Financial Performance - The company's revenue for 2024 was RMB 16,657,343, a decrease of 8.86% compared to RMB 18,276,547 in 2023[6] - The big data products and solutions segment reported revenue of RMB 3,238,864, an increase of 2.11% from RMB 3,171,898 in the previous year[6] - The software and operation services segment generated RMB 5,475,189, reflecting a growth of 3.91% compared to RMB 5,269,179 in 2023[6] - The traditional services segment saw a significant decline, with revenue of RMB 7,943,290, down 19.24% from RMB 9,835,470[6] - The loss attributable to shareholders was reduced to RMB 253,949, an improvement of 86.15% from a loss of RMB 1,833,689 in the previous year[6] - The company's total revenue for the fiscal year ending December 31, 2024, was RMB 16.657 billion, with a gross profit of RMB 2.292 billion, and a net loss attributable to shareholders of RMB 254 million[68] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.06 per share, subject to shareholder approval, bringing the total dividend for the year to HKD 0.07 per share[6] - The company plans to distribute a final dividend of 6.0 HK cents per share, with a total expected cash dividend exceeding 100 million RMB for the year[73] Project Acquisitions and Collaborations - The company secured a project for the construction of a safety monitoring system for large and medium-sized reservoirs in Jilin Province, with a contract value of nearly RMB 30 million[10] - The company won a bid for an AI infrastructure project in Changchun New Area, with a total project value exceeding RMB 400 million[11] - The company established a collaboration with NVIDIA for the Hong Kong government's large model computing center project, with a total project value of nearly HKD 600 million[12] Industry Recognition and Awards - Shenzhou Holdings was awarded the "2024 ESG New Benchmark Enterprise Award" by Securities Star on July 19, 2024[25] - Shenzhou Holdings' subsidiary ranked first in the "2024 Big Data Solutions TOP 50" on August 22, 2024[28] - Shenzhou Holdings was recognized as the "Top 50 Data Intelligent Service Providers" on September 10, 2024[29] - Shenzhou Holdings was awarded the "Best ESG Company Award" by Zhitong Finance on December 11, 2024[39] Strategic Focus and Development - The company has focused on strategic optimization and increased investment in data intelligence, enhancing its product and solution offerings in sectors like smart supply chains, industrial manufacturing, and financial technology[61] - The company has established a comprehensive product and solution framework for data asset trading and management, leveraging its data intelligence platform built on Yanyun technology[62] - The company aims to leverage its strengths in data intelligence technology and supply chain services to support local industrial upgrades in overseas markets[64] - The company is focusing on AI technology integration with supply chain management to optimize processes and improve efficiency, aiming for cost reduction and quality enhancement[63] Financial Health and Cash Flow - The company reported a net cash inflow from operating activities of RMB 600 million during the reporting period, reflecting strong cash flow management[68] - As of December 31, 2024, the company's total assets are approximately RMB 22.31 billion, with total liabilities of about RMB 12.80 billion, resulting in a current ratio of 1.42[97] - The company has a cash and bank balance of approximately RMB 3.14 billion, with RMB 3.05 billion denominated in RMB[97] Employee and Operational Metrics - Employee costs for the year ended December 31, 2024, amounted to approximately RMB 3.875 billion, reflecting an 8.58% increase from RMB 3.569 billion in the previous year[112] - As of December 31, 2024, the group has 19,268 full-time employees, an increase from 16,782 employees in 2023[112] Corporate Governance - The company reported a commitment to the highest standards of corporate governance, enhancing transparency and accountability to shareholders[168] - The company has adhered to the corporate governance code, with a noted deviation regarding the dual role of the Chairman and CEO, which has been maintained for strategic consistency[170] - The board consists of nine members, including two executive directors, two non-executive directors, and five independent non-executive directors, with no significant relationships among them[179] Research and Development - Research and development expenses reached 732 million RMB, positioning the company at the forefront of the industry, with a total of 3,177 intellectual property rights obtained, including 390 new items compared to the previous year[87] Environmental Impact - The total greenhouse gas emissions decreased by 37.86% year-on-year, and the per capita comprehensive energy consumption reduced by 8.54% during the reporting period[73]

Financial Performance - The Group's revenue for 2024 was RMB 8,577 million, representing a 47.36% increase compared to RMB 5,568 million in 2023[13]. - The Group's profit for 2024 was RMB 557 million, reflecting an 18.01% increase from RMB 472 million in 2023[13]. - The company recorded revenue of approximately RMB 7,011 million and net profit of approximately RMB 557 million for the year ended December 31, 2024[32]. - Revenue for the Year was approximately RMB 7,011 million, up from RMB 5,568 million in 2023, representing a growth of around 25.8%[114]. - EBITDA for the Year was approximately RMB 5,622 million, compared to RMB 4,559 million in 2023, marking an increase of approximately 23.3%[114]. - The Group recorded a net profit of approximately RMB 557 million for the Year, an increase from RMB 472 million in 2023[113]. Asset and Capacity Overview - The total assets of the Group decreased to RMB 90,036 million in 2024, down 13.81% from RMB 102,469 million in 2023[13]. - As of December 31, 2024, the Group owned 166 solar power plants, 38 wind power plants, 26 hydro power plants, and 3 energy storage power stations, with a total grid-connected installed capacity of approximately 12,639 MW and total electricity generation of approximately 17,674,684 MWh for the entire year[6]. - The Group's grid-connected installed capacity expanded from approximately 8,577 MW as of December 31, 2023, to approximately 12,639 MW, reflecting a growth of about 47.36%[114]. - The total electricity generation volume from the Group's associate-held power plants was approximately 1,745,473 MWh, with an aggregate grid-connected installed capacity of approximately 862 MW[6]. - The Group's solar power plants increased from 140 in 2023 to 166 in 2024, while wind power plants rose from 28 to 38[81]. Strategic Development and Goals - The Group aims to establish a clean energy industrial ecosystem characterized by green energy and smart collaboration, focusing on national layout and worldwide development[9]. - The Group plans to continue leveraging opportunities from the transformational changes in the international energy industry to maximize shareholder value[11]. - The Group's strategic focus includes rapid quality development and the construction of a sustainable clean energy ecosystem[9]. - The company aims to become a respected international clean energy ecosystem investor and operator, focusing on green development and optimizing existing assets[171]. - The year 2025 is critical for the Company to achieve high-quality development under the "14th Five-Year Plan"[170]. Environmental Impact and Sustainability - The company achieved a reduction of 16,157.6 thousand tons in carbon dioxide emissions[50]. - A total of 882,927.4 thousand trees were planted as part of the green energy initiatives[49]. - The company plans to establish a clean energy industrial ecosystem characterized by green energy and smart collaboration[181]. - The company is committed to high standards of corporate governance to enhance sustainability and protect shareholder interests[183]. Financing and Investment - The company has reduced its weighted average annual interest rate for borrowings to approximately 3.73% in 2024, down from 4.04% in 2023, due to refinancing high-interest loans[100]. - In June 2024, the company secured RMB 800 million through privately-offered perpetual medium-term notes at a fixed distribution rate of 3.69% per annum[101]. - In December 2024, the company entered into an investment contract to receive RMB 1,500 million at a fixed distribution rate of 3.285% per annum, with approximately RMB 130 million already applied for working capital[105]. - The Group is actively seeking financing opportunities to lower the cost of funds and improve liquidity, with total borrowings amounting to RMB 68,623 million as of December 31, 2024[134]. Corporate Governance and Management - The Group's corporate culture emphasizes inclusivity and has led to significant achievements in project development and operational management over the past five years[21]. - The company emphasizes comprehensive cost control and project evaluations to optimize project-level performance[180]. - The company is committed to high standards of corporate governance to enhance sustainability and protect shareholder interests[183]. Operational Efficiency - The average electricity tariff per kWh across all power plants is RMB 0.40[98]. - The average tariff per kWh (net of VAT) decreased to approximately RMB0.40 from RMB0.46 in 2023, primarily due to the increased share of grid-parity solar and wind power generation[115]. - The Group's EBITDA margin ratio decreased by approximately 2% from approximately 82% for the year ended December 31, 2023, to approximately 80% for the current year, primarily due to additional operating expenses[137]. Future Outlook - The company aims to monitor developments in national policies and green hydrogen markets to prepare for future opportunities in the new energy industry[177]. - The strategic layout includes projects like "Jidian into Beijing" and "Mengdian into Beijing" to utilize resources effectively[178]. - The company will deepen its presence in Yunnan and Xizang for hydro power development, completing feasibility studies for 5 cascade power stations in Dongyuan area[177].

Financial Performance - AuGroup reported a revenue of RMB 1.2 billion for the year ended December 31, 2024, representing a year-on-year increase of 15%[10]. - In 2024, the Group achieved a revenue growth of 23.3% year-on-year, reaching RMB 10.71 billion[29]. - The net profit remained stable with a slight increase of 0.21% year-on-year, amounting to RMB 521 million[29]. - The overall revenue increased by 23.3% from RMB 8,683.0 million for the year ended December 31, 2023, to RMB 10,709.6 million for the year ended December 31, 2024, driven by expanded sales and increased logistics solutions[81][83]. - Revenue from sales of goods increased to RMB 8,268.2 million in 2024, up 17.8% from RMB 7,030.4 million in 2023[88]. - Revenue from logistics solutions increased by 47.7% to RMB 2,441.5 million in 2024 from RMB 1,652.6 million in 2023[94]. - The company's profit for the year ended December 31, 2024, was RMB 521.2 million, slightly up from RMB 520.1 million in the previous year[80][82]. Market Expansion and Strategy - The company expects revenue growth to accelerate to 25% in the upcoming fiscal year, driven by new product launches and market expansion strategies[10]. - AuGroup plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[10]. - The Group will leverage its listing in Hong Kong to consolidate product strengths and expand into high-potential emerging markets, optimizing shareholder returns[44]. - The Group's market share has steadily increased due to precise market positioning and continuous product innovation[32]. Product Development and Innovation - AuGroup is investing RMB 200 million in research and development for new technologies aimed at enhancing cross-border e-commerce capabilities[10]. - The company has launched a new mobile application that has already garnered 1 million downloads within the first month of release[10]. - The company expanded its product offerings in electric tools, including power screwdrivers and air pumps, which feature high-tech functions and practical designs[65]. - The practical upholstered bed series continued to rank at the top of the furniture category, with significant sales growth in medium-to-large-sized home appliances like refrigerators[53]. Logistics and Supply Chain - AuGroup has completed the acquisition of a logistics firm for RMB 150 million, which is expected to improve operational efficiency and reduce delivery times[10]. - The logistics solutions have significantly improved average logistics time efficiency and reduced operating costs for cross-border e-commerce customers[68][70]. - The Group intends to invest in building an efficient and intelligent logistics network to enhance logistics efficiency and reduce costs, thereby improving customer satisfaction and loyalty[41]. - The company operates a total of 33 warehouses in North America and Europe, with an aggregate area of 8.36 million square feet, including an additional 3.18 million square feet added during the year[68][80]. Financial Management and Investments - The board has approved a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[10]. - R&D expenses increased by 9.1% to RMB 130.0 million in 2024 from RMB 119.2 million in 2023, driven by higher employee costs and mold expenses[108]. - The gearing ratio increased from 0.7 as of December 31, 2023, to 1.3 as of December 31, 2024, primarily due to an increase in lease liabilities[160]. - The Group had net foreign exchange gains of RMB 60.2 million in 2024, resulting from fluctuations in foreign currency exchange rates related to outstanding trade and other receivables[155]. Employee and Organizational Development - The total number of employees as of December 31, 2024, was 2,040, with 55.1% in product development, operation, sales, and marketing[161]. - The company employs various recruitment methods including on-campus recruitment, job fairs, and referrals to attract competent employees[165]. - Regular bespoke in-house training is offered to existing employees to enhance their technical skills[166]. - The company focuses on retaining employees by offering competitive salaries, extensive insurance packages, and merit-based incentives[165]. Sustainability and Corporate Responsibility - The Group is committed to sustainable development by integrating ESG principles into its strategy, focusing on green procurement and reducing carbon emissions[42]. - The focus on eco-friendliness and sustainability is expected to become a major trend in the B2C e-commerce market[79].

Financial Performance - The company's revenue for the year ended December 31, 2024, increased to approximately HKD 84,458,000, a 116.8% increase compared to HKD 38,948,000 for the year ended December 31, 2023[11]. - The net profit for the year ended December 31, 2024, was approximately HKD 13,331,000, a significant recovery from a net loss of HKD 152,531,000 in the previous year[12]. - The company recorded a net profit attributable to shareholders of approximately HKD 13,494,000 for the year ended December 31, 2024, compared to a loss of HKD 151,730,000 in 2023[13]. - The company recorded a significant gain of approximately HKD 65,206,000 from major revisions of other borrowings for the year ended December 31, 2024[12]. - The fair value of investment properties showed a loss of approximately HKD 58,399,000 for the year ended December 31, 2024, an improvement from a loss of HKD 67,069,000 in 2023[12]. - The group recorded rental income of approximately HKD 8,881,000 for the year, compared to HKD 6,679,000 in 2023, representing a year-over-year increase of 33.3%[18]. - The group incurred a fair value loss on investment properties of approximately HKD 58,399,000, an improvement from HKD 67,069,000 in 2023, indicating a reduction in losses by 13.5%[18]. - The group recorded segment revenue of approximately HKD 43,580,000 for the year, with a segment loss of approximately HKD 5,382,000, both figures being new for the year[23]. - The total value of the group's properties is approximately HKD 971,414,000, with a significant portion allocated to residential properties[16]. - As of December 31, 2024, the group's securities investment portfolio had a market value of approximately HKD 125,230,000, an increase from HKD 98,987,000 as of December 31, 2023, representing a growth of about 26.4%[25]. Business Expansion and Acquisitions - The company expanded its hotel operations in Shanxi Province, China, with the acquisition of two hotel operating companies and two hotels, which are expected to drive strong accommodation demand[7]. - The company completed the acquisition of a regulated asset management company in January 2025, enhancing its position as a comprehensive financial services provider in Hong Kong[7]. - Following the acquisition of Meilian Property Management, the group generated property brokerage service commission income of HKD 15,819,000 and property management service income of HKD 6,454,000, both of which were not recorded in 2023[18]. - The group completed the acquisition of Shanxi Ronghui Tong Junting Hotel Co., Ltd., expanding its hotel operations and related businesses[20]. - The group has diversified its property investment portfolio through acquisitions in the property brokerage and management sectors, enhancing its service range[18]. - The group completed the acquisition of all equity interests in Shanrong Junting and Shanrong Hotel Management for a total consideration of RMB 17,900,001 on December 29, 2023[62]. - On March 18, 2024, the group entered into an agreement to acquire all equity interests in Shanxi Meilianxing Property for a total consideration of RMB 35,400,000, along with a shareholder loan of RMB 32,000,000[63]. - The acquisition of Zhuosi Investment Holdings was completed on January 28, 2025, for a total consideration of HKD 2,850,005[64][71]. - The group completed the acquisition of Elite Holdings on July 31, 2024, for a total consideration of RMB 26,774,700, which included the issuance of 21,700,000 shares[65]. - The acquisition of Meilianxing Property was completed on October 29, 2024, for a total consideration of RMB 15,000,000[67]. Lending and Receivables - The interest income generated from the lending business for the year was approximately HKD 9,401,000, a decrease of about 27.1% from HKD 12,891,000 in the previous year[32]. - The operating profit from the lending segment for the year was approximately HKD 33,173,000, an increase from HKD 20,034,000 in the previous year[32]. - As of December 31, 2024, the total receivables from loans and interest amounted to HKD 170,863,000, down from HKD 213,272,000 as of December 31, 2023[32]. - The largest borrower, Corporate Borrower A, has an outstanding loan and interest receivable of HKD 103,000,000, representing 66.9% of the total receivables[35]. - The aging analysis of receivables shows that HKD 103,038,000 is overdue but not impaired, while HKD 27,613,000 is overdue between 181 to 365 days[35]. - The total receivables from the top five borrowers account for approximately 97.2% of the total receivables, indicating a high concentration risk[35]. - The company has implemented a credit policy and procedures manual to mitigate business-related risks associated with lending[39]. - The company’s credit assessment process includes evaluating the borrower's financial capacity and the adequacy of collateral provided[42]. - As of December 31, 2024, the estimated credit loss provision for receivables and interest is approximately HKD 16,852,000, a decrease from HKD 24,865,000 as of December 31, 2023, reflecting a reduction of about 32.4%[45]. - The company recorded a credit loss reversal of approximately HKD 8,013,000 for the year, compared to HKD 6,626,000 in the previous year, indicating an increase of about 20.9%[45]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance, having adhered to all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024, with one exception regarding the separation of roles between the Chairman and CEO[157]. - The board consists of eight directors, including six executive directors and three independent non-executive directors, responsible for leading and managing the group, overseeing business strategies and performance[163]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[150]. - The company has established a risk management policy to enhance its ability to prevent risks and ensure stable operations, regularly reviewing and updating its practices[190]. - The board is responsible for ensuring the accuracy and clarity of financial disclosures, including annual and interim reports[198]. - The company has adopted a dividend policy that considers financial performance, shareholder interests, and capital requirements when distributing dividends[197]. - The company emphasizes the importance of maintaining good communication with shareholders and investors through a shareholder communication policy[199]. - The company conducts regular risk monitoring and updates risk management strategies as necessary[196]. - The board will review the communication policy annually to ensure its effectiveness[199]. - The company encourages employees and relevant third parties to report misconduct confidentially under its whistleblowing policy[195]. Employee and Shareholder Information - The total employee cost for the year was approximately HKD 21,007,000, up from HKD 10,054,000 in the previous year, with 597 employees as of December 31, 2024[79]. - The company has adopted a new share option plan effective for approximately ten years, set to expire on June 29, 2031[126]. - The maximum number of shares that can be awarded under the share incentive plan is capped at 10% of the issued shares as of the adoption date, which translates to 2,895,072 shares, representing about 1.25% of the issued share capital as of the report date[132]. - The number of shares that can be awarded to selected individuals is limited to 1% of the issued share capital at the adoption date, equating to 88,039 shares[132]. - The company allows shareholders holding at least 10% of the paid-up capital to convene special general meetings[200]. Environmental and Social Responsibility - The company has integrated environmental, social, and governance risks into its risk management and internal control systems to enhance overall corporate risk management[102]. - The company has maintained stable electricity usage and reduced water consumption as part of its commitment to environmental sustainability[107]. - The company has established an anti-corruption policy that includes specific conduct guidelines for employees to combat corruption[195]. - The company has arranged appropriate insurance coverage for potential legal actions against directors and senior officers related to the group's business[164]. Market and Economic Risks - The company has identified significant economic risks, including prolonged economic downturns and inflation impacts on operations[99]. - The company will continue to review and adjust its business strategies in response to changing market conditions to ensure sustainable development[162].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 551.062 million, a decrease of 9.5% compared to RMB 609.301 million in 2023[7]. - The operating profit for 2024 was RMB 38.828 million, down 55.2% from RMB 86.692 million in 2023[7]. - The net profit for the year was RMB 9.709 million, a significant decline of 85.8% from RMB 68.671 million in 2023[7]. - The company's revenue decreased from RMB 609.3 million in 2023 to RMB 551.1 million in 2024, a reduction of RMB 58.2 million, primarily due to a decline in digital solution services revenue by RMB 67.5 million[22]. - Gross profit decreased from RMB 149.3 million in 2023 to RMB 106.2 million in 2024, a decline of RMB 43.1 million, aligning with the decrease in revenue[25]. - The gross margin fell by 5.2 percentage points from 24.5% in 2023 to 19.3% in 2024, mainly due to a significant drop in revenue and gross profit from digital solution services[26]. - Administrative expenses increased from RMB 38.5 million in 2023 to RMB 45.4 million in 2024, an increase of RMB 6.9 million, primarily due to higher expected credit loss provisions[29]. - The company's pre-tax profit decreased from RMB 70.0 million in 2023 to RMB 23.5 million in 2024, a reduction of RMB 46.5 million, mainly attributed to the decline in digital solution services revenue[32]. - The group's annual profit decreased from RMB 68.7 million to RMB 9.7 million, a reduction of approximately 85.8% due to a decline in revenue from digital solution services and an increase in income tax expenses[34]. Market Expansion and Development - The company successfully expanded its market presence by entering five new provinces in China, bringing its total coverage to 28 provinces, municipalities, and autonomous regions[9]. - The company increased its R&D investment in areas such as 5G network optimization, IoT, big data, and artificial intelligence, focusing on developing proprietary digital solutions[11]. - The company plans to focus on 6G communication technology and computing power infrastructure development to enhance its market competitiveness in the future[13]. IPO and Financial Position - The net proceeds from the IPO, amounting to approximately HKD 141.9 million, are expected to support the company's business development and competitive advantages[8]. - The total assets as of December 31, 2024, were RMB 1,401.560 million, compared to RMB 1,161.354 million in 2023, indicating a growth in asset base[7]. - The company reported a significant increase in current assets, reaching RMB 1,309.068 million in 2024, up from RMB 1,067.437 million in 2023[7]. - The group's net cash used in investing activities was approximately RMB 144.9 million, mainly due to cash outflows of RMB 139.8 million for settling amounts payable to shareholders and RMB 5.6 million for the purchase of property, plant, and equipment[35]. - The net cash generated from financing activities was approximately RMB 301.3 million, driven by bank borrowings of RMB 373.0 million and shareholder contributions of RMB 127.7 million[36]. - The group's cash and cash equivalents increased to RMB 135.0 million as of December 31, 2024, up from RMB 81.5 million, attributed to shareholder contributions and proceeds from the IPO[38]. Governance and Management - The company aims to optimize its governance structure and improve operational efficiency to ensure effective use of funds and higher returns for shareholders[13]. - The company has undergone changes in its board of directors, with several resignations effective March 21, 2025[68]. - The company appointed new independent non-executive directors in June 2024, enhancing its governance structure[64]. - The company has established a stock option plan effective from June 17, 2024, valid for a period of 10 years, with approximately 9 years and 3 months remaining as of the report date[112]. - The purpose of the stock option plan is to attract and retain top talent, providing additional incentives for eligible participants to contribute to the company's success[113]. - The board consists of nine directors, including six executive directors and three independent non-executive directors, ensuring a balance of skills and experience[162]. - The company has adopted a corporate governance code post-listing to ensure compliance and transparency in operations[154]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[154]. Employee and Leadership - As of December 31, 2024, the group employed 218 employees, with total employee costs amounting to RMB 26.7 million, a decrease from RMB 28.3 million in the previous year[51]. - Liu Haoqiong serves as the chairman and executive director, with over 20 years of experience in the telecommunications infrastructure industry[53]. - The company is focused on expanding its market presence and enhancing its operational strategies through experienced leadership[53][54][56][60][62]. - The management team comprises individuals with extensive backgrounds in telecommunications, finance, and corporate governance, ensuring robust oversight and strategic direction[53][54][56][60][62]. Compliance and Risk Management - The company has not identified suitable acquisition opportunities in the digital solution service sector and plans to take a cautious approach in utilizing the net proceeds[87][89]. - There were no significant violations of applicable laws and regulations during the reporting period[81]. - The company has maintained the public float required by listing rules since its listing date[141]. - The audit committee has reviewed the financial statements for the year ended December 31, 2024, and confirmed compliance with applicable accounting standards and regulations[148]. - The company has implemented strict internal procedures regarding anti-bribery, anti-corruption, and anti-fraud to enhance long-term sustainable performance[155]. Shareholder Information - The top five customers accounted for 97.1% of total revenue, with the largest customer contributing 60.4%[83]. - The top five suppliers represented 72.0% of total procurement costs, with the largest supplier accounting for 21.3%[83]. - The company has no distributable reserves available for dividend payments as of December 31, 2024[94]. - The board does not recommend the payment of any final dividend for the year ending December 31, 2024, consistent with 2023[75].

Financial Performance - For the year ended December 31, 2024, the total revenue of the group was approximately RMB 1,948 million, an increase of about 30% compared to the same period in 2023, primarily due to increased pharmaceutical sales, with core product Tuoyi® (Tremelimumab) domestic sales revenue reaching approximately RMB 1,501 million, a 66% increase year-on-year[7]. - The loss attributable to owners of the company decreased to approximately RMB 1,282 million, a reduction of about RMB 999 million or approximately 44% compared to the same period in 2023[8]. - Total revenue for 2024 reached RMB 1.948 billion, representing a year-on-year increase of approximately 30%[16]. - Core product Tuoyi® contributed RMB 1.501 billion in domestic sales, a year-on-year growth of 66%[16]. - The company achieved a significant reduction in net loss attributable to shareholders, with losses narrowing to RMB 2.356 billion in 2023 from RMB 2.582 billion in 2022[13]. - The company’s total comprehensive expenses for 2023 were RMB 2.608 billion, a slight decrease from RMB 2.651 billion in 2022[15]. - The company reported a basic loss per share of RMB (1,282,398) thousand for the year ended December 31, 2024, compared to RMB (2,281,624) thousand for the year ended December 31, 2023[119]. Research and Development - The total R&D expenditure for the reporting period was approximately RMB 1,275 million, a decrease of about 34% compared to 2023, mainly due to the implementation of cost control policies and optimization of resource allocation[8]. - The company has expanded its innovative R&D pipeline to include over 30 drugs in clinical trials and more than 20 drugs in preclinical development across five major therapeutic areas[9]. - The company is advancing its clinical pipeline with key products like Tifcemalimab and JS207, with Tifcemalimab undergoing two Phase III clinical trials[19]. - The company has conducted 92 clinical studies in 2024, enrolling over 2,100 participants, demonstrating increased clinical research efficiency[25]. - The company is actively pursuing new product development and market expansion strategies to strengthen its competitive position in the industry[160]. - The company is committed to increasing its innovation capabilities and accelerating the clinical trial and commercialization processes of new drugs[150]. Product Approvals and Market Expansion - The FDA approved the drug LOQTORZI® for the treatment of nasopharyngeal carcinoma in October 2023, marking it as the first drug of its kind in the U.S.[9]. - The company received NMPA approval for the sNDA of its drug in combination with other treatments for various cancers, including advanced liver cancer and triple-negative breast cancer, in 2024[10]. - The company’s drug LOQTORZI® has been approved in multiple countries, including India and Jordan, for treating nasopharyngeal carcinoma[10]. - The company’s drug Tuo Yi® has been included in the national medical insurance catalog for all 10 approved indications in mainland China, making it the only PD-1 monoclonal antibody for certain cancer treatments[11]. - The company has initiated commercial sales of Tuoyi® in the US and India, expanding its global market presence[17]. - Trelipilumab (LOQTORZI®) received FDA approval in October 2023 and will officially launch in the U.S. market in January 2024, becoming the only recommended first-line treatment for recurrent/metastatic nasopharyngeal carcinoma in the NCCN guidelines[31]. Financial Position and Liquidity - As of December 31, 2024, the group had a total cash and cash equivalents balance of approximately RMB 2,917 million, indicating a relatively strong liquidity position to support future development[8]. - The company has a cash and financial product balance of approximately RMB 2,917 million, indicating sufficient funding reserves[25]. - The company’s total assets amounted to RMB 11.362 billion as of December 31, 2023, while total liabilities reached RMB 4.022 billion[13]. - The company’s net asset value was RMB 7.340 billion as of December 31, 2023, down from RMB 9.794 billion in 2022[13]. - The company has incurred a net cash outflow of approximately RMB 1,443 million during the reporting period[148]. - The company expects to secure a credit facility of up to RMB 8,000 million to support its operations and project development, effective from the approval date of the 2024 annual general meeting until the 2025 annual general meeting[138]. Corporate Governance - The company has established a governance framework based on the corporate governance code outlined in the Stock Exchange Listing Rules[187]. - The board believes that the company has complied with all applicable principles and code provisions of the corporate governance code during the reporting period[188]. - The company has implemented a series of policies and processes to improve the board's governance capabilities[187]. - The board consists of 14 members, including 8 executive directors, 1 non-executive director, and 5 independent non-executive directors[193]. - The board has maintained compliance with listing rules by having at least three independent non-executive directors, representing over one-third of the board[198]. - The company has a strong leadership team with extensive experience in the pharmaceutical and medical fields, enhancing its strategic direction and operational efficiency[160]. Employee and Operational Efficiency - The company has 2,578 employees, with 620 dedicated to drug research and development, maintaining a gender balance with approximately 52% female employees[43]. - The company emphasizes employee career development through a unified performance management system and provides training resources to support professional growth[44]. - The company has optimized its commercialization team structure, significantly improving execution and sales efficiency[56]. - The company is focused on strategic research to mitigate risks associated with new drug development and will discontinue projects that do not meet expected outcomes[146]. Market Risks and Challenges - The company is at risk of not achieving profitability in the short term due to ongoing R&D investments and operational costs[144]. - The company faces potential financial risks from currency fluctuations, particularly related to assets and liabilities denominated in HKD and USD[148]. - The company is exposed to risks related to supply chain stability and potential disruptions in raw material supply[147]. - The company acknowledges the impact of macroeconomic factors, including uncertainties in international trade relations, on its overseas operations[151].

Financial Performance - The loss attributable to owners of Wong's International Holdings Limited for the year amounted to HK$837.5 million, compared to a profit of HK$152.7 million for the previous financial year[14]. - The underlying profit attributable to owners, excluding the effect of changes on investment properties and stock of completed properties, was HK$147.3 million, down from HK$163.1 million in the last financial year[15]. - The Group's revenue for the year ended December 31, 2024, was HK$2,664.7 million, a decrease from HK$3,185.7 million in the previous year[16]. - Operating loss for the year was HK$286.1 million, compared to an operating profit of HK$215.1 million for the last financial year[16]. - Earnings per share for the year was HK$1.75, compared to earnings per share of HK$0.32 for the previous financial year[16]. - The decrease in underlying profit was mainly due to a reduction in profit from the EMS Division by HK$1.6 million and from the Property Holding Division by HK$15.0 million[15]. - Other income decreased by HK$10.4 million, while income tax expenses increased by HK$13.7 million[15]. - The Group recorded a fair value loss of approximately HK$1 billion due to a sharp decline in commercial property prices in Hong Kong in 2024, but this did not affect cash flow[50]. - Revenue for 2024 is HK$2,664,674, a decrease of 16.3% from HK$3,185,668 in 2023[68]. - Operating loss for 2024 is HK$286,081 compared to a profit of HK$215,094 in 2023[68]. - Loss before income tax for 2024 is HK$782,828, significantly worse than the profit of HK$200,115 in 2023[68]. - Loss for the year attributable to owners is HK$837,464, a decline from a profit of HK$152,726 in 2023[68]. Dividends - The Company paid an interim dividend of HK$0.0275 per share for the year, down from HK$0.0300 per share in the previous year[19]. - The proposed final dividend is HK$0.0300 per share, consistent with the previous year, subject to shareholder approval[19]. - The Company paid an interim dividend of HK$0.0275 per share for 2024, down from HK$0.0300 in 2023, and recommends a final dividend of HK$0.0300 per share, unchanged from 2023[22]. - Proposed final dividend of HK$0.0300 per share, totaling HK$14,355[80]. Revenue Breakdown - Revenue for the Electronic Manufacturing Service (EMS) Division for the year ended 31 December 2024 was HK$2,603.0 million, a decrease of 16.7% from HK$3,123.9 million in the previous year[30]. - The EMS Division's attributable segment profit was HK$189.8 million, reflecting a 0.8% decrease from HK$191.4 million in the last financial year[32]. - The Property Holding Division reported revenue of HK$61.7 million, slightly down from HK$61.8 million in the previous year, with a segment loss of HK$916.1 million compared to a profit of HK$79.9 million in the last financial year[31]. Financial Position - As of 31 December 2024, the Group had total banking facilities of HK$2,908.9 million, down from HK$3,071.3 million in 2023[36]. - Total bank borrowings were HK$1,618.9 million as of 31 December 2024, a decrease from HK$1,790.7 million in 2023[36]. - Cash and cash equivalents, short-term bank deposits, and restricted cash amounted to HK$1,335.5 million as of 31 December 2024, compared to HK$1,348.0 million in 2023[36]. - The net gearing ratio for the Group as of 31 December 2024 was 0.08, down from 0.10 in 2023[38]. - The Group's total assets for 2024 were HK$7,678 million, while total liabilities were HK$3,265 million[62]. - Total assets decreased to HK$6,158,836 in 2024 from HK$7,310,256 in 2023, a reduction of 15.8%[68]. - Total liabilities decreased to HK$2,641,434 in 2024 from HK$2,835,989 in 2023, a reduction of 6.8%[68]. - Equity attributable to owners decreased to HK$3,517,402 in 2024 from HK$4,474,267 in 2023, a decline of 21.5%[68]. - The Group's borrowings to total equity ratio increased to 46.0% in 2024 from 40.0% in 2023[67]. Corporate Governance - The Group's leadership includes members with extensive experience in finance, accounting, and management across various industries, enhancing strategic decision-making capabilities[132][134]. - The company emphasizes strong governance with independent directors holding key committee positions, ensuring oversight and accountability[135][138]. - The diverse backgrounds of the directors contribute to a comprehensive understanding of market dynamics and operational challenges[130][131]. - The Group is committed to maintaining high standards of corporate governance and financial integrity through experienced leadership[135][139]. Shareholder Information - Mr. Wong Chung Mat holds 136,828,569 shares, representing 28.60% of the issued shares of the Company[151]. - Ms. Wong Yin Man holds 1,000,000 shares, representing 0.21% of the issued shares of the Company[151]. - Mr. Chan Tsze Wah holds 1,837,500 shares, representing 0.38% of the issued shares of the Company[151]. - Mr. Yu Sun Say holds 500,000 shares, representing 0.10% of the issued shares of the Company[151]. - As of December 31, 2024, no other Directors or chief executives had any interests or short positions in the shares of the Company[153]. Employee Information - As of December 31, 2024, the Group employed 2,604 employees, with a remuneration policy based on job nature, qualifications, and experience[45]. Risk Management - The Group has taken measures to hedge against the risk of high interest rates, which are expected to remain elevated[53]. - The Group does not use any foreign exchange hedging products, recognizing the currency risk associated with fluctuations in the Chinese Renminbi[39]. Share Option Scheme - The company has adopted a share option scheme on June 26, 2020, with a total of 47,848,379 shares available for grant, representing 10% of the issued shares as of the report date[168][171]. - No options have been granted under the scheme since its adoption date up to December 31, 2024[168]. - The overall limit on the number of shares that may be issued upon exercise of all outstanding options must not exceed 30% of the shares of the company in issue from time to time[171]. - The maximum entitlement of each participant under the scheme is limited to 1% of the shares of the company in issue in any 12-month period, unless approved by shareholders[176]. - The scheme will remain in force for 10 years, from June 26, 2020, to June 25, 2030[184]. - Eligible participants for the scheme include directors and employees of any member of the group who have contributed or will contribute to the group[170]. - The exercise price for options will be determined by the board but cannot be less than the nominal value of the shares[181]. - The minimum holding period for an option before it can be exercised is 1 year from the date of grant[178].

Financial Performance - Total revenue for 2024 reached HKD 11,842 million, a 3.1% increase from HKD 11,482 million in 2023[3] - Profit attributable to equity holders increased by 27.0% to HKD 7,919 million, compared to HKD 6,233 million in the previous year[3] - Regular profit rose by 22.6% to HKD 7,550 million, up from HKD 6,159 million in 2023[3] - EBITDA for the total business was HKD 7,043 million, reflecting a 6.6% growth from HKD 6,607 million[4] - Net cash generated from operating activities increased by 18.1% to HKD 8,547 million, compared to HKD 7,238 million in 2023[3] - Total assets decreased by 1.6% to HKD 169,474 million from HKD 172,314 million[3] - The company’s net interest-bearing debt and lease liabilities decreased by 8.0% to HKD 23,138 million from HKD 25,159 million[3] - The profit attributable to equity holders was HKD 7.919 billion, up 27.0% year-on-year, with recurring profit at HKD 7.550 billion, a 22.6% increase[19] - The group's revenue for the year ended December 31, 2024, was HKD 11.842 billion, an increase of 3.1% year-on-year, and a 9.0% increase when excluding the contribution from the sale of Ningbo Daxie in 2023[51] Market Expansion and Acquisitions - The company completed the acquisition of 51% stake in NPH in Indonesia, marking its entry into the Indonesian market[12] - The company completed the acquisition of 51% equity in the NPH project in Indonesia, marking its entry into the Southeast Asian market[18] - The company agreed to acquire a 70% stake in Vast in Brazil, which will become an indirect subsidiary, with its financial performance consolidated into the group's results[171] - The company is considering strategic acquisitions to bolster its logistics network, with potential targets identified in Southeast Asia[149] Container Throughput and Operations - The total container throughput for the company's global port projects was 145.75 million TEU, a growth of 6.0% compared to 2023[17] - The company's domestic and overseas port container business showed rapid growth, with domestic projects achieving a throughput of 108.91 million TEU, up 5.3% year-on-year[17] - The overseas port projects completed a total container throughput of 36.84 million TEU, reflecting an 8.1% increase year-on-year, with significant contributions from Sri Lanka's CICT and Brazil's TCP[47] - The Shenzhen western port area recorded a container throughput of 14.69 million TEU, marking a 19.3% increase year-on-year, benefiting from increased cargo volumes from emerging markets[41] ESG and Sustainability Initiatives - The company’s ESG rating was upgraded from BB to BBB by MSCI, the highest rating among port companies listed in mainland China and Hong Kong[13] - The company received an upgraded ESG rating to BBB from MSCI, the highest rating among port companies listed in mainland China and Hong Kong[38] - The group emphasizes sustainable development, integrating compliance management and operational practices to minimize environmental impact[68] - The company is focusing on green transformation by increasing the proportion of clean energy and exploring clean energy refueling business[76] - A new sustainability initiative is being implemented, aiming to reduce carbon emissions by 30% over the next five years[146] Strategic Focus and Future Outlook - The company aims to enhance core competitiveness and strengthen global layout through innovation and operational efficiency in the upcoming "15th Five-Year Plan" period[23] - The company is focusing on "global layout," "lean operations," and "innovation upgrades" as its strategic pillars for future growth[24] - The company aims to enhance its core competitiveness by optimizing its six strategic frameworks, including overseas strategy and innovation strategy[75] - The company will implement a "15th Five-Year Plan" focusing on reform, innovation, and development to ensure high-quality completion of its strategic goals[75] Governance and Board Structure - The board consists of 10 members, including 2 non-executive directors and 5 independent non-executive directors, ensuring strict oversight of management processes[108] - The company has a strong governance structure with multiple committees including audit, remuneration, and nomination committees[150][152][153][155] - The board has adopted a standard code of conduct for securities trading, confirming compliance by all directors during the year[100] - The company emphasizes the importance of independent directors in enhancing corporate governance and accountability[152][153] Employee and Community Engagement - The group has initiated the "Hundred Seedling Program" to innovate graduate recruitment and training models, and the "Living Water Program" to facilitate internal talent mobility[66] - The group is focused on enhancing employee welfare and recognition to foster a sense of belonging and shared interests with the organization[67] - The group is actively promoting community integration through various public welfare projects, enhancing communication and collaboration with local communities[71] Financial Management and Reporting - The company has engaged KPMG as the external auditor, with fees totaling HKD 13 million, including HKD 11 million for audit services and HKD 2 million for non-audit services[120] - The board is responsible for ensuring that the financial statements accurately reflect the group's financial position, performance, and cash flows for the fiscal year ending December 31, 2024[119] - The audit committee is tasked with reviewing the integrity of the company's financial statements and ensuring compliance with applicable accounting standards and regulations[4] - The company has established a comprehensive internal control system to ensure effective risk management and safeguard shareholder investments[122]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.70 per 10 shares, totaling RMB 98,945,446.46 (including tax) based on a total share capital of 1,413,506,378 shares as of December 31, 2024[5]. - The total cash dividend for the year, including the interim distribution, amounts to RMB 115,907,523.00 (including tax), representing 30.72% of the net profit attributable to shareholders of the listed company[5]. - The remaining undistributed profit carried forward to future periods is RMB 1,137,201,178.63[5]. - The profit distribution proposal is subject to approval at the company's 2024 annual general meeting[6]. - The company does not plan to implement a capital reserve fund conversion into share capital for the 2024 fiscal year[5]. Financial Performance - The company's operating revenue for 2024 reached RMB 19.40 billion, representing a year-on-year increase of 20.17%[20]. - Net profit attributable to shareholders for 2024 was RMB 377.26 million, a significant increase of 684.86% compared to the previous year[21]. - The basic earnings per share for 2024 was RMB 0.2669, reflecting a growth of 685% year-on-year[21]. - The net cash flow from operating activities for 2024 was RMB -2.20 billion, a decrease of 166.29% compared to the previous year[20]. - The company's total assets at the end of 2024 amounted to RMB 53.60 billion, an increase of 5.37% from the previous year[20]. - The weighted average return on equity for 2024 was 2.20%, an increase of 1.90 percentage points year-on-year[21]. Revenue Breakdown - Revenue from shipbuilding products was RMB 16.73 billion, a year-on-year increase of 26.39%, with a gross margin of 9.33%, up by 3.86 percentage points[62]. - The revenue from offshore engineering products was RMB 697.80 million, a year-on-year increase of 64.97%, but with a negative gross margin of -21.01%, down by 8.59 percentage points[62]. - Steel structure engineering revenue decreased by 38.43% to RMB 826.44 million, with a gross margin of 11.15%, down by 0.75 percentage points[62]. - Revenue from ship repair and modification was RMB 758.59 million, a slight increase of 1.96%, but with a gross margin of -11.70%, down by 15.61 percentage points[62]. - The revenue contribution from shipbuilding and offshore engineering products accounted for 90.91% of total revenue, an increase of 5.24 percentage points year-on-year[62]. Contracts and Orders - The company secured new contracts worth RMB 25 billion, completing 165.56% of the annual plan, with a total of 56 new ship orders across 12 types[29]. - As of the end of the reporting period, the total value of the company's order backlog was approximately RMB 61.6 billion, including contracts for 130 vessels[30]. - The company delivered 37 vessels totaling 1.0844 million deadweight tons during the reporting period, including significant defense equipment and various types of commercial vessels[30]. - The company successfully signed contracts for 6 methanol dual-fuel container ships and 12 gas transport vessels, enhancing its position in the medium-sized gas transport shipbuilding sector[29]. - The company has made significant progress in green transformation, securing contracts for 24 new energy vessels across 7 types[29]. Research and Development - Research and development expenses increased by 34.92% to RMB 888 million, reflecting a focus on enhancing R&D capabilities[40]. - The company completed 542 patent applications and received 167 patent grants during the year, enhancing its technological reserves[90]. - The proportion of R&D personnel to total employees was 21.56%, with a total of 1,345 R&D staff[85]. - The company is focusing on new technologies and products to meet the evolving demands of the defense industry and maritime sector[129]. - The company plans to continue optimizing ship types and innovating to improve product performance and meet customer demands[37]. Corporate Governance - The company has ensured the accuracy and completeness of the annual report, with no false records or significant omissions[8]. - The company has engaged Lixin Certified Public Accountants to provide a standard unqualified audit report for the financial statements[8]. - The company maintains its commitment to transparency and governance, adhering to the corporate governance code as per the Hong Kong Stock Exchange[11]. - The board of directors consists of 8 members, including 1 executive director, 3 non-executive directors, and 4 independent non-executive directors, ensuring diverse expertise in various fields[155]. - The company has established a robust internal control system, conducting annual reviews to ensure its effectiveness[159]. Investor Relations - The company emphasizes the importance of maintaining continuous communication with shareholders through various channels[177]. - The investor relations management system includes regular information disclosure and communication to enhance understanding and recognition among investors[178]. - The company has established a dedicated investor relations office to manage communication and feedback from investors and stakeholders[182]. - The company conducts various investor relations activities, including roadshows and site visits, to facilitate interaction with investors[182]. - The company ensures compliance with legal and regulatory requirements in its investor relations management activities[179]. Market Outlook - The company anticipates stable economic growth in 2025, driven by favorable fiscal and monetary policies, with emerging industries expected to develop rapidly[127]. - The global shipbuilding industry is experiencing a dual cycle of old ship replacement and green transformation, with a potential demand for new orders due to aging fleets[129]. - The global offshore wind power installed capacity is projected to grow from 10.9 GW to 66.2 GW from 2023 to 2033, with a compound annual growth rate of 19.8%[130]. - The company is focusing on enhancing ship type research and development, promoting product upgrades, and increasing production efficiency[132]. - The company aims to strengthen contract performance management to mitigate customer risks related to financing difficulties and potential defaults[135]. Risk Management - The company has detailed potential risks in the board report, advising investors to be aware of investment risks[9]. - The company has no instances of non-operational fund occupation by controlling shareholders or related parties[9]. - The company has implemented measures to manage market, liquidity, credit, operational, and legal risks associated with derivative investments[115]. - The company has established a financial derivative business management system to regulate foreign exchange derivative trading operations and risk management procedures[115]. - The company is committed to reducing costs through efficiency improvements and optimizing product structure to counteract raw material price fluctuations[136].

Company Overview - Guangdong Join-Share Financing Guarantee Investment Co., Ltd. is a leading financing guarantee services provider in Guangdong province, focusing on credit-based financing solutions for SMEs since its establishment in 2003[4]. - The company has expanded its business network to cover all major cities in Guangdong province and certain cities in Anhui province[4]. - As of June 2014, Foshan Join-Share Micro Credit Co., Ltd. was consolidated into the Group, enhancing its micro-lending capabilities[5]. - The company has established strong cooperative relationships with various banks and non-bank financial institutions, which helps diversify customer referrals and reduce credit risks[6]. - The company has an "AA" corporate rating from CSCI Pengyuan Credit Rating Co. Ltd., indicating a stable outlook[6]. - The share capital comprises Domestic Shares and H Shares, with H Shares listed on the Main Board of The Stock Exchange of Hong Kong Limited since December 23, 2015[7]. - The company aims to ensure management independence and has implemented prudent corporate governance since its establishment[6]. - The management team has substantial expertise in finance, banking, accounting, and legal industries, contributing to the company's strong market position[6]. - The company does not have a controlling shareholder, which supports its governance structure and operational independence[6]. Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 359.03 million, representing a decrease of approximately 7.60% compared to the previous year[27]. - Profit for the year was approximately RMB 42.82 million, with a net profit margin of 12.42%[27]. - Profit before taxation amounted to approximately RMB 66.85 million, reflecting a decrease of approximately 11.23% compared to last year[27]. - Profit attributable to equity shareholders of the Company was approximately RMB 42.18 million, representing an increase of approximately 9.84% compared to the previous year[27]. - The Board recommended a final dividend of RMB 0.019 per share for the year ended December 31, 2024[27]. - Operating expenses for the year were RMB 142.17 million, slightly decreased from RMB 143.38 million in the previous year[26]. - Total assets increased to RMB 3,884.59 million from RMB 3,788.24 million in the previous year[26]. - Total liabilities rose to RMB 1,523.50 million from RMB 1,432.49 million in the previous year[26]. - The return on net assets was 1.8%, unchanged from the previous year[26]. - The return on assets was 1.1%, consistent with the previous year[26]. Economic Context - In 2024, China's GDP reached RMB134.9084 trillion, marking a 5.0% year-on-year growth, maintaining its position as the world's second-largest economy[43]. - The added value of the primary industry was RMB9.1414 trillion, a 3.5% year-on-year increase; secondary industry was RMB49.2087 trillion, an increase of 5.3%; and tertiary industry was RMB76.5583 trillion, with a 5.0% growth[43]. - Quarterly GDP growth rates were 5.3% in Q1, 4.7% in Q2, 4.6% in Q3, and 5.4% in Q4, indicating a V-shaped recovery[43]. Business Strategy and Development - The Group's financing guarantee business license was renewed, and it has optimized its business structure and innovated its service model to enhance corporate governance[47]. - The Group aims to improve financing accessibility and reduce funding costs for SMEs, thereby supporting innovation and business expansion[48]. - The "town-street model" was recognized as a typical case of inclusive financial services in 2024 by the China Association for Small & Medium Commercial Enterprises[37]. - The Group has focused on green finance, elderly care finance, and value-added services as new business directions[38]. - A new five-year development plan is being formulated to innovate the business model and optimize management structure[39]. - The Group has established a systematic investment and financing service platform for SMEs, enhancing financing efficiency and reducing costs[44]. - The Group's subsidiaries received recognition in the "Spotlight Programme" for emerging and pioneering enterprises, enhancing the company's brand influence[40]. Guarantee and Loan Operations - As of December 31, 2024, the Group's total outstanding guarantee was approximately RMB 7,533.25 million, a decrease from RMB 9,792.61 million as of December 31, 2023, representing a reduction of approximately 23%[55][56]. - For the year ended December 31, 2024, the net guarantee fee income was approximately RMB 223.77 million, down from RMB 245.48 million in the previous year, indicating a decline of about 8.8%[55][56]. - The balance of entrusted loans as of December 31, 2024, was approximately RMB 385.46 million, slightly decreased from RMB 395.57 million as of December 31, 2023, reflecting a reduction of about 2.8%[61][58]. - The top five customers of entrusted loans represented approximately 47.32% of the total remaining balance as of December 31, 2024[61]. - The monthly fixed interest rate charged for entrusted loans ranged from 0.5% to 1.15%, consistent with the previous year[57][58]. - The Group aims to enhance financing accessibility for SMEs and reduce their financing costs, promoting investment and innovation within the sector[49]. - The Group has received approval for financing guarantee business operations, establishing a solid foundation for sustainable development[49]. - The Group is focused on adjusting its business structure and strengthening internal management to support long-term growth[49]. - The Group's vision is to become a systematic investment and financing service provider for small and micro enterprises[49]. Micro-lending Operations - The Group's micro-lending balance as of December 31, 2024, was approximately RMB727.41 million, an increase from RMB580.31 million as of December 31, 2023, representing a growth of approximately 25.38%[63]. - The monthly fixed interest rate for micro-lending remained stable, ranging from 0.55% to 2.0% for both the years ended December 31, 2024, and December 31, 2023[63]. - The Group's net interest income for the year ended December 31, 2024, was approximately RMB94.85 million, reflecting an increase of approximately 8.52% compared to RMB87.40 million for the year ended December 31, 2023[67]. - The top five customers accounted for approximately 10.31% of the total micro-lending balance as of December 31, 2024[65]. - The Group's micro-lending operations are conducted through its subsidiary, Foshan Micro Credit, which is approved by the Guangdong Financial Supervisory Authority[63]. - The maximum amount of micro-lending that the Group can provide is capped at RMB15.00 million due to regulatory limits[63]. Risk Management - The Group employs a comprehensive internal control policy to manage risks associated with its guarantee business, including post-transaction inspections and regular monitoring of customer profiles[68]. - Special post-transaction supervision is conducted monthly for projects with operational risks or high cumulative guarantee liabilities[71]. - The interest rates for individual loans within the micro-lending portfolio vary based on borrower creditworthiness and other factors[66]. - The Group's micro-lending business primarily targets SMEs, individual business proprietors, and individuals in the Foshan area[63]. - The company conducts risk screening and adopts stricter supervision for high-risk industries and projects affected by macroeconomic conditions[73]. - Risk profiles are classified into five categories: "normal," "special-attention," "substandard," "suspicious," and "loss," based on various financial and repayment criteria[75]. - The company initiates collection processes for projects with significant hidden risks or risk exposure, including paying outstanding loan amounts to banks in case of customer defaults[76]. - For entrusted loans, the project manager prepares investigation reports and collects collateral-related materials, with loan approvals capped at 6% of the group's net assets[78]. - The company adjusts project supervision levels and review frequencies based on the classified risk profiles, enhancing focus on "special-attention" projects[75]. - Collateral management includes both tangible and intangible assets, with regular inspections and appraisals conducted for registered properties[74]. - The company collaborates with customers to develop alternative repayment plans when customers indicate an intention to repay[76]. - Legal proceedings may be initiated against customers in disputes over collateral rights, with the company seeking court orders to enforce guarantee agreements[76]. - The risk management department works closely with the business department to develop project due date guidance based on customer performance[73]. - The company employs differentiated risk management strategies to enhance supervision on higher-risk projects, particularly those classified as "substandard," "suspicious," or "loss"[75]. - The company initiates post-loan management procedures to identify potential repayment difficulties for entrusted loans upon expiry[79]. Management and Governance - The total number of staff as of December 31, 2024, was 291, with 87% holding a bachelor's degree or above[173]. - Mr. Wu has approximately 22 years of experience in the finance industry, having held various managerial positions in multiple companies[180]. - From May 2001 to May 2003, Mr. Wu served as the general manager at Guangdong Yinda Financing Guaranty Investment Group Co., Ltd., focusing on business operations[181]. - Mr. Huang has over 10 years of experience in financial management, with roles in various sections of the Foshan Finance Bureau[186]. - Mr. Huang was appointed as a non-executive Director on June 18, 2024[185]. - Mr. Zhao Wei was appointed as a non-executive Director on January 29, 2021[190]. - Mr. Huang obtained his bachelor's degree in economics, majoring in Finance (International Finance), in June 2003[187]. - Mr. Wu received his bachelor's degree in economics from Anhui Finance and Trading College in July 1983, majoring in business accounting[182]. - Mr. Wu has been recognized with multiple awards, including the "Special Contribution Award for the Construction of China's Social Credit System" in 2022[184]. - Mr. Huang served as the head of the finance section of Foshan Finance Bureau from December 2020 to February 2023[186]. - Mr. Wu was elected as a representative of the 13th National People's Congress in 2018[184]. - Mr. Zhao has over 29 years of experience in the finance industry and currently serves as the chief officer of the strategic investment department at Foshan Financial[191]. - Mr. Pan has over 25 years of experience in business administration and was appointed as a non-executive Director on June 18, 2024[196]. - Ms. Feng was appointed as a non-executive Director on June 18, 2024, after previously serving as a Supervisor from June 6, 2018, to June 5, 2021[200]. - Mr. Zhao holds the PRC Certified Public Accountant National Unified Exam Certificate and the Certified Public Valuer Unified Exam Certificate[194]. - Mr. Pan obtained his Master of Business Administration degree from Macau University of Science and Technology in November 2022[197]. - Mr. Zhao has held various positions in financial institutions, including a project manager at Guangdong Guang Xin Certified Public Accountants and a senior merger and acquisition advisor[193]. - Mr. Pan served as the vice chairman and general manager of Guangdong Real Faith Enterprises Group Co., Ltd. from 1996 to 2006[196]. - Mr. Zhao has been with Foshan Financial since July 2017, overseeing general operations in the strategic investment department[191]. - Ms. Feng's previous role as a Supervisor indicates her familiarity with the company's governance and operations[200]. - Mr. Pan's extensive experience in business administration positions him well for his role as a non-executive Director[198].