Financial Performance - The company reported a consolidated profit of $111 million for the fiscal year 2024, representing a 15% increase compared to the previous year[111]. - The company provided a revenue guidance of $150 million for the next fiscal year, indicating a projected growth of 10%[111]. - For the year ended December 31, 2024, the Group's total revenue was approximately RMB1.73 billion, a decrease of 80.8% from approximately RMB9.04 billion in 2023[95]. - The gross profit for the Group was approximately RMB312 million, with a gross profit margin of approximately 18.1%, compared to RMB1.11 billion and 12.3% in 2023[95]. - The Group recognized revenue from property sales of approximately RMB1.34 billion, down 84.5% from approximately RMB8.62 billion in 2023, with an average selling price in China of approximately RMB13,527 per sq.m. compared to RMB20,366 per sq.m. in 2023[96]. - The Group incurred a net loss of approximately RMB1.51 billion for the year, compared to a net loss of approximately RMB863 million in 2023, mainly due to the disposal of equity interests in Landsea Homes[112]. Market Expansion and Strategy - User data showed a growth of 20% in active users, reaching a total of 1.2 million by the end of 2024[111]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2026[111]. - New product launches included two innovative green building solutions, expected to contribute an additional $30 million in revenue[111]. - The company aims to reduce carbon emissions by 30% by 2025 as part of its sustainability strategy[111]. - The company actively expanded various projects focusing on Project Management Services to achieve revenue diversification[79]. Corporate Governance and Management Changes - The board of directors underwent significant changes, with three new appointments effective from December 2024[111]. - Mr. Xie Cilong was appointed as an independent non-executive Director on June 21, 2024, bringing extensive experience in fund management and business investment[58]. - Ms. Li Rong was appointed as an independent non-executive Director on February 28, 2025, with a background in management and finance from Fudan University and China Construction Bank[59]. - The company meets the requirements under Rules 3.28 and 8.17 of the Listing Rules, ensuring compliance in corporate governance[70]. Sales and Project Performance - The contracted sales of China Real Estate for 2024 amounted to approximately RMB 5.83 billion, a decrease of 44.5% compared to RMB 10.52 billion in 2023[81]. - The total saleable area of newly acquired projects in Wuxi and Lishui was 397,000 sq.m., with a saleable value of approximately RMB 10.62 billion[80]. - The average selling price for contracted sales was RMB 24,620 per sq.m., with a total contracted sales area of 30,293 sq.m.[84]. - Landsea achieved over 80% sales in just 1.5 hours for the Landsea Poetry Clouds project, making it the top new project in Wuxi for transaction amount in the first half of 2024[43]. - The first phase of Dongyang Landsea • Hupan Yundi project achieved over 80% sales in its initial launch, winning the triple crown of sales amount, sales area, and number of units sold in September 2024[44]. Debt and Financial Obligations - As of December 31, 2024, the Group's cash and cash equivalents amounted to approximately RMB616 million, down from approximately RMB1.09 billion in 2023[113]. - The Group's total indebtedness decreased to approximately RMB2.81 billion from approximately RMB7.21 billion as of December 31, 2023, primarily due to the deconsolidation of Landsea Homes[118][122]. - The proportion of short-term debts increased to approximately 47.4% as of December 31, 2024, from approximately 27.3% as of December 31, 2023[118][122]. - The Group recorded book exchange gains of approximately RMB42 million as of December 31, 2024, compared to exchange losses of approximately RMB49 million in 2023[126][129]. - The Group has overdue secured borrowings totaling approximately RMB 511 million, including loans from other financial institutions of about RMB 451 million and bank borrowings of approximately RMB 60 million[168]. Awards and Recognition - Landsea was recognized as one of the "Top 30 Real Estate Enterprises in China" in multiple categories, including comprehensive capability and brand communication power in 2024[36]. - The Rungao Landsea • Shangxianli project won the Gold Award at the 2024 American TITAN Real Estate Awards for interior design[34]. - Landsea Poetry Clouds project received the Gold Award of the 2024 Muse Design Award for its resort-style yacht club space[36]. Future Outlook and Plans - The project management services segment is expected to contribute an additional contract value of around RMB 600 million and equity project cash inflows of RMB 300 million for the year ending December 31, 2025[175]. - The management believes the Group will have sufficient financial resources to continue as a going concern for the next 12 months[172]. - The Board believes that the plans formulated by management will generate sufficient funds to support operations and fulfill financial obligations for the year ending December 31, 2025[183][185].

樂華娛樂集團 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 董事及高級管理層 | 19 | | 環境 、社會及管治報告 | 24 | | 董事會報告 | 54 | | 企業管治報告 | 81 | | 獨立核數師報告 | 97 | | 綜合全面收益表 | 102 | | 綜合財務狀況表 | 104 | | 綜合權益變動表 | 106 | | 綜合現金流量表 | 108 | | 綜合財務報表附註 | 109 | | 財務概要 | 189 | | 釋義及詞彙 | 190 | 公司資料 董事 執行董事 杜華女士 （董事長兼首席執行官） 孫一丁先生 孫樂先生 非執行董事 孟鈞先生 姚璐女士（於2024年2月5日辭任） 獨立非執行董事 范輝先生 呂濤先生 黃九嶺先生 審核委員會 范輝先生 （主席） 呂濤先生 黃九嶺先生 薪酬委員會 呂濤先生 （主席） 孫一丁先生 黃九嶺先生 提名委員會 杜華女士 （主席） 呂濤先生 范輝先生 聯席公司秘書 張文勝先生 鍾明輝先生 授權代表 孫一丁先生 鍾明輝先生 註冊辦事處 Cricket Square, Hutchins Drive ...

| | 目錄 | | | --- | --- | --- | | 01 | 公司資料 | 2 | | | 主席致辭 | 4 | | 02 | 管理層討論與分析 | 6 | | 03 | 董事及高級管理層 | 12 | | | 董事會報告 | 17 | | 04 | 企業管治報告 | 32 | | | 環境、社會及管治報告 | 50 | | | 獨立核數師報告 | 92 | | 05 | 綜合損益及其他全面收益表 | 98 | | | 綜合財務狀況表 | 99 | | | 綜合權益變動表 | 101 | | | 綜合現金流量表 | 102 | | | 財務報表附註 | 103 | | 06 | 五年財務概要 | 161 | | | 釋義及技術詞彙表 | 162 | 年報 2024 力盟科技集團有限公司 公司資料 執行董事 李翔先生 余璐女士 獨立非執行董事 趙焱女士 公佩鉞先生 李國泰先生 審核委員會 李國泰先生 （主席） 趙焱女士 公佩鉞先生 薪酬委員會 公佩鉞先生 （主席） 余璐女士 趙焱女士 余璐女士 林穎芝女士， ACG、HKACG 授權代表 余璐女士 林穎芝女士， ACG、HKACG 核數師 畢馬威會 ...

Financial Performance - For the fiscal year 2024, RoboSense Technology Co., Ltd achieved total revenue of RMB 1.6489 billion, representing a significant year-on-year growth of approximately 47.2%[8] - Revenue for 2023 reached RMB 1,120,149 thousand, a significant increase from RMB 530,322 thousand in 2022, representing a growth of approximately 111%[21] - Total revenue increased by 47.2% from RMB 1,120.1 million for the year ended December 31, 2023, to RMB 1,648.9 million for the year ended December 31, 2024, primarily due to increased product sales[42] - Revenue from ADAS applications increased significantly by 71.8% from RMB 777.1 million in 2023 to RMB 1,335.3 million in 2024[1] - Revenue from lidar products for robotics and other industries grew by 6.4% from RMB 186.5 million in 2023 to RMB 198.5 million in 2024[1] - The adjusted net loss for 2024 was approximately RMB 395.6 million, a decrease of about 8.9 percentage points compared to the adjusted net loss of RMB 434.2 million in 2023[9] - Net loss decreased from RMB 4,330.97 million in 2023 to RMB 481.81 million in 2024[38] - Total operating loss improved from RMB 940.6 million in 2023 to RMB 584.2 million in 2024[38] Product Sales and Market Expansion - The company sold approximately 544,200 units of LiDAR, a year-on-year increase of 109.6%, with 519,800 units specifically for ADAS applications, marking a 113.9% increase[8] - The company launched a cost-effective LiDAR product, MX, priced under $200, which has secured partnerships with multiple automotive manufacturers[12] - As of March 31, 2025, RoboSense has established close collaborations with 30 global automotive manufacturers and first-tier suppliers, with over 100 designated vehicle models[13] - The company has expanded its international market presence, securing partnerships with 8 overseas and joint venture brands, covering Europe, North America, and the Asia-Pacific region[14] - RoboSense's L3/L4 ADAS and Robotaxi commercialization is accelerating, with multiple LiDAR units per vehicle becoming a trend in the market[15] - The company has signed formal mass production agreements with 6 major global Robotaxi and Robotruck manufacturers[15] - The company has served over 2,800 clients in the robotics and non-automotive sectors by the end of 2024, establishing partnerships with major clients in industrial warehousing and autonomous delivery[16] Research and Development - Investment in innovative business areas amounted to approximately RMB 250 million, accounting for 41% of the total R&D expenses, an increase of about RMB 130 million from 2023[9] - Research and development expenses for 2023 were RMB 635,112 thousand, reflecting a continued investment in innovation despite a slight decrease from RMB 615,434 thousand projected for 2024[21] - Research and development expenses were RMB 615.4 million in 2024, slightly decreased from RMB 635.1 million in 2023[38] - The company plans to launch the Active Camera platform product AC1 in March 2025, integrating LiDAR, cameras, and IMU for enhanced robotics applications[18] - The company plans to launch a series of digital lidar products targeting the robotics market, including the Robo-FSD solution for autonomous movement[29] Financial Position and Cash Flow - The total assets of the company as of December 31, 2023, were RMB 3,271,453 thousand, with total liabilities amounting to RMB 12,341,292 thousand[24] - Cash and cash equivalents, restricted cash, and time deposits increased from RMB 1,835.5 million as of December 31, 2023, to RMB 2,841.2 million as of December 31, 2024[64] - Total bank borrowings amounted to RMB 149.4 million as of December 31, 2024[66] - Current ratio improved significantly from 23.1% as of December 31, 2023, to 399.9% as of December 31, 2024, due to the conversion of preferred shares to ordinary shares[69] - The company maintains sufficient cash and cash equivalents to manage liquidity risk effectively[103] Employee and Corporate Governance - The total number of employees as of December 31, 2024, is 1,534, with total employee benefits during the reporting period amounting to RMB 707.6 million[76] - The company has established a comprehensive employee training and development system to enhance employee knowledge and expertise in key business areas[76] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[200] - The company is committed to compliance with all relevant regulations regarding related party transactions as stipulated in the listing rules[137] - The company has adopted the principles and code provisions of the corporate governance code as the basis for its corporate governance practices[193] Shareholder and Equity Incentives - The stock incentive plan allows for a maximum issuance of 19,480,630 shares, representing approximately 4.13% of the total issued shares as of the report date[142] - A total of 216,607 restricted stock units were granted to eligible participants on July 5, 2024, with a vesting period of 12 months, set to vest on July 5, 2025[156] - The total number of restricted stock units granted during the reporting period was 216,607, with 9,760 units canceled or forfeited[157] - The company has the authority to terminate, amend, or modify the share incentive plan as necessary, subject to applicable laws and regulations[153] Risks and Compliance - The company faces significant risks including ongoing net losses and potential cash flow issues, which may impact future growth[95] - The company is exposed to foreign exchange risks primarily related to the fluctuation between the RMB and USD[98] - The company has not engaged in hedging activities during the reporting period to manage financial risks[97] - There were no significant violations of applicable laws and regulations that had a major impact on the company's business and operations during the reporting period[122]

目 錄 | 2 | 董事會報告 | | --- | --- | | 9 | 行政總裁報告 | | 30 | 董事簡介 | | 33 | 高級管理層簡介 | | 34 | 企業管治報告 | | 55 | 企業社會責任報告 | | 75 | 獨立核數師報告 | | 81 | 綜合損益表 | | 83 | 綜合損益及其他全面收入表 | | 84 | 綜合財務狀況表 | | 86 | 綜合權益變動表 | | 87 | 綜合現金流量表 | | 89 | 綜合財務報表附註 | | | 156 物業詳情 | | | 157 五年財務摘要 | | | 158 公司資料 | 董事會報告 董事提呈安寧控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）截至二零二四年十二月三十一日止財政年度之董事會報 告及經審核綜合財務報表。 主要業務 本公司之主要業務為投資控股及證券買賣。附屬公司之主要業務為零售時裝及飾物、投資控股及證券買賣。 於二零二四年六月十六日，本集團終止經營渡假中心及俱樂部業務，有關更多詳情載於財務報表附註17。 業務回顧 第 9 至 29頁之「行政總裁報告」提供本集團營運之中肯審視、主要績效指標之財務分析、未來前 ...

Financial Performance - InnoCare Pharma reported a revenue of $150 million for the fiscal year 2024, representing a 25% increase compared to the previous year[1]. - InnoCare Pharma anticipates a revenue guidance of $200 million for the next fiscal year, reflecting a projected growth rate of 33%[1]. - The company reported a net loss of $10 million for the fiscal year, which is an improvement from a net loss of $15 million in the previous year[1]. - InnoCare Pharma's gross margin improved to 60%, up from 55% in the prior year, indicating better cost management and pricing strategies[1]. - Total revenue increased by 36.7% from RMB 738.5 million in 2023 to RMB 1,009.4 million in 2024, driven by strong sales growth of the drug Oubatinib[46]. - Gross profit rose by 42.8% from RMB 610.1 million in 2023 to RMB 871.0 million in 2024, with a gross margin of 86.3%, up 3.7 percentage points from 82.6% in 2023[46]. - The net loss for the year decreased by 29.9% from RMB 645.6 million in 2023 to RMB 452.9 million in 2024[48]. - Adjusted net loss for the year was RMB 430.8 million in 2024, compared to RMB 490.7 million in 2023, after excluding certain non-cash items[49]. Research and Development - The company is actively developing three new drug candidates, with clinical trials expected to commence in Q2 2024[1]. - InnoCare Pharma has invested $20 million in R&D for innovative therapies, focusing on unmet medical needs in oncology and autoimmune diseases[1]. - The company is conducting over 30 ongoing global trials across various clinical stages, indicating a strong commitment to research and development[17]. - The company is committed to developing high-quality innovative drugs and expanding its pipeline to meet the growing global demand for innovative therapies[57]. - The company is actively developing a range of innovative oral therapies for autoimmune diseases, including small molecules and oral cyclic peptides[36]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, with a budget of $50 million allocated for this purpose[1]. - The company aims to enhance value through excellence in clinical trials, accelerated product development, and improved operational efficiency despite global market volatility[51]. Product Development and Pipeline - The company has established strategic partnerships with two leading biotech firms to accelerate the development of its pipeline products[1]. - The monoclonal antibody, Tisagenlecleucel, is expected to receive Biologics License Application (BLA) approval in the first half of 2025[18]. - The company aims to establish itself as a leader in the hematology field, focusing on significant diseases such as Non-Hodgkin Lymphoma (NHL) and leukemia[18]. - The company has a robust pipeline of innovative high-value assets, including two commercialized products[17]. - The company is committed to leveraging both monotherapy and combination therapy to address major diseases effectively[18]. - The company plans to submit an IND application for ICP-B794 in the first half of 2025, further advancing its pipeline in solid tumor therapies[42]. - The company is expanding its pipeline through internal R&D and strategic collaborations, focusing on complementary assets that enhance clinical development and commercialization capabilities[67]. Clinical Trials and Approvals - The NDA for first-line CLL/SLL treatment with ibrutinib has been accepted by the CDE, with approval expected within the year[23]. - The combination therapy of tazemetostat and lenalidomide has received priority review from the NMPA, with BLA approval expected in the first half of 2025[23]. - The company is conducting a study for ICP-490 in NHL, with the first patient expected to be enrolled by March 2025[25]. - The company is conducting a Phase IIb trial for Socitinib (ICP-332) in ITP patients, with a registration trial initiated in China in H1 2023[65]. - The company plans to submit an NDA for Orelabrutinib in SLE by H1 2026, following positive results from a Phase IIa trial[64]. - The company plans to submit an NDA application for ITP treatment in the first half of 2026[129]. Market Expansion and Strategy - InnoCare Pharma plans to expand its market presence in Europe and North America, targeting a 15% market share in these regions by 2025[1]. - The company is exploring strategic partnerships to accelerate global reach and enhance regulatory and clinical capabilities in key markets[55]. - The strategic partnership with Prolium for the development and commercialization of ICP-B02 marks a key step in expanding international influence[62]. - The company has established a large molecule CMC pilot facility in Beijing for early clinical supplies and is constructing a new R&D center and large molecule production facility[182]. Financial Stability and Investments - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7.8 billion, providing flexibility for clinical development and investment in competitive product lines[48]. - The company has a cash balance of RMB 7.8 billion at year-end, providing financial stability and flexibility to navigate macroeconomic challenges[56]. - The company plans to issue up to 12,337,750 shares under the 2024 RMB share incentive plan to attract and retain talent[184]. Clinical Efficacy and Safety - ICP-248 has shown promising results in early-stage trials for CLL/SLL patients, with an overall response rate (ORR) of 100%, complete response rate (CRR) of 53.4%, and undetectable minimal residual disease (uMRD) rate of 46.2% after 12 weeks of treatment[22]. - The ORR for relapsed/refractory CLL/SLL patients treated with 125mg ICP-248 is 87.5%, with a CRR of 6.3%[26]. - The ORR for relapsed/refractory MCL patients treated with 125mg ICP-248 is 79.2%, with a CRR of 37.5%[26]. - The company is exploring the efficacy of ICP-488 in psoriasis patients and other autoimmune diseases, with patient recruitment for a Phase III trial initiated in March 2025[38]. - The company has successfully completed patient recruitment for a Phase II pivotal trial evaluating Tazemetostat combined with Lenalidomide, with results expected to be presented at the EHA 2024 conference[96].

Financial Performance - For the year ended December 31, 2024, the operating revenue reached HKD 31.387 billion, an increase of 27.2% compared to the previous year[13]. - Adjusted EBITDA for the same period reached a historical high of HKD 9.058 billion, up 25.2% year-over-year[13]. - The profit attributable to the owners of the company was HKD 4.603 billion, a 74.5% increase compared to the previous year[13]. - Revenue for the last quarter reached $500 million, representing a 15% increase compared to the previous quarter[54]. - Future guidance indicates expected revenue growth of 20% for the next fiscal year, driven by market expansion strategies[54]. - The company reported a profit attributable to shareholders of HKD 4,603,408 thousand for the year ended December 31, 2024, compared to HKD 2,638,304 thousand in 2023, representing an increase of 74.5%[100]. - Adjusted EBITDA for the year ended December 31, 2024, was HKD 9,058,637 thousand, up from HKD 7,235,246 thousand in 2023, reflecting a growth of 25.2%[100]. Gaming Revenue - The overall gaming market share increased to a historical high of 15.8%, compared to 15.2% in 2023 and 9.5% in 2019[13]. - Total win from mass gaming tables increased by 33.6% to HKD 28.604 billion, with mass table bets rising by 16.0% and 25.9% at MGM Macau and MGM Cotai respectively[13]. - Total win from slot machines increased by 31.8% to HKD 2.223 billion, with slot machine bets rising by 26.0% and 35.8% at MGM Macau and MGM Cotai respectively[13]. - The company's mass market gaming business accounted for 88% of its gaming revenue for the year ending December 31, 2024[87]. - VIP gaming table turnover increased by 0.6% to HKD 336.685 billion, while total VIP gaming revenue rose by 2.3% to HKD 4.048 billion[110]. Visitor Statistics - In 2024, Macau welcomed 34.9 million visitors, a year-on-year increase of 24%[21]. - Total inbound visitors to Macau increased by 23.8% in 2024 compared to 2023, with mainland Chinese visitors rising by 28.6%[81]. - Daily gross gaming revenue grew by 29%, reaching 129% of pre-pandemic levels[21]. Non-Gaming Initiatives - Other revenues, including hotel rooms, dining, retail, and entertainment, increased by 43.4% to HKD 4.104 billion[13]. - The company organized 140 major events in 2024, enhancing its position as a cultural tourism leader[24]. - The opening of the Poly MGM Museum in Macau, covering 2,000 square meters, attracted over 500,000 visitors within three months of its launch[28]. - The show "Macau 2049," which combines cutting-edge technology with Chinese intangible cultural heritage, has drawn nearly 1,000 daily attendees and over 1.9 billion online views in mainland China since its premiere[29]. - The company plans to enhance its non-gaming offerings, including the launch of the Poly MGM Museum and the first resident show "Macau 2049" in 2024[78]. Corporate Governance and Leadership - The company has a strong focus on governance, with a board that includes members with diverse backgrounds in finance, law, and operations[40]. - MGM Resorts International continues to prioritize strategic growth and operational excellence in the competitive hospitality and gaming industry[35]. - The company is committed to maintaining high standards of corporate governance and compliance through its various committees[49]. - The leadership team has been instrumental in attracting professional sports teams to Las Vegas, enhancing the city's entertainment profile[35]. Strategic Growth and Market Expansion - MGM China aims to support Macau's diversification efforts and enhance its tourism offerings by aligning with global travel trends and launching innovative "tourism+" products[31]. - The company is actively pursuing new product development and technological advancements to enhance customer experience and operational efficiency[44]. - The company is focused on expanding its market presence and enhancing its operational strategies through experienced leadership in finance and governance[45]. - MGM China has committed to invest a total of MOP 19.7 billion (approximately HKD 19.1 billion) during the gaming license period, with MOP 18 billion (approximately HKD 17.5 billion) expected to be allocated to developing international customer markets and non-gaming projects, representing about 91% of the total investment[76]. Employee and Training Initiatives - MGM China provided over 1,345,000 hours of professional skills and certification training in 2024, averaging 101 hours per team member, emphasizing the importance of continuous professional development[30]. - The company employed 13,327 full-time and part-time employees as of December 31, 2024, an increase from 11,786 in 2023[172]. - The company has implemented performance-based incentive plans for management-level employees since 2011 to attract and retain a diverse and skilled workforce[172]. Risks and Challenges - The company faces significant competition in the gaming and hospitality sectors, particularly in Macau and other regions, which may intensify with new developments[176]. - Economic downturns and uncertainties significantly impact the company's business, particularly consumer discretionary spending and corporate travel expenditures[178]. - The group faces credit risk when providing credit to customers, especially from jurisdictions where gambling debts may not be enforceable[186]. - Cybersecurity threats pose a risk to the integrity of customer and company data, which could result in severe data loss and damage to the group's reputation[197]. Financial Obligations and Debt Management - Cash and cash equivalents were HKD 5.3144 billion and undrawn unsecured credit facilities were HKD 11.89 billion as of December 31, 2024[127]. - The total borrowings amount to HKD 22.92 billion as of December 31, 2024, a decrease of 4.9% from HKD 24.10 billion in 2023[144]. - The company has issued unsecured senior notes totaling USD 1.5 billion, with interest payments due semi-annually[146]. - The company has entered into an unsecured revolving credit facility totaling HKD 9.75 billion, maturing on May 15, 2024, to meet operational funding needs and general corporate purposes[154].

年度報告 2024 Mulsanne Group Holding Limited 慕尚集團控股有限公司 目 2 公司介紹 3 公司資料 4 主席報告書 6 管理層討論與分析 15 董事及高級管理層履歷詳情 20 董事會報告 35 企業管治報告 47 獨立核數師報告 53 綜合損益及其他全面收益表 55 綜合財務狀況表 57 綜合權益變動表 59 綜合現金流量表 61 財務報表附註 144 五年財務概要 公司介紹 年報 2024 Mulsanne Group Holding Limited 慕尚集團控股有限公司 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 1817 錄 Annual Report 公司資料 董事會 執行董事 余勇先生 （首席執行官） 慕 尚 集 團 控 股 有 限 公 司（「本公司」、「慕尚」或「我 們」，連同附屬公司為「本集團」）是總部設於中國的 領先時尚男裝公司，同時覆蓋中性時裝領域。憑藉我 們對時裝行業的經驗及執行能力，我們優化品牌，把 握未來市場機遇。我們的創始人於2007年首次推出旗 艦品牌GXG，而我們於2010年推出gxg jeans，迎合不 同的男裝風格。於2020年，我 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was $5,867,000, a decrease of 2.8% compared to $6,039,000 in 2023[10]. - The company recorded a pre-tax loss of $1,756,000 for the year, a decrease of $1,876,000 from a pre-tax profit of $120,000 in 2023[10]. - The net loss after tax for the year was $1,060,000, compared to a profit of $451,000 in 2023, resulting in a basic loss per share of $0.15[10]. - The gross profit margin for the year turned to 62.1%[10]. Liquidity and Financial Health - The company maintained a current ratio of 5.4, up from 3.8 in 2023, reflecting a total current asset value of $12,384,000 against current liabilities of $2,310,000[12]. - The company had cash and cash equivalents of $8,651,000 as of December 31, 2024, down from $9,858,000 in 2023[12]. - The company continues to adopt a conservative policy in resource allocation, maintaining a low level of debt ratio[11]. Corporate Governance - The board of directors consists of five executive directors and three independent non-executive directors, ensuring compliance with listing rules[25]. - The company held four board meetings during the year, adhering to the requirement of at least four meetings annually[28]. - Independent non-executive directors confirmed their independence in accordance with listing rules, ensuring governance integrity[27]. - The roles of the chairman and the CEO are clearly separated to enhance accountability and governance[36]. - The chairman is responsible for leading the board and ensuring effective operation and decision-making[38]. - The company has established procedures for directors to seek independent professional advice at the company's expense[32]. - All directors are provided with appropriate insurance coverage for legal proceedings they may face[32]. - The company has implemented a structured approach to ensure all directors are adequately informed of current matters[37]. - The board meetings are documented with sufficient detail to record discussions and decisions made[30]. - The company ensures that all directors receive timely and complete information for board discussions[39]. - The company has established effective corporate governance practices, ensuring compliance with relevant guidelines[40]. - The board composition is balanced with a mix of executive and independent non-executive directors, promoting independent judgment[41]. - The nomination committee is composed entirely of independent non-executive directors, enhancing governance transparency[50]. - The company has a diversity policy for the board, ensuring no single-gender board composition and considering various factors for member selection[55]. - Independent non-executive directors are subject to re-election every three years, ensuring accountability[48]. - The company has implemented a formal and transparent process for appointing new directors, including succession planning[43]. - The nomination committee evaluates the independence of non-executive directors and recommends suitable candidates for the board[52]. - The company provides sufficient resources for the nomination committee to fulfill its responsibilities, including independent professional advice[54]. - The board regularly reviews its structure and composition to align with the company's strategic needs[41]. - The company has established effective communication channels with shareholders to convey their opinions to the board[40]. - The board appointed a new female director on March 28, 2024, aiming for gender diversity and balanced perspectives in strategic decision-making[57]. - The attendance rate for board meetings and committee meetings was satisfactory, with a total of 4 board meetings, 2 audit committee meetings, 2 remuneration committee meetings, and 2 nomination committee meetings held during the year[61]. - All directors participated in ongoing professional development to enhance their knowledge and skills, ensuring they contribute effectively to the board[70]. - Independent non-executive directors actively contributed to the company's affairs and attended shareholder meetings to address shareholder inquiries[78]. Employee and Environmental Policies - The company has adopted written guidelines for employee trading of the issuer's securities, ensuring compliance with the standard code of conduct[68]. - All newly appointed directors received comprehensive and formal onboarding to understand their responsibilities and the company's operations[63]. - The company provided various training types to directors, including regulatory updates and relevant business operations[71][72]. - The board ensures that adequate and timely information is provided to directors to facilitate informed decision-making[80]. - The company encourages female employees to participate in organizational activities and express their opinions in various employee groups[57]. - The board's commitment to gender diversity is reflected in its ongoing efforts to create an equitable work environment for all employees[57]. - The company has established a remuneration committee composed entirely of independent non-executive directors to review the remuneration of all directors annually[86]. - The remuneration committee has the authority to consult the chairman and/or CEO regarding the remuneration of other executive directors and may seek professional advice if necessary[87]. - The company has disclosed the remuneration ranges for senior management in its annual report, ensuring transparency in compensation practices[90]. - The board has provided monthly updates to all directors regarding the company's performance, condition, and prospects, facilitating informed decision-making[95]. - The company has conducted an annual review of its internal control systems, covering all significant monitoring aspects, including financial, operational, and compliance controls[102]. - The internal control system is designed to provide reasonable assurance against material misstatements or losses, ensuring the safeguarding of the company's assets[98]. - The board is responsible for evaluating the nature and extent of risks acceptable to the company in achieving strategic objectives[98]. - The company has committed to maintaining adequate resources and training for its accounting and financial reporting functions[101]. - The remuneration committee's terms of reference have been published on both the stock exchange and the company's website, enhancing accountability[90]. - The company aims to provide a balanced, clear, and comprehensive assessment of its performance and prospects in its annual report[99]. - The company engaged an independent professional firm to assist the board and audit committee in continuously monitoring the group's risk management and internal control systems[106]. - The audit committee held 2 meetings during the year to review financial performance and compliance procedures[111]. - The company has established clear guidelines for the delegation of management and administrative functions to ensure accountability[124]. - The board is responsible for setting the company's strategic development and monitoring management performance[124]. - The audit committee is tasked with ensuring fair and independent investigations of any misconduct issues[122]. - The company has disclosed the responsibilities and contributions of both the board and management appropriately[124]. - The audit committee's scope of work has been revised to cover the responsibilities outlined in the code[116]. - The company has confirmed the effectiveness of its financial reporting and compliance procedures[109]. - The board acknowledges its responsibility for the effectiveness of the risk management and internal control systems[108]. - The company has established procedures for handling and disclosing insider information[108]. - The board has established three committees with specific mandates: Audit Committee, Remuneration Committee, and Nomination Committee[126]. - The board is responsible for corporate governance duties, which include developing and reviewing governance policies and practices[131]. - The company has implemented a shareholder communication policy that is regularly reviewed for effectiveness[143]. - The company has a dividend distribution policy, details of which are disclosed in the annual report[144]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting within two months of submission[133]. - The company ensures that the chairman of the board and committee chairs attend the annual general meeting to address shareholder questions[141]. - The company has provided sufficient notice to shareholders prior to the annual general meeting, ensuring compliance with regulations[143]. - The board has a clear understanding of their powers and responsibilities, as documented in written terms of reference[129]. - Committees are required to report their work, results, and recommendations to the board[126]. - The company has established procedures for shareholders to propose candidates for directorships at the annual general meeting[137]. Environmental Performance - The company is one of the largest shoe manufacturers in China and has been listed in Hong Kong since 1996, emphasizing environmental protection and corporate governance[165]. - The company’s risk management and internal control systems are deemed effective, with annual reviews conducted by the board[158]. - The company secretary has undergone no less than 15 hours of professional training during the year to ensure compliance with governance practices[156]. - The company will propose a resolution for dividend distribution at the annual general meeting, subject to the board's assessment of financial conditions and reserves[145]. - The company has a nomination committee composed entirely of independent non-executive directors to review the board's structure and composition regularly[161]. - The company is committed to timely public disclosure of any inside information, ensuring that all material facts are presented clearly and fairly[160]. - The company has established a risk mitigation plan for significant risks identified by senior management at least once a year[157]. - The company’s articles of association have not changed for the fiscal year ending December 31, 2024[151]. - The company has not received any complaints regarding its environmental performance or faced any regulatory investigations in 2024[175]. - The main source of emissions for the company is electricity consumption, with a focus on adopting green power in line with China's carbon peak commitments[176]. - The company has implemented a "Waste Gas Emission and Control Guidelines" to monitor factory activities and strictly control waste gas emissions[178]. - The company is actively phasing out traditional industrial adhesives in favor of lower VOC alternatives to reduce emissions[180]. - The company has not been involved in any violations of local waste gas emission laws during the year[180]. - The company is committed to conducting a comprehensive climate risk assessment and implementing climate change adaptation and mitigation plans[177]. - The company has established internal environmental management policies focusing on waste management and energy efficiency[174]. - The company has identified key sources of waste gas emissions, including VOC emissions from various manufacturing processes[179]. - The company collaborates with local governments to reduce production during periods of severe air pollution[180]. - The company aims to create long-term value for investors while addressing key environmental challenges such as climate change[173]. - Total greenhouse gas emissions decreased from 980 tons CO2 equivalent in 2023 to 525 tons in 2024, representing a reduction of approximately 46.2%[195]. - Energy consumption decreased from 5,384 GJ in 2023 to 4,261 GJ in 2024, a reduction of about 21%[195]. - The energy density for 2024 was recorded at 201.75 kWh per $1,000 revenue, down from 366.67 kWh in 2023[191]. - The total hazardous waste generated increased from 0.95 tons in 2023 to 1.82 tons in 2024, an increase of approximately 91.6%[195]. - The total non-hazardous waste generated decreased from 2.46 tons in 2023 to 1.72 tons in 2024, a reduction of about 30%[195]. - Water consumption decreased significantly from 162,396 cubic meters in 2023 to 17,429 cubic meters in 2024, a reduction of approximately 89.3%[195]. - The wastewater generated dropped from 147,695 cubic meters in 2023 to 12,736 cubic meters in 2024, a decrease of about 91.4%[195]. - The company aims to reduce carbon emissions density by 5% annually starting from 2021[184]. - The company has set a target to reduce water consumption density by 5% per unit of production over the next five years[194]. - The company has implemented energy efficiency measures, aiming for a 5% reduction in energy consumption per unit of production over the next five years[191]. - The group's energy consumption and related greenhouse gas emissions are expected to decrease in 2024 compared to 2023, partly due to reduced production activities from decreased sales orders[198]. - The replacement of high-power water heaters in employee dormitories with low-power alternatives is projected to save approximately 3,000 kWh of electricity per month[198]. - The group is committed to monitoring water resource usage and implementing various measures to promote continuous water conservation improvements in 2024[198]. Employee Welfare - All employees receive compensation above the statutory minimum wage, with voluntary overtime capped at three hours per day, compensated at up to three times the normal wage[200]. - The group provides a range of paid leave options, including annual leave, bereavement leave, maternity leave, and sick leave, with management reviewing leave applications based on production schedules[200]. - Maternity allowances are provided to support employees during childbirth and recovery periods, ensuring compliance with relevant social welfare regulations in China[200]. - The group implements a reward and punishment system to recognize outstanding employees and impose disciplinary actions for serious misconduct, promoting a culture of accountability[200].

Financial Performance - Revenue for the fiscal year 2024 reached HKD 58,274 million, representing a 23% increase compared to the previous year[11] - Core operating profit was HKD 2,814 million, up 23% from HKD 2,288 million in 2023[25] - Shareholders' profit attributable to the company increased by 95% to HKD 1,542 million from HKD 791 million in 2023[11] - The company reported a net profit of HKD 1,613 million after tax, compared to HKD 1,442 million in 2023[25] - In 2024, the company's revenue grew by 23% to HKD 58.274 billion, compared to HKD 47.408 billion in 2023[35] - Core operating profit increased by 23% to HKD 2.725 billion, up from HKD 2.207 billion in the previous year[35] - Core net profit rose by 12% to HKD 1.357 billion, compared to HKD 1.214 billion in 2023[35] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.15 per share, reflecting a commitment to returning value to shareholders[11] - The company aims to distribute approximately 30% of its core net profit as dividends to shareholders at the end of each fiscal year, subject to board discretion and shareholder approval[141] Capital Expenditure and Investments - Capital expenditure for the year was HKD 5,862 million, focusing on investments in property, machinery, and equipment[22] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[11] - Future guidance indicates continued growth, with expectations for revenue to exceed HKD 60 billion in the next fiscal year[11] Logistics Operations - The logistics segment generated revenue of HKD 32,401 million, while the international freight segment contributed HKD 15,007 million[13] - The international freight segment experienced a 39% increase in profit, driven by growth in key markets including mainland China, the US, Hong Kong, and other Asian regions[41] - The integrated logistics segment's profit decreased by 3%, with a 12% decline in Hong Kong operations due to a sluggish local economy[36][38] Market Presence and Expansion - Total owned floor area across logistics facilities is approximately 30,000,000 square feet, with a significant portion being in China[26] - Kerry Siam Seaport has a total area of 6,366,192 square feet, with 84.92% owned by the company[26] - The company is leveraging its diverse market presence in Southeast Asia and South Asia to capture growth opportunities amid shifting investment focuses due to policy changes[49] Awards and Recognition - The group received a total of 163 awards, including corporate awards, industry awards, and recognitions from customers and business partners[62] - The group was recognized as the Outstanding Global Logistics Company and Outstanding Sustainable Development Logistics Company in the 2024 Hong Kong Economic Daily Corporate Awards[57] - The company achieved the Best Third-Party Logistics Service Provider award at the 2024 Asia Cargo Logistics and Supply Chain Awards[66] Governance and Corporate Structure - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[72] - The board consists of 11 members, including 3 executive directors and 8 non-executive directors, ensuring a diverse governance structure[86] - The company has established a comprehensive and transparent management structure to adapt to market changes and seize opportunities[77] Risk Management and Compliance - The company has not identified any significant deficiencies in the effectiveness of its risk management and internal control systems[131] - The Risk Management Committee continuously monitors the company's risk management system and reviews the effectiveness of financial, operational, and compliance controls[121] - The company has implemented a robust due diligence process for acquisitions to ensure proper integration of new members and mitigate operational risks[193] Sustainability and Corporate Responsibility - KLN plans to adopt renewable energy and electric long-haul trucks, supported by a HKD 1 billion sustainable development-linked loan to promote sustainability initiatives[45] - The company is committed to providing humanitarian aid and disaster logistics support globally, enhancing its brand value and corporate responsibility[32] - The company has received ISO 14001 international certification, reflecting its commitment to high environmental standards and sustainable practices[180] Employee and Talent Management - The group had approximately 18,700 employees as of December 31, 2024, a decrease from about 33,100 employees on December 31, 2023, primarily due to the completion of the KEX Express Thailand distribution[55] - The company has established a management trainee program to develop potential future leaders and reduce reliance on key personnel[194] - The company has received multiple awards for its employee welfare programs, including Gold for Excellence in Employee Care and Welfare[64] Technology and Innovation - The company aims to enhance its global information technology strategy, focusing on digitalization and artificial intelligence innovations to improve customer experience and streamline operations[169] - The company has appointed a new Chief Technology Officer to lead its global IT strategy and ensure data security while maximizing data value[169] Challenges and Future Outlook - The company anticipates facing new challenges in the global logistics industry due to macroeconomic and geopolitical uncertainties in the coming year[32] - The company is facing risks related to global political and economic uncertainties, which may hinder sustainable growth and lead to a decline in cargo volume[192] - The company anticipates ongoing supply chain disruptions in 2025 due to fluctuating international trade policies and potential new tariffs, which may create both challenges and opportunities[48]