Group 1: Government Initiatives - The State Council's Employment Promotion and Labor Protection Working Group issued guidelines for a large-scale vocational skills enhancement training initiative from 2025 to the end of 2027, targeting the supply of skilled labor in manufacturing and service sectors, aiming to provide over 30 million subsidized training opportunities [1] - Shanghai plans to implement a three-year action plan for building a strong education system, focusing on modern vocational education, deepening industry-education integration, and enhancing governance capabilities in vocational education [1] - Guangzhou released implementation opinions to strengthen the high-skilled talent workforce, promoting reforms in the modern vocational education system and integrating vocational and general education [1] Group 2: Industry Developments - China Oriental Education (00667) is a nationwide vocational training institution offering professional training services in culinary arts, information technology, automotive services, and fashion beauty [2] - South China Vocational Education (06913) operates two schools and plans to restructure its colleges, adding new programs in dental and optical technology, with over 40 diverse subjects offered [2] - China Spring Education (01969) operates six private vocational schools, with a total enrollment of 104,000 students, and is positioned to benefit from the growth of private vocational education in Central China [3] - Zhonghui Group (00382) reported a 21.7% revenue growth in higher vocational education, with higher vocational education accounting for 84.9% of total revenue [3] - Fenbi (02469), a leading vocational education company, launched an AI-based product that generated over 14 million yuan in sales within two months, indicating a successful scale-up of its AI strategy [3] Group 3: Company Performance - Neusoft Ruixin Group (09616) reported a 14.9% increase in revenue from educational resource output to 220 million yuan, while its lifelong education business saw a 12.3% decline in revenue to 140 million yuan [4]

Core Viewpoint - Neusoft Ruixin Group's acquisition of a stake in Xikang Yunsha aims to enhance its "health tourism" business integration and support the specialized development of elderly education, while expanding its practical education platform in higher education [1][2]. Group 1: Strategic Developments - The acquisition is a key step in perfecting the "education, medicine, health, and tourism" strategic layout, reflecting the company's commitment to integrating five major business ecosystems [1]. - Since 2024, the company has been leveraging its advantages in the "education + technology + health" sector to create a new blueprint for integrated development [2]. Group 2: Educational Initiatives - Neusoft Ruixin has established three IT application-oriented undergraduate colleges in Dalian, Chengdu, and Foshan, training over 170,000 IT professionals [2]. - The company empowers over 700 universities and vocational colleges nationwide with high-quality educational products and services [2]. Group 3: Healthcare and Elderly Services - The company is expanding its healthcare services through its cardiovascular and dental hospitals, as well as the upcoming rehabilitation hospital, enhancing its medical and health services [2]. - Neusoft Phoenix Academy focuses on personalized needs of the elderly in learning, socializing, and health, creating a comprehensive lifelong health service system [2]. Group 4: Collaborative Platforms - The investment in Xikang Yunsha will deepen collaboration between the hotel chain and elderly education, promoting a new integrated model of elderly education that combines travel and learning [3]. - Xikang Yunsha serves as a joint practice base for the company's three colleges, facilitating a collaborative innovation platform that integrates education, talent, and industry [3]. Group 5: Future Vision - The company aims to advance its "education, medicine, health, and tourism" strategy, focusing on education as the core and link, while enhancing its service system for health and tourism [3]. - Neusoft Ruixin Group seeks to become a leader in the integrated development of education, medicine, health, and tourism, leveraging technology to empower the ecosystem [3].

Group 1 - The company Neusoft Ruixin Group plans to acquire approximately 4.2255% of the paid-up capital of Xikang Cloud House for a total consideration of RMB 30 million [1] - The company will also invest an additional RMB 45 million into Xikang Cloud House, which will convert its capital reserve of RMB 4,136,047 into registered capital, fully allocated to the buyer [1] - Post-acquisition, the ownership structure of the target company will change, with Neusoft Holdings reducing its stake to approximately 52.5847%, while the buyer will hold about 9.9341% [1] Group 2 - Since its strategic transformation in 2024, the company has evolved from a single education service provider to a pioneer in the integrated ecosystem of "education, healthcare, elderly care, tourism" [2] - The target group operates five wellness hotels, which serve as important collaboration bases for the company's elderly education services, enhancing the curriculum and promoting the development of elderly education [2] - The board believes that the acquisition aligns with the company's expansion strategy, helping to establish diversified revenue sources and sustainable cash flow [2]

Group 1 - The company Neusoft Ruixin Group (09616.HK) has entered into a share transfer agreement to acquire approximately 4.2255% of the target company's paid-up capital for a total consideration of RMB 30 million [1] - The company will also invest RMB 45 million in cash into the target company, which will convert its capital reserve of RMB 4.136 million into registered capital, fully allocated to the buyer [1][2] - Following the completion of the acquisition and capital increase, the ownership structure of the target company will change, with Neusoft Holdings holding approximately 52.5847% of the equity, and the target company will not become a subsidiary of the group [2] Group 2 - Since its strategic transformation in 2024, the company has shifted from being a single education service provider to a pioneer in the integrated "education, medical care, health, tourism" ecosystem [3] - The target group primarily operates hotels and manages five health and wellness hotels, which serve as important collaboration bases for the company's elderly education services [3] - The acquisition will further expand the company's health tourism services and enhance collaboration between the target group's hotels and the company's elderly education business, promoting mutual benefits [3]

Acquisition and Strategic Partnerships - The company acquired Dongsoft Health Medical and its subsidiaries, creating an integrated development ecosystem in education, healthcare, and wellness[6] - The company signed a strategic cooperation memorandum with Itochu Corporation, establishing a Sino-Japanese elderly care industry alliance to explore innovative elderly care models and products[11] - The company completed the acquisition of Dongsoft Health Medical and its subsidiaries, including two hospitals and one elderly care facility, on May 31, 2024, with a revenue of approximately RMB 56.8 million from the elderly care business from June 1 to December 31, 2024[76] Education and University Rankings - The company launched the first domestic education metaverse platform, OpenNEU, enabling collaborative and interactive learning environments[6] - The company’s Dalian University ranked fourth among Chinese universities in the 2024 World University Rankings (WURI) and seventh globally in the "Generative AI Applications" category[8] - The company’s three universities ranked in the top ten of the national index for computer education development among newly established undergraduate institutions[17] - As of December 31, 2024, the total number of enrolled students across three universities reached over 58,000, representing a 2.3% increase compared to the same period in 2023, marking a historical high in student enrollment[43] - Dalian University has established 33 undergraduate programs, 7 associate degree programs, and 5 vocational undergraduate programs, including 5 health technology programs, and has received multiple honors in educational quality[39] - Chengdu University has opened 31 undergraduate programs and has been recognized as a pilot demonstration project for industrial internet security talent cultivation, being the only university in the country to receive this approval in 2024[40] - Guangdong University has launched 23 undergraduate programs and has been awarded the "Best Ecological Development Award" by Huawei Cloud, highlighting its contributions to the Huawei cloud ecosystem[42] - Dalian University ranked second nationally and first in Liaoning Province in the 2024 evaluation of first-class private universities in China, showcasing its strong educational quality[39] Financial Performance - For the fiscal year ended December 31, 2024, total revenue reached RMB 2,042,073,000, representing a 13.1% increase from RMB 1,806,073,000 in 2023[24] - The gross profit for the same period was RMB 968,552,000, up 12.0% from RMB 865,076,000 in the previous year[24] - Adjusted net profit for 2024 was RMB 466,092,000, reflecting an 8.7% increase compared to RMB 428,713,000 in 2023[24] - The education business accounted for 79.6% of total revenue, with full-time higher education services generating RMB 1,625,566,000, an 11.8% increase from RMB 1,453,347,000[34] Growth and Expansion - The company plans to expand its healthcare and elderly care services, integrating education, healthcare, and wellness into a comprehensive ecosystem[29] - The company aims to leverage cutting-edge technologies such as AI and the metaverse to enhance its service offerings across various business scenarios[30] - The company has restructured its business strategy to focus on five major ecosystems: education technology, medical care services, health technology, university technology parks, and health tourism[35] - The company plans to integrate education and healthcare, elderly care technology, and services to create greater development and profit opportunities for sustainable growth[35] Technological Advancements - The company showcased its products in artificial intelligence, big data, health technology, and digital media at the 62nd Higher Education Expo, receiving widespread acclaim[18] - The company developed 299 courses and 12,122 projects across five professional directions, with 159 new courses and 5,260 new projects launched in 2024[60] - The company has created a comprehensive 4S product service system, focusing on IT, DT, and HT fields, to enhance educational technology products[56] - The company launched several new platforms in 2024, including the OpenNEU Metaverse Creative Sharing Platform and a comprehensive quality monitoring and evaluation platform[57] Elderly Care Services - The company achieved a 75% occupancy rate in its international high-end elderly care center during its first year of operation[28] - The company has initiated a strategic expansion into the silver economy market to address the growing needs of the aging population in China, recognizing the increasing demand for health management and social participation among the elderly[75] - The integrated "Education, Medical Care, and Elderly Care" model has been established, combining education, healthcare, and elderly care services to enhance the quality of life for the elderly[75] - The elderly care center utilizes advanced medical resources from Ruikang Cardiovascular and Dental Hospitals, providing comprehensive medical services and rapid access to healthcare[86] Employment and Training - The employment placement rate for the 2024 graduates exceeded 90%, demonstrating resilience in the post-pandemic job market[50] - A total of 648 provincial-level entrepreneurial projects were cultivated, with over 200 virtual companies and 84 physical companies incubated in 2024[51] - The company implemented 193 training projects across 94 institutions, with over 41,000 participants in offline training programs in 2024[71] - The company’s educational resources output business is increasingly recognized for its support in educational reform and curriculum development[65] Corporate Governance and Leadership - The board consists of nine members, including one executive director and three independent non-executive directors, ensuring diverse expertise[133] - The company has maintained a stable leadership structure with no significant changes in the past three years[159] - The company is committed to enhancing its governance through the appointment of qualified independent directors[152] - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[192] Market Trends and Government Initiatives - By the end of 2024, the population aged 60 and above in China is expected to exceed 300 million, with the silver economy projected to reach approximately RMB 7.1 trillion, accounting for about 6% of GDP[120] - The silver economy is forecasted to grow to around RMB 30 trillion by 2035, representing over 10% of GDP as the elderly population surpasses 400 million[120] - The government has introduced 26 measures to optimize elderly health services and enhance the quality of elderly care, emphasizing the development of smart health care models[120] - The integration of technology in elderly care services is prioritized, with plans for a unified national elderly service information platform and the promotion of "Internet + healthcare" initiatives[122]

教育业务增长稳健 全日制学历高等教育服务业务方面，2024年收入16.25亿元，同比+11.8%，占收比79.6%。截至2024年12 月31日，三所大学在校生人数合计超5.8万人，同比+2.3%。2024年，教育资源输出业务收入同比 +14.9%至2.2亿元，期内公司向133家院校及机构提供其智慧教育平台、教育管理软件、实训室产品及配 套教学内容，与62所院校开展了产业学院和专业共建合作，覆盖约2.3万名学生。终身教育业务收入同 比-12.3%至1.4亿元，期内公司在原有服务基础上，开设"东软凤凰学院"以开拓老年教育业务，其课程 覆盖AI与艺术创作、健康与康复等特色领域。盈利层面，2024年毛利率达47.4%，同比-0.5ppt;经调整归 母净利润同比+8.3%至4.64亿元，对应经调整归母净利率22.8%，同比-1ppt。 中金主要观点如下： 2024年业绩超出市场预期 公司公布2024年度业绩：收入20.42亿元，同比+13.1%;经调整归母净利润4.64亿元，同比+8.3%，均超 出市场预期，得益于核心业务增长快于预期，以及医疗保健和健康服务亏损拖累小于预期。2024年5月 31日，公司公告完成东软健 ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 03 月 28 日 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 9616 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 3.69/2.3 | | 目标价格(港元)： | | 总市值(亿港元) | 19.77 | | 最新收盘价(港元)： | 3.06 | 自由流通市值(亿港元) | 19.77 | | | | 自由流通股数(百万) | 646.21 | [Table_Summary] 事件概述 2024 年公司收入/归母利润/经调归母净利润分别为 20.42/4.66/4.64 亿元、同比增长 13.1%/8.4%/8.3%， 业绩略超我们此前预期。净利增幅低于收入增幅主要由于其他收入减少（政府补助同比减少 49%），剔除其他 收入影响后经调净利为 3.5 亿元，同比增长 24.7%。 公司拟派发末期股息每股 0.388 港元，派息率 53.9%，股息率 12.7%。 2025 年 2 月 26 日，公司旗下广东东软学院通过公开竞 ...

随着中国社会老龄化的加速，老年教育和康养服务市场潜力巨大。2024年，本集团战略性地开拓老年教 育及医疗康养业务，并依托"教育+科技+医养"的创新研发能力，打造"教医养"融合发展新模式。于报告 期内，本集团主要经营两类业务：教育业务;及医养业务。其中教育业务主要覆盖三类业务：全日制学 历高等教育服务;教育资源输出;以及终身教育服务;医养业务主要覆盖两类业务：医疗服务;以及康养服 务。 智通财经APP讯，东软睿新集团(09616)发布截至2024年12月31日止年度业绩，该集团取得收入人民币 20.42亿元(单位下同)，同比增加13.1%;公司拥有人应占年内利润4.66亿元，同比增加8.4%;公司拥有人应 占经调整纯利4.64亿元，同比增加8.3%;每股基本盈利0.72元，拟派发末期股息每股38.8港仙。 自2025年起，本集团进一步扩大业务领域，构建五大业务生态：教育科技;医养服务;健康科技;大学科技 园与校园服务;康旅服务，打造"教医养康旅"五位一体化发展的业务新生态，开启新的战略篇章。为更 好地体现本公司在发展战略上的转型和升级，本公司已于2024年12月4日正式更名为"东软睿新科技集团 有限公司"。未来 ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 2,042,073,000, an increase of 13.1% from RMB 1,806,073,000 in 2023[3] - Gross profit for the same period was RMB 968,552,000, reflecting a growth of 12.0% compared to RMB 865,076,000 in 2023[3] - Net profit attributable to the company's owners was RMB 465,619,000, up 8.4% from RMB 429,540,000 in the previous year[3] - Adjusted net profit was RMB 428,713,000, representing an increase of 8.7% from RMB 394,392,000 in 2023[3] - The gross profit margin slightly decreased to 47.4% from 47.9% in 2023[3] - Basic earnings per share increased to RMB 0.72 from RMB 0.66, marking a growth of 9.1%[3] - Total comprehensive income for the year amounted to RMB 464,921,000, compared to RMB 426,918,000 in 2023[5] - The company reported a net profit before tax of RMB 638,195,000, up from RMB 577,781,000 in the previous year[4] - The company's income tax expense for 2024 was RMB 170,876,000, an increase of 15.3% from RMB 148,140,000 in 2023[25] - The pre-tax profit for 2024 was RMB 638,195,000, up from RMB 577,781,000 in 2023, reflecting a growth of 10.4%[25] Assets and Liabilities - Total assets increased to RMB 7,355,053,000 in 2024 from RMB 6,691,232,000 in 2023, representing an increase of approximately 9.94%[6] - Current liabilities decreased slightly to RMB 2,418,192,000 in 2024 from RMB 2,446,630,000 in 2023, a decrease of about 1.15%[6] - Non-current liabilities rose significantly to RMB 2,622,909,000 in 2024 from RMB 2,178,393,000 in 2023, an increase of approximately 20.36%[7] - Total liabilities increased to RMB 5,041,101,000 in 2024 from RMB 4,625,023,000 in 2023, reflecting a growth of around 9.00%[7] - Equity attributable to owners increased to RMB 2,444,289,000 in 2024 from RMB 2,659,698,000 in 2023, a decrease of approximately 8.09%[7] - Cash and cash equivalents decreased to RMB 1,664,799,000 in 2024 from RMB 1,708,427,000 in 2023, a decline of about 2.55%[6] Revenue Streams - Full-time higher education services generated RMB 1,625,566,000 in revenue, up from RMB 1,453,347,000 in 2023, reflecting a growth of 11.8%[16] - Revenue from lifelong education services decreased by 12.3% to RMB 139,077,000 from RMB 158,603,000 in 2023[52] - The medical and nursing business generated revenue of RMB 56,820,000, which was not applicable in the previous year[52] Acquisitions and Investments - The acquisition of Dongsoft Health Medical Group was completed on May 31, 2024, for a total consideration of RMB 81,000,000, aimed at expanding the elderly education market[37] - The company recognized goodwill of RMB 196,016,000 as part of the acquisition of Dongsoft Health Medical Group[39] - The cash outflow from the acquisition of a subsidiary was RMB 81,000,000, with a net cash outflow of RMB 46,927,000 recorded in investment activities[40] Educational Initiatives - Dalian Neusoft Institute of Information has established 33 undergraduate programs, 7 associate degree programs, and 5 vocational undergraduate programs, including 5 health technology programs[55] - The company has launched the "2024 Huawei HarmonyOS Target Class" project in collaboration with Huawei and Chengdu Zhilaohui Technology Co., Ltd.[59] - The company aims to become a leader in the education, medical, health, and tourism ecosystem, focusing on technology-enabled development and sustainable growth[53] Student Enrollment and Performance - The total number of enrolled students across three universities reached over 58,158 as of December 31, 2024, representing a year-on-year growth of 2.3%[61] - The employment placement rate for the 2024 graduates from the three universities exceeded 90%, maintaining a high placement rate despite the challenging job market[72] Corporate Governance and Compliance - The company has adhered to the corporate governance principles and standards, ensuring high levels of ethical standards, transparency, accountability, and integrity as of December 31, 2024[181] - The audit committee has reviewed the accounting principles and financial reporting matters, confirming compliance with applicable accounting standards and sufficient disclosures for the fiscal year ending December 31, 2024[185] Future Plans and Strategies - The company plans to continue providing full-time higher education services and lifelong education services in mainland China[8] - The company plans to expand its business into five major ecosystems starting in 2025: Education Technology, Medical Services, Health Technology, University Technology Parks and Campus Services, and Health Tourism[53] - The company aims to build a "Education-Medical-Nursing-Health-Tourism" ecosystem, integrating five sectors for collaborative development[152]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 968,108,000, representing a 5.4% increase from RMB 918,430,000 in the same period of 2023[6] - Gross profit for the same period was RMB 510,656,000, up 11.2% from RMB 459,320,000 year-over-year[6] - Operating profit increased by 1.8% to RMB 403,127,000 compared to RMB 395,895,000 in the previous year[6] - Net profit for the period was RMB 277,571,000, reflecting a 1.4% increase from RMB 273,733,000 in the prior year[6] - Total revenue for the first half of 2024 reached RMB 968.1 million, a 5.4% increase from RMB 918.4 million in the same period of 2023[9] - Full-time higher education services generated RMB 802.9 million, accounting for 82.9% of total revenue, with a 7.2% year-over-year increase[9] - The company reported a significant increase in financial asset impairment losses, which rose by 410.8% to RMB 14,434,000 from RMB 2,826,000 in the previous year[6] - Administrative expenses increased by 22.9% to RMB 92,228,000 compared to RMB 75,046,000 in the same period of 2023[6] - Other income decreased by 18.8% to approximately RMB 55.5 million, primarily due to a reduction in government subsidies[43] - The net finance costs for the period were approximately RMB 42.8 million, an increase of 7.8% year-over-year, mainly due to higher borrowing interest expenses[44] - The income tax expense for the period was approximately RMB 82.7 million, a slight increase of 0.3% year-over-year, driven by an increase in taxable profits[45] Acquisitions and Business Expansion - The company completed the acquisition of Neusoft Health Medical and its subsidiaries, integrating their financial performance into the group's financial statements[5] - The company completed the acquisition of Dongsoft Health Medical and its subsidiaries, including two hospitals and a nursing home, on May 31, 2024[58] - The financial performance of Dongsoft Health Management Group will be consolidated into the company's financial statements from the acquisition date[105] - The company aims to expand its market presence through strategic acquisitions and the development of innovative educational technologies[5] - The company plans to strategically expand into the healthcare and wellness sector, integrating education, technology, and healthcare services[8] Educational Initiatives and Developments - Neusoft Education launched the first domestic education metaverse platform, OpenNEU, to enhance digital teaching activities for partner institutions[5] - Neusoft Education was selected as a typical product and service case by the Ministry of Industry and Information Technology in January 2024[5] - The company initiated the "2024 Huawei HarmonyOS Orientation Class" project in collaboration with Huawei, enhancing its educational offerings[12] - The Guangdong University launched two micro-major programs in "Harmony Software Application Development" and "Big Data Management and Application" to meet market demands[12] - The company launched several smart education platforms, including OpenNEU and a quality monitoring platform, enhancing its educational ecosystem[24] - The company has developed a comprehensive 4S product service system, integrating content, software, platform, and data services for educational institutions[21] - The company has developed 223 courses and 9,273 projects across six core areas including software engineering and artificial intelligence[25] Student Enrollment and Demographics - The number of enrolled students across three universities reached approximately 57,000, marking a 7.5% increase compared to the same period last year[15] - The total number of students for the 2024/2025 academic year increased by 687, representing a 3.5% growth year-over-year[13] - Total enrolled students as of June 30, 2024, reached 56,781, an increase of 3,962 students or 7.5% compared to 52,819 students as of June 30, 2023[16] - The number of students in the Dalian College increased by 2.2% to 15,244, while the Chengdu College saw a 6.0% increase to 21,934 students[16] Healthcare Services and Initiatives - The company recognizes the growing demand for mental and cultural needs among the elderly, creating significant opportunities in the silver economy market[34] - The cardiovascular hospital, established in January 2022, has treated nearly 20,000 outpatient and emergency patients and approximately 3,000 inpatients in the first half of 2024[35] - The dental hospital, opened in June 2023, spans 10,000 square meters and can accommodate 150 dental chairs and 50 beds, providing comprehensive oral health services[36] - The integration of education, medical, and health services aims to improve the quality of life and welfare of the elderly population, establishing a strong brand effect[34] - The Phoenix Academy offers specialized courses in three main areas: AI and Art Creation, Health and Rehabilitation, and Spiritual Travel, addressing personalized needs of the elderly[33] Financial Position and Liabilities - The cash and cash equivalents as of June 30, 2024, were approximately RMB 874.6 million, a decrease from RMB 1,708.4 million as of December 31, 2023[50] - The total borrowings as of June 30, 2024, amounted to approximately RMB 2,808.9 million, compared to RMB 2,724.9 million as of December 31, 2023[50] - The debt-to-equity ratio as of June 30, 2024, was 138.3%, an increase from 133.6% as of December 31, 2023[56] - The company reported a net cash outflow from operating activities of RMB (499,768) thousand for the six months ended June 30, 2024, compared to RMB (414,142) thousand for the same period in 2023, indicating a worsening cash flow situation[104] - The company incurred a net cash outflow from investing activities of RMB (254,842) thousand, compared to a net inflow of RMB 36,728 thousand in the previous year, indicating a significant change in investment strategy[104] Shareholder Information and Corporate Governance - As of June 30, 2024, Liu Jiren holds a 63.18% stake in the company, while Sun Yinhua holds a 10.06% stake[77] - The total number of shares issued by the company as of June 30, 2024, is 646,205,135 shares[82] - The company has granted 50,000,000 share options under the pre-IPO share incentive plan, accounting for approximately 7.74% of the total shares issued as of June 30, 2024[83] - The company aims to enhance shareholder value through its share incentive plans and strategic initiatives[84] - The board of directors has undergone changes, with key appointments and resignations effective from July and August 2024[87] Taxation and Deferred Tax Assets - The corporate income tax rate for certain subsidiaries is reduced to 15% for high-tech enterprises, applicable for the six months ended June 30, 2024[149] - The withholding tax rate for dividends distributed to foreign investors from the company's Chinese subsidiaries is 5% due to compliance with tax arrangements between mainland China and Hong Kong[148] - The company has recognized a deferred tax asset of RMB 264,590,000 in tax losses as of June 30, 2024, which will not be available to offset future profits[151] - Deferred tax assets increased to RMB 83,688,000 as of June 30, 2024, compared to RMB 38,584,000 for the same period in 2023, reflecting a growth of 117.5%[167] Risks and Challenges - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[117] - The company has assessed control over a non-profit hospital through a service agreement, allowing it to guide hospital activities and receive variable returns[115] - The group’s liquidity risk management involves maintaining sufficient cash levels and monitoring cash flow fluctuations, with expectations of funding future cash flow needs through operating cash flows and bank borrowings[118]