Financial Performance - Revenue for the year ended December 31, 2024, was HK$24,030,000, a decrease of 31.75% compared to HK$35,207,000 in 2023[9] - The loss for the year increased to HK$33,108,000 in 2024 from HK$22,829,000 in 2023, representing a 45.06% increase in losses[19] - Basic loss per share for 2024 was HK$2.89, a 47.74% increase from HK$1.99 in 2023[19] - The decrease in turnover is mainly attributed to the decline in business volume of star-rated hotel operations during the year[40] - For the year ended 31 December 2024, the hotel operation turnover was approximately HK$20.06 million, representing a decrease of approximately 35.95% from HK$31.32 million in 2023[45] - Accommodation revenue was approximately HK$10.10 million, a decrease of approximately 39% compared to the previous year[49] - Catering revenue generated approximately HK$7.97 million, representing a decrease of approximately 37% over the corresponding year[50] Asset and Liability Management - Total assets as of December 31, 2024, were HK$354,231,000, a decrease from HK$390,200,000 in 2023[11] - Total liabilities decreased to HK$8,988,000 in 2024 from HK$11,281,000 in 2023[11] - Net assets as of December 31, 2024, were HK$345,243,000, down from HK$378,919,000 in 2023[11] - The net asset value of the Group was approximately HK$345.42 million as of December 31, 2024, compared to HK$378.92 million in 2023[75] - The Group had a net cash balance of approximately HK$31.57 million as of December 31, 2024, down from HK$39.47 million in 2023[75] - The gearing ratio of the Group was 2.60% as of 31 December 2024, a slight decrease from 2.98% in 2023, indicating a low debt ratio and ample liquidity[41] Operational Efficiency and Strategy - The Group is actively studying revitalization and optimization plans for stock assets, including Hong Kong properties, to improve asset management efficiency[30] - The Group aims to strengthen the integration of hotel resources, cultural tourism, and green environmental protection industries to enhance core competitiveness[30] - Future prospects include tapping into the potential of basic consumption and promoting new types of consumption such as community commerce and green consumption[29] - The Group will focus on cost control to minimize cash outflows while enhancing internal management and training[41] - The hotel management is actively expanding diversified operations and enhancing its dining business model, including online sales cooperation with banquet platforms[53] Investment and Market Position - The fair value of the equity interest in Fujian Huamin Leasing was HK$104.57 million as of 31 December 2024, representing approximately 29.52% of the total assets of the Company[63] - The interest in finance leasing contributed approximately HK$9.50 million profit in fair value for the year, compared to a loss of approximately HK$9.44 million in 2023[68] - The significant investment in Fujian Huamin Leasing was valued at approximately HK$104.57 million as of December 31, 2024, representing about 29.52% of the total assets of the Company[97] - The investment cost in Fujian Huamin Leasing is approximately HKD 76.42 million, and it generated a profit of about HKD 9.5 million through fair value changes during the year[99] - The financial leasing industry in China is projected to grow to approximately RMB 12 trillion in 2025, driven by economic recovery and government policy support[100][104] Corporate Governance and Management - The company has a strong management team with diverse backgrounds in finance, legal, and operational roles, enhancing its strategic capabilities[139] - The company is focused on expanding its operational management across various sectors, leveraging the experience of its directors[138] - The board includes members with extensive experience in risk management, accounting, and financial management, ensuring robust oversight[134] - The leadership team includes individuals with advanced degrees from prestigious institutions, enhancing the company's strategic direction[148] - The company is committed to maintaining compliance with legal obligations as confirmed by Mr. Su on March 6, 2025[129] Employee and Operational Details - The company had approximately 112 employees as of December 31, 2024, with remuneration packages based on performance and market rates[103] - The Group's five largest customers accounted for approximately 36.40% of total sales for the year, down from 44.45% in 2023, with the largest customer contributing about 14.35%[179] - Purchases from the Group's five largest suppliers represented approximately 62.49% of total purchases, slightly up from 61.40% in 2023, with the largest supplier accounting for about 29.41%[180] Dividend and Reserves - The company does not recommend the payment of dividends for the year ended December 31, 2024[110] - There were no reserves available for distribution to shareholders as of December 31, 2024[109] - There were no distributable reserves available for shareholders as of December 31, 2024, consistent with 2023[183] Compliance and Regulatory Matters - The company has confirmed compliance with legal obligations as per Rule 3.09D of the Listing Rules[142] - There were no continuing connected transactions required to be disclosed under the Listing Rules during the year[194] - No continuous related party transactions were disclosed during the year as per the Listing Rules[199] - The company reported no serious accidents or claims related to occupational health and safety during the reporting period[200]

Economic Outlook - In 2024, the global economy is expected to show moderate recovery, with the US labor market remaining resilient and consumer demand stable, while inflation may decline slower than anticipated [9]. - The GDP of mainland China grew by 5.0% year-on-year in 2024, supported by strong external demand and inventory replenishment, with exports increasing by 5.9% [6]. - The company anticipates that the economic growth rate in 2025 will remain around 5%, despite short-term pressures on growth [9]. Market Performance - The Hang Seng Index rose by 17.67% in 2024, with the average daily trading volume on the main board reaching HKD 131.8 billion, a 26% increase compared to 2023 [7]. - In 2024, the number of new IPOs in Hong Kong decreased slightly to 67, while total fundraising increased to approximately HKD 87.7 billion, a year-on-year growth of about 102% [7]. - The A-share market saw a decline in new listings, with only 100 new stocks launched in 2024, a decrease of 68.05% year-on-year, raising a total of RMB 67.35 billion, down 81.11% [6]. Financial Performance - In 2024, the group's revenue decreased by 91% year-on-year to HKD 56 million, down from HKD 618 million in 2023 [14]. - The group recorded a loss attributable to shareholders of HKD 161 million in 2024, an improvement from a loss of HKD 192 million in 2023 [14]. - Commission and fee income increased by 3% to HKD 232 million in 2024, compared to HKD 225 million in 2023 [15]. - Interest income decreased by 12% to HKD 239 million in 2024, down from HKD 272 million in 2023 [15]. Business Segments - The wealth management business revenue decreased by approximately 12% year-on-year, with commission and fee income growing by 7% to HKD 70 million in Q4 2024 [19]. - The group achieved a significant turnaround in investment business, reporting a profit of HKD 10,000 in 2024 compared to a loss of HKD 71,000 in 2023 [18]. - Corporate finance business commission and fee income rose by 28% to HKD 90 million in 2024, up from HKD 70 million in 2023 [21]. Strategic Initiatives - The company plans to focus on expanding domestic demand and boosting consumption growth, alongside increasing infrastructure investment to stabilize economic recovery [9]. - The company will continue to optimize its trade layout in response to complex international trade environments and external pressures [9]. - The group aims to enhance its financial service capabilities and optimize its asset-liability structure while accelerating digital transformation [12]. Environmental, Social, and Governance (ESG) Efforts - The company aims to reduce direct greenhouse gas emissions from company vehicles to 12.48 tons, a 15% decrease from the end of 2019 [58]. - Direct greenhouse gas emissions from company vehicles in 2024 were reported at 2.99 tons of CO2, a reduction of approximately 38.85% compared to the previous year [56]. - The total greenhouse gas emissions (Scope 1 and 2) for 2024 were 464.57 tons, down 8.25% from 506.21 tons in 2023 [60]. - The company has identified 18 key ESG issues for 2024, including "Customer Information Security" and "Employee Welfare," which are deemed critical for stakeholders [54]. Employee and Training Metrics - The total number of full-time employees decreased to 256 in 2024 from 283 in 2023, with total employee costs amounting to approximately HKD 233 million, down from HKD 249 million in 2023 [45]. - A total of 196 employees received training in 2024, a decrease of 19% from 242 in 2023 [79]. - The percentage of employees receiving training in 2024 was 12.5%, a slight decrease from 14% in 2023 [79]. Corporate Governance - The company has maintained high levels of corporate governance, adhering to all applicable code provisions under the Hong Kong Stock Exchange Listing Rules for the year ending December 31, 2024 [110]. - The board consists of eight directors, including three executive directors and five non-executive directors, ensuring a balanced composition for independent judgment [116]. - The company emphasizes effective risk and compliance management as part of its core values to create sustainable long-term value for shareholders [111]. Risk Management - The company has implemented a "three lines of defense" model for effective risk management and internal control systems [162]. - The risk management department operates independently from business units to ensure effective monitoring and compliance with policies and procedures [164]. - The company has established a credit risk management framework to monitor customer accounts and ensure compliance with credit policies [175]. Shareholder Engagement - The company has adopted a shareholder communication policy to maintain ongoing dialogue with shareholders, which is regularly reviewed for effectiveness [199]. - Shareholders can propose resolutions at the annual general meeting if they represent at least 2.5% of the voting rights or at least 50 shareholders [198]. - The company has provisions for shareholders to request special general meetings if they hold at least 5% of the voting rights [194].

Financial Performance - In 2024, the company reported a gross profit of RMB 254,989,000, a decrease from RMB 185,066,000 in 2023 and RMB 208,234,000 in 2022[9]. - The company recorded a revenue of approximately RMB 2,079,022,000 in 2024, a decrease of about 19.78% or approximately RMB 512,751,000 compared to 2023[23]. - The company's gross profit for 2024 was approximately RMB 567,158,000, a decrease of about 13.46% or approximately RMB 88,232,000 compared to 2023, with an overall gross margin increase from 25.29% to approximately 27.28%[27]. - Administrative and other operating expenses increased by approximately 34.78% or about RMB 94,159,000, totaling approximately RMB 364,903,000 in 2024[31]. - The company reported a profit attributable to owners of approximately RMB 185,066,000 in 2024, down from RMB 254,989,000 in 2023, with basic and diluted earnings per share of approximately RMB 9.04 and RMB 8.96 respectively[33]. - The company reported a significant goodwill allocation of RMB 52,444,000 related to its offshore oil and gas equipment manufacturing business[165]. - The company’s total equity as of December 31, 2024, was RMB 2,175,401 thousand, an increase from RMB 2,011,739 thousand in 2023, representing a growth of approximately 8.1%[188]. Dividends and Share Capital - The board of directors did not recommend a final dividend for the year ending December 31, 2024[11]. - The company does not have a preset dividend payout ratio, and the board will consider various factors, including financial performance and cash flow, when recommending dividends[67]. - The company's authorized share capital is HKD 40,000,000, comprising 4,000,000,000 ordinary shares[71]. - As of December 31, 2024, the company's share capital consists of 2,131,598,389 ordinary shares, an increase from 1,981,598,389 ordinary shares in 2023[72]. Market and Strategic Developments - The company faced challenges due to geopolitical conflicts and was listed on the OFAC's Specially Designated Nationals list, impacting client relationships and potential orders[15]. - In the second half of 2024, the company established a detailed design department to enhance its module business capabilities and drive strategic transformation[17]. - The company plans to construct a new terminal in Zhuhai to meet the capacity demands for future large projects and wind power construction projects[20]. - The company has established a dedicated market business team to strategically deploy business opportunities in various regional markets, focusing on offshore wind power equipment manufacturing as a key development direction[23]. - The company anticipates significant market opportunities in the offshore wind power sector in the coming years, driven by technological innovation and policy support[19]. Operational Efficiency and Safety - The company emphasized cost reduction and efficiency improvements, promoting domestic material substitution and optimizing operational processes[18]. - The company achieved a zero incident rate for work-related injuries over the past ten years, accumulating 133 million safe working hours[18]. - The company maintained a strong focus on safety management, integrating safety with production management, and achieved high customer satisfaction[18]. Financial Position and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of approximately RMB 785,161,000, an increase from RMB 752,805,000 in 2023[34]. - The company has approximately RMB 200,000,000 in available bank credit as of December 31, 2024, compared to RMB 104,290,000 in 2023[34]. - The company's capital debt ratio decreased to 4.87% in 2024 from 16.56% in 2023, primarily due to a reduction in bank loans and lease liabilities, along with an increase in total equity[43]. - Current liabilities decreased to RMB 858,794 thousand in 2024 from RMB 1,781,239 thousand in 2023, indicating improved liquidity[184]. - Non-current liabilities decreased significantly to RMB 92,921 thousand in 2024 from RMB 292,021 thousand in 2023[186]. Employee and Corporate Governance - The total number of employees as of December 31, 2024, was 2,181, down from 2,281 in 2023, indicating a reduction of approximately 4.39%[44]. - The company emphasizes the importance of employee welfare, offering reasonable compensation and benefits, and has established various training programs to enhance employee skills[56]. - The company has established a Diversity Policy for the Board, focusing on various criteria including gender, age, and professional experience to ensure a balanced composition[153]. - The company has adopted the Corporate Governance Code to enhance transparency and protect shareholder rights[131]. - The board confirmed that all independent non-executive directors are independent according to Listing Rule 3.13[134]. Environmental and Social Responsibility - The company has implemented a consistent environmental policy and waste management regulations to control its operational environmental impact[60]. - The company has achieved OHSAS18001:2007 certification for its occupational health and safety management system, ensuring a safe working environment[61]. - The board of directors is responsible for overseeing the company's policies and performance related to environmental, social, and governance issues[60]. Audit and Compliance - The auditor, Deloitte (Hong Kong) Limited, was reappointed at the last annual general meeting[128]. - The Audit Committee held three meetings during the reporting year to review financial data, discuss risk management, and evaluate the effectiveness of internal controls[148]. - The company has established a comprehensive internal management system to manage risks and ensure compliance, with financial departments monitoring financial risks[143]. Share Options and Rewards - The company adopted a share reward plan on March 18, 2024, which will be effective for ten years and will not involve the issuance of new shares[97]. - A total of 66,000,000 shares were granted as rewards on May 21, 2024, representing 3.10% of the company's total issued shares as of December 31, 2024[101]. - The 2024 Share Option Scheme aims to reward and retain participants, aligning their interests with those of shareholders[83].

Financial Performance - The company's profit attributable to shareholders for the year ended December 31, 2024, was approximately RMB 126,157,000, representing a growth of about 197% compared to RMB 42,483,000 for the year ended December 31, 2023[9]. - The profit attributable to the owners of the company for the year ended December 31, 2024, was approximately RMB 126,157,000, an increase of about 197% compared to RMB 42,483,000 in 2023[19]. - Revenue from intimate apparel products was RMB 2,554,880,000, accounting for 84.9% of total revenue, while revenue from logistics and industrial projects was RMB 455,250,000, accounting for 15.1%[20]. - The company's revenue for the year ending December 31, 2024, is projected to be RMB 3,010.13 million, an increase from RMB 2,757.08 million for the year ending December 31, 2023[170]. - The gross profit margin for the group remained stable at approximately 45.7%, with the gross profit margin for intimate apparel products at about 47.3%[22]. E-commerce and Market Expansion - The e-commerce gross merchandise value (GMV) exceeded RMB 1.5 billion for the year ended December 31, 2024, marking a growth of over 100% compared to the previous year[14]. - The company successfully expanded its e-commerce business, achieving a total gross merchandise value (GMV) of approximately RMB 1.1 billion from related e-commerce platforms[26]. - The company successfully expanded its offline store network, achieving net growth in store numbers despite a challenging market environment[12]. - The "Pure Cotton Home" brand achieved a revenue growth of approximately 50% year-on-year in 2024, with expectations to double store numbers and revenue by 2025[13]. Cost Management and Financial Stability - Sales and marketing expenses decreased by approximately 7.5% to about RMB 1,019,925,000, primarily due to changes in e-commerce business strategy and optimized marketing investments[23]. - General and administrative expenses decreased by approximately 5.4% to about RMB 184,383,000, attributed to effective cost control measures[24]. - The net financial expenses decreased to approximately RMB 19,840,000, mainly due to a reduction in bank loan interest expenses[27]. - The group maintained a solid financial position with cash and cash equivalents of approximately RMB 621,871,000 and a current ratio of about 1.6 times[29]. - The total debt ratio was approximately 19.6%, indicating a slight decrease from 20.4% in the previous year[29]. Corporate Governance and Management - The company has a strong management team with extensive experience in operations and strategic planning, including independent directors with over 21 years of financial and accounting experience[50]. - The company has adopted the principles outlined in the Corporate Governance Code as per the Hong Kong Stock Exchange, except for the separation of roles between the Chairman and CEO[58]. - The board consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors[59]. - The company has implemented a mechanism to ensure the independence of the board, which is crucial for effective corporate governance[69]. - The company is committed to high standards of corporate governance, emphasizing quality management, transparency, and accountability to all shareholders[57]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to achieving carbon neutrality by 2060 and has integrated this concept into its business operations, complying with environmental regulations[110]. - The company has established an Environmental, Social, and Governance (ESG) working group to collect data and prepare the ESG report, ensuring regular reviews of its ESG performance[111]. - The company has achieved ISO 14001:2015 certification for its environmental management system, demonstrating its commitment to environmental protection and sustainability[160]. - The company aims to balance economic success with stakeholder expectations and environmental needs, reflecting its core values in daily operations[115]. - The company has implemented strict environmental management systems to minimize negative impacts on the environment and natural resources[172]. Employee Management and Workplace Culture - The company employed approximately 2,200 full-time employees as of December 31, 2024, down from 2,600 the previous year[39]. - The company emphasizes a diverse and inclusive work environment, with recruitment based on merit regardless of age, gender, or ethnicity[124]. - The company has implemented a comprehensive employee benefits system, including compliance with social insurance laws and additional commercial accident insurance for specific roles[126]. - The employee turnover rate increased to 20.86% in 2024 from 15.19% in 2023, with significant increases among females (22.55% vs. 16.14%) and employees under 30 (31.34% vs. 23.29%)[128]. - The company has achieved ISO45001:2018 certification for its occupational health and safety management system, reflecting its commitment to providing a safe working environment[133]. Community Engagement and Corporate Social Responsibility - The company has actively engaged in corporate social responsibility since 2009, contributing to community welfare through donations and support[112]. - The company participated in community charity activities, including tree planting and educational contributions, in 2024[183]. - The company donated 488 sets of thermal underwear and homewear to various community groups in 2024, supporting vulnerable populations[178]. - The company organized various employee engagement activities in 2024 to enhance team cohesion and promote a healthy work-life balance[129]. - The company is committed to corporate social responsibility and plans to continue giving back to society in the future[183].

Financial Performance - For the fiscal year 2024, the Group recorded revenue of RMB200.3 million, representing an increase of 0.3% from RMB190.7 million in fiscal year 2023[27]. - Loss attributable to owners of the Company for fiscal year 2024 amounted to RMB33.8 million, a significant reduction from RMB341.0 million in fiscal year 2023[27]. - The Group's operating loss improved to RMB32.1 million in fiscal year 2024 from a loss of RMB356.3 million in fiscal year 2023[13]. - Rental income increased by 2.5% to RMB187.5 million in FY2024 from RMB182.9 million in FY2023, primarily due to a decrease in the vacancy rate[43][45]. - Direct sales surged by 66.2% to RMB12.3 million in FY2024 from RMB7.4 million in FY2023[43][45]. - Other operating revenue decreased to RMB27.2 million in FY2024 from RMB29.9 million in FY2023, mainly due to a reduction in government grants[47][52]. - Other gains – net amounted to RMB25.4 million in FY2024, down from RMB57.5 million in FY2023, due to rental reductions and changes in lease liabilities[48]. - Fair value loss on investment properties decreased to RMB139.5 million in FY2024 from RMB156.0 million in FY2023[49]. - Employee benefit expenses rose by 14.8% to RMB31.8 million in FY2024 from RMB27.7 million in FY2023, mainly due to the reversal of accruals[51]. - The Group's results for the year ended December 31, 2024, are detailed in the consolidated income statement[107]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB2,169.5 million, down from RMB2,342.4 million in 2023, indicating a decrease of approximately 7.4%[15]. - Total liabilities decreased to RMB1,418.8 million in 2024 from RMB1,556.6 million in 2023, reflecting a reduction of about 8.8%[15]. - As of December 31, 2024, the Group's cash and cash equivalents decreased by 17.6% to RMB55.4 million from RMB67.2 million as of December 31, 2023[74]. - The gearing ratio increased to 74.3% as of December 31, 2024, compared to 70.8% as of December 31, 2023[75]. - As of December 31, 2024, the Group's long-term and short-term borrowings were RMB507.3 million and RMB50.8 million, respectively, compared to RMB520.3 million and RMB36.2 million in 2023[172][176]. Business Strategy and Operations - The Group is focusing on community business strategies, introducing a new brand targeting young lifestyles to enhance competitiveness[24]. - The Group aims to create a 24-hour community business ecosystem by operating convenient stores, gyms, restaurants, and pharmacies around the clock[27]. - Online platforms and membership loyalty programs are being utilized to enhance customer engagement and shopping experience[28]. - The Group plans to consolidate resources and enhance market position to meet diverse consumer needs and explore future market opportunities[30][33]. Employee and Management Information - The total number of employees in the Group as of December 31, 2024, is 199, a decrease from 216 employees as of December 31, 2023, reflecting a reduction of approximately 7.9%[87]. - The Group's executive management includes Ms. Huang Xue Rong, who has over 15 years of experience in administrative and business matters, and Mr. Yang Ti Wei, who has been with the Group since June 2009[91][92]. - Mr. Chow Chun Pong has been appointed as the chief financial officer and company secretary since September 1, 2022, overseeing financial and compliance matters[101]. - The Group has implemented key performance indicators to enhance performance and operational efficiency[87]. Legal and Compliance Matters - The legal proceedings initiated by certain suppliers and an ex-employee are related to disputes over contract terms and employment contract terms[84]. - The Group's directors believe that the accumulated provision is adequate to cover any potential liabilities arising from the ongoing claims[84]. - The Group has confirmed compliance with a deed of non-competition by the controlling shareholders for the year ended December 31, 2024[157][161]. - The Group has not reported any significant changes in its financial resources or liquidity position[87]. Shareholder Information - As of December 31, 2024, the Company's accumulated loss amounted to RMB671.1 million, while the share premium was RMB751.0 million[120]. - The Company is primarily engaged in department store operations and property development in the People's Republic of China[106]. - The largest customer contributed 23.3% of the Group's total revenue, while the top five customers accounted for 37.3%[165][170]. - The largest supplier represented 17.7% of the Group's total purchases and cost of services, with the top five suppliers making up 60.3%[165][170]. Dividends and Donations - The Company has decided not to recommend any final dividend for the year ended December 31, 2024[108]. - No charitable donations were made by the Group for the year ended December 31, 2024[121].

Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue was RMB 397,998,000, a decrease of 1.8% compared to RMB 403,729,000 in 2022[11] - The gross profit for the same period was RMB 21,366,000, resulting in a gross margin of 5.37%, slightly down from 5.25% in 2024[11] - The company reported a loss attributable to shareholders of RMB 20,160,000, which is an improvement from a loss of RMB 27,452,000 in 2022[11] - Total assets as of December 31, 2023, were RMB 303,278,000, while total liabilities increased to RMB 238,699,000[11] - The total revenue for the year ended December 31, 2024, was RMB 385,482,322, a decrease of 3.14% compared to RMB 397,998,097 in 2023[43] - The comprehensive gross profit for the year was RMB 20,222,876, with a gross margin of 5.25%, down from 5.37% in the previous year[43] - The group reported a loss attributable to owners of RMB 27,802,241 for the year ended December 31, 2024, compared to a loss of RMB 20,159,658 for the year ended December 31, 2023, with a loss per share of RMB 1.46[50] Business Operations - The company operates in two main business areas: bio-composite fertilizers and elderly care services, with ongoing efforts in both sectors[7] - The company plans to expand its elderly care services and integrate management operations across the nation[7] - The gross profit margin for the bio-composite fertilizer segment has shown fluctuations, indicating potential areas for operational improvement[11] - The company established an e-commerce sales platform to expand market coverage and introduced new products such as liquid fertilizers and water-soluble compound fertilizers[17] - The company aims to enhance market marketing management and adjust product structure to improve market share in the compound fertilizer sector[23] - The company has expanded its product offerings to include liquid fertilizers and water-soluble compound fertilizers to meet market demand[34] Research and Development - The company is committed to enhancing its research and development capabilities in both fertilizer and healthcare sectors[7] - The company is actively developing new environmentally friendly fertilizer products in response to increasing quality demands from farmers[30] - The company is committed to integrating advanced technologies into its healthcare services to accelerate digital and intelligent upgrades in the elderly care sector[24] Market Trends - In 2024, the compound fertilizer market experienced structural adjustments, with nitrogen fertilizer prices fluctuating at low levels due to capacity release, while phosphate fertilizer remained high due to resource costs[16] - The national food production target is set to stabilize above 1.3 trillion jin, which is expected to drive rigid growth in fertilizer demand[17] - The fertilizer industry has improved its supply-demand balance and industry concentration due to structural reforms and stricter environmental policies[64] Corporate Governance - The company has appointed independent non-executive directors with extensive experience in accounting and law, enhancing governance and oversight[94][95][96] - The company is committed to ensuring compliance with its articles of association regarding board and supervisory board member requirements[87] - The board is led by Chairwoman Sun Li, who is responsible for the company's development strategy and risk management[126] - The company will seek to enhance corporate governance transparency and independence in the near future[129] Environmental Responsibility - The company maintains a corporate social responsibility strategy focused on employee care, environmental protection, and social responsibility[162] - The company adheres to strict environmental regulations, ensuring that emissions meet national standards[165] - Waste management practices include comprehensive utilization of solid waste, with all solid waste being recycled[165] - The company has implemented energy-saving measures and pollution control technologies in its operations[163] Financial Management - The audit committee held two meetings during the fiscal year and reviewed the financial reporting procedures of the group[117] - The financial statements for the year ending December 31, 2024, were audited by Fan Chen CPA Limited[121] - The company has provisions for shareholders to convene a special general meeting if they hold at least 10% of the issued share capital[157] - The total remuneration for executive director Sun Li for the fiscal year 2024 was RMB 516,303, a decrease of 16.7% from RMB 620,127 in 2023[153] Shareholder Engagement - The company emphasizes high transparency and timely disclosure of relevant information to shareholders[160] - The company encourages shareholder participation in annual general meetings, providing opportunities for direct dialogue[160]

Financial Performance - The company reported a record quarterly performance for Q1 2025, with total revenue and other income reaching HKD 6.857 billion, a 32% increase compared to Q1 2024[9]. - Major business revenue increased by 36% year-on-year to HKD 6.315 billion, driven by higher trading and settlement fees from increased trading volumes in the spot, derivatives, and commodities markets[9]. - The company’s EBITDA for Q1 2025 was HKD 5.254 billion, reflecting a 42% increase from HKD 3.705 billion in Q1 2024, with an EBITDA margin of 78%[9]. - Shareholder profit attributable to the company was HKD 4.077 billion, a 37% increase compared to HKD 2.970 billion in Q1 2024[9]. - The group's revenue and other income hit a new high of HKD 6.9 billion, a 32% increase compared to Q1 2024, driven by increased trading and settlement fees[14]. - The EBITDA margin improved to 91% in Q1 2025, up from 84% in Q1 2024, with EBITDA increasing by 89%[19]. - Total revenue for the three months ended March 31, 2025, was $5.496 billion, a 43% increase from $3.847 billion for the same period in 2024[76]. - Operating profit for the three months ended March 31, 2025, reached $4.896 billion, compared to $3.360 billion for the same period in 2024, reflecting a 46% increase[76]. - Basic earnings per share for the three months ended March 31, 2025, were $3.23, up from $2.35 in the same period of 2024, representing a 37% increase[76]. - The total comprehensive income for the three months ended March 31, 2025, was $4.238 billion, compared to $2.993 billion for the same period in 2024, indicating a 42% increase[77]. Trading Activity - The average daily trading value for equity securities products reached HKD 225.44 billion, a 153% increase from HKD 89.1 billion in Q1 2024[7]. - The average daily trading value for the Hong Kong Stock Connect was HKD 109.94 billion, up 255% from HKD 31.0 billion in the same period last year[7]. - In Q1 2025, the average daily trading volume in the cash market reached a record high of HKD 242.7 billion, more than double that of Q1 2024 and up 30% from Q4 2024[12]. - The average daily trading volume of derivative contracts reached 1.866 million, a 24% increase from Q1 2024 and a 13% increase from Q4 2024[12]. - Northbound trading fees from the Stock Connect program increased by 41% to HKD 1.57 billion, reflecting a 44% rise in average daily trading volume[17]. - The revenue from the Stock Connect program rose 61% to HKD 942 million, with HKD 757 million coming from trading and settlement activities[21]. - The average daily trading value of ETPs reached a record high of HKD 39.4 billion, up 197% from Q1 2024[26]. - The average daily trading amount for the Southbound trading of the Stock Connect reached HKD 67.34 billion, significantly up from HKD 17.5 billion in Q1 2024[23]. - The average daily trading volume of stock options reached 964,803 contracts, a 50% increase from Q1 2024[42]. - The average daily trading volume for all transactions, including administrative trades, totaled 742,000 lots in Q1 2025, compared to 696,000 lots in Q1 2024[49]. IPO and Listings - The number of new IPO applications in process rose to 120 as of March 31, 2025, compared to 84 applications at the end of December 2024[4]. - The number of new listings in Q1 2025 was 17, raising a total of HKD 18.7 billion through initial public offerings, nearly four times the amount raised in Q1 2024[25]. - The number of IPO applications being processed rose to 120 as of March 31, 2025, compared to 84 on December 31, 2024[12]. - The number of companies listed on the main board as of March 31, 2025, was 2,308, an increase from 2,285 in the previous year[23]. - The number of newly listed derivative warrants reached 2,009 in Q1 2025, up from 1,622 in Q1 2024[40]. Capital Expenditure and Investments - Capital expenditure increased by 73% year-on-year to HKD 481 million, primarily due to upgrades in the spot settlement system and the development of a new trading platform[9]. - The acquisition of multiple floors in the Trading Plaza for a total consideration of 6.3 billion was approved, marking a strategic investment to establish a permanent headquarters[60]. - As of March 31, 2025, margin deposits amounted to 207.6 billion, an increase of 18.7 billion from 188.9 billion on December 31, 2024, due to increased positions in certain futures and options[66]. - The investment income net amount from margin and clearing funds increased by 10 million (1%) in Q1 2025, totaling 817 million compared to 807 million in Q1 2024[64]. - The company plans to expand its data platform offerings, aiming to attract more users and enhance market data services[54]. Operating Expenses and Financial Position - Operating expenses increased by 7% compared to Q1 2024, primarily due to a HKD 90 million fine paid to the UK FCA and increased charitable donations[14]. - The company reported a total operating expenses of $1.516 billion for the three months ended March 31, 2025, compared to $1.411 billion in the same period of 2024[76]. - The company’s financial position showed no significant changes compared to the financial status disclosed in the annual report for the year ended December 31, 2024[73]. - Total assets as of March 31, 2025, amounted to HKD 380.431 billion, a slight decrease from HKD 381.629 billion as of December 31, 2024[78]. - Total liabilities increased to HKD 327.904 billion from HKD 327.222 billion, reflecting a rise of approximately 0.2%[78]. Market Developments and Strategic Initiatives - The Hong Kong stock market saw a significant rebound in equity financing activities, ranking second globally in total financing amount[12]. - The Hong Kong Stock Exchange is preparing for the implementation of a paperless securities market, expected to launch in early 2026, pending regulatory approval[22]. - The company continues to promote sustainable finance through its Core Climate platform and the Hong Kong Sustainable and Green Exchange (STAGE)[62]. - LME introduced new warehouse delivery locations in Hong Kong and Jeddah, Saudi Arabia, enhancing market accessibility[48]. - LME Clear implemented measures to improve market resilience, including changes to margin calculations effective March 3, 2025[51].

Stock Options - As of April 1, 2023, the number of stock options available for grant was 85,786,500, representing approximately 6.23% of the company's issued shares[3] - As of March 31, 2024, the number of stock options available for grant increased to 88,226,500, representing approximately 6.41% of the company's issued shares[3]

Financial Performance - The company achieved an operating revenue of RMB 1.664 billion in 2024, with a total profit of RMB 377 million, marking an increase compared to the previous year[11] - The company recorded a revenue of RMB 1.66412 billion for the year, an increase of 3.2% compared to RMB 1.61180 billion last year[22] - Solid waste treatment and electricity and steam sales generated revenue of RMB 1.27586 billion, up 12.4% from RMB 1.13542 billion last year[22] - For continuing operations, EBITDA was RMB 7.3084 billion, an increase of 6.9% or RMB 469.1 million from RMB 6.8393 billion last year, while net profit rose by 30.7% to RMB 3.2637 billion from RMB 2.4979 billion[31] - The company reported a pre-tax profit from continuing operations of RMB 376,784,000, up 48.4% from RMB 253,826,000 in 2023[178] - Total comprehensive income for the year was RMB 299,581 thousand, compared to RMB 213,141 thousand in 2023, indicating a growth of 40.5%[174] Waste Treatment and Environmental Initiatives - The waste treatment volume exceeded 4.66 million tons, and the electricity generated reached over 1.45 billion kWh, both showing growth from the previous year[11] - The company processed 4.37 million tons of household waste in 2024, approximately 12,000 tons per day, representing a year-on-year growth of 3.8%[18] - The company generated 1.728 billion kWh of electricity, a 7.8% increase from the previous year[18] - The company has successfully applied for over 730,000 green certificates in carbon asset development, indicating significant progress in environmental initiatives[11] - The company aims to contribute to building a beautiful China and a waste-free city through its operational strategies[13] - The company emphasizes sustainable development and invests in energy-saving and emission-reduction technologies[141] Operational Efficiency and Market Expansion - The company plans to enhance operational efficiency and sustainable development capabilities in response to the green transformation of the economy[13] - The company is actively expanding its market presence through light asset businesses such as equipment contracting and entrusted operations[12] - The company plans to focus on expanding the solid waste treatment market and enhancing operational efficiency to achieve its strategic goals by 2025[21] - The company reported a significant increase in diversified revenue from collaborative sludge disposal and external heating supply compared to the previous year[11] Financial Management and Cost Control - The company’s administrative expenses decreased by 11.6% to RMB 1.7312 billion due to effective cost control measures[27] - The company’s financial costs decreased by 31.9% to RMB 1.1111 billion, primarily due to the repayment of an RMB 800 million loan[28] - The company’s total liabilities decreased significantly, with bank loan repayments amounting to RMB 78,684,000, down from RMB 573,809,000 in 2023[179] - The company’s cash flow from financing activities generated RMB 110,013,000, a recovery from a net outflow of RMB 1,349,091,000 in the previous year[179] Governance and Management - The company has a diverse board with members holding advanced degrees from prestigious institutions, enhancing its strategic decision-making capabilities[63][64][65][66][67][68][69] - The company emphasizes a culture of integrity and requires all directors and management to adhere to a code of conduct related to integrity and ethical behavior[74] - The company has appointed a new independent non-executive director, Ms. Miao Li, on May 22, 2024[77] - The company’s management team has extensive experience in planning, market development, and engineering construction[70] - The company has established an internal audit department to regularly review its internal control systems, ensuring any significant deficiencies are addressed[96] Risk Management and Compliance - The company emphasizes risk management and compliance, focusing on internal control mechanisms and ESG system construction[12] - The board is responsible for risk management and internal control systems, continuously assessing and managing major risks in areas such as safety and financial security[96] - The company has confirmed that its risk management and internal control systems are adequate and effective[97] Employee and Social Responsibility - The group has approximately 1,200 employees as of December 31, 2024, with compensation based on performance, experience, and market practices[117] - The company continues to improve employee welfare, training, and occupational health and safety policies[144] - The group made charitable donations totaling approximately RMB 180,000 during the year[150] Audit and Financial Reporting - The audit report was issued without reservation, confirming the integrity of the financial statements as of March 27, 2024[163] - The company’s governance is responsible for overseeing the financial reporting process and ensuring compliance with applicable accounting standards[167] - The auditors communicated significant audit findings and any material weaknesses in internal controls to the governance team[170] Shareholder Relations - The company emphasizes the importance of effective communication with shareholders and provides comprehensive operational and financial performance information through annual and interim reports[106] - The company did not recommend any dividend payment for the year[116]

Financial Performance - Revenue for the fiscal year 2024 was HKD 157,235,000, a decrease of approximately 17.8% from HKD 191,422,000 in 2023[6] - The pre-tax loss for 2024 was HKD (175,157,000), representing 111.4% of revenue, an improvement from 145.4% in 2023[6] - Medical product sales revenue was approximately HKD 72,200,000, a slight increase of 0.4% compared to the previous year[9] - Sales revenue from plastic toys decreased by approximately 37.9% to about HKD 4,500,000 due to intense market competition[9] - The company's consolidated revenue for the year ended December 31, 2024, was approximately HKD 157.2 million, a decrease of about 17.9% compared to HKD 191.4 million in 2023[33] - The gross profit margin for the year ended December 31, 2024, was approximately 62.5%, down 6.5 percentage points from 69.0% in the previous year[33] - The net loss for the year was HKD 174,286,000, an improvement from a net loss of HKD 279,395,000 in 2023, representing a 37.5% reduction in losses[147] - Total comprehensive expenses for the year amounted to HKD 178,997,000, compared to HKD 252,510,000 in 2023, reflecting a decrease of 29.1%[147] Asset and Equity Position - The total assets decreased to HKD 824,714,000 from HKD 1,377,016,000 in 2023[6] - The company's equity attributable to owners was HKD 249,626,000, down from HKD 428,581,000 in 2023[6] - The company's total assets decreased to HKD 754,717,000 from HKD 1,301,062,000, indicating a significant reduction in asset base[148] - The company's equity attributable to owners decreased to HKD 249,626,000 from HKD 428,581,000, a decline of 41.8%[150] Liquidity and Financial Ratios - The current ratio dropped to 1.5 from 6.7 in 2023, indicating a decline in liquidity[6] - The current ratio as of December 31, 2024, was approximately 1.5, compared to 3.0 on December 31, 2023[34] - The debt-to-equity ratio as of December 31, 2024, was approximately 145.7%, down from 172.7% in 2023[34] Credit Risk Management - The group aims to minimize credit risk in its lending operations through stringent internal policies and regular monitoring of loan repayments[14] - The company reported an impairment loss of HKD 156,300,000 for accounts receivable as of December 31, 2024[23] - The expected credit loss provision decreased due to improvements in borrowers' financial conditions, enhancing their ability to meet debt obligations[23] - The aging analysis of receivables showed that overdue loans amounted to HKD 494.2 million as of December 31, 2024, compared to HKD 37.9 million in 2023[31] - The company has implemented a debt recovery procedure for overdue loans, including sending demand letters and considering legal action if necessary[19] Operational and Administrative Expenses - The administrative expenses for the year were HKD 55.9 million, an increase of 60.2% from HKD 34.9 million in 2023, mainly due to higher employee costs[33] - The financing costs decreased by 46.1% to HKD 28.2 million from HKD 52.3 million in the previous year, primarily due to bond redemptions during the year[33] Corporate Governance - The board consists of three executive directors and three independent non-executive directors[52] - A total of five board meetings were held in the fiscal year ending December 31, 2024, to review and approve financial and operational performance[58] - All independent non-executive directors have confirmed their independence according to the listing rules[53] - The company has implemented mechanisms to ensure the board's independence and has reviewed their effectiveness for the fiscal year ending December 31, 2024[55] - The company provides comprehensive onboarding materials to new directors, covering their responsibilities and the company's business[59] Shareholder Communication and Transparency - The company emphasizes effective communication with shareholders to enhance investor relations and ensure transparency in disclosures[88][89] - The annual general meeting is scheduled for June 26, 2025, providing a platform for direct communication between the board and shareholders[88] - The company has established a website to provide the latest information on business operations, financial data, and corporate governance practices[94] Audit and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Yu serving as the chairman, and held three meetings during the year[76][79] - The audit committee is responsible for reviewing the financial reporting process, internal control systems, and providing recommendations to the board[77][78] - The company paid HKD 700,000 for audit services to its external auditor for the year ending December 31, 2024, with no non-audit services provided[87] - The auditor's report indicates that the financial statements present a true and fair view of the company's financial position as of December 31, 2024[127] Financial Instruments and Reporting Standards - The company has adopted new and revised Hong Kong Financial Reporting Standards, which are expected to have no significant impact on the financial performance and position[161] - The consolidated financial statements must be prepared in accordance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, ensuring a true and fair view[139] - Financial assets and liabilities are recognized when the company becomes a party to the contractual provisions of the instrument[197]