Financial Performance - The group's revenue and net profit levels were maintained for the year ending December 31, 2024, despite a challenging economic environment[7]. - The company's revenue increased from approximately HKD 331,200,000 for the year ended December 31, 2023, to approximately HKD 351,400,000 for the year ended December 31, 2024, representing a growth of about 6.1%[20]. - Other net income rose from HKD 1,800,000 for the year ended December 31, 2023, to HKD 3,900,000 for the year ended December 31, 2024, primarily due to increased market and promotional support income[21]. - The net profit after tax for the year ended December 31, 2024, was approximately HKD 18,400,000, a decrease of about 8.0% compared to the previous year, attributed to adverse market conditions in Macau and increased employee costs[26]. - The company reported a net profit for the year of HKD 18,571,000, a decline of 7.4% from HKD 20,045,000 in 2023[157]. - Basic and diluted earnings per share for 2024 were both HKD 3.78, down from HKD 3.99 in 2023[157]. Market Conditions - The local GDP growth rate in Hong Kong for 2024 is estimated to be 2.5%, while private consumption expenditure is expected to decline by 0.6%[7]. - The retail sales value index in Hong Kong decreased by 7.3% compared to 2023, indicating a slow recovery in the retail market[15]. - Macau's retail sales value decreased by 15.5% year-on-year, reflecting a poor local retail market situation[15]. - The business environment for 2025 is expected to be filled with challenges and opportunities, with potential market opportunities arising from weaker competitors exiting the market[10]. Operational Strategy - The company plans to further expand its market planning and sales division in the coming years to maximize the synergy of its logistics backbone and distribution network[8]. - The company aims to optimize service quality and IT systems while implementing stricter cost control measures to improve cost efficiency[10]. - The company continues to operate as a fourth-party logistics (4PL) service provider, achieving natural growth in both Hong Kong and Macau markets[8]. - The company plans to expand its distribution network and brand partnerships through the adoption of fourth-party logistics (4PL) services[17]. - The company has begun offering cold chain services to an existing customer, enhancing its overall logistics solutions[18]. - The company is focusing on inventory management and operational cash flow monitoring to reduce business risks[19]. Employee and Governance - Employee benefits expenses increased to approximately HKD 65,700,000 for the year ended December 31, 2024, up from HKD 63,700,000 for the year ended December 31, 2023, mainly due to salary increases[22]. - The group employed 183 full-time employees as of December 31, 2024, a decrease from 206 employees in 2023[38]. - The company has established a governance structure that includes an audit committee, remuneration committee, and nomination committee to ensure proper regulation of its operations and decision-making processes[47]. - The board consists of experienced individuals, including three independent non-executive directors, ensuring a balance of power and responsibilities[48]. - The company has a strong focus on corporate governance, integrating core elements to balance the interests of shareholders, customers, and employees[47]. Financial Position - The company has a current asset net value of approximately HKD 54,600,000 as of December 31, 2024, down from HKD 83,500,000 in the previous year[27]. - The company's debt-to-asset ratio as of December 31, 2024, was 0.01, unchanged from the previous year[28]. - As of December 31, 2024, the group had bank borrowings of approximately HKD 1,000,000, down from HKD 2,000,000 in 2023[35]. - The group recognized new right-of-use assets and lease liabilities of HKD 69,000,000 due to the renewal of lease agreements[37]. - The group has a total bank financing facility of HKD 25,000,000, with HKD 15,000,000 guaranteed by the group[35]. Dividends - The board declared an interim dividend of HKD 0.01 per share, totaling approximately HKD 5,018,000, payable on September 30, 2024[31]. - A special dividend of HKD 0.02 per share was declared, amounting to approximately HKD 10,037,000, to be paid on January 2, 2025[31]. - The proposed final dividend of HKD 0.02 per share, totaling approximately HKD 10,037,000, is subject to shareholder approval at the upcoming annual general meeting[31]. - The company declared dividends totaling HKD 15,054,000 for the year, compared to HKD 10,037,000 in the previous year[161]. Risk Management and Compliance - The company has established a risk management framework to assess and manage risks faced by the group[53]. - The board is committed to ensuring effective internal controls and risk management structures are in place[62]. - The company has implemented procedures for handling and disclosing inside information, ensuring compliance with listing rules[81]. - The company has complied with all relevant laws and regulations, including the Cayman Islands Companies Law and listing rules[131]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[140]. - The audit identified revenue recognition in the supply chain management services as a key audit matter due to its significance as a key performance indicator[144]. - The group is responsible for preparing consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and ensuring internal controls to prevent material misstatements[149]. - The auditor's responsibility includes obtaining reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[151].

Financial Performance - The company reported revenue of approximately HKD 125.9 million for the year ending December 31, 2024, a decrease of about HKD 13.3 million or 9.6% compared to the previous year[8]. - The gross profit for the reporting period was approximately HKD 30.2 million, an increase of about 38.5% from HKD 21.8 million in the previous year[12]. - The company achieved a net profit of approximately HKD 1.8 million, recovering from a net loss of about HKD 12.4 million in the previous year[12]. - The group's revenue decreased from approximately HKD 139.2 million for the year ended December 31, 2023, to approximately HKD 125.9 million during the reporting period, a decline of about 9.6%[15]. - The group's gross profit increased to approximately HKD 30.2 million during the reporting period, compared to HKD 21.8 million in 2023, resulting in a gross profit margin of approximately 24.0%[25]. - The group reported a profit attributable to the owners of the company of approximately HKD 1.8 million during the reporting period, an increase of about HKD 14.2 million compared to a loss of HKD 12.4 million in 2023[33]. - Other income, primarily from government subsidies, amounted to approximately HKD 0.4 million during the reporting period, compared to HKD 0.2 million in 2023[26]. Operational Metrics - The number of events conducted during the reporting period was approximately 780, down from about 890 events in the previous year[12]. - Revenue from exhibitions accounted for approximately 48.4% of total revenue, down from 62.0% in the previous year[12]. - Total service costs decreased from approximately HKD 117.5 million in 2023 to HKD 95.6 million during the reporting period[19]. - Employee benefit expenses accounted for approximately 31.1% of total service costs during the reporting period, compared to 27.6% in 2023[22]. - Administrative expenses decreased by approximately 18.2% from about HKD 23.1 million in 2023 to approximately HKD 18.9 million during the reporting period[30]. - The net financial expenses decreased by approximately 19.1% from about HKD 6.8 million in 2023 to approximately HKD 5.5 million during the reporting period[31]. - Employee costs totaled approximately HKD 48.5 million for the reporting period, down from HKD 53.1 million in 2023, with a total of 135 employees as of December 31, 2024, compared to 152 in 2023[44]. Governance and Compliance - The company has maintained compliance with the corporate governance code, with the exception of a deviation noted in section C.2.1[65]. - The board emphasizes the importance of transparency and accountability for maintaining shareholder trust and creating long-term value[64]. - The company has a strong commitment to corporate governance practices and policies, which are regularly reviewed and updated[65]. - The independent non-executive directors bring over 30 years of experience in financial management and corporate governance[51][53]. - The company has appointed a new independent non-executive director with extensive experience in corporate compliance and governance[55]. - The company has established a corporate secretary role to ensure adherence to corporate governance standards[61]. - The company has adopted GEM Listing Rules regarding the conduct of directors in securities trading, confirming full compliance during the reporting period[67]. Risk Management - The company acknowledges various risks and uncertainties that may impact its financial condition and operational performance, including market risk, credit risk, and liquidity risk[13]. - The company has established a risk management policy that identifies, assesses, and manages key risks affecting its business operations[122]. - The board of directors is responsible for overseeing the effectiveness of the group's risk management and internal control systems[123]. - The company has engaged an independent internal control consultant to review its internal control systems during the reporting period[122]. Environmental, Social, and Governance (ESG) Efforts - The environmental, social, and governance (ESG) report outlines the company's efforts in sustainability and social responsibility[125]. - The report covers the company's environmental, social, and governance performance from January 1, 2024, to December 31, 2024[126]. - The company adheres to the four reporting principles of significance, quantification, balance, and consistency in its ESG report[128]. - The board confirms its responsibility for the accuracy and completeness of the ESG report[133]. - The company emphasizes the integration of sustainable development concepts into its daily operations[135]. - The company has established an Environmental, Social, and Governance (ESG) Committee to enhance transparency and accountability, focusing on climate-related risks and opportunities[137]. - The company identifies key stakeholders, including investors, decision influencers, and affected groups, and maintains effective communication channels to understand market risks and opportunities[138]. Employee Management and Welfare - The total number of employees at the end of the reporting period was 135, down from 152 in the previous year[195]. - Employee composition by gender shows 77.8% male and 22.2% female, with a decrease in female representation from 24.5%[195]. - The company emphasizes a safe, inclusive, and fair work environment, aligning with labor laws in China and Hong Kong[188][193]. - The company provides competitive medical benefits and retirement security through mandatory contributions to pension plans[192]. - The employee training programs and annual performance reviews are designed to foster loyalty and align employee growth with organizational goals[189]. - The company reported zero workdays lost due to occupational injuries for the years 2022, 2023, and 2024[199]. - There were no cases of work-related fatalities reported during the operational period[199].

Financial Performance - In 2024, the total cargo throughput reached 453 million tons, representing a year-on-year increase of 1.9%[30] - The container throughput for 2024 was 20.47 million TEUs, an increase of 2.2% compared to the previous year[30] - The revenue for the year ended December 31, 2024, was HKD 13.721 billion, up from HKD 13.484 billion in 2023[20] - The profit attributable to shareholders for 2024 was HKD 690 million, a decrease from HKD 729 million in 2023[20] - The basic earnings per share for 2024 were 11.2 HK cents, down from 11.8 HK cents in 2023[20] - The total revenue for 2024 was HKD 13,721 million, reflecting a growth of 1.8% from HKD 13,484 million in 2023[42] - The gross profit for 2024 was HKD 3,958 million, which is a 7.0% increase from HKD 3,698 million in 2023[42] - The total cost of sales decreased by 0.3% to HKD 9.754 billion, with significant reductions in the sales business cost by 18.8%[49] - The gross profit for 2024 was HKD 3.958 billion, with a gross margin of 28.8%, up from 27.4% in 2023[57] - The total throughput of bulk cargo for 2024 was 254.97 million tons, compared to 237.80 million tons in 2023[20] Dividends and Shareholder Returns - The company plans to declare a final dividend of 4.48 HK cents per share for 2024, with a payout ratio of approximately 40%[30] - The company plans to maintain a dividend of HKD 0.0448 per share for the 2024 fiscal year, with a payout ratio of approximately 40%[44] - The company proposed a final dividend of HKD 0.0448 per share for the year ending December 31, 2024, subject to shareholder approval at the upcoming annual general meeting[169] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 40.674 billion, slightly up from HKD 40.620 billion in 2023[20] - The debt ratio improved to 15.9% in 2024 from 18.8% in 2023[20] - As of December 31, 2024, the company's equity attributable to shareholders was HKD 13.756 billion, with a net asset value per share of HKD 2.2[66] - The total borrowings of the group were HKD 4.861 billion as of December 31, 2024, down from HKD 5.707 billion in 2023, with all borrowings settled in RMB[68] - The debt-to-equity ratio as of December 31, 2024, was 15.9%, a decrease from 18.8% in 2023[69] - The current ratio was 1.5 as of December 31, 2024, compared to 1.6 in 2023[69] Operational Efficiency and Strategy - The company aims to enhance production intelligence and service efficiency while promoting a green low-carbon layout[30] - The company aims to enhance operational efficiency through digital transformation and automation upgrades[39] - The company is committed to green and low-carbon development, focusing on renewable energy projects such as wind and solar power[40] - The company anticipates stable growth in the Chinese economy, supported by macroeconomic policies and increased domestic demand[45] - The company will leverage national strategies like the Belt and Road Initiative to enhance its market position and operational capabilities[46] Governance and Board Structure - The board consists of 8 directors, including 5 executive directors and 3 independent non-executive directors as of December 31, 2024[99] - The company held a total of 7 board meetings, 1 annual general meeting, and 1 special general meeting in 2024[104] - All directors confirmed compliance with the standard code of conduct for securities trading during the applicable period ending December 31, 2024[98] - The company has adopted a mechanism to ensure the board receives independent views and opinions, which was reviewed for effectiveness as of December 31, 2024[112] - The board is responsible for overseeing the company's business, overall strategy, corporate governance, risk management, and financial performance[102] Risk Management and Internal Controls - The company has confirmed that its risk management and internal control systems are adequate and effective in all significant aspects, including financial, operational, and compliance monitoring[134] - The internal audit department is responsible for reviewing the effectiveness of the risk management and internal control systems and reports directly to the audit committee[141] - The company has established a structured risk identification and assessment process to manage significant risks impacting its objectives[139] - Regular reviews of the risk management and internal control systems are conducted to adapt to changing business environments and emerging risks[139] Employee and Management Information - The group had approximately 5,399 employees as of December 31, 2024, with a focus on employee development and training to enhance productivity[179] - The company has a three-year service contract with each executive director, which can be extended[196] - The company has purchased directors and officers liability insurance for its board members[199] Shareholder Communication - The company emphasizes regular communication with shareholders to enhance long-term shareholder value and has established a shareholder communication policy that is reviewed periodically[151] - The company encourages shareholders to participate in annual general meetings and welcomes their feedback and questions[150] - The company has a commitment to protecting shareholder privacy and complies with applicable data protection laws[158]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 618,542,128.87, a decrease of 4.25% compared to RMB 645,995,271.22 in the same period last year[9]. - Net profit attributable to shareholders for Q1 2025 was RMB 90,312,072.67, down 7.41% from RMB 97,541,532.98 year-on-year[9]. - The net profit after deducting non-recurring gains and losses was RMB 88,474,729.61, reflecting a decrease of 7.08% compared to RMB 95,217,851.02 in the previous year[9]. - The total revenue for the first quarter of 2025 was CNY 618,542,128.87, a decrease of approximately 4.5% compared to CNY 645,995,271.22 in the first quarter of 2024[24]. - The operating profit for the first quarter of 2025 was CNY 103,806,860.81, compared to CNY 114,427,839.61 in the first quarter of 2024, indicating a decline of approximately 9.1%[24]. - Net profit for Q1 2025 was approximately ¥83.81 million, a decrease of 9.1% compared to ¥92.49 million in Q1 2024[25]. - Total comprehensive income for Q1 2025 reached approximately ¥106.29 million, an increase of 49.2% from ¥71.27 million in Q1 2024[25]. - Basic and diluted earnings per share for Q1 2025 were both RMB 0.39, down 7.14% from RMB 0.42 in the same period last year[9]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.39, down from ¥0.42 in Q1 2024[25]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 13.04% to RMB 85,876,398.75, compared to RMB 75,969,702.64 in the same period last year[9]. - Cash flow from operating activities for Q1 2025 was approximately ¥85.88 million, an increase of 13.5% compared to ¥75.97 million in Q1 2024[28]. - Cash flow from investing activities for Q1 2025 showed a net outflow of approximately ¥179.29 million, compared to a net inflow of ¥159.29 million in Q1 2024[28]. - Cash flow from financing activities for Q1 2025 resulted in a net outflow of approximately ¥79.08 million, compared to a net inflow of ¥42.14 million in Q1 2024[29]. - The cash and cash equivalents as of March 31, 2025, were CNY 2,544,062,908.38, a decrease from CNY 2,630,205,433.37 as of December 31, 2024[21]. - The cash and cash equivalents at the end of Q1 2025 were approximately ¥944.67 million, an increase from ¥846.19 million at the end of Q1 2024[29]. Research and Development - Research and development expenses totaled RMB 48,418,019.42, a decrease of 25.40% from RMB 64,900,123.30 year-on-year[9]. - R&D expenses accounted for 7.83% of operating revenue, down from 10.05% in the previous year, a reduction of 2.22 percentage points[9]. - The company reported a decrease in R&D expenses to CNY 48,418,019.42 in the first quarter of 2025, down from CNY 64,900,123.30 in the same period last year, reflecting a reduction of approximately 25.5%[24]. Assets and Equity - Total assets at the end of the reporting period were RMB 7,127,388,076.14, a slight increase of 0.08% from RMB 7,121,392,176.35 at the end of the previous year[9]. - Equity attributable to shareholders increased by 1.68% to RMB 5,669,029,445.16 from RMB 5,575,258,634.87 at the end of the previous year[9]. - The total liabilities as of March 31, 2025, were CNY 1,175,145,054.36, a decrease from CNY 1,204,351,783.01 as of December 31, 2024[22]. - The equity attributable to shareholders as of March 31, 2025, was CNY 5,669,029,445.16, an increase from CNY 5,575,258,634.87 at the end of 2024[22]. Inventory and Costs - The company's inventory as of March 31, 2025, was CNY 488,198,643.67, slightly down from CNY 490,650,955.52 at the end of 2024[21]. - The total operating costs for the first quarter of 2025 were CNY 510,997,863.52, down from CNY 535,026,579.06 in the same period last year, reflecting a reduction of about 4.5%[24]. - The company experienced a significant increase in other comprehensive income, with a net amount of approximately ¥22.48 million in Q1 2025, compared to a loss of ¥21.22 million in Q1 2024[25]. Capital Changes - The company completed a capital reserve conversion to increase share capital, issuing 66,782,692 new shares in 2024[9].

Financial Performance - Total revenue for Q1 2025 was RMB 69,585 million, a decrease of 21.1% compared to RMB 88,162 million in the same period last year[7]. - Net profit attributable to shareholders for Q1 2025 was RMB 13,374 million, down 19.0% from RMB 16,521 million in the previous year[7]. - Basic earnings per share for Q1 2025 were RMB 0.673, a decline of 19.0% from RMB 0.831 in the same period last year[7]. - The net profit attributable to shareholders under Chinese accounting standards for Q1 2025 was RMB 11,949 million, down from RMB 14,564 million in Q1 2024[11]. - Pre-tax profit decreased by 18.4% to RMB 11,378 million in Q1 2025 from RMB 13,947 million in Q1 2024[33]. - Pre-tax profit for 2025 was RMB 19,592 million, down 16.8% from RMB 23,575 million in 2024[51]. - Net profit for 2025 was RMB 16,298 million, a decrease of 16.5% compared to RMB 19,549 million in 2024[51]. - Total comprehensive income for 2025 was RMB 16,319 million, down 16.5% from RMB 19,534 million in 2024[51]. - Basic earnings per share for 2025 was RMB 0.673, a decline of 19% from RMB 0.831 in 2024[51]. Cash Flow and Assets - Cash inflow from operating activities for Q1 2025 was RMB 20,538 million, a decrease of 25.9% compared to RMB 27,708 million in Q1 2024[7]. - As of March 31, 2025, the company's cash and cash equivalents increased by 18.6% to RMB 78,742 million compared to RMB 66,413 million on December 31, 2024, due to net cash inflow from operating activities[15]. - The net cash inflow from operating activities for Q1 2025 was RMB 20,538 million, a decrease of 25.9% from RMB 27,708 million in Q1 2024, attributed to a decline in revenue from coal, power generation, and transportation businesses[17]. - Total assets as of March 31, 2025, were RMB 675,837 million, reflecting a slight increase of 0.6% from RMB 671,639 million at the end of the previous year[7]. - Total non-current assets as of March 31, 2025, were RMB 467,128 million, an increase of 0.1% from RMB 464,500 million at the end of 2024[53]. - Total current assets as of March 31, 2025, were RMB 208,709 million, slightly up from RMB 207,139 million at the end of 2024[53]. - Total liabilities decreased to RMB 159,423 million as of March 31, 2025, from RMB 171,377 million at the end of 2024, reflecting a reduction of 6.9%[54]. Operational Highlights - The acquisition of 100% equity in Hanjin Energy was completed on February 11, 2025, contributing RMB 1,025 million in revenue for Q1 2025[9]. - Hanjin Energy's coal sales volume for Q1 2025 was 3.24 million tons, an increase from 2.11 million tons in the same period last year[9]. - The company reported a decrease in electricity sales volume and average selling price, impacting overall revenue[14]. - The coal production volume in Q1 2025 was 82.5 million tons, a decrease of 1.1% from 83.4 million tons in Q1 2024[26]. - The coal sales volume dropped by 15.3% to 99.3 million tons in Q1 2025 from 117.3 million tons in Q1 2024[26]. - The average selling price of coal decreased by 11.5% to RMB 506 per ton in Q1 2025 from RMB 572 per ton in Q1 2024[31]. - The average utilization hours for domestic power generation decreased by 13.6% to 1,062 hours in Q1 2025 from 1,229 hours in Q1 2024[38]. - The group added 1,241 MW of new installed capacity during the reporting period, including 1,200 MW from the acquisition of Hanjin Energy[41]. Cost and Expenses - Operating costs for Q1 2025 decreased by 20.8% to RMB 48,254 million from RMB 60,962 million in Q1 2024[14]. - The unit production cost of self-produced coal increased by 6.2% to RMB 180.2 per ton in Q1 2025 from RMB 169.7 per ton in Q1 2024[37]. - The gross profit margin remained stable at 25.5% in Q1 2025, unchanged from Q1 2024[33]. - The gross profit margin for Q1 2025 was 15.1%, down from 16.6% in Q1 2024, reflecting a decrease of 1.5 percentage points[43]. - The company's accounts payable and notes payable decreased by 20.6% to RMB 30,927 million from RMB 38,961 million, indicating a reduction in payable materials and project costs[15]. - The company's prepaid expenses and other current assets increased by 8.1% to RMB 17,883 million, driven by increased prepayments for land costs[15]. - The company reported a significant reduction in investment cash outflow, which decreased by 94.9% to RMB (1,268) million in Q1 2025 from RMB (25,084) million in Q1 2024, due to a decrease in fixed deposits[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 193,774, with A-share shareholders accounting for 192,026[18]. - The largest shareholder, State Energy Investment Group Co., Ltd., holds 69.52% of the shares, totaling 13,812,709,196 shares[20].

Company Overview - The Group is engaged in the manufacturing and sales of lead-acid motive batteries and lithium-ion batteries, primarily used in electric bikes and special-purpose electric vehicles[1]. - The manufacturing facilities are located in high-demand regions across China, including Shandong, Jiangsu, and Zhejiang provinces[2]. - The Group supplies original batteries to most well-known electric bike manufacturers in China, supported by a nationwide distribution network[3]. - The company has a diversified product portfolio and is recognized as a leading player in the industry with advanced technology and an extensive distribution network[10]. - The Group's sales and distribution network covers all provinces in China, enhancing brand influence and customer service capabilities[71]. Financial Performance - Revenue for the year ended December 31, 2024, reached approximately RMB 50,341 million, representing a 24.5% increase from RMB 40,375 million in 2023[24][25]. - Profit attributable to the owners of the Company was approximately RMB 289 million, a decrease of 16.7% from RMB 348 million in 2023[24]. - Basic and diluted earnings per share decreased to RMB 0.26 from RMB 0.31 in 2023, reflecting a decline of 16.1%[24]. - The proposed final dividend per share is HKD 0.043, down from HKD 0.053 in 2023, indicating a reduction of 18.9%[24]. - The Group's total revenue increased by approximately 24.7% to approximately RMB 50,341 million in the Year, compared to RMB 40,375 million in 2023[51]. - Gross profit decreased by approximately 3.1% to approximately RMB 3,489 million, with an overall gross profit margin dropping to approximately 6.9% from 8.9% in 2023[51]. - Other income increased by approximately 32.8% to RMB 697,844,000 from RMB 525,315,000 in 2023, mainly due to higher interest income and government grants[93]. - Distribution and selling expenses decreased by approximately 9.7% to RMB 946,320,000 from RMB 1,047,567,000 in 2023, representing approximately 1.9% of revenue compared to 2.6% in 2023[94]. - R&D expenses increased by approximately 13.6% to RMB 1,378,749,000 from RMB 1,213,781,000 in 2023, driven by higher expenditure on lead-acid batteries and new technology products[96]. Market and Industry Trends - The Electric Bike Battery segment accounted for 36.71% of total revenue in 2024, up from 40.77% in 2023, while the Electric Vehicle Battery segment increased to 18.26% from 22.27%[27]. - The implementation of new national standards for electric bicycles has increased demand for high-quality electric bike batteries, benefiting leading producers in the industry[38]. - The PRC is expected to reach 400 million electric bike units by the end of 2024, with annual sales volume of two-wheeled electric vehicles likely to exceed 70 million units[53]. - The number of trade-in electric bikes exceeded 1.3 million units by the end of the Year, promoting industry consolidation[56]. - The market share of lead-acid motive batteries remained stable due to their cost-effectiveness and the two-year replacement cycle[59]. - The implementation of stricter regulations is expected to drive demand for high-quality electric bike batteries[56]. Research and Development - The Group invested approximately RMB 1,379 million in R&D, representing about 2.7% of its total revenue during the Year[80]. - The Group has obtained over 39 relevant patents for graphene batteries, establishing itself as a leader in this technology[61]. - The Group has established multiple R&D platforms, including a nationally recognized enterprise technology center and several overseas technology R&D centers[81]. Corporate Governance - The audit committee is chaired by Mr. Lee Conway Kong Wai, ensuring compliance and financial integrity[14]. - The Company has maintained compliance with the Corporate Governance Code throughout the year, with a noted deviation regarding the separation of the roles of chairman and CEO[127][128]. - The Group's governance structure includes both executive and independent non-executive directors to ensure effective oversight[153]. - The Board plays a crucial role in shaping the Company's culture and ensuring alignment with strategic goals, emphasizing continuous innovation and effective risk management[175]. - The Company conducts annual reviews of the effectiveness of its corporate governance mechanisms and discloses findings in the Corporate Governance Report[186]. Social Responsibility and Sustainability - The Group achieved total cadmium-free production by the end of 2013, fulfilling its corporate social responsibility as a green enterprise[8]. - The Group emphasizes energy conservation and environmental protection, contributing to the national goal of "carbon peak and carbon neutrality" for sustainable development[169]. - The Group actively participates in social welfare activities, supporting vulnerable groups and education initiatives[170]. - The Group's "Promoting Green and Low-Carbon Transformation by Green Management Across Life Cycle" project was recognized as a model green and low-carbon project in Zhejiang province, reinforcing its market position in environmental performance[84]. Future Strategies - The Group's strategic focus includes market expansion and innovation in product technology to meet growing market demand[10]. - The Group plans to pursue a "zero-carbon CHILWEE" initiative and expand its "go global" strategy to explore overseas markets in 2025[40]. - The Group aims to enhance operational efficiency to achieve higher profitability and maintain leadership in talent, technology, product quality, and market branding[43]. - The Group aims to lead in cutting-edge technologies and commercialize new technologies, materials, and products to achieve high-quality development by 2025[85].

Financial Performance - Total revenue for 2023 was RMB 617,000, a significant decrease from RMB 51,626,000 in 2022, indicating a decline of approximately 98.8%[12] - Other income for 2023 was RMB 163,728,000, down from RMB 107,857,000 in 2022, reflecting a decrease of about 51.8%[12] - The net loss for 2024 was RMB 512,381,000, which is an increase of 177.5% from the net loss of RMB 184,370,000 in 2023[12] - Other income decreased from RMB 163.7 million in 2023 to RMB 141.4 million in 2024, primarily due to a decline in bank interest income and government subsidies[43] - Other gains and losses shifted from a gain of RMB 252.4 million in 2023 to a loss of RMB 197.7 million in 2024, mainly due to non-cash losses from the fair value of financial assets and impairment of intangible assets[44] - The adjusted loss for the year was RMB 496.3 million for the year ended December 31, 2024, compared to RMB 120.1 million for the year ended December 31, 2023[50] - The company has faced significant net losses since its establishment and is expected to continue incurring losses in the foreseeable future[110] - The company has a history of significant losses and will require additional financing to fund its operations, which may not be secured under acceptable terms[110] Research and Development - Research and development expenses for 2024 were RMB 249,847,000, a reduction of 37.8% compared to RMB 402,705,000 in 2023[12] - The company is focusing on expanding its early research pipeline in new targets and platform technologies, enhancing its commitment to innovative solutions for global patients[6] - The company is focusing on infectious diseases, particularly its HBV projects and three core assets: BRII-179, elebsiran, and tobevibart, which are showing promising multi-modal approaches for higher functional cure rates in HBV patients[14] - The optimized recombinant vaccine BRII-179 has demonstrated strong HBsAg and broad T-cell responses, indicating its potential in enhancing immune responses against HBV[14] - The company expects to obtain key interim data between 2025 and 2026, which will guide further clinical actions towards achieving the highest functional cure rates for HBV[15] - The company plans to present data from ongoing combination studies involving BRII-179, elebsiran, and PEG-IFNα between 2025 and 2026, focusing on their effectiveness in treating chronic HBV[28] - The company plans to further evaluate its combination therapy programs to enhance functional cure rates for HBV infections, with a focus on initiating confirmatory clinical studies in the Greater China region[39] - The company is advancing multiple clinical trials for HBV treatments, with key data from the ENSURE study showing higher HBsAg seroclearance rates when combining siRNA with PEG-IFNα compared to monotherapy[24] Financial Position - Total assets as of December 31, 2024, were RMB 2,706,625,000, down from RMB 3,198,251,000 in 2023, representing a decrease of approximately 15.4%[12] - The company’s non-current liabilities increased to RMB 23,124,000 in 2024 from zero in 2023, indicating a shift in financial obligations[12] - The total liabilities decreased to RMB 100,545,000 in 2024 from RMB 125,869,000 in 2023, showing a reduction of approximately 20%[12] - Cash and cash equivalents decreased from RMB 2,661.4 million as of December 31, 2023, to RMB 2,413.4 million as of December 31, 2024, primarily due to operating expenses and third-party contract costs[48] - The current ratio increased to 3,118% as of December 31, 2024, from 2,211% as of December 31, 2023, due to the payment of most third-party contract costs and the amortization of deferred revenue[52] Strategic Focus - The company is actively seeking partnerships to further develop its promising projects in the MDR/XDR and HIV fields[25] - The company aims to enhance functional cure rates for a broader patient population through targeted combination therapy designs[18] - The company is seeking collaborations for promising non-HBV projects, including long-acting treatments for HIV and multi-drug resistant Gram-negative infections[16] - The company is strategically increasing investments in its leading HBV candidates as they enter late-stage clinical development[22] - The company aims to expand its pipeline through strategic licensing opportunities and business development, aligning with its long-term vision and priorities[40] Corporate Governance - The company is focused on expanding its board with experienced professionals in finance, auditing, and pharmaceutical sectors to enhance governance and strategic direction[80] - The management team emphasizes the importance of strategic planning and risk management in navigating market challenges and opportunities[80] - The company has adopted a share incentive plan to provide incentives and rewards to its employees[61] - The board of directors includes Zhi Hong as the Chairman and CEO, and Li Ankang as an executive director[126] - The company has no significant transactions or contracts involving directors or related entities during the reporting period[131] Employee and Shareholder Information - The group employed a total of 98 full-time employees as of December 31, 2024, down from 128 in 2023[137] - Total compensation costs for the year ended December 31, 2024, amounted to RMB 194 million, a decrease of 36% from RMB 302 million for the year ended December 31, 2023[62] - Major shareholders include ARCH Venture Fund IX, L.P. with 45,205,210 shares, representing 6.18% of the total shares[145] - The company has established a unified, value-based corporate culture and brand globally, enhancing performance and employee engagement[96] Market and Competitive Landscape - The company has experienced intense competition, which may lead to other companies discovering or commercializing competitive drugs before it does[110] - Approximately 87 million people in China are affected by chronic HBV, making it the country with the highest prevalence of the virus, and the company is focusing on improving functional cure rates for these patients[26] Future Outlook - The company plans to allocate HKD 1,466.6 million (56%) of the net proceeds to the HBV functional cure project, with HKD 681.8 million already utilized[112] - The company expects to fully utilize the revised unutilized net proceeds by the end of 2027[112] - The company has not fully utilized the net proceeds from the global offering, indicating ongoing funding needs for operations[111]

Financial Performance - The Group's revenue for the year ended 31 December 2024 was approximately RMB1,947.2 million, a decrease of 17.2% compared to RMB2,352.4 million in 2023[12]. - The gross profit for the same period was approximately RMB870.2 million, reflecting a gross margin of 44.7%[12]. - The Group's profit for the year was RMB47.7 million, a significant decline of 60.6% from RMB121.2 million in 2023[12]. - Total revenue decreased by approximately 17.2% to approximately RMB1,947.2 million for the year ended December 31, 2024, from approximately RMB2,352.4 million for the year ended December 31, 2023[77]. - The decrease in revenue was mainly due to the suspension of new student enrollment in online formal education, which began in the autumn of 2022[78]. - Gross profit decreased by approximately 31.0% from approximately RMB1,260.3 million for the year ended December 31, 2023, to approximately RMB870.2 million for the year ended December 31, 2024, with gross profit margin declining from approximately 53.6% to approximately 44.7%[87][91]. - Other income and gains decreased by approximately 17.5% from approximately RMB181.2 million for the year ended December 31, 2023, to approximately RMB149.5 million for the year ended December 31, 2024[88][92]. - Selling expenses decreased by approximately 21.5% from approximately RMB229.8 million for the year ended December 31, 2023, to approximately RMB180.3 million for the year ended December 31, 2024[95][99]. - Administrative expenses decreased by approximately 4.2% from approximately RMB504.4 million for the year ended December 31, 2023, to approximately RMB483.0 million for the year ended December 31, 2024[97][100]. - Other expenses increased by approximately 21.3% from approximately RMB153.2 million for the year ended December 31, 2023, to approximately RMB185.9 million for the year ended December 31, 2024, primarily due to impairment of goodwill and intangible assets[98][101]. - Finance costs decreased by approximately 22.0% from approximately RMB174.9 million for the year ended December 31, 2023, to approximately RMB136.4 million for the year ended December 31, 2024[103][106]. - The Group recorded a net profit of RMB47.7 million for the year ended December 31, 2024, compared to a net profit of approximately RMB121.2 million for the year ended December 31, 2023[105][108]. - Adjusted net profit for the Reporting Period decreased by approximately RMB93.9 million or approximately 34.3% compared to 2023, with an adjusted net profit margin dropping from approximately 11.7% to approximately 9.3%[111][112]. Assets and Liabilities - Total assets as of 31 December 2024 were approximately RMB11,255.4 million, with a gearing ratio of approximately 37.0%[17]. - As of December 31, 2024, the Group had net current assets of approximately RMB758.5 million, with current assets decreasing to approximately RMB4,222.3 million from RMB4,312.7 million as of December 31, 2023[113]. - Current liabilities decreased from approximately RMB3,775.2 million as of December 31, 2023, to approximately RMB3,463.8 million as of December 31, 2024, primarily due to the repayment of interest-bearing bank and other borrowings[114]. - The Group's interest-bearing bank and other borrowings amounted to approximately RMB2,198.3 million as of December 31, 2024, with effective interest rates ranging from 2.2% to 10.0% per annum[121][124]. - The gearing ratio increased to approximately 37.0% as of December 31, 2024, up from 35.9% as of December 31, 2023, due to a slight increase in interest-bearing borrowings[136]. Capital Expenditure and Commitments - The Group's capital expenditure on infrastructure capabilities was approximately RMB384.4 million during the reporting period[17]. - Capital expenditure for the year ended December 31, 2024, was approximately RMB384.4 million, mainly for the construction of school buildings and upgrading online education facilities[119][123]. - Capital commitments at the end of the Reporting Period included approximately RMB86.6 million for equipment and RMB164.6 million for buildings, totaling RMB342.996 million[117]. Education Services and Development - The Group aims to strengthen its position as a leading "Internet+" vocational education group by advancing high-quality development and building a digital service platform ecosystem[18]. - The Group operates over 1,900 learning centers across all 31 provinces in China, connecting approximately 3.1 million C-end users and 4 million job opportunities, serving a total scale of more than 50 million users[23]. - As of December 31, 2024, the Group managed 10 schools with a total student population of approximately 100,000, including around 61,000 full-time undergraduate students[25]. - The Group's online education services are supported by partnerships with approximately 350 domestic key universities and institutions, providing services through over 1,900 learning centers nationwide[31]. - The Group's vocational education network integrates eight business sectors, including on-campus education, online education services, and human resources services[23]. - The Group's schools offer a total of 119 undergraduate majors, 138 junior college majors, and 35 secondary vocational majors[25]. - The integration of industry and education has been promoted, with successful projects recognized by the Ministry of Education, including "New Engineering" and "New Liberal Arts" initiatives[26]. - The Group aims to continue benefiting from favorable policies in vocational education and plans to enhance its digital intelligence and employment service capabilities[20]. - The Group's comprehensive employment service capabilities connect colleges, students, and enterprises to achieve precise matching for talent employment[22]. - The Group's integration of industry and education focuses on strategic emerging industries such as artificial intelligence, big data, and blockchain[49]. - The Group cooperated with the Ministry of Industry and Information Technology and Baidu to issue Generative AI Training Standards and Certifications[49]. - The Group's education informatization services include a user-centric, end-to-end education service cloud platform[53]. - The Group's integrated platform supports collaboration in various strategic emerging industries, including AI and big data[52]. Government Support and Policies - The government allocated RMB31.257 billion to support the modernization and high-quality development of vocational education, which will benefit the Group's education businesses in China[15]. - The Chinese government allocated RMB 31.257 billion to support the modernization and high-quality development of vocational education in 2024[61]. - The National Education Work Conference in January 2024 emphasized enhancing the adaptability and attractiveness of vocational education[63]. - The Ministry of Human Resources and Social Security issued an action plan to cultivate digital talents to support the digital economy from 2024 to 2026[65]. - The Ministry of Education's policies are promoting the integration of various forms of continuing education, including online education, to enhance the sector's development[81]. Human Resources and Management - As of December 31, 2024, the Group employed approximately 6,700 employees, a decrease from approximately 6,900 employees in 2023[142][146]. - The Group reviewed and increased employee salaries in 2024 to motivate better performance, with increments based on performance, experience, and industry practices[143][146]. - The Group participates in various employee social security plans, including pension, medical, maternity, work-related injury, unemployment insurance, and housing provident fund[143][146]. - The Group provides training programs for existing and newly recruited employees and sponsors attendance at job-related training courses[144][146]. Leadership and Governance - Mr. Li Xuechun has over 20 years of experience in the education industry and has been the Chairman of the Board since January 17, 2006[147][149]. - Ms. Zhang Weiping, with over 20 years of experience in the education industry, serves as the Chief Executive Officer and has been with the Group since April 2007[151][152]. - Mr. Zuo Yichen, the President of the Company, has over 20 years of experience in finance and education, having joined the Group in August 2016[153][154]. - Mr. Lam Ngai Lung has served as the Chief Financial Officer since May 22, 2016, and has over 20 years of experience in accounting and finance[155]. - Mr. Liang Xingchao, aged 56, appointed as a non-executive director in December 2024, has been the deputy general manager of Shenzhen OCT Capital since December 2018[159]. - Ms. Li Yanping, aged 63, has over 30 years of experience in the financial service industry and has been a non-executive director since June 2017[160]. - Mr. Chan Ngai Sang, Kenny, aged 60, has over 35 years of experience in accounting and is an independent non-executive director since March 2017[164]. - Mr. Yu Huangcheng, aged 49, has served as an investment director at Kunwu Jiuding Capital since March 2010 and is an independent non-executive director since March 2017[165]. - Mr. Wang Wei Hung, Andrew, aged 69, has over 30 years of legal experience and has been an independent non-executive director since March 2017[168]. Risks and Challenges - Key operational risks include changes in market conditions of formal higher education and the regulatory environment in the PRC education industry[187]. - The Group's exposure to interest rate risk is primarily related to bank loans with floating interest rates, with no current use of derivative contracts for hedging[189]. - The Group faces competition from other school operators offering similar quality education and scale[187]. - The Group's management emphasizes the importance of risk management for its success[192]. - The Group has established risk management structures and measures to properly manage financial risks, detailed in the corporate governance report[197]. Legal and Arbitration Matters - The Group is involved in an arbitration dispute regarding a put option for the sale of 49% shares in Leed International, with the Vendors claiming an inflated exit price of approximately RMB2.18 billion[125]. - The Group has a dispute regarding the put option for the acquisition of 49% of Leed International, with the Vendors claiming an inflated exit price of RMB2,180,735,576.50[126]. - As of December 31, 2024, the Group made no provision related to the ongoing arbitration concerning the put option[127]. - The total principal amount of loans extended to Leed National Education Technology (Beijing) Limited is RMB400,000,000, secured by a pledge of 49% shares in Leed International[129]. - The Vendors and Leed National filed for arbitration claiming the obligation to repay the loan has been extinguished, while the Group counter-claimed for repayment of the principal and unpaid interest[129]. - As of December 31, 2024, certain buildings valued at approximately RMB79.2 million and time deposits of RMB551.3 million were pledged to secure bank loans[134]. - The conditional injunction order issued by the Grand Court of the Cayman Islands restricts the Group from enforcing share charges over the 49% stake in Leed International[132]. - The arbitration with CIETAC regarding the loan repayment is still ongoing as of the date of the annual report[131]. Future Outlook - The Group anticipates promising long-term prospects for its "internet +" vocational education business[84][89]. - The Group aims to increase student enrollment and raise tuition rates as part of its growth strategy[187]. - The Group aims to maintain a balance between funding continuity and flexibility through internally generated cash flows and other borrowings, regularly reviewing major funding positions to ensure adequate financial resources[196].

Financial Performance - The company achieved revenue of approximately RMB 1,303.7 million for the year ended December 31, 2024, representing an increase of 2.9% compared to RMB 1,267.2 million in 2023[10] - Gross profit for the same period was approximately RMB 981.4 million, a decrease of 1.4% from RMB 995.6 million in 2023[10] - The company's net profit attributable to shareholders was approximately RMB 222.4 million, down 15.5% from RMB 263.2 million in 2023[10] - The company reported a significant decrease in operating profit of 51.4%, from RMB 383.3 million in 2023 to RMB 186.3 million in 2024[7] - The company's net profit for the fiscal year was approximately RMB 168.5 million, up approximately 56.7% from RMB 107.5 million in the previous year, primarily due to a decrease in fair value losses related to financial liabilities[19] - The company's profit attributable to owners was approximately RMB 222.4 million, a decrease of about 15.5% from RMB 263.2 million in the previous year, mainly due to a reduction in other income and an increase in share-based payment expenses[20] - Other income, expenses, gains, and losses decreased significantly from approximately RMB 99.3 million to about RMB 15.1 million, primarily due to increased impairment losses on certain suspended development projects[33] - Operating profit decreased by approximately 51.4% to about RMB 186.3 million from RMB 383.3 million in the previous year[41] - The total employee cost for the year is approximately RMB 467.9 million, an increase from RMB 379.8 million in 2023[70] Assets and Liabilities - Total assets increased to RMB 4,900.4 million in 2024, up from RMB 4,696.4 million in 2023[8] - The company's total liabilities rose to RMB 1,424.9 million in 2024, compared to RMB 1,372.4 million in 2023[8] - The company's equity attributable to owners was approximately RMB 222.4 million for the year ended December 31, 2024, down approximately 15.5% from RMB 263.2 million in 2023[47] - Total current assets as of December 31, 2024, were approximately RMB 2,334.2 million, compared to RMB 2,231.1 million in 2023, reflecting an increase of about 4.6%[50] - Cash and cash equivalents decreased by approximately 32.0% to RMB 665.8 million as of December 31, 2024, from RMB 979.3 million in 2023[51] - The company had no bank borrowings as of December 31, 2024, resulting in a debt-to-equity ratio of zero[52] - The total equity attributable to owners was approximately RMB 3,494.5 million as of December 31, 2024, compared to RMB 3,370.2 million in 2023[53] Research and Development - The company has submitted 321 patent applications and registered 161 patents as of December 31, 2024, with a cumulative total of 2,426 patent applications submitted and 1,089 registered patents[25] - Research and development expenses increased by approximately 1.7% to about RMB 302.9 million, while capitalized development expenditures were approximately RMB 144.9 million[39] - The company plans to increase R&D investment, focusing on new materials and technologies to drive product innovation and expand production lines[74] - The company continues to strengthen its innovation capabilities and accelerate product development to maintain its leading position in the industry[23] Market Expansion and Sales - The company has accelerated its international market expansion while consolidating its leading position in the domestic market[11] - Domestic sales decreased by approximately 3.5%, while overseas sales increased by approximately 26.0%, driven by the company's active expansion of overseas business and effective marketing strategies[19] - Revenue from the structural heart disease business was approximately RMB 527.6 million, representing a growth of about 6.4% from RMB 495.7 million in the previous year[28] - Revenue from the peripheral vascular business was approximately RMB 751.1 million, an increase of about 6.2% from RMB 707.1 million year-on-year[29] - Revenue from Europe accounts for approximately 10.1% of total revenue, up from 8.8% in 2023[62] Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[89] - The company has adopted corporate governance principles and confirmed compliance with the corporate governance code throughout the year ending December 31, 2024, with a deviation noted in section C.2.1 regarding the dual role of the Chairman and CEO[90] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, with changes noted as of December 31, 2024[92] - The company has established internal guidelines requiring board approval for significant matters, ensuring clear directives for management's authority[95] - The independent non-executive directors have confirmed their independence in accordance with the listing rules, with re-election pending for those serving over nine years at the upcoming annual general meeting[96] - The company has implemented a strict code of conduct for directors regarding securities trading, with no violations reported for the year ending December 31, 2024[91] - The board is committed to reviewing and enhancing corporate governance practices to meet the rising expectations of shareholders and investors[90] Shareholder Engagement - The annual general meeting provides shareholders the opportunity to engage directly with the board regarding the company's performance and operations[145] - The company maintains a high level of transparency and regularly communicates with institutional investors and analysts[142] - Shareholders can submit inquiries and proposals to the company, ensuring their voices are heard[140] - The board has reviewed the effectiveness of the shareholder communication policy for the year ending December 31, 2024[143] Compliance and Risk Management - The company has established a comprehensive internal audit function and risk management system to ensure compliance with legal and regulatory requirements[110] - The audit committee is responsible for reviewing the independence and effectiveness of external auditors and monitoring the integrity of financial statements[110] - The company has implemented formal policies and procedures regarding the authorization and use of group assets, ensuring accountability among qualified employees[130] - A comprehensive whistleblowing policy has been established, encouraging reports of illegal or unethical behavior, with a clear process for handling such reports[131] Employee and Director Compensation - The company has a compensation policy that considers operational performance, individual performance, and market practices for its directors and senior management[175] - The remuneration committee approved the grant of 174,750,000 share options under the company's share option plan as a reward for eligible participants, aimed at incentivizing continued contributions to the group's business growth[117] - The executive director's salary ranges from RMB 8,500,001 to RMB 9,000,000 for one individual and from RMB 10,500,001 to RMB 11,000,000 for another[176] - The independent non-executive directors have confirmed their independence according to the listing rules[178] Stock Options and Incentives - The stock option plan was adopted on October 22, 2011, and was amended on May 5, 2015, with a new plan effective from September 17, 2021, for a duration of ten years[185][186] - The total number of options that may be issued under the share option plan is capped at 462,929,240 shares, which is 10% of the company's issued share capital as of September 17, 2021[188] - The stock options granted to employees include 155,920,000 options, with 60,847,600 options remaining unexercised as of December 31, 2024[195] - The performance vesting schedule for the options includes percentages of 15%, 15%, 20%, 25%, and 25% over the years 2024 to 2028[199] Future Strategies - The company is actively seeking investment and collaboration opportunities with companies that have strong market potential to broaden its business scope in the global medical device industry[75] - The company aims to diversify its business strategy to expand revenue sources and reduce business risks while maintaining operational stability[74] - Future strategies include leveraging the expertise of the board to navigate market trends and enhance competitive positioning[82][84][85][86]

Financial Performance - The company's revenue for Q1 2025 was approximately ¥500.59 million, representing a year-over-year increase of 31.46% compared to ¥380.80 million in the same period last year[8]. - The net profit attributable to shareholders was a loss of approximately ¥234.88 million, an improvement from a loss of ¥283.03 million in the previous year[8]. - Total operating revenue for Q1 2025 reached ¥500,591,459.94, a 31.5% increase from ¥380,804,271.07 in Q1 2024[22]. - Net loss for Q1 2025 was ¥259,586,438.78, an improvement from a net loss of ¥299,647,965.46 in Q1 2024[22][23]. - Basic and diluted earnings per share for Q1 2025 were both -¥0.24, compared to -¥0.29 in Q1 2024[23]. Research and Development - Research and development expenses totaled approximately ¥350.58 million, accounting for 70.03% of the revenue, a decrease of 2.52 percentage points from the previous year[8]. - R&D expenses rose significantly to ¥350,575,453.92 in Q1 2025, compared to ¥276,292,124.92 in Q1 2024, marking a 27% increase[22]. - The company plans to accelerate the launch of multiple key registration clinical trials for early-stage pipelines by 2025, aiming to sustain revenue growth[17]. - The company has received approvals for clinical trial applications for JS212 and JS213, indicating ongoing development in its pipeline[17]. Cash Flow and Liquidity - The net cash flow from operating activities was a negative ¥24.33 million, an improvement from a negative ¥376.58 million in the same period last year[8]. - Cash flow from operating activities increased to ¥740,358,831.82 in Q1 2025, compared to ¥396,310,961.15 in Q1 2024, representing an increase of 86.7%[25]. - The company reported a significant increase in cash received from operating activities, indicating improved liquidity and operational efficiency[25]. - The ending cash and cash equivalents balance was $2.51 billion, down from $4.55 billion in the previous period[26]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥10.90 billion, a slight increase of 1.07% from ¥10.78 billion at the end of the previous year[9]. - The total assets as of the latest reporting period amounted to ¥10,897,069,766.80, up from ¥10,781,960,410.10[20]. - Total liabilities increased to ¥5,227,909,703.20, compared to ¥4,849,830,645.95 in the previous period, reflecting a rise of 7.8%[20]. - The total equity attributable to shareholders decreased to ¥5,620,244,628.63 from ¥5,860,424,336.29, a decline of 4.1%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,429[12]. - The total number of ordinary shareholders as of the reporting period was 29,429, with 29,420 being A-share ordinary shareholders[15]. - The top shareholder, HKSCC Nominees Limited, held 22.25% of the shares, totaling approximately 219.29 million shares[13]. Market and Product Development - The company plans to continue focusing on the commercialization of its pharmaceutical products to drive future revenue growth[11]. - The company's revenue growth was primarily driven by the sales of its core product, Toripalimab injection, which achieved sales revenue of approximately RMB 447 million, representing a year-on-year increase of about 45.72%[15]. - Toripalimab has been approved for 12 indications in mainland China, with 10 of these included in the national medical insurance catalog, enhancing its market accessibility[16]. - The company is focusing on enhancing its commercialization competitiveness through continuous global market expansion and operational management improvements[17].