Core Viewpoint - The Chinese SaaS market is undergoing a significant transformation in 2024, with a shift from general AI models to vertical scenario-based services becoming the key competitive factor. The focus is on translating AI's potential into enhanced productivity for enterprise clients [1]. SaaS Market Growth - The CRM market in China is expected to reach 38.5 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 20% from 2021 to 2026. The integration of AI into CRM has become a consensus in the industry, driven by increasing demand for real-time data decision-making and intelligent supply chains in sectors like fast-moving consumer goods and finance [1]. Company Performance - In 2024, the company reported revenue of 1.15 billion RMB, a year-on-year decrease of 10.1%. However, it achieved a net profit of 6.914 million RMB, marking a turnaround from losses. This improvement was attributed to a reduction in low-margin businesses and an increase in high-margin SaaS business, which raised the overall gross margin to 18.2% [3][4]. Business Segment Analysis - The company's PaaS revenue decreased by 39.2% to 419.41 million RMB, while SaaS revenue grew by 23.8% to 731.87 million RMB, increasing its share of total revenue by 17.5 percentage points to 63.6%, making it the primary growth driver [3][4]. SaaS Sub-segment Growth - Within the SaaS segment, the marketing cloud grew by 23.4%, the sales cloud by 14.9%, and the customer service cloud by 55.8%, indicating strong development across all three areas [6]. AI Integration and Product Development - The company focuses on integrating AI large model technology with comprehensive marketing scenarios to enhance business efficiency and performance. Its self-developed large model for the consumer sector has shown a SKU recognition rate of 95% and processes over 8 million images daily, providing substantial data support for clients [8][10]. Ecosystem Collaboration - The company has actively collaborated with various cloud vendors to expand its market reach and enhance brand value. Partnerships, such as with Huawei Cloud, have allowed the company to leverage additional sales channels, broadening its market coverage [12]. Strategic Focus - The company aims to continue its strategic focus on product standardization, operational refinement, and global business expansion. It plans to deepen AI integration and enhance resource efficiency and profitability [16].

持续聚焦AI+SaaS 玄武云(02392)2024年归母净利润 同比扭亏为盈 智通财经APP获悉，玄武云(02392)3月26日发布了2024年度业绩。报告期内，公司录得收入11.5亿元， 实现毛利2.1亿元，同比增长2.5%。值得注意的是，基于聚焦AI+SaaS高毛利业务、优化产品体系、开拓 海外业务等具体行动，玄武云整体盈利能力得以持续提升，2024年实现归母净利润691.4万元，同比扭 亏为盈。 从各业务板块表现来看，公司SaaS业务实现营收达7.3亿元，同比增长23.8%，占总营收比重进一步提升 至63.6%，这也成为公司扭亏为盈的重要业务因素。而SaaS业务实现快速增长的动力则是客户服务 的"量价齐升"。玄武云于报告期内服务的总客户数达到3056家，这其中，SaaS客户数量达到2282家，同 比增长7.6%，SaaS板块的核心客户人均贡献值(ARPU)达到了260万元，同比增长7.5%，这也进一步验证 了公司近年来持续聚焦AI+SaaS战略的正确性。 AI领域，玄武云基于自有垂直于大消费领域的大模型结合其他开源大模型能力，持续丰富产品矩阵以 满足客户需求。报告期内，公司在原有AI标品的基础上新增8 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,151,277, a decrease of 10.1% compared to RMB 1,281,276 in 2023[4] - Gross profit increased by 2.5% to RMB 209,777 from RMB 204,649 year-on-year[4] - Operating profit improved significantly to RMB 2,872 from a loss of RMB 68,901, representing a 104.2% increase[4] - The loss before tax decreased by 98.7%, from RMB 71,709 in 2023 to RMB 920 in 2024[4] - Net profit attributable to equity holders was RMB 6,914, a turnaround from a loss of RMB 72,364 in the previous year, marking a 109.6% improvement[4] - Basic earnings per share increased to RMB 0.012 from a loss of RMB 0.129, reflecting a 109.3% change[4] - The company reported a net loss before tax of RMB 920,000 for 2024, compared to a net loss of RMB 71,709,000 in 2023, reflecting a significant reduction in losses[21] - The company recorded a profit attributable to equity holders of RMB 6.9 million, a significant improvement from a loss of RMB 72.4 million in the previous year[70] Revenue Breakdown - PaaS revenue for 2024 was RMB 419,410,000, down 39.2% from RMB 690,291,000 in 2023, while SaaS revenue increased by 23.9% to RMB 731,867,000 from RMB 590,985,000[22] - SaaS revenue increased by 23.8% to RMB 731.9 million, representing 63.6% of total revenue, while PaaS revenue decreased by 39.2% to RMB 419.4 million, accounting for 36.4% of total revenue[58][60] - The marketing cloud segment achieved revenue of RMB 611.8 million, marking a year-on-year growth of 23.4%[47] - Sales Cloud achieved revenue of RMB 80.1 million, representing a year-on-year growth of 14.9%[50] - Customer Service Cloud generated revenue of RMB 40.0 million, with a significant year-on-year increase of 55.8%[50] Cost Management - Total operating expenses for 2024 were RMB 206,391,000, down from RMB 275,818,000 in 2023, showing a cost reduction strategy[20][24] - Sales and distribution expenses decreased by 24.2% to RMB 94.8 million, attributed to reduced travel and marketing expenses[63] - Administrative expenses decreased by 20.8% to RMB 46.0 million, due to lower employee benefits and audit fees[64] - R&D expenses decreased by 29.2% to RMB 65.5 million, primarily due to reduced employee benefits and server hosting costs[65] Assets and Liabilities - Total assets decreased to RMB 633,808 from RMB 691,016, a decline of approximately 8.3%[6] - Total liabilities decreased to RMB 305,739 from RMB 351,996, a reduction of about 13.1%[7] - Cash and cash equivalents dropped significantly to RMB 71,413 from RMB 192,278, a decrease of 62.9%[6] - The group's trade payables and other payables as of December 31, 2024, were RMB 108.8 million, a decrease of 10.0% from RMB 120.8 million as of December 31, 2023[72] Research and Development - The company continues to focus on research and development, with R&D expenses reduced to RMB 65,531 from RMB 92,616, indicating a strategic shift in resource allocation[5] - Research and development expenses for 2024 were RMB 65,531,000, down from RMB 92,616,000 in 2023, indicating a shift in investment strategy[20][24] Shareholder Actions - The board did not recommend the payment of a final dividend for the reporting period, consistent with the previous year[85] - The company repurchased 3,075,500 shares at a total price of HKD 2,707,207.40 during the reporting period under the buyback authorization[90] - The company believes that the share repurchase will enhance net asset value per share and/or earnings per share, benefiting long-term shareholder value[91] Strategic Focus - The company plans to continue focusing on AI and SaaS products to drive digital transformation for enterprise clients[39] - The company plans to deepen the integration of AI and SaaS, aiming to create differentiated product systems and explosive AI products by 2025[52] - The organization structure will be optimized to enhance profitability, focusing on sales management, customer service, and delivery management[54] Market Expansion - The company expanded its business into Asia, Europe, and South America, enhancing cooperation with mainstream telecom operators in these regions[42] - The company expanded its overseas business, covering countries such as Thailand, the Philippines, and Mexico, and signed contracts with major clients like Huawei and NetEase[51] Compliance and Governance - The financial figures in the comprehensive income statement and financial position statement have been confirmed by the external auditor, PwC[94] - No significant events that could impact the group occurred after the reporting period[95]

玄武雲科技控股有限公司 Xuan Wu Cloud Technology Holdings Limited (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: 2392 2024 中期報告 INTERIM REPORT | --- | --- | |-------|--------------------------| | 目 | 錄 | | 02 | 公司資料 | | 04 | 財務摘要 | | 05 | 業務回顧及展望 | | 10 | 管理層討論及分析 | | 16 | 其他資料 | | 28 | 中期簡明綜合全面收入表 | | 29 | 中期簡明綜合財務狀況表 | | 31 | 中期簡明綜合權益變動表 | | 32 | 中期簡明綜合現金流量表 | | 33 | 中期簡明綜合財務資料附註 | | 58 | 釋義 | 公司資料 | --- | --- | |--------------------------------|------------------------- ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 647,469,000, representing a 22.2% increase from RMB 529,963,000 in the same period of 2023[2] - Gross profit for the same period was RMB 101,249,000, slightly up by 0.6% from RMB 100,611,000 year-on-year[2] - Operating loss decreased significantly to RMB 4,106,000, a 79.1% improvement compared to a loss of RMB 19,612,000 in the previous year[2] - Loss before tax was RMB 5,912,000, down 71.5% from RMB 20,715,000 in the prior period[2] - Total comprehensive loss for the period was RMB 6,140,000, a reduction of 69.5% from RMB 20,155,000 year-on-year[2] - Basic and diluted loss per share improved to RMB 0.012, compared to RMB 0.037 in the same period last year, reflecting a 67.9% decrease in loss per share[2] - Operating expenses decreased by 13.6% compared to the same period last year, leading to a significant reduction in net loss by 69.5% to RMB 6.1 million[37] - Net loss for the six months ended June 30, 2024, was RMB 6.1 million, a reduction from RMB 20.2 million in the same period of 2023, due to effective cost control measures[58] Revenue Breakdown - CRM PaaS service revenue was RMB 282,411 thousand, up from RMB 268,397 thousand, reflecting a growth of 5.0% year-over-year[16] - CRM SaaS service revenue increased significantly to RMB 365,058 thousand, compared to RMB 261,566 thousand, marking a growth of 39.5% year-over-year[16] - The company's SaaS revenue exceeded 50% of total revenue for the first time, reaching 56.4%, with a year-over-year growth of 39.6%[38] - CRM SaaS services accounted for 56.4% of total revenue, surpassing 50% for the first time, while CRM PaaS services contributed 43.6%[44] - Revenue from CRM PaaS services increased by 5.2% to RMB 282.4 million, attributed to higher per-user contribution from core users[46] - Revenue from CRM SaaS services surged by 39.6% to RMB 365.1 million, driven by increased demand and enhanced solution functionalities[48] - The marketing cloud segment achieved revenue of RMB 306.5 million, a year-over-year increase of 41.1%[38] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 661,416,000, down from RMB 691,016,000 at the end of 2023[4] - Total equity decreased to RMB 326,553,000 from RMB 339,020,000 at the end of 2023[5] - Non-current liabilities included lease liabilities of RMB 9,059,000, down from RMB 11,888,000 at the end of 2023[5] - Cash and cash equivalents decreased to RMB 94,074,000 from RMB 192,278,000 at the end of 2023, indicating a significant reduction in liquidity[4] - Trade receivables from third parties amounted to RMB 318.63 million as of June 30, 2024, up from RMB 279.48 million as of December 31, 2023, reflecting a growth of approximately 14%[31] - Trade payables increased from RMB 64.4 million as of December 31, 2023, to RMB 86.2 million as of June 30, 2024[35] - Trade receivables and other receivables increased by 15.1% to RMB 503.0 million as of June 30, 2024, compared to RMB 437.1 million on December 31, 2023[59] Expenses - Total operating expenses, including sales and distribution, administrative, and R&D expenses, amounted to RMB 106,967 thousand for the six months ended June 30, 2024, compared to RMB 122,618 thousand in 2023, showing a decrease of 12.7%[19] - Sales and distribution expenses decreased by 9.0% to RMB 49.9 million, attributed to reduced business entertainment and travel expenses[51] - Administrative expenses decreased by 12.2% to RMB 23.4 million, mainly due to lower employee benefits and office costs[52] - R&D expenses decreased by 20.5% to RMB 32.8 million, reflecting improved efficiency in R&D management[53] - Total employee costs for the six months ended June 30, 2024, amounted to RMB 98.3 million, slightly down from RMB 100.4 million in the same period of 2023[63] Government Support and Taxation - The company received government subsidies totaling RMB 1,123 thousand for the six months ended June 30, 2024, compared to RMB 313 thousand in 2023, reflecting a significant increase[20] - The company recognized an income tax expense of RMB 228,000 for the six months ended June 30, 2024, compared to an income tax expense of RMB 560,000 for the same period in 2023, showing a decrease of approximately 59%[26] - The company has a deferred tax liability of RMB 13,000 as of June 30, 2024, compared to a deferred tax asset of RMB 560,000 as of June 30, 2023, indicating a significant shift in tax position[26] - The company has no taxable profits generated in Hong Kong, resulting in no provisions for Hong Kong profits tax for the six months ended June 30, 2024[23] Future Plans and Strategy - The company plans to focus on top industry clients and leverage AI-driven products to enhance customer business upgrades in the consumer goods sector[40] - The marketing cloud will assist clients in data-driven marketing, enhancing operational management capabilities to ensure precise marketing reach and conversion[42] - The company aims to expand its overseas cloud communication business, particularly in Southeast Asia and Latin America, to support domestic clients' international marketing needs[43] - The company is committed to achieving breakeven in overall performance while enhancing profitability and shareholder returns in 2024[43] Corporate Governance and Compliance - The roles of the chairman and CEO are currently held by the same individual, which deviates from the corporate governance code, but the board believes this arrangement benefits operational efficiency[65] - The board has decided to extend the expected timeline for utilizing the net proceeds from the global offering due to slow economic growth and market uncertainties, allowing for greater flexibility in capital management and potential business opportunities[70] - The audit committee has reviewed the unaudited condensed consolidated interim results and found them to be prepared in accordance with applicable accounting standards and listing rules, with no objections to the accounting treatments used[74] - There have been no significant post-period events affecting the group from the end of the reporting period to the date of this announcement[75]

Good morning, investors. I'm Ma Xiao, a flight attendant at Department of Transparency Internet of Things. Today, we are honored to invite Mr. Fang from XuanWuYun to share and communicate with you. This time, we will have two sessions. The first session is about the relevant situation of the company. The second session is about the interaction. Let's give the time to Mr. Fang. Thank you, Mr. Ma. Good morning, investors. I am Fang Wenwen, IRD of XuanWuYun. Thank you for coming to the show today to introduce ...

Good morning, investors. I'm Ma Xiao, a flight attendant at Debian. Today, we are honored to invite Mr. Fan from XuanWuYun to share and communicate with you. This time, we will have two sessions. The first one is about the company's situation. The second session is about the interaction. Let's give the time to XuanWuYun. Okay, thank you, Mr. Ma. Good morning, investors. I'm Fang Wenwen, the IRD of Xuanwu Cloud. I'd like to thank Lu Yanzhong for introducing the business of Xuanwu Cloud Group to our investors ...

资料来源：公司投资者关系部，东兴证券研究所 资料来源：公司投资者关系部，东兴证券研究所 4. 风险提示 P14 东兴证券深度报告 玄武云（02392.HK）：聚焦 AI+快消，打造第二增长曲线 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 分析师简介 分析师承诺 本证券研究报告所载的信息、观点、结论等内容仅供投资者决策参考。在任何情况下，本公司证券研究报告 均不构成对任何机构和个人的投资建议，市场有风险，投资者在决定投资前，务必要审慎。投资者应自主作 出投资决策，自行承担投资风险。 免责声明 本研究报告仅供东兴证券股份有限公司客户和经本公司授权刊载机构的客户使用，未经授权私自刊载研究报 告的机构以及其阅读和使用者应慎重使用报告、防止被误导，本公司不承担由于非授权机构私自刊发和非授 权客户使用该报告所产生的相关风险和责任。 以报告日后的 6 个月内，公司股价相对于同期市场基准指数的表现为标准定义： 中性：相对于市场基准指数收益率介于-5％～+5％之间； 以报告日后的 6 个月内，行业指数相对于同期市场基准指数的表现为标准定义： 看好：相对强于市场基准指数收益率 5％以上； 东兴证券研究所 公 司 研 究 2 ...

Financial Performance - Total revenue for 2023 increased by 22.8% to RMB 1,281.3 million, compared to RMB 1,043.4 million in 2022[16] - In 2023, the company achieved a revenue of RMB 1,281.3 million, representing a growth of 22.8% compared to the previous year[27] - The overall gross profit decreased by 9.3% to RMB 204.6 million, with the gross profit margin dropping from 21.6% to 16.0%[42] - Other income decreased by 22.8% to RMB 10.7 million, primarily due to a reduction in government subsidies[44] - The net loss for the group was RMB 71.8 million during the reporting period, compared to a net loss of RMB 35.0 million for the year ended December 31, 2022, attributed to increased sales and distribution expenses and R&D costs[124] Customer Metrics - SaaS customer count reached 2,120, representing a year-on-year growth of 28.9%[8] - The average contribution per core SaaS customer reached RMB 2.4 million, reflecting a 12.3% year-on-year increase[8] - The total core customer contribution value reached RMB 3.7 million, representing a 25.9% increase year-on-year, with core customers accounting for 94.9% of total customer revenue[133] - The core customer revenue retention rate improved to 112.7% during the reporting period[133] - The customer service cloud saw a 66.1% growth in paid seats for contact centers, indicating strong demand in the financial sector[145] Revenue Breakdown - Revenue from CRM PaaS services rose by 21.3% to RMB 690.3 million, up from RMB 569.2 million in 2022[17] - Revenue from CRM SaaS services increased by 24.6% to RMB 591.0 million, compared to RMB 474.2 million in 2022[19] - CRM PaaS service revenue reached RMB 690.3 million, accounting for 53.9% of total revenue, while CRM SaaS service revenue was RMB 591.0 million, making up 46.1%[152] - The marketing cloud revenue grew by 26.8% year-on-year, reaching RMB 495.6 million, driven by the ICC product's focus on industry-specific needs[167] Operating Costs and Expenses - The cost of sales for CRM SaaS services increased by 43.4% to RMB 420.6 million, compared to RMB 293.4 million in 2022[20] - The cost of sales for CRM PaaS services increased by 25.1% to RMB 656.0 million, primarily due to rising telecom resource costs[154] - Research and development expenses increased by 12.0% to RMB 926 million, compared to RMB 827 million in the previous year, driven by ongoing investments in CRM SaaS services and increased employee benefits[176] - The group recorded a 12.4% increase in sales and distribution expenses to RMB 125.1 million, up from RMB 111.3 million for the year ended December 31, 2022, primarily due to business expansion[123] Strategic Initiatives - The company plans to focus on AI and large consumer sectors to enhance market competitiveness and achieve high-quality growth in 2024[13] - The company launched innovative products such as multimodal large models and AIGC applications during the reporting period, enhancing its competitive edge in key industries[26] - The company plans to enhance its AI and DI technology platforms, focusing on standardized product development and addressing consumer pain points[36] - The company aims to expand its user-centered omnichannel communication platform to optimize customer acquisition and relationship management[114] - The company plans to enhance its overseas business in 2024, focusing on strategic resource cooperation and customer expansion in key regions[149] Assets and Financial Position - Total assets as of December 31, 2023, amounted to RMB 691.0 million, up from RMB 674.7 million in 2022[25] - Cash and cash equivalents increased by 19.4% to RMB 192.3 million as of December 31, 2023, compared to RMB 161.0 million in 2022[50] - As of December 31, 2023, the company's debt-to-equity ratio was 53.0%, up from 27.6% on December 31, 2022[71] - The total employee cost for the reporting period was RMB 230.9 million, compared to RMB 206.1 million for the year ended December 31, 2022[75] Research and Development - The company obtained 80 new patents and software copyrights in 2023, bringing the total to 148 patents and 184 software copyrights[139] - The company successfully passed the CMMI Level 5 certification in 2023, reflecting its advanced software development management capabilities[139] - The industry research institute established by the company has developed a structured research system across six major industries, focusing on driving digital transformation[115] Market Position and Partnerships - The company has developed a proprietary data advantage in the consumer goods industry, with over 300,000 SKU categories and more than 10 million product features[168] - The company has established partnerships with major players like Huawei Cloud to expand its ecosystem and market reach[146]

Financial Performance - The company achieved a revenue of RMB 1,281.3 million for the reporting period, representing a growth of 22.8% compared to the previous year[8]. - Total revenue for the year ended December 31, 2023, was RMB 1,281,276 thousand, compared to RMB 1,043,378 thousand for the year ended December 31, 2022, reflecting a growth of approximately 22.8%[38]. - Revenue for the year ended December 31, 2023, was RMB 1,281,276 thousand, representing a 22.8% increase from RMB 1,043,378 thousand in 2022[46]. - The company reported a 26.8% increase in marketing cloud revenue, reaching RMB 495.6 million compared to the previous year[27]. - In 2023, the revenue from the sales cloud reached RMB 69.7 million, representing a year-on-year growth of 15.0%[30]. - The sales cloud contract order amount achieved a year-on-year growth of 30.0% in Q4 2023, laying a foundation for continued revenue growth[30]. - The revenue from CRM PaaS services increased by 21.3% to RMB 690.3 million for the year ended December 31, 2023, compared to RMB 569.2 million for the previous year[130]. - The revenue from CRM SaaS services rose by 43.4% to RMB 420.6 million for the year ended December 31, 2023, up from RMB 293.4 million in the previous year[134]. - The company’s total revenue for the year ended December 31, 2023, was RMB 1,281.3 million, compared to RMB 1,043.4 million in the previous year, indicating a growth in overall business performance[126]. Customer Metrics - The number of SaaS customers reached 2,120, marking a year-on-year increase of 28.9%[8]. - Core customer net revenue retention rate improved to 112.7% during the reporting period[8]. - The average revenue per core customer increased by 25.9% to RMB 3.7 million[8]. - The SaaS core customer average revenue per user reached RMB 2.4 million, a year-on-year increase of 12.3%[8]. - The customer cloud's paid seat growth rate reached 66.1%, with significant breakthroughs in the banking and consumer finance sectors[30]. Profitability and Loss - The gross profit for 2023 was RMB 204,649 thousand, down from RMB 225,647 thousand in 2022, indicating a decline of about 9.3%[38]. - Overall gross profit decreased by 9.3% to RMB 204.6 million for the year ended December 31, 2023, down from RMB 225.6 million in the previous year, with a gross margin decline from 21.6% to 16.0%[135]. - The company reported an operating loss of RMB 68,901 thousand for the year ended December 31, 2023, compared to an operating loss of RMB 33,352 thousand for the year ended December 31, 2022[83][84]. - The net financing cost for the year ended December 31, 2023, was RMB 2,808 thousand, compared to RMB 2,950 thousand for the year ended December 31, 2022[90]. - The company reported a net loss of RMB (71,770) thousand for the year, compared to RMB (34,968) thousand in 2022[46]. - Basic and diluted loss per share was RMB (0.129), compared to RMB (0.066) in the previous year[46]. - The group's net loss for the reporting period increased to RMB 71.8 million, compared to a net loss of RMB 35.0 million for the year ended December 31, 2022, primarily due to increased competition in the industry and higher sales and distribution expenses related to new product development and AIGC technology[141]. Research and Development - The company successfully obtained 80 new patents and software copyrights in 2023, totaling 148 patents and 184 software copyrights[7]. - The company launched several innovative products, including a multi-modal large model and AIGC applications, enhancing its competitive edge in the consumer and financial sectors[23]. - Research and development expenses increased by 12.0% to RMB 92.6 million, compared to RMB 82.7 million for the year ended December 31, 2022, reflecting ongoing investments in CRM SaaS services and increased employee benefits for AI personnel[164]. Market Expansion and Strategy - The company expanded its international cloud communication platform, successfully entering markets in the Middle East, Southeast Asia, and Latin America[7]. - The company continues to focus on strategic partnerships to expand its overseas market presence and create a win-win ecosystem[24]. - The company plans to focus on AI and large consumer sectors in 2024, aiming to create standardized solutions for brand owners[33]. - The company aims to expand its overseas business in 2024, providing global cloud communication capabilities including international SMS and precision marketing solutions[35]. - The marketing cloud will enhance its precision marketing capabilities in the financial sector, aiming to improve customer segmentation and marketing effectiveness[35]. Financial Position - Total assets as of December 31, 2023, were RMB 691,016 thousand, compared to RMB 674,651 thousand in 2022[72]. - Total liabilities increased to RMB 351,996 thousand from RMB 251,862 thousand in the previous year[53]. - Current liabilities included borrowings of RMB 157,244 thousand, significantly up from RMB 88,481 thousand in 2022[71]. - Trade receivables as of December 31, 2023, amounted to RMB 279,483 thousand, a decrease of 8.8% from RMB 306,349 thousand in 2022[17]. - Trade receivables decreased by 11.0% year-over-year, with a significant increase in receivables aged over two years, rising to RMB 14,266 thousand from RMB 8,143 thousand[26]. - Trade payables as of December 31, 2023, totaled RMB 64,438 thousand, an increase from RMB 48,327 thousand in 2022[43]. - Trade payables increased by 16.1% to RMB 120.8 million as of December 31, 2023, compared to RMB 104.1 million as of December 31, 2022, in line with the growth in sales costs[143]. - The group's cash and cash equivalents increased significantly to RMB 157.2 million as of December 31, 2023, from RMB 88.5 million as of December 31, 2022[145]. - The capital debt ratio as of December 31, 2023, was 53.0%, significantly up from 27.6% as of December 31, 2022[179]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code[198]. - The board does not recommend the distribution of a final dividend for the reporting period, consistent with the previous year[183]. - The group has not made any significant investments, acquisitions, or disposals related to subsidiaries, associates, or joint ventures during the reporting period[175]. - The group has implemented a comprehensive training program to ensure employees' skills remain up-to-date[174]. - The board will regularly review the need to appoint a separate individual to fulfill the roles of chairman and CEO[197]. - The group continues to seek investment opportunities that align with the overall interests of shareholders[182].