Our Manufacturing and Sales Business faced different types of headwinds in international and domestic market which directly impacted to the performance of this business. To tackle these difficulties, a series of restructuring exercise was adopted during the Year through disciplined cost management, operational efficiencies, and strategic investments in our Shenzhen manufacturing facilities. Our proactive readjustment of our products and sales strategies placed on different markets have positive impact over the revenue on this business. The positive revenue trend and reduced losses reflect meaningful progress.

Moving forward, we are focused on optimizing our cost structure, expanding into high-margin product lines, and investing in automation and digital printing technologies to align with global environmental standards, reduce operating costs, and enhance competitiveness.

The Property Development Business, centered on industrial buildings in Qingyuan, the People’s Republic of China (the “PRC”), faced significant challenges in 2024 due to the ongoing slowdown in the PRC’s real estate sector. Liquidity challenges and cautious investor sentiment resulted in a loss for this segment. Demand for leasing and sales of our industrial facilities, including logistics hubs and manufacturing complexes in Qingyuan, was subdued.

In response to these challenges, we proactively strengthened our market position by prioritizing high-quality products and services while streamlining overall operating costs for the business.

Looking ahead, our strategic priorities are to drive sustainable growth, restore profitability, and reinforce our market positions across all businesses of the Group. We will leverage our expanded global presence to pursue opportunities in diverse markets while enhancing product and service quality to meet evolving customer expectations and environmental standards. Sustainability will remain integral to our strategy. By maintaining a prudent financial approach and capitalizing on stabilizing global and domestic markets, we are confident in our ability to deliver long-term value to our stakeholders.

On behalf of the Board, I extend my heartfelt gratitude to our shareholders, investors, business partners, and employees for their unwavering support and dedication throughout the Year, despite unprecedented challenges. We remain committed to pursuing excellence and delivering value to our customers and shareholders.

SUEK Ka Lun, Ernie
Chairman

Hong Kong
26 March 2025