（於開曼群島註冊成立的有限公司） 股份代碼: 1238 目錄 | 集團簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 主席報告書 | 4 | | 業務概覽 | 8 | | 管理層討論與分析 | 27 | | 董事及高級管理人員 | 36 | | 企業管治報告 | 43 | | 董事會報告 | 56 | | 獨立核數師報告 | 69 | | 綜合資產負債表 | 71 | | 綜合全面收益表 | 73 | | 綜合權益變動表 | 74 | | 綜合現金流量表 | 76 | | 綜合財務報表附註 | 78 | | 五年財務摘要 | 175 | 集團簡介 寶龍地產控股有限公司(1238.HK)（「本公司」或「寶龍」）及其附屬公司（統稱「本集團」）專注開發運營綜合性商業地產項 目。於2009年10月14日，本公司在香港聯合交易所有限公司（「聯交所」）主板成功上市。於2019年12月30日，本集團 旗下寶龍商業管理控股有限公司(9909.HK)（「寶龍商業」）在聯交所主板成功上市，成為首家在聯交所上市的輕資產模 式的商業管理運營服務商。 於2024年12月31日，本集團商業項目涵蓋「寶龍一城」 ...

Business Performance - G-Resources maintained stable business development and strengthened market position despite geopolitical challenges and trade disputes in 2024[16]. - The financial services business achieved a net profit during the year, benefiting from a resurgence in investor confidence and increased market activity in the securities markets of Mainland China, Hong Kong, and the United States[18]. - The revival of initial public offerings (IPOs) in Hong Kong positively impacted G-Resources' business, with a focus on enhancing service quality for individual and institutional clients[18]. - The principal investment business evaluated existing investment portfolios and identified new opportunities to enhance overall profitability amid improving global economic conditions[19]. - The real property business generated positive cash flow from property investments in Canada and actively explored high-quality investment opportunities in regions including the Greater Bay Area, North America, and Europe[24]. - G-Resources plans to further diversify its property portfolio geographically to capitalize on strategic investment opportunities[24]. - The company remains optimistic about the Hong Kong securities market in 2025, citing its strategic location and ties with Mainland China as key factors attracting investors[18]. - G-Resources aims to strengthen its competitive edge and optimize resources to reinforce its position as a leading integrated financial services provider[18]. - The company is committed to capitalizing on suitable investment opportunities that drive growth and returns in its principal investment business[19]. - G-Resources' management team is focused on improving service quality and maintaining strong client relationships to support business growth[18]. Financial Overview - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[59]. - Revenue for the Year was USD37.9 million, a decrease of USD51.1 million compared to USD89.1 million in 2023, primarily due to reduced dividend and distribution income from financial products[66]. - Profit for the Year increased to USD47.6 million from USD7.1 million in 2023, driven by a turnaround in the fair value of financial assets and investments in perpetual notes at FVTPL, amounting to USD105.8 million[62]. - Other income for the Year was USD28.3 million, up from USD25.1 million in 2023, mainly attributed to interest income from fixed income investments[67]. - Administrative expenses decreased to USD7.3 million from USD7.5 million in 2023, reflecting effective cost control measures[70]. - The fair value of investment properties decreased by USD6.4 million during the Year, indicating a decline in Hong Kong commercial property prices[68]. - The Group's total assets as of December 31, 2024, were USD1,615.5 million, an increase from USD1,568.2 million in 2023, representing a growth of 3.0%[111]. - Current assets increased to USD880.4 million in 2024 from USD824.7 million in 2023, reflecting an increase of USD55.7 million[112]. - Net assets rose to USD1,581.5 million as of December 31, 2024, up by USD44.6 million from USD1,537.0 million in 2023, primarily due to a profit of USD47.6 million[113]. Investment Strategy - The Group is diversifying its investment portfolio, having invested in funds, bonds, and both listed and unlisted equity investments during the year[33]. - The Group's principal investment business aims to identify opportunities across various industries for better risk-weighted returns[32]. - The Group has established a more stringent risk control and management system to minimize risk exposure, including optimized loan approval and monitoring procedures[89][92]. - The Group had no bad debts during the year, reflecting effective risk management practices[91][93]. - The Group's investment portfolio consists of a diversified mix of funds, bonds, and both listed and unlisted equity investments, with periodic reviews to identify suitable investment opportunities[146]. - The Group aims to enhance its financial services, focusing on securities trading, margin financing, asset management, and corporate finance advisory, leveraging competitive commission rates and high-quality services[137]. Market Outlook - The Group is well-positioned to capitalize on a favorable business environment in 2025, supported by measures from the Chinese government to stimulate economic growth, including interest rate cuts and reductions in the reserve requirement ratio[138]. - The Hang Seng Index has shown a significant increase, indicating a resurgence in investor confidence and market activity, with the Hong Kong IPO market expected to continue improving into 2025[138]. - The Group plans to actively promote its IPO margin financing business, utilizing its existing client base and strengthening relationships with brokerage firms to drive growth in this segment[139]. - The Group will prioritize expanding its high-quality client base and enhancing relationships with major institutional clients through tailored financial products and services[144]. Operational Efficiency - Cost management strategies have led to a 5% reduction in operational expenses, improving overall profitability[59]. - The Group's cash and cash equivalents increased by USD133.3 million to USD263.6 million in 2024[111]. - The net cash generated from operating activities for 2024 was USD 22.9 million, primarily from a profit of USD 47.6 million, adjusted for non-cash and non-operating items of USD 46.7 million, and interest received of USD 25.3 million[118]. - The net cash generated from investing activities was USD 113.3 million, including interest received from bank deposits of USD 21.5 million and withdrawals of time deposits of USD 128.3 million, partially offset by net cash outflows for investments of USD 36.5 million[118]. Human Resources - As of December 31, 2024, the Group had 41 employees in Hong Kong, with competitive remuneration packages based on performance[152]. - The Group employed 41 staff members, with competitive compensation packages including salary, medical plans, group insurance, mandatory provident fund, and performance bonuses[155]. Corporate Governance - The Company has proposed a final dividend of HKD0.12 per share for the Year, consistent with the previous year[161]. - The Directors' service contracts for Mr. Chen Gong and Mr. Martin Que Meideng are for three years, commencing from June 22, 2022[180]. - There were no transactions, arrangements, or contracts of significance involving Directors or connected entities during the year[200].

Financial Performance - The company reported a consolidated net profit attributable to shareholders of approximately RMB 72,737,000 for the year ending December 31, 2024, compared to RMB 5,550,000 in 2023, indicating a significant increase [4]. - For the fiscal year ending December 31, 2024, the company reported revenue of approximately RMB 408,585,000, a significant increase of 576% compared to RMB 60,646,000 in 2023 [17]. - Gross profit for the fiscal year was approximately RMB 46,014,000, up from RMB 26,045,000 in 2023, but the gross profit margin decreased to 11% from 43% due to a higher proportion of lower-margin server hardware sales [18]. - The significant increase in profit was primarily due to the growth in software and hardware business revenue and gains from the sale of financial assets measured at fair value [50]. - The company recorded a profit of approximately RMB 73,561,000, a significant increase from RMB 3,801,000 in 2023 [25]. Expenses and Costs - Distribution expenses amounted to RMB 21,921,000, general and administrative expenses were RMB 41,868,000, financial expenses totaled RMB 9,186,000, and income tax expenses were RMB 1,727,000 for the reporting period [4]. - Distribution expenses rose to RMB 21,921,000 from RMB 15,918,000 in 2023, primarily due to increased employee costs and sales expenses in the software and hardware business [19]. - General and administrative expenses increased to RMB 41,868,000 from RMB 22,573,000 in 2023, attributed to higher employee costs, professional fees, travel expenses, and trading costs of listed securities [20]. - Financing costs surged to RMB 9,186,000 from RMB 918,000 in 2023, reflecting increased interest expenses on borrowings [21]. Strategic Focus and Future Plans - The company is focusing on the digital economy, emphasizing data elements, data asset operations, and AI computing, aiming to provide integrated digital technology solutions [5]. - Future strategies include building a "three chains and one circle" framework focusing on innovation, industry, and finance, along with business model innovation and ecological industry layout [5]. - The company plans to leverage its technological strengths in big data, large models, and computing power to enhance its competitive advantage in data operations and digital transformation [5]. Shareholder and Corporate Governance - The company expressed gratitude to shareholders, business partners, and employees for their support and hard work, committing to continue achieving strong results [6]. - The company does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year [49]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors [62]. - The company is committed to maintaining high standards of corporate governance to enhance shareholder value [58]. Cash Flow and Financial Position - As of December 31, 2024, the company's cash and cash equivalents amounted to approximately RMB 160,575,000, down from RMB 177,805,000 in 2023 [26]. - The current ratio as of December 31, 2024, was approximately 3.75, a decrease from 7.69 in 2023 [26]. - The company’s debt as of December 31, 2024, was approximately RMB 32,252,000, an increase from RMB 19,816,000 in 2023, with a fixed interest rate ranging from 2.7% to 10% [26]. Environmental, Social, and Governance (ESG) Initiatives - The company has implemented a comprehensive ESG management system integrated into its governance framework [132]. - A dedicated team has been established to oversee all ESG-related matters and report annually on ESG performance to the board [132]. - The company emphasizes its commitment to reducing its carbon footprint as part of its social responsibility [132]. - The company has implemented effective measures to minimize its environmental footprint, primarily from vehicle usage and electricity consumption, with a notable improvement in environmental performance compared to the previous year [149]. Employee and Labor Practices - Employee costs for the year amounted to approximately RMB 32,302,000, an increase from RMB 25,182,000 in 2023 [47]. - The employee turnover rate for 2024 was 20%, an increase from 17% in 2023, with male turnover at 23% and female turnover at 11% [185]. - The company has a zero-tolerance policy for child labor and forced labor, strictly adhering to local labor laws [191]. - The employee retention strategy includes team-building activities and promoting work-life balance [185]. Risk Management and Compliance - The company has established a risk management and internal control system to identify and manage risks affecting its strategic and financial goals [124]. - The company maintains a zero-tolerance policy towards corruption, bribery, extortion, fraud, and money laundering, implementing multiple internal control measures to minimize such activities [199]. - The company has established an ISO 9001 quality management system, demonstrating its commitment to quality and customer satisfaction [195].

Financial Performance - The consolidated profit after taxation attributable to shareholders for the year ended December 31, 2024, was HK$176,789,000, a significant increase of approximately 314% compared to HK$42,684,000 in 2023[17]. - The Group recorded a segment profit from property development and investment business of HK$205,051,000 for 2024, up from HK$99,085,000 in 2023[12]. - Basic earnings per share increased to 8.36 HK cents in 2024 from 2.12 HK cents in 2023[17]. - The Group declared an interim dividend of 13 HK cents per share for 2024, up from 10 HK cents per share in 2023[18]. - The Group shared a net profit from a joint venture of HK$17,919,000 in 2024, down from HK$22,645,000 in 2023[14]. - For the year ended December 31, 2024, the Group recorded a significant increase in net profit attributable to shareholders, amounting to HK$176,789,000, compared to HK$42,684,000 in 2023, representing an increase of approximately 314%[21]. Revenue and Profit Contributions - Total revenue from property development and investment reached HK$343,728,000, accounting for approximately 86.01% of the Group's total operating revenue for 2024[30]. - The property investment segment was the primary profit contributor, generating a segment profit of HK$145,727,000, up from HK$54,091,000 in 2023[25]. - The property development and trading segment contributed a profit of HK$59,324,000, an increase from HK$44,994,000 in the previous year[26]. - The Group's golf club business in Shanghai reported a profit of HK$2,255,000, recovering from a loss of HK$4,132,000 in 2023[26]. - The media and entertainment segment achieved a slight profit of HK$225,000, compared to a loss of HK$276,000 in the previous year[27]. - The Group's Tomson Riviera project recognized total revenue of HK$257.92 million, which accounted for approximately 64.54% of the Group's gross proceeds from operations[36]. Assets and Liabilities - Total assets increased by approximately 12.42% to HK$20,641,624,000 as of December 31, 2024, primarily due to pre-sale proceeds from Tomson Foresta[99]. - The Group's total liabilities amounted to HK$5,398,212,000, down from HK$6,218,040,000 in 2023, with 41.91% being tax payables and 20.63% being borrowings[107]. - Borrowings increased to HK$1,113,875,000 as of December 31, 2024, representing 9.47% of equity attributable to owners, up from 3.13% in 2023[108]. - The current ratio decreased to 1.63 from 2.05 in 2023, while the gearing ratio increased to 74.41% from 51.79%[113]. Cash Flow and Investments - Cash and cash equivalents decreased by approximately 39.83% to HK$2,130,774,000 as of December 31, 2024[101]. - The Group recorded a net decrease in cash and cash equivalents of HK$1,311,087,000 during the year, compared to a decrease of HK$297,696,000 in 2023[105]. - As of December 31, 2024, the fair value of the Group's listed securities investments held for trading was HK$47,540,000, approximately 0.23% of total assets[90]. - Dividend income from SZMP increased to HK$32,719,000 in 2024 from HK$18,470,000 in 2023, while an unrealized loss of HK$61,780,000 was recorded for the investment[92]. Development Projects - The Group plans to develop the Tomson Foresta project in six phases over the next three years, with the first phase consisting of 43 units sold for a total consideration of HK$2,794 million[49][50]. - The second phase of the project includes 196 residential units with a total gross floor area of approximately 61,700 square meters, with 83 units contracted for sale and pre-sale proceeds of HK$557 million received as of December 31, 2024[51][52]. - The third phase will provide 58 townhouse units with a total gross floor area of approximately 38,300 square meters, targeted for sale in Q4 2025, subject to local government approval[51][52]. - The fourth phase of the project commenced construction in 2024 and is expected to be completed by 2028, featuring low-rise apartment buildings with a total gross floor area of approximately 103,300 square meters[55][57]. Corporate Governance - The Board consists of six members, including three executive Directors and three independent non-executive Directors[142]. - The Company maintains high standards of corporate governance, which is crucial for enhancing operational efficiencies and shareholder value[160]. - The Audit Committee conducted three meetings to review interim and annual financial statements and evaluate risk management and internal control systems[170]. - The Company has adopted a policy where no Director can decide their own remuneration, ensuring impartiality in the remuneration process[184]. - The Company encourages Directors to participate in professional development seminars and conferences to enhance their skills[193]. Risk Management - The Group is committed to maintaining effective risk control as a core competitiveness and investment highlight[140]. - The risk management and internal control systems are designed to manage significant risks but do not eliminate them, providing reasonable assurance against material misstatement or loss[200]. - The management will adopt a conservative approach in managing the securities trading portfolio, focusing on securities with steady recurrent yield[128]. Workforce and Employment - Total emoluments paid to staff and directors during the year amounted to HK$67,733,000[129]. - The Group employs approximately 420 staff across various offices, including Hong Kong and Shanghai[129]. - The gender ratio in the workforce, including senior management, was approximately 51:49 as of the end of the review year[141].

Financial Performance - In 2024, the company's revenue decreased by 19.5% to approximately RMB 1,657.7 million from RMB 2,059.4 million in 2023[10] - Gross profit fell by 25.4% to RMB 918.6 million, with a gross margin of 55.4% compared to 59.8% in the previous year[10] - Net profit decreased by 40.7% to RMB 430.7 million from RMB 725.9 million in 2023, resulting in a net profit margin of 26.0%[10] - The adjusted net profit, excluding share-based payments, declined by 38.5% to RMB 456.2 million from RMB 742.2 million in 2023[10] - Revenue decreased from approximately RMB 2.1 billion in 2023 to approximately RMB 1.7 billion in 2024, a decline of approximately 19.5%[23] - Net profit decreased from approximately RMB 725.9 million in 2023 to approximately RMB 430.7 million in 2024, a decline of approximately 40.7%[23] - Adjusted net profit (excluding share-based payments) decreased from approximately RMB 742.2 million in 2023 to approximately RMB 456.2 million in 2024, a decline of approximately 38.5%[23] - Revenue from the sale of virtual goods was approximately RMB 1.58 billion, down 19.8% from approximately RMB 1.96 billion in the previous year[28] - The company's revenue from in-game information services was approximately RMB 830.5 million, a decrease of 14.3% from approximately RMB 968.8 million in the previous year[28] - The gross profit for the fiscal year ending December 31, 2024, was approximately RMB 918.6 million, down 25.4% from approximately RMB 1.23 billion in the previous year, with a gross margin of 55.4%[31] User Engagement - The flagship product "Finger Sichuan Mahjong" ranked third in the iOS desktop game sales chart in China during 2024[16] - The company launched new game features and events, enhancing user engagement and experience[16] - Monthly active users decreased from 25,065 in 2023 to 23,636 in 2024, a decline of approximately 5.7%[22] - Daily active users decreased from 4,347 in 2023 to 4,316 in 2024, a decline of approximately 0.7%[22] - Monthly paying users for virtual items decreased from 553 in 2023 to 502 in 2024, a decline of approximately 9.2%[22] Assets and Liabilities - The total assets increased to RMB 2,879.5 million in 2024 from RMB 2,640.5 million in 2023[9] - Total liabilities slightly decreased to RMB 316.8 million in 2024 from RMB 320.5 million in 2023[9] - The total cash and bank balances decreased from approximately RMB 1.9 billion as of December 31, 2023, to approximately RMB 1.8 billion as of December 31, 2024[43] - Current assets as of December 31, 2024, were approximately RMB 2.4 billion, with cash and bank balances of about RMB 1.8 billion and financial assets held for trading of approximately RMB 404.6 million[43] - The current ratio increased to 8.8 as of December 31, 2024, compared to 7.5 as of December 31, 2023[43] Strategic Focus - The company is focusing on self-research innovation and enhancing operational capabilities while expanding into overseas markets[14] - The company is actively exploring new business areas, with positive user feedback on its casual game "Fishing Master"[16] - The company plans to continue expanding into overseas markets while deepening its focus on domestic market innovation and product quality[19] - The company plans to focus on self-research and innovation to enhance user experience and actively learn the latest AI technologies to accelerate the AI transformation of the entire development and release process[27] - The company aims to solidify its position in the domestic innovative chess market while actively expanding into overseas markets to promote Chinese culture[27] Expenses and Income - Sales and distribution expenses decreased by 11.2% to approximately RMB 148.0 million for the fiscal year ending December 31, 2024, compared to approximately RMB 166.7 million in the previous year[34] - Research and development expenses decreased by 9.9% to approximately RMB 126.6 million for the fiscal year ending December 31, 2024, compared to approximately RMB 140.5 million in the previous year[36] - Other income increased by 9.4% to approximately RMB 95.7 million for the fiscal year ending December 31, 2024, compared to approximately RMB 87.5 million in the previous year, mainly due to increased bank interest income[33] Dividends - The board declared a final dividend of HKD 0.15 per share for the fiscal year ending December 31, 2024, totaling approximately HKD 154.9 million[19] - The board proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2024, totaling approximately HKD 154.9 million, subject to shareholder approval[53] Compliance and Governance - The company has integrated real-name authentication systems and anti-addiction prompts in its games to comply with regulatory requirements[24] - The company has confirmed compliance with the non-competition agreements by its controlling shareholders as of December 31, 2024[81] - The company is focused on maintaining compliance with applicable laws and regulations in its operations[169] - The board has the authority to amend the company's articles of association, reflecting a proactive governance approach[166] Shareholder Agreements and Equity - The company has established a framework to protect its interests in the event of shareholder death or divorce, ensuring continuity[171] - The spouses of major shareholders have committed to not claiming any shares in the company, ensuring stability in ownership[168] - Recent equity transfers have resulted in major shareholders' spouses holding significant stakes, with 99% of Tianchan owned by Xie Yingying, the spouse of Ye Sheng[172] - The company has engaged in strategic equity transfers to optimize ownership structures among key stakeholders[172] - The shareholders waive their preemptive rights during enforcement of the pledge[199] Employee Relations - The group had approximately 494 employees as of December 31, 2024, a decrease from 537 employees as of December 31, 2023[145] - The group has maintained good working relationships with employees, with no significant labor disputes occurring during the fiscal year ending December 31, 2024[146] - The group participates in various government-managed employee social security plans, including housing, pension, medical, maternity, and unemployment insurance[145] - The group’s employee compensation policy is determined by the board based on employees' strengths, qualifications, and overall market conditions[145]

Business Diversification and Strategy - The Group has diversified its business by tapping into eco-friendly bag automatic bag taking machines and database traffic monetization from its mobile application business in 2021[6]. - The Group is actively exploring opportunities to diversify its business and enhance shareholder value, focusing on areas such as artificial intelligence, big data, mobile phone operating systems, and mobile internet[54]. - The Group aims to diversify its business by exploring opportunities in eco-friendly products and database traffic monetisation[60][64]. - The company aims to enhance its competitive edge by focusing on technological advancements and market diversification[188]. - The company is committed to maintaining a robust financial position and efficient operations while exploring new business initiatives to drive growth[195]. Financial Performance - The Group's revenue for the year ended 31 December 2024 decreased by approximately 46.5% to HK$43.6 million compared to HK$81.5 million in 2023[55][68]. - Loss for the year increased to HK$33.7 million from a loss of HK$15.1 million in 2023, primarily due to losses on the disposal of subsidiaries and fair value losses on financial assets[55][58]. - The Group experienced net losses of HK$3.2 million in 2024, primarily due to fair value losses on financial assets and inventory impairment[76]. - The Group reported a net loss of approximately HK$31.5 million for the year ended 31 December 2024, compared to a net loss of approximately HK$12.6 million for the previous year, representing an increase in loss of 150%[87][91]. - Other income decreased to approximately HK$1.1 million in 2024 from HK$2.3 million in 2023, mainly due to a decline in database traffic monetisation[75][79]. Shareholder and Management Structure - China Fortune Holdings Limited has a strong shareholder background and a well-operational and professional management team[5]. - The corporate culture emphasizes the integration of Western and Eastern management philosophies, aiming to build a "Continuous Learning Enterprise"[7]. - The company is focused on human-centric enterprise values, promoting teamwork among staff to achieve corporate goals[7]. Market Opportunities and Trends - The mobile phone service market in China has approximately 1.8 billion subscribers, with intense competition among manufacturers and mobile carriers[157]. - By the end of 2024, telecom operators in the PRC are projected to deploy approximately 4.2 million 5G base stations, with over 950 million mobile phone users expected to adopt 5G services, representing more than 65% of mobile users[159][160]. - The mobile phone market in the PRC experienced a decline in 2024 due to international trade tensions and reduced consumer spending, but advancements in 5G and 6G technologies are expected to support market recovery[163]. Product Distribution Agreements - China Fortune Holdings Limited entered into a master distribution agreement to distribute "PHILIPS" brand routers and related electronic products in the PRC, Hong Kong, and Macau for a term of five years[6]. - The Group secured the master distributorship for the "PHILIPS" brand in the PRC, Hong Kong, and Macau for routers and related electronic products, anticipating steady growth in this business segment[164][166]. - The Group has newly obtained the nationwide distributorship of Samsung mobile phones[23]. - The Group successfully obtained the Fulfillment Distributorship for all Nokia Stores in the PRC[24]. Operational Challenges - The Group's operations were significantly impacted by elevated international geopolitical risks and economic instability in 2024[50]. - The ongoing US-China trade war is expected to impact the consumption and retail sectors, leading to an uncertain outlook for the coming years[181]. Employee and Management Changes - As of December 31, 2024, the group employed 31 employees, a decrease from 34 employees as of December 31, 2023[135]. Financial Position and Liquidity - The Group's liquidity position is closely monitored to ensure it meets funding requirements, with no material changes in funding and treasury policy during the year[105][106]. - As of December 31, 2024, the Group's current ratio improved to 0.79 times compared to 0.61 times as of December 31, 2023[118]. - The Group's net liabilities attributable to owners decreased to HK$11.7 million as of December 31, 2024, from HK$28.0 million as of December 31, 2023[114]. Capital and Investment Activities - A HK$160 million syndicated loan was successfully arranged[36]. - The acquisition of 51% shareholdings of Synergy Pacific was completed[37]. - The Group completed the acquisition of 50.8% interest in Sifa Mining, which has the right to conduct mining activities in Hubei Province, PRC[22]. - The company completed the sale of 100% equity in China Huangshi Group for a total consideration of HK$100,000 on December 23, 2024, marking the termination of its mining business[133]. Future Projections and Plans - The Group plans to actively seek market opportunities and expand revenue sources in 2025 despite concerns over consumer spending power due to the global economic recession[62][64]. - The company plans to leverage the advancements in 5G technology to enhance customer experiences and support smart devices and applications[186]. - The company anticipates sales of approximately 50,000 units of the "Philips" router between 2024 and 2025, with an expected gross margin of around 10%[176].

Financial Performance - The financial summary indicates that the company achieved a revenue of RMB 1.2 billion, representing a year-over-year growth of 15%[11] - The net profit for the reporting period was RMB 300 million, which is an increase of 20% compared to the previous year[12] - Operating income for 2024 reached RMB 8,466,309,803.08, an increase of 4.51% compared to RMB 8,100,844,707.33 in 2023[15] - Net profits attributable to shareholders of the listed company decreased by 5.33% to RMB 470,023,746.08 from RMB 496,512,201.25 in 2023[15] - Net cash flow from operating activities increased by 38.58% to RMB 367,610,448.95 compared to RMB 265,278,895.87 in 2023[15] - Total assets grew by 8.85% to RMB 9,019,601,567.53 from RMB 8,286,166,330.90 at the end of 2023[15] - Total liabilities increased by 8.31% to RMB 3,802,101,150.19 from RMB 3,510,413,044.14 at the end of 2023[15] - Basic earnings per share for 2024 was RMB 0.69, a decrease of 6.76% from RMB 0.74 in 2023[15] - The ratio of weighted average return on net assets decreased by 1.62 percentage points to 9.79% from 11.41% in 2023[15] - Net profits attributable to shareholders after deduction of non-recurring profit or loss was RMB 448,006,721.77, down 2.93% from RMB 461,535,415.37 in 2023[15] - Minority interest income increased by 73.96% to RMB 16,690,827.80 from RMB 9,594,823.76 in 2023[15] Revenue Guidance and Growth Projections - The company has set a revenue guidance of RMB 1.5 billion for the next fiscal year, projecting a growth rate of 25%[14] - User data shows that the active user base grew to 5 million, reflecting a 25% increase from the last fiscal year[13] - New product launches contributed to 30% of total revenue, highlighting the success of recent innovations[11] - Market expansion efforts have led to a 10% increase in market share in the domestic market[13] Research and Development - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing product efficacy[12] - The company is exploring potential acquisitions to enhance its product portfolio and market presence[14] - Strategic initiatives include partnerships with local distributors to improve supply chain efficiency[11] Shareholder Information - The top shareholder, Hualu Holdings Group Co. Ltd., holds 30.02% of the total share capital, amounting to 204,864,092 shares[31] - The number of registered shareholders increased from 76,496 to 78,450 between December 31, 2024, and February 28, 2025[32] - The company issued 7,724,800 new A-shares due to the exercise of stock options, which were registered and listed for circulation on January 15, 2024[27] - The total number of unconditional tradable shares as of December 31, 2024, was 643,774,361, slightly up from 636,006,160 the previous year, indicating an increase of approximately 1.21%[26] - The shareholding of domestic legal person shares remained stable at 37,091,988, accounting for 5.44% of the total share capital[31] - The number of shares held by the second-largest shareholder, HKSCC (Nominees) Limited, is 193,314,147, representing 28.33% of the total share capital[31] - There were no pledges or freezes on the shares held by the top ten shareholders[37] Corporate Governance - The Company has established effective internal controls in all material aspects according to the Basic Standards for Corporate Internal Control, achieving its internal control objectives without any significant deficiencies[166] - The Company has complied with all code provisions set out in the Corporate Governance Code for the year ended December 31, 2024[169] - The Board of Directors regularly evaluates Senior Officers based on their performance and adherence to resolutions[155] - The Company has established a clear incentive and penalty scheme for Senior Officers to ensure accountability[156] - The Company strictly fulfilled its information disclosure obligations, ensuring the truthfulness and completeness of disclosed information[153] Management and Leadership - The Company has a diverse management team with expertise in engineering, economics, and pharmaceutical fields[88] - The management team has held various positions within the Company, indicating a strong internal promotion culture[84] - The Company emphasizes the importance of experienced leadership with long tenures in key positions[82] - The current term of the Directors, Supervisors, and Senior Officers of the Company is until December 22, 2026[86] Employee Information and Training - As of December 31, 2024, the Group employed 7,296 staff with total wages amounting to RMB 743,487,000[104] - The staff distribution by area of work includes 4,060 production personnel, 946 sales personnel, and 561 research and development personnel[105] - The education level of employees shows that 2,037 hold university degrees or above, while 2,489 have tertiary education[107] - In 2024, the Company completed 79 corporate-level education training programs, training over 4,600 employees[112] Audit and Compliance - Grant Thornton Zhitong Certified Public Accountants LLP issued a standard unqualified audit report for the financial statements as of December 31, 2024, reflecting the company's financial condition accurately[134] - The Audit Committee recommended the reappointment of Grant Thornton Zhitong as the financial auditor for the year 2025[140] - The Company engaged Zhitong to conduct an independent audit on the effectiveness of its internal control[158] Diversity and Inclusion - The Company achieved its goal of having at least one female Director by 31 December 2024, with the current Board comprising eight male members and one female member[200] - Female representation at the workforce level has reached approximately 42.58%, achieving gender diversity across the workforce[200] - The Board adopted a diversity policy to ensure a balance of skills, experience, and perspectives appropriate to the Company's business needs[199]

Financial Performance - The company reported a slight revenue increase from RMB 735 million to RMB 747 million compared to 2023, despite a challenging market environment[11]. - The group's revenue for the year ended December 31, 2024, was approximately RMB 74.7 million, an increase from RMB 73.5 million in 2023[16]. - The net loss for the year ended December 31, 2024, was approximately RMB 32.6 million, compared to a net loss of RMB 13.6 million for the year ended December 31, 2023[16]. - The company's gross profit decreased by approximately 17.4% to about RMB 27.0 million, with a gross margin of approximately 36.1%, down from 44.4% in the previous fiscal year[36]. - Other income and gains decreased by approximately 27.1% to about RMB 4.3 million, mainly due to reduced bank interest income[37]. - Administrative expenses increased by approximately 60.3% to about RMB 36.7 million, primarily due to share-based compensation for senior management and costs related to acquisitions[39]. - The company recorded a loss attributable to owners of approximately RMB 32.4 million for the reporting period, compared to a loss of RMB 13.6 million in the previous fiscal year[41]. Patient Metrics - The number of active dental patients increased from 50,324 to 61,777 during the year[11]. - The total number of active patients increased by 22.8%, from 50,324 in 2023 to 61,777 in 2024[22]. - The number of active patients at Wenzhou Hospital increased from 27,958 in 2023 to 28,366 in 2024[22]. - The dental service provider maintains a patient acceptance rate of 68% in Wenzhou, higher than the national average of 52%[10]. Operational Strategy - The company aims to enhance medical technology and service quality in response to upcoming dental pricing reforms announced by the National Medical Insurance Bureau[11]. - Future plans include focusing on precise diagnosis and personalized treatment solutions, as well as building a smart training platform for professional talent[12]. - The company intends to deepen cooperation with international medical institutions while expanding into overseas markets[12]. - The group plans to optimize its cost structure and improve operational efficiency to attract price-sensitive patients amid increased competition and regulatory changes[17]. - The group is strategically investing in scalable technologies and standardized processes to enhance its ability to provide value-oriented solutions in a changing regulatory environment[25]. - The group aims to innovate its service offerings by integrating advanced technologies, such as AI-driven diagnostics and minimally invasive treatment options[27]. Employee Metrics - The total number of employees increased to 372 as of December 31, 2024, up from 286 as of December 31, 2023, reflecting a growth in workforce[48]. - Employee benefit expenses for the reporting period were approximately RMB 522 million, an increase of RMB 188 million compared to RMB 334 million in the previous fiscal year[48]. - The employee turnover rate for the reporting period is 62%, which is considered slightly high within the industry[198]. - Female employees account for over 75% of the workforce, highlighting the company's commitment to gender equality in hiring and promotion practices[197]. - The total number of employees by age group includes 129 under 25, 118 between 26 and 35, 73 between 36 and 45, 27 between 46 and 55, and 25 aged 56 and above[197]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance and business ethics[76]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the company's affairs[81]. - The company has adopted the standard code of conduct for directors' securities transactions during the reporting period[79]. - The board believes that the risk management and internal control systems are effective and sufficient during the reporting period[130]. - The company has established a mechanism to ensure independent viewpoints are obtained for board decisions, including the review of the proportion and contributions of independent non-executive directors[103]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes sustainable development and corporate social responsibility while balancing profitability, environmental, and social impacts[152]. - The group adheres to the Hong Kong Stock Exchange's ESG reporting guidelines, focusing on materiality, quantification, balance, and consistency[155]. - The board is responsible for overseeing ESG-related risks and opportunities, setting strategies, and reviewing performance annually[161]. - The group has identified key environmental, social, and governance issues that may impact its sustainable development, conducting a materiality assessment to evaluate their significance[171]. - The company emphasizes the importance of environmental sustainability and aims to reduce negative impacts on the environment while contributing to sustainable development[175]. Future Plans and Investments - The company plans to consolidate and expand its market position in China[82]. - The company aims to expand its global dental care network and establish chain dental clinics under a new brand name outside Wenzhou[87]. - The company plans to purchase new dental equipment and supplies to enhance the quality of dental services provided[87]. - A dental training center will be established to build a talent pool of dentists and improve service quality[87]. - The company has not established an internal audit function, considering the scale and complexity of its operations[129].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 156,367,000, a decrease of 23.3% compared to RMB 203,964,000 in 2023[14] - Gross profit for 2024 was RMB 86,676,000, down from RMB 125,133,000 in 2023, reflecting a gross margin decline[14] - Loss before tax increased to RMB 268,701,000 in 2024, compared to RMB 145,859,000 in 2023, indicating a worsening financial position[14] - The company reported a loss per share of RMB 2.50 for 2024, compared to RMB 1.28 in 2023, indicating increased losses on a per-share basis[14] - Net assets decreased to RMB 1,276,602,000 in 2024 from RMB 1,557,784,000 in 2023, a reduction of 18.0%[14] - Revenue decreased by 23.3% from RMB204.0 million for the year ended December 31, 2023 to RMB156.4 million for the year ended December 31, 2024, primarily due to the impact of myopia prevention and control product policies[160] - Cost of sales decreased by 11.6% from RMB78.8 million for the year ended December 31, 2023 to RMB69.7 million for the year ended December 31, 2024, attributed to reduced revenue and improved efficiency[163] - Gross profit decreased from RMB125.1 million for the year ended December 31, 2023 to RMB86.7 million for the year ended December 31, 2024, with gross profit margin declining from 61.4% to 55.4%[164] - Other income and gains decreased from RMB58.1 million for the year ended December 31, 2023 to RMB32.2 million for the year ended December 31, 2024, mainly due to reduced interest income[168] - R&D expenses decreased by 8.9% from RMB111.6 million for the year ended December 31, 2023 to RMB101.7 million for the year ended December 31, 2024, due to strengthened project management and reduced labor costs[169] - Selling and distribution expenses decreased by 25.3% from RMB100.6 million for the year ended December 31, 2023 to RMB75.2 million for the year ended December 31, 2024, primarily due to centralized management and personnel optimization[175] - Administrative expenses increased by 12.7% from RMB99.0 million for the year ended December 31, 2023 to RMB111.6 million for the year ended December 31, 2024, primarily due to increased employee termination payments[176] - The company recorded a loss of RMB265.1 million for the year ended December 31, 2024, compared to a loss of RMB145.7 million for the year ended December 31, 2023, representing an increase in loss of 82.1%[184] - The increase in loss was primarily due to a loss allowance of RMB23.7 million related to regulatory changes affecting laser-based myopia treatment devices, an increase of RMB22.3 million in share-based payments, and an impairment of goodwill of RMB43.2 million[184] Asset Management - Total current assets decreased to RMB 894,222,000 in 2024 from RMB 1,281,927,000 in 2023, a decline of 30.2%[14] - Non-current assets increased significantly to RMB 517,244,000 in 2024, up from RMB 402,985,000 in 2023, showing investment in long-term assets[14] - Current liabilities increased to RMB 122,391,000 in 2024 from RMB 110,237,000 in 2023, reflecting a rise in short-term financial obligations[14] - The company's property, plant, and equipment decreased to RMB16.5 million as of December 31, 2024, from RMB18.0 million as of December 31, 2023, primarily due to depreciation and cleanup of damaged equipment[186] - Inventories decreased to RMB31.2 million as of December 31, 2024, from RMB40.1 million as of December 31, 2023, due to sales-oriented production and improved inventory management[191] - Trade receivables decreased to RMB46.5 million as of December 31, 2024, from RMB79.6 million as of December 31, 2023, attributed to a decrease in gross trade receivables and an increase in impairment loss[192] - The company recognized a loss allowance of RMB39.2 million for trade receivables during the reporting period, with RMB23.7 million related to sales contracts of laser-based myopia treatment devices[193] Product Development and Innovation - The company plans to strengthen its technological foundation and optimize operational efficiency to address market challenges[16] - In 2024, the company maintained the competitiveness of its existing algorithm platforms while making significant progress in the research and development of Large Language Models and successfully filed a national deep synthesis service algorithm[17] - The company launched two landmark portable fundus cameras, the AI-FUNDUSCAMERA-M series and the new generation P-series, enhancing clinical applications and expanding its product matrix[20] - The non-invasive light-based myopia treatment device utilizing PBM-LED technology received medical device certification from the NMPA, becoming the first product of its kind in China to achieve this certification[22] - The company is strategically expanding from a B-end service solution provider to also offering C-end health solutions with the new P-series portable fundus camera scheduled for launch in 2025[21] - The integrated intelligent medical product matrix includes systems for fundus disease detection, myopia prevention, and visual function training, consolidating the company's leading position in intelligent medical treatment[19] - The company has developed a comprehensive product matrix that includes three major AI-enabled medical product lines: Retinal Detection AI, Myopia Prevention and Control AI, and Visual Training AI[51] - The dual-engine strategy of precise detection and innovative treatment enhances market operation synergy and expands product reach to various healthcare settings[44] - Airdoc's AI-empowered retinal image recognition technology addresses significant unmet medical needs for early detection and diagnosis of chronic diseases[52] - The visual training AI product series incorporates AI-powered eye-tracking and training modules, achieving innovative breakthroughs in clinical applications[53] - The company has adjusted its product pipeline to focus on integrated diagnosis and treatment products in response to market demand[63] - The myopia treatment device has been integrated with a self-developed large language model, enhancing its capabilities as a "home optometrist" for personalized intervention[140] - The company continues to invest in R&D for the WanYu LLM technology, integrating it into products and services for enhanced medical solutions[155] Market Expansion and Strategy - Airdoc aims to expand application scenarios to solidify the groundwork for long-term development amidst industry policy adjustments[16] - The company plans to optimize its organization and improve efficiency in 2025, aiming to significantly narrow losses and increase the revenue share of treatment services[31] - National policies have stabilized, with LED-based myopia control products officially categorized as Class II medical devices, which is expected to boost revenues for the company's products[30] - The company aims to enhance its global footprint by expanding into markets such as Malaysia, Singapore, Thailand, the UAE, and South Africa, with a focus on the Middle East in 2025[152] - The company plans to expand sales channels for AI-assisted diagnostics and invest in treatment businesses, including myopia prevention and visual training, to consolidate long-term strategy[151] Regulatory and Compliance - Regulatory changes from the NMPA impacted the company's laser-based AI myopia prevention products, leading to a decrease in revenue and an impairment of goodwill related to the acquisition of Beijing Zhitong Technology Co., Ltd.[28] - The NMPA issued a notice in June 2023 that stipulates laser myopia treatment devices without Class III medical device certification will not be permitted for production and sales in the PRC effective July 1, 2024[199] Customer Engagement and Service Growth - The company achieved significant growth in the number of primary healthcare sites in 2024, broadening service coverage and enhancing customer access to professional services[27] - The number of active service sites increased from 5,671 to 7,883, representing a year-over-year growth of 39.01%[45] - During the reporting period, Airdoc detected 7.10 million cases, reflecting a year-over-year increase of 3.87%[45] - In 2024, there was a more than 50% year-over-year increase in the number of unique visitors (UVs) in hospitals and primary healthcare within the Airdoc Medical segment[46] - The number of active hospital service sites covered reached 417, representing a year-over-year increase of 51.1%, with detections conducted reaching 401 thousand, up by 65.5% year-over-year[120] - The number of active primary healthcare institution service sites reached 2,092, representing a year-over-year increase of 71.3%, with detections conducted reaching 1,034 thousand, up by 62.6% year-over-year[120] - The company has implemented AI-based solutions in over 350 health checkup centers across China, with some achieving a repurchase rate of over 50% for SaMD products[120] Research and Development Achievements - The company has published over 20 papers in prestigious peer-reviewed journals, validating its AI-empowered early detection and diagnostic solutions[83] - The company has published over 20 papers in influential AI academic conferences, enhancing its credibility in the field[85] - Airdoc-AIFUNDUS has been trained on data from 15 different organizations in China, covering a significant portion of the national population, ensuring effective product applicability across diverse demographics[88] - Airdoc's AI technology has been validated through clinical trials, supporting its early detection and diagnostic solutions for chronic diseases[85] - Research collaboration with Fudan University resulted in a publication demonstrating a novel postoperative refractive power prediction method with greater accuracy than existing methods[92] Patent and Intellectual Property - During the reporting period, Airdoc was granted 40 new patents, bringing the total to 270 patents, including 128 inventions[100] - The company has developed SaMD products for glaucoma and cataracts detection, which received Class II medical device certification in June 2020 and January 2022 respectively[67] - The health risk assessment solution currently supports the identification of 55 types of lesions and disease risks, catering to diverse healthcare needs[70]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 2,429,825,335.81, a decrease of 1.81% compared to RMB 2,474,697,457.66 in Q1 2024[6] - Net profit attributable to shareholders for Q1 2025 was RMB 112,095,257.24, down 20.99% from RMB 141,879,437.62 in the same period last year[6] - The net profit after deducting non-recurring gains and losses was RMB 105,028,074.41, reflecting a decline of 23.74% year-on-year[6] - The total comprehensive income for Q1 2025 was RMB 104,998,682.16, down from RMB 146,079,426.17 in the same period last year[10] Cash Flow - The net cash flow from operating activities decreased significantly by 77.87%, amounting to RMB 8,425,190.10 compared to RMB 38,063,364.43 in Q1 2024[6] Earnings and Returns - Basic and diluted earnings per share for Q1 2025 were both RMB 0.15, a decrease of 28.57% from RMB 0.21 in Q1 2024[8] - The weighted average return on equity was 2.21%, down 0.83 percentage points from 3.04% in the previous year[8] Assets and Equity - Total assets as of March 31, 2025, were RMB 9,269,855,861.11, an increase of 2.77% from RMB 9,019,601,567.53 at the end of 2024[8] - Net assets attributable to shareholders increased by 3.28% to RMB 5,155,519,978.65 from RMB 4,991,588,524.78 at the end of 2024[8] Research and Development - Research and development expenses for Q1 2025 were RMB 109,788,595.18, compared to RMB 141,905,763.44 in Q1 2024[9] Accounting Policies - The company has implemented changes to accounting policies as per the Ministry of Finance's issuance of "Interpretation No. 18" effective from December 31, 2024, which addresses accounting treatment for quality assurance not related to individual performance obligations[11] - The changes in accounting policies were approved by the company's board on March 28, 2025, and are not expected to have a significant impact on the group's financial statements[11]