Summary of Conference Call Company and Industry Overview - The conference was held by State-Taiwan Security International, focusing on the company's performance and business development in 2024 [1] - The global economy is experiencing a downturn, with geopolitical uncertainties and global trade friction affecting the Hong Kong capital market [1] Key Financial Performance - The Hengsheng Technology Index increased by 18.7% year-on-year, with a daily trading volume of Hong Kong stocks rising by over 25% [2] - The total amount of IPO financing in the Hong Kong stock market reached 87.5 billion Hong Kong dollars, growing nearly 90% in 2023 [2] - The company's total assets at the end of 2024 were 1,301.73 billion yuan, up 21% from the end of 2023 [3][13] - The company achieved a tax return of 73%, with profits maintained since the last report [3] Revenue Breakdown - The company's income rose across all sectors, with commission and cost-benefit income reaching 8.72 billion Hong Kong dollars, a 26% increase [3] - Internal revenue increased by 28% to 23.14 billion Hong Kong dollars, driven by a market opportunity to increase holdings in high-quality fixed income securities [4] - Interest income from fixed income securities surged by 188% to 5.53 billion Hong Kong dollars [4] - Wealth management distribution revenue was 19.19 billion Hong Kong dollars, accounting for 43% of total revenue, benefiting from the recovery in Hong Kong stock trading volume [5] Business Development and Strategy - The company is focusing on enhancing its service capabilities, particularly in cross-border financial services and digital wealth management [8][9] - The company has launched a new app, offering 120 different funds and structured products [8][9] - The company is actively involved in the IPO market, with a rich pipeline of projects expected to grow significantly compared to the previous year [10] Cost Management and Financial Health - The company has seen an increase in financing costs due to higher market interest rates, but is implementing measures to optimize financing channels and manage costs effectively [14][15] - The company maintains a healthy financial structure, with a bank credit balance of 38.68 billion Hong Kong dollars and a usage rate of 15% [6] Market Outlook and Future Plans - The management anticipates a bullish market in Hong Kong, driven by increased foreign investment and supportive government policies [23][24] - The company plans to leverage opportunities in high-rated, high-liquidity fixed income securities, with expectations of reduced financing costs as interest rates decline [20] - The focus will be on diversifying financial products and enhancing asset management capabilities to adapt to market changes [19][21] Additional Insights - The company has been recognized for its ESG efforts, achieving an MSCI rating of A and maintaining its status as a signatory of the UN Global Compact [12] - The management emphasized the importance of investor returns, proposing a stable dividend policy with an annual payout ratio of 88% [7] This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, strategic direction, and market outlook.