国锐生活2024年报

CONTENTS Corporate Information2Chairman’s Statement4Management Discussion and Analysis7Environmental, Social and Governance Report16Directors’ Biographies65Corporate Governance Report68Report of the Directors106Independent Auditor’s Report135Consolidated Financial StatementsConsolidated Statement of Profi t or Loss143Consolidated Statement of Comprehensive Income144Consolidated Statement of Financial Position145Consolidated Statement of Changes in Equity147Consolidated Statement of Cash Flows149Notes to Financial Statements151Particulars of Properties278Five Year Financial Summary279 CORPORATE INFORMATION EXECUTIVE DIRECTORS Mr. Wei Chunxian(Chairman and Chief Executive Officer)Mr. Sun ZhongminMs. Li Bing(resigned on 11 December 2024) INDEPENDENT NON-EXECUTIVEDIRECTORS Mr. Tung Woon Cheung EricMs. To Tsz Wan VivienMr. Leung Louis Ho Ming COMPANY SECRETARY Mr. Lam Wai Kei(resigned on 20 November 2024)Mr. Li Chenji(appointed on 20 November 2024) AUDIT COMMITTEE Mr. Tung Woon Cheung Eric(Chairman of the Audit Committee)Ms. To Tsz Wan VivienMr. Leung Louis Ho Ming NOMINATION COMMITTEE Mr. Wei Chunxian(Chairman of the Nomination Committee)Mr. Tung Woon Cheung EricMr. Leung Louis Ho Ming REMUNERATION COMMITTEE Mr. Leung Louis Ho Ming(Chairman of the Remuneration Committee)Mr. Tung Woon Cheung EricMs. To Tsz Wan Vivien AUTHORISED REPRESENTATIVES Mr. Wei ChunxianMr. Lam Wai Kei(resigned on 20 November 2024)Mr. Li Chenji(appointed on 20 November 2024) AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s Road, Quarry BayHong Kong SOLICITORS 1817 Reed Smith Richards Butler LLP17/F, One Island EastTaikoo Place18 Westlands Road, Quarry BayHong Kong 1617 SHARE REGISTRAR Tricor Investor Services Limited17/FFar East Finance Centre16 Harcourt RoadHong Kong REGISTERED OFFICE Unit 1802, 18/FRuttonjee HouseRuttonjee Centre11 Duddell Street, CentralHong Kong 11181802 STOCK CODE108 108 WEBSITEwww.grlifestyle.com.hk www.grlifestyle.com.hk CHAIRMAN’S STATEMENT Dear Shareholders, I am pleased to present, as the chairman of the board (the “Board”)of directors (the “Directors”) of GR Life Style Company Limited (the“Company”, together with its subsidiaries, the “Group”), the reportfor the year ended 31 December 2024 (the “Year”). REVIEW AND OUTLOOK During the Year, the Group principally engaged in (i) the provision ofproperty management services in the People’s Republic of China (the“PRC”), and (ii) property development and investment in the PRC,the United States of America (the “USA”) and the United Kingdom(the “UK”). (i)(ii) (i)BJuxon House(ii) In recent years, the Group’s (i) property development and investmentprojects including Guorui Square Block B in the PRC, Juxon Housein London, the Santa Monica project and Culver City project inLos Angeles; and (ii) property management business in the PRC,brought significant contributions to the development of the Group.The management team demonstrated a dynamic and professionalbusiness style. The main direction for the management team isto build on the Group’s longstanding experience and excellenttrack record in property development and investment industryworldwide, in order to channel its capabilities in new directions thatwill create greater value for the shareholders of the Company (the“Shareholders”). Looking ahead, the Group will continue to focus on propertydevelopment and investment, as well as relevant asset managementservices, to create value for the shareholders. As in the past,when considering investments in the international markets suchas the USA and Europe, the Group will continue to follow thedevelopment blueprint and maintain a prudent attitude in capturinginvestment opportunities so as to provide a reasonable return to theshareholders. In the past few years, other than capturing investmentopportunities to establish the position and engage in the propertymarket in Los Angeles and London for income generating realestates with potential for capital appreciation in the long term andre-development in the future, the Group’s focus also continued tobe on the execution of existing projects, achieving goals includingbut not limited to enhancement of operating performance as wellas facilitation of project development. Besides, the Group will notrule out any possibilities to divest its investment with decent return.The Directors believe that after the acquisitions in the past fewyears and through execution of existing projects, the Group will beable to broaden its income base through the stable rental incomesgenerated from the properties. + In addition to the Group’s property investments in the PRC, theUSA and the UK, the Group will increase its investment in propertymanagement and other services in core cities around the worldin the future. The Group will fully utilise its core strengths in assetmanagement, property management and community operation tobuild an integr