Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2024, was HKD 91.7 million[10]. - The group's revenue for 2024 was HKD 3,337 million, showing a decrease from HKD 3,515 million in 2023[23]. - In 2024, the company's revenue reached HKD 3.337 billion, a slight increase from HKD 3.307 billion in 2023, with a gross profit of HKD 645.7 million and a gross margin of 19.3%[29]. - The profit for 2024 was HKD 95.9 million, down from HKD 112.8 million in 2023[29]. - Revenue from the Chinese market was HKD 1.935 billion, accounting for 58.0% of total revenue, while sales in the US and Europe were HKD 833 million, representing 25.0%[29]. - The company's administrative expenses as a percentage of total revenue decreased to 8.6% in 2024 from 9.0% in 2023, and sales and distribution expenses decreased to 6.1% from 6.7%[32]. - Financial expenses decreased from HKD 80.7 million in 2023 to HKD 72.9 million in 2024, primarily due to reduced bank loan and overdraft interest[33]. - The earnings per share for 2024 were HKD 0.30, down from HKD 0.37 in 2023, while the net asset value per share remained stable at HKD 10.11[33]. Sustainability and Development - The company is focusing on sustainable product development and has invested in R&D to achieve significant carbon reduction through innovative materials[11]. - The company has integrated environmental practices into its business model, achieving multiple international certifications and awards for its green supply chain initiatives[27]. - The company continues to focus on sustainable development and digital transformation to enhance operational efficiency and customer value[37]. - The company integrates sustainability goals into its business strategy, promoting environmental protection and community support[115]. Corporate Governance - The company has independent directors with diverse backgrounds, including finance, law enforcement, and academia, enhancing its governance structure[57]. - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[117]. - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience[149]. - The board's independence is ensured through various policies, and all independent non-executive directors have submitted annual independence confirmations[122]. - The company has established a nomination policy to enhance board diversity and ensure effective succession planning[144]. Financial Position and Ratios - The current ratio is 1.2, and the ratio of non-current liabilities to shareholders' equity is 40.2%[13]. - As of December 31, 2024, the ratio of non-current liabilities to shareholders' equity was 40.2%, up from 36.9% as of December 31, 2023[41]. - The current ratio improved to 1.2 as of December 31, 2024, compared to 1.1 a year earlier, indicating a solid capital base[41]. - The total cash and cash equivalents, short-term deposits, and other financial assets amounted to HKD 593.8 million as of December 31, 2024, down from HKD 875.4 million a year earlier[39]. Shareholder Communication and Dividends - The company declared an interim dividend of HKD 0.035 per share on October 4, 2024, and does not recommend a final dividend for the year ending December 31, 2024, compared to HKD 0.12 per share in 2023[63]. - The board will review the dividend policy periodically, considering factors such as financial performance and future business needs[66]. - The company emphasizes the importance of communication with shareholders to enhance their understanding of the group's prospects and operations[179]. - The board reviews the shareholder communication policy annually to ensure its effectiveness and appropriateness[186]. Risk Management and Internal Controls - The company has established a robust risk management and internal control system, with no significant issues identified during the year, although areas for improvement remain[165]. - The internal audit department has confirmed that the internal control system is operating effectively, with no significant deficiencies found during the audit process for the year ending December 31, 2024[174]. - The board reviews the effectiveness of the internal control system annually, ensuring it encompasses financial, operational, and compliance controls[165]. - The company has implemented procedures for ongoing identification, assessment, and management of significant risks faced by the group[166]. Investments and Capital Expenditures - Capital expenditures for 2024 totaled HKD 94.8 million, an increase from HKD 81.6 million in 2023, focusing on manufacturing capacity and environmental infrastructure[44]. - The company has capital commitments for property, plant, and equipment amounting to HKD 394.4 million as of December 31, 2024, compared to HKD 375.7 million in 2023[45]. - The group has pledged properties, plants, and equipment valued at HKD 33.1 million and investment properties at HKD 18.677 billion for bank borrowings[43]. Audit and Compliance - The consolidated financial statements for the year ended December 31, 2024, were audited by Deloitte[108]. - The audit opinion confirms that the financial statements are free from material misstatement due to fraud or error[198]. - The independent auditor has assessed the qualifications and objectivity of the valuation experts involved in the investment property valuation[193]. - The company’s financial reporting complies with the disclosure requirements of the Hong Kong Companies Ordinance[188]. Employee and Workforce Management - The workforce remained stable at approximately 5,000 employees as of December 31, 2024, with a focus on training and competitive compensation[47]. - The company encourages a culture of selflessness and prioritizes employee welfare and growth through extensive training opportunities[112]. - All directors participated in continuous professional development, covering topics such as ESG trends, financial reporting, and compliance regulations[159]. Strategic Initiatives - The establishment of the "Rui Chuang World Qianjiang Technology Industrial Park" is expected to provide stable cash flow and enhance the core fashion business through cross-industry collaboration[14]. - The company is enhancing its global supply chain network and promoting digital transformation in fashion manufacturing to improve operational efficiency[12]. - Strategic investments include advanced automation and smart manufacturing systems, aligning with commitments to sustainable manufacturing and digital transformation[44].

Company Overview - As of December 31, 2024, the company has a total land bank of approximately 29.0 million sq.m. and attributable GFA of approximately 17.0 million sq.m.[13] - The company focuses on developing high-quality properties in first- and second-tier cities in China, covering residential, office, and commercial complexes[12] - The company has established a strong presence in major cities across four regions: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[13] - The company aims to become a leading and well-respected real estate enterprise in China, driven by its mission of "building for a better life"[14] - The company is engaged in property development, property investment, and property management services in the People's Republic of China[11] - The company has achieved nationwide operational coverage and a solid position in key urban areas[12] - The company is committed to developing properties that cater to end-users in mature market segments[12] - The company has a diversified portfolio that includes various property types, enhancing its market adaptability[12] - The company is strategically positioned to capitalize on growth opportunities in China's real estate market[11] Property Development and Projects - The company has completed and commenced leasing several properties in Shanghai, including Shanghai LCMART with a rentable area of 2,842 sq. m. and Shanghai CIFI U Block with 5,389 sq. m., both at a 50% interest[29] - The total rentable area of completed properties in Shanghai includes Shanghai CIFI Haishang International at 29,585 sq. m. and Shanghai Henderson CIFI Center at 10,740 sq. m., both at a 100% interest[29] - The company has a significant presence in Beijing with the Beijing CIFI Wangxin Commercial Centre, which has a rentable area of 4,860 sq. m. at a 100% interest, and the Beijing Wukesong Project with a total area of 277,530 sq. m. for phases 1 to 4[31] - The company is developing several properties, including Wenzhou Guanghui City with a total GFA of 424,026 sq. m. expected to complete between 2024 and 2028[37] - The Lu'an CIFI Centre is under development with a total GFA of 302,743 sq. m. expected to complete between 2023 and 2026[37] - The Huai'an CIFI Plaza is also under development with a total GFA of 301,210 sq. m. expected to complete between 2023 and 2027[37] - The company is expanding its market presence with new projects in cities like Chengdu and Xi'an, with properties like Chengdu Xindu CIFI Cmall at 88,921 sq. m. and Xi'an CIFI Centre at 41,129 sq. m.[31] - The company has ongoing development projects with a total Gross Floor Area (GFA) of 1,221,029 sq.m. in Taiyuan, expected to complete between 2023-2027, primarily for residential and commercial use[39] - Another project in Taiyuan has a GFA of 1,298,971 sq.m., also under development with a completion date set for 2023-2027, intended for residential, office, and commercial purposes[39] - The Linyi Xinghui City project has a GFA of 431,617 sq.m., expected to be completed between 2024-2026, focusing on residential and commercial use[42] - The Chengdu Tianfu Future Centre project is under development with a GFA of 406,735 sq.m., anticipated to complete between 2023-2026, designated for residential and commercial purposes[42] - The Zhengzhou Konggang Times project has a GFA of 535,442 sq.m., with a completion date between 2022-2026, aimed at residential and commercial use[45] - The company has a diversified portfolio with properties designated for commercial, office, and residential use across various cities in China[36] Financial Performance - For the year ended December 31, 2024, the Group achieved contracted sales of RMB33.68 billion, with a contracted gross floor area of 2,781,810 sq.m. and an average selling price of approximately RMB12,106/sq.m.[61][66] - The recognized revenue for 2024 was approximately RMB47,788.7 million, while the net loss attributable to equity owners was approximately RMB7,075.9 million, and the core net loss was approximately RMB5,825.0 million[61][64] - The Group delivered approximately 62,000 property units in total throughout 2024, emphasizing efforts to ensure delivery and operations[67][70] - The Group's property management service segment, Yongsheng Service Group, achieved a revenue increase of 4.6% year-on-year, reaching approximately RMB6,841.1 million, marking a historical high[69] - The gross profit margin for basic property management and community value-added services accounted for approximately 94.8% of the revenue structure, while the proportion of value-added services to non-owners decreased to about 8.8%[69] - The Group's financial position and business operations are heavily reliant on domestic sales and cash collection, with ongoing efforts to accelerate these processes[71] - The Group's sales revenue from properties recognized in 2024 was approximately RMB38.44 billion, a decrease of 39.2% year-on-year, accounting for 80.4% of total recognized revenue[107]. - The average selling price of properties recognized in 2024 was approximately RMB11,001/sq.m., down 23.0% from RMB14,283/sq.m. in 2023[107]. - Revenue from property sales in 2024 was approximately RMB 38,440.6 million, down by 39.2% year-on-year, accounting for 80.4% of total recognised revenue[109] - The Group's gross profit in 2024 was approximately RMB7,362.4 million, down 34.5% from RMB11,232.7 million in 2023[140] - The loss before tax for 2024 was approximately RMB3,647.2 million, an improvement from a loss of RMB5,452.3 million in 2023[155] - The Group incurred a net exchange loss of approximately RMB563.2 million in 2024, compared to RMB372.5 million in 2023[142] - The fair value loss on investment properties was approximately RMB603.5 million in 2024, up from RMB133.7 million in 2023[143] Market Position and Rankings - The company is ranked 27th in the "Top 30 Real Estate Development Enterprises with Comprehensive Strength in 2024" by the China Real Estate Association[46] - The company achieved a ranking of 10th in the "Top 30 Real Estate Developers in Delivery Capabilities in China in 2024" according to CRIC Research[46] - The Group plans to deliver approximately 62,000 property units in 2024, ranking 16th in the "2024 China Typical Real Estate Enterprises Delivery Ranking" by E-Han Think Tank[88] - Approximately 270,000 property units were delivered from 2022 to 2024, with about 62,000 units delivered in 2024, ranking 16th in the "2024 Typical Real Estate Enterprises Delivery Ranking in China"[91]. Corporate Governance and Management - The company has a corporate governance structure in place, ensuring effective oversight and management[50] - Mr. Lin Zhong, the founder and executive director, has approximately 34 years of experience in the real estate industry[197] - Mr. Lin Wei, the executive director and vice-chairman, has about 29 years of experience in the real estate business[200] - Mr. Ru Hailin, appointed as CEO on November 30, 2023, has extensive management experience in the real estate sector[199] - The company has a remuneration structure based on performance, experience, and market wage levels, including basic salary, cash bonuses, and share-based incentives[195] Sustainability and Future Outlook - The company has been included in the Hang Seng Corporate Sustainability Benchmark Index, reflecting its commitment to sustainability[46] - The Group aims to enhance operational efficiency through green building practices and digital innovation, while building differentiation advantages in core cities[94]. - Ever Sunshine Services aims to gradually switch to an asset-light business model to retain core resources and capacities during the adjustment cycle of China's property development industry[83]

Financial Performance - The company's revenue for the fiscal year 2024 reached RMB 205.8 million, representing an 18.3% increase compared to RMB 174.0 million in 2023[12]. - Net profit for the fiscal year 2024 was RMB 46.2 million, up 18.5% from RMB 39.0 million in 2023[12]. - Total premiums facilitated by the company increased by approximately 28.6% to RMB 1,618.8 million for the year ending December 31, 2024, compared to RMB 1,259.1 million in 2023[13]. - Commission income from insurance agency business rose by about 20.6% to RMB 187.7 million in 2024, up from RMB 155.7 million in 2023[13]. - IT service revenue increased by approximately 7.6% to RMB 17.0 million in 2024, compared to RMB 15.8 million in 2023[13]. - The gross profit margin for 2024 was 38.3%, down from 42.8% in 2023[9]. - The net profit margin for 2024 was 22.5%, slightly up from 22.4% in 2023[9]. - Overall gross profit increased by 5.8% from approximately RMB 74.5 million for the year ended December 31, 2023, to approximately RMB 78.8 million for the year ended December 31, 2024[30]. - Overall gross margin decreased from approximately 42.8% for the year ended December 31, 2023, to approximately 38.3% for the year ended December 31, 2024, primarily due to a decline in the gross margin of the insurance agency business[30]. Asset and Equity Growth - Total non-current assets as of December 31, 2024, were RMB 145.9 million, compared to RMB 140.7 million in 2023[9]. - Total equity attributable to equity shareholders of the company increased to RMB 600.2 million in 2024 from RMB 365.2 million in 2023[9]. - Total cash and cash equivalents and other financial assets increased from approximately RMB 335.9 million as of December 31, 2023, to approximately RMB 568.6 million as of December 31, 2024[40]. - Net current assets increased to approximately RMB 452.4 million as of December 31, 2024, compared to RMB 222.6 million as of December 31, 2023[45]. Business Strategy and Market Position - The company plans to deepen ecosystem collaboration and increase investment in technology research and development to enhance core competitiveness in insurance and technology services[15]. - The company aims to expand its ecosystem by connecting with more companies and providing a wider range of product solutions for insurance users[18]. - The company is actively embracing an "AI+" strategy, focusing on areas such as AI risk reduction and smart claims processing[18]. - The company aims to become a leading insurance distribution platform in China, focusing on sustainable development[175]. - The company focuses on digital transformation in the insurance industry through its self-developed "All-in-One" APP and "Enterprise Insurance Interactive Service Platform" to provide customized insurance solutions[176]. Employee and Management Structure - The group had 131 employees as of December 31, 2024[52]. - The company emphasizes employee development through continued education and training programs[53]. - The company has a strong management team with diverse backgrounds in finance, technology, and academia, enhancing its strategic decision-making capabilities[71]. - The management team includes members with significant experience in various industries, which supports the company's growth strategy[75]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance through independent oversight by its board members[72]. - The board of directors is responsible for the overall leadership and strategic decision-making of the group, ensuring effective governance[99]. - The company has adopted corporate governance codes to ensure ethical and responsible business operations since its listing[97]. - The company has established effective mechanisms to support an independent board and independent viewpoints, with over one-third of the board being independent non-executive directors[107]. Risk Management and Internal Control - The company emphasizes risk management as a core guarantee for stable development, implementing a comprehensive risk management approach covering organization, processes, and culture[197]. - A multi-level risk management organizational structure has been established, with clear responsibilities assigned to the strategic management department, internal control and audit department, and various operational departments[198]. - The internal audit department is responsible for independent evaluations of the internal control management system and reporting on its effectiveness[137]. - The company integrates risk management into its corporate culture, promoting the idea that "risk exists everywhere, and risk coexists with opportunity" to enhance employee awareness and proactive actions[199]. ESG Initiatives - The company emphasizes the importance of ESG (Environmental, Social, and Governance) strategies and has established an ESG leadership team to manage related risks[172]. - The report adheres to the guidelines set by the Hong Kong Stock Exchange for ESG reporting, ensuring transparency and accountability[168]. - The company has committed to continuous improvement based on stakeholder feedback regarding its ESG initiatives[171]. - The ESG governance structure has been established to integrate sustainable development into decision-making processes, clearly defining departmental responsibilities[193]. Shareholder Communication and Dividends - The company plans to distribute a cash dividend of RMB 0.135 per share, totaling RMB 19,061,406, subject to shareholder approval[59]. - Effective communication with shareholders is deemed crucial for strengthening investor relations and understanding the company's business performance and strategies[155]. - The company regularly reviews its communication policy to ensure its effectiveness in providing timely information to shareholders[157].

Financial Performance - Revenue for the year 2024 reached HKD 17,522,924 thousand, representing a 28.9% increase compared to HKD 13,591,075 thousand in 2023[6] - The company reported a net profit of HKD 1,558,118 thousand for 2024, a significant recovery from a loss of HKD 1,707,401 thousand in 2023[6] - The group recorded a profit attributable to equity holders of approximately HKD 1,558,132,000, a significant turnaround from a loss of approximately HKD 1,707,385,000 in the previous year[43] - The gross profit for the reporting period was approximately HKD 3,301,651,000, with a gross profit margin of 18.8%, down 25.6% from last year's gross profit of HKD 4,439,240,000[59] - The adjusted EBITDA for the reporting period is approximately HKD 7,991,874,000, a decrease of 10.1% from HKD 8,885,063,000 in the previous year, mainly due to a decline in average net realized sales prices[72] - Oil and gas sales amounted to approximately USD 2,477,102,000, a 10.7% increase from USD 2,238,415,000 in the previous year[47] - The average realized price for oil and gas was approximately USD 62.58 per barrel of oil equivalent, a slight increase of 2.1% from USD 61.31 per barrel of oil equivalent last year[47] Production and Exploration - Average daily production for the year was 180,554 barrels of oil equivalent, with an average equity daily production of 108,079 barrels of oil equivalent[12] - The company achieved 11 commercial discoveries, contributing to a 2P reserve of approximately 665.6 million barrels of oil equivalent[12] - Daily total production target is set between 178,900 to 204,200 barrels of oil equivalent, with equity production between 104,200 to 120,600 barrels of oil equivalent[19] - The average daily production for the group reached approximately 180,554 barrels of oil equivalent, a 7.6% increase from last year's average of 167,826 barrels[28] - The average daily production in Pakistan was 36,627 barrels of oil equivalent, while in the Middle East and North Africa, it was 71,452 barrels of oil equivalent[99] - The group achieved 11 commercial discoveries in 2024, further solidifying its resource base and supporting long-term production growth[33] Capital Expenditure and Financial Position - Capital expenditure is projected at USD 750 million for exploration, development, and operational optimization[19] - Total assets increased by 1.1% to HKD 26,120,400 thousand, while net assets rose by 3.6% to HKD 13,295,380 thousand[6] - The group maintained a strong financial position with low leverage, providing a solid foundation for future growth and capital expansion[35] - The financing costs for the reporting period were approximately HKD 351,143,000, an increase of 19.6% from HKD 293,634,000 in the previous year[62] - The net cash outflow for financing activities in 2024 is approximately HKD 1,591,065,000, primarily due to special dividend distribution of HKD 1,033,984,000 and bank loan repayment of HKD 2,578,772,000[66] Strategic Initiatives and Future Outlook - The company plans to complete a strategic acquisition in Egypt, which is expected to double its asset portfolio[12] - The outlook for 2025 anticipates continued growth opportunities amid geopolitical and economic uncertainties, with rising oil demand expected[15] - The company is actively investing in renewable energy as part of its strategy to transition into a diversified energy leader[13] - The company aims to establish a global digital center and procurement center to achieve full digital integration by 2026[18] - The group anticipates global oil demand to increase by 1.45 million barrels per day in 2025, reaching an average of 105.2 million barrels per day[76] Health, Safety, and Environmental Standards - The company maintained a zero fatality and zero major incident record, demonstrating its commitment to health, safety, security, and environment (HSSE) standards[12] - The group emphasizes health, safety, security, and environmental (HSSE) execution as a key focus area, achieving all HSSE key performance indicators during the reporting period[139] Corporate Governance - The company has maintained compliance with corporate governance standards, although the CEO position is currently vacant[102] - The board confirmed that the consolidated financial statements comply with legal requirements and applicable accounting standards[114] - The company has confirmed compliance with the corporate governance code as per the listing rules, except for a specific provision[181] - The company has established several board committees, including audit, remuneration, and nomination committees, to oversee specific areas and assist in board responsibilities[115] Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.05 per share, amounting to approximately HKD 1,292,480,000[67] - The company reported a total reserve available for distribution to shareholders of approximately HKD 6,402,448,000 as of December 31, 2024, down from HKD 7,436,432,000 as of December 31, 2023[183] - The last annual general meeting held on June 6, 2024, reappointed the auditor, which will be presented for resolution at the upcoming annual general meeting[193]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 44,013,000, a decrease of 22.6% compared to RMB 56,931,000 in 2023[11] - Profit before tax for 2024 was RMB 16,510,000, down 37.0% from RMB 26,185,000 in 2023[11] - Net profit margin for 2024 was 22.4%, a decline from 30.9% in 2023[15] - Proposed final dividend per share for 2024 is HK$0.55, reduced from HK$1 in 2023[11] - Earnings per share for 2024 decreased to RMB 0.010 from RMB 0.018 in 2023[17] - Total comprehensive income for the year decreased by 44.3% from RMB 17.6 million in 2023 to RMB 9.8 million in 2024, with a net profit margin dropping from 30.9% to 22.4%[85] - Basic earnings per share for 2024 was RMB 0.010, compared to RMB 0.018 for 2023[86] - Cash and cash equivalents decreased by RMB 63.7 million to RMB 171.3 million as of December 31, 2024, primarily due to investment cash outflow for purchasing funeral land[87] Assets and Liabilities - Total assets as of December 31, 2024, increased to RMB 334,621,000 from RMB 329,607,000 in 2023[13] - Total liabilities as of December 31, 2024, rose to RMB 106,102,000, compared to RMB 101,813,000 in 2023[13] - Current ratio for 2024 was 10.7, down from 13.5 in 2023[15] - The gearing ratio as of December 31, 2024, was 31.7%, compared to 30.9% in 2023, indicating a healthy liquidity position[109] - Cash and cash equivalents decreased by RMB 63.7 million from RMB 235.0 million in 2023 to RMB 171.3 million in 2024, primarily due to cash outflows for the cemetery joint venture project[94] Revenue Breakdown - The Group's operating revenue for the year ended December 31, 2024, was RMB 44.0 million, with a profit attributable to shareholders of RMB 9.8 million[19][20] - Burial services accounted for RMB 31.7 million, representing 72.1% of total revenue, a decrease from 79.4% in the previous year[28][33] - Revenue from funeral services was RMB 6.4 million, slightly up from RMB 6.3 million in 2023[30][34] - Revenue from cemetery maintenance services increased to RMB 5.9 million from RMB 5.5 million in 2023[31][35] - Sales of burial plots accounted for RMB 25.0 million or 56.8% of total revenue in 2024, down from 66.0% in 2023[68] Business Operations and Strategy - The Group continues to engage in the sale of burial plots and related services, indicating a focus on maintaining its core business operations[18] - The Group is exploring the "Internet + Funeral" model, offering online services such as "cloud tomb-sweeping" and "tomb-sweepings service on behalf of customers"[21][24] - Future plans include promoting intelligent construction and increasing the use of technology to improve service efficiency[26] - The Group aims to strengthen its market position in Langfang and expand its business in the Jing-Jin-Ji megalopolis through strategic partnerships and selective acquisitions[39] - The Group plans to provide integrated funeral services alongside burial services, creating a one-stop-shop experience for customers[49] - The Group is focusing on the burial services market in the Jing-Jin-Ji megalopolis, particularly in Beijing, leveraging its strategic location in Langfang[54] Corporate Governance - The board consists of seven directors, including one non-executive director, three executive directors, and three independent non-executive directors[135] - The company has adopted a board diversity policy, with a male to female ratio in the workforce of approximately 53:20 as of December 31, 2024[145] - The board is responsible for overseeing management, strategic directions, and financial performance, holding regular meetings to discuss business operations[138] - The company has complied with the Corporate Governance Code during the year ended December 31, 2024[134] - The Company has established a code of conduct applicable to employees and Directors, which is monitored by the Board[199] Committees and Meetings - The Company has established three Board committees: Audit Committee, Nomination Committee, and Remuneration Committee, to oversee specific aspects of the Company's affairs[179] - The Audit Committee conducted 3 meetings in 2024 to review interim and annual financial statements and assess the effectiveness of the Company's risk management and internal control systems[181] - The Remuneration Committee met once in 2024 to evaluate the performance of executive directors and review remuneration policies and packages[187] - The Nomination Committee held 1 meeting in 2024 to review the Board's structure, size, and composition, concluding that the Board members possess the necessary expertise and independence[190] Employee and Director Development - The Company emphasizes the importance of continuous professional development for Directors to maintain informed contributions to the Board[174] - All Directors participated in continuous professional development to ensure understanding of the Group's business and operations, with updates on corporate governance and regulatory requirements studied during the year ended December 31, 2024[171] - The Company has appointed three Independent Non-executive Directors (INEDs), representing more than one-third of the Board[153] Future Outlook - The company believes the period from 2025 to 2027 will be crucial for its development and is well-prepared to capitalize on opportunities with its available cash resources[65] - The Group is optimistic about the continuous development and expansion of its operations in the Langfang burial services market[29] - The Group aims to enhance its brand strength and reputation through the joint venture cemetery project, which is expected to generate significant revenue opportunities[53]

Financial Performance - In 2024, the Group's total revenue increased by approximately 9.6% to approximately HK$67.4 million, up from approximately HK$61.5 million in 2023[24]. - Revenue from sales of manufactured products accounted for approximately 89% of overall revenue in 2024, compared to approximately 87.5% in 2023[24]. - The overall gross profit margin improved to approximately 9.2% in 2024, up from approximately 6.1% in 2023, with gross profit increasing by approximately HK$2.4 million to approximately HK$6.2 million[24]. - The Group recorded a profit attributable to owners of approximately HK$2.9 million in 2024, an increase of approximately HK$20.2 million from a loss of approximately HK$17.3 million in 2023[32]. - The current ratio improved to 1.25 in 2024 from 0.86 in 2023, while the gearing ratio was 3.58 in 2024 compared to (1.10) in 2023[37]. Cost Management - Staff costs decreased by approximately HK$1.4 million from approximately HK$5.0 million in 2023 to approximately HK$3.6 million in 2024, primarily due to tightened control and downsizing[28]. - Total operation-related expenses decreased by approximately HK$1.0 million from approximately HK$7.5 million in 2023 to approximately HK$6.5 million in 2024[30]. - Finance costs decreased from approximately HK$2.0 million in 2023 to approximately HK$1.3 million in 2024[31]. Strategic Decisions - In Q4 2024, the Group disposed of loss-making associated companies to improve its financial structure and reduce losses[19]. - The Group divested from underperforming subsidiaries, including the sale of loss-making associates, to improve financial structure and reduce losses[22]. - The Group plans to maintain a prudent approach and make timely strategic adjustments in response to the uncertain global economic outlook following the US presidential election[76]. - The Group aims to improve financial performance and broaden revenue sources while controlling operational costs and focusing on appropriate product mix and regions[77]. Market Environment - The international environment in 2024 was complex, with geopolitical conflicts impacting energy, commodities, and food supplies, driving inflation higher[20]. - Trade sanctions between China and the United States escalated, affecting capital flows and global demand[20]. - The macroeconomic environment remains challenging, with geopolitical tensions and inflation impacting global trade and capital flows[23]. Capital Management - The company issued convertible bonds totaling HK$6,500,000 with a 4% annual interest rate, convertible into 20,312,500 shares at a conversion price of HK$0.32 per share, representing a premium of approximately 18.5% over the market price[44][45]. - The gross proceeds from the issuance of the 2024 convertible bonds were HK$6,800,000, with net proceeds intended for general working capital purposes[53][54]. - The actual use of net proceeds included approximately HK$4 million for staff costs (58.8% of total), HK$1 million for legal and professional fees (14.7%), HK$1 million for auditor's remuneration (14.7%), and HK$800,000 for rental expenses (11.8%)[59]. Corporate Governance - The Group has adopted and complied with the principles and code provisions in the Corporate Governance Code during the year ended December 31, 2024[192]. - The Board is responsible for setting the corporate goals and formulating the Group's strategy, including monitoring implementation[197]. - The Group's governance practices are designed to enhance public accountability and corporate governance, benefiting sustainable growth[192]. - The performance of the Management is monitored by the Board to ensure effective leadership[197]. Employee Relations - The Group maintains good relationships with employees, customers, and suppliers, emphasizing a caring environment and team spirit[93]. - As of December 31, 2024, the Group had a total of 17 employees, a decrease from 25 employees in 2023[117]. - The emolument policy for employees is based on merit, qualifications, and competence, with Directors' emoluments determined by the Remuneration Committee considering the Company's operating results and individual performance[115]. Shareholder Information - The Directors do not recommend the payment of any dividend for the year ended December 31, 2024[99]. - The Company's reserve available for distribution as of December 31, 2024, was nil[109]. - As of December 31, 2024, Viva Gain Investments Limited and Mr. Ma Xingzhong each hold 20,312,500 ordinary shares, representing 13.30% of the company's issued share capital[130]. Risk Management - The Group's financial condition and results of operations are subject to various risks, including business, operational, and financial management risks[84]. - The Group has not implemented any foreign currency hedging policy but will consider it if significant foreign exchange exposure arises[64].

Financial Performance - The group reported revenue of HKD 1,857,000 for the six months ended February 28, 2025, a decrease of 26.5% compared to HKD 2,528,000 for the same period in 2024[11]. - Other income decreased significantly to HKD 57,000 from HKD 605,000, marking a decline of 90.6% year-over-year[11]. - The group incurred a loss before tax of HKD 3,648,000, compared to a loss of HKD 2,454,000 in the previous year, representing an increase in loss of 48.6%[11]. - The basic and diluted loss per share was HKD 0.05, compared to HKD 0.04 for the same period last year[11]. - Total comprehensive loss for the period was HKD 3,763,000, up from HKD 2,326,000 in the previous year, indicating a 61.9% increase in comprehensive loss[13]. - The group reported a net loss attributable to equity holders of the parent of HKD 3,530,000, compared to HKD 2,407,000 in the prior year, reflecting a 46.6% increase in net loss[13]. - The group experienced a foreign exchange loss of HKD 100,000 from overseas operations, compared to a gain of HKD 128,000 in the previous year[13]. - The net cash used in operating activities for the six months ended February 28, 2025, was HKD (17,765,000), compared to HKD (8,929,000) in the previous year[21]. - The group reported a pre-tax loss of HKD 3,530,000 for the six months ended February 28, 2025, compared to a loss of HKD 2,407,000 for the same period in 2024[48]. - The group reported a loss of approximately HKD 3.6 million for the period, an increase from a loss of approximately HKD 2.5 million in the same period last year[75]. Revenue Breakdown - Restaurant operations revenue for the six months ended February 28, 2025, was HKD 1,664,000, a decrease of 32.5% from HKD 2,467,000 for the same period in 2024[34]. - Food supply chain services revenue increased to HKD 193,000 from HKD 61,000, representing a growth of 216.4% year-over-year[34]. - Total revenue for the group decreased to HKD 1,857,000, down 26.5% from HKD 2,528,000 in the previous year[34]. - Other income for the six months ended February 28, 2025, was HKD 57,000, a significant decline from HKD 605,000 in the same period of 2024[39]. Assets and Liabilities - Total liabilities as of February 28, 2025, amounted to HKD 24,592,000, with current liabilities netting at HKD 4,365,000[25]. - Non-current assets decreased from HKD 1,887,000 to HKD 1,382,000, reflecting a decline of approximately 26.8%[17]. - Current assets decreased from HKD 6,377,000 to HKD 5,548,000, a reduction of about 13%[17]. - The company’s cash and bank balances decreased from HKD 626,000 to HKD 532,000, a decline of approximately 15%[17]. - The company’s total equity as of February 28, 2025, was HKD (24,592,000), compared to HKD (23,760,000) as of August 31, 2024[17]. - The group recorded a net current liability of approximately HKD 4.4 million as of February 28, 2025, compared to HKD 24.5 million as of August 31, 2024[77]. - The total borrowings of the group amounted to approximately HKD 20.6 million as of February 28, 2025, compared to none as of August 31, 2024[77]. - The company’s total non-current liabilities increased significantly from HKD 1,189,000 to HKD 21,609,000, indicating a substantial rise in financial obligations[17]. Cost Management - Employee costs decreased to HKD 2,872,000 from HKD 4,084,000, a reduction of 29.6% year-over-year[11]. - Employee costs decreased from approximately HKD 4.1 million to about HKD 2.9 million, a reduction of approximately 29.3% due to the cessation of self-operated restaurants[69]. - Rental and related expenses decreased from approximately HKD 1.9 million to about HKD 25,000, a decrease of approximately 98.7% due to the closure of self-operated restaurants[70]. - Interest on lease liabilities rose to HKD 137,000 from HKD 29,000, indicating a significant increase in financial costs[42]. - The cost of goods sold increased from approximately HKD 0.2 million to about HKD 0.4 million, representing a 100% increase year-on-year, primarily due to new restaurants in Hong Kong[66]. Strategic Initiatives - The company plans to diversify its business to generate more cash and has signed a one-year extension agreement with former directors to discuss debt-to-equity swaps[28]. - The company aims to expand profitable restaurant operations by increasing distribution channels and eliminating underperforming restaurants[28]. - The group plans to diversify its business by providing health soups and foods to explore new revenue sources[61]. - The group aims to enter the supermarket supply chain business, offering inventory management, refrigeration, and logistics services[61]. - The group has adjusted its strategic focus towards supply chain operations as a key area for future development[61]. Corporate Governance - The group did not declare or recommend any dividends for the period ended February 28, 2025[46]. - The group did not acquire any property, plant, and equipment during the period, maintaining a previous acquisition value of HKD 571,000[49]. - The company has no significant investments or acquisitions planned for the future as of the report date[84]. - The company has adopted a revised memorandum and articles of association to reflect a name change as of February 29, 2024[86]. - The company has no capital commitments related to leasehold improvements as of February 28, 2025[83]. - The company confirmed a change in revenue recognition for its food supply chain business, leading to a decrease in reported revenue for the fiscal year[102]. - The company did not repurchase any of its listed securities during the reporting period[114]. - No stock options were granted, cancelled, or exercised during the reporting period, with zero unexercised options as of February 28, 2025[115]. - The company has adopted the GEM Listing Rules as its code of conduct for securities trading by directors[119]. - The board confirms compliance with all applicable corporate governance codes during the reporting period[120]. - There were no competitive business interests held by directors or controlling shareholders during the reporting period[121]. - The Audit Committee was established on July 23, 2018, and consists of three independent non-executive directors, with Mr. Zhou as the chairman[124]. - The Audit Committee's main responsibilities include reviewing and supervising the group's financial reporting procedures and internal control systems[124]. - The unaudited condensed consolidated financial statements have been reviewed by the Audit Committee and deemed to comply with applicable accounting standards and GEM listing rules[124]. Shareholder Information - As of February 28, 2025, Mr. Li Junjian holds 6,816,000 shares, representing 10.00% of the company's issued shares[105]. - Mr. Ye Weihang, in conjunction with others, holds 3,049,900 shares, accounting for 4.47% of the company's issued shares[105]. - Ms. Huang Weiyan owns 528,000 shares, which is approximately 0.77% of the company's issued shares[105]. - Mr. Zhou Bo has a controlled interest in 8,800,000 shares, representing 12.91% of the company's issued shares[112]. - The beneficial ownership of Mr. Zhou Bo includes an additional 9,047,560 shares, totaling 13.27% of the company's issued shares[112]. - The company expresses gratitude to shareholders, business partners, and customers for their ongoing support[125]. - The board acknowledges the efforts and contributions of all directors, management, and staff during the reporting period[125]. - The executive directors as of the report date include Mr. Li (Chairman), Mr. Jiang, Mr. Ye, and Mr. Liang[127]. - The non-executive director is Mr. Su, while the independent non-executive directors are Mr. Zhou, Ms. Huang, and Ms. Xie[127].

Financial Performance - Revenue for the six months ended February 28, 2025, was HKD 1,857,000, a decrease of 26.5% compared to HKD 2,528,000 for the same period in 2024[7] - Other income decreased significantly to HKD 57,000 from HKD 605,000, representing a decline of 90.6%[7] - The company reported a loss before tax of HKD 3,648,000, which is an increase of 48.7% compared to a loss of HKD 2,454,000 in the previous year[7] - Basic and diluted loss per share was HKD 0.05, compared to HKD 0.04 for the same period last year[7] - The company has reported a total comprehensive loss of HKD 3,763,000 for the period, compared to HKD 2,326,000 in the previous year[9] - The company reported a loss attributable to equity holders of HKD 3,530,000 for the six months ended February 28, 2025, compared to a loss of HKD 2,407,000 for the same period in 2024, indicating an increase in losses by approximately 46.6%[21] - The group reported a pre-tax loss of HKD 3,530,000 for the six months ended February 28, 2025, compared to a loss of HKD 2,407,000 in the same period of 2024, indicating a worsening of approximately 46.6%[44] - The group recorded a loss of approximately HKD 3.6 million for the period, compared to a loss of about HKD 2.5 million in the same period last year[71] Assets and Liabilities - Total assets decreased to HKD 5,548,000 from HKD 6,377,000, reflecting a decline of 13.0%[11] - Current liabilities significantly decreased to HKD 9,913,000 from HKD 30,835,000, a reduction of 67.8%[11] - Non-current liabilities increased to HKD 21,609,000 from HKD 1,189,000, indicating a substantial rise[13] - The company's equity attributable to owners decreased to HKD (25,143,000) from HKD (24,444,000) year-on-year[13] - The total equity attributable to equity holders decreased to HKD (25,143,000) as of February 28, 2025, from HKD (24,444,000) as of September 1, 2024, showing a decline in equity[21] - The company’s total liabilities included other borrowings of HKD 20,579,000 and trade and other payables of HKD 9,183,000 as of February 28, 2025, indicating significant financial obligations[21] - As of February 28, 2025, the group had total borrowings of approximately HKD 20.6 million[73] Cash Flow - The net cash used in operating activities was HKD (17,765,000) for the six months ended February 28, 2025, compared to HKD (8,929,000) for the same period in 2024, reflecting a deterioration in cash flow from operations[17] - The company generated net cash from investing activities of HKD 14,665,000 for the six months ended February 28, 2025, compared to a net cash outflow of HKD (343,000) in the previous year, indicating a significant improvement in investment cash flow[17] - The company reported a decrease in cash and cash equivalents to HKD 532,000 as of February 28, 2025, down from HKD 1,122,000 at the end of the previous period[17] Revenue Breakdown - Restaurant operations revenue decreased to HKD 1,664,000 for the six months ended February 28, 2025, down from HKD 2,467,000 in the same period of 2024, representing a decline of approximately 32.5%[30] - Food supply chain services revenue increased to HKD 193,000 for the six months ended February 28, 2025, compared to HKD 61,000 in the same period of 2024, marking an increase of approximately 216.4%[30] - Total revenue for the group was HKD 1,857,000 for the six months ended February 28, 2025, down from HKD 2,528,000 in the same period of 2024, a decrease of about 26.5%[30] Shareholder and Equity Information - The average number of issued ordinary shares increased to 64,864,746 for the six months ended February 28, 2025, compared to 56,171,000 in the same period of 2024, an increase of approximately 15.5%[44] - The company will issue 7,046,200 shares at a payment price of HKD 0.315 per share to Mr. Zhou, totaling approximately HKD 2.2 million, to offset debts of approximately HKD 2,219,000[88] - The company will also issue 730,160 shares at the same payment price to Ms. Lin, totaling approximately HKD 0.2 million, to offset debts of approximately HKD 230,000[88] - The company aims to focus resources on developing more profitable projects following the termination of the acquisition agreement[94] - As of February 28, 2025, the company has a total of 68,160,000 shares issued[108] - Major shareholder Zhou Bo holds 12.91% of the company's shares, equating to 8,800,000 shares[108] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards[120] - The company has adopted the GEM Listing Rules and has confirmed compliance with all applicable corporate governance codes during the reporting period[116] - There were no arrangements made for directors or their associates to benefit from acquiring the company's shares or debentures during the reporting period[112] - The company expressed gratitude to shareholders, business partners, and customers for their continued support[121] - The company has not engaged in any competitive business activities that could conflict with its operations during the reporting period[117] - The company has no knowledge of any changes in director information that require disclosure since the last annual report[118] Strategic Focus and Future Plans - The company is focusing on expanding its market presence and developing new technologies to enhance its product offerings[10] - The company plans to diversify its business to generate more cash and is seeking investors to ensure its ongoing operations[24] - The company is implementing measures to tighten expenditure control and eliminate underperforming restaurants to improve profitability[24] - The group plans to diversify its business by providing health soups and foods to explore new revenue sources[57] - The group aims to focus on supply chain business as a strategic priority for future development[57]

Market Performance - In 2024, the global toy market showed signs of recovery, with the AI toy market size reaching US$18.1 billion[14]. - The U.S. toy sales stabilized in Q3 2024 after a period of decline, recovering faster than the European market[14]. - The overall economic landscape remains challenging, with weak consumer spending impacting growth in various markets[14]. Company Strategy - The company implemented a strategy focused on cost control, low margins, and steady sales to navigate a complex economic environment[14]. - The group intensified efforts in market expansion, brand building, research and development, and innovation to enhance core competitiveness[19]. - The company is actively expanding into high-end sectors, artificial intelligence, and green-related products and technologies[14]. - The Group aims to enhance its market competitiveness by exploring opportunities in emerging countries along the Belt and Road Initiative and expanding into high-end, AI, and green-related products[40]. - The Group intends to provide a more diversified product portfolio and services by exploring cooperation opportunities in high-end, artificial intelligence, and green-related products and technologies[101]. Financial Performance - The Group's total revenue increased by approximately 66.5% from approximately RMB 131.4 million in FY2023 to approximately RMB 218.8 million in FY2024[23]. - Smart toy vehicles revenue rose by approximately 70.5% year-on-year, primarily due to the adjustment of sales strategies targeting emerging markets and export-oriented wholesalers in Hong Kong[29]. - The Group's gross profit increased from approximately RMB15.0 million for FY2023 to approximately RMB18.3 million for FY2024, representing an increase of approximately 22.0%[42]. - The Group's net loss decreased from approximately RMB98.3 million for FY2023 to approximately RMB61.1 million for FY2024, primarily due to increased sales revenue and decreased net impairment losses[43]. - Selling expenses decreased from approximately RMB1.6 million for FY2023 to approximately RMB7 thousand for FY2024, mainly due to freight and market expenses being handled by Hong Kong wholesalers[44]. - Administrative expenses decreased by approximately 4.3% from approximately RMB35.1 million in FY2023 to approximately RMB33.6 million in FY2024, mainly due to a further decrease in employee expenditure[49]. - Net impairment losses on trade and other receivables decreased from approximately RMB40.7 million for FY2023 to approximately RMB31.4 million for FY2024, representing a decrease of approximately 23.0%[51]. - Taxation expense significantly decreased from approximately RMB6.9 million in FY2023 to approximately RMB0.3 million in FY2024, mainly due to notable changes in deferred taxation[52]. Operational Efficiency - The average inventory turnover period improved from approximately 55.5 days in FY2023 to approximately 40.0 days in FY2024[59]. - Trade receivables increased from approximately RMB247.4 million as of December 31, 2023, to approximately RMB301.3 million as of December 31, 2024, due to increased sales[60]. - The average turnover days for trade receivables decreased from approximately 332.0 days in fiscal year 2023 to approximately 296.0 days in fiscal year 2024[64]. - The Group's internal control system is designed to provide reasonable assurance against material misstatement or loss, with ongoing reviews by the Board to ensure effectiveness in protecting material assets and shareholders' interests[173]. Human Resources - The company plans to improve talent team building for product development and production, and enhance quality control standards[19]. - The Group had 32 full-time employees as of December 31, 2024, compared to 27 in 2023, with a significant decrease attributed to outsourcing part of the production process[95]. - The Group's remuneration packages include salaries, accidental insurance, and allowances, with bonuses being discretionary based on performance[96]. - The Group's contributions to the Mandatory Provident Fund Scheme in Hong Kong are 5% of employees' earnings, subject to a cap of HK$1,500[98]. Corporate Governance - The Board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[118]. - The Board has achieved gender diversity with three male and three female directors, resulting in a 50% gender diversity[121]. - The Company has implemented recruitment procedures to provide career development opportunities for suitable female candidates, with 46% of colleagues being female as of December 31, 2024[126]. - The Board held four meetings during FY2024 to discuss and approve the Company's operations and business development, including financial budgets and financial statements[131]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during FY2024[138]. Risk Management - The Group employs a three-tier risk management approach, with business units identifying risks, management overseeing risk controls, and external consultants reviewing the processes[175]. - An external independent consultant reviewed the Group's risk management and internal control systems during the year, confirming their general effectiveness[177]. - The Board has conducted a review of the effectiveness of the risk management and internal control system, considering them generally effective and adequate in all material respects[178]. Shareholder Communication - The Board emphasizes the importance of effective communication with shareholders, proposing separate resolutions for substantial issues at shareholder meetings[185]. - The Company has maintained an ongoing dialogue with shareholders through various channels, including general meetings and corporate communications[194]. - During FY2024, the Company reviewed its Shareholders communication policy and found it effectively implemented[199].

Financial Performance - The Group's revenue from dental services for the year ended December 31, 2024, was approximately S$2,137,000, an increase of approximately S$98,000 or 4.8% compared to S$2,039,000 for the year ended December 31, 2023, accounting for approximately 42.4% of total revenue[19] - Revenue from dermatologic aesthetics and treatment services amounted to approximately S$2,140,000, representing a significant increase from S$0 for the year ended December 31, 2023, also accounting for approximately 42.4% of total revenue[19] - Revenue from healthcare products, nutritional supplements, and related aesthetics products decreased by approximately S$374,000 or 32.8%, totaling approximately S$767,000 for the year ended 31 December 2024, compared to S$1,141,000 for the previous year[45] - Other operating income decreased to approximately S$184,000 for the year ended 31 December 2024, down approximately S$177,000 from S$361,000 for the year ended December 31, 2023[47] - The loss for the year was approximately S$3,371,000 for the year ended 31 December 2024, a decrease from a loss of approximately S$6,853,000 for the year ended 31 December 2023[63] Strategic Growth and Market Positioning - The Group is strategically positioned for rapid growth, focusing on Clinical Healthcare and Dermatological Services in Hong Kong and Dental Business in China, driven by an aging population and increasing health awareness[20] - The Group recognizes high-growth potential in Southeast Asia's aesthetic industry and is exploring strategic entry opportunities to replicate its success in new markets[40] - The healthcare landscape in Hong Kong and China presents unique expansion opportunities due to increasing health awareness and demand for specialized services[36] - The Group is committed to solidifying its leadership in clinical healthcare, dermatology, and dental services across Hong Kong, Greater China, and beyond through innovation and strategic expansion[40] Operational Efficiency and Cost Management - The Group aims to sustain margins through elevating service quality and optimizing processes by integrating technologies to streamline operations[22] - Efforts to maintain profit margins will focus on elevating service quality and optimizing processes amidst economic recovery and industry-wide price pressures[38] - The Group plans to streamline existing non-core businesses and assets to improve asset utilization efficiency and reduce operating costs[32] - The cost of consumables and medical supplies used decreased by approximately S$238,000 or 14.5%, from approximately S$1,637,000 for the year ended 31 December 2023 to approximately S$1,399,000 for the year ended 31 December 2024[49] Employee and Corporate Governance - The Group's employee count increased to 45 full-time employees as of December 31, 2024, up from 32 in 2023[85][91] - Employee benefits expense decreased to S$2,060,000 for the year ended 31 December 2024, down from S$2,363,000 for the year ended December 31, 2023, primarily due to a reduction in Directors' remuneration[54] - The Board of Directors includes both executive and independent non-executive members, with several appointments and resignations noted during the year[130] - The remuneration committee has been established to review and recommend remuneration policies and packages for executive directors and senior management[143] Financial Position and Liabilities - As of 31 December 2024, the Group had net liabilities of approximately S$24,412,000, an increase from approximately S$12,519,000 as of 31 December 2023[69] - As of December 31, 2024, the total deficit of the Group was approximately S$24,412,000, an increase from approximately S$12,519,000 in 2023[72][76] - The Group's net current liabilities were approximately S$21,555,000 as of December 31, 2024, up from approximately S$12,102,000 in 2023[72][78] - The Group's capital structure included a deficit attributable to owners of the Company of approximately S$19.5 million as of December 31, 2024[73][78] Dividend and Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended 31 December 2024[70] - The Group did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[77] - As of December 31, 2024, the Group reported no reserves available for distribution to shareholders under the Companies Law of the Cayman Islands[115] - The Group's cash flow position, earnings stability, and long-term investments were considered in determining dividend payouts[109] Compliance and Legal Matters - The Group has complied with all relevant laws and regulations that significantly impact its business operations during the year ended December 31, 2024[110] - There were no material disputes with key stakeholders, including employees, clients, and suppliers, during the year ended December 31, 2024[111] Share Option Scheme - The total number of shares available for issue under the Share Option Scheme is nil as of the date of the report[174] - The maximum entitlement of each participant under the Share Option Scheme is limited to 1% of the total shares of the company in issue within any 12-month period[175] - The Share Option Scheme was adopted on September 22, 2017, to incentivize and reward eligible persons for their contributions to the Group[166] - A total of 60,000,000 share options were granted to ten Directors and eligible participants at a cash consideration of HK$1.00 per grantee, with an exercise price of HK$0.109 per share[186]