Financial Performance - The company's operating revenue for Q1 2025 was RMB 1,564,143,614.71, a decrease of 5.79% compared to RMB 1,660,204,321.44 in the same period last year[12]. - Net profit attributable to shareholders was RMB 165,468,741.43, down 29.61% from RMB 235,072,002.70 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was RMB 102,328,863.87, a significant decline of 66.23% from RMB 303,052,196.14 in the previous year[12]. - Operating profit decreased to CNY 144,504,382.40, down 60.0% from CNY 362,196,228.41 in the previous period[43]. - Net profit for the current period is CNY 109,980,847.86, a decline of 64.8% compared to CNY 312,570,373.39 in the previous period[43]. - The company reported a total comprehensive income of CNY 115,310,625.21, down 60.3% from CNY 290,331,159.48 in the previous period[44]. Cash Flow - The net cash flow from operating activities increased by 37.26% to RMB 197,934,614.18, compared to RMB 144,204,460.07 in the same period last year[12]. - The company reported a significant increase in investment cash outflows, which rose by 449.52% to RMB -657,869,238.36, mainly due to increased investments in joint ventures[23]. - Cash inflow from sales of goods and services reached ¥1,630,273,549.06, an increase of 10.3% from ¥1,476,940,313.67[47]. - Total cash outflow from operating activities was ¥1,454,545,978.13, an increase of 3.5% compared to ¥1,405,522,357.29 in the previous period[47]. - Cash inflow from financing activities amounted to ¥617,956,000.00, up 38.1% from ¥447,503,471.27 in the last period[48]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 28,729,592,949.22, reflecting a slight increase of 0.20% from RMB 28,671,015,787.16 at the end of the previous year[14]. - Total liabilities increased to CNY 4,820,982,910.72 from CNY 4,606,536,600.57, reflecting a growth of 4.6%[42]. - Long-term borrowings rose by 79.72% to RMB 581,674,789.07, attributed to new long-term loans obtained during the reporting period[19]. - The total current assets decreased from 6,299,685,225.86 RMB to 5,895,369,481.10 RMB, reflecting a decline of about 6.4%[36]. - The total liabilities decreased from 3,661,852,465.12 RMB to 3,635,724,221.91 RMB, showing a decline of approximately 0.7%[38]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 53,774[26]. - The top shareholder, Ye Xiaoping, holds a 20.49% stake, amounting to 177,239,541 shares[27]. - The company has a total of 171,687,044.00 shares under lock-up, with a release schedule of 25% per year for executives[33]. Other Financial Metrics - The weighted average return on net assets was 0.80%, down from 1.12% in the previous year, a decrease of 0.32%[12]. - The company’s income tax expense decreased by 32.43% to RMB 33,644,494.98, primarily due to a decline in pre-tax profits[22]. - The company incurred a 679.32% increase in non-operating expenses, amounting to RMB 1,038,576.02, largely due to increased donation expenditures[22]. - Earnings per share (EPS) for the current period is CNY 0.19, down from CNY 0.27 in the previous period[44]. - Other comprehensive income after tax for the current period is CNY 5,329,777.35, compared to a loss of CNY 22,239,213.91 in the previous period[43].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to RMB 185.332 million, down 24.4% from RMB 245.031 million in 2023[9] - The gross profit for 2024 was RMB 18.357 million, representing a gross margin of 9.9%, compared to RMB 33.092 million and a gross margin of 13.5% in 2023[9] - The company reported a net loss of RMB 11.020 million for 2024, an improvement from a net loss of RMB 17.637 million in 2023[9] - Revenue decreased from approximately RMB 245,000,000 for the year ended December 31, 2023, to approximately RMB 185,300,000 for the year ended December 31, 2024, representing a decline of about RMB 59,700,000 or approximately 24.4%[25] - Gross profit fell from approximately RMB 33,100,000 for the year ended December 31, 2023, to approximately RMB 18,400,000 for the year ended December 31, 2024, a decrease of about RMB 14,700,000 or approximately 44.4%[26] - The company reported a loss of approximately RMB 11,000,000 for the year ended December 31, 2024, down from a loss of approximately RMB 17,600,000 for the year ended December 31, 2023, a reduction of about RMB 6,600,000 or approximately 37.5%[29] Assets and Equity - Total assets decreased to RMB 280.530 million in 2024, down from RMB 289.379 million in 2023[10] - The company's total equity attributable to owners decreased to RMB 195.947 million in 2024 from RMB 207.060 million in 2023[10] - Non-current assets increased slightly to RMB 126.855 million in 2024 from RMB 123.195 million in 2023[10] Cost and Expenses - Gross margin decreased from approximately 13.5% to approximately 9.9%, a decline of about 3.6% due to rising raw material and labor costs[26] - Sales and marketing expenses decreased from approximately RMB 4,000,000 for the year ended December 31, 2023, to approximately RMB 3,500,000 for the year ended December 31, 2024, a reduction of about RMB 500,000 or approximately 12.5%[27] - Administrative expenses decreased from approximately RMB 33,700,000 for the year ended December 31, 2023, to approximately RMB 30,700,000 for the year ended December 31, 2024, a decrease of about RMB 3,000,000 or approximately 8.9%[28] Strategic Partnerships and Market Outlook - The company established a strategic cooperation agreement with Anhui Conch Cement Co., Ltd. to secure a stable procurement channel for cement products, which is expected to alleviate current cost pressures[15] - The company anticipates a recovery in product demand due to the resumption of civil engineering projects and significant infrastructure initiatives in the Nantong area[17] - The company is optimistic about future growth opportunities in the Shanghai region following the strategic partnership with Conch Cement[15] Employment and Workforce - The company employed 49 full-time employees and 127 outsourced workers as of December 31, 2024, compared to 58 full-time employees and 82 outsourced workers as of December 31, 2023[31] Risk Management - The board of directors has identified various risks and uncertainties that may impact the company's financial condition and operational performance[68] - Market risk is a significant concern, influenced by fluctuations in market prices such as exchange rates, interest rates, and stock prices[69] - The company’s management actively monitors and manages these risks to ensure timely and effective responses[69] Corporate Governance - The board consists of seven members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[171] - The company has adopted the corporate governance code and has been compliant with its provisions throughout the year ending December 31, 2024[163] - The board is committed to maintaining high corporate governance standards and will continue to review and improve governance practices[167] Share Capital and Stock Options - As of December 31, 2024, the company has issued a total of 400,000,000 shares[105] - The maximum number of shares that can be issued under the share option plan is capped at 10% of the total issued shares as of the listing date, which amounts to 40,000,000 shares[115] - The share option plan aims to incentivize eligible individuals to enhance their performance and efficiency within the group[112] Compliance and Legal Matters - The group has established compliance procedures to adhere to applicable laws and regulations, with no significant violations reported as of December 31, 2024[90] - The audit committee reviewed the group's financial statements for the year ending December 31, 2024, ensuring compliance with applicable financial reporting standards[155] - There were no significant legal proceedings or arbitration involving the company or its subsidiaries as of December 31, 2024[153] Environmental and Social Responsibility - The group emphasizes the importance of environmental protection and has implemented measures to reduce energy consumption and waste generation[89] - The group made charitable donations amounting to RMB 3,000 for the year ending December 31, 2024, compared to RMB 6,000 in 2023[150]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 6,082,391 thousand, representing a 13.9% increase from RMB 5,340,830 thousand in 2023[7]. - The net profit attributable to shareholders for the year was RMB 38,135 thousand, compared to RMB 41,093 thousand in the previous year, indicating a slight decrease of 4.8%[7]. - In 2024, the company recorded total sales of approximately RMB 6.08239 billion, an increase of about 13.88% compared to RMB 5.34083 billion in 2023, primarily driven by increased sales of range extenders[13]. - The group recorded a profit attributable to shareholders of approximately RMB 38.17 million for the year ended December 31, 2024, compared to RMB 41.07 million for the year ended December 31, 2023, representing a decrease of about 7.0%[25]. - The group's pre-tax profit for 2024 was approximately RMB 42.38 million, down from RMB 48.52 million in 2023, indicating a decline of about 12.5%[24]. - Income tax expenses decreased by approximately 43.48% from RMB 7.44 million in 2023 to RMB 4.21 million in 2024 due to a reduction in deferred tax items recognized during the reporting period[25]. - The gross profit margin decreased from approximately 3.29% in 2023 to about 3.02% in 2024, primarily due to the increased proportion of lower-margin range extender sales[19]. - The total sales cost for 2024 was approximately RMB 5.89883 billion, an increase of about 14.21% from RMB 5.16496 billion in 2023, attributed to the rise in range extender sales[18]. Market Trends and Demand - The total sales volume of NEVs (New Energy Vehicles) in China increased by 35.5% to 12.87 million units, accounting for approximately 40.9% of total vehicle sales in 2024[8]. - The demand for plug-in hybrid vehicles surged by 83.3% to 5.14 million units, with their market share within NEVs rising to 40%[10]. - The market for commercial vehicles in 2024 is estimated to be around 4 million units, with new energy commercial vehicles accounting for approximately 15% to 20%, or 600,000 to 800,000 units[11]. - In 2024, China's automobile production and sales exceeded 31 million units, setting a new historical high, with NEV sales reaching 12.88 million units, a year-on-year increase of 34.4%[51]. Strategic Plans and Growth - The company plans to expand its presence in the NEV market through acquisitions and strategic partnerships, leveraging the growth momentum in the sector[9]. - The company is actively exploring potential mergers and acquisitions to expand its product portfolio and strengthen core competitiveness[15]. - The company aims to expand its product portfolio and strengthen market share through technological enhancements and new product development[51]. - The company is focused on developing high-performance engines and powertrains to meet existing customer demands and explore potential new markets[51]. Assets and Liabilities - Non-current assets decreased to RMB 2,248,001 thousand from RMB 2,488,630 thousand in 2023, reflecting a decline of 9.7%[7]. - Current assets increased to RMB 3,229,708 thousand, up from RMB 3,012,473 thousand in 2023, marking a growth of 7.2%[7]. - The total liabilities of the company slightly decreased, with current liabilities at RMB 3,293,002 thousand compared to RMB 3,308,163 thousand in 2023[7]. - The total assets of the group as of December 31, 2024, were approximately RMB 5.47771 billion, a slight decrease from RMB 5.50110 billion as of December 31, 2023[27]. - The debt-to-equity ratio as of December 31, 2024, was approximately 2.12, down from 2.21 as of December 31, 2023, indicating a reduction in lease liabilities during the reporting period[30]. Employee and Management - The group employed approximately 1,002 employees as of December 31, 2024, an increase from approximately 964 employees as of December 31, 2023[33]. - The company emphasizes the importance of employee development through tailored talent development plans and a performance-oriented compensation system[56]. - The company has a strong management team with extensive experience in finance and automotive industries, enhancing its operational capabilities[44][45]. Governance and Compliance - The company has complied with all relevant laws and regulations in China and Hong Kong as of December 31, 2024[55]. - The company has maintained compliance with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024[113]. - The board of directors is responsible for the strategic direction and oversight of the company, aiming to enhance shareholder value[115]. - The company has established internal control procedures that are deemed effective by the independent non-executive directors[105]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[123]. Environmental and Social Responsibility - The environmental, social, and governance report covers operations from January 1, 2024, to December 31, 2024, with a focus on sustainable development[187]. - The company has complied with all relevant laws and regulations related to health, safety, and the environment[188]. - The company reported a total of 26,317.86 tons of carbon dioxide (CO2) equivalent greenhouse gas emissions for the year 2024, with a density of 1.49 tons of CO2 equivalent per unit of production[193]. - The total hazardous waste generated by the company was 53.23 tons, equating to 0.003 tons per unit of production[194]. - The company aims to meet national environmental protection standards for air, wastewater, and noise pollutants, with measures in place to reduce emissions by 95% for certain pollutants[195]. Shareholder Information - The company has proposed a final dividend of HKD 0.97 per share for the year ending December 31, 2024, compared to no dividend for the previous year[61]. - Major shareholders include Huachen Investment Holdings, Xin Hua Investment Holdings, and Pusch Group, each holding 400,000,000 shares, representing approximately 31.20% of the total issued shares as of December 31, 2024[77][81]. - The company will hold its annual general meeting on June 20, 2024, and a special general meeting on December 20, 2024, to address shareholder inquiries[178]. Risk Management - The company has identified financial risks related to interest rates and liquidity, but does not face foreign currency exchange risks due to the absence of foreign currency loans[50]. - The company has established risk management policies to assess and manage potential risks affecting its operations[149]. - The company has implemented a whistleblowing policy to enhance oversight and management effectiveness[160].

Financial Performance - The total revenue for 2024 was RMB 209,192 thousand, a decrease of 1.30% compared to RMB 211,950 thousand in 2023[18]. - Operating costs for 2024 were RMB 185,108 thousand, an increase of 2.57% from RMB 180,469 thousand in 2023[18]. - The net loss attributable to shareholders for 2024 was RMB 2,042 thousand, a reduction of 86.56% from RMB 15,199 thousand in 2023[18]. - Advertising revenue for 2024 reached RMB 117,494 thousand, an increase of 18.79% from RMB 98,908 thousand in 2023[25]. - The group's gross profit for 2024 was RMB 24,084 thousand, a decline of 23.50% from RMB 31,481 thousand in 2023, resulting in a gross margin of 11.51%[38]. - Operating profit for 2024 was a loss of RMB 1,262 thousand, an improvement of 91.63% compared to a loss of RMB 15,085 thousand in 2023[43]. - The net loss for 2024 was RMB 2,665 thousand, a reduction from a net loss of RMB 14,109 thousand in 2023, primarily due to gains from the sale of investment properties and a decrease in credit impairment losses[45]. - The group's total assets as of December 31, 2024, were RMB 712,753 thousand, compared to RMB 714,911 thousand in 2023[52]. - The group's total liabilities decreased to RMB 63,824 thousand in 2024 from RMB 85,648 thousand in 2023[52]. - The equity attributable to shareholders increased to RMB 637,736 thousand in 2024 from RMB 617,496 thousand in 2023[52]. Business Operations and Strategy - The company achieved a significant reduction in losses compared to the previous year, driven by a focus on transforming operations and optimizing business structure[15]. - The company is focusing on enhancing its outdoor advertising operations and improving the competitiveness of its educational research business[15]. - The company is exploring the integration of AIGC technology to enhance quality and efficiency in its operations[15]. - The company aims to strengthen corporate governance and improve management efficiency through digital upgrades and risk control measures[16]. - The group plans to enhance its core competitiveness by integrating technology with business and expanding its outdoor advertising product system in 2025[33]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[76]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[78]. Market and Product Development - The company launched the "Beijing City Cultural Annual Pass" as a new product to promote cultural tourism consumption in the capital[15]. - The company developed over 40 cultural year ticket benefits and established partnerships with several state-owned enterprises[20]. - The company has integrated over 40 scenic spots and 60 research study courses in Beijing to create the "Beijing Urban Culture Annual Pass" product, enhancing service offerings[28]. - The company launched a digital upgrade of the subway media system, enhancing advertising revenue through improved operations[19]. - The company has expanded its outdoor advertising product offerings by upgrading four major hub stations on Beijing Metro Line 4, attracting multiple leading brands[26]. Acquisitions and Investments - The company increased its stake in Beijing Community Media from 57.95% to 74.12% following a capital reduction agreement[9]. - The company successfully acquired 100% of the shares in Mirror (Beijing) Cultural Media Co., Ltd. for RMB 2.08873 million, completing the registration on December 5, 2024[9]. - The company acquired 100% equity of Jingjian Media for a starting price of RMB 2,088.73 thousand, enhancing its market share[22]. - The net profit of Jingjian Media, acquired in 2024, was RMB 1,641 thousand, with total revenue of RMB 15,106 thousand[32]. Corporate Governance and Compliance - The company has adhered to significant laws and regulations impacting its operations and complied with the Corporate Governance Code during the reporting period[63]. - The board of directors includes experienced executives with extensive backgrounds in management and legal affairs, ensuring effective governance[65][66]. - The company has established an audit committee to oversee financial reporting and internal controls[124]. - The board's composition reflects a commitment to diverse expertise and strategic oversight[73]. - The company complies with the Corporate Governance Code as outlined in the listing rules, ensuring adherence to all relevant guidelines[176]. Employee and Community Engagement - The company emphasizes environmental protection and has organized multiple public welfare activities to promote environmental conservation during the reporting period[62]. - The company conducted various employee training programs in 2024, focusing on management capabilities, compliance, and new media business[168]. - The company has implemented a strict salary management policy for its subsidiaries, balancing salary growth with economic performance[171]. - The company maintains strong relationships with employees, suppliers, and customers, emphasizing sustainable development and value creation[64]. Shareholder Information - The major shareholder, Beiqing News Agency, holds 124,839,974 shares, representing 63.27% of the total issued capital[109]. - The public float of the company remains above 25% as per listing rules[108]. - The company has established a dividend policy aimed at providing stable dividends to shareholders[95]. - The company did not recommend a final dividend for the year ending December 31, 2024[95]. Risk Management - The board of directors emphasized the importance of compliance and governance in future strategies to mitigate risks[77]. - The company is required to contribute 16% of employees' basic salaries to the government-managed retirement benefit plan for the year ending December 31, 2024[167]. - The company confirmed compliance with the pricing principles for related party transactions during the reporting period[162]. - There are no significant lawsuits or arbitration cases pending that could pose a major threat to the company's business and financials as of December 31, 2024[166].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year, representing a year-over-year increase of 15%[8]. - The company's revenue for the fiscal year ending December 31, 2024, increased to approximately RMB 8,505.6 million, a growth of about 167.5% compared to RMB 3,179.6 million in 2023[21]. - Total revenue for 2024 reached approximately RMB 9,795.2 million, a year-on-year increase of 15.1% from RMB 8,505.6 million in 2023[22]. - Net profit surged by approximately 253.9% to about RMB 1,473.1 million in 2024, compared to RMB 416.3 million in 2023[25]. - Adjusted net profit for 2024 reached approximately RMB 1,501.7 million, a significant increase from RMB 424.9 million in 2023, reflecting a growth rate of about 253.5%[34]. User Engagement and Market Expansion - User data showed an increase in active users to 5 million, up 20% from the previous year[8]. - The company aims to establish itself as the leading brand in traditional Chinese gold and a top global gold brand through continuous product innovation and international market expansion[20]. - Market expansion plans include entering three new cities in China, projected to increase market share by 10%[8]. - Market expansion plans include entering two new international markets by Q3 2025, aiming for a 30% increase in market share[79]. Product Development and Innovation - New product launches included a premium gold jewelry line, expected to contribute an additional RMB 300 million in revenue[8]. - The company has created nearly 2,000 original designs and holds 249 domestic patents, 1,314 copyrights, and 228 foreign patents as of December 31, 2024, showcasing strong R&D capabilities[16]. - The company has introduced innovative products such as "gold inlaid diamonds" in 2019 and "gold body with blue burning" in 2022, significantly upgrading the product offerings in the Chinese gold jewelry industry[80]. Research and Development - The company is investing RMB 200 million in R&D for new technologies in gold processing, aiming to enhance product quality and reduce costs[8]. - R&D expenses grew by approximately 78.8% to RMB 19.2 million in 2024, reflecting an increase in R&D personnel and salaries[28]. - The company is investing in new technology development, allocating 5% of revenue towards R&D initiatives[79]. Marketing and Customer Engagement - A new marketing strategy focusing on digital channels is expected to increase customer engagement by 30%[8]. - The management team emphasized the importance of enhancing customer experience through innovative marketing strategies[79]. Operational Efficiency - The company reported a gross margin of 40%, consistent with industry standards, indicating strong operational efficiency[8]. - Gross profit for the same period reached approximately RMB 3,501.2 million, up by about RMB 2,169.2 million, representing a growth rate of approximately 162.9% from RMB 1,332.0 million in 2023[14]. - The average sales performance per store in 2024 was approximately RMB 328 million, ranking first among all well-known jewelry brands in mainland China[14]. Store Operations - The company opened 7 new stores and optimized 4 existing stores, contributing to incremental revenue growth[17]. - Offline store sales accounted for 87.6% of total revenue in 2024, generating RMB 8,534.8 million, while online platform sales contributed 12.4% with RMB 1,260.4 million[22]. Shareholder Returns - The board announced a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[8]. - The board proposed a final dividend of RMB 6.35 per share for the year ending December 31, 2024, which is subject to approval at the annual general meeting on May 20, 2025[83]. Corporate Governance - The company has maintained high standards of corporate governance, as stated in the corporate governance report[156]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a strong independent element in governance[177]. - The company has established four specialized committees under the board: Strategy Committee, Audit Committee, Nomination Committee, and Remuneration and Assessment Committee, providing professional opinions on key issues[167]. Employee and Training Initiatives - The total number of employees as of December 31, 2024, was 1,303, with 44% in sales and marketing roles[47][48]. - The company has implemented a training program to enhance employee skills and knowledge, focusing on various operational functions[104]. Sustainability and ESG Initiatives - The board of directors is focused on sustainability initiatives, aiming to reduce operational costs by 10% through eco-friendly practices[79]. - The company has established a clear ESG governance structure, integrating sustainability into its overall development strategy[97].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[6]. - The company reported a net profit margin of 12%, reflecting improved operational efficiencies and cost management[6]. - The company's revenue for the year ended December 31, 2024, was approximately RMB 57.85 billion, an increase of about 29.18% compared to RMB 44.78 billion in the same period of 2023[22]. - Net profit for the year was approximately RMB 9.60 million, a significant decrease of about 95.26% compared to RMB 202.50 million in the same period last year[22]. - The company's gross profit margin decreased to 2.80% in 2024 from 4.05% in 2023, while the debt-to-asset ratio improved slightly to 81.89% from 82.09%[118]. - The net profit attributable to the company's owners for the year was RMB 40,197,000, recovering from a loss of RMB 56,327,000 in 2023[165]. Production and Operations - User data showed a 20% increase in active users, reaching 5 million by the end of the fiscal year[6]. - The company produced approximately 18,100 tons of copper, a year-on-year increase of about 17.53%[24]. - Refined copper production reached approximately 703,600 tons, an increase of about 12.54% year-on-year[24]. - The production of precious metals was approximately 692.37 tons, representing a year-on-year increase of about 14.40%[24]. - The company achieved a significant increase in iron concentrate production, reaching approximately 187,300 tons, up about 68.13% year-on-year[24]. - The company plans to produce 710,000 tons of refined copper and 660,000 tons of crude copper in 2025, with a projected copper output of 19,500 tons from mines[147]. Strategic Initiatives - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[6]. - New product launches included two innovative mining technologies expected to enhance operational efficiency by 25%[6]. - A strategic acquisition of a local mining firm was completed, valued at $200 million, aimed at enhancing resource access[6]. - The company plans to implement a new sustainability strategy, aiming for a 40% reduction in carbon emissions by 2025[6]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[6]. Research and Development - Research and development expenses increased by 18%, totaling $50 million, to support new technology initiatives[6]. - The company has made significant advancements in green and low-carbon smelting technologies, achieving a 12% reduction in coal consumption and a 15% increase in converter operation efficiency[27]. - The company is focusing on the development of unmanned transportation systems and key technologies for safe and efficient mining[68]. Environmental and Safety Measures - The company completed 34 environmental rectification measures ahead of schedule, achieving industry-leading emission standards[25]. - The company aims to achieve zero environmental incidents and zero environmental penalties in 2024, with all pollutants meeting discharge standards[132]. - The company has maintained a stable environmental situation with no major incidents reported throughout the year[121]. - The company achieved zero general production safety responsibility accidents and a steady decrease in the injury rate per thousand employees, maintaining overall stability in safety production[126]. Financial Management and Investments - The total debt of the group as of December 31, 2024, was approximately RMB 16,253,366,000, up from RMB 15,546,930,000 in 2023[93]. - The company secured a RMB 455 million loan for equipment upgrades, benefiting from low-interest rates and subsidies, to enhance energy efficiency and reduce operational costs[28]. - The company plans to enhance cash flow management by controlling inventory and setting clear financial targets for operational cash flow[154]. Risk Management - The company has established a compliance risk management system, appointing chief compliance officers for all major investment enterprises[133]. - The company identified and assessed major operational risks for 2024, implementing targeted risk management measures and quarterly reviews to enhance risk control effectiveness[130]. - The company has implemented a foreign exchange risk management plan for 2024, achieving positive exchange rate gains throughout the year[133]. Market and Competition - The company has noted an increase in market competition, particularly among domestic copper smelting plants, which is squeezing profit margins further[141]. - The company is actively managing foreign exchange risks, with measures in place to mitigate potential losses from currency fluctuations[143]. Employee Management - The company has a workforce distribution of 4,499 males and 711 females, with a total of 5,210 employees as of the end of 2024[158]. - The company's voluntary turnover rate was 0.19% overall, with male employees at 0.17% and female employees at 0.02%[162]. - The average training hours per employee were 43, with 4,503 male and 707 female employees receiving training[160]. Future Outlook - The company anticipates significant price volatility in commodities like copper and gold due to geopolitical risks and policy changes in 2025[149]. - The company aims to achieve a copper metal recovery rate of 98.35%, gold recovery rate of 95.62%, and silver recovery rate of 94%[147]. - The company plans to maintain a 100±5% achievement rate for quarterly import mineral delivery plans, enhancing the stability of raw material supply[153].

Financial Performance - The company reported a comprehensive income of HKD 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[5]. - Revenue for the year ended December 31, 2024, amounted to HK$336.8 million, a decrease of 29.8% compared to HK$479.6 million in 2023[110]. - Gross rental income decreased to HK$204.6 million, down 20.5% from HK$257.2 million in the previous year[112]. - Attributable net rental income for the year was HK$269.2 million, a decrease of 16.7% from HK$323.1 million in 2023[117]. - The loss for the year attributable to owners of the Company was HK$2,108.3 million, compared to a profit of HK$76.8 million last year, resulting in a loss per share of HK$1.11[36]. - Excluding major non-cash items, the core loss attributable to owners of the Company was HK$489.3 million, with a core loss per share of HK$0.26, compared to HK$67.2 million and HK$0.04 respectively in the previous year[37]. - The major non-cash items included a net unrealised fair value loss on investment properties of HK$1,834.5 million, compared to a net gain of HK$144.5 million last year[38]. - Total comprehensive expenses for the year attributable to owners of the company were HK$2,144.8 million, or HK$1.12 per share, compared to total comprehensive income of HK$227.5 million in the previous year[155]. Market and Business Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to HKD 5 billion[5]. - New product launches contributed to a 30% increase in sales within the cosmetics segment, particularly the Two Girls product line[5]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2026[5]. - A strategic acquisition of a local competitor was completed, expected to enhance market penetration and operational efficiency[5]. - The Group aims to enhance the value of its investment properties through redevelopment and renovation, particularly focusing on the "120 Fleet Street" project in the UK[53]. - The Group plans further investment in capital expenditures for the redevelopment of properties in Tsuen Wan, Hong Kong, and "120 Fleet Street" in London[160]. Governance and Management - Corporate governance practices were enhanced, with a new committee established to oversee sustainability initiatives[5]. - The Board currently consists of seven Directors, with Independent Non-executive Directors representing more than one-third of the Board[83]. - The Group's governance includes various committees such as the audit committee, remuneration committee, and investment committee[22]. - Ms. Rhoda Chau has over 35 years of experience in auditing, accounting, financial reporting, and taxation, serving as the Group Financial Controller[29]. - Mr. Simon Cheung, Head of Leasing Department, has over 21 years of experience in real estate asset management[30]. - Mr. Lau Ming-wai has been the Chairman of the Board since 2014 and has extensive experience in finance and law[22]. Investment and Securities - The Group's securities investment portfolio as of December 31, 2024, included listed equity investments, bonds, and treasury products, aimed at safeguarding the ability to provide returns for shareholders[80]. - The net loss from securities investments and treasury products for the year was approximately HK$4.4 million[81]. - The Group's securities investments and treasury products portfolio increased to HK$365.7 million in 2024 from HK$342.4 million in 2023, representing 2.3% of total assets[163]. - The Group recorded a realized gain of HK$15.9 million from listed investments held-for-trading, down from HK$65.8 million in 2023, with gross proceeds of HK$118.3 million[126][130]. - An unrealized loss of HK$33.0 million was recorded, an improvement from a loss of HK$95.8 million in 2023, reflecting changes in fair value of investments[127][131]. Operational Performance - The Group's investment properties are primarily located in Hong Kong and the United Kingdom, generating stable and recurrent rental income[51]. - As of December 31, 2024, the occupancy rate of Causeway Place shops in Causeway Bay was approximately 92.80%[61]. - The average occupancy rate of Harcourt House office property in Wanchai was approximately 71.56%, with a combined average occupancy rate of 73.39% including the retail portion[61]. - The industrial site at Nos. 14-18 Ma Kok Street in Tsuen Wan is being redeveloped into a 25-storey building with a total gross floor area of approximately 227,950 square feet, expected to be completed by Q2 2025[62]. - The occupancy rate of the industrial building at No. 1 Hung To Road was approximately 99.44% as of December 31, 2024[64]. - Olympian City 3 retail mall had an average occupancy rate of approximately 94.15% during the year[67]. Economic Outlook - The global economic landscape shows signs of recovery and improvement at the beginning of 2025, despite challenges such as interest rate cuts and geopolitical tensions[98]. - Domestic economic activity has increased, supported by government policies and high-profile mega-events, boosting local consumption and investment in real estate[99]. - The local residential property market sentiment is expected to improve in 2025, although home prices will remain soft due to ample supply[102]. Financial Position - The net asset value attributable to owners of the Company as of December 31, 2024, was HK$12,066.7 million, a decrease of HK$2,144.8 million or 15.1% from HK$14,211.5 million in 2023[159]. - The Group's cash and deposits at banks increased significantly to HK$2,779.5 million in 2024 from HK$745.1 million in 2023[170]. - The total debt to equity ratio, including lease liabilities, was 24.5% in 2024, down from 27.6% in 2023[171]. - The net debt to equity ratio, including lease liabilities, decreased to 1.6% in 2024 from 22.4% in 2023, primarily due to a significant increase in cash and deposits[171]. Corporate Social Responsibility - The Group remains committed to integrating corporate social responsibilities into its business strategies for sustainable success[104].

Financial Performance - The Group's total revenue increased by approximately RMB122.3 million, or 91.4%, from approximately RMB133.9 million in 2023 to approximately RMB256.2 million in 2024[18]. - The Group's total revenue increased by approximately RMB 122.3 million or 91.4% year-on-year, reaching approximately RMB 256.2 million for the year ending December 31, 2023[20]. - Revenue from transportation services surged by approximately 245.1%, rising from approximately RMB50.3 million to approximately RMB173.7 million, driven by the acquisition of Haihui Group and the establishment of a new subsidiary in Guangdong Province[49]. - Warehousing service revenue rose by approximately 24.4% from approximately RMB 19.3 million to approximately RMB 24.0 million, mainly due to the inclusion of revenue from Haihui Group[54]. - Revenue from in-plant logistics services decreased by approximately 9.7% from approximately RMB 62.9 million to approximately RMB 56.8 million[55]. - The Group's loss for the year slightly decreased from approximately RMB 34.2 million in the previous year to approximately RMB 30.1 million[21]. - The Group recorded a loss of approximately RMB 30.1 million for the year, an improvement from a loss of approximately RMB 34.2 million in the previous year[82]. Operational Developments - The Group plans to establish a traditional Chinese medicine logistics industry park in Fuzhou City, Jiangxi Province, following the acquisition of land use rights in October 2024[16]. - The Group aims to develop end-to-end pharmaceutical supply chain logistics solutions by exploring specialized warehousing and distribution networks in the Traditional Chinese Medicine sector[23]. - The project for TCM logistics services is expected to be completed by the end of 2026, leveraging the chairman's extensive experience in the TCM business[42]. - The Group plans to commence goat milk product operations in Inner Mongolia, with sales of goat milk powder expected to start in the first half of 2025[43]. - As of the end of 2024, the Group operated four warehouses in Guangdong Province, with a total gross floor area of approximately 40,000 square meters[17]. - The Group's strategic move to diversify its business is expected to support long-term growth and enhance profitability for shareholders[16]. Market Trends - The logistics industry in Mainland China is experiencing steady growth driven by the expansion of the e-commerce market and government-driven smart logistics policies[13]. - The logistics and warehousing sector is being reshaped by rapid digitalization and increasing demand for cross-border e-commerce logistics[12]. - The overall logistics industry in China is undergoing transformation, with a focus on operational efficiency and digital capability development[41]. - The Group anticipates that demand for high-standard and smart warehousing solutions will drive new growth, while traditional warehousing services may face pressure[41]. - The logistics and warehousing industry in Mainland China is expected to face systemic challenges, including cost control pressures and rising global trade protectionism[22]. Financial Management - The Group has implemented stringent cost control measures and phased reductions in marketing budgets to maintain financial discipline[13]. - The Group maintained financial discipline, reducing marketing and administrative expenses from 23.7% of revenue to 14.2% year-on-year[36]. - Outsourcing expenses significantly increased, accounting for 61.3% of total revenue in 2024, up from 25.2% in 2023[36]. - Subcontracting expenses surged by approximately 365.6% year-on-year, rising from approximately RMB 33.7 million to approximately RMB 157.0 million[21]. - Employee benefit expenses increased by 7.8% year-on-year, from approximately RMB 66.7 million to approximately RMB 71.9 million[21]. - The Group's cash and cash equivalents were approximately RMB 49.7 million as of December 31, 2024, compared to approximately RMB 78.0 million in 2023[78]. - The gearing ratio improved to approximately 4.9% as of December 31, 2024, from approximately 9.2% in 2023[79]. Leadership and Governance - The company has a strong leadership team with diverse backgrounds in finance, management, and investment, enhancing its strategic decision-making capabilities[120][125][126][128][132]. - The Company aims to maintain high standards of corporate governance to safeguard shareholder interests[142]. - The Board comprises five executive Directors and four independent non-executive Directors as of December 31, 2024[153]. - The Company has complied with all applicable Code Provisions during the year ended December 31, 2024[143]. - The Company has adopted a Board Diversity Policy to enhance performance and achieve sustainable development[161]. - The Company aims to achieve a Board and workforce without single gender and recognizes the need for improved gender diversity at the Board level[170]. Shareholder Engagement - The Company completed a placing of 192,880,000 shares at a price of HK$0.097 per share, raising approximately HK$18.52 million net proceeds[98]. - The net proceeds from the 2023 Placing were approximately HK$34.2 million from the placement of 176,880,000 shares at HK$0.196 per share[108]. - The company aims to strengthen its financial position and support the development of its logistics services business through these placements[103]. - The company plans to utilize the unutilized proceeds in a manner consistent with the planned applications[116].

User Growth and Engagement - For the year ended December 31, 2024, the cumulative number of registered users of the Changyou Platform reached approximately 251.8 million, an increase of approximately 48.1 million or 24% compared to 203.7 million as of December 31, 2023[24] - The total number of registered users increased from approximately 203.7 million as of December 31, 2023, to approximately 251.8 million as of December 31, 2024, indicating a significant user growth[27][41] - The Changyou Platform has undergone rapid development, offering more diversified products and services while expanding its user base and consumption scenarios[24] - The Group has explored social and gaming applications to enhance user retention and engagement, ensuring greater loyalty among specific user segments[43] - The Group has established a dedicated reward points alliance product section to facilitate mutual point redemption among alliance members, enhancing user attraction through effective traffic redirection[44] Financial Performance - The gross profit for the year ended December 31, 2024, was approximately RMB 39.3 million, with a gross profit margin of approximately 21.7%, up from 17.3% in the previous year[28][30] - The Group recorded a consolidated revenue of approximately RMB180.7 million for 2024, representing a decrease of approximately 20.3% compared to RMB226.8 million in 2023[50][53] - Other income decreased to approximately RMB0.6 million in 2024 from RMB2.6 million in 2023[52][55] - Selling and distribution expenses decreased by approximately 26.3% to RMB3.9 million in 2024, down from RMB5.3 million in 2023[57][63] - Administrative expenses increased by approximately 1.0% to RMB31.0 million in 2024, compared to RMB30.7 million in 2023[58][64] - Research and development costs decreased by approximately 22.1% to RMB7.6 million in 2024, down from RMB9.7 million in 2023[59][65] - Finance costs decreased significantly by approximately 39.4% to RMB20.8 million in 2024, compared to RMB34.4 million in 2023[60][66] Cash Flow and Liquidity - As of December 31, 2024, cash and cash equivalents were approximately RMB8.2 million, a decrease of approximately RMB17.2 million from RMB25.4 million in 2023[68] - The Group experienced a net cash outflow from operating activities of approximately RMB18.4 million in 2024, compared to a net cash inflow of approximately RMB6.9 million in 2023[68] - As of December 31, 2024, the Group's net current liabilities amounted to approximately RMB 54.0 million, a decrease from approximately RMB 155.6 million as of December 31, 2023[79] - The current ratio as of December 31, 2024, was approximately 0.71, improving from approximately 0.48 as of December 31, 2023[79] Strategic Initiatives and Collaborations - The Group has formed a joint venture with CCB International, UnionPay Merchant, Bank of China, China Mobile, and China Eastern Airlines to develop the Changyou Platform, focusing on a sustainable digital points ecosystem[4] - The Group's collaboration with major financial and telecommunications institutions enhances the strategic advantages of the Changyou Platform[4] - The Changyou Platform aims to integrate digital membership points and resources from business partners to maximize the value of digital points as virtual assets[23] - The Group plans to explore cross-border travel scenarios in 2025, leveraging partnerships to tap into overseas business resources[120] Future Outlook and Development Plans - The Group aims to provide a high-efficiency, secure, and low-cost asset trading experience through the Changyou Platform[15] - The Changyou Platform is expected to play a significant role in the future of financial industry ecosystems by facilitating the circulation and settlement of virtual assets[15] - In 2025, the Group aims to maintain the stability of its SaaS digital points services while expanding business collaborations and enhancing point redemption and benefits promotion[119] - The Group will continue to invest significant resources in research and development to improve existing systems and enhance technology infrastructure[111] Governance and Management - The company has a diverse board with members holding qualifications from prestigious institutions, enhancing governance and oversight[139] - The management team has extensive backgrounds in technology and finance, positioning the company for future growth and innovation[141] - The appointment of Mr. Ip and Mr. Yeung reflects the company's commitment to strengthening its governance and financial management practices[143][145] - The diverse expertise of the management team supports the company's objectives in market expansion and financial performance improvement[145][146] Environmental and Social Responsibility - The Group's environmental policies and performance are discussed in the 2024 Environmental, Social and Governance Report[155]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 155.74 million, a slight decrease of 0.2% compared to RMB 156.07 million in 2023[5][13]. - Gross profit for 2024 was RMB 62.79 million, down from RMB 85.41 million in 2023, indicating a significant decline in profitability[5]. - Net profit attributable to shareholders for 2024 was RMB 17.20 million, a decrease from RMB 27.57 million in 2023, reflecting a challenging market environment[5]. - Total revenue decreased by 0.2% to approximately RMB 155.7 million, primarily due to a decline in sales of medical imaging film products and cloud services[37]. - Sales revenue from medical imaging film products and software increased by approximately RMB 5.4 million or 3.8% to about RMB 146.5 million, despite a decrease in film product sales revenue by approximately RMB 23.1 million to about RMB 118.0 million[37]. - Revenue from medical imaging cloud services decreased by approximately RMB 5.7 million or 38.4% to about RMB 9.2 million, mainly due to the decline in film product sales[38]. - Cost of sales increased by 31.5% to approximately RMB 93.0 million, driven by a 36.6% increase in the quantity of medical imaging film products sold to 16.7 million pieces[39]. - Gross profit decreased by RMB 22.6 million to approximately RMB 62.8 million, with a gross margin decline of about 14.4 percentage points to approximately 40.3%[40]. - Other income and gains increased by approximately RMB 6.2 million or 259.6% to about RMB 8.6 million, mainly due to an increase in government subsidy income[41]. - Net profit decreased by approximately RMB 10.4 million or 37.5% to about RMB 17.5 million, with a net profit margin decline to approximately 11.2%[46]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 304.2 million, with a debt-to-asset ratio of 6.8%[13]. - Non-current assets increased to RMB 58.69 million in 2024, up from RMB 40.30 million in 2023, indicating growth in long-term investments[6]. - Current assets decreased to RMB 245.48 million in 2024 from RMB 272.19 million in 2023, reflecting a reduction in short-term liquidity[6]. - As of December 31, 2024, net current assets were approximately RMB 202.0 million, down from RMB 230.4 million[47]. - The company had outstanding interest-bearing bank loans of RMB 17.7 million as of December 31, 2024, down from RMB 21.1 million[50]. Market Strategy and Operations - The company plans to increase investment in medical imaging film products to strengthen its market position in Shandong province[14]. - The medical imaging film market remains significant, particularly in grassroots medical institutions where physical archiving is still required[14]. - The company is accelerating the sales of its medical imaging cloud services, which include four types of platforms, in response to the trend towards digital transformation in healthcare[14]. - In 2024, the company expanded its sales team by 9 personnel, enhancing local market understanding and customer engagement, which is expected to improve brand penetration and customer satisfaction[15]. - The company plans to expand its customer base and strengthen its market position in Shandong Province through strategic acquisitions and upgrades to medical imaging cloud services[28]. - The company is advancing its digital transformation by developing new products, including X-ray machines and endoscopes, which are currently in the registration and inspection stages[17]. - The company is collaborating with Xiamen University to develop AI systems for medical imaging, aiming to enhance diagnostic efficiency and accuracy, with some products already receiving NMPA/FDA certification[18]. - The company is developing AI-assisted diagnostic software to support medical professionals during the diagnostic process, leveraging advancements in artificial intelligence and machine learning[29]. - The company recognizes the growing demand for digital medical imaging and aims to capitalize on the transition from traditional film to digital formats[34]. Risk Management - The company emphasizes the importance of financial risk control, focusing on inventory management and preventing capital recovery risks[33]. - The company is committed to strengthening operational risk management through staff training and establishing effective recall systems for medical devices[31]. - The company has implemented financial risk management policies to address interest rate, credit, and liquidity risks[75]. - The company has identified and assessed significant risks that may affect its business and operations[198]. - The company is aware of potential regulatory changes in China that could impact its operations, particularly regarding the implementation of health information platforms[82]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the year[155]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, meeting the requirement of at least one-third independent members[160]. - The company has a commitment to promoting gender diversity at all levels, with one female director among the six board members[166]. - The board has established three committees: audit committee, remuneration committee, and nomination committee, to oversee specific aspects of governance[157]. - The audit committee has reviewed the consolidated financial statements for the year, which have been agreed upon by the independent auditor[140]. - The company has maintained a public float of at least 25% of its issued shares throughout the year[148]. - The company has a liability insurance policy in place for directors and senior management, effective as of the report date[176]. - The board has engaged an external professional service company to conduct an annual review of the risk management and internal control systems for the year ending December 31, 2024[200]. Employee and Management - The company has a strong focus on human resources management, aiming to provide competitive compensation and training opportunities, with an average employee tenure of approximately four years[83]. - The total number of employees as of December 31, 2024, is 57, with a gender ratio of approximately 2:1 (41 male and 16 female employees)[167]. - The company has not faced any significant disputes with employees in the past three years, ensuring smooth business operations[83]. - The compensation policy ensures competitive remuneration and benefits for all employees, reviewed regularly based on performance and market trends[127]. - Each director participated in training courses covering their responsibilities and corporate governance, ensuring ongoing professional development[174]. Shareholder Information - The board does not recommend the payment of a final dividend for 2024, compared to a dividend of HKD 0.021 per share in 2023[58]. - The company has a reserve of approximately RMB 12,234,000 available for distribution to shareholders as of December 31, 2024[93]. - The planned use of the net proceeds includes expanding the customer base and strengthening market position (46.4% of the proceeds) and enhancing medical imaging cloud services (37.3%)[98]. - As of December 31, 2024, Mr. Meng Xianzheng holds 700,574,575 shares, representing 73.74% of the company's issued share capital[107]. - Meng A Capital, wholly owned by Mr. Meng, also holds 700,574,575 shares, accounting for 73.74% of the issued share capital[113]. Audit and Compliance - Ernst & Young has been appointed as the auditor for the year ending December 31, 2024[151]. - The company has no significant disagreements with the external auditor regarding the annual audit services provided[182]. - The audit committee convened 3 times during the year, reviewing the company's annual report and financial statements[180]. - The company has not made any charitable donations during the year[150].