未平仓空单比（绝对值）较上一次减少最多为远东宏信（03360）、众安在线（06060）、荣昌生物 （09995），分别减少-1.62%、-1.55%、-1.32%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 8717.47 万股 | 8734.54 万股 | 22.57% | | 宁德时代(03750) | 2631.99 万股 | 2768.85 万股 | 17.76% | | 中远海控(01919) | 4.06 亿股 | 4.11 亿股 | 14.27% | | 赣锋锂业(01772) | 5001.51 万股 | 5166.20 万股 | 12.80% | | 山东黄金(01787) | 1.09 亿股 | 1.10 亿股 | 12.77% | | 绿叶制药(02186) | 4.62 亿股 | 4.75 亿股 | 12.64% | | 协鑫科技(03800) | 33.24 亿股 | 35.43 亿股 | 12.44% | | 万科企业(02202) | 2.80 亿股 ...

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

Group 1 - The total contract sales amount for the company in May 2025 is approximately RMB 8.87 billion, with a total sales area of about 69,900 square meters and an average sales price of approximately RMB 12,700 per square meter [1] - From January to May 2025, the cumulative contract sales amount reached approximately RMB 41.39 billion, with a cumulative sales area of about 315,300 square meters [1]

Group 1 - The State Administration for Market Regulation has drafted a notice regarding the update of old residential elevators, requiring that the safety performance indicators of new components must not be lower than those of the original elevators [1] - The notice encourages the simultaneous installation of reliable intelligent stopping systems for electric bicycles during the update of old elevators [1] Group 2 - Poly Developments announced the issuance of a medium-term note amounting to 2 billion yuan, with an interest rate of 2.52%, and the interest payment date set for May 30, 2025, amounting to 50.4 million yuan [2] - The bond has a term of 3 years, maintaining a total balance of 2 billion yuan [2] Group 3 - Minmetals Land announced the resignation of independent non-executive director Lin Zhonglin, effective after the annual general meeting on June 27, 2025, with Su Lumin appointed as the new independent non-executive director [3] - Su Lumin will also serve on the audit, remuneration, and nomination committees starting May 23, 2025 [3] Group 4 - Gindalbie Property announced that Executive Director Ling Ke will step down according to company rules, with Li Ronghui nominated for election as the new executive director at the upcoming annual general meeting [4] Group 5 - As of May 20, the total amount of special bonds proposed for the acquisition of idle land across the country exceeds 350 billion yuan, with nearly 3,000 parcels of land involved [5] - The total area of the land is over 133 million square meters, with a significant increase in the number of parcels publicized since March [5]

Group 1 - Hong Kong real estate stocks collectively rose, with Jin Hui Holdings (09993.HK) increasing over 50% [1] - Gemdale Properties (00535.HK) saw a nearly 20% rise [1] - Ronshine China (03301.HK) and R&F Properties (02777.HK) both increased by over 10% [1] - Sunac China (01918.HK) experienced an increase of over 8% [1]

Financial Performance - The Group achieved contracted sales of RMB20.31 billion in 2024, a decrease of 43% compared to the previous year[16]. - The consolidated revenue for the year ended 31 December 2024 was RMB13.2 billion, with a loss attributed to shareholders of RMB4.57 billion[21]. - The Group's total revenue for the year ended December 31, 2024, decreased to RMB 13.20 billion from RMB 17.45 billion in 2023, primarily due to a reduction in property sales revenue by RMB 4.37 billion[40]. - For the year ended 31 December 2024, the Group reported a loss attributable to owners of RMB4,570.8 million, a decrease of RMB4,913.5 million compared to a profit of RMB342.7 million for the year ended December 31, 2023[54]. - The Group recorded a loss before tax of approximately RMB 3.51 billion for 2024, compared to a profit of RMB 1.79 billion in 2023[84]. - The Group's net loss attributable to owners for 2024 was RMB 4.57 billion, compared to a profit of RMB 342.72 million in 2023[38]. - The revenue from the property development segment decreased to RMB11,898.4 million, representing 90% of total revenue, down from RMB16,263.7 million, which was 93% of total revenue for the previous year[56]. - The property development segment reported a loss of RMB2,903.7 million, a decrease of RMB3,957.3 million compared to a profit of RMB1,053.6 million in the previous year[56]. Assets and Liabilities - The Group's total assets as of December 31, 2024, were RMB 75.99 billion, down from RMB 91.10 billion in 2023[38]. - The Group's total liabilities decreased to RMB 54.93 billion in 2024 from RMB 64.75 billion in 2023, a reduction of 15.1%[84]. - The Group's total shareholders' equity decreased from RMB22,484.5 million as of December 31, 2023, to RMB17,704.4 million as of December 31, 2024, primarily due to the loss attributable to owners[60]. - The Group's deposits, bank, and cash balances decreased by 24% to RMB3,913.1 million as of December 31, 2024, from RMB5,161.3 million as of December 31, 2023[61]. - The net debt increased by RMB55.0 million to RMB17,744.4 million as of December 31, 2024, from RMB17,689.4 million as of December 31, 2023[67]. - The net debt ratio increased to 84% as of December 31, 2024, from 67% as of December 31, 2023, due to the decline in net assets caused by the large loss incurred[67]. Rental and Investment Income - Rental income from commercial properties and business parks increased from RMB1.94 billion to RMB2.03 billion, representing a year-on-year growth of 4.6%[23]. - The rental housing business generated RMB210 million in rental income in 2024, managing approximately 6,800 rooms under the "Gemdale Strongberry" brand[24]. - The Group's investment properties generated a rental income of approximately RMB 2.24 billion in 2024, representing a year-on-year growth of 3%[95]. - The revenue from the property investment and management segment increased to RMB1,297.5 million, representing 10% of total revenue, up from RMB1,188.6 million, which was 7% of total revenue in the previous year[59]. - The property investment and management segment reported a profit of RMB935.3 million, a decrease of RMB1,141.2 million compared to a profit of RMB2,076.5 million in the previous year[59]. Market and Economic Context - The Chinese economy grew by 5% in 2024, despite a 17% decline in national new home sales compared to 2023[14]. - The Group anticipates China's economy to grow at a rate of 4-6% in 2025, with a mild recovery expected in the property market[30][34]. - The average selling price of properties in 2024 was approximately RMB 13,400 per square meter, reflecting a 5% decline from the previous year[89]. Corporate Governance - The Company has adopted and complied with all mandatory disclosure requirements and applicable code provisions throughout FY2024, with exceptions noted for code provisions C.1.6, C.5.1, and F.2.2[127]. - The company is committed to maintaining high standards of corporate governance, emphasizing a quality board, effective risk management, and transparency to protect shareholder interests[134]. - The independent non-executive directors play a crucial role in monitoring the company's performance against corporate goals and ensuring good governance practices[144]. - The Company emphasizes the importance of corporate culture in fostering employee development and enhancing governance and sustainable growth[139]. - The Board is responsible for ensuring the continuity of leadership, sound business strategies, and adequate financial and management resources to implement adopted business strategies[172]. Employee and Board Composition - As of December 31, 2024, the Group has 2,454 employees, with male employees at 59% and female employees at 41%[166]. - The Board comprises 9 Directors, including 4 executive Directors, 2 NEDs, and 3 INEDs, with one female Director representing 11% of the Board[157]. - The Company will continue to seek opportunities to increase female representation on the Board as suitable candidates are identified[160]. - The Nomination Committee periodically reviews Board composition to enhance diversity and ensure alignment with the Company's strategic objectives[152]. Strategic Focus - The Group aims to improve overall asset quality by terminating projects with poor performance in advance[101]. - The Group is committed to enhancing its market position through strategic investments and operational improvements[101][102]. - The focus on high-quality and affordable rental apartments aims to cater to the youth demographic[101]. - The strategic planning and management experience of the executive team is expected to support the long-term development of the rental housing business[105][107][111].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 13,195,837, a decrease of 24% compared to RMB 17,452,374 in 2023[3] - Gross profit decreased by 33% to RMB 2,427,240 from RMB 3,612,905 in the previous year[3] - The company reported a loss attributable to shareholders of RMB 4,570,753, compared to a profit of RMB 342,718 in 2023, marking a 1,434% decline[3] - The total comprehensive loss for the year was RMB (4,370,570), compared to a comprehensive income of RMB 764,022 in 2023[8] - The company reported a pre-tax loss of RMB 3,509,002 for 2024, compared to a profit of RMB 1,785,034 in 2023[28] - The group's profit before tax for 2024 was a loss of RMB 4,570,753,000, compared to a profit of RMB 342,718,000 in 2023, indicating a significant decline in performance[40] - The company recorded a total loss attributable to shareholders of RMB 4,570,800,000 for the year ending December 31, 2024, compared to a profit of RMB 342,700,000 in the previous year, a decline of RMB 4,913,500,000[63] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 75,991,941, down 17% from RMB 91,098,407 in 2023[3] - Current liabilities decreased from RMB 39,845,699 thousand in 2023 to RMB 31,348,063 thousand in 2024, a reduction of approximately 21.4%[12] - Total assets minus current liabilities decreased from RMB 51,252,708 thousand in 2023 to RMB 44,643,878 thousand in 2024, a decline of about 12.9%[12] - Non-current liabilities decreased from RMB 24,904,306 thousand in 2023 to RMB 23,581,218 thousand in 2024, a reduction of approximately 5.3%[12] - Net assets decreased from RMB 26,348,402 thousand in 2023 to RMB 21,062,660 thousand in 2024, a decline of about 20.1%[12] - Total equity decreased from RMB 26,348,402 thousand in 2023 to RMB 21,062,660 thousand in 2024, representing a decrease of approximately 20.1%[12] - Total liabilities decreased to RMB 54,929,281 in 2024 from RMB 64,750,005 in 2023, a reduction of 15.1%[28] Cash Flow and Capital Expenditures - Cash and cash equivalents, including restricted funds, decreased by 24% to RMB 3,913,093 from RMB 5,161,269[3] - Capital expenditures for the year were RMB 571,735, compared to RMB 620,752 in the previous year, reflecting a decrease of 7.9%[28] - Interest expenses totaled RMB 1,476,958 in 2024, down from RMB 1,710,273 in 2023, a reduction of 13.6%[30] - The company's net debt increased to RMB 17,744,400,000 from RMB 17,689,400,000, with the net debt-to-equity ratio rising from 67% to 84% due to the substantial loss impacting equity[69] Revenue Breakdown - The total revenue from property sales decreased to RMB 10,230,952,000 in 2024 from RMB 13,295,508,000 in 2023, reflecting a year-over-year decline of approximately 23.5%[33] - The property development segment's revenue decreased to RMB 11,898,400,000, accounting for 90% of total revenue, down from RMB 16,263,700,000, which represented 93% of total revenue in the prior year[64] - The property investment and management segment's revenue increased to RMB 1,297,500,000, representing 10% of total revenue, up from RMB 1,188,600,000, which was 7% of total revenue[65] Employee and Operational Metrics - The group employed approximately 2,500 employees as of December 31, 2024, down from 2,700 in 2023, with competitive compensation and various employee benefits[88] - The company recorded rental and related service income of approximately RMB 2.24 billion from investment properties, reflecting a year-on-year growth of 3%[80] - The total area of operational commercial projects held by the company reached approximately 1.16 million square meters, generating rental income of about RMB 1.2 billion, an increase of 8% year-on-year[82] Acquisitions and Investments - The company acquired a 20% stake in Shenzhen Jindijia Investment Consulting Co., Ltd. for RMB 81,150,000, increasing its ownership to 97.03%[46] - The company gained control of Nanjing Weipan Real Estate Development Co., Ltd., increasing its stake to 86.93% after amending the company's articles of association[46] - The identifiable net assets of Jindijia Group at acquisition were valued at RMB 1,398,226,000, with a subsequent revenue contribution of RMB 187,980,000 and a loss of RMB 174,574,000 for the year ending December 31, 2024[50] - The company acquired 100% of Shanghai Xinwei Industrial Co., Ltd. for RMB 1, with control established over its subsidiary, Shanghai Junshi Technology Co., Ltd.[52] - The company also acquired a 51% stake in Shanghai Aohui Real Estate Co., Ltd. for RMB 84,000,000, gaining control over the entity[52] Market Outlook and Future Plans - The company anticipates a high-speed economic growth of 4-6% in China for 2025, with a slight recovery expected in the real estate market[84] - The company aims to leverage its strong management and financial discipline to capitalize on the recovering demand in the real estate market, promising satisfactory operating results for shareholders in 2025[84]

Core Viewpoint - The company, Jindi Commercial Real Estate, is undergoing organizational restructuring and personnel adjustments to enhance operational efficiency and adapt to the changing market environment, aiming to build a more competitive organizational system [1][2]. Financial Performance - In 2024, Jindi Commercial Real Estate reported a total sales revenue of 20.307 billion yuan, a decrease of 42.92% compared to the previous year, with a total sales area of approximately 1.5147 million square meters, down 39.94% [2]. - The company's sales performance has shown a significant decline for three consecutive years, with only one land acquisition last year [2][6]. - The company's revenue from property development was approximately 3.287 billion yuan in the first half of 2024, reflecting a growth of 41%, while gross profit was about 557 million yuan, down 7% [6]. Land Acquisition and Inventory - From 2021 to 2023, Jindi Commercial Real Estate acquired land parcels totaling 40, 5, and 2 respectively, with land reserves decreasing from 23.27 million square meters to 16.07 million square meters [4]. - As of the end of 2024, the company's land reserves are estimated at 14.69 million square meters, a decrease of approximately 8.6% year-on-year [4]. Organizational Changes - The company has streamlined its organizational structure by consolidating departments and adjusting regional management, aiming to enhance operational efficiency [1][3]. - The adjustments include the establishment of new business divisions and the direct management of projects by regional headquarters [2][3]. Market Position - Jindi Commercial Real Estate ranked 51st in the national real estate sales ranking for 2024, with a sales revenue of 20.307 billion yuan, placing it in the fourth tier of real estate companies [5]. Future Strategy - The company plans to focus on financial stability and cash flow security while enhancing competitiveness through improved product quality and service [8]. - It aims to leverage its diversified business strengths to explore more market opportunities and ensure long-term sustainable growth [8].

Revenue and Financial Performance - The Group's revenue increased from RMB2,332.7 million for the six months ended 30 June 2023 to RMB3,286.9 million for the six months ended 30 June 2024, an increase of RMB954.2 million[9]. - The increase in revenue was mainly due to increased revenue recognition from property sales during the period[9]. - Revenue for the six months ended June 30, 2024, was RMB 3,286,864,000, representing a 41.0% increase from RMB 2,332,710,000 in the same period of 2023[54]. - Total revenue from contracts with customers for the six months ended June 30, 2024, was RMB 2,633,025, an increase from RMB 1,635,953 in the same period of 2023, representing a growth of 60.9%[133]. - Sales of properties reached RMB 2,622,288 for the first half of 2024, compared to RMB 1,635,953 in 2023, indicating a significant increase of 60.5%[133]. - Total comprehensive loss for the period was RMB 2,241,172,000, compared to a comprehensive income of RMB 406,902,000 in the same period of 2023[56]. - The Group recorded an aggregate loss of RMB1,362.7 million from joint ventures and associates, a decrease of RMB1,869.5 million compared to a profit of RMB506.8 million in the prior period[11]. - The loss attributable to owners of the Company for the six months ended 30 June 2024 was RMB2,179.1 million, a decrease of RMB2,741.6 million from a profit of RMB562.5 million in the prior period[11]. Expenses and Costs - Direct operating expenses decreased to RMB627.8 million from RMB727.8 million, and administrative expenses decreased to RMB39.0 million from RMB54.8 million, mainly due to reduced salary expenses from manpower cuts[9]. - Finance costs decreased from RMB684.9 million to RMB613.1 million, attributed to a reduction in bank borrowings and loans from related parties[10]. - Cost of properties sold increased significantly to RMB 2,446,254,000, up 64.9% from RMB 1,483,710,000 in the previous year[144]. - Total employee benefits expenses decreased to RMB 372,771,000, down 12.2% from RMB 424,772,000 in the prior year[144]. Impairment and Losses - The Group made further impairment losses of RMB279.4 million for the inventory of properties and RMB212.4 million for receivables from joint ventures during the period[10]. - Impairment losses of receivables increased to RMB 281,719,000 from RMB 41,933,000 in the previous year[54]. - The property development segment recorded a loss of RMB2,017.4 million, a decrease of RMB2,723.5 million compared to a profit of RMB706.1 million in the corresponding period[13][15]. - Impairment losses for property inventory significantly impacted the financial results, leading to substantial losses for the Group[17][19]. Assets and Liabilities - The Group's total shareholders' equity decreased from RMB22,484.5 million as of December 31, 2023, to RMB20,212.7 million as of June 30, 2024, a reduction of RMB2,271.8 million[17]. - As of June 30, 2024, total non-current assets amounted to RMB 42,618,246, a decrease of 4.8% from RMB 44,777,017 as of December 31, 2023[57]. - Current assets totaled RMB 43,285,794, down 6.6% from RMB 46,321,390 at the end of 2023[57]. - Total liabilities as of June 30, 2024, were RMB 62,696,298,000, with segment liabilities of RMB 34,684,094,000 for property development, RMB 12,189,583,000 for property investment and management, and RMB 40,617,000 for corporate and others[115]. - The total amount of bank borrowings guaranteed by Gemdale Corporation increased to RMB 2,555,517,000 as of June 30, 2024, from RMB 2,298,000,000 as of December 31, 2023[182]. Cash Flow and Financing - Cash and bank balances decreased by RMB940.8 million or 18% to RMB4,220.5 million as of June 30, 2024, primarily due to payments for property development costs and loan repayments[18]. - The net cash from operating activities for the first half of 2024 was RMB 192,187, a decline from RMB 479,041 in the previous year[64]. - The Group's cash flow from financing activities reflects a strategic focus on managing liquidity amid challenging market conditions[67]. - The Group successfully obtained additional bank borrowings of approximately RMB 800 million after the end of the reporting period[78]. Market Conditions and Future Outlook - The Group expects a slow but gradual recovery in the property market in the fourth quarter of 2024, driven by low interest rates and reduced property inventory[43]. - The Group aims to maintain financial stability and liquidity safety as its top operational priority while adopting a flexible volume-price management strategy[43]. - The Group plans to accelerate the pre-sale of properties and speed up the collection of sales proceeds[78]. - The Group will continue to seek refinancing of existing borrowings and new debt financing at acceptable costs[78]. Shareholder Information - The company reported a dividend payable of RMB 17,286, indicating a new strategy in returning value to shareholders[59]. - The company declared a final dividend for 2023, indicating ongoing shareholder returns despite losses[60]. - The issued capital reached RMB 1,505,164,000, with a share premium account of RMB 84,179,000[60]. - The cash proceeds from the exercise of share options are intended for general working capital of the Group[195]. Accounting Policies and Standards - The Group's financial statements for the six months ended 30 June 2024 were prepared under the revised Hong Kong Financial Reporting Standards effective from 1 January 2024[7]. - The revised HKFRSs adopted do not have any impact on the Group's financial position or performance[80]. - The Group's accounting policies are consistent with those in the annual financial statements for the year ended December 31, 2023[80].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,286,864,000, representing a 41% increase compared to RMB 2,332,710,000 for the same period in 2023[2] - Gross profit decreased by 7% to RMB 557,414,000 from RMB 599,182,000 year-on-year[2] - Other income and gains fell by 54% to RMB 354,290,000 from RMB 765,601,000 in the previous year[2] - The company reported a loss attributable to shareholders of RMB 2,179,099,000, compared to a profit of RMB 562,484,000 in the same period last year, marking a 454% decline[2] - Basic and diluted loss per share was RMB (0.1312), a decrease of 487% from RMB 0.0339 in the prior year[2] - The company reported a pre-tax loss of RMB (2,298,117) thousand for the period, compared to a pre-tax loss of RMB (1,730,336) thousand in the previous year[20] - The group reported a loss attributable to equity holders of RMB (2,179,099) thousand for the first half of 2024, compared to a profit of RMB 562,484 thousand in the same period of 2023[28] Assets and Liabilities - Cash and bank balances, including restricted cash, decreased by 18% to RMB 4,220,498,000 from RMB 5,161,269,000[2] - Total assets decreased by 6% to RMB 85,904,040,000 from RMB 91,098,407,000[2] - Net assets attributable to shareholders decreased by 12% to RMB 23,207,742,000 from RMB 26,348,402,000[2] - The company’s total liabilities increased, impacting its financial position and future operational strategies[2] - As of June 30, 2024, total current liabilities amounted to RMB 39,154,677 thousand, a decrease of 1.73% from RMB 39,845,699 thousand as of December 31, 2023[9] - The total equity attributable to the company's shareholders decreased to RMB 23,207,742 thousand from RMB 26,348,402 thousand, a decline of 11.4%[10] - The total assets as of June 30, 2024, amounted to RMB 85,904,040 thousand, while total liabilities were RMB 62,696,298 thousand, resulting in a net asset position of RMB 23,207,742 thousand[20] Revenue Segmentation - The property development segment generated revenue of RMB 2,633,000,000, accounting for 80% of total revenue, up from RMB 1,636,000,000 (70% of total revenue) in the same period last year[35] - The property investment and management segment's revenue increased to RMB 653,800,000, representing 20% of total revenue, compared to RMB 615,800,000 (26% of total revenue) in the previous year[36] - The company recognized property sales revenue of RMB 2,622,288 thousand for the six months ended June 30, 2024, compared to RMB 1,635,953 thousand in the same period of 2023, reflecting a growth of approximately 60%[20] Cost and Expenses - The group's property sales cost for the first half of 2024 was RMB 2,446,254 thousand, up from RMB 1,483,710 thousand in the first half of 2023, reflecting a year-on-year increase of approximately 64.9%[23] - Total employee benefits expenses decreased to RMB 372,771 thousand in the first half of 2024 from RMB 424,772 thousand in the same period of 2023, a reduction of about 12.2%[23] - Financial expenses totaled RMB 742,258 thousand for the current period, down from RMB 867,596 thousand in the previous year, showing a reduction of about 14%[21] Cash Flow and Financing - Cash and cash equivalents decreased by RMB 940,800,000 or 18% to RMB 4,220,500,000 as of June 30, 2024, primarily due to payments for property development costs and loan repayments[38] - The total bank loans amounted to RMB 10,907,400,000 as of June 30, 2024, with interest rates ranging from 3.10% to 6.56%[39] - The net debt as of June 30, 2024, was RMB 16,990,000,000, a decrease of RMB 699,400,000 from RMB 17,689,400,000 as of December 31, 2023[39] - The company has pledged assets totaling RMB 18,126,808,000 as collateral for bank loans as of June 30, 2024[44] Market and Operational Insights - The company reported that over 90% of its revenue and assets are derived from customers and locations in mainland China, indicating a strong regional focus[15] - The company anticipates a slow but gradual recovery in the real estate market in the fourth quarter of 2024, supported by government measures to encourage home purchases[50] - The company aims to maintain financial stability and liquidity as a top operational priority, employing flexible pricing strategies and enhancing brand image to accelerate sales collection[50] Corporate Governance and Internal Controls - The Audit Committee is currently composed of independent non-executive directors, including Mr. Xia Xinping (Chairman), Mr. Xu Zhaozhong, and Mr. Jiang Shangyi[54] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters related to auditing, internal control, and financial reporting[54] - The Board is responsible for continuously monitoring and improving the Group's risk management and internal control systems to protect the company's assets and shareholders' interests[55] - The internal audit department is independent and regularly reviews the effectiveness and adequacy of risk management and internal control procedures[56] Employee and Organizational Changes - The company employed approximately 2,600 staff as of June 30, 2024, down from about 3,000 staff in the same period of 2023[53] - The internal organizational structure has changed, leading to a reclassification of reportable segments, but no inter-segment transactions occurred during the period[15]