Financial Performance - Revenue increased from RMB 673.05 million in 2023 to RMB 919.50 million in 2024, representing a significant growth of 36.7%[10] - Other income and gains decreased from RMB 1,157.86 million in 2023 to RMB 488.70 million in 2024, primarily due to a reduction in foreign exchange gains[10] - Net loss for the year decreased from RMB 5,812.83 million in 2023 to RMB 3,192.50 million in 2024[11] - Adjusted net loss decreased from RMB 5,339.04 million in 2023 to RMB 3,046.72 million in 2024, a notable decline of 42.9%[12] - The overall gross profit for the year ended December 31, 2024, was RMB 75.26 million, up from RMB 55.01 million in 2023[62] - The pre-tax loss for the year ended December 31, 2024, was RMB 319.25 million, compared to a loss of RMB 581.18 million in 2023[62] Cost Management - R&D costs decreased from RMB 4,056.69 million in 2023 to RMB 2,589.12 million in 2024, attributed to improved R&D efficiency[10] - Sales and distribution expenses reduced from RMB 1,927.39 million in 2023 to RMB 737.30 million in 2024, with no milestone payments related to the commercialization of a specific product in the Asia-Pacific region[11] - Administrative expenses decreased from RMB 1,480.56 million in 2023 to RMB 1,062.63 million in 2024, mainly due to reduced employee costs[11] - Employee costs decreased from RMB 151.7 million in 2023 to RMB 93.6 million in 2024, a reduction of approximately 38.3%[64] - Total sales and distribution expenses fell from RMB 192.7 million in 2023 to RMB 73.7 million in 2024, a decrease of about 61.7%[65] - Administrative expenses decreased from RMB 148.1 million in 2023 to RMB 106.3 million in 2024, representing a reduction of approximately 28.2%[66] Clinical Development and Pipeline - Selinexor (XPOVIO®) received reimbursement approval in South Korea for treating relapsed or refractory multiple myeloma (rrMM) adult patients, effective July 1, 2024[13] - In China, Selinexor was approved for a new indication to treat adult patients with relapsed/refractory diffuse large B-cell lymphoma (rrDLBCL) who have received at least two lines of systemic therapy[13] - The ORR for Onatasertib (ATG-008) combined with toripalimab in cervical cancer patients was reported at 53.3%, with a disease control rate (DCR) of 86.7%[14] - The clinical pipeline includes ATG-022, a Claudin 18.2 antibody-drug conjugate, which is expected to demonstrate strong anti-tumor efficacy across various Claudin 18.2 expression levels[25] - ATG-022 is anticipated to complete additional dose escalation cohorts by 2025 to support its transition to critical development stages[25] - The company is conducting late-stage clinical studies for several candidates, including ATG-008 (onatasertib) in combination with other therapies[44] Strategic Initiatives - The company plans to continue focusing on cost reduction and efficiency improvements in R&D and administrative operations[12] - The company plans to establish a dedicated AI department to accelerate the development of a next-generation proprietary T cell engager platform[21] - The company aims to commercialize first-in-class therapies to meet significant unmet medical needs and improve patient quality of life globally[22] - The company is actively pursuing regulatory approvals in multiple regions, including the US, EU, and Asia, to expand its market presence[40] - The company has established global innovation drug development and commercialization teams in China and the Asia-Pacific region to enhance its market presence[119] Market Expansion - The commercial business achieved significant milestones in 2024, including the approval of a second indication for Hivio® and its inclusion in the national insurance directory, enhancing patient accessibility[28] - The company has received NDA approvals for Hivio® in multiple regions, including mainland China, Australia, and several Southeast Asian countries, indicating strong market expansion efforts[33] - The drug Xivio® (Selinexor) has been included in the Pharmaceutical Benefits Scheme (PBS) in June 2023 for treating adult patients with relapsed/refractory multiple myeloma who have received at least one prior therapy[41] - Xivio® was included in the national medical insurance catalog in December 2023, effective January 1, 2024, for treating adult patients with relapsed/refractory multiple myeloma[42] - As of December 31, 2024, Xivio® has received NDA approvals in multiple regions including mainland China, South Korea, Singapore, Australia, Malaysia, Thailand, Taiwan, Hong Kong, Macau, and Indonesia[43] Leadership and Governance - Dr. Mei has extensive experience in oncology research and drug development, having held senior positions at Johnson & Johnson, Novartis, and Celgene, contributing to the development of several blockbuster drugs[81] - The company has a strong leadership team with members holding advanced degrees in medicine and business, enhancing its strategic direction and financial management[83][86] - The board includes members with diverse backgrounds in consulting, investment, and pharmaceutical industries, providing a well-rounded perspective on strategic decisions[84][86] - The company has established a strong governance structure with independent directors to ensure accountability and strategic oversight[88] Financial Position and Liquidity - The company has a cash reserve of RMB 900 million, sufficient to fund pipeline product development for the next three years without additional financing[30] - The company reported a total available reserve of approximately RMB 3,755.0 million as of December 31, 2024, compared to RMB 3,710.5 million in 2023, reflecting an increase of 1.2%[101] - The company maintains a healthy liquidity position, closely monitoring its cash flow to meet funding needs[108] - Cash and bank balances decreased from RMB 1,187.7 million in 2023 to RMB 900.1 million in 2024, a decline of approximately 24.2%[71] - The company has no specific plans for significant investments or capital assets as of December 31, 2024[76] Risks and Challenges - The company has incurred significant net losses since its inception and expects to continue doing so in the foreseeable future, posing a risk of substantial investment loss for potential investors[123] - The future business and financial outlook heavily depend on the successful clinical development and regulatory approval of its clinical and preclinical candidates[127] - The company may face difficulties in identifying and developing new candidate drugs, potentially limiting its resource allocation to more profitable opportunities[127] - The company faces intense industry competition, with rivals potentially achieving commercialization of competitive drugs ahead of it[123] Shareholder Information - The largest customer accounted for 78.6% of the group's revenue, while the top five customers contributed 99.8%[194] - The largest supplier represented 16.7% of the group's procurement, with the top five suppliers making up 51.4%[195] - The total number of shares held by the top five shareholders exceeds 50% of the company's total shares[144] - The independent non-executive directors receive an annual director's fee ranging from $25,000 to $50,000[140] - The company has established service contracts for executive directors with a term of three years, with a two-month notice period for termination[138]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,754,254,463.18, representing a 14.19% increase compared to CNY 1,536,247,143.43 in the same period last year[10] - Net profit attributable to shareholders for Q1 2025 was CNY 160,525,258.63, a significant increase of 57.85% from CNY 101,692,621.31 year-on-year[10] - The net profit after deducting non-recurring gains and losses surged by 331.10% to CNY 105,876,943.19 from CNY 24,559,682.72 in the previous year[10] - The basic and diluted earnings per share for Q1 2025 were both CNY 0.12, reflecting a 50.00% increase from CNY 0.08 in the same quarter last year[10] - The company achieved operating revenue of RMB 1.754 billion, a year-on-year increase of 14.19%[29] - Net profit attributable to shareholders reached RMB 161 million, up 57.85% year-on-year[29] - The company’s net profit excluding non-recurring gains and losses was RMB 106 million, reflecting a significant increase of 331.10% year-on-year[29] - Operating profit increased to ¥184,223,659.37, a rise of 60.6% compared to ¥114,654,714.32 in the last period[38] Assets and Liabilities - The total assets at the end of Q1 2025 amounted to CNY 13,775,686,575.86, up 12.02% from CNY 12,297,311,673.87 at the end of the previous year[11] - The total assets of the company as of March 31, 2025, were RMB 13.776 billion, an increase from RMB 12.297 billion at the beginning of the period[33] - The total liabilities increased to ¥6,500,122,037.63 from ¥5,179,863,454.31, reflecting a growth of 25.5%[35] - Total equity attributable to the parent company reached ¥7,170,608,090.39, up from ¥7,016,033,171.08, indicating a growth of 2.2%[35] Cash Flow - The net cash flow from operating activities improved by 43.03%, reducing the outflow to CNY -350,442,034.40 from CNY -615,182,046.97 in the previous year[10] - Operating cash flow improved by 43.03%, with a net outflow of approximately ¥350.44 million, primarily due to reduced material procurement expenses[18] - Cash flow from financing activities generated a net inflow of $309,308,075.36, up from $55,280,366.64 in the previous period, reflecting stronger financing efforts[45] - The company reported a significant decrease in cash and cash equivalents, ending the period with $1,514,443,970.05, down from $2,347,082,156.47[45] Shareholder Information - The total number of common shareholders at the end of the reporting period was 77,461[19] - The largest shareholder, Jiangxi Ruide Venture Capital Co., Ltd., holds 28.21% of shares, amounting to 387,100,160 shares[20] - The second-largest shareholder, HKSCC Nominees Limited, holds 16.59% of shares, totaling 227,640,800 shares[20] Operational Highlights - In Q1 2025, the company’s production capacity utilization rate exceeded 90%, with raw magnetic material output of approximately 8,770 tons, finished magnetic material output of about 6,600 tons, and sales volume of finished magnetic materials reaching around 6,024 tons, all increasing by over 40% compared to the same period last year[29] - Revenue from the new energy vehicle and auto parts sector amounted to RMB 882 million, accounting for 50.28% of total operating revenue[29] - Revenue from energy-saving variable frequency air conditioning reached RMB 513 million, representing 29.25% of total operating revenue[29] - Export sales revenue was RMB 312 million, making up 17.76% of total operating revenue, with sales to the United States contributing RMB 122 million, or 6.94% of total operating revenue[29] - The company is focusing on expanding its market and production capacity in the new energy and energy-saving sectors, particularly in new energy vehicles and components, energy-saving air conditioning, and robotics[28] Expenses - Total operating costs amounted to ¥1,621,523,660.51, up 8.3% from ¥1,497,437,075.56 in the prior period[37] - Research and development expenses were ¥82,764,290.89, an increase of 10.4% from ¥74,588,597.44 in the previous period[37] - Sales expenses increased by 67.00% to approximately ¥17.68 million, attributed to a 40% growth in sales volume and higher market expansion costs[18] Other Comprehensive Income - The company reported a decrease in other comprehensive income, which was -¥50,430,748.99 compared to -¥42,492,378.41 in the prior period[35] - Other comprehensive income after tax attributable to the parent company was -$48,856,950.64, a substantial decline from -$2,709,351.23 in the previous period[39]

Financial Performance - The company's revenue for Q1 2025 reached ¥3,098,813,569.89, representing a 16.03% increase compared to ¥2,670,740,738.16 in the same period last year[6] - Net profit attributable to shareholders was ¥305,575,186.04, up 32.54% from ¥230,557,834.70 year-on-year[6] - The adjusted net profit attributable to shareholders was ¥349,441,031.17, reflecting a 3.14% increase from ¥338,816,299.13 in the previous year[6] - Total revenue for the period reached CNY 3,098,813,569.89, an increase of 15.9% compared to CNY 2,670,740,738.16 in the previous period[35] - Net profit for the period was CNY 279,654,565.09, representing a 29.5% increase from CNY 215,919,833.12 in the prior period[36] - The company reported a profit before tax of RMB 363,587,000, compared to RMB 268,619,000 in the previous year, an increase of 35.4%[42] - Total comprehensive income for the period reached RMB 389,670,737.53, compared to RMB 162,642,198.05 in the previous period, representing an increase of approximately 139.5%[37] Revenue Breakdown - Revenue from laboratory services was ¥1,857,202,616.77, a 15.74% increase from ¥1,604,576,678.01 year-on-year, with a gross margin of 45.54%[8] - Revenue from CMC (small molecule CDMO) services was ¥693,023,486.59, up 19.05% from ¥582,104,488.92, with a gross margin of 30.44%[8] - Revenue from clinical research services reached ¥447,320,929.08, a 14.25% increase from ¥391,531,326.06, with a gross margin of 11.76%[8] - Revenue from the top 20 global pharmaceutical companies was ¥455,746,000, a 29.05% increase, accounting for 14.71% of total revenue[9] Shareholder Metrics - Basic earnings per share increased by 33.54% to CNY 0.1736, reflecting the growth in net profit attributable to shareholders[14] - Diluted earnings per share rose by 33.51% to CNY 0.1733, also attributed to the increase in net profit[15] - The total number of common shareholders at the end of the reporting period was 79,841[20] - The company announced a profit distribution plan for the year 2024, which is expected to enhance shareholder value[28] Cash Flow and Assets - The company's cash flow from operating activities amounted to ¥852,829,144.27, a 14.38% increase compared to ¥745,630,586.78 in the same period last year[6] - Cash flow from investing activities resulted in a net outflow of RMB 1,212,095,238.52, worsening from a net outflow of RMB 467,094,044.67 in the previous period[40] - Cash flow from financing activities showed a net outflow of RMB 98,926,715.92, an improvement compared to a net outflow of RMB 1,512,600,594.24 last period[41] - The total current assets decreased from CNY 7,608,179,522.72 to CNY 7,384,443,685.17, representing a decline of approximately 2.95%[30] - Cash and cash equivalents decreased from CNY 1,689,916,082.15 to CNY 1,262,763,166.96, a reduction of about 25.3%[30] Expenses and Liabilities - Total operating costs amounted to CNY 2,713,717,115.43, up from CNY 2,439,362,705.75, reflecting a growth of 11.2%[35] - Research and development expenses grew by 30.56% to CNY 122,210,590.15, indicating a continued commitment to R&D investment[18] - Income tax expenses rose by 59.27% to CNY 83,932,205.84, corresponding to the increase in total profit[19] - The total liabilities decreased slightly to CNY 9,686,700,206.35 from CNY 9,704,526,037.38, a reduction of 0.2%[33] Other Financial Metrics - Other comprehensive income increased significantly by 1,370.30% to CNY 98,545,941.98, driven by foreign currency translation differences and cash flow hedging[18] - The company's total non-current assets increased to CNY 16,948,379,035.81 from CNY 16,319,218,798.51, marking a growth of 3.9%[31] - The equity attributable to the parent company increased to RMB 14,042,172 thousand from RMB 13,619,335 thousand, marking a growth of 3.1%[44] - The company's goodwill increased to RMB 2,947,429 thousand from RMB 2,760,736 thousand, reflecting a growth of 6.8%[43]

Financial Performance - Revenue for the first quarter was RMB 46,005,929,071.08, a slight decrease of 0.25% compared to the same period last year[9]. - Net profit attributable to shareholders increased by 90.47% to RMB 3,946,025,081.10, driven by higher sales prices of copper and cobalt products and improved cost management[9][13]. - Basic and diluted earnings per share rose by 80.00% to RMB 0.18[9]. - Total revenue for Q1 2025 was approximately ¥46.01 billion, a slight decrease of 0.25% compared to ¥46.12 billion in Q1 2024[35]. - Net profit for Q1 2025 reached approximately ¥4.41 billion, an increase of 89.06% compared to ¥2.33 billion in Q1 2024[36]. Cash Flow and Liquidity - Net cash flow from operating activities decreased by 76.02% to RMB 1,313,844,803.84, primarily due to increased net outflow from the basic metal trading business[9][15]. - Operating cash flow for Q1 2025 was approximately $1.31 billion, a decrease of 76% compared to $5.48 billion in Q1 2024[38]. - Cash inflow from operating activities totaled approximately $42.87 billion in Q1 2025, compared to $42.43 billion in Q1 2024, reflecting a slight increase of 1.05%[38]. - Total cash and cash equivalents at the end of Q1 2025 reached approximately $28.71 billion, up from $26.52 billion at the end of Q1 2024, representing an increase of 8.25%[39]. Assets and Liabilities - Total assets increased by 6.58% to RMB 181,443,759,102.82 compared to the end of the previous year[9]. - Total liabilities increased to approximately ¥91.40 billion as of March 31, 2025, compared to ¥84.29 billion at the end of 2024[33]. - The company's total assets as of March 31, 2025, were approximately ¥181.44 billion, an increase from ¥170.24 billion as of December 31, 2024[33]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 282,600[16]. - The top ten shareholders held a combined 89.25% of the shares, with the largest shareholder owning 24.81%[16]. - The company holds a 24.81% stake as the largest shareholder, with a total of 5,333,220,000 shares[20]. Production and Sales - The company reported a copper production increase of 15.65% year-on-year, reaching 170,574 tons, while cobalt production rose by 20.68% to 30,414 tons[21]. - The sales revenue for copper was approximately RMB 12.42 billion, with a gross margin of 55.21%, reflecting an increase of 7.14 percentage points compared to the previous year[27]. - The company reported a significant decrease in refined metal product sales, with a revenue drop of 32.27% year-on-year, resulting in a gross margin of only 0.67%[27]. - The company achieved a total revenue of RMB 16.82 billion from metal concentrate products, with a gross margin of 15.10%, marking an increase of 12.06 percentage points year-on-year[27]. Investment and R&D - The company reported a significant increase in investment income by 129.34% due to higher returns from joint ventures[15]. - Research and development expenses for Q1 2025 were approximately ¥104 million, significantly higher than ¥52 million in Q1 2024, indicating a focus on innovation[35]. - Long-term investments increased to approximately ¥3.45 billion as of March 31, 2025, compared to ¥3.28 billion at the end of 2024[32]. Strategic Focus - The company’s strategic focus on production stability and growth has led to better-than-expected operational indicators for the year[28]. - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[34]. Sustainability - The company has been recognized for the third consecutive time in the S&P Global Sustainability Yearbook (China Edition) 2025, highlighting its leadership in ESG practices within the metals and mining sector[28].

Clinical Trials and Efficacy - As of December 31, 2024, the clinical follow-up median time for IMM01 combined with Azacitidine as first-line treatment for high-risk Myelodysplastic Syndromes (MDS) reached 26.0 months, with an overall response rate (ORR) of 64.7%[12] - In the Phase II clinical trial for Chronic Myelomonocytic Leukemia (CMML), the median follow-up time was 21.0 months, achieving an ORR of 72.7%[13] - The Phase II trial for IMM01 combined with Tislelizumab in relapsed/refractory classical Hodgkin Lymphoma (cHL) reported an ORR of 69.7% and a complete response rate (CRR) of 24.2%[14] - The company has recruited a total of 107 patients for the clinical trial of IMM2510, showing promising efficacy and good safety profile[15] - As of December 31, 2024, the clinical trial of Amurivap α in combination with lenalidomide for R/R follicular lymphoma (FL) and marginal zone lymphoma (MZL) showed an overall response rate (ORR) of 90.9% and a complete response rate (CRR) of 27.3% among 11 evaluable patients[16] - The Phase II trial of IMM01 in combination with azacitidine for chronic myelomonocytic leukemia (CMML) reported an ORR of 72.7% among 22 evaluable patients, with results selected for presentation at ESMO 2024[22] - The company has initiated a Phase III clinical trial for IMM01 in combination with Tislelizumab for relapsed or refractory classical Hodgkin lymphoma (cHL), with 33 evaluable patients showing an ORR of 69.7%[22] - The company has initiated the IMM2510-002 study, combining IMM2510 with IMM27M for the treatment of relapsed/refractory solid tumors, with the first patient dosed in July 2024[26] - The company has received IND approval for the lupus nephritis (LN) Phase II trial and is preparing to submit an IND application for systemic lupus erythematosus (SLE) expected in the second half of 2025[32] - The company has initiated the first patient dosing in the Phase II trial for neuromyelitis optica spectrum disorder (NMOSD) as of December 2024[32] - The company has observed promising anti-tumor activity and manageable safety in the ongoing clinical trials, with detailed data expected to be disclosed at an international oncology conference in 2025[32] Business Development and Collaborations - The company achieved significant business development breakthroughs, including large international collaborations in 2024[11] - A licensing and collaboration agreement was reached with Axion Bio, Inc., allowing the introduction of proprietary PD-L1xVEGF bispecific molecule Amurivap α in Greater China, with potential payments up to $2.1 billion in development and commercial milestones, plus royalties on global sales[18] - The company is actively pursuing partnerships to expand its global market presence while continuing internal drug development efforts[19] - The company has established a collaboration agreement with Axion Bio, Inc., which includes potential payments of up to $50 million and additional milestone payments of up to $2.1 billion[30] Financial Performance - The company reported revenue of RMB 741 million for the year ending December 31, 2024, an increase of RMB 737 million compared to RMB 4 million for the year ending December 31, 2023, primarily due to upfront and milestone payments from the collaboration agreement with Axion Bio, Inc.[33] - The company recorded total revenue of RMB 74.1 million for the year ended December 31, 2024, compared to RMB 0.4 million for the previous year, primarily driven by licensing fees from the agreement with Axion Bio, Inc.[87] - The company reported a net loss of RMB 316.6 million for the year ended December 31, 2024, down from a loss of RMB 379.5 million in 2023[97] - Research and development expenses increased by 10.6% to RMB 322.8 million for the year ending December 31, 2024, compared to RMB 291.9 million for the previous year, mainly due to increased preclinical and CMC expenses[93] - Administrative expenses decreased by 19.4% from RMB 80.4 million in 2023 to RMB 64.8 million in 2024, attributed to a reduction in share-based payments[94] - The net cash used in operating activities for the year ended December 31, 2024, was RMB 128.0 million, a significant decrease from RMB 367.6 million in 2023[107] - The company's debt-to-asset ratio increased to 26.4% as of December 31, 2024, up from 14.4% in 2023, primarily due to an increase in bank borrowings of RMB 55.4 million[109] Product Pipeline and Development - The company has a pipeline of over ten innovative drug candidates and eleven ongoing clinical projects, reflecting its deep understanding of cutting-edge tumor biology and immunology[5] - The company is focused on developing innovative tumor immunotherapies and has made substantial progress in its pipeline products in 2024[11] - The new candidate drug IMM72/IMC-003 for pulmonary arterial hypertension (PAH) has received IND acceptance, with further development of the bispecific molecule IMM7220/IMC-010 for weight loss and muscle gain currently in animal testing[17] - The product pipeline includes several candidates in different stages, with a focus on innovative therapies targeting immune and metabolic diseases[36] - The company is actively exploring the therapeutic potential of IMM01 in other indications and seeking collaboration opportunities[38] Management and Governance - The company has appointed several experienced professionals to its board, enhancing its governance and strategic oversight capabilities[129] - The board includes independent directors who provide independent advice and oversight, ensuring compliance and strategic direction[129] - The company aims to leverage its leadership team's extensive experience to drive innovation and market expansion in the biopharmaceutical industry[130] - The company has a supervisory board consisting of three members, with Ms. Tian serving as the chair since September 2024[138] Future Plans and Strategic Focus - The company plans to advance its core product, IMM01 (Tidepacitib), into Phase III clinical trials in 2025, with a median follow-up of 26 months showing an ORR of 64.7% in high-risk myelodysplastic syndromes (MDS)[22] - The company anticipates rapid progress in 2025, including the disclosure of interim data for several ongoing clinical trials in both oncology and non-oncology areas[19] - The company plans to optimize its strategic asset portfolio and enhance cash flow through the recent sale, aligning with its future development needs[102] - The company plans to expand its overseas footprint and develop tumor immunotherapy to capture significant market opportunities[85] Use of Proceeds from Global Offering - 40% of the net proceeds (HKD 100.5 million) is allocated to fund the core product IMM01, specifically for ongoing and planned clinical trials in China[189] - 28% of the net proceeds (HKD 70.4 million) is designated for funding core products IMM0306, IMM2902, and IMM2520, with specific trials planned in China and the US[189] - The company plans to allocate 10% of the net proceeds (HKD 25.1 million) for clinical trials of IMM47[189] - The remaining balance of unutilized net proceeds is HKD 66.6 million as of December 31, 2024[189] - The board believes that the proposed changes in the use of proceeds will enhance the company's R&D capabilities and align with shareholder interests[197]

Company Developments - The company was officially listed on the Hong Kong Stock Exchange under the stock code 9636 on 2023[10]. - The launch of the first digital human, "Jiu Ge," was announced during the 2023 JF Robo-Advisor Press Conference[10]. - The company signed a cooperation agreement with iFLYTEK to establish an artificial intelligence laboratory[10]. - The company underwent a strategic upgrade, officially changing its name to "JF SmartInvest Holdings Ltd"[10]. - The company received dual certifications of ISO/IEC 27001 and ISO/IEC 27701, enhancing its compliance and data security standards[10]. - The company was included in the "2024 My Favorite Chinese Brands" list at the China Brand Day, reflecting its growing brand recognition[10]. Financial Performance - Revenue for the year ended December 31, 2023, reached RMB 1,965,387,000, representing a 6.2% increase from RMB 1,850,141,000 in 2022[20]. - Gross profit for 2023 was RMB 1,643,264,000, slightly up from RMB 1,614,865,000 in 2022, indicating a stable gross margin[20]. - Profit attributable to equity shareholders for 2023 was RMB 190,719,000, a decrease of 58.6% compared to RMB 460,554,000 in 2022[20]. - Total assets as of December 31, 2023, amounted to RMB 2,458,606,000, a significant increase from RMB 1,363,164,000 in 2022[21]. - Total liabilities for 2023 were RMB 943,809,000, compared to RMB 833,741,000 in 2022, reflecting a 13.2% increase[21]. - The company achieved a revenue of approximately RMB 2,306.0 million, representing a growth of approximately 17.3% year-on-year[59]. - Profit attributable to shareholders amounted to approximately RMB 272.4 million, reflecting an increase of 42.8% compared to the previous period[59]. - Operating cash flow showed a strong net inflow of approximately RMB 1,627.8 million, indicating a significant year-on-year growth of 266.6%[59]. Product Innovations - The newly launched stock quote software, SmartInvest App, aims to enhance user experience and investment efficiency[10]. - The industry’s first stock learning machine product, "Enjoy-Stock Pad," was introduced, marking a significant innovation[10]. - The company has developed a multi-dimensional product structure to diversify revenue, including the launch of the Stock Learning Machine for investor education[26]. - The company launched several AI-driven products, including the "FinSphere Agent" and "FinSphere Report," to improve investment advisory services[34]. - The company launched the first-ever stock learning machine, "Enjoy-Stock Pad (Starter Edition)", in July, providing nine major content areas through six core modules, aiming to enhance investor education and fulfill corporate social responsibilities[66]. - Nearly 30 lightweight products were launched in the small-amount series, achieving over 2.203 million uses by subscriber customers during the reporting period, enhancing customer satisfaction through comprehensive functionalities[66]. Research and Development - The company maintains high R&D investment throughout the year, focusing on AI empowerment and the development of intelligent investment advisory products, including "Jiu Fang Lingxi" and "Jiu Fang Zhi Yan"[36]. - R&D investment reached approximately RMB 319 million, a 10.9% increase year-over-year, accounting for about 13.8% of the company's total revenue, with 136 software copyrights and patents as of the reporting period end[71]. - The company established a professional AI R&D team, presenting research papers at major AI conferences, and developed AI technology bases and applications for investment advisory services[72]. Market Strategy - The company has achieved industry leadership in innovative practices and scenario applications through its "technology + investment research" dual-driver strategy[4]. - The "investment research + technology" dual-driver strategy has been implemented to enhance operational capabilities and product strengths[28]. - The company aims to strengthen its "1+N" investment research system to ensure real-time responsiveness to market changes and customer needs[29]. - The company is focusing on expanding its presence on emerging platforms to enhance its fan base and improve traffic operations[35]. - The company is committed to deepening AI applications across product services, business operations, and management, with a focus on innovation-driven development[40]. Corporate Governance and Compliance - The company emphasizes the integration of ESG concepts into corporate governance and business operations to drive sustainable development[46]. - The company has established an Audit Committee consisting of independent non-executive directors to oversee financial reporting and compliance[174]. - The company emphasizes compliance in its IP operations, ensuring all IPs are qualified securities practitioners and undergo compliance audits[81]. Employee and Management - The employee count as of December 31, 2024, totaled 2,468, with the largest function being Sales and Marketing at 31.5%[157]. - Mr. Chen Jigeng was appointed as the executive president in December 2023, having over 10 years of experience in the financial services industry[184]. - Mr. Zhang Peihong joined the Group in June 2020 and has over 10 years of experience in business development and customer service[188]. Future Plans and Investments - The company plans to enhance content production capabilities with an allocation of approximately HKD 196.8 million, with a revised expected timeline for full utilization by December 31, 2027[164]. - The company plans to enhance its product offerings through a three-dimensional product structure to promote business diversification[95]. - The company aims to explore cooperation opportunities with securities brokers to create a closed loop of services that meet diverse customer needs[44].

Financial Performance - For the first quarter of 2025, the total operating revenue was RMB 642,682,173.43, representing a 259.09% increase compared to RMB 178,976,300.11 in the same period last year[12] - The net profit attributable to shareholders of the listed company was RMB 1,203,151.63, a significant turnaround from a loss of RMB 13,266,963.32 in the previous year, marking a 109.07% increase[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,298,597.66, compared to a loss of RMB 13,226,427.52 last year, reflecting a 109.82% increase[12] - The basic earnings per share were RMB 0.0012, compared to a loss of RMB 0.0132 in the same period last year, marking a 109.09% increase[12] - The diluted earnings per share were also RMB 0.0012, reflecting the same percentage increase as the basic earnings per share[12] - Total operating expenses amounted to ¥641,337,262.77, up from ¥195,445,557.48, indicating an increase of approximately 228%[36] - The company reported a net profit of ¥1,203,151.63, recovering from a net loss of ¥13,266,963.32 in the previous period[36] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -3,245,613,607.62, a decline of 291.00% from RMB 1,699,286,889.02 in the previous year[12] - Cash and cash equivalents decreased by 41.04% to RMB 4,250,387,881.24 from RMB 7,208,804,109.21 due to a reduction in client equity scale[16] - The net increase in cash and cash equivalents was -3,214,140,504.53, compared to a positive increase of 1,364,701,271.12 in the previous period[41] - The ending balance of cash and cash equivalents was 3,822,320,331.10, down from 6,177,146,104.81 in the prior period[41] - Cash received from investment activities amounted to 4,702,174,463.20, compared to 1,969,024,383.60 in the previous period, showing a substantial increase[40] - Cash paid for investment activities was 4,689,799,939.52, up from 2,288,587,710.60 in the previous period, indicating increased investment spending[40] Assets and Liabilities - The total assets at the end of the reporting period were RMB 9,243,043,698.44, down 21.00% from RMB 11,699,369,620.88 at the end of the previous year[12] - The equity attributable to shareholders of the listed company was RMB 1,880,069,175.73, a slight increase of 0.18% from RMB 1,876,778,653.33 at the end of the previous year[12] - The company’s liabilities decreased to ¥7,362,974,522.71 from ¥9,822,590,967.55, reflecting a decrease of approximately 25.0%[31] - Total liabilities for derivative financial liabilities decreased by 94.55% to ¥537,220.00, attributed to changes in the scale and valuation of options contracts[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 48,944[20] - The largest shareholder, Jiangsu Suhao Holding Group Co., Ltd., holds 27.33% of the shares, totaling 275,456,777 shares[21] Income and Other Financial Metrics - Net interest income decreased by 51.96% to ¥12,358,396.42 due to a reduction in customer equity and lower bank deposit rates[18] - Investment income increased by 45.29% to ¥21,567,833.73, primarily from gains on derivative financial instruments disposed of by a subsidiary[18] - Other income surged by 309.62% to ¥107,245.33, mainly due to increased government subsidies received[18] - Fair value changes in financial assets resulted in a profit of ¥13,121,143.75, a significant increase from a loss of ¥4,152,724.28 in the previous year[18] - Other business income rose by 428.50% to ¥560,281,868.05, driven by the growth in bulk commodity trading and risk management by a subsidiary[19] - The company reported a significant increase in cash received from sales of goods and services, totaling ¥660,938,869.42, compared to ¥122,682,099.33 previously[39] Changes in Management - The company appointed a new non-executive director and a new employee representative supervisor on February 18, 2025, indicating a change in the board composition[25][26]

Financial Performance - In 2024, the company achieved total revenue of RMB 1.558 billion, representing a year-on-year growth of 26.5%[11] - AI+SaaS business revenue reached RMB 840 million, with a year-on-year increase of 19.9% and a gross margin of 86.3%[11] - The adjusted net profit for the year was RMB 79.2 million, marking a significant turnaround from previous losses[11] - The company reported operating cash inflow of RMB 138.1 million, indicating a positive cash flow for the year[11] - The total assets increased to RMB 3.053 billion, while total liabilities decreased to RMB 2.395 billion, resulting in a net asset value of RMB 658.1 million[8] - The company’s precision marketing business generated RMB 720 million in revenue, reflecting a year-on-year growth of 35.2%[11] - Recurring revenue in AI+SaaS business amounted to RMB 780 million, accounting for 92.2% of total AI+SaaS revenue, ensuring strong future growth[19] - Gross profit rose by 16.9% from RMB 706.2 million in 2023 to RMB 825.8 million in 2024, while gross margin slightly decreased from 57.3% to 53.0%[41] - AI+SaaS business gross profit increased from RMB 616.2 million in 2023 to RMB 726.5 million in 2024, with a gross margin decline from 87.7% to 86.3%[43] - Precision marketing services gross profit grew from RMB 90.0 million in 2023 to RMB 99.3 million in 2024, with a gross margin decrease from 17.0% to 14.0%[44] Business Strategy and Development - The company plans to focus on developing the AI-Agentforce intelligent platform and enhancing commercialization efficiency in marketing and sales sectors[13] - The company aims to expand its product ecosystem through external acquisitions and establish localized service systems in economically developed regions[13] - The company is positioned to lead industry transformation and contribute to the digital transformation of global enterprises[13] - The company aims to expand its global presence and develop localized products to serve overseas markets[25] - The company plans to complete at least two strategic investments or acquisitions by 2025 to enhance its global digital transformation solutions[23] - The company aims to become the best partner for global digitalization and intelligence, focusing on competitive products and services to continuously create value for customers[98][99] Customer Engagement and Retention - Subscription customer retention rate has improved for three consecutive half-years, indicating strong customer value and loyalty[16] - Subscription revenue retention rate for key accounts (KA) exceeded 100% for three consecutive years, demonstrating sustainable growth potential[19] - The average monthly revenue per user increased by 12.1% to RMB 3,848[16] - The average monthly revenue per user in AI+SaaS business rose to RMB 3,848, a 12.1% increase from RMB 3,432 in 2023[30] - Total users in AI+SaaS business increased to 26,606, up 4.4% from 25,495 in 2023[30] Governance and Management - Zhao Xulong serves as the Chairman, Executive Director, and CEO of the company[89] - The company has appointed several independent non-executive directors to enhance governance and oversight[83][84][86] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence for effective independent judgment[108] - The board is responsible for guiding and supervising the company's affairs, ensuring effective internal controls and risk management systems are in place[113] - The company has established a risk management and internal control system that is effective and sufficient, covering financial, operational, and compliance aspects[157] Corporate Social Responsibility - The company emphasized its commitment to environmental protection and resource conservation, adhering to relevant environmental laws and regulations in China[190] - The company has not identified any environmental violations during the reporting period, reflecting its commitment to compliance[190] Shareholder Engagement - The company has established multiple communication channels to engage with shareholders effectively, including annual general meetings and various investor relations platforms[169] - The company encourages shareholder participation in meetings and allows for proxy voting if shareholders cannot attend[173] - The board of directors has reviewed the implementation and effectiveness of the shareholder communication policy, confirming its successful execution[169] Future Investments and Financial Planning - The company completed a placement of 1,000,000 new shares in December 2024, raising approximately HKD 110.0 million, with a net amount of about HKD 109.5 million after expenses[194] - Approximately 40% of the net proceeds from the 2025 placement, amounting to HKD 480.72 million, will be allocated to the development and commercialization of AI applications[197] - The company plans to invest about 20% of the net proceeds, or HKD 240.36 million, in mergers and acquisitions targeting companies with strong digital transformation needs in specific industries[197] - The company aims to use around 10% of the net proceeds, approximately HKD 120.18 million, for global expansion, including recruiting senior staff and establishing promotional activities[197] - About 30% of the net proceeds, or HKD 360.54 million, will be allocated to supplementing working capital and general corporate purposes[197]

Financial Performance - For the six months ended February 28, 2025, the company reported revenue of RMB 336,720,000, a slight increase from RMB 332,060,000 in the same period last year, representing a growth of approximately 1.99%[4] - Gross profit for the same period was RMB 104,346,000, up from RMB 102,244,000, indicating a growth of about 2.06%[4] - The company achieved an EBITDA of RMB 122,095,000, which is an increase of 30.0% compared to RMB 93,961,000 in the previous year[4] - The net profit for the period was RMB 4,569,000, a significant recovery from a loss of RMB 14,211,000 in the prior year[4] - Basic earnings per share improved to RMB 0.48, compared to a loss per share of RMB 1.48 in the same period last year[4] - Revenue for the six months ended February 18, 2025, was CNY 336,720,000, compared to CNY 332,060,000 for the same period in 2024, representing a growth of approximately 2%[6] - Gross profit for the same period was CNY 104,346,000, up from CNY 102,244,000, indicating a year-over-year increase of about 2%[6] - Other income increased significantly to CNY 22,763,000 from CNY 8,553,000, reflecting a growth of approximately 166%[6] - Operating profit for the period was CNY 54,044,000, compared to CNY 34,975,000 in the previous year, marking an increase of around 55%[6] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[5] - Future guidance indicates a focus on maintaining revenue growth and improving profitability through strategic initiatives[5] - The company aims to leverage its financial performance to attract potential investors and enhance shareholder value[5] - The group anticipates continued revenue growth driven by seasonal fluctuations in tuition and accommodation fees, particularly around the academic year start in August and September[21] - The company plans to enhance undergraduate program services to meet market demand and improve profitability, aiming to increase the proportion of these services[54] - The introduction of new AI-related courses and partnerships with industry players is expected to strengthen the educational offerings and enhance student competitiveness[53] - The company aims to establish industry-academy partnerships with local governments and quality enterprises to enhance brand recognition and expand its business network[52] Financial Position and Liabilities - Total liabilities as of February 28, 2025, were not disclosed in the provided data, but the financial position indicates a focus on managing financial assets and liabilities effectively[7] - Total assets decreased from RMB 4,471,175 thousand to RMB 4,333,197 thousand, a decline of approximately 3.1% year-over-year[8] - Non-current liabilities decreased from RMB 1,993,501 thousand to RMB 1,706,561 thousand, a reduction of about 14.4%[10] - Current liabilities increased from RMB 1,616,942 thousand to RMB 1,770,555 thousand, an increase of approximately 9.5%[10] - The company’s total liabilities amounted to RMB 3,477,116 thousand, down from RMB 3,610,443 thousand, a decrease of about 3.7%[10] - Deferred revenue and contract liabilities included in current liabilities amount to RMB 300,610,000, which are not financial liabilities and will not result in future cash outflows[17] Educational Services and Market Position - The group operates primarily in providing private higher education services in China, with a single reportable segment for performance evaluation[18] - As of February 28, 2025, the company generated approximately 98.36% of its revenue from educational services, including tuition and accommodation fees[48] - Tuition fees contributed RMB 297,550,000 to the total revenue for the six months ended February 28, 2025, compared to RMB 293,059,000 in the previous year, indicating an increase of about 1.68%[19] - Accommodation fees for the same period were RMB 33,647,000, up from RMB 32,785,000, reflecting a growth of approximately 2.63%[19] - The company focuses on vocational education and quality high school education, aiming to cultivate high-level, skilled, innovative, and practical talents for China's new urbanization[40] - The company offers a diverse range of professional courses and programs, including smart science and technology, mechanical manufacturing, and artificial intelligence[41] Governance and Compliance - The financial results have been reviewed by the audit committee and management, with no disagreements noted[2] - The board believes that the group will have adequate financial resources to support its operations and fulfill its financial obligations[17] - The company has established a dedicated committee to monitor regulatory developments in China's private education sector[50] - The board of directors decided not to recommend the payment of an interim dividend for the six months ended February 28, 2025[31] - The company has adopted corporate governance rules as per Listing Rule Appendix C1, ensuring compliance as of February 28, 2025[97] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim performance without dissenting opinions[99] Employee and Operational Insights - The company has 2,663 full-time employees as of February 28, 2025, up from 2,497 full-time employees on February 29, 2024, indicating a growth of approximately 6.6%[86] - The total employee compensation amounted to approximately RMB 141.45 million, compared to RMB 128.42 million for the six months ending February 29, 2024, representing an increase of about 10.4%[87] - The company aims to recruit and retain qualified teachers with professional knowledge and teaching experience to ensure high-quality education delivery[55] - The company collaborates with large enterprises to enhance the construction and upgrading of industry-academia partnerships, providing students with internship and employment opportunities[41] Shareholder and Market Activities - The company repurchased a total of 7,220,000 shares at a cost of HKD 9,998,500, with the highest price per share being HKD 1.40 and the lowest at HKD 1.37[32] - The company has implemented a restricted share unit plan since August 20, 2019, which was amended by shareholders on January 30, 2023[105] - The company is authorized to repurchase up to 10% of its issued shares as per the resolution passed at the annual general meeting held on February 25, 2025[92]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 373,678,000, representing a 30.3% increase from RMB 286,749,000 in 2023[16] - The gross profit for 2024 was RMB 173,979,000, up from RMB 124,844,000 in 2023, indicating a gross margin improvement[16] - The company reported a net loss attributable to shareholders of RMB 95,363,000 for 2024, a slight improvement from RMB 103,281,000 in 2023[16] - The net loss for 2024 was RMB 95.4 million, a reduction of 7.6% from 2023, while the adjusted net loss was RMB 36.5 million, down 55.4% year-over-year[18] - The group's net loss for the year was approximately RMB 95.4 million, a decrease of about 7.6% from RMB 103.3 million in 2023[57] - The adjusted net loss (non-IFRS measure) for the year was RMB 36.5 million, a reduction of 55.4% compared to RMB 81.8 million in 2023, due to increased revenue and improved operational efficiency[59] Assets and Liabilities - The total assets increased significantly to RMB 1,495,208,000 in 2024, compared to RMB 734,888,000 in 2023, reflecting a growth of 103.5%[16] - The total liabilities increased to RMB 527,919,000 in 2024, up from RMB 361,585,000 in 2023, indicating a rise in financial obligations[16] - Shareholders' equity increased from RMB 373.3 million as of December 31, 2023, to RMB 967.3 million as of December 31, 2024, primarily due to the IPO leading to an increase in share capital and share premium of RMB 662.8 million[60] Market Position and Innovation - The company has achieved a cumulative global shipment of over 80,000 collaborative robots, ranking first in China and among the top two globally[10] - The introduction of the AI+Robot training platform X-Trainer marks a significant innovation, making the company the first to commercialize AI in collaborative robots[12] - The company has established over 200 application scenarios in the industrial sector, enhancing its capabilities in commercial and medical fields[10] - As of 2024, more than 80 Fortune 500 companies are utilizing the company's robots, demonstrating strong market validation[13] - The company has achieved a significant technological breakthrough with the launch of a visual-guided flexible connector assembly solution, enhancing automation in 3C electronic manufacturing[19] - The company has developed the X-Trainer, the world's first commercial AI-enabled collaborative robot, enhancing autonomous learning and operational efficiency[27] Revenue Breakdown - Sales revenue from six-axis collaborative robots was approximately RMB 208.9 million in 2024, up 55.5% from RMB 134.3 million in 2023, due to increased application demand across various industries[39] - Sales revenue from composite robots increased by approximately 64.7% to RMB 56.5 million in 2024, compared to RMB 34.3 million in 2023, driven by sales in manufacturing and retail sectors[41] - Revenue from industrial applications rose by 32.3% to RMB 200.0 million in 2024, up from RMB 151.2 million in 2023, due to steady growth in target markets and enhanced robot functionalities[44] - Revenue from the education sector increased by 19.7% to RMB 146.5 million in 2024, compared to RMB 122.4 million in 2023, driven by improved market penetration of related products[45] - Revenue from the commercial sector surged by 111.6% to RMB 25.6 million in 2024, up from RMB 12.1 million in 2023, attributed to new product launches and increased contracts in the food and beverage market[46] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value and accountability[88] - The board of directors is responsible for leading and controlling the group, overseeing business strategy and performance, and ensuring compliance with applicable laws and regulations[94] - The company has adopted the corporate governance code as per the listing rules since its listing date and has complied with all applicable provisions during the reporting period[88] - The board currently consists of a balanced composition of executive, non-executive, and independent non-executive directors, ensuring diverse expertise and independent judgment in decision-making[96] - The company has implemented policies to promote a diverse and safe workplace, emphasizing the importance of safety in operations[90] Employee and Director Information - As of December 31, 2024, the company has a total of 416 male employees and 144 female employees, achieving gender diversity in its workforce[118] - The board consists of seven members, including one female member, resulting in a gender diversity rate of 14.3%[120] - The group employed 560 staff, an increase from 552 in 2023, with total employee costs amounting to approximately RMB 161.8 million compared to RMB 132.6 million in the previous year[187] - The board of directors and senior management's compensation is determined based on their responsibilities, experience, and individual performance, with adjustments made based on recommendations from the remuneration and assessment committee[190] Risk Management and Compliance - The company has implemented an effective risk management and internal control system to manage risks associated with daily operations and achieve business objectives[128] - The internal control system includes risk identification, assessment, management strategies, and monitoring activities to ensure compliance and operational effectiveness[130] - The company has a zero-tolerance policy towards corruption, including bribery and fraud, and has implemented internal reporting channels for employees[140] - The board emphasizes the importance of transparent and timely communication with shareholders to enhance investor relations[145] Financing and Capital Structure - The company issued 358,038,547 H-shares at a price of HKD 18.8 per share, raising approximately HKD 681.4 million in net proceeds from the global offering[162] - The allocation of the net proceeds includes 40.0% (approximately HKD 272.6 million) for the development of smart collaborative robots from 2025 to 2029[163] - The company plans to utilize the proceeds for production line and manufacturing capacity development, accounting for 27.0% (approximately HKD 184.0 million) of the total[163] - The company does not recommend the payment of a final dividend for the year ended December 31, 2024[167] Shareholder Information - The company's largest customer accounted for approximately 5.1% of total revenue for the year ending December 31, 2024, compared to 3.5% in 2023[175] - The total revenue from the top five customers represented about 16.5% of total revenue for the year ending December 31, 2024, up from 12.8% in 2023[175] - The total procurement amount from the largest supplier and subcontractor accounted for approximately 14.7% of total procurement for the year ending December 31, 2024, compared to 13.7% in 2023[175]