| 从玉智农(00875) | 0.275 | 0.265 | -3.64% | | --- | --- | --- | --- | | 华富建业金融(00952) | 0.186 | 0.165 | -2.94% | | ＸＩ二南英伟－Ｕ | 5.060 | 5.050 | -2.60% | | (09388) | | | | | 弘毅文化集团(00419) | 0.040 | 0.038 | -2.56% | | 快意智能(08040) | 0.240 | 0.233 | -2.51% | | 奥威控股(01370) | 0.260 | 0.236 | -2.48% | | 新琪安(02573) | 15.320 | 15.280 | -1.42% | | ＰＰ沙特国债－Ｕ | 10.420 | 10.420 | -1.04% | | (09478) | | | | | 耀星科技集团(08446) | 0.107 | 0.107 | -0.93% | 52周新高排行 | 股票名称 | 收盘价 | 最高价 | 创高率 | | --- | --- | --- | --- | | 吉星新能源(03395) | ...

Business Operations and Strategy - In 2024, the company stabilized its core business operations despite a complex global economic environment and elevated supply chain costs[15]. - The company plans to focus on core consumer segments by enhancing brand penetration through accurate marketing and innovative channels, aiming to provide more consumers with firsthand experience of the premium quality of "5100" water[17]. - The company will implement rigorous cost control and innovation by optimizing the entire production process and introducing new products such as portable and family-size packaging[25]. - The company aims to integrate ESG principles into its core strategy, implementing measures like water-conservation technologies and low-carbon packaging to achieve ecological preservation alongside commercial value[25]. - The management team is committed to delivering tangible results in 2025 to rebuild market confidence and reward shareholder trust[22]. - The company acknowledges that its current share price does not fully reflect its intrinsic value, emphasizing a united management team focused on transformation[22]. - The company has faced challenges in recent years but views these experiences as opportunities to sharpen its vision and enhance capabilities[16]. - The company is committed to maintaining its high-end brand positioning while adapting to market demands and consumer preferences[17]. - The company recognizes the importance of adapting to market fluctuations and strategic adjustments to remain competitive in the industry[15]. Financial Performance - In 2024, the total revenue of the Group amounted to RMB 226 million, representing a decrease of 28.2% compared to 2023[35]. - The revenue from the water business segment was RMB 88 million, reflecting a year-on-year increase of 1%[36]. - The beer business segment experienced a sales volume decrease of 35.4%, with revenue declining by 38.5% to RMB 137.3 million[38]. - The overall gross profit margin increased to 27.1%, up by 2.4 percentage points from 2023[39]. - Selling and distribution costs rose by 25.4% to RMB 63 million, primarily due to increased marketing and promotion expenses[40]. - Administrative expenses decreased by 13.7% to RMB 77 million, attributed to reductions in staff costs and special service fees[40]. - The Group's operating loss for 2024 was RMB 89 million, compared to a loss of RMB 83 million in 2023, marking an increase of 6.8%[27]. - Loss for the year attributable to owners of the Company was RMB 573.9 million, a 62.7% increase from RMB 352.9 million in 2023[26]. - Total assets as of December 31, 2024, were RMB 3,507.5 million, down from RMB 3,985.6 million in 2023[26]. - Equity attributable to owners of the Company decreased to RMB 2,380 million from RMB 2,856 million in 2023[27]. - The allowance for expected credit losses (ECL) on financial assets rose to RMB48 million in 2024 from RMB37 million in 2023, with trade receivables allowance increasing to RMB43 million from RMB24 million[43]. - Other gains, net, amounted to RMB37 million in 2024, up from RMB15 million in 2023, including government grants of RMB18 million and a gain on disposal of a subsidiary of RMB17 million[44]. - Finance costs increased by RMB3 million to RMB44 million in 2024, while finance income decreased by RMB6 million to RMB31 million[45]. - The Group recognized an impairment loss on investments of RMB295 million and RMB168 million for Shannan Yalaxiangbu and Highland Natural Water, respectively, due to adverse market conditions[50]. - The loss for the year was RMB574 million in 2024, compared to a loss of RMB353 million in 2023[55]. - As of December 31, 2024, investments accounted for using the equity method decreased to RMB742 million from RMB1,216 million in 2023, primarily due to the recognized impairment losses[56]. - As of December 31, 2024, net trade receivables decreased to RMB134 million from RMB182 million in 2023, mainly due to an increase in the allowance for ECL on trade receivables[58]. - As of December 31, 2024, the Group's inventory was RMB 72 million, a decrease from RMB 119 million as of December 31, 2023, mainly due to a reduction in raw material inventory[61]. - As of December 31, 2024, the Group's contract liabilities increased to RMB 123 million from RMB 17 million as of December 31, 2023, due to higher advances received from customers for water and beer product sales[64]. - As of December 31, 2024, the Group's bank borrowings were RMB 394 million, a decrease of RMB 33 million compared to December 31, 2023, due to net repayments of principal[68]. - The gearing ratio as of December 31, 2024, was 21.59%, compared to 20.94% as of December 31, 2023[77]. - In 2024, the Group acquired property, plant, and equipment (PP&E) amounting to RMB 12 million, down from RMB 14 million in 2023[79]. - The total number of employees decreased to 342 as of December 31, 2024, from 368 as of December 31, 2023, with relevant staff costs amounting to RMB 73 million in 2024[70]. - There were no merger and acquisition transactions in 2024[78]. - The Group's debt ratio was 21.59%, an increase from 20.94% on December 31, 2023[82]. Environmental and Social Responsibility - The Group has established a "water protection zone" of 60 square kilometers around its water source to maintain product quality and safety[98]. - The Group has implemented procedures for waste storage, handling, and disposal to minimize environmental impact during production activities[99]. - The Group will continue to improve its social responsibility management system to align ESG philosophy with business goals[124]. - The group is committed to improving its social responsibility management system, integrating ESG concepts into its business, and contributing to economic prosperity, ecological harmony, and improved livelihoods[129]. Governance and Board Composition - The Company emphasizes high standards of corporate governance to enhance shareholder value and safeguard interests, complying with the CG Code for 2024[172]. - The Board is responsible for overseeing the Company's business direction and financial performance, with established committees for various responsibilities[173]. - The Board currently comprises nine members, including three executive Directors, three non-executive Directors, and three independent non-executive Directors, ensuring a balance of skills and diversity[178]. - Independent non-executive Directors represent one third of the Board, with the Audit, Nomination, and Remuneration Committees chaired by independent non-executive Directors[185]. - The Company has established effective mechanisms to support an independent Board and independent views, with regular reviews of the remuneration of independent non-executive Directors[189]. - The Nomination Committee assesses Board composition and recommends new Directors, considering factors such as gender, age, and professional experience[186]. - The Board Diversity Policy aims to achieve diversity in the Board's composition, reflecting the Group's business scope and specific needs[186]. - The roles of chairman and chief executive officer are separated, with Dr. ZHANG Chunlong as chairman and Mr. WANG Dong and Mr. DU Hui as co-chief executive officers[194]. - The Board is responsible for overseeing the Company's overall development and direction, aiming to enhance shareholder value[176]. - Regular Board meetings are held to review financial information, material investments, and changes in accounting policies[199]. - Directors have access to legal advice to ensure compliance with Board procedures and regulations[199]. - Directors with a conflict of interest abstain from voting on relevant resolutions and are not counted in the quorum[200]. Leadership and Management - The group has a strong executive team with extensive experience in corporate management, finance, and legal compliance, which supports its strategic initiatives[132][137]. - The group is focused on business development and merger and acquisition activities, leveraging the expertise of its executives in e-commerce and corporate finance[137]. - The group plans to enhance its operational management and quality control through experienced leadership in its major subsidiary, Tibet Glacier Mineral Water Co., Ltd.[139]. - The group is actively pursuing new product innovations and cost control measures to improve profitability and market competitiveness[127]. - The group is committed to expanding its market presence and enhancing its product offerings to meet diverse consumer needs[128].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 225,811,000, a decrease of 28.2% compared to RMB 314,428,000 in 2023[2] - Operating loss increased to RMB 89,020,000, up 6.8% from RMB 83,387,000 in the previous year[4] - Loss attributable to equity holders of the company rose by 62.7% to RMB 573,947,000 from RMB 352,867,000 in 2023[2] - Basic and diluted loss per share increased by 44.0% to RMB 12.92 from RMB 8.97 in the previous year[4] - The company reported a net loss of RMB 573,947,000 for the year, with a significant portion attributed to impairment losses on investments[21] - The group reported a net annual loss of RMB 574 million in 2024, compared to a loss of RMB 353 million in 2023[65] Revenue Breakdown - Total revenue for the water business segment reached RMB 87,522,000, while the beer business segment generated RMB 137,331,000, leading to a combined total revenue of RMB 225,811,000[21] - Revenue from external customers for the year ended December 31, 2024, was RMB 225,811,000, a decrease of 28.1% from RMB 314,428,000 in 2023[27] - Sales of seafood products increased to RMB 81,561,000 in 2024 from RMB 79,935,000 in 2023, while beer product sales decreased significantly to RMB 136,999,000 from RMB 222,682,000[27] - The total sales from the water business segment for the year ended December 31, 2024, were approximately RMB 22,766,000, up from RMB 18,086,000 in 2023[26] - Revenue from the beer segment decreased by 38.5%, from RMB 223 million to RMB 137 million[56] Assets and Liabilities - Total assets decreased to RMB 3,507,498,000 from RMB 3,985,556,000 in 2023[2] - Equity attributable to equity holders of the company decreased to RMB 2,379,960,000 from RMB 2,855,761,000[2] - Total current liabilities increased slightly to RMB 1,082,550,000 from RMB 1,060,727,000 in the previous year[6] - Non-current liabilities decreased significantly to RMB 44,988 thousand in 2024 from RMB 69,068 thousand in 2023, a reduction of 34.8%[7] - The carrying amount of investments accounted for using the equity method decreased to RMB 741,527,000 as of December 31, 2024, from RMB 1,215,508,000 in 2023[35] Cash Flow and Financial Position - Cash and cash equivalents increased significantly to RMB 121,767,000 from RMB 21,758,000 in the previous year[6] - The expected credit loss provision for financial assets was RMB 47,726,000, indicating a focus on managing credit risk[21] - The expected credit loss provision for accounts receivable increased from RMB 83,422,000 in 2023 to RMB 87,475,000 in 2024, reflecting a rise of about 5.1%[36] - The expected credit loss provision for loans receivable decreased from RMB 1,357,000 in 2023 to RMB 41,000 in 2024, a significant drop of approximately 96.9%[38] Operational Highlights - The company operates in the production and sale of aquatic products and beer products in China, and provides lending services in Hong Kong[8] - The company is actively engaged in research and development of new products and technologies to enhance its competitive position in the market[21] - The company aims to enhance customer experience and optimize channel expansion in the Tibetan water resource and beer industries[50] - The group aims to enhance product exposure and brand recognition by developing distributors across 33 provinces and municipalities in China, focusing on the Tibetan market[84] Corporate Governance - The external auditor, Guowei CPA, has been reappointed to audit the financial statements for the year ending December 31, 2024[89] - The audit committee has reviewed the annual performance for the year ending December 31, 2024[92] - The company and its subsidiaries did not purchase, sell, or redeem any of its shares during the year ending December 31, 2024[93] Future Outlook - The company plans to continue expanding its market presence in China and Hong Kong, where all external customer revenues are generated[24] - The company will continue to optimize production processes and control costs to provide high-quality mineral water products at better value[85] - The company is committed to integrating ESG principles into its business operations to achieve high-quality development goals[87]

Revenue Performance - Total revenue for the first half of 2024 was RMB 138.8 million, a decrease of 19.7% compared to RMB 173.0 million in the same period of 2023[3]. - Revenue from the water business segment increased by 10.9% year-on-year to RMB 54 million, driven by higher sales volume in key channels[10]. - The beer business segment experienced a significant decline, with sales volume down 28.5% to 115,557 hectoliters and revenue down 31.8% to RMB 83.6 million[10]. - Revenue for the first half of 2024 was RMB 138,815,000, a decrease of 19.7% compared to RMB 172,971,000 in the same period of 2023[36]. - Revenue from sales of water products increased to RMB 50,935,000 in 2024 from RMB 45,510,000 in 2023, while beer product sales decreased to RMB 83,581,000 from RMB 122,226,000[78]. Profitability and Expenses - Overall gross profit margin decreased to 21.1%, down 7.9 percentage points from the first half of 2023, primarily due to increased fixed costs and lower average selling prices in the beer segment[11]. - Adjusted EBITDA for the beer segment was RMB 43.7 million, a decrease of 4.2% compared to RMB 45.6 million in the first half of 2023[10]. - Gross profit for the first half of 2024 was RMB 29,228,000, down 41.8% from RMB 50,171,000 in the first half of 2023[36]. - Operating profit for the first half of 2024 was RMB 17,021,000, compared to an operating loss of RMB 7,375,000 in the same period of 2023[36]. - The profit for the first half of 2024 was RMB 9 million, a recovery from a loss of RMB 13 million in the first half of 2023[16]. - Basic and diluted earnings per share for the first half of 2024 was RMB 0.21, compared to a loss per share of RMB 0.35 in the same period of 2023[36]. Financial Position - The Group's total assets as of June 30, 2024, were RMB 3,879.4 million, a slight decrease from RMB 3,985.6 million at the end of 2023[4]. - Equity attributable to owners of the Company increased to RMB 2,959.5 million from RMB 2,855.8 million at the end of 2023[4]. - As of June 30, 2024, inventories decreased to RMB 99 million from RMB 119 million as of December 31, 2023, mainly due to a reduction in raw materials inventories[16]. - Net trade receivables increased to RMB 193 million as of June 30, 2024, compared to RMB 182 million as of December 31, 2023[16]. - The Group's contract liabilities increased to RMB 42 million as of June 30, 2024, compared to RMB 17 million as of December 31, 2023, primarily due to increased advances received from customers[17]. Cash Flow and Financing - Net cash flows from operating activities increased to RMB 95,220,000 in 2024, compared to a net outflow of RMB 45,536,000 in 2023[47]. - Cash generated from operations was RMB 52,943,000 in 2024, a significant improvement from a cash usage of RMB 49,606,000 in 2023[47]. - The company reported a cash inflow of RMB 28,524,000 from loan repayments received from third parties in 2024, compared to RMB 11,160,000 in 2023[47]. - The company’s total cash and cash equivalents at the beginning of the period were RMB 21,758,000 in 2024, down from RMB 58,147,000 in 2023[48]. - The net cash flows used in financing activities were RMB 109,406,000 in 2024, contrasting with a net inflow of RMB 179,935,000 in 2023[48]. Share Capital and Equity - The Company completed the placing of 500,000,000 new shares at HK$0.218 per share, with net proceeds of approximately HKD106 million fully utilized by June 30, 2024[28]. - The Board did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[29]. - The Company adopted a new share option scheme in 2023, but no share options have been granted under this scheme as of June 30, 2024[18]. - The total number of shares in issue as of June 30, 2024, is 4,579,188,000[177]. - The Company is committed to obtaining shareholder approval for any issuance exceeding the established limits under the share schemes[166]. Employee and Management - The total number of employees increased to 360 as of June 30, 2024, from 348 as of June 30, 2023[18]. - Employee costs for the first half of 2024 were RMB 33 million, a decrease from RMB 37 million in the first half of 2023[18]. - Key management compensation for the six months ended June 30, 2024, was RMB 5,358,000, slightly up from RMB 5,248,000 in the same period of 2023, an increase of 2.1%[164]. Governance and Compliance - The Company has complied with the Corporate Governance Code and confirmed no incidents of non-compliance among its Directors[35]. - The Audit Committee has reviewed the accounting principles and practices adopted by the Group for the first half of 2024[35]. - The Group's financial statements for the six months ended 30 June 2024 are prepared on a historical cost basis, with certain financial instruments measured at fair value[53]. Strategic Initiatives - The Group aims to enhance brand value and expand overseas markets while increasing investment in production research and development[31]. - The Group's strategy includes optimizing sales layout and enriching product range to meet future development needs[31]. - The Company plans to accelerate overseas market expansion and increase investment in product research and development[34].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 138,815, a decrease of 19.7% compared to RMB 172,971 for the same period in 2023[1] - Adjusted EBITDA attributable to owners increased by 124.6% to RMB 43,009 from RMB 19,146 year-on-year[1] - The net profit for the period was RMB 9,037, a significant recovery from a loss of RMB 13,467 in the previous year[1] - Basic and diluted earnings per share improved to RMB 0.21 from a loss of RMB 0.35[1] - Gross profit for the period was RMB 29,228, down from RMB 50,171 in the same period last year[3] - The company reported a net other comprehensive income of RMB 7,289, recovering from a loss of RMB 10,568 in the previous year[5] - The company reported a financial income of RMB 15,439,000 for the six months ended June 30, 2024, indicating a strong financial performance[14] - The profit attributable to owners for the six months ended June 30, 2024, was RMB 9,037,000, a recovery from a loss of RMB 13,467,000 in the same period of 2023[24] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.21, compared to a loss per share of RMB (0.35) in the previous year[24] - The company reported a half-year profit of RMB 9 million, a turnaround from a loss of RMB 13 million in the first half of 2023[45] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 3,879,436, slightly down from RMB 3,985,556 at the end of 2023[1] - Equity attributable to owners increased to RMB 2,959,517 from RMB 2,855,761 at the end of 2023[1] - The total non-current assets decreased to RMB 2,300,400 from RMB 2,328,898 at the end of 2023[6] - Current liabilities decreased to RMB 873,366 from RMB 1,060,727 at the end of 2023, indicating improved liquidity[7] - Total assets as of June 30, 2024, amounted to RMB 3,985,556,000, with total liabilities of RMB 1,129,795,000[18] - The total liabilities for the water business segment were RMB 1,510,755,000, and for the beer business segment, it was RMB 373,186,000, resulting in total liabilities of RMB 1,883,941,000[15] - The expected credit loss provision for trade receivables was RMB 276,238,000, slightly up from RMB 265,320,000 in the previous year[27] - As of June 30, 2024, trade payables amounted to RMB 34,511,000, a decrease of 19.5% from RMB 42,840,000 as of December 31, 2023[29] - The aging analysis of trade payables shows that RMB 20,204,000 (58.5%) is due within 3 months, compared to RMB 18,834,000 (43.9%) as of December 31, 2023[29] - The debt ratio of the group was 17.19% as of June 30, 2024, compared to 20.94% as of December 31, 2023[49] Revenue Breakdown - Total revenue for the water business segment reached RMB 54,307,000, while the beer business segment generated RMB 83,581,000, contributing to a total revenue of RMB 138,815,000 for the six months ended June 30, 2024[14] - Revenue from water product sales reached RMB 50,935,000, while beer product sales generated RMB 83,581,000 for the six months ended June 30, 2024, compared to RMB 45,510,000 and RMB 122,226,000 respectively for the same period in 2023[19] - The beer business segment saw sales volume decline by 28.5% to 115,557 hectoliters, with revenue dropping 31.8% to RMB 83.58 million[39] Cost and Expenses - The cost of materials and consumables used was RMB 64,448,000, down from RMB 81,589,000 in the previous year[22] - The company reported a decrease in employee benefit expenses to RMB 32,606,000 from RMB 37,081,000 year-on-year[22] - Selling and distribution expenses increased by 16.7% to RMB 20 million, attributed to higher marketing costs and increased transportation expenses due to rising water sales[40] - The company's bank borrowings decreased by RMB 60 million due to repayments made in the first half of 2024[47] - As of June 30, 2024, the company's inventory decreased to RMB 99 million from RMB 119 million at the end of 2023, mainly due to a reduction in raw material stock[46] Strategic Initiatives - The company plans to continue expanding its market presence in China, focusing on both the water and beer segments to drive future growth[13] - The company is actively exploring new product development and technological advancements to enhance its competitive edge in the market[13] - The company aims to enhance brand value and expand overseas markets while optimizing sales layout and product variety[58] Shareholder Information - The company did not declare any dividends for the period ending June 30, 2024, consistent with the previous period[36] - The total number of ordinary shares increased to 4,579,188,000 as of June 30, 2024, following a successful placement of 500,000,000 shares[34][35] - The company completed a rights issue on January 30, 2023, issuing 1,019,797,000 shares at a price of HKD 0.385 per share[34] - The company plans to use the net proceeds from the share placement to repay part of the 2021 convertible bonds and for general working capital[35] Compliance and Governance - The company has adopted new accounting standards effective from January 1, 2024, which will not have a significant impact on the financial position or performance for the current and prior periods[11] - The company adhered to corporate governance codes and confirmed compliance by all directors during the first half of 2024[59]

Financial Performance - As of December 31, 2023, the Group's investments accounted for using the equity method amounted to RMB1,216 million, a decrease from RMB1,444 million as of December 31, 2022, primarily due to an impairment loss of RMB261 million recognized on investment in Shannan Yalaxiangbu[1] - In 2023, the total revenue of the Group amounted to RMB314 million, representing an increase of 0.8% compared to 2022[45] - The water business segment generated revenue of RMB87 million, an increase of 32.9% year-over-year, attributed to a significant rise in sales volume due to economic recovery[46] - The overall gross profit margin decreased to 24.7%, down 4.4 percentage points from 2022, with the beer business segment's gross profit margin at 28.9%, a decrease of 5.0 percentage points[49] - The loss for the year was RMB353 million, compared to a loss of RMB102 million in 2022[54] - The annual loss for 2023 was RMB 353 million, compared to a loss of RMB 102 million in 2022, indicating a substantial increase in losses[57] Assets and Liabilities - As of December 31, 2023, inventories increased to RMB119 million from RMB107 million as of December 31, 2022, mainly due to an increase in raw materials and finished goods inventories[1] - As of December 31, 2023, net trade receivables amounted to RMB182 million, down from RMB190 million as of December 31, 2022[1] - As of December 31, 2023, loan receivables amounted to RMB75 million, compared to nil as of December 31, 2022, with the balance fully settled in March 2024[1] - Other financial assets at amortized cost, net of allowance for expected credit loss (ECL), amounted to RMB1,007 million as of December 31, 2023, up from RMB980 million as of December 31, 2022[3] - Trade and notes payables decreased to RMB154 million as of December 31, 2023, from RMB247 million as of December 31, 2022, primarily due to a decrease in notes payables of RMB67 million[3] - Contract liabilities decreased to RMB17 million as of December 31, 2023, from RMB35 million as of December 31, 2022, mainly due to a decrease in advances received from customers for the sales of water and beer products[3] - Accruals and other payables amounted to RMB161 million as of December 31, 2023, down from RMB181 million as of December 31, 2022[3] - Bank borrowings decreased by RMB26 million as of December 31, 2023, compared to December 31, 2022, mainly due to the net repayment of principal of bank borrowings in 2023[3] - As of December 31, 2023, the liability component of the Convertible Bonds issued by the Company amounted to RMB321 million, an increase from RMB309 million as of December 31, 2022[5] Employee and Management - The total number of employees increased to 368 as of December 31, 2023, compared to 347 as of December 31, 2022, with relevant staff costs rising to RMB77 million in 2023 from RMB68 million in 2022[5] - The company values employee contributions and ensures reasonable compensation and benefits to retain loyal staff[21] - The company has a strong management team with extensive experience in legal, compliance, and risk management[72] - The management team has a history of working in significant roles within the financial and investment sectors[72] Corporate Governance - The company is committed to adhering to regulatory requirements and maintaining transparency in its operations[72] - The Board is committed to enhancing corporate governance practices to safeguard shareholders' interests and maintain high standards[86] - The Board regularly reviews corporate governance practices to ensure compliance with the CG Code and to promote transparency and accountability[86] - The company has established four Board committees to enhance governance and oversight[86] - The Board has overall responsibility for maintaining a sound internal control system, ensuring compliance with relevant laws and regulations[176] Environmental and Social Responsibility - The Group aims to minimize the impact of its activities on the environment and adheres to principles of low carbon emission and waste reduction[17] - The Group has established a "water protection zone" of 60 square kilometers around its water source to prevent contamination[17] - The Group is committed to addressing global water resource scarcity while pursuing business development[38] - The company aims to maintain an acceptable level of gender diversity in its workforce and will continue to implement initiatives to improve it[114] Market and Competition - The bottled water and beer industry in China is highly competitive, with increasing competition affecting market share and profit margins[23] - Any macroeconomic changes in China that adversely impact consumer consumption could have a material adverse effect on the Group's business[23] - The Group's ability to compete depends on providing higher quality products and services at reasonable prices that appeal to consumer preferences[23] Risk Management - The Group's financial risks include market risk (currency risk, cash flow, and interest rate risk), credit risk, and liquidity risk[25] - The Group's overall risk management program aims to minimize potential adverse effects on financial performance due to market unpredictability[25] - The Company has established risk management procedures to identify and prioritize business risks for management[176] Investment and Development - In 2023, the Group acquired 11% equity interests in Tibet Life Water Marketing for RMB33 million, increasing its total equity interest to 49%[8] - The Group purchased property, plant, and equipment (PP&E) worth RMB14 million in 2023, up from RMB6 million in 2022[8] - The Group will periodically assess its production capacity and consider increasing it to meet future development needs[12] - The company plans to enhance product development in response to health trends, investing in healthy packaged drinking water, beverages, and beer[30] Financial Management - The Group's cash management approach is conservative, primarily operating in RMB, but faces foreign exchange risk from transactions denominated in HKD[12] - The company completed a rights issue of up to 1,019,797,000 rights shares at a subscription price of HKD0.385 per share, raising approximately HKD388 million, with 70% allocated for debt repayment and 30% for general working capital[27] - The company did not declare any dividend for 2023, consistent with 2022[27]

Sales and Revenue Performance - The group reported a significant increase in sales volume of packaged drinking water, achieving a growth of 51% and revenue growth of 32.9% compared to the previous year[12]. - The total revenue for the water business segment was RMB 87,066,000, while the beer business segment generated RMB 223,169,000, leading to a total revenue of RMB 314,428,000[13]. - For the year ended December 31, 2023, total revenue was RMB 314,428 thousand, representing a 0.8% increase from RMB 311,947 thousand in 2022[35]. - Total revenue for 2023 was RMB 314,428,000, compared to RMB 311,947,000 in 2022, reflecting a slight increase[90]. - Revenue from beer products was RMB 222,682,000 in 2023, down from RMB 245,982,000 in 2022, indicating a decline of approximately 9.4%[90]. - Revenue for 2023 was RMB 223,169 thousand, a decline of 9.4% compared to RMB 246,442 thousand in 2022[129]. Financial Performance - The group’s overall loss for the year was RMB 352,867,000, reflecting challenges in the beer segment and strategic shifts[13]. - The annual loss attributable to the owners of the company increased significantly by 244.4% to RMB (352,867) thousand compared to RMB (102,466) thousand in 2022[35]. - Basic and diluted loss per share was RMB (8.97), up 143.1% from RMB (3.69) in the previous year[35]. - The company reported a total comprehensive loss attributable to owners of RMB 339,065 thousand in 2023 compared to RMB 138,978 thousand in 2022[57]. - The overall gross margin for 2023 was 24.7%, a decrease of 4.4 percentage points from the previous year[129]. - The impairment loss on investments accounted for using the equity method was RMB 261 million in 2023, primarily related to the investment in Shannan Yalaxiangbu[151]. Assets and Liabilities - The total liabilities of the group amounted to RMB 1,129,795,000, with total assets of RMB 3,985,556,000[13]. - Total assets as of December 31, 2023, were RMB 3,985,556 thousand, a decrease from RMB 4,140,133 thousand in 2022[35]. - Total current assets increased to RMB 1,656,658 thousand in 2023 from RMB 1,534,892 thousand in 2022, an increase of 7.9%[59]. - Total liabilities increased to RMB 1,280,673 thousand in 2023 from RMB 1,168,000 thousand in 2022, reflecting a rise of 9.6%[67]. - Non-current liabilities total decreased significantly to RMB 69,068 thousand in 2023 from RMB 327,077 thousand in 2022, a reduction of 78.8%[50]. Cash Flow and Financial Management - The group’s trade payables decreased from RMB 68,338,000 in 2022 to RMB 42,840,000 in 2023, indicating improved cash flow management[6]. - The expected credit loss provision for receivables was RMB 1,357,000 for the year ended December 31, 2023, compared to none in 2022[4]. - The provision for expected credit losses decreased from RMB 94,099 thousand in 2022 to RMB 83,422 thousand in 2023, showing an improvement of approximately 11.8%[100]. - The company successfully completed two rounds of equity financing in 2023 and early 2024, enhancing operational stability[108]. Strategic Initiatives and Future Plans - The company plans to enhance consumer experience and optimize channel expansion to reach more consumers with its quality products[12]. - The group aims to enhance product development focusing on health-oriented packaging water, beverages, and beer, responding to increasing consumer health awareness[166]. - The group plans to enhance production resource utilization efficiency and reduce waste in pursuit of sustainable development goals[124]. - The group aims to expand its market presence in Southeast Asia, leveraging its successful operations in Hong Kong to promote its high-quality mineral water products internationally[166]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, with no reported non-compliance issues for the year ending December 31, 2023[185]. - The audit committee has reviewed the annual performance for the year ending December 31, 2023, ensuring the accuracy of the financial statements[192]. - The external auditor, Guowei Accounting Firm, has been reappointed, effective from the conclusion of the annual general meeting held on June 30, 2023, until the next annual general meeting[189].

Financial Performance - Revenue for the first half of 2023 was RMB 172.97 million, a decrease of 5.9% compared to RMB 183.85 million in the same period of 2022[11]. - Adjusted EBITDA for the first half of 2023 was RMB 19.15 million, down 51.8% from RMB 39.73 million in the first half of 2022[11]. - In the first half of 2023, total revenue decreased by 5.9% to RMB173 million compared to the first half of 2022[31]. - The loss for the first half of 2023 was RMB13 million, compared to a net profit of RMB8 million in the first half of 2022[41]. - Gross profit for the same period was RMB 50,171,000, a decline of 19.7% compared to RMB 62,510,000 in 2022[111]. - Operating loss for the period was RMB 7,375,000, contrasting with an operating profit of RMB 20,662,000 in the previous year[111]. - The net loss for the period attributable to owners of the Company was RMB 13,467,000, compared to a profit of RMB 7,821,000 in 2022[113]. - Total comprehensive loss for the period was RMB 10,568,000, an improvement from a total comprehensive loss of RMB 14,003,000 in 2022[113]. Segment Performance - The water business segment generated revenue of RMB 49 million, representing a 63.0% increase compared to the first half of 2022[15]. - The beer business segment saw a significant decline in overall sales volume and revenue in the first half of 2023[14]. - Total segment revenue for the water business segment was RMB 48,986,000, while the beer business segment generated RMB 122,491,000, leading to a total revenue of RMB 172,971,000[142]. - The gross profit for the water business segment was RMB 7,071,000, and for the beer business segment, it was RMB 41,606,000, resulting in a total gross profit of RMB 50,171,000[142]. - The adjusted EBITDA for the water business segment was (RMB 15,234,000), while the beer business segment reported RMB 45,628,000, leading to a total adjusted EBITDA of RMB 19,146,000[142]. Cost and Expenses - Selling and distribution costs increased by approximately 36.9% to RMB17 million, primarily due to higher transportation and staff costs associated with increased water sales volumes[36]. - Administrative expenses rose by 9.4% to RMB 37 million, mainly due to increased personnel costs in the water business segment[64]. - The overall gross profit margin was 29.0%, a decrease of 5.0 percentage points year-over-year, while the gross profit margin for the water business segment increased by 2.8 percentage points to 14.4%[32]. - The beer business segment's gross profit margin was 34.0%, down by 4.4 percentage points compared to the first half of 2022[32]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB4,259,377, an increase from RMB4,140,133 as of December 31, 2022[28]. - Equity attributable to owners of the Company increased to RMB3,184,258 from RMB2,859,460 as of December 31, 2022[28]. - As of June 30, 2023, inventories increased to RMB136 million from RMB107 million as of December 31, 2022, due to higher raw materials and packaging materials[41]. - Net trade receivables decreased to RMB180 million from RMB190 million as of December 31, 2022, due to collections from customers[41]. - Contract liabilities increased to RMB51 million from RMB35 million as of December 31, 2022, mainly due to advances received from customers for water and beer product sales[41]. Financing and Capital Structure - The Group's bank financing in Tibet decreased in the first half of 2023, but equity financing was successfully completed early in the year[14]. - The rights issue completed on January 30, 2023, raised approximately HKD 388 million, with 70% allocated for debt repayment and 30% for general working capital[79]. - The Group's gearing ratio improved to 16.40% as of June 30, 2023, down from 21.12% as of December 31, 2022[72]. - The liability component of the Convertible Bonds issued by the Company amounted to RMB 323 million as of June 30, 2023, compared to RMB 309 million at the end of 2022[68]. - The Group provided financial guarantees totaling RMB 195 million to an associate, down from RMB 265 million at the end of 2022[78]. Strategic Initiatives - The Group's management emphasized a focus on enhancing customer experience and brand value as core strategies moving forward[14]. - The Group plans to launch new beer products with Tibetan-themed packaging targeting young consumers in the second half of the year[54]. - The Group aims to expand its market share in the Tibetan region by establishing sales outlets and leveraging social media for promotion[54]. - The Group plans to enhance marketing efforts in Tibet and surrounding regions, focusing on new packaging for water products targeting different consumer segments[83]. - The Group will leverage partnerships with Sinopec and PetroChina to enhance the market influence of its brands[83]. Compliance and Governance - The Group has complied with the Corporate Governance Code for the first half of 2023, with no incidents of non-compliance noted[110]. - The Audit Committee has reviewed the accounting principles and practices adopted by the Group for the interim results of the first half of 2023[110].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 172,971,000, a decrease of 5.9% compared to RMB 183,847,000 in the same period of 2022[28]. - Adjusted EBITDA for the same period was RMB 19,146,000, down 51.8% from RMB 39,729,000 year-on-year[28]. - The company reported a net loss of RMB 13,467,000 for the six months ended June 30, 2023, compared to a profit of RMB 7,821,000 in the previous year[31]. - Basic and diluted loss per share was RMB (0.35) for the six months ended June 30, 2023, compared to earnings of RMB 0.30 in the same period of 2022[31]. - Total revenue for the first half of 2023 was RMB 173 million, a decrease of 5.9% compared to the first half of 2022[88]. - The group reported a net loss of RMB 13 million for the first half of 2023, compared to a net profit of RMB 8 million in the same period of 2022[97]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 4,259,377,000, an increase from RMB 4,140,133,000 as of December 31, 2022[28]. - The company’s cash and cash equivalents decreased to RMB 26,151,000 from RMB 58,147,000 as of December 31, 2022[36]. - The company’s total liabilities increased, with current liabilities totaling RMB 974,856,000 as of June 30, 2023, compared to RMB 953,596,000 at the end of 2022[36]. - Non-current liabilities decreased from RMB 327,077 thousand in 2022 to RMB 100,263 thousand in 2023, a reduction of approximately 69%[38]. - Total net assets increased from RMB 2,859,460 thousand in 2022 to RMB 3,184,258 thousand in 2023, representing a growth of about 11%[38]. - The company’s investment using the equity method decreased to RMB 1,441,506,000 as of June 30, 2023, from RMB 1,443,916,000 as of December 31, 2022[73]. Revenue Segmentation - Total revenue for the water business segment was RMB 48,986 thousand, while the beer business segment generated RMB 122,491 thousand, contributing to a total revenue of RMB 172,971 thousand for the six months ended June 30, 2023[54]. - Total revenue for the water business segment was RMB 30,053,000, while the beer business segment generated RMB 153,794,000, leading to a combined total revenue of RMB 183,847,000 for the six months ended June 30, 2022[56]. - Revenue from water product sales increased to RMB 45,510,000 in 2023 from RMB 26,673,000 in 2022, reflecting a growth of approximately 70.5%[63]. - Beer product sales decreased to RMB 122,226,000 in 2023 from RMB 153,527,000 in 2022, indicating a decline of about 20.4%[63]. Operational Highlights - The company completed a rights issue on January 30, 2023, raising approximately HKD 388 million, with 70% allocated to repay external debts and 30% for general working capital[15]. - The company plans to enhance marketing efforts for its high-end mineral water brand "5100" and introduce new packaging products targeting different consumer segments in the second half of 2023[18]. - The company aims to increase sales of its beer products in the Tibet region, launching a youth-oriented beer product with a Tibetan theme in the second half of 2023[19]. - The company continues to focus on expanding its operations in China, particularly in the production and sales of seafood and beer products[43]. Shareholder Information - The company has no plans to declare an interim dividend for the six months ended June 30, 2023[16]. - The company did not buy, sell, or redeem any of its shares during the first half of 2023[22]. - The company did not declare or propose any dividends for the six months ended June 30, 2023, consistent with the previous year[84]. Cost and Expenses - Selling and distribution expenses rose by approximately 36.9% to RMB 17 million, primarily due to increased transportation and labor costs associated with higher water sales[92]. - Total employee costs for the first half of 2023 were RMB 33 million, compared to RMB 29 million in the same period of 2022, with total employees decreasing to 348 from 371[106]. Other Financial Metrics - Financial income amounted to RMB 15,972 thousand, while financial expenses totaled RMB 14,941 thousand, resulting in a net financial income of RMB 1,031 thousand[54]. - Deferred income decreased from RMB 11,394 thousand in 2022 to RMB 10,206 thousand in 2023, a decline of about 10%[38]. - The fair value of the liability portion of the convertible bonds was RMB 323,152,000 as of June 30, 2023, down from RMB 342,379,000 as of December 31, 2022[82].

Sales and Marketing Strategy - The Group will focus on strengthening the sales and promotion of beer products in Tibet, leveraging local brands and cultural advantages[1] - Significant resources will be invested to capitalize on the resumption of tourism growth in Tibet, integrating Tibetan specialty culture with product experiences[1] - The Group aims to enhance market share of its beer products in Tibet by establishing additional sales sites across the region[1] - Research and development efforts will be intensified for Tibetan specialty beer products, adapting to new consumer trends and demands in the beer market[1] - The Group plans to develop and construct channels around Tibet, collaborating with water segment products to provide quality experiences of Tibetan specialty products[1] Corporate Governance - The Board of Directors includes a balance of executive and non-executive members, ensuring adequate checks and balances for shareholder interests[34] - The roles of Chairman and Chief Executive Officer are separated, with Dr. Zhang Chunlong as Chairman and Mr. Wang Dong as Chief Executive[28] - All Directors receive monthly updates on the Group's performance, position, and prospects to fulfill their duties effectively[37] - The company has established a formal procedure for matters requiring Board decisions, ensuring clarity in governance[56] - Independent non-executive Directors provide diverse knowledge and expertise, contributing to the Group's strategic discussions[34] - The company has received annual independence confirmations from all independent non-executive Directors, affirming their status[45] - The company is committed to continuous professional development for Directors, providing training and updates on regulatory requirements[49] - The Company has established a formal and transparent procedure for developing remuneration policies for Directors and senior management[74] - All Board appointments are based on meritocracy, considering diversity in gender, age, cultural background, and professional experience[71] - The Nomination Committee regularly reviews the structure, size, composition, and diversity of the Board[74] Audit and Risk Management - The Audit Committee, consisting of independent non-executive Directors, met four times in 2022 to oversee financial reporting and auditor matters[58] - The Audit Committee meets at least twice a year to review the external auditor's independence and the effectiveness of the audit process[67] - The Company’s financial control, internal control, and risk management systems are reviewed by the Audit Committee[67] - The external auditor's service fee and independence are assessed by the Audit Committee[71] - The Company held four meetings with the Audit Committee members and external auditors in 2022[68] - The Board has engaged an independent professional to conduct an annual review of the effectiveness of the internal control system, confirming its adequacy during the reporting period[99] - The Risk Management Committee met once in 2022 to review the existing internal control system and adopted management's recommendations to enhance its effectiveness[87] - The Company has established risk management procedures to identify and prioritize business risks for management's attention[94] - The Board is committed to maintaining a sound internal control system to safeguard assets and ensure compliance with relevant laws and regulations[94] Shareholder Communication and Engagement - The Company conducts its affairs in accordance with the "Guidelines on Disclosure of Inside Information" issued by the Securities and Futures Commission[100] - Extensive information about the Group's activities is provided in the Annual Report and is available on the Company's website[108] - The Company encourages all Shareholders to attend the annual general meeting to understand the Group's business from Directors and senior management[108] - The Company has established multiple communication channels to provide timely updates to shareholders and stakeholders[144] - The Company has established various communication channels to effectively receive feedback from shareholders and stakeholders, ensuring the implementation of the shareholder communication policy in 2022[169] Financial Performance and Reporting - The Group's financial results for the year ended December 31, 2022, are detailed in the consolidated statement of profit or loss and comprehensive income on pages 95 to 96 of the Annual Report[177] - The Directors do not recommend the payment of a final dividend for the year 2022[153] - The business review is presented in the "Letter to Shareholders" and "Management Discussion & Analysis" sections, covering key risks and uncertainties faced by the Group[152] - The Company reported audit service fees of RMB 1,973,000 for 2022, an increase of 15.6% from RMB 1,707,000 in 2021[148] - Non-audit service fees amounted to RMB 172,000 in 2022, up from RMB 166,000 in 2021, reflecting a growth of 3.6%[148] - Total fees paid/payable to the auditor for both audit and non-audit services reached RMB 2,145,000 in 2022, representing a 14.5% increase from RMB 1,873,000 in 2021[148] Compliance and Legal Matters - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance with the requirements for the year ended December 31, 2022[105] - No incidents of non-compliance with the Model Code were noted during the year[105] - The Company has arranged appropriate Directors' and Officers' Liability Insurance, reviewed annually, with no claims made against Directors and officers during the year[108] - The Board has monitored the Company's legal and regulatory compliance and organized training for Directors and management[118] Share Options and Incentives - No share options were granted, exercised, lapsed, cancelled, or outstanding under the Share Option Scheme during the year[159] - The Share Option Scheme was effective for ten years from its adoption date, which was 7 September 2012, and expired in 2022[187] - The Company granted 25,200,000 share options on 16 December 2015, which lapsed on 31 December 2018[182] - The options under the Share Option Scheme may be exercised within a period not exceeding 10 years from the date of grant[182] - The share incentive plan is effective for a period of ten years from its adoption date of August 18, 2017, but the board may decide to terminate it early[194] Gender Diversity and Representation - The company aims to maintain its current level of female representation on the Board while ultimately striving for gender equality[41] - The Board has adopted a diversity policy to achieve a diverse composition[71]