Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 966.53 million, a decrease of approximately 23.44% compared to RMB 1,262.75 million in 2023[6]. - The net loss attributable to equity holders for 2024 was RMB 173.14 million, an improvement from a loss of RMB 464.53 million in the previous year, representing a reduction in loss of approximately 62.76%[6]. - The group reported revenue of approximately RMB 9.67 billion for the period, a decline of about 23.44% compared to RMB 12.63 billion in the same period of 2023, mainly due to lower revenue recognition from the Hefei Airport International Town project[34]. - The company reported a net loss of RMB 213,395,000 for 2024, an improvement from a net loss of RMB 602,458,000 in 2023[190]. - Basic loss per share for 2024 was RMB 0.23, compared to RMB 0.79 in 2023, indicating a reduction in losses per share[189]. - The company’s equity attributable to owners decreased to RMB (173,139,000) in 2024 from RMB (464,528,000) in 2023, showing a decline in shareholder equity[189]. - The company reported a loss attributable to shareholders of approximately RMB 173 million for the current period, compared to a loss of approximately RMB 465 million in the previous year[133]. Assets and Liabilities - Total assets as of December 31, 2024, were approximately RMB 11.60 billion, a decline of about 49.43% from RMB 22.93 billion in 2023, primarily due to the sale of a subsidiary and repayment of debts[7][21]. - Total equity as of December 31, 2024, was approximately RMB 1.197 billion, a decrease from RMB 3.337 billion as of December 31, 2023[39]. - The company’s total liabilities decreased from RMB 7,708,837 thousand in 2023 to RMB 4,595,982 thousand in 2024, a decrease of approximately 40.5%[192]. - Total current liabilities decreased from RMB 10,472,386 thousand in 2023 to RMB 5,804,239 thousand in 2024, a reduction of approximately 44.4%[192]. - Net current assets fell from RMB 6,883,492 thousand in 2023 to RMB 2,255,746 thousand in 2024, representing a decline of about 67.2%[192]. Operational Efficiency - The company has implemented lean management practices to optimize operational processes and reduce costs, which has begun to yield initial results in business structure adjustment and cost control[18]. - The company plans to continue its business transformation and enhance asset operation efficiency in 2025, aiming for sustainable development and increased shareholder value[19]. - The company achieved a total sales area of 47,400 square meters in 2024, with total sales revenue of approximately RMB 74.6 million, while the equity sales revenue was about RMB 24.5 million[23]. - The industrial park occupancy rate was approximately 96.3% as of the end of 2024, maintaining a high level of occupancy[26]. Risk Management - The company has established a robust risk management framework to identify, assess, and manage significant risks, ensuring long-term success[96]. - Major risks identified for 2025 include macroeconomic slowdown affecting market demand, with specific measures to monitor sales and leasing performance in integrated development projects[107]. - The company faced financing risks due to high financing costs and tightening cash flow, influenced by the ongoing downturn in the real estate sector, with the Hong Kong Monetary Authority reducing loan scales and concentration in the real estate industry[111]. - The company has implemented measures to enhance financing risk prediction and cash allocation, including establishing a tiered communication mechanism with banks at least six months in advance[111]. Corporate Governance - The company emphasizes high-quality corporate governance to enhance investor confidence and long-term shareholder value[63]. - The board is responsible for leading and governing the company, overseeing business and financial performance, and ensuring compliance with regulations[65]. - The company has adhered to the corporate governance code, ensuring transparency and timely disclosure of information[64]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, with independent directors exceeding one-third of the board[67]. Employee Relations - The company employed a total of 133 full-time employees as of December 31, 2024, with competitive salary levels reviewed at least annually[46]. - The company has not faced any major employee issues or labor disputes that disrupted operations during the reporting period[46]. - The company has not encountered difficulties in recruiting and retaining experienced employees[46]. Procurement and Related Party Transactions - The company has established a new procurement service agreement with Konka Smart Technology Co., Ltd. for a maximum of RMB 90 million in 2024 and RMB 40 million in 2025[50]. - The company has complied with the disclosure requirements under the Listing Rules Chapter 14A regarding related party transactions[158]. - The actual transaction amount for the procurement service agreement with Konka Smart Technology was RMB 5.45 million, against an annual cap of RMB 9 million[156]. Market Conditions - The real estate market faced a cyclical downturn in 2024, with a 12.9% year-on-year decline in sales area and a 10.6% increase in unsold inventory, indicating a prolonged inventory digestion cycle[21][23]. - The outlook for 2025 indicates a moderate economic recovery in China, supported by proactive fiscal policies and a focus on infrastructure investment[44].

Market Overview - In 2024, the global digital asset market is projected to reach a trading volume of $1,085.71 billion, representing a significant increase of 43% compared to 2023[13]. - Approximately 7% of the global population, or 562 million people, now hold digital assets, marking a substantial growth of 33% year-over-year[13]. - Asia continues to lead in digital asset adoption, with 327 million holders, accounting for 58% of the global total, reflecting a 22% increase from 2023[14]. - The overall market sentiment towards digital assets is positive, with increasing institutional adoption and a clearer regulatory framework[11]. Regulatory Environment - The evolving regulatory environment is providing much-needed clarity for digital assets, with significant developments in the U.S. and the implementation of the MiCA regulation in the EU[13]. - The approval of the first Bitcoin spot ETF by the SEC on January 10, 2024, has driven Bitcoin to a historic high, enhancing trading volume and market capitalization[13]. Company Vision and Strategy - The company's vision emphasizes creating a secure and trustworthy digital asset environment for individuals and businesses, which is more critical than ever[12]. - The mission focuses on integrating digital assets into the financial system to benefit individuals and enterprises, guiding the company's strategy and operations[12]. - The company aims to strengthen its market leadership in Hong Kong while expanding overseas and enhancing its product portfolio to drive sustainable growth[20]. - The company is actively expanding its business footprint beyond Asia, leveraging its strong market positioning[14]. Financial Performance - In 2024, the company achieved a profit of HKD 55 million, a significant turnaround from a loss of HKD 250 million in the previous year, marking its first profitability since the strategic shift to digital assets[17]. - Total revenue for the year reached HKD 375 million, representing a substantial year-on-year growth of 79%, with platform trading volume increasing to HKD 100 billion, up 16% year-on-year[17]. - The company recorded USD 29 billion in inflows into digital asset investment products over 19 weeks since the U.S. presidential election, reaching a total of USD 166 billion by February 14, 2025[16]. - The adjusted non-IFRS revenue for the year was HKD 213.6 million, a 58.3% increase from HKD 134.9 million in the previous fiscal year[31]. Operational Efficiency - The company has successfully adjusted its operations to align with the evolving market environment, establishing itself as a leader in the industry[12]. - The company implemented effective measures to enhance operational efficiency and optimize costs, contributing to improved financial performance[41]. - The company is focused on expanding its digital asset and blockchain platform business, with ongoing investments in technology and employee training to support growth[42]. Expansion and Acquisitions - The company plans to pursue strategic acquisitions globally, particularly in Southeast Asia, Europe, and the Middle East, to enhance its market presence and operational efficiency[21]. - OSL Group expanded its management team in 2024, appointing key industry professionals to drive its strategic initiatives and global expansion[29]. - The group completed the acquisition of 81.38% of the shares in CoinBest Co., Ltd., now renamed OSL Japan, a licensed cryptocurrency trading platform in Japan[59]. Risk Management and Compliance - The group has maintained a prudent financial risk management approach, avoiding high-risk speculative investments or significant hedging instruments[56]. - The group has established anti-money laundering policies and procedures to mitigate risks associated with anonymous digital asset transactions[71]. - The company has implemented strong security measures, including advanced encryption protocols and regular vulnerability assessments, to mitigate data security risks[73]. Corporate Governance - The company has fully complied with the applicable provisions of the Corporate Governance Code for the year 2024, with a focus on maintaining high standards of corporate governance[95]. - The board's main responsibilities include overseeing the company's performance, approving operational plans, and ensuring compliance with financial reporting standards[105]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance for the year ending December 31, 2024[99]. Diversity and Inclusion - The company maintains a gender ratio of 25.2% female to 74.8% male in the workplace, including senior management[150]. - The board consists of 1 female director and 7 male directors as of the report date, maintaining the same composition as in 2023[149]. - The company emphasizes the importance of board diversity as a key element in achieving strategic goals and sustainable development[146]. Shareholder Communication - The company emphasizes the importance of transparency and timely disclosure of information to shareholders and investors[159]. - The company has established a shareholder communication policy to ensure timely access to relevant information[161]. - The company encourages shareholders to participate in annual general meetings to express their opinions and exercise voting rights[160].

Financial Performance - The total revenue for 2024 was approximately RMB 1,315.1 million, representing a growth of about 66.4% compared to 2023[12]. - Online advertising revenue reached approximately RMB 530.7 million, an increase of about 157.3% year-over-year[12]. - The exclusive licensed online game revenue was approximately RMB 754.3 million, growing by about 51.6% from the previous year[12]. - The online game platform revenue decreased to approximately RMB 29.6 million, a decline of about 65.7% compared to 2023[12]. - The company achieved a net profit attributable to the parent company of approximately RMB 34.9 million, a decrease of about 18.2% from 2023[12]. - The group's total revenue for the year ended December 31, 2024, was approximately RMB 1,315.1 million, representing a growth of about 66.4% compared to 2023[26]. - Revenue from online advertising services reached approximately RMB 530.7 million, an increase of about 157.3% year-over-year[32]. - Revenue from the operation of exclusive licensed online games increased by approximately 51.6% to RMB 754.3 million, driven by the acquisition of 80% of Tianjin Qiyu Network Technology Co., Ltd.[32]. - Revenue from the online gaming platform decreased by approximately 65.7% to RMB 29.6 million due to the lifecycle stage of several games and a decline in spending by paying players[32]. - The total comprehensive income for the year decreased by approximately 29.6% from RMB 47.3 million in 2023 to RMB 33.3 million in 2024[46]. - Cash and bank balances decreased from approximately RMB 533.9 million in 2023 to approximately RMB 442.3 million in 2024[47]. - The cost of sales and services increased by approximately 84.8% from RMB 625.4 million in 2023 to RMB 1,156.0 million in 2024, primarily due to increased costs associated with exclusive online gaming operations and mobile e-commerce expansion[36]. - Gross profit decreased by 4.2% from approximately RMB 165.0 million in 2023 to approximately RMB 158.1 million in 2024, with the gross margin dropping from 20.9% to 12.0%[38]. - Other income fell by approximately 52.7% from RMB 15.1 million in 2023 to RMB 7.1 million in 2024, mainly due to reduced bank deposit income and government subsidies[39]. - Administrative expenses increased by approximately 19.1% from RMB 45.4 million in 2023 to RMB 54.1 million in 2024, driven by higher consulting service fees and compensation costs due to workforce optimization[41]. - Research and development expenses decreased by approximately 9.8% from RMB 47.7 million in 2023 to RMB 43.0 million in 2024, primarily due to a reduction in R&D staff[42]. User Engagement and Market Expansion - As of December 31, 2024, the monthly active users for all computer and mobile device tool software were approximately 63.7 million, reflecting a decrease due to a sluggish domestic market[19]. - The company reported a significant increase in user engagement, with a 25% year-over-year growth in active users[74]. - User retention rates improved to 85%, up from 78% in the previous year[76]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[78]. - The exclusive licensed online gaming business is expanding its user base through new game launches and ongoing promotions, with plans for several new titles to be released in 2025[22]. - The company is enhancing its online game business, with increasing user satisfaction and rising recharge amounts from players[14]. - The company is focusing on the development of mobile e-commerce, leveraging online traffic monetization strategies to improve revenue rates[21]. - The company is actively exploring new profit models, focusing on developing mobile e-commerce business through precise advertising on well-known platforms[14]. Product Development and Innovation - The company launched the AiNAS product, which has gained user popularity and includes a hardware version for remote wireless connection[14]. - The company launched an AI-driven cleaning system and various intelligent tools in 2024, significantly enhancing user experience and operational efficiency[20]. - The group aims to enhance its mobile e-commerce business and expand its product matrix to increase market share[27]. - The group will continue to optimize software products and develop innovative products to strengthen monetization capabilities[27]. - The group has developed a series of software tools for personal computers and mobile devices, monetizing through online advertising and online gaming, with the "Lu Da Shi" software being a well-known brand[92]. - The company is investing $10 million in research and development for new technologies aimed at enhancing user experience[82]. Strategic Initiatives and Acquisitions - A strategic acquisition is in progress, which is projected to increase the company's overall market valuation by 10%[85]. - The company is exploring partnerships with local firms to enhance distribution channels in new markets[79]. - The company aims to enhance its product matrix and local operational strategies to expand user scale and create sustainable value returns in 2025[24]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has adopted the applicable code provisions from the Listing Rules[200]. - The audit committee has reviewed the accounting principles and policies adopted by the company for the fiscal year ending December 31, 2024[197]. - Deloitte resigned as the company's auditor on December 9, 2024, and Zhonghui Anda CPA Limited has been appointed as the new auditor[198]. - The company has received a clean opinion from its auditor regarding the ongoing related party transactions and contract arrangements[161]. - The independent non-executive directors confirmed the ongoing related party transactions and contract arrangements, ensuring compliance with regulations[163]. Related Party Transactions - The company is involved in ongoing related party transactions with 360 Group, primarily providing online advertising services[155]. - The total actual transaction amount with the 360 Group under the main sales agreement was RMB 101.9 million, while the proposed annual cap is RMB 135.0 million[154]. - The total actual transaction amount under the main purchase agreement with the 360 Group was RMB 54.3 million, with a proposed annual cap of RMB 264.5 million[154]. - The agreements with 360 Technology and Eastern Network Data Science are subject to independent shareholder approval due to exceeding specified thresholds[158]. - The company operates its online gaming business through a Chinese entity, Chengdu Qilu, with significant ownership stakes held by various shareholders[163]. - The agreements are structured to comply with Chinese laws regarding foreign investment restrictions in the online gaming sector[163]. Shareholder Information - The board proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, compared to no dividend in 2023[111]. - As of December 31, 2024, the company had distributable reserves amounting to RMB 673.7 million[117]. - Major shareholders include Master Holdings with 33.98% and Cheng Sheng with 16.91% of the issued share capital[148]. - As of December 31, 2024, Mr. Tian Ye holds 91,415,057 shares, representing 33.98% of the company's issued share capital[146]. Risks and Challenges - The group faces significant risks, including the need for continuous innovation to retain users and potential negative impacts from data protection failures[96]. - The group’s online gaming operations are subject to strict regulations in China, impacting foreign investment opportunities[100]. - There is significant uncertainty regarding the interpretation and implementation of the Foreign Investment Law of the People's Republic of China, which may impact the company's corporate structure and operations[190]. - The company may face substantial costs and restrictions if it exercises options to acquire equity in Chengdu Qilu[194]. Employee and Management Changes - The group had a total of 181 full-time employees, including 83 in R&D and 71 in sales and marketing[104]. - The company is committed to enhancing its ability to attract and retain skilled employees in a competitive internet industry[104]. - Mr. He Shih-wei resigned as Executive Director effective December 9, 2024, to focus more on product technology and R&D, and to meet board diversity requirements by appointing a female director[127]. - Mr. Sun Chun-feng resigned as Non-Executive Director effective June 12, 2024, to allocate more time to personal matters[127].

Financial Performance - Sichuan Baicha Baidao Industrial Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-on-year growth of 15%[1] - The company achieved a net profit of RMB 300 million, which is an increase of 20% compared to the previous year[1] - In 2024, the company recorded total revenue of RMB 4,918.0 million, a decrease of 13.8% compared to 2023[15] - Gross profit for 2024 was RMB 1,534.7 million, down 21.9% from the previous year[15] - Adjusted net profit decreased approximately 48.7% to RMB 645.0 million from RMB 1,257.6 million in 2023[15] - The net profit for the reporting period decreased by 58.3% to RMB 479.7 million from RMB 1,150.8 million in the same period last year[49] - The adjusted EBITDA margin decreased to 17.0% from 26.9% year-on-year, reflecting the overall decline in profitability[52] Customer and Market Growth - User data indicates that the active customer base grew to 5 million, reflecting a 25% increase from the last fiscal year[1] - The company plans to expand its market presence by opening 100 new stores across China in the next year[1] - The number of stores increased by 7.6% from 7,801 to 8,395 stores year-over-year[24] - The company operates 13 direct-operated stores as of December 31, 2024, up from 6 stores in 2023[24] - The number of franchisees increased to 5,742 by the end of 2024, up from 5,538 at the end of 2023, with a net addition of 204 franchisees during the year[29] - The number of franchise stores rose to 8,382, an increase of 7.5% from 7,795 in 2023, with 1,477 new stores opened during the year[30] - As of December 31, 2024, the registered membership reached 139.27 million, a 53.2% increase from the previous year, while active members grew by 17.3% to 59.29 million[36] Investment and Development - Sichuan Baicha Baidao is investing RMB 50 million in new product development, focusing on innovative tea blends and health-oriented beverages[1] - The company plans to continue expanding its store network and enhance product development capabilities in 2025, focusing on both domestic and overseas markets[39] - The company launched 60 new products and upgraded 42 products during the reporting period, with a total of 372 product formulas developed[32] - The company has implemented a digital marketing strategy, introducing 4 new sales channels and enhancing user interaction through various platforms[37] Financial Position and Assets - The company's cash and cash equivalents increased by 397.2% to RMB 3,559.9 million compared to 2023[15] - Total assets increased to RMB 5,493.98 million in 2024 from RMB 3,085.50 million in 2023[19] - Total liabilities decreased to RMB 1,560.28 million in 2024 from RMB 2,238.85 million in 2023[19] - Cash and cash equivalents totaled RMB 3,559.9 million as of December 31, 2024, a 397.2% increase from RMB 716.0 million on December 31, 2023, primarily due to funds received from the global offering[54] Governance and Management - The company has maintained a stable governance structure since its listing, with no significant changes in the board or management personnel reported[93] - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[99] - The company is committed to corporate social responsibility and aims to create value for shareholders through innovative and collaborative practices[96] - The company has established three specialized committees: audit committee, nomination committee, and remuneration committee, to support governance functions[101] Risk Management and Compliance - The company has established a comprehensive risk management and internal control system, which is evaluated at least annually for effectiveness[138] - The risk management framework is based on the COSO framework and aims to manage risks to acceptable levels while ensuring the reliability of financial reporting[138] - The company has implemented a "three lines of defense" model for risk management, involving various organizational levels including the board, management, and internal audit[139] - The company has adopted a standard code for securities trading by directors and supervisors, confirming compliance since the listing date[126] Shareholder and Capital Management - The company plans to distribute a final dividend of RMB 0.20 per share based on a total share capital of 1,477,634,250 shares, amounting to a total cash dividend of RMB 295,526,850[165] - As of December 31, 2024, the company's distributable reserves amounted to RMB 382.1 million[172] - The company has no bank loans or other borrowings as of December 31, 2024[174] - The company has not issued any debt securities during the reporting period[175] Employee and Operational Strategies - The company has developed a performance evaluation system to assess employee performance annually, which influences compensation, bonuses, and promotions[160] - The company actively participates in the operations of franchise stores, providing training and support to ensure their success[160] - The total employee benefits expenditure, including director remuneration, was RMB 432.1 million for the reporting period[71] Future Outlook - The management provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[1] - The company aims to leverage new technologies in its production processes to improve operational efficiency by 15%[1] - The company has plans for significant future investments or capital asset plans beyond those disclosed in the prospectus[70]

Financial Performance - The group's revenue for the year reached RMB 1,464.1 million, an increase of 12.2% compared to RMB 1,304.3 million in the previous year[9] - Gross profit amounted to RMB 438.4 million, reflecting a growth of 4.6% from RMB 419.0 million year-on-year[9] - Adjusted net profit was RMB 48.0 million, up 3.1% from RMB 46.5 million in the previous year[9] - Profit before tax decreased significantly by 58.9% to RMB 53,368 thousand from RMB 129,850 thousand in 2023[15] - The annual profit for 2024 was RMB 39,729 thousand, down 63.8% from RMB 109,834 thousand in 2023[15] - The gross profit margin for 2024 was 29.9%, down from 32.1% in 2023[16] - The net profit margin for 2024 was 2.7%, a decrease from 8.4% in 2023[16] - The group's automotive-related business revenue for the reporting period was RMB 1,917 million, an increase of 15.8% compared to RMB 1,656 million in the same period last year[45] - The automotive direct retail business generated revenue of RMB 795 million, significantly up from RMB 36 million in the previous year, driven by growth in domestic direct sales and exports[46] Revenue Sources - The automotive retail and financing leasing business generated sales revenue of RMB 1,192.9 million, a growth of 5.1% year-on-year[10] - Revenue from automotive-related services reached RMB 191.7 million, representing a year-on-year increase of 15.8%[10] - The company generated revenue of RMB 38.3 million from direct automotive retail, supplementing its financing leasing sales model[30] - Internationally, the company established partnerships with overseas dealers, achieving revenue of RMB 41.1 million from automotive exports, covering Central Asia, Southeast Asia, and the Middle East[30] Operational Efficiency - The company has integrated artificial intelligence (AI) into its main business systems to enhance operational efficiency and user experience[11] - Nearly 100 "digital employees" were deployed to automate processes such as data entry and analysis, significantly improving operational efficiency[31] - The financing costs for newly accessed financial resources decreased by over 1% compared to the previous year[11] - The average actual interest rate for newly signed financing lease agreements decreased to 17.4% in 2024 from 18.8% in 2023, reflecting a reduction in financing costs[41] - The average return rate on financing lease receivables also declined to 17.2% in 2024 from 18.8% in 2023, attributed to adjustments in product pricing[42] Market Expansion - The company plans to deepen its sales network in lower-tier cities to ensure steady growth and sustainable development[11] - The company focused on expanding its market presence in the domestic market, particularly in the northeastern, northern, and northwestern regions of China[27] - The company expanded its self-operated sales network from 77 to 89 locations by the end of 2024, enhancing coverage in second and third-tier cities[27] - The company is actively exploring new business areas and accelerating its globalization process, with plans to replicate its domestic business model in international markets[30] Financial Position - The total value of non-current assets increased to RMB 1,644,795 thousand in 2024 from RMB 1,472,064 thousand in 2023[16] - The total equity increased to RMB 827,846 thousand in 2024 from RMB 781,450 thousand in 2023[16] - As of December 31, 2024, the company's net debt increased to RMB 1,952.2 million from RMB 1,612.8 million in 2023, resulting in a debt-to-equity ratio of 70.2%, up from 67.4%[72] - The company's current assets increased to RMB 1,664.9 million in 2024, compared to RMB 1,448.8 million in 2023, primarily due to increases in finance lease receivables and cash and cash equivalents[74] Risk Management - The company has implemented a risk management system tailored to the characteristics of the automotive financing lease business, enhancing its ability to monitor and manage risks effectively[64] - The company utilizes a proprietary data analysis system to improve credit risk assessment and approval processes, ensuring competitive advantage in the market[67] - The company actively monitors customer payments and vehicle activities post-lease, utilizing GPS tracking devices to manage credit risk effectively[69] - The impairment provision for financing lease receivables was RMB 16,625 thousand in 2024, compared to RMB 14,299 thousand in 2023, reflecting a proactive approach to managing credit risk[62] Corporate Governance - The company has maintained a focus on independent oversight through its board members, enhancing corporate governance and accountability[121][123] - The independent non-executive directors have confirmed their independence in accordance with the listing rules[145] - The board members have diverse backgrounds in finance, technology, and management, contributing to a well-rounded leadership team[126][127] - The company has no disclosed interests in any competing businesses as of the last practicable date, ensuring compliance with listing rules[128] Employee and Director Information - The group had a total of 1,194 full-time employees as of December 31, 2024, with 1,189 located in China and 5 in Hong Kong[156] - The total employee benefit expenses, including director remuneration, amounted to RMB 156.4 million, compared to RMB 138.3 million for the year ended December 31, 2023[158] - The company has established a structured training system, including an e-learning platform and internal seminars, to enhance employee skills[158] Shareholder Information - As of December 31, 2024, Mr. Huang Wei holds 385,831,065 shares, representing 24.94% of the company's equity[163] - Major shareholder Mingzhu Capital, fully owned by Mr. Huang Wei, holds 190,629,882 shares, which is 12.32% of the total[166] - The company has not entered into any management or administrative contracts during the reporting period[169] Strategic Partnerships - The strategic cooperation agreement with Beijing Automotive was officially announced, focusing on exploring new paths for automotive innovation and industry development[99] - A strategic partnership was established with Tuhu Car Maintenance, aiming to leverage over 100 million registered users for resource sharing and optimizing service delivery in the automotive service sector[104] - A strategic cooperation agreement was signed with Hubei Jin Kong Financing Leasing Co., focusing on exploring new paths for public credit, supply chain finance, and retail financial services in response to automotive consumption demands[108]

Financial Performance - The bank achieved a net profit of RMB 282.671 billion for the year 2024, reflecting its strong financial performance[4] - Net profit for 2024 is projected to grow, with a cost-to-income ratio of 30.46% in 2023, down from 34.40% in 2022, indicating improved efficiency[17] - The company achieved a net profit of RMB 282.67 billion in 2024, representing a year-on-year growth of 4.8%[24] - Operating income for 2024 was RMB 711.42 billion, an increase of 2.3% compared to the previous year[24] - The average return on total assets was 0.68% in 2024, down from 0.73% in 2023[21] - The weighted average return on equity was 10.46%, a decrease from 10.91% in the previous year[21] - The company reported a net cash flow from operating activities of RMB 1,353.04 billion for the year[20] Asset and Loan Growth - As of the end of 2024, the total assets of Agricultural Bank of China amounted to RMB 43,238.135 billion, with total customer loans and advances reaching RMB 24,906.187 billion[4] - Total assets reached RMB 43,238,135 million in 2024, up from RMB 39,872,989 million in 2023, representing a growth of 8.6%[18] - Customer loans and advances totaled RMB 24,906,187 million in 2024, an increase of 10.7% from RMB 22,614,621 million in 2023[18] - Total deposits increased to RMB 30,305,357 million in 2024, a rise of 4.8% from RMB 28,898,468 million in 2023[18] - The balance of loans in rural areas reached CNY 9.85 trillion, with loans related to food security and important agricultural products exceeding CNY 1 trillion[27] - The balance of "Huinong e-loans" stood at CNY 1.49 trillion, with a loan growth rate of 14.7% in 160 key rural revitalization counties[27] - Personal loan balance increased by CNY 754.3 billion to CNY 8.81 trillion, leading the industry in both growth and growth rate[27] - The balance of loans to private enterprises reached CNY 6.53 trillion, with an annual increase of CNY 1.08 trillion and 7.46 million borrowers, also leading the industry[27] Capital and Credit Quality - The capital adequacy ratio stood at 18.19%, indicating a solid capital position[4] - The bank's capital adequacy ratio is expected to remain strong at 16.59% in 2024, up from 16.43% in 2023[17] - The non-performing loan ratio improved to 1.30% in 2024, compared to 1.37% in 2023, reflecting better asset quality[17] - The provision coverage ratio stood at 299.61%, maintaining a leading position among peers[26] - The capital adequacy ratio improved to 18.19%, up by 1.05 percentage points from the previous year[26] Digital Transformation and Innovation - The bank plans to enhance its market expansion strategies, focusing on digital banking and fintech innovations to attract younger customers[19] - The company aims to enhance digital transformation and improve customer service experience through technology[38] - The mobile banking app 10.0 version was launched, achieving over 250 million monthly active users (MAU) by the end of 2024, an increase of 37.21 million users compared to the previous year[182] - The bank's digital RMB project is being applied to optimize fund management quality, enhancing the efficiency of small and micro enterprise loans[188] Green Finance and Social Responsibility - Agricultural Bank of China is committed to developing green finance to support environmental improvement and resource-efficient economic activities[11] - The balance of green credit business reached CNY 4.97 trillion, an increase of 22.9% compared to the end of the previous year[52] - The company’s self-operated green bond investment scale reached CNY 165.63 billion by the end of 2024, an increase of 14.8% year-over-year[180] - The bank received multiple awards for its green banking initiatives, including recognition as a "Model Demonstration Base for ESG" and the "Annual Green Finance Award" from the International Financial Forum[183] Customer Base and Market Position - The number of personal customers exceeded 880 million, while corporate customers increased to 12.13 million, with private banking assets reaching CNY 3.15 trillion[28] - The bank's stock price increased by 55% for A-shares and 58% for H-shares compared to the end of the previous year, leading the industry in growth rates[30] - The total number of corporate clients reached 12.13 million, with 607,500 clients having loan balances, an increase of 85,200 clients year-on-year[147] Risk Management and Compliance - The bank's non-performing loan ratio remains at a competitive level compared to peers, with proactive measures in place for risk management[29] - The liquidity ratio for RMB was 85.34%, significantly above the regulatory requirement of ≥25%[145] - The maximum single customer loan ratio was 2.64%, well below the regulatory limit of ≤10%[145] International Operations - Agricultural Bank of China (Moscow) reported total assets of $235 million and net assets of $103 million as of the end of 2024, achieving a net profit of $14.99 million for the year[191] - Agricultural Bank of China (UK) is currently undergoing closure procedures with a capital of $100 million[192] - The bank's overseas subsidiary in Luxembourg reported total assets of $73 million and a net profit of $710,000 by the end of 2024[190] Wealth Management and Investment - The bank's wealth management product sales reached 1.6025 trillion yuan, with a 68.5% increase in physical precious metal sales[157] - The bank's private banking client base reached 256,000, managing assets totaling 31.5 trillion yuan as of the end of 2024[160] - The bank's asset management business includes a total of 302.24 billion yuan in direct and indirect investment assets, with non-standardized debt assets accounting for 30.3%[169]

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 1,405,454,000, representing an increase from RMB 1,369,505,000 in 2023, which is a growth of approximately 2.0%[5] - The gross profit for 2024 was RMB 611,302,000, with a gross margin of 43.5%, down from 45.4% in 2023[5] - The net profit for 2024 was RMB 186,210,000, resulting in a net profit margin of 13.2%, compared to 16.1% in the previous year[5] - The company reported a total equity of RMB 2,326,151,000 as of December 31, 2024, down from RMB 2,378,425,000 in 2023[5] - Total revenue reached RMB 1.405 billion, maintaining a healthy gross margin despite challenges from artificial lens procurement and DIP/DRG policies[15] - Net profit achieved RMB 186 million, with net cash flow from operating activities amounting to RMB 354 million, indicating strong financial health[15] - Total gross profit for the group was RMB 611.3 million for the year ended December 31, 2024, a decrease of 1.6% from RMB 621.1 million in 2023[37] - The company's adjusted net profit for the year ended December 31, 2024, is RMB 202.7 million, a decrease of 9.2% from RMB 223.1 million in 2023, with an adjusted net profit margin of 14.4% compared to 16.3% in the previous year[57] Operational Efficiency and Strategy - The company implemented a "Excellence Plan" to optimize management and resource allocation, enhancing operational efficiency across hospitals[12] - The company believes its cluster operation model enhances market penetration, operational efficiency, and profitability[9] - The company plans to enhance operational efficiency and service quality through systematic, standardized, professional, refined, and intelligent management strategies in 2025[16] - Marketing strategies were refined using data-driven approaches to improve marketing efficiency and ensure effective outreach to target patient groups[13] - Continuous investment in advanced medical equipment and precise pricing strategies for high-end ophthalmic services contributed to improved patient experiences[15] Market Expansion and Services - The company is focusing on expanding its consumer eye care services while maintaining its foundational eye care services, responding to the increasing consumer demand in China[7] - The group operates a network of 31 ophthalmology hospitals across 7 provinces, municipalities, and autonomous regions in China as of December 31, 2024[20] - The group aims to enhance market share in existing regions through strategic initiatives like the "Excellence Program" and "Wutong Program" while focusing on patient outcomes[19] - The group plans to continue investing in advanced medical equipment and treatment solutions to improve service quality and patient retention rates[25] - The consumption ophthalmology services accounted for 50.3% of total revenue in 2024, making it the primary revenue source for the group[24] - Basic ophthalmology services contributed approximately 49.6% to total revenue in 2024, marking it as another major revenue source[25] Human Resources and Talent Management - As of December 31, 2024, the group employed 1,464 full-time medical professionals, including 296 physicians, 625 nurses, and 543 other professionals[38] - The company has implemented systematic training and education programs for employees, ensuring a well-proportioned mix of medical professionals and enhancing clinical skills through both internal and external training[86] - The company is committed to maintaining gender diversity within its workforce and enhancing employee value as a key asset[124] Acquisitions and Investments - The group has made significant acquisitions in the healthcare sector, enhancing its service offerings and market presence[32] - The group has acquired multiple hospitals, including Bayannur Hospital and Beijing Clinic in September 2023, and Yinchuan Hospital in March 2023[32] - The group plans to continue expanding its network in the North China region and aims to acquire more hospitals in the near future[40] Financial Position and Cash Flow - The net cash inflow from operating activities for the year ended December 31, 2024, was RMB 354.4 million, down from RMB 372.6 million in 2023[61] - The company reported a net increase in cash and cash equivalents of RMB 317.3 million for the year ended December 31, 2024, compared to a decrease of RMB 481.3 million in 2023[61] - The total capital commitments as of December 31, 2024, amounted to approximately RMB 564 million, a decrease from RMB 715 million in 2023[66] Risk Management and Compliance - The company faces risks related to price controls and coverage limits under public health insurance plans, which may impact pricing of services and products[112] - The company has a credit risk management policy in place to monitor and manage potential losses from counterparties failing to meet obligations[77] - The company has maintained compliance with relevant laws and regulations, with no significant violations reported as of December 31, 2024[118] Shareholder and Governance - The company adopted a share incentive plan on May 10, 2022, granting a total of 16,330,994 shares to 311 employees and directors as of December 31, 2024, with a total allowable grant of 54,803,769 shares under the plan[85] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[14] - All independent non-executive directors confirmed their independence for the period from January 1, 2024, to December 31, 2024[167] Environmental and Social Responsibility - The company has a commitment to environmental protection and has established policies for the proper handling and disposal of medical waste, ensuring compliance with applicable laws and regulations[115] - The company is committed to fulfilling social responsibilities and promoting employee welfare, aiming for sustainable growth[116]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 7,669.8 million, compared to HKD 7,618.6 million in 2023, representing a slight increase of 0.67%[6]. - The loss attributable to shareholders for the year was HKD 776.7 million, a significant increase from a loss of HKD 125.4 million in 2023, marking an increase of HKD 651.3 million[6][16]. - Basic loss per share for the year was HKD 0.22, compared to HKD 0.04 in 2023, indicating a deterioration in financial performance[17]. - The return on equity attributable to shareholders was -1.8% for 2024, compared to -0.3% in 2023, reflecting a decline in profitability[14]. - The company's equity attributable to shareholders decreased to HKD 42,524.8 million from HKD 43,538.9 million in 2023[14]. - The company's attributable profit for the year was HKD 377.7 million, compared to a loss of HKD 471.4 million in 2023[30]. Debt and Liquidity - The capital debt ratio improved to 5.5% in 2024 from 19.4% in 2023, indicating a stronger balance sheet position[14]. - Cash and bank balances at the end of the reporting period were approximately HKD 17,565.2 million, an increase from HKD 15,950.2 million in 2023[20]. - Total borrowings amounted to HKD 19,900.1 million, down from HKD 24,380.9 million in 2023[21]. - The total loan balance at the end of 2024 was HKD 21 billion, down from HKD 26 billion at the end of 2023[30]. Business Operations and Strategy - The company operates primarily in property development and investment, with a focus on leveraging its management and financial resources[13]. - The company plans to continue its core business operations while exploring new investment opportunities in property-related services[13]. - The company expressed confidence in overcoming challenges in 2025 despite the reported losses in 2024, emphasizing prudent strategies and employee dedication[11]. - The company aims to maintain natural growth in its core business while balancing short-term returns and long-term capital appreciation[53]. Market Conditions and Risks - The company is facing increased market uncertainty due to financial issues among large Chinese real estate developers, high USD interest rates, geopolitical tensions, and conflicts in Ukraine and the Middle East[54]. - The group faces several major risks, including economic uncertainties and cybersecurity risks, which are monitored regularly[44]. - The company will continue to focus on mortgage lending in mainland China while implementing cost-cutting measures to generate better returns[55]. Corporate Governance - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[136]. - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[138]. - The board has adopted improved procedures in line with the corporate governance code as per the Hong Kong Stock Exchange[137]. - The company has a commitment to review its corporate governance practices at least annually[137]. - The board has delegated daily responsibilities to executive management, ensuring clear delineation of functions[140]. Diversity and Inclusion - The board has adopted a diversity policy, achieving a gender diversity ratio of 20% with 2 female directors out of 10[144]. - The employee gender ratio reached 41:59, meeting the measurable diversity target for the workforce, including senior management[144]. - The board aims to maintain the current female representation and gradually increase it when suitable candidates are identified[144]. Risk Management - The company has established a risk management and internal control system to ensure reasonable assurance against material misstatements or losses[168]. - The internal audit department is responsible for analyzing and independently assessing the adequacy and effectiveness of the group's risk management and internal control systems[169]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems annually, covering all significant controls including financial, operational, and compliance controls[167]. Investment Properties - The fair value of the group's investment properties decreased significantly compared to 2023[19]. - The group's investment properties had a revaluation value of HKD 26,327.7 million as of December 31, 2024, with a net decrease in fair value of HKD 1,026.2 million recognized in the consolidated income statement[188]. Employee Management - The total employee cost for the group was HKD 1,353.2 million, down from HKD 1,390.8 million in 2023, with a total workforce of 5,751 employees[40]. - The company is focused on enhancing employee management methods and providing professional development to mitigate human resource risks[48]. Shareholder Communication - The company emphasizes the importance of maintaining good communication with shareholders through various formal channels[176]. - The board actively participates in the annual general meeting to address shareholder inquiries[175]. - The board believes that the shareholder communication policy has been appropriately implemented and is effective[177].

Financial Performance - The company reported a net loss attributable to equity holders of approximately HKD 396 million for the year ended December 31, 2024, a decrease of about 31.4% compared to a net loss of approximately HKD 577 million in 2023[5]. - The company's revenue for 2024 was approximately HKD 578 million, a decrease of about HKD 187 million or 24.4% compared to 2023[28]. - The gross profit for 2024 was HKD 132 million, down 23.3% from HKD 172 million in 2023[28]. - The Ferrari business generated revenue of approximately HKD 420 million in 2024, an increase of 22.1% from HKD 344 million in 2023[34]. - The Maserati business recorded revenue of approximately HKD 61 million in 2024, a decline of 51.6% from HKD 126 million in 2023[35]. - The high-value collectibles and logistics business saw a revenue drop of 65.8% to approximately HKD 51 million in 2024, with an operating loss of HKD 52 million[36]. - The property investment and holding segment reported a rental income decrease of 25.0% to approximately HKD 6 million in 2024, with an operating loss of HKD 121 million[32]. - The securities business recorded an operating loss of HKD 4 million in 2024, significantly improved from a loss of HKD 251 million in 2023[33]. - Total revenue for 2024 was approximately HKD 578,000,000, a decrease of about 24.4% from HKD 765,000,000 in 2023, with 99.7% of revenue coming from Hong Kong, Macau, and mainland China[39]. - The company's equity attributable to shareholders decreased to approximately HKD 672,000,000 in 2024 from HKD 731,000,000 at the beginning of the year, a reduction of about HKD 59,000,000[40]. Dividend Policy - The company did not declare a final dividend for 2024, maintaining cash reserves to address future challenges, consistent with no dividends declared in 2023[6]. - The board of directors does not recommend a final dividend for 2024, maintaining cash reserves to address future challenges, consistent with no dividends declared in 2023[149]. - The company has adopted a dividend policy since January 2019, allowing for the declaration and distribution of dividends to shareholders while retaining sufficient reserves for future growth[136]. - The board will consider the group's financial performance, overall financial condition, and other relevant factors when proposing any dividends[138]. Business Operations - The property business in Hong Kong continues to consolidate amid a weak economy and low investment sentiment, with expectations of uncertainty in the property market for 2025 due to economic factors[8][9]. - The securities business generated stable interest income from receivable bills, as the company refrained from trading listed stocks or securities to preserve cash and reduce risk[10]. - Blackbird Group's Ferrari business saw a 70% increase in vehicle deliveries compared to 2023, with significant growth in personalized vehicle options, which increased by 33%[12]. - The launch of the Ferrari V12 GT car "12Cilindri" attracted 320,000 visitors during a four-day event in Hong Kong, exceeding initial sales targets by 80%[13]. - The Maserati Grecale was the best-selling model for Blackbird Tridente in 2024, with plans to introduce the GranTurismo model to the Hong Kong and Macau markets next year[15]. - The antique car and investment-grade vehicle business faced challenges due to a slowing global market, but management remains cautiously optimistic about long-term prospects[16]. - The company plans to expand cross-border services between Hong Kong and China, as well as Hong Kong and Macau, and will launch new projects including unloading RoRo cargo by 2025[17]. - The company has agreed to sell its stage sound and lighting business for a total consideration of HKD 8,100,000, with completion expected by February 28, 2025[18]. Risk Management - The outlook for 2025 is filled with uncertainties and challenges, including geopolitical instability and inflation, which pose significant risks to economic recovery[19]. - The company has identified key risks including geopolitical risks, inflation, and government policy changes that could significantly impact operations[127]. - The company employs a conservative approach to risk management, covering various types of risks including operational and market risks[123]. - The internal audit department conducts semi-annual reviews of the internal control system based on risk criteria[121]. - The board believes that the risk management and internal control systems are effective and sufficient for the year 2024[122]. Corporate Governance - The company has maintained a dual leadership structure with the same individual serving as both Chairman and CEO, which has been effective for strategic planning and execution[73]. - The company has adhered to all provisions of the corporate governance code for the fiscal year ending December 31, 2024, except for the separation of roles between Chairman and CEO[71]. - The board has established an ESG governance framework to oversee sustainability and related risks[70]. - The company has established three board committees: the Remuneration Committee, Audit Committee, and Nomination Committee, each with clearly defined responsibilities to assist the board in its duties[100]. - The Audit Committee is composed entirely of three independent non-executive directors, ensuring a high level of financial expertise[106]. - The board consists of two executive directors and three independent non-executive directors, maintaining a balance of skills and experience[88]. - The company has adopted a board diversity policy since August 2013, focusing on various aspects such as gender, age, and professional experience[113]. - The company has sufficient and appropriate liability insurance for directors and senior management against claims arising from corporate activities[87]. Employee Engagement - The company encourages employee training and development, providing competitive compensation and benefits[61]. - The company emphasizes employee welfare, providing competitive compensation and a safe working environment, with a focus on professional development[178]. - The company has implemented environmental management practices aimed at reducing operational impact and promoting sustainability[177]. Financial Obligations - The company has obtained waivers for financial covenants related to loans amounting to HKD 1.157 billion[81]. - The company is actively seeking opportunities to sell several assets, particularly properties, with expected completion between mid-2025 and late 2025[81]. - The board has reviewed the group's cash flow forecast, which covers a period of at least twelve months from the reporting date, and believes there will be sufficient working capital to meet financial obligations due by December 31, 2025[82]. - The group has a revolving loan amounting to HKD 344,000,000, which is renewed every three to twelve months, with a strong historical record of renewal[83]. Shareholder Communication - The company has established a shareholder communication policy to ensure active two-way communication with shareholders, providing timely and comprehensive information[133]. - The board reviewed the implementation and effectiveness of the shareholder communication policy and deemed it effective[135]. Charitable Contributions - The group made charitable donations of approximately HKD 56,000 in 2024, reflecting its commitment to community engagement[64]. - The company reported a charitable donation of approximately HKD 56,000 during the year, compared to HKD 50,000 in 2023[165].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[15]. - The company's revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% compared to the same period in 2023[16]. - Total revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% from RMB 1,216.29 million in 2023[41]. - Revenue from autonomous driving solutions and products reached RMB 1,192.58 million in 2024, up 5.50% from RMB 1,130.44 million in 2023, accounting for approximately 95.58% of total revenue[31]. - The company reported a net loss of RMB 288.34 million for the year, a 47.78% increase from RMB 195.11 million in 2023[56]. - The gross profit for the year ended December 31, 2024, was RMB 90.83 million, a decrease of 24.91% from RMB 120.96 million in 2023[45]. - The gross margin for 2024 was 7.28%, down from 9.94% in 2023[46]. - The pre-tax loss increased by 47.78% to RMB 288.34 million (2023: RMB 195.11 million)[16]. - The company reported net losses of RMB 342.3 million, RMB 195.1 million, and RMB 288.3 million for the years 2022, 2023, and 2024 respectively[190]. Research and Development - Investment in R&D has increased by 30%, totaling RMB 300 million, focusing on advanced driving assistance systems (ADAS) and autonomous driving technologies[15]. - The R&D team expanded from 292 to 474 personnel in 2024, establishing new R&D centers in multiple cities[37]. - The company applied for 250 invention patents by the end of 2024, with 93.6% related to software and algorithms[38]. - The company has developed core algorithms and software middleware, with plans to optimize software and enhance technical barriers and cost-effectiveness[78]. - The company is focusing on the development of embodied intelligence technologies, indicating a strategic shift towards advanced technological solutions[83]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, aiming for a 10% market share by 2025[15]. - The company is committed to overseas expansion, planning to extend its products and solutions to North America, South Korea, and Japan by 2025[82]. - The company is actively exploring diversified business models, focusing on autonomous driving solutions for passenger vehicles and expanding into public transport, freight logistics, agricultural machinery, industrial and warehousing, mining, and port operations[83]. - The company aims to deepen and diversify its OEM customer base by expanding its sales and marketing teams and collaborating with strategic partners[79]. - The company is accelerating the development and deployment of cutting-edge technologies and expanding into new markets and services in 2025[23]. Product Development - New product launches are scheduled for Q3 2024, including two electric vehicle models aimed at the mid-range market[15]. - The company completed orders for 32 models and mass production delivery for 22 models of its self-developed autonomous driving product series by the end of 2024[18]. - The company achieved the world's first mass production delivery of a BEV model on a low-computing power TI TDA4 chip, accelerating the adoption of autonomous driving in passenger vehicles[20]. - The penetration rate of L2 and above assisted driving new vehicles approached 50% in 2024, with expectations for continued growth in 2025 as technology costs decrease[26]. - The company delivered over 227,000 autonomous driving solutions and products in 2024, a 75% increase compared to 2023[29]. Financial Risks and Challenges - The company faces significant risks due to its reliance on a limited number of customers and suppliers, which could adversely affect its financial performance[187]. - The company is reliant on third-party suppliers, particularly Mobileye, for key components, which poses risks of supply chain disruptions[191]. - The company may experience significant component shortages and price volatility, which could hinder its ability to fulfill customer orders[194]. - The company faces credit risk due to revenue concentration among a few customers, which may impact cash flow and profitability if trade receivables are not collected on time[199]. - Changes in international relations and trade policies may adversely affect the company's business and financial performance, particularly regarding U.S. government restrictions on sensitive technologies[198]. Corporate Governance - The company has adopted corporate governance codes to enhance shareholder rights and corporate accountability[111]. - The board consists of three independent non-executive directors, ensuring over one-third independence in board composition[119]. - The company emphasizes a strong corporate culture to manage business risks and deliver sustainable returns to shareholders[112]. - The company has established a risk management and internal control system, which is reviewed at least annually for effectiveness[161]. - The company has implemented various procedures to manage financial reporting risks and provides regular training to finance department staff on accounting policies[163]. Environmental Commitment - The company has been recognized for its environmental management system, certified to ISO 14001:2015 standards[183]. - The company is committed to reducing its environmental impact through various measures, including waste management and compliance with environmental regulations[183]. - The company has initiated a sustainability program, targeting a 50% reduction in carbon emissions by 2030[15]. Management and Workforce - The company has a diverse and experienced management team, including a CEO, CTO, and Vice President, all appointed in 2017 and 2018[105]. - The management team has extensive experience in the automotive industry, with key executives having over 21 years of experience in senior leadership roles[84][85][87]. - The company had 575 employees as of December 31, 2024, an increase from 380 employees as of December 31, 2023[71]. - The company employs a total of 99 female employees, which constitutes 17.22% of the entire workforce[135]. - The company plans to provide comprehensive training to female employees to prepare them for potential board positions in the future[135].