Financial Performance - The company's net profit reached HKD 213.4 million, an increase of 33% compared to HKD 160.4 million in the previous year[18]. - Total revenue decreased by 1% from HKD 9.07 billion to HKD 9.01 billion[22]. - The net asset value per share increased by 2.7% from HKD 14.6 to HKD 15.0[22]. - Earnings per share rose by 54% from HKD 0.319 to HKD 0.490[22]. - Distribution revenue totaled HKD 8.67 billion, a decline of 1% year-on-year[20]. - SiS Distribution (Thailand) contributed a classified profit of HKD 213.7 million, with a growth rate of 4.6%[20]. - The company recorded a fair value loss of HKD 127.6 million in the Hong Kong commercial property market[23]. - The retained earnings available for distribution to shareholders decreased from HKD 1,078,318,000 in 2023 to HKD 1,047,336,000 in 2024[162]. - The company’s total distributable reserves as of December 31, 2024, amounted to HKD 1,076,522,000[162]. - The company’s ability to declare dividends is contingent upon its operating performance and financial condition[163]. Assets and Liabilities - As of December 31, 2024, the total assets of the group amounted to HKD 8,530,115,000, with total equity of HKD 4,176,197,000 and total liabilities of HKD 4,353,918,000[31]. - The current ratio improved to approximately 1.26 as of December 31, 2024, compared to 1.08 as of December 31, 2023[31]. - Cash and bank deposits at the end of 2024 were HKD 1,438,647,000, an increase from HKD 1,284,363,000 in 2023[31]. - The debt-to-equity ratio decreased to 68% as of December 31, 2024, down from 78% in 2023[32]. Employee and Compensation - The number of employees increased to 1,233 as of December 31, 2024, compared to 1,160 in 2023[34]. - Total employee compensation and benefits for the year amounted to HKD 296,991,000, up from HKD 255,378,000 in 2023[34]. - The employee turnover rate for those under 30 years old is 21.6%, with male turnover at 18.2% and female turnover at 23.9%[113]. - In fiscal year 2024, approximately 54% of employees participated in career development-related training, with an average training time of 3.7 hours per employee[120]. - Average training hours by gender: Male employees received an average of 4.5 hours (61% trained), while female employees received 3.0 hours (49% trained)[125]. Corporate Governance - The board of directors consists of nine members, with five being female, reflecting a commitment to diversity[45]. - The audit committee held four meetings during the year ending December 31, 2024, reviewing the group's financial performance[48]. - The nomination committee met twice in the year ending 2024 to assess the independence of non-executive directors[52]. - The remuneration committee held two meetings during the year to review and determine the compensation for executive directors and senior management[53]. - The company has established a nomination policy effective from January 1, 2019, outlining the criteria for board member selection[41]. - The company recognizes the importance of a diverse board as a competitive advantage, considering various factors such as gender and professional experience[45]. - The audit committee is responsible for monitoring the integrity of financial statements before submission to the board[49]. - The company has appointed Deloitte as the external auditor, with fees for audit services amounting to HKD 5,290,000, tax advisory services at HKD 202,000, and other services totaling HKD 570,000, leading to a total of HKD 6,062,000 for the year ending December 31, 2024[61]. - The company has complied with the corporate governance code as per the listing rules for the year ending December 31, 2024[196]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[196]. Environmental, Social, and Governance (ESG) - The report covers the environmental, social, and governance (ESG) performance for the fiscal year 2024, from January 1, 2024, to December 31, 2024[73]. - The company has established an ESG governance framework, with the board responsible for overseeing significant ESG issues and performance[80]. - A comprehensive assessment of ESG components has been conducted to understand their importance to stakeholders and the company's operations[84]. - The report adheres to the guidelines set forth by the Hong Kong Stock Exchange for ESG reporting[74]. - The company aims to create long-term value for stakeholders while balancing environmental and social interests[80]. - The report includes measurable key performance indicators to evaluate the effectiveness of ESG policies and management systems[79]. - The company reported a total greenhouse gas emissions of 6,753 tons for the fiscal year 2024, a decrease from 9,923 tons in fiscal year 2023, reflecting a reduction of approximately 32.8%[95]. - Energy consumption for the fiscal year 2024 was 14,106,000 kWh, down from 17,370,000 kWh in fiscal year 2023, indicating a reduction of about 18.5%[97]. - Water usage decreased to 180,782 cubic meters in fiscal year 2024 from 241,882 cubic meters in fiscal year 2023, representing a reduction of approximately 25.3%[97]. - The company maintained zero direct greenhouse gas emissions (Scope 1) from fuel consumption during the reporting period[94]. - Indirect emissions (Scope 2) were recorded at 6,689 tons in fiscal year 2024, down from 9,881 tons in fiscal year 2023, marking a reduction of about 32.2%[95]. - The company has implemented energy systems in its iconic building in Japan to save energy and reduce greenhouse gas emissions, setting an example for other organizations[100]. - The company is committed to sustainable practices, including the recycling of electronic equipment under the Hong Kong WEEE Producer Responsibility Scheme[101]. - The company plans to continue reviewing and developing its ESG policies and goals to improve its ESG performance in the future[89]. - The company has identified key climate-related risks and their potential financial impacts, including increased compliance costs due to stricter environmental regulations in Hong Kong and Japan[105]. Strategic Initiatives - The group plans to expand its distribution business and optimize its capital structure to drive long-term growth[26]. - The management demonstrated resilience and adaptability in response to ongoing global challenges, preparing for sustained performance[26]. - The company aims to enhance operational resilience by diversifying its supply chain and strengthening infrastructure against extreme weather events[108]. - The company plans to expand its range of environmentally friendly products in response to increasing customer demand for sustainable technology[105]. - The company has implemented energy-efficient measures to reduce operational costs and improve business efficiency[108]. Shareholder Information - The company reported a final dividend of HKD 0.02 per share, totaling HKD 5,559,000 for shareholders registered on July 4, 2025[152]. - The company has not entered into any equity-linked agreements during the fiscal year[161]. - The company’s main business includes investment trading and holding, as well as providing corporate management services[150]. - The company’s financial performance and risks faced during the year are detailed in the management discussion and analysis section of the annual report[153]. - The company’s investment properties and related assets are detailed in the financial statements as of December 31, 2024[157]. Compliance and Legal - The company has adhered to relevant laws and regulations, including Bermuda law and the Hong Kong Companies Ordinance[197]. - There were no purchases, sales, or redemptions of the company's listed securities during the year[198]. - The company maintained sufficient public float throughout the year ending December 31, 2024[199]. - No significant events affecting the group occurred after the year-end date and until the date of this report[200].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 3,488,094, a decrease of 5.5% compared to RMB 3,690,536 in 2023[7]. - Gross profit for 2024 was RMB 861,672, down 5.2% from RMB 909,382 in 2023[7]. - Operating loss increased by 19.7% to RMB 376,141 in 2024 from RMB 314,242 in 2023[7]. - Net loss for the year was RMB 491,390, representing a 50.1% increase from RMB 327,344 in 2023[7]. - The adjusted net loss (non-IFRS measure) for 2024 was RMB 116,093, an increase of 54.6% from RMB 75,100 in 2023[7]. - Total revenue for the year ended December 31, 2024, was RMB 3,488.1 million, a decrease of 5.5% year-on-year due to strategic transformation impacting value-added solutions in both inpatient and outpatient segments[22]. - Net loss for the reporting period was RMB 491.4 million, an increase of 50.1% year-on-year, primarily due to impairment losses related to assets of certain subsidiaries proposed for sale[22]. - Revenue for the fiscal year ending December 31, 2024, is projected to decrease by 5.5% to approximately RMB 3,488.1 million from RMB 3,690.5 million for the fiscal year ending December 31, 2023[50]. - Total loss for the fiscal year ending December 31, 2024, is projected to increase by 50.1% to approximately RMB 491.4 million, up from RMB 327.3 million for the fiscal year ending December 31, 2023[64]. Business Operations and Developments - The company has installed chronic disease management SaaS in over 2,700 hospitals, covering more than 40% of the top 100 hospitals in China[10]. - As of December 31, 2024, the company has installed pharmacy SaaS in over 242,650 pharmacies, achieving a penetration rate of over one-third of total pharmacies in China[11]. - The company issued over 1 billion online prescriptions through its internet hospitals, with a peak of over 1 million prescriptions per day in the last quarter of 2024[11]. - The company has developed two vertical models, ClouD GPT and ClouD DTx, enhancing accuracy and application capabilities in patient interaction and medical research[11]. - The company achieved an average of over 724,000 effective online prescriptions per day in 2024, continuing to serve more chronic disease patients[22]. - The company entered a licensing agreement to develop and market an injectable product for pulmonary arterial hypertension, expected to meet significant clinical demand in China[18][20]. - The company plans to focus on high-value AI-driven P2M solutions, optimizing resource allocation and improving cash flow in the short term[16]. - The strategic transformation aims to enhance the efficiency of the healthcare ecosystem and provide quality, affordable medical services and products[13]. - The company updated its revenue classification to better reflect business development, merging previous categories into inpatient and outpatient solutions[21]. Revenue Streams and Market Position - Subscription solution revenue, primarily from precision marketing services, decreased to RMB 281.9 million, a decline of 39.7% from RMB 467.2 million in the previous year[26][29]. - P2M solution revenue surged to RMB 286.0 million, marking a significant increase of 182.4% compared to RMB 101.2 million in the previous year[26][29]. - Revenue from the outpatient subscription solutions business line was RMB 57.3 million, a decrease of 3.0% from the previous year due to market competition[35]. - Revenue from the outpatient value-added solutions business line was RMB 591.7 million, down 1.3% year-over-year, as the strategic focus shifted to P2M solutions[35]. - The newly added P2M solutions business line generated revenue of RMB 34.4 million during the reporting period[35]. Employee and Compensation Information - The total number of employees as of December 31, 2024, was 1,218, with 408 in Hangzhou, 130 in Shanghai, and 680 in other offices in China[78]. - The total personnel-related costs for the year ended December 31, 2024, were approximately RMB 842.6 million, down from RMB 1,007.9 million for the year ended December 31, 2023[79]. - The cost for full-time employees for the year ended December 31, 2024, was approximately RMB 504.4 million, compared to RMB 629.4 million for the previous year[79]. - The company is committed to maintaining competitive and fair compensation, with total employee costs reflecting ongoing adjustments based on market research[79]. - The company has implemented various stock incentive plans to motivate employees and enhance performance[80]. Corporate Governance and Management - The company has a strong management team with diverse backgrounds in finance, technology, and healthcare, enhancing its strategic decision-making capabilities[160]. - The management team emphasizes the importance of independent judgment and oversight in corporate governance, as demonstrated by the roles of independent directors[155]. - The company is committed to maintaining high standards of corporate governance and compliance with listing rules[165]. - The independent auditor, KPMG, has audited the consolidated financial statements and is eligible for reappointment at the upcoming annual general meeting[144]. Shareholder Information and Equity - As of December 31, 2024, the total number of shares issued by the company is 587,038,219[167]. - Mr. Kuang holds 135,841,185 shares, representing 23.14% of the company's equity[167]. - Major shareholder Hang Tai Trust (Hong Kong) Limited holds 94,874,998 shares, representing 16.16%[171]. - The company has adopted three share plans, including pre-IPO equity incentive plans and post-IPO share reward plans[174]. - The total number of shares available for issuance under the pre-IPO equity incentive plan is capped at 25,440,160 shares, representing approximately 4.38% of the weighted average number of shares issued by the company from January 1, 2024, to December 31, 2024[175]. Risks and Regulatory Compliance - Risks associated with the contractual arrangements include potential penalties from the Chinese government if agreements are deemed non-compliant with laws[100]. - The company is closely monitoring regulatory developments in China to mitigate risks related to contractual arrangements[101]. - The company relies on its Chinese subsidiaries for dividend payments to meet cash and funding needs, which could impact business operations if restricted[100]. - Any failure by Hangzhou Kangming or registered shareholders to fulfill their contractual obligations could significantly adversely affect the company's business[100].

Financial Performance - Revenue for 2024 reached RMB 21,909,641, an increase of 8.0% compared to RMB 20,277,944 in 2023[15] - Gross profit decreased by 9.8% to RMB 4,913,363, resulting in a gross margin of 22.4%, down from 26.9% in 2023[15] - Net profit fell by 41.9% to RMB 1,067,986, with a profit margin of 5.0%, down from 9.5% in the previous year[15] - The net profit attributable to the parent company was RMB 1,101.6 million, a decrease of 42.9% compared to the previous year[26] - International sales revenue reached RMB 8,169.7 million, marking a 28.4% year-on-year growth, with logistics equipment international revenue increasing by 25.8% and mining equipment international revenue by 27.5%[27] - Basic earnings per share decreased by 44.8% to RMB 0.32, while diluted earnings per share fell by 42.3% to RMB 0.30[15] - The gross profit margin for 2024 was approximately 22.4%, down 4.5 percentage points from 26.9% in 2023[37] - Other income and gains increased by approximately 14.0% to RMB 815.5 million in 2024, primarily due to increased government subsidies and the sale of SANY Robotics[35] - The sales cost for 2024 was approximately RMB 16,996.3 million, reflecting a 14.6% increase from RMB 14,830.9 million in 2023[36] - The group's profit margin before tax for the year ended December 31, 2024, was approximately 6.5%, a decrease of about 4.6 percentage points from approximately 11.1% for the year ended December 31, 2023, mainly due to goodwill impairment losses of approximately RMB 470.4 million in the oil and gas equipment business[48] Assets and Equity - Total assets increased by 17.1% to RMB 40,927,728, while total equity rose by 5.5% to RMB 12,175,260[15] - As of December 31, 2024, the group's total current assets were approximately RMB 26,227.1 million, up from RMB 20,778.3 million as of December 31, 2023[51] - The group's accounts receivable and notes receivable amounted to approximately RMB 12,823.7 million as of December 31, 2024, an increase of about 15.7% from approximately RMB 11,082.6 million as of December 31, 2023, primarily due to increased sales revenue[52] - The group's cash and cash equivalents, along with term deposits maturing in three months or more, totaled approximately RMB 5,339.5 million as of December 31, 2024[54] - The group has cash and bank balances in foreign currencies equivalent to approximately RMB 2,904.8 million as of December 31, 2024, and will monitor and hedge significant currency risks as necessary[62] Operational Highlights - The first overseas self-operated factory in Indonesia commenced production, with an expected annual capacity of 2,000 units[17] - A new 175-ton grab machine was successfully delivered, offering double the efficiency and half the energy consumption compared to traditional models[18] - High-end fracturing equipment was delivered to Kazakhstan, marking entry into unconventional oil and gas exploration in Central Asia[19] - The company launched its first 300-ton hybrid mining truck, SET320S, showcasing advancements in green mining equipment technology[21] - The company completed its first LNG project, achieving a processing capacity of 2.4 million cubic meters of natural gas per day, demonstrating industry-leading capabilities in LNG solutions[22] - The company’s unmanned mining trucks operated a total of nearly 5 million kilometers, producing approximately 15 million cubic meters with an efficiency rate exceeding 95%[23] - The company delivered the world's largest wind-solar coupled green hydrogen ammonia synthesis project, expected to reduce CO2 emissions by 650,000 tons annually[24] - The company’s new energy segment, including SANY Silicon Energy and SANY Hydrogen Energy, saw significant growth, with SANY Hydrogen Energy's new orders increasing by 200% year-on-year[28] Strategic Initiatives - The company is focusing on digitalization, low-carbon initiatives, and global expansion to enhance product offerings and service quality[7] - The company plans to continue investing in core business areas and aims to achieve leading positions in both mining and logistics equipment sectors while expanding its presence in the photovoltaic energy storage industry[28] - The company anticipates a compound annual growth rate of 20% for overseas mining equipment in the coming years[33] - The company aims to achieve a revenue target of RMB 50 billion and a gross profit margin of 24% by 2027, although these targets may not be guaranteed[33] - The company is actively promoting green, intelligent, and sustainable products and services globally, aligning with its low-carbon development strategy[63] Governance and Management - The company has a strong governance structure with multiple independent non-executive directors serving on various committees, including audit, remuneration, and ESG committees[76][78][84] - The company has a diverse board with members holding advanced degrees in management, economics, and accounting, contributing to its strategic decision-making[78][85] - The company has established a comprehensive management system to enhance corporate governance and operational efficiency[63] - The company has a strong management team with extensive experience in engineering and technology management, contributing to its strategic initiatives[69] - The appointment of the first female director, Ms. Zhou Lan, in December 2024 marks a significant step towards enhancing gender diversity on the board[63] Employee and Community Engagement - The company emphasizes employee development and satisfaction, conducting multiple employee satisfaction surveys annually in mainland China to gather feedback for improving work efficiency and atmosphere[158] - The company has implemented stock option plans in 2019 and 2023 to reward employees for their contributions to growth and development[158] - The company has a commitment to ESG initiatives, with several board members actively participating in the ESG committee since February 20, 2023[76][78] Shareholder Information - The company reported a final dividend of HKD 0.29 per share, totaling approximately HKD 932 million based on 3,213,890,505 shares as of February 28, 2025[97] - The company aims to balance shareholder expectations with prudent capital management through a sustainable dividend policy[96] - The company has not issued any shareholder waivers or consents for dividends[100] - Major shareholders include SANY Hong Kong with 2,568,818,722 shares, representing 79.93% of the voting shares[177] - Liang Wengen holds 2,579,688,722 shares, accounting for 80.27% of the voting shares[177] Risks and Challenges - The company faces risks related to reliance on the Chinese economy, fluctuations in raw material prices, and dependency on third-party suppliers[11] - The company has several subsidiaries in China that benefit from government incentives for product development, but future access to these incentives is uncertain, which may adversely affect its business and financial performance[156]

Financial Performance - The company's gaming net revenue for 2024 reached HKD 26,846 million, a 33.8% increase from HKD 20,059 million in 2023[10]. - Adjusted EBITDA for the group was HKD 3,764 million, up 117.9% from HKD 1,727 million in 2023[10]. - The company reported a profit attributable to owners of HKD 3 million, recovering from a loss of HKD 2,010 million in 2023[10]. - Total net revenue increased by 33.0% from HKD 21,623 million in 2023 to HKD 28,769 million in 2024[29]. - Adjusted EBITDA rose by 117.9% from HKD 1,727 million in 2023 to HKD 3,764 million in 2024, with an adjusted EBITDA margin of 13.1%[29][30]. - Gaming revenue (gross gaming revenue) increased by 35.9% from HKD 21,204 million in 2023 to HKD 28,824 million in 2024[30]. - The total revenue for the new Lisboa reached HKD 7,839 million in 2024, a 36.4% increase from HKD 5,746 million in 2023[34]. - Non-gaming revenue from food and beverage, shopping centers, and others increased by 20.3% to HKD 611 million in 2024[31]. - The adjusted property EBITDA for the new Lisboa increased by 58.0% to HKD 2,094 million in 2024[34]. - The total electronic gaming revenue rose by 91.9% to HKD 21,086 million in 2024[31]. Market Position and Expansion - The overall market share of the group increased from 11.9% in 2023 to 13.1% in 2024, with the gaming revenue from self-promoted casinos rising by 43.6% to HKD 18,000 million[15]. - The company plans to expand its non-gaming investments in Macau to further enhance its market position[15]. - The company is actively promoting sports tourism, hosting major events such as the Macau Golf Open and the Macau Grand Prix to enhance Macau's international reputation[21]. - The company aims to strengthen the "Lisboa" brand's visibility in key Asian markets, including South Korea, Japan, and Thailand, through strategic partnerships[23]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[65]. Visitor and Occupancy Statistics - The number of visitors to Macau increased by 23.6% to 34.93 million, with mainland visitors accounting for 70.1% of the total[14]. - The occupancy rate of the Grand Lisboa increased by 14.4% to 97.0%, while the average room rate decreased by 9.9% to HKD 1,191[11]. - The average occupancy rate for hotels reached 97.0% in 2024, up from 82.6% in 2023, representing a 14.4 percentage point increase[31]. - The Palazzo Versace Macau, with 271 rooms, opened in March 2024, achieving an average occupancy rate of over 96% since its launch, contributing to revenue growth for the overall resort[37]. Strategic Projects and Developments - Palazzo Versace Macau opened in March 2024, marking the brand's first hotel project in Asia, with 271 rooms designed to enhance the overall service experience[17]. - The company opened the "Golden Pavilion" project in Macau, successfully merging urban cultural heritage with modern lifestyle experiences, aiming to attract more young consumers[18]. - The company plans to enhance its conference and exhibition capabilities by adding two new venues at the "Grand Lisboa" in 2025, increasing the resort's event hosting capacity by 132%[20]. - The company is planning significant renovations at the "New Lisboa" hotel, increasing room capacity by over 10% and adding new multifunctional meeting rooms and banquet halls[20]. - The group plans to invest in the revitalization of the historical district in Macau, with the "Golden Pavilion" project set to open in January 2025, aiming to attract younger consumers and enhance foot traffic in the area[38]. Financial Management and Investments - The total cash and undrawn revolving credit facilities reached HKD 7,600 million as of December 31, 2024[15]. - As of December 31, 2024, the group had a bank balance and cash of HKD 2.208 billion, a decrease of 37.7% from HKD 3.542 billion on December 31, 2023, primarily due to loan repayments[42]. - The total outstanding bank loan balance as of December 31, 2024, was HKD 13.499 billion, down from HKD 15.236 billion on December 31, 2023[42]. - The group's capital expenditure commitments as of December 31, 2024, amounted to HKD 760 million, an increase from HKD 427 million on December 31, 2023, with HKD 631 million allocated for government tender projects in Macau[44]. - The group's debt-to-asset ratio at the end of the reporting period was 51.1%, slightly down from 52.2% on December 31, 2023[43]. Corporate Governance and Compliance - The board of directors includes independent non-executive members with extensive experience in various industries[67]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all relevant provisions[181]. - The board consists of 9 members, with 56% being executive directors, 11% non-executive directors, and 33% independent non-executive directors[187]. - The board has established mechanisms to ensure independent viewpoints are expressed, including annual meetings with independent non-executive directors[188]. - The company encourages independent professional advice for directors to fulfill their responsibilities[189]. Sustainability and Environmental Initiatives - The company has implemented various environmental measures, including LED lighting and electronic processes to reduce paper usage[172]. - The hotel section of the integrated resort has received LEED Silver certification for energy and environmental design[172]. - The company submitted a carbon emissions report for its Hong Kong office in 2024 as part of its commitment to sustainability[173]. - The company has engaged an external consultant to review its sustainability governance structure and policies, aiming for compliance with the new ESG reporting code effective from January 1, 2025[174]. - The company has established a Sustainability Steering Committee, primarily composed of senior executives, to oversee sustainability and climate-related matters[182]. Shareholder and Stock Options Information - The company has a total of 7,101,805,366 shares issued, with key shareholders holding significant stakes[153]. - Major shareholder Macau Leisure Entertainment holds approximately 61.91% of the issued shares, with 3,892,610,855 shares owned[160]. - A total of 477,085,000 stock options were granted under the plan before the completion of the rights issue on September 21, 2022, with 299,765,000 options exercised, generating total proceeds of HKD 2,023,951,490[91]. - The total number of stock options unexercised as of December 31, 2024, is 118,994,700, with 4,815,000 options expected to be exercised[93]. - The company has a strict policy regarding the minimum holding period before exercising stock options, which is set at six months[90].

Financial Performance - Total revenue for the year decreased by approximately 0.2% to RMB 1,846,700,000 from RMB 1,850,710,000 in the previous year[9] - Gross profit increased by about 0.8% to approximately RMB 505,040,000 compared to RMB 500,920,000 in 2023[9] - Profit attributable to equity holders of the parent increased by approximately 8.7% to around RMB 41,910,000 from RMB 38,550,000 in 2023[9] - Total revenue for automotive structural and decorative parts was approximately RMB 1,476,310,000, accounting for about 79.9% of total revenue, with a gross margin increase from 28.3% to 29.1%[18] - Revenue from molds and tools was approximately RMB 145,172,000, representing about 7.9% of total revenue, with a gross margin increase from 17.6% to 20.1%[19] - Revenue from air conditioning and heating components was approximately RMB 135,272,000, accounting for about 7.3% of total revenue, with a gross margin decrease from 23.5% to 16.9%[20] - Other income and gains increased by approximately 70.7% to about RMB 47,759,000, primarily due to increased government subsidies and VAT benefits[21] - Operating cash flow generated a net amount of approximately RMB 355,544,000, compared to RMB 190,905,000 in the previous year[29] - The company's cash and cash equivalents amounted to approximately RMB 161,143,000, an increase from RMB 112,219,000 in the previous year[29] - Administrative expenses increased by approximately 9.7% to RMB 334,153,000 from RMB 304,716,000 in the previous year[23] - Financing income decreased by approximately 70.7% to RMB 1,465,000 from RMB 4,994,000 in the previous year[25] - The company reported a net loss from financial assets impairment of RMB 30,078,000 in 2024, down from RMB 39,064,000 in 2023, a decrease of 23.1%[197] - The company reported a profit of RMB 41,909,000 for the year, compared to RMB 38,550,000 in the previous year, showing an increase of 6.1%[195] Market and Industry Trends - The automotive industry in China produced over 31.28 million vehicles and sold over 31.43 million vehicles in 2024, representing increases of approximately 3.7% and 4.5% respectively[13] - The production and sales of new energy vehicles in China reached 4.93 million and 4.94 million units respectively in 2024, with a year-on-year growth of 30.1% and 32.0%, capturing a market share of 35.2%[41] - The company expects total sales of new energy vehicles in China to reach 11.5 million units in 2024, representing a growth of approximately 20% compared to the previous year[41] - The overall automotive market demand may be influenced by global and regional economic conditions, disposable income, interest rates, fuel prices, and government policies, which could lead to pressure on vehicle prices and adversely affect sales and profitability[119] Strategic Initiatives - The company aims to enhance its market share and profitability through cost-saving measures and strengthening R&D capabilities[9] - The company is actively seeking acquisition opportunities to increase market share and diversify revenue sources[9] - The company plans to enhance its production layout and establish a new manufacturing facility in Mexico to support global business development and attract overseas orders[42] - The company aims to expand cooperation with traditional automotive brands and develop lightweight new products using high-performance plastics to replace metal components[42] - The company will focus on improving its product mix to better meet the needs of automotive brand customers and strengthen collaboration[42] - The company emphasizes cost management to achieve better profitability as the industry recovers[42] Corporate Governance - The board consists of 11 members, including 2 executive directors, 4 non-executive directors, and 5 independent non-executive directors, with a total of 4 board meetings and 1 annual general meeting held during the year[51] - The chairman and CEO roles are separated as per the corporate governance code, ensuring distinct leadership[50] - The board is responsible for reporting to shareholders, implementing resolutions, and determining the company's business and investment plans, as well as annual budgets and dividend proposals[52] - All directors participated in continuous professional development programs to enhance their knowledge and skills, ensuring informed contributions to the board[56] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, focusing on transparency and accountability to shareholders[49] - The board members have diverse industry knowledge and experience, contributing to effective governance and strategic planning[52] - The company is committed to regular reviews and improvements of its corporate governance practices to maximize shareholder returns[49] - Non-executive directors are appointed for a specified term and must retire at least every three years, ensuring regular rotation and fresh perspectives[55] - The company provides independent professional advice to directors as needed, with costs covered by the company[53] - The board meetings and committee meetings are documented in detail, ensuring transparency in decision-making processes[53] - The company has established an Audit Committee to oversee financial reporting and risk management, consisting of three independent non-executive directors[62] - The Audit Committee reviewed the audited annual results for the year ending December 31, 2023, and the unaudited interim results for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[63] - The company has appointed four independent non-executive directors, meeting the requirement of one-third of the board[60] - The Remuneration Committee has held two meetings this year to determine the remuneration packages for all executive directors and senior management[65] - The company has three senior management members earning between RMB 0 to 1,000,000 for the year ending December 31, 2024[68] - The Nomination Committee has reviewed the structure and composition of the board and made recommendations for appropriate director candidates[68] - The company’s governance structure includes a clear separation of roles between the Chairman and the CEO, although currently held by the same individual[58] - The Audit Committee members have all attended 100% of their meetings this year, demonstrating strong oversight[64] - The company is committed to maintaining effective risk management and internal control systems as part of its governance practices[63] - The independent non-executive directors provide critical independent judgment and oversight of the company's performance and strategy[60] - The company has appointed Ms. He Yongxin as the company secretary, who has completed over 15 hours of professional training in accordance with listing rules[70] Employee and Social Responsibility - The total employee cost for the year is approximately RMB 312,659,000, up from RMB 297,182,000 in 2023, primarily due to an increase in average employee salaries[38] - The total number of employees has increased to 3,519 as of December 31, 2024, compared to 3,025 in 2023[38] - The company has established a strong focus on employee welfare and safety, with no reported strikes or fatal accidents during the year[123] - The company has a strong focus on environmental, social, and governance (ESG) factors, which are integrated into its operational strategies[116] Risk Management - The company closely monitors government policies and regulations to mitigate risks associated with compliance and operational disruptions[121] - The company faces risks related to the short product lifecycle trends in the automotive industry, including rapid updates in vehicle styles and continuous technological upgrades[118] - The company has established strict internal structures to prevent insider trading and conflicts of interest[72] - The board has established a risk management and internal control system, which is reviewed annually for effectiveness, ensuring reasonable assurance against significant misstatements or losses[72] Shareholder Relations - The company prioritizes cash dividends of approximately 10% to 15% of annual profits, with decisions made by the board based on financial performance and other factors[100] - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting within two months of their application[85] - The company emphasizes the importance of clear and timely communication with shareholders to build investor confidence and attract new investors[92] - The board will regularly review the nomination policy to ensure diversity and effectiveness in selecting candidates for board positions[84] - The company encourages shareholders to access information via its website to reduce environmental impact and improve communication efficiency[97] - The board may declare special dividends at its discretion, in addition to regular dividends[100] - The company has reviewed its shareholder communication policy for the year ending December 31, 2024, and found it to be effective[99] - The company has established a robust investor relations framework, supported by its CFO, who has over 22 years of experience in financial management and corporate financing[111] Corporate Structure and Share Options - The company has not made significant changes to its organizational documents during the year[91] - The 2011 Share Option Scheme allows for a maximum of 80,000,000 shares to be issued, which is capped at 10% of the shares issued at the time of listing[146] - No share options were granted, exercised, or cancelled under the 2011 Share Option Scheme during the year[147] - The 2021 Share Option Scheme was approved on June 2, 2021, and is valid for ten years to incentivize selected participants[149] - The company has not issued any share options under the 2011 Share Option Scheme as of the report date, with 0 shares available for issuance[148] - The total number of shares that can be issued upon the exercise of options under the 2021 Share Option Scheme is capped at 176,919,380 shares, representing 10% of the issued shares as of the approval date[150] - No options were granted, exercised, lapsed, or cancelled under the 2021 Share Option Scheme during the year, with the total number of shares available for issuance being zero, which is 0% of the weighted average number of relevant class shares issued during the year[152] - Major shareholder Huayou Holdings owns 1,320,000,000 shares, accounting for approximately 74.61% of the issued shares[154] - The remaining term of the 2021 Share Option Scheme is six years, with options vesting over a minimum period of twelve months[152] - The company has maintained appropriate liability insurance for its directors and executives throughout the year[139] - There are no interests or short positions held by directors or the CEO in the company's shares or related securities as of December 31, 2024[143] - The company has not entered into any arrangements that would allow directors and the CEO to hold any interests in the company's shares or related securities[144] - The company has confirmed that all controlling shareholders have complied with non-competition commitments[160] - The company has adopted a competitive yet not excessive remuneration policy for directors, aimed at attracting and retaining qualified individuals to achieve strategic goals[164] - The remuneration of directors is recommended by the remuneration committee and approved by the board, based on the group's operating performance and market statistics[165] - The group contributes a certain percentage of employees' basic salary and allowances to the Central Pension Scheme in mainland China, with no forfeited contributions reported for the years ending December 31, 2023, and December 31, 2024[166] - The company maintains a public float of at least 25% of its issued shares as required by listing rules[168]

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Financial Performance - The company reported revenue of RMB 866.7 million for the year ending December 31, 2024, representing a 13.4% increase compared to RMB 764.4 million in 2023[12]. - The gross profit for 2024 was RMB 234.6 million, compared to RMB 218.9 million in 2023, indicating a recovery in profitability[10]. - The company recorded a loss before tax of RMB 93.5 million for 2024, an improvement from a loss of RMB 104.8 million in 2023[10]. - The net loss for the year ended December 31, 2024, was RMB 93.5 million, a decrease from a net loss of RMB 104.8 million for the year ended December 31, 2023, primarily due to increased sales through convenience stores and e-commerce channels[17]. - The group recorded continuous revenue growth for four consecutive years leading up to December 31, 2024, indicating a recovery in consumer demand for leisure food products post-COVID-19[47]. - The company reported a basic and diluted loss per share of RMB 0.53 for 2024, compared to RMB 0.79 in 2023, reflecting a reduction in loss per share[194]. Revenue Growth Drivers - Sales of jelly products, confectionery, and other snacks increased by 14.1%, 8.2%, and 54.6% respectively, contributing to overall revenue growth[12]. - The group's revenue for the year ended December 31, 2024, increased by approximately 13.4% to RMB 866.7 million, driven by sales growth in jelly products, confectionery, and other snacks[16]. - Revenue from jelly products increased by approximately 14.1% to RMB 759.2 million for the year ended December 31, 2024[19]. - Revenue from other snacks increased by approximately 54.6% to RMB 12.5 million, driven by strong sales through convenience stores and e-commerce channels[22]. Asset and Liability Management - Total assets decreased to RMB 793.8 million in 2024 from RMB 810.9 million in 2023, reflecting a continued decline in asset values[11]. - Total equity fell to RMB 214.5 million in 2024 from RMB 222.6 million in 2023, indicating a decrease in shareholder value[11]. - The company’s total liabilities were RMB 579.3 million in 2024, slightly down from RMB 588.3 million in 2023[11]. - Current liabilities exceeded current assets by approximately RMB 124,469,000 as of December 31, 2024[179]. Operational Efficiency - Operating loss decreased to RMB 73,259,000 in 2024 from RMB 82,058,000 in 2023, indicating improved operational efficiency[194]. - Trade receivables decreased significantly to RMB 165,489,000 in 2024 from RMB 238,741,000 in 2023, indicating improved collection efforts[196]. - The number of distributors decreased by 40.3% to 435 as of December 31, 2024, due to a strict evaluation of sales performance and financial status of distributors[18]. Sales and Marketing Strategies - The company has expanded new sales channels, including sales through major snack chain convenience stores and e-commerce on platforms like Douyin, positively impacting sales recovery post-COVID-19[12]. - The management is optimistic about the recovery of consumer sentiment in China, which is expected to further boost sales in the upcoming periods[12]. - The company aims to continue leveraging new sales channels to enhance market presence and drive future growth[12]. Cost Management - Sales and distribution expenses increased by approximately 53.5% to RMB 168.6 million, attributed to higher logistics service frequency and increased advertising costs in e-commerce channels[24]. - Administrative expenses rose by approximately 16.3% to RMB 115.3 million, mainly due to the expansion of the snack chain convenience store operations team and inflation-related cost increases[25]. Capital Expenditures - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, mainly for upgrading production lines at various manufacturing plants[17]. - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, primarily for upgrading production lines[30]. Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code for the year ending December 31, 2024, with no deviations reported[68]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[73]. - The roles of the Chairman and the CEO are held by different individuals to maintain independence and balanced judgment[76]. - The company has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific areas of governance[75]. Risk Management - The company has established a risk management framework to identify, assess, and manage significant risks, with senior management conducting annual risk assessments[107]. - The audit committee reviews the effectiveness of the risk management and internal control systems at least once a year, covering all major control measures[107]. - The company acknowledges operational risks due to internal processes and external events, with ongoing assessments to manage these risks[51]. Employee and Gender Diversity - As of December 31, 2024, the group had approximately 860 employees, a decrease from about 1,200 employees in 2023, with total salary expenses amounting to RMB 113.7 million for the year[44]. - The company has a gender diversity ratio of 52.7% male and 47.3% female among its total employees, including senior management[96]. - The company continues to promote gender diversity through recruitment and development opportunities for female employees[96]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to strengthen investor relations and enhance understanding of business performance and strategy[113]. - The annual general meeting for the year ending December 31, 2024, is scheduled for June 19, 2025[113]. - The company has adopted a dividend policy aimed at allowing shareholders to participate in profits while retaining sufficient reserves for future growth[120].

Financial Performance - The group's consolidated revenue for the three months ended March 31, 2025, was approximately HKD 759.06 million, a decrease of 56.4% compared to HKD 1.74 billion for the same period in 2024[5]. - The group recorded a loss attributable to equity holders of approximately HKD 153.98 million, an increase of 54.4% from a loss of HKD 99.75 million in the same period last year[5]. - The fair value loss on investment properties was HKD 4.83 million, a significant decline of 2683.4% compared to a gain of HKD 0.19 million in the previous year[4]. - Total assets decreased by 1.4% to HKD 40.01 billion from HKD 40.56 billion as of December 31, 2024[4]. - Equity attributable to equity holders decreased by 3.9% to HKD 3.42 billion from HKD 3.56 billion as of December 31, 2024[4]. - The net asset value per share was HKD 2.00, down 3.8% from HKD 2.08[4]. - The decrease in revenue was primarily due to a reduction in the total floor area of properties sold during the review period[5]. Property Development and Management - The group has several ongoing projects, including residential and commercial developments in Shenzhen, Guangzhou, and other cities, with various completion timelines[6]. - The Guangzhou project "粤海雲港城" is currently for sale, with a total floor area of approximately 726,990 square meters, expected to be completed by 2028[6]. - The group is actively managing its property portfolio and exploring new development opportunities to enhance future revenue streams[6]. - The total signed and delivered floor area for the period was approximately 49,000 square meters and 47,000 square meters respectively, compared to 58,000 square meters and 79,000 square meters in the previous period[8]. - As of March 31, 2025, the group held completed unsold properties valued at approximately HKD 12.138 billion and properties under development valued at approximately HKD 13.413 billion, totaling about HKD 25.551 billion[10]. - The sales amount for properties that have been signed and paid for but not yet delivered was approximately HKD 10.135 billion, an increase from HKD 9.386 billion as of December 31, 2024[10]. Project Status and Delivery Rates - The Guangzhou Yuehai Yun Port City project has completed the filing for all properties on Lot 11, while construction is ongoing for the basement and main structure on Lot 4[9]. - The total area of properties signed in Shenzhen Yuehai City (Northwest Plot) was 114,986 square meters, with a delivery rate of 91.5%[7]. - The Guangzhou Yuehai Shigui Mansion achieved a signing rate of 97.6% for its total area of 2,764 square meters[7]. - The total area of properties signed in Foshan Yuehai Shigui Mansion was 146,382 square meters, with a delivery rate of 70.2%[7]. - The Zhuhai Yuehai Shigui Mansion's first phase has completed the filing, and the main structure of non-first phase properties has been capped[9]. - The total area of properties signed in Jiangmen Yuehai City was 119,334 square meters, with a delivery rate of 89.8%[7]. - The Huizhou Yuehai Shigui Mansion's main structure has been capped, and it is currently undergoing finishing work[9].

Financial Performance - The group's revenue from continuing operations for the year was approximately HKD 437.6 million, a decrease of about HKD 16.1 million or 3.5% compared to HKD 453.7 million in the previous year[7]. - Gross profit from continuing operations decreased by approximately HKD 15.4 million or 26% to about HKD 43.8 million, with a gross margin of 10.0%, down 3.0% from the previous year[7][8]. - The group recorded a loss of approximately HKD 17.8 million for the year, a decrease of about HKD 1.3 million or 6.8% compared to a loss of HKD 19.1 million in the previous year[8]. - Basic and diluted loss per share for the year was HKD 0.0301, compared to HKD 0.0332 in the previous year[8]. - The company recorded a pre-tax loss from continuing operations of approximately HKD 20.9 million, an increase of about HKD 13.4 million or 180% compared to the previous year[24]. - The total annual loss was approximately HKD 17.8 million, a decrease of about HKD 1.3 million or 6.8% from the previous year[25]. Asset and Liability Management - The group's current assets net value was approximately HKD 106.0 million, with a current ratio of 2.7 times, reflecting sufficient financial resources[8]. - Current assets decreased by approximately HKD 34.9 million or 17.1% to HKD 168.8 million, mainly driven by a decline in inventory from HKD 3.3 million to HKD 0.5 million and contract assets from HKD 7.7 million to HKD 1.3 million[29]. - Cash and cash equivalents stood at approximately HKD 81.8 million, with a current ratio of 131.0%, indicating strong capability to cover current liabilities[29]. - Current liabilities decreased by approximately HKD 22.3 million or 26.3% to HKD 62.4 million, with trade and other payables at HKD 57.3 million, down from HKD 67.5 million[30]. - Non-current liabilities decreased by approximately HKD 1.1 million or 14.0% to HKD 7.0 million, primarily due to a reduction in lease liabilities from HKD 2.5 million to HKD 1.2 million[31]. - Total equity decreased by approximately HKD 31.6 million or 17.3% to HKD 151.4 million, with reserves declining from HKD 176.6 million to HKD 145.9 million[32]. Cost Management - Selling and administrative expenses decreased by approximately HKD 7.3 million or 11% to about HKD 59.6 million, mainly due to reduced employee costs and effective cost control measures[7]. - The company plans to continue strict cost control measures to address uncertainties in the business environment[15]. - The total employee cost for the year was approximately HKD 82.5 million, down from HKD 93.3 million in the previous year, reflecting a decrease of about 11.6%[53]. - As of December 31, 2024, the company had 206 employees, a reduction from 243 employees in 2023, indicating a decrease of approximately 15.2%[53]. Strategic Initiatives - The company established two non-binding letters of intent and a memorandum of understanding related to potential strategic cooperation in the low-altitude economy by the end of 2024[10]. - The company will explore opportunities to launch new projects and engage in new transactions to create economic value for shareholders[11]. - The company is actively seeking to expand new business opportunities to deliver higher returns to shareholders[52]. - The company plans to continue developing systems related to Web 3.0 and public transportation sectors, aiming to explore new opportunities and business prospects[52]. Governance and Management - The management team has extensive experience, with the CEO having over 28 years in the information and communication technology industry[58]. - The company emphasizes continuous learning and provides regular technical and on-the-job training to enhance employee skills and knowledge[54]. - The company is committed to high standards of corporate governance to maximize shareholder wealth and ensure transparency and accountability[68]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[73]. - The company has appointed independent non-executive directors with extensive experience in finance and technology, enhancing governance and oversight[62][63][64]. Risk Management - The company identified key risks including the ability to maintain existing customer relationships and secure new contracts in a competitive environment[142]. - The company confirmed its responsibility for the effectiveness of risk management and internal control systems, which are designed to manage rather than eliminate risks[112]. - The company has implemented procedures to ensure strict prohibition of unauthorized access and use of insider information[113]. Shareholder Engagement - The company did not recommend a final dividend for the year, consistent with the previous year[139]. - The company has complied with relevant laws and regulations that significantly impact its business operations during the year[145]. - The company has established a whistleblowing policy and system for employees and business associates to report misconduct confidentially and anonymously[114]. Financial Transactions - The company completed a share placement on August 24, 2023, raising approximately HKD 51.70 million, with the net proceeds allocated as follows: HKD 15 million for debt repayment, HKD 32.70 million for exploring business opportunities and investing in new technologies, and HKD 4 million for operational funding[195]. - The company entered into a convertible bond subscription agreement on June 7, 2024, with a total principal amount of HKD 2 million, convertible at HKD 0.50 per share, with an annual interest rate of 8%[196]. - The estimated net proceeds from the convertible bond subscription, after expenses, are approximately HKD 1.90 million, intended for the operation and business expansion of a potential acquisition[199].

Acme International Holdings Limited 益 美 國 際 控 股 有 限公司 Stock Code (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） 股份代號：1870 ANNUAL REPORT 2024 年報 Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Highlights | 4 | | 財務摘要 | | | Chairman's Statement | 5 | | 主席報告 | | | Management Discussion and Analysis | 8 | | 管理層討論及分析 | | | Biographical Details of Directors and Senior Management | 17 | | 董事及高級管理層的履歷詳情 | | | Corporate Governance Report | 26 | | 企業管治報告 | ...