Group 1: Company Growth and Achievements - Guizhou Yunshang Kunpeng Technology Co., Ltd. has achieved an annual production capacity of 200,000 personal computers and an industrial output value exceeding 1.4 billion yuan within three years [1] - The company has developed over 30 upstream and downstream industry partners and more than 400 ecological partners [1] - In 2024, the GDP of Gui'an New Area is projected to exceed 40 billion yuan, maintaining a growth rate of over 20% for seven consecutive quarters [1] Group 2: Digital Economy and Data Centers - Guizhou Yunshang Kunpeng focuses on building data centers and providing foundational computing power support, contributing to industrial clustering and upgrading [2] - The region has introduced 26 large-scale data (intelligent computing) centers, ranking among the top in the country for comprehensive computing power [2] - In Q1 of this year, electricity consumption in Gui'an New Area increased by 36.11%, with data center clusters and new energy battery material clusters seeing increases of 54.25% and 46.79%, respectively [2] Group 3: Industrial Development - Gui'an New Area is promoting the integrated development of three major industries: electronic information manufacturing, new energy batteries and materials, and advanced equipment manufacturing, achieving an industrial output value of 16.54 billion yuan in 2024, with a growth rate of 82% [3] - The area is also enhancing its logistics capabilities, establishing a comprehensive transportation system to facilitate trade and manufacturing [4] Group 4: Foreign Trade and Investment - The foreign trade import and export volume of Gui'an New Area increased from 8.67 billion yuan in 2022 to 14.64 billion yuan in 2024, with an average annual growth rate of 29.99% [5] - Actual foreign investment rose from 146 million yuan in 2022 to 359 million yuan in 2024, reflecting an average annual growth of 56.7% [5] Group 5: Ecological and Sustainable Development - Gui'an New Area is committed to ecological civilization, with green economic value accounting for over 50% of GDP in 2024 [7] - The area has been recognized as a national-level green industrial park, and companies like CATL have established zero-carbon factories [7] - The region emphasizes the integration of tourism and ecological protection, enhancing both the environment and local livelihoods [7][8]

Financial Data and Key Metrics Changes - The recurring underlying profit decreased by 11% to HKD 9.3 billion compared to the prior year, but excluding the impact of the U.S. bottler sale in 2023, there was a small gain in recurring underlying profit in 2024 [5][10] - The company increased its dividend by 5%, reflecting confidence in its financial position despite the profit decline [6][11] - Net debt stands at HKD 70 billion with a healthy gearing ratio of 22.1%, and a weighted average cost of debt remains at 4% [14] Business Line Data and Key Metrics Changes - Property segment faced lower office rental income in Hong Kong, with a 42% drop in underlying profit primarily due to fewer disposals compared to the previous year [7][19] - Beverages segment saw an overall profit decrease, driven by the disposal of the U.S. bottling business, but recurring profit from the Chinese Mainland increased by 11% due to price increases [8][29] - Aviation division reported strong results, with Cathay Pacific achieving a profit of HKD 9.9 billion in 2024, reflecting robust demand for passenger travel and cargo [9][34] Market Data and Key Metrics Changes - Retail sales in both the Chinese Mainland and Hong Kong began to normalize towards the end of 2024 [7] - The Chinese Mainland is becoming a significant growth engine for the company, with retail contributions nearly equal to those from the Hong Kong office portfolio [24] Company Strategy and Development Direction - The company continues to invest confidently in various sectors, including a commitment of HKD 100 billion over the next seven years for aviation and HKD 100 billion for property investments [3][4] - The focus remains on expanding in the Greater Bay Area and Southeast Asia, with significant investments in residential projects and beverage franchises [4][18][26] Management's Comments on Operating Environment and Future Outlook - Management characterized the operating environment as challenging but expressed confidence in future growth due to ongoing investments [3] - The outlook for 2025 includes expectations of continued revenue growth in the Chinese Mainland and normalization of yields in aviation, while challenges in the Hong Kong office market are anticipated to persist [41][42] Other Important Information - The company is committed to sustainability, with Swire Properties recognized as a leader in the Dow Jones Best in Class World Index for real estate management [15][19] - The beverage segment is focusing on price increases and market execution to maintain revenue growth in a deflationary environment [50] Q&A Session Summary Question: Thoughts on renewing the buyback program and pressure from credit rating metrics - Management indicated that the share buyback program is relatively small and part of a broader shareholder return strategy, with a decision to be made in May [44][48] Question: Outlook on EBITDA trend in the Chinese Mainland - Management expects steady EBITDA growth in the Chinese Mainland, driven by revenue management and operational efficiency [52][54] Question: Comfortable gearing level for Swire Pacific - Management stated a comfortable gearing level of 30%, with both Swire Properties and Swire Pacific well under that level [58][60] Question: Opportunities for capital recycling - Management confirmed ongoing capital recycling as part of their portfolio strategy, with a focus on timing and market conditions [66][67]