Core Viewpoint - The announcement details a capital increase agreement between Sai Jing Semiconductor and investors, which will result in a dilution of the company's ownership but will not affect its control over the subsidiary [1] Group 1: Capital Increase Agreement - Sai Jing Semiconductor will issue new registered capital equivalent to approximately 9.00% of its expanded equity, increasing its registered capital from $42.5287 million to $46.7348 million [1] - The ownership percentage of the company in Sai Jing Semiconductor will decrease from approximately 70.5406% to about 64.1918% after the capital increase [1] - The payment for the new registered capital will be made through the transfer of all shares of Hunan Hong'an to Sai Jing Semiconductor, with a total consideration of RMB 180 million [1] Group 2: Strategic Importance of the Acquisition - Sai Jing Semiconductor and Hunan Hong'an are both currently operating at a loss, but the acquisition will allow for systematic integration of resources, leading to potential synergies [2] - The core team of Hunan Hong'an will enhance the technical team of Sai Jing Semiconductor, particularly in the area of silicon carbide (SiC) technology, which will complement existing research and product layouts [2] - Shared supply chain resources will improve stability, while market resource sharing will expand market reach and share, indicating the strategic significance of this transaction for the long-term development of Sai Jing Semiconductor [2]

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

比特币日内跌幅扩大至逾3%，现报100580美元。 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 1.55, indicating a potential upside of 37% from the current price of HKD 1.13 [4][5][15]. Core Insights - The company has shown strong revenue growth, with total revenue for FY24 reaching RMB 1.61 billion, a year-on-year increase of 52.7%. The net profit surged by 225% to RMB 100 million, exceeding previous expectations [1][4]. - The flexible direct current transmission projects are driving rapid revenue growth, with the grid transmission and distribution segment achieving revenue of RMB 810 million in 2024, a 95% increase year-on-year [2][4]. - The company is positioned as a leading supplier of key components for ultra-high voltage direct current transmission, with significant market share in products like the anode saturation reactor and power capacitors [9][11]. Financial Performance - The company is expected to achieve revenues of RMB 2.01 billion, RMB 2.53 billion, and RMB 3.31 billion for FY25E, FY26E, and FY27E, respectively, with growth rates of 25%, 24%, and 29% [4][5]. - Net profit projections for the same periods are RMB 140 million, RMB 220 million, and RMB 332 million, reflecting growth rates of 36.9%, 56.4%, and 51.0% [4][5]. - The company's gross margin is expected to improve steadily, reaching 34.6% by FY27 [5][13]. Business Growth Drivers - The commencement of numerous ultra-high voltage projects is anticipated to significantly increase demand for the company's flagship products, including high-power IGBTs and anode saturation reactors [3][4]. - The increasing share of renewable energy in the power mix is driving the demand for flexible transmission technologies, positioning the company favorably in the market [2][3]. Market Expansion - The company is actively expanding its international market presence, with direct overseas sales expected to reach RMB 90 million in 2024, a 33.3% increase year-on-year [10]. - Projects in countries like Saudi Arabia, Germany, and Brazil are part of the company's strategy to enhance its global footprint [10]. Product Development - The company has made significant advancements in IGBT technology, with a comprehensive product matrix that includes various packaging options and voltage ratings [11][12]. - The development of silicon carbide chips for electric vehicles is also underway, with production lines expected to be operational by 2026, which will enhance cost efficiency and gross margins [12].

Financial Performance - The company's revenue for 2024 was approximately RMB 1,610.2 million, representing a growth of about 52.7% compared to the previous year[5]. - Profit attributable to the parent company was approximately RMB 102.5 million, an increase of approximately 225.4% year-on-year[5]. - Basic earnings per share were approximately RMB 6.39, reflecting a growth of about 229.4% compared to last year[5]. - Domestic market revenue reached RMB 1,520.03 million in 2024, up from RMB 987.07 million in 2023, with an average gross margin of 31.5%[15]. - The gross profit rose by about 55.2% to RMB 520,700 thousand in 2024, with the gross margin improving from 31.8% to 32.3%[33]. - The pre-tax profit surged by approximately 160% to RMB 122,200 thousand in 2024, primarily due to increased revenue[40]. - Revenue from self-developed power semiconductors in 2024 was approximately RMB 59.1 million, a decrease of about 27.0% compared to the previous year, but expected to rebound significantly in the second half of 2024 with a growth of approximately 30.0% year-on-year[11]. Revenue Breakdown - Revenue from conventional DC transmission and flexible transmission segments reached approximately RMB 647.9 million, marking a growth of about 156.7%[5]. - The revenue from the power distribution sector increased by 95% to RMB 812.02 million in 2024, driven by significant growth in conventional and flexible DC transmission[19]. - Revenue from flexible transmission technology surged by 371% to RMB 280.89 million in 2024, reflecting strong demand for new energy power transmission solutions[20]. - The electrification transportation sector saw a revenue decline of approximately 14% in 2024, with electric vehicle revenue dropping by 78%[22]. - The revenue for the industrial and other sectors reached RMB 658,567 thousand in 2024, a 22% increase from RMB 513,294 thousand in 2023[23]. - Revenue from the industrial control segment grew by approximately 14% to RMB 379,818 thousand in 2024, while the new energy generation and storage segment saw a 52% increase to RMB 273,558 thousand[24]. Market Development and Customer Base - The company is expanding its customer base by increasing market development efforts in the power semiconductor sector[9]. - In 2024, the number of signed customers increased significantly, with chip customers rising from 3 at the end of 2023 to 14, and module customers increasing from 18 to 46[11]. - The construction of high-voltage direct current projects is accelerating, with several key projects entering the initiation phase, providing broader market opportunities for the company[7]. Research and Development - The company has developed a new DC support capacitor that is the first in China to pass all IEC tests, successfully applied in a major project[8]. - The company launched several new products in 2024, including a 1200V SiC MOSFET chip with a resistivity as low as 13 milliohms, achieving international leading standards[10]. - The company aims to leverage high-quality domestic products to drive rapid business growth in the power semiconductor industry, which is transitioning to high-quality development[12]. - The company is committed to enhancing R&D team construction and product innovation to support comprehensive business development and achieve corporate growth objectives[13]. - The company is focused on continuous technological innovation and talent acquisition to drive energy technology upgrades[76]. Governance and Corporate Structure - The company has a strong governance structure with experienced independent directors overseeing key committees, enhancing strategic decision-making and compliance[67]. - The board of directors consists of three executive directors and four independent non-executive directors, with independent directors making up approximately 50% of the board during the fiscal year[79]. - The company emphasizes the importance of corporate governance and has adopted the corporate governance code as per the listing rules, ensuring compliance throughout the fiscal year ending December 31, 2024[75]. - The company has established a comprehensive and fair regulatory framework to manage employee behavior and enhance corporate culture[77]. - The board has established four committees to oversee various aspects of the group's affairs, enhancing governance and management communication[89]. Financial Management and Risks - The company faces market interest rate risks related to floating-rate bank borrowings, with actual interest rates and repayment terms disclosed in the financial statements[123]. - The company has established forward currency contracts with reputable banks to manage foreign exchange risks arising from procurement in non-functional currencies[124]. - The company has a credit risk management policy that involves trading only with recognized and reputable third parties, with ongoing monitoring of receivables[125]. - The company utilizes a revolving working capital plan to monitor liquidity risks, balancing funding continuity and flexibility[126]. - The company has established a whistleblowing policy to report any misconduct related to the group, and all directors and employees received anti-corruption training during the year[110]. Shareholder Information - The company reported a proposed final dividend of HKD 0.01 per share for the year ending December 31, 2024, compared to zero in 2023[128]. - The company has terminated its 2010 share option plan, which allowed for the issuance of options to eligible participants, with a maximum of 136,604,000 shares potentially issuable under the plan[135]. - The 2020 share option plan allows for the issuance of up to 163,083,100 shares, equivalent to 10% of the total issued shares as of the approval date[139]. - The total number of unexercised stock options as of December 31, 2024, is projected to be 93,383,100 if the proposed grant is approved[148]. Employee and Workforce Management - The company employed a total of 977 staff, with a gender ratio of approximately 6:4 (male to female), indicating a commitment to gender diversity in the workforce[114]. - The group has maintained good relationships with employees, customers, and suppliers, ensuring fair treatment and regular reviews of compensation and benefits[190]. - The company has complied with relevant laws and regulations in the Cayman Islands, China, and Hong Kong as of December 31, 2024[192]. Audit and Compliance - The audit committee held 3 meetings during the year, reviewing internal control procedures and the annual performance, confirming compliance with accounting standards[91]. - The independent auditor's report confirms that the financial statements present a true and fair view of the group's financial performance and position[196]. - The financial statements were prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[196].

Market Overview - The A-share market experienced a shift in focus, with the tourism sector showing strength while technology stocks continued to adjust [1][12] - The Shanghai Composite Index rose by 0.15%, the Shenzhen Component increased by 0.07%, and the ChiNext Index saw a slight gain of 0.01% [1] Individual Stocks - The deep-sea technology stock Kunbo Precision Engineering surged over 9% near the market close, while Haiyang Wang hit the daily limit, marking its sixth consecutive trading day of gains [2] - Wolong Electric (600580) saw a significant afternoon rally, closing at the daily limit with a total trading volume of 6.343 billion yuan, the highest in the A-share market [2] - Wolong Electric announced a strategic investment agreement with Shanghai Zhiyuan New Technology Co., becoming a strategic shareholder in the robotics innovation firm [2] Sector Performance - The tourism and hotel sector showed notable strength, with stocks like Zhangjiajie and Emei Mountain A hitting the daily limit [4] - Data indicated a 75% year-on-year increase in search interest for traditional cultural experiences related to the Qingming Festival, with bookings for immersive experiences nearly doubling [6] Banking Sector - The banking sector was active, with notable gains from banks such as Bank of Communications, which rose over 3% [8] - Bank of Communications reported a net profit of 93.586 billion yuan for 2024, a year-on-year increase of 0.93%, and plans to distribute cash dividends totaling 14.63 billion yuan [10] Technology Sector - The technology sector continued to face adjustments, with the brain-computer interface sector dropping over 3% and other tech-related concepts declining by more than 1% [12] - Analysts attribute the adjustments to technical pressures, small-cap stock corrections, and profit-taking [12]

Financial Performance - Revenue increased by approximately 52.7% to approximately RMB 1,610.2 million[3] - Gross profit increased by approximately 55.2% to approximately RMB 520.7 million, with a gross margin rising from approximately 31.8% to approximately 32.3%[3] - Profit attributable to equity holders of the parent was approximately RMB 102.5 million, with earnings per share of approximately RMB 6.39 (basic and diluted)[3] - Total comprehensive income for the year amounted to RMB 84.2 million, compared to RMB 18.8 million in the previous year[6] - The company reported a pre-tax profit of RMB 149,499,000 for 2024, up from RMB 124,115,000 in 2023, indicating improved profitability[26] - The pre-tax profit for the group in 2024 was RMB 122,185,000, compared to RMB 46,970,000 in 2023, representing a significant increase of 160.5%[34] - Net profit attributable to equity holders increased by approximately 225.4% from RMB 31.5 million for the year ended December 31, 2023, to approximately RMB 102.5 million for the year ending December 31, 2024, primarily due to increased revenue[90] Assets and Liabilities - Non-current assets totaled RMB 1,012.7 million, an increase from RMB 844.0 million in the previous year[8] - Current assets amounted to RMB 2,022.2 million, compared to RMB 1,993.4 million in the previous year[8] - Current liabilities increased to RMB 935.1 million from RMB 691.7 million in the previous year[9] - Net assets rose to RMB 1,996.0 million from RMB 1,921.7 million in the previous year[9] - Trade receivables increased to RMB 922,229,000 in 2024 from RMB 741,768,000 in 2023, reflecting a growth of 24.4%[40] - The total accounts receivable as of December 31, 2024, was RMB 961,069,000, up from RMB 787,071,000 in 2023[47] - Inventory increased by approximately 26.1% from RMB 229.9 million as of December 31, 2023, to approximately RMB 289.9 million as of December 31, 2024, primarily due to increased stock at year-end[91] Revenue Breakdown - Revenue from the sale of power electronic devices for 2024 reached RMB 1,610,209,000, a 52.5% increase from RMB 1,054,702,000 in 2023[21] - Revenue from conventional direct current transmission increased by about 90% compared to 2023[62] - Revenue from flexible transmission increased by approximately 371% compared to 2023[63] - In the electrified transportation sector, revenue decreased by about 14%, with electric vehicle revenue dropping by approximately 78%[65][66] - Revenue in the industrial and other sectors grew by 22%, with new energy generation and storage revenue increasing by about 52%[68][69] - The company's foreign market revenue reached approximately RMB 90,179 thousand, a growth of about 33% compared to 2023[71] Expenses and Costs - The cost of goods sold for 2024 was RMB 1,089,538,000, compared to RMB 719,174,000 in 2023, reflecting a significant increase in sales costs[26] - Financing costs rose to RMB 17,973,000 in 2024 from RMB 11,044,000 in 2023, driven by increased interest on bank loans and other borrowings[30] - Sales and distribution expenses increased by approximately 25.3% from RMB 84.6 million for the year ended December 31, 2023, to approximately RMB 106.0 million for the year ending December 31, 2024, primarily due to increased market expansion costs and the number of sales personnel[82] - Administrative expenses rose by approximately 15.6% from RMB 138.4 million for the year ended December 31, 2023, to approximately RMB 160.0 million for the year ending December 31, 2024, mainly due to increased business volume and management personnel[83] - R&D costs increased by approximately 21.0% from RMB 113.6 million for the year ended December 31, 2023, to approximately RMB 137.5 million for the year ending December 31, 2024, primarily due to increased R&D investments[84] Taxation - The effective corporate tax rate remains at 25% for 2024, with certain subsidiaries qualifying for a reduced rate of 15%[31] - Total tax expenses for the year 2024 amounted to RMB 36,741,000, an increase of 66.9% compared to RMB 22,008,000 in 2023[32] Shareholder Information - The company proposed a final dividend of HKD 0.01 per share for the year, totaling RMB 14,766,000, compared to no dividend in 2023[36] - The total number of shares repurchased in 2024 was 28,530,000, with the highest repurchase price reaching HKD 1.35 per share in October[106] - The board has proposed a final dividend of HKD 0.01 per share for the year ending December 31, 2024, compared to no dividend in 2023[114] - The annual general meeting is scheduled for June 6, 2025, to approve the proposed dividend and other matters[115] Corporate Governance - The company emphasizes adherence to corporate governance practices, having complied with the applicable code provisions for the year ending December 31, 2024[110] - The audit committee has reviewed the financial statements for the year ending December 31, 2024, ensuring compliance with accounting principles and internal controls[113] Future Outlook - The company aims to strengthen its R&D team and innovate technologies and products to seize opportunities in the energy technology revolution, focusing on sectors like DC transmission, electric vehicles, and renewable energy generation[104] - The company has initiated multiple projects in 2024, including the Saudi Central-South ±500 kV flexible direct current transmission project and the Gansu-Zhejiang ±800 kV ultra-high voltage flexible direct current transmission project[63]

Investment Rating - The report does not provide a specific investment rating for the company [11] Core Insights - The company is expected to see a significant revenue increase of over 50% year-on-year in FY24, reaching approximately 1.6 billion RMB, primarily driven by the launch of conventional and flexible direct current transmission projects [1] - The power transmission and distribution business is the main revenue contributor, accounting for about 55% of total revenue [1] - The company anticipates a net profit of around 100 million RMB in 2024, representing a year-on-year growth of over 200% [3] - The company aims for a revenue target of 2 billion RMB in 2025, reflecting a 25% year-on-year increase [3] Financial Summary - FY23 revenue was 1.055 billion RMB, with a growth rate of 14.9% compared to FY22 [5] - The company achieved a net profit of 31.5 million RMB in FY23, with a growth rate of 31.5% [5] - The projected P/E ratio for 2024 is approximately 20.7 times, compared to 34.5 times for a domestic peer [3] - The company’s gross profit margin improved to 31.8% in FY23 from 28.5% in FY22 [9] Business Segments - The IGBT business achieved sales revenue of 81 million RMB in 2023, marking a year-on-year increase of 105% [2] - The company expects its self-developed power semiconductor business to generate approximately 150 million RMB in revenue by 2025, accounting for 7.5% of total revenue [2] - The company holds a near 100% market share in the anode saturation reactor segment and over 10% in the power capacitor market [1]

Investment Rating - The report sets a target price of HKD 8.80 for the company [1]. Core Viewpoints - The company is positioned as a key supplier of core components in the power transmission and distribution, new energy, and industrial sectors, with a focus on IGBT and IGBT modules [1][3]. - The company has made significant strides in domestic IGBT production, aiming to reduce reliance on foreign suppliers and enhance its market position [3][44]. - The company is expected to benefit from the ongoing development of high-voltage direct current (HVDC) projects and the increasing demand for self-developed IGBT products in various sectors [4][59]. Summary by Sections Company Background - The company was established in 2000 and has evolved into a leading supplier of power electronic devices and systems, focusing on IGBT technology since 2019 [14][15]. - It has become a major supplier for HVDC projects in China, participating in nearly all domestic HVDC projects [2][24]. Business Segments - The company’s products are categorized into power semiconductors and supporting devices, with significant applications in HVDC, flexible DC transmission, and industrial sectors [20][26]. - In 2023, the revenue breakdown was 39.5% from power transmission, 5.4% from electrified transportation, and 48.7% from industrial applications [52]. IGBT Development - The company focuses on developing IGBT products with voltage ratings between 1200V and 1700V, utilizing domestic technology to achieve local substitution [3][44]. - The company has launched several IGBT modules and is expected to introduce third-generation power semiconductors in the first half of 2024 [4][45]. Financial Performance - In 2023, the company reported total revenue of CNY 1.06 billion, with a significant increase in gross margin in the power transmission segment, reaching 48% [52][53]. - The company aims for revenue targets of CNY 1.6 billion and CNY 2 billion for 2024 and 2025, respectively, with expected net profits of CNY 70-80 million in 2024 [4][59]. Market Outlook - The company is well-positioned to benefit from the national grid's planning and the growing demand for self-developed IGBT products in the renewable energy and electric vehicle sectors [4][59]. - The IGBT market is projected to grow significantly, with China being the largest consumer of power semiconductors, accounting for 30%-40% of the global market [34][40].

Financial Performance - In the first half of 2024, the company's revenue reached approximately RMB 655.8 million, representing a growth of about 42.7% compared to the same period in 2023[4] - The gross profit margin improved to approximately 35.8%, an increase of about 8.8 percentage points year-on-year[4] - The net profit attributable to the parent company turned from a loss to a profit, amounting to approximately RMB 33.7 million[4] - Total revenue for the group increased by approximately 42.7% to about RMB 655,800,000 in the first half of 2024, up from approximately RMB 459,500,000 in the same period of 2023[29] - Gross profit rose by approximately 89% to RMB 234,800,000, with the gross margin increasing from 27.0% to 35.8%[31] - The company reported a profit before tax of RMB 36,349 thousand, compared to a loss of RMB 4,970 thousand in the previous year[71] - Net profit for the period was RMB 20,933 thousand, a significant recovery from a loss of RMB 13,382 thousand in the prior year[71] - The company reported a net profit of RMB 33,722 thousand for the period, which is a significant recovery from a loss of RMB 12,788 thousand in the previous period[76] Revenue Breakdown - The company reported significant growth in its conventional DC transmission and flexible transmission projects, generating revenue of approximately RMB 280 million, a substantial increase of about 186% year-on-year[5] - The revenue from the power distribution sector in the first half of 2024 was RMB 358.1 million, a 105% increase from RMB 175.1 million in the same period of 2023[15] - The revenue from conventional DC transmission increased by approximately 177% to RMB 146.9 million in the first half of 2024, compared to RMB 53.0 million in the same period of 2023[15] - The revenue from flexible transmission increased by approximately 196% to RMB 132.9 million in the first half of 2024, compared to RMB 44.9 million in the same period of 2023[17] - The revenue from the domestic market in the first half of 2024 was RMB 617.0 million, with a gross margin of 35.1%, compared to RMB 439.5 million and a gross margin of 26.8% in the same period of 2023[10] - The revenue from the foreign market in the first half of 2024 was RMB 38.7 million, an increase of approximately 94% compared to RMB 19.9 million in the same period of 2023[10] Market Position and Development - The company is positioned to benefit from the rapid development of the conventional DC transmission industry, with plans for new projects both domestically and internationally[5] - The company has developed a new flexible DC transmission capacitor that passed national-level certification in January 2024, which is expected to contribute to future revenue growth[5] - The company is the leading supplier of high-power insulated gate bipolar transistors (IGBT) for flexible DC transmission in China, enhancing its competitive position in the market[5] - The company aims to achieve a total sales revenue of RMB 1.6 billion in 2024, supported by the expected increase in demand for high-quality new energy development and large-scale equipment upgrades[8] Costs and Expenses - Research and development costs increased by approximately 30.9% to RMB 67,800,000, primarily due to higher expenses related to in-house IGBT development[35] - The company experienced a significant increase in financing costs, rising by approximately 112.5% to RMB 8,500,000 due to interest accruals from a repurchase agreement[37] - The group's income tax expense increased by approximately 83.3% from about RMB 8.4 million for the six months ended June 30, 2023, to about RMB 15.4 million for the six months ending June 30, 2024, mainly due to increased profits from businesses outside of self-produced IGBT[39] Shareholder Information - As of June 30, 2024, the company has repurchased a total of 18,244,000 shares at an approximate total cost of HKD 21,130,266[50] - The company does not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[56] - The company aims to improve the market price per share and enhance investor confidence through share repurchases[52] Financial Position - Total assets as of June 30, 2024, amounted to RMB 2,128,748 thousand, slightly down from RMB 2,145,798 thousand at the end of 2023[73] - Current assets totaled RMB 1,935,025 thousand, a decrease from RMB 1,993,430 thousand at the end of 2023[73] - The company's cash and cash equivalents were RMB 463,093 thousand, down from RMB 799,300 thousand at the end of 2023[73] - The net asset value increased to RMB 1,931,090 thousand from RMB 1,921,661 thousand at the end of 2023[75] - The total issued capital as of June 30, 2024, was RMB 139,885 thousand, showing a slight increase from RMB 139,768 thousand at the beginning of the year[76] Cash Flow and Investments - The net cash flow used in operating activities for the six months ended June 30, 2024, was RMB (231,324) thousand, compared to RMB (98,652) thousand for the same period in 2023[78] - The cash flow used in investing activities amounted to RMB (84,118) thousand, slightly increased from RMB (80,298) thousand in the previous year[78] - The company reported a financing cash flow net outflow of RMB (19,124) thousand, a significant decrease from an inflow of RMB 88,775 thousand in the prior year[78] Corporate Governance - The company emphasizes good corporate governance practices to enhance accountability and transparency[53] - The company’s board confirms compliance with the standard code for securities transactions by directors during the six months ended June 30, 2024[54]