Financial Performance - The company's operating revenue for Q1 2025 reached RMB 9.65 billion, representing a 20.96% increase compared to RMB 7.98 billion in the same period last year[14]. - Net profit attributable to shareholders was RMB 3.67 billion, up 89.06% from RMB 1.94 billion year-on-year[14]. - Basic earnings per share rose to RMB 1.29, a 92.54% increase from RMB 0.67 in the same period last year[14]. - The company reported a backlog of orders for ongoing operations amounting to RMB 52.33 billion, a year-on-year increase of 47.1%[24]. - The company reported a total comprehensive income of ¥3,833,942,277.47 for Q1 2025, compared to ¥1,745,131,836.43 in Q1 2024, an increase of approximately 119%[47]. Cash Flow and Assets - The net cash flow from operating activities increased by 41.57% to RMB 3.20 billion, compared to RMB 2.26 billion in the previous year[14]. - The company achieved a net cash flow from operating activities of RMB 4.16 billion, reflecting strong profit growth and stable cash inflow[22]. - Cash and cash equivalents increased to RMB 24.85 billion from RMB 18.32 billion, representing a significant rise of approximately 35.5%[39]. - The total assets at the end of the reporting period were RMB 84.51 billion, reflecting a 5.21% increase from RMB 80.33 billion at the end of the previous year[16]. - The total liabilities as of March 31, 2025, amounted to ¥21,733,326,335.92, slightly up from ¥21,240,210,773.18 as of December 31, 2024[41]. Business Segments and Growth - Revenue from the chemistry business (WuXi Chemistry) was RMB 73.9 billion, up 32.9% year-on-year, with over 460,000 new compounds synthesized in the past 12 months[24]. - The TIDES business (oligonucleotides and peptides) saw revenue growth of 187.6%, with a backlog increase of 105.5%[24]. - Revenue from the testing business (WuXi Testing) was RMB 12.9 billion, with a slight decline of 4.04% year-on-year due to market price factors[25]. - Revenue from the biology business (WuXi Biology) increased by 8.2%, supported by a strong pipeline and new customer acquisition[25]. - The company plans to expand its peptide production capacity, expecting the total volume of peptide solid-phase synthesis reactors to exceed 100,000L by the end of 2025[24]. Shareholder Information - The company reported a total of 243,477 common stock shareholders, with 243,419 being A-share holders and 58 H-share holders[35]. - The top ten shareholders collectively hold 56.4% of the shares, with HKSCC Nominees Limited being the largest shareholder at 13.40%[31]. - The company has a significant presence of foreign institutional investors, with multiple entities holding over 1% of the shares[31]. Research and Development - The company continues to enhance its CRDMO business model to improve research and development efficiency for clients[12]. - The company is committed to maintaining the highest international quality regulatory standards in its operations[12]. - Research and development expenses for Q1 2025 were ¥224,408,414.09, down from ¥306,402,572.33 in Q1 2024, a decrease of about 27%[45].

Financial Performance - The Group achieved moderate year-on-year growth in revenue, gross profit, and net profit during the financial year ended December 31, 2024[16]. - For the financial year ended December 31, 2024, the Group recorded a revenue of approximately HK$2,805,146,000, representing an increase of approximately 8.2% compared to the same period in 2023[27]. - The profit attributable to owners of the Company was approximately HK$247,522,000, reflecting an increase of approximately 5.3% compared to the previous year[27]. - The Group's gross profit for the year ended 31 December 2024 was approximately HK$1,027,997,000, with a gross profit margin of approximately 36.6%, an increase of approximately 0.7 percentage points from the previous year[86]. - The Group's operating profit for the year ended 31 December 2024 was approximately HK$315,190,000, compared to HK$213,644,000 for the previous year[1]. - The Group's total assets as of 31 December 2024 were approximately HK$1,067,981,000, while total liabilities were approximately HK$533,421,000[1]. - The total amount of inventories increased by 22.7% to approximately HK$339,513,000 as of December 31, 2024, compared to HK$276,691,000 in the previous year[100][102]. - The Group's profit attributable to owners was approximately HK$247,522,000 for the year ended December 31, 2024, reflecting a year-on-year growth of 5.3%[93]. Dividend and Shareholder Returns - The Board has recommended a dividend payment of HK10.0 cents per share for the year ended December 31, 2024[19]. - The Board proposed a dividend of HK$0.10 per share for the year ending December 31, 2024[1]. - The Company has recommended a final dividend of HK10.0 cents per share for the year ended 31 December 2024, compared to HK6.0 cents for the nine months ended 31 December 2023[166]. - The proposed final dividend is subject to approval at the forthcoming annual general meeting scheduled for 28 May 2025[167]. Operational Strategy - The management will focus on refining operational efficiency and strengthening cost control measures to enhance profitability[19]. - The Group continues to adopt a global procurement strategy to diversify product offerings and ensure product quality[16]. - The Group aims to maintain competitive pricing through a global procurement strategy while optimizing its product mix to meet customer demands[34]. - The Group's procurement network includes approximately 1,262 brands and around 3,653 SKUs from various global sources, primarily Europe, Japan, Korea, Vietnam, and Mainland China[43]. - The Group actively expanded its Business-to-Business (B2B) operations to diversify revenue streams[32]. - The management will closely monitor uncertain factors affecting business operations and adjust strategies accordingly to enhance market competitiveness[33]. Market Conditions - The Hong Kong retail market is expected to remain challenging, with the government implementing measures to attract tourists[17]. - The impact of external factors, such as rising global interest rates and geopolitical tensions, has affected economic recovery[16]. - Management remains cautiously optimistic about future business growth despite market uncertainties[17]. Community Engagement and Corporate Social Responsibility - The Group actively participates in community activities, including the Community Chest 55th Anniversary Walk for Millions, raising funds for social welfare organizations[64]. - Best Mart 360 hosted a Lunar New Year banquet for over 500 elderly residents, fostering community engagement[68]. - The Group distributed 400 goodie bags to elderly residents in Northern District stores, supporting those in need[70]. - The Group has received various social honors and recognitions for its charitable activities and commitment to quality service[72]. - The Group's commitment to corporate social responsibility is demonstrated through participation in the Caring Company Programme, promoting social development[75]. Retail Expansion - The total number of retail stores increased from 167 to 176 during the financial year, with one new store of the global gourmet brand "FoodVille" opened in Hong Kong[28]. - As of December 31, 2024, the Group operated a total of 176 retail stores, an increase of 9 stores from the previous year[50]. - The Group plans to achieve a net increase of 10 retail stores annually under its dual-brand model, focusing on "Best Mart 360º" and "FoodVille" in Hong Kong and Macau[111]. Employee and Management Structure - The total number of employees decreased to 1,230 as of December 31, 2024, from 1,322 in the previous year, with staff costs amounting to approximately HK$277,888,000, representing 9.9% of revenue[96][97]. - The Group's remuneration policy rewards employees based on performance, qualifications, and experience, with annual reviews conducted[150]. - The company continues to strengthen its leadership team with experienced professionals in key management positions[178][180][183][184]. Financial Management - The Group's liquidity and financial resources are deemed adequate to meet working capital requirements for the next twelve months[138]. - The Group's treasury management policies are conservative, avoiding highly leveraged or speculative derivative products[145]. - The effective interest rate on the Group's bank borrowings was 3.2% per annum for the year ended December 31, 2024[140]. Governance and Leadership - The Group's strategic planning includes expansion into new markets and potential acquisitions to drive growth[187]. - The appointments are part of the company's strategy to enhance governance and operational efficiency[178][180][183][184]. - Mr. Sze serves as chairman of the Remuneration Committee and a member of the Audit Committee[192]. Marketing and Customer Engagement - The Group's marketing activities, including the "Best Price" promotional campaign, successfully enhanced customer loyalty and attracted new customers[109]. - The Group launched a new three-tier membership scheme and a second-generation mobile app in mid-June 2020 to enhance customer loyalty and expand its customer base[104].

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 470.4 million, a decrease of about 0.3% compared to HKD 471.8 million in 2023[14] - The company reported a profit of approximately HKD 2.4 million for the year, compared to a loss of HKD 0.9 million in 2023, primarily due to reduced cost of goods sold and operating expenses[14] - The company has experienced a significant improvement in its financial performance, transitioning from a loss to a profit in the current fiscal year[14] - For the fiscal year ending December 31, 2024, the company's revenue decreased by approximately 0.3% to about HKD 470.4 million from HKD 471.8 million in the previous year[21] - The revenue generated from Shanghai-style restaurants increased by approximately HKD 39.6 million or about 21.4% to approximately HKD 224.5 million, primarily due to the opening of two new restaurants[24] - The revenue from Japanese restaurants decreased by approximately HKD 7.4 million or about 6.3% to approximately HKD 110.3 million, mainly due to the closure of a restaurant[25] - The revenue from Vietnamese restaurants decreased by approximately HKD 15.8 million or about 24.7% to approximately HKD 48.2 million, primarily due to the closure of a restaurant[26] - The revenue from Thai restaurants decreased by approximately HKD 15.9 million or about 30.1% to approximately HKD 36.9 million, attributed to a reduction in the number of operating restaurants[27] - The revenue from Italian restaurants decreased by approximately HKD 4.5 million or about 8.7% to approximately HKD 47.2 million, mainly due to a decline in sales at a specific restaurant[28] Assets and Liabilities - The total assets amounted to HKD 305.0 million, while total liabilities were HKD 234.2 million, resulting in a net asset value of HKD 70.8 million[11] - The total value of assets decreased from HKD 333.0 million in 2023 to HKD 305.0 million in 2024[11] - The company’s total liabilities decreased from HKD 261.7 million in 2023 to HKD 234.2 million in 2024[11] - The capital debt ratio improved to approximately 55.7% as of December 31, 2024, down from 71.5% as of December 31, 2023[46] Operational Strategy - The company operates thirteen restaurants in Hong Kong, including nine under its own brand and four under franchise agreements[14] - The strategy includes reducing the number of wholly-owned restaurants to focus on providing food management and franchising services, which is expected to enhance profitability and lower capital investment[14] - The company aims to achieve sustainable growth by balancing cost control and product quality through supply chain optimization and innovative cooking techniques[14] - Future plans involve further automation to reduce labor costs and improve cost efficiency[14] - The company is developing a new high-quality food series under the "家嘗菜" brand to diversify revenue sources and reduce reliance on traditional restaurant operations[18] - The company is committed to expanding its B2B2C platform "Shanghui" to enhance market presence and profitability while ensuring customer satisfaction[64] Employee and Operational Costs - Employee benefits expenses increased by approximately 2.3% from HKD 167.7 million for the year ending December 31, 2023, to HKD 171.5 million for the year ending December 31, 2024[31] - Depreciation and amortization expenses rose from approximately HKD 85.6 million for the year ending December 31, 2023, to HKD 89.2 million for the year ending December 31, 2024[32] - Rental expenses increased by approximately 19.4%, from HKD 9.8 million for the year ending December 31, 2023, to HKD 11.7 million for the year ending December 31, 2024[35] - The cost of goods sold was approximately HKD 119.7 million, accounting for about 25.6% of total revenue, a decrease from 26.7% in the previous year[30] Corporate Governance - The company has a diverse board with members holding qualifications in finance, law, and management[72] - The company is focused on regulatory compliance and maintaining high standards in corporate governance[75] - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with GEM listing rules regarding board composition[171] - The company has established four board committees, including the Audit Committee, Remuneration Committee, Nomination Committee, and Strategy Development Committee, to oversee specific aspects of its affairs[168] - The company has implemented a board diversity policy to enhance performance by considering various factors such as gender, age, cultural background, and professional experience in board composition[173] - The audit committee reviews financial reports and internal control systems, ensuring their adequacy and effectiveness[190] Legal and Compliance - There are no significant legal proceedings or arbitration involving the company as of December 31, 2024[62] - The company has adhered to all relevant laws and regulations, with no significant violations reported during the year[150] - The company confirmed compliance with GEM Listing Rules regarding related party transactions, with no additional disclosures required for the year ending December 31, 2024[147] Shareholder Information - The board does not recommend a final dividend for the year ending December 31, 2024[53] - As of December 31, 2024, Real Hero Ventures Limited holds 274,350,000 shares, representing approximately 71.45% of the company's total shares[118] - The company has maintained at least 25% of its issued shares held by the public, in compliance with GEM Listing Rules[159] Future Outlook - The company plans to continue cautiously expanding its business and exploring opportunities for opening and investing in new restaurants[51] - The company anticipates that the relocation and renovation will not cause significant disruption to its business operations or financial condition[137] - The renewal of the Shili Yangchang lease is expected to have a positive impact on the company's future development[138]

Financial Performance - Casino revenue for 2024 reached HKD 23,617,908, an increase of 23.1% from HKD 19,111,112 in 2023[10] - Adjusted EBITDA for 2024 was HKD 8,210,137, up 24% from HKD 6,621,025 in 2023[10] - Profit attributable to owners for 2024 was HKD 3,198,178, a significant increase of 172.5% compared to HKD 1,171,656 in 2023[10] - Basic earnings per share for 2024 were HKD 0.61, compared to HKD 0.22 in 2023, reflecting a growth of 177.3%[10] - Total operating revenue increased by 18.4% from HKD 24,268,142 in 2023 to HKD 28,740,421 in 2024[49] - Non-gaming revenue for 2024 was HKD 5.12 billion, accounting for 17.8% of total operating revenue, slightly down from HKD 5.16 billion (21.3%) in 2023[51] - Room revenue for 2024 was HKD 2.37 billion, relatively stable compared to HKD 2.44 billion in 2023[52] - Restaurant revenue increased by 19.1% to HKD 1.61 billion in 2024 from HKD 1.35 billion in 2023, driven by increased foot traffic and average bill amounts[55] - Retail and other revenue decreased by 16.5% to HKD 1.14 billion in 2024 from HKD 1.37 billion in 2023, primarily due to a decline in retail sales[55] - Operating costs increased by 13.8% to HKD 23.41 billion in 2024 from HKD 20.57 billion in 2023[59] - Financing income for 2024 was HKD 568.1 million, nearly unchanged from HKD 571.3 million in 2023[60] - Financing costs decreased by 4.4% to HKD 3.19 billion in 2024 from HKD 3.34 billion in 2023, attributed to lower average loan balances and interest rates[61] - Net profit attributable to the company's owners increased by 173.0% to HKD 3.20 billion in 2024 from HKD 1.17 billion in 2023[64] - The operating profit for 2024 was HKD 5,330.0 million, up from HKD 3,700.0 million in 2023, representing a growth of approximately 44.3%[74] Gaming Operations - WRM has obtained a 10-year gaming license from the Macau government, allowing operations from January 1, 2023, to December 31, 2032, at Wynn Palace and Wynn Macau[19] - WRM is required to pay a special gaming tax of 35% on gross gaming revenue and contribute up to 5% of gross gaming revenue annually for public welfare and infrastructure[22] - The gaming special tax rate is set at 35% of gross gaming revenue, with a special contribution of 5% also applicable[28] - The company adjusts its gaming table and slot machine mix in response to market demand and competition, which may impact profitability[36] - The company has been approved to operate a total of 570 gaming tables and 1,100 gaming machines in Macau[151] - The company has been approved for a total of 303 gaming tables at Wynn Palace and 257 at Wynn Macau, with the table mix subject to change based on market demand[151] - The company faces competition from 28 other casinos in Macau and potential new entrants from regions like Japan and Taiwan[32] - Macau's gaming revenue is projected to increase by 23.9% in 2024, reaching HKD 220.18 billion, up from HKD 177.73 billion in 2023[30] - The number of visitors to Macau is expected to rise by 23.8% in 2024 compared to 2023, indicating a strong recovery in tourism[33] Investment and Development - The total investment commitment by WRM over the 10-year license period is MOP 21.03 billion (approximately HKD 20.42 billion), with MOP 19.80 billion (approximately HKD 19.22 billion) allocated for non-gaming capital projects[27] - WRM must submit annual proposals for investment projects to the Macau government by September 30 each year, detailing investment amounts and timelines[25] - WRM's investment plans include attracting foreign visitors, hosting exhibitions, and promoting cultural and health-related activities[27] - The company plans to release its interim report for the six months ending June 30, 2025, in September 2025[10] - Wynn Palace is in the design phase for its next development stage, which will include a theater and expanded event space[13] Regulatory Compliance - The Macau government has the right to revoke WRM's gaming license if it fails to meet obligations, including national security and public interest requirements[23] - WRM is subject to ongoing supervision by the Macau government and must submit progress reports every two months for investment projects[25] - Any financial decisions exceeding 50% of the company's capital must be notified to the Macau Chief Executive at least five working days in advance[24] - The company must appoint a permanent resident of Macau as an executive director, holding at least 15% of the company's capital[20] - WRM's operations are regulated under strict legal frameworks, requiring compliance with various financial reporting and operational obligations[19] - The company must comply with Macau laws and regulations, and failure to do so may negatively impact its operations[105] - The company is subject to ongoing regulatory scrutiny by the Macau government, which may affect its ability to maintain necessary licenses and permits[106] Risks and Challenges - The company faces significant development and construction risks that may impact project success and debt repayment capabilities[37] - External factors such as economic conditions in mainland China and travel restrictions significantly influence Macau's tourism and gaming activities[34] - The company faces significant risks related to consumer discretionary spending, which can be adversely affected by negative macroeconomic conditions[103] - Recent negative macroeconomic conditions have led to rising interest rates and reduced consumer discretionary spending, impacting the company's financial performance[104] - Geopolitical tensions and government policies may adversely affect product and service demand, leading to economic turmoil and impacting business performance[108] - Travel restrictions and anti-corruption campaigns have reduced visitor numbers from affected regions, negatively impacting revenue and cash flow[109] - The company faces multiple investigations and lawsuits that could divert management's attention and harm its reputation, potentially affecting its gaming licenses and market opportunities[110] - Customer willingness to visit resorts is influenced by terrorism threats, disease outbreaks, and regional political events, which may reduce visitor numbers and financial performance[113] - Global political trends and economic policies have decreased demand for hotel products and services, impacting visitor numbers to resorts[114] - The company's cash flow is entirely dependent on its operations in Macau, posing significant risks compared to competitors with more diversified properties[116] - The company faces increased competition from global casinos, including those in Singapore, South Korea, and other Asian regions, which may adversely affect cash flow and operational performance[121] Corporate Governance and Management - The company has a diverse board of directors with members holding various positions since 2009, including the CEO and President, who have extensive experience in the gaming and hospitality industry[160][162][163] - The current CEO, Mr. Pan, has been with Wynn Resorts since 2017 and has held multiple senior management roles, including President and CFO[162] - Ms. Chen, the President and Vice Chairwoman, has over 30 years of industry experience and has been instrumental in the operations of Wynn Macau and Wynn Palace[163][164] - The company emphasizes the importance of governance and compliance, as demonstrated by the diverse expertise of its board members[180] - The financial and administrative leadership is expected to drive strategic initiatives and improve operational efficiency across departments[188] - The company is committed to maintaining high standards of corporate governance and leveraging the extensive experience of its directors and management team[181] Sustainability and Community Engagement - The company continues to invest in sustainable practices, monitoring energy efficiency and resource consumption[12] - The company has established a corporate social responsibility initiative, "Wynn Cares," and a foundation to support community efforts[163] - The group is committed to environmental responsibility, having developed plans to promote efficient operations and resource conservation[198] - The company has implemented various community initiatives under the "Wynn Care" program to promote sustainable development and responsible gaming in the Greater Bay Area[196] - The company has launched a series of talent development programs since 2022 to transform its management team into future industry leaders[197] - The company collaborates closely with various departments to ensure compliance training for employees regarding regulatory matters[199] - The company has partnered with several universities in 2024 to enhance talent development programs in the Greater Bay Area[197] Financial Position and Debt Management - Cash and cash equivalents as of December 31, 2024, were approximately HKD 11.33 billion, with expectations to use this for debt repayment and operational funding[65] - The capital debt ratio improved to 148.9% in 2024 from 155.8% in 2023, indicating a reduction in net debt relative to total capital[70] - Total borrowings as of December 31, 2024, amounted to HKD 44,838.5 million, down from HKD 52,679.6 million in 2023, reflecting a reduction of about 15%[78] - The company has approximately HKD 27.5 billion available under the WM Cayman II revolving credit facility as of December 31, 2024[81] - The company plans to repay HKD 6.0 billion (approximately USD 800 million) of WML 2024 notes on October 1, 2024[84] - The company has maintained compliance with the covenants of the WM Cayman II revolving credit facility as of December 31, 2024[82] - The company faces foreign exchange risks related to the fluctuation of the exchange rates between the Macanese Pataca, Hong Kong Dollar, and US Dollar[148] - The company has a high leverage ratio, and future cash flows may be insufficient to meet its obligations, potentially complicating access to additional financing[152] - The company's debt agreements contain covenants that may restrict its ability to engage in certain transactions, impacting its operational flexibility[157] Cybersecurity and Data Protection - The company relies on information technology systems to manage and transmit large volumes of sensitive customer and employee data, facing significant cybersecurity risks[128] - Past data security incidents have not significantly impacted the company's financial performance, but future breaches could harm its reputation and lead to legal liabilities[131] - The company must invest in data protection and infrastructure to mitigate increasing cybersecurity threats, which may affect its financial performance[131] - Any improper use of confidential or identifiable personal data could severely damage the company's operations and relationships with customers and employees[132] - Disruptions to the company's IT systems could result in significant financial impacts and require substantial investments for repairs or replacements[133] - The company has implemented various systems, procedures, and technologies to mitigate risks associated with fraud and theft, including employee training and security measures[135] - The rise of fraudulent online gambling and investment websites targeting mainland Chinese citizens poses a significant threat to the company's reputation and business operations[136] Intellectual Property and Licensing - The company relies on a licensing agreement with Wynn Resorts, Limited for the use of "WYNN" trademarks, which could be terminated under certain conditions, potentially disrupting its operations[139] - The company has submitted trademark registration applications in various jurisdictions, including the United States and several Asian countries, to protect its intellectual property[140] - The company faces potential negative impacts on its business and financial performance if unauthorized activities related to its intellectual property continue[137]

關於晶苑國際集團有限公司 晶苑國際集團有限公司為全球服裝製造行業領導者及可持續發展先驅。晶苑成立於1970年，總部位於香港，擁有多元化的產品組合，主要 分為五個類別，包括休閒服、運動服及戶外服、牛仔服、貼身內衣及毛衣，該等產品類別在市場上均佔據領先地位，並進行上游垂直擴充， 拓展布料生產。本集團致力營運一個跨國製造平台，擁有分布於越南、中國、柬埔寨、孟加拉及斯里蘭卡五個國家的生產設施，包括製衣廠 及布廠。 使命 讓集團發展成為業界、客戶及員工眼中最具盈利實力之企業。 集團價值觀 跨國生產基地 越南 中國 柬埔寨 孟加拉 斯里蘭卡 • 正直誠實 • 以客為尊 • 互相尊重 • 品質為本 • 勇於創新 • 達至最佳效益 • 激勵士氣 • 上下融合、超越疆界 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 主席報告 | 4 | | 管理層討論及分析 | 6 | | 董事及高級管理層 | 12 | | 董事會報告 | 20 | | 企業管治報告 | 31 | | 詞彙 | 56 | | 獨立核數師報告 | 60 | | 綜合損益及其他全面收入表 | 65 | | 綜合財務狀況 ...

股 份 代 號 年 報 2024 Contents 目錄 | 2 | Corporate Information | | --- | --- | | | 公司資料 | | 5 | Chairman's Statement | | | 主席致辭 | | 7 | Management's Discussion and Analysis | | | 管理層討論與分析 | | 34 | Biographical Details of Directors and Senior Management | | | 董事及高級管理層的履歷詳情 | | 41 | Directors' Report | | | 董事報告 | | 62 | Corporate Governance Report | | | 企業管治報告 | | 99 | Independent Auditor's Report | | | 獨立核數師報告 | | 103 | Consolidated Statement of Comprehensive Income | | | 綜合全面收益表 | | 104 | Consolidated Statement o ...

TS Wonders Holdings Limited ANNUAL REPORT 2024 年 報 Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Chairlady's Statement | 5 | | 主席報告 | | | Financial Highlights | 8 | | 財務摘要 | | | Management Discussion and Analysis | 10 | | 管理層討論及分析 | | | Biographical Details of the Directors and Senior Management | 22 | | 董事及高級管理層履歷詳情 | | | Report of the Directors | 28 | | 董事會報告 | | | Corporate Governance Report | 46 | | 企業管治報告 | | | Environmental, Social and Governance Report | 63 | | 環境、社會及管治報告 | | | ...

Electricity Consumption and Demand - In 2024, China's electricity consumption increased by 6.8%, outpacing GDP growth of 5%[10] - The number of newly registered electric vehicles surged to 11.25 million in 2024, up from 1.2 million in 2019, contributing to rising electricity demand[11] - Electricity consumption as a percentage of total energy consumption rose to 28.1% in 2023, compared to 25.5% in 2020, with expectations to reach 35% by 2030[11] - Total electricity generation reached 1,327.6 GWh, resulting in a reduction of approximately 430,000 tons of coal consumption and a decrease of 1,028,000 tons in carbon emissions[93] Wind and Solar Capacity - Wind capacity in China increased by 18% to 548 GW, while solar capacity rose by 45% to 854 GW, ahead of the 1,200 GW target for 2030[12] - Total wind power output increased by approximately 16.0% to 991,600 GWh, accounting for 11% of total power generation in China[53] - The Group operates 738 MW of wind and distributed solar projects across several provinces in China, contributing to local economic development[93] Power Dispatch and Performance - Total power dispatch from the company's wind farms in 2024 was 1,323.1 GWh, a decrease of 7% from 2023[13] - Power dispatch at Mudanjiang, Siziwang Qi, Danjinghe, Changma, and Songxian decreased by 7.5%, 8.1%, 11.6%, 13.5%, and 11.8% respectively[13] - Power dispatch at Lunaobao increased by 30% due to the construction of a new transmission line, reducing curtailment[13] - The performance of the wind farms was impacted by adverse weather conditions, particularly in the Songxian project[67] Financial Performance - For the year ended December 31, 2024, the Group recorded a turnover of HK$163.1 million, a 10% decrease from HK$181.3 million in 2023 due to poor wind conditions[38] - Gross profit declined 37% to HK$32.9 million compared to HK$52.1 million in 2023[38] - Net profit attributable to equity holders decreased 29% to HK$16.5 million, with earnings per share of HK$0.66, down from HK$23.3 million and HK$0.93 per share in 2023[40] - The Group's associate wind farms experienced a 61% decline in net profit to HK$22.2 million from HK$57.1 million in the previous year[39] Debt and Financial Management - The Group's finance costs dropped 52% to HK$11.6 million as a result of loan repayments, down from HK$24.2 million in 2023[29][38] - As of December 31, 2024, total bank borrowings were reduced to HK$227.6 million from HK$287.8 million in 2023, primarily due to principal repayments[41] - The Group's cash management resulted in a strong balance sheet, with bank deposits and cash totaling HK$232.2 million against bank borrowings of HK$227.6 million, yielding a net debt equity ratio of 0%[33][35] Corporate Governance - The Company is committed to good corporate governance principles and practices, ensuring accountability, transparency, and responsibility towards stakeholders[112] - The Company complied with the Corporate Governance Code during the year ended 31 December 2024, with a noted deviation regarding the separation of roles between the chairman and CEO[113][114] - The current structure has the CEO functions performed by the Chairman, Mr. OEI Kang, Eric, which the Board believes does not impair the balance of power[114] - The Board consists of seven directors, including four Executive Directors and three Independent Non-executive Directors, ensuring a balanced and independent governance structure[125] Diversity and Inclusion - The Company has appointed one female director to enhance board gender diversity as of May 31, 2024[126] - The Board consists of seven Directors, with a gender ratio of six males to one female, and plans to appoint an additional female director by May 31, 2024, to enhance gender diversity[179] - The Group's workforce gender ratio is approximately 8:2, indicating a commitment to diversity at all levels[180] Risk Management and Strategy - Risk management is integrated into daily business processes, covering project operations to corporate strategy development[74] - The Group's strategy "Grow Advance Sustain" focuses on evaluating investment opportunities based on economic, environmental, and social benefits[73] - The Group aims to continue developing renewable energy projects and seek growth investment opportunities[73] Future Outlook - The Chinese government aims to maintain a 5% GDP growth rate and increase the budget deficit to 4% to stimulate economic growth in 2025[78] - Wind speed increased by 11% year-on-year in January and February 2025, leading to a 37% year-on-year increase in electricity generation, and a 15% increase compared to the same period in 2023[79] - China's clean energy capacity has reached over 40% of the total energy generation capacity, with a shift to a market-based pricing system for new wind power projects expected by the end of 2025[80] Community and Environmental Commitment - The Group is committed to decreasing carbon emissions by investing in renewable energy projects and contributing to local communities[92] - The Company aims to continue investing in various renewable energy projects to support carbon emission reduction goals[94] - The Company is committed to complying with all local environmental regulations for its operational assets by 2024[93]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year, representing a year-over-year increase of 15%[10]. - The company reported a total revenue of RMB 60.06 billion for the year ended December 31, 2024, a decrease of 27.0% compared to RMB 82.43 billion in 2023[11]. - The company achieved a net profit of RMB 461.77 million for the year, down from RMB 697.30 million in 2023[11]. - Net profit decreased by 33.8% to RMB 461.8 million in 2024, down from RMB 697.3 million in 2023[56]. - The company reported a net profit margin of 18%, an improvement from 15% in the previous year[10]. - Cash flow from operations increased by 30% to RMB 400 million, indicating strong operational efficiency[10]. - The effective tax rate slightly decreased from 12.5% in 2023 to 11.1% in 2024, with income tax expenses falling by 42.4% to RMB 57.5 million[52][53]. User and Market Growth - User data showed an increase in active users to 5 million, up 20% from the previous year[10]. - The number of registered retail member stores reached 248,560, representing a year-over-year growth of 4.8%[12]. - Active retail member stores increased to 95,111, up 4.9% from the previous year[12]. - The total number of SaaS and subscription users was 107,929, a decrease from 131,810 in 2023[12]. Strategic Initiatives - The company provided guidance for the next fiscal year, expecting revenue growth of 10% to 12%[10]. - Market expansion efforts are focused on Southeast Asia, with a target of entering three new countries by the end of the fiscal year[10]. - The company is investing RMB 200 million in R&D for AIaaS technologies over the next two years[10]. - The company plans to enhance its supply chain capabilities by establishing strategic partnerships with over 100 leading brands and aims to develop 5 to 10 additional top brands in high-growth categories by 2025[30][31]. - The company is focusing on new growth strategies, including new product categories, channels, and business models, to enhance market resilience and expand its ecosystem[34]. Acquisitions and Partnerships - The company completed an acquisition of a local tech firm for RMB 500 million to enhance its service offerings[10]. - The company acquired 100% equity of Nanjing Haoxiangjia Engineering Technology Co., Ltd. and has profit commitments for the fiscal years ending December 31, 2023, 2024, and 2025, with promised net profits of RMB 64.78 million, RMB 77.80 million, and RMB 83.97 million respectively[183]. Technology and Innovation - The company is focusing on AI applications, enhancing its SaaS+ platform with features like AI-driven marketing and customer service, which is expected to improve operational efficiency and customer satisfaction[27]. - The company is committed to leveraging technology to drive efficiency and create value in the supply chain, aligning with its mission to improve the lives of farmers[35]. Financial Management and Capital Structure - Cash and cash equivalents decreased to RMB 2.78 billion from RMB 3.75 billion in 2023[11]. - The company's capital debt ratio as of December 31, 2024, was 14.5%, calculated as total borrowings divided by equity[70]. - The group’s bank loans and other borrowings amounted to RMB 1,297.7 million as of December 31, 2024, primarily at fixed interest rates[122]. Governance and Leadership - Mr. Sun Chao has been appointed as Executive Director since February 2023 and has extensive experience in retail operations management[84]. - The company has seen significant leadership changes, with various board members bringing diverse expertise in investment and corporate management[85][86][90]. - The management team has a strong academic background, with degrees from prestigious institutions such as Fudan University and the University of Pennsylvania[87][89]. - The company is committed to improving its governance structure by including independent non-executive directors with extensive industry experience[88][90]. Risks and Compliance - Major risks include the potential loss of existing customers or failure to attract new ones, which could adversely affect financial conditions and business operations[111]. - The company has not faced significant environmental risks and has not incurred fines or penalties for non-compliance with environmental regulations during the reporting period[114]. - The company has confirmed compliance with the disclosure requirements of the Listing Rules regarding related party transactions for the fiscal year ending December 31, 2024[187]. Employee and Social Responsibility - The group employed 3,845 full-time employees, with a gender distribution of approximately 49.08% male and 50.92% female[115]. - The company made charitable donations totaling approximately RMB 23,000 for the year ending December 31, 2024[151]. - The group is committed to maintaining and promoting employee diversity, particularly gender diversity, as part of its sustainable development goals[115]. Shareholder Information - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[110]. - The total number of issued shares is 562,569,837, comprising 180,266,339 H-shares and 382,303,498 domestic shares[179]. - The total percentage of shares held by major shareholders, including Alibaba and its affiliates, indicates significant control over the company[180].

Vocational Education Market - In 2024, the number of applicants for the National Civil Service Examination in China exceeded 3 million, indicating strong demand in the vocational education sector[6]. - The company anticipates continued growth in the vocational education training market, driven by the increasing demand for skilled professionals due to economic restructuring and industrial upgrades[11]. - The vocational education training market is expanding, supported by government policies encouraging industry-education integration and school-enterprise cooperation[7]. - The demand for vocational examination training services in China is increasing, driven by favorable government policies and technological innovations[100]. - The company's performance is significantly influenced by the number of paying participants in its training courses, which is affected by service quality and marketing strategies[102]. Financial Performance - Total revenue for 2023 was RMB 3,021,318 thousand, representing a growth of 7.5% from RMB 2,810,429 thousand in 2022[13]. - The company reported a pre-tax profit of RMB 204,953 thousand in 2023, a significant turnaround from a loss of RMB 2,045,526 thousand in 2022[13]. - The adjusted net profit for 2023 was RMB 445,130 thousand, compared to an adjusted loss of RMB 190,134 thousand in 2022[13]. - Revenue decreased by 7.7% from RMB 3,021.3 million in 2023 to RMB 2,789.8 million in 2024[21]. - Training services revenue decreased by 6.9% from RMB 2,514.5 million in 2023 to RMB 2,340.8 million in 2024, with the number of paid participants dropping approximately 30%[27]. - Net profit for 2023 was RMB 188.6 million, with a net profit margin of 6.2%, while for 2024, net profit increased to RMB 239.6 million, resulting in a net profit margin of 8.6%[37]. Technology and Innovation - The application of AI technology in education is expected to deepen, with the company planning to enhance its investment in AI research and development to create innovative teaching products and services[12]. - AI technology is expected to facilitate online teaching and intelligent inquiry services, enhancing the flexibility and convenience of training[8]. - AI products are expected to drive productivity and improve service precision, with a new AI exam product launched in May 2024[19][20]. - The company has invested significantly in R&D to continuously improve its technological infrastructure and expand online learning tools and product offerings[108]. Operational Efficiency - The company aims to optimize its curriculum system to better meet market demands and cultivate more versatile talents suitable for the new era[11]. - The company plans to enhance user experience on its app and continue investing in product technology[19]. - The company expects to enhance operational efficiency through accumulated operational experience, leading to better cost and expense management[107]. - The company plans to improve teacher utilization rates by increasing the number of students served per teacher and teaching hours while ensuring teaching quality and student learning experience[106]. Governance and Management - The company has a strong management team with extensive experience in finance and operations[87][88][90][92]. - The board of directors includes experienced individuals with backgrounds in education and technology, contributing to the company's strategic direction[80]. - The company emphasizes the importance of independent oversight in its governance structure[82][84]. - The management emphasizes continuous education and development for directors and employees to ensure compliance with regulatory requirements[73]. Shareholder and Equity Information - As of December 31, 2024, the total number of shares issued is 2,229,680,480[185]. - The major shareholder Tencent Holdings Limited holds 293,526,000 shares, representing 13.16%[188]. - The company repurchased a total of 65,060,000 shares for approximately HKD 251.2 million during the reporting period, reflecting confidence in its long-term business prospects[192]. - The company has a significant concentration of ownership among its directors, with Mr. Wei Liang and Mr. Zhang Xiaolong collectively holding over 30%[185]. Environmental and Social Responsibility - The company is committed to minimizing environmental impact and has complied with relevant environmental and occupational health and safety laws in China for 2024[183]. - The environmental, social, and governance report is prepared in accordance with the listing rules and included in the annual report[184]. Related Party Transactions - The company has ongoing related party transactions under Chapter 14A of the Listing Rules, which are disclosed in the annual report[130]. - Independent non-executive directors have confirmed that the ongoing connected transactions are conducted on fair and reasonable terms and in the overall interest of shareholders[140].