Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 14,509,866, a decrease of 20.5% compared to RMB 18,116,387 in 2023[10] - Gross profit increased to RMB 2,093,842, with a gross margin of 14.4%, up from 10.6% in the previous year[10] - Operating profit was RMB 182,404, representing an operating margin of 1.3%, a significant recovery from an operating loss of RMB 646,555 in 2023[10] - The net loss attributable to shareholders was RMB 140,608, compared to a loss of RMB 883,959 in 2023, indicating an improvement in financial performance[10] - The company reported a basic loss per share of RMB 0.03, an improvement from a loss of RMB 0.20 per share in the previous year[10] Market Outlook - Future guidance indicates a cautious optimism with expectations of gradual recovery in the construction materials market[10] - The continuous decline in cement demand is primarily due to a significant drop in real estate investment and insufficient funding for infrastructure projects[49] - The market outlook remains challenging due to ongoing economic pressures and reduced construction activities[49] - The company anticipates that the cement industry will experience a recovery in profitability in 2025, driven by enhanced industry self-discipline and production capacity management policies[96] Operational Efficiency - The company plans to focus on market expansion and new product development to drive future growth[10] - The company is investing in new technologies to improve production processes and reduce costs[10] - The gross profit margin has shown a positive trend, increasing from 10.6% in 2023 to 14.4% in 2024, reflecting improved operational efficiency[10] - The company plans to focus on improving operational efficiency and management effectiveness as part of its "Efficiency Improvement Year" initiative[101] Production and Sales - Cement sales volume decreased to 44,957 thousand tons in 2024 from 52,612 thousand tons in 2023, a decline of 14.5%[15] - The average selling price of cement was RMB 261.9 per ton in 2024, down from RMB 270.1 per ton in 2023, a decrease of 4.1%[15] - The clinker sales volume decreased to 6,826 thousand tons in 2024 from 10,338 thousand tons in 2023, a decline of 34.5%[15] - The sales volume of high-grade cement was 42,130,000 tons, a decrease of 14.2% year-on-year, while low-grade cement sales volume fell by 19.7% to 2,827,000 tons[62] Financial Position - Total assets decreased to RMB 30,222,319 thousand in 2024 from RMB 30,773,414 thousand in 2023, a decline of 1.8%[12] - Total liabilities decreased slightly to RMB 12,030,113 thousand in 2024 from RMB 12,370,050 thousand in 2023, a reduction of 2.8%[12] - The net debt-to-equity ratio increased to 14.9% in 2024 from 13.5% in 2023, indicating a rise in financial leverage[12] - Cash and cash equivalents decreased from RMB 2,254,037,000 to RMB 2,179,627,000, reflecting a net decrease of RMB 82,793,000 during the year[85] Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[10] - The company plans to continue expanding its product diversification strategy, moving from a single product focus to a more varied product offering[18] - The company aims to strengthen its competitive position in the market through mergers and acquisitions, as well as strategic partnerships[34] - The company will prioritize green transformation by establishing a carbon management mechanism and increasing the utilization rate of alternative raw materials[102] Corporate Governance - The company has complied with relevant laws and regulations that significantly impact its business and operations[130] - The board of directors has received annual confirmation letters regarding the independence of all independent non-executive directors[118] - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and ensure transparency[184] - The board regularly reviews corporate governance policies and practices to protect shareholder interests and enhance corporate value[186] Employee and Management - The group has a total of 14,700 employees as of December 31, 2024[183] - The group adheres to a compensation policy based on employee performance, qualifications, and capabilities[180] - The management team has a diverse educational background, including degrees from prestigious institutions such as the University of California, Los Angeles, and Tongji University[169] - The company emphasizes the importance of retaining and attracting talent through its stock options plan, which is crucial for its growth and development[159]

Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 79,663,000, an increase of 12.5% compared to RMB 69,687,000 for the same period in 2024[3] - Core net profit for the same period was RMB 16,598,000, representing a significant increase of 78.1% from RMB 9,305,000 in the previous year[3] - Basic earnings per share decreased to RMB 2.17 from RMB 2.38, reflecting a 9.7% decline[3] - Total profit for the period was RMB 51,599,000, up from RMB 47,174,000, marking an increase of 9.4%[4] - The company reported a gross profit of RMB 43,913,000, which is a rise from RMB 37,101,000, indicating a growth of 18.4%[6] - For the six months ended February 28, 2025, the revenue from school-related supply chain business was RMB 52,872,000, an increase from RMB 34,078,000 in the same period of 2024, representing a growth of 55%[15] - The total revenue for the group for the six months ended February 28, 2025, was RMB 79,663,000, compared to RMB 69,687,000 for the same period in 2024, indicating an increase of approximately 14%[15] - The group recognized RMB 48,994,000 in revenue from school-related supply chain business at a point in time for the six months ended February 28, 2025, up from RMB 33,912,000 in 2024, reflecting a growth of 44%[16] - The group reported a net foreign exchange loss of RMB (3,082,000) for the six months ended February 28, 2025, compared to a gain of RMB 1,889,000 in the same period of 2024[18] - The group received government subsidies amounting to RMB 3,093,000 for the six months ended February 28, 2025, compared to RMB 854,000 in the same period of 2024, showing a significant increase[17] - The income tax expense for the six months ended February 28, 2025, was RMB 6,044,000, a decrease from RMB 10,216,000 in the same period of 2024, representing a reduction of approximately 41%[18] - The group’s reserve fund increased to RMB 634,240,000 as of February 28, 2025, compared to RMB 582,166,000 as of August 31, 2024, indicating a growth of 9%[8] - The group’s total non-current liabilities were RMB 658,027,000 as of February 28, 2025, compared to RMB 605,990,000 as of August 31, 2024, reflecting an increase of approximately 9%[8] - The group did not declare a final dividend for the year ended August 31, 2024, maintaining the dividend at RMB 0.05 per share for the previous year[19] Expenses and Liabilities - Administrative expenses increased to RMB 16,006,000 from RMB 12,910,000, showing a rise of 24.3%[6] - Total bank borrowings amounted to RMB 230.7 million as of February 28, 2025, with interest rates ranging from 3.9% to 4.0%[47] - As of February 28, 2025, the company's capital debt ratio decreased to 37.0% from 46.1% on August 31, 2024, due to a reduction in total bank borrowings and an increase in total equity[49] - The total amount of restricted bank deposits, time deposits, and cash equivalents as of February 28, 2025, was RMB 323.1 million, with no outstanding net borrowings[49] - The total amount of financial guarantees provided to affected entities decreased from RMB 3,934.9 million on August 31, 2024, to RMB 3,741.0 million as of February 28, 2025[52] Cash Flow and Investments - Cash inflow from operating activities was RMB 17.1 million for the six months ended February 28, 2025[46] - Capital expenditures amounted to approximately RMB 7.7 million for the six months ended February 28, 2025[45] Corporate Governance and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[5] - The company plans to explore the possibility of separating the high school division into an independent entity to regain control[30] - The company aims to integrate resources to build an education service platform, including comprehensive education management services and sales of educational materials[30] - The company has adopted a share incentive plan to reward and motivate key management personnel and employees[62] - The company continues to monitor foreign exchange rate risks and will consider hedging significant foreign exchange risks as necessary[50] - The company has adopted high standards of corporate governance to protect shareholder interests and enhance corporate value[66] Shareholder Information - The company completed a placement of 130,000,000 new shares at HKD 4.24 per share, raising approximately HKD 545.7 million (approximately RMB 487.7 million) for school construction and general corporate purposes[58] - The company does not plan to declare an interim dividend for the six months ended February 28, 2025[61] - The company purchased a total of 11,704,000 shares as of February 28, 2025, which remains unchanged since August 31, 2024[63] - The company did not buy, sell, or redeem any of its listed securities during the six months ending February 28, 2025[64] - The board confirmed compliance with the standard code of conduct for securities trading as of February 28, 2025[65] - The company maintained the required public float as per listing rules as of February 28, 2025[69] Audit and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending February 28, 2025[68] - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website[70]

Fleet and Operations - The company operates a modern fleet of 804 aircraft, making it one of the largest state-owned airlines in China[11]. - The airline's route network reaches 1,000 destinations across 160 countries and regions, enhancing its global connectivity[11]. - The company plans to expand its fleet by acquiring 50 new aircraft over the next three years to support growth[1]. - The company introduced 35 new aircraft while retiring 13, resulting in a total fleet of 804 aircraft as of December 31, 2024[29]. - The company plans to introduce 60 aircraft and retire 26 from 2025 to 2027, including 21 C919 aircraft[31]. - The average age of the fleet is 9.2 years, with a focus on optimizing the fleet structure for green development[30]. - The company operates an efficient fleet of 804 passenger aircraft with an average age of approximately 9.2 years, focusing on core hubs in Shanghai and Beijing[78]. Financial Performance - Revenue for 2023 reached RMB 113,788 million, a significant increase of 145% compared to RMB 46,333 million in 2022[19]. - The net loss attributable to equity holders for 2023 was RMB 8,190 million, improving from a net loss of RMB 37,392 million in 2022[24]. - Operating profit for 2023 was RMB 1,618 million, a turnaround from an operating loss of RMB 31,637 million in 2022[19]. - The company reported a net loss of RMB 4,226 million for 2024, a reduction from the previous year's loss of RMB 8,190 million[24]. - The company's operating revenue reached RMB 132.12 billion, a year-on-year growth of 16.11%, while the net loss attributable to shareholders was RMB 4.226 billion, significantly reduced by RMB 3.964 billion[49]. - The group's total operating costs for 2024 amounted to RMB 137.01 billion, reflecting a year-on-year increase of 13.08% due to the recovery of the air passenger market[111]. - Aircraft fuel costs increased to RMB 45.50 billion, up 10.70% year-on-year, primarily due to an 18.28% increase in fuel consumption[111]. Passenger and Cargo Traffic - The company reported a significant increase in passenger traffic, with a year-over-year growth of 15% in the last quarter[1]. - Cargo revenue increased by 20% compared to the previous year, reflecting strong demand in the logistics sector[1]. - Passenger traffic increased to 140,565.95 thousand passengers in 2024, representing a growth of 21.58% from 115,617.54 thousand passengers in 2023[25]. - The company achieved a total transport turnover of 25.25 billion ton-kilometers and a passenger transport volume of 141 million, representing year-on-year increases of 36.32% and 21.58%, respectively, both reaching historical highs[33]. - The cargo turnover volume in the passenger aircraft belly increased by 47.05% year-on-year, generating cargo revenue of RMB 5.331 billion, a substantial year-on-year growth of 46.70%[54]. Strategic Initiatives and Partnerships - The company aims to enhance its digital services, with a projected investment of $100 million in technology upgrades[1]. - The company is exploring strategic partnerships and potential acquisitions to strengthen its market position[1]. - The company launched 11 new international routes, enhancing its connectivity to Europe and Australia[35]. - The company signed strategic cooperation agreements with national and Shanghai museums to explore new paths for the integration of culture, aviation, and tourism[43]. - The company is actively promoting sustainable aviation fuel (SAF) across multiple routes and aircraft types, aligning with carbon reduction goals[68]. Market Position and Competition - The company has enhanced its hub construction, achieving a market share of 42.2% in Shanghai and 32% in the Yangtze River Delta, with increases of 0.9 and 1.4 percentage points year-on-year[53]. - The company is focusing on high-quality development, aiming for a "world-class, happy Eastern Airlines" strategic goal by 2025[70]. - The company faces intensified competition in the domestic and international aviation markets due to the opening of the domestic aviation market and the growth of low-cost airlines, which may impact its market share and pricing strategies[99]. Risk Management and Compliance - The company has enhanced its risk management framework, focusing on high-risk areas and improving internal control mechanisms[67]. - The company is committed to sustainable development and compliance with environmental regulations, investing in fuel-efficient aircraft and noise reduction technologies to manage operational costs[108]. - The company is enhancing its information security measures to protect against data breaches and network attacks, which could adversely affect its operations and brand image[102]. - The company is implementing a comprehensive risk management system to address potential challenges in international market expansion and investment projects[103]. Corporate Governance and Management - The company is committed to maintaining good corporate governance and effective communication with investors to avoid significant stock price fluctuations[107]. - The company has a strong governance structure with independent directors holding significant positions in other listed companies, enhancing oversight and strategic direction[173][174][175]. - The company is actively expanding its board to include professionals with expertise in finance, aviation, and management, which is crucial for navigating market challenges[176][179]. - The company has experienced a significant turnover in management, with several key positions being filled and vacated in 2024[185]. Employee and Shareholder Information - The group employed a total of 85,168 employees, with 47,579 in the parent company and 37,589 in major subsidiaries[133]. - The group plans to maintain a female employee ratio of 36.95% and has 12.5% female representation on the board of directors[135]. - The company has established a comprehensive dividend policy, proposing no profit distribution for the fiscal year 2024, which will be submitted for approval at the 2024 annual general meeting[142][143]. Future Outlook - Future guidance indicates an expected revenue growth of 10% for the upcoming fiscal year[1]. - The company expects revenue for 2024 to reach RMB 132,120 million, reflecting a projected growth of 16.5% from 2023[24]. - In 2024, China's civil aviation passenger transport volume is expected to reach 730 million, an increase of 17.9% compared to 2023 and 10.6% compared to 2019[80]. - Global passenger travel demand is projected to grow by 10.4% in 2024, with an average global flight load factor reaching a record high of 83.5%[80].

Business Overview - As of December 31, 2024, the Group's project management projects were distributed in 130 major cities across 30 provinces, municipalities, and autonomous regions in China[10]. - Greentown Management was listed on the Main Board of The Hong Kong Stock Exchange in July 2020, becoming the first project management stock in China[8]. - The Group has been recognized consecutively from 2017 to 2024 as a Leading Enterprise in Real Estate Project Management Operation by the China Real Estate TOP 10 Research Team[8]. - The core business includes commercial project management, government project management, and other services, focusing on creating value through customized solutions[9]. - The company adheres to core values of "quality, reliance, efficiency, and sharing" to enhance project management and service quality[9]. - The Group aims to create an ecological platform for co-creating value and sharing benefits among clients, owners, suppliers, employees, and investors[9]. - The company is committed to the Project Management 4.0 system and the "Greentown Star" standard, enhancing its competitive edge in the market[9]. - The Group's operational strategy emphasizes resource integration and brand standardization to deliver high-quality services[9]. - Greentown Management has established a strong presence in the real estate sector, focusing on asset-light development models[8]. - The company continues to expand its project management capabilities and geographic reach within China[10]. Financial Performance - Total revenue for 2024 reached RMB 3,441,234,000, an increase from RMB 3,302,422,000 in 2023[23]. - Profit before tax for 2024 was RMB 1,037,049,000, compared to RMB 1,177,408,000 in 2023, indicating a decrease of approximately 11.9%[23]. - Total assets as of December 31, 2024, were RMB 6,776,768,000, up from RMB 6,732,651,000 in 2023[23]. - Total liabilities increased to RMB 2,835,187,000 in 2024 from RMB 2,599,045,000 in 2023[23]. - Net assets for 2024 were RMB 3,941,581,000, a decrease from RMB 4,133,606,000 in 2023[23]. - The company achieved a net profit attributable to shareholders of RMB 801.1 million in 2024, contributing to the increase in equity attributable to shareholders[114]. - The Group reported a net cash flow from operating activities of RMB 291.7 million during the reporting period, with no bank liabilities[50]. - The final dividend proposed for 2024 is RMB 0.24 per share, subject to shareholder approval at the AGM on June 18, 2025[41]. Market Position and Share - In 2024, Greentown Management achieved a total contracted construction area of 126 million m², with newly contracted areas totaling 36.5 million m², expanding its market share to 22.1%[28]. - Greentown Management maintained a market share above 20% for nine consecutive years, demonstrating its robust resilience and comprehensive strength[49]. - The company aims to leverage its leading position in the project management industry to create long-term value for shareholders and partners amid ongoing market adjustments[57]. - The company has actively responded to the government's "ensure the delivery of properties" policy, with a total contracted GFA exceeding 10 million square meters under this initiative[72]. Operational Efficiency - The project management industry faced a 5% year-on-year decline in new construction area, indicating increased competition and evolving market dynamics[51]. - The company has implemented reforms to enhance operational efficiency, focusing on organizational structure, salary and performance systems, and evaluation mechanisms[60]. - The Group's management is focused on effective resource utilization, waste reduction, and energy saving initiatives[198]. Leadership and Management - Mr. Wang Junfeng has been appointed as the executive Director and CEO since July 31, 2023, focusing on development strategies and capital market management[139]. - Ms. Nie Huanxin was appointed as the executive Director and Chief Digital Officer on July 18, 2024, bringing 30 years of experience in the real estate industry[143]. - The Group has a strong leadership team with over 20 years of experience in real estate project management and operations[171]. - The management team includes professionals with advanced degrees in business administration and engineering from reputable universities[166][172]. Future Strategies - Looking ahead to 2025, the company aims to enhance its capabilities and drive high-quality development in the project management sector[29]. - Greentown Management plans to embrace AI and optimize its business models to reinforce its industry leadership[32]. - Future strategies include enhancing core competitiveness through improved management, market expansion, and product innovation[85]. - The company aims to establish itself as a benchmark enterprise in China's project management industry and a pioneer in light-asset development models[86]. Environmental and Regulatory Compliance - The Group is committed to achieving environmental sustainability and complies with relevant environmental protection laws and regulations[198]. - The Group regularly reviews its environmental policies, with further details provided in the "2024 Environmental, Social and Governance Report"[198]. - The Group has ensured compliance with relevant laws and regulations for the year ended 31 December 2024, with no material breaches reported[199]. - The Board regularly monitors the Group's policies and practices to maintain adherence to laws and regulations[199].

Resource and Production - The company reported a total resource volume of 89,536,111 tons for its four nickel-copper mines as of December 31, 2024, with a nickel content of 439,346 tons[8]. - The estimated reserves for the Kalatongke nickel-copper mine are 16,951,168 tons, with a nickel grade of 0.63% and a total nickel content of 106,591 tons[8]. - The company holds a 51% stake in the Xianghe Street and Mujiahe vanadium mines, which have a total resource volume of 26,569,500 tons as of December 31, 2024[9]. - The company has a total estimated metal content of 445,454 tons of copper and 439,346 tons of nickel across its mining operations[8]. - The company produced 10,274 tons of electrolytic nickel in 2024, a 36.7% increase from 2023, and 8,792 tons of cathode copper, a 52.4% increase[17]. - In 2024, the company produced 85,115 tons of nickel-copper mixed concentrate and 44,222 tons of nickel concentrate, generating a total revenue of approximately RMB 2,259.8 million from main business operations[20]. Financial Performance - In 2024, the company achieved operating revenue of approximately RMB 2,281.4 million, an increase of about 11.3% compared to 2023[18]. - The net profit for 2024 was approximately RMB 173.9 million, up from RMB 162.3 million in 2023[18]. - The sales revenue from electrolytic nickel was approximately RMB 1,162.0 million, accounting for 51.4% of the total main business revenue[20]. - The gross profit margin for the main business in 2024 was approximately 24.8%, down about 6.6 percentage points from 31.4% in 2023[37]. - The company’s total assets as of 2024 were approximately RMB 7,723.2 million, a slight decrease from RMB 7,837.6 million in 2023[11]. - The total liabilities for 2024 were approximately RMB 2,138.0 million, down from RMB 2,317.1 million in 2023[11]. Sales and Pricing - The average sales price of electrolytic nickel in 2024 was approximately RMB 117,604 per ton, a decrease of about 17.5% from RMB 142,601 per ton in 2023[17]. - The average sales price of cathode copper rose to approximately RMB 67,326 per ton, an increase of about 11.6% from RMB 60,334 per ton in 2023[17]. - The sales volume of electrolytic nickel in 2024 was approximately 9,998 tons, a growth of about 29.1% compared to 7,747 tons in 2023[33]. - The sales volume of cathode copper in 2024 was approximately 8,939 tons, an increase of about 82.1% from 4,908 tons in 2023[33]. Investments and Future Plans - A total investment of approximately RMB 125.2 million was completed in 2024 for upgrading mining and refining capabilities[21]. - The company plans to invest RMB 129.5 million in 2025 for further improvements in mining and refining processes[26]. - The company plans to produce 12,000 tons of electrolytic nickel in 2025, representing an increase of approximately 9.1% compared to 2024[24]. - The company has successfully acquired several mining companies, significantly increasing its nickel and copper resource reserves and production capacity[29]. Corporate Governance - The company has a commitment to high corporate governance standards, adhering to the corporate governance code from January 1, 2024, to December 31, 2024[73]. - The company emphasizes the importance of corporate governance as a fundamental element for protecting shareholder interests[73]. - The board of directors consists of nine members, including one executive director, five non-executive directors, and three independent non-executive directors[76]. - The board has established various committees, including the audit committee, nomination committee, and remuneration and assessment committee, to assist in its duties[82]. - The company has established a robust audit and compliance framework to ensure financial integrity and transparency[66]. Risk Management - The company has implemented a risk management policy that includes a series of processes for assessing and managing risks[120]. - The board believes that the current risk management and internal control systems are effective and adequately cover the company's operational status[119]. - The company faces commodity price risks due to global supply and demand dynamics, which could significantly impact revenue and comprehensive income[45]. Shareholder Relations - The company encourages ongoing communication with shareholders and has established a policy for investor relations and shareholder communication[126]. - The company proposed a final dividend of RMB 0.05 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[138]. - The company has confirmed compliance with relevant laws and regulations, with no significant violations reported during the year[193]. Employee and Board Diversity - The company has a workforce of 1,770 employees, with approximately 81.07% male and 18.93% female employees[97]. - The Nomination Committee is dedicated to maintaining a balanced diversity perspective in the board composition, considering factors such as gender, age, culture, and professional qualifications[94]. - The board's diversity policy includes measurable targets and timelines for achieving gender diversity[95]. Related Party Transactions - The independent non-executive directors have reviewed the related party transactions and confirmed that they are conducted on fair and reasonable terms[191]. - The company has confirmed that all related party transactions are conducted under normal commercial terms and do not exceed the disclosed annual caps[195].

Financial Performance - For the six months ended February 28, 2025, the company's revenue increased to RMB 591.5 million, representing a growth of 13.7% compared to RMB 520.4 million for the same period in 2024[11]. - Gross profit for the same period rose to RMB 207.6 million, reflecting a 15.8% increase from RMB 179.3 million in the previous year[11]. - The net profit attributable to the company's owners surged by 55.3% to RMB 49.1 million, up from RMB 31.6 million in the prior period[11]. - The adjusted net profit (non-IFRS measure) increased by 26.8% to RMB 62.1 million, compared to RMB 49.0 million in the previous year[11]. - Total revenue for the group increased to RMB 489.29 million for the six months ended February 28, 2025, representing a growth of RMB 67.395 million or 16.0% compared to the previous year[16]. - Revenue increased by RMB 71.1 million (or 13.7%) to RMB 591.5 million for the six months ended February 29, 2024, primarily due to increased tuition fees and cafeteria service revenue[38]. - Tuition revenue rose by RMB 67.4 million (or 16.0%) to RMB 489.3 million, driven by an increase in student enrollment for the 2024/2025 academic year[38]. - The group reported a pre-tax profit of RMB 49,090,000 for the six months ended February 28, 2025, compared to RMB 31,602,000 for the same period in 2024, reflecting a growth of approximately 55.2%[124]. - Basic and diluted earnings per share increased to RMB 1.6 for the six months ended February 28, 2025, compared to RMB 1.0 for the same period in 2024, representing a growth of 60%[124]. Enrollment and Tuition - The total number of students enrolled across the company's schools reached 34,307, with 9,609 in high school and 24,698 in university programs[6]. - Tuition fees accounted for RMB 489.3 million, marking a 16.0% increase from RMB 421.9 million in the previous year[15]. - Average tuition fees for high school domestic courses increased slightly to RMB 44,101, while international courses rose to RMB 141,769, reflecting a year-over-year increase of 0.2% and 6.5% respectively[17]. - New undergraduate tuition fees are set to increase to RMB 18,000 and RMB 15,900 for specialized students starting from the 2024/2025 academic year[23]. Operational Efficiency - The overall utilization rate of schools improved to 71.4% from 62.1% in the previous year[23]. - The company aims to maintain and strengthen its market position in the private education sector in China, leveraging its established reputation to attract quality students and faculty[7]. - The company has established a risk management structure to oversee significant business decisions, including expansion and tuition fee adjustments[36]. - The company has sufficient liquidity to meet its daily management and capital expenditure needs[53]. Expansion and Development - The company operates 14 physical institutions across five cities in Sichuan, Hong Kong, and Irvine, California, with a focus on expanding its educational offerings[6]. - The group plans to establish a second campus in 2025, expanding its service offerings based on the successful operational model of its flagship campus[28]. - The group has entered into management cooperation agreements with 13 schools, providing educational management and consulting services[27]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of $G million earmarked for this purpose[151]. Financial Stability - The total cash and cash equivalents at the end of the reporting period on February 28, 2025, were RMB 559,367,000, compared to RMB 506,467,000 as of August 31, 2024, indicating a 10.4% increase[53]. - The bank and other borrowings as of February 28, 2025, amounted to RMB 2,046,335,000, a decrease from RMB 2,099,943,000 as of August 31, 2024[53]. - The leverage ratio decreased from approximately 249.9% on August 31, 2024, to approximately 233.5% on February 28, 2025, primarily due to a reduction in interest-bearing bank borrowings[63]. - The company reported a significant decrease in government subsidies received in advance for students, from RMB 20,894,000 as of August 31, 2024, to RMB 10,512,000 as of February 28, 2025[132]. Compliance and Governance - The company is subject to stricter regulations regarding the operation and management of private schools, particularly non-profit institutions, as per the new implementation rules effective September 1, 2021[80]. - The company has implemented specific plans to meet qualification requirements for foreign investors in Sino-foreign cooperative private schools, with ongoing evaluations of compliance[78]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results and financial statements for the reporting period[73]. Shareholder Information - The board has declared an interim dividend of HK$0.80 per share for the six months ending February 28, 2025, compared to HK$0.55 for the same period last year, reflecting a 45% increase[71]. - The company has adopted a share option scheme to incentivize qualified individuals, allowing for a maximum of 300,000,000 shares to be issued under this plan, which is approximately 9.71% of the issued shares as of the report date[90][94]. - The share option plan is valid for 10 years from the adoption date, with a remaining term of approximately 7 months[93].

Financial Performance - For the year ended December 31, 2024, the company's revenue reached RMB 20,096.16 million, representing a 7.5% increase from RMB 18,693.90 million in 2023[13] - Gross profit for the same period was RMB 5,782.99 million, a significant increase of 29.4% compared to RMB 4,469.79 million in 2023[13] - The company reported a loss attributable to owners of RMB 690.89 million, which is a 34.2% improvement from a loss of RMB 1,049.98 million in 2023[13] - Cash EBITDA for the year was RMB 5,324.91 million, reflecting a 38.3% increase from RMB 3,851.42 million in the previous year[13] - The gross profit margin improved to 28.8% in 2024, up from 23.9% in 2023[20] - The company achieved a revenue growth of 7.5% year-on-year, reaching RMB 20,096 million, with gross profit increasing by 29.4% to RMB 5,783 million[30] - The raw milk business generated approximately RMB 15,100 million in revenue, a 17.0% increase compared to the previous year, accounting for 75.1% of the total revenue[56] - The company reported a revenue of RMB 20,096 million for the period, representing a 7.5% increase from RMB 18,694 million in 2023[55] - The net loss for the 2023 period was RMB 1,453 million, while the reporting period showed a loss of RMB 861 million, representing a year-on-year reduction of 40.7%[147] Production and Operations - The production of high-quality fresh milk and specialty fresh milk totaled 3,747,448 tons, with new product categories including sheep milk introduced[6] - The company expanded its herd size, operating 97 farms and managing 621,568 dairy cows and 19,164 goats as of December 31, 2024[6] - The production of controlled embryos increased by 75.7% year-on-year, exceeding 25,000 units, establishing the company as a leader in high-yield dairy cow breeding in China[6] - The annualized milk yield per cow (excluding special breeds) increased to 12.6 tons, up 5.0% from 12.0 tons in 2023[13] - The number of operational farms increased to 97, with a total dairy cow inventory exceeding 620,000, and the proportion of breeding cows rose by 3.5 percentage points to 52.3%[31] - The annual yield per breeding cow increased by 5.0% year-on-year to 12.6 tons, with the yield at the Saikexing farm rising by 8.8%[31] - Raw milk production reached 3,747,448 tons, a 24.1% increase from 3,020,182 tons in the previous year[61] - The company established a new goat farm with a planned capacity of 50,000 heads, which is the largest single goat farm in China[60] Cost Management and Efficiency - The cost of raw milk feed decreased to RMB 2.10 per kilogram, down from RMB 2.45 in 2023[21] - The average price of raw milk decreased by 5.9% year-on-year, yet raw milk business revenue grew by 17.0%[33] - The average price of fresh milk in major producing provinces decreased by 13.5% to RMB 3.32 per kilogram during the reporting period[53] - The company implemented lean management practices, resulting in a 14.3% reduction in feed costs per kilogram of raw milk[65] - The group’s total borrowings amounted to RMB 24,256 million as of December 31, 2024, down from RMB 26,259 million in 2023[162] Research and Development - R&D investment increased by 76% year-on-year, resulting in 91 core patents and participation in the formulation of 6 national and local standards[40] - The company developed the "Breeding No. 1 Chip," enhancing genetic evaluation accuracy and efficiency for dairy cows, leveraging a breeding big data platform with 9 million DHI production data sets and 30,000 phenotype identification data sets[103] - The company holds 91 core patent technologies and has launched 12 new patents during the reporting period, enhancing its technological barriers[108] - The company is advancing multiple key projects in agricultural biotechnology and dairy breeding, including the efficient production and transplantation of sex-controlled embryos[108] Sustainability and Environmental Initiatives - The company has built 11 photovoltaic pastures and upgraded energy equipment in 54 pastures, achieving a carbon credit of 49,600 tons[43] - The company aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, actively implementing carbon reduction measures and developing carbon asset projects[117] - The group received a carbon neutrality certificate, becoming the first "zero-carbon factory" in China's feed industry, setting a benchmark for green transformation[81] - The company has implemented 11 photovoltaic farm projects, with 5 achieving green electricity self-use, significantly enhancing energy efficiency[68] Market and Customer Relations - The group reported revenue from its top five customers of RMB 15,979 million, representing 79.5% of total revenue, an increase from 73.1% in 2023[195] - Sales to the largest customer, Yili Group, generated revenue of RMB 14,323 million, accounting for 94.8% of the group's total raw milk revenue, down from 96.5% in 2023[195] - The company has maintained a long-term strategic partnership with Yili Group, ensuring stable revenue streams[195] Employee and Corporate Governance - The group’s employee count as of December 31, 2024, was 12,930, with skilled personnel making up 53.1% of the total[178] - The group has established a three-tier talent development system focusing on management delivery, competency training, and expert cultivation[181] - The company has established an Environmental, Social, and Governance (ESG) committee to assess and enhance its ESG performance[193] - The group has complied with all relevant laws and regulations without any significant violations during the reporting period[194]

Financial Performance - In Q1 2025, the company reported operating income of RMB 33,101 million, a decrease of 4.04% compared to RMB 34,494 million in Q1 2024[15]. - Net profit attributable to shareholders was RMB 12,464 million, showing a slight increase of 0.31% from RMB 12,426 million in the same period last year[16]. - The net profit for the first quarter of 2025 was RMB 12,530 million, slightly up from RMB 12,495 million in the first quarter of 2024, representing a growth of 0.3%[44]. - Operating income was 33.101 billion yuan, a decrease of 4.04% year-on-year, with net interest income declining by 6.84% to 22.538 billion yuan[23]. - The pre-tax profit for the three months ended March 31, 2025, was RMB 15,457 million, an increase of 3.1% compared to RMB 14,987 million in the same period of 2024[50]. Asset and Liability Management - The total assets reached RMB 7,228,859 million, reflecting a growth of 3.88% from RMB 6,959,021 million at the end of 2024[16]. - The total liabilities amounted to 6,639.864 billion yuan, up 4.26% from the previous year, with deposit balances increasing by 5.77% to 4,268.443 billion yuan[22]. - Total liabilities increased to RMB 6,639,864 million as of March 31, 2025, compared to RMB 6,368,790 million at the end of 2024, marking a rise of 4.2%[47]. - The total equity attributable to shareholders was RMB 586,401 million as of March 31, 2025, a slight decrease from RMB 587,700 million at the end of 2024[48]. Loan and Financing Activities - As of March 31, 2025, the loan balance for technology enterprises reached RMB 415.77 billion, an increase of RMB 36.24 billion, representing a growth of 9.55% compared to the end of the previous year[9]. - The balance of inclusive loans stood at RMB 448.69 billion, with an increase of RMB 13.25 billion, marking a growth of 3.04% year-on-year[9]. - The bank's net increase in loans and advances to customers was RMB 186,779 million, compared to RMB 128,989 million in the same period of 2024, indicating strong loan demand[50]. - The company achieved a comprehensive financing scale of RMB 54,300 million and retail asset management scale of RMB 30,500 million[12]. Capital Adequacy and Risk Management - The core tier 1 capital adequacy ratio stood at 9.40% as of March 31, 2025, down from 9.82% at the end of 2024[18]. - The capital adequacy ratio stood at 13.50%, with a Tier 1 capital adequacy ratio of 11.48% and a core Tier 1 capital ratio of 9.40%, all meeting regulatory requirements[23]. - The non-performing loan balance was 51.293 billion yuan, an increase of 2.041 billion yuan from the end of the previous year, maintaining a non-performing loan ratio of 1.25%[23]. - The group is actively participating in the modernization of the industrial system and enhancing its risk management framework to maintain industry-leading risk control effectiveness[27]. Digital Transformation and Customer Service - The company is focusing on digital transformation to enhance customer acquisition and retention through integrated online and offline financial services[13]. - The company established a digital financial scene platform, creating products like "Salary Joy Pass" and "Logistics Pass," maintaining a leading advantage in the "Cloud Payment" industry[11]. - The group is focusing on enhancing digital retail banking and expanding its wealth management ecosystem, leveraging AI technology for improved customer service[25][26]. Shareholder Structure - The total number of shareholders at the end of the reporting period was 147,544, with significant holdings by China Everbright Group Co., Ltd. at 41.21% and China CITIC Financial Asset Management Co., Ltd. at 7.53%[29]. - The top ten shareholders did not participate in margin financing or securities lending activities, indicating a stable shareholder structure[31]. - China Everbright Group is the controlling shareholder, with China Everbright Holdings Co., Ltd. being an indirect subsidiary[31]. - The total number of preferred shareholders was 27, indicating a diverse investor base[37]. Dividend and Cash Flow - The company announced a dividend of RMB 1,516 million for preferred shares during the reporting period[17]. - The net cash flow from operating activities was RMB 57,080 million, a significant improvement from a negative RMB 158,530 million in the previous year[16]. - Customer deposits increased by RMB 233,765 million, compared to an increase of RMB 26,660 million in the same period of 2024, indicating strong deposit growth[51]. - The cash flow from financing activities generated a net inflow of RMB 19,031 million, down from RMB 45,009 million in the previous year[52].

Fleet and Operations - China Southern Airlines operates a fleet of 917 aircraft, including models from Boeing and Airbus, covering a comprehensive domestic and international route network[11]. - The company achieved the highest passenger volume in China, focusing on developing a hub-and-spoke network centered around key cities like Guangzhou and Beijing[11]. - In 2024, the company plans to deepen its presence in the Guangdong-Hong Kong-Macao Greater Bay Area while optimizing its Beijing hub operations[11]. - The fleet size at the end of 2024 was 917 aircraft, with 57 new deliveries and 48 retirements during the reporting period[27]. - The company operates a fleet of over 900 aircraft, making it the first domestic airline to exceed 100 million passenger transport volume[69]. - The company is focusing on building a hub network centered around Guangzhou and Beijing, aiming to create a new profit model and development approach[70]. - New routes added include Shenzhen to Mexico City and Guangzhou to Doha, with plans to increase domestic and international routes in 2025[109]. Financial Performance - Operating revenue for 2024 reached RMB 174,224 million, an increase of 8.94% compared to RMB 159,929 million in 2023[18]. - Net loss attributable to equity holders of the company improved to RMB (1,769) million, a reduction of 57.27% from RMB (4,140) million in 2023[18]. - Total assets increased by 6.58% to RMB 329,979 million from RMB 309,596 million in 2023[18]. - Passenger traffic (RPK) increased by 23.90% to 305,965.93 million from 246,947.23 million in 2023, with international routes seeing a significant rise of 93.35%[20]. - Cargo traffic (RTK) rose by 21.54% to 36,207.79 million from 29,791.11 million in 2023, driven by international routes which increased by 41.45%[20]. - Total passenger numbers reached 164,732.05 thousand, a 15.84% increase from 142,201.09 thousand in 2023[21]. - Average passenger load factor improved to 84.38%, up 6.28 percentage points from 78.09% in 2023[23]. - Operating profit for 2024 was RMB 8,327 million, an increase of RMB 2,770 million from RMB 5,557 million in 2023[83]. - Transportation revenue accounted for 94.79% of total operating revenue in 2024, with a total of RMB 165,145 million, up 9.05% from 2023[76]. Safety and Environmental Commitment - The company was awarded the "Diamond Three-Star Award" for flight safety, the highest honor in civil aviation safety in China[11]. - The airline successfully completed its first commercial flight using sustainable aviation fuel (SAF) on September 19, 2024, marking a significant step in its green development strategy[37]. - The company achieved a fuel consumption rate of 2.572 tons per 10,000 ton-kilometers during the reporting period, indicating a commitment to sustainability[56]. - The company is committed to environmental and social responsibility, as outlined in its governance report[5]. Market Strategy and Development - The company emphasizes strategic market development and aims to enhance its operational efficiency and service quality[11]. - Future outlook includes potential market expansion and new product development strategies to enhance competitiveness[11]. - The company is actively expanding its market presence in emerging markets such as the Middle East and Central and Eastern Europe, enhancing its cargo operations capabilities[52]. - The company aims to build a world-class airline by 2025, focusing on core air transport operations and collaborative development with pillar industries[68]. - The company will implement five major strategies, including hub network strategy and innovation-driven strategy, to enhance operational quality and market competitiveness[129]. Digital Transformation and Innovation - The airline's digital transformation is progressing steadily, with the establishment of a private cloud platform and computing power center, and it has achieved a level 3 certification for data security capability maturity[54]. - The company is focusing on technological innovation and strategic emerging industry development, promoting the application of advanced monitoring and control systems for aircraft[55]. - The company is committed to digital transformation and optimizing its service structure through six major actions, including enhancing quality and promoting innovation[68]. - The company is advancing its digital capabilities by integrating digital technology into core business areas, enhancing operational efficiency and service quality[71]. Risk Management and Financial Stability - The company maintains strong relationships with major banks, ensuring financial stability and support for growth initiatives[14]. - The company is actively managing six major risks, including runway incursions and significant mechanical failures, to strengthen its risk control capabilities[73]. - The company is leveraging digital transformation to enhance its safety management system, incorporating advanced technologies like AI for risk identification[73]. - The company faces significant financial risks, including a potential RMB 289 million impact on net profit for every 1% change in the USD/RMB exchange rate[146]. - Fuel costs represent the largest expense for the company, with a 10% fluctuation in average fuel prices potentially affecting operating costs by RMB 5,499 million[147]. Subsidiaries and Investments - China Southern Airlines has 22 subsidiaries and 9 holding airline subsidiaries, with a global presence through 52 overseas offices[11]. - The company invested RMB 4,680 million in Sichuan Airlines, holding a 39% stake, with an investment loss of RMB 1,385 million reported[111]. - A significant non-equity investment includes an agreement to purchase 100 C919 aircraft from Commercial Aircraft Corporation of China[112]. Compliance and Governance - The group strictly complies with significant laws and regulations affecting its operations, ensuring safety and compliance in applying for new flight slots and returning unused operating permits[178][179]. - The audit and risk management committee has reviewed and confirmed the audited financial statements for the fiscal year ending December 31, 2024[177]. - The company has made appropriate insurance arrangements for its directors and senior management against potential legal claims arising from corporate activities[176].

Financial Performance - In 2024, the company's revenue decreased to RMB 5,885,495, down 20.7% from RMB 7,427,010 in 2023[14] - The gross profit for 2024 was RMB 592,563, representing a gross profit margin of 10%, compared to 14% in 2023[14] - The company reported a loss for the year of RMB 262,565, a significant decline from a profit of RMB 111,235 in 2023[14] - In 2024, Asia Cement (China) reported operating revenue of RMB 5,885,495,000, a year-on-year decrease of 21%[22] - The gross profit for 2024 was RMB 592,563,000, representing a year-on-year decrease of 45%[22] - The net loss for the year amounted to RMB 262,565,000, a decrease of RMB 373,800,000 from a profit of RMB 111,235,000 in 2023[22] - The Group's cost of sales decreased by approximately 17% to RMB 5,292,932,000 in 2024 from RMB 6,356,723,000 in 2023, attributed to lower coal costs[45] - Profit before tax for 2024 was RMB 54,439,000, a decrease of RMB 417,192,000 compared to a profit of RMB 471,631,000 in 2023[52] - Cash generated from operating activities decreased from RMB 1,531,770,000 in 2023 to RMB 459,738,000 in 2024, representing a decline of approximately 70%[64] - Cash used in investing activities amounted to RMB 4,124,058,000 in 2024, compared to cash inflow of RMB 2,814,690,000 in 2023[65] - Cash used in financing activities was RMB 759,138,000 in 2024, down from cash inflow of RMB 973,667,000 in 2023, primarily due to repayments of bank borrowings[66] Asset and Liquidity Position - Total assets decreased to RMB 19,677,550, down from RMB 20,282,899 in the previous year[14] - The current ratio fell to 4.77 from 4.92, indicating a decrease in liquidity[14] - The Group's bank balances and cash as of December 31, 2024, were approximately RMB 8,883,071,000, down from RMB 9,256,549,000 in 2023[63] - Total assets decreased by approximately 3% to RMB 19,677,550,000 as of December 31, 2024, from approximately RMB 20,282,899,000 in 2023[69] - The Group's borrowings as of December 31, 2024, totaled RMB 1,144,000,000, down from RMB 1,773,000,000 in 2023, with short-term borrowings increasing to 88% of total borrowings[74] - The gearing ratio as of December 31, 2024, was approximately 14%, a slight decrease from 15% in 2023[75] Market and Industry Trends - The cement industry is expected to control production capacity at approximately 1.8 billion tonnes by the end of 2025, as per the State Council's Action Plan[16] - National cement output in 2024 was 1,830 million tonnes, reflecting a year-on-year decrease of 9.5%[28] - The cement industry's profits were expected to be approximately RMB 25 billion, with a year-on-year narrowed decrease of about 20%[28] - The Group anticipates that property investment will not show positive growth in 2025, with cement demand continuing to decline[99] - The planned cement sales volume for the Group in 2025 is expected to be similar to that of 2024, considering various market factors[100] - The average price of coal is likely to decline in 2025, which may reduce production costs but could also intensify price competition in the cement market[95] - Cement price competition was fierce in the first three quarters of 2024, leading to a significant downward trend in average prices, but a recovery in profitability is expected as companies respond to "anti-involution" strategies[98] Strategic Initiatives - The company is focusing on low-carbon development and has integrated AI digital technology into its operations[17] - The company expanded its market presence along the Yangtze River and increased clinker production capacity in the Hubei region[17] - A centralized purchasing and smart procurement strategy was implemented to reduce costs and facilitate project advancement[17] - The company aims to complete the upgrade of 50% of clinker production capacity to ultra-low emissions by the end of 2025[16] - Asia Cement (China) is focusing on green transformation and intelligent upgrades to lay a foundation for future profitability recovery[22] - The company plans to deepen transformation in strategy, organization, and talent to reshape core competitiveness[23] - The Group will focus on operational strategies emphasizing high efficiency, quality, service, and environmental protection in 2025[101] Corporate Governance - The Company complied with all provisions of the Corporate Governance Code for the year ended December 31, 2024, except for the noted deviations[108] - Mr. Lee Kao-chao resigned as an independent non-executive Director effective October 17, 2024, resulting in the number of independent non-executive Directors falling below one-third of the Board[106] - Mr. Wu Chun-pang was appointed as an independent non-executive Director effective January 1, 2025, restoring compliance with the relevant Listing Rules[107] - The Company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the CG Code[111] - The Board currently consists of eleven Directors, including three executive Directors, four non-executive Directors, and four independent non-executive Directors[114] - The Company has established a Board Independence Evaluation Mechanism to ensure a strong independent element on the Board[137] - The Company has provisions requiring Directors to abstain from voting on transactions where they have a material interest[155] Committee Activities - The Audit Committee is responsible for reviewing the financial statements and the effectiveness of the Company's financial reporting system and internal control system[166] - The Remuneration Committee is tasked with making recommendations on the remuneration policy and structure for executive Directors and senior management[170] - The Audit Committee held four meetings in 2024, with Mr. TSIM, Tak-lung Dominic and Mr. HSU, Shu-tong attending all meetings[169] - The Remuneration Committee held one meeting in 2024, with all members attending[175] - The Independence Committee also held one meeting in 2024, with all members present except for Mr. WU, Chun-pang who was appointed after the meeting[186] - The Nomination Committee conducted one meeting in 2024, with all members in attendance[194] Diversity and Inclusion - The Nomination Committee has adopted a Board Diversity Policy to enhance diversity among Board members, considering factors such as gender, age, cultural and educational background, and professional experience[195] - As of the annual report date, the Board consists of 1 female and 10 male directors, reflecting the company's commitment to gender diversity[198] - The company aims to achieve at least one female Director and an appropriate balance of female employees at all levels, considering its current gender diversity satisfactory[199] - The Director Nomination Policy was adopted on December 31, 2018, to ensure a balance of skills, experience, and diversity of perspectives on the Board[200]