend for the year ending December 31, 2024, while the previous year had a dividend of HKD 0.09 per share[151] Research and Development - The company invested approximately RMB 60.5 million in research and development for the integrated human resources ecosystem in 2024[26] - Research and development expenses amounted to RMB 60.5 million, a 4.0% increase from RMB 58.2 million in 2023[58]

Financial Performance - In 2024, the Group's revenue from corrugated packaging decreased by 5.7% year-on-year, with a 1.5% increase in the first half followed by a 12% decrease in the second half compared to the respective periods in 2023[23]. - The Group recorded a loss in 2024, although it was an alleviated loss compared to 2023, attributed to decreased procurement costs, reduced impairment losses, lower depreciation expenses, and a decrease in staff numbers[13]. - The Group recorded revenue of HK$211.5 million in 2024, a decrease of HK$12.9 million (5.7%) from HK$224.4 million in 2023 due to a reduction in customer orders[28][34]. - Cost of sales decreased from HK$210.4 million in 2023 to HK$193.7 million in 2024, primarily due to reduced overseas containerboard procurement and lower domestic containerboard prices[29][34]. - Gross profit increased from HK$13.9 million in 2023 to HK$17.8 million in 2024, with the gross profit margin rising from 6.2% to 8.4%[29][34]. - Other income fell from HK$6.7 million in 2023 to HK$2.7 million in 2024, mainly due to a decline in bank interest and service income[30][34]. - The Group recorded a loss of HK$95.2 million in 2024, an improvement of HK$5.6 million compared to a loss of HK$100.8 million in 2023, with the net loss margin increasing from 44.9% to 45.0%[38][43]. - As of December 31, 2024, the Group's bank balances and cash were HK$33.6 million, down from HK$47.3 million in 2023, while bank borrowings increased from HK$72.8 million to HK$92.4 million[39][44]. - The Group's net borrowings level rose to HK$58.2 million as of December 31, 2024, compared to HK$25.6 million in 2023, with a gearing ratio of 12.7%[40][44]. - Capital expenditures for property, plant, and equipment in China were HK$2.1 million in 2024, significantly lower than HK$8.5 million in 2023[41][45]. - Debtors, creditors, and inventory turnover improved to approximately 53 days, 43 days, and 33 days respectively in 2024, compared to 62 days, 52 days, and 46 days in 2023[42][45]. Business Environment - The business environment for the corrugated packaging industry is expected to remain challenging due to geopolitical tensions and sluggish demand in the post-pandemic era[19]. - The corrugated packaging industry is expected to face a challenging business environment due to rising manufacturing costs and weakening market demand[47]. - The Group anticipates that the upstream business will resume operations after transitioning from coal-fuel to gas-fuel boilers, enhancing competitive advantage through vertical integration[47]. - The growth of e-commerce is projected to increase the demand for corrugated packaging materials for safe and efficient product shipping[48]. Operational Strategies - The Group continues to purchase containerboard from third-party suppliers to ensure a stable supply for its downstream corrugated packaging business[24]. - Key strategies include enhancing pricing power, increasing sales volume, improving production efficiency, and reducing energy usage and raw material wastage[49]. - The Group's management emphasizes good capital management to enhance operational efficiency and cope with market volatility for long-term sustainable development[19]. Legal and Tax Matters - The Group has not made provisions for certain tax payments due to ongoing appeals, with management believing it is probable to succeed in these appeals[60]. - The independent auditor's report includes a qualified opinion regarding uncertainties related to tax payment assessments[56]. - The Group's management considers that uncertainties concerning tax obligations could be resolved by a court decision expected before December 31, 2025[63]. - The Company is awaiting a final decision from the Mainland China courts regarding tax liabilities, expected in 2025, which may resolve current audit issues[70]. - The Group's PRC legal advisor indicated that the State Administration of Taxation no longer has the right to appeal, leading to the removal of contingent liabilities related to the "Tax Matter Notice" this year[71]. - The Company filed a retrial application on August 10, 2023, against a judgment from July 5, 2023, regarding value-added tax invoices, which has been accepted for retrial by the Guangdong Higher People's Court[86][90]. - The Audit Committee has reviewed the management's position on audit issues and agreed that no provision should be made unless an irrevocable decision is reached by the courts[68]. - The auditor's view is that audit modifications can be removed if a final decision is made by the courts in 2025 and relevant provisions are recorded in the financial statements[77]. - The management believes that the audit issues will be resolved similarly to previous years, following effective action plans[71][78]. Corporate Governance - The Company has adopted the Corporate Governance Code as the basis for its governance practices[131]. - The Company has established a corporate governance framework based on the CG Code to enhance oversight on business conduct[132]. - The Company complied with all code provisions of the CG Code for the year ended December 31, 2024, except for provisions C.2.1, D.3.3, and E.1.2[133]. - The Company has a Code of Conduct for Directors' dealings in securities, which has been confirmed as complied with throughout the year[138]. - The Company has established policies and procedures to enhance the Board's ability to implement governance[132]. - The Company has confirmed that there are no financial, business, family, or other material relationships among the members of the Board[141]. - The Board comprises six Directors, including three Executive Directors and three Independent Non-executive Directors[140]. - The Company has established a Nomination Committee to identify suitable candidates for directorship, ensuring at least three independent non-executive directors represent one-third of the Board[145][149]. - The Board has reviewed the effectiveness of its mechanisms for ensuring independent views and considers them effective as of December 31, 2024[150]. - Each independent non-executive director has provided written annual confirmation of their independence in accordance with Listing Rules[154]. - The independent non-executive directors are appointed for a specific term of around two years, subject to renewal[155]. - The Board is responsible for leadership and control of the Company, overseeing strategic decisions and performance[157]. - The management is required to provide monthly updates to the Board on the Company's performance, position, and prospects[165]. - The Company has mechanisms in place to ensure compliance with internal control and risk management systems[158]. - The Chairman and Chief Executive Officer roles are held by Mr. Hui Sum Ping and Mr. Hui Sum Tai, respectively, with clear and distinctive responsibilities[147][148]. - The Company provided induction training and legal advice to newly appointed Directors to ensure understanding of business operations and responsibilities under Listing Rules[168]. - Continuous Professional Development (CPD) records for Directors included training sessions and relevant reading materials to keep them updated on regulatory developments[171]. - The Audit Committee held two meetings to review the interim and annual financial results for the year ended December 31, 2024, focusing on financial reporting and internal control systems[183]. - The Remuneration Committee met twice during the year to review the remuneration policy and structure for Directors, including the New Share Option Scheme[187]. - Directors' remuneration is determined based on their duties, responsibilities, performance, and the Group's results, with annual reviews conducted by the Remuneration Committee[188]. - The Company has established three Board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined terms of reference[174]. - The Audit Committee consists of three Independent Non-executive Directors, ensuring oversight of financial reporting and risk management[176]. - The Remuneration Committee is responsible for establishing transparent procedures for developing remuneration policies to prevent conflicts of interest[186]. - The Company provided e-learnings on updates related to Listing Rules for all Directors during the year ended December 31, 2024[170]. - The Company encourages all Directors to attend relevant external training courses at the Company's expense to enhance their skills[169]. - Senior management remuneration details for the year ended December 31, 2024, include 2 members earning between HK$0–HK$1,000,000, 1 member earning between HK$5,000,001–HK$5,500,000, and 1 member earning between HK$5,500,001–HK$6,000,000[197]. - The Nomination Committee consists of three Independent Non-executive Directors, with Mr. Tso Sze Wai serving as the chairman[198]. - The Nomination Committee's principal duties include reviewing Board composition and making recommendations on the appointment and succession planning of Directors[199]. - The Nomination Committee considers factors concerning Board diversity as outlined in the Company's Board Diversity Policy[200].

Financial Performance - Total revenue for 2024 was RMB 5,906.4 million, a decrease of 19.0% compared to RMB 7,294.5 million in 2023[17]. - The company reported a core net loss attributable to shareholders of RMB 2,946.8 million, an increase of 71.7% from RMB 1,716.7 million in 2023[17]. - Contracted sales amount for 2024 was RMB 2,077.2 million, down 45.2% from RMB 3,787.4 million in 2023[18]. - The average contracted sales price per square meter decreased by 13.1% to RMB 15,646.2 from RMB 17,995.0 in 2023[18]. - The gross loss margin for 2024 was (4.3%), a significant decline from a gross profit margin of 6.4% in 2023[19]. - The net loss for the year 2024 was RMB 3,245.1 million, with the loss attributable to equity holders of the company amounting to RMB 3,003.8 million[78]. - Revenue from property sales is RMB 4,976.4 million, a decline of 20.6% from RMB 6,265.8 million in 2023, primarily due to a decrease in property delivery area[44]. - The rental income was RMB 133.3 million, accounting for 2.2% of total revenue, which is a decline of 21.8% from RMB 170.4 million in the previous year[61]. - The property management services generated revenue of RMB 775.0 million, which is 13.1% of total revenue, showing a slight decrease of 2.3% from RMB 793.7 million in the previous year[61]. Debt and Liquidity - The net debt to equity ratio surged to 2,281% in 2024, compared to 386% in 2023, indicating increased financial leverage[19]. - The net debt-to-capital ratio as of December 31, 2024, was 2,281%, significantly higher than 386% as of December 31, 2023[86]. - The company has ongoing and planned projects with a total building area of 894,261 square meters, of which 546,514 square meters are post-equity[40]. - The total outstanding borrowings decreased from RMB 16,876.1 million as of December 31, 2023, to RMB 15,942.3 million as of December 31, 2024, representing a reduction of 5.5%[81]. - The company is actively taking steps to mitigate current liquidity issues, including the possibility of deferring or restructuring repayment schedules[176]. - The company is negotiating with lenders to extend the repayment schedule for certain borrowings[178]. - The company is seeking new financing from other financial institutions to address liquidity issues[180]. Operational Strategy - The company operates 112 projects across 24 cities in China as of the end of 2024[10]. - The company aims to enhance operational capabilities and asset value while focusing on core cities and urban areas[22]. - Future strategies include improving product quality and operational precision to achieve high-quality development[22]. - The company aims to enhance asset management capabilities and improve liquidity through various marketing strategies and value-added services[34]. - The company is actively exploring new operational strategies to reduce debt and leverage, while enhancing product quality and core competitiveness[33]. - The company is closely monitoring the collection of unrecognized sales revenue and ensuring timely mortgage loan disbursements to customers[177]. Corporate Governance - The board emphasizes the importance of high standards in corporate governance to protect shareholder interests and enhance corporate value[108]. - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance with principles and code provisions[108]. - The company deviated from the corporate governance code by having the same individual serve as both chairman and CEO, which is against the code's recommendation[109]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring strong independence[109]. - The company aims to provide satisfactory and sustainable returns to shareholders while maintaining high ethical business standards[110]. - The company will continue to review and enhance its corporate governance practices to ensure compliance with the corporate governance code[109]. Employee and Diversity - The company employed 2,661 full-time employees as of December 31, 2024, down from 2,990 employees a year earlier[58]. - The total number of employees as of December 31, 2024, is 2,661, with male employees accounting for 53.4% and female employees accounting for 46.6%[129]. - The board consists of five male and two female members, indicating a significant improvement in gender diversity[127]. - The company has adopted a board diversity policy since March 18, 2014, which was revised on December 19, 2018, to ensure a diverse governance structure[126]. Market Outlook - The global economic growth forecast for 2024 is 3.2%, with emerging markets, particularly in Asia, expected to grow at 4.2%[41]. - The overall real estate market is expected to show weak balance and differentiation in 2025, with core city prices likely to remain stable or slightly increase, while third and fourth-tier cities may face adjustment pressure[96]. - The new housing market sales and investment scale may continue to decline, but the rate of decline is expected to narrow; the second-hand housing market is projected to maintain a certain level of activity[96]. Shareholder Communication - The company has implemented a shareholder communication policy to enhance investor relations and ensure timely disclosure of information[186]. - The company is committed to maintaining effective communication channels with shareholders to gather their opinions and feedback[187]. - The company will issue appropriate announcements regarding any significant developments in accordance with listing rules and securities regulations[180].

Financial Performance - The company recorded revenue of approximately HKD 42,400,000 for the year ending December 31, 2024, a decrease of about 5% compared to HKD 44,500,000 in 2023[10]. - The net loss for the year was approximately HKD 33,100,000, significantly reduced from a loss of HKD 358,500,000 in the previous year, primarily due to the absence of one-time impairment losses[10]. - The arts and culture segment generated revenue of approximately HKD 34,000,000, with a pre-tax profit of HKD 6,200,000, a turnaround from a pre-tax loss of HKD 164,300,000 in the previous year[14]. - The wine and trade division reported a revenue of approximately HKD 2,100,000, up from HKD 2,000,000 in 2023, and a pre-tax profit of approximately HKD 4,100,000, recovering from a pre-tax loss of HKD 5,200,000 in the previous year[21]. - The group reported a net loss of approximately HKD 33,087,000 for the year ended December 31, 2024[152]. - Total revenue for the year ended December 31, 2024, was HKD 42,432,000, a decrease of 4.6% from HKD 44,493,000 in 2023[171]. - The company reported a pre-tax loss of HKD 29,514,000, significantly improved from a loss of HKD 371,436,000 in the previous year, representing a reduction of 92.1%[171]. - Total comprehensive expenses for the year amounted to HKD 46,075,000, down from HKD 378,365,000 in 2023, reflecting a reduction of 87.8%[173]. Operational Developments - The property development segment contributed approximately HKD 6,300,000 in revenue, with a pre-tax loss of HKD 30,700,000, a significant improvement from a loss of HKD 184,500,000 in 2023[11]. - The company is actively developing the "Silk Road International Cultural Center," which includes three office buildings with a total construction area of approximately 260,000 square meters[11]. - The "Silk Road International Financial Center" project is expected to be topped out in 2025 and completed in 2026, with several financial institutions already established in the project[8]. - The company is participating in the "Hainan International Cultural and Art Trading Center," aiming to leverage favorable policies and achieve new revenue milestones by the end of 2025[9]. - The company aims for high-quality development in 2025, emphasizing action and strategic determination to achieve its annual goals[9]. Financial Position - As of December 31, 2024, the company's cash and cash equivalents totaled approximately HKD 16,200,000 as of December 31, 2024, down from HKD 23,100,000 in 2023, primarily due to cash consumption from daily operations[31]. - The company's outstanding secured borrowings amounted to approximately HKD 1,392,100,000 as of December 31, 2024, an increase from HKD 1,339,500,000 in 2023[31]. - The capital-to-debt ratio was approximately 161.2% as of December 31, 2024, compared to 148.3% in 2023[32]. - The group’s net asset value decreased from HKD 974,682,000 in 2023 to HKD 928,221,000 in 2024, a reduction of about 4.8%[176]. - The group faced significant uncertainty regarding its ability to continue as a going concern due to legal disputes related to delayed payments[152]. Risk Management and Compliance - The company has implemented a risk management framework to address various operational and financial risks[25]. - The group has maintained compliance with all relevant laws and regulations, with no significant violations reported during the fiscal year[58]. - The company has adopted a fraud prevention and whistleblowing policy to maintain high standards of integrity and ethics, with no significant fraud or misconduct incidents reported affecting financial statements[140]. - The board has conducted an annual review of the risk management and internal control systems, concluding that they were effectively implemented during the fiscal year[139]. Shareholder and Governance Matters - The group did not recommend any dividend for the fiscal year ending December 31, 2024, consistent with the previous year[64]. - The board has confirmed the independence of all independent non-executive directors, ensuring compliance with the Hong Kong Stock Exchange's listing rules[77]. - The company has adopted a corporate governance code and has complied with its provisions throughout the reporting period[103]. - The board has established a framework for corporate governance, ensuring compliance with legal and regulatory requirements[129]. - The company emphasizes timely and transparent communication with shareholders, maintaining a dedicated website for financial reports and shareholder communications[141]. Future Outlook - The management believes that the cultural and art market is poised for a rebound, despite short-term uncertainties in the Chinese economy[22]. - The group plans to accelerate the pre-sale and sale of developed properties to improve cash flow[187]. - The ultimate controlling party has committed to providing necessary financial support to ensure the group meets its operational and financial obligations[187].

Financial Performance - Gross revenue for the year ended December 31, 2024, was RMB 846.2 million, a decrease of 13.3% from RMB 976.7 million in 2023[10] - Revenue for the same period was RMB 357.5 million, down from RMB 363.8 million, reflecting a decline of 1.0%[10] - The company reported an EBITDA loss of RMB 53.1 million for 2024, compared to a loss of RMB 34.3 million in 2023[10] - Adjusted EBITDA improved to RMB 20.2 million in 2024 from a loss of RMB 6.6 million in 2023[10] - The loss attributable to equity shareholders increased to RMB 538.1 million in 2024, compared to RMB 453.3 million in 2023[10] - Basic loss per share was RMB 46.8 cents in 2024, compared to RMB 38.9 cents in 2023[10] - The total loss for the year was RMB 540.1 million, compared to RMB 460.1 million in 2023, indicating a worsening financial position[17] - The Group's loss from operations (EBIT) for 2024 was RMB 252.6 million, worsening from a loss of RMB 233.0 million in 2023, with the operating profit margin declining from -23.9% to -29.9%[51] Assets and Liabilities - Net assets of the Group decreased to RMB 511.6 million in 2024 from RMB 948.6 million in 2023, a decline of 46.0%[11] - NAV per ordinary share fell to RMB 0.45 in 2024 from RMB 0.83 in 2023, a decrease of 45.8%[11] - The company experienced a net financial cost of RMB 283.7 million in 2024, up from RMB 231.8 million in 2023[17] - Current liabilities decreased to RMB 1,793,243,000 in 2024 from RMB 2,259,514,000 in 2023, a reduction of 20.6%[23] - The net assets as of December 31, 2024, were RMB 511,579,000, down from RMB 948,576,000 in 2023, a decrease of 46.1%[23] - As of December 31, 2024, the Group's consolidated net asset value was RMB 511.6 million, down from RMB 948.6 million as of December 31, 2023[57] Revenue and Sales Metrics - The sales per ticket increased to RMB 1,382 in 2024 from RMB 1,223 in 2023, reflecting a growth of 13.0%[21] - The annualised area efficiency decreased to RMB 9,723 per m² in 2024 from RMB 11,746 per m² in 2023, a decline of 17.2%[21] - The gross rental income and management service fee income increased to RMB 113.0 million in 2024 from RMB 90.1 million in 2023, representing a growth of approximately 25.4%[50] - The annualized revenue per square meter for the year ended December 31, 2024, was RMB 9,723, down from RMB 11,746 for the year ended December 31, 2023[54] Strategic Initiatives - The Group's strategy focused on creating an ideal community for city life, enhancing customer flow and sales through key project-driven growth and online media promotion[27] - The Group plans to enhance customer experience by integrating multiple formats and introducing immersive entertainment and healthy consumption options in 2025[37] - The Group aims to strengthen cost control and improve internal efficiencies, focusing on human resources and site management for better operational performance[38] - The Group will implement precision marketing strategies targeting quality families and young consumers to enhance customer flow and engagement[39] - The Group plans to optimize its cost structure and improve management efficiency to navigate challenges in the PRC retail market[58] Governance and Leadership - Mr. Yao Jiangang was appointed as executive director and chairman of the board on December 14, 2022, bringing extensive experience in business and management[122] - Ms. Wan Qing was appointed as chief financial officer effective September 3, 2023, and has significant experience in finance and mergers and acquisitions[125] - The company has a diverse board with members holding significant experience in finance, investment, and corporate governance, enhancing its strategic decision-making capabilities[138][140] - The company is focused on expanding its market presence and enhancing its investment strategies through experienced leadership[130][134] - Mr. Choon Hoi Kit Edwin appointed as CEO effective from October 15, 2024, succeeding Mr. Qin Chuan who resigned on July 10, 2024[198] Employee and Operational Metrics - The Group's staff costs for the year ended December 31, 2024, were approximately RMB 65,859,000, a decrease from RMB 84,390,000 in the previous year[117] - The number of the Group's staff decreased to 3,296 as of December 31, 2024, from 3,435 in the previous year[116] - The gender distribution among employees is 15% male (495) and 85% female (2,801)[119] - The Group emphasizes fair employment practices and has implemented a merit-based recruitment process[119] - Comprehensive talent recruitment and performance appraisal policies are in place to reward employees and promote career development[162] Compliance and Risk Management - The Group is committed to full compliance with laws and regulations impacting operations, including product safety and customer rights protection[152] - The Group has implemented security measures to mitigate risks associated with burglary, fire, and cash storage, ensuring the safety of human lives and inventories[159] - The Group emphasizes maintaining good relationships with key stakeholders, including employees, customers, and vendors, as essential for long-term success[161] Shareholder and Financial Policies - The Directors do not recommend the payment of a dividend for the year ended December 31, 2024[173] - As of December 31, 2024, the Company's reserves available for distribution to shareholders amounted to RMB 995,255,000, unchanged from December 31, 2023[182] - The Group's share premium as of December 31, 2024, was approximately RMB 1,019,254,000, also unchanged from December 31, 2023[182]

Financial Performance - The company reported a consolidated profit of RMB 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[1]. - Revenue for the year ended December 31, 2024, was approximately RMB 2,789,209,000, a decrease of 10.21% compared to RMB 3,116,539,000 in 2023[16]. - Gross profit for the same period was RMB 453,733,000, down 30.74% from RMB 655,113,000 in 2023[16]. - The loss attributable to ordinary shareholders for the reporting period was approximately RMB 1,739 million, compared to RMB 688 million in 2023[17]. - Loss per share for the reporting period was approximately RMB 1.458, significantly higher than the loss per share of RMB 0.577 in 2023, reflecting a 152.79% increase in loss[18]. - The Group recorded revenue of approximately RMB 2,798.2 million, representing a decrease of approximately 10.2% compared to the year ended December 31, 2023[93]. - The net loss for the Group was approximately RMB 2,166.2 million, an increase of approximately 117.8% compared to the previous year[93]. User and Market Growth - User data showed a growth of 20% in active users, reaching 5 million by the end of the reporting period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[1]. - New product launches contributed to a 30% increase in sales in the last quarter, with three new products introduced[1]. Revenue Guidance and Projections - The company provided a revenue guidance of RMB 1.5 billion for the next fiscal year, indicating a projected growth of 25%[1]. - The Group plans to enhance profitability by optimizing debt structure and improving operational systems in 2025[28]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 8% through improved supply chain management[1]. - Research and development expenses increased by 12%, focusing on innovative technologies to improve service efficiency[1]. - The Group reduced agent usage in operational projects by 7,430 tonnes, leading to a cost reduction of RMB 12.84 million, a decrease of 9.7%[36]. - Electricity costs per ton of water decreased by 9.5%, and the bid-winning amount through chemicals procurement was reduced by approximately RMB 5.753 million, saving 14.8%[36]. Customer Satisfaction and Service Quality - Customer satisfaction ratings improved to 90%, reflecting enhanced service quality and user experience[1]. Sustainability Initiatives - The company plans to implement new sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2030[1]. Debt Management and Financial Stability - The Group's strategies focused on debt optimization and asset structure improvement to enhance financial risk control[24]. - The Group completed a debt-to-equity swap, converting RMB9.891 billion of ordinary securities into perpetual securities, reducing the gearing ratio to 74.9% and saving approximately RMB198 million in annual finance costs[41]. - The Group successfully obtained over RMB 48 million in dedicated funding for debt restructuring, contributing to financial stability[40]. Technological Innovations - The Group implemented technological innovations to improve operational quality and efficiency, including centralized procurement and intelligent drug delivery systems[24]. - The Group's initiatives in technological innovation and operational support are expected to drive efficiency and safety improvements across domestic projects[46]. Governance and Leadership Changes - The Company is actively restructuring its board with new appointments to enhance governance[165]. - The Company has undergone changes in its executive directorate, with Mr. Zheng Guangfeng serving as the general manager since March 2024[166]. - The leadership team includes professionals with backgrounds in investment management and environmental engineering, contributing to strategic decision-making[179]. Regulatory and Policy Environment - In January 2024, the Ministry of Ecology and Environment and other departments issued guidelines for the treatment of rural sewage, emphasizing the need for improved sewage management[57]. - The government allocated annual special funds ranging from RMB0.8 billion to RMB1.2 billion for the renovation of urban sewage infrastructure in 15 pilot cities[57]. - A series of policies aim to enhance the efficiency of sewage treatment facilities and reduce pollution, promoting green development in urban areas[61]. Project Capacities and Operations - As of December 31, 2024, the Group owned 203 water treatment projects with a total treatment capacity of approximately 5,746,000 tonnes per day[24]. - The solid waste treatment business segment had 24 projects with a total annual treatment capacity of 4,117,280 tonnes[24]. - The average utilization rate for wastewater treatment during the reporting period was approximately 78.26%[75]. - The average unit charge for wastewater treatment was approximately RMB1.46 per tonne[75].

Financial Performance - For the six months ended February 28, 2025, the group's revenue reached RMB 3,673 million, an increase of 11.8% compared to RMB 3,284 million for the six months ended February 29, 2024[15]. - Gross profit for the same period was RMB 1,978 million, reflecting a growth of 7.6% from RMB 1,839 million[3]. - Operating profit increased by 3.3% to RMB 1,524 million, up from RMB 1,475 million[4]. - Net profit decreased by 8.2% to RMB 1,091 million, down from RMB 1,188 million[4]. - Adjusted net profit was RMB 1,182 million, a decline of 2.9% from RMB 1,217 million[4]. - Adjusted EBITDA for the period was RMB 2,100 million, representing a 7.4% increase from RMB 1,956 million[14]. - Revenue for the six months ended February 28, 2025, was RMB 3,673 million, an increase of 11.85% compared to RMB 3,284 million for the same period in 2024[63]. - Gross profit for the same period was RMB 1,978 million, representing a gross margin of 53.8%, up from RMB 1,839 million and a gross margin of 56.0% in 2024[63]. - Net profit for the six months ended February 28, 2025, was RMB 1,091 million, a decrease of 8.16% from RMB 1,188 million in the previous year[63]. - Basic and diluted earnings per share for the period were RMB 35.63, down from RMB 41.97 in 2024, reflecting a decline of 15.06%[63]. Revenue Breakdown - Domestic market revenue increased from RMB 3,179 million for the six months ended February 29, 2024, to RMB 3,544 million for the six months ended February 28, 2025, representing an increase of 11.5% driven by student enrollment and per-student income growth[17]. - International market revenue rose by 22.9%, from RMB 105 million for the six months ended February 29, 2024, to RMB 129 million for the six months ended February 28, 2025, primarily due to an increase in enrolled students[18]. - Revenue from education services recognized over time was RMB 3,646 million for the six months ended February 28, 2025, up from RMB 3,263 million in the prior year, reflecting a growth of approximately 11.7%[72]. Expenses and Costs - The cost of revenue increased by 17.3% to RMB 1,695 million, compared to RMB 1,445 million in the previous period[4]. - Administrative expenses rose by 18.9% to RMB 566 million, up from RMB 476 million[4]. - The company reported a significant increase in other losses, which rose by 338.1% to RMB 92 million from RMB 21 million[4]. - The total employee costs for the six months ended February 28, 2025, were RMB 1,193 million, an increase of 16.9% from RMB 1,020 million in the same period of 2024[77]. - The company incurred a tax expense of RMB 157 million for the six months ended February 28, 2025, compared to RMB 95 million for the same period in 2024, representing a significant increase of 65.3%[76]. Cash and Liquidity - As of February 28, 2025, cash reserves amounted to RMB 5,092 million[3]. - Cash reserves as of February 28, 2025, amounted to RMB 5,092 million, down from RMB 6,626 million as of August 31, 2024[32]. - The group has assessed its liquidity position, noting current liabilities exceed current assets by RMB 2,651 million, but expects to have sufficient resources to continue operations for at least the next twelve months[66]. Debt and Financing - As of February 28, 2025, the net debt-to-equity ratio was 24.6%, up from 19.5% on August 31, 2024[34]. - The interest-bearing asset liability ratio was 25.9% as of February 28, 2025, compared to 26.4% on August 31, 2024[34]. - The group held bank and other borrowings amounting to RMB 7,152 million as of February 28, 2025, down from RMB 7,440 million on August 31, 2024[38]. - The group has secured loans from the Asian Development Bank and the Asian Infrastructure Investment Bank, with amounts up to RMB 284.9 million and RMB 569.8 million respectively, with terms up to 84 months[43]. Corporate Governance and Compliance - The company has adhered to corporate governance rules, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[53]. - The board will continue to review the separation of the roles of Chairman and CEO, considering the overall situation of the company[55]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the six months ending February 28, 2025[57]. - The company has adopted a standard code of conduct for directors regarding securities trading, confirming compliance for the six months ending February 28, 2025[56]. Employee and Social Responsibility - The company emphasizes a diverse and respectful employment policy, ensuring equal opportunities regardless of age, gender, race, or other factors[49]. - The company provides various benefits and retirement plans for its employees, aligning compensation with market levels and individual performance[48]. - The group has been recognized for its commitment to social equity and has received the "Inclusive Enterprise" certification from the World Bank Group[40]. Future Outlook and Strategic Initiatives - The group aims to enhance its core educational capabilities through various initiatives, including strengthening the dual-teacher model and modernizing the curriculum system[41]. - The group continues to see a positive long-term outlook for the education industry, driven by increasing demand for high-quality education and vocational training[42]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million HKD allocated for this purpose[92]. - The company provided an optimistic outlook, projecting a revenue growth of 15% for the next quarter, aiming for 1.725 billion HKD[92]. - A new strategic partnership was announced, expected to generate an additional 50 million HKD in revenue within the next six months[92]. Capital Expenditure and Investments - Capital expenditure for the six months ended February 28, 2025, was RMB 1,207 million, compared to RMB 2,032 million for the same period in 2024, primarily related to the construction of new buildings in existing campuses[31]. - The company has capital commitments of RMB 814 million related to the acquisition of properties and equipment as of February 28, 2025, down from RMB 1,044 million as of August 31, 2024[88]. - Research and development investments increased by 25%, totaling 100 million HKD, focusing on innovative educational technologies[92].

Financial Performance - Revenue for 2024 reached RMB 131,245,000, representing a 50.3% increase from RMB 87,307,000 in 2023[20] - Profit attributable to owners of the Company surged to RMB 54,873,000, a remarkable increase of 224.2% compared to RMB 16,926,000 in the previous year[20] - Total assets increased significantly by 116.7% to RMB 221,827,000 from RMB 102,367,000[20] - Cash and cash equivalents saw a substantial rise of 229.7%, reaching RMB 54,604,000 compared to RMB 16,561,000 in 2023[20] - Net assets grew by 213.0% to RMB 172,386,000 from RMB 55,075,000[20] - Basic earnings per share slightly decreased by 0.24% to 28.93 RMB cents from 29.00 RMB cents[20] - For the year ended December 31, 2024, the Group's revenue was approximately RMB 131.2 million, profit before income tax was RMB 82.6 million, and profit attributable to owners was RMB 54.6 million[34] - The Group's cash and cash equivalents increased by 229.7% year-on-year to approximately RMB 54.6 million, with net assets rising to RMB 172.4 million from RMB 55.1 million in 2023[35] - Revenue from financial service platforms amounted to approximately RMB120.9 million, reflecting an increase of approximately 44.9% year-on-year[49] - Interest income for the year was approximately RMB10.3 million, representing a year-on-year increase of approximately 165.7%[49] - Profit attributable to the owners of the Company was approximately RMB54.9 million, a significant increase from RMB16.9 million in the previous year[57] Dividends and Share Issues - No interim dividend was paid, and no proposed final dividend was mentioned for the year[20] - The company raised approximately HK$25.95 million through the subscription of 36,042,067 new shares at a price of HK$0.72 per share, with net proceeds of approximately HK$23.95 million[68] - Of the net proceeds, approximately HK$10 million is allocated for the development and operation of a financial service platform, approximately HK$5 million for debt repayment, and approximately HK$8.95 million for general working capital[69] - In 2024, the company issued 14,134,143 subscription shares at HK$0.315 per share, raising gross proceeds of approximately HK$4.45 million and net proceeds of approximately HK$4.4 million[74] - The Company proposes to raise up to approximately HK$63.6 million through a rights issue of 254,414,580 Rights Shares at a Subscription Price of HK$0.25 each[80] - The estimated net proceeds from the Rights Issue, after deducting expenses, are approximately HK$60.3 million[81] - The Rights Issue is conditional upon Independent Shareholders' approval at the EGM, as it will increase the total number of issued Shares by more than 50% within a 12-month period[85] Business Strategy and Future Outlook - The Company is focused on expanding its market presence and enhancing product offerings in the upcoming fiscal year[20] - Future strategies include potential market expansion and investment in new technologies[20] - The management remains optimistic about sustaining growth momentum in the next fiscal year[20] - The Group has been actively exploring new business opportunities, particularly in the Greater Bay Area, to enhance shareholder returns[25] - The Group plans to invest approximately HKD1.5 million to HKD2.0 million in R&D for a new data security-related business[42] Financial Management and Risk - The gearing ratio of the Group was approximately 0.6%, representing a year-on-year decrease of approximately 0.9%[35] - The Group's total borrowings were approximately RMB 1 million, down from RMB 1.5 million in 2023, resulting in a debt-to-asset ratio of approximately 0.5%, compared to 1.5% in 2023[67] - The Group faces foreign exchange risk primarily due to fluctuations between the Hong Kong dollar and the Renminbi, with no hedging arrangements currently in place[121] - The Group adopts a conservative approach to treasury policies, focusing on credit risk evaluation and liquidity management[116] Corporate Governance - The company has adopted and complied with the Corporate Governance Code during the year ended December 31, 2024[150] - The Board is responsible for leadership and control, promoting the success of the Group and enhancing shareholder value[159] - The Company has established three Board committees: Audit Committee, Nomination Committee, and Remuneration Committee, to assist in efficient governance[199] - The Company has formalized written terms on the division of functions reserved to the Board and those delegated to management, retaining decision-making on major matters[178] - The Company has not established a corporate governance committee; the Board performs all corporate governance duties[180] Employee and Director Information - As of December 31, 2024, the Group had a total of 23 staff, an increase from 22 in 2023, with total staff costs approximately RMB 5.2 million, unchanged from 2023[123] - The remuneration of Directors is reviewed by the remuneration committee, considering experience, responsibility, and the Group's operating results[125] - The Board currently consists of four members, including one Executive Director and three Independent Non-executive Directors, achieving gender diversity with two female Directors[166] Compliance and Regulatory Matters - The Group has complied with all relevant laws and regulations regarding environmental and social responsibilities, ensuring sustainable business development[94] - The Company has not utilized any financial instruments for hedging purposes during the review period[67] - The Company will continue to review its corporate governance practices to meet rising expectations of shareholders and investors[150]

Financial Performance - The company reported a revenue of $500 million for the last quarter, representing a 20% increase year-over-year[8]. - The company's total revenue increased from RMB 2,161.1 million in 2023 to RMB 2,463.4 million in 2024, representing a growth of approximately 14%[21]. - Total revenue for the year ended December 31, 2024, was RMB 2,463.4 million, an increase of 14.0% compared to RMB 2,161.1 million for the same period in 2023[24]. - Ride-hailing service revenue increased by 21.2% from RMB 1,814.1 million in 2023 to RMB 2,199.0 million in 2024, driven by an increase in transaction volume from RMB 2,714.0 million to RMB 2,970.0 million[27]. - The net loss for the year ending December 31, 2024, was RMB 564.2 million, a decrease of 18.6% compared to RMB 692.8 million for the same period in 2023[41]. - The adjusted net loss (non-IFRS measure) for the year ending December 31, 2024, was RMB 457.8 million, down 15.4% from RMB 541.2 million in 2023[43]. User Growth and Market Expansion - User data showed a growth of 1 million active users, bringing the total to 10 million, a 10% increase from the previous quarter[8]. - Market expansion plans include entering two new regions, projected to increase user base by 15%[8]. - The number of registered passengers grew from 23.8 million in 2023 to 34.5 million in 2024, an increase of about 45%[19]. Product Development and Investment - The company is investing $30 million in R&D for new technologies, focusing on AI and automation[8]. - New product launches are expected to contribute an additional $50 million in revenue over the next year[8]. Financial Health and Assets - The company's net assets turned positive to RMB 1,106.3 million in 2024 from a negative net asset of RMB 1,430.2 million in 2023[17]. - Current assets rose significantly from RMB 775.8 million in 2023 to RMB 1,196.3 million in 2024, an increase of about 54%[17]. - Non-current assets increased from RMB 147.3 million in 2023 to RMB 182.3 million in 2024, representing a growth of approximately 23.7%[17]. Cost Management and Expenses - Operating loss decreased from RMB 593.9 million in 2023 to RMB 483.5 million in 2024, showing an improvement of about 18.6%[16]. - Sales and marketing expenses decreased by 10.4% from RMB 218.9 million in 2023 to RMB 196.2 million in 2024, attributed to reduced promotional spending[33]. - General and administrative expenses decreased by 12.4% from RMB 155.0 million in 2023 to RMB 135.7 million in 2024, due to reduced listing expenses and improved operational efficiency[34]. Risk Management - The company faces credit, liquidity, interest rate, and currency risks in its daily operations, managing these risks to ensure timely and effective measures are taken[57]. - Credit risk primarily arises from trade receivables, deposits, and other receivables, with limited risk from cash and cash equivalents due to counterparties being banks and financial institutions with strong credit ratings[58]. - The company’s liquidity management involves monitoring cash needs and obtaining board approval for loans exceeding certain thresholds, ensuring sufficient cash reserves[59]. Corporate Governance - The company has complied with all corporate governance code provisions since its listing date[95]. - The board consists of nine members, including one executive director, five non-executive directors, and three independent non-executive directors[98]. - The company emphasizes a strong corporate culture as a foundation for achieving its mission and vision[96]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific matters[102]. Employee and Management Information - As of December 31, 2024, the company had a total of 465 full-time employees, with employee benefits totaling RMB 207.2 million[56]. - The company is committed to long-term growth strategies, investing in employee training and team building to foster a conducive work environment[56]. - The company has adopted a pre-IPO equity incentive plan to attract, retain, and motivate senior staff, directors, and employees[56]. Shareholder Communication and Policies - The company has established a shareholder communication policy to enhance investor relations and facilitate effective communication with shareholders[154]. - The company has adopted a dividend policy that requires the board to consider the ability to pay dividends before making any recommendations, subject to shareholder approval[153]. Environmental, Social, and Governance (ESG) Reporting - The company’s environmental, social, and governance report discusses its policies and performance in relation to stakeholders and compliance with relevant laws and regulations[166].

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 13,210,519, a decrease of 23.5% compared to HKD 17,133,960 in 2023[11]. - The company reported a loss before tax of HKD 757,073 for 2024, compared to a profit of HKD 109,930 in 2023[11]. - The net loss for the year was HKD 801,966, a significant decline from a profit of HKD 72,386 in the previous year[11]. - The loss attributable to the owners of the company was HKD 725,070, compared to a profit of HKD 64,144 in 2023[11]. - The company incurred an income tax expense of HKD 44,893 for the year, compared to HKD 37,544 in the previous year[11]. - The company reported a significant increase in non-current assets, rising to HKD 5,063,574,000 in 2024 from HKD 5,025,589,000 in 2023, an increase of about 0.8%[12]. - The company reported a total available distributable reserve of HKD 2,618,617,000 as of December 31, 2024, which can be used to offset accumulated losses of HKD 1,074,959,000 and distribute dividends to shareholders[42]. - The group recorded a consolidated net loss of HKD 802.0 million for the year ended December 31, 2024, compared to a profit of HKD 72.4 million in 2023[130]. - The group reported a loss attributable to shareholders of HKD 725.1 million in 2024, compared to a profit of HKD 64.1 million in 2023[115]. - The loss per share for 2024 was HKD 0.2115, compared to earnings per share of HKD 0.0187 in 2023[116]. Operational Strategy and Future Outlook - The company is focusing on expanding its market presence and exploring new strategies for growth[2]. - Future outlook includes potential new product development and technological advancements[2]. - The company is actively considering mergers and acquisitions to enhance its market position[2]. - The management is committed to improving operational efficiency to mitigate losses[2]. - The company aims to strengthen its financial position through strategic investments and partnerships[2]. - The company aims to address market challenges and promote the manganese industry towards higher quality and sustainability[23]. - The operational strategy includes increasing production capacity, reducing costs, and improving management efficiency to achieve high-quality development by 2025[141]. - The company plans to implement detailed cost control measures and strengthen audit supervision to achieve significant cost reduction[145]. Market and Sales Performance - Sales to the top five customers accounted for 21.4% of total sales during the year, with the largest customer contributing 7.2%[44]. - The average selling price of electrolytic manganese products dropped by 9.3% to HKD 12,289 per ton in 2024, down from HKD 13,556 per ton in 2023[83]. - The average selling price of lithium manganese oxide decreased by 49.4% to HKD 34,731 per ton in 2024, but the unit sales cost improved due to better management of raw material prices[101]. - The manganese mining segment's revenue decreased by 10.5% to HKD 1,175.3 million in 2024, primarily due to a drop in the average selling price of Gabon ore[93]. - The revenue from electrolytic manganese products accounted for 15.4% of total revenue in 2024, up from 12.3% in 2023[91]. - The revenue from the electrolytic manganese and alloy materials production segment decreased by 21.5% to HKD 2,162.9 million, compared to HKD 2,754.0 million in 2023[95]. - The revenue from alloy products dropped by 84.8% to HKD 96.2 million in 2024, primarily due to an 82.9% decrease in sales volume to 13,805 tons[97]. Environmental and Social Responsibility - The company emphasized the importance of safety and environmental responsibility, achieving zero environmental incidents during the year[18]. - The company is focused on green transformation and sustainable development through various environmental protection initiatives[18]. - The company made charitable donations totaling HKD 704,000 during the year, a decrease from HKD 2,539,000 in the previous year[43]. Corporate Governance and Management - The company has established appropriate compliance procedures to ensure adherence to relevant laws and regulations[32]. - The company has a remuneration policy aimed at providing fair market compensation to attract and retain talent, with salaries based on individual knowledge, skills, and performance[50]. - The company has established a stock option plan to incentivize qualified personnel, including full-time and part-time employees, to contribute to the company's interests[59]. - The company’s board of directors includes independent non-executive directors appointed on September 10, 2024[46]. - The company has a maximum limit on the total number of shares that can be issued under the stock option plan, not exceeding 10% of the total issued shares at the time of listing without shareholder approval[59]. - The company has no directors with direct or indirect interests in any competing businesses during the year[52]. - The company has no management contracts related to the majority of its business operations as of December 31, 2024[41]. Financial Position and Assets - Total assets decreased to HKD 8,786,603,000 in 2024 from HKD 11,366,020,000 in 2023, representing a decline of approximately 22.5%[12]. - Current liabilities reduced to HKD 5,382,420,000 in 2024 from HKD 7,231,694,000 in 2023, a decrease of about 25.5%[12]. - Net assets fell to HKD 1,977,187,000 in 2024 compared to HKD 2,828,362,000 in 2023, reflecting a decline of approximately 30%[12]. - The group’s current assets, including prepayments and other receivables, decreased by 42.0% to HKD 1,062.1 million as of December 31, 2024[122]. - The group’s borrowings as of December 31, 2024, decreased to HKD 3,945.6 million from HKD 5,120.6 million in 2023[125]. - The group has a remaining unutilized portion of HKD 75.0 million from the IPO proceeds, expected to be fully utilized by December 31, 2032[118]. Production and Mining Activities - Total mining production for Daxin Manganese Mine in 2024 is 593,000 tons, down from 940,000 tons in 2023, with an average manganese grade of 11.9% compared to 12.5%[172]. - Total mining production for Tiandeng Manganese Mine in 2024 is 234,000 tons, down from 666,000 tons in 2023, with an average manganese grade of 11.9%[173]. - Total mining production for Bembélé Manganese Mine in 2024 is 1,954,000 tons, down from 2,240,000 tons in 2023, with an average manganese grade of 30.7% compared to 29.0%[176]. - The company has not conducted any significant exploration activities in China during the year, focusing instead on geological exploration at the Bembélé Manganese Mine in Gabon[157]. - The company has completed infrastructure projects at Bembélé Manganese Mine, enhancing processing capacity and transportation capabilities[170]. - The company has invested in upgrading and maintaining mining equipment across various mines to improve operational efficiency[166][168]. Challenges and Risks - The company anticipates ongoing challenges due to rising production costs and geopolitical tensions affecting energy and raw material prices[82]. - The company faces interest rate risk from floating rate debt, which may increase financial costs if the Chinese loan market interest rates rise[136]. - The company is actively seeking other financing options, including equity issuance, to strengthen its financial position and reduce reliance on short-term borrowing[137].