Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 414.1 million, a slight increase of 0.1% compared to HKD 413.8 million in 2023[9]. - The company recorded a significant reduction in attributable loss to HKD 136.7 million, down from HKD 853.7 million in the previous year, indicating improved financial performance[9]. - The company recorded a loss of HKD 136,700,000 in fiscal year 2024, a decrease of 84% compared to a loss of HKD 853,700,000 in fiscal year 2023[59]. - The loss attributable to shareholders decreased to HKD 136,700,000 in fiscal year 2024 from HKD 853,700,000 in fiscal year 2023, reflecting a lower fair value loss on investment properties of HKD 14,500,000 compared to HKD 451,500,000 in the previous year[67]. - The company maintained a consistent dividend payout of HKD 0.05 per share over the past five years[100]. - The group will propose a final dividend of HKD 0.03 per share for the year ending December 31, 2024, maintaining the same level as 2023[110]. - Total dividends for the year are expected to be HKD 0.05 per share, consistent with the previous year[110]. Property Development - The company is developing a residential project "Victoria Harbour" with a total of 1,437 units and an estimated total floor area of 987,812 square feet, expected to be completed in phases by July 2023[18]. - Another residential project "Repulse Bay" is under development, with an estimated total floor area of 19,055 square feet, and is projected to be completed by 2028[22]. - The company holds a 14.5% stake in the "Victoria Harbour" project, indicating a strategic partnership in property development[18]. - The group has successfully established a development pipeline in Hong Kong through land acquisitions and government tenders, focusing on luxury residential projects[61]. - The group sold over 1,320 units from the Victoria Harbour project, generating total sales of over HKD 22,600,000,000, with HKD 1,500,000,000 already received and an expected HKD 400,000,000 in 2025[64]. Investment Properties - The investment property "33 Old Broad Street" in London is part of the company's portfolio, enhancing its international presence[34]. - The total net area of the investment property at 20 Moorgate is 154,854 square feet, with 100% ownership[40]. - The investment property at 33-41 Old Broad Street has a net area of 191,165 square feet and is expected to be redeveloped into a landmark[36]. - The company has a 58.83% ownership stake in the investment property at 50 Wellington Street, which has a total area of 60,000 square feet[43]. - The hotel property in Causeway Bay has 100% ownership and is located in a prime shopping area, making it a preferred choice for business and leisure travelers[46]. - The company has established long-term leases with reputable tenants to contribute stable rental income[52]. - The revenue from investment properties, hotel operations, and financial investments contributed significantly to the overall revenue[108]. Market Conditions - The hotel industry is facing demand pressure in 2024, with high occupancy rates but downward pressure on room prices due to changing traveler behavior[51]. - The hotel sector is still recovering, with average room rates not yet returning to pre-pandemic levels, despite an increase in tourist numbers in 2024[62]. - The hotel industry continues to face significant challenges in 2024 due to rising operational costs and changing consumer behavior, despite an increase in tourist numbers[80]. - The Hong Kong real estate market faces challenges, with consumer sentiment remaining weak despite the removal of cooling measures[141]. - The Hong Kong government has announced a five-year development plan to revitalize the tourism industry, including nearly 100 major events in the first half of 2025[141]. Financial Strategy - The company aims to maintain a balanced investment property portfolio to mitigate business risks and capitalize on different regional cycles[52]. - The group maintains a healthy asset-to-liability ratio and has HKD 5,900,000,000 in available cash, with no significant refinancing needs before the end of 2026[66]. - The net asset-to-liability ratio as of December 31, 2024, was 31.4%, down from 35.1% in 2023, primarily due to cash inflows from the Victoria Harbour project[73]. - The company is closely monitoring market conditions, including interest rate trends and geopolitical factors, to adjust its investment strategy effectively[55]. - The company is focusing on reducing financing costs associated with bank borrowings, which impacted the loss attributable to shareholders[108]. - The company expects no significant refinancing needs before 2026, indicating sufficient financial flexibility and liquidity for future operations[126]. Corporate Governance - The company emphasizes the importance of good corporate governance and regularly reviews its governance practices to meet shareholder expectations[145]. - The board consists of seven members, including three executive directors and four independent non-executive directors[149]. - The company has established mechanisms to provide independent views and opinions to strengthen decision-making[152]. - The board has reviewed the effectiveness of its governance mechanisms and considers them appropriate and effective as of December 31, 2024[158]. - The company is committed to maintaining a strong and effective independent element within the board[152]. - The board encourages open communication and the raising of questions, particularly from independent non-executive directors[155]. Sustainability and Social Responsibility - The company is committed to sustainable development principles and creating long-term value for customers, society, and the environment[147]. - The company received multiple international awards for its efforts in corporate governance and social responsibility, enhancing transparency for investors[75]. - The company will publish its 2024 Environmental, Social, and Governance report in April 2025, detailing gender diversity among employees[169]. Economic Outlook - The International Monetary Fund projects global economic growth at 3.3% in 2025, slightly up from 3.2% in 2024, but below the average growth rate of 3.7% from 2000 to 2019[79]. - China's economy is expected to grow by 5% in 2024, aligning with government targets, with continued support for real estate and domestic investment[137]. - The UK economy unexpectedly grew by 0.1% in Q4 2024, with expectations for further interest rate cuts[142].

Financial Performance - JD Health reported a revenue of RMB 58,159,881 thousand for 2024, representing a 8.9% increase from RMB 53,529,941 thousand in 2023[9]. - The gross profit for 2024 was RMB 13,308,577 thousand, up from RMB 11,865,336 thousand in 2023, indicating a growth of 12.1%[9]. - The annual profit attributable to the owners of the company reached RMB 4,161,844 thousand, a significant increase of 94.3% compared to RMB 2,141,841 thousand in 2023[9]. - Revenue for the reporting period reached RMB 58.2 billion, representing an 8.6% year-over-year growth[23]. - Revenue increased by 8.6% from RMB 53.5 billion in 2023 to RMB 58.2 billion in 2024, driven by a 6.9% increase in sales of pharmaceutical and health products[39]. - Active user count as of December 31, 2024, reached 183.6 million, with an average of over 490,000 online consultations per day throughout 2024[23]. - Net profit increased from RMB 2.1 billion in 2023 to RMB 4.2 billion in 2024[49]. - Non-IFRS profit for 2024 was RMB 4,792,278 thousand, compared to RMB 4,135,439 thousand in 2023, reflecting a growth of about 16%[53]. Assets and Equity - Total assets increased to RMB 71,274,993 thousand in 2024 from RMB 64,288,300 thousand in 2023, marking an increase of 10.4%[10]. - The equity attributable to owners of the company rose to RMB 55,231,156 thousand in 2024, up 11.5% from RMB 49,355,752 thousand in 2023[10]. - Cash and cash equivalents increased from RMB 15 billion in 2023 to RMB 22.6 billion in 2024, marking a rise of approximately 50%[54]. - As of December 31, 2024, the company had no outstanding borrowings, indicating a strong liquidity position[61][69]. Operational Developments - JD Health is focusing on enhancing its online health consumption platform and optimizing its multi-channel business layout to strengthen its market position[12]. - The company is actively expanding its product offerings in the health and wellness sector, including partnerships for digital marketing and patient management services[13]. - The application of large model technology in medical service innovation is a key area of focus for JD Health, reflecting its commitment to technological advancement[12]. - The company launched a new instant delivery service for medication, achieving delivery times as fast as 9 minutes in 18 cities across China[14]. - The online medical service platform has integrated a closed-loop service model of "medical + inspection + diagnosis + medication," enhancing user experience[16]. - The company has expanded its offline services, including the opening of traditional Chinese medicine clinics and health check-up centers[17]. - The company has over 100,000 third-party merchants on its platform, enhancing its supply chain capabilities[25]. Strategic Initiatives - JD Health has engaged in strategic collaborations with local governments to distribute senior consumer vouchers, addressing the diverse health needs of the elderly population[13]. - The company aims to create sustainable value for shareholders and society while pursuing long-term high-quality development[12]. - JD Health partnered with global pharmaceutical companies to launch nearly 30 new specialty drugs online, including innovative treatments for type 2 diabetes and pain management[27]. - The company signed strategic cooperation agreements with brands like Swisse and GNC, enhancing brand influence and user traffic, resulting in a comprehensive sales increase[27]. - The company is committed to leveraging artificial intelligence in healthcare, aligning with national policies promoting health consumption and AI applications[22]. Cost and Expenses - Operating costs increased by 7.6% from RMB 41.7 billion in 2023 to RMB 44.9 billion in 2024, aligned with the growth in retail pharmacy and health business[41]. - Fulfillment expenses grew by 14.1% from RMB 5.3 billion in 2023 to RMB 6 billion in 2024, representing 10.4% of revenue, up from 9.9%[43]. - Sales and marketing expenses increased by 14.8% from RMB 2.7 billion in 2023 to RMB 3 billion in 2024, accounting for 5.2% of revenue[44]. - R&D expenses rose by 8.5% from RMB 1.2 billion in 2023 to RMB 1.3 billion in 2024, maintaining a stable percentage of 2.3% of revenue[45]. - General and administrative expenses decreased by 29.0% from RMB 2 billion in 2023 to RMB 1.4 billion in 2024, reducing its share of revenue from 3.7% to 2.4%[46]. Governance and Management - The company has a strong management team, with the CFO having extensive experience in financial reporting and investment management since joining JD.com in 2015[84]. - The board includes independent directors with diverse backgrounds in finance, healthcare, and technology, ensuring robust governance and strategic oversight[74][79]. - The independent non-executive directors bring significant expertise from various industries, enhancing the company's strategic decision-making capabilities[76][80]. - The company has established a compensation committee to determine the remuneration policies for directors and senior management, ensuring alignment with corporate governance standards[144]. Risks and Compliance - The company has faced various risks and uncertainties, which are detailed in the annual report, highlighting the importance of risk management strategies[92]. - The company faces several risks, including reliance on JD.com and regulatory challenges in the pharmaceutical sales sector[103]. - The company has confirmed compliance with listing rules and understands the responsibilities of being a listed company director[83]. Shareholder Information - JD.com indirectly holds approximately 67.2% of the company's issued share capital as of December 31, 2024[98]. - Liu Qiangdong holds 2,184,655,829 shares, representing 68.30% of the company's equity[126]. - The beneficial ownership data reflects compliance with SEC regulations, including shares that can be acquired through stock options within 60 days[131][136]. - The company has implemented employee stock incentive plans to align the interests of management with those of shareholders[144].

Corporate Strategy and Development - The company has relocated its headquarters from Singapore to China to better align with its medical business development and future prospects[10]. - The company plans to diversify its business and expand into the Asia-Pacific region, including providing value-added services such as skills training[14]. - The company anticipates steady growth in medical device demand driven by an aging population and rising living standards in China[12]. - The company will broaden its product line and enhance R&D capabilities to improve competitiveness by 2025[12]. - The company aims to strengthen its position in the medical industry through resource integration and continuous product development[12]. - The group plans to enhance its development capabilities, expand its distribution network, and develop new products to strengthen its competitive position in the medical industry[20]. - The board is considering diversifying its business and expanding existing operations into the Asia-Pacific region, particularly China[24]. - The company is actively seeking more trade partners and market expansion opportunities amid economic challenges in 2025[14]. Financial Performance - The group's revenue increased from SGD 45.6 million in FY2023 to SGD 50.2 million in FY2024, representing a growth of 10%[25]. - Revenue from minimally invasive surgical solutions and related medical products rose from SGD 20.4 million in FY2023 to SGD 25.9 million in FY2024, an increase of SGD 5.5 million[26]. - The gross profit decreased from SGD 12.0 million in FY2023 to SGD 11.5 million in FY2024, with a gross margin decline from 26.4% to 22.8%[28]. - The group recorded a loss of SGD 18.3 million in FY2024, compared to a loss of SGD 4.1 million in FY2023, primarily due to share-based payments of SGD 13.2 million and expenses related to expanding its minimally invasive surgical solutions business in China[34]. - The group recorded an unrealized foreign exchange gain of SGD 0.3 million in FY2024 due to the appreciation of SGD against HKD and RMB[47]. - The financing costs increased by SGD 0.6 million in FY2024 due to new financing obtained during the year[32]. - The group has a total of 488 employees as of December 31, 2024, down from 694 employees in the previous year[58]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, demonstrating commitment to good governance practices[82]. - The board consists of eight members, including four executive directors and three independent non-executive directors, ensuring a balanced composition for independent judgment[88]. - The company has three independent non-executive directors, meeting the requirement that they constitute at least one-third of the board[89]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[89]. - Continuous professional development programs have been provided to directors, enhancing their understanding of governance and responsibilities[92]. - The board is responsible for overseeing the management of the group's business affairs and overall performance, ensuring necessary financial and human resources are in place[84]. - The company has established various committees to delegate responsibilities, enhancing operational efficiency and accountability[84]. Risk Management and Compliance - The company has established a risk management and internal control system to ensure effective monitoring and evaluation of risks, with regular reports on risk assessment and management effectiveness[135]. - The company is committed to enhancing its risk management and internal control systems to ensure ongoing effectiveness[138]. - There are no significant deviations in risk management and internal controls across subsidiaries, and no major litigation risks have been reported[138]. - The company will continue to improve its compliance with financial reporting and legal regulations across all subsidiaries[138]. - The company has implemented a fair disclosure policy to ensure timely and equal access to information for shareholders and investors[140]. Shareholder Relations and Dividends - The board will keep shareholders informed of significant events as they occur[15]. - The company expresses gratitude to shareholders, customers, business partners, management, and employees for their ongoing support[16]. - The board does not recommend any dividend payment for FY2024, consistent with FY2023[35]. - The net proceeds from the listing amounted to HKD 82.6 million (approximately SGD 14.1 million), with planned allocations including SGD 20.5 million for registered capital injection into Jin Hai Medical[39]. - The net proceeds from the placement on October 18, 2023, were HKD 99 million, with a subscription price of HKD 1.60 per share, reflecting a discount of 19.6% to the market price at the time[43]. Leadership and Management - The company has established a strong leadership team with diverse backgrounds in banking, real estate, and technology sectors[71]. - The company is focused on strategic management and development in real estate, including property management and project oversight[68]. - The leadership team is expected to drive future growth through strategic decision-making and market expansion initiatives[75]. - The chairman and CEO roles are held by different individuals, ensuring a separation of responsibilities[106]. Environmental and Social Responsibility - The group has established an environmental management system to address its carbon footprint, particularly focusing on indirect greenhouse gas emissions from electricity usage[168]. - There were no instances of non-compliance with environmental laws and regulations during the fiscal year[168]. - The group made a total donation of SGD 108,000 during the year, consistent with the previous fiscal year[165]. Stock Options and Shareholder Equity - The company has adopted a share option scheme approved by shareholders on December 29, 2023, allowing eligible participants to acquire ownership interests in the company[188]. - A total of 128,603,750 stock options were granted on January 9, 2024, with an exercise price of HKD 2.54 per share[194]. - The stock options will vest in three tranches: 20% on April 30, 2025, 30% on April 30, 2026, and 50% on April 30, 2027[196]. - The total number of stock options granted to the executive director and CEO, Wang Zhenfei, is 25,850,000[199].

Financial Performance - Revenue for 2024 was RMB 2,065,694 thousand, a decrease of 3.4% from RMB 2,137,834 thousand in 2023[7] - Gross profit for 2024 was RMB 965,432 thousand, with a gross margin of 46.7%, up from 45.0% in 2023[7] - The company reported a net loss of RMB 534,710 thousand for 2024, compared to a profit of RMB 1,105,908 thousand in 2023[7] - In 2024, total revenue reached RMB 2.1 billion, a year-on-year decrease of 3.4% due to a decline in online sports event revenue and underperformance in smart home device sales[12] - Adjusted net loss was RMB 469.6 million in 2024, compared to RMB 295.4 million in 2023, primarily due to increased investments in strategic business and technology innovation[13] - Total current assets decreased to RMB 1,735,935 thousand in 2024 from RMB 2,291,429 thousand in 2023[8] - Total liabilities decreased to RMB 550,000 thousand in 2024 from RMB 575,592 thousand in 2023[8] - Operating costs for the year ended December 31, 2024, were RMB 1,100.3 million, a decrease of 6.5% from RMB 1,176.2 million in the previous year, benefiting from successful cost control[31] - Gross profit for the year ended December 31, 2024, was RMB 965.4 million, an increase of 0.4% from RMB 961.6 million in the previous year, with a gross margin of 46.7%, up 1.7 percentage points from 45.0%[34] User Engagement and Growth - Average monthly active users increased to 29,921 thousand in 2024, up from 29,756 thousand in 2023[10] - Monthly average revenue per active user decreased to RMB 5.8 in 2024 from RMB 6.0 in 2023[10] - The average monthly subscription members decreased to 3,162 thousand in 2024 from 3,193 thousand in 2023[10] - Average monthly active users and average monthly subscription members were 29.9 million and 3.2 million respectively in 2024, showing stability compared to 2023[14] - Member penetration rate in 2024 was 10.6%, relatively stable compared to 10.7% in 2023[14] - The outdoor user base grew significantly in 2024, with over 30% year-on-year growth in niche sports like cycling, swimming, and boxing[18] - Smart plan usage accounted for 90% of total plans in 2024, with over 65 million uses throughout the year[18] Product Development and Innovation - The company aims to enhance user experience and brand awareness through the launch of new wearable fitness devices and an upgraded Keep App 8.0[9] - The company is focusing on a data-driven ecosystem transition, leveraging AI technology to strengthen its competitive advantage[9] - The launch of Keep App 8.0 introduced over 40,000 recorded classes, catering to diverse user needs and enhancing the online fitness experience[15] - The company plans to leverage generative AI technology to enhance its fitness data infrastructure, aiming for long-term sustainable growth and a shift from content-driven to data-driven models[21] - AI-generated content now accounts for nearly 14% of the company's 6,000+ official courses, with new overseas AI fitness applications achieving 100% AI-generated personalized plans[20] - The company has successfully developed a series of innovative fitness products, enhancing its competitive edge and consumer trust, particularly in the equipment and apparel segments[24] Financial Position and Cash Flow - As of December 31, 2024, the company's total available cash was RMB 1.2 billion, down from RMB 1.8 billion as of December 31, 2023[45] - The company had cash and cash equivalents of RMB 764.3 million as of December 31, 2024, a decrease from RMB 1.6 billion as of December 31, 2023[45] - The company's debt-to-asset ratio as of December 31, 2024, was 0.29, an increase from 0.24 as of December 31, 2023[51] Corporate Governance and Compliance - The company emphasizes maintaining high corporate governance standards and has adopted the corporate governance code as per the listing rules[199] - The audit committee has reviewed the accounting policies and internal controls, along with the consolidated financial statements for the year ending December 31, 2024[192] - The company appointed Lo & Co. as the new auditor effective February 9, 2024, following the resignation of PwC due to scheduling conflicts[194] - The company has adhered to all applicable code provisions in Section 2 of the Corporate Governance Code for the year ending December 31, 2024[200] - The roles of Chairman and CEO are currently held by the same individual, Mr. Wang Ning, to ensure consistent internal leadership and effective strategic planning[200] Employee Relations and Development - The company has a total of 827 full-time employees as of December 31, 2024, with the majority based in China[82] - The company has implemented diverse learning and development programs for employees, including a tiered management training program[82] - There are no significant labor disputes reported during the fiscal year ending December 31, 2024, indicating good employee relations[83] Market and Competitive Landscape - The company is focusing on enhancing user engagement through data-driven insights and personalized content distribution, aiming to improve user retention and satisfaction[20] - The company has expanded its product offerings in sports equipment and apparel, achieving a 16.0% year-on-year growth in these categories in 2024[22] - The company's proprietary fitness products achieved a revenue growth of 0.8% year-on-year in 2024, with gross profit increasing by 15.3%, resulting in a gross margin rise to 31.7% from 27.7% in 2023[22] Shareholder Information - The board does not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[69] - The company is registered in the Cayman Islands, and any future dividend payments will depend on the availability of dividends received from its subsidiaries[67] - As of December 31, 2024, no shareholders have waived or agreed to waive their rights to dividends[68] - The company has a structured ownership with various funds and trusts controlling significant equity stakes[107] Risks and Challenges - The company faces significant risks related to user retention and engagement, which could adversely affect business performance[75] - The company has a limited operating history under its evolving platform business model, which may not reflect future growth[75] - There are potential risks related to the contractual arrangements, including regulatory compliance and operational control issues[128]

Financial Performance - The company reported revenue of approximately $309.9 million for 2024, a decrease of about 41% compared to $526.1 million in 2023[5]. - Gross profit for the year was approximately $5.2 million, down from $9.9 million in 2023[5]. - The company recorded a net loss of approximately $0.3 million in 2024, compared to a net profit of $2.4 million in 2023[5]. - Revenue from iron ore transportation services was approximately $26.6 million, a year-on-year decrease of about 36% from approximately $41.7 million in 2023[13]. - Total revenue for the year ended December 31, 2024, was $309,937 thousand, a decrease of 41.2% compared to $526,119 thousand in 2023[187]. - Gross profit for 2024 was $5,190 thousand, down 47.8% from $9,946 thousand in 2023[187]. - The company reported a pre-tax loss of $274,000 for 2024, a significant decrease from a profit of $2,619,000 in 2023[195]. - Operating cash flow before changes in working capital was $3,095,000, down from $7,400,000 in the previous year, indicating a decline of approximately 58.1%[195]. Assets and Liabilities - The total assets decreased to $71.4 million in 2024 from $109.2 million in 2023[8]. - As of December 31, 2024, total assets were approximately $71.4 million, down from approximately $109.2 million in 2023[14]. - Total liabilities decreased to approximately $41.4 million, a reduction of about $37.4 million from approximately $78.8 million in 2023[14]. - Current liabilities also decreased to $41,108 thousand in 2024 from $78,834 thousand in 2023, a decline of 47.8%[189]. - The company's equity total was $29,982 thousand as of December 31, 2024, down from $30,339 thousand in 2023[190]. Market Conditions - The company faced challenges due to weak downstream steel demand and macroeconomic pressures, impacting overall performance[5]. - The iron ore market is expected to face downward pressure in 2025 due to weak domestic steel demand in China and increased port inventories[28]. - The group anticipates continued volatility in iron ore demand and market prices, influenced by China's economic recovery and government stimulus measures[28]. Operational Highlights - The company sold approximately 2.9 million tons of iron ore during the reporting period, a decline of about 33% from 4.3 million tons in 2023[12]. - The average Platts IODEX price for iron ore was approximately $109 per ton during 2024, down from $136 per ton in December 2023[11]. - The average iron ore grade during the reporting period was approximately 65%, remaining stable compared to the same period last year[13]. - During the transition period at Koolan, the shipping rate temporarily decreased, and the iron grade dropped to an average of approximately 63%[13]. Governance and Board Structure - The board consists of seven directors, including two executive directors, one non-executive director, and four independent non-executive directors[34]. - The company has appointed at least three independent non-executive directors, meeting the requirement of one-third of the board's composition[36]. - The nomination committee is responsible for reviewing the board's structure, composition, and diversity, and making recommendations for changes to align with the company's strategy[43]. - The company has established mechanisms to ensure independent viewpoints and opinions are available to the board, including direct consultations with senior management and external experts[37]. - The board held a total of five meetings and one annual general meeting during the fiscal year 2024 to review and approve financial and operational performance[57]. Risk Management and Internal Controls - The board has reviewed the effectiveness of the group's risk management and internal control systems for the fiscal year 2024, covering financial, operational, ESG, and compliance matters[76]. - The risk management department regularly conducts internal audits to ensure the effectiveness of risk management and internal controls[79]. - The audit committee is responsible for reviewing the financial reporting system and ensuring the adequacy and effectiveness of the internal audit function[86]. - The group has established a comprehensive risk management and internal control framework consistent with the guidelines issued by the Hong Kong Institute of Certified Public Accountants[79]. Shareholder Communication and Dividends - The company is committed to ensuring shareholder rights and interests by presenting individual resolutions for significant matters at the shareholders' meeting[102]. - The company has adopted a dividend policy allowing shareholders to receive declared dividends, subject to the board's discretion based on business conditions, cash flow, financial performance, and other relevant factors[102]. - The company reported no final dividend for the fiscal year 2024, consistent with the previous year[126]. - The company expects not to declare any dividends in years without distributable profits[103]. Employee and Social Responsibility - The company has maintained a close relationship with employees, providing attractive compensation and development opportunities, while also ensuring a fair and safe workplace[140]. - The company is committed to enhancing environmental protection and has established green office guidelines to improve employee awareness and capabilities regarding environmental issues[138]. - The group made charitable donations of approximately $8,000 during the reporting period, down from $13,000 in 2023[166].

Financial Performance - For the year ended 31 December 2024, the Group's revenue amounted to RMB241.6 million, representing a decrease of 4.7% compared to the year ended 31 December 2023[17]. - The Group recorded a gross profit of RMB58.0 million for the year ended 31 December 2024, with a stable gross profit margin of 24.0%[17]. - The net loss for the year ended 31 December 2024 was RMB55.3 million, resulting in a net loss margin of 22.9%, compared to a net loss of RMB1.3 million and a margin of 0.5% for the previous year[18]. - Loss attributable to owners of the Company was RMB48.6 million for the year ended 31 December 2024, compared to a profit of RMB1.8 million for the year ended 31 December 2023[18]. - Basic loss per share attributable to owners of the Company amounted to RMB0.036 for the year ended 31 December 2024, compared to basic earnings per share of RMB0.001 for the previous year[19]. - In 2024, the Group's revenue was RMB 241,618,000, a decrease of 4.9% compared to RMB 253,450,000 in 2023[22]. - The Group reported a gross profit of RMB 58,027,000, down from RMB 60,726,000 in 2023, reflecting a gross margin decline[22]. - The loss before income tax for 2024 was RMB 56,761,000, compared to a profit of RMB 680,000 in 2023[22]. - The total assets as of December 31, 2024, were RMB 773,673,000, a decrease from RMB 843,157,000 in 2023[22]. - The Group's equity attributable to owners decreased to RMB 372,344,000 in 2024 from RMB 421,127,000 in 2023[22]. - The Group recorded a net loss of RMB 55.3 million for the year ended December 31, 2024, with a net loss margin of 22.9%, compared to a net loss of RMB 1.3 million and a margin of 0.5% in 2023[90]. Project Development - As of 31 December 2024, the Group has completed 51 hazardous waste incineration projects with an aggregate designed disposal capacity of 1,222,500 tonnes per annum[5]. - The Group has 5 ongoing hazardous waste incineration projects with an aggregate designed disposal capacity of 131,000 tonnes per annum[5]. - The Group completed 8 hazardous waste incineration projects in 2024, increasing the designed disposal capacity by approximately 179,000 tonnes per annum[33]. - The company completed hazardous waste incineration projects with a total designed disposal capacity of 179,000 tonnes per annum in 2024[37]. - Ongoing hazardous waste incineration projects as of December 31, 2024, have a total designed disposal capacity of 131,000 tonnes per annum[40]. - The company constructed an oil sludge thermal desorption treatment project with a designed treatment capacity of 200,000 tonnes per year, which began trial operation in March 2024[42]. - The company is developing a pyrolysis project with a designed disposal capacity of 220,000 tonnes per year, expected to commence trial operation in Q2 2025[46]. Revenue Breakdown - Revenue from oilfield auxiliary services increased by 24.3% to RMB156.4 million in 2024, up from RMB125.8 million in 2023[41]. - Revenue from hazardous waste incineration solutions decreased by 62.6% to RMB38.4 million in 2024, down from RMB102.7 million in 2023[53]. - Revenue from cement plant parallel kiln co-treatment services surged by 115.4% from RMB 14.3 million in 2023 to RMB 30.8 million in 2024, attributed to operations in Yunfu and Maoming projects[56]. - The overall revenue for the company decreased by 4.7% from RMB253.5 million in 2023 to RMB241.6 million in 2024[51]. - Revenue decreased by 4.7% from RMB 253.5 million for the year ended December 31, 2023, to RMB 241.6 million for the year ended December 31, 2024[55]. - Oilfield auxiliary services revenue increased by 24.3% from RMB 125.8 million in 2023 to RMB 156.4 million in 2024, driven by higher demand in the Karamay oilfield[55]. Cost and Expenses - Cost of services decreased by 4.7% from RMB 192.7 million in 2023 to RMB 183.6 million in 2024, mainly due to lower revenue from hazardous waste incineration[59]. - Administrative expenses increased by 6.5% from RMB 55.4 million in 2023 to RMB 59.0 million in 2024, remaining relatively steady[75]. - Research and development costs rose by 11.6% from RMB 11.2 million for the year ended December 31, 2023, to RMB 12.5 million for the year ended December 31, 2024, reflecting a focus on key technologies[81]. - Impairment losses on property, plant, and equipment amounted to RMB 28.8 million for the year ended December 31, 2024, a significant increase from RMB 3.9 million in 2023, primarily due to concerns over the commercial prospects of certain projects[82]. Corporate Governance - The Group is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[195]. - The Company has fully complied with the Corporate Governance Code during the Reporting Period[195]. - The Board has established the Group's purpose, values, and strategy aligned with its culture[196]. - No incidents of non-compliance with the Model Code by relevant employees noted during the Reporting Period[198]. - The Company will continue to review its corporate governance structure and make necessary changes when appropriate[195]. Strategic Focus and Future Plans - The Group aims to leverage its technology advantage to expand its business into new areas of solid waste treatment[7]. - The Group aims to capitalize on opportunities in the environmental protection industry and expand its business scope through technology innovation in 2025[26]. - The Group plans to leverage national policies supporting the environmental protection industry to expand its solid waste treatment business and maintain its market leadership[124][125]. - The Group will focus on technology innovation and commercialization of advanced solid waste treatment technologies to maximize shareholder returns and capture new business opportunities[125][125]. - The Group intends to adopt various project models for solid waste treatment, including operating and maintenance services projects, to enhance its competitiveness and risk management[130]. - The Group is actively exploring the application of artificial intelligence (AI) in environmental technology to improve operational efficiency and environmental data analysis capabilities[131]. Management and Workforce - The management team includes experienced executives with over 26 years in solid waste treatment solutions and operational management[153][154][161]. - The Group's workforce as of December 31, 2024, consists of 341 employees, with over 250 dedicated to R&D, project management, and execution[138]. - The Group's corporate governance and investor relations are overseen by Mr. GU, who is also responsible for corporate investment and finance[164]. - The appointment of independent directors like Mr. Chi and Mr. XIAO strengthens the board's oversight capabilities[169]. Financial Position and Capital Management - Cash and cash equivalents as of December 31, 2024, were approximately RMB49.8 million, down from RMB73.6 million in 2023, with net current assets decreasing from RMB227.9 million to RMB187.0 million[112][119]. - The gearing ratio as of December 31, 2024, was approximately 39%, compared to 37.4% in 2023, indicating a slight increase in financial leverage[113][120]. - The Group's borrowings as of December 31, 2024, amounted to RMB61.8 million, up from RMB32.9 million in 2023, secured by the Group's assets and personal guarantees from controlling shareholders[107][112]. - Capital expenditure for the year ended December 31, 2024, was approximately RMB68.8 million, significantly higher than RMB19.2 million in 2023, primarily for purchasing properties and equipment for oil sludge treatment and solid waste treatment projects[108][108].

Financial Performance - The company's total revenue for the year ended December 31, 2024, was RMB 390.3 million, representing a 6.0% increase from RMB 368.3 million in the previous year[8]. - The company reported a total loss for the year of RMB 721.5 million, compared to a loss of RMB 802.6 million in the previous year, indicating an improvement in financial performance[7]. - The total revenue from AI software solutions, including AIGC, was RMB 390.3 million in 2024, down 23.0% from RMB 507.1 million in 2023[13]. - The company's revenue decreased from RMB 507.1 million in 2023 to RMB 390.3 million in 2024, a decline of 23.0% due to a strategic shift away from traditional project-based AI enterprise solutions[40]. - The company's gross profit decreased by 37.6% from RMB 326.1 million for the year ended December 31, 2023, to RMB 203.4 million for the year ending December 31, 2024, with gross margins of 64.3% and 52.1% respectively[43]. AIGC Solutions - Revenue from AIGC solutions reached RMB 221.7 million, a significant growth of 88.5% compared to RMB 117.6 million in the previous year, accounting for 56.8% of total revenue[10][8]. - The AIGC business has shown a strong upward trend, with revenue contributions increasing year by year, demonstrating the company's commitment to becoming a leader in the AIGC sector[10]. - AIGC annual revenue reached RMB 221.7 million, a year-on-year increase of 88.5%[14]. - AIGC solutions revenue for 2024 was RMB 221.7 million, compared to RMB 117.6 million in 2023, reflecting an 88.5% growth[14]. - Revenue from AIGC solutions increased from RMB 117.6 million in 2023 to RMB 221.7 million in 2024, representing an 88.5% growth driven by an increase in paying users and the launch of more AIGC matrix products[41]. Business Strategy - The company has shifted its business strategy away from traditional project-based revenue, focusing on the growth of AIGC solutions and achieving a healthy transformation towards AIGC enterprises[10]. - The company aims to establish a sustainable business model through a ToSMB/ToPC approach, exploring differentiated competitive paths in the AIGC market[11]. - The company emphasizes the importance of combining product modeling with technology to drive sustainable growth and long-term value[12]. - The company completed a strategic shift towards AIGC solutions, moving away from traditional project-based revenue models[30]. Global Expansion and Recognition - The company is actively expanding its global presence, collaborating with well-known international companies and gaining recognition from media worldwide[11]. - The company received several awards, including being listed in the "Top 50 Chinese AI Technology Companies" by Forbes in 2024, reflecting its innovation capabilities[34]. Product Development and Innovation - The core products in the AIGC product matrix include AI dubbing assistant "Magic Sound Workshop," AI digital human avatar "Wonder Avatar," and AI video creation platform "Meta Creation Island"[11]. - The company launched the fourth generation 2.5D digital human WetaAvatar 4.0, enhancing interaction capabilities[24]. - The company introduced a new AI video dubbing feature, significantly reducing video production complexity[31]. - The self-developed anime text-to-image model was updated four times in one year, enabling high-quality image generation[31]. - The company achieved significant technological breakthroughs in AI agents, voice, and video understanding throughout 2024[18]. Financial Position and Assets - Total assets increased to RMB 525.2 million from RMB 407.1 million in the previous year, while total liabilities decreased significantly to RMB 220.9 million from RMB 4.5 billion[7]. - As of December 31, 2024, the company's cash and cash equivalents amounted to approximately RMB 156.5 million, an increase of about 8.5% from RMB 144.3 million on December 31, 2023[55]. - The company's bank loans stood at RMB 20.0 million as of December 31, 2024, with an unsecured fixed annual interest rate of 2.9% and due within one year[57]. - The debt-to-asset ratio reached 42.1% as of December 31, 2024, significantly lower than 1,114.5% on December 31, 2023, primarily due to the proceeds from the IPO and the expiration of redemption rights[58]. - The current ratio was approximately 2.5 as of December 31, 2024, compared to 0.1 on December 31, 2023, reflecting a significant improvement in liquidity[59]. Expenses and Cost Management - The sales cost for 2024 was approximately RMB 186.9 million, up 3.3% from RMB 181.0 million in 2023, with the sales cost as a percentage of revenue rising from 35.7% in 2023 to 47.9% in 2024[42]. - Research and development expenses decreased from RMB 154.7 million for the year ended December 31, 2023, to RMB 136.9 million for the year ending December 31, 2024, due to a reduction in workforce and related R&D investments[44]. - Sales and marketing expenses increased from RMB 150.7 million for the year ended December 31, 2023, to RMB 196.0 million for the year ending December 31, 2024, primarily due to increased promotional costs associated with AIGC solutions[45]. Corporate Governance - The company has adhered to the corporate governance code since its listing on April 24, 2024, with all provisions complied with except for the separation of the roles of Chairman and CEO[92]. - The board believes that the current arrangement of having Dr. Li Zhifei serve as both Chairman and CEO is beneficial for the company's business prospects and management[98]. - The company emphasizes the importance of corporate governance and has implemented measures to ensure effective internal controls and compliance with legal regulations[91]. - The board is committed to reviewing and enhancing corporate governance practices to align with statutory and professional standards for sustainable development[91]. Board Composition and Diversity - The board currently consists of five members, including two executive directors and three independent non-executive directors[77]. - The company has a diverse board with expertise across various sectors, including technology, finance, and education[77][89]. - The board currently includes three independent non-executive directors, representing over 50% of the board, with a wide age range from 41 to 50 years[119]. - The board aims to maintain at least one female member and seeks opportunities to increase the proportion of female directors in the future[119]. Risk Management and Compliance - The board of directors is responsible for ensuring the establishment and annual maintenance of effective risk management and internal control systems[124]. - The company has implemented comprehensive risk management policies covering information security, financial reporting, compliance, and human resources[126]. - A data compliance system has been established to ensure adherence to the Personal Information Protection Law of the People's Republic of China[129]. - The company has adopted technical measures for data security, including data backup mechanisms and access control systems[128]. Shareholder Communication and Relations - The company has adopted a shareholder communication policy to ensure timely and comprehensive information disclosure to investors[141]. - The annual general meeting serves as the primary communication platform between the company and its shareholders, allowing for direct participation and voting[142]. - The company regularly monitors and reviews the procedures for shareholder meetings to ensure they meet shareholder needs effectively[143]. Employee and Workforce Management - The company recorded a total employee cost of RMB 149.6 million for the year ending December 31, 2024[62]. - As of December 31, 2024, the employee diversity ratio is 54.6% male and 45.4% female[120]. - Age group distribution shows 31.9% of employees are under 30 years old, 57.5% are between 30-39 years old, and 10.6% are 40 years or older[120]. - The company aims to maintain and enhance diversity across its workforce through non-discriminatory hiring policies[121].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,442,292,000, representing a slight increase from RMB 1,427,733,000 in 2023[8] - Gross profit margin improved to 19.1% in 2024 from 16.8% in 2023, with gross profit amounting to RMB 275,819,000[8] - Operating profit for 2024 was RMB 181,861,000, up from RMB 127,838,000 in 2023, indicating a significant increase in operational efficiency[8] - Net profit for the year was RMB 13,790,000, a decrease from RMB 168,344,000 in 2023, reflecting challenges in the market[8] - The company’s revenue from integrated hospital services decreased from RMB 1,326.3 million in 2023 to RMB 1,303.4 million in 2024[31] - The company’s revenue from pharmaceutical sales decreased from RMB 11.5 million in 2023 to RMB 9.0 million in 2024[31] - The revenue from the comprehensive hospital services segment decreased by approximately 1.7% from RMB 1,326.3 million in 2023 to about RMB 1,303.4 million in 2024[33] - Pharmaceutical sales revenue decreased by RMB 2.5 million to approximately RMB 9.0 million in 2024, down from about RMB 11.5 million in 2023[34] - The net profit for the year ended December 31, 2024, was approximately RMB 13.8 million, a decrease of about RMB 154.5 million compared to RMB 168.3 million in the previous year[39] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 2,583,162,000, an increase from RMB 2,498,100,000 in 2023[10] - Total liabilities increased to RMB 2,007,483,000 in 2024 from RMB 1,906,897,000 in 2023, indicating a rise in financial obligations[10] - Total equity as of December 31, 2024, was approximately RMB 575.7 million, down from RMB 591.2 million in 2023[47] - The company's borrowings as of December 31, 2024, were approximately RMB 82.1 million, with a debt ratio of about 3.2%[50] - The company's debt-to-asset ratio increased to approximately 78% as of December 31, 2024, from 76% in the previous year, reflecting a higher leverage position[183] Operational Efficiency and Strategy - The company emphasized enhancing medical quality and safety management to improve brand competitiveness and differentiate from public hospitals[11] - The information technology development team was established to support system upgrades and improve resource management efficiency[12] - The company is focusing on optimizing supply chain management to enhance operational efficiency and service capabilities[12] - The company is focusing on enhancing its asset quality and innovating business models as part of its three-step development strategy[14] - The company aims to leverage emerging medical technologies such as artificial intelligence and next-generation gene sequencing to improve service quality and efficiency[14] - The company is committed to improving healthcare quality and safety through systematic training and competitions for medical staff[21] - The company is focusing on risk control mechanisms and maintaining a high-quality talent reserve to seize opportunities in the "silver economy"[14] - The company is adapting to the healthcare reform environment, which is expected to lead to a decline in revenue growth rates for medical institutions[16] Cash Flow and Financial Management - Cash and cash equivalents increased by approximately RMB 191.1 million from RMB 523.0 million in 2023 to about RMB 714.1 million in 2024[40] - The net cash inflow from operating activities for the year was approximately RMB 212.1 million, including a net cash inflow of RMB 243.6 million before changes in working capital[48] - The company focuses on maintaining sufficient cash and cash equivalents to meet operational funding needs, addressing liquidity risk[182] Shareholder and Equity Information - The total share capital of the company as of the report date is HKD 138,194, divided into 138,194,000 shares with a par value of HKD 0.001 each[64] - The company does not plan any significant acquisitions or disposals of subsidiaries, associates, or joint ventures for the year ending December 31, 2024[52] - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024[57] - The company has confirmed that the share-based compensation expenses related to resigning participants will be recognized as capital reserves[148] Compliance and Regulatory Matters - The group has complied with all relevant laws and regulations in China, Hong Kong, and the Cayman Islands as of the report date[185] - The auditor has issued an unqualified opinion regarding the company's disclosed ongoing connected transactions, confirming compliance with relevant regulations[135] - The board will discuss compliance and regulatory inquiries from government agencies at regular meetings, at least quarterly[113] Employee and Management Information - The total employee count increased to 1,841 as of December 31, 2024, up from 1,457 in the previous year, with total employee benefits expenses amounting to approximately RMB 446.7 million[58] - The company’s compensation policy is regularly reviewed based on legal frameworks, market conditions, and individual employee performance, with share awards linked to performance targets[166] - The group’s management team includes experienced professionals with extensive backgrounds in finance and investment[191][194] Environmental and Social Responsibility - The environmental compliance cost for the group was approximately RMB 766,380 for the year ending December 31, 2024, compared to RMB 655,442 in 2023[184] - The group has established an infection management committee to formulate annual work plans and supervise hospital infection prevention[184] - The group has no reported environmental claims, lawsuits, penalties, or administrative sanctions as of the report date[184]

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 1,063,244,000, a slight decrease from RMB 1,076,789,000 in 2023[12] - The gross profit for 2024 was RMB 314,440,000, with a gross profit margin of 29.6%, up from 29.0% in 2023[12] - The company recorded a loss before income tax of RMB 15,402,000 and a loss for the year of RMB 19,968,000, marking the first loss since being listed[13] - For FY2024, the Group's total revenue was approximately RMB1,063,244,000, a decrease of approximately 1.3% from RMB1,076,789,000 in FY2023[35] - The Group recorded a loss attributable to owners of the Company of approximately RMB19,925,000 for FY2024, a decrease of approximately 420.6% compared to a profit of approximately RMB6,214,000 in FY2023[29] - The Group's gross profit for FY2024 was approximately RMB314,440,000, an increase of approximately 0.8% from RMB311,937,000 in FY2023, with a gross profit margin rising from approximately 29.0% to approximately 29.6%[36] Assets and Liabilities - Total assets increased to RMB 875,454,000 in 2024, compared to RMB 773,334,000 in 2023[12] - Total liabilities rose to RMB 661,173,000, up from RMB 541,501,000 in the previous year[12] - As of December 31, 2024, the Group recorded net current liabilities of approximately RMB 317,507,000, up from RMB 158,136,000 in 2023, with a current ratio of approximately 0.51 compared to 0.63 in 2023[55] - The gearing ratio increased to approximately 1.20 as of December 31, 2024, compared to 0.95 in 2023, indicating a higher level of debt relative to equity[60] - Cash and bank deposits, including pledged bank deposits, increased to approximately RMB 134,536,000 as of December 31, 2024, from RMB 93,028,000 in 2023[61] Expenses and Costs - Employee benefit expenses for FY2024 totaled approximately RMB170,479,000, an increase from RMB164,108,000 in FY2023[25] - Selling and distribution expenses increased from approximately RMB150,542,000 in FY2023 to approximately RMB169,197,000 in FY2024, primarily due to higher advertising, freight charges, and salaries[41] - Administrative expenses increased from approximately RMB 143,140,000 in FY2023 to approximately RMB 148,937,000 in FY2024, primarily due to increased depreciation and employee costs[48] - Finance costs decreased from approximately RMB8,835,000 in FY2023 to approximately RMB7,284,000 in FY2024 due to increased interest capitalized into property, plant, and equipment[43] - Income tax expenses decreased from approximately RMB 5,273,000 in FY2023 to approximately RMB 4,566,000 in FY2024 due to a reduction in taxable profits[50] Strategic Focus and Initiatives - The company is focusing on high-value and high-margin products to optimize development and production costs[15] - Strategic promotional initiatives include promoting overseas e-commerce platforms and engaging in domestic live commerce to secure market share[14] - The company aims to stimulate demand from distributors and develop international partnerships to boost exports[15] - The company is focusing on strategic planning and mergers and acquisitions as part of its growth strategy[95] - The company is actively involved in the development of new technologies and products in the chemical and technology sectors[104] Governance and Management - The chairman expressed gratitude to shareholders, customers, employees, and suppliers for their support during challenging times[17] - The board includes members with extensive backgrounds in technology, management, and chemistry, enhancing the company's expertise[98][104] - The appointment of new directors reflects the company's commitment to strengthening its governance and strategic direction[93][95] - The Group's commitment to governance is reflected in the composition of its committees, ensuring independent oversight and strategic direction[109] - The Group's financial management has been strengthened with the appointment of experienced professionals in key positions[121] Customer and Supplier Relationships - The Group's largest customer accounted for approximately 4.6% of total turnover for FY2024, down from 5.1% in FY2023[153] - The five largest customers represented 12.6% of total turnover for FY2024, compared to 13.1% in FY2023[153] - The Group's largest supplier accounted for approximately 5.7% of total purchases for FY2024, down from 6.4% in FY2023[155] - The five largest suppliers accounted for 21.9% of total purchases for FY2024, compared to 24.8% in FY2023[155] - The Group has established relationships with its five largest customers for an average of more than eight years[152] Environmental and Social Responsibility - The Group is committed to minimizing environmental impact and promoting sustainability in its operations[145] - The Group emphasizes the importance of employee relationships, ensuring reasonable remuneration and a safe workplace[156] - Charitable donations made by the Group in FY2024 amounted to RMB 121,200, significantly up from RMB 22,000 in FY2023[176][182] Other Notable Information - The Board did not recommend the payment of any final dividend for FY2024, maintaining a sustainable dividend policy[52] - The Group did not have any significant investments, material acquisitions, or disposals of subsidiaries or associated companies during FY2024[79] - There were no significant events after the reporting period up to the date of the annual report[162][168] - The Company maintained a sufficient public float as required under the Listing Rules during FY2024[179]

Revenue Performance - For the first quarter of 2025, the average daily toll revenue for the Guangzhou-Shenzhen Expressway was RMB 7,409, a decrease of 2% compared to RMB 7,540 in the same period of 2024[3] - The average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway decreased by 10% to RMB 3,024 from RMB 3,374 year-on-year[4] - The average daily toll revenue for the Shenzhen section of the Yangtze River Expressway increased by 25% to RMB 2,010, up from RMB 1,607 in the previous year[4] Financial Results - Total revenue for the three months ended March 31, 2025, was RMB 180,932, down from RMB 350,332 in the same period of 2024[6] - The gross profit for the same period was RMB 70,858, slightly down from RMB 71,185 year-on-year[6] - The net profit for the period was RMB 147,238, compared to RMB 140,570 in the first quarter of 2024, representing an increase of 4.8%[7] - The total comprehensive income for the period was RMB 164,805, significantly higher than RMB 105,909 in the previous year[7] Assets and Liabilities - The company's total assets as of March 31, 2025, amounted to RMB 12,890,545, compared to RMB 12,802,335 at the end of 2024[8] - The total liabilities decreased to RMB 5,086,572 from RMB 5,163,167 at the end of 2024[9] Earnings and Cash Flow - The earnings per share for the first quarter of 2025 was RMB 3.85, up from RMB 3.65 in the same period of 2024[6] - The net cash generated from operating activities for the three months ended March 31, 2025, was RMB 111,868,000, an increase from RMB 73,429,000 in the same period last year, representing a growth of 52%[10] - The net cash used in investing activities was RMB 123,948,000, compared to a net cash outflow of RMB 191,732,000 in the previous year, indicating an improvement in cash flow management[10] - The net cash used in financing activities was RMB 37,289,000, a decrease from a net cash inflow of RMB 30,699,000 in the same period last year, reflecting changes in financing strategy[10] - The total cash and cash equivalents as of March 31, 2025, amounted to RMB 931,321,000, up from RMB 396,402,000 at the end of the previous year, showing a significant increase of 134%[10] - The company reported a net increase in cash and cash equivalents of RMB 198,527,000 for the quarter, compared to a decrease of RMB 87,604,000 in the same quarter last year[10] - The company received RMB 128,138,000 in dividends after withholding tax from structured deposits, indicating a stable income stream from investments[10] - The company incurred RMB 19,403,000 in taxes paid during the quarter, which is a new expense compared to the previous year[10] - The company has a total of RMB 733,286,000 in cash and cash equivalents at the beginning of the quarter, compared to RMB 483,617,000 at the same time last year, reflecting a strong liquidity position[10] - The impact of foreign currency exchange rate changes resulted in a loss of RMB 492,000 during the quarter, compared to a gain of RMB 389,000 in the previous year[10] Compliance and Governance - The company has engaged in discussions regarding accounting standards and practices with its audit committee, ensuring compliance and transparency in financial reporting[11]