董事會會議通告 冠 均 國 際 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 公 司 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）(i)考 慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審 核 中 期 業 績 及 刊 發 其 公 告；(ii)考 慮 宣 派 及 派 發 中 期 股 息（如 有）；及(iii)處理任 何 其 他 事 項。 承董事會命 冠均國際控股有限公司 執行董事 陳 辰 香 港，二 零 二 五 年 八 月 十 三 日 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 就 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。 Champion Alliance International Holdings Limited 冠均國際控股有限公司 （於開曼群島註冊成立的成員有限公司） （股份代號：1629） 於 ...

呈交日期: 2025年8月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 冠均國際控股有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01629 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊股本 ...

Core Viewpoint - Guan Jun International Holdings (01629) reported a decline in revenue and net profit for the fiscal year 2024, with total revenue of 120 million yuan, down 0.94% year-on-year, and a net profit attributable to shareholders of 3.094 million yuan, down 82.05% year-on-year [2]. Financial Performance - The company achieved a net cash flow from operating activities of 21.032 million yuan, a significant improvement from a negative cash flow of 39.349 million yuan in the previous year [2]. - Basic earnings per share were reported at 0.0057 yuan, with a weighted average return on equity of 1.21%, reflecting a decrease of 5.85 percentage points compared to the previous year [21][2]. Valuation Metrics - As of April 30, the company's price-to-earnings ratio (TTM) was approximately 24.52 times, the price-to-book ratio (TTM) was about 0.3 times, and the price-to-sales ratio (TTM) was around 0.64 times [2]. Revenue Composition - For 2024, the revenue composition included 12.9 million yuan from property leasing and 104.8 million yuan from the sale of consumer paper products [16][12]. Cash Flow Analysis - The net cash flow from financing activities was -13.015 million yuan, a decrease of 5.876 million yuan year-on-year, while the net cash flow from investing activities was -139,000 yuan, improving from -4.007 million yuan in the previous year [23]. Asset and Liability Changes - As of the end of 2024, prepayments increased by 1,605.66%, while inventory decreased by 89.74%, and fixed assets decreased by 16.49% [34]. - Other payables increased by 33.57%, while tax payables decreased by 58.94% [37]. Liquidity Ratios - The company reported a current ratio of 3.51 and a quick ratio of 3.42 for 2024, indicating strong liquidity [40].

Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was approximately RMB 117.7 million, a decrease of 1.6% compared to RMB 119.7 million in the previous year[20]. - Gross profit for the fiscal year was approximately RMB 18.1 million, down 20.3% year-on-year, with a gross margin of 15.3%[10]. - The revenue from the life paper and hygiene products segment was approximately RMB 104.8 million, a decrease of 10.9% compared to the previous year[15]. - The property leasing segment generated revenue of approximately RMB 12.9 million, representing a significant increase of 560.8% from RMB 1.9 million in the previous year[21]. - Other income and gains increased by approximately 58.7% to about RMB 2.2 million, primarily due to miscellaneous income during the reporting period[23]. - The net profit attributable to owners from continuing operations decreased to approximately RMB 3.1 million for the year ending December 31, 2024, compared to RMB 14.6 million for the same period in 2023[30]. - Revenue from the top five customers accounted for approximately RMB 39.2 million, representing about 33.3% of total revenue for the year ending December 31, 2024[48]. - The top five customers accounted for approximately 33.3% of total sales this year, down from 54.4% in the previous year, with the largest customer contributing about 10.9% of total sales[62]. - The top five suppliers represented about 87.1% of total purchases this year, a decrease from 94.1% in the previous year, with the largest supplier accounting for approximately 78.3% of total purchases[62]. Expenses and Capital Expenditure - Sales and distribution expenses increased by approximately 44.2% from RMB 1.7 million for the year ended December 31, 2023, to about RMB 2.5 million for the year ending December 31, 2024, primarily due to rising transportation costs[24]. - Administrative expenses rose from approximately RMB 6.4 million for the year ended December 31, 2023, to about RMB 7.2 million for the year ending December 31, 2024, mainly driven by increased employee costs[27]. - The total capital expenditure for the year ending December 31, 2024, was approximately RMB 3.9 million, up from RMB 3.1 million for the year ended December 31, 2023[35]. - The company employed 41 staff as of December 31, 2024, compared to 22 staff as of December 31, 2023, with total employee costs for the year amounting to approximately RMB 4.6 million, an increase from RMB 2.8 million in the previous year[40]. Debt and Financial Health - The total debt decreased from approximately RMB 32.2 million as of December 31, 2023, to about RMB 21.9 million as of December 31, 2024, resulting in a reduction of the debt-to-equity ratio from about 9.6% to approximately 6.6%[32]. - The company has no significant contingent liabilities as of December 31, 2024, consistent with the previous year[38]. - The company’s distributable reserves as of December 31, 2024, are approximately RMB 127 million[95]. Strategic Plans and Market Outlook - The company is open to potential mergers and acquisitions to enhance its business portfolio and adapt to future operating environments[11]. - The Chinese market for life paper is projected to reach approximately USD 18 billion by 2025, with an expected annual growth rate of 5.25% from 2025 to 2029[14]. - The company anticipates a significant opportunity in the household paper and hygiene products industry by 2025, driven by urbanization and an expanding middle class, leading to increased demand for high-quality living products[50]. - The company plans to enhance regional penetration by expanding its business in underrepresented areas, particularly in rapidly developing cities and suburbs in China[51]. - The company aims to strengthen its position in the expanding hygiene product market by introducing innovative products and leveraging its strong distribution capabilities[51]. - The company plans to utilize approximately RMB 21 million of unutilized funds for investment in production workshops, equipment upgrades, and technology research and development[45]. Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the year[115]. - The company has established service agreements for its executive directors, with an initial term of three years[85]. - The company has established appropriate policies and procedures for risk management and internal control, ensuring compliance with applicable laws and regulations[172]. - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring effective governance[132]. - The independent non-executive directors have confirmed their independence according to the listing rules[124]. - The company has established three committees: audit, remuneration, and nomination, each with defined responsibilities[146]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental policy to balance economic value creation and environmental impact, aiming for sustainable development[118]. - The company is committed to enhancing its ESG performance and has identified significant ESG risks and challenges for the period from January 1, 2024, to December 31, 2024[187]. - The ESG report highlights the company's main business operations, which include trading household paper products and hygiene products, as well as property leasing[187]. - The company has established various communication channels with stakeholders, including shareholders, customers, employees, and suppliers, to enhance ESG engagement[195]. - A materiality assessment was conducted, revealing that employee health and safety, corporate governance, and product quality are of utmost importance to stakeholders[191]. - The company has established an environmental protection committee to oversee and guide environmental management[199]. - The safety and environmental department is responsible for enhancing environmental control and developing related policies[199]. - No violations of environmental laws and regulations related to emissions, wastewater, and waste disposal occurred during the reporting period[199].

Corporate Governance - Champion Alliance International Holdings Limited is a publicly listed company registered in the Cayman Islands with stock code 1629[2] - The company has adhered to all applicable corporate governance codes as per the listing rules up to the fiscal year ending December 31, 2024[2] - The board of directors emphasizes the importance of good corporate governance standards and internal procedures for accountability and enhancing shareholder value[2]

Financial Performance - For the year ending December 31, 2024, the revenue from continuing operations decreased by approximately 1.6% or RMB 1.9 million to about RMB 117.7 million[2]. - The gross profit from continuing operations for the same period decreased by approximately 20.3% or RMB 4.6 million to about RMB 18.1 million[2]. - The profit attributable to equity holders from continuing operations was approximately RMB 3.1 million, down from RMB 14.6 million for the year ending December 31, 2023, representing a decline of about 78.8%[3]. - Basic earnings per share from continuing operations for the year ending December 31, 2024, were approximately RMB 0.57, compared to RMB 2.68 for the previous year, a decrease of about 78.7%[4]. - The Group's adjusted profit before tax for continuing and discontinued operations was RMB 1,060 thousand in 2024, down from RMB 25,139 thousand in 2023[20]. - The group's profit before tax for the year 2024 was RMB 78,124,000, a decrease from RMB 93,241,000 in 2023, reflecting a decline of approximately 16.1%[28]. - The income tax expense for 2024 was RMB 722,000, significantly lower than RMB 12,955,000 in 2023, indicating a reduction of about 94.4%[29]. - The profit attributable to the owners of the company for the year ending December 31, 2024, is approximately RMB 3.1 million, a decrease from RMB 14.6 million for the same period in 2023[52]. Assets and Liabilities - Total non-current assets decreased from RMB 216.0 million in 2023 to RMB 198.3 million in 2024, a decline of approximately 8.1%[5]. - Current assets increased from RMB 211.7 million in 2023 to RMB 223.9 million in 2024, an increase of approximately 5.7%[5]. - The net current assets increased from RMB 154.3 million in 2023 to RMB 160.1 million in 2024, an increase of approximately 3.8%[5]. - Total assets less current liabilities decreased from RMB 370.3 million in 2023 to RMB 358.4 million in 2024, a decline of approximately 3.2%[5]. - Non-current liabilities decreased from RMB 36,073 thousand in 2023 to RMB 24,271 thousand in 2024, representing a reduction of approximately 32.5%[6]. - Total equity remained stable at RMB 334,172 thousand in 2024 compared to RMB 334,243 thousand in 2023, showing a negligible change of 0.02%[6]. - The company's reserves increased from RMB 246,380 thousand in 2023 to RMB 249,065 thousand in 2024, reflecting a growth of about 1.1%[6]. - Other payables significantly decreased from RMB 13,553 thousand in 2023 to RMB 1,988 thousand in 2024, indicating a decline of approximately 85.3%[6]. - Total debt as of December 31, 2024, is approximately RMB 21.9 million, down from RMB 32.2 million as of December 31, 2023, resulting in a decrease in the debt-to-equity ratio from 9.6% to 6.6%[54]. Revenue Segments - The Group's revenue for the year 2024 was RMB 117,713 thousand, a decrease of 1.0% from RMB 119,652 thousand in 2023[26]. - Rental income from the property leasing segment increased significantly to RMB 12,865 thousand in 2024, compared to RMB 1,947 thousand in 2023, representing a growth of 560.4%[26]. - Sales of goods in the household paper and hygiene products segment decreased to RMB 104,848 thousand in 2024 from RMB 117,705 thousand in 2023, a decline of 10.9%[26]. - Revenue from the property leasing segment increased significantly by 560.8%, from RMB 1,947 thousand in 2023 to RMB 12,865 thousand in 2024[45]. - Revenue from the life paper and hygiene products segment decreased by 10.9%, from RMB 117,705 thousand in 2023 to RMB 104,848 thousand in 2024[42]. Expenses and Costs - The Group's financial costs for the year 2024 were RMB 772 thousand, an increase from RMB 663 thousand in 2023[27]. - The depreciation of property, plant, and equipment for 2024 was RMB 18,334,000, a significant increase from RMB 3,227,000 in 2023[28]. - The group’s employee benefits expenses, including director remuneration, increased to RMB 4,633,000 in 2024 from RMB 2,814,000 in 2023, marking a rise of approximately 64.5%[28]. - Selling and distribution expenses rose by 44.2% from approximately RMB 1.7 million in 2023 to about RMB 2.5 million in 2024, mainly due to increased transportation costs[48]. - Administrative expenses increased from approximately RMB 6.4 million in 2023 to about RMB 7.2 million in 2024, primarily due to rising employee costs[49]. Dividends and Shareholder Returns - The board of directors recommended not to declare any final dividend for the year ending December 31, 2024[2]. - The group did not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[35]. - The company does not propose any final dividend for the year ending December 31, 2024, consistent with the previous year[61]. Operational Changes - The company has ceased operations in the manufacturing and sales of steam, heating, and electricity for industrial purposes in mainland China as of December 31, 2023[8]. - The company plans to adopt revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[13]. - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position during the current accounting period[14]. - The Group is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[18]. Market Outlook and Strategy - The Chinese government's GDP growth target for this year is set at around 5%, focusing on stabilizing the economy and promoting employment[68]. - The demand for high-quality consumer products is expected to increase due to urbanization and the expansion of the middle class in China[68]. - The company aims to enhance its market share by providing a diverse range of sanitary and household paper products, emphasizing quality, hygiene, and environmental responsibility[69]. - The ongoing global health events have heightened consumer awareness of hygiene, leading to sustained demand for household hygiene products[70]. - The company plans to strengthen regional penetration, particularly in rapidly developing cities and suburbs in China[70]. - The focus on innovation, regional expansion, and supply chain optimization is expected to drive continued growth and success in the coming years[71]. Governance and Management - The board expresses gratitude for the efforts and dedication of the management team and all employees, as well as the support from shareholders and business associates throughout the year[79]. - The announcement is made by the chairman and executive director, Mr. Chen Chen, on March 28, 2025[80]. - The board includes executive directors Mr. Chen Chen, Mr. Chen Xiaolong, Mr. Hu Enfeng, Mr. Li Aiguo, and Ms. Luo Yanhong, along with independent non-executive directors Mr. Chen Hua, Mr. Zhao Zhendong, and Mr. Qian Zhihao[81].

Revenue Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 63.7 million, an increase of about RMB 5.6 million compared to RMB 58.1 million for the same period in 2023, primarily due to the new property leasing business segment[6]. - Revenue from the life paper and hygiene products segment was approximately RMB 55.8 million, a decrease of about 4% from RMB 58.1 million in the same period of 2023[4][7]. - Revenue from the property leasing segment was approximately RMB 7.9 million, with no revenue reported for the same period in 2023[8]. - For the six months ended June 30, 2024, the company reported revenue of RMB 63,692,000, an increase of 9.0% compared to RMB 58,098,000 for the same period in 2023[39]. - The total revenue for the first half of 2024 was RMB 63,692 thousand, compared to RMB 175,261 thousand in the same period of 2023, representing a decrease of approximately 63.6%[58]. - Revenue from property leasing was RMB 7,909 thousand for the first half of 2024, while sales of consumer paper and hygiene products generated RMB 55,783 thousand, indicating a shift in revenue sources[58]. Profitability and Expenses - Gross profit decreased from approximately RMB 12.7 million for the six months ended June 30, 2023, to approximately RMB 9.8 million for the same period in 2024, with a gross margin decline from 21.8% to 15.3%[9]. - The company recorded a profit before tax of RMB 6,044,000, a decrease of 39.0% from RMB 9,955,000 in the prior year[39]. - Net profit from continuing operations was RMB 3,439,000, down 50.5% from RMB 6,943,000 in the same period last year[39]. - The total comprehensive income for the period was RMB 2,424,000, significantly lower than RMB 13,937,000 in the previous year[39]. - Profit attributable to owners of the company for the six months ended June 30, 2024, was approximately RMB 5 million, a significant decrease from RMB 16.7 million for the same period in 2023[13]. - The adjusted profit before tax for continuing and discontinued operations was RMB 6,044 thousand, down from RMB 27,049 thousand in the previous year, reflecting a significant decline in profitability[53]. - The company reported a loss of RMB 2,757 thousand from the property leasing segment, while the consumer paper and hygiene products segment generated a profit of RMB 10,373 thousand[53]. Costs and Expenses - Selling and distribution expenses increased by approximately 33.6% from RMB 0.9 million to RMB 1.2 million, primarily due to rising transportation costs[11]. - Administrative expenses rose from approximately RMB 2.1 million to RMB 2.8 million, mainly due to increased employee costs[12]. - Financial costs increased from RMB 0.2 million to RMB 0.3 million, attributed to estimated interest on receivable lease deposits[13]. - The cost of goods sold for the six months ended June 30, 2024, was RMB 98,138,000, resulting in a gross margin of approximately 16.2%[69]. - The company reported a decrease in management compensation to RMB 509,000 for the six months ended June 30, 2024, down from RMB 800,000 for the same period in 2023, a decline of 36.4%[79]. Assets and Liabilities - As of June 30, 2024, the group's net current assets amounted to approximately RMB 166.6 million, an increase from RMB 154.3 million as of December 31, 2023[14]. - Total borrowings as of June 30, 2024, were approximately RMB 20.2 million, up from RMB 19.8 million as of December 31, 2023, while the debt-to-equity ratio decreased from approximately 9.4% to 7.7%[15]. - Non-current assets totaled RMB 205,869,000 as of June 30, 2024, a decrease of 4.7% from RMB 216,023,000 at the end of 2023[41]. - Current assets decreased to RMB 220,690,000 from RMB 230,865,000, reflecting a decline of 4.9%[41]. - Current liabilities were reduced to RMB 54,049,000, down 29.5% from RMB 76,572,000 at the end of 2023[41]. - Total equity attributable to owners of the company increased to RMB 255,167,000 from RMB 251,218,000, reflecting a growth of 1.9%[42]. Cash Flow and Investments - Operating cash flow from continuing operations for the six months ended June 30, 2024, was RMB 6,044,000, a decrease of 39.4% compared to RMB 9,955,000 in the same period of 2023[44]. - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 7,732,000, compared to a net cash used of RMB 79,323,000 in the same period of 2023[46]. - The total cash and cash equivalents at the end of the period increased to RMB 112,230,000 from RMB 81,853,000 in the previous year, representing a growth of 37.1%[46]. - The company recognized a decrease in trade receivables, which increased by RMB 2,288,000 compared to a much larger increase of RMB 58,693,000 in the same period of 2023, reflecting better collection efforts[44]. - The company acquired factories and machinery in mainland China for approximately RMB 101,000 during the six months ended June 30, 2024[74]. Strategic Developments - The company has established a leasing agreement with a state-owned enterprise for the rental of factory buildings, equipment, and land until December 31, 2026[3]. - The group plans to allocate approximately RMB 23.3 million (62% of total proceeds) for purchasing and upgrading production equipment and expanding production facilities[21]. - The company has ceased operations in the renewable energy business on November 15, 2023, which had previously contributed to the financial results[47]. - The company continues to focus on the consumer paper and hygiene products market, which remains its primary revenue driver despite the overall decline in total revenue[58]. Shareholder and Governance - Major shareholder Chen Shuming holds 350,000,000 shares, representing 64.09% of the company's total shares[29]. - The company has no outstanding share options under its share option scheme as of the reporting date[31]. - The company has established an audit committee to ensure effective financial controls and compliance with applicable standards[35]. - There were no significant changes in the interests of directors in contracts related to the company's business during the reporting period[33]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[73]. Economic Outlook - The management remains optimistic about the long-term development of the Chinese economy, with a GDP growth target of around 5% for 2024, which may stimulate demand for consumer goods[25].

Financial Performance - Revenue for the six months ended June 30, 2024, increased by approximately 9.6% or RMB 5.6 million to approximately RMB 63.7 million[1] - Gross profit for the same period decreased by approximately 23% or RMB 2.9 million to approximately RMB 9.8 million[1] - Profit attributable to owners of the company for the six months ended June 30, 2024, was approximately RMB 5 million[1] - Basic earnings per share for the same period was approximately RMB 0.91[1] - Total comprehensive income for the period was RMB 2.4 million, a significant decrease from RMB 13.9 million in the previous year[2] - The adjusted profit before tax for the ongoing and ceased operations was reported at 6,044,000 for the current period, compared to 27,049,000 for the previous period[13] - The group reported a pre-tax profit of RMB 1,581 thousand for the six months ended June 30, 2024, compared to RMB 1,379 thousand for the same period in 2023, indicating an increase of approximately 14.7%[26] - The income tax expense for the six months ended June 30, 2024, was RMB 2,605,000, compared to RMB 12,469,000 for the same period in 2023, indicating a significant decrease[28] - The profit before tax from discontinued operations for the six months ended June 30, 2023, was RMB 7,637,000, while the profit from continuing operations was RMB 4,964,000 for the six months ended June 30, 2024[31] - Basic and diluted earnings per share from continuing operations for the six months ended June 30, 2024, was RMB 0.91, down from RMB 1.27 for the same period in 2023[32] - The group reported a profit attributable to the owners of the company of approximately RMB 5 million for the six months ending June 30, 2024, down from RMB 16.7 million for the same period in 2023[50] Revenue Breakdown - Revenue from external customers for the six months ending June 30, 2024, was reported at 117,163,000, with a breakdown of 7,909,000 from property leasing and 55,783,000 from consumer paper and hygiene products[13] - Total revenue for the six months ended June 30, 2024, was RMB 63,692 thousand, compared to RMB 58,098 thousand for the same period in 2023, representing an increase of approximately 9.0%[18] - Rental income for the six months ended June 30, 2024, was RMB 7,909 thousand, while sales of goods amounted to RMB 55,783 thousand[19] - The revenue from the life paper and hygiene products segment was approximately RMB 55.8 million, a decrease of about 4% from RMB 58.1 million in the same period of 2023[42] - The property leasing segment generated revenue of approximately RMB 7.9 million during the reporting period[43] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 205.9 million, down from RMB 216.0 million as of December 31, 2023[4] - Current assets decreased to RMB 220.7 million from RMB 230.9 million as of December 31, 2023[4] - Total liabilities decreased from RMB 76.6 million to RMB 54.0 million, indicating improved financial stability[4] - The total trade receivables as of June 30, 2024, amounted to RMB 43,869,000, an increase from RMB 41,631,000 as of December 31, 2023[34] - The net trade receivables after impairment as of June 30, 2024, were RMB 42,472,000, compared to RMB 40,234,000 as of December 31, 2023[34] - The group’s total borrowings as of June 30, 2024, were approximately RMB 20.2 million, up from RMB 19.8 million as of December 31, 2023, while the debt-to-equity ratio decreased from about 9.4% to 7.7%[52] - The net current assets as of June 30, 2024, were approximately RMB 166.6 million, compared to RMB 154.3 million as of December 31, 2023[51] Operational Changes - The company ceased its new energy business operations on November 15, 2023, with profits from January 1, 2023, to November 15, 2023, recognized in the consolidated profit and loss statement for the year ending December 31, 2023[7] - The company has ceased operations in the new energy business as of November 15, 2023, following a lease agreement with an independent third party[29] - The group operates in three segments: property leasing, consumer paper and hygiene products, and the ceased new energy operations, with performance evaluated based on adjusted profit before tax[12] Expenses - The cost of goods sold for the six months ended June 30, 2024, was RMB 44,177 thousand, a decrease from RMB 45,416 thousand in the same period of 2023[26] - Selling and distribution expenses rose by approximately 33.6% to RMB 1.2 million for the six months ending June 30, 2024, primarily due to increased transportation costs[46] - Administrative expenses increased from approximately RMB 2.1 million for the six months ending June 30, 2023, to approximately RMB 2.8 million for the same period in 2024, mainly due to higher employee costs[47] Corporate Governance - The company has adhered to all applicable corporate governance codes as outlined in the listing rules during the reporting period[67] - The company has adopted a standard code for securities trading by directors, confirming full compliance during the reporting period[68] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and confirmed compliance with applicable accounting standards[71] Dividends - The company did not declare any interim dividend for the six months ended June 30, 2024[1] - The company does not recommend the payment of any interim dividend for the six months ended June 30, 2024, consistent with the previous year[33] - The group has proposed no interim dividend for the six months ended June 30, 2024, consistent with the previous period[60] Future Outlook - The group anticipates that the Chinese economy will grow by around 5% in 2024, with a focus on job creation and a target of 12 million new urban jobs[65] - The group has no major investment or capital asset plans beyond those disclosed in the prospectus as of June 30, 2024[64] Miscellaneous - The interim financial data for the six months ending June 30, 2024, is prepared in accordance with Hong Kong Accounting Standards, and all amounts are presented in Renminbi, rounded to the nearest thousand[8] - The company has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which did not have a significant impact on the current or prior periods' performance and financial position[10] - The group has no significant contingent liabilities as of June 30, 2024, consistent with the situation as of December 31, 2023[57] - The group has no assets pledged as of June 30, 2024, maintaining the same status as of December 31, 2023[56] - The group has not utilized any derivative financial instruments to hedge against foreign currency fluctuations as of June 30, 2024[58] - There have been no significant events affecting the group after the end of the financial period[70] - The interim results announcement will be published on the company's website and the stock exchange website, with the interim report expected to be sent to shareholders by September 30, 2024[72] - The board expresses gratitude for the efforts and support from management, employees, shareholders, and business associates during the reporting period[73]

Capital Expenditure Plans - The company plans to utilize RMB 2.195 million in 2024 and RMB 21.844 million in 2025 for purchasing and upgrading production equipment, expanding and maintaining production bases, and upgrading non-production facilities such as warehouses[4] - The company decided to lease rather than purchase and upgrade production equipment and other facilities in early 2024 due to a more cautious approach to cost control and investment activities amid economic slowdown[8] IPO Proceeds Utilization - As of December 31, 2023, the company had a remaining balance of RMB 24.039 million from the net proceeds of the IPO, which was not utilized as planned due to economic slowdown and uncertainties[7]

Financial Performance - Revenue from continuing operations increased by 83.5% to approximately RMB 119.65 million during the reporting period[10] - Gross profit from continuing operations was approximately RMB 22.7 million, representing a year-on-year increase of about 24.3%, with a gross margin of approximately 19%[11] - The company reported a profit attributable to shareholders of approximately RMB 17.23 million, compared to a net loss of approximately RMB 9.2 million in the same period of 2022[11] - The total revenue for the year ended December 31, 2023, was approximately RMB 119.7 million, an increase of about RMB 54.5 million or 83.5% compared to RMB 65.2 million in the same period of 2022[23] - The revenue from the household paper products segment was approximately RMB 117.7 million, representing an increase of 80.6% from RMB 65.2 million in the previous year[21] - Other income and gains increased by approximately 94.3% to about RMB 1.4 million, up from RMB 0.7 million in the previous year[26] - Selling and distribution expenses decreased by approximately 48.4% to about RMB 1.7 million, down from RMB 3.3 million in the previous year due to cost-saving measures[28] - Administrative expenses decreased to approximately RMB 6.4 million from RMB 8.7 million, primarily due to a reduction in employee costs[29] - Financial costs decreased from approximately RMB 2.1 million to RMB 0.6 million, mainly due to reduced interest expenses from bank and other borrowings[30] - The company reported a profit attributable to owners of approximately RMB 17.2 million for the year ended December 31, 2023, compared to a loss of RMB 9.2 million in the previous year[32] Clean Energy Sector - The clean energy sector grew by 40% year-on-year, with clean energy investments in China reaching RMB 6.3 trillion, accounting for 40% of the GDP growth in 2023[17] - The company aims to capitalize on policy benefits in the clean energy sector as part of its long-term growth strategy[12] - The revenue from the clean energy operations segment was approximately RMB 126 million, a decrease of about 32% compared to 2022[18] Customer and Market Strategy - The company has over 400 corporate clients in its life paper and hygiene products business, with a sales network covering multiple provinces and municipalities[19] - The company aims to expand its customer base and product range to mitigate revenue concentration risks[55] - Revenue from the top five customers accounted for approximately RMB 134 million, representing 54.4% of total revenue for the year ending December 31, 2023[54] - The top five customers accounted for approximately 54.4% of total sales in the current year, down from 73.9% in 2022, with the largest customer contributing about 37.6% of total sales[74] - The company plans to enhance its market penetration through vertical and horizontal integration strategies[60] Financial Position and Debt Management - The net current assets as of December 31, 2023, were approximately RMB 154.3 million, compared to RMB 150.8 million as of December 31, 2022[33] - The total debt as of December 31, 2023, was approximately RMB 31.4 million, down from RMB 38.1 million, resulting in a decrease in the debt-to-equity ratio from 11.8% to 9.4%[35] Corporate Governance and Management - The company has maintained a high contract renewal rate with its top ten customers to capture potential business opportunities[76] - The management team is stable and experienced, with a strong focus on employee training and development[75] - The company has not engaged in any related party transactions that require disclosure or independent shareholder approval under the listing rules[93] - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[143] - All independent non-executive directors have confirmed their independence according to the listing rules[133] - The company has established appropriate policies and procedures for risk management and internal control, ensuring compliance with applicable laws and regulations[183] Shareholder Information - The company proposed not to declare any final dividend for the year ending December 31, 2023, consistent with the previous year[45] - As of December 31, 2023, the major shareholder, Crown Jun International Limited, holds 350,000,000 shares, representing approximately 64.09% of the total shares[114] - Mr. Chen Shuming holds a controlling interest of 350 million shares, representing 64.09% of the company's equity[110] Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental policy to promote sustainable development and balance economic value with environmental impact[129] - The company has complied with various legal regulations, including the Environmental Protection Law of the People's Republic of China, with no significant violations reported[130] - The ESG report covers the strategies, achievements, and ongoing measures to enhance ESG performance during the period from January 1, 2022, to December 31, 2022[199] - The company is committed to identifying significant ESG risks and challenges that impact its business and stakeholders[199]