Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 1,090.7 million, a decrease of about 8.8% compared to the previous year[15]. - The net loss attributable to equity shareholders was approximately RMB 50.8 million, representing a decline of about 202.8% year-on-year, with a loss per share of RMB 0.06[15]. - The total revenue for the group in 2024 was approximately RMB 1,090.7 million, a decrease of about 8.8% compared to 2023[23]. - Revenue from railway fastening system products was approximately RMB 674.2 million, accounting for about 61.8% of total revenue, down approximately 2.6% from RMB 692.2 million in 2023[24]. - Revenue from welding wire products was approximately RMB 310.6 million, representing about 28.5% of total revenue, down approximately 18.7% from RMB 382.2 million in 2023[28]. - Revenue from railway sleeper products was approximately RMB 92.3 million, accounting for about 8.5% of total revenue, down approximately 18.2% from RMB 112.9 million in 2023[29]. - The group's gross profit for 2024 is approximately RMB 253.1 million, a decrease of about 13.1% from RMB 291.4 million in 2023, primarily due to changes in the railway fastening system product structure and a decline in the gross profit of welding wire products[35]. - The gross profit for railway fastening system products decreased by approximately 8.3% to RMB 234.1 million, with a gross margin decline from 36.9% in 2023 to 34.7% in 2024[25]. - The gross profit from railway sleepers fell by approximately 26.9% from RMB 23.9 million in 2023 to RMB 17.5 million in 2024, with a gross margin decrease from 21.2% to 18.9%[36]. - The group's total operating loss for 2024 is approximately RMB 57.7 million, a decline of about 215.2% compared to an operating profit of RMB 50.1 million in 2023[44]. Assets and Liabilities - Non-current assets increased to RMB 1,571.2 million in 2024 from RMB 1,409.3 million in 2023, reflecting a growth of approximately 11.5%[11]. - Current assets decreased to RMB 1,930.3 million in 2024 from RMB 2,186.1 million in 2023, a decline of about 11.7%[11]. - The total liabilities decreased from RMB 1,122.2 million in 2023 to RMB 1,107.1 million in 2024, showing a reduction of approximately 1.3%[11]. - The total liabilities as of December 31, 2024, are approximately RMB 1,107.1 million, an increase of about RMB 146.8 million or 15.3% from the previous year, mainly due to an increase in bank borrowings[51]. - The group's total assets as of December 31, 2024, are approximately RMB 3,501.5 million, an increase of about RMB 62.3 million or 1.8% from the previous year[50]. - The group's total equity as of December 31, 2024, is approximately RMB 2,394.4 million, a decrease of about RMB 84.5 million from the previous year, primarily due to a reduction in retained earnings[52]. Research and Development - The company will focus on research and innovation, participating in standard formulation and revision to contribute to the high-level construction and safe operation of China's railways[17]. - Research and development expenses decreased from approximately RMB 33.3 million in 2023 to RMB 27.4 million in 2024, representing about 2.8% and 2.5% of total revenue, respectively[39]. Market and Strategic Initiatives - The company aims to actively participate in the construction of high-speed rail, heavy-haul rail, and urban rail transit, ensuring the safety and efficiency of railway operations[14]. - In 2025, the company plans to leverage market development opportunities and enhance product quality and service levels, focusing on high-standard railway fastening systems and sleepers[17]. - The total railway fixed asset investment in China for 2024 reached RMB 850.6 billion, an increase of 11.3% year-on-year, indicating robust growth in railway infrastructure[14]. - The company is committed to exploring vertical extension opportunities within the industry to enhance its core competitiveness and profitability[17]. - The company emphasizes maintaining long-term relationships with customers and regularly conducts customer satisfaction surveys to enhance service quality[93]. Governance and Compliance - The company emphasizes compliance with applicable laws and regulations, as demonstrated by the roles of its financial directors and company secretaries in maintaining financial integrity[68]. - The board's composition reflects a commitment to corporate governance, with independent directors actively participating in audit and remuneration committees[70]. - The company has established a clear hierarchy and communication channels among its management team, facilitating effective decision-making processes[76]. - The company has adopted a standard code for securities trading by directors and supervisors, confirming compliance for the year ending December 31, 2024[172]. - The company has established an International Trade Review Committee to monitor risks related to business in sanctioned countries, ensuring compliance with international sanctions laws[154]. - The company has adhered to the corporate governance code and will continue to enhance its governance practices[152]. Shareholder Information - As of December 31, 2024, the total share capital of the company is RMB 448,920,000, divided into 897,840,000 shares, including 673,380,000 domestic shares and 224,460,000 H-shares, with a par value of RMB 0.50 per share[83]. - The total number of issued shares is 897,840,000[3]. - The total shareholding percentage of major shareholders is 85.07%, with a total of 572,852,774 shares held[124]. - The controlling shareholders group collectively holds approximately 63.80% of the company's total share capital[1]. - The company has a diverse shareholder base, including both domestic and H-share investors, which may enhance its market stability[129]. Employee and Management Information - Employee costs for 1,277 employees amounted to approximately RMB 109.3 million, a decrease of about RMB 2.2 million or approximately 2.1% compared to the same period in 2023, mainly due to a reduction in the number of employees[56]. - The company adheres to a "people-oriented" principle in human resource management, providing equal employment opportunities and regular reviews of employee compensation policies[90]. - The company has developed written guidelines for employees regarding insider trading, with no reported violations[175]. - The management team includes professionals with backgrounds in automation, electrical engineering, and finance, ensuring a well-rounded approach to company operations[77]. Risk Management - The company faces risks from market competition, particularly in the railway fastening system sector, where demand is increasing and new competitors are entering the market[88]. - The company has established an audit committee to review financial reports, risk management, and internal control systems, ensuring compliance with corporate governance codes[198]. - The company's internal control systems are deemed effective, with no significant deficiencies identified[164]. Dividend Policy - The company plans to distribute a final dividend of RMB 0.0168 per share for the fiscal year ending December 31, 2024, subject to shareholder approval, totaling RMB 15,083,712[97]. - The company has adopted a dividend policy that requires board approval for any dividend declaration and payment, considering factors such as operating performance and cash flow[98]. - The company will withhold 10% corporate income tax for non-resident corporate shareholders receiving dividends on June 6, 2025[99].

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 1,090.7 million, a decrease of about 8.8% compared to 2023[4] - Gross profit for the same period was approximately RMB 253.1 million, down approximately 13.1% year-over-year[4] - The total loss amounted to approximately RMB 57.5 million, representing a decline of about 214.7% compared to the profit in 2023[4] - Net loss attributable to the owners of the parent company was approximately RMB 50.6 million, a decrease of about 202.4% from the previous year[4] - Basic and diluted loss per share for the year was approximately RMB 0.06[4] - Total comprehensive loss for the year was approximately RMB 50.8 million, a decrease of about 201% compared to 2023[4] - The company reported a net loss attributable to shareholders of RMB (50,610) in 2024, compared to a profit of RMB 49,445 in 2023[23] - Net profit decreased by approximately 201% from RMB 50.3 million in 2023 to a net loss of approximately RMB 50.8 million in 2024, with a net profit margin dropping from approximately 4.2% to -4.7%[53] Revenue Breakdown - The railway fastening system segment generated revenue of RMB 674,208 in 2024, a decline of 2.9% from RMB 692,228 in 2023[16] - The welding wire segment reported revenue of RMB 310,594 in 2024, down 18.7% from RMB 382,209 in 2023[16] - The railway sleeper segment's revenue decreased to RMB 92,326 in 2024 from RMB 112,854 in 2023, a drop of 18.2%[18] - Revenue for railway sleeper products was approximately RMB 92.3 million for the year ending December 31, 2024, representing a decrease of about 18.2% from RMB 112.9 million in 2023[37] - Revenue from railway fastening system products decreased by approximately 2.6% to RMB 674.2 million in 2024 from RMB 692.2 million in 2023[38] - The revenue from welding wire products was approximately RMB 310,600,000, which is about 28.5% of total revenue, down approximately 18.7% from RMB 382,200,000 in 2023[36] Operating Costs and Expenses - Operating costs for the year were approximately RMB 1,009.8 million, reflecting a decrease from RMB 1,085.2 million in 2023[5] - The total operating costs for 2024 were RMB 837,626, down from RMB 904,796 in 2023, indicating a cost reduction strategy[19] - Research and development expenses were approximately RMB 33.3 million, down from RMB 27.4 million in the previous year[5] - The company recorded an increase in depreciation and amortization expenses to RMB 69,724 in 2024 from RMB 55,119 in 2023[18] - Sales expenses increased from approximately RMB 19.8 million in 2023 to about RMB 20.7 million in 2024, accounting for about 1.9% of total revenue[43] - Financial expenses increased to approximately RMB 18 million in 2024 from RMB 17.5 million in 2023, a rise of about 2.9%[46] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 3,501,716,000, an increase from RMB 3,439,191,000 in 2023, reflecting a growth of approximately 1.8%[8] - Total liabilities reached RMB 1,107,125,000, up from RMB 960,287,000 in 2023, representing an increase of approximately 15.3%[9] - Current assets totaled RMB 1,930,330,000, slightly down from RMB 1,948,314,000 in the previous year, indicating a decrease of about 0.9%[8] - Non-current assets increased to RMB 1,571,386,000 from RMB 1,490,877,000, showing a growth of about 5.4%[8] - Current liabilities decreased to RMB 717,681,000 from RMB 805,209,000, reflecting a reduction of approximately 10.9%[9] - The company's equity attributable to shareholders was RMB 2,381,666,000, down from RMB 2,465,760,000, indicating a decrease of about 3.4%[9] - Long-term borrowings rose significantly to RMB 384,301,000 from RMB 150,310,000, marking an increase of approximately 155.5%[9] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.0168 per share, totaling RMB 15,083,712[3] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.0168 per share, totaling RMB 15,083,712, pending shareholder approval[68] - Public shareholding is confirmed to be no less than 25% as of December 31, 2024, in compliance with listing rules[66] - The annual general meeting is scheduled for May 29, 2025, where shareholders will vote on the proposed final dividend[67] Future Plans and Strategies - The company has plans for future product development in railway fastening systems, welding wires, and railway sleepers[17] - The group aims to complete railway investment of RMB 590 billion in 2025, with a target of achieving a passenger volume of 4.28 billion, a year-on-year increase of 4.9%[62] - The company plans to focus on market development opportunities and actively engage in research and innovation to enhance product quality and service levels[64] - The company aims to diversify its product portfolio to improve core competitiveness and profitability, benefiting shareholders and investors[64] Compliance and Governance - The company has complied with all corporate governance codes as of December 31, 2024[80] - The company has adopted the standards for securities trading by directors and supervisors, confirming compliance as of December 31, 2024[81] - The company's auditor has verified the financial data disclosed in the preliminary announcement of the consolidated financial statements for the year ended December 31, 2024[82] - The annual performance announcement is published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[84] - The 2024 annual report will include all information required by the Listing Rules and will be available on both the company's and the Hong Kong Stock Exchange's websites[84] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[85]

Financial Performance - Total operating revenue for the first half of 2024 was RMB 498,707 thousand, a decrease of 8.1% compared to RMB 542,641 thousand in the same period of 2023[11]. - The company reported a net profit for the first half of 2024 was a loss of RMB 42,171 thousand, compared to a loss of RMB 33,494 thousand in the same period of 2023, representing a decline of 25.9%[12]. - The gross profit for the first half of 2024 was approximately RMB 101.6 million, down about 17.5% from RMB 123.2 million in the same period of 2023, mainly due to reduced revenue from railway fastening system and welding wire products[90]. - The company reported a total comprehensive income loss of RMB 42,171 thousand for the first half of 2024, compared to a loss of RMB 33,494 thousand in the same period of 2023, indicating a worsening of approximately 25.0%[16]. - The company reported an investment income of RMB 8,273 thousand, a significant improvement from a loss of RMB 47,930 thousand in the same period of 2023[11]. Assets and Liabilities - As of June 30, 2024, the total assets of Hebei Yichen Industrial Group Corporation Limited amounted to RMB 3,467,804,000, an increase from RMB 3,439,192,000 as of December 31, 2023, representing a growth of approximately 0.83%[9]. - Total liabilities reached RMB 1,039,884 thousand, up 8.3% from RMB 960,288 thousand at the end of 2023[10]. - The company's total equity decreased to RMB 2,427,920 thousand, down 2.1% from RMB 2,478,904 thousand at the end of 2023[10]. - The capital debt ratio increased to 15.1% as of June 30, 2024, up from 14.4% on December 31, 2023, primarily due to an increase in borrowings[92]. - The company's total fixed assets at the end of the period amounted to RMB 1,028,287 thousand, an increase from RMB 1,003,985 thousand at the beginning of the period[5]. Cash Flow and Financing - Cash flow from operating activities generated RMB 24,934 thousand, a significant decrease of 84.8% compared to RMB 163,568 thousand in the first half of 2023[13]. - The net cash flow from financing activities for the six months ended June 30, 2024, was RMB 58,434 thousand, a significant improvement from a net outflow of RMB 108,765 thousand in the same period of 2023, representing a turnaround of approximately 153.7%[14]. - Cash inflows from obtaining loans increased to RMB 229,603 thousand in the first half of 2024, compared to RMB 94,500 thousand in the same period of 2023, marking an increase of approximately 143.4%[14]. - The total cash outflow from financing activities decreased to RMB 171,169 thousand in the first half of 2024, down from RMB 218,065 thousand in the same period of 2023, reflecting a reduction of about 21.5%[14]. - The ending balance of cash and cash equivalents as of June 30, 2024, was RMB 131,005 thousand, down from RMB 144,999 thousand at the end of June 30, 2023, representing a decline of about 9.5%[14]. Revenue Breakdown - Revenue from the railway fastening system products was approximately RMB 300.4 million, accounting for about 60.2% of total revenue, a decrease of approximately 4.9 million from RMB 305.3 million in 2023[85]. - Revenue from welding wire products was approximately RMB 154.0 million, accounting for about 30.9% of total revenue, a decrease of approximately 16.9% from RMB 185.3 million in 2023[87]. - Revenue from railway sleeper products was approximately RMB 40.6 million, accounting for about 8.1% of total revenue, a decrease of approximately 13.4% from RMB 46.9 million in 2023[87]. - The main business revenue from railway fastening systems is RMB 300,433 thousand, down from RMB 305,328 thousand, representing a decline of 1.5%[44]. - The revenue for the first half of 2024 decreased by approximately 8.1% to RMB 498.7 million compared to RMB 542.6 million in the same period of 2023, primarily due to a decline in sales of welding wire products[88]. Research and Development - Research and development expenses were RMB 13,025 thousand, a decrease of 24.7% compared to RMB 17,276 thousand in the same period of 2023[11]. - In the first half of 2024, the company's R&D expenses were approximately RMB 13.0 million, a decrease from RMB 17.3 million in the same period of 2023, representing about 2.6% of total revenue compared to 3.2% in 2023[91]. - The company aims to enhance its technological innovation capabilities and lead the development of railway technology in China[87]. - The company continues to focus on the research, development, production, and sales of railway fastening systems, welding wires, and railway sleepers, maintaining its position in the manufacturing industry[18]. Strategic Plans and Market Position - The company has plans for market expansion and new product development, focusing on enhancing its competitive edge in the industry[8]. - The company is actively pursuing strategic mergers and acquisitions to bolster its market position and operational capabilities[8]. - Future performance guidance indicates a positive outlook, with expectations for continued revenue growth driven by new technology and product innovations[8]. - The company aims to enhance its core competitiveness and profitability by exploring vertical extension opportunities and diversifying its product lines[88]. - The macroeconomic environment is expected to continue improving, with ongoing railway project construction and numerous new projects planned and under construction[87]. Shareholding and Governance - The company has a significant concentration of ownership, with the top shareholders holding substantial percentages of the total shares[105]. - Major shareholders collectively control approximately 63.80% of the company's total share capital, as per the agreement established on December 17, 2020[98]. - The shareholding structure indicates significant concentration among major shareholders, with multiple individuals holding substantial stakes[103]. - The company continues to maintain compliance with the Securities and Futures Ordinance regarding the disclosure of shareholdings and interests[104]. - The board has ensured that the composition of independent non-executive directors meets the requirements set forth in the listing rules[118].

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 498,707,000, a decrease of 8.1% compared to RMB 542,641,000 for the same period in 2023[2] - Net loss for the six months ended June 30, 2024, was RMB 42,171,000, compared to a net loss of RMB 33,494,000 in 2023, representing a 25.0% increase in losses[3] - The company reported a net loss attributable to equity holders of RMB 42,177 thousand for the six months ended June 30, 2024, compared to a loss of RMB 33,914 thousand in the same period of 2023[19] - The group recorded an operating loss of approximately RMB 51.6 million in the first half of 2024, compared to an operating loss of approximately RMB 49.2 million in the same period of 2023, indicating an increase in loss of about RMB 2.4 million[39] - The gross profit for the first half of 2024 was approximately RMB 101.6 million, down about 17.5% from RMB 123.2 million in the same period of 2023[32] Revenue Breakdown - Revenue from the railway fastening system products for the first half of 2024 was RMB 300,433,000, a slight decrease of 1.5% compared to RMB 305,328,000 in the same period of 2023[10] - Revenue from welding wire products was RMB 154,013,000 in the first half of 2024, representing a decrease of 17% from RMB 185,292,000 in the first half of 2023[10] - Revenue from railway sleeper products was approximately RMB 40.6 million, accounting for about 8.1% of total revenue, down approximately 13.4% from RMB 46.9 million in the same period last year[26] - Revenue from railway fastening system products fell from approximately RMB 305.3 million in the first half of 2023 to approximately RMB 300.4 million in 2024, a decrease of about 1.6%[30] Costs and Expenses - Total operating costs for the same period were RMB 478,062,000, down 5.8% from RMB 507,417,000 in 2023[2] - The total operating costs for the railway fastening system products increased to RMB 205,909,000 from RMB 201,834,000, indicating a rise of 1.1%[10] - The company's financial expenses for the first half of 2024 were RMB 30,063 thousand, an increase from RMB 27,201 thousand in the first half of 2023[11] - Employee costs for the first half of 2024 amounted to approximately RMB 51.0 million, a decrease from RMB 54.4 million in the same period of 2023, mainly due to a reduction in the number of employees[46] Assets and Liabilities - The company's total assets as of June 30, 2024, amounted to RMB 3,467,804,000, an increase from RMB 3,439,192,000 as of December 31, 2023[4] - The total liabilities as of June 30, 2024, were RMB 1,910,904,000, down from RMB 1,948,314,000 at the end of 2023[4] - Total liabilities as of June 30, 2024, were approximately RMB 1,039.9 million, an increase of about 8.3% from RMB 960.3 million as of December 31, 2023, primarily due to increased bank borrowings[42] - The total equity as of June 30, 2024, was RMB 2,427,920,000, down from RMB 2,478,904,000, reflecting a decrease of 2.1%[5] Investment and Income - The company reported an investment income of RMB 8,273,000, a significant recovery from a loss of RMB 47,930,000 in the previous year[2] - The company's investment income for the first half of 2024 was RMB 8,273 thousand, compared to a loss of RMB 47,930 thousand in the same period of 2023[17] - The group experienced a fair value loss of approximately RMB 58.5 million in the first half of 2024, compared to a loss of approximately RMB 28.1 million in the same period of 2023[37] Dividends and Shareholder Equity - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[20] - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2024, due to potential operational risks and the need for working capital[47] Future Outlook and Strategy - The company aims to enhance its technological innovation capabilities and has initiated a railway technology innovation alliance to promote independent innovation and industrial application[27] - The company plans to expand its customer base while continuing to collaborate with existing major customers in the welding wire product segment[25] - The overall economic environment in China is stabilizing, with railway project construction progressing steadily, which is expected to support future economic growth[27] - The group plans to focus on technological innovation and high-quality railway fastening system products to enhance core competitiveness and profitability[29]

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 1,196.1 million, a decrease of about 4.9% compared to the previous year[12]. - The net profit attributable to equity shareholders of the company was approximately RMB 49.4 million, a decrease of about 69.3% year-on-year, resulting in earnings per share of approximately RMB 0.06[12]. - The gross profit for 2023 was RMB 291.4 million, with a gross margin of approximately 24.3%[9]. - The company reported a pre-tax profit of RMB 50.1 million for the year, down from RMB 183.5 million in the previous year[9]. - Revenue from railway fastening system products was approximately RMB 692.2 million, accounting for about 57.9% of total revenue, down approximately 20.5% from RMB 870.5 million in 2022[16]. - Revenue from welding wire products was approximately RMB 382.2 million, accounting for about 32.0% of total revenue, an increase of approximately 22.8% from RMB 311.2 million in 2022[17]. - Revenue from railway sleeper products was approximately RMB 112.9 million, representing about 9.4% of total revenue, an increase of approximately 64.6% from RMB 68.6 million in 2022[17]. - The gross profit for railway fastening system products decreased to approximately RMB 255.1 million, a decline of about 2.3% from RMB 261.1 million in 2022, while the gross margin increased from approximately 30.0% to 36.9%[16]. Assets and Liabilities - The total assets of the company as of December 31, 2023, were RMB 3,439.2 million, with non-current assets amounting to RMB 1,490.9 million[10]. - The company's total liabilities were RMB 960.3 million, with current liabilities accounting for RMB 805.2 million[10]. - Total assets as of December 31, 2023, were approximately RMB 3,439.1 million, a decrease of about RMB 156.2 million or 4.3% from 2022[22]. - Total liabilities as of December 31, 2023, were approximately RMB 960.3 million, a decrease of about RMB 161.7 million or 14.4% from 2022[22]. - The capital debt ratio as of December 31, 2023, was 14.4%, down 3.0 percentage points from 17.4% in 2022[22]. Investment and Future Outlook - The company plans to enhance construction organization and strengthen safety quality control in future projects[12]. - The company is focusing on accelerating key project preparations and construction, which may positively impact future revenue growth[12]. - The company aims to leverage railway construction investments to drive growth in its business operations[12]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating a projected growth of 25%[26]. - The company plans to actively explore opportunities for vertical extension in the industry to enhance its core competitiveness and profitability[13]. Research and Development - The company has invested 50 million RMB in research and development for new technologies aimed at improving product quality and efficiency[26]. - The company is committed to enhancing product quality and service levels in the railway fastening system and sleeper supply sectors[42]. - The company has established a comprehensive quality control system, including management manuals and technical documents, with regular internal audits and evaluations[184]. Corporate Governance - The company has established an independent board evaluation mechanism to enhance efficiency and identify areas for improvement, with satisfactory results reported for the year ending December 31, 2023[78]. - The board consists of a balanced mix of executive and independent non-executive directors, ensuring effective independent judgment[75]. - The company has complied with applicable corporate governance codes and continues to enhance its governance practices[66]. - The board of directors is collectively responsible for overseeing the company's affairs and ensuring effective internal controls and risk management systems[82]. Environmental, Social, and Governance (ESG) - The company has established an ESG leadership working group to oversee the implementation of ESG strategies and objectives, ensuring effective governance and risk management[126]. - The company has set specific ESG targets related to emissions, waste management, energy, and water usage, with regular reviews to enhance environmental performance[126]. - The company emphasizes the importance of stakeholder support for long-term sustainable development, integrating their expectations into business practices[133]. - The company has committed to ongoing reviews of ESG objectives to adapt to necessary changes and improve sustainability management[126]. Employee Management - The company had a total of 1,300 employees as of December 31, 2023, a decrease from 1,365 employees in 2022[161]. - The employee turnover rate was approximately 10% in 2023, compared to 8% in 2022, with 130 employees leaving the company[163]. - 97% of employees received training in 2023, an increase from 92% in 2022, with an average training duration of 7.39 hours per employee compared to 3.32 hours in 2022[172]. - The company has established a competitive and fair compensation management system to enhance employee motivation and satisfaction[160]. Risk Management - The company has established multiple risk management procedures and guidelines to ensure effective internal controls and compliance with applicable laws and regulations[109]. - The internal audit department independently reviews the adequacy and effectiveness of the risk management and internal control systems[109]. - The board has confirmed the effectiveness of the risk management and internal control systems for the year ending December 31, 2023[109]. Community Engagement - The company participated in community welfare activities, including donations of RMB 10,260 to impoverished households in the first quarter of 2023[189]. - The company organized a public cleaning activity for the protection of the Hutuo River, demonstrating its commitment to environmental responsibility[189].

Financial Performance - Total revenue for the year ended December 31, 2023, was approximately RMB 1,196.1 million, a decrease of about 4.9% compared to 2022[2] - Gross profit for the year was approximately RMB 291.3 million, down approximately 3.7% from 2022[2] - Total profit amounted to approximately RMB 50.1 million, representing a significant decline of about 72.7% year-over-year[2] - Net profit attributable to the owners of the parent company was approximately RMB 49.4 million, a decrease of about 69.3% compared to 2022[2] - Basic and diluted earnings per share for the year were approximately RMB 0.06[2] - Gross profit for 2023 was approximately RMB 291.3 million, a decrease of about 3.7% from RMB 302.5 million in 2022, mainly due to changes in product mix[32] - Net profit for 2023 was approximately RMB 50.3 million, a decrease of about 69.0% from RMB 162.1 million in 2022, with a net profit margin dropping to about 4.2%[42] - The net profit attributable to the owners of the parent company for 2023 was approximately RMB 49.4 million, down about 69.3% from RMB 161.0 million in 2022[43] Revenue Breakdown - Revenue from railway fastening system products for 2023 was RMB 692,228,000, down 20.5% from RMB 870,451,000 in 2022[13] - Revenue from welding wire products increased significantly to RMB 382,209,000 in 2023, up 22.8% from RMB 311,210,000 in 2022[13] - Revenue from railway sleeper products rose by approximately 64.6% to RMB 112.9 million, accounting for about 9.4% of total revenue, driven by market expansion in Southwest China[29] - Revenue from railway fastening system products was approximately RMB 692.2 million, accounting for about 57.9% of total revenue, down approximately 20.5% from RMB 870.5 million in the previous year[26] - Revenue from welding wire products increased by approximately 22.8% to RMB 382.2 million, representing about 32.0% of total revenue, primarily due to increased sales volume[28] Assets and Liabilities - Total assets as of December 31, 2023, were approximately RMB 3,439.2 million, down from RMB 3,595.4 million in 2022[6] - Current assets decreased to approximately RMB 1,948.3 million from RMB 2,186.1 million in the previous year[6] - As of December 31, 2023, total liabilities amounted to RMB 960,287,000, a decrease of 14.5% from RMB 1,122,161,000 in 2022[7] - Current liabilities increased to RMB 805,209,000 from RMB 919,184,000, reflecting a reduction of 12.4%[7] - The total non-current liabilities decreased to RMB 155,078,000 from RMB 202,977,000, a decline of 23.5%[7] - The total equity attributable to shareholders increased slightly to RMB 2,465,760,000 from RMB 2,460,984,000, showing a growth of 0.1%[7] Operating Costs - The company reported a decrease in total operating costs for railway fastening system products to RMB 437,103,000 from RMB 609,407,000, a reduction of 28.2%[13] - The group's operating costs decreased by approximately 5.3% from RMB 955.8 million in 2022 to RMB 904.8 million in 2023, primarily due to a decline in revenue from railway fastening system products[31] - Operating costs totaled RMB (904,796) thousand in 2023, compared to RMB (955,756) thousand in 2022, indicating a reduction of 5.3%[16] Dividends - The board proposed a final dividend of RMB 0.010024 per share, totaling approximately RMB 8,999,948[2] - The company plans to propose a dividend of approximately RMB 0.010024 per share for the fiscal year ending December 31, 2023, pending shareholder approval[23] - The company will distribute the 2023 final dividend to all non-resident corporate shareholders listed on the H-share register as of June 7, 2024, with a withholding tax of 10% on corporate income tax[56] - Individual shareholders of H-shares will have a withholding tax of 20% on personal income tax when receiving dividends, according to the relevant tax regulations[58] Taxation and Shareholder Information - For individual shareholders from regions with a tax treaty with China at a rate of 10%, the company will withhold personal income tax at that rate when distributing dividends[59] - The company will not withhold tax for mainland corporate investors who hold H-shares for more than 12 months, as they are exempt from corporate income tax[56] - Individual shareholders from regions with a tax treaty with China at a rate lower than 10% will initially have a withholding tax of 10% applied to their dividends[58] - The company will assist in processing tax refund applications for shareholders who have over-withheld taxes, provided they submit the necessary documentation[59] - Shareholders must notify the company by June 4, 2024, if their residence differs from their registered address or if they wish to apply for a tax refund[59] Corporate Governance - The company has adhered to the Corporate Governance Code throughout the year ending December 31, 2023[62] - The company has adopted the Standard of Conduct for Securities Transactions by Directors and confirmed compliance for the year ending December 31, 2023[63] - The auditors have verified that the financial data disclosed in the preliminary announcement aligns with the consolidated financial statements for the year ending December 31, 2023[64] - The audit committee has reviewed the group's full-year results and the financial statements prepared in accordance with Chinese accounting standards[65] Future Outlook - The overall economic environment remains uncertain, but the GDP growth for 2023 is projected at 5.2%[24] - The group aims to actively participate in the development of new railway projects, with a target of completing over 1,000 kilometers of new railway lines in 2024 as per the National Railway Group's directives[50] - The group plans to enhance product quality and service levels while exploring opportunities for vertical integration within the industry to improve core competitiveness and profitability[51]

Financial Performance - Total operating revenue for the first half of 2023 was RMB 542,641,000, a decrease of 16.0% compared to RMB 645,970,000 in the same period of 2022[10]. - Total operating costs decreased to RMB 507,417,000, down 11.2% from RMB 571,620,000 year-on-year[10]. - Net profit for the first half of 2023 was a loss of RMB 33,494,000, compared to a profit of RMB 74,283,000 in the same period of 2022, representing a significant decline[11]. - The company reported a net cash inflow from operating activities of RMB 163,568,000, a turnaround from a net outflow of RMB 60,335,000 in the previous year[13]. - The company’s total comprehensive income for the first half of 2023 was negative at RMB (33,494) thousand, compared to a positive comprehensive income of RMB 74,283 thousand in the same period of 2022, marking a significant decline[18]. - The company reported a basic earnings per share of RMB (0.04) for the first half of 2023, compared to RMB 0.08 in the same period of 2022[11]. - The net loss for the group in the first half of 2023 was approximately RMB 33.5 million, compared to a net profit of RMB 74.3 million in the same period of 2022, primarily due to changes in the stock prices of Hong Kong-listed companies sold during the period[105]. Assets and Liabilities - As of June 30, 2023, the total assets of Hebei Yichen Industrial Group Corporation Limited amounted to RMB 3,442,262 thousand, a decrease from RMB 3,595,431 thousand as of December 31, 2022, representing a decline of approximately 4.25%[8]. - Total liabilities decreased to RMB 1,047,468,000, down 6.6% from RMB 1,122,161,000 at the end of 2022[9]. - The company's total equity attributable to shareholders decreased to RMB 2,382,088,000, down 3.2% from RMB 2,460,984,000 at the end of 2022[9]. - The total liabilities of the group as of June 30, 2023, were approximately RMB 1,047.5 million, a decrease of about 6.7% from RMB 1,122.2 million on December 31, 2022, mainly due to a reduction in bank borrowings[107]. - The total equity of the group was approximately RMB 2,394.8 million as of June 30, 2023, a decrease of about 3.2% from RMB 2,473.3 million on December 31, 2022, attributed to profit distribution and net losses during the first half of 2023[107]. Cash Flow and Financing - As of June 30, 2023, the net cash flow from financing activities was negative at RMB (108,765) thousand, a significant decrease compared to RMB 180,580 thousand in the same period of 2022, reflecting a change of approximately 160%[15]. - The total cash inflow from financing activities for the first half of 2023 was RMB 109,300 thousand, down from RMB 280,442 thousand in the same period last year, indicating a decline of about 61%[15]. - Short-term borrowings decreased to RMB 144,500,000, down 20.9% from RMB 182,640,000 at the end of 2022[9]. - Long-term borrowings also decreased to RMB 140,200,000, down 29.0% from RMB 197,500,000 at the end of 2022[9]. - The company provided guarantees totaling RMB 550 million for various financial obligations, including a RMB 30 million guarantee for notes payable[86]. Inventory and Receivables - Accounts receivable decreased to RMB 1,124,939 thousand from RMB 1,308,659 thousand, reflecting a reduction of about 14%[8]. - Inventory increased to RMB 409,675 thousand from RMB 354,921 thousand, indicating an increase of approximately 15.4%[8]. - The provision for bad debts for accounts receivable was 14.80%, compared to 12.92% at the end of the previous year, showing an increase in the provision rate[30]. - The accounts receivable aging analysis showed that receivables over 1 year decreased to RMB 268,837 thousand from RMB 380,351 thousand, a reduction of approximately 29.3%[30]. - The total inventory write-down provision was RMB 20,310 thousand, compared to RMB 19,617 thousand at the end of the previous year, indicating a slight increase in the provision[32]. Revenue Breakdown - Revenue from railway fastening systems is RMB 305,328,000, a decline of 32.2% from RMB 450,515,000 year-on-year[55]. - Revenue from welding wire products for the six months ended June 30, 2023, was approximately RMB 185.3 million, accounting for about 34.2% of total revenue, an increase of approximately 21.2% compared to RMB 152.9 million in the same period last year[99]. - Revenue from railway sleeper products for the six months ended June 30, 2023, was approximately RMB 46.9 million, accounting for about 8.6% of total revenue, an increase of approximately 35.5% compared to RMB 34.6 million in the same period last year[101]. - The initial contract value for railway fastening system contracts was approximately RMB 770.3 million, an increase of about 42.1% year-on-year; high-speed railway fastening system contracts had an initial contract value of approximately RMB 646.3 million, up 97.0% year-on-year[98]. Shareholding Structure - The major shareholders collectively control approximately 63.80% of the total share capital of the company[109]. - The total number of issued domestic shares is 673,380,000, while the total number of issued shares is 897,840,000[110]. - The company reported a significant shareholding structure, with major shareholders holding approximately 85.07% of the shares, translating to 572,852,774 shares[112]. - The company has multiple beneficial owners, with the largest individual holding being 26,355,534 shares, representing a smaller but notable percentage of the total shares[113]. - The company has established a unified action agreement among its major shareholders, ensuring coordinated decision-making[117]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2023[124]. - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, confirming compliance by all directors and supervisors during the reporting period[125]. - The board includes at least three independent non-executive directors, meeting the requirements of the listing rules[126]. - The company has adopted an H-share incentive plan to recognize contributions from eligible participants, with a maximum of 22,446,000 H-shares available for grants, representing 10% of the issued H-shares as of the adoption date[119].

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 542,641,000, a decrease of 16% compared to RMB 645,970,000 for the same period in 2022[2] - The net loss attributable to the owners of the parent company was RMB 33,914,000, compared to a profit of RMB 73,455,000 in the previous year, indicating a significant decline in profitability[3] - Basic and diluted earnings per share were both RMB (0.04), compared to RMB 0.08 in the same period last year[3] - The company reported a significant investment loss of RMB 47,930,000, compared to an investment income of RMB 17,093,000 in the previous year[2] - The group reported a net loss of approximately RMB 33.5 million for the first half of 2023, a decrease from a net profit of approximately RMB 74.3 million in the same period of 2022, primarily due to fluctuations in the sale price of listed company shares in Hong Kong[41] - The net loss attributable to the owners of the parent company for the first half of 2023 was approximately RMB 33.9 million, a decrease of approximately RMB 107.4 million compared to a net profit of approximately RMB 73.5 million in the same period of 2022[42] Revenue Breakdown - Total revenue for the railway fastening system products in H1 2023 was RMB 305,328,000, a decrease of 32.2% compared to RMB 450,515,000 in H1 2022[11] - Total revenue for the welding wire products in H1 2023 was RMB 185,292,000, an increase of 21.0% compared to RMB 152,930,000 in H1 2022[11] - Revenue from the railway fastening system products fell from approximately RMB 450.5 million in the first half of 2022 to approximately RMB 305.3 million in the same period of 2023, a decrease of about 32.2%[30] - Revenue from welding wire products increased from approximately RMB 152.9 million in the first half of 2022 to approximately RMB 185.3 million in the same period of 2023, an increase of about 21.2%[30] - Revenue from railway sleeper products was approximately RMB 46.9 million, an increase of about 35.5% year-on-year, attributed to increased revenue from a subsidiary[27] Operating Costs and Expenses - Total operating costs for the same period were RMB 507,417,000, down from RMB 571,620,000, reflecting a cost reduction of approximately 11%[2] - Operating costs for the first half of 2023 amounted to RMB 419,425 thousand, down 14.7% from RMB 492,144 thousand in the first half of 2022[17] - Total operating costs for the railway fastening system products in H1 2023 were RMB 201,834,000, a decrease of 36.7% from RMB 318,586,000 in H1 2022[11] - The company's financial expenses for the first half of 2023 were RMB 9,417 thousand, consistent with the same amount in the first half of 2022[19] Assets and Liabilities - Total assets decreased to RMB 3,442,262,000 from RMB 3,595,431,000, a reduction of about 4.25%[5] - The company’s total liabilities decreased to RMB 1,047,468,000 from RMB 1,122,161,000, a reduction of about 6.6%[5] - Total accounts receivable as of June 30, 2023, was RMB 1,320,417 thousand, down from RMB 1,502,835 thousand as of December 31, 2022[14] - Total liabilities as of June 30, 2023, were approximately RMB 1,047.5 million, a decrease of about 6.7% from RMB 1,122.2 million as of December 31, 2022, primarily due to a reduction in bank borrowings[44] Equity and Dividends - The company’s total equity attributable to owners of the parent decreased to RMB 2,382,088,000 from RMB 2,460,984,000, a decline of approximately 3.2%[5] - The board of directors decided not to declare an interim dividend for the six months ended June 30, 2023, due to potential operational risks and the need to meet the company's working capital requirements[50] Research and Development - Research and development expenses were RMB 17,276,000, down from RMB 20,023,000, reflecting a decrease of approximately 14%[2] Corporate Governance - The company has complied with all necessary standards of corporate governance as of June 30, 2023, maintaining a high level of corporate governance practices[52]

Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately RMB 1,258,266 thousand, a decrease of about 7.7% compared to the previous year[11]. - The net profit attributable to equity shareholders of the company was approximately RMB 161,032 thousand, a decrease of about 34.6% year-on-year, resulting in earnings per share of RMB 0.18[11]. - In 2022, the total revenue of the company was approximately RMB 1,258.3 million, a decrease of about 7.7% compared to the previous year[16]. - Total revenue for the group decreased from approximately RMB 1,363.6 million in 2021 to about RMB 1,258.3 million in 2022, mainly due to declines in revenue from railway fastening system products and railway sleeper products[20]. - The gross profit for the group in 2022 was approximately RMB 302.5 million, a decrease of about 27.3% from RMB 416.0 million in 2021, primarily due to declines in revenue from railway fastening system and railway sleeper products[21]. - Operating costs increased by approximately 0.9% to about RMB 955.8 million in 2022 from RMB 947.6 million in 2021, with minimal change year-on-year[20]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2022, representing a growth of 20% compared to the previous year[40]. Assets and Liabilities - Non-current assets increased to RMB 1,409,306 thousand in 2022 from RMB 1,296,395 thousand in 2021, reflecting a growth of approximately 8.7%[10]. - Current assets rose to RMB 2,186,122 thousand in 2022, up from RMB 1,925,586 thousand in 2021, marking an increase of about 13.5%[10]. - The total liabilities increased, with current liabilities reaching RMB 919,183 thousand in 2022 compared to RMB 635,634 thousand in 2021, indicating a rise of approximately 44.6%[10]. - Total assets as of December 31, 2022, were approximately RMB 3,595.5 million, an increase of about RMB 373.5 million or 11.6% compared to the previous year[26]. - Total liabilities as of December 31, 2022, were approximately RMB 1,122.2 million, an increase of about RMB 261.1 million or 30.3% from the previous year[26]. Revenue Breakdown - Revenue from railway fastening system products was approximately RMB 870.5 million, accounting for about 69.2% of total revenue, down approximately 13.5% year-on-year[17]. - Revenue from railway sleeper products for the year ended December 31, 2022, was approximately RMB 68.6 million, accounting for about 5.5% of total revenue, a decrease of approximately 24.2% from RMB 90.5 million in 2021[18]. - Revenue from welding wire products was approximately RMB 311.2 million, representing a growth of about 28.6% compared to RMB 241.9 million in 2021[17]. - The initial contract value for high-speed railway fastening system products increased by approximately 10.3% to RMB 792.2 million in 2022[17]. Operational Challenges - The company faced challenges due to repeated COVID-19 outbreaks in Shijiazhuang, which impacted operations but implemented strict preventive measures to minimize adverse effects[11]. - The company continues to monitor the pandemic situation closely and adjust its production and operational plans accordingly to ensure employee safety and health[11]. Future Outlook - In 2023, the company anticipates a recovery in the Chinese economy, with major economic indicators showing significant improvement and plans to invest in key railway projects, including over 3,000 kilometers of new lines[12]. - The company aims to enhance the overall functionality and efficiency of the railway network, focusing on quality improvements and effective execution of national key projects[12]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating a projected growth of 25%[30]. Research and Development - The company is investing 50 million RMB in research and development for innovative manufacturing processes, aiming to reduce costs by 20%[30]. - New product development includes the launch of a state-of-the-art welding technology, expected to enhance production efficiency by 30%[30]. - The company has established an ESG working group to enhance communication and gather stakeholder opinions on ESG issues[139]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[75]. - The board of directors confirmed that the company’s activities in sanctioned countries do not constitute sanctioned activities under international sanctions laws[75]. - The company has established a shareholder communication policy to ensure effective interaction with shareholders and to address their concerns[126]. Environmental and Social Responsibility - The company aims to continuously improve its ESG performance to meet stakeholder expectations[147]. - The company has obtained ISO 14001:2015 certification for its environmental management system[149]. - The company reported a total air emissions of 1,001.11 kg in 2022, an increase from 925.95 kg in 2021[151]. Employee Management - The company employed a total of 1,369 employees as of December 31, 2022, compared to 1,364 in 2021, with a gender distribution of 68% male and 32% female[169]. - Approximately 92% of employees received training in 2022, with an average training duration of 3.31 hours per employee[179]. - The company has established a competitive and fair compensation management system, with a focus on employee performance and contributions[168].

Financial Performance - The total revenue for the year ended December 31, 2022, was approximately RMB 1,258.3 million, a decrease of about 7.7% compared to 2021[2] - Gross profit for the same period was approximately RMB 302.5 million, down approximately 27.3% from the previous year[2] - Total profit amounted to approximately RMB 183.5 million, reflecting a decline of about 35.5% year-over-year[2] - Net profit attributable to the owners of the parent company was approximately RMB 161.0 million, a decrease of about 34.6% compared to 2021[2] - The basic and diluted earnings per share for the year were approximately RMB 0.18[2] - Total revenue for 2022 was RMB 1,258,266 thousand, a decrease of 7.7% from RMB 1,363,645 thousand in 2021[13] - The company reported a net profit of RMB 183,475 thousand for 2022, a decrease of 35.5% from RMB 284,481 thousand in 2021[15] - The company's basic earnings per share for 2022 were RMB 0.18, down from RMB 0.27 in 2021, reflecting a decrease of approximately 33.33%[16] - The net profit attributable to the company's shareholders for 2022 was RMB 161,032,000, a decline of about 34.66% compared to RMB 246,088,000 in 2021[16] - Total profit for 2022 was approximately RMB 1,835 million, a decrease of about 35.5% from RMB 2,845 million in 2021[38] - Net profit decreased from approximately RMB 2,485 million in 2021 to about RMB 1,622 million in 2022, with a net profit margin dropping from 18.2% to 12.9%[40] Revenue Breakdown - Revenue from railway fastening system products was RMB 870,451 thousand in 2022, a decrease of 13.5% from RMB 1,006,705 thousand in 2021[11] - Revenue from welding wire products increased to RMB 311,210 thousand in 2022, up 28.5% from RMB 241,893 thousand in 2021[11] - Revenue from railway sleeper products was RMB 68,574 thousand in 2022, down 24.2% from RMB 90,453 thousand in 2021[12] - Revenue from railway fastening system products for the year ended December 31, 2022, was approximately RMB 870.5 million, accounting for about 69.2% of total revenue, a decrease of approximately 13.5% from RMB 1,006.7 million in the previous year due to the impact of the pandemic[23] - Revenue from welding wire products increased by approximately 28.6% to RMB 311.2 million in 2022, compared to RMB 241.9 million in 2021, primarily due to increased sales of flux-cored welding wire products[25] - Revenue from railway sleeper products decreased by approximately 24.2% to RMB 68.6 million in 2022, down from RMB 90.5 million in 2021, mainly due to slowed project progress from downstream customers impacted by the pandemic[26] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 3,595.4 million, an increase from RMB 3,221.98 million in 2021[6] - Current assets totaled RMB 2,192.99 million, up from RMB 1,925.59 million in the previous year[6] - Total liabilities as of December 31, 2022, were RMB 1,122.16 million, compared to RMB 861.1 million in 2021[7] - The equity attributable to the owners of the parent company was RMB 2,460.98 million, an increase from RMB 2,349.72 million in 2021[7] - Total liabilities rose by approximately RMB 261.1 million or 30.3% to about RMB 1,122.2 million as of December 31, 2022[44] - The capital debt ratio increased by 8.3 percentage points to 17.4% as of December 31, 2022, compared to 9.1% in 2021[46] Expenses - Total operating costs for 2022 were RMB 955,756 thousand, an increase of 0.8% from RMB 947,636 thousand in 2021[14] - The company incurred financial expenses of RMB 19,663 thousand in 2022, compared to RMB 13,896 thousand in 2021[15] - Depreciation and amortization expenses increased to RMB 42,056 thousand in 2022 from RMB 27,264 thousand in 2021[13] - The company recognized an impairment provision for receivables of RMB 46,711 thousand in 2022, significantly higher than RMB 4,492 thousand in 2021[13] - Sales expenses decreased from approximately RMB 213 million in 2021 to about RMB 187 million in 2022, representing 1.6% and 1.5% of total revenue respectively[31] - Management expenses reduced from approximately RMB 821 million in 2021 to about RMB 797 million in 2022, accounting for 6.0% and 6.3% of total revenue respectively[32] - R&D expenses decreased from approximately RMB 446 million in 2021 to about RMB 429 million in 2022, representing 3.3% and 3.4% of total revenue respectively[33] - Financial expenses increased by approximately 41.7% from RMB 139 million in 2021 to RMB 197 million in 2022, with interest expenses rising by 33.5% to RMB 211 million[34] Dividend and Shareholder Information - The board proposed a final dividend of RMB 0.0501 per share, totaling approximately RMB 44.98 million[2] - The company plans to distribute a dividend of approximately RMB 0.0501 per share for the year ended December 31, 2022, totaling RMB 44,981,784, pending shareholder approval[20] - The total net amount for the proposed final dividend is RMB 44,981,784[52] - The company will withhold a 10% corporate income tax for non-resident corporate shareholders receiving the final dividend[53] - Individual shareholders will have a 20% personal income tax withheld on the final dividend distributed by the company[54] - The company will withhold personal income tax at a rate of 10% for H-share individual shareholders who are residents of Hong Kong or Macau, or from countries with a tax treaty with China at a 10% rate[56] - For H-share individual shareholders from countries with a tax treaty with China at a rate lower than 10%, the company will temporarily withhold personal income tax at a rate of 10%[56] - The company will assist in processing tax refund applications for H-share individual shareholders who have over-withheld taxes, provided they submit the necessary documentation by June 1, 2023[57] - The company will suspend share transfer registration from April 26, 2023, to May 25, 2023, to determine the list of shareholders eligible to attend the annual general meeting[58] - The company will also suspend share transfer registration from June 2, 2023, to June 8, 2023, to determine the list of shareholders entitled to receive the 2022 final dividend[58] - As of December 31, 2022, public shareholders held at least 25% of the company's issued shares[50] Corporate Governance and Compliance - The company has adhered to all corporate governance codes as outlined in the listing rules for the year ending December 31, 2022[60] - The company has adopted the standards for securities trading by directors and confirmed compliance for the year ending December 31, 2022[61] - The company's auditor, Tianjian Certified Public Accountants, confirmed that the financial data disclosed in the preliminary announcement aligns with the consolidated financial statements for the year ending December 31, 2022[62] - The company has reviewed its full-year performance for 2022 and the financial statements prepared according to Chinese accounting standards as of December 31, 2022[63] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[63] - The company will send the 2022 annual report containing all information required by the Listing Rules to shareholders in due course[63] - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[63] - The announcement was made on March 30, 2023, indicating timely communication of financial results[63] - The company is committed to transparency and compliance with regulatory requirements in its financial disclosures[63] - The financial performance review is part of the company's ongoing strategy to enhance shareholder value[63] - The company is focused on maintaining strong corporate governance through its audit committee[63] - The board is actively involved in overseeing the financial reporting process to ensure accuracy and reliability[63] - The company aims to provide comprehensive information to stakeholders regarding its financial health and future outlook[63] Future Outlook and Strategy - The company actively participated in the construction of high-speed rail and urban rail transit, leveraging opportunities in China's railway construction development[21] - The group expects future revenue growth from self-sales of railway fastening system products supported by national railway network development plans[24] - In 2023, the company plans to complete over 3,000 kilometers of new railway lines, including 2,500 kilometers of high-speed rail[48] - By 2035, the company aims to establish a modern railway network of approximately 200,000 kilometers, with around 70,000 kilometers being high-speed rail[48] - The company is committed to enhancing product quality and service levels in railway fastening systems and sleepers to support key projects like the Sichuan-Tibet Railway[48] - The company will actively explore vertical extension opportunities in the industry to diversify its product offerings and enhance core competitiveness and profitability[48] - The company has implemented strict pandemic prevention measures to protect employee health and minimize operational disruptions[49]