Financial Performance - Revenue increased by 39.8% to RMB 1,690,081 thousand compared to the previous year[4] - Gross profit rose by 27.3% to RMB 250,995 thousand[4] - Adjusted net profit increased by 23.9% to RMB 113,903 thousand, excluding listing expenses and share-based payment impacts[4] - Basic earnings per share were RMB 0.12, while diluted earnings per share were RMB 0.11[4] - The company reported a net profit of RMB 47,068 thousand, down 32.2% from RMB 69,403 thousand in the previous year[4] - Total revenue for 2024 reached RMB 1,690,081,000, a significant increase of 40% compared to RMB 1,209,304,000 in 2023[19] - The company reported a pre-tax profit of RMB 18,070,000 for 2024, compared to RMB 6,111,000 in 2023, marking an increase of 195.5%[21] - The company's profit attributable to equity holders for 2024 was RMB 47,068,000, down 32.3% from RMB 69,403,000 in 2023[35] Dividends and Shareholder Returns - The board declared a final dividend of HKD 0.035 per share for the year ended December 31, 2024[4] - The interim dividend declared for the year was HKD 0.035 per share, totaling HKD 15,400,000 (approximately RMB 14,075,000), compared to RMB 23,000,000 in 2023[33] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,281,452 thousand, a significant increase from RMB 422,613 thousand in the previous year[8] - Non-current assets totaled RMB 1,053,100 thousand, up from RMB 256,221 thousand[7] - Cash and bank deposits increased to RMB 310,045 thousand from RMB 221,427 thousand[7] - The total debt of the group was RMB 879,986 thousand, with a debt-to-equity ratio of 65.0% as of December 31, 2024[89] - The company has total borrowings of RMB 118,938,000 as of December 31, 2024, compared to RMB 52,324,000 in 2023, indicating a significant increase[58] Taxation - The total tax expense for the year ended December 31, 2024, amounted to RMB 18,958,000, an increase of 72.5% from RMB 11,021,000 in 2023[30] - The effective tax rate for the group in 2024 was 28.7%, compared to 13.7% in 2023, reflecting a significant increase in tax liabilities across various jurisdictions[32] - The total income tax expense across all jurisdictions for 2024 was RMB 21,368,000, up from RMB 11,591,000 in 2023, reflecting growth in taxable profits[30] Operational Expenses - Research and development expenses were RMB 32,265 thousand, slightly down from RMB 33,327 thousand[5] - The total employee benefits expense for 2024 was RMB 261,735,000, an increase of 51.8% from RMB 172,312,000 in 2023[23] - Interest expenses on borrowings increased to RMB 2,491,000 in 2024 from RMB 1,632,000 in 2023, representing a rise of 52.7%[22] Revenue Streams - Revenue from the United States surged to RMB 1,162,160,000 in 2024, up 52.4% from RMB 762,530,000 in 2023[16] - The revenue from last-mile fulfillment services reached RMB 1,470,221,000 in 2024, a substantial increase from RMB 949,799,000 in 2023, reflecting a growth of 55%[19] - The company has established strategic partnerships with over 60 third-party logistics providers and operates in more than 40 cities globally[63][65] Strategic Initiatives - The company plans to expand its overseas warehouse network and global logistics network to increase market share and business scale[76] - The group plans to capitalize on industry trends through technological innovation and refined operations to improve fulfillment capabilities in overseas warehouses[74] - The company aims to embrace AI technology and explore its applications in cross-border e-commerce to enhance operational efficiency and reduce costs[76] Market Outlook - In 2024, China's GDP is projected to grow by 5.0% year-on-year, with total import and export volume reaching RMB 43.85 trillion, also reflecting a 5.0% increase[72] - Cross-border e-commerce imports and exports in China are expected to reach RMB 2.63 trillion in 2024, marking a 10.8% year-on-year growth and accounting for 6% of total trade[73] Corporate Governance - The audit committee has reviewed the accounting policies and annual performance for the year ending December 31, 2024[104] - The board of directors consists of three executive directors and four independent non-executive directors[117] - The company is registered in the Cayman Islands and was established on September 17, 2020[119] Future Plans - The company plans to invest up to RMB 100 million, representing no more than 50% of a proposed fund with a total size of RMB 200 million, focusing on cross-border e-commerce innovation[102] - The company has approved a share incentive plan effective for 10 years to reward and retain qualified participants contributing to the group's growth[101]

Investment Rating - The report initiates coverage with a recommendation for investors to continuously pay attention to the company [62]. Core Viewpoints - EDA Group Holdings is positioned as a leading player in the overseas warehouse sector, leveraging technology to build a global logistics network [11][19]. - The company has experienced rapid revenue growth, with a 70.6% year-on-year increase in 2023, reaching 1.21 billion CNY, and a projected revenue of 1.77 billion CNY in 2024 [7][43]. - The overseas warehouse model is expected to gain further traction due to favorable tax policies for small packages in the U.S., enhancing local delivery capabilities and predictability [7][41]. Summary by Sections Company Overview - EDA Group Holdings is the first listed company in China focusing on overseas warehouses, providing end-to-end supply chain solutions for cross-border e-commerce [11][13]. - The company operates 56 overseas warehouses across the U.S., Canada, the UK, Germany, and Australia, covering over 40 cities [19]. Financial Performance - Revenue for 2023 was 1.21 billion CNY, with a projected increase to 1.77 billion CNY in 2024 and 2.41 billion CNY in 2025 [2][60]. - The net profit attributable to the parent company for 2023 was 69.4 million CNY, expected to rise to 88.13 million CNY in 2024 [2][60]. - The company’s EPS is projected to grow from 0.16 CNY in 2023 to 0.50 CNY in 2026 [2][60]. Business Model - The company’s business model includes both headway international freight services and tail-end fulfillment services, with the latter accounting for 78.5% of revenue in 2023 [11][13]. - The tail-end fulfillment service saw a 95.9% increase in order volume in 2023, contributing significantly to revenue growth [43]. Market Trends - The B2C export e-commerce logistics service market has grown from 113.6 billion CNY in 2017 to 402.4 billion CNY in 2022, with a projected market size of 621.3 billion CNY by 2027 [34][28]. - The overseas warehouse model is anticipated to surpass the direct mail model as the primary cross-border logistics method due to its advantages in delivery speed and reliability [34][41]. Profitability and Cost Structure - The company’s gross profit for 2023 was 200 million CNY, with a gross margin of 16.3%, slightly declining due to rising costs [48]. - The sales cost structure indicates that logistics costs account for 74.3% of total sales costs, with potential for improved bargaining power as service volumes increase [50].

Investment Rating - The report initiates coverage with a recommendation for investors to continuously pay attention to the company [62] Core Viewpoints - EDA Group Holdings is positioned as a leading player in the overseas warehouse sector, leveraging technology to build a global logistics network. The company has established 56 overseas warehouses across the US, Canada, UK, Germany, and Australia, enhancing its logistics capabilities [7][19] - The company has experienced rapid revenue growth, with a 70.6% year-on-year increase in 2023, reaching 1.21 billion CNY, and a 61.6% increase in the first half of 2024, amounting to 750 million CNY. This growth is primarily driven by the increase in last-mile delivery service orders [7][43] - The overseas warehouse model is expected to gain further traction due to the fluctuating US tax policies on small packages, which enhances the demand for localized delivery and predictable shipping times [7][23] Summary by Sections Company Overview - EDA Group Holdings is the first listed company in China focusing on overseas warehouses, providing end-to-end supply chain solutions for cross-border e-commerce. The company has expanded its overseas warehouse network significantly since its establishment in 2014 [11][19] Financial Performance - The company forecasts significant revenue growth from 2024 to 2026, with expected revenues of 1.77 billion CNY, 2.41 billion CNY, and 3.18 billion CNY respectively. The net profit attributable to the parent company is projected to be 880 million CNY, 1.46 billion CNY, and 2.2 billion CNY for the same period [60][62] - The earnings per share (EPS) are expected to increase from 0.20 CNY in 2024 to 0.50 CNY in 2026, reflecting the company's strong growth trajectory [60][62] Market Dynamics - The B2C cross-border e-commerce market in China has shown robust growth, with the market size increasing from 924.5 billion CNY in 2017 to an estimated 32.25 trillion CNY in 2022, with a compound annual growth rate (CAGR) of 28.4% [28] - The logistics service market for B2C export e-commerce is also expanding rapidly, with the market size projected to reach 621.3 billion CNY by 2027 [34] Business Model - The company operates under a dual model of headway international freight services and last-mile delivery services, with the latter accounting for 78.5% of its revenue in 2023. The last-mile delivery service has seen a 95.9% increase in order volume year-on-year [11][43] - The overseas warehouse model allows for faster and more predictable delivery times, which is becoming increasingly preferred over traditional direct mail methods [32][34] Competitive Position - EDA Group Holdings is expected to enhance its market share as the demand for overseas warehouses grows alongside the development of cross-border e-commerce in China. The company aims to optimize its warehouse layout and reduce costs through AI and large model technologies [62]

Investment Rating - The report initiates coverage on EDA Group Holdings with a "BUY" rating, setting a target price of HK$3.57 per share, indicating a potential upside of 53.2% from the current price of HK$2.33 [2]. Core Insights - EDA Group is positioned as a leading provider of end-to-end supply chain solutions for B2C export e-commerce, leveraging its proprietary EDA Cloud platform to enhance operational efficiency and customer connectivity [13][25]. - The B2C export e-commerce supply chain solutions market is projected to grow significantly, with a market size of RMB402.4 billion in 2022 and an expected CAGR of 9.1% from 2022 to 2027, driven by the increasing adoption of pre-sale stocking models [8][39]. - EDA's technology capabilities and asset-light model, which includes self-operated and partnered warehouses, provide a competitive edge, allowing for scalable growth and improved profitability [10][24]. Company Overview - EDA Group Holdings is a comprehensive supply chain solutions provider for e-commerce vendors, offering services that include cross-border logistics, overseas warehousing, and fulfillment delivery, all integrated into the EDA Cloud platform [13]. - The company primarily utilizes a pre-sale stocking model, which allows e-commerce vendors to store products in overseas warehouses, facilitating faster and more reliable delivery to end consumers [34][39]. Financial Performance - EDA's revenue for FY22 was RMB709 million, with a projected revenue growth of 70.6% to RMB1,209 million in FY23, and further growth to RMB2,776 million by FY26, reflecting a CAGR of 31.9% [4]. - Adjusted net profit is expected to grow from RMB36.8 million in FY23 to RMB222.6 million by FY26, indicating a CAGR of 34.3% [4]. Market Analysis - The B2C export e-commerce market in China has seen rapid growth, with a GMV of RMB3.2 trillion in 2022, and is expected to reach RMB6.0 trillion by 2027, driven by improved payment systems and increased online shopping habits [30]. - The supply chain solutions market is fragmented, with over 4,000 players, and EDA ranks seventh among providers utilizing the pre-sale stocking model, holding a market share of approximately 0.4% [9]. Competitive Advantages - EDA Cloud platform serves as a key competitive advantage, providing a seamless supply chain experience and enabling efficient resource allocation among logistics and supply chain service providers [10][25]. - The company has established long-term relationships with high-quality customers, with an average business relationship duration of four years with its five largest customers, enhancing customer retention and satisfaction [12][26]. Growth Catalysts - Key growth catalysts for EDA include the mitigation of geopolitical risks, expansion of partnerships with leading e-commerce platforms, and stronger-than-expected earnings growth [8].

Investment Rating - The report initiates coverage on EDA Group with a "Buy" rating and sets a target price of HK$3.57, representing a 53.2% upside from the current price of HK$2.33 [1]. Core Insights - EDA Group is positioned to benefit from the rapid growth of the B2C export e-commerce market, with a projected revenue CAGR of 31.9% from 2023 to 2026 and an adjusted net profit CAGR of 34.3% [1][2]. - The company ranks seventh among B2C export e-commerce supply chain solution providers in mainland China, with a market share of approximately 0.4% as of 2022 [1][6]. - EDA's cloud platform is a key competitive advantage, enhancing operational efficiency and enabling seamless integration of logistics and supply chain services [1][7]. Summary by Sections Company Overview - EDA Group provides end-to-end supply chain solutions for e-commerce vendors, integrating cross-border logistics, overseas warehousing, and fulfillment services into its proprietary EDA Cloud platform [10][15]. Market Analysis - The B2C export e-commerce supply chain solutions market experienced a CAGR of 28.8% from 2017 to 2022, reaching a market size of RMB 402.4 billion in 2022, with expectations to grow to RMB 621.3 billion by 2027 [5][27]. - The market is characterized by a shift towards pre-sale inventory models, which are expected to grow at a CAGR of 14.5% from 2022 to 2027, driven by improved shopping experiences and faster delivery times [5][27]. Financial Forecast - Revenue projections for EDA indicate growth from RMB 709 million in FY22 to RMB 2,776 million by FY26, with a significant increase in adjusted net profit from RMB 36.8 million in FY22 to RMB 222.6 million by FY26 [2][4]. Competitive Advantages - EDA's cloud platform is highlighted as a critical asset, facilitating efficient connections between logistics providers and B2C e-commerce platforms, thus improving operational efficiency [7][20]. - The company maintains long-term strategic partnerships with major clients, enhancing its ability to deliver differentiated value and ensuring stable revenue streams [8][22]. Customer Base - EDA has served over 850 clients, with a growing number of core customers contributing significantly to its revenue, indicating a robust and expanding customer base [8][22].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 745,396,000, representing a 61.6% increase compared to RMB 461,363,000 for the same period in 2023[7]. - Gross profit for the same period was RMB 117,254,000, up 39.3% from RMB 84,196,000 in the previous year[7]. - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 56,592,000, reflecting a 42.1% increase from RMB 39,834,000 in 2023[7]. - Profit attributable to owners of the Company for the period was RMB 29,958,000, a 3.5% increase from RMB 28,943,000 in the prior year[7]. - For the six months ended June 30, 2024, the Group recorded revenue of RMB 745,396,000, a year-on-year increase of 61.6% compared to RMB 461,363,000 for the same period in 2023[10]. - The net profit for the Review Period was RMB 29,958,000, representing a year-on-year increase of 3.5% from RMB 28,943,000[10]. - Adjusted net profit was RMB 56,592,000, a year-on-year increase of 42.1% from RMB 39,834,000[13]. - The number of core customers increased to 73 from 50 in the corresponding period last year, with sales to core customers amounting to RMB 657,356,000, a 44.3% increase[14]. - The overall gross profit margin decreased to 15.7% during the Review Period, down from 18.2% for the corresponding period last year[41]. - The gross profit margin for first-mile services was negative at 1.1%, down from 4.1% in the previous year, primarily due to increased ocean freight rates[42]. - The gross profit margin for last-mile services decreased to 18.8% from 21.4% in the corresponding period last year[42]. Revenue Breakdown - Revenue from first-mile international freight services was RMB 115,560,000, representing a year-on-year increase of 36.5% from RMB 84,657,000[10]. - Revenue from last-mile fulfillment services amounted to RMB 629,836,000, reflecting a year-on-year increase of 67.2% compared to RMB 376,706,000[10]. - Revenue generated from SaaS services during the Review Period was RMB 168,000[14]. - Revenue from the United States was RMB 516,775,000, representing a 71.1% increase from RMB 302,119,000 in the prior year[155]. - The Group's revenue from external customers in China was RMB 115,560,000, an increase of 36.4% from RMB 84,657,000 in the previous year[155]. - The geographical revenue breakdown shows that Canada generated RMB 38,361,000, a decrease of 8.3% from RMB 41,937,000 in the previous year[155]. Logistics and Operations - The Group contracted 56 overseas warehouses across the United States, Canada, the United Kingdom, Germany, and Australia, with 46 being partnered warehouses, making it one of the largest networks among peers[4]. - The Group operates four storage facilities in Guangzhou, Shenzhen, Shanghai, and Qingdao, serving as temporary stock storage before international freight[4]. - The Group's logistics solutions encompass cross-border logistics, overseas warehousing, and fulfillment delivery services, aimed at empowering the B2C export e-commerce industry in China[6]. - The Group successfully integrated its EDA Cloud platform with the TEMU system, becoming an official warehouse for TEMU[9]. - The Group added 6 new overseas warehouses in the first half of 2024, expanding its global logistics network[25]. - The Group has contracted 56 overseas warehouses in major cross-border e-commerce markets, enhancing its logistics capabilities[27]. Financial Position - The Group's total debts were RMB 306,623,000, with a healthy gearing ratio of 47.5% as of June 30, 2024[46]. - The Group's total equity increased from RMB 324,044,000 as of December 31, 2023, to RMB 550,273,000 as of June 30, 2024[46]. - The current ratio improved from 1.6 as of December 31, 2023, to 2.1 as of June 30, 2024[46]. - Cash and bank deposits, including restricted cash, amounted to RMB 322.4 million, providing sufficient working capital for operations and future development[47]. - The Group's employee costs, including share-based payment expenses, amounted to RMB 133,390,000 during the Review Period, with a total of 312 employees[51]. - The Group has no pledges on assets as of June 30, 2024, maintaining a strong financial position[55]. Shareholder Information - As of June 30, 2024, Liu Yong holds a total of 167,709,000 shares, representing 38.1% of the Company[72]. - Li Qin holds 13,198,000 shares, accounting for 3.0% of the Company[72]. - Cheung Man Yu has a total interest of 180,974,000 shares, which is 41.2% of the Company[72]. - The Company has complied with all applicable provisions of the Corporate Governance Code from the Listing Date to June 30, 2024[68]. - The Company emphasizes a culture of integrity and compliance, implementing anti-corruption training for employees[67]. Future Plans and Investments - The Group plans to invest in AI, machine learning, and IoT technologies to enhance the digital capabilities of its EDA Cloud platform[30]. - The Group aims to expand its markets in the PRC and globally, enhancing its global logistics network to capture more market share in the B2C export e-commerce supply chain solutions industry[58]. - The Company will continue to grow through self-development, mergers and acquisitions, and other means, with adequate bank credit lines available for financing capital expenditures[58]. - The company plans to enhance its global logistics network through an asset-light model, targeting a 62% improvement by May 31, 2027[114]. Dividend and Share Options - An interim dividend of HK$3.5 cents per share has been declared for the six months ended June 30, 2024, expected to be distributed on or about October 31, 2024[116]. - The Company adopted a Pre-IPO Share Option Scheme on May 14, 2024, granting a total of 31,212,000 shares, representing 7.09% of the issued share capital[86]. - The total number of shares that may be issued under the Post-IPO Share Option Scheme is 21,997,000, representing 5% of the issued share capital of the company as of the report date[99]. Taxation and Compliance - The Group's income tax provision for the six months ended June 30, 2024, includes a total tax charge of RMB 6,866,000, compared to RMB 5,972,000 for the same period in 2023, representing an increase of approximately 15%[174]. - The Group's PRC subsidiaries qualified for a preferential corporate income tax rate of 15% for the six months ended June 30, 2024, compared to the standard rate of 25%[172]. - The Group's subsidiaries in the United States were subject to a federal tax rate of 21% and state tax rates ranging from 8.8% to 11.5% during the reporting period[172].

Financial Performance - Revenue increased by 61.6% to RMB 745.4 million compared to the six months ended June 30, 2023[2] - Gross profit rose by 39.3% to RMB 117.3 million during the same period[2] - Adjusted net profit increased by 42.1% to RMB 56.6 million, excluding listing expenses and share-based payment impacts[2] - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 745,396 thousand, a 61.6% increase from RMB 461,363 thousand in the same period of 2023[13] - Revenue from international freight services was RMB 115,560 thousand for the six months ended June 30, 2024, compared to RMB 84,657 thousand in 2023, representing a 36.4% increase[14] - Revenue from last-mile delivery services reached RMB 629,836 thousand, up 67.0% from RMB 376,706 thousand in the previous year[14] - The profit attributable to equity holders of the parent for the six months ended June 30, 2024, was RMB 29,958,000, compared to RMB 28,943,000 for the same period in 2023[25] - Adjusted net profit for the six months ended June 30, 2024, was RMB 56,592 thousand, a 42.1% increase compared to RMB 39,834 thousand in the same period of 2023[43] - Basic and diluted earnings per share remained at RMB 0.08[4] Dividends - The interim dividend declared is HKD 0.035 per share for the six months ended June 30, 2024[2] - No dividends were declared for the six months ended June 30, 2024, compared to RMB 23,000,000 for the same period in 2023. A mid-term dividend of HKD 0.035 per share, totaling HKD 15,400,000, is proposed for shareholders on the register as of October 7, 2024[23]. - The board has declared an interim dividend of HKD 0.035 per share for the six months ending June 30, 2024, expected to be distributed around October 31, 2024[73] Assets and Liabilities - Non-current assets totaled RMB 345.1 million, up from RMB 256.2 million as of December 31, 2023[5] - Current assets increased to RMB 702.3 million from RMB 422.8 million as of December 31, 2023[5] - Total liabilities increased, with current liabilities at RMB 333.8 million compared to RMB 256.4 million at the end of 2023[6] - Net assets rose to RMB 550.3 million from RMB 324.0 million as of December 31, 2023[6] - The company's total borrowings as of June 30, 2024, were RMB 96,200 thousand, up from RMB 51,800 thousand as of December 31, 2023, indicating an increase of approximately 85.7%[36] - The total debt of the company at the end of the reporting period was RMB 306,623 thousand, with a healthy debt-to-equity ratio of 47.5%[61] - The company's current assets and current liabilities were RMB 702,258 thousand and RMB 333,810 thousand, respectively, resulting in a current ratio increase from 1.6 to 2.1[61] Operational Highlights - The company achieved operating revenue of RMB 745,396 thousand for the relevant period, compared to the same period in 2023[42] - The company has established 56 overseas warehouses across three continents and over 40 cities, enhancing its logistics capabilities[40] - The company added 6 overseas warehouses located in the US, Canada, Germany, and Australia, increasing total warehouse area by approximately 100,000 square meters, bringing the total to 56 overseas warehouses across three continents and over 40 cities[43] - The company aims to expand its overseas warehouse network and global logistics capabilities to improve efficiency in providing end-to-end supply chain solutions[48] - The group has leased six new overseas warehouses, increasing total area by approximately 100,000 square meters, located in the US, Canada, Germany, and Australia[64] Research and Development - Research and development expenses increased to RMB 17,488 thousand for the six months ended June 30, 2024, compared to RMB 11,905 thousand in 2023, reflecting a focus on innovation[16] - The company plans to invest in artificial intelligence, machine learning, and IoT technologies to enhance the capabilities of its Yida Cloud platform[47] Compliance and Governance - The group has implemented an anti-corruption risk management policy and continues to provide training to employees to prevent corruption[67] - The group has maintained compliance with all applicable corporate governance codes since its listing date[68] Employee and Operational Costs - The group has a total of 312 employees, with employee costs amounting to RMB 133,390,000, including share-based payment expenses[63] - The company's sales cost for the six months ended June 30, 2024, was RMB 628,142 thousand, a 66.5% increase from RMB 377,167 thousand in the same period last year[53] - Logistics costs accounted for 71.7% of total sales costs, amounting to RMB 450,402 thousand, reflecting a 66.3% increase year-on-year[56] Market Outlook - The cross-border e-commerce B2C export market in China is expected to maintain rapid growth, with the market size projected to reach RMB 3,870 billion by 2028[45] - The company’s strategic focus remains on providing end-to-end supply chain solutions for the rapidly growing B2C export e-commerce sector in China[39] Financial Investments - As of June 30, 2024, the group holds short-term financial investments of approximately RMB 141,192,000, with realized investment income of RMB 448,000[65] - The group has invested in several funds from E Fund Management (Hong Kong) Limited, with a total value accounting for 5% or more of the group's total assets as of June 30, 2024[65] Miscellaneous - The company reported no revenue from any single external customer accounting for 10% or more of total revenue for the periods ended June 30, 2024, and 2023[12] - The company has made progress in restructuring its SaaS system, completing the WMS/OMS template work and adding 5 new SaaS system users overseas[43] - The group has adopted a light-asset model through third-party logistics providers to maintain decision-making flexibility and improve operational efficiency[67] - The company reported a significant increase in equity from RMB 324,044 thousand at the end of 2023 to RMB 550,273 thousand by June 30, 2024[61] - The group incurred lease liabilities of RMB 108,057,000 during the reporting period, with interest expenses of RMB 4,694,000[28] - The group paid RMB 28,068,000 in lease liabilities during the reporting period, compared to RMB 19,944,000 for the same period in 2023[28] - The company’s bank overdraft financing was RMB 9,465 thousand as of June 30, 2024, slightly down from RMB 9,479 thousand as of December 31, 2023[34] - The company has secured several bank loans with collateral, including cash and bank deposits amounting to RMB 10,000 thousand[35] - The group has a total of 312 employees, with employee costs amounting to RMB 133,390,000, including share-based payment expenses[63] - The interim report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[75] - The board of directors consists of three executive directors and four independent non-executive directors[75]