Dividend Distribution - The company plans to distribute a cash dividend of RMB 918,007,818.92 to all A-share and H-share shareholders, with a net distribution of RMB 500,731,537.59 after deducting the interim dividend of RMB 417,276,281.33[4] - The proposed cash dividend per 10 shares is RMB 1.086 (including tax), based on a total share capital of 4,610,787,639 shares as of December 31, 2024[4] Financial Reporting and Compliance - The report confirms that all financial data is prepared in accordance with International Financial Reporting Standards and audited by KPMG, providing a standard unqualified audit opinion[6] - The company has not faced any non-operational fund occupation by controlling shareholders or related parties during the reporting period[6] - There are no violations of decision-making procedures regarding external guarantees during the reporting period[6] - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the annual report, with no false records or major omissions[6] - The report is prepared in both Chinese and English, with the Chinese version prevailing in case of discrepancies[5] Company Operations and Structure - The company operates in various sectors including securities brokerage, investment consulting, and financial advisory services, among others[17] - Everbright Securities has multiple qualifications including membership in the China Securities Association and various stock exchanges, enhancing its operational capabilities[17] - The company has 14 subsidiaries and 227 securities business departments distributed across 114 cities in 30 provinces, autonomous regions, and municipalities[41] - The company’s main operational address is located at 1508 Xinzhai Road, Jing'an District, Shanghai, China[21] - Everbright Securities is listed on both the Shanghai Stock Exchange (A-shares) and the Hong Kong Stock Exchange (H-shares) under the stock codes 601788 and 6178 respectively[22] Financial Performance - Total revenue and other income for 2024 reached RMB 14,196.7 million, a decrease of 3.92% compared to RMB 14,776.1 million in 2023[53] - Net profit attributable to shareholders for 2024 was RMB 3,058.5 million, down 28.39% from RMB 4,271.2 million in 2023[53] - Operating cash flow for 2024 was RMB 16,839.8 million, a decline of 36.87% from RMB 26,673.5 million in 2023[53] - Total assets increased to RMB 292,959.0 million in 2024, up 12.85% from RMB 259,604.0 million in 2023[54] - Total liabilities rose to RMB 223,735.5 million, reflecting a 16.71% increase from RMB 191,708.6 million in 2023[54] Risk Management - The risk management framework includes a four-tier structure: Board of Directors, Supervisory Board, Management, and various risk management departments, ensuring comprehensive oversight and accountability[153] - The company has established a robust risk management culture, with regular assessments and a performance evaluation system to ensure effective risk control[156] - Market risk management involves a multi-level risk limit system, including Value at Risk (VaR) and stress testing to evaluate potential losses under adverse conditions[158] - Credit risk is managed through internal credit ratings, unified credit management, and strict monitoring of bond issuers' financial health[160] - The company has implemented a liquidity risk emergency plan, defining risk levels, trigger standards, and response measures to ensure sufficient liquidity assets[164] Investment and Growth Strategies - The company aims to enhance its wealth management business by focusing on customer-centric services and improving professional capabilities in 2025[67] - The company plans to enhance compliance and service capabilities in its equity financing business in 2025, focusing on technology innovation enterprises[77] - The company aims to enhance investment management capabilities and product creation in 2025, focusing on high-quality development and comprehensive risk management[96] - The company aims to build a first-class service-oriented investment bank, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance[150] Corporate Governance - The board of directors and supervisory board's terms were extended due to the need for continuity in governance during the transition period[191] - The company has adopted a proactive approach to compliance culture, integrating it into corporate culture and enhancing employee awareness through case-based education[170] - The company maintains an independent business system and operational capability, with clear asset ownership and a standardized financial management system[193] - The board of directors has adopted corporate governance policies in compliance with Hong Kong listing rules, ensuring independent oversight by non-executive directors[195] Customer and Market Engagement - By the end of 2024, the total number of customers reached 6.46 million, a 10% increase year-over-year, with total customer assets growing by 8.5% to 1.37 trillion yuan[64] - The overseas wealth management and brokerage business had a total of 142,000 customers in Hong Kong, with retail customer assets totaling 57.7 billion HKD, a year-over-year increase of 6.26%[65] - The revenue from the top five customers accounts for less than 30% of the total revenue, indicating a diversified customer base[184] Social Responsibility - The company made donations totaling approximately CNY 7.8 million during the reporting period[189] - The company supported the listing of a national-level "little giant" enterprise, enhancing its market influence in key strategic areas[111] - The company issued a special financial bond for small and micro loans amounting to RMB 30 billion, promoting stable development in this sector[112]

Financial Performance - In 2024, Haier Smart Home achieved a global revenue of CNY 285.971 billion, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of CNY 18.741 billion, up 12.9% year-on-year[11]. - The net cash flow from operating activities for 2024 was CNY 26.543 billion, which is 1.4 times the net profit[12]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[1]. - The company provided an optimistic outlook, projecting a revenue growth of 25% for the next quarter, aiming for $1.875 billion[3]. - The company achieved a revenue of 285.971 billion yuan in 2024, representing a 4.3% increase compared to the same period in 2023[60]. - The net profit attributable to shareholders of the parent company for 2024 was 18.741 billion yuan, an increase of 12.9% year-on-year[60]. - The adjusted operating profit for 2024 is forecasted at RMB 20,437 million, reflecting a 14.9% increase from RMB 17,793 million in 2023[173]. - The gross profit margin for 2024 was approximately 27.2%, an increase of 0.3 percentage points year-on-year[184]. Market Expansion - In the U.S. market, GE Appliances' HVAC revenue grew by 70%, and the company achieved double-digit growth in RV appliances[15]. - Haier's revenue in India surpassed USD 1 billion for the first time in 2024, with a year-on-year growth of over 30%[17]. - The company completed the acquisition of Kwikot, a leading water heater manufacturer in South Africa, to accelerate the globalization of its water industry[23]. - The company completed the acquisition of Carrier's commercial refrigeration business, expanding into retail refrigeration and cold storage, creating new growth points[25]. - The company is focused on expanding its overseas business operations, achieving notable results in management and operations[39]. - The company plans to enter three new international markets by Q3 2024[6]. - The company has expanded its manufacturing capabilities in Indonesia and Bangladesh, and the efficiency of the Egypt factory has rapidly improved since its launch in March 2024[82]. Product Innovation - The company launched new products such as the Apex oven and a new generation of stainless steel dishwashers, which received widespread recognition[15]. - The company introduced a new washing machine design that quickly pre-sold over 88,000 units within a week, showcasing its engagement with younger consumers[35]. - The company launched innovative products, including the TX refrigerator series with industry-leading preservation technology and a compact 8kg washing machine, which has significantly boosted sales[109]. - The company has successfully integrated advanced technologies from GE Appliances and others, enhancing user experience and energy efficiency in kitchen appliances[70]. - The company has introduced innovative laundry solutions, including a washing machine that combines washing, drying, and garment care[136]. Sustainability and ESG - The company launched numerous energy-saving and carbon-reducing green products globally in 2024, enhancing its commitment to sustainable development[31]. - The company was recognized as one of the "World's Best Employers" by Forbes for eight consecutive years and achieved an MSCI ESG rating upgrade to AA[32]. - Haier is committed to a "6 Green" strategy for sustainable development, integrating low-carbon and circular economy principles into its operations[161]. - The company is focusing on upgrading its smart heating and cooling solutions, enhancing its global market competitiveness in the HVAC sector[164]. Digital Transformation - The company has implemented a digital transformation strategy, enhancing operational efficiency and optimizing costs[39]. - The company aims to enhance its global supply chain resilience and efficiency by optimizing its supply chain network and establishing a diversified supplier system[168]. - The company has established a digital transformation strategy, enhancing operational efficiency and user experience, with a 24.7% conversion rate for new media marketing[110]. - The company is leveraging digital inventory systems to improve product turnover and reduce operational costs, enhancing overall business competitiveness[167]. Awards and Recognition - The company has won 17 national science and technology progress awards, with its home preservation technology recognized as the only award-winning technology in its category in 40 years[27]. - The company has received multiple awards for leadership and contributions to the home appliance industry, enhancing its brand reputation[39]. - The company has been recognized in multiple rankings, including Fortune's Global 500 and BrandZ's Top 100 Most Valuable Global Brands, highlighting its influence and leadership in the industry[142]. Strategic Acquisitions - The company completed a strategic acquisition of a tech startup for $100 million, enhancing its product offerings[7]. - The company has completed the acquisition of Electrolux's leading water heater business in South Africa, which will enhance its market presence in the region[108]. - The acquisition of the century-old South African water heater brand Kwikot expanded the company's market presence in Africa, significantly increasing brand awareness and market share[147]. Consumer Engagement - The Leader brand's market retail sales increased by 26% year-on-year in 2024, driven by innovative product design and marketing strategies targeting young consumers[26]. - The company has seen significant growth in both online and offline business revenues due to marketing channel reforms and the high-end brand strategy[39]. - A new marketing strategy was introduced, focusing on digital channels, which is expected to increase customer engagement by 30%[8]. Operational Efficiency - The company’s management expense ratio is expected to improve by 0.1 percentage points to 8.6% in 2024, benefiting from digital tools that enhance organizational efficiency[62]. - The company aims to optimize its supply chain with an agile response model, improving order response time by 13% and reducing customer capital occupation time by 7 days[111]. - The company has established a financial shared service center, pioneering a "cloud + end" financial management innovation model[42].

Financial Performance - Revenue from customer contracts increased by 3% to HKD 271,372,000 in 2024, compared to HKD 262,801,000 in 2023[5] - Gross profit rose by 16% to HKD 104,720,000, with a gross margin improvement from 34% to 39%[5] - Profit attributable to owners increased by 57% to HKD 33,440,000, up from HKD 21,338,000 in the previous year[5] - Basic and diluted earnings per share increased by 46% to HKD 2.37, compared to HKD 1.62 in 2023[5] - The total equity attributable to owners reached HKD 310,005,000, an increase from HKD 285,120,000[5] - The debt-to-asset ratio improved to 44% from 48%[5] - The group reported a moderate increase in revenue due to economic recovery and continuous product innovation, with a focus on the "5+4+N product strategy" to meet diverse consumer demands in China[16] - The group's total revenue increased by 3% from approximately HKD 262.8 million in 2023 to about HKD 271.4 million in 2024, with a 5% growth in RMB terms[46] - The gross profit margin improved to 39% in 2024 from 34% in 2023, driven by better production cost control[50] - The cost of goods sold decreased from 74% in 2023 to 69% in 2024, primarily due to reduced procurement costs for grapes and grape juice[47] Product Development and Innovation - The company plans to continue enhancing equipment and strengthening market promotion to capture the growth potential in the Chinese wine market[4] - Dynasty has a diverse product portfolio with over 100 types of wine products, catering to various consumer preferences[4] - The group launched over 100 wine products under the "Dynasty" brand, including the mid-to-high-end "Dynasty Jiachen Year of the Dragon Commemorative Red Wine," which integrates quality wine with Chinese zodiac culture[18] - The group introduced new products and upgraded existing ones, including the "Inheritance Series" and "Longyun Series," to enhance its product matrix and cater to various consumer preferences[18] - The group continues to enhance its product and brand influence through innovation in products and consumption scenarios, aiming to attract a broader consumer base[20] Market Strategy and Expansion - The e-commerce team operated online stores on major platforms like JD.com and Tmall, enhancing brand visibility and targeting younger consumers through innovative marketing strategies[21] - The group invested resources to improve online sales channels, resulting in a significant improvement in profitability despite a decline in integrated e-commerce sales[22] - The group actively promotes imported wines from French vineyards to cater to consumers who prefer high-end foreign wines, leveraging its existing distribution network in China[19] - The group is strategically entering the sauce-flavored liquor market with new products to meet diverse consumer needs, which is expected to drive sales growth in the wine sector[44] - The company aims to maintain its position as one of China's leading wine producers while fulfilling its corporate social responsibility to ensure food safety and product quality[97] Operational Capacity and Infrastructure - The group's annual production and processing capacity increased to 55,000 tons by December 31, 2024, up from 50,000 tons in 2023, providing a platform for sustainable profit growth[29] - The Tianxia Winery (Phase 1) in Ningxia, with an annual production and processing capacity of 5,000 tons, commenced trial operations in Q3 2024, enhancing the group's regional layout[32] - The construction and completion of the Tianxia Winery (Phase 1) are part of the group's strategy to align with the overall planning of the Chinese wine industry[32] - The company plans to acquire a land plot in Dongtai, Jiangsu Province, China, to build a production facility for 3,000 tons of yellow wine and special yellow wine - Chenpi wine, with estimated capital expenditure of approximately RMB 48,000,000 (around HKD 51,800,000)[36] Governance and Management - The company has a strong governance structure with independent non-executive directors, including Yang Dingli, who has been a member since January 2011 and serves as the chairman of the audit committee[83] - The board includes members with diverse backgrounds in finance and management, enhancing the company's strategic decision-making capabilities[80] - The company is committed to maintaining high levels of corporate governance, believing it is key to achieving sustainable growth and success[88] - The board of directors has adopted guidelines reflecting the company's commitment to high-level corporate governance, which aids in overseeing the group's business and affairs[91] - The company has established a clear division of responsibilities between the Chairman and the General Manager to ensure effective governance[125] Employee and Diversity Initiatives - The gender ratio of employees as of the end of 2024 is 66.7% male and 33.3% female, compared to 68.5% male and 31.5% female in 2023[118] - Among office staff, the management level gender ratio is 80.0% male and 20.0% female, down from 90.0% male and 10.0% female in 2023[118] - The company emphasizes the importance of employee diversity, including gender and age[118] - The Nomination Committee has reviewed the board's structure and diversity, including gender, age, and professional experience, as of December 31, 2024[124] Risk Management and Compliance - The company has implemented a risk management framework to identify, assess, and manage significant risks affecting its operations[140] - An annual review of the effectiveness of the risk management and internal control systems was conducted, with no significant issues found but areas for improvement identified[142] - The company has established an internal audit department to enhance its internal control processes and ensure compliance with policies[143] - The board is responsible for reviewing and monitoring the company's compliance with legal and regulatory requirements[97] Shareholder Communication and Dividends - The company plans to distribute dividends amounting to 30% to 50% of the annual recurring net profit attributable to the owners for the fiscal years 2024 to 2026[153] - The company emphasizes effective communication with shareholders through various channels to ensure timely access to comprehensive information[157] - The annual general meeting provides shareholders the opportunity to meet with directors and management, with all substantive resolutions being voted on independently[159] - The company has established a shareholder communication policy to facilitate equal and timely access to information for all shareholders[154]

Financial Performance - For the six months ended February 28, 2025, the total revenue was RMB 183,057,000, a slight decrease of 0.54% from RMB 184,056,000 for the same period in 2024[3] - Gross profit for the same period was RMB 76,088,000, down 3.6% from RMB 78,932,000 in 2024[3] - The net profit for the period was RMB 51,767,000, representing a decrease of 23.5% compared to RMB 67,626,000 in the previous year[3] - Basic and diluted earnings per share decreased to RMB 0.11 from RMB 0.14, reflecting a decline of 21.4%[3] - Total comprehensive income for the period was RMB 53,444,000, down 19.4% from RMB 66,344,000 in 2024[5] - The company reported a pre-tax profit of RMB 52,100,000 for the six months ended February 28, 2025, compared to RMB 46,108,000 for the same period in 2024, representing an increase of approximately 12.9%[17] - The company recorded a profit of approximately RMB 51.8 million, a decrease of RMB 15.8 million or 23.5% compared to the previous period[57] Assets and Liabilities - Non-current assets increased to RMB 1,442,873,000 from RMB 1,277,371,000, marking a growth of 12.9%[6] - Current assets decreased to RMB 622,520,000 from RMB 777,549,000, a decline of 20%[6] - The total liabilities decreased to RMB 196,172,000 from RMB 222,088,000, a reduction of 11.7%[6] - As of February 28, 2025, the group's net current assets amounted to approximately RMB 426.4 million, a decrease of about RMB 129.1 million from RMB 555.5 million as of August 31, 2024[58] - Cash and cash equivalents as of February 28, 2025, were approximately RMB 595.7 million, down from RMB 695.9 million as of August 31, 2024, representing a decrease of RMB 100.2 million[60] - The group's bank borrowings were RMB 0 million as of February 28, 2025, compared to RMB 18.5 million as of August 31, 2024, indicating a complete repayment of bank loans[61][59] - The capital debt ratio was 0% as of February 28, 2025, down from 1.0% as of August 31, 2024, reflecting no bank borrowings against total equity[59] Enrollment and Academic Programs - The total number of students enrolled in the college for the 2024/2025 academic year is 19,313, a decrease of 0.8% from 19,463 in the 2023/2024 academic year[30] - The number of new students for the 2024/2025 academic year is 5,256, down 6.8% from 5,639 in the previous academic year[30] - The college has introduced three new undergraduate programs: Arts Education, Film Production, and Sports Economics and Management, increasing the total number of programs to 50[28] - The college's graduation employment rate for the 2023/2024 academic year was approximately 96.54%[29] - The group has maintained a market share of 15.7% in the private higher education sector in Shanxi Province, ranking second among private undergraduate institutions[28] - Total enrollment for the 2024/2025 academic year is planned at 5,541, a decrease of 311 students from 2023/2024, with actual enrollment at 5,256[33] - The enrollment numbers for undergraduate programs decreased from 19,463 in 2023/2024 to 19,313 in 2024/2025[32] Business Operations and Strategy - The company reported no significant changes in its main business operations during the period[7] - The group primarily operates in the higher education services sector in mainland China, with all revenue generated from this region[10] - The company plans to expand its business and school network, including building new facilities to increase capacity and improve teaching and living environments[34] - The company aims to enhance its course offerings and continue providing practical training for students as part of its growth strategy[34] - The company believes that the demand for private higher education in Shanxi Province will continue to grow, benefiting from the overall market expansion[34] - The application to operate a degree-granting higher education institution in California was rejected, but the company is actively seeking new agents to resolve the issue[36] - The company is exploring the establishment of a degree-granting institution in California to offer business administration and marketing degrees, expanding its overseas presence[35] Employee and Administrative Information - The group employed 753 full-time teachers and 511 part-time teachers as of February 28, 2025[28] - As of February 28, 2025, the group had 1,690 employees, a decrease from 1,720 employees as of February 29, 2024[72] - Total employee costs for the six months ended February 28, 2025, amounted to approximately RMB 66.6 million, an increase of about RMB 2.7 million or approximately 4.2% compared to RMB 63.9 million for the same period in 2024[72] - Administrative expenses increased to approximately RMB 29.7 million, an increase of RMB 5.6 million, primarily due to higher maintenance costs and increased office expenses[51] Dividends and Taxation - The group has not declared or paid any dividends during the reporting period[23] - The group has not incurred any taxable profits in Hong Kong during the reporting period, thus no provision for Hong Kong profits tax has been made[18] - The company does not recommend any interim dividend for the six months ended February 28, 2025, consistent with the previous period[69] Corporate Governance and Reporting - The interim results for the six months ended February 28, 2025, were reviewed by the audit committee, which consists of three independent non-executive directors[82] - The interim report for the six months ended February 28, 2025, will be sent to shareholders and made available on the company's website[83] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with it during the period[80] - There were no significant events occurring after February 28, 2025, up to the date of this announcement[79] - The company expressed gratitude to shareholders and stakeholders for their continued support and acknowledged the contributions of all employees[84] Investments and Financial Proceeds - The company plans to utilize the net proceeds from its IPO for several expansion projects, including the construction of new facilities in Shanxi Province, with an expected full utilization timeline by August 2025[68][71] - The unutilized net proceeds from the IPO as of August 31, 2024, were approximately RMB 38.6 million, which includes RMB 14.4 million originally designated for the construction of a teaching building and RMB 24.2 million for renovation projects[70] - The group has no significant contingent liabilities or pledged assets as of February 28, 2025[64][65] - There were no major acquisitions or disposals of subsidiaries or joint ventures during the reporting period[66] - The group has not made any significant investments during the reporting period[67]

Financial Performance - The company's net profit for the year ended December 31, 2024, was approximately HKD 371,921,000, a decrease of about 73% compared to HKD 1,382,081,000 for the corresponding year[9]. - Total revenue for the year was approximately HKD 40,913,965,000, representing a decrease of about 26% from HKD 55,376,948,000 in the previous year[15]. - The distribution, trading, and processing business contributed approximately HKD 40,021,747,000 in revenue, down from HKD 54,526,362,000 in the previous year, primarily due to a decrease in trading volume of silver and gold bars[16]. - The financial services segment recorded revenue of approximately HKD 892,218,000, an increase from HKD 850,586,000 in the previous year, indicating steady expansion in this area[18]. - Gross profit decreased from approximately HKD 1,780,649,000 to HKD 1,032,514,000, attributed to reduced margins in commodity trading activities due to unfavorable market conditions[9]. - The company reported a net profit of approximately HKD 371,921,000 for the year, a significant decrease from HKD 1,382,081,000 in the previous year, primarily due to reduced profit margins in distribution and trade segments, and losses related to the Singapore subsidiary's alleged fund misappropriation[21]. - Basic earnings per share for the year were approximately HKD 2.20, down from HKD 8.91 in the previous year[22]. - The company incurred other losses of approximately HKD 135,648,000 this year, compared to other income of approximately HKD 197,622,000 in the previous year[19]. - The financing costs for the year amounted to approximately HKD 20,310,000, a decrease from HKD 28,321,000 in the previous year[20]. - The company recorded a share of profits from associates totaling HKD 45,718,000, an increase from HKD 36,507,000 in the previous year, mainly due to higher profits from Green Esteel Pte. Ltd.[20]. - The company reported a foreign exchange loss of approximately HKD 93,028,000, compared to HKD 56,680,000 in the previous year, primarily due to fluctuations in the USD/CNY exchange rate[19]. Human Capital and Operations - The number of employees increased from 384 to 399, reflecting continued investment in human capital across Hong Kong, Singapore, China, and the UK[10]. - The company continues to invest significantly in human capital, believing that top talent will bring value to the organization[10]. - The company aims to enhance its operational capabilities in the financial services sector, including clearing, brokerage services, and leveraged forex trading[10]. - The company plans to focus on the continuous development of its financial services and distribution, trade, and processing businesses through 2025[23]. - The group employed a total of 399 staff as of December 31, 2024, an increase from 384 in 2023[65]. Legal and Compliance Issues - The company has reported a provision of approximately HKD 167,462,000 related to the alleged misappropriation of funds by a director and several employees of its Singapore subsidiary[31]. - The company is currently facing an ongoing investigation and legal proceedings related to its Singapore subsidiary, which has resulted in a qualified opinion from auditors due to insufficient audit evidence[75]. - The audit committee has agreed with management's position regarding the limitations in providing requested audit evidence, as it may hinder ongoing investigations and legal claims[76]. - Management is committed to resolving the qualified opinion through various solutions, including advancing investigations and potential liquidation of the Singapore subsidiary, with preliminary investigation results expected by 2025[77]. - The removal of the qualified opinion is contingent upon the completion of investigations and legal proceedings by December 31, 2025, which will also affect the financial statements for the year ending December 31, 2025[79]. - The group has engaged legal professionals to investigate the suspected embezzlement and has reported the matter to the Singapore police[70]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance investor confidence[153]. - The board has delegated certain responsibilities to committees, including the audit committee, remuneration committee, and nomination committee[152]. - The chairman and CEO roles are separated, ensuring no individual holds both positions simultaneously[153]. - The company has complied with all provisions of the corporate governance code for the year ending December 31, 2024[154]. - The independent non-executive directors have confirmed their independence according to the listing rules[156]. - The board consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors[156]. - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the year ending December 31, 2024[155]. Risk Management - The company is exposed to commodity price risk, which can significantly impact its operating performance due to market price fluctuations[50]. - The company faces foreign exchange risk primarily from transactions denominated in RMB, while USD exposure is minimal due to the peg with HKD[51]. - The company continues to monitor credit quality of counterparties to mitigate credit and performance risks[52]. - The company is subject to legal, regulatory, and compliance risks, which may result in financial losses or reputational damage[54]. - The risk management system identified no significant risks apart from potential risks related to internal control reviews of a Singapore subsidiary[178]. Related Party Transactions - The largest customer accounted for 7% of the group's total sales, while the top five customers together represented 24%[113]. - The largest supplier contributed 23% to the group's total procurement, and the top five suppliers collectively accounted for 45%[113]. - The group made service agreements with Mr. You Zhenhua, with projected revenue from services provided amounting to HKD 7,625,000 against an annual cap of HKD 40,000,000 for the fiscal year ending December 31, 2024[117]. - The group has a sales agreement with Mr. You Zhenhua for iron ore, steel products, and nickel ore, with a projected transaction amount of HKD 138,479,000 against an annual cap of HKD 240,000,000 for the fiscal year ending December 31, 2024[120]. - The group entered into a sales agreement with Mr. You Zhenwu for iron ore, steel products, and nickel ore, with similar pricing mechanisms based on internal pricing databases and market prices[121]. - The company has entered into a logistics service framework agreement with Mr. You Zhenwu for the period from 2024 to 2026, with a transaction amount of HKD 236,963,000 and an annual cap of HKD 330,000,000[123]. Internal Control and Audit - The company has implemented an internal control system compliant with the COSO 2013 framework to ensure operational efficiency and reliable financial reporting[179]. - An internal control review conducted in 2024 revealed no significant control deficiencies, except for issues related to the Singapore subsidiary[183]. - The independent reviewer identified several control deficiencies and provided recommendations for improving financial reporting procedures and internal control systems[188]. - The independent reviewer noted risks associated with informal communication channels for transaction confirmations, which could lead to audit record gaps[191]. - The independent reviewer emphasized the need for timely follow-up on open transaction statuses to ensure settlements within the required timeframe[194]. Environmental and Social Responsibility - The company's environmental policy emphasizes sustainability and reducing negative environmental impacts through various measures[136]. - The company encourages green office practices to enhance environmental performance[136]. - The company made charitable donations of approximately HKD 175,000 during the year ending December 31, 2024, compared to HKD 341,000 in 2023[92].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,849,869,296.47, representing a decrease of 8.08% compared to the same period last year[6]. - Net profit attributable to shareholders was CNY 456,446,940.45, an increase of 16.61% year-on-year[6]. - Basic and diluted earnings per share increased by 11.33% to CNY 0.1425[6]. - Total revenue for Q1 2025 was approximately ¥1.85 billion, a decrease of 8.09% compared to ¥2.01 billion in Q1 2024[29]. - Operating profit for Q1 2025 increased to approximately ¥573 million, up 17.2% from ¥489 million in Q1 2024[30]. - Net profit for Q1 2025 was approximately ¥477 million, representing a 17.4% increase from ¥407 million in Q1 2024[30]. - Total comprehensive income for Q1 2025 was approximately ¥475 million, compared to ¥411 million in Q1 2024[31]. - The company reported an increase in investment income to approximately ¥22.57 million in Q1 2025, up from ¥13.81 million in Q1 2024[29]. Cash Flow - The net cash flow from operating activities decreased by 35.88% to CNY 512,374,211.98, primarily due to a decline in operating revenue and the absence of tax refunds[14]. - Cash flow from operating activities for Q1 2025 was approximately ¥512 million, a decrease of 35.9% from ¥799 million in Q1 2024[36]. - Cash inflow from investment activities totaled $32,877,693.35, a significant increase from $14,550,695.71 in the previous period[37]. - Cash outflow from investment activities was $831,037,685.49, down from $1,017,846,003.83 year-over-year[37]. - Net cash flow from investment activities was -$798,159,992.14, improving from -$1,003,295,308.12 in the prior period[37]. - Cash inflow from financing activities reached $7,542,854,000.00, compared to $1,585,410,000.00 previously[38]. - Net cash flow from financing activities was $1,850,728,490.99, up from $887,809,102.25 year-over-year[38]. - Cash and cash equivalents at the end of the period stood at $4,512,436,933.83, an increase from $2,666,369,525.39[38]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 63,374,669,479.87, up 3.77% from the end of the previous year[9]. - Total liabilities increased to CNY 42,217,542,279.56 as of March 31, 2025, compared to CNY 41,574,810,358.73 at the end of 2024, reflecting a growth of approximately 1.5%[26]. - Long-term borrowings increased to CNY 35,281,441,819.17 from CNY 33,593,725,819.17, which is an increase of approximately 5.0%[26]. - The company's total assets reached CNY 63,374,669,479.87, up from CNY 61,070,435,445.00, indicating an increase of about 3.8%[27]. - The total equity attributable to shareholders rose to CNY 20,044,104,190.31 from CNY 18,404,171,806.44, representing an increase of about 8.9%[27]. Shareholder Information - The top shareholder, Shudao Investment Group, holds 1,218,979,662 shares, representing 39.86% of total shares[15]. - HKSCC Nominees Limited holds 888,620,700 shares, accounting for 29.06% of total shares[15]. - The total number of common shareholders is 49,867, with 49,625 being A-share shareholders and 242 being H-share shareholders[20]. Projects and Investments - The Chengle Expressway expansion project has a total estimated investment of approximately RMB 251.5 billion, with cumulative investment reaching about RMB 137.82 billion as of March 31, 2025[21]. - The Tianqiong Expressway BOT project has an estimated total investment of approximately RMB 86.85 billion, with cumulative investment reaching about RMB 69.56 billion as of March 31, 2025[22]. - The company has completed the two-way traffic for the Chengle Expressway expansion project, enhancing overall traffic capacity and service levels[21]. - The Tianqiong Expressway project is expected to officially open on September 13, 2024, indicating future growth potential[22]. Accounting and Governance - The company confirmed that all directors attended the board meeting to review the quarterly report, ensuring the accuracy and completeness of the financial statements[4]. - The report period ended on March 31, 2025, and the financial data presented is unaudited[10]. - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[40].

Renewable Energy Focus - The company achieved full production capacity with 3GW of photovoltaic (PV) modules and 6GW of PV cell products, indicating strong growth in sales of N-type cells and PV modules[9]. - The company plans to complete the construction of 7.5GW of PV cells and 3.5GW of modules by the end of 2026, reflecting a strategic focus on renewable energy[11]. - The company is reallocating resources to prioritize renewable energy projects, which includes a phased reduction of its green building operations over the next 5 to 10 years[11]. - The company aims to enhance its capabilities in renewable energy technology through capital and R&D reallocation, establishing new energy solutions as core growth drivers[11]. - The company is committed to sustainable development by implementing photovoltaic power generation systems and energy storage technologies[12]. - The company reported a strategic retreat from the construction industry due to market oversupply and geopolitical tensions, allowing for a focus on renewable energy[8]. - The company plans to continue seeking new green energy opportunities in Fengtai County and Tongcheng City, focusing on the development of high-efficiency N-type photovoltaic batteries and advanced photovoltaic component supply[18]. - The company has established strategic cooperation framework agreements for the development and investment in new energy and photovoltaic power station projects in Anhui Province[20]. Financial Performance - The company recorded total revenue of approximately HKD 6,032.0 million for the reporting year, an increase of about 49.8% compared to HKD 4,028.3 million in the previous year[21]. - The revenue from the New Energy and EPC segment was approximately HKD 4,127.5 million, accounting for about 68.4% of total revenue, up from 52.6% in the previous year[22]. - The Green Building and Construction-related segment's revenue decreased to approximately HKD 908.4 million, representing about 15.1% of total revenue, down from 33.5% in the previous year[14]. - The Smart Energy Management Services segment saw revenue increase to approximately HKD 65.9 million, up from HKD 16.0 million, accounting for about 1.1% of total revenue[15]. - The Health and Medical segment's revenue increased to approximately HKD 925.3 million, representing about 15.3% of total revenue, compared to 10.2% in the previous year[16]. - The company reported a net profit of approximately HKD 54.1 million, a decrease from HKD 71.3 million in the previous year, primarily due to lower gross margins from N-type batteries and photovoltaic components[27]. - The company recorded other income and gains of approximately HKD 182.7 million, an increase of about 871.2% from HKD 18.8 million in the previous year, mainly due to increased government subsidies[24]. - The company’s shareholders' share of total comprehensive income was HKD 90,031 thousand, an increase of 66.3% from HKD 54,125 thousand in the previous year[199]. Governance and Compliance - The company emphasizes the importance of employee welfare and aims to provide a safe and harmonious working environment[9]. - The company will disclose an Environmental, Social, and Governance (ESG) report in accordance with the Hong Kong Stock Exchange framework, showcasing its efforts in these areas[10]. - The company has independent non-executive directors with extensive experience in finance and law, enhancing governance and oversight[50][52][54]. - The company has a diverse board with members holding advanced degrees in finance, law, and economics, contributing to strategic decision-making[55]. - The company has maintained high standards of corporate governance, ensuring accountability and protection of shareholder interests[128]. - The company has complied with all applicable code provisions of the corporate governance code during the reporting year, except for a specific deviation regarding the roles of the chairman and CEO[129]. - The board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee to oversee specific aspects of the company's affairs[137]. - The company has established a whistleblowing policy to provide a confidential reporting channel for employees and external parties to report actual or suspected illegal activities and misconduct[169]. - The audit committee is responsible for overseeing and monitoring the whistleblowing policy and mechanisms, making decisions on further actions if necessary[170]. Market Risks and Challenges - The group is facing potential impacts from overcapacity in the PV renewable energy industry, with production exceeding 1,000 GW while global annual demand is only expected to reach 400 to 500 GW, leading to a significant risk of price collapse and reduced profitability[76]. - Component prices have dropped by 50% from 2022 to 2023, compressing profit margins and forcing smaller companies to exit the market[76]. - The group may be affected by changes in government subsidy policies, particularly the gradual removal of fixed feed-in tariffs, which introduces price volatility risks for PV projects[79]. - Delays in subsidy payments and policy adjustments have weakened investor confidence, with the Beijing distributed PV subsidy policy set to expire before 2025, adding uncertainty to new projects[79]. - The Chinese government is prioritizing subsidies for advanced technologies like perovskite batteries and integrated projects, putting traditional models at a competitive disadvantage[80]. - The group faces potential cost overruns or losses if project costs are not accurately estimated or if there are delays in project completion[69]. - The property development business is contingent on the growth of the real estate market in China, which may fluctuate due to government macroeconomic measures[71]. - The group’s operations must adhere to various government regulations and policies, particularly those affecting the real estate sector in China[72]. Employee and Management Information - As of December 31, 2024, the company had 1,118 employees, a decrease from 1,469 in the previous reporting year, with total employee costs amounting to approximately HKD 184.5 million compared to HKD 42.3 million in the prior year[39]. - The total employee compensation policy will be regularly reviewed, with potential salary increases and discretionary bonuses based on performance and market conditions[39]. - The remuneration of directors and the five highest-paid individuals is determined by the company's remuneration committee based on qualifications, experience, competitiveness, and current market conditions[121]. - The company has adopted a stock option plan as a reward for eligible employees, with details outlined in the stock option plan section[122]. - The company secretary completed no less than 15 hours of relevant professional training during the reporting year[161]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[182]. - The audit was conducted in accordance with Hong Kong auditing standards, ensuring the independence of the auditors and adherence to professional ethical responsibilities[183]. - Key audit matters were identified as significant issues during the audit of the consolidated financial statements, which were addressed in forming the audit opinion[184]. - The company is responsible for preparing consolidated financial statements that are true and fair according to the Hong Kong Financial Reporting Standards[189]. - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[191]. - The overall presentation, structure, and content of the consolidated financial statements, including disclosures, are evaluated for fairness[197].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue and net profit were approximately RMB 214.1 million and RMB 9.7 million, representing a decrease of 37.8% and 80.0% respectively compared to the fiscal year ending December 31, 2023[7]. - The company's sales revenue in Northeast China for the fiscal year 2024 was approximately RMB 114.9 million, a decrease of about 38.9%, accounting for over 53.7% of total revenue[8]. - The group recorded revenue of approximately RMB 214.1 million for the fiscal year 2024, a decrease of about RMB 130 million or 37.8% compared to 2023, primarily due to temporary production stoppage for maintenance work[18]. - The overall gross margin decreased from approximately 30.3% in 2023 to about 25.8% in 2024, mainly due to rising raw material costs and fixed cost absorption during the production stoppage[20]. - Selling and distribution expenses decreased by approximately 8.6% to about RMB 22.3 million in 2024 from RMB 24.4 million in 2023, primarily due to reduced transportation costs[21]. - Cash generated from operating activities significantly increased to approximately RMB 59.0 million in 2024 from RMB 8.5 million in 2023, mainly due to a substantial increase in cash inflow from working capital[25]. - Capital expenditures for 2024 were approximately RMB 116.7 million, significantly higher than RMB 13.4 million in 2023, primarily related to the purchase of properties, plants, and machinery[32]. Market and Product Development - The company currently has around 60 types of traditional Chinese medicine products, with major products including various herbal capsules and pills aimed at treating conditions related to energy, cardiovascular health, digestive issues, and gynecological symptoms[8]. - The Chinese traditional medicine market is expected to continue growing in 2025, driven by increasing consumer demand and government support for traditional medicine policies[9]. - The company plans to enhance its product portfolio through ongoing innovation and research and development, aiming to create more value for shareholders[11]. - The introduction of new technologies and equipment in the production process is expected to improve product quality and production efficiency[9]. - The government is increasingly emphasizing the importance of traditional Chinese medicine, which is expected to enhance the competitiveness of traditional Chinese medicine products in the international market[9]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices[57]. - The board held two regular meetings in 2024, discussing and making decisions on all significant matters related to the group's business activities and operations[57]. - The company is committed to reviewing and monitoring its corporate governance practices to ensure compliance with the Corporate Governance Code[59]. - The board is responsible for the development direction and control of the company's business, formulating policies, strategies, and plans to create value for shareholders[61]. - The company emphasizes the importance of good corporate governance for its sustainable development[57]. Shareholder Communication and Investor Relations - The company emphasizes effective communication with shareholders to enhance investor relations and ensure transparency in business performance and strategies[107]. - The company has established a shareholder communication policy to promote effective engagement and empower shareholders to exercise their rights[108]. - The company has maintained regular communication with institutional investors and analysts to keep them informed of its developments[107]. Environmental, Social, and Governance (ESG) Initiatives - The ESG report covers the company's performance in environmental, social, and governance aspects for the reporting period from January 1, 2024, to December 31, 2024[118]. - The company is committed to sustainable development and has conducted stakeholder engagement to identify key concerns in ESG matters[119]. - The company has established an environmental management system to identify, monitor, and reduce environmental risks[125]. - The company complies with pollution discharge regulations in Hebei Province, China, and has not encountered any significant violations of environmental laws during the reporting period[125]. - The company has obtained pollution discharge permits for all production facilities and has implemented pollution control systems to monitor emission levels[127]. Employee and Workplace Safety - The company has established a health and safety environment, with no recorded work-related fatalities or lost workdays due to injuries in the past three years[156]. - The company emphasizes mental health, providing counseling services and promoting work-life balance through various activities[156]. - The company has a zero-tolerance policy for harassment and discrimination, ensuring a safe and inclusive work environment[162]. - The company has developed emergency plans and conducts regular reviews to maintain workplace safety and effectiveness[155]. Supply Chain Management - The company has a total of 29 approved suppliers across various regions in China, ensuring a stable supply of raw materials[168]. - The company conducts regular reviews of suppliers' production sites to ensure compliance with quality and environmental regulations[168]. - The company has established a quality management system that adheres to GMP standards, managing all stages of the production process[173]. - The company has implemented a supplier classification system to allocate resources effectively, focusing on quality, environmental impact, and compliance[166]. Community Engagement and Corporate Social Responsibility - The group promotes a culture of giving back to the community, encouraging employee participation in charitable activities[182]. - The company is committed to community investment, focusing on areas such as education and health[191]. - The group aims to enhance efforts in various corporate social responsibility areas, including greenhouse gas reduction and employee development and training opportunities[199].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 48,671,060, representing a 51.23% increase compared to RMB 32,182,793 in the same period last year[8]. - Net profit attributable to shareholders was RMB 3,052,981, marking a significant increase of 202.79% from RMB 1,008,287 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was RMB 2,806,492, which is a 320.20% increase compared to RMB 667,902 in the previous year[8]. - Operating profit for Q1 2025 was RMB 4,398,621, up 130.9% from RMB 1,908,571 in Q1 2024[37]. - The company reported a total comprehensive income of RMB 3,670,621 for Q1 2025, compared to RMB 1,530,878 in Q1 2024[38]. - Basic and diluted earnings per share for Q1 2025 were both RMB 0.11, compared to RMB 0.04 in Q1 2024[39]. Cash Flow - The cash flow from operating activities showed a net outflow of RMB 5,034,444, a decrease from a net inflow of RMB 14,487,790 in the same period last year[8]. - In Q1 2025, the net cash flow from operating activities was -5,034,444 thousand RMB, a significant decrease compared to 14,487,790 thousand RMB in Q1 2024[43]. - The cash flow from investing activities resulted in a net outflow of RMB 81,280,000, which is an increase in outflow compared to RMB 29,540,000 in the same period last year[18]. - The cash flow from investment activities showed a net outflow of -1,489,127 thousand RMB in Q1 2025, compared to a net inflow of 3,541,362 thousand RMB in Q1 2024, highlighting a shift in investment strategy[54]. - The net cash flow from financing activities in Q1 2025 was 176,298 thousand RMB, a recovery from a net outflow of -757,645 thousand RMB in Q1 2024[44]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 528,009,218, reflecting a 2.96% increase from RMB 512,823,630 at the end of the previous year[10]. - Total liabilities as of March 31, 2025, were RMB 315,035,093, up from RMB 302,629,036 at the end of 2024[34]. - Non-current assets totaled RMB 171,672,465 as of March 31, 2025, compared to RMB 166,530,496 at the end of 2024[33]. - The total current assets as of March 31, 2025, amount to 356,336,753,000 RMB, an increase from 346,293,134,000 RMB as of December 31, 2024[32]. - The total liabilities as of March 31, 2025, were 52,936,161 thousand RMB, compared to 46,535,398 thousand RMB at the end of 2024, reflecting an increase in financial obligations[49]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 519,396[20]. - China CNR Corporation Limited holds 14,587,578,250 shares, accounting for 50.83% of total shares[21]. - HKSCC NOMINEES LIMITED holds 4,358,950,931 shares, representing 15.19% of total shares[21]. Business Segments - The railway equipment business generated RMB 25,786,142 in revenue, a 93.63% increase from RMB 13,316,952 year-on-year, driven by increased sales of multiple train types[17]. - The modern services business saw a revenue decrease of 30.76%, primarily due to reduced income from logistics and trade services[19]. Management Changes - The company announced a change in executive management with the resignation of Ma Yunshuang as executive director and president[29]. Research and Development - Research and development expenses for Q1 2025 were RMB 3,101,320, an increase from RMB 2,440,065 in Q1 2024[37]. - Research and development expenses in Q1 2025 were 39,906 thousand RMB, indicating ongoing investment in innovation compared to no reported R&D expenses in Q1 2024[52].

Financial Performance - The company recorded a consolidated loss attributable to shareholders of HKD 684 million for the year ended December 31, 2024, compared to a loss of HKD 146 million in 2023, marking a significant increase in losses [11]. - Total revenue increased to HKD 775 million in 2024, up from HKD 739 million in 2023, with 59% of revenue coming from Singapore and 34% from Hong Kong [11]. - The food business generated revenue of HKD 728 million, representing a 6% increase, and accounted for 94% of total revenue for the year [12]. - The company faced a net fair value loss on financial instruments for the year, contrasting with a net fair value gain in 2023, contributing to the increased losses [11]. - Other operating expenses rose to HKD 181 million in 2024, up from HKD 145 million in 2023, primarily due to increased legal and professional fees [11]. - The food business segment reported a loss of HKD 35 million, an improvement from a loss of HKD 55 million in 2023, despite ongoing challenges in the operating environment [12]. Investment Performance - The total revenue from the property investment segment for the year was HKD 21,000,000, down from HKD 23,000,000 in 2023, primarily from recurring rental income [13]. - The group recorded a net fair value loss of HKD 37,000,000 on investment properties, compared to HKD 26,000,000 in 2023, mainly due to a decline in property values in Hong Kong [13]. - The financial and securities investment segment generated total revenue of HKD 14,000,000, down from HKD 18,000,000 in 2023, with a net fair value loss of HKD 66,000,000 compared to a gain of HKD 20,000,000 in 2023 [14]. - The financial and securities investment portfolio decreased to HKD 792,000,000 as of December 31, 2024, down from HKD 1,057,000,000 in 2023 [15]. - As of December 31, 2024, the fair value of financial assets measured at fair value through profit or loss was HKD 493,000,000, down from HKD 749,000,000 in 2023 [17]. - The group confirmed an unrealized fair value loss of HKD 14,000,000 on GSH Corporation Limited, which represented 12.8% of the total financial assets measured at fair value through profit or loss [19]. - The investment in Amasia CIV had a fair value of HKD 56,000,000 as of December 31, 2024, accounting for 11.3% of the total financial assets measured at fair value through profit or loss [20]. - The investment in Quantedge had a fair value of HKD 45,000,000, representing 9.0% of the total financial assets measured at fair value through profit or loss, with a recorded fair value gain of HKD 12,000,000 for the year [21]. - The fair value of investments classified as measured at fair value through other comprehensive income was HKD 46,000,000 as of December 31, 2024, down from HKD 49,000,000 in 2023 [24]. - The fair value of the group's investment in GB as of December 31, 2024, is HKD 24,000,000, representing approximately 51.9% of the group's financial assets measured at fair value through other comprehensive income [25]. - The group recorded an unrealized fair value gain of HKD 6,000,000 from its investment in GB during the year [25]. - The fair value of the group's investment in H2G as of December 31, 2024, is HKD 11,000,000, accounting for about 23.1% of the group's financial assets measured at fair value through other comprehensive income [26]. - The group incurred an unrealized fair value loss of HKD 8,000,000 related to H2G during the year [26]. - The group recognized a share of profit of HKD 41,000,000 from its investment in TIH for the year, compared to a loss of HKD 10,000,000 in 2023 [29]. Corporate Governance - The company has appointed new directors with terms ranging from two years starting from various dates in 2023 and 2024 [56][57]. - The company has established employment agreements for its executives, with terms effective from various dates in 2015 and 2024 [58]. - The company has purchased directors and officers liability insurance to protect against potential liabilities arising from its business activities [60]. - Dr. Li Chong has been appointed as the Chairman of the Board since July 1992 and has over 40 years of experience in the industry [61]. - Mr. Li Lianwei transitioned from CEO to Vice Chairman in June 2024, bringing extensive experience as an independent non-executive director in various public companies [62]. - Mr. Li Guohui was appointed as the CEO in June 2024, with over 30 years of experience in financial investment and corporate administration [63]. - The company has a fixed two-year contract for all non-executive directors, with a requirement for rotation every three years [130]. - The board of directors consists of nine members, including five executive directors and four non-executive directors, with three being independent as defined by listing rules [122]. - The company is committed to high-quality corporate governance practices to enhance investor confidence and protect shareholder interests [118]. - The company has established a written guideline for employees regarding the trading of company securities, which is not more lenient than the standard code [121]. Risk Management - The company has adopted a risk management and internal control system, which is reviewed annually for effectiveness [146]. - The internal audit and risk management department was established in 2007 to ensure the effectiveness of internal control procedures and compliance with various standards [148]. - The company has implemented a whistleblowing policy and anti-corruption policy, with the whistleblowing policy being reviewed and updated in December 2023 [146]. - The board is responsible for maintaining adequate risk management and internal control systems, including assessing risks related to environmental, social, and governance factors [146]. - The company has established a systematic risk management process, including risk assessment standards and matrices to identify and manage risks effectively [171]. - Major risks identified include operational risks related to talent retention and recruitment, with measures such as competitive salary surveys and training programs implemented [178]. - The company has updated its IT policies and business continuity plans to address evolving cybersecurity risks and enhance risk management practices [177]. - The company has identified climate-related risks and opportunities, conducting comprehensive assessments to understand their potential impacts [177]. - The company has implemented a risk reporting template that includes climate-related risks and sustainability challenges [177]. - Continuous risk monitoring is maintained, with regular reporting to appropriate authority levels to ensure effective risk management [172]. Shareholder Relations - The company has adopted a dividend policy in January 2019 to enhance transparency for shareholders and investors [112]. - The company maintains sufficient public float as per the Hong Kong Stock Exchange listing rules [115]. - The company provides shareholders with the option to receive communications electronically to enhance engagement and protect the environment [151]. - The company has established a shareholder communication policy to maintain regular dialogue with investors and ensure transparency [157]. - The company maintains that no major disputes occurred with suppliers or customers during the year, ensuring stable relationships [108]. Sustainability and ESG - The company emphasizes sustainable development and resource optimization in its operations, aiming to improve its environmental, social, and governance (ESG) performance over time [113]. - The environmental, social, and governance (ESG) report covers the group's performance in these areas for the fiscal year ending December 31, 2024 [184]. - The group aims to continuously optimize internal data collection processes and gradually expand the scope of disclosures in its ESG report [185]. - The group has integrated ESG considerations into its operational decision-making throughout the year, emphasizing business ethics and responsible culture [192]. - The board of directors is responsible for overseeing the group's environmental, social, and governance (ESG) matters, including climate-related issues [193]. - The group has integrated ESG and climate-related factors into its enterprise risk management processes, ensuring accurate and reliable reporting [194]. - The group has not encountered any cases of corruption, bribery, extortion, fraud, or money laundering during the year [196]. - The group emphasizes the importance of stakeholder communication to better understand their needs and expectations [200].