*ST嘉寓（300117）收到股票终止上市决定，*ST龙津（002750）收到终止上市事先告知书。 4月25日晚，深交所发布了《关于嘉寓控股股份公司股票终止上市的公告》，决定终止*ST嘉寓公司股票上市。 同日，*ST龙津发布公告称，收到深交所《终止上市事先告知书》，由于触及财务类退市，交易所拟决定终止公司股票上市交易。 *ST嘉寓即将退市 4月25日晚，*ST嘉寓公告称，公司当天收到深交所《关于嘉寓控股股份公司股票终止上市的决定》，深交所决定终止公司股票上市。 该终止上市决定显示，*ST嘉寓在2025年3月4日至2025年3月31日期间，连续20个交易日的股票收盘价均低于1元，触及深交所《创业板股票上市规则(2024 年修订)》第10.2.1条第一款第二项规定的股票终止上市情形。根据深交所《创业板股票上市规则(2024年修订)》第10.2.5条的规定以及深交所上市审核委员 会的审议意见，决定公司股票终止上市。 由于公司股票因触及交易类强制退市情形被终止上市，公司股票将不进入退市整理期，将于交易所作出终止上市决定后十五个交易日内摘牌。 事实上，早在4月1日，*ST嘉寓就已经收到终止上市事先告知书，公司股票也自4 ...

Financial Performance - For the year ended December 31, 2024, the Group's revenue was RMB 548.0 million, an increase of RMB 60.0 million compared to the previous year[16]. - The loss attributable to owners of the Company for the year was approximately RMB 153.4 million, compared to a loss of RMB 222.1 million in the previous year[16]. - The gross profit margin for the Multi-layer Ceramic Capacitors (MLCC) business decreased to 6.3% in 2024 from 7.1% in 2023[16]. - The Group's total revenue for the year ended December 31, 2024, was RMB 548.0 million, an increase of RMB 60.0 million or 12.3% compared to 2023[61]. - Revenue from the MLCC segment was RMB 497.7 million, representing an increase of RMB 56.2 million or 12.7% from the previous year[61]. - Revenue from the investment and financial services segment was RMB 50.3 million, with asset management fee income decreasing by RMB 9.0 million or 18.1% to RMB 40.7 million[61]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 2,213.8 million, up from RMB 2,013.8 million in 2023, representing an increase of 9.9%[4]. - Total liabilities increased to RMB 1,696.2 million in 2024 from RMB 1,345.8 million in 2023, marking a rise of 26.0%[4]. - The Group's bank and other loans stood at RMB 1,362.9 million as of December 31, 2024, reflecting an increase of RMB 288.1 million from RMB 1,074.8 million as of December 31, 2023, mainly due to additional drawdowns[88][93]. - As of December 31, 2024, the Group had net current liabilities of approximately RMB 603.4 million, a significant decrease from net current assets of RMB 41.8 million as of December 31, 2023[105]. - The current ratio decreased to 0.6 as of December 31, 2024, down from 1.0 as of December 31, 2023, primarily due to the classification of RMB 454.1 million of other loans as current liabilities[106]. Market Trends and Outlook - The Group anticipates a mild recovery in the MLCC industry driven by demand from mobile phones, PCs, and laptops as the destocking process concludes[18]. - The growth in the MLCC market is expected to be supported by advancements in artificial intelligence and the increasing demand for high-end MLCC products in various sectors[18]. - The overall consumer electronics market is gradually recovering, although demand remains relatively flat, leading to cautious purchasing behavior among end customers[17]. - The MLCC market is experiencing long-term growth driven by demand from the Internet of Things, 5G communications, new energy vehicles, and AI servers[56]. Research and Development - The company continues to focus on research and development to enhance its competitiveness in the MLCC industry[23]. - The Group has made significant breakthroughs in R&D, focusing on ultra-micro, high capacitance, high temperature, and high reliability products to enhance competitiveness in the high-end market[38]. - Significant investments are being made in research and development, equipment, and automation to enhance core competitiveness and meet customer needs[56]. - Research and development costs were RMB 62.4 million, a decrease of RMB 2.9 million from 2023, attributed to better cost control[68]. Corporate Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2024[137]. - The Board recognizes that good corporate governance is vital to the success of the Company and its subsidiaries, enhancing shareholder value[136]. - The Company is committed to maintaining high standards of corporate governance practices and will continue to review and enhance these practices[138]. - The Board's role includes fostering a corporate culture aligned with the Company's vision, values, and business strategies[139]. - The Company has a diverse board with members having extensive experience in finance, law, and corporate governance[130][131]. Committees and Board Structure - The Board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee, delegating various responsibilities to them[150]. - The Audit Committee is responsible for providing an independent review of the financial reporting process and overseeing the audit process[198]. - The Audit Committee consists of three independent non-executive Directors, ensuring appropriate professional qualifications[197]. - The Board meets at least four times a year, with proper notice and agenda provided to all Directors[163]. Financial Management - The Group has achieved significant cost reductions by optimizing sales structure and increasing production, with decreases in sales and research expenses compared to 2023[35]. - The Group's liquid assets and credit facilities are deemed sufficient to meet ongoing operational requirements[113]. - The Group plans to fund future capital expenditures primarily through cash generated from operations and bank borrowings, with potential for additional fundraising[110]. - The Group's total current assets as of December 31, 2024, were RMB 755.8 million, down from RMB 1,005.4 million as of December 31, 2023[109].

又有两家A股上市公司或已提前锁定面值退市。 *ST东方连续10个交易日收盘价低于1元或已提前锁定面值退市 3月28日，*ST东方（600811）再度以跌停收盘，股价报0.58元/股，这已是该股连续第10个交易日收盘价低于1 元。 据记者根据该股最新股价和该股目前的涨跌停幅度测算，公司股价后续即使连续10个交易日涨停，也将无法回到 1元/股以上，从而触及面值退市规定。 | 假设后续交易日收盘连续涨停,*ST东 | | | --- | --- | | 方收盘价推算 | | | 第N个交易日 推算收盘价(元/股) | | | 10 | 0. 58 | | 11 | 0. 61 | | 12 | 0. 64 | | 13 | 0. 67 | | 14 | 0. 7 | | 15 | 0. 74 | | 16 | 0. 78 | | 17 | 0. 82 | | 18 | 0. 86 | | 19 | 0.9 | | 20 | 0. 95 | | 注: 以上为根据假设连续涨停的条件推算的收盘 | | | 价,仅供参考 | | *ST东方今日晚间公告称，公司股票2025年3月28日收盘价为0.58元/股，已连续10个交易 ...

Financial Performance - Total revenue for 2024 reached RMB 548.0 million, an increase of 12.3% compared to 2023[3] - Gross profit for 2024 was RMB 81.5 million, up RMB 3.6 million or 4.7% from 2023[3] - The loss attributable to owners of the company for 2024 was RMB 153.4 million, an improvement from a loss of RMB 222.1 million in 2023[3] - Basic and diluted loss per share for 2024 was RMB 20.6 cents[3] - The company reported a total comprehensive loss of RMB 150.4 million for 2024, compared to RMB 220.0 million in 2023[6] - The company reported a net loss of RMB 153,367,000 for the year ending December 31, 2024[13] - The company’s total comprehensive loss before tax for 2024 was RMB (163,788) thousand, compared to a loss of RMB (195,256) thousand in 2023, indicating a reduction in losses[30] - The company reported a net loss of RMB 153.367 million for the year ended December 31, 2024, compared to a net loss of RMB 222.148 million in 2023, indicating an improvement in financial performance[42] Revenue Breakdown - MLCC sales contributed RMB 497,715 thousand in 2024, up 12.8% from RMB 441,495 thousand in 2023[32] - The investment and financial services segment generated RMB 50,284 thousand in revenue for 2024, compared to RMB 46,521 thousand in 2023, reflecting a 5.9% increase[32] - Total revenue from the MLCC segment reached RMB 497.7 million in 2024, representing a 13% increase compared to 2023, driven by a 5% increase in sales volume and a 7% increase in average product price[55] - Revenue from the MLCC segment was RMB 497.7 million, up RMB 56.2 million or 12.7% year-over-year, attributed to market conditions[68] Profitability Metrics - The gross profit margin decreased by 1.1 percentage points to 14.9% in 2024, with the MLCC business margin dropping from 7.1% in 2023 to 6.3% in 2024[3] - Other income decreased slightly to RMB 16,474 thousand in 2024 from RMB 17,975 thousand in 2023[36] - Financing costs increased to RMB 56,539 thousand in 2024, compared to RMB 34,224 thousand in 2023, marking a significant rise of 65.3%[38] - The company’s asset management fee income decreased to RMB 40,742 thousand in 2024 from RMB 49,708 thousand in 2023, a decline of 18.5%[32] - Research and development costs amounted to RMB 62.4 million, a decrease of RMB 2.9 million compared to the previous year, due to better cost control[71] Financial Position - Non-current assets totaled RMB 1,458.0 million as of December 31, 2024, compared to RMB 1,008.3 million in 2023[7] - Current liabilities increased to RMB 1,359.2 million in 2024 from RMB 963.6 million in 2023[8] - Total equity decreased to RMB 517.6 million in 2024 from RMB 668.0 million in 2023[8] - The company's current liabilities exceeded its current assets by RMB 603.423 million as of December 31, 2024, raising significant doubts about its ability to continue as a going concern[53] - The company's trade payables increased to RMB 148.137 million in 2024, compared to RMB 116.045 million in 2023, indicating a rise in obligations to suppliers[48] - The group had total bank credit facilities of RMB 828.0 million as of December 31, 2024, with RMB 780.4 million utilized[89] - The debt-to-assets ratio increased to approximately 75.9% as of December 31, 2024, from 65.7% on December 31, 2023, due to an increase in bank and other loans[90] Cash Flow and Liquidity - Cash and cash equivalents stood at RMB 63,702,000 as of December 31, 2024[13] - The company has initiated plans to improve liquidity and financial conditions, including cash flow forecasts covering at least 12 months from December 31, 2024[16] - A supplementary loan agreement was established in September 2024 to revise the repayment plan, allowing the company to avoid immediate repayment of loans totaling RMB 441,517,000[14] - The company is actively negotiating with banks regarding loan terms and financial covenants to ensure compliance and avoid defaults[17] - The company plans to restructure its cash borrowings and has a good historical repayment record with banks[16] Strategic Initiatives - The company has taken measures to accelerate the collection of receivables and effectively control costs and expenditures[17] - The company plans to enhance its core competitiveness through the development of new materials and processes, while expanding its product lines to include larger size MLCCs with high reliability for industrial and automotive applications[66] - The company aims to explore new markets and expand its international strategy to increase market share through continuous innovation and quality improvement[66] - The company has made significant breakthroughs in R&D and delivery of automotive-grade products during the reporting period[56] - The company will strengthen the monitoring and management of existing fund projects and implement strategies to improve investment performance in 2024[67] Production and Capacity - The new production base in Chuzhou has commenced mass production, while the Dongguan base is set to start production in Q2 2024, significantly enhancing production capacity and technical capabilities[56] - The company has optimized its sales structure and increased production, leading to a significant reduction in sales and research expenses compared to 2023[55] - The company’s inventory levels in the MLCC industry have normalized after a prolonged destocking period, with downstream demand beginning to recover gradually[55] Employee and Operational Metrics - The total number of employees as of December 31, 2024, was 1,257, a slight decrease from 1,285 in 2023[94] - Capital expenditures for the year ended December 31, 2024, were approximately RMB 194.0 million, down from RMB 330.2 million in 2023[88] Dividend Policy - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[3] - The company did not declare or propose any dividends for the years ended December 31, 2024, and 2023[41] - The group reported no final dividend for the year ended December 31, 2024, consistent with 2023[93]

MLCC Segment Performance - MLCC segment achieved sales revenue of RMB205.6 million in the first half of 2024, representing a 5.84% increase compared to the same period in 2023[14] - The average price of MLCC products rose by approximately 10% year-over-year, driven by an increase in the proportion of high-frequency, high-capacitance industrial-grade products[14] - Revenue from the MLCC segment increased by RMB11.3 million or 5.8% to RMB205.6 million, driven by higher average product prices[33][37] - MLCC segment revenue for the six months ended 30 June 2024 was RMB 205.6 million, with a segment loss of RMB 54.1 million[134] - MLCC segment revenue for the six months ended 30 June 2023 was RMB 194.25 million, with a segment loss of RMB 69.12 million[135] - Revenue from MLCC sales rose to RMB 205,602 thousand in 2024, up 5.8% from RMB 194,252 thousand in 2023[143] - MLCC segment assets increased to RMB 1,430,026 thousand as of June 30, 2024, compared to RMB 1,360,081 thousand at the end of 2023, reflecting a growth of 5.1%[138][139] Production Capacity and Expansion - The Group's new production base in Chuzhou has been put into operation, while the Dongguan base completed relocation and expansion, gradually increasing production capacity[20] - The company's new production bases in Chuzhou and Dongguan are operational, with capacity gradually increasing to meet the growing demand in industrial and automotive markets[21] - The net book value of the Group's property, plant, and equipment increased to RMB959.7 million as of 30 June 2024, up by RMB46.2 million from 31 December 2023, primarily due to additions for MLCC production equipment[51] - Capital commitments decreased to RMB150.5 million as of 30 June 2024 from RMB261.9 million at the end of 2023, mainly due to the completion of new factory construction in the MLCC segment[53] - Capital commitments outstanding at the end of the reporting period totaled RMB 156,512 thousand, a decrease from RMB 259,524 thousand at the end of 2023[192] R&D and Product Development - The Group continues to invest in R&D, focusing on ultra-micro, high capacitance, high temperature, and high reliability products to enhance competitiveness in the high-end market[19] - The company increased R&D investment and technical cooperation, focusing on ultra-micro, high-capacity, high-temperature, and high-reliability product layouts to enhance competitiveness in the high-end market[21] - The company expanded its product portfolio to include consumer-grade, automotive-grade, and industrial-grade products, with a shift from small-size to large-size, high-capacity, and high-voltage specifications[21] - Research and development costs decreased by RMB3.7 million to RMB27.8 million, reflecting better cost control in new product and technology development[43][48] - Research and development costs for the current period amounted to RMB 27,758 thousand in 2024, down 11.7% from RMB 31,438 thousand in 2023[148] - Staff costs included in research and development increased to RMB 16,369 thousand in 2024, up 43.6% from RMB 11,399 thousand in 2023[149] - R&D costs include depreciation of RMB 1,402,000 (H1 2023: RMB 1,815,000) and employee costs of RMB 16,369,000 (H1 2023: RMB 11,399,000)[150] Financial Performance and Ratios - Total revenue for the six months ended 30 June 2024 was RMB219.4 million, an increase of RMB6.79 million or 3.2% compared to the same period in 2023[33][37] - The Group's gross profit margin improved to 12.4%, up 4.2 percentage points from the previous year, with the MLCC segment's gross profit margin reaching 6.47% compared to a gross loss margin of 0.5% in 2023[34][38] - Revenue for the six months ended 30 June 2024 increased to RMB 219,404 thousand, up 3.2% from RMB 212,614 thousand in the same period last year[107] - Gross profit for the six months ended 30 June 2024 was RMB 27,099 thousand, a significant increase from RMB 17,454 thousand in the same period last year[107] - Loss from operations for the six months ended 30 June 2024 improved to RMB 41,102 thousand, compared to RMB 60,219 thousand in the same period last year[107] - Loss for the period decreased to RMB 59,169 thousand, down from RMB 69,744 thousand in the same period last year[107] - Total comprehensive loss for the period was RMB 58,817 thousand, an improvement from RMB 64,229 thousand in the same period last year[107] - Loss per share attributable to owners of the Company improved to RMB 7.94 cents, compared to RMB 9.36 cents in the same period last year[109] - Total reportable segment loss from external customers improved to RMB 44,649 thousand in 2024 from RMB 58,955 thousand in 2023, a reduction of 24.3%[141] Investment and Financial Services - The company manages 11 funds with a total capital commitment of approximately $647.8 million, of which the company has committed $89.9 million and invested $77.5 million[27] - The six funds invested by the company resulted in a net loss of RMB 7.2 million for the six months ended 30 June 2024, despite generating asset management fee income of RMB 21 million[27] - The company's investments are spread across five countries or regions: Australia, Hong Kong, PRC, UK, and the US, in the form of debt, common equity, or preferred equity[31] - The company made no new investments during the six months ended 30 June 2024[32] - Investment and financial services segment revenue for the six months ended 30 June 2024 was RMB 20.95 million, with a segment profit of RMB 9.43 million[134] - Investment and financial services segment revenue for the six months ended 30 June 2023 was RMB 20.28 million, with a segment profit of RMB 10.17 million[135] - Asset management fee income increased slightly to RMB 20,953 thousand in 2024 from RMB 20,281 thousand in 2023, a growth of 3.3%[143] Market Trends and Future Outlook - The MLCC industry's inventory levels have returned to normal, with downstream orders gradually increasing month by month, indicating a recovery in the end-market for the second half of 2024[14] - The MLCC market is expected to grow due to demand from IoT, 5G, new energy vehicles, and AI servers, with the Group focusing on expanding in automotive electronics and communication base stations[66] - MLCC market is expected to grow in the long term due to demand from IoT, 5G communications, new energy vehicles, and AI servers, despite challenges in 2024[67] - The company plans to expand its market share in automotive electronics, communication base stations, and data centers, while continuing to invest in R&D, equipment, and automation[67] - The company has increased its product lines to include larger-sized MLCCs with high capacity, high Q, high temperature, and high voltage characteristics, meeting industrial and automotive-grade reliability requirements[67] Financial Position and Liabilities - The Group's financial assets at fair value through profit or loss (FVPL) decreased by 1% to RMB407.9 million as of 30 June 2024, mainly due to a fair value loss of RMB7.2 million and exchange rate depreciation effects[51] - Accounts and bills receivables decreased by RMB38.7 million to RMB308.5 million as of 30 June 2024, driven by accelerated collection efforts in the first half of 2024[51] - Cash and bank balances increased by RMB19.3 million to RMB66.2 million as of 30 June 2024, primarily due to additional drawdowns of bank and other loans[51] - Trade and bills payables increased by RMB14.4 million to RMB130.4 million as of 30 June 2024, mainly due to higher MLCC production during the period[53] - Bank and other loans increased by RMB100.1 million to RMB815.9 million as of 30 June 2024, driven by additional drawdowns[53] - The Group's net current liabilities increased to RMB205.3 million as of 30 June 2024, compared to net current assets of RMB41.8 million as of 31 December 2023[54] - Current assets decreased to RMB844.9 million as of 30 June 2024 from RMB1,005.4 million as of 31 December 2023[54] - Current liabilities increased to RMB1,050.2 million as of 30 June 2024 from RMB963.6 million as of 31 December 2023[54] - The Group's current ratio decreased to 0.8 as of 30 June 2024 from 1.0 as of 31 December 2023[54] - The Group's gearing ratio increased to 69.5% as of 30 June 2024 from 65.5% as of 31 December 2023[56] - The Group's banking facilities increased to RMB868.0 million as of 30 June 2024 from RMB788.0 million as of 31 December 2023[54] - Utilized banking facilities increased to RMB760.4 million as of 30 June 2024 from RMB643.6 million as of 31 December 2023[54] - The Group's revenue is mainly denominated in Renminbi, US dollars, and HK$, while purchases are mainly in Renminbi, US dollars, HK$, and Japanese Yen[58] - The Group has pledged assets with carrying amounts of approximately RMB652.7 million as securities for bank and other loans facilities as of 30 June 2024[59] - The Group's cash flow projections cover a period of not less than 12 months from 30 June 2024, with confidence in sufficient working capital[125] - The Group is exploring debt or equity financing arrangements to improve financial ratios[125] - The Group is implementing measures to speed up the collection of outstanding accounts and bills receivables[125] - The Group did not meet certain financial covenants for bank loans as of 30 June 2024, leading to renegotiations with lenders[124] - The Group's current liabilities include bank and other loans totaling RMB 815,948,000, with RMB 170,101,000 repayable within 12 months, RMB 425,500,000 repayable on demand but expected after 12 months, and RMB 220,347,000 reclassified as current liabilities due to loan agreement provisions[124] - The Group breached certain terms of bank loans with a carrying amount of RMB 509,517,000 at 30 June 2024, primarily related to the asset-liability ratio and current ratio of a subsidiary and the net assets level of another subsidiary[186] - The Group is in negotiations with lenders to extend the repayment period for RMB 401,500,000 of loans, which were originally due within one year, for at least the next 12 months[188] - The directors believe that adequate alternative sources of finance are available to ensure the continuing operations of the Group, even if lenders demand immediate repayment[189] Corporate Governance and Shareholding - The Board is committed to maintaining high corporate governance standards and has complied with the Corporate Governance Code throughout the six months ended 30 June 2024[74][78] - Mr. Zhou Chunhua holds 7,358,000 shares, representing approximately 0.99% of the total issued shares as of 30 June 2024[82] - Cosmic Riches Investments Limited holds 93,443,650 shares, representing 12.55% of the total issued shares[85] - China Tian Yuan Manganese Limited holds 60,590,482 shares, representing 8.13% of the total issued shares[85] - The total issued shares of the company as of 30 June 2024 are 744,750,000[86] - Ms. Du Weilin is deemed to have an interest in 93,443,650 shares held by Cosmic Riches Investments Limited[88] - Ningxia Tianyuan Manganese Industry Group Co., Ltd. and Mr. Jia Tianjiang are deemed to have an interest in 60,590,482 shares held by China Tian Yuan Manganese Limited[88] - Ms. Dong Jufeng is deemed to have an interest in 60,590,482 shares held by China Tian Yuan Manganese Limited due to her being the spouse of Mr. Jia Tianjiang[88] - The Share Award Scheme, adopted on 14 July 2017, is valid for 10 years and the total number of shares to be awarded shall not exceed 10% of the issued share capital as of the Adoption Date[90] - No shares were purchased or granted under the Share Award Scheme during the period ended 30 June 2024[92] - Mr. Zhou Chunhua, a Director of the Company, participated in the Share Award Scheme during the six months ended 30 June 2024[95] - The fair value of the awarded shares is based on the fair value at the date of grant[94] Expenses and Costs - Selling and distribution costs rose by 9.7% to RMB10.2 million, attributed to increased sales efforts in the MLCC segment[41][46] - Administrative expenses decreased by RMB2.0 million to RMB43.7 million, mainly due to reduced staff costs[42][47] - Finance costs increased by RMB7.7 million to RMB15.8 million, driven by additional bank loan interest in the first half of 2024[44][49] - Administrative expenses decreased to RMB 43,691 thousand, compared to RMB 45,724 thousand in the same period last year[107] - Finance costs increased to RMB 15,832 thousand, up from RMB 8,124 thousand in the same period last year[107] - Other income increased to RMB 12,152 thousand, compared to RMB 5,445 thousand in the same period last year[107] - Total interest expense on financial liabilities not at FVPL decreased to RMB 15,832 thousand in 2024 from RMB 21,335 thousand in 2023, a reduction of 25.8%[145] - Key management personnel remuneration for the six months ended 30 June 2024 was RMB 4,541 thousand, down from RMB 5,955 thousand in the same period of 2023[196] Assets and Liabilities - The Group's investment property remained stable at RMB23.7 million as of 30 June 2024, comparable to RMB24.1 million at the end of 2023[51] - Prepayments, deposits, and other receivables increased by RMB3.9 million to RMB48.9 million as of 30 June 2024, primarily due to deposits for property, plant, and equipment acquisitions[51] - Deferred income, accruals, and other payables decreased by RMB27.0 million to RMB82.3 million as of 30 June 2024, mainly due to the settlement of payables for production equipment acquired in 2023[53] - Total non-current assets increased to RMB 1,243,653,000 as of 30 June 2024, up from RMB 1,008,347,000 at the end of 2023[110] - Current assets decreased to RMB 844,844,000 as of 30 June 2024, down from RMB 1,005,443,000 at the end of 2023[110] - Total current liabilities increased to RMB 1,050,193,000 as of 30 June 2024, up from RMB 963,625,000 at the end of 2023[110] - Net current liabilities stood at RMB 205,349,000 as of 30 June 2024, compared to net current assets of RMB 41,818,000 at the end of 2023[110] - Total equity decreased to RMB 609,146,000 as of 30 June 2024, down from RMB 667,963,000 at the end of 2023[112] - Property, plant, and equipment carrying amount increased to RMB 959,726,000 as of 30 June 2024 (31 December 2023: RMB 913,518,000)[162] - Investment properties carrying amount decreased to RMB 23,715,000 as of 30 June 2024 (31 December 2023: RMB 24,122,000)[164] - Financial assets at amortized cost decreased to RMB 386,327 thousand as of 30 June 2024 from RMB 401,932 thousand at the end of 2023[200] - Financial liabilities at amortized cost increased to RMB 1,441,318 thousand as of 30 June 2024 from RMB 1,299,477 thousand at the end of 2023[200] - Bank and other loans rose to RMB 1,224,462 thousand as of 30 June 2024, up from RMB 1,074,836 thousand at the end of 2023[200] Cash Flow and Financing - Net cash generated from operating activities was RMB 919,000 for the six months ended 30 June 2024, compared to a net cash used of RMB 71,471,000 in the same period of 2023[116] - Net cash used in investing activities was RMB 97,370,000 for the six months ended 30 June 2024, compared to RMB 86,994,000 in the same period of 2023[116] - Net cash generated from financing activities was RMB 128,254,000 for the six months ended 30 June 2024, compared to RMB 203,196,000 in the same period of 2023[116] - Cash and cash equivalents at the end of the period were RMB 63,308,000 as of 30 June 2024, down from RMB 108,007,000 at the end of the same period in 2023[116] - The Group's cash and cash equivalents amounted to RMB 63,308,000 as of 30 June 2024[124] - The Group incurred a net loss of RMB 59,169,000 for the six months ended 30 June 2024[124] - The Group's current liabilities exceeded its current assets by

Financial Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 219.4 million, an increase of about RMB 6.79 million or 3.2% compared to the same period in 2023[1]. - Loss attributable to owners of the company for the six months ended June 30, 2024, was RMB 59.2 million, compared to a loss of RMB 69.7 million in the same period of 2023[1]. - Basic loss per share for the six months ended June 30, 2024, was RMB 7.94, compared to RMB 9.36 for the same period in 2023[1]. - The company reported a total comprehensive loss of RMB 58.8 million for the six months ended June 30, 2024, compared to RMB 64.2 million for the same period in 2023[3]. - The company reported a net loss of RMB 59,169,000 for the six months ended June 30, 2024, with current liabilities exceeding current assets by RMB 205,349,000[9]. - The company did not declare an interim dividend for the six months ended June 30, 2024[1]. - The net loss before tax for the six months ended June 30, 2024, was RMB (56,934) thousand, an improvement from RMB (68,343) thousand in 2023, indicating a reduction of approximately 16.7%[18]. Revenue Segmentation - Total revenue for the MLCC segment was RMB 205,602,000, while the investment and financial services segment generated RMB 20,953,000, leading to a total revenue of RMB 226,555,000 for the six months ended June 30, 2024[15]. - Revenue from customer contracts for MLCC was RMB 205,602 thousand for the six months ended June 30, 2024, compared to RMB 194,252 thousand in 2023, reflecting an increase of about 5.5%[20]. - Revenue from the MLCC segment was RMB 205.6 million, up RMB 11.3 million or 5.8%, driven by an increase in average product prices[40]. Cost and Expenses - Research and development costs for the six months ended June 30, 2024, were RMB 27.8 million, down from RMB 31.4 million in the same period of 2023[2]. - Selling and distribution costs totaled RMB 10.2 million, an increase of 9.7% due to higher sales levels in the MLCC segment[43]. - Administrative expenses decreased to RMB 43.7 million, down RMB 2.0 million, mainly due to reduced employee costs[44]. - Financing costs increased to RMB 15.8 million, up RMB 7.7 million, primarily due to additional bank loan interest[46]. Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 1,243.7 million, an increase from RMB 1,008.3 million as of December 31, 2023[4]. - Current assets as of June 30, 2024, totaled RMB 844.8 million, a decrease from RMB 1,005.4 million as of December 31, 2023[4]. - Total liabilities as of June 30, 2024, were RMB 1,050.2 million, compared to RMB 963.6 million as of December 31, 2023[5]. - The current ratio decreased to 0.8 from 1.0, primarily due to an increase in bank loans[57]. - The group's debt-to-asset ratio increased to approximately 69.5% as of June 30, 2024, compared to 65.5% as of December 31, 2023, due to an increase in bank and other loans[59]. Cash Flow and Financing - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 63,308,000[9]. - Cash and bank balances totaled RMB 66.2 million, an increase of RMB 19.3 million, mainly from additional bank and other loans[51]. - The group had total bank credit facilities amounting to RMB 868.0 million, with RMB 760.4 million utilized[58]. - The company is actively negotiating loan terms with banks to address financial covenants and improve liquidity, including potential debt restructuring and capital injection[10]. Operational Developments - The company has established new production bases in Chuzhou and Dongguan, enhancing production capacity for high-end products to meet growing market demands[34]. - The company continues to invest in R&D and technical collaborations, focusing on ultra-micro, high-capacity, high-temperature, and high-reliability product developments[34]. - The company has successfully developed several niche products for specialized circuit applications, including three-terminal, copper terminal, and gold terminal MLCCs[34]. - The company’s MLCC division is experiencing a gradual recovery in demand, with inventory levels returning to normal after previous destocking and capacity adjustments[33]. Market and Strategic Initiatives - The group aims to enhance its core competitiveness through the development of new materials and processes, focusing on high-capacity and high-temperature products[63]. - The group plans to strengthen its fund management and risk control measures to protect investors' interests while exploring new business opportunities[63]. - The group is committed to expanding its market share by actively pursuing international strategies and enhancing product quality through continuous innovation[63]. - The group has implemented foreign exchange risk hedging measures to mitigate potential currency risks due to fluctuations in exchange rates[61]. Employee and Governance - The group reported a total of 1,223 employees as of June 30, 2024, down from 1,273 employees as of December 31, 2023[64]. - The group has maintained compliance with corporate governance codes as per the Hong Kong Stock Exchange regulations[67].

Financial Performance - For the year ended December 31, 2023, the Group's total revenue was RMB 488.0 million, an increase of RMB 126.6 million compared to the previous year[16]. - The loss attributable to owners of the Company for the year was approximately RMB 222.1 million, compared to a loss of RMB 63.9 million in the previous year[16]. - The gross profit margin for the year ended December 31, 2023, was 16.0%, an increase of 11.6 percentage points compared to 2022[71]. - The gross profit margin of the MLCC segment increased from 3.1% in 2022 to 7.1% in 2023 due to improved production mix and cost control measures[75]. - The Group's asset management fee income was RMB 49.7 million for 2023, an increase of RMB 11.2 million or 29.2% compared to 2022[70]. - Other income amounted to RMB 17.9 million for 2023, representing an increase of 29.1% from 2022, mainly due to government grants and increased rental income[77]. - Finance costs increased to RMB 34.2 million for 2023, up by RMB 9.8 million from 2022, primarily due to additional bank and other loans[87]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 2,013.8 million, up from RMB 1,816.7 million in 2022[4]. - Total liabilities increased to RMB 1,345.8 million in 2023 from RMB 926.5 million in 2022[4]. - The total equity attributable to owners of the Company decreased to RMB 668.0 million in 2023 from RMB 886.6 million in 2022[4]. - As of December 31, 2023, accounts and bills receivables amounted to RMB 347.2 million, an increase of RMB 85.6 million from 2022, driven by higher revenue[91]. - As of December 31, 2023, the Group's cash and bank balances totaled RMB 46.9 million, a decrease of RMB 15.6 million from December 31, 2022, mainly due to increased machinery purchases during 2023[99]. - As of December 31, 2023, trade and bills payables amounted to RMB 116.0 million, an increase of RMB 55.3 million from December 31, 2022, primarily due to increased MLCC production[100]. - As of December 31, 2023, the Group's bank and other loans amounted to RMB 715.8 million, an increase of RMB 295.7 million from RMB 420.1 million as of December 31, 2022, mainly due to additional drawdowns[102]. Market and Industry Outlook - The Group anticipates a low-speed growth cycle for the global MLCC market due to weakened order demand and ongoing price competition among suppliers[17]. - Long-term growth opportunities in the MLCC market are expected to arise from advancements in artificial intelligence and the increasing demand for high-end MLCC products[18]. - The MLCC market is expected to experience slow but steady growth driven by advancements in AI technology and increased demand for high-performance electronic products[21]. - The Group plans to enhance core competitiveness through increased investment in research and development, new materials, and new processes[64][66]. - The Group's investments were made in six countries or regions, including Australia, Hong Kong, Korea, PRC, UK, and the US[60][62]. Production and Capacity - The Group is closely monitoring and controlling production capacity in response to market conditions[17]. - The destocking process in the electronics technology industry is nearing completion, which may lead to a mild recovery in the MLCC industry[18]. - The Group has established new production bases in Chuzhou and Dongguan to relocate existing production capacity and moderately expand production capacity[28]. - The new plant in Chuzhou has been operational since January 2023, while the Dongguan plant is expected to commence operations in the second quarter of 2024[28]. - The Group has completed the construction of new production bases in Chuzhou and Dongguan, enhancing capacity for high-end products to meet growing demand in industrial and automotive markets[42]. Research and Development - The Group continues to increase investment in research and development, particularly in industrial and automotive grade products[24]. - The Group is focusing on R&D in ultra-micro, high capacitance, high temperature, and high reliability products to enhance competitiveness in the high-end market[41]. - The Group has achieved technological breakthroughs in miniature and high-capacitance MLCC products, consolidating its leading position in the PRC[64][66]. - Research and development costs were RMB 65.3 million for 2023, an increase of RMB 9.0 million from 2022, reflecting ongoing efforts in new product and technology development[80]. Corporate Governance and Management - The Group emphasizes high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2023[165]. - The Board of Directors is responsible for the leadership and control of the Company, focusing on overall strategies and financial performance[176]. - The Board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee, delegating various responsibilities to them[179]. - The Company has a culture of integrity and commitment, ensuring that all staff act lawfully and ethically[168]. - The roles of the Chairman and CEO are separate, ensuring a clear division of responsibilities[187][191].

Financial Performance - Total revenue for 2023 was RMB 488.0 million, an increase of 35.0% compared to 2022[4] - Gross profit for 2023 was RMB 77.9 million, up RMB 62.1 million or 394.4% from 2022[4] - The loss attributable to owners of the company for 2023 was RMB 222.1 million, compared to a loss of RMB 63.9 million in 2022[4] - Basic and diluted loss per share was RMB 29.8 cents for 2023[4] - The group reported a net loss of RMB 223,516,000 for the year ending December 31, 2023[18] - The company reported a pre-tax consolidated loss of RMB 195,256 thousand for the year ended December 31, 2023, compared to a loss of RMB 67,975 thousand in 2022[29] - The company reported a pre-tax loss of RMB 222,148,000 for 2023, compared to a loss of RMB 63,851,000 in 2022, indicating a significant increase in losses year-over-year[54] Revenue Breakdown - MLCC sales contributed RMB 441,495 thousand in 2023, up from RMB 356,609 thousand in 2022, representing a growth of 24%[35] - The investment and financial services segment generated revenue of RMB 46,521 thousand in 2023, compared to RMB 4,768 thousand in 2022, marking a significant increase[35] - Revenue from the MLCC segment was RMB 441.5 million, up RMB 84.9 million or 23.8% year-over-year, attributed to improved production mix[91][94] - The company’s revenue from external customers in mainland China was RMB 416,026 thousand in 2023, an increase from RMB 322,777 thousand in 2022[31] Cost and Expenses - The company reported a significant increase in research and development costs, totaling RMB 65.3 million in 2023 compared to RMB 56.3 million in 2022[6] - Research and development expenses increased to RMB 65,331,000 in 2023 from RMB 56,307,000 in 2022, representing a growth of about 16.4%[47] - Total employee costs for 2023 amounted to RMB 152,878,000, slightly down from RMB 154,676,000 in 2022, reflecting a decrease of approximately 1.2%[45] - The company recorded a depreciation and amortization expense of RMB 72,749 thousand in 2023, slightly down from RMB 73,571 thousand in 2022[28] - Financing costs rose to RMB 34.2 million, an increase of RMB 9.8 million, due to additional bank and other loans[100] Assets and Liabilities - Total assets decreased from RMB 1,816.7 million in 2022 to RMB 1,013.8 million in 2023[12] - Current liabilities increased from RMB 614.8 million in 2022 to RMB 963.6 million in 2023[12] - The company’s net asset value decreased from RMB 890.2 million in 2022 to RMB 668.0 million in 2023[12] - The company’s liabilities totaled RMB 1,345,827 thousand as of December 31, 2023, compared to RMB 926,454 thousand in 2022, indicating a rise in financial obligations[29] - The total accounts payable increased to RMB 116,045 thousand in 2023 from RMB 60,769 thousand in 2022, with trade payables rising to RMB 110,138 thousand from RMB 59,439 thousand[64] Cash Flow and Financing - Cash and cash equivalents as of December 31, 2023, amounted to RMB 32,671,000[18] - The company is actively negotiating loan terms with banks following the failure to meet certain financial covenants[20] - Plans to improve liquidity include restructuring cash borrowings and enhancing financial ratios through capital injections[22] - The company has implemented measures to expedite the collection of receivables and explore other debt or equity financing arrangements[22] - The group secured new bank credit facilities totaling RMB 7,880 million as of December 31, 2023, with RMB 6,436 million already utilized[120] Market and Operational Insights - The company has invested in R&D and technology collaboration, focusing on high-end markets with new product developments including niche products for specialized circuit applications[75] - The new production base in Chuzhou has commenced operations, with the Dongguan facility expected to start production in Q2 2024, enhancing production capacity and technical capabilities[75] - The company is expanding its market presence and enhancing competitiveness in the MLCC industry, anticipating long-term growth despite current market challenges[75] - The second half of 2023 saw a 27.3% increase in sales revenue compared to the first half, and a 41.9% increase compared to the second half of 2022[73] Governance and Compliance - The company adhered to all corporate governance codes and reporting requirements as stipulated by the Hong Kong Stock Exchange for the year ended December 31, 2023[130] - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ended December 31, 2023, ensuring oversight of the financial reporting process and risk management[133] Dividend and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2023[4] - The board of directors did not recommend the declaration of a final dividend for the year ended December 31, 2023, consistent with the previous year[127]

Share Incentive Plan - As of December 31, 2022, a total of 5,958,000 shares have been granted under the share incentive plan[4] - The number of shares available for grant under the share incentive plan as of December 31, 2022, is 68,517,000 shares[4] - The total number of shares that can be issued under the share incentive plan as of December 31, 2022, is 74,475,000 shares, representing 10% of the company's issued share capital[5] - As of June 30, 2023, the total number of shares granted under the share incentive plan remains at 5,958,000 shares[6] - The number of shares available for grant under the share incentive plan as of June 30, 2023, is still 68,517,000 shares[6] - The total number of shares that can be issued under the share incentive plan as of June 30, 2023, is 74,475,000 shares, also representing 10% of the company's issued share capital[6] - The company has not specified a maximum entitlement for eligible participants under the share incentive plan[4][6] - The shares granted can be satisfied either from existing shares in the market or by issuing new shares authorized by shareholders[4][6] Board of Directors - The board of directors includes two executive directors and three independent non-executive directors as of the announcement date[8] Reporting Consistency - The company maintains that all other information in the 2022 annual report and 2023 interim report remains unchanged[7]

Financial Performance - The Group's total revenue for the six months ended June 30, 2023, was RMB 212.6 million, an increase of RMB 18.3 million, or 9.4%, compared to the same period in 2022[38]. - Revenue from the MLCC segment was RMB 194.3 million, representing an increase of RMB 11.9 million, or 6.5%, due to increased sales volume in the first half of 2023[38]. - The aggregate gross profit margin for the six months ended June 30, 2023, was 8.2%, an increase of 1.9 percentage points compared to the same period in 2022[39]. - The Group recorded a net loss of RMB 1.9 million from financial assets at fair value through profit or loss (FVPL) for the six months ended June 30, 2023, compared to a net loss of RMB 6.2 million for the same period in 2022[38]. - The Company reported a loss per share of RMB (9.36) for the period, compared to RMB (6.38) in the previous year, highlighting the impact of increased losses on shareholders[152]. - Total comprehensive loss for the period was RMB 64,229,000, compared to a loss of RMB 28,857,000 in the same period last year[152]. - Consolidated loss before taxation was RMB (68,343) thousand for the first half of 2023, compared to RMB (47,188) thousand in the same period of 2022, indicating a 44.8% increase in loss[192]. Market and Product Development - In the first half of 2023, the MLCC segment achieved a year-on-year sales volume increase of over 28%, with sales revenue reaching RMB 194.2 million, a 6.5% increase compared to the first half of 2022[14]. - The average product price in the MLCC segment declined by approximately 17% due to intense price competition from increased supply by domestic competitors[14]. - The Group has made significant breakthroughs in the research and development of industrial and automotive-grade products, expanding its product offerings to include specialized circuit applications[18]. - The Group's product range now covers consumer-grade, automotive-grade, and industrial-grade sectors, with a focus on larger sizes and higher specifications[18]. - The MLCC market is expected to see continued growth driven by demands in 5G communications, automotive electronics, and the Internet of Things[103]. - The Group has achieved technological breakthroughs in miniature and high-capacitance MLCC products, expanding its portfolio to include medium- and large-sized products with high-capacitance and high-temperature characteristics[103]. Production and Infrastructure - The production base in Chuzhou has been completed and is now operational, while the Dongguan base is expected to be ready for mass production by December 2023[19]. - The Group is accelerating the construction of new production bases and upgrading infrastructure to enhance capacity for high-end products[19]. - The relocation of major production equipment at the Dongguan base has been completed, enhancing the Group's production capacity and technological capability[19]. - The new production base in Chuzhou has commenced operations, and the new base in Dongguan is expected to achieve mass production by December 2023[21]. Financial Position and Investments - As of June 30, 2023, the total capital commitment of the Group's funds was approximately US$647.8 million, with the Group committing approximately US$89.9 million[30]. - The Group has invested US$75.5 million in the funds it manages[30]. - The Group's cash and bank balances totaled RMB 108.0 million, an increase of RMB 45.5 million compared to December 31, 2022, primarily due to additional bank loans drawn[75]. - The Group's bank and other loans increased to RMB 924.8 million as of June 30, 2023, up from RMB 696.7 million on December 31, 2022, indicating a reliance on external financing[78]. - The Group maintained sufficient financial reserves to meet ongoing operational requirements, supported by liquid assets and credit facilities[91]. Corporate Governance and Shareholder Information - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[116]. - The company continues to comply with the corporate governance code as per the Hong Kong Stock Exchange listing rules[118]. - The company has adopted all applicable provisions of the corporate governance code as of June 30, 2023[118]. - The interests in unvested shares granted under the Share Award Scheme were noted, but specific details were not disclosed[123]. - The company has a share award scheme aimed at encouraging and retaining employees while aligning their interests with shareholders[135]. Research and Development - Despite ongoing market sluggishness, the Group continues to increase investment in research and development to enhance competitiveness in high-end markets[18]. - Research and development costs increased by RMB 1.7 million to RMB 31.4 million, reflecting ongoing efforts in new product and technology development[49]. - The Group's strategy includes continuous investment in research and development, equipment, and automation to enhance core competitiveness[103].