Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown positive performance, with significant increases in constituent stocks, indicating a favorable market environment for healthcare investments [3][4]. Group 1: Market Performance - As of July 28, 2025, the HSHCI rose by 0.64%, with notable gains from stocks such as MicroPort Medical (up 9.51%) and Eddy Health Holdings (up 3.93%) [3]. - The Hang Seng Healthcare ETF (513060) opened higher, increasing by 1.22% to a latest price of 0.66 yuan, and has accumulated a 0.92% rise over the past week [3]. - The ETF recorded a turnover of 0.79% during the trading session, with a transaction volume of 61.18 million yuan, and an average daily trading volume of 2.815 billion yuan over the past week, ranking first among comparable funds [3]. Group 2: Policy and Industry Outlook - The national procurement policy is expected to expand from pharmaceuticals to medical devices, potentially leading to performance reversals in high-value consumables and in vitro diagnostics sectors [4]. - The medical device sector is anticipated to benefit from a recovery in procurement activities this year, with expectations of an earnings turning point in the third quarter [4]. Group 3: ETF Performance Metrics - The latest size of the Hang Seng Healthcare ETF is 7.656 billion yuan, placing it in the top third among comparable funds [4]. - The ETF has seen a net value increase of 29.88% over the past two years, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio for the past year is 2.30, indicating strong risk-adjusted returns [4]. Group 4: Valuation and Tracking Accuracy - The HSHCI's latest price-to-earnings ratio (PE-TTM) is 31.72, which is below 84.29% of the historical data over the past three years, suggesting a low valuation [6]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.060% over the past year [6]. - The top ten weighted stocks in the HSHCI account for 60.54% of the index, including companies like BeiGene and WuXi Biologics [6].

Group 1: Stock Movements and Market Reactions - JunDa Co., Ltd. (02865) fell by 12.69% due to weak fundamentals, expected shareholder sell-off, and cash flow concerns [1] - Rongchang Biopharmaceutical (09995) rose by 4.61% after ASCO announced positive data for RC108 combined with vorinostat, enhancing its commercialization prospects [1] - Datang Gold (08299) increased by 7.27% as it partnered with Wuxi to develop AI mining applications, benefiting from gold's safe-haven demand [1] - Kanglong Chemical (03759) gained 4.35% by investing in a biopharmaceutical fund, strengthening its investment ecosystem [1] - Automotive stocks surged following a significant increase in May's new energy vehicle sales, with Li Auto (2015) rising nearly 6% and Great Wall Motors (2333) up over 3% [1] - Gold stocks led the market as COMEX gold prices returned to $3,400, with Goldman Sachs predicting $4,200, driven by geopolitical tensions [1] Group 2: Company-Specific Developments - Changfei Optical Fiber (06869) rose by 8.34% as its Wuhan base began mass production of 6-inch silicon carbide wafers, achieving a 97% yield rate [2] - China Shipbuilding Defense (00317) increased by 7.58% after securing the highest global new orders from January to April, with Q1 net profit up 1,099% [2] - Hengrui Medicine (00013) rose by 5.09% as SACHI III phase data met expectations, opening up market space for MET amplification lung cancer treatment [2] - Lepu Medical Technology (02157) gained 5.76% following positive ASCO data for its ADC drug MRG003, boosting approval expectations for nasopharyngeal carcinoma [2] - Aidi Kang Holdings (09860) increased by 5.2% after acquiring Suzhou Yuande Youqin to enhance blood disease diagnostics [2] - NetDragon (00777) rose by 5.82% due to its collaboration with Thailand on an AI education platform, attracting investor interest [2] Group 3: Notable Market Trends - China Everbright Holdings (00165) surged over 21% following the enactment of Hong Kong's stablecoin regulations, with Circle's IPO expectations boosting related equity valuations [3] - iFlytek Medical (02506) rose by 6.62% as its medical AI model demonstrated superior accuracy, supported by favorable policies [3] - MicroPort NeuroTech (02172) increased by 9.59% as it initiated clinical research on brain-machine interfaces, benefiting from policy incentives [3] - Longpan Technology (02465) rose by 14.9% after its subsidiary signed a $7.1 billion contract with Yiwei Lithium Energy for lithium iron phosphate [4] - Hansoh Pharmaceutical (03692) gained 3.85% after reaching a global licensing agreement with Regeneron, receiving an $80 million upfront payment [4] Group 4: U.S. Market Highlights - Steel and aluminum stocks surged over 10%-28% as Trump proposed increasing steel tariffs to 50%, benefiting domestic companies [5] - Blueprint Medicines (BPMC.US) rose by 26% following Sanofi's $9.1 billion acquisition, enhancing its rare disease pipeline [5] - BioNTech (BNTX.US) increased by 18% due to a collaboration with Bristol-Myers Squibb, securing a $1.5 billion upfront payment [5] - Applied Digital (APLD.US) surged by 48.46% after signing a $7 billion AI data center lease, validating its business model [5] - Tempus AI (TEM.US) rose by 15% as it launched an AI medical innovation plan, attracting investor interest [7]

大摩表示，以艾迪康控股为例，在其自主研发的实验室信息系统(LIS)和近期突破式AI技术整合的帮助 下，2024年其试剂和履约成本分别降低了10%和6%，而实验室人均产出提高了7%，并且大摩预计未来 仍有充足空间可进一步大幅提升。 智通财经APP获悉，华尔街大行摩根士丹利近日发布研报称，规模较大的独立医学实验室(ICL)竞争护 城河持续扩大，主要得益于其率先应用人工智能并强化高端检验能力，摩根士丹利分析团队预计ICL行 业面临的一些挑战因素未来将会逐步被消化。鉴于艾迪康控股(09860)坐拥高于同行的业绩增长数据以 及更加健康的资产负债表，摩根士丹利分析团队重申对艾迪康控股(09860)股票的"增持"评级，并且予 以10港元目标价。 摩根士丹利分析团队表示，由于业务性质，ICL处于人工智能/数字化应用的最前沿领域，领先企业的竞 争优势持续扩大： ICL业务本身具有劳动/资本密集型的特性，且业务正式经营过程中产生的大量数据 使其位居中国医疗领域人工智能应用的前沿。 与此同时，大摩表示，常规临床检验在短期内可能仍然将面临政策驱动的价格/检验量压力，基础效应 可能将在2025年底至2026年初逐步消化，这与上游IVD ...

Core Insights - Aidi Kang Holdings (艾迪康控股) has announced the full acquisition of Yuande Youqin and Yuande Weikang, marking a strategic expansion in the blood testing sector with a total consideration of 50 million RMB in cash and 4% of the company's common stock [1][4] - The acquisition aims to enhance Aidi Kang's capabilities in high-end specialty testing, particularly in the blood disease diagnosis field, leveraging the expertise of Yuande Youqin and Yuande Weikang [1][5] Group 1: Business Expansion and Market Position - Aidi Kang is focusing on the specialty testing (特检) sector, which has become a core growth engine, with a projected revenue growth of over 18% year-on-year in 2024, particularly in tumor detection, which has seen a 47% increase [2][3] - The global blood testing market is expected to grow from approximately $90.6 billion in 2024 to $126.1 billion by 2029, with a compound annual growth rate (CAGR) of 6.88%, and the Chinese market is projected to reach 100 billion RMB by 2025 [3][4] Group 2: Strategic Acquisition Details - Yuande Youqin is recognized as a leading enterprise in blood disease diagnostics, providing over 200,000 testing services annually and covering more than 400 tertiary hospitals [5][6] - The acquisition will significantly enhance Aidi Kang's product line in blood testing, providing a comprehensive solution that includes both routine and high-end specialty tests, thereby improving clinical service capabilities [8][9] Group 3: Future Growth and Innovation - The partnership is expected to create a synergistic effect, enhancing Aidi Kang's market presence and driving the development of a "testing-reagents-clinical" integrated ecosystem [9] - The collaboration will leverage Yuande Youqin's extensive sample resource library and Aidi Kang's AI diagnostic technology to establish a closed-loop innovation system, promoting standardization and intelligence in the industry [8][9]

Group 1 - Aidi Kang Holdings has signed a full acquisition of Suzhou Yuande Youqin Medical Laboratory Co., Ltd. and Suzhou Yuande Weikang Biomedicine Co., Ltd., marking a strategic move in the precision diagnosis of blood diseases [1] - The acquisition aims to strengthen Aidi Kang's technical barriers and market leadership in the high-end specialty testing field [1][4] - The signing ceremony was attended by key officials and executives, indicating the significance of this acquisition within the industry [1] Group 2 - Yuande Youqin has rapidly developed since its establishment in 2017, creating a comprehensive MICM precision diagnosis platform for hematological tumors, covering various blood system diseases [3] - The laboratory has received multiple authoritative certifications, demonstrating its strong management capabilities and compliance with international standards [3] - Yuande Youqin provides over 200,000 testing services annually, serving more than 400 tertiary hospitals with over 300 testing items [3] Group 3 - Yuande Weikang, established in 2014, specializes in flow cytometry detection and has developed various testing kits for blood diseases, with multiple GMP-standard workshops [3] - The company focuses on providing professional and standardized blood disease detection solutions, enhancing its research and development capabilities [3] Group 4 - Aidi Kang aims to integrate high-quality resources through this acquisition to expand service capabilities and deepen professional advantages [4] - The acquisition of Yuande Youqin will enhance Aidi Kang's expertise in high-value ICL projects, while the acquisition of Yuande Weikang will extend its capabilities in diagnostic reagent research and production [4] - This strategic integration is expected to improve Aidi Kang's innovation and operational efficiency, further solidifying its leading position in the industry [4]

Group 1 - The core viewpoint of the news is that Aidi Kang Holdings has entered into an investment agreement to acquire 100% equity of two companies, Yuande Weikang and Yuande Youqin, to enhance its capabilities in the ICL industry and expand its service network [1][2] - The acquisition involves a conditional agreement where Aidi Kang will pay HKD 191 million for Yuande Weikang through the issuance of shares, and a cash payment of RMB 50 million for Yuande Youqin [1] - The acquisition aligns with the company's strategic goal of leveraging its leadership in the ICL industry and targeting other medical testing service providers to capture growth opportunities in high-potential markets [2] Group 2 - The acquisition of Yuande Youqin, which specializes in medical testing services and has expertise in blood testing, is expected to deepen the company's expertise and broaden its service offerings in high-value hematology testing [2][3] - The acquisition of Yuande Weikang, focused on the R&D and production of blood diagnostic reagents, is a key step towards vertical integration, providing internal R&D and manufacturing capabilities [2][3] - The anticipated benefits of the acquisition include strengthening the company's position as a leading comprehensive ICL service provider in China, enhancing differentiation and competitive advantage, and improving long-term supply chain control and operational efficiency [3]

Business Growth and Revenue - In 2024, the company achieved over 8% growth in routine business, over 18% growth in special testing business, and a significant 62% growth in co-construction business[7]. - In 2024, the company's regular business revenue (excluding COVID-19) increased by 8.2% compared to the same period in 2023, driven by strong growth in specialty testing business, which grew over 18% year-on-year[24]. - The company achieved a 62% increase in revenue from collaborative business in 2024 compared to the same period in 2023, significantly broadening market coverage and enhancing competitiveness[24]. - Revenue from routine testing services, excluding COVID-19 related tests, increased by 8.2% from RMB 2,693.3 million in 2023 to RMB 2,914.1 million in 2024, reflecting the continued expansion of specialized testing services and a robust growth in sample volume[45]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[95]. - Revenue for the fiscal year reached $500 million, representing a 15% increase compared to the previous year[95]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a growth target of 20%[95]. Financial Performance - In 2024, the company achieved a revenue of RMB 2,914,113 thousand, a decrease of 11.6% compared to RMB 3,297,828 thousand in 2023[19]. - The gross profit for 2024 was RMB 1,098,649 thousand, down 23.4% from RMB 1,434,107 thousand in 2023[21]. - The net profit for the year was RMB 62,563 thousand, a significant decline of 76.1% from RMB 262,322 thousand in 2023[21]. - The basic earnings per share for 2024 were RMB 0.07, down from RMB 0.34 in 2023[21]. - The gross margin decreased from 43.5% in 2023 to 37.7% in 2024, primarily due to reduced contributions from COVID-19 related testing and the inefficiencies of newly opened laboratories[47]. - Other income and gains for the year ending December 31, 2024, were RMB 49.3 million, down approximately 20.0% from RMB 61.6 million in 2023, mainly due to the absence of non-cash fair value gains related to put options[50]. - Research and development expenses for the year ending December 31, 2024, were RMB 120.0 million, a decrease of approximately 16.4% from RMB 143.5 million in 2023[53]. Strategic Initiatives and Investments - The company completed a five-year strategic plan for special testing capabilities, focusing on blood, oncology, and emerging fields like neuroimmunology and chronic diseases[8]. - The company plans to invest in key projects such as macro-genetic testing, tumor methylation early screening, and electron microscopy pathology biopsy, which align with existing technical capabilities[8]. - The company aims to enhance partnerships with regional medical institutions to promote industry development through shared laboratory resources and technology platforms[8]. - The company plans to pursue mergers and acquisitions to enhance its technical capabilities and competitive edge in specific testing fields[12]. - The company is investing $20 million in new technology development to improve operational efficiency[95]. Operational Efficiency and Technology - AI-assisted pathology reading technology has improved reading speed by 6-7 times compared to manual methods, with over 8 million cases assisted by AI[9]. - The company successfully launched a new generation Laboratory Information Management System (LIMS) in 20 key subsidiaries, with plans for full implementation across all subsidiaries by 2025[9]. - The company upgraded its laboratory management systems and implemented AI technology, with over 800,000 images analyzed, improving efficiency and accuracy in pathology interpretation[25]. - The company reduced reagent procurement costs by 10% and logistics costs by 6% in 2024 compared to 2023, optimizing key operational metrics[27]. - The company continues to invest in upgrading its laboratory information systems and data management capabilities, leveraging AI to optimize operations and improve service delivery[43]. Market Trends and Industry Outlook - The aging population and rising chronic disease rates are driving an increase in testing demand, with health awareness prompting early detection and preventive measures[34]. - The demand for ICL testing is expected to increase due to the promotion of a tiered diagnosis and treatment system, which enhances access to primary care and balances public healthcare resources[32]. - The Chinese government is investing heavily in healthcare infrastructure and expanding insurance coverage, which is expected to increase the outsourcing demand for clinical testing services[37]. - Regulatory policies are becoming stricter, promoting a compliant and sustainable development direction for the ICL industry, enhancing market transparency and competition[38]. - The outsourcing rate of testing in health examination centers is increasing due to rising customer demand for quality and cost-effective testing services[34]. Leadership and Governance - Yang Ling has been the chairperson and non-executive director since October 2018, leading Pearl Group Limited's investment in the company[83]. - The company has seen significant leadership changes, with new non-executive directors joining, including Zhou Mintao, who has extensive experience in the healthcare sector[88]. - The company is focusing on expanding its market presence and enhancing its product offerings through strategic leadership appointments and partnerships[91]. - The company has a strong board with members holding advanced degrees from prestigious institutions, including Harvard Business School and Ohio State University[84][91]. - The leadership team has a diverse background in various industries, including pharmaceuticals, biotechnology, and investment banking, which positions the company well for future challenges[90]. Shareholder and Financial Management - The total net proceeds from the global offering amounted to RMB 230.9 million, fully utilized by December 31, 2024[115]. - The company has established a remuneration committee to review the compensation of directors and senior management[171]. - The company has maintained at least 25% of its issued shares held by the public, complying with the minimum public float requirement[138]. - The company has not been involved in any legal proceedings that could significantly impact its business or financial performance during the reporting period[142]. - The company has not issued any debt securities during the reporting period[139]. Related Party Transactions - The procurement and equipment leasing framework agreement with Aikang Biotechnology has an annual cap of approximately RMB 110 million, with actual transactions during the reporting period amounting to RMB 1.4 million[178]. - Aikang Biotechnology is recognized as a related party, with 50% ownership held indirectly by Mr. Lin Jixun, a non-executive director of the group[177]. - Independent non-executive directors confirmed that the ongoing related party transactions are conducted on normal commercial terms and in the overall interest of the company and its shareholders[179]. - The exclusive business cooperation agreement grants Aikang exclusive and complete proprietary rights to all intellectual property developed during the performance of the agreement[183]. Risk Management - The company has identified several key risks, including competition, regulatory changes, and potential loss of customers, which could adversely affect its financial performance[145]. - The company has implemented measures to mitigate risks associated with contractual arrangements, ensuring effective business operations and compliance by registered shareholders[195]. - The company may face severe penalties or be forced to relinquish benefits obtained through contractual arrangements if deemed non-compliant with Chinese regulations[195].

Core Insights - The ICL industry is entering a critical adjustment and transformation phase in 2024, with a trend towards market consolidation favoring leading companies like Adicon Holdings [1] - Adicon's 2024 financial report shows strong performance, with total revenue of 2.914 billion RMB and a gross margin of 37.7% [2] Group 1: Business Performance - Adicon's conventional business (excluding COVID-19) grew steadily by 8.2% year-on-year, while the special inspection business surged over 18%, with notable growth in tumor detection at 47% [2] - The company's collaborative laboratory business saw a remarkable 62% increase in revenue, with the number of signed contracts doubling year-on-year, reflecting strong market expansion capabilities [2][3] Group 2: Strategic Advantages - Adicon's ability to maintain growth amidst industry challenges highlights its strategic foresight and execution in seizing consolidation opportunities [3] - The company expanded its customer base by 8.8%, with public hospital clients increasing by 13% and new contracts growing significantly, indicating high market recognition of its service model [3] Group 3: Technological Innovation - Adicon's commitment to R&D led to the addition of over 300 advanced testing projects, including successful technology transfers with Guardant Health, supporting clinical drug development in China [4] - The integration of AI and digitalization has significantly improved customer engagement, with AI applications reducing labor costs by 70% and enhancing diagnostic accuracy [5][6] Group 4: Future Outlook - Adicon's five-year plan focuses on centralized operations and market expansion, with stable growth expected in conventional testing and accelerated development in special inspections [7] - The company is well-positioned for accelerated growth in 2025, driven by industry consolidation and deeper AI integration [7]

Core Insights - Eddycon Holdings (09860) reported annual results for the year ending December 31, 2024, with revenue of 2.914 billion RMB and a net profit attributable to shareholders of 47.014 million RMB, translating to earnings per share of 0.07 RMB [1] Group 1: Financial Performance - The company's regular business revenue, excluding COVID-19 related income, grew by 8.2%, driven by strong growth in specialty testing services, which saw an increase of over 18% compared to the same period in 2023 [1] - Revenue from collaborative business initiatives increased by 62% year-on-year, significantly broadening market coverage and enhancing service offerings [1] Group 2: Technological Advancements - The company upgraded its laboratory systems, including the next-generation LIMS, OMS, reporting platform, PIMS, and logistics systems, aiming to enhance operational efficiency and service quality [2] - The application of artificial intelligence (AI) technology has been expanded, with over 8 million images analyzed, improving diagnostic efficiency and accuracy [2] Group 3: Operational Efficiency - The company implemented various cost control measures, achieving a 10% reduction in reagent procurement costs and a 6% reduction in logistics costs compared to 2023 [3] - The company enhanced labor efficiency in laboratory management by 7% year-on-year, optimizing resource allocation and personnel scheduling [3] - The total number of ISO15189 accredited laboratories increased to 23, with the Hangzhou laboratory achieving a leading 320 accredited testing items, ensuring high service quality and market competitiveness [3]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,914,113, a decrease of 11.6% compared to RMB 3,297,828 in 2023[4] - Gross profit for the same period was RMB 1,098,649, down 23.4% from RMB 1,434,107 in 2023[4] - Net profit for the year was RMB 62,563, a significant decline of 76.1% from RMB 262,322 in 2023[4] - The gross profit for the year ending December 31, 2024, was RMB 1,098.6 million, a decrease of approximately 23.4% compared to RMB 1,434.1 million for the year ending December 31, 2023[35] - The gross margin decreased from 43.5% in 2023 to 37.7% in 2024, primarily due to reduced contributions from COVID-19 related testing and the impact of newly opened laboratories still in the upgrade phase[35] - Total comprehensive income for the year was RMB 51,251,000, a significant decrease from RMB 218,173,000 in the previous year, representing a decline of approximately 76.6%[69] - Basic earnings per share for ordinary shareholders of the parent company was RMB 0.07, down from RMB 0.34 in the previous year, indicating a decrease of approximately 79.4%[69] Business Growth and Strategy - Regular business achieved over 8% growth, while specialized testing business grew by over 18%, and co-construction business saw a remarkable 62% increase[5] - The company completed a five-year strategic plan focusing on enhancing testing capabilities in blood, oncology, and emerging fields like neuroimmunology and chronic diseases[6] - Digital transformation efforts included the successful launch of a new laboratory information management system (LIMS) across 20 subsidiaries, with plans for full implementation by 2025[7] - AI technology has been widely applied, improving pathology reading speed by 6-7 times and assisting in over 8 million cases[7] - The company plans to pursue mergers and acquisitions to strengthen its capabilities in specific testing areas and enhance competitive advantages[8] - A total of 300+ new testing items were added throughout the year, maintaining a leading position in the industry[8] - The company aims to continue investing in core businesses to enhance revenue and profit margins while adapting to market changes[9] Market and Industry Trends - The demand for ICL testing is expected to increase due to the promotion of a tiered diagnosis and treatment system, which enhances accessibility to primary care and balances public healthcare resources[21] - The aging population and the increase in chronic diseases are leading to a surge in testing demand, with a growing emphasis on early detection and preventive measures[22] - ICL operators benefit from economies of scale, allowing them to conduct large volumes of tests at lower costs, thus enhancing their competitive edge[23] - The Chinese government is investing heavily in healthcare infrastructure and expanding insurance coverage, which is expected to increase the outsourcing of laboratory testing services[21] - Regulatory measures introduced in 2023 aim to create a fair and transparent market environment for the ICL industry, promoting compliance and sustainable development[25] - The focus on precision medicine and the emergence of new technologies are significantly stimulating the growth of the ICL market in China[22] Operational Efficiency - The company upgraded its laboratory management systems, including LIMS and OMS, to improve operational efficiency and service quality[14] - AI technology has been applied to over 800,000 images, enhancing diagnostic efficiency and accuracy while optimizing laboratory workflows[14] - The company's cost of sales for the year ended December 31, 2024, was RMB 1,815.5 million, a decrease of approximately 2.6% from RMB 1,863.7 million for the year ended December 31, 2023, attributed to improved laboratory operational efficiency[34] - The implementation of the DRG/DIP 2.0 plan is expected to enhance the efficiency of medical insurance settlements, benefiting low-cost healthcare service providers like the company[26] Financial Position and Assets - The total current assets decreased from RMB 3,303.4 million as of December 31, 2023, to RMB 3,050.7 million as of December 31, 2024, while current liabilities increased from RMB 1,757.0 million to RMB 1,925.1 million[46] - The inventory as of December 31, 2024, was RMB 126.9 million, a decrease of approximately 28.1% from RMB 176.6 million as of December 31, 2023, due to reduced demand for COVID-19 related testing services[47] - The company's debt situation showed a net cash position of RMB 693.9 million as of December 31, 2024, down 11.5% from RMB 784.5 million as of December 31, 2023, due to increased borrowings for capital expenditures[56] - The current ratio decreased to 1.58 as of December 31, 2024, from 1.88 as of December 31, 2023, indicating a decline in liquidity[60] - The company's total liabilities increased to RMB 2,910,341,000 from RMB 2,724,948,000, marking an increase of approximately 6.8%[71] Research and Development - Research and development expenses for the year ending December 31, 2024, were RMB 120.0 million, a decrease of approximately 16.4% from RMB 143.5 million in 2023, attributed to reduced employee costs and lower usage of R&D related reagents[40] - The group reported a pre-tax profit of RMB 120,037 thousand for R&D costs in 2024, compared to RMB 143,522 thousand in 2023, reflecting a decrease of approximately 16.4%[93] Shareholder and Capital Management - The company has adopted three share plans, including the 2019 Incentive Plan and the 2024 Incentive Plan, to incentivize employees[123] - The total issued and paid-up share capital as of December 31, 2024, is RMB 97,000,000, with 727,260,291 ordinary shares outstanding[116] - The company repurchased a total of 1,611,500 shares in June 2024 at an average price of HKD 10.12, totaling HKD 15.4 million[122] - The group did not declare or pay any dividends for the year ending December 31, 2024[101] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards[127] - The group has adopted revised International Financial Reporting Standards (IFRS) accounting standards, including IFRS 16, which relates to lease liabilities from sale and leaseback transactions, but has no impact on the group's financial position or performance as there were no sale and leaseback transactions[78]