Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 2,080.9 million, a decrease of 8.8% compared to RMB 2,282.2 million in 2023[4] - The gross profit for the fiscal year 2024 was RMB 1,582.7 million, down 6.7% from RMB 1,695.7 million in 2023[4] - The net profit for 2024 was RMB 175.4 million, an increase of approximately 9.6 times compared to RMB 16.6 million in 2023[4] - The company's total revenue for the year ended December 31, 2024, was RMB 2,080,865 thousand, a decrease from RMB 2,282,157 thousand in 2023[25] - Operating profit for the year ended December 31, 2024, was RMB 191.954 million, significantly improved from RMB 33.759 million in 2023[25] - The annual profit attributable to equity shareholders rose to RMB 133,450 thousand in 2024, compared to RMB 750 thousand in 2023, marking a significant increase[76] - Total comprehensive income for 2024 was RMB 195,059 thousand, compared to RMB 36,903 thousand in 2023, reflecting strong overall performance[77] Dividends - The company declared a special dividend of HKD 0.42 per share, expected to be paid on May 8, 2025[4] - The company has not declared or proposed any dividends for the years ended December 31, 2024, and December 31, 2023, but approved a special dividend of HKD 0.42 per share to be paid on May 8, 2025[101] User Growth - As of December 31, 2024, the cumulative registered individual users reached 105.5 million, an increase of 11.1% compared to 95.0 million in 2023[11] - The number of annual paid individual users rose to 123,390, reflecting a growth of 20.2% from 102,673 in the previous year[11] Revenue Breakdown - Revenue from providing talent acquisition and other HR services to corporate clients was RMB 482.5 million, accounting for 85.6% of total revenue, down 11.9% from RMB 547.9 million in the prior year[41] - Revenue from services provided to corporate clients was RMB 1,761,270 thousand, down 12.9% from RMB 2,022,306 thousand in 2023[89] - Revenue from services provided to individual paying users increased to RMB 317,815 thousand, up 23.1% from RMB 258,122 thousand in 2023[89] Operational Efficiency - The company aims to optimize operational efficiency and profitability through innovative product development and strategic focus on emerging industries[22] - The flexible employment business showed significant growth in 2024, benefiting from cost control and operational efficiency improvements[19] - Operating profit for the three months ended December 31, 2024, was RMB 44.5 million, compared to a loss of RMB 27.8 million for the same period in 2023, attributed to improved efficiency in management, R&D, and sales teams[48] AI and Technology Development - The development of AI technology is expected to optimize recruitment processes, enhancing efficiency and reducing costs[9] - The company is actively exploring AI applications in recruitment, achieving a full-chain digital upgrade in talent demand insights and candidate engagement[9] - The company launched several AI recruitment applications, including AI Smart Invitation and AI Smart Reading, enhancing user experience and matching efficiency[15][16] - The AI interview system Doris achieved a 95% consistency rate with professional interviewers, significantly improving assessment accuracy and reliability[17] - The AI-driven recruitment platform is set to launch in March 2025, marking a transition to AI Agent tools for enhanced user experience[23] Cash Flow and Financial Position - The net cash generated from operating activities for 2024 was RMB 92.5 million, a substantial increase from RMB 18.3 million in 2023, primarily due to cost-saving measures and efficiency improvements[58] - The net cash generated from investing activities in 2024 was RMB 179.1 million, down from RMB 514.9 million in 2023, mainly due to investments in financial products[59] - The net cash used in financing activities for 2024 was RMB 129.1 million, a decrease from RMB 343.3 million in 2023, attributed to reduced payments for restricted stock units and share buybacks[60] - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 810.2 million, an increase from RMB 666.7 million at the end of 2023[56] Expenses - Research and development expenses for the three months ended December 31, 2024, were RMB 73.1 million, a decrease of 28.1% from RMB 101.7 million in the prior year, representing 13.0% of total revenue[46] - Selling and marketing expenses for the three months ended December 31, 2024, were RMB 232.8 million, a decrease of 16.5% from RMB 278.9 million in the same period of 2023, accounting for 41.3% of total revenue[44] - General and administrative expenses for the three months ended December 31, 2024, were RMB 80.2 million, a decrease of 42.0% from RMB 138.3 million in the same period of 2023, representing 14.2% of total revenue[45] Compliance and Governance - The audit committee has reviewed the consolidated performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards[108] - The audit firm KPMG has confirmed that the financial figures in the preliminary announcement are consistent with the audited financial statements for the year[109] - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance for the year ending December 31, 2024[104]

Summary of Conference Call Company and Industry - The conference call pertains to a company in the online vocational training and recruitment industry, specifically focusing on its performance in the third quarter. Key Points and Arguments Financial Performance - The company's revenue for Q3 increased by 23.7% year-on-year, reaching 76.78 million yuan, primarily driven by the growth in online vocational qualification training business [1] - Net profit for Q3 was 59.99 million yuan, a 48.5% increase year-on-year, with scaled net profit at 45.96 million yuan, up 43.6% [2] - Total expenses for Q3 were 356 million yuan, a decrease of 14.9% year-on-year, with significant reductions in sales and R&D expenses [2] - Management expenses for Q3 were 92.74 million yuan, up 10.4% year-on-year, mainly due to one-time costs from organizational restructuring [3] User Engagement and Market Trends - As of the end of Q3, the platform had 103 million personal users, with monthly active users showing an 11.5% year-on-year growth [4] - The recruitment market remains weak, particularly in high-end sectors like real estate and finance, while manufacturing sectors such as electronics and new energy vehicles saw job postings increase [5] - The company is focusing on enhancing user engagement through differentiated product offerings and AI-driven solutions [6] Cost Management and Future Outlook - The company is implementing measures to control costs, aiming for a 10% to 15% reduction in total expenses for the year [3][7] - The management expressed confidence in the long-term growth potential of the high-end recruitment market, supported by policy and productivity improvements [7] - For Q4, the company anticipates a continuation of the current revenue and profit trends, despite a projected overall revenue decline of about 10% for the year [9] Product Development and Innovation - The introduction of AI interview products is aimed at reducing hiring costs for companies, with initial screening costs dropping to about one-tenth of traditional methods [11] - The company is focusing on expanding its product offerings to include more comprehensive solutions for enterprise clients, enhancing customer relationships through innovative products [15][37] Challenges and Market Conditions - The company noted that the overall recruitment environment remains cautious, with companies hesitant to expand their workforce until clearer economic signals emerge [39] - The management highlighted the importance of maintaining a strong cash flow and managing contract liabilities, which have been under pressure [21][22] Other Important but Possibly Overlooked Content - The company is optimistic about the potential for its AI-driven products to penetrate the market further, despite current economic challenges [14][15] - The management emphasized the need for a strategic approach to marketing and sales, focusing on maintaining profitability while exploring new customer segments [27][28] - The call concluded with a note on the importance of ongoing engagement with investors and stakeholders regarding future developments and performance [41]

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，概不對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。 Tongdao Liepin Group 同道獵聘集團 （於開曼群島註冊成立的有限公司） （股票代號：6100） 截至2024年9月30日止三個月及九個月 主要財務及表現指標 為使股東、投資者及公眾更好地評估本集團的營運表現，同道獵聘集團（「本公 司」，連同其附屬公司統稱「本集團」或「我們」）董事會（「董事會」）公佈本集團 截至2024年9月30日止三個月及九個月的若干選定未經審核主要財務及表現指 標，連同2023年同期的比較數字。 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

빵 措聘 Tongdao Liepin Group 同 道 獵 聘 集 團 (於開曼群島註冊成立的有限公司) ( 股 票 代 號 ：6100) 中期報告 2024 目錄 | --- | --- | |--------------------------|-------| | | | | 釋義 | 2 | | 公司資料 | 4 | | 財務摘要 | 5 | | 主席報告 | 6 | | 管理層討論及分析 | 9 | | 企業管治及其他資料 | 27 | | 綜合損益表 | 45 | | 綜合損益及其他全面收益表 | 46 | | 綜合財務狀況表 | 47 | | 綜合權益變動表 | 49 | | 簡明綜合現金流量表 | 51 | | 未經審核中期財務報告附註 | 52 | 釋義 「審核委員會」 本公司審核委員會 「董事會」 本公司董事會 「企業客戶」 於指定日期與我們訂有現時合約的驗證企業用戶，不包括試認購的 企業客戶 「本公司」或「公司」 同道獵聘集團（股票代號：6100），一間於2018年1月30日根據開曼 群島法律註冊成立的獲豁免有限公司，其股份於香港聯交所主板上 市 「董事」 本公司董事 「港元」 港元 ...

证券研究报告 同道猎聘 (6100 HK) 港股通 收入承压下内部持续提效 高端招聘需求承压，内部提效奠定业绩增长 结合近期数据跟踪，行业招聘需求仍处在缓慢修复中，公司 24 上半年收入 为 10.15 亿（yoy-7.2%），仍小幅下滑。内部提效下，利润增长显著达到 0.94 亿元（yoy+100%），我们预计 24-26E 调整后归母净利润为 1.84/2.29/2.76 亿元，选取主要人力资源公司作为可比公司，参考可比公司 24 年平均 PE 15x 给予公司估值，目标市值 31.20 亿港币，对应目标价 5.87 港元，维持 "买入"评级。 招聘需求呈现结构性分化 二季度不同行业延续分化表现。电子通讯和汽车机械制造等行业在猎聘平台 的新发职位数持续增长。文化体育和生活服务等城市服务业恢复性增长。而 吸纳中高端就业量较多的大型行业在今年继续面临招聘需求收缩的压力，房 地产和金融等行业招聘需求依然不景气。互联网行业的新发职位数量虽仍处 于下行通道，但降幅相较去年同期已显著缩窄，招聘需求有望逐步趋于稳定。 B 端需求较为谨慎，内部提效显著 二季度中高端招聘市场仍然承压，项目制产品利润考核下，保证了利润的稳 ...

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Tongdao Liepin Group 同道獵聘集團 （於開曼群島註冊成立的有限公司） （股票代號：6100） 截至2024年6月30日止三個月及六個月的中期業績公告 同道獵聘集團（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司（統稱「獵 聘集團」、「本集團」或「我們」）截至2024年6月30日止三個月及六個月的未經審 核綜合財務業績，連同2023年同期的比較數字。 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

同道猎聘1Q24业绩后小组交流会20240527 全文概要 该会议讨论了公司2024年一季度的财务概况、业务表现及市场 策略，并对未来展望进行分析。总体而言，公司在面临币场挑 战和行业趋势变化的背景下，通过调整营销策略和优化费用结构， 买现了部分业务的增长和利润的减亏。具体来看，公司2024年 一李度总收入为4.71亿元，同比下降6.4%。B端收入同比下降 11.2%，而C端收入则同比上涨35.7%，达到约6900万元。 C端增长主要得益于在线职业资格培训业务的强劲表现，无其是 心理咨询师培训产品。此外，公司通过线上精准投放替代线下广 告，有效提升了营销效率并降低了销售费用。在费用控制方面 公司实施了降本增效措施，预计全年研发费用将与去年持平或微 降，管理费用有较大下降空间。尽管一季度利润受到压力，但相 较去年同期已减亏。用户增长方面，B端 和C 端用户累计注册数 达132.7万家和9700万人，其中C端付费用户明显提升。 A1 技术的应用也为公司带来了正面影响，推出的Al 电话系统、 数字助理功能以及Al 面试工具 Doris,提高了招聘效率并降低了 成本。面对中高端产品市场的挑战，公司依旧专注于中高端招聘 ...

感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加中坚公司同道列品EQ80野球后小组交流会目前所有项目都均处于静音状态现在开始播报声明播报完毕后主持人可自行发言谢谢 本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利 这次会议是中国国际资产合作组织国际会议的关闭式会议CICC 只有邀请客人可以参加与合作组织合作组织合作组织合作组织合作组织合作组织合作组织 各位粉丝们上午好,欢迎大家参加广告猎听的2024年EGB交流会我是中间公司研究队青春营社组的师弟今天和我一起主持的还有中间社组组的蒋灵钢老师和互联网组的关于我老师 那今天的话我们也是非常有幸邀请到了同道类P&R团队的张总和王总和我们交流今天我们主要分为两个环节首先的话还是先由公司简单介绍一下EPB的经营情况然后我们也进入到QA环节我们现在先把时间交给公司领导好谢谢感谢大家今天来参加这个交流会然后也感谢中间的组织 那因为我们是上周五才发了一季度的业绩所以这边我们也给大家recap ...

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，概不對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。 Tongdao Liepin Group 同道獵聘集團 （於開曼群島註冊成立的有限公司） （股票代號：6100） 截至2024年3月31日止第一季度主要財務及表現指標 為使股東、投資者及公眾更好地評估本集團的營運表現，同道獵聘集團（「本公 司」，連同其附屬公司統稱「本集團」、「我們」、「獵聘」或「獵聘集團」）董事會 （「董事會」）公佈本集團截至2024年第一季度的若干選定未經審核主要財務及表 現指標。 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

User Growth and Engagement - The company's total registered individual users reached a significant milestone, with a growth rate of 15% year-over-year, reaching 50 million users by the end of 2023[4] - Cumulative registered individual users reached 95.0 million in 2023, a 12.6% YoY increase, while annual paying individual users grew by 8.5% to 102,673[16] - Registered individual users reached 95 million by December 31, 2023, a year-on-year growth of 12.6%, with improved resume quality and user activity[21] Enterprise Client Growth and Revenue - Revenue from enterprise clients increased by 20% compared to the previous year, contributing to 60% of the total revenue[4] - The company expanded its market presence in Southeast Asia, with a 40% increase in enterprise clients from the region[6] - Cumulative verified enterprise users increased by 14.5% YoY to 1,293,796, with annual new verified enterprise users surging 30.0% to 164,228[16] - Registered enterprise users increased to 1.29 million by the end of 2023, a year-on-year growth of 14.5%, with 164,000 new registered enterprise users added during the year, a 30.0% increase[18] - Paid enterprise customers reached 72,000 in 2023, a year-on-year growth of 1.9%, driven by the launch of a lightweight basic package in Q3 2023[18] SaaS Platform and Job Postings - The company's SaaS platform saw a 25% increase in active job postings, with over 1 million active job postings by the end of 2023[4] - New job postings in 2023 declined by 1.0% YoY to 3.81 million, while cumulative job postings dropped 6.7% to 8.3 million[16] - The top three industries with the highest growth in new job postings were energy & chemicals, transportation & logistics, and lifestyle services[14] R&D and AI Investments - The company's R&D investment grew by 30% year-over-year, reaching $50 million, focusing on AI and machine learning technologies[5] - The company launched an AI-powered interview product in Q1 2023, covering over 100 assessment dimensions and achieving results consistent with human HR interviews[12] - The company plans to further integrate AI technology in 2024 to enhance product intelligence and user experience[13] - The company's AI recruitment consultant product was developed, enabling batch processing of core recruitment processes and personalized job recommendations for users[19] Financial Performance - The company's net profit margin improved by 5 percentage points, reaching 18% in 2023[4] - The company's total assets increased by 10% year-over-year, reaching $1.5 billion by the end of 2023[4] - The company's cash flow from operations grew by 15%, reaching $300 million in 2023[4] - The company's market capitalization increased by 25% year-over-year, reaching $5 billion by the end of 2023[4] - The company's total debt decreased by 10%, reaching $200 million by the end of 2023[4] - Revenue for 2023 was RMB 2,282.2 million, a decrease of 13.5% compared to RMB 2,637.9 million in 2022[10] - Gross profit for 2023 was RMB 1,695.7 million, a decrease of 17.2% compared to RMB 2,047.1 million in 2022[10] - Net profit for 2023 was RMB 16.6 million, compared to RMB 89.6 million in 2022[10] - Non-GAAP operating profit for 2023 was RMB 138.8 million, compared to RMB 230.3 million in 2022[10] - The company's net profit attributable to equity shareholders for 2023 was RMB 0.8 million, compared to RMB 44.4 million in 2022[10] Cost Management and Efficiency - The company focused on cost reduction and efficiency improvement strategies, resulting in a net profit of RMB 16.63 million for 2023[11] - Sales and marketing expenses decreased by 17.2% to RMB 1,081.8 million in 2023, primarily due to reduced one-time advertising costs and improved sales efficiency, with expenses as a percentage of revenue falling from 49.5% to 47.4%[29] - General and administrative expenses increased by 10.2% to RMB 380.0 million in 2023, driven by higher one-time share-based compensation and goodwill impairment, with expenses as a percentage of revenue rising from 13.1% to 16.7%[30] - R&D expenses decreased by 10.0% to RMB 360.4 million in 2023, mainly due to cost savings in personnel, with R&D expenses as a percentage of revenue increasing slightly from 15.2% to 15.8%[31] Market Expansion and Strategic Initiatives - The company launched a lightweight basic package for SMEs in Q3 2023 to better serve their mid-to-high-end talent recruitment needs[11] - The company expanded its efforts to acquire state-owned enterprise clients and introduced the "Government Edition" of Liepin in early 2023[11] - The company plans to increase efforts to attract new customers and expand the scale of paying users in 2024[11] - The company will continue to support youth employment and assist the government in promoting the "stabilize employment, protect livelihoods" strategy[11] - The "Duolie RCN" platform, launched in September 2023, has partnered with over 50 headhunting firms and covered more than 1,500 headhunters by the end of 2023[13] - The company launched the Duolie RCN platform in Q3 2023, which has partnered with over 50 headhunting firms and covered more than 1,500 headhunters by the end of 2023[22] - 70% of the headhunting firms on the Duolie RCN platform have participated in order delivery[22] Talent Screening and AI Impact - The company observed a shift in talent screening criteria due to AI advancements, emphasizing creativity and tool proficiency[15] Financial Transactions and Investments - The company's cash and cash equivalents increased from RMB 476.5 million in 2022 to RMB 666.7 million in 2023[52] - Net cash generated from operating activities in 2023 was RMB 18.3 million, a significant decrease from RMB 143.1 million in 2022[54] - Net cash generated from investing activities in 2023 was RMB 514.9 million, primarily due to the maturity of bank time deposits[54] - Net cash used in financing activities in 2023 was RMB 343.3 million, mainly due to payments for restricted share units and share repurchases[55] - Capital expenditures and long-term investments decreased from RMB 88.9 million in 2022 to RMB 22.0 million in 2023, reflecting stricter external investment strategies[56] - The company's capital-to-debt ratio increased to 0.45% in 2023, up from 0.18% in 2022[57] - The company had four bank loans totaling RMB 20.2 million due within one year, with fixed annual interest rates ranging from 3.35% to 5.50%[58] - The company recorded foreign exchange gains of RMB 4.7 million in 2023, compared to RMB 31.9 million in 2022, primarily due to the appreciation of the USD against the RMB[61] - The company had no significant contingent liabilities as of December 31, 2023[61] - The company invested $50,000,000 in a fixed-rate note issued by Citigroup Global Markets Holdings Inc. with an annual interest rate of 5.80%, expected to be held until maturity[65] - The fair value of the note as of December 31, 2023, was $49,985,500, with unrealized gains of $548,219, representing 7.8% of the group's total assets[66] IPO Proceeds Allocation - The company's IPO proceeds amounted to approximately HK$2,804.6 million, with HK$2,552.5 million utilized as of December 31, 2023, and HK$252.1 million remaining unused[70] - 40% of the IPO proceeds (HK$1,121,840,000) were allocated to enhance R&D capabilities and product portfolio[71] - 25% of the IPO proceeds (HK$701,150,000) were allocated for acquisitions, investments, and growth strategies, with HK$438,527,000 already utilized and HK$252,065,000 planned for use in 2024 and 2025[71] - 25% of the IPO proceeds (HK$701,150,000) were allocated to improve sales and marketing plans, aiming to expand the user and customer base and optimize online advertising[71] - 10% of the IPO proceeds (HK$280,460,000) were allocated for working capital and general corporate purposes[71] - The company plans to utilize the remaining HK$252.1 million of IPO proceeds in accordance with the proportions and timelines outlined in the prospectus[71] Corporate Governance and Board Activities - The company's board of directors includes Fan Xinpeng, an independent non-executive director with extensive experience in global investment banking and financial management[75] - The company's senior management team includes Dai Kebin, the executive director, chairman, and CEO, responsible for overall strategic planning and corporate management[76] - The company's annual general meeting will be held on June 6, 2024, with share transfer registration suspended from June 3 to June 6, 2024[86] - The company's environmental policy emphasizes green operations, energy conservation, and reducing carbon footprint[87] - The company's financial summary for the past five fiscal years is detailed on page 172 of the annual report[83] - The company's property, plant, and equipment changes for the year are detailed in Note 12 of the consolidated financial statements[83] - The company's shareholding structure complies with the minimum public float requirement under the Hong Kong Stock Exchange's exemption[84] - The company is committed to maintaining a balanced approach to diversity in recruitment and selection processes at all levels, including the Board of Directors[197] - The Board will consider setting measurable objectives for diversity among executive directors and will review these objectives periodically to ensure they remain appropriate and achievable[197] - The Nomination Committee is responsible for selecting and appointing directors, ensuring a balanced distribution of skills and experience on the Board[198] - The Board reviewed corporate governance policies, training for directors and senior management, and compliance with legal and regulatory requirements during the year ending December 31, 2023[199] - The Board is required to meet at least four times a year, with a majority of directors attending in person or via electronic communication[200] - The Chairman is required to meet with independent non-executive directors at least once a year without the presence of other directors[200] Shareholder and Equity Information - Dai Kebin holds a 34.36% equity interest in the company through The Dai Family Trust, with May Flower Information Technology Co., Limited holding 117,033,166 shares (22.44%) and proxy voting rights for 62,164,060 shares (11.92%)[104] - Chen Xingmao holds a 2.46% equity interest in the company through The Xiaoying Trust, with Xiaoying Information Technology Co., Limited holding 12,805,426 shares[104] - Dai Kebin holds a 17.80% equity interest in Wanshidao (Beijing) Management Consulting Co., Ltd., with 7,073,760 shares, and an additional 9.82% through other entities[107] - Chen Xingmao holds a 2.38% equity interest in Wanshidao (Beijing) Management Consulting Co., Ltd., with 947,460 shares[107] - Tian Ge was appointed as an executive director on April 3, 2024, with a three-year service contract[100] - Fan Xinpeng was appointed as an independent non-executive director on September 12, 2023, with a three-year appointment letter[100] - Shao Yibo and Chen Xingmao resigned as non-executive director and executive director, respectively, on April 3, 2024[98] - The company confirmed the independence of independent non-executive directors Ye Yaming, Zhang Ximeng, and Fan Xinpeng[101] - Dai Kebin's spouse, Song Yueting, holds a 0.27% equity interest in the company through a discretionary trust[105] - Mr. Chen resigned as an executive director on April 3, 2024[108] - Ms. Song Yueting holds 1,390,145 shares (0.27%) through a discretionary trust and 179,197,226 shares (34.36%) through spousal interests[110] - May Flower Information Technology Co., Limited holds 179,197,226 shares (34.36%) as a beneficial owner[110] - Yiheng Capital, LLC holds 42,165,499 shares (8.08%) as a beneficial owner[110] - FIL Limited, Pandanus Associates Inc., and Pandanus Partners L.P. each hold 36,500,776 shares (7.00%) through controlled corporate interests[110] - Tricor Trust (Hong Kong) Limited and Futureshare Limited each hold 37,189,164 shares (7.13%) as trustee and beneficial owner, respectively[110] - May Flower beneficially holds 117,033,166 shares (22.44%) and has voting proxy rights over 62,164,060 shares (11.92%)[111] - No directors or senior executives held interests in competing businesses as of December 31, 2023[114] - The company has obtained exemptions from certain connected transaction requirements under the Hong Kong Stock Exchange Listing Rules[115] - Mr. Dai Kebin is an executive director, major shareholder, and controlling shareholder of the company[116] - The company controls 30% equity of Wanshidao and 100% equity of Tongdao Elite and Liedao through contractual arrangements[118] - Wanshidao, established in 2006, is owned by Tongdao Elite (Hong Kong) Information Technology Co., Ltd. (70%), Dai Kebin (27.62%), and Chen Xingmao (2.38%)[117] - Tongdao Elite, established in 2015, is owned by Liedao (50.1%), Matrix Partners China I Hong Kong Limited (21.88%), Giant Lilly Investment Ltd (21.345%), and Tenzing Holdings Hong Kong Limited (6.675%)[117] - Liedao, established in 2014, is owned by Dai Kebin (99%) and Chen Xingmao (1%)[118] - The contractual arrangements allow the company to effectively control Wanshidao, Tongdao Elite, and Liedao, and receive all economic benefits generated by these entities[118] - The company faces risks related to the contractual arrangements, including potential invalidation due to changes in Chinese laws and regulations[120] - The company has exclusive purchase rights to acquire 30% equity and/or assets of Wanshidao and 100% equity and/or assets of Tongdao Elite and Liedao[121] - The initial term of the exclusive purchase right agreements is 10 years, with automatic renewal unless otherwise specified in writing[121] - Wan Shidao's revenue for 2023 was RMB 45.5 million, accounting for 2.0% of the group's total revenue[127][128] - Tongdao Elite's revenue for 2023 was RMB 1,348.2 million, accounting for 59.1% of the group's total revenue[127][128] - Wan Shidao's profit for 2023 was RMB 9.4 million, compared to a loss of RMB 23.9 million in 2022[127] - Tongdao Elite's loss for 2023 was RMB 63.7 million, compared to a loss of RMB 38.2 million in 2022[127] - Lie Dao's loss for 2023 was RMB 1.9 million, compared to a profit of RMB 9.3 million in 2022[127] - Wan Shidao's total assets for 2023 were RMB 625.3 million, a decrease from RMB 664.6 million in 2022[128] - Tongdao Elite's total assets for 2023 were RMB 1,013.9 million, a decrease from RMB 1,146.4 million in 2022[128] - Lie Dao's total assets for 2023 were RMB 390.8 million, an increase from RMB 369.1 million in 2022[128] - Tongdao Liepin (Tianjin) did not receive any service fees in 2023 and will not retroactively collect any fees for 2023[122] - The company has implemented mitigation measures to monitor regulatory developments and reduce risks associated with contractual arrangements[129] - The Hong Kong Stock Exchange has granted the company exemptions from certain disclosure and approval requirements under Chapter 14A of the Listing Rules, including the need for independent shareholder approval and setting a maximum annual cap for fees payable under contractual arrangements[131] - The company has established a track record in overseas value-added telecommunications services to meet qualification requirements, including registering trademarks, acquiring domain names, and conducting feasibility studies for overseas market expansion[133] - The company has set up overseas subsidiaries, including in Hong Kong and the United States, to expand talent intermediary services and establish an overseas execution team[133] - Independent non-executive directors confirmed that the contractual arrangements allowed the company to retain the majority of earnings from consolidated affiliated entities during the fiscal year[134] - The company's auditors confirmed that the transactions under the contractual arrangements were conducted in accordance with the relevant agreements and no dividends were distributed to equity holders of the consolidated affiliated entities[136] - No significant contracts were entered into between the company or its subsidiaries and the controlling shareholder or its subsidiaries during the fiscal year[138] - The company has implemented indemnity provisions and arranged appropriate directors' liability insurance for its board members[140] Employee and Compensation Information - The company had 5,165 employees as of December 31, 2023, with a shift in sales team composition due to a decrease in talent recruitment and HR service sales personnel offset by an increase in certification training service sales personnel[141] - The company implemented a performance-based compensation system for the sales team, including salary and performance bonuses based on metrics such as total revenue generated and unique customer acquisition and retention[141] - The company's defined contribution retirement plan, organized by provincial and municipal governments, has no forfeitable contributions that