Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 54.6 million, an increase from HKD 51.3 million in 2023, while gross profit decreased to HKD 18.4 million from HKD 21.1 million, resulting in a gross margin of 33.7% compared to 41.1% in the previous year[4]. - The net profit attributable to the company's owners surged to HKD 326.3 million from HKD 12.5 million in 2023, primarily due to a one-time gain from debt restructuring[4]. - The group achieved a net cash inflow from operating activities of HKD 3.9 million, a turnaround from a cash outflow of HKD 4.5 million in 2023[5]. - The total borrowings of the group decreased significantly to HKD 33.1 million from HKD 290.8 million in 2023[5]. - The company reported a significant debt restructuring gain of HKD 328,026,000, compared to no such gain in 2023[118]. - Profit before tax surged to HKD 327,954,000 from HKD 14,369,000, marking an increase of 2,283.5%[118]. - Net profit for the year was HKD 326,317,000, compared to HKD 12,511,000 in 2023, reflecting a substantial increase[118]. - Basic and diluted earnings per share improved to HKD 1.0 from HKD 0.038 in the previous year[118]. - The company reported a pre-tax profit of HKD 327,954,000 for 2024, a substantial increase from HKD 14,369,000 in 2023, reflecting a growth of 2,183%[121]. Assets and Liabilities - As of December 31, 2024, the total assets and net assets of the group were HKD 54.7 million and HKD 2.5 million, respectively, with cash and bank balances of HKD 8.8 million, up from HKD 8.1 million in 2023[5]. - The total assets for the group as of December 31, 2024, amounted to HKD 54,667,000, compared to HKD 56,073,000 in 2023, reflecting a decrease of approximately 2.3%[175]. - The group’s total liabilities as of December 31, 2024, were HKD 52,211,000, a decrease from HKD 379,934,000 in 2023, indicating a significant reduction in liabilities[175]. - The company reported a net asset value of HKD 2,456,000, recovering from a net liability of HKD 323,861,000 in 2023[119]. - Cash and cash equivalents at the end of 2024 increased to HKD 8,773,000 from HKD 8,068,000 in 2023, marking a rise of 8.7%[121]. Corporate Governance - The company has maintained compliance with applicable corporate governance codes and regulations throughout the fiscal year ending December 31, 2024[50][57]. - The audit committee, composed of three independent non-executive directors, reviewed the financial statements and found no discrepancies with the auditors[51]. - The company has adopted a board diversity policy that considers factors such as gender, culture, education background, professional experience, skills, knowledge, and tenure for board appointments and re-elections[60]. - All directors are required to retire and stand for re-election every 3 years at the annual general meeting, ensuring a rotation of board members[61]. - The board has established four committees, each with independent authority, to enhance governance and oversight[64]. Employee and Social Responsibility - The group had 19 employees as of December 31, 2024, down from 22 in 2023, with compensation determined based on performance and market conditions[49]. - The company has implemented measures to enhance employee health and safety in response to the COVID-19 pandemic, including regular disinfection of the workplace[96]. - The company has a commitment to training and development, providing comprehensive on-the-job training programs and encouraging participation in external seminars[97]. - The company adheres to labor standards, strictly prohibiting child labor and forced labor, with no serious violations reported during the year[98]. - The company has established a mandatory MPF retirement benefit plan for eligible employees, with contributions calculated as a percentage of basic salary[160]. Environmental, Social, and Governance (ESG) - The company has set up an Environmental, Social, and Governance (ESG) committee to enhance awareness of ESG matters across the group[78]. - The company complies with the Air Pollution Control Ordinance, Wastewater Treatment Ordinance, and Water Pollution Ordinance without any violations reported[84]. - The company has conducted a materiality assessment to identify significant ESG issues relevant to its business and stakeholders[82]. - The company emphasizes the importance of sustainable development and resource conservation in its operations[77]. - The group is committed to sustainable development and aims to create long-term value for society and stakeholders by incorporating environmental factors into its decision-making process[104]. Revenue and Customer Relations - The largest customer accounted for 8.7% of the group's revenue, while the top five customers represented 29.5%[26]. - The largest supplier constituted 42.6% of the group's procurement, with the top five suppliers making up 95.3%[26]. - The group emphasizes the importance of product and service quality as a key competitive advantage, ensuring customer satisfaction through comprehensive training for all service personnel[100]. - The group has not identified any serious violations of laws and regulations related to health and safety, advertising, labeling, and privacy concerning the products and services provided during the year[100]. Financial Reporting and Compliance - The company has adopted accounting policies and applied them consistently to prepare fair and true consolidated financial statements[73]. - The company has not applied any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial position or performance for the current and prior years[124]. - The group assesses tax implications of transactions and records corresponding tax provisions regularly[168]. - The company has confirmed compliance with the standard code for securities trading by all directors for the year ending December 31, 2024[71]. Future Outlook and Strategy - The company plans to focus on organic growth through improved business models, increased market penetration, and product range expansion despite ongoing economic challenges[7]. - The company has no specific major investment or capital asset acquisition plans as of the report date but will continue to seek appropriate investment opportunities[10]. - The group has no significant events occurring after the reporting date[31].

2024 年 報 目錄 | 公司資料 | 2 | | --- | --- | | 公司的使命 | 3 | | 主席業務回顧 | 4 | | 企業管治報告 | 9 | | 董事會報告書 | 23 | | 董事及高級行政人員履歷 | 31 | | 環境、社會及管治報告 | 36 | | 獨立核數師報告 | 60 | | 經審核財務報表 | | | 綜合： | | | 收益表 | 65 | | 全面收益表 | 66 | | 財務狀況表 | 67 | | 權益變動表 | 69 | | 現金流量表 | 71 | | 財務報表附註 | 73 | | 五年財務摘要 | 177 | 頁次 公司資料 董事會 執行董事 林曉輝博士 （主席） 蘇嬌華女士 （行政總裁） 禹來博士 非執行董事 戴德豐博士 獨立非執行董事 余亮暉先生 鍾振雄先生 林琳先生 審核委員會 余亮暉先生 （主席） 鍾振雄先生 林琳先生 薪酬委員會 林琳先生 （主席） 余亮暉先生 鍾振雄先生 提名委員會 鍾振雄先生 （主席） 余亮暉先生 林琳先生 執行委員會 林曉輝博士 （主席） 蘇嬌華女士 禹來博士 公司秘書 葉浩榮先生 法律顧問 CLKW Lawyers L ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 20 million RMB for the fiscal year 2024, representing a growth of 15% compared to the previous year[2]. - The company reported a significant increase in revenue, reaching RMB 10 billion, representing a 25% year-over-year growth[14]. - The company reported a total revenue of RMB 21,212.98 million for the reporting period, with a net loss attributable to shareholders of RMB 3,904.88 million[21]. - The company reported a revenue of RMB 21,212.98 million and a net loss of RMB 4,043.74 million for the reporting period, significantly down compared to the previous year[35]. - The company achieved a total revenue of RMB 21,212.98 million for the year ending December 31, 2024, a decrease of RMB 9,538.82 million or 31.02% compared to RMB 30,751.80 million in the previous year, primarily due to a significant drop in polysilicon prices[49]. - The polysilicon segment generated revenue of RMB 7,750.01 million, down RMB 11,768.12 million or 60.29% from RMB 19,518.13 million year-on-year, attributed to the decline in polysilicon prices[49]. - The wind and photovoltaic power station construction segment reported revenue of RMB 7,457.20 million, an increase of RMB 1,189.16 million or 18.97% from RMB 6,268.05 million, driven by enhanced market development efforts[49]. User Growth - User data indicates a rise in active users by 25%, reaching a total of 1.5 million users by the end of 2024[2]. - User data showed an increase in active users by 15%, totaling 5 million active users as of the end of the reporting period[14]. - User data showed an increase in active users to 5 million, up from 4 million in the previous quarter, marking a 25% growth[2]. Future Outlook - The company has set a future outlook with a revenue guidance of 25 million RMB for the next fiscal year, projecting a growth rate of 20%[2]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[14]. - The company provided guidance for the next quarter, expecting revenue to be between $1.3 billion and $1.4 billion, indicating a potential growth of 8% to 17%[3]. Product Development - New product development includes the launch of a high-efficiency solar panel, expected to increase market share by 10% in the renewable energy sector[2]. - New product launches are expected to contribute an additional RMB 1 billion in revenue, with a focus on solar energy solutions[14]. - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[4]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region by 2025[2]. - Market expansion plans include entering two new provinces, aiming for a 10% market share in those regions within the next year[14]. - Market expansion plans include entering two new international markets by Q3 2024, projected to increase market share by 10%[6]. Strategic Acquisitions - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 40%[2]. - The company is considering strategic acquisitions to enhance its supply chain efficiency, targeting a 15% reduction in operational costs[14]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of $100 million allocated for potential deals[7]. Research and Development - The company has invested 5 million RMB in research and development for innovative energy solutions, aiming to reduce production costs by 15%[2]. - The company is investing RMB 500 million in R&D for new technologies, particularly in photovoltaic materials[14]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[5]. Sustainability and Efficiency - The company is committed to sustainability, with plans to reduce carbon emissions by 20% over the next three years[14]. - The company is committed to enhancing production efficiency through digitalization and equipment upgrades, aiming for lower costs and improved product quality post-maintenance[24]. - The company aims to enhance production efficiency and reduce costs through improved technology and lean management practices[92]. Financial Health and Dividends - The board of directors has approved a dividend payout of 0.5 RMB per share, representing a yield of 2% based on the current share price[2]. - The board has recommended not to declare a final dividend for the year ending December 31, 2024, to strengthen the company's financial position[127]. - The company reported a profit available for distribution to shareholders of RMB 20,641,591,615.72 as of December 31, 2024[123]. Challenges and Risks - The photovoltaic industry is facing significant challenges, including supply-demand imbalances and declining profitability, leading to substantial losses for manufacturing companies[29]. - The risk of polysilicon prices remaining below production costs could significantly impact the group's operational performance and profitability[92]. - The company acknowledges the risk of policy changes impacting the renewable energy sector and will actively monitor and adapt to new policies to mitigate potential adverse effects[91]. Operational Metrics - The average utilization hours of power generation projects increased to 1,200 hours, reflecting an improvement of 10% year-on-year[2]. - The company achieved a cumulative installed capacity of 3.5 GW for operational power station projects by the end of 2024, with confirmed revenue from approximately 3 GW of photovoltaic and wind power construction projects[25]. - The company shipped over 20 GW of inverter products in 2024, with over 7 GW shipped to overseas markets, representing a growth of over 120% year-on-year[39]. Corporate Governance - The company has established a fair and just employee promotion system based on performance and potential[137]. - The independent non-executive directors are responsible for monitoring related party transactions and ensuring compliance with the listing rules[195]. - The company has provided liability insurance for its directors and supervisors during the reporting period[153].

Financial Performance - The operating revenue for 2024 was RMB 123.47 billion, showing a slight increase compared to RMB 122.43 billion in 2023[29]. - The pre-tax profit for 2024 was RMB 8.67 billion, a significant recovery from a loss of RMB 11.08 billion in 2021[29]. - The company’s equity attributable to owners was RMB 30.22 billion as of December 31, 2024, compared to RMB 27.44 billion in 2023[30]. - The total operating costs decreased to approximately RMB 112.323 billion, a reduction of about RMB 2.075 billion or 1.81% due to lower fuel costs[53]. - The total profit before tax from continuing operations was approximately RMB 8.666 billion, an increase of about 51.88% year-on-year[55]. - The net profit attributable to equity holders of the company was approximately RMB 4.538 billion, compared to RMB 1.440 billion in the previous year[55]. - The company reported a significant increase in revenue, achieving a total of 10 billion yuan, representing a 15% year-over-year growth[1]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[1]. Asset and Liability Management - As of the end of 2024, the total assets of the company reached approximately RMB 322.62 billion, with an installed capacity of 79,111.227 MW[11]. - The total liabilities of the company as of December 31, 2024, were RMB 229.19 billion, reflecting an increase from RMB 215.74 billion in 2023[30]. - As of December 31, 2024, total assets amounted to approximately RMB 322.624 billion, an increase of about RMB 18.345 billion from the end of 2023[56]. - The total liabilities reached approximately RMB 229.190 billion, an increase of about RMB 13.448 billion, primarily due to financing needs for power project construction[56]. - The company issued medium-term notes and short-term financing bonds totaling RMB 16 billion during the year, effectively lowering the overall financing cost[49]. - The company raised RMB 39.77 billion in debt financing and RMB 3.5 billion in equity financing in 2024[172]. Energy Production and Capacity - The company generated approximately 285.15 billion kWh of electricity in 2024, with a grid-connected electricity output of about 269.32 billion kWh[14]. - The company added 6,700.263 MW of new installed capacity in 2024, with the proportion of low-carbon clean energy installed capacity increasing to 40.37%, up by 2.62 percentage points from the end of the previous year[12]. - The total installed capacity of the company reached approximately 79,111.227 MW, with a new installed capacity of 6,700.263 MW during the reporting period, including 2,594.2 MW from wind power and 1,704.823 MW from solar power[46]. - The company approved a total capacity of 14,744.9 MW for power projects in 2024, including 4,660 MW for 3 coal-fired projects, 2,031.8 MW for 16 wind projects, and 8,053.1 MW for 245 solar projects[157]. - The company added 6,700.263 MW of new generating capacity in 2024, with 2,400 MW from coal-fired projects, 2,594.2 MW from wind projects, and 1,704.823 MW from solar projects, increasing the share of low-carbon clean energy installations to 40.37%[157]. Strategic Development and Future Plans - The company aims to achieve a green low-carbon transformation, focusing on "green low-carbon, multi-energy complementarity, efficient collaboration, and digital intelligence" as its development vision[11]. - The company plans to continue expanding its clean energy projects, particularly in solar and wind power, to meet the growing demand for renewable energy[12]. - The company is focusing on enhancing energy security capabilities and aims to create a new model for integrated management of coal power and new energy[35]. - The company plans to continue promoting high-quality development and cost leadership strategies, aiming for further operational efficiency and profitability[34]. - The company is actively pursuing green and low-carbon transformation, focusing on wind, solar, and hydropower development, while upgrading coal-fired power plants to reduce emissions[156]. - The company aims to expand into the clean heating market in northern cities and promote new energy low-carbon clean heating solutions to assist local governments in reducing carbon emissions[156]. - The company is exploring new business models in offshore wind power and is conducting research on projects like pumped storage, air storage, and carbon capture and utilization (CCUS)[156]. Governance and Compliance - The company emphasizes the importance of compliance and market-oriented operational mechanisms to enhance governance and management capabilities[36]. - The company has established a dedicated investor relations management team and has engaged with 287 investors and analysts through various communication channels in 2024[155]. - The company fully complied with the corporate governance code and has not faced any penalties from regulatory bodies in 2024[160]. - The company has adopted the principles and provisions of the corporate governance code as its governance benchmark[161]. - The board of directors consists of 15 members, including 5 independent non-executive directors, ensuring a diverse and professional background[175]. - The board established four specialized committees to enhance decision-making processes, with independent directors holding a majority in key committees[176]. - The company confirmed that no major shareholder has occupied the company's funds, ensuring compliance with relevant laws and regulations[180]. Workforce and Talent Development - The company employed 27,969 staff members, implementing a performance-based salary system to enhance employee motivation and align compensation with contributions[59]. - The workforce consists of 27,969 employees, with 83.41% being male and 16.59% female, indicating a significant gender imbalance in the workforce[67]. - The company emphasizes talent development and has implemented a comprehensive training plan to enhance the skills of its workforce, including a focus on high-end and urgently needed talent[70]. - The company has strengthened its leadership team by focusing on the selection of young executives, enhancing their training and evaluation systems[21]. - A comprehensive performance evaluation system has been established, incorporating monthly, annual, and special assessments to enhance incentive mechanisms[21]. Risk Management - The company faces risks related to electricity generation, with new energy generation capacity expected to reach 1.45 billion kilowatts in 2024, surpassing coal-fired generation for the first time, leading to a decline in coal machine utilization hours[60]. - To mitigate electricity and price risks, the company will enhance operational optimization and participate actively in the national unified electricity market, aiming to increase external transaction volumes[62]. - The company anticipates a significant risk of declining electricity prices due to a stable downward trend in coal prices and increased uncertainty from the entry of new energy into the market[63].

Financial Performance - For the fiscal year 2024, CR Power reported a turnover of HK$105,284 million, representing a slight increase of 1.9% from HK$103,334 million in 2023[11]. - The profit attributable to owners of the Company for 2024 was HK$14,388 million, a significant increase of 30.5% compared to HK$11,003 million in 2023[11]. - Basic earnings per share rose to HK$2.97 in 2024, up from HK$2.29 in 2023, marking an increase of 29.5%[11]. - The total assets of CR Power increased to HK$362,464 million in 2024, up from HK$322,396 million in 2023, indicating a growth of 12.4%[11]. - The company's attributable equity increased to HK$99,151 million in 2024, up from HK$84,974 million in 2023, representing a growth of approximately 16.3%[20]. - The core profit contribution from the renewable energy business was HK$9,228 million, showing a year-on-year decrease of 5.1%[63]. - Revenue from strategic emerging businesses increased by 12.6% year-on-year, enhancing overall operational performance[69]. - The asset-liability ratio decreased by 0.7 percentage points year-on-year, enhancing risk management capabilities[69]. Installed Capacity and Renewable Energy - The total attributable grid-connected installed capacity reached 72,433 MW in 2024, an increase of 21.2% from 59,764 MW in 2023[11]. - Renewable energy capacity accounted for 34,188 MW, which is approximately 47.2% of the total installed capacity, up from 22,597 MW in 2023[11]. - The attributable installed capacity reached 72,433 MW in 2024, compared to 59,764 MW in 2023, indicating an increase of about 21.2%[24]. - Renewable energy attributable installed capacity was 34,188 MW in 2024, a significant rise from 15,441 MW in 2023, reflecting a growth of approximately 121.5%[26]. - The company secured construction quotas for 13,584 MW of renewable energy projects, enhancing resource reserves for sustainable development[68]. - A total of 7,788 MW of renewable energy projects were connected to the grid during the year, supporting national energy supply guarantees[68]. - Key projects included the 6,100 MW "Xinjiang-to-Chongqing Power Transmission" base project and a 900 MW offshore wind power project, which progressed steadily[68]. Dividend and Shareholder Returns - The Company plans to recommend a final dividend of HK$0.691 per share for 2024, totaling HK$3,577 million, with a payout ratio of 40%[12]. Strategic Focus and Future Guidance - The company is focusing on integrated energy services, including distributed photovoltaic solutions, to diversify its energy offerings[33]. - The operational strategy includes increasing the share of renewable energy in the overall energy mix, aligning with global sustainability trends[26]. - Future guidance indicates a continued emphasis on capacity expansion and technological advancements in renewable energy sectors[27]. - The company aims to strengthen its core competitiveness and advance towards becoming a world-class clean energy supplier[60]. - CR Power plans to increase investment in strategic emerging industries to continuously advance the construction of a new energy system[85]. - The company will implement China's new energy security strategy with higher standards, driving the development of new productive forces through technological innovation[85]. - In 2025, CR Power aims to achieve breakthroughs in both scale and profitability, ensuring the successful completion of strategic objectives during the final year of the "14th Five-Year Plan"[84]. Governance and Leadership - Mr. Zhou Bo appointed as Non-executive Director and member of the Audit and Risk Committee in October 2023[105]. - Mr. Zhang Yingzhong appointed as Non-executive Director and member of the Nomination Committee in October 2023[110]. - Mr. Li Chuanji appointed as Non-executive Director and member of the Audit and Risk Committee in October 2024[114]. - Mr. Zeng Jun appointed as Non-executive Director and member of the Audit and Risk Committee in February 2025[119]. - Ms. Elsie Leung Oi-sie has been an Independent Non-executive Director since April 2010 and is the chairperson of the Remuneration Committee[124]. - The company has appointed independent non-executive directors with diverse backgrounds in finance, law, and public administration, enhancing its governance structure[146]. - The leadership team includes members with significant public service experience, which may positively influence the company's reputation and stakeholder relations[150]. Sustainability and Environmental Commitment - The Group is committed to environmental sustainability, focusing on resource conservation and the development of clean and renewable energy projects[199]. - The Group's development in promoting ESG initiatives is discussed in the Chairman's Statement on pages 20 to 26[200]. - The company emphasizes the importance of optimizing energy structures and reinforcing high-quality energy development to support steady economic growth[84]. - CR Power is committed to high-quality and high-level development, empowering green progress and fostering a low-carbon future[86]. Operational Strategy and Market Expansion - The company plans to expand its service areas across multiple provinces, including Guangdong, Fujian, and Hainan, enhancing its market presence[29]. - The company is focusing on expanding its wind and solar energy projects across various provinces, enhancing its renewable energy portfolio[36]. - The company maintains a diverse portfolio of renewable energy projects across several provinces, enhancing its market presence[50][52].

Financial Performance - The company's operating revenue for the current period is CNY 111.61 billion, a decrease of 8.90% compared to CNY 122.52 billion in the same period last year[5]. - Net profit attributable to shareholders increased by 13.85% to CNY 1.95 billion from CNY 1.71 billion year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 37.08% to CNY 2.48 billion from CNY 1.81 billion in the previous year[5]. - Basic earnings per share increased to CNY 0.57, up 14.00% from CNY 0.50 in the previous year[5]. - Total operating revenue for Q1 2025 was CNY 111.61 billion, a decrease of 8.5% compared to CNY 122.52 billion in Q1 2024[23]. - Net profit for Q1 2025 reached CNY 2.03 billion, an increase of 12.8% from CNY 1.80 billion in Q1 2024[25]. - Total equity attributable to shareholders rose to CNY 80.00 billion in 2025, up from CNY 77.95 billion in 2024, reflecting a growth of 2.7%[21]. - Total comprehensive income for Q1 2025 was RMB 2,029,985,154, compared to RMB 4,671,296,932 in Q1 2024, reflecting a significant decrease[26]. Cash Flow - Cash flow from operating activities showed a significant improvement, with a net amount of CNY 558.15 million compared to a negative CNY 6.07 billion in the same period last year, marking a 109.20% increase[10]. - Cash inflow from operating activities in Q1 2025 was RMB 126,522,924,593, down from RMB 146,952,976,149 in Q1 2024, showing a decline of approximately 13.9%[29]. - Cash outflow from operating activities in Q1 2025 totaled RMB 125,964,778,001, compared to RMB 153,021,530,563 in Q1 2024, representing a decrease of about 17.6%[30]. - Net cash flow generated from operating activities for Q1 2025 was RMB 558,146,592, a significant recovery from a negative cash flow of RMB -6,068,554,414 in Q1 2024[30]. - Cash inflow from investment activities in Q1 2025 was RMB 7,304,041,751, compared to RMB 5,972,266,318 in Q1 2024, indicating an increase of approximately 22.3%[30]. - Cash outflow from investment activities totaled $11.58 billion in Q1 2025, compared to $8.74 billion in Q1 2024, representing a 32.5% increase[31]. - The net cash flow from financing activities was $3.63 billion in Q1 2025, compared to $3.06 billion in Q1 2024, showing an 18.6% increase[31]. - The ending balance of cash and cash equivalents was $15.39 billion in Q1 2025, up from $13.76 billion in Q1 2024, representing a 11.8% increase[32]. Assets and Liabilities - Total assets attributable to shareholders increased by 9.84% to CNY 212.14 billion from CNY 193.13 billion year-on-year[5]. - The total liabilities of the company as of March 31, 2025, were CNY 109.88 billion, up from CNY 86.21 billion at the end of 2024, reflecting an increase of approximately 27.5%[19]. - The company's current assets amounted to CNY 137.32 billion as of March 31, 2025, compared to CNY 115.00 billion at the end of 2024, indicating a rise of about 18.6%[17]. - Short-term borrowings increased significantly to CNY 60.89 billion as of March 31, 2025, up from CNY 44.83 billion at the end of 2024, representing a growth of approximately 35.8%[19]. - The company's accounts receivable rose to CNY 7.16 billion as of March 31, 2025, compared to CNY 6.36 billion at the end of 2024, indicating an increase of about 12.6%[17]. - The total non-current liabilities decreased to CNY 12.30 billion in 2025 from CNY 19.12 billion in 2024, a decrease of 35.8%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 123,970[11]. - The largest shareholder, Jiangxi Copper Group Co., Ltd., holds 44.79% of the shares, totaling 1,550,799,110 shares[11]. - Minority interests increased slightly to CNY 9.96 billion in 2025 from CNY 9.86 billion in 2024, a growth of 1.1%[21]. Research and Development - Research and development expenses for Q1 2025 were CNY 341.13 million, an increase of 25.4% compared to CNY 272.21 million in Q1 2024[23]. Future Plans - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[26]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[34].

Financial Performance - The company's revenue for Q1 2025 reached ¥525,968,624.06, representing a year-on-year increase of 59.17% compared to ¥330,434,802.62 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥254,144,470.06, an improvement from a loss of ¥348,921,696.49 in the previous year[8] - The net cash flow from operating activities was a negative ¥188,315,133.08, showing an improvement from a negative ¥426,289,929.83 in the same period last year[8] - Total operating costs for Q1 2025 were ¥783,824,467.59, up from ¥682,453,542.19 in Q1 2024, reflecting a 15% increase[20] - Net loss for Q1 2025 was ¥254,144,470.06, an improvement from a net loss of ¥348,921,696.49 in Q1 2024[20] - Cash flow from operating activities for Q1 2025 was negative at ¥-188,315,133.08, compared to ¥-426,289,929.83 in Q1 2024, indicating a reduction in cash burn[22] - The company reported a gross profit margin decline, with gross profit for Q1 2025 at ¥-257,855,843.53, compared to a gross profit of ¥-352,018,739.57 in Q1 2024[20] Research and Development - Research and development expenses totaled ¥328,884,698.70, accounting for 62.53% of revenue, down from 100.23% in the previous year, a decrease of 37.70 percentage points[9] - Research and development expenses for Q1 2025 were ¥328,884,698.70, slightly down from ¥331,178,800.01 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,307,345,048.02, a decrease of 3.48% from ¥5,498,518,168.82 at the end of the previous year[9] - Total liabilities as of the end of the reporting period were ¥3,535,919,952.95, compared to ¥3,512,317,547.88 in the previous year[18] - The equity attributable to shareholders decreased by 10.81% to ¥1,771,425,095.07 from ¥1,986,200,620.94 at the end of the previous year[9] - The company's cash and cash equivalents as of March 31, 2025, amount to ¥721,718,278.96, a decrease from ¥762,492,395.54 at the end of 2024[17] - Accounts receivable decreased to ¥331,962,831.52 from ¥383,388,743.02, indicating improved collection efficiency[17] - Inventory levels are reported at ¥638,250,683.99, down from ¥659,368,730.71, suggesting better inventory management[17] - Total current assets decreased to ¥2,160,787,697.47 from ¥2,289,796,373.31, reflecting a tighter liquidity position[17] - The total non-current assets include fixed assets valued at ¥2,415,481,681.93, slightly down from ¥2,457,180,322.07[17] - The company has a long-term equity investment of ¥8,724,070.05, indicating strategic investments in other entities[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,766[14] - The largest shareholder, HKSCC NOMINEES LIMITED, holds 189,566,728 shares, representing a significant portion of the equity[15] - The total number of A-share common shareholders is 6,742, while H-share common shareholders total 24[15] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[23] - The increase in revenue was primarily driven by higher sales volumes of the products TaiTasi and VidiXimab[12] - The company emphasizes the importance of careful consideration by shareholders and potential investors when trading its securities[4]

Financial Performance - In 2024, the company reported a revenue of RMB 1,108 million, a significant increase from RMB 730 million in 2023, representing a growth of approximately 51.8%[10] - For the fiscal year ending December 31, 2024, the company reported a loss attributable to shareholders of RMB 1,166 million, a decrease from a loss of RMB 424 million in the previous year, primarily due to the expansion of its photovoltaic power station management services[26] - Revenue from photovoltaic power station management services increased by RMB 44.7 million, from RMB 227.9 million to RMB 272.6 million[26] - The company entered the LNG market, generating sales revenue of RMB 730 million, a significant increase from RMB 8.6 million in the previous year[27] - Total revenue for the fiscal year was RMB 1,107.8 million, up from RMB 831.5 million, driven by increased LNG business revenue[33] - The company's gross profit margin for the fiscal year was 11.5%, down from 45.8% in the previous year, mainly due to lower margins in the LNG and related products trading business[36] - The company reported a cumulative loss and distributable reserves of RMB 416,746,000 as of December 31, 2024, compared to RMB 1,352,462,000 as of December 31, 2023[187] Operational Growth - The installed capacity of subsidiary power stations connected to the grid increased to 1,200 MW in 2024, up from 600 MW in 2023, marking a 100% increase[11] - The installed capacity for operational management services reached 12.5 GW in 2024, up from 7.2 GW in 2023, indicating a growth of 74.3%[13] - The company signed contracts to provide management services for photovoltaic power stations with a total installed capacity of approximately 12.5 GW, a 74% increase from 7.2 GW as of December 31, 2023[26] - The company is actively expanding its overseas market presence, leveraging partnerships with state-owned enterprises in Africa and Southeast Asia[23] Cost Management - The company reported a financing cost reduction of 88% from RMB 444 million in 2023 to RMB 51 million in 2024[15] - Administrative expenses decreased by 36.6% to RMB 269.4 million, mainly due to reduced employee costs and depreciation after the sale of photovoltaic stations[27] - Financing costs decreased from RMB 443.9 million to RMB 51.4 million, primarily due to the company's transformation into a light-asset enterprise and debt repayment[27] - The total employee cost for the year ended December 31, 2024, was approximately RMB 223 million, a decrease from RMB 251 million in 2023[71] Strategic Initiatives - The company has positioned natural gas as its "second growth pole," with GCL Natural Gas (Singapore) Pte. Ltd. established in October 2024, and the first LNG shipment successfully arriving at the Tianjin South Port LNG receiving station[22] - The company aims to enhance its international LNG trade and derivative transactions by establishing long-term procurement agreements, thereby increasing its market influence[22] - The company is focusing on a "station-trade integration" strategy to diversify its business and ensure sustainable development in the natural gas sector[20] - The "Xinyi Lian" energy management platform V3.0 was launched, featuring 178 models across 8 functional modules, aimed at creating a comprehensive energy management digital solution[23] Governance and Leadership - The company emphasizes its commitment to corporate governance with various committees led by experienced directors[82] - The board comprises members with diverse expertise in finance, accounting, and corporate governance, contributing to strategic decision-making[91][93][98][103][107] - The company is committed to maintaining high standards of corporate governance and transparency through its board composition and committee structures[98] - The company has established a risk management and corporate governance committee to oversee risk management functions[165] Risk Management - The company is facing risks related to market-driven electricity pricing and the unpredictability of LNG and related product prices, which could impact future performance[64][66] - The board is responsible for reviewing the company's risk management and internal control systems for 2023 and planning for 2024[169] - The company has implemented a key risk indicator (KRI) system to quantify and monitor risk levels effectively[132] - The internal control function operates independently from daily operations and has reported directly to the corporate governance committee, ensuring effective risk management and internal controls[135] Environmental Commitment - The company is committed to environmental protection, adhering to national and local laws, and implementing internal management standards for environmental protection[178] - The company is focused on reducing energy consumption and emissions through the use of clean energy generated by its photovoltaic power stations[178] Shareholder Engagement - The board recommended not to declare a final dividend for the reporting period[185] - The company made charitable donations of approximately RMB 2,500,000 during the reporting period[188] - The company raised approximately HKD 59.7 million from the placement of 233,487,154 shares at HKD 0.26 per share, representing about 16.67% of the enlarged issued share capital[196] - The net proceeds from the placement were fully utilized for investments and R&D costs related to natural gas, LNG, and integrated energy project management, as well as general working capital[197]

Financial Performance - In 2024, Eternity Investment Limited reported a loss attributable to owners of HK$416 million, a 51% increase compared to the previous year[13]. - The increase in loss was primarily due to a HK$137 million increase in impairment loss related to goodwill and a HK$49 million increase in loss from changes in fair value of investment properties[13]. - The company recorded a loss for the year attributable to owners of HK$415,699,000, a 51% increase from HK$275,152,000 in the previous year[30]. - The property investment business reported a segment loss (before taxation) of HK$278 million in 2024, a 430% increase from HK$52 million last year[20]. - The sale of financial assets business reported a segment loss (before taxation) of HK$25 million, a 281% increase compared to last year, attributed to a trading loss of HK$8 million[14]. - The jewelry products business reported a segment profit (before taxation) of HK$1 million, a 67% decrease from HK$3 million last year, due to increased gold prices affecting sales orders[18]. - The money lending business showed a segment loss (before taxation) of HK$20 million, an 84% improvement from HK$124 million last year, mainly due to a HK$95 million decrease in allowance for expected credit losses[17]. Revenue and Sales - Revenue for the year ended December 31, 2024, was HK$223,973,000, a 14% increase from HK$196,694,000 in the previous year[29]. - Revenue from the newly expanded golf club operation increased from HK$29,428,000 to HK$132,176,000 during the year[29]. - The jewelry product sales revenue decreased by HK$14,137,000 due to sluggish market conditions[29]. - The sale of jewelry products generated revenue of HK$69,284,000, a 16% decrease from HK$82,421,000 in the previous year, with a segment profit of HK$432,000, an 84% decrease from HK$2,730,000[111]. Impairment and Losses - Impairment loss in respect of goodwill increased by HK$137,250,000[30]. - A one-off loss of HK$23 million was recognized on the modification of terms for guaranteed secured notes due in 2025[13]. - An impairment loss of HK$189,029,000 was recognized for goodwill related to the acquisition of Smart Title Limited[44]. - The fair value of the investment property portion of the Shun Tak Property decreased from HK$163,700,000 at December 31, 2023, to HK$116,000,000 at December 31, 2024, resulting in a loss of HK$47,700,000[134]. Future Plans and Strategies - To address market conditions, the company plans to expand its jewelry product categories and develop budgeted jewelry products to meet consumer demand[18]. - The company intends to maintain the size of its loan portfolio in 2025 while closely monitoring customer repayment performance[17]. - The company will explore new markets for its jewelry products, including Japan and Southeast Asia, by attending trade shows and organizing sales trips in 2025[18]. - The Group plans to expand its sales territories into new overseas markets, such as Japan and Southeast Asia[152]. - The Group is developing new product lines, including stone-type and budgeted jewelry products, to adapt to changing consumer budgets[152]. Economic Outlook - The company expects the global macroeconomic environment to remain uncertain in 2025 and will adjust its equity securities portfolio accordingly[14]. - The directors expect the performance of the Group's jewelry sales business in 2025 to be similar to that of 2024 due to ongoing macroeconomic uncertainties[152]. - The Group anticipates that the loan interest income generated from its lending business in 2025 will be approximately the same as in 2024 due to the uncertain global macroeconomic environment[154]. Operational Performance - The Group recognized a gain on disposals of residential serviced apartments of HK$6,395,000 during the year ended December 31, 2024[37]. - The Group's expected credit loss provision for financial assets decreased from HK$132,729,000 for the year ended 31 December 2023 to HK$39,756,000 for the year ended 31 December 2024[51]. - The Group's loan and interest receivables, after accumulated allowance for ECL, amounted to HK$171,816,000, down from HK$248,614,000 in 2023[106]. Governance and Management - The Board consists of a balanced mix of executive and independent non-executive directors to ensure effective leadership and decision-making[189]. - The Company has a clear governance framework that supports effective leadership and control over its operations[196]. - The Board oversees the Group's strategic direction and financial performance, with specific responsibilities delegated to four committees: Audit, Remuneration, Nomination, and Finance[196]. - The Company met the Listing Rules requirements by having at least three independent non-executive directors, representing one-third of the Board[200].

Financial Performance - Net interest income for 2024 reached RMB 9,836.9 million, an increase of 3.01% compared to RMB 9,549.0 million in 2023[20]. - Total operating income increased by 7.56% to RMB 14,243.2 million in 2024 from RMB 13,241.7 million in 2023[20]. - Net profit attributable to shareholders of the parent company rose by 24.28% to RMB 919.7 million in 2024, up from RMB 740.0 million in 2023[20]. - The total assets of the company increased by 12.65% to RMB 916,231.9 million in 2024, compared to RMB 813,328.7 million in 2023[23]. - The net profit for 2024 was RMB 1.0824 billion, showing a significant increase of 21.88% compared to the previous year[27]. - The operating income for 2024 was RMB 14.2432 billion, representing a year-on-year growth of 7.56%[27]. - The company achieved a pre-tax profit of RMB 651.4 million and a net profit of RMB 1.0824 billion, representing a year-on-year increase of 21.9%[67]. - The company reported a total credit impairment loss of RMB 8,073.1 million for the year, compared to RMB 6,957.9 million in the previous year[163]. Asset and Loan Growth - As of December 31, 2024, the total assets of Harbin Bank amounted to RMB 916.2319 billion[13]. - The total customer loans and advances reached RMB 379.0939 billion as of December 31, 2024[13]. - Total customer deposits were RMB 693.6794 billion at the end of 2024[13]. - The loan balance stood at RMB 379.0939 billion, reflecting a growth of 17.30% year-on-year[27]. - Customer loans and advances totaled RMB 379,093.9 million in 2024, reflecting a growth of 17.30% from RMB 323,182.7 million in 2023[23]. - The total amount of customer loans and advances was RMB 379.0939 billion, an increase of RMB 55.9112 billion or 17.3% year-on-year[110]. - The total amount of personal loans was RMB 117.7799 billion, with an NPL amount of RMB 5.8556 billion, resulting in an NPL ratio of 4.97%[149]. Risk Management and Loan Quality - The non-performing loan ratio decreased to 2.84% in 2024 from 2.87% in 2023[23]. - The provision coverage ratio improved to 202.59% in 2024, up from 197.38% in 2023[23]. - The bank's non-performing loan (NPL) ratio was 2.84% as of December 31, 2024, a slight decrease from 2.87% in the previous year[140]. - The provision coverage ratio increased to 202.59%, up by 5.21 percentage points compared to the end of 2023[138]. - The overdue loans accounted for 13.6% of total loans as of December 31, 2024, a decrease of 1.2 percentage points compared to the previous year[157]. - The company implemented proactive risk management strategies, focusing on controlling new overdue loans as a key operational priority[157]. Digital Transformation and Innovation - The company plans to enhance its digital banking capabilities, including the launch of cross-border clearing and new mobile banking services by 2025[45]. - The bank has implemented a digital transformation in risk management to enhance risk identification and decision-making processes[138]. - The bank's digital transformation efforts are focused on enhancing customer experience and optimizing product functionality through technology[176]. Market Position and Recognition - The company ranked 183rd in the "2024 Global Bank 1000" list by The Banker and 282nd in the "2024 Global Bank Brand Value 500" list by Brand Finance[14]. - The company achieved 42nd place in the "2024 Top 100 Chinese Banks" list published by the China Banking Association[15]. - The company received the "2024 Digital Financial Gold List Mobile Banking Channel Integration Innovation Award" from CFCA and other organizations[15]. - The "Ice Shield Anti-Fraud Platform" won the "2024 Banking Risk Control Excellence Product Award" at the CIFS Fifth China Banking Digital Summit[15]. Customer and Deposit Growth - Retail deposits amounted to RMB 499.977 billion, representing a growth of 12.33% compared to the end of the previous year[43]. - The average balance of customer deposits reached RMB 667.803 billion in 2024, compared to RMB 629.5179 billion in 2023, indicating a growth of 6.1%[85]. - The bank achieved a market share of 19.65% in retail deposits in Harbin, maintaining the top position for seven consecutive years[174]. Corporate and Financial Services - The total balance of corporate deposits as of December 31, 2024, was RMB 193.7024 billion, indicating enhanced deposit stability[185]. - The total amount of corporate loans reached RMB 205.405 billion, an increase of RMB 21.3999 billion from the beginning of the year, accounting for 54.2% of the total loan amount[188]. - The pre-tax profit from corporate financial services was RMB 249.3 million, accounting for 38.3% of the company's total pre-tax profit[182]. - The operating income from corporate financial services was RMB 5.3151 billion, an increase of RMB 673.5 million compared to the same period last year, representing 37.3% of the company's total operating income[182]. Strategic Initiatives and Future Plans - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming year[19]. - The company aims to achieve a balanced development of scale, structure, quality, and efficiency, transitioning from scale-driven growth to value creation[46]. - The company plans to optimize its asset portfolio and credit structure while expanding funding sources to stabilize net interest margin and yield in 2025[60]. - The company aims to enhance capital management and ensure capital levels remain above regulatory requirements in 2025[62].