(於中華人民共和國註冊成立的股份有限公司) 股份代號:2009 年度報告 *僅供識別 www.bbmg.com.cn/listco 中國北京東城區北三環東路36號 環球貿易中心D座 (100013) 2024 年度報告 北京金隅集團股份有限公司 目錄 2 財務紀要 3 公司資料 6 公司簡介 9 董事、監事及高級管理層履歷 20 主席致辭 26 管理層討論及分析 75 董事會報告 95 監事會報告 101 投資者關係報告 105 企業管治報告 140 審計師報告 146 經審計合併資產負債表 149 經審計合併利潤表 151 經審計合併股東權益變動表 153 經審計合併現金流量表 155 經審計公司資產負債表 157 經審計公司利潤表 158 經審計公司股東權益變動表 159 經審計公司現金流量表 161 財務報表附註 410 財務報表補充資料 412 五年財務概要 2 北京金隅集團股份有限公司 財務紀要 | | 二零二四年 | 二零二三年 | 變動 | | | --- | --- | --- | --- | --- | | 營業收入（人民幣千元） | 110,711,819 | 107,955,680 | ...

Financial Performance - For FY2024, the Group's consolidated turnover decreased to HK$1,075,732,000, representing a decrease of approximately 21.06% compared to the previous year[10]. - The net profit for FY2024 was HK$45,219,000, a decrease of approximately 33.38% from HK$67,871,000 in FY2023, resulting in basic earnings per share of 9.02 Hong Kong cents[10]. - Cash generated from operations was HK$77,239,000 in FY2024, with net cash and cash equivalents at the end of the year amounting to HK$349,130,000[13]. - The Group proposed a final dividend of 2 Hong Kong cents per ordinary share for the year ended December 31, 2024, down from 4 Hong Kong cents in 2023[36]. - The special dividend remained at 6 Hong Kong cents per ordinary share for both 2024 and 2023[36]. - The Group's current ratio was 3.49 as of December 31, 2024, compared to 3.51 as of December 31, 2023[32]. - The quick ratio was 2.83 as of December 31, 2024, slightly down from 2.84 in the previous year[32]. - The gearing ratio improved to 0.30 as of December 31, 2024, from 0.32 in 2023[32]. - Trade receivables turnover increased to 69 days in FY2024, up from 60 days in FY2023[33]. - Inventory turnover also increased to 53 days in FY2024, compared to 45 days in FY2023[33]. - Bank balances and cash decreased to HK$349,130,000 as of December 31, 2024, from HK$367,415,000 in 2023, a decrease of HK$18,285,000[33]. Investments and R&D - The Group invested HK$37,931,000 in FY2024 for new machinery and R&D, compared to HK$40,505,000 in FY2023[14]. - The Group's investment in information systems and automated production processes aims to achieve AIoT compatibility, enhancing operational efficiency and data management[17]. - The Group's investment in R&D has allowed it to maintain HNTE status for the eighth consecutive year, enabling growth through new knowledge and innovations[50]. - The Group plans to continue investing in the computerization of manufacturing, integrating ERP systems with financial analytic software like Microsoft Power BI for better decision-making[54]. - The Group's R&D team will consider new decarbonization requirements when developing innovative products[55]. Operational Strategies - The Group successfully shipped its first container of "Made in Indonesia" products in April 2024, establishing an overseas manufacturing facility to mitigate geopolitical risks[19]. - The Group adopted crisis risk management protocols following severe flooding in 2023, resulting in no damages or losses in 2024[18]. - New innovative grooming products were launched in 2024, despite a significant drop in sales demand in the home environmental product category[9]. - The Group's management continues to focus on digital transformation to improve data processing and analysis capabilities[14]. - The Group's management will remain vigilant and adapt to new business ecosystems to tackle immediate market downturns[50]. - The management team is focused on unlocking operational potential by analyzing profit margins, cash positions, and accounts receivables[54]. - The Group is preparing to comply with the Carbon Border Adjustment Mechanism (CBAM) and other ESG requirements, which may increase total product costs[55]. - The Group's management is committed to forming stronger partnerships with strategic customers to adapt to market changes[50]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through its independent non-executive Directors[72]. - The company’s leadership team has a diverse background in engineering, finance, and management, contributing to its strategic direction[66][71]. - The company has a remuneration committee and an audit committee, with various members holding significant experience in finance and management[72][75]. - The board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors, with no fixed term for appointments[198]. - The company emphasized corporate governance and has been in compliance with the applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2024[197][200]. Shareholder Information - As of December 31, 2024, the total number of issued shares of the Company is 501,324,860 ordinary shares[7]. - Dr. WONG, Kin Lae Wilson has interests totaling 97,348,981 shares, representing 19.42% of the total issued shares[126]. - Mr. WONG, Ying Man John holds 58,845,136 shares, representing 11.74% of the total issued shares[126]. - Dr. WONG, Man Hin Raymond holds 26,474,008 shares, representing 5.28% of the total issued shares[126]. - The Company did not purchase, sell, or redeem any of its shares during the year ended 31 December 2024[108]. - The Share Option Scheme allows for the issuance of up to 50,132,486 ordinary shares, representing 10% of the issued shares, excluding treasury shares[139]. - The Scheme will remain in force until November 6, 2034[151]. - No share options have been granted under the Scheme since its adoption on November 7, 2024, and no options were granted, exercised, cancelled, or lapsed during the year ended December 31, 2024[152]. Employee Relations - The Company maintains good relationships with employees, ensuring reasonable remuneration and benefits[93]. - The Group operates a Mandatory Provident Fund scheme covering all employees, with details provided in note 21 to the financial statements[183]. Risk Management - Further discussion on the Group's principal risks and uncertainties can be found on pages 9 to 10 of the annual report[84]. - Significant related party transactions during the year do not constitute connected transactions under the Listing Rules[181]. Charitable Contributions - Charitable donations made by the Group during the year amounted to approximately HK$980,000, a decrease from HK$1,390,000 in 2023[184].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 695,899,414.83, a decrease of 11.92% compared to RMB 790,088,128.25 in the same period last year[6]. - The net loss attributable to shareholders was RMB -146,335,432.14, showing an improvement of 6.12% from RMB -155,869,080.45 year-on-year[6]. - The basic and diluted earnings per share were both RMB -0.13, reflecting a 7.14% improvement from RMB -0.14 in the same period last year[6]. - Total operating revenue for the current period was RMB 695.90 million, a decrease of 11.93% from RMB 790.09 million in the previous period[23]. - Net loss for the current period was RMB 172.27 million, compared to a net loss of RMB 192.94 million in the previous period, showing an improvement of 10.00%[24]. - The company reported an operating profit of RMB -172.90 million, an improvement from RMB -191.16 million in the previous period[24]. - Other comprehensive income after tax for the current period was RMB 6,429.28, compared to RMB -781.25 in the previous period[25]. Cash Flow - The net cash flow from operating activities increased significantly to RMB 1,180,864.64, a 100.98% improvement from RMB -119,987,293.03 in the previous year[13]. - Operating cash flow generated a net amount of ¥1,180,864.64, a significant improvement from a net outflow of ¥119,987,293.03 in the previous period[27]. - Cash inflow from investment activities totaled ¥641,935,658.02, compared to ¥240,974,203.29 in the prior period, indicating a strong increase[28]. - The net cash flow from financing activities was ¥299,786,912.52, up from ¥78,275,984.76 in the previous period, reflecting improved financing conditions[28]. - Cash received from borrowings amounted to ¥1,343,268,074.48, compared to ¥605,790,064.34 in the prior period, highlighting increased borrowing activity[28]. - The company paid ¥1,003,586,033.08 in debt repayments, which is significantly higher than ¥473,555,589.93 in the previous period, reflecting a focus on debt reduction[28]. - The company received tax refunds of ¥2,510,072.39, an increase from ¥1,621,890.52 in the previous period, indicating improved tax recovery efforts[27]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 11,278,546,915.57, showing no significant change from RMB 11,278,479,415.46 at the end of the previous year[6]. - The company's equity attributable to shareholders decreased by 4.03% to RMB 3,454,826,025.41 from RMB 3,599,850,228.42[6]. - Total current assets at the end of the period amount to RMB 3,698,493,793.28, an increase from RMB 3,563,956,903.50 at the beginning of the year[19]. - Total non-current assets amount to RMB 7,580,053,122.29, down from RMB 7,714,522,511.96 at the beginning of the year[20]. - Total liabilities amount to RMB 3,513,772,246.21, a decrease from RMB 3,877,229,219.04 at the beginning of the year[20]. - Total liabilities increased to RMB 7.30 billion, up from RMB 7.13 billion in the previous period, reflecting a growth of 2.40%[21]. - Total equity decreased to RMB 3.98 billion, down from RMB 4.15 billion in the previous period, a decline of 4.12%[21]. Investment Income - The company reported a significant increase in investment income, rising by 117.91% to RMB 1,211,830.53 from a loss of RMB -6,767,501.77 in the previous year[12]. - The company recorded investment income of RMB 1.21 million, a significant recovery from a loss of RMB 6.77 million in the previous period[23]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,116[15]. - Guangdong Guangsheng Holdings Group Co., Ltd. holds 24.09% of shares, totaling 266,279,028 shares[15]. - HKSCC NOMINEES LIMITED holds 18.10% of shares, totaling 200,097,387 shares[15].

Financial Performance - The audited consolidated revenue for 2024 was approximately RMB 13,930.2 million, a decrease of approximately 3.9% from 2023[20]. - Profit attributable to owners of the company in 2024 was approximately RMB 19.9 million, a significant decrease of 95.8% from RMB 479.4 million in 2023[16]. - The basic earnings per share for 2024 was approximately RMB 0.4 cents, down 95.8% from RMB 8.5 cents in 2023[16]. - Gross profit for 2024 was approximately RMB 2,284.9 million, representing an increase of approximately 49.8% from 2023[20]. - The total recognized revenue from properties delivered in FY2024 was approximately RMB 13,192.5 million, representing a decrease of approximately 3.6% from FY2023[67]. - Revenue from property sales accounted for approximately 94.7% of total revenue for FY2024, with a decrease attributed to a reduction in the total GFA of properties delivered[184]. - The Group's cost of sales for FY2024 was approximately RMB 11,645.3 million, representing a decrease of approximately 10.2% from RMB 12,964.8 million in FY2023[185]. - Other income and gains decreased by approximately 27.7% to approximately RMB 70.2 million for FY2024, primarily due to a decrease in bank interest income[187]. - Selling and distribution expenses decreased by approximately 33.4% to approximately RMB 224.9 million for FY2024 from RMB 337.8 million in FY2023[188]. - Administrative expenses decreased by approximately 21.1% to approximately RMB 464.7 million for FY2024 from RMB 589.3 million in FY2023[195]. - Income tax expenses increased by approximately 528.5% to approximately RMB 1,031.3 million for FY2024 from RMB 164.1 million in FY2023, mainly due to an increase in profit before tax[198]. Sales and Contracted Sales - Contracted sales amount for 2024 was RMB 5,868.5 million, down 49.7% compared to RMB 11,669.3 million in 2023[16]. - For FY2024, the Group's contracted sales area was approximately 353,329 sq.m., a decrease of about 42.7% from FY2023's 615,858 sq.m.[154]. - The decline in sales was primarily due to a modest decrease in demand for residential and commercial properties, influenced by cautious market sentiment amid domestic economic challenges[155]. - Major projects contributing to contracted sales included Hidden Dragon Bay and International Office Centre, with respective sales areas of 296 sq.m. and 13,791 sq.m.[156]. - The Group's interest in the contracted sales from the International Office Centre (IOC)A2 project was 66.0%, with a sales amount of RMB 674.7 million[156]. - The Yunxing Imperial Palace project in Kunming achieved a contracted sales amount of RMB 304.6 million, with a sold area of 30,379 sq.m., representing 90.0% interest attributable to the Group[161]. - The Group's sales in Hangzhou included various projects, with Zecui Ju achieving a sales amount of RMB 592.7 million from 34,578 sq.m.[158]. - The Group's strategy includes focusing on major projects in high-demand areas to mitigate the impact of market fluctuations[155]. Assets and Liabilities - Total assets decreased by 19.2% to RMB 39,262.7 million in 2024 from RMB 48,569.8 million in 2023[16]. - The Group's total liabilities included current liabilities of approximately RMB 21,489.9 million and non-current liabilities of approximately RMB 4,894.5 million as of December 31, 2024[200]. - The debt to asset ratio improved to 67.2% in 2024 from 73.3% in 2023[16]. - The net gearing ratio decreased to 29.2% in 2024 from 43.1% in 2023[16]. - As of December 31, 2024, the total GFA of the Group's land bank was approximately 7.42 million sq.m., with unsold or undelivered GFA of completed properties at approximately 2.55 million sq.m.[162]. - The average acquisition cost of the Group's overall land bank was approximately RMB 2,713 per sq.m.[162]. Market Outlook - The real estate market is expected to gradually stabilize and recover due to positive government policies[24]. - The cautious market sentiment is expected to persist, influencing the Group's sales outlook for the upcoming fiscal year[155]. - Nationwide real estate development investment in 2024 amounted to RMB 10,028.0 billion, a decrease of 10.6% compared to the previous year[62]. - The gross floor area of newly built commodity properties sold in 2024 was 973.58 million square meters, a decline of 12.9% from the previous year[62]. - The sales volume of newly built commodity properties in 2024 was RMB 9,675.0 billion, representing a decrease of 17.1%[62]. Operational Highlights - The Group successfully delivered 13 projects, with several achieving simultaneous delivery of properties and certificates, enhancing its reputation in the market[29]. - The Group's commercial operations have seen stable and rising leasing business revenue, with brand upgrades and consumer scenario innovations implemented in key cities[31]. - The Group's commitment to high-quality comprehensive delivery has positioned it among the "Top 5 Zhejiang Real Estate Developers by Delivery Capability" for two consecutive years[29]. - The Group has expanded its business scope into modern agriculture, education, culture, film and entertainment, leisure tourism, and wellness industries to align with overall industry development[172]. - The Group received multiple awards in FY2024, including being ranked among the Top 100 China Real Estate Developers and Top 10 Hong Kong Listed Domestic Property Companies with Financial Stability[176]. Dividends and Financial Management - The company did not propose a final dividend for the year 2024, consistent with 2023[20]. - The Group's dividend policy considers various factors, including operational results, retained earnings, and future expansion plans before declaring any dividends[180]. - The Group's total asset-liability ratio and net debt ratio maintained a good level within the industry, reflecting strong financial management[26].

Business Performance - Times Neighborhood achieved a total managed area of approximately 150 million square meters, with residential area reaching 72.19 million square meters, and added approximately 4 million square meters of new residential area throughout 2024[35]. - Revenue for 2024 is RMB 2,388,828, a decrease of 3.3% compared to RMB 2,471,305 in 2023[93]. - Gross profit for 2024 is RMB 487,784, down 5.4% from RMB 515,705 in 2023[93]. - Core net profit attributable to owners of the parent increased by 10.5% to RMB 175,240 from RMB 158,597 in 2023[93]. - Total assets as of December 31, 2024, are RMB 2,591,943, slightly down from RMB 2,604,783 in 2023[93]. - Cash and bank balances increased to RMB 1,108,888 from RMB 941,366 in 2023[93]. - Gross profit margin for 2024 is 20.4%, compared to 20.9% in 2023[93]. - Core net profit margin improved to 7.8% from 6.7% in 2023[93]. - GFA under management increased to 118.8 million sq.m. from 110.9 million sq.m. in 2023[93]. - Rental and sales orders increased by 48% year-on-year, driven by precise demand meeting through property services[85]. Awards and Recognition - Times Neighborhood was awarded the honor of "2024 Top 100 Property Management Companies in China (TOP 11)" by CIA on April 18, 2024[15]. - Times Neighborhood was ranked TOP 11 in the 2024 Top 100 Property Management Companies in China, awarded by Beijing China Index Information Technology Academy in April 2024[43]. - The company received recognition as a leading enterprise in various categories, including high-end property service and commercial property service capability, in April 2024[48]. - In May 2024, Times Neighborhood was recognized as one of the TOP 9 leading brand enterprises in terms of professional operation of property management, valued at RMB 9.5 billion[58]. - The company was awarded as a leading enterprise in the property management market in the Guangdong-Hong Kong-Macao Greater Bay Area in December 2024[63]. - Times Neighborhood achieved a significant milestone by being recognized as a top company in corporate governance and environmental responsibility in December 2024[63]. - The company has been acknowledged for its excellent ESG practices and investment value, ranking among the top in these categories in 2024[51]. Service Innovations and Initiatives - The company launched the "Flower 4 Service System" on March 29, 2024, to enhance differentiated quality residential service solutions[12]. - Times Neighborhood established the "AI Home Decoration Laboratory" during the new product launch on April 25, 2024[18]. - The "Carbon Reduction Officer in Neighborhood" initiative was recognized as "2024 China Property Annual Brand Public Welfare Excellent Case" by Leju Finance on December 20, 2024[34]. - The company successfully held the fourth "Happy Creation Festival" from September 6 to 17, 2024, receiving positive feedback from property owners[26]. - The company aims for endogenous growth through service innovation and digital technology to meet property owners' needs[82]. - The strategic "Spark Program" will be advanced to build service ecosystems in core cities and key regions[90]. Leadership and Management - Ms. Xie Rao has been appointed as executive director since August 26, 2019, responsible for quality operation management and brand promotion[104]. - Ms. Zhou Rui has been serving as executive director since August 26, 2019, focusing on financial management and internal control[109]. - Mr. Shum Chiu Hung was appointed as non-executive director and chairman on September 4, 2023, providing guidance for the overall development of the Group[114]. - The Group's financial management center has been led by Ms. Zhou since August 2019, indicating a stable leadership in financial operations[109]. - The leadership team has a diverse background in finance, property management, and strategic development, contributing to the Group's growth[112]. - The company has a strong leadership team with members holding advanced degrees in law and business administration from reputable institutions[127][134]. Market Presence and Expansion - As of December 31, 2024, the Group's contracted property management services covered 82 cities, with a total of 878 property management projects under management, and a gross floor area (GFA) under management of approximately 118.8 million sq.m[158]. - The Group strategically adjusted its portfolio of properties under management in 2024 to pursue better profitability and cash collection performance, focusing on internal expansion to diversify its business scope[159]. - The total contracted GFA increased from 117,577 thousand sq.m. in 2023 to 125,759 thousand sq.m. in 2024, representing a growth of approximately 6.5%[160]. - The GFA under management also increased from 110,933 thousand sq.m. in 2023 to 118,827 thousand sq.m. in 2024, reflecting a growth of approximately 7.5%[160]. - Approximately 49.1 million sq.m. of the GFA under management is located in the Greater Bay Area, accounting for approximately 41.3% of the total GFA under management[168]. - The Group has been deeply rooted in the Greater Bay Area for over 20 years, continuously expanding its property management scope in the region[167]. Financial Services and Revenue Streams - Revenue from residential property management for the year was approximately RMB 979.7 million, representing about 53.9% of total property management service revenue[179]. - Revenue from public space leasing and parking space management was approximately RMB 121.1 million, accounting for 39.9% of community value-added services revenue[190]. - Revenue from resident services was approximately RMB 182.6 million, accounting for 60.1% of community value-added services revenue[190]. - The overall revenue of value-added services to non-property owners declined due to the cyclical downturn of the PRC real estate industry[197]. - The company adjusted the business scale of value-added services to non-property owners to balance cash collection[197].

Financial Performance - The company reported revenue of HKD 2,425,635,000 for the year, a decrease of 17.8% compared to HKD 2,949,362,000 in the previous year[9]. - The net loss attributable to equity holders was HKD 52,801,000, a significant decline from a profit of HKD 73,655,000 in the prior year, representing a 171.7% decrease[9]. - The gross profit margin fell to 5.5%, down 50% from 11.0% in the previous year[9]. - EBITDA for the Hong Kong business was HKD 220,800,000, a decline of 31.2% from HKD 321,000,000 in the previous year[19]. - In 2024, the group's revenue from mainland China was HKD 801.3 million, a decrease of 31.3% compared to HKD 1,165.9 million in 2023[23]. - EBITDA for the mainland China business fell by 52.3% to HKD 90.1 million, down from HKD 189.1 million in the previous year[23]. - The group closed over 10 restaurants in mainland China, leading to a significant decline in revenue for that segment[23]. - The company reported a loss for the year ending December 31, 2024, with financial details available on pages 39 to 42 of the financial statements[97]. - The total comprehensive loss for the year ended December 31, 2024, was HKD 65,702,000, compared to a total comprehensive income of HKD 72,339,000 in 2023, marking a substantial turnaround in financial results[154]. - The company reported a fair value loss on investment properties of HKD 2,000,000 in 2024, which was not present in 2023, highlighting potential challenges in asset valuation[154]. Assets and Liabilities - Total assets decreased by 14.4% to HKD 1,874,536,000 from HKD 2,188,819,000[9]. - Cash and cash equivalents dropped by 38.2% to HKD 213,316,000 from HKD 345,146,000[9]. - Total equity decreased by 8.0% to approximately HKD 1,154,200,000 as of December 31, 2024, down from HKD 1,254,300,000 in 2023[28]. - Current assets totaled approximately HKD 520,200,000 and current liabilities totaled approximately HKD 499,300,000, resulting in a current ratio of about 1.04, down from 1.13 in 2023[28]. - The company’s total equity attributable to equity holders as of December 31, 2024, was HKD 1,154,163,000, a decrease from HKD 1,243,122,000 in 2023, reflecting the impact of losses on shareholder equity[156]. Dividends and Shareholder Returns - The company decided not to recommend a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 3.00 per share in the previous year[18]. - The company paid dividends totaling HKD 30,430,000 in 2024, consistent with the previous year's dividend payments, indicating a stable dividend policy despite financial losses[155]. Strategic Initiatives - The company aims to enhance its core values by refining product offerings, improving service quality, and renovating restaurants to create a more attractive dining environment[16]. - The company plans to accelerate its digital transformation and focus on cost reduction and efficiency improvements[16]. - The group plans to expand its contract manufacturing business, which has shown significant sales growth, by developing more innovative products[21]. - The group has implemented a digital marketing strategy to attract a broader customer base, utilizing platforms like Xiaohongshu and WeChat[25]. - The company aims to explore overseas market opportunities in Southeast Asia, Australia, and the UK to promote its brand and cuisine[39]. Corporate Governance - The company emphasizes the importance of corporate governance through its various committees, including audit and remuneration[44][48]. - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange and complies with all applicable provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[53]. - The board consists of ten members, including four executive directors, two non-executive directors, and four independent non-executive directors, ensuring a balanced composition for independent discussions[58]. - The company has a diversified board policy that considers factors such as gender, age, cultural background, and professional experience to achieve board diversity[62]. - The company has obtained annual independence confirmation from independent non-executive directors, affirming their independent status[112]. Operational Efficiency - The group successfully introduced non-local labor to alleviate staffing pressures, positively impacting operational efficiency despite stable overall costs[21]. - The company is focused on the overall operation of its food processing and logistics center in Dongguan[43]. - The management team emphasizes the core values of "Three Excellence," "Talent Development," "Integrity," and "Value Creation" to drive business growth and development[55]. Financial Reporting and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local accounting regulations[171]. - The company ensures that financial statements are prepared in accordance with relevant laws and listing rules, reflecting the group's affairs and performance accurately[81]. - The audit committee's responsibilities include reviewing the financial reporting process and internal control systems[69]. - The auditor's report provides reasonable assurance that the financial statements are free from material misstatement, but cannot guarantee that all errors will be detected[142]. Market Presence and Expansion - The group has 45 restaurants in Hong Kong as of December 31, 2024, up from 43 in 2023[22]. - The company is expanding its market presence in mainland China with subsidiaries like Shenzhen Binhai Daoxiang Catering Co., Ltd. and Yingxi Palace Catering (Shenzhen) Co., Ltd.[163]. - The company operates primarily in the food and beverage sector, with 100% ownership in various subsidiaries focused on restaurant operations and food production[157]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks the group can undertake to achieve strategic objectives[83]. - The internal audit department operates independently and reports directly to the audit committee, providing objective assurance on risk management[85]. - The group assesses financial assets and liabilities at the acquisition date to classify and recognize them appropriately, including embedded derivatives in the acquired entity's main contracts[187].

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion, representing a year-on-year growth of 15%[3]. - Total operating income for 2024 was approximately RMB 709.3 million, a decrease of 50.0% compared to RMB 1,419.3 million in 2023[42]. - Gross profit for 2024 was RMB 32.1 million, down 77.3% from RMB 141.7 million in 2023[42]. - The total profit for 2024 was approximately RMB -151.1 million, compared to RMB -38.8 million in 2023, representing a decline of 289.4%[42]. - Net profit for 2024 was approximately RMB -115.2 million, a significant drop from RMB -28.6 million in 2023, indicating a 302.8% increase in losses[42]. - The net profit attributable to owners of the parent company for 2024 was approximately RMB -112.0 million, compared to RMB -30.1 million in 2023, reflecting a 272.1% increase in losses[42]. - The sales profit margin for the national concrete and cement-based products industry was only 2.59% in 2024, a decrease of 0.82 percentage points year-on-year, indicating a tough market environment[48]. - The Group recorded a net loss of approximately RMB 115.2 million for 2024, compared to a net loss of RMB 28.6 million in 2023[55]. Market and Customer Growth - User data indicates a rise in active customers to 500,000, up from 400,000 in the previous year, marking a 25% increase[3]. - The company projects a revenue growth target of 20% for the next fiscal year, aiming for RMB 1.44 billion[3]. - Market expansion plans include entering three new provinces in China by the end of 2025, targeting a 30% increase in market presence[3]. - The proportion of income from non-concrete businesses increased from approximately 7.4% in 2023 to approximately 10.5% in 2024[63]. - The Group signed new non-concrete business sales contracts exceeding RMB 350 million in 2024[63]. Product Development and Innovation - New product launches include a high-performance concrete mix that is expected to capture 10% of the market share within the next two years[3]. - The company is investing RMB 50 million in R&D for innovative construction materials, focusing on sustainability and efficiency[3]. - The company has developed phosphogypsum multi-solid waste cementitious materials and invested in pilot production lines for phosphogypsum artificial stone and permeable bricks[30]. - New products and businesses accounted for 24% of newly signed sales contracts in 2024, with significant contributions from green building materials[76]. - The Group laid out an accelerator production line with an annual capacity of 5,000 tons and completed the market promotion of waterborne coatings[74]. Strategic Initiatives and Governance - The company has implemented a new corporate governance strategy to enhance transparency and accountability, aligning with the latest Hong Kong Listing Rules[3]. - The management highlighted the importance of the "14th Five-Year Plan" in shaping future growth strategies and aligning with national economic goals[3]. - The company plans to focus on deepening reforms and enhancing corporate governance to improve management levels in 2025[34]. - The Group aims to become a leader in the green building materials sector, focusing on the comprehensive utilization of industrial solid waste and urban construction waste[155]. Environmental and Sustainability Efforts - The company focused on green and low-carbon transformation and upgrading, as well as cost reduction and efficiency improvements[26]. - In 2024, the company achieved direct benefits totaling RMB27.87 million from its new energy system, which included grid-connected electricity sales and charging income, while reducing carbon dioxide emissions by over 8,500 tons[30]. - The company successfully passed green carbon footprint certification and became the first "zero-carbon factory" and "carbon neutrality" certified enterprise in the ready-mixed concrete industry in the southwest region[30]. - The Group is committed to integrating ESG concepts into daily management and developing zero-carbon industrial parks[162]. Challenges and Market Conditions - The construction industry saw a year-on-year decline of 1.9% in fixed asset investment, and the real estate sector experienced a significant drop of 10.8%[26]. - Yunnan Province's fixed asset investment (excluding rural households) decreased by 7.7% year-on-year, with infrastructure investment down by 4.0% and transportation investment down by 13.0%[26]. - The concrete industry faced "shrinking demand, fierce competition, downward average prices, underperformed payment collection, and pressure on profits," marking a historical low point in development[26]. - Sales volume of ready-mixed concrete declined by approximately 49.6% compared to 2023, leading to a total operating income decrease of about 50.0%[29]. Leadership and Management - Mr. Li Zhangjian, the chairman, has extensive experience in the construction materials field, having led over 20 scientific and technological projects since 2004[180]. - Mr. Zhang Long has been with the company since January 2017, holding various positions including general manager and deputy secretary of the Party Committee[189]. - Ms. Wang Fang joined the company in December 2023 and was appointed as an executive director on May 30, 2024[195]. - The Company was recognized as a national High-Tech Enterprise for the third consecutive time in March 2024[169]. Financial Position and Assets - As of December 31, 2024, total assets were approximately RMB 3,883.4 million, a decrease of 12.8% from RMB 4,455.8 million at the end of 2023[93]. - Total liabilities as of December 31, 2024, were approximately RMB 2,680.2 million, down from RMB 3,135.6 million in 2023[94]. - The total borrowings increased to approximately RMB 616.8 million in 2024 from RMB 437.2 million in 2023, all of which were bank borrowings[95]. - The interest coverage ratio for 2024 was -6.4, compared to -1.0 in 2023, indicating significant losses during the reporting period[96].

Financial Performance - The rental income for the year ended December 31, 2024, was approximately HKD 25,400,000, an increase from HKD 23,400,000 in 2023, primarily due to a rise in overall property portfolio occupancy rates [8]. - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 25,383,000, an increase of 8.3% compared to HKD 23,437,000 in 2023 [32]. - The gross profit for the same period was HKD 19,380,000, reflecting a gross margin of approximately 76.4% [32]. - The company reported a net loss of HKD 37,919,000 for the year, compared to a loss of HKD 40,816,000 in 2023, indicating a narrowing of losses [32]. - The company incurred a loss from continuing operations before tax of HKD 35,439,000, an improvement from a loss of HKD 38,068,000 in the previous year [32]. - Total comprehensive loss attributable to shareholders for 2024 was HKD 37,929,000, slightly improved from HKD 40,753,000 in 2023 [128]. - The basic and diluted loss per share for 2024 was HKD 0.0977, an improvement from HKD 0.1051 in 2023 [127]. Financial Position - As of December 31, 2024, the group's cash and cash equivalents were approximately HKD 8,200,000, a significant decrease from HKD 159,000,000 in 2023 [11]. - Total assets decreased to HKD 1,636,266,000 from HKD 1,815,307,000 in 2023, representing a decline of approximately 9.9% [34]. - Total liabilities also decreased to HKD 210,247,000 from HKD 343,596,000, marking a reduction of about 38.7% [34]. - The company's net assets as of December 31, 2024, were HKD 1,426,019,000, down from HKD 1,471,711,000 in 2023 [132]. - The group had a net current liability of approximately HKD 158,051,000, slightly up from HKD 155,942,000 in 2023 [149]. Cash Flow - Operating cash flow before changes in working capital was HKD 14,329,000, up from HKD 13,210,000 in 2023, indicating an increase of about 8.5% [139]. - Net cash inflow from operating activities was HKD 10,287,000, down from HKD 12,212,000 in 2023, reflecting a decrease of approximately 15.8% [139]. - The company experienced a net cash outflow from investing activities of HKD 14,075,000, compared to a net inflow of HKD 971,000 in 2023, indicating a significant change in investment strategy [139]. - Cash and cash equivalents at the end of the year were HKD 8,167,000, a decrease from HKD 158,992,000 at the beginning of the year, representing a decline of approximately 94.9% [141]. - The net cash outflow from financing activities was HKD 146,872,000, compared to HKD 27,962,000 in 2023, indicating a substantial increase in financing costs [141]. Business Strategy and Outlook - The group plans to expand its business and invest in real estate development in Malaysia, actively seeking opportunities to acquire quality properties and land reserves for sustained long-term growth [17]. - The residential leasing market remains slightly resilient due to demand from high-income groups, although the office and retail markets in Hong Kong are expected to face complex challenges in 2025 [17]. - The company continues to explore market expansion opportunities and new product development strategies [28]. Corporate Governance - The board of directors has confirmed compliance with relevant laws and regulations, with no significant violations reported during the review year [37]. - The company has adhered to the corporate governance code principles and rules throughout the fiscal year ending December 31, 2024 [72]. - The board consists of three executive directors and four independent non-executive directors, with independent directors accounting for over one-third of the total board members [76]. - The company has arranged directors and officers liability insurance, which is reviewed annually [77]. - The board believes that effective corporate governance practices are essential for maintaining stakeholder trust and long-term value creation [71]. Risk Management - The company has confirmed the effectiveness and adequacy of its risk management and internal control systems for the fiscal year ending December 31, 2024 [97]. - The audit committee is responsible for overseeing the financial reporting process of the group [121]. - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error [122]. Environmental and Social Responsibility - The company has implemented various policies and measures to reduce its environmental impact and promote sustainability [36]. Shareholder Information - The proposed final dividend is HKD 0.006 per share, in addition to an interim dividend of HKD 0.008 per share, totaling HKD 0.014 per share for the fiscal year [30]. - The company declared dividends totaling HKD 7,763,000 for the year, consistent with prior year distributions [136].

Financial Performance - Operating income for Q1 2025 was RMB 3.50 billion, reflecting a 6.05% increase year-on-year[5] - Net profit for the quarter reached RMB 1.71 billion, up by 5.43% from the same period last year[5] - Basic earnings per share were RMB 0.47, representing a 6.82% increase year-on-year[5] - The net profit for the three months ended March 31, 2025, was CNY 1.707 billion, an increase of CNY 0.088 billion, representing a growth of 5.43% year-on-year[18] - Operating income for the same period was CNY 3.496 billion, an increase of CNY 0.200 billion, with a growth rate of 6.05%[18] - Net interest income for Q1 2025 reached RMB 3,144,055 thousand, an increase of 28.0% compared to RMB 2,454,742 thousand in Q1 2024[22] - Total operating income for Q1 2025 was RMB 3,496,188 thousand, up 6.1% from RMB 3,296,629 thousand in Q1 2024[22] - The net profit for Q1 2025 was RMB 1,706,879 thousand, representing a 5.4% increase from RMB 1,619,038 thousand in Q1 2024[22] Asset and Liability Management - Total assets increased by 8.76% to RMB 931.70 billion compared to the end of 2024[5] - Total liabilities grew by 9.38% to RMB 867.24 billion from the previous year[5] - Customer loans and advances rose by 7.48% to RMB 473.59 billion year-on-year[5] - Customer deposits increased by 10.48% to RMB 523.82 billion compared to the end of 2024[5] - As of March 31, 2025, the total assets of the group reached CNY 931.699 billion, an increase of CNY 75.057 billion, representing a growth of 8.76% compared to the end of the previous year[17] - Customer deposits amounted to CNY 523.824 billion, an increase of CNY 49.707 billion, with a growth rate of 10.48%[17] - Total customer loans and advances reached CNY 473.589 billion, an increase of CNY 32.973 billion, reflecting a growth of 7.48%[17] - The company’s total liabilities increased to RMB 867,235,100 thousand as of March 31, 2025, compared to RMB 792,877,922 thousand at the end of 2024, reflecting a growth of 9.3%[25] Capital Adequacy and Ratios - The core tier 1 capital ratio stood at 9.12%, down from 9.88% at the end of 2024[8] - The capital adequacy ratio at the end of the reporting period was 13.40%, with a decline of 1.06 percentage points compared to the end of the previous year[20] - The group’s core tier 1 capital adequacy ratio was 9.12%, down 0.76 percentage points from the previous year-end[20] - The leverage ratio was 6.23%, down from 6.66% at the end of 2024[11] Cash Flow Analysis - Cash flow from operating activities for Q1 2025 was RMB 41,375,516 thousand, a significant recovery from a negative cash flow of RMB 19,281,439 thousand in Q1 2024[26] - Cash flow from investing activities for Q1 2025 showed a net outflow of RMB 36,502,508 thousand, compared to a net inflow of RMB 22,293,332 thousand in Q1 2024[27] - Cash flow from financing activities resulted in a net outflow of RMB 4,479,067 thousand, an improvement from RMB 9,576,375 thousand in Q1 2024[27] - The net increase in cash and cash equivalents for Q1 2025 was RMB 426,585 thousand, contrasting with a decrease of RMB 6,554,848 thousand in Q1 2024[27] - The ending balance of cash and cash equivalents rose to RMB 16,696,427 thousand from RMB 12,747,581 thousand in the previous year[27] Shareholder Information - The top ten shareholders held a total of 2.99 billion shares, accounting for 86.01% of the total share capital[16] - Pledged shares amounted to 130.568 million shares, accounting for 3.76% of the total share capital[19] Non-Performing Loans - The non-performing loan balance was CNY 5.694 billion, with a non-performing loan ratio of 1.21%, a decrease of 0.04 percentage points from the end of the previous year[17] Other Comprehensive Income - The company’s other comprehensive income for Q1 2025 was a loss of RMB 1,007,219 thousand, compared to a gain of RMB 462,061 thousand in Q1 2024[24] Investment Activities - Cash received from the disposal of fixed assets, intangible assets, and other long-term assets decreased to RMB 6,412 thousand from RMB 12,848 thousand year-over-year[27] - Cash received from investment recoveries significantly dropped to RMB 11,952,895 thousand from RMB 27,392,609 thousand in the previous year[27] - Cash paid for investments surged to RMB 50,396,372 thousand, compared to RMB 7,475,583 thousand in Q1 2024[27] - Cash paid for dividends to shareholders was RMB 552,408 thousand, marking a new expense in Q1 2025[27] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was an increase of RMB 32,644 thousand, up from RMB 9,634 thousand in the previous year[27]

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 534.0 million, a year-on-year increase of 12.7% compared to RMB 473.8 million in 2023[8] - Gross profit for the same period was RMB 402.7 million, reflecting a 6.7% increase from RMB 377.4 million in 2023[8] - Pre-tax profit surged to RMB 52.6 million, marking a significant increase of 264.0% from RMB 14.5 million in the previous year[8] - The company's revenue for the reporting period was approximately RMB 534.0 million, representing a year-on-year increase of about 12.7%[17] - Revenue from diversified sources, including peripheral suction systems and radiofrequency ablation systems, contributed approximately RMB 213.7 million, accounting for about 40.0% of total revenue[19] - Revenue from AcoArt Orchid® & Dhalia® sales in China and overseas was approximately RMB 267.0 million, representing a year-over-year decrease of about 2.7%[32] - Revenue from sales of venous intervention, vascular access, and other products was approximately RMB 213.7 million, reflecting an annual increase of about 42.2%[42] - The company achieved revenue of approximately RMB 213.7 million from venous intervention, vascular access, and other products, accounting for about 40.0% of total revenue during the reporting period[108] Product Development and Approvals - The company achieved a record high of 7 new product launches in 2024, including AcoArt Camellia®, RunFlow®, and Peridge®[9] - In 2024, the company received approval for seven products from the National Medical Products Administration, enhancing its product portfolio and market influence[18] - The company has made significant progress in product development, with seven products approved during the reporting period across various medical fields[26] - The product pipeline includes 22 commercialized products and 10 in-development products, categorized under the first, second, and third categories of medical devices[27] - The company has initiated clinical trials for AcoArt Litos® in the US and Europe, marking a significant milestone for market entry[21] - The company has received approvals from the National Medical Products Administration (NMPA) for various products, including those exempt from clinical trials in China[28] - The company plans to commercialize several new products by 2025 and 2026, including a peripheral scoring balloon and a mechanical thrombectomy device[28] - The company expects to obtain regulatory approval for the lower limb rapamycin DCB by 2026, currently undergoing clinical trials[43] Market Expansion and International Business - The company accelerated its international business development, completing preliminary work for market entry in several countries, including Chile, Austria, and the UK[20] - The company has launched AcoArt Orchid® in multiple countries including Germany, Italy, and Switzerland, and is in the process of entering markets such as Chile and Austria[30] - The company plans to continue expanding in both domestic and global markets, focusing on product development through internal growth, mergers, and acquisitions[103] - The company anticipates that its international business will diversify its revenue sources and enhance its flexibility in responding to market changes as it accelerates development in 2024[108] Research and Development - As of December 31, 2024, the total number of employees reached 650, with the R&D team growing to 131 members, enhancing talent reserves[25] - Research and development costs for the year ending December 31, 2024, were approximately RMB 216.8 million, an increase of about 14.0% from RMB 190.1 million for the year ending December 31, 2023[86] - The company has established a strong intellectual property portfolio, holding 57 registered patents and 42 pending patent applications as of December 31, 2024[67][71] - The company has expanded its R&D team to strengthen its capabilities in mechanical design, polymer materials, medicine, pharmacy, and chemistry[67] Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period, with some deviations noted[113] - The audit committee has reviewed the audited consolidated financial statements for the year and confirmed they were prepared in accordance with applicable accounting standards[118] - The company has not experienced any significant violations of applicable laws and regulations that would materially impact its business for the year ending December 31, 2024[148] Financial Position and Capital Management - Total assets as of December 31, 2024, amounted to RMB 1,662.6 million, a 3.2% increase from RMB 1,611.1 million in 2023[8] - The net current assets as of December 31, 2024, are approximately RMB 1,075.8 million, a decrease of about 1.7% from RMB 1,094.9 million as of December 31, 2023, primarily due to an increase in trade liabilities[96] - The total capital expenditure during the reporting period is approximately RMB 97.5 million, allocated for the purchase of plants and equipment, capitalized development projects, and intangible assets[99] - The cash and cash equivalents, along with financial assets measured at amortized cost, amount to approximately RMB 864.2 million, a decrease of about 1.7% from RMB 879.2 million as of December 31, 2023, primarily due to increased operating and capital expenditures[94] Risks and Challenges - The company faces significant risks, including the successful commercialization of in-development products and the lengthy, costly nature of clinical product development[145] Shareholder Information - As of December 31, 2024, the company has a total of 313,389,171 issued shares[173] - Boston Scientific Group plc owns 203,702,962 shares, accounting for 65.00% of the company's equity[174] - Ms. Li holds 28,919,456 shares, representing approximately 9.23% of the company's equity[170] - CA Medtech Investment (Cayman) Limited holds 29,965,444 shares, which is about 9.56% of the company's equity[174] - Cosmic Elite Holdings Limited has a stake of 25,599,016 shares, representing 8.17% of the company's equity[174]