| 朝云集团(06601) | 558.91 | 0.87 | 1 | | --- | --- | --- | --- | | 招商银行(03968) | 90208.86 | 0.84 | 1 | | 新天绿色能源(00956) | 3408.94 | 0.81 | 3 | | 新吉奥房车(00805) | 519.87 | 0.79 | 2 | | 赢家时尚(03709) | 881.37 | 0.78 | 1 | | 耀才证券金融(01428) | 142664.51 | 0.78 | 1 | | 粤港湾控股(01396) | 829.66 | 0.76 | 5 | | 同源康医药-B(02410) | 8492.89 | 0.73 | 2 | | 长飞光纤光缆(06869) | 12912.22 | 0.70 | 1 | | 国美零售(00493) | 297.49 | 0.70 | 1 | | 中远海运港口(01199) | 3644.33 | 0.68 | 6 | | 亨利加集团(03638) | 165.42 | 0.60 | 4 | | 茂盛控股(00022) | 512.32 | 0.59 ...

Financial Performance - Revenue for 2024 reached RMB 1,551,043 thousand, representing a 32.7% increase from RMB 1,168,451 thousand in 2023[13] - Gross profit for the year was RMB 426,189 thousand, up 12.1% from RMB 380,173 thousand in the previous year[13] - The net cash generated from operating activities was RMB 419,945 thousand, a significant increase of 98.4% compared to RMB 211,709 thousand in 2023[13] - The adjusted net loss (non-IFRS measure) improved to RMB 53,717 thousand, a reduction of 33.0% from RMB 80,151 thousand in the prior year[13] - The adjusted EBITDA (non-IFRS measure) increased by 56.1% to RMB 7,129 thousand from RMB 4,567 thousand in 2023[13] - The company reported a net loss of RMB 68.7 million for 2024, a significant improvement from a loss of RMB 469.6 million in 2023[17] - Adjusted net loss (non-IFRS measure) for 2024 was RMB 53.7 million, down from RMB 80.2 million in 2023, reflecting a 33.1% improvement[19] - Revenue for 2024 reached RMB 1.6 billion, representing a 32.7% increase compared to the previous year[23] - The gross profit for 2024 was RMB 426.2 million, showing a year-on-year growth of 12.1%[23] - Adjusted EBITDA (non-IFRS measure) for 2024 was RMB 7.1 million, up 56.1% from RMB 4.6 million in 2023[23] - Total GMV for 2024 was RMB 188.0 billion, a decrease of 3.8% from RMB 195.5 billion in 2023[35] - Gross profit margin for 2024 was 27.5%, down from 32.5% in 2023[37] - Revenue for continuing operations increased by 32.7% to RMB 1,551.0 million in 2024 from RMB 1,168.5 million in 2023[38] - Revenue from transaction support services decreased by 15.1% to RMB 432.1 million in 2024 from RMB 509.0 million in 2023[43] - Revenue from technology subscription services decreased by 16.9% from RMB 34.0 million in 2023 to RMB 28.3 million in 2024, primarily due to a reduction in events and conferences held with business partners[44] - Total revenue cost rose by 42.7% from RMB 788.3 million in 2023 to RMB 1,124.9 million in 2024, consistent with revenue growth[51] - Gross profit increased by 12.1% from RMB 380.2 million in 2023 to RMB 426.2 million in 2024, while overall gross margin decreased from 32.5% to 27.5%[53] Operational Highlights - The company aims to expand its platform services to include more industrial goods beyond steel, enhancing user stickiness[10] - The logistics platform "Fat Cat Logistics" has become the largest third-party steel terminal logistics service provider in China[10] - The company issued nearly RMB 200 billion in value-added tax invoices in 2024, indicating strong transaction volume[10] - The company’s steel trading platform registered over 15,000 suppliers and 183,000 customers, covering over 630,000 SKUs[23] - The total transaction volume for the steel trading business reached RMB 187.6 billion in 2024[23] - The trading platform's profitability significantly improved, with transaction service revenue increasing by 11.4% and the average commission per ton rising from RMB 5.1 to RMB 5.6, leading to a 28.8% growth in gross profit for SME trading solutions[25] - International business revenue surged from RMB 221.1 million in 2023 to RMB 593.3 million in 2024, marking a 168.4% year-on-year increase, with international transaction volume growing by 174.5%[26] - The non-steel sector's transaction business generated a GMV of RMB 408.4 million, a 192.7% increase compared to 2023, with 371 suppliers and 1,728 customers engaged[29] - The logistics business gross profit increased from RMB 26.2 million to RMB 34.8 million, representing a year-on-year growth of 32.8%[25] Technology and Innovation - The company is leveraging AI technology to improve supplier information processing and transaction efficiency[9] - AI technology has been fully integrated into operations, with the AI trading assistant processing over 10 million messages daily and achieving a 95% accuracy rate in transaction matching[32] - The company’s AI capabilities have improved internal efficiency, generating over 140,000 business documents and processing more than 4.4 million transactions[33] - The company has established a digital trading platform that significantly enhances transaction efficiency and reduces human involvement through its logistics fulfillment network and technology management tools[131] Strategic Initiatives - Following its successful listing in Hong Kong in March, the company is focused on increasing market recognition and understanding[11] - The company aims to strategically consolidate and expand its operations in 2024, marking a key year for growth[22] - The company plans to continue optimizing its logistics business structure, focusing on lower-cost but higher-margin short-distance transportation services[56] - The company aims to optimize supply chain management and enhance market competitiveness by leveraging digital management and high-value product layouts[27] Financial Position and Liabilities - Total assets decreased by 14.6% to RMB 10,048.6 million in 2024 from RMB 11,764.7 million in 2023[14] - Total liabilities decreased from RMB 10,676.4 million as of December 31, 2023, to RMB 9,181.8 million as of December 31, 2024, mainly due to reduced transaction volume and lower average steel prices[83] - Cash and cash equivalents decreased from RMB 1,053.2 million to RMB 746.9 million between December 31, 2023, and December 31, 2024[92] - The company reported a net loss attributable to owners of RMB 6,506.4 million as of December 31, 2024, compared to RMB 6,438.1 million as of December 31, 2023[86] - The company’s debt-to-asset ratio was 164.7%, up from 154.7% in 2023, primarily due to the impact of convertible preferred shares[102] Compliance and Governance - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[122] - The company is committed to fulfilling social responsibilities and promoting sustainable growth, as detailed in the environmental, social, and governance report[121] - The independent auditor confirmed that the ongoing related party transactions are conducted under normal commercial terms and are fair and reasonable[160] - The company has complied with the disclosure requirements under the relevant listing rules regarding related party transactions[162] Shareholder Structure and Risks - The company operates under a dual-class share structure, where Class A shareholders have one vote per share and Class B shareholders have ten votes per share[165] - The company’s B-class shareholders hold significant influence, which may not always align with the best interests of independent shareholders[123] - The largest customer accounted for 13.9% of total revenue, while the top five customers contributed 28.5% of total revenue for the year ending December 31, 2024[169] - The largest supplier represented 10.9% of total procurement, with the top five suppliers making up 33.2% of total procurement for the same period[169] - The company faces significant liquidity risks due to past operating cash outflows, which may limit operational flexibility and adversely affect financial condition and expansion capabilities[118] - The company is exposed to risks related to fluctuations in supply and demand for steel products in both domestic and overseas markets, which could negatively affect business and financial performance[117] - The company’s financial condition and operating performance may be adversely affected by customer concentration risks[120] Employee and Community Engagement - The company employed 1,120 full-time employees as of December 31, 2024, and maintained good working relationships without any significant labor disputes during the reporting period[107] - The company made charitable donations amounting to RMB 210,000 during the reporting period[179] - The total remuneration paid to directors during the reporting period was approximately RMB 6.4 million, including salaries, bonuses, and other benefits[191] Miscellaneous - The company did not declare any annual dividends for the year ending December 31, 2024[182] - There were no bonds issued by the group during the reporting period[180] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[199]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 1,551,043 thousand, representing a 32.7% increase from RMB 1,168,451 thousand in 2023[5]. - The gross profit for the same period was RMB 426,189 thousand, up 12.1% from RMB 380,173 thousand in 2023[5]. - The loss from continuing operations before tax significantly decreased by 85.7%, from RMB 468,861 thousand in 2023 to RMB 67,014 thousand in 2024[5]. - The adjusted net loss (non-IFRS measure) for 2024 was RMB 53,717 thousand, a reduction of 33.0% from RMB 80,151 thousand in 2023[5][10]. - The adjusted EBITDA (non-IFRS measure) rose by 56.1%, from RMB 4,567 thousand in 2023 to RMB 7,129 thousand in 2024[5][10]. - The company reported a net loss of RMB 68.7 million for the year, adjusted for non-cash items[76]. - The total comprehensive loss for the year was RMB 68,662 thousand in 2024, a substantial decrease from RMB 467,209 thousand in 2023, reflecting an improvement of approximately 85.3%[101]. Cash Flow and Assets - The net cash generated from operating activities increased by 98.4%, reaching RMB 419,945 thousand compared to RMB 211,709 thousand in 2023[5]. - The company's cash and cash equivalents decreased from RMB 1,053.2 million as of December 31, 2023, to RMB 746.9 million as of December 31, 2024[74]. - The company’s cash and cash equivalents decreased to RMB 240,163 thousand in 2024 from RMB 310,904 thousand in 2023, a decline of approximately 22.6%[102]. - The total current assets decreased by 14.9%, from RMB 11,257,399 thousand in 2023 to RMB 9,577,651 thousand in 2024[6]. - Trade receivables and other receivables decreased by 14.4% from RMB 10,165.7 million as of December 31, 2023, to RMB 8,703.8 million as of December 31, 2024, primarily due to a decline in transaction volume and average steel prices[64]. - The company’s restricted cash decreased from RMB 742,286,000 in 2023 to RMB 506,695,000 in 2024[123]. Revenue Streams - International business revenue surged from RMB 221.1 million in 2023 to RMB 593.3 million in 2024, marking a year-over-year increase of 168.4%[17]. - Revenue from transaction services was RMB 281,105,000 in 2023, expected to rise to RMB 313,160,000 in 2024, indicating a growth of 11.4%[109]. - Revenue from technology subscriptions decreased from RMB 508,994,000 in 2023 to RMB 432,103,000 in 2024, reflecting a decline of about 15%[109]. - Revenue from other businesses, primarily non-steel product transactions, increased by 49.4% from RMB 123.3 million in 2023 to RMB 184.2 million in 2024[37]. - Revenue from international trading operations surged from RMB 221.1 million in 2023 to RMB 593.3 million in 2024, marking an increase of 168.5%[29]. Expenses and Liabilities - The total expenses for sales, management, and R&D amounted to RMB 419 million, reflecting a year-on-year change of 6.1% when excluding stock-based payments and listing costs[23]. - Sales and distribution expenses rose by 12.9% from RMB 259.9 million in 2023 to RMB 293.4 million in 2024, driven by increased employee benefits and business development costs[52]. - Administrative expenses decreased significantly by 81.6% from RMB 418.5 million in 2023 to RMB 77.1 million in 2024, primarily due to a reduction in share-based payment expenses[53]. - The company reported trade payables of RMB 145,174,000 for 2024, up from RMB 71,058,000 in 2023, indicating a significant increase in liabilities[126]. - The total liabilities decreased from RMB 18,106,520 thousand in 2023 to RMB 16,485,147 thousand in 2024, a reduction of about 9.0%[104]. Corporate Governance - The company has implemented measures to ensure good corporate governance standards and avoid potential conflicts of interest with its controlling shareholders[90]. - The audit committee has reviewed and approved the group's financial performance and consolidated financial statements for the reporting period[96]. - The company has established various committees, including the audit committee, remuneration committee, nomination committee, and corporate governance committee, all composed of independent non-executive directors[94]. - The board believes that having the same individual serve as both chairman and CEO will benefit the company's business prospects and operational efficiency, despite it being a deviation from corporate governance codes[93]. - The company has confirmed compliance with corporate governance measures to manage potential conflicts of interest with controlling shareholders since the listing date[91]. Strategic Initiatives - The company is focused on enhancing its digital steel trading platform and expanding its B2B services, including logistics and SaaS products[4]. - The company aims to enhance supply chain management and digitalization to improve operational efficiency and market competitiveness[18]. - The company established a new division, "Fat Cat Industrial Products," to replicate its steel industry infrastructure in non-steel trading services[20]. - The AI technology has significantly enhanced internal efficiency, with the AI trading assistant processing over 10 million messages daily and achieving an accuracy rate of over 95%[22]. - The company has developed 12 AI agents, including the AI trading assistant and AI procurement assistant, which have been fully integrated into its operations, improving collaboration and employee efficiency[21][23].