7. 中船防务 (00317) 再涨超 5% ，中国船舶发布上半年业绩盈喜预告，公司可能受益于集团内部资源整 合。 点击蓝字，关注我们 今日上午港股 1.今海医疗科技 (02225) 盘中涨超 5% ， 近日与戴维医疗达成合作，公司已布局 "微创 5.0" 技术。 2. 芯片股早盘走高 ，华虹半导体 (01347) 涨 4.12%，贝克微 (02149) 涨 3.17%，晶门半导体 (02878) 涨 3.45%，中芯国际 (01347) 涨 3.11%。 3. 香港中旅 (00308) 一度涨超 14%， 不到一个月股价实现翻倍，市场炒作文旅产业 RWA。 4. 美团 - W (03690) 盘中涨超 3%， 旗下美团龙珠联合领投星海图，公司再度布局具身智能。 5. 裕元集团 (00551) 涨超 3%， 6 月综合经营收益净额同比增加 1.5%。 6. 内险股早盘普涨， 中国太保 (02601) 涨 4.88%，中国财险 (02328) 涨 3.57%，中国平安 (02318) 涨 3.19%，新华保险 (01336) 涨 2.5%。 8. 阿里巴巴 - W (09988) 涨超 3%， 加大即时零售及外 ...

Group 1 - Longfor Group issued over HKD 2 billion in medium-term notes, indicating strong financing capability in the current market environment [1] - The financing cost is considered one of the lowest in the market, which may enhance investor confidence and benefit the group's overall operations and future projects [1] Group 2 - Singularity Guofeng plans to acquire 100% equity of an AI technology company, with a valuation range of HKD 350 million to HKD 500 million [2] - This move reflects the company's active expansion into the AI sector, although the non-binding nature of the investment letter introduces uncertainty regarding the transaction [2] Group 3 - Two manipulators in the Hong Kong stock market were sentenced to community service, highlighting the commitment to maintaining market fairness and transparency [3] - This regulatory action serves as a warning to potential violators, which may impact the reputation and stock prices of related companies [3] Group 4 - Harmony Health Insurance plans to reduce its stake in Goldwind Technology by up to 1% within three months, citing operational needs [4] - Although the reduction is minor, it may exert some pressure on the stock price and affect market sentiment [4] Group 5 - The Hang Seng Index rose by 0.57% to 24028.37, while the Hang Seng Tech Index fell by 0.29% to 5216.60 [5] - The Hang Seng Corporate Index increased by 0.83% to 8668.26 [5]

生产智能抢先布局，用户运营生态闭环 在产业智能化加速重构的进程中，AI 技术正从工具属性升维为核心基础设施，逐步演变为企业底层竞 争力的重要支柱。奇点国峰（01280.HK）近日宣布，通过战略股权收购，将一家深耕兴趣电商的AI技 术公司深度整合。本次收购将以发行股票的方式收购，交易涉及总金额为3.5-5亿元港币。交易完成 后，奇点国峰将整合双方在技术、渠道及客户资源方面的优势，推动AI在OMO新消费平台进一步深 化。此次收购成为奇点国峰总部迁至深圳后的首个关键战略动作。此次收购标志着公司完成从业务合作 到技术内化的关键跃迁：通过内化AI技术、数据资产与运营能力，为"酱酒+财商教育"双引擎注入AI智 能基座，并构建可复用的资本整合范式，为后续产业生态扩张奠定系统性基石。 据悉，2025年是奇点国峰新十年的开局之年，袁力董事长提出了"集团全面升级为一家AI为核心技术驱 动的公司，打造AI赋能的OMO新消费平台"的战略目标。此前，奇点国峰已通过战略合作（与AI巨头迈 富时[02556.HK]战略合作）初步实现业务的智能化升级。而此次收购的兴趣电商AI公司，不仅重点加强 用户端数字化能力——通过AI驱动的消费行为分析 ...

Financial Performance - As of December 31, 2024, Anhui Sihai reported total assets of approximately RMB 119 million and liabilities of about RMB 70.43 million, with equity attributable to owners of approximately RMB 48.8 million[14]. - The revenue generated during the same period was approximately RMB 158 million, resulting in an operating loss of RMB 1.3 million[14]. - The total revenue for the group in 2024 was RMB 442 million, representing a year-on-year growth of 38.2%[15]. - The new business segments, liquor sales and education/training services, performed exceptionally well, with liquor sales revenue reaching RMB 102 million, a year-on-year increase of 95.3%, and education/training services revenue reaching RMB 67.91 million, a year-on-year increase of 146.2%[15]. - Anhui Sihai's assets grew by 27.67% year-on-year, but its revenue only increased by 2.22%, and its profit decreased by 169.05% due to asset impairment losses[15]. - The assets of Anhui Sihai accounted for 20% of the group's total assets, while its revenue contributed 35.78% to the group's total revenue, but its profit only represented 0.05% of the group's total profitability[15]. Legal Matters - The court issued an asset preservation order on November 5, 2024, freezing the 65% equity stake in Anhui Sihai held by Yangzhou Huayin Commercial Chain, valued at RMB 32.5 million[3]. - The board found no factual or legal basis for the claims made by Nanjing Haihuaitong regarding the zero-cost transfer of the 65% equity stake[5]. - Nanjing Haihuaitong's lawsuit was dismissed by the court on April 18, 2025, rejecting all claims made against Yangzhou Huayin Commercial Chain[10]. - The ongoing litigation with Huainan Jianle involves a claim for RMB 61.08 million, with potential implications for the pledged equity in Anhui Sihai[12]. - The company intends to apply to the court to lift the restrictions on the 65% equity stake in Anhui Sihai following the court's supportive ruling[10]. - The group is committed to updating any developments regarding the Haihui Tong lawsuit and Huainan Jianle lawsuit[16]. Corporate Governance - The transfer of rights and obligations included the assumption of significant debts by Yangzhou Huayin Commercial Chain, which the board believes does not harm creditor interests[5]. - The estimated payment obligation under the supplementary agreement related to Anhui Sihai's 65% equity stake is approximately RMB 53.56 million, subject to final negotiations with Mr. Jin[11]. - The board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[17]. Asset Management - Anhui Sihai continues to operate normally, and the asset preservation order has not significantly impacted the company's business operations or financial condition[14]. - The potential sale of 65% of Anhui Sihai's equity would not affect the company's equity structure, business operations, assets, or liabilities significantly[15]. - The net asset value of Anhui Sihai was reported as (RMB 40,583,155), with non-controlling interests at RMB 14,204,104 and other current liabilities at RMB 53,560,000[15]. - The estimated proceeds from the potential sale of Anhui Sihai were RMB 27,180,950, leading to a post-sale net asset value of RMB 223,227,982[15].

Financial Performance - In 2024, the company's revenue was approximately RMB 442.0 million, an increase of 38.2% compared to RMB 319.8 million in 2023, driven by new business development and increased sales in liquor and training services[7]. - The operating loss for 2024 was approximately RMB 2,218.7 million, compared to an operating profit of RMB 85.4 million in 2023[7]. - The gross profit margin for 2024 was 26.7%, up from 19.3% in 2023[7]. - The net loss for 2024 was approximately RMB 2,226.9 million, while the profit in 2023 was approximately RMB 53.7 million[7]. - The cost of sales and services for 2024 was approximately RMB 324.2 million, a 25.6% increase from RMB 258.1 million in 2023, primarily due to new business initiatives[38]. - Gross profit for 2024 was approximately RMB 117.8 million, representing a 90.6% increase from RMB 61.8 million in 2023[39]. - The net financial costs for 2024 were approximately RMB 10.8 million, a decrease of 65.9% from RMB 31.7 million in 2023[46]. - The company's total administrative expenses for 2024 were approximately RMB 74.8 million, a significant increase of 157.9% from RMB 29.0 million in 2023[44]. Market Trends and Opportunities - The corporate training market in China is projected to exceed RMB 1.3 trillion by 2025, indicating significant growth potential for the company's training services[14]. - The liquor industry is projected to reach sales revenue of 800 billion yuan and profits of 200 billion yuan by the end of the 14th Five-Year Plan[28]. - The home appliance market is expected to benefit from government policies promoting the replacement of old appliances, with over 49 million units sold under the program by December 2024[11]. - The home appliance market experienced a "first suppressed then rising" trend in 2024, with significant recovery in the second half of the year due to policy support and consumer confidence restoration[26]. - The Chinese corporate training market is projected to grow to RMB 1,319.4 billion by 2025, driven by government support and the need for talent development[73]. Strategic Focus and Development - The company is focusing on diversified development strategies, utilizing both online and offline retail channels, and leveraging various marketing methods including live streaming and social media platforms[10]. - The company aims to strengthen its liquor segment through AI empowerment, focusing on brand influence and market expansion[13]. - The company is actively exploring new growth points through training services, leveraging cloud platforms and big data to empower clients and support sustainable development[33]. - The company is focusing on expanding its training business, with a reported 3.1% increase in registered business entities in China by the end of 2024[28]. - The company aims to strengthen its liquor sales market presence despite fierce competition, emphasizing high-quality and cost-effective products[30]. - The company has established a multi-channel sales model for its liquor products, integrating online and offline strategies to capture market opportunities[31]. Governance and Management - The company emphasizes the importance of corporate governance and has adhered to governance codes, although it has deviated from the separation of roles between the chairman and CEO[76]. - The company appointed a new CEO on May 27, 2024, while maintaining the current chairman's position, ensuring compliance with governance codes moving forward[78]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[81]. - The company has established an independent assessment mechanism for the board's independence, which includes a nomination committee to select suitable candidates[85]. - The company has implemented a mechanism to ensure the board receives independent views and opinions[85]. Risk Management and Compliance - The board is responsible for the overall risk management and internal control systems to protect shareholder interests[112]. - The company has implemented an anti-corruption and whistleblowing management system to monitor employee conduct[113]. - The company has established internal audit functions to review financial and operational matters and report findings to the audit committee[114]. - The board has reviewed the effectiveness of the group's risk management and internal control systems, concluding they are effective and adequate for the year ended December 31, 2024[116]. - The company has complied with relevant laws and regulations in the Cayman Islands, Hong Kong, and China during the year[132]. Shareholder and Equity Structure - The company adopted the 2023 Share Incentive Plan, allowing for the purchase and issuance of up to 95,176,283 shares, approximately 10% of the existing issued shares[159]. - The total number of shares held by the top shareholders reflects a concentrated ownership structure, with the top five shareholders holding over 90% of the equity[157]. - The company aims to incentivize qualified participants to achieve specific sales targets for its products[161]. - The total number of shares available for issuance under the 2023 Share Incentive Plan is 95,176,283 shares, representing 5.27% of the company's issued share capital as of the report date[172]. - The company completed a share subscription agreement with Aiyue Longte Limited, issuing 43,855,948 shares at a price of HKD 0.69 per share, raising a total of HKD 30,260,604.12, netting HKD 29,960,604.12 after expenses[179]. Employee and Diversity Initiatives - As of December 31, 2024, 58% of the company's 283 employees are female, with 20% of senior management being women[102]. - The board consists of 8 members, including 1 female director, and is committed to increasing female representation in the future[102]. - The company has implemented structured recruitment and training programs to enhance the diversity of potential board members[102]. - The company recognizes the benefits of a diverse board and believes that enhancing board diversity is crucial for maintaining competitive advantage[100]. Environmental and Social Responsibility - The group is committed to environmental protection by investing in energy-saving systems and increasing waste paper recycling[131]. - The company is committed to sustainable development while balancing the interests of shareholders, employees, and customers[19].

Financial Performance - The revenue for the year ending December 31, 2024, is approximately RMB 442.0 million, an increase of 38.2% compared to RMB 319.8 million for the year ending December 31, 2023, primarily due to the company's active expansion into new businesses, increasing sales of liquor and education training services [4]. - The gross profit margin for 2024 is 26.7%, up from 19.3% in 2023 [4]. - The operating loss for 2024 is approximately RMB 2,218.7 million, compared to an operating profit of approximately RMB 85.4 million in 2023 [4]. - The net loss for 2024 is approximately RMB 2,226.9 million, while the profit for 2023 was approximately RMB 53.7 million [4]. - The company reported a basic and diluted loss per share of RMB 2.519 for 2024, compared to earnings per share of RMB 0.255 in 2023 [5]. - The company reported a pre-tax loss of RMB 2,229,528,000 for the year ended December 31, 2024, compared to a pre-tax profit of RMB 53,789,000 for the year ended December 31, 2023 [27][40]. - The total comprehensive loss attributable to owners for 2024 is approximately RMB 2,221.7 million, compared to a comprehensive income of 55.9 million in 2023 [93]. Assets and Liabilities - The total assets as of December 31, 2024, amount to RMB 596.1 million, compared to RMB 313.7 million in 2023 [8]. - The total liabilities as of December 31, 2024, are RMB 385.9 million, down from RMB 729.8 million in 2023 [8]. - The equity attributable to the owners of the company is RMB 198.9 million in 2024, compared to a negative equity of RMB 432.6 million in 2023 [8]. - The company's capital debt ratio improved to 64.7% as of December 31, 2024, down from 232.7% as of December 31, 2023 [99]. - The company's borrowings decreased by 76.7% to RMB 109.8 million as of December 31, 2024, from RMB 471.2 million as of December 31, 2023 [100]. Revenue Breakdown - For the year ended December 31, 2024, total revenue from external customers was RMB 441,994,000, with the appliance business contributing RMB 271,790,000, the liquor business RMB 102,296,000, and the education business RMB 67,908,000 [26]. - Revenue from home appliance sales reached RMB 271,790,000 in 2024, up from RMB 239,848,000 in 2023, indicating a growth of 13.3% [21]. - The liquor sales segment generated RMB 102,296,000 in 2024, a significant increase of 95.5% compared to RMB 52,380,000 in 2023 [21]. - The education services segment reported revenue of RMB 67,908,000 in 2024, up from RMB 27,585,000 in 2023, reflecting a growth of 146.5% [21]. Impairment and Losses - The company has incurred goodwill impairment losses of RMB 2,183.4 million in 2024 [5]. - The company reported a significant impairment loss of RMB 2,183,408,000 related to goodwill in the education segment for the year ended December 31, 2024 [26]. - The loss from the sale of Yangzhou Laihao was RMB 2,253,000, with no cash impact from the transaction [64]. Business Strategy and Market Focus - The company is engaged in various sectors including liquor business and education training services, indicating a diversified business model [10]. - The company plans to enhance operational profitability and positive cash flow through business expansion and effective cost control measures [14]. - The company aims to leverage AI for precise marketing strategies, enhancing market penetration and understanding consumer preferences through data analysis [110]. - The company is focusing on expanding its training business, particularly in areas such as capital market training, family education, and new media, to capture market share and enhance brand influence [114]. - The company intends to build a new consumption product ecosystem centered around sauce liquor, connecting users, brands, and culture to meet high-quality lifestyle demands [115]. Corporate Governance - The company has adopted a corporate governance code to ensure transparency and accountability, aiming to protect shareholder interests and enhance company value [116]. - The company has complied with the corporate governance code, with a noted exception regarding the separation of roles between the chairman and CEO, which is being addressed [117]. - The company has established an audit committee to assist the board in reviewing financial information and internal controls, ensuring compliance with governance standards [121]. Share Issuance and Capital - The company issued 850,000,000 shares at a price of HKD 0.40 per share for the acquisition of Shengshang Group, resulting in a total consideration increase from approximately HKD 340,000,000 to HKD 2,856,000,000 [42]. - The company raised approximately RMB 27,488,000 from the issuance of 43,855,948 shares at HKD 0.69 per share, intended for general working capital [48]. - A total of 158,627,138 shares were issued at HKD 0.515 per share, generating net proceeds of approximately RMB 74,569,000 for debt repayment and general operating expenses [49]. Economic and Market Conditions - The Chinese economy is showing signs of stable recovery, with key macroeconomic indicators meeting expected targets, although issues like insufficient domestic demand and declining corporate profits remain prominent [71]. - The home appliance market experienced a "first suppression and then rise" trend, with significant recovery in the second half of 2024 due to policy support and consumer confidence restoration [72]. - The liquor industry is projected to reach sales revenue of RMB 800 billion and profits of RMB 200 billion by the end of the 14th Five-Year Plan [73].

中国奇点国峰控股有限公司 China Qidian Guofeng Holdings Limited (於開曼群島註冊成立的有限公司) 股份代號：1280 024 f 100 f 69 BUY NOW 60 D . 0 P Q no = (1 e with the BAIJIC 00 Of | --- | --- | --- | |-------|------------------------------------|-------| | | | | | | | | | | | | | | 目 錄 | | | | 企業信息 | 2 | | | 管理層討論及分析 | 3 | | | 其他資料 | 12 | | | 簡明綜合中期財務報表 （ 未經審核） | | | | ‧ 中期簡明綜合財務狀況表 | 18 | | | | | | | ‧ 綜合損益及其他全面收益表 | 20 | | | ‧ 中期簡明綜合權益變動表 | 22 | | | ‧ 中期簡明綜合現金流量表 | 23 | 中 國 奇 點 國 峰 控 股 有 限 公 司 企業信息 | --- | --- | |------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1280） 截至二零二四年六月三十日止六個月的 中期業績公告 及變更本公司網站 | --- | --- | --- | |------------------------------------|------------------------|------------| | | | | | 財務摘要 | | | | （除另有指明外，以人民幣千元呈列） | | | | | 截至六月三十日止六個月 | | | | 二零二四年 | 二零二三年 | | 收入 | 173,335 | 140,737 | | 毛利 | 32,705 | 24,392 | | 毛利率 | 18.9% | 17.3% | | 除稅前（虧損）╱溢利 | (37,940) | 85,556 | | 期內（虧損）╱溢利 | (37,935) | 85,520 | | 本公司擁有人應佔期內（虧損 ...

Financial Performance - In 2023, the company's revenue was approximately RMB 319.8 million, an increase of 21.9% compared to RMB 262.3 million in 2022, driven by new business development and increased sales in liquor and education training services [6]. - The operating profit for 2023 was approximately RMB 85.4 million, a significant recovery from an operating loss of approximately RMB 112.9 million in 2022 [6]. - The gross profit margin improved to 19.3% in 2023, up from 14.6% in 2022, indicating better cost management and pricing strategies [6]. - The net profit for 2023 was approximately RMB 53.7 million, compared to a net loss of approximately RMB 137.8 million in 2022, reflecting a turnaround in financial performance [6]. - Gross profit for 2023 was approximately RMB 61.8 million, a substantial increase of 61.5% from RMB 38.2 million in 2022, indicating improved profitability [30]. - The company recorded other income of approximately RMB 5.9 million in 2023, slightly down from RMB 6.4 million in 2022 [31]. - The net other gains for 2023 were approximately RMB 5.0 million, a significant improvement from a net loss of RMB 17.7 million in 2022, reflecting better financial management [32]. - The total sales and marketing expenses for the year ended December 31, 2023, amounted to approximately RMB 623 million, an increase of 69.3% compared to approximately RMB 368 million for the year ended December 31, 2022 [33]. - The total administrative expenses for the year ended December 31, 2023, were approximately RMB 290 million, a decrease of 38.1% from approximately RMB 469 million for the year ended December 31, 2022 [34]. - Profit before tax for the year ended December 31, 2023, was approximately RMB 538 million, compared to a loss before tax of approximately RMB 1,375 million for the year ended December 31, 2022 [37]. - Cash and cash equivalents as of December 31, 2023, were approximately RMB 1,623 million, an increase of 18.4 times compared to approximately RMB 84 million as of December 31, 2022 [40]. - Inventory as of December 31, 2023, was approximately RMB 564 million, an increase of 35.4% from approximately RMB 416 million as of December 31, 2022 [41]. - The debt-to-equity ratio as of December 31, 2023, was 232.7%, a decrease from 297.4% as of December 31, 2022 [46]. Business Strategy and Development - The company is focusing on diversifying its development strategy, enhancing both online and offline retail channels, and exploring various marketing methods such as live streaming and social media platforms [10]. - The liquor segment, particularly the sauce-flavored liquor, has shown strong growth potential, with a compound annual growth rate of 15.9% in sales revenue from 2019 to 2022 [13]. - The training business is positioned in a rapidly growing segment, supported by favorable government policies and an increase in registered individual businesses, which reached 124 million in 2023 [13]. - The company anticipates that the economic environment in 2024 will present more opportunities than challenges, benefiting its retail, liquor, and training businesses [14]. - The company aims to promote high-end home appliances to capture the resilient consumption power of high-income households [11]. - The company is actively expanding into the liquor market, with a focus on high-end products, and has established a multi-channel sales model including online and offline strategies [24]. - The training business is being developed as a new growth driver, with a partnership established to promote training courses for small and medium enterprises [25]. - The company is enhancing its marketing strategies in the home appliance sector by focusing on emerging channels and improving customer experience through store renovations and digital integration [22]. - The liquor market is experiencing a favorable shift, with a growing consumer preference for high-quality products, positioning the company to capitalize on this trend [23]. - The group aims to leverage digitalization in its liquor business, focusing on product, operation, and marketing digitization to enhance user engagement and operational efficiency [60]. - The white liquor market is experiencing a shift towards premiumization, with consumer demand for high-quality and personalized products increasing, particularly for sealed liquor [61]. - The group is enhancing the influence and market penetration of its Guofeng liquor brand to tap into the growing consumer base and improve profitability [61]. - The training business is being expanded in response to the recovery of the economy and the increasing service demands of small and medium-sized enterprises [62]. - The group is implementing targeted marketing strategies to meet the personalized needs of training clients, aiming to increase market share and brand influence [62]. Corporate Governance - The board of directors is committed to high standards of corporate governance to protect shareholder interests and enhance company value [63]. - The company has complied with the corporate governance code, with a noted exception regarding the separation of roles between the chairman and CEO [64]. - The board currently consists of seven members, including three executive directors and three independent non-executive directors, ensuring diverse oversight [67]. - Recent appointments to the board include new executive and non-executive directors, enhancing governance and operational efficiency [69]. - The board has established an independent assessment mechanism to ensure independent viewpoints and opinions are obtained, including the formation of a nomination committee to select suitable candidates [71]. - The audit committee held two meetings during the year to review the annual financial performance for 2022 and the interim results for 2023, with all members in attendance [79]. - The company has complied with listing rules by appointing at least three independent non-executive directors, constituting at least one-third of the board [71]. - The company has received written annual independence confirmation from all independent non-executive directors, affirming their compliance with independence guidelines [71]. - The audit committee consists of independent non-executive directors, including at least one member with appropriate professional qualifications or accounting expertise [79]. - The company encourages continuous professional development for all directors to ensure their contributions remain informed and relevant [76]. - The board has established three committees: audit committee, remuneration committee, and nomination committee, each with clear written terms of reference [78]. - The company has a rotation system for all directors, requiring them to retire at least once every three years [73]. - The company has implemented a mechanism for directors to seek independent professional advice at the group's expense [71]. - The company has not encountered any disagreements with external auditors regarding their appointment, designation, or dismissal during the year [80]. - The company has established a Compensation Committee to review the remuneration packages of individual executive directors and senior management, holding two meetings during the year to discuss compensation policies [82][83]. - The Nomination Committee has been formed to review the composition of the board and has held two meetings to assess the independence of non-executive directors, ensuring a balanced diversity perspective [84][88]. - As of December 31, 2023, 20% of the senior management team are women, and 60% of the 300 employees are female, with plans to add at least one female board member by December 31, 2024 [89]. - The board has adopted a diversity policy and aims to maintain a balanced perspective related to business growth, considering various factors such as gender, age, and professional qualifications [85][88]. - The board and the Nomination Committee have reviewed the effectiveness of the diversity policy, confirming its validity for the year ending December 31, 2023 [90]. - The board has authorized the Nomination Committee to select and appoint directors, ensuring a balance of skills, knowledge, and experience [91]. - The company has adopted a standard code for securities trading, ensuring compliance by all directors throughout the reporting year [94][95]. - The company incurred approximately RMB 2.18 million in fees for external auditors, with RMB 2 million for audit services and RMB 180,000 for non-audit services [104]. - The board is responsible for the overall risk management and internal control systems, ensuring their effectiveness to protect shareholder interests and group assets [99]. - The company has established a policy to distribute dividends, aiming to declare and recommend a total amount of no less than 15% of the annual net profit to shareholders, subject to various conditions [111]. - The company has implemented procedures to identify, handle, and disclose insider information, ensuring strict prohibition of unauthorized access and use of data [102]. - The company has not reported any incidents of employee or corporate corruption from January 1, 2023, to the report date [101]. - The board has conducted two reviews of the effectiveness of the risk management and internal control systems for the year ending December 31, 2023 [102]. - The company has established an anti-fraud and whistleblowing management system to monitor employee behavior in daily operations [99]. - The company emphasizes effective communication with shareholders to enhance investor relations and ensure transparency in business performance and strategies [107]. - The company has a dedicated anti-fraud mailbox and hotline for reporting complaints and whistleblowing, ensuring confidentiality for whistleblowers [100]. - The company has appointed an independent auditor for independent audits and internal monitoring to prevent and control corruption or unethical behavior [100]. - The company reported no significant uncertainties affecting its ability to continue as a going concern [114]. Shareholder Information - The group is primarily engaged in retailing home appliances, mobile phones, computers, and providing related services in China [117]. - No interim dividends were declared during the year, and the board does not recommend any final dividends for the year [124]. - The total transaction fee cap for the agency agreement with Beijing Shengshang is proposed to be RMB 10 million, RMB 55 million, and RMB 58 million for the fiscal years ending December 31, 2024, and December 31, 2025, respectively [137]. - The financial risk analysis related to the group's liquidity is detailed in the notes to the consolidated financial statements [115]. - The company has made no significant changes to its property, plant, and equipment during the year [129]. - The group is committed to environmental protection by investing in energy-saving lighting systems and increasing paper recycling [119]. - The company has complied with relevant laws and regulations in the Cayman Islands, Hong Kong, and China during the year [120]. - There were no available reserves for distribution to shareholders as of December 31, 2023 [128]. - The board of directors includes both executive and independent non-executive members, with specific appointments and terminations noted [134]. - The group is actively exploring investment opportunities to expand its asset and revenue base, particularly through the training services business in Shenzhen, which is expected to generate new income sources [138]. - The total transaction fees payable by the group for the year amounted to RMB 6,646,000 [139]. - The independent non-executive directors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms [140]. - The group has complied with the annual review and disclosure requirements regarding related party transactions as per the Listing Rules [141]. - As of December 31, 2023, the company’s major shareholder, Mogen Ltd., holds 65,001,624 shares, representing approximately 29.64% of the company’s equity [143]. - Other significant shareholders include Opus Sunway International Holdings with 23,755,306 shares (10.83%) and Hong Kong Ruihong Yixing International with 23,400,210 shares (10.67%) [144]. - The group has disclosed details of related party transactions in the audited consolidated financial statements, ensuring compliance with the relevant regulations [142]. Management and Board Composition - The management team of the Shenzhen company possesses over ten years of experience in the education and training industry, enhancing the group's prospects [138]. - The group is optimistic about the new business introduced through the Shenzhen company due to its management team's capabilities in sales channel development and technical support [138]. - The group’s ongoing related party transactions have been reviewed and reported by the auditor, confirming compliance with the necessary standards [141]. - The company adopted the 2023 Share Incentive Plan on June 15, 2023, allowing for the purchase and allocation of up to 21,927,974 shares, representing approximately 10% of the company's existing issued shares [150]. - Under the 2023 Share Incentive Plan, a maximum of 19,735,176 shares may be granted to service providers, which is subject to specific performance targets related to liquor sales [151]. - The 2023 Share Incentive Plan aims to incentivize eligible participants to achieve liquor sales targets and recognize their contributions to the company's ongoing operations and growth [151]. - The company’s stock option plan adopted on March 5, 2010, expired on March 5, 2020, with 5,000,000 options granted at a subscription price of HKD 33.8, all of which expired on May 13, 2020 [149]. - The company has a limit of 1% of issued shares for rewards granted to selected participants within a 12-month period, requiring shareholder approval for any excess [154]. - Any rewards granted to directors or key executives exceeding 0.1% of issued shares must also receive shareholder approval [155]. - The company’s stock options from December 22, 2015, at a subscription price of HKD 19.0, can be exercised until December 21, 2025, with some options having expired [149]. - The company is focused on enhancing cash flow control through sales rebates linked to performance targets for its subsidiary Guizhou Renhuai Guofeng Liquor Co., Ltd. [151]. - The board believes that the selection criteria for eligible participants align with the company's business needs and the objectives of the 2023 Share Incentive Plan [151]. - The company’s stock option plan adjustments were made in accordance with a share consolidation effective from January 7, 2020 [149]. - The total number of shares that can be issued under the 2023 Share Incentive Plan is 21,927,974 shares, representing 8.3% of the issued share capital as of the report date [165]. - There are no unexercised shares under the 2023 Share Incentive Plan as of the fiscal year ending December 31, 2023, and no shares have been granted, exercised, canceled, or expired under this plan [165]. - The 2023 Share Incentive Plan will be effective for a period of 10 years from the adoption date, with approximately 9 years remaining [164]. - If any rewards granted to selected participants exceed the 0.1% limit, shareholder approval is required at a general meeting [158]. - The vesting period for rewards granted to selected participants as service providers shall not be less than 12 months [163]. - The board has the discretion to impose any terms and conditions it deems appropriate regarding the rights and vesting of awarded shares [160]. - The performance standards and related factors for determining the number of awarded shares include the group's financial performance and overall business objectives [161]. - The company has not entered into any management or administrative contracts related to the entire group or any significant part of its business during the year [168]. - There are no arrangements that allow directors or senior executives to acquire securities of the company or its affiliates during the year [166]. - The company must comply with the provisions of the listing rules when granting rewards exceeding the specified limits [158]. - In 2023, total sales from the top five customers accounted for approximately 3.22% of the group's total revenue, with the largest customer contributing about 1.85% [173]. - The group's total procurement from the top five suppliers represented approximately 51.83% of total procurement, with the largest supplier accounting for about 17.89% [173]. - As of December 31, 2023, the company had no purchases, sales, or redemptions of its listed securities during the year [171]. - The company issued 43,855,948 shares at a subscription price of HKD 0.69 per share, raising a total of HKD 30,260,604.12, netting HKD 29,960,604.12 after expenses [180]. - A subscription agreement was signed on March 18, 2024, for the issuance of 530,000,000 new shares at HKD 0.35 per share, totaling HKD 185.50 million, to offset shareholder loans [181]. - The remaining balance of shareholder loans, including accrued interest, is approximately HKD 166.99 million after the subscription agreement [181]. - The company maintains sufficient public float as per listing rules as of the report date [175]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing regulations [177]. - The company has made appropriate insurance arrangements for potential legal liabilities faced by its directors [170]. - The board of directors has undergone changes, with Mr. Zhuang Liangbao appointed as an executive director on August 28, 2023 [176]. - The company appointed Mr. Zhuang Liangbao as an executive director on August 28, 2023, who also serves as the CFO of a non-wholly owned subsidiary [186]. - Mr. Yuan Li holds 24.54% of the company's issued share capital, with 64,565,624 shares [185]. - The company has over 6 years of experience in the entrepreneurial training industry, as highlighted by Mr. Yuan's background [185]. - Mr. Xu Xinying has over 8 years of experience in business management and corporate governance [185]. - The company has a strong focus on financial compliance and daily operations, as evidenced by Mr. Zhang Yihua's role as CFO in various companies [192]. - The company emphasizes independent oversight with Mr. Chen Rui serving as the chairman of the nomination committee and having extensive management consulting experience [192]. - The company has a diverse board with members having backgrounds in finance, law, and technology, enhancing its strategic capabilities [188][191]. - The company is committed to green development and international cooperation, as indicated by Mr. Gu Changchao's expertise [188]. - The company has a robust governance structure with multiple committees, including audit, remuneration, and nomination committees [191]. - The company has a strong educational foundation among its directors, with degrees from prestigious institutions such as Tsinghua University and East China Normal University [189][192]. - The company reported a comprehensive financial performance reflecting its financial position as of December 31, 2023, in accordance with Hong Kong Financial Reporting Standards [198]. - The independent auditor confirmed that the financial statements present a true and fair view of the group's financial status and performance for the year ended December 31, 2023 [198]. - Key audit matters were identified as significant to the audit of the financial statements, emphasizing the importance of these issues in the overall audit process [200].

Financial Performance - The revenue for the year ended December 31, 2023, was approximately RMB 319.8 million, an increase of 21.9% compared to RMB 262.3 million in 2022, primarily due to the expansion of new businesses and increased sales in liquor and education training services[3]. - The gross profit margin for 2023 was 19.3%, up from 14.6% in 2022[3]. - The operating profit for 2023 was approximately RMB 85.4 million, a turnaround from an operating loss of approximately RMB 112.9 million in 2022[3]. - The net profit for 2023 was approximately RMB 53.7 million, compared to a net loss of approximately RMB 137.8 million in 2022[3]. - The basic and diluted earnings per share for 2023 were RMB 0.255, compared to a loss per share of RMB 0.624 in 2022[4]. - Total comprehensive income attributable to the owners of the company for 2023 was RMB 55.9 million, compared to a loss of RMB 136.8 million in 2022[5]. - The company reported a pre-tax profit of RMB 53,789,000 for the year, a significant recovery from a pre-tax loss of RMB 137,514,000 in the previous year[28]. - The company reported a pre-tax profit of RMB 55,854,000 in 2023, a significant recovery from a loss of RMB 136,767,000 in 2022[51]. Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 313.7 million, compared to RMB 238.4 million in 2022[10]. - The total liabilities as of December 31, 2023, were RMB 729.8 million, slightly up from RMB 709.2 million in 2022[10]. - The total assets of the company as of December 31, 2023, amounted to RMB 313,662,000, while total liabilities were RMB 729,764,000[32]. - The company’s total liabilities stood at RMB 709,153,000, with allocated liabilities in the home appliance business at RMB 620,554,000[36]. Cash Flow and Liquidity - The company reported a significant increase in cash and cash equivalents, reaching RMB 162.3 million in 2023, compared to RMB 8.4 million in 2022[8]. - The sale of a subsidiary resulted in a net cash inflow of RMB 104,185,000, contributing positively to the company's liquidity[56]. - Cash and cash equivalents as of December 31, 2023, were approximately RMB 162.3 million, an increase of 18.4 times compared to approximately RMB 8.4 million as of December 31, 2022[84]. Revenue Streams - Revenue from home appliance sales was RMB 239,848,000, down from RMB 262,348,000 in the previous year, indicating a decline of 8.6%[24]. - The education and training services segment generated revenue of RMB 27,585,000, which was a new addition to the revenue streams in 2023[24]. - The white liquor business contributed RMB 52,380,000 in revenue, marking its first year of reported sales[24]. - The company's revenue for 2023 was approximately RMB 319.8 million, an increase of 21.9% compared to RMB 262.3 million in 2022, driven by new business expansions in liquor sales and education training services[68]. Expenses and Costs - The sales and service costs for 2023 were approximately RMB 258.1 million, a 15.2% increase from RMB 224.1 million in 2022, primarily due to the costs associated with new liquor and education training businesses[71]. - The total sales and marketing expenses for the year ended December 31, 2023, amounted to approximately RMB 62.3 million, an increase of 69.3% compared to approximately RMB 36.8 million for the year ended December 31, 2022[75]. - The total administrative expenses for the year ended December 31, 2023, were approximately RMB 29.0 million, a decrease of 38.1% from approximately RMB 46.9 million for the year ended December 31, 2022[77]. - The net financial costs for the year ended December 31, 2023, were approximately RMB 31.7 million, an increase of 28.6% from approximately RMB 24.6 million for the year ended December 31, 2022[79]. Business Strategy and Focus - The company is actively engaged in the liquor business and education training services, indicating a strategic focus on these sectors for future growth[11]. - The company is focusing on expanding its liquor sales market, with a strategy to enhance retail diversification and increase sales channels, including online and offline integration[64]. - The company has entered the training business, signing an agency agreement to promote training courses for small and medium enterprises, which is expected to add new growth momentum[66][67]. - The liquor segment is positioned in the mid-to-high-end market, with a focus on quality assurance and expanding the dealer network to boost sales[65]. - The company is enhancing the influence and market penetration of its Guofeng liquor brand, targeting the emerging entrepreneur demographic to drive sales growth[105]. - The company plans to develop the sealed altar liquor segment, which is gaining popularity among consumers, indicating a promising market potential[105]. - The company plans to focus on high-end home appliance market promotion and sales, targeting mid-to-high-end consumer groups while also addressing the needs of mid-to-low-end consumers[99][100]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance to enhance transparency and accountability, ensuring shareholder interests are protected[108]. - The audit committee has reviewed the annual financial performance and recommended its adoption by the board, with no disagreements reported regarding the appointment of external auditors[119]. - The company will announce the date for the upcoming annual general meeting and the period during which the share transfer registration will be suspended[120]. - The annual performance announcement and annual report will be sent to shareholders and published on the Hong Kong Stock Exchange website and the company's website[122]. - The board of directors includes three executive directors, one non-executive director, and three independent non-executive directors[124].