> **来源：[研报客](https://pc.yanbaoke.cn)** # JIYI HOLDINGS LIMITED # 集一控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） StockCode股份代號：1495 ANNUAL REPORT 年报 2024 家居建材城 # Contents 目錄 2 Corporate Information 公司資料 6 Chairman's Statement 主席報告書 11 Management Discussion and Analysis 管理層討論與分析 24 Biographical Details of Directors and Senior Management 董事及高級管理層履歷 28 Report of the Directors 董事會報告 53 Corporate Governance Report 企業管治報告 74 Environmental, Social and Governance Report 環境、社會及管治報告 108 Independent Auditor's Report 獨立核數師報告 112 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 114 Consolidated Statement of Financial Position 綜合財務狀況表 116 Consolidated Statement of Changes in Equity 綜合權益變動表 118 Consolidated Statement of Cash Flows綜合現金流量表 120 Notes to the Consolidated Financial Statements 综合財務報表附註 304 Five Years Financial Summary 五年財務概要 305 Appendix附錄 # Corporate Information 公司資料 # DIRECTORS # Executive Directors Ms. Hou Wei (1) Mr. Liu Xianxiu (1) Mr. Yang Baikang (1) Mr. Yu Runkun (Chairman) (2) # Non-executive Director Mr. Hou Bo (1) # Independent Non-executive Directors Mr. Chen Zenghua (1) Mr. Hou Lianchang (1) Ms. Chen Tao (3) Ms. Zhang Chuwen (2) Mr. Wei Zhihang (2) Mr. Chi Shimin (2) # AUTHORISED REPRESENTATIVES Mr. Yu Runkun Mr. Wong Chi Kong # COMPANY SECRETARY Mr. Lo Wai Siu (4) Ms. Chong Wai Shan (5) Ms. Liu Yulan (6) Mr. Yuen Wai Keung (7) Mr. Wong Chi Kong (8) (1) Resigned on 6 June 2025 (2) Appointed on 6 June 2025 (3) Appointed on 24 June 2024 and resigned on 3 September 2024 (4) Resigned on 29 December 2023, re-appointed on 14 May 2024 and resigned on 24 June 2024 (5) Appointed on 29 December 2023 and resigned on 14 May 2024 (6) Appointed on 24 June 2024 and resigned on 1 July 2024 (7) Appointed on 1 July 2024 and resigned on 30 July 2024 (8) Appointed on 31 July 2024 # 董事 # 執行董事 侯薇女士(1) 劉賢秀先生(1) 楊柏康先生(1) 余潤坤先生（主席）(2) # 非執行董事 侯波先生(1) # 独立非執行董事 陳增華先生(1) 侯聯昌先生(1) 陳桃女士(3) 張楚文女士(2) 魏志航先生(2) 邂世敏先生(2) # 授权代表 余潤坤先生 黄智江先生 # 公司秘書 羅偉兆先生(4) 莊瑋珊女士(5) 劉玉蘭女士(6) 袁偉強先生(7) 黄智江先生(8) (1) 於2025年6月6日辭任 (2) 於2025年6月6日獲委任 (3) 於2024年6月24日獲委任，2024年9月3日辭任 (4) 2023年12月29日辭任，於2024年5月14日獲重新委任及於2024年6月24日辭任 (5) 於2023年12月29日獲委任，並於2024年5月14日辭任 (6) 於2024年6月24日獲委任，並於2024年7月1日辭任 (7) 2024年7月1日獲委任，2024年7月30日辭任 (8) 於2024年7月31日獲委任 # Corporate Information # 公司資料 # AUDIT COMMITTEE Mr. Chi Shimin (Chairman) Ms. Zhang Chuwen Mr. Wei Zhihang # REMUNERATION COMMITTEE Ms. Zhang Chuwen (Chairman) Mr. Wei Zhihang Mr. Chi Shimin # NOMINATION COMMITTEE Mr. Wei Zhihang (Chairman) Ms. Zhang Chuwen Mr. Chi Shimin # AUDITOR McMillan Woods (Hong Kong) CPA Limited Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance 24/F., Siu On Centre 188 Lockhart Road Wan Chai, Hong Kong # 審核委員會 邂世敏先生（主席） 張楚文女士 魏志航先生 # 薪酬委員會 張楚文女士(主席) 魏志航先生 逝世敏先生 # 提名委員會 魏志航先生（主席） 張楚文女士 逝世敏先生 # 核數師 長青（香港）會計師事務所有限公司 於《會計及財務匯報局條例》下的 註冊公眾利益實體核數師 香港灣仔 駱克道188號 兆安中心24楼 # Corporate Information 公司資料 # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDS Ocorian Trust (Cayman) Ltd. Windward 3 Regatta Office Park P.O.Box 1350 Grand Cayman KY1-1108 Cayman Islands # HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong # REGISTERED OFFICE Windward 3 Regatta Office Park P.O.Box 1350 Grand Cayman KY1-1108 Cayman Islands # HEADQUARTERS No. 2 Xianzi Middle Road Meixian District, Meizhou Guangdong Province, PRC # PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 1704, 17/F., Far East Consortium Building, No. 121 Des Voeux Road Central Hong Kong # 開曼群島股份過戶登記總處 Ocorian Trust (Cayman) Ltd. Windward 3 Regatta Office Park P.O.Box 1350 Grand Cayman KY1-1108 Cayman Islands # 香港證券登記處 香港中央證券登記有限公司 香港灣仔 皇后大道東183號 合和中心 17樓1712至1716號鋪 # 註冊辦事處 Windward 3 Regatta Office Park P.O.Box 1350 Grand Cayman KY1-1108 Cayman Islands # 總部 中國廣東省 梅州市梅縣區 憲梓中路2號 # 香港主要營業地點 香港 中環德輔道121號 遠東發展大廈17樓1704室 # Corporate Information # 公司資料 # PRINCIPAL BANKERS Bank of China (Hong Kong) Limited 1 Garden Road, Central Hong Kong Industrial and Commercial Bank of China (Asia) Limited 33rd Floor, ICBC Tower 3 Garden Road, Central Hong Kong Meizhou Branch, Bank of Communications No. 14 Xinzhong Road, Meijiang District, Meizhou, Guangdong Province, PRC Guangzhou Branch, China Zheshang Bank Co, Ltd No. 921 Guangzhou Dadao Nan, Guangzhou, Guangdong Province, PRC # COMPANY WEBSITE www.jiyiholdings.com # 主要往來銀行 中國銀行(香港)有限公司 香港 中環花園道1號 中國工商銀行(亞洲)有限公司 香港 中環花園道3號 中國工商銀行大廈33樓 交通銀行梅州分行 中國廣東省梅州市 梅江區新中路14號 浙商銀行股份有限公司廣州分行 中國廣東省廣州市 廣州大道南921號 # 公司網站 www.jiyiholdings.com # Chairman's Statement 主席報告書 Dear shareholders, On behalf of the board (the "Board") of directors (the "Directors") of Jiyi Holdings Limited (the "Company"), I am pleased to present the annual report of the Company together with its subsidiaries (the "Group") for the year ended 31 December 2024 ("FY2024" or the "Reporting Period"), together with the comparative figures for the corresponding year ended 31 December 2023 ("FY2023"). # BUSINESS REVIEW During the Reporting Period, the management team exerted efforts to restore the original interior design and building engineering services segment and building materials sales business and reduce the low-margin bulk commodity trading. As a result, the Group's total revenue decreased in this year, but there was an increase in the revenue of the interior design and building engineering services segment, and there was an increase in the gross profit margin. In FY2024, the provision of interior design and building engineering services segment accounted for $15.1\%$ of the total revenue (2023: $0\%$ ), while the sale and distribution of merchandise segment accounted for $84.9\%$ of the total revenue (2023: $100\%$ ). 各位股東： 本人謹代表集一控股有限公司(「本公司」)董事(「董事」)會(「董事會」)欣然呈獻本公司，連同其附屬公司，統稱(「本集團」)截至二零二四年十二月三十一日止年度(「二零二四財政年度」或「報告期間」)的年報，連同截至二零二三年十二月三十一日止相應年度(「二零二三財政年度」)的比較數字。 # 業務回顧 於報告期間，管理團隊努力恢復原先工程及建材銷售業務，減少毛利率較低的大宗商品貿易業務分部。因此，本年度本集團的營業收入有所減少，但室內設計及建築工程服務分部收入有所增加，以及毛利率有所增加。於二零二四財政年度，提供室內設計及建築工程服務分部收入佔總收入的 $15.1\%$ （二零二三年： $0\%$ ），而銷售及分銷商品分部收入佔總收入的 $84.9\%$ （二零二三年： $100\%$ ）。 # Provision of interior design and building engineering services During the Reporting Period, the management team exerted efforts to restore the original interior design and building engineering services segment. The revenue generated from the provision of interior design and building engineering services increased by approximately RMB46.9 million or approximately 100.0%, from approximately RMB0 million in FY2023 to RMB46.9 million in FY2024. The Group also recorded a increase in gross profit of approximately RMB7.1 million or approximately 100.0%, from approximately RMB0 million in FY2023 to RMB7.1 million in FY2024. The gross profit margin increased from approximately 0% in FY2023 to 15.1% in FY2024. # Sale and distribution of merchandise During the Reporting Period, the management team exerted efforts to restore the original interior design and building engineering services segment and building materials sales business and reduce the low-margin bulk commodity trading. In FY2024, the Group experienced an overall decrease of approximately RMB365.4 million or approximately $58.0\%$ in revenue from the sale and distribution of merchandise from approximately RMB629.5 million in FY2023 to approximately RMB264.1 million in FY2024, in particular, the revenue generated from bulk commodity trading had an increase of approximately RMB385.8 million, which was offset by the increase in revenue generated from the sale of building materials of approximately RMB20.5 million during the Reporting Period. The Group also recorded an increase in gross profit of approximately RMB9.6 million or approximately $1,553\%$ , from approximately RMB0.6 million in FY2023 to approximately RMB10.2 million in FY2024. The gross profit margin increased from approximately $0.1\%$ in FY2023 to approximately $1.2\%$ in FY2024. # 提供室內設計及建築工程服務 於報告期間，管理團隊努力恢復原先工程業務，提供室內設計及建築工程服務所產生之收入由二零二三財政年度的約人民幣0.0元增加約人民幣46.9百萬元或約100.0%至二零四財政年度的人民幣46.9百萬元。本集團亦錄得毛利由二零二三財政年度的約人民幣0元增加約人民幣7.1百萬元或約100.0%至二零二四財政年度的7.1百萬元。毛利率由二零二三財政年度的0%減少至二零二四財政年度的約15.1%。 # 銷售及分銷商品 於報告期間，管理團隊努力恢復原先工程及建材銷售業務，減少毛利率較低的大宗商品貿易業務分部。於二零二四財政年度，本集團錄得來自銷售及分銷商品之收入由二零二三財政年度的約人民幣629.5百萬元整體減少約人民幣365.4百萬元或約 $58.0\%$ 至二零二四財政年度的約人民幣264.1百萬元，特別是大宗商品貿易產生之收入減少約人民幣385.8百萬元。被於報告期間，銷售建材產生收入增加約人民幣20.5百萬元所抵消。本集團亦錄得毛利由二零二三財政年度的約人民幣0.6百萬元增加約人民幣9.6百萬元或約1,553%至二零二四財政年度的約人民幣10.2百萬元。毛利率由二零二三財政年度的約 $0.1\%$ 增加至二零二四財政年度的約 $1.2\%$ 。 # Chairman's Statement 主席報告書 Overall, the Group recorded a consolidated net loss of approximately RMB330.0 million for FY2024, representing an increase of approximately RMB169.2 million or approximately $33.9\%$ as compared with consolidated loss of approximately RMB499.2 million for FY2023. Such decrease was mainly resulted from the net effect of the decrease in provision for impairment loss under the expected credit loss model by approximately RMB101.9 million, decrease in provision for impairment loss of goodwill by approximately RMB52.0 million, decrease in provision for litigation and legal fees by approximately RMB11.3 million, decrease in other net losses by approximately RMB12.2 million, offset by increase in gross profit of approximately RMB9.6 million. # PROSPECTS In 2024, the global economy continued to face challenges, and the growth of the domestic real estate market continued to slow down. However, the management team made efforts to restore the original engineering and building materials sales business and reduce the commodity trading business segment with lower gross profit margins. To address various challenges, our management team has implemented a multi pronged strategy, including expanding into new markets, optimizing cost structures, and seeking new business opportunities. For example, our group has diversified its sales and distribution channels, utilizing its experience and cost advantages to achieve success in this field. Our group has also obtained new engineering and procurement projects in multiple cities in the Guangdong Hong Kong Macao Greater Bay Area, including multiple enterprise construction projects. This success greatly enhances our confidence in seeking more new project tenders and business opportunities from corporate and government clients. 整體而言，本集團於二零二四財政年度錄得綜合淨虧損約人民幣330.0百萬元，較二零二三財政年度之綜合淨虧損約人民幣499.2百萬元減少約人民幣169.2百萬元或約 $33.9\%$ 。該減少主要由於預期信貸虧損模型項下之減值虧損撥備減少約人民幣101.9百萬元、商譽之減值虧損撥備減少約人民幣52.0百萬元、訴訟和法律費用準備金減少約人民幣11.3百萬元、其他支出淨額減少約人民幣12.2百萬元、經抵銷毛利增加約人民幣9.6百萬元後之淨影響所致。 # 前景 二零二四年，全球經濟持續面臨挑戰，國內房地產市場增長繼續放緩，但管理團隊努力恢復原先工程及建材銷售業務，減少毛利率較低的大宗商品貿易業務分部。 為應對種種挑戰，本集團管理團隊實施多管齊下的策略，包括拓展新市場、優化成本結構及尋求新商機。譬如，本集團多元化銷售及分銷渠道，利用經驗及成本優勢在該領域取得成功。本集團亦在粵港澳大灣區多個城市取得新工程及採購項目，包括多個企業建設項目。這一成功極大增強了我們向企業及政府客戶尋求更多新項目招標及商機的信心。 # Chairman's Statement # 主席報告書 Looking ahead, it is expected that the global economy will still be full of challenges and fluctuations. Although the interest rate cut cycle began in 2024, the magnitude and frequency of the cuts are still uncertain, and a sustainable global economic recovery will take time to achieve. In mainland China, sustainable economic growth will depend on various key factors such as domestic policies, global economic conditions, and the imposition of new tariffs by the United States. It is expected that the central government will continue to implement active and loose monetary policies and fiscal stimulus measures to ensure stable economic growth. It is expected that the central and local governments will continue to provide necessary policies and measures to support the recovery of the real estate market, which is crucial for the overall economy. It is expected that the real estate market will gradually recover and improve in the long run. In this challenging economic environment, the Group will continue to adopt a cautious and proactive attitude towards operating and developing its business. Our group will seek investment opportunities in markets with stable economic prospects to promote sustainable growth and enhance long-term returns for shareholders. 展望未來，預期全球經濟仍將充滿挑戰及波動。儘管降息週期已於2024年開始，但降息的幅度和頻率仍不確定，全球經濟可持續復甦需要時間才能實現。 在中國內地，可持續的經濟增長將取決於各種關鍵因素，如國內政策、全球經濟狀況以及美國新加徵關稅等。預計中央政府將繼續實施積極寬鬆的貨幣政策和財政刺激措施，以確保經濟穩定增長。預期中央政府及地方政府將繼續提供必要的政策及措施支持對整體經濟至關重要的房地產市場復甦。預期房地產市場將開始逐步復甦並長遠改善。 在這一充滿挑戰的經濟環境下，本集團將繼續採取審慎及積極態度去經營及發展業務。本集團將在經濟前景穩定的市場尋找投資機會，以促進可持續增長，並提升股東的長遠回報。 # Chairman's Statement 主席報告書 # APPRECIATION On behalf of the Board, I would like to take this opportunity to thank our management and all committed staff members for their contributions to the Group and the shareholders, valued customers, suppliers, and other business partners for their continuous support. Our success would not have been possible without their dedication, contributions, efforts, time and confidence. Yours sincerely, # Yu Runkun Chairman Hong Kong, 17 September 2025 # 致謝 本人謹藉此機會代表董事會對管理層及全體盡職員工為本集團所作出的貢獻，以及股東、尊貴客戶、供應商及其他業務夥伴的持續支持，致以謝意。我們的成功與彼等之奉獻、貢獻、努力、時間投入及信任息息相關。 此致 # 余潤坤 主席 香港，二零二五年九月十七日 # Management Discussion and Analysis # 管理層討論與分析 # BUSINESS REVIEW The Group is a well-established integrated building and home improvement materials and furnishings supplier and interior design and building engineering services provider in the PRC. The Group is mainly engaged in the sale and distribution of merchandise and the provision of interior design and building engineering services. During the Reporting Period, the management team of the Group focused on the provision of interior design and building engineering services and devoted less resources on sale and distribution of merchandise with lower gross profit margins. Therefore, although the revenue of the Group decreased in FY2024, the gross profit margin of the Group increased in FY2024. In FY2024, the revenue from the provision of interior design and building engineering services segment accounted for $15.1\%$ of the total revenue (FY2023: nil), while the revenue from the sale and distribution of merchandise segment accounted for $84.9\%$ of the total revenue (FY2023: $100\%$ ). # Provision of interior design and building engineering services During the Reporting Period, the management team of the Group made efforts to restore the suspended project in relation to the provision of interior design and building engineering services. The revenue from the provision of interior design and building engineering services was approximately RMB46.9 million, and the segment gross profit was approximately RMB7.1 million with segment gross profit margin of approximately $15.1\%$ in FY2024. # 業務回顧 本集團是一家在中國境內已建立良好的綜合建築及家居裝修材料與裝飾品供應商，並提供室內設計及建築工程服務的公司。本集團主要從事銷售及分銷商品以及提供室內設計及建築工程服務。 在報告期内，本集團的管理團隊專注於提供室內設計及建築工程服務，並在銷售及分銷毛利較低的商品上投入較少資源。因此，雖然本集團在2024財年的收入下降，毛利率則有所上升。在2024財年，提供室內設計及建築工程服務部門的收入占總收入的15.1%（2023財年：無），而銷售及分銷商品部門的收入占總收入的84.9%（2023財年：100%）。 # 室內設計及建築工程服務的提供 在報告期内，本集團的管理團隊努力恢復暫停的提供室內設計及建築工程服務項目。於2024財年，來自提供室內設計及建築工程服務的收入約為4,690萬元人民幣，該部門的毛利約為710萬元，毛利率約為 $15.1\%$ # Management Discussion and Analysis 管理層討論與分析 # Sale and distribution of merchandise In FY2024, the Group experienced a decrease in revenue of approximately RMB365.4 million or $58.0\%$ from the sale and distribution of merchandise from approximately RMB629.5 million in FY2023 to approximately RMB264.1 million in FY2024, which was mainly due to the decrease in revenue from bulk commodity trading offset by the increase in revenue from the sale of building materials. # FINANCIAL REVIEW # Revenue by business operations Total revenue of the Group decreased by approximately RMB318.5 million or approximately $50.6\%$ from approximately RMB629.5 million in FY2023 to approximately RMB311.0 million for FY2024, which was mainly attributed to the decrease in revenue from the sale and distribution of merchandise in FY2024. # Revenue from sale of and distribution of merchandise Revenue of the Group from sale and distribution of merchandise, comprising (i) sale of building materials; (ii) sale of home improvement materials; and (iii) bulk commodity trading, recorded an overall decrease by approximately RMB365.4 million or $58.0\%$ from approximately RMB629.5 million in FY2023 to approximately RMB264.1 million in FY2024. # 銷售及分銷商品 在2024財年，本集團的銷售及分銷商品收入約為2.641億元人民幣，與2023財年的6.295億元相比，减少了約3.654億元人民幣，降幅為 $58.0\%$ 。這一下降主要是由於大宗商品貿易收入的減少，儘管建築材料銷售收入有所增加。 # 財務回顧 # 按業務運營劃分的收入 本集團的總收入從2023財年的約6.295億元減少至2024財年的約3.110億元，減少約3.185億元，降幅約為 $50.6\%$ 。這一下降主要歸因於2024財年銷售及分銷商品收入的減少。 # 銷售及分銷商品的收入 本集團來自銷售及分銷商品的收入，包括(i)建築材料銷售；(ii)家居裝修材料銷售；及(iii)大宗商品貿易，整體收入從2023財年的約6.295億元減少約3.654億元，降幅為 $58.0\%$ ，降至2024財年的約2.641億元。 # Management Discussion and Analysis # 管理層討論與分析 # (i) Sale of building materials Revenue generated from the sale of building materials increased by approximately RMB20.5 million or $653.7\%$ from approximately RMB3.1 million in FY2023 to approximately RMB23.7 million in FY2024. Such increase was mainly due to the increase in sales of cement during the Reporting Period. # (ii) Sale of home improvement materials Revenue generated from the sale of home improvement materials decreased by approximately RMB81,000 from approximately RMB81,000 in FY2023 to nil in FY2024. The decrease was mainly due to the decrease in sales of paint and other home improvement products during the Reporting Period. # (iii) Bulk commodity trading Revenue from bulk commodity trading decreased by approximately RMB385.8 million or $61.6\%$ from approximately RMB626.3 million in FY2023 to approximately RMB240.4 million in FY2024. Such decrease was mainly due to the decrease in sales of electrolytic copper and aluminum ingot products, offset by the increase in the pork trade with higher gross profit margins during the Reporting Period. # (i) 建築材料的銷售 來自建築材料銷售的收入從2023財年的約310萬元增長至2024財年的約2,368萬元，增加了約2,058萬元，增幅為 $653.7\%$ 。這一增長主要是由於報告期内水泥銷售的增加。 # (ii) 家居装修材料的銷售 來自家居裝修材料銷售的收入從2023財年的約8.1萬元減少至2024財年的零收入，减少了約8.1萬元。這一下降主要是由於報告期内油漆及其他家居裝修產品的銷售減少。 # (iii)大宗商品貿易 來自大宗商品貿易的收入從2023財年的約6.263億元減少至2024財年的約2.404億元，減少了約3.858億元，降幅為 $61.6\%$ 。這一下降主要是由於電解銅和鋁錠產品銷售的減少，但在報告期内，豬肉貿易的增加則抵消了部分下降，且該貿易的毛利率較高。 # Management Discussion and Analysis 管理層討論與分析 # Revenue from the provision of interior design and building engineering services Revenue from provision of interior design and building engineering services increased by approximately RMB46.9 million from nil in FY2023. # Gross profit and gross profit margin The Group's gross profit increased by approximately RMB9.6 million or approximately $1,553\%$ from approximately RMB0.6 million in FY2023 to approximately RMB10.2 million in FY2024. The increase in the Group's overall gross profit was mainly due to the increase in the revenue and gross profit margin from the provision of interior design and building engineering services during the Reporting Period. Due to the increase in corporate projects, the gross profit margin of provision of interior design and building engineering services was approximately $15.1\%$ in the Reporting Period. The gross profit margin of the business of sale and distribution of merchandise increased from $0.1\%$ in FY2023 to $1.2\%$ in FY2024, mainly due to the increase in gross profit margin from the sale and distribution of merchandise including bulk commodity trading during the Reporting Period. # Distribution and selling expenses The Group's selling expenses decreased by approximately RMB0.1 million or approximately $6.2\%$ from approximately RMB1.6 million in FY2023 to approximately RMB1.5 million in FY2024. # 提供室內設計及建築工程服務的收入 提供室內設計及建築工程服務的收入從2023財年無收入增加約4,690萬元人民幣。 # 毛利及毛利率 本集團的毛利從2023財年的約60萬元增加至2024財年的約1,020萬元，增加了約960萬元，增幅約為 $1.553\%$ 。集團整體毛利的增加主要是由於在報告期内室內設計及建築工程服務的收入及毛利率的提升。 由於企業項目的增加，室內設計及建築工程服務的毛利率在報告期内約為 $15.1\%$ 。 商品銷售及分銷業務的毛利率從2023財年的 $0.1\%$ 增至2024財年的 $1.2\%$ ，主要是由於在報告期内大宗商品貿易等商品銷售及分銷的毛利率提高。 # 銷售及分銷費用 本集團的銷售費用從2023財年的約157萬元減少至2024財年的約147萬元，減少了約10萬元，降幅約為 $6.2\%$ 。 # Management Discussion and Analysis # 管理層討論與分析 # Administrative expenses The Group's administrative expenses decreased by approximately RMB1.8 million or $11.3\%$ from approximately RMB16.1 million in FY2023 to approximately RMB14.3 million in FY2024. # Finance costs The Group's finance costs increased by approximately RMB2.8 million or $29.1\%$ from approximately RMB9.8 million in FY2023 to approximately RMB12.7 million in FY2024. # Loss for the year Overall, the Group recorded a loss for the year of approximately RMB330.0 million in FY2024 as compared with loss for the year of approximately RMB499.2 million in FY2023. Such decrease was mainly resulted from the net effect of the decrease in provision for impairment loss under the expected credit loss model by approximately RMB101.9 million, decrease in provision for impairment loss on goodwill by approximately RMB52.0 million, decrease in provision for litigation and legal expenses by approximately RMB11.3 million, decrease in other losses, net by approximately RMB12.2 million, offset by increase in gross profit of approximately RMB9.6 million. # LIQUIDITY, FINANCIAL AND CAPITAL RESOURCES As at 31 December 2024, the Group had a total cash and bank balances of approximately RMB5.0 million (2023: RMB5.6 million) mainly denominated in RMB and HK\$. The Group also had a total restricted cash balances of approximately RMB0.4 million (2023: RMB0.1 million) which was mainly related to security deposits provided to secure certain bank borrowings. As at 31 December 2024, the Group had net current liabilities of approximately RMB8.3 million, as compared to approximately RMB291.8 million as at 31 December 2023. # 管理費用 本集團的管理費用從2023財年的約1,614萬元減少至2024財年的約1,431萬元，減少了約183萬元，降幅約為 $11.3\%$ 。 # 財務成本 本集團的財務成本從2023財年的約980萬元增加至2024財年的約1,265萬元，增加了約285萬元，增幅約為 $29.1\%$ 。 # 年度虧損 整體而言，本集團在2024財年錄得虧損約3.300億元，相較於2023財年的虧損約4.992億元，虧損有所減少。此減少主要是由於以下幾項淨效果：根據預期信用損失模型，减少了約1.019億元的減值損失準備；减少了約5,200萬元的商譽減值損失準備；减少了約1,132萬元的訴訟及法律費用準備；减少了約1,222萬元的其他費用（淨額），同時增加了約960萬元的毛利。 # 流動資金、財政及資本資源 於二零二四年十二月三十一日，本集團之現金及銀行結餘總額約為人民幣5.0百萬元（二零二三年：人民幣5.6百萬元），主要以人民幣及港元計值。本集團亦擁有受限制現金結餘總額約人民幣0.4百萬元（二零二三年：人民幣0.1百萬元），其乃主要與為若干銀行借款提供擔保的保證金有關。 於二零二四年十二月三十一日，本集團之流動負債淨值約為人民幣8.3百萬元，而於二零二三年十二月三十一日則約為人民幣291.8百萬元。 # Management Discussion and Analysis 管理層討論與分析 # BORROWINGS AND PLEDGE OF ASSETS As at 31 December 2024, the Group had no unutilised banking facilities for short term financing (31 December 2023: Nil) and total bank borrowings of approximately RMB154.3 million (2023: RMB254.3 million). The total bank borrowings comprised approximately RMB0.0 million (2023: RMB100.0 million) in bank borrowings arising from discounted commercial bills and discounted letters of credit that were not yet due. Other than the bank borrowings arising from discounted commercial bills and discounted letters of credit that were not yet due, the bank borrowings of the Group were secured by property, plant and equipment, investment properties and right-of-use assets as at 31 December 2024 and 2023. The bank borrowings were also jointly guaranteed by Ms. Hou Wei and Mr. Deng Jianshen, husband of Ms. Hou Wei. Details of the Group's capital structure, in terms of among other things, the maturity profile of debt and obligation and types of capital instruments used as at 31 December 2024 and 2023, are set out in note 30 to the consolidated financial statements. # CAPITAL EXPENDITURE The Group has no material capital expenditure during the Reporting Period. # 借款及資產抵押 於二零二四年十二月三十一日，本集團並無未動用短期融資之銀行融資（二零二三年十二月三十一日：無），而銀行借款總額約為人民幣154.3百萬元（二零二三年：人民幣254.3百萬元）。銀行借款總額包括尚未到期的商票貼現及信用證貼現產生的銀行借款約人民幣0.0百萬元（二零二三年：人民幣100.0百萬元）。 除尚未到期的商票貼現及信用證貼現產生的銀行借款外，於二零二四年及二零二三年十二月三十一日，本集團之銀行借款由物業、廠房及設備、投資物業及使用權資產作抵押。銀行借款亦由侯薇女士及鄧建申先生（侯薇女士的丈夫）聯合擔保。 有關本集團資本架構(就(其中包括)於二零二四年及二零二三年十二月三十一日債務及責任到期情況及所使用的資本工具類別而言)的詳情載於綜合財務報表附註30。 # 資本開支 本集團於報告期間並無重大資本開支。 # Management Discussion and Analysis # 管理層討論與分析 # FINANCIAL RATIO # 財務比率 <table><tr><td></td><td></td><td>As at 於 31 December 2024</td><td>31 December 2023</td></tr><tr><td></td><td></td><td>二零二四年</td><td>二零二三年</td></tr><tr><td></td><td></td><td>十二月三十一日</td><td>十二月三十一日</td></tr><tr><td>Current ratio(1)</td><td>流動比率(1)</td><td>0.99</td><td>1.58</td></tr><tr><td>Quick ratio(2)</td><td>速動比率(2)</td><td>0.99</td><td>1.58</td></tr><tr><td>Gearing ratio (%)(3)</td><td>資本負債比率(%)(3)</td><td>12.41</td><td>1.37</td></tr><tr><td>Net debt to equity ratio (%)(4)</td><td>淨債務權益比率(%)(4)</td><td>12.30</td><td>1.36</td></tr></table> (1) Current ratio is calculated as total current assets divided by total current liabilities. (2) Quick ratio is calculated as total current assets less inventories and divided by total current liabilities. (3) Gearing ratio is calculated as total debt divided by total equity and multiplied by $100\%$ . (4) Net debt to equity ratio is calculated as total borrowings net of cash and cash equivalents and restricted cash, and divided by total equity and multiplied by $100\%$ . # MATERIAL INVESTMENTS, ACQUISITIONS AND DISPOSALS The Group had no material investment, acquisition and disposal transactions during the Reporting Period. (1) 流動比率乃按流動資產總值除以流動負債總額計算。 (2) 速動比率乃按流動資產總值減存貨再除以流動負債總額計算。 (3) 資本負債比率乃按債項總額除以權益總額再乘以 $100\%$ 計算。 (4) 淨債務權益比率乃按借款總額（扣除現金及現金等價物以及受限制現金）除以權益總額再乘以 $100\%$ 計算。 # 重大投資、收購及出售 本集團於報告期間並無重大投資、收購及出售交易。 # Management Discussion and Analysis 管理層討論與分析 # FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS There were no material investments or additions of capital assets authorised by the Board since 1 January 2024 and up to the date of this annual report. # FOREIGN EXCHANGE EXPOSURE The Group mainly earns revenue in RMB and also incurs cost in HK$ and RMB. The Group is exposed to foreign exchange risk with respect mainly to HK$ which may affect the Group's performance. The management is aware of the possible exchange rate exposure due to the continuing fluctuation of HK$ and will closely monitor its impact on the performance of the Group to see if any hedging policy is necessary. The Group currently does not have any foreign currency hedging policy. # CONTINGENT LIABILITIES The Group had no significant contingent liabilities as at 31 December 2024 (2023: Nil). # CAPITAL COMMITMENTS The Group had no significant outstanding capital commitment as at 31 December 2024 (2023: Nil). # 重大投資或資本資產之未來計劃 自二零二四年一月一日至本年報日期，董事會概無授權任何重大投資或資本資產添置。 # 外匯風險 本集團主要以人民幣賺取收益及以港元及人民幣産生成本。本集團所面對之外匯風險主要與港元有關，本集團之表現可能因此受到影響。管理層知悉港元持續波動可能引致之外匯風險，並將密切監察其對本集團表現之影響，以判斷是否有必要採取任何對沖政策。本集團現時並無任何外幣對沖政策。 # 或然負債 於二零二四年十二月三十一日，本集團並無重大或然負債(二零二三年：無)。 # 資本承擔 於二零二四年十二月三十一日，本集團並無重大尚未償還之資本承擔（二零二三年：無）。 # Management Discussion and Analysis # 管理層討論與分析 # LITIGATION The management report and Chinese legal opinion on the litigation and arbitration of our affiliated subsidiaries are detailed in the appendix on pages 305 to 360, which involves bank loans, remuneration, tax and other debts due. In accordance with the relevant requirements of the Accounting Standards and based on the principle of prudence, the Company has provided for the estimated liabilities of the pending litigation totalling RMB44.7 million for the year 2024 based on the outcome of the litigation judgement (2023: RMB28.0 million), which will reduce the Company's net profit attributable to the shareholders of the listed company for the year 2024 by RMB16.7 million (2023: RMB28.0 million), and the specific impact of this judgement on the Company is subject to the final execution of the case. The associated subsidiaries of the Group were involved in litigation and arbitration cases, all of which were caused by the downturn of the domestic economy and the unprecedented impact on the industry to which the Group belongs, the large-scale extension of the construction works in the early stage of the construction period, the failure to make timely repayment of the payments for the governmental works as well as the payments for the other works. In order to ensure that the Company's business continues to progress, it has been necessary to increase the relevant borrowings and financing and to reduce and defer the relevant expenses, which has further aggravated the pressure on the Company's capital and led to numerous litigation and arbitration cases. In respect of the amounts involved in the current litigation and arbitration cases, large amounts of the cases were secured by the relevant properties belonging to the Company and its senior management, and the Company's receivables were sufficient to cover the payment of such amounts, therefore, the management of the Company is of the view that the litigation and arbitration cases involved in the associated subsidiaries of the Group will not have a material impact on the audit for the current period. # 訴訟事項 本集團管理層關於本集團關聯子公司涉訴及仲裁的情況報告與中國法律意見，具體情況載於第305頁至360頁附錄，涉及銀行貸款、薪酬、稅務等到期債務。公司二零二四年度已根據會計準則相關規定，基於審慎性原則，依據訴訟判決結果，計提未決訴訟預計負債共計人民幣44.7百萬元（二零二三年度：人民幣28.0百萬元），減少公司二零二四年度歸屬於上市公司股東的淨利潤人民幣16.7百萬元（二零二三年度：人民幣28.0百萬元），本判決對公司具體影響以案件最終執行情況為準。 本集團關聯子公司涉及訴訟及仲裁案件，均由於國內經濟下行，本集團所屬行業遭受前所未有的衝擊所引起，前期建築工程的大面積的鋪開，政府工程款項以及其他工程款項未能及時回款，為確保公司業務持續推進，不得不增加相關的借貸融資，縮減推遲相關費用支出，進而加劇了公司的資金壓力，導致諸多訴訟仲裁案件產生。就目前的訴訟仲裁案件所涉及的金額中，其中大金額的案件均有公司及高管人員所屬的相關物業作為擔保，而公司的應收款項也足於覆蓋該部分金額的支付，因此，公司管理層認為，本集團關聯子公司涉及的訴訟及仲裁案件對於當期審計工作並不會有重大影響。 # Management Discussion and Analysis 管理層討論與分析 # EMPLOYEE AND REMUNERATION POLICY As at 31 December 2024, the employee headcount of the Group was 21 (2023: 21) and the total staff costs, including Directors' remuneration, amounted to approximately RMB6.6 million for the Reporting Period (2023: RMB7.1 million). The decrease in employee headcount was due to the strategic restructuring and outsourcing plan implemented by the Group to achieve better cost control while streamlining its operations and improving overall efficiency during the Reporting Period. The increase in total staff cost was due to the increase in equity-settled share-based payment expenses during the Reporting Period. The Group offers competitive remuneration packages commensurate with industry practice and provides various fringe benefits to employees. The Group conducts induction training for all of its new employees and on-going training from time to time during their employment. The nature of training offered depends on their specific field of operation. The objective of the Group's remuneration policy is to maintain fair and competitive packages based on business requirements and industry practice. In order to determine the level of remuneration paid to its employees (including directors and senior management), the following factors are considered: # 僱員及薪酬政策 於二零二四年十二月三十一日，本集團之僱員人數為21人（二零二三年：21人），及於報告期間，總員工成本（包括董事薪酬）約為人民幣6.6百萬元（二零二三年：人民幣7.1百萬元）。僱員人數減少乃由於本集團於報告期間實施的戰略性人力重組及外判計劃，以實現更佳成本控制，同時精簡營運及提高整體效率。總員工成本增加乃由於報告期間以股本支付以股份為基礎之付款開支增加。 本集團為僱員提供符合行業慣例並具競爭力的薪酬待遇及各種附帶福利。本集團為所有新僱員進行入職培訓，並在彼等受僱期間不時提供持續培訓。所提供培訓的性質取決於彼等具體的工作領域。 本集團薪酬政策的目標為根據業務需求及行業慣例維持公平且具競爭力的待遇。於釐定向其僱員（包括董事及高級管理層）支付的薪酬水平時會考慮以下因素： - workload, responsibility and job complexity; business requirements; individual performance and contribution to results; company performance and profitability; retention considerations and the potential of individuals; 工作量、職責及工作的複雜程度； 業務需求； 個人表現及對業績作出的貢獻； 公司表現及盈利能力； 留任因素及個人潛力； # Management Discussion and Analysis # 管理層討論與分析 - corporate goals and objectives; - market rates and changes in relevant markets, including supply and demand fluctuations and changes in competitive conditions; and - general economic situation. 公司目標及宗旨； 相關市場的市場水平及變動，包括供需變動及競爭環境轉變；及 整體經濟狀況。 # KEY RISKS AND UNCERTAINTIES The Group's financial condition, results of operations, businesses and prospects may be affected by a number of risks and uncertainties. The followings are the key risks and uncertainties identified by the Group. There may be other risks and uncertainties in addition to those shown below which are not known to the Group or which may not be material now but could turn out to be material in the future. # Business Risk Future growth of the Group relies, to a certain extent, on the successful maintenance and expansion of the Group's sales to key customers. As a result, any loss of key customers or substantial reduction in the amount of purchase by them could significantly and adversely affect the business, results of operations, financial condition and prospects of the Group. Further, the business of the Group is currently concentrated in Meizhou of Guangdong Province. Any adverse economic or market development in this region or any other regions that the Group operates may materially and adversely affect the demand for the merchandise of the Group. # 主要風險及不明朗因素 本集團的財務狀況、經營業績、業務及前景可能受眾多風險及不明朗因素影響。以下為本集團識別出的主要風險及不明朗因素。除下文所述者外，可能存在本集團未獲悉或目前不屬重大但日後可能成為重大的其他風險及不明朗因素。 # 業務風險 本集團日後的增長在一定程度上依賴成功保持及擴大對主要客戶的銷售。因此，主要客戶流失或其購買額大幅下降可能對本集團的業務、經營業績、財務狀況及前景造成重大不利影響。此外，本集團的業務目前集中在廣東省梅州。該地區或本集團經營所在的任何其他地區的任何不利經濟或市場發展可能會對本集團商品的需求造成重大不利影響。 # Management Discussion and Analysis 管理層討論與分析 # Operational Risk Most of the Group's sale and distribution of merchandise are derived from merchandise procured from its suppliers. Any adverse change of the Group's relationship, including termination or change in requirements as imposed by the suppliers, with its suppliers may adversely affect the business operation of the Group. Further, the Group's operation can also be adversely affected if there occur any material delay in product delivery by the Group's suppliers. # Industrial Risk The products and services offered by the Group are mainly used for or closely related to building or home improvement purposes. Accordingly, business, results of operations and prospects of the Group are driven, to a considerable extent, by the growth of the real estate market and the relevant government policies in China. # Financial Risk The business and operation of the Group are exposed to financial risks on currency, interest rates, credit and impairment assessment and liquidity. Details of financial risk management of the Group are set out in note 39(b) to the consolidated financial statements. # 經營風險 本集團的大部分商品銷售及分銷源自向其供應商採購的商品。本集團與其供應商關係的任何不利變動（包括供應商所提出的終止或要求變動）可能會對本集團的業務經營造成不利影響。此外，倘本集團的供應商交付產品出現任何重大延遲，本集團的經營亦會受到不利影響。 # 行業風險 本集團所提供的產品及服務主要用於建築或家居裝修或與之密切相關的用途。因此，本集團的業務、經營業績及前景在很大程度上受到中國房地產市場增長以及相關政府政策的推動。 # 財務風險 本集團之業務及經營面臨有關貨幣、利率、信貸及減值評估以及流動資金方面的財務風險。 本集團的財務風險管理詳情載於綜合財務報表附註39(b)。 # Management Discussion and Analysis # 管理層討論與分析 # MANPOWER AND RETENTION RISK The competition for talents in the cities that the Group operates leads to the risk that the Group may not be able to attract and retain key personnel and talents with the most appropriate and required skills, experience and competence which would meet the business objectives of the Group from time to time. The Group will continue to evaluate our remuneration system and policy from time to time and target to provide attractive remuneration package to attract, retain and motivate suitable candidates and personnel. # REPORT AND CHINESE LEGAL OPINION ON THE SITUATION OF LITIGATION AND ARBITRATION OF RELATED SUBSIDIARIES OF THE GROUP BY THE MANAGEMENT The management report and Chinese legal opinion on the litigation and arbitration of our affiliated subsidiaries are detailed in the appendix on pages 305 to 360. # 人力及挽留風險 本集團經營所在城市的人才競爭導致本集團面臨風險，即未必能吸引及挽留擁有最適當及所需技能、經驗及符合本集團不時業務目標能力的主要人員及人才。本集團將繼續不時評估薪酬系統及政策，旨在提供具吸引力的薪酬待遇，以吸引、挽留及激勵合適人選及人員。 # 管理層關於本集團關聯子公司涉訴及仲裁的情況報告與中國法律意見 本集團管理層關於本集團關聯子公司涉訴及仲裁的情況報告與中國法律意見，具體情況載於第305頁至360頁附錄。 # Biographical Details of Directors and Senior Management 董事及高級管理層履歷 DIRECTORS Executive Director Mr. Yu Runkun (余潤坤), aged 38, was appointed as our chief executive officer of the Company on 29 December 2023. Mr. Yu is responsible for the Company's strategic management, investor relations, business development, corporate finance and legal and regulatory compliance of the Group. Mr. Yu holds a bachelor's degree in financial management from Guangdong Ocean University. Mr. Yu joined the Group in May 2011 and worked as a finance manager in the accounting and finance department of Guangdong Jiyi Household Building Materials Chain Co., Ltd. (廣東集一家居建材連鎖有限公司) ("Jiyi Household") until December 2013. From January 2014 to July 2017, he was re-designated as the director of internal audit department of the Group, and was mainly responsible for conducting independent assessments of the Group's operations, risk management, establishing organisational and departmental internal controls, identifying areas for improvement, and supporting the achievement of the Group's strategic and business objectives. From August 2017 to December 2023, he served as the finance director of the Group and was mainly responsible for overseeing the Group's financial accounting and reporting, financial operations, strategic financial planning, taxation and ensuring the Group's compliance with relevant corporate regulations. From December 2023 to June 2025, he served as chief executive officer of the Company. On 6 June 2025, he was appointed as executive Director. 董事 執行董事 余潤坤先生，38歲，於二零二三年十二月二十九日獲委任為本公司行政總裁。彼負責本公司之策略管理、投資者關係、業務發展、企業融資以及本集團法律及法規之合規事宜。余先生於二零一一年五月加入本集團，曾任廣東集一家居建材建鎖有限公司（「集一家居」）會計財務部財務經理，直至二零一三年十二月為止。從二零一四年一月至二零一七年七月，他被調任為本集團內部審計部總監，主要負責對集團的運營和風險管理進行獨立評估，建立組織和部門內部控制，識別需要改進的地方，並支持集團戰略和業務目標的實現。從二零一七年八月至二零二三年十二月，他擔任本集團財務總監，主要負責監督集團的財務會計和報告、財務運營、財務略規劃、稅以及確保集團遵守相企業法規。二零二二年十二月至二零二五年六月，他擔任本公司的首席執行官。於二零二五年六月六日，他被任命為執行董事。 # Biographical Details of Directors and Senior Management # 董事及高級管理層履歷 # Independent Non-Executive Directors Ms. Zhang Chuwen ("Ms. Zhang"), aged 35, was appointed as an independent non-executive Director with effect from 6 June 2025. Ms Zhang has 14 years of experience in finance. She graduated from Guangdong Xinan Vocational and Technical College* (廣東新安職業技術學院) with a degree in finance in 2011. In May 2021, she obtained the Junior Accounting Professional Qualification Certificate from the Ministry of Finance of China. From July 2011 to October 2013, she worked as an accountant at Shenzhen Dafu Lai Industrial Group Company Limited, a company involved in trade, building materials, and property leasing. Her primary responsibility was managing the company's accounting tasks. From November 2013 to April 2018, she served as an accountant at Shenzhen Zhongqi Xinxing E-Commerce Company Limited, which specialises in third-party credit services and comprehensive business registration services for online merchants. She was responsible for the company's accounting work. From April 2018 to September 2019, she worked as an accountant at Shenzhen Flashback Technology Company Limited, a company focused on the second-hand mobile phone recycling business. Her main role was to handle the accounting functions. Since October 2019, she has been the Finance Supervisor at Zhongfeng Distillery Group Company Limited, a company that produces and sells alcoholic beverages, where she oversees the accounting and financial operations. # 独立非執行董事 張楚文女士(「張女士」)，35歲，已於二零二五年六月六日被任命為獨立非執行董事。張女士擁有14年的金融經驗。她於二零一一年畢業於廣東新安職業技術學院財務專業。二零一一年五月，她獲得中國財務部的會計專業技術資格證書(初級會計)。二零一一年七月至二零一三年十月，她在深圳大福來實業集團有限公司(一家從事貿易、建築材料、物業租賃等業務的集團化公司)擔任會計，主要負責管理公司的會計工作。二零一三年十一月至二零一八年四月，她在深圳深圳市中企信星電子商務有限公司(一家從事第三方信用服務以及網商工商註冊綜合服務為主營業務的公司)擔任會計，負責公司的會計業務。二零一八年四月至二零一九年九月，她在深圳閃回科技有限公司(一家從事手手機回業業務的公司)擔任會計，主要負責會計職能。自二零一九年十月以來，她一直擔任中鳳酒業(集團)有限公司(一家從事酒類生產與銷售的公司)的財務主管，負責會計及財務運營。 # Biographical Details of Directors and Senior Management 董事及高級管理層履歷 Mr. Wei Zhihang ("Mr. Wei"), aged 39, was appointed as an independent non-executive Director with effect from 6 June 2025. Mr. Wei is an accomplished finance professional with over 15 years of experience in financial management. He holds a Bachelor's degree in Accounting from Jinan University and is currently pursuing a Master's degree in Economics at Zhongnan University of Economics and Law. Mr. Wei serves as the Chief Financial Officer at Guozhong (Shenzhen) Digital Research Group, where he oversees financial strategy and operations. Previously, he held senior roles in tax management and financial analysis, demonstrating expertise in corporate governance, compliance, and risk management. Mr. Wei is recognised for his strong leadership, analytical skills, and commitment to delivering value through effective financial practices. Mr. Chi Shimin ("Mr. Chi"), aged 42, was appointed as an independent non-executive Director with effect from 6 June 2025. Mr. Chi received a Bachelor's degree in Business Administration from Hebei University of Economics and Business in July 2006. He has over 15 years of experience in the finance industry and possesses cross-sector management expertise, covering finance, legal services, and technology. He is skilled in corporate governance, compliance risk management, and strategic investment. 魏志航先生（「魏先生」），39歲，已於二零二五年六月六日被任命為獨立非執行董事。魏先生是一位成就卓著的財務專業人士，擁有超過15年的財務管理經驗。他擁有暨南大學的會計學學士學位，並正在中南財經政法大學攻讀經濟學碩士學位。魏先生擔任國中（深圳）數字研究集團的首席財務官，負責財務戰略及運營。此前，他在稅務管理和財務分析方面擔任高級職位，展現了在企業治理、合規性和風險管理方面的專業知識。魏先生因其出色的領導能力、分析技能以及通過有效的財務實踐提供價值的承諾而受到認可。 遲世敏先生(「遲先生」)，42歲，已於二零二五年六月六日被任命為獨立非執行董事。遲先生於二零零六年七月畢業於河北經濟管理學院，獲得工商管理學士學位。他在金融行業擁有超過15年的經驗，具備跨行業管理專業知識，涵蓋財務、法律服務和科技。他擅長企業治理、合規風險管理和戰略投資。 # Biographical Details of Directors and Senior Management 董事及高級管理層履歷 # SENIOR MANAGEMENT Mr. Wong Chi Kong (黄智江), was appointed as the company secretary of the Company on 31 July 2024. The Company engaged an external professional company secretarial services provider, Red Sun Capital Limited, to provide compliance and full range of company secretarial services to the Group in order to assist the Group to cope with the changing regulatory environment. Mr. Wong Chi Kong, the representative of Red Sun Capital Limited, was appointed as the Company Secretary. According to the requirements of Rule 3.29 of the Listing Rules, Mr. Wong Chi Kong had taken no less than 15 hours of relevant professional training for the year ended 31 December 2024. # 高級管理層 黃智江先生，於二零二四年七月三十一日獲委任為本公司之公司秘書。本公司聘請外部專業公司秘書服務供應商—紅日資本有限公司為本集團提供合規和全面的公司秘書服務，以協助本集團應對不斷演變的監管環境。紅日資本有限公司的代表黃智江先生獲任命為公司秘書。根據上市規則第3.29條的規定，黃智江先生在截至二零二四年十二月三十一日止年度內已接受不少於15小時的相關專業培訓。 # Report of the Directors 董事會報告 The Board are pleased to present their report and the audited financial statements of the Group for the year ended 31 December 2024. # PRINCIPAL ACTIVITIES The principal activity of the Company is investment holding. The activities of its principal subsidiaries are set out in note 43 to the consolidated financial statements. # BUSINESS REVIEW AND PERFORMANCE A review of the business of the Group and a discussion and analysis of the Group's performance during the year under review and a discussion on the Group's future business development and outlook of the Company's business, possible risks and uncertainties that the Group may be facing and important events affecting the Company occurred during the year ended 31 December 2024 are provided in the sections headed "Chairman's Statement" and "Management Discussion and Analysis" on pages 6 to 10 and pages 11 to 23 of this annual report. An account of the Company's relationships with its key stakeholders is included in the paragraph headed "Relationships with Employees, Suppliers and Customers" of the report of the Directors on page 50 of this annual report. An analysis of the Group's performance during the year ended 31 December 2024 using financial performance indicators is provided in the section headed "Management Discussion and Analysis" on pages 11 to 23 of this annual report. An analysis of the principal risks and uncertainties faced by the Group and the particulars of events affecting the Group since the end of the Reporting Period are set out respectively in the paragraph headed "Key Risks and Uncertainties" on pages 21, and the paragraph headed "Event after the Reporting Period" on pages 301 to 303 of this annual report. 董事會欣然呈列其報告及本集團截至二零二四年十二月三十一日止年度的經審核財務報表。 # 主要業務 本公司之主要業務為投資控股。其主要附屬公司之活動載於綜合財務報表附註43。 # 業務回顧及表現 本集團業務回顧及本集團於回顧年度表現的討論及分析，以及對本集團未來業務發展及本公司業務的前景、本集團可能面臨的可能風險及不確定因素及於截至二零二四年十二月三十一日止年度發生的影響本公司的重大事項的討論載於本年報第6至10頁的「主席報告書」及第11至23頁的「管理層討論與分析」各節。本公司與其主要持份者的關係詳情載於本年報第50頁的董事會報告的「與僱員、供應商及客戶的關係」一段。 本集團截至二零二四年十二月三十一日止年度的表現分析所採用的財務表現指標載於本年報第11至23頁的「管理層討論與分析」一節。 有關本集團面臨的主要風險及不明朗因素之分析以及自報告期末以來影響本集團之事項之詳情分別載於本年報第21頁之「主要風險及不明朗因素」一段及本年報第301至303頁「報告期後事項」一段。 # Report of the Directors # 董事會報告 In addition, more details regarding the Group's performance by reference to environmental and social-related key performance indicators and policies, as well as compliance with relevant laws and regulations which have a significant impact on the Company are provided in the section headed "Environmental, Social and Governance Report" of the on pages 74 to 107 of this annual report. # RESULTS AND APPROPRIATIONS The results of the Group for the Reporting Period are set out in the consolidated statement of profit or loss and other comprehensive income on page 112 to 113 of this report. The Board does not recommend any payment of final dividend for the year ended 31 December 2024 (2023: Nil). The Board has adopted a dividend policy on 31 December 2018. Details of which is set out of page 30 of this annual report. # RESERVES Details of movements in the reserves of the Group and of the Company during the year are set out in the consolidated statement of changes in equity and note 44 to the consolidated financial statements. # DISTRIBTABLE RESERVES Distributable reserves of the Company as at 31 December 2024, calculated in accordance with the Companies Law, Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands (the "Companies Law") amounted to approximately RMB382.5 million. 此外，有關參考環境及社會相關關鍵表現指標及政策以及對本公司有重大影響的相關法律法規之遵守情況而定之本集團表現的更多詳情載於本年報第74至107頁的「環境、社會及管治報告」一節。 # 業績及分派 本集團於報告期間之業績載於本報告第112至113頁之綜合損益及其他全面收益表內。 於截至二零二四年十二月三十一日止年度，董事會不建議派付任何末期股息（二零二三年：無）。董事會已於二零一八年十二月三十一日採納一項股息政策。有關政策之詳情載於本年報第30頁。 # 儲備 年內本集團及本公司儲備變動之詳情載於綜合權益變動表及綜合財務報表附註44。 # 可供分派儲備 於二零二四年十二月三十一日，本公司根據開曼群島第22章公司法(一九六一年第3號法例，經綜合及修訂)(「公司法」)計算之可供分派儲備約為人民幣382.5百萬元。 # Report of the Directors 董事會報告 # PROPERTY, PLANT AND EQUIPMENT Details of movements in property, plant and equipment of the Group during the Reporting Period are set out in note 17 to the consolidated financial statements. # DIVIDEND POLICY The Company has adopted a dividend policy on 31 December 2018 (the "Dividend Policy"), pursuant to which the Company may declare and distribute dividends to the shareholders of the Company to allow shareholders to share the Company's profit and for the Company to retain adequate reserves for future growth. Under the Dividend Policy, provided the Group is profitable and without affecting the normal operations of the Group, the Company may consider to declare and pay dividends to the shareholders of the Company. In deciding whether to propose a dividend and in determining the dividend amount, the Board shall take into account, among others, the operating results, cash flow, financial condition, capital requirements of the Group, the interests of the shareholders and any other factors that the Board may consider appropriate. Declaration of the dividend by the Company is also subject to the Companies Laws, the articles of association of the Company and any applicable laws, rules and regulations. The Dividend Policy will continue to be reviewed from time to time and shall in noway constitute a legally-binding commitment by the Company in respect of its future dividend. There can be no assurance that a dividend will be proposed or declared in any specific periods. # SHARE CAPITAL Details of movements in share capital of the Company during the Reporting Period are set out in note 35 to the consolidated financial statements. # 物業、廠房及設備 本集團於報告期間之物業、廠房及設備變動詳情載於綜合財務報表附註17。 # 股息政策 本公司已於二零一八年十二月三十一日採納股息政策（「股息政策」），據此，本公司可向本公司股東宣派及派發股息，以使股東能分享本公司之溢利成果，並為本公司未來增長保留充足儲備。 根據股息政策，倘本集團有盈利且不影響本集團的正常營運的情況下，則本公司可考慮向本公司股東宣佈及派發股息。在決定是否建議宣派股息及釐定股息的金額時，董事會應考慮(其中包括)本集團的經營業績、現金流量、財務狀況、資本要求、股東的利益及董事會可能認為適當的任何其他因素。本公司宣派股息亦須遵守公司法、本公司的組織章程細則及任何適用法律、規則及規例下的任何限制。 股息政策將持續不時作出審閱且該政策無論如何不會構成本公司於其未來股息方面的具有法定約束力的承諾。概不能保證將在任何既定期間建議或宣派股息。 # 股本 本公司於報告期間之股本變動詳情載於綜合財務報表附註35。 # BORROWINGS Details of the Group's borrowings as at 31 December 2024 are set out in note 30 to the consolidated financial statements. # PRE-EMPTIVE RIGHTS There is no provision for pre-emptive rights under the Company's articles of association and there is no restriction against such rights under the laws of the Cayman Islands, which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders of the Company. # PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the year ended 31 December 2024. # DIRECTORS The Directors during the Reporting Period and up to the date of this annual report were: # Executive Directors Ms. Hou Wei (Resigned on 6 June 2025) Mr. Liu Xianxiu (Resigned on 6 June 2025) Mr. Yang Baikang (Resigned on 6 June 2025) Mr. Yu Runkun (Chairman) (Appointed on 6 June 2025) # Non-executive Director Mr. Hou Bo (Resigned on 6 June 2025) # 借款 於二零二四年十二月三十一日本集團借款的詳情載於綜合財務報表附註30。 # 優先購買權 本公司之組織章程細則並無優先購買權之條文且根據開曼群島法律並無有關權利之限制，從而令本公司須按比例向本公司現有股東發售新股份。 # 購買、出售或贖回本公司之上市證券 截至二零二四年十二月三十一日止年度，本公司及其任何附屬公司概無購買、出售或贖回本公司任何上市證券。 # 董事 報告期間及截至本年報日期止董事如下： # 执行董事 侯薇女士（2025年6月6日辭職） 劉賢秀先生（2025年6月6日辭職） 楊柏康先生（2025年6月6日辭職） 余潤坤先生（主席）（2025年6月6日任命） # 非執行董事 侯波先生（2025年6月6日齋職） # Report of the Directors 董事會報告 # Independent non-executive Directors Mr. Chen Zenghua (Resigned on 6 June 2025) Mr. Hou Lianchang (Resigned on 6 June 2025) Ms. Chen Tao (appointed on 24 June 2024 and resigned on 3 September 2024) Mr. Wong Yee Nok Enoch (appointed on 23 February 2