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佈的內容 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 因本公佈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。 Honworld Group Limited 老 恒 和 釀 造 有 限 公 司* （於開曼群島註冊成立的有限公司） （股份代號：2226） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 佈 財務摘要 • 截至二零二二年十二月三十一日止年度的收入為人民幣271.6百萬元， 較二零二一年人民幣252.7百萬元增加7.5%。 • 截至二零二二年十二月三十一日止年度的毛利為人民幣74.8百萬元， 較二零二一年人民幣68.5百萬元增加9.2%。 • 截至二零二二年十二月三十一日止年度的本公司普通權益持有人 應 佔 虧 損 為 人 民 幣486.3百 萬 元，較 二 零 二 一 年 人 民 幣318.4百 萬 元 增加52.7%。 ...

Financial Performance - Revenue for the year ended December 31, 2021, amounted to RMB 252.7 million, representing an increase of 11.6% from RMB 226.3 million recorded in 2020[5]. - Gross profit for the year ended December 31, 2021, amounted to RMB 68.5 million, representing an increase of 50.2% from RMB 45.6 million recorded in 2020[6]. - Loss attributable to ordinary equity holders of the Company for the year ended December 31, 2021, amounted to RMB 318.4 million, representing a decrease of 62.3% from RMB 845.3 million recorded in 2020[7]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a growth of 15% year-over-year[56]. - The company reported a gross margin of 40%, which is consistent with industry standards[56]. - Loss per share improved to RMB (0.55) in 2021 from RMB (1.46) in 2020[168]. - The net loss margin for 2021 was (126.0)%, an improvement from (373.5)% in 2020[168]. - Loss before income tax decreased by 62.2% from RMB843.2 million in 2020 to RMB 318.4 million in 2021[183]. Dividend and Awards - The Board does not recommend the payment of a final dividend for the year ended December 31, 2021[8]. - The Company was awarded the "2020 Model Enterprise for the Construction of Integrity Management System in the Food Industry of Zhejiang Province" by the Zhejiang Food Industry Organization[32]. - Key research projects received second prizes in both Scientific and Technological Invention and Scientific and Technological Advancement from the China National Light Industry Council[31]. Market and Product Development - The Company aims to focus on the natural brewing cooking wine industry while refining other industries, adapting to market changes amid the pandemic[34]. - The Group is pursuing a diversified condiment product portfolio to meet growing customer demand and enhance business development in the coming years[42][44]. - The company plans to focus on expanding its market presence and enhancing product offerings in the condiment industry[165]. - Management highlighted ongoing efforts in new product development and technology advancements to drive future growth[165]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on expanding the product line[56]. Sales and Distribution - The sales from distribution channels increased by approximately RMB 24.7 million or around 14.5% compared to the same period in 2020, despite challenges faced by distributors due to the pandemic[37][38]. - E-commerce channel sales increased by approximately RMB 0.6 million or around 3.9% compared to 2020, benefiting from a shift to online consumption patterns[37][38]. - Cooking wine products accounted for approximately 67.2% of total revenue, while soy sauce sales were approximately RMB 25.9 million, representing about 10.2% of total revenue[39][40]. - The number of distributors remained stable at approximately 697, covering 30 provinces, autonomous regions, and municipalities across the country[39][40]. - The company classified distributors into core and non-core categories in 2021, focusing resources on terminal construction and market development to cultivate all distributors into core distributors[196]. Financial Position - Total assets as of December 31, 2021, were RMB 1,193.8 million, while total liabilities were RMB 2,511.7 million[24]. - The Company reported a total deficit/equity of RMB (1,317.9) million as of December 31, 2021[25]. - The gearing ratio increased to 220.9% as of December 31, 2021, compared to 189.6% in 2020[168]. Operational Efficiency - The gross profit margin increased from 20.1% in 2020 to 27.1% in 2021 due to a shift towards higher-end products with relatively higher gross profit[39][40]. - The company aims to improve operational efficiency and reduce costs to enhance profitability moving forward[165]. - Operating expenses were reduced by 8%, contributing to improved profitability[56]. Risks and Challenges - The Group faces risks including significant increases in production costs, changes in consumer spending habits, and challenges related to the ongoing COVID-19 pandemic[43][45]. - The Group aims to mitigate cost pressures through more efficient operations and better product mix and sales channels[43][45]. Leadership and Governance - The company has a strong board of directors with diverse expertise in finance, engineering, and the food industry, enhancing its governance and strategic direction[98]. - The company is focusing on expanding its market presence in the consumer sector, leveraging the expertise of its directors[92]. - The company aims to enhance its internal control and risk management processes, as emphasized by Mr. Gu Wei's role in risk control[92]. - The company is actively involved in industry associations, which may provide strategic advantages in market positioning and regulatory compliance[93]. Future Outlook - User data showed an increase in active users, reaching 500,000, which is a 20% increase compared to the previous year[56]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[56]. - Market expansion plans include entering two new provinces, aiming for a 5% market share in these regions within the next year[56]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million RMB earmarked for potential deals[56]. - A new marketing strategy has been implemented, targeting a 30% increase in brand awareness over the next year[56].

Financial Performance - In the first half of 2021, the Group achieved sales revenue of approximately RMB 122.8 million, representing an increase of approximately RMB 16.2 million or around 15.2% from the same period in 2020[25]. - The Group's revenue increased by 15.2% from RMB106.5 million for the six months ended June 30, 2020, to RMB122.8 million for the corresponding period of 2021[62]. - Revenue for the six months ended June 30, 2021, was RMB 122,783,000, an increase from RMB 106,548,000 in the same period of 2020, representing a growth of approximately 15.5%[161]. - Gross profit increased by 44.4% from approximately RMB21.6 million to approximately RMB31.2 million, with gross profit margin rising from 20.3% to 25.4%[62]. - Gross profit for the same period was RMB 31,218,000, compared to RMB 21,630,000 in 2020, indicating a significant increase of about 44.4%[161]. - The loss attributable to ordinary equity holders of the parent company decreased by approximately 79.8% to approximately RMB 126.2 million compared to RMB 624.6 million in the same period of 2020[31][33]. - Loss for the period was RMB 126,226,000, a decrease from a loss of RMB 624,616,000 in the previous year, showing an improvement of approximately 79.8%[161]. - Basic loss per share decreased from RMB1.08 cents for the six months ended June 30, 2020, to RMB0.22 cents for the corresponding period of 2021[65]. - The total comprehensive loss for the six months ended June 30, 2021, was RMB (125,872) thousand, compared to RMB (622,043) thousand for the same period in 2020, indicating a significant reduction in losses[165]. Sales and Market Strategy - Non-online channel sales increased by 16.2% from approximately RMB 99.1 million in 2020 to RMB 115.1 million in the first half of 2021[25]. - The Group's sales from various channels showed signs of recovery towards growth in the second quarter of 2021[25]. - The Group plans to diversify its condiment product portfolio to enhance business development, focusing on soy sauce, rice vinegar, sesame oil, and fermented bean curd products[31][33]. - The Group is actively developing new retail channels and enriching online products, including strategic cooperation with various e-commerce platforms[39]. - The Group's market penetration strategy includes maintaining approximately 658 distributors and expanding coverage to 30 provinces, autonomous regions, and municipalities[26][28]. - The Group plans to focus on supermarket, distribution, and online e-commerce channels related to household consumption in the short term[84]. - The catering market is expected to be the main growth point for the Group's future business as the post-pandemic recovery continues[84]. - The Group is committed to developing value-for-money products suitable for the catering market to gain a larger market share[84]. Operational Efficiency - The Group adapted to market changes by restructuring production and conducting sales reform amid intensified competition in the condiment market[21]. - The company aims to improve market share by enhancing the marketing team, training staff, and enriching the product structure to offer high-quality products[38][42]. - The Group is committed to improving operational efficiency by updating existing equipment and workshops to lower labor costs[38][42]. - The strategy includes expanding production capacity and achieving automation upgrades to improve overall profitability[89]. Financial Position and Management - The Group's cost of sales increased by 7.9% from RMB84.9 million to RMB91.6 million, primarily due to rising raw material and energy prices[62]. - Selling and distribution expenses increased by 2.4% from approximately RMB28.9 million for the six months ended 30 June 2020 to approximately RMB29.6 million for the corresponding period of 2021, while the percentage of these expenses to revenue decreased from 27.1% to 24.1%[64]. - Administrative expenses decreased by 9.1% from approximately RMB33.3 million for the six months ended 30 June 2020 to approximately RMB30.3 million for the corresponding period of 2021[64]. - Finance costs increased by 7.9% from approximately RMB49.0 million for the six months ended 30 June 2020 to approximately RMB52.9 million for the corresponding period of 2021[64]. - The gearing ratio increased from 189.6% to 203.6% as of June 30, 2021[55]. - As of June 30, 2021, the Group's total borrowings amounted to approximately RMB1,616.4 million, an increase from RMB1,495.5 million as of December 31, 2020[77]. - The Group's cash and cash equivalents were approximately RMB4.9 million as of June 30, 2021, down from RMB8.4 million as of December 31, 2020[80]. - Current liabilities increased to RMB 2,092,243 thousand as of June 30, 2021, compared to RMB 1,982,464 thousand at the end of 2020, indicating a rise in short-term obligations[169]. Corporate Governance and Compliance - The Company has adopted the Corporate Governance Code to enhance management structures and internal control procedures[110]. - The Board aims to maintain and implement high standards of corporate governance practices[121]. - The Company has established an internal audit department to enhance its internal audit function, staffed with experienced personnel[121]. - The Company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuer" and all directors confirmed compliance during the six months ended June 30, 2021[123]. - The Company expects to dispatch relevant reports regarding the delayed annual and interim results in due course[121]. - The Board views the delays in reporting as one-off incidents that have been or will be rectified[121]. Employee and Director Information - As of June 30, 2021, the Group had a total of 466 employees, an increase from 422 employees as of December 31, 2020[104]. - Employee costs for the six months ended June 30, 2021, were RMB 17.4 million, down from RMB 20.3 million for the same period in 2020, representing a decrease of approximately 14.3%[104]. - The Company is targeting to appoint at least one female director by December 31, 2024, to enhance gender diversity at the Board level[95]. - Mr. Liu Jianbin was appointed as the new chief executive officer effective February 2, 2021, following the resignation of Mr. Chen Weizhong[123].

Financial Performance - Revenue for the year ended December 31, 2020, amounted to RMB 226.3 million, representing a decrease of 3.9% from RMB 235.5 million recorded in 2019[5]. - Gross profit for the year ended December 31, 2020, amounted to RMB 45.6 million, representing a decrease of 33.9% from RMB 69.0 million recorded in 2019[6]. - Loss attributable to ordinary equity holders for the year ended December 31, 2020, amounted to RMB 845.3 million, representing a decrease of 63.0% from RMB 2,285.4 million recorded in 2019[7]. - The Group's revenue slightly decreased by 3.9% from RMB 235.5 million in 2019 to RMB 226.3 million in 2020, primarily due to the impact of the COVID-19 pandemic[161]. - Loss before income tax decreased by 63.0% from RMB 2,278.3 million in 2019 to RMB 843.2 million in 2020[169]. - Loss attributable to ordinary equity holders decreased by 63.0% from RMB 2,285.4 million in 2019 to RMB 845.3 million in 2020[176]. - Basic loss per share decreased from RMB 3.95 in 2019 to RMB 1.46 in 2020, reflecting the decrease in loss attributable to ordinary equity holders[177]. - The net loss margin improved from (970.6%) in 2019 to (373.5%) in 2020, indicating a reduction in the proportion of losses relative to revenue[157]. Assets and Liabilities - Total assets as of December 31, 2020, were RMB 1,207.7 million, while total liabilities were RMB 2,208.2 million[25]. - Total borrowings as of December 31, 2020, were RMB 1,495.5 million, an increase from RMB 1,428.2 million as of December 31, 2019[199]. - Approximately RMB 462.5 million of the company's bank loans were not in compliance with certain financial loan covenants as of December 31, 2020[199]. - The gearing ratio increased from 106.9% in 2019 to 189.6% in 2020, reflecting a higher level of debt relative to equity[157]. Revenue Breakdown - Cooking wine products accounted for approximately 69.3% of total revenue, while soy sauce sales were approximately RMB 25.2 million, accounting for about 11.1% of total revenue[46]. - Revenue from cooking wine products increased by 6.4% from RMB 147.5 million in 2019 to RMB 156.9 million in 2020, attributed to changes in the structure of goods sold[162]. - Revenue from soy sauce products decreased by 25.3%, from RMB 33.7 million in 2019 to RMB 25.2 million in 2020, due to underutilization of production capacity and the impact of COVID-19[162]. Operational Challenges - The sales in supermarket and distribution channels decreased by approximately RMB 9.7 million or around 4.4% due to the pandemic's impact on social activities and business operations[42]. - The ongoing COVID-19 pandemic continues to pose risks to the Group's business development and sales performance[53]. - The Group is actively monitoring potential risk factors that may impact financial results, including rising production costs and changing consumer spending habits[53]. Awards and Recognition - The company was awarded the "2019 Excellent Cultural Inheritance Enterprise" by Zhejiang Time-Honored Enterprises Association[32]. - The company was recognized as a "National Green Factory" by the Ministry of Industry and Information Technology of the People's Republic of China in October 2020[35]. - The company's Cereal-based Brewed Cooking Wine won the Gold Award at the 15th China International Wine Expo[32]. - The company was recognized as "National Leading Enterprises for Agricultural Industrialization" by the Ministry of Agriculture and Rural Affairs of the People's Republic of China in December 2020[35]. Management and Governance - Mr. Liu Jianbin is responsible for managing the Group's financing activities and assisting in overall business operations since September 2019[79]. - Mr. Chen Wei has been the chairman of Huzhou Laohenghe Brewery Co., Limited since September 2017, focusing on overall strategy and business operations[79]. - The management team includes individuals with extensive backgrounds in finance, risk management, and the alcoholic beverage industry[79][84][86]. - The board includes independent non-executive directors with significant experience in their respective fields, enhancing corporate governance[87]. Future Outlook and Strategy - The company provided a positive outlook for the next quarter, projecting a revenue increase of 20% to $180 million[3]. - New product launches are expected to contribute an additional $20 million in revenue over the next fiscal year[4]. - The company is investing in new technology development, allocating $5 million for R&D in the upcoming year[5]. - Market expansion plans include entering two new regions, which are projected to increase market share by 15%[6]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $10 million earmarked for potential deals[7]. - The company aims to expand its market presence through strategic partnerships and product innovation in the condiment sector[148].

Honworld Group Limited 老恒和釀造有限公司 * (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號 : 2226 t Annual Report 年報 2019 * For identification purposes only 僅供談別 "LAO HENG HE", A BRAND WITH A HISTORY OF MORE THAN 130 YEARS. PANAMA — PACIFIC INTERNATIONAL EXPOSITION GOLD AWARD FOR CONDIMENT PRODUCTS. 「老恒和」，源自傳承，品牌歷史超過130年 巴拿馬博覽會金獎產品 目錄 CONTENTS | --- | --- | --- | |-------------------------------|---------|------------------------------------------------------------------ ...

Sales Performance - In the first half of 2019, sales from the New Sales Channels increased from RMB178.2 million in the first half of 2018 to RMB194.8 million, representing a growth of 9.3%[25] - Sales from supermarket channels increased slightly from RMB206.7 million in the first half of 2018 to RMB207.4 million in the first half of 2019[26] - For the six months ended June 30, 2019, the Group recorded a revenue of approximately RMB 402.2 million, representing an increase of approximately 4.5% compared to the corresponding period of 2018[31] - Revenue increased by 4.5% from RMB384.9 million in H1 2018 to RMB402.2 million in H1 2019, driven by the establishment of new sales channels and product diversification synergies[53] - Revenue from cooking wine products rose by 4.5% from RMB270.4 million in H1 2018 to RMB282.5 million in H1 2019, reflecting enhanced market penetration efforts[54] - Revenue from soy sauce products surged by 16.6% from RMB57.7 million in H1 2018 to RMB67.3 million in H1 2019, attributed to increased marketing resources and new product launches[54] Profitability and Financial Metrics - The profit attributable to ordinary equity holders of the Company was approximately RMB 99.3 million, representing an increase of approximately 7.7% compared to the corresponding period of 2018[31] - Gross profit increased by 3.4% from RMB199.4 million in H1 2018 to RMB206.2 million in H1 2019, while gross profit margin decreased from 51.8% to 51.3%[56] - Profit before tax increased by 7.1% from RMB109.5 million for the six months ended June 30, 2018, to RMB117.3 million for the corresponding period in 2019[69] - Basic earnings per share increased from RMB15.9 cents for the six months ended June 30, 2018, to RMB17.2 cents for the corresponding period in 2019[69] - Profit for the period reached RMB 99,339,000, a rise from RMB 92,219,000, marking an increase of 7.3% year-over-year[150] Cost Management - Selling and distribution expenses decreased by 12.5% from RMB37.2 million in H1 2018 to RMB32.5 million in H1 2019, with expenses as a percentage of revenue dropping from 9.6% to 8.1%[64] - Administrative expenses fell by 4.4% from RMB36.9 million in H1 2018 to RMB35.2 million in H1 2019, mainly due to reduced R&D spending[64] - Finance costs increased by 23.2% from RMB23.2 million in H1 2018 to RMB28.6 million in H1 2019, primarily due to higher bank loan balances for working capital[64] Product Development and Market Strategy - The Company plans to enhance production capacity for soy sauce, rice vinegar, and fermented bean curd products to diversify its condiment product portfolio[32] - The Company aims to consolidate its position in the condiment industry by leveraging its leading position in the cooking wine industry and expanding its distributor network[39] - The Company is actively promoting products suitable for the catering market and expanding catering channels through various culinary events[40] - The company continues to focus on high-quality and healthy brewed cooking wine and other condiment products[21] - The company maintained its strategy of a diversified product structure to meet the market demand for green, healthy, and tasty condiment products[93] Corporate Governance and Management - The roles of the Chairman and CEO are held by the same individual, Mr. Chen Weizhong, which deviates from the corporate governance code[108] - The company has adopted the "Model Code for Securities Transactions by Directors" to ensure compliance among directors and senior management[110] - The board believes that the current structure maintains a balance of power between the board and senior management[111] - Changes in corporate positions include the resignation of Ms. Qian Yinglan and the appointment of Mr. He Yuanchuan as a non-executive director[110] Inventory and Receivables Management - Trade receivables turnover days increased from 67 days for the year ended December 31, 2018, to 92 days for the six months ended June 30, 2019[76] - Inventories increased from RMB1,276.5 million as of December 31, 2018, to RMB1,285.8 million as of June 30, 2019, primarily due to an increase in work in progress[76] - The Group's sales representatives maintain regular communication with distributors to ensure optimal stock levels and minimize excess inventory[78] Financial Position and Assets - Total current assets as of June 30, 2019, amounted to RMB 2,479,045,000, an increase from RMB 2,228,917,000 at the end of 2018[153] - Total non-current assets were RMB 1,463,868,000, slightly down from RMB 1,482,554,000 as of December 31, 2018[153] - Net assets as of June 30, 2019, reached RMB 2,263,022, compared to RMB 2,203,930 at the end of 2018, indicating an increase of about 2.7%[155] Compliance and Regulatory Matters - The interim financial information was prepared in accordance with IAS 34, and does not include all disclosures required in annual financial statements[176] - The adoption of IFRS 16 did not have a material impact on the financial statements, as it primarily affects lessees[182] - The company’s shares have been listed on the main board of The Stock Exchange of Hong Kong Limited since January 28, 2014[174] Future Outlook - The cooking wine market is expected to evolve into a phase of rapid growth in both sales volume and prices due to new standards issued by the China Alcoholic Drinks Association[87] - The condiment sector is experiencing rapid growth, with increasing market concentration and demand driven by the booming catering industry[86] - The company expects its "Lao Heng He" brand products to continue growing in China due to strong brand awareness and quality control systems[93]

Financial Performance - Revenue for the year ended 31 December 2018 amounted to RMB 874.4 million, representing an increase of 8.9% from RMB 803.1 million recorded in 2017[6] - Gross profit for the year ended 31 December 2018 amounted to RMB 457.0 million, representing an increase of 6.4% from RMB 429.5 million recorded in 2017[7] - Profit attributable to ordinary equity holders of the parent for the year ended 31 December 2018 amounted to RMB 201.7 million, representing an increase of 8.0% from RMB 186.8 million recorded in 2017[7] - The company reported a significant increase in revenue, achieving a growth rate of over 20% year-on-year in the condiment sector[54] - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the latest fiscal year[75] - Sales increased by 8.9% to RMB 874,410,000 in 2018 from RMB 803,141,000 in 2017[96] - Gross profit rose by 6.4% to RMB 456,962,000 in 2018 compared to RMB 429,526,000 in 2017[96] - EBITDA increased by 8.0% to RMB 328,801,000 in 2018 from RMB 304,417,000 in 2017[96] - Earnings per share grew by 8.0% to 34.9 RMB cents in 2018, up from 32.3 RMB cents in 2017[96] Assets and Liabilities - Total assets as at 31 December 2018 were RMB 3,711.5 million, an increase from RMB 3,415.8 million in 2017[14] - Total liabilities as at 31 December 2018 were RMB 1,507.5 million, compared to RMB 1,381.9 million in 2017[14] - Trade receivables increased from RMB129.5 million as at 31 December 2017 to RMB194.7 million as at 31 December 2018, with turnover days increasing from 65 days to 67 days[120] - Inventories increased from RMB1,189.9 million as of 31 December 2017 to RMB1,276.5 million as of 31 December 2018, primarily due to an increase in work in progress[122] - As of December 31, 2018, total borrowings amounted to RMB1,030.7 million, an increase from RMB954.8 million as of December 31, 2017[125] Revenue Sources - Cooking wine remained the major revenue source, accounting for 69.6% of total revenue in 2018[30] - Soy sauce sales revenue increased by 45.7% in 2018 compared to 2017, contributing 17.1% to total revenue[30] - Revenue from cooking wine products rose by 4.9% from RMB580.2 million in 2017 to RMB608.8 million in 2018, attributed to increased sales of low-end and mid-range products[100] - Revenue from soy sauce products surged by 45.7%, from RMB102.6 million in 2017 to RMB149.5 million in 2018, due to enhanced marketing efforts and new product launches[100] Dividends and Shareholder Returns - The Board has recommended the payment of a final dividend of RMB 7.0 cents per ordinary share for 2018[7] Product Development and Innovation - The company launched several new products in 2018, including 1.28L Lao Heng He Naturally-brewed Wine and 500ML Lao Heng He Brewed-twice Soy Sauce, which received positive market reception[26] - New product development includes the launch of a premium cooking wine line, expected to contribute an additional $50 million in revenue[55] - New product development includes the launch of a premium product line expected to contribute an additional $30 million in revenue[75] Market Expansion and Strategy - The company plans to expand its distribution network by 30% over the next two years, targeting both domestic and international markets[54] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[75] - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 10%[63] - A strategic acquisition of a local competitor is anticipated to enhance market penetration and is projected to add $50 million in annual revenue[75] Operational Efficiency and Cost Management - The company's profitability is primarily influenced by product pricing, sales costs, marketing strategies, and product mix, with ongoing efforts to mitigate potential financial risks through more efficient operations and improved profit margins[34] - The management team has outlined a cost-reduction strategy aimed at decreasing operational expenses by 15% over the next year[63] - The company is investing $5 million in new technology to improve production efficiency, aiming for a 15% reduction in costs[75] Corporate Governance and Management - The Board is committed to maintaining high standards of corporate governance to enhance accountability and transparency to investors and shareholders[169] - The Company complied with the Corporate Governance Code during the year ended December 31, 2018, with some deviations noted in the report[166] - The Board consists of seven Directors, including three executive Directors and three independent non-executive Directors[182] Employee and Social Responsibility - In 2018, total employee remuneration amounted to approximately RMB51.8 million, reflecting an increase from RMB50.8 million in 2017[151] - The Group emphasizes employee training to enhance technical knowledge and compliance with industry standards, providing both on-site and off-site training programs[158] - The Group made charitable donations totaling RMB 167,000 during the year 2018[160]