Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, was SGD 97.003 million, a decrease of 4.5% from SGD 101.575 million in 2023[11] - Gross profit for the same period was SGD 12.866 million, down 11.1% from SGD 14.478 million in 2023[11] - The group reported a profit attributable to equity holders of SGD 1.714 million, an increase of 123.5% compared to SGD 0.768 million in 2023[11] - Total revenue for the fiscal year 2024 is approximately SGD 97.0 million, a decrease of about 4.5% from SGD 101.6 million in fiscal year 2023[21] - Contract engineering revenue decreased by approximately SGD 6.5 million, primarily due to a decline in power cable installation project revenue by about SGD 9.2 million[25] - Gross profit for fiscal year 2024 is approximately SGD 12.9 million, down from SGD 14.5 million in fiscal year 2023, resulting in a gross profit margin decrease from approximately 14.3% to 13.3%[22] - Other income increased to approximately SGD 1.0 million in fiscal year 2024, up from SGD 0.8 million in fiscal year 2023, mainly due to an increase in fair value gains from investment properties[23] - The net profit for fiscal year 2024 is approximately SGD 1.9 million, an increase from SGD 1.3 million in fiscal year 2023[32] Assets and Liabilities - Total assets as of December 31, 2024, were SGD 104.316 million, a decrease from SGD 109.317 million in 2023[12] - Total liabilities decreased to SGD 46.230 million from SGD 53.020 million in 2023, reflecting a reduction of 12.5%[12] - As of December 31, 2024, the group's current assets net balance is approximately SGD 35.7 million, compared to SGD 33.2 million as of December 31, 2023[34] - As of December 31, 2024, the total borrowings of the group amounted to approximately SGD 25.7 million, a decrease from SGD 32.2 million as of December 31, 2023[36] - The debt-to-equity ratio as of December 31, 2024, was approximately 44.2%, down from 57.2% as of December 31, 2023, primarily due to a reduction in borrowings and lease liabilities by about SGD 6.5 million[37] - The net debt-to-total capital ratio was approximately 8.7% as of December 31, 2024, down from 14.8% as of December 31, 2023, attributed to a decrease in cash and bank deposits by about SGD 2.3 million and a reduction in borrowings and lease liabilities[38] Projects and Business Opportunities - The group secured approximately SGD 241.2 million in new projects by December 2024, indicating ongoing business opportunities despite market challenges[16] - The total number of ongoing projects as of December 31, 2024, is 28, with a total contract value of approximately SGD 514.1 million, of which SGD 95.2 million has been recognized as revenue[17] - The construction industry in Singapore grew by 4.4% year-on-year in Q4 2024, driven by both public and private sector expansion[14] - The group aims to prioritize cash savings and cost control while expanding market share in response to rising construction costs and economic uncertainties[7] - The company plans to closely monitor global economic trends and market conditions to enhance operational efficiency and competitiveness[16] Corporate Governance and Management - The management team includes experienced individuals with over 30 years in the construction industry, ensuring strategic oversight and operational management[55][56] - Independent non-executive director Mr. Huang Chen Dong was appointed on February 18, 2020, and serves as the chairman of the remuneration committee and a member of the audit and nomination committees[57] - Ms. Li Ying Ran, also an independent non-executive director since February 18, 2020, chairs the audit committee and is a member of the remuneration committee[59] - The company has established an audit committee consisting of three independent non-executive directors to review risk management and internal control systems[152] - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with relevant guidelines[134] Audit and Internal Controls - The company faced audit issues due to the absence of the main contact person, Mr. Huang, which hindered access to necessary accounting records and documents[51] - The board believes that the audit issues are a one-time event and has developed a detailed plan to strengthen internal control policies regarding future subsidiary sales, particularly for overseas subsidiaries[54] - The company issued a qualified opinion on its consolidated financial statements for the year due to the inability to arrange an audit for the sold entity, Zhangde Holdings Limited and its subsidiaries[160] - The board has identified internal control deficiencies in obtaining and preserving accounting records from overseas subsidiaries, leading to the implementation of enhanced internal control policies effective April 8, 2025[161] - The company has established strict internal control policies to manage accounting records, with monthly performance reports submitted to management[160] Environmental, Social, and Governance (ESG) - The annual Environmental, Social, and Governance (ESG) report will disclose relevant information for the fiscal year 2024, covering January 1 to December 31, 2024[168] - The report adheres to the guidelines set forth in the Environmental, Social, and Governance (ESG) Reporting Guidelines as per the Main Board Listing Rules[170] - The group has conducted a materiality assessment to identify key issues for the reporting period, ensuring that significant topics are prioritized in the ESG report[171] - The group emphasizes the collection and recording of key performance data related to environmental and social metrics, presenting quantitative data in the ESG report[171] - The board is responsible for the overall supervision of ESG matters, ensuring alignment with corporate social responsibility and strategic growth[176] Shareholder Matters - The company does not recommend any final dividend for fiscal year 2024, consistent with fiscal year 2023[33] - The board has decided not to declare a final dividend for the current year[87] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future growth[86] - The company has issued 1,064,000,000 shares with a par value of HKD 0.01 as of December 31, 2024[84] - The company has no knowledge of any tax relief available to shareholders for holding shares[127] Sustainability and Environmental Impact - The company aims to reduce greenhouse gas emissions density by 5% by 2030, using 2022 as the baseline[183] - In 2024, the total greenhouse gas emissions amounted to 9,411.07 tons of CO2 equivalent, an increase from 6,914.74 tons in 2023[189] - The company reported a significant increase in nitrogen oxides (NOx) emissions, rising to 16.12 tons in 2024 from 5.59 tons in 2023[186] - The company has established an environmental management system in accordance with ISO 14001:2015 standards[182] - The company has set a goal to maintain non-hazardous waste density while reducing energy consumption density by 5% by 2030[185]

Company Overview - The company is a leading manufacturer of coal mining and excavating equipment in China, with a focus on integrated coal mining equipment and intelligent control systems [3]. - The company has developed the world's highest hydraulic support for coal mining, showcasing its strong R&D capabilities [3]. - The company has a well-established operating history and extensive sales and service network, which are key to maintaining its market leadership [5]. - The company's A shares were listed on the Shanghai Stock Exchange in 2010, and H shares on the Hong Kong Stock Exchange in 2012, indicating strong market presence [2]. Financial Performance - In 2024, Zhengzhou Coal Mining Machinery Group recorded total revenue of RMB 37,052.04 million, representing a year-on-year increase of 1.73% [23]. - Net profit attributable to shareholders of the listed company amounted to RMB 3,943.49 million, reflecting a year-on-year increase of 19.45% [23]. - The coal mining machinery segment achieved operating income of RMB 19,469.66 million and a net profit excluding unallocated expenses of RMB 4,167.47 million [30]. - The automotive parts segment generated annual revenue of RMB 17,582.38 million and a net profit of RMB 265.54 million, supporting the company's sustainable development [42]. - For the year ended December 31, 2024, the Group achieved sales revenue of RMB 37,052.04 million, representing an increase of 1.73% from the previous year [109]. - Profit attributable to owners of the Company was RMB 3,943.49 million, reflecting a significant increase of 19.45% compared to the previous year [109]. Market Expansion and Internationalization - The company has successfully exported integrated mining equipment, marking a significant achievement in its international expansion [3]. - The company has entered the Kazakhstan market for the first time and secured large-scale projects in Indonesia and Turkey, expanding its international presence [34]. - The coal mining machinery industry is expected to see increased internationalization as domestic companies capture overseas markets following the withdrawal of international coal machinery enterprises [59][63]. Technological Innovation and R&D - The company is committed to technological innovation in energy conservation and emission reduction for automobiles [4]. - The company is actively promoting research and development in open-pit mining and intelligent tunneling, aiming to explore new growth points [36]. - The company is committed to enhancing product quality and factory efficiency through digital empowerment, successfully delivering its first external project in 2024 [51]. - The company is focusing on industrial intelligence, integrating digital technology with manufacturing to deliver intelligent industrial solutions [103]. Digital Transformation and Smart Manufacturing - The Hengda Smart Control's new digital factory commenced operations, increasing production capacity by 12%, improving efficiency by 33%, and reducing delivery time by 11% [24]. - The Group's digital transformation planning and business governance reform were fully launched, enhancing operational efficiency and market competitiveness [27]. - The smart park was recognized as the first "Lighthouse Factory" in the coal machinery industry, showcasing advancements in intelligent manufacturing [24]. - The company is focusing on new industrial opportunities under the "dual-carbon" context, planning investments in existing businesses with market potential and exploring new industries [93]. Strategic Objectives and Future Goals - The Group's strategic objectives include becoming a global leading and sustainable provider of intelligent industrial solutions, emphasizing innovation and market leadership [21]. - The company aims to achieve a development goal of 100 billion by 2030 through diversified business layout and resource integration [73]. - The company plans to achieve a development goal of 100 billion by 2030 through diversified business layouts and resource integration, emphasizing innovation and collaboration across business segments [75]. Challenges and Market Trends - The coal mining industry is experiencing increased concentration and competition, with accelerated internationalization and digital transformation trends [55]. - The overall fluctuation range of coal prices is anticipated to decrease, with a potential downward shift in the price center [60][63]. - The market share of new energy vehicles in China is projected to reach approximately 20% of total sales by 2025, with hybrid electric vehicles accounting for over 50% of traditional energy passenger vehicles [62][65]. Operational Efficiency and Cost Management - The Group's gross profit for the year was RMB 8,853.17 million, an increase from RMB 7,602.06 million in the previous year [117]. - The Group's R&D expenses for the year were RMB 1,516.44 million, slightly decreased from RMB 1,568.22 million in the previous year [117]. - The Group's cash and cash equivalents decreased to RMB 2,987.59 million as of December 31, 2024, from RMB 4,729.23 million at the beginning of the year [161]. Risk Management - The Group is exposed to cash flow interest rate risk related to variable-rate borrowings and currently does not have a specific policy to manage this risk, but management will monitor exposures closely [196]. - The Group operates internationally and faces foreign exchange risk primarily with respect to non-functional currency bank balances, receivables, borrowings, and payables [198].

Revenue and Financial Performance - For the fiscal year ending December 31, 2024, the total revenue from air freight services was approximately MYR 10.9 million, an increase of about 28.2% compared to MYR 8.5 million in 2023[11]. - The revenue from sea freight services was approximately MYR 23.4 million, representing a significant increase of about 40.1% from MYR 16.7 million in 2023, making it the largest source of income for the company[14]. - Revenue from freight and related services was approximately MYR 2.5 million, a substantial increase of about 92.3% compared to MYR 1.3 million in 2023[16]. - The total revenue from integrated logistics services for the fiscal year was approximately 36.7 million MYR, an increase of about 39.0% or 10.3 million MYR compared to the previous year[24]. - Revenue from the manufacturing and trading of plastic products was approximately 19.0 million MYR, down from 22.1 million MYR in the previous year, accounting for about 22.2% of total revenue[18]. - Revenue from the trading of second-hand mobile phones was approximately 29.8 million MYR, a significant decrease from 67.8 million MYR in the previous year, representing about 34.8% of total revenue[19]. - The company recorded a loss of approximately 6.2 million MYR for the fiscal year, compared to a loss of 20.4 million MYR in the previous year[37]. Operational Metrics - The total air freight volume for exports was 1,585,000 kg in 2024, down from 2,057,000 kg in 2023, while imports increased to 1,672,000 kg from 1,063,000 kg[12]. - The sea freight volume for exports increased to 4,764 standard containers in 2024 from 4,362 in 2023, and imports rose to 5,388 standard containers from 4,052[15]. Strategic Focus and Market Position - The company is focused on enhancing its market position in Hong Kong despite the highly competitive logistics industry in Malaysia[9]. - The company aims to expand its logistics services in Hong Kong to improve its market share[9]. - The company provides a comprehensive range of logistics services, including air and sea freight forwarding, warehousing, and supply chain management[8]. - The company is committed to making necessary adjustments to its strategies and operations in response to market conditions[9]. Corporate Governance and Board Structure - The board consists of five directors, including two executive directors and three independent non-executive directors[86]. - The company adheres to the GEM Listing Rules and has complied with all applicable corporate governance codes throughout the fiscal year[79]. - The board has established various committees to delegate responsibilities and ensure effective governance[82]. - The company emphasizes a balanced composition of executive and non-executive directors to facilitate independent judgment[85]. - The company has appointed three independent non-executive directors, constituting over one-third of the board, with at least one possessing appropriate professional qualifications or expertise in accounting or related financial management[87]. Risk Management and Internal Controls - The group faces various risks including operational, market, liquidity, credit, and regulatory risks, and has established risk management policies to address these[46]. - The company has implemented a series of internal control policies to ensure effective operations and compliance with applicable laws and regulations[133]. - The risk management and internal control systems are designed to protect the company's assets and ensure accurate financial reporting[134]. - The board reviews its risk management and internal control systems at least annually to ensure their effectiveness[135]. - An independent internal control consultant was hired to assess the internal control systems, including cash and treasury management functions[141]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's initiatives and performance in sustainability for the fiscal year ending December 31, 2024[157]. - The group aims to reduce environmental impact and carbon footprint through strict environmental policies and practices, including fuel and electricity consumption management[175]. - The company is committed to achieving net-zero emissions and is continuously evaluating the environmental impact of its activities[182]. - The company emphasizes the importance of effective resource management and has adopted measures to minimize environmental impact through real-time monitoring[189]. - The company is actively identifying climate change risks and opportunities, incorporating them into its risk management framework[197]. Employee and Compensation - The total employee compensation, including directors' remuneration, reached MYR 17.4 million, an increase from MYR 16.6 million in 2023, with a total of 498 full-time employees compared to 380 in 2023[58]. - The company encourages all directors to participate in relevant training courses, with costs covered by the company, to enhance their understanding of their responsibilities[91]. Financial Management and Investments - Administrative expenses for the fiscal year were 12.8 million MYR, down from 14.5 million MYR in the previous year[34]. - Financing costs remained stable at approximately 0.5 million MYR for both the current and previous fiscal years[35]. - The company completed a placement of 126,720,000 shares at HKD 0.1 per share, raising approximately HKD 12.3 million net after expenses[60]. - The company approved a rights issue to raise up to approximately HKD 51.9 million, with the proceeds initially intended for working capital to expand logistics services in Hong Kong[63]. Shareholder Engagement and Communication - The board encourages shareholder participation in meetings and values the annual general meeting as a key communication channel[148]. - The company has a dividend policy that considers factors such as overall financial condition, working capital, and market conditions before recommending any dividend distribution[151].

Financial Performance - Revenue for the year 2024 was reported at $1,773,773 thousand, showing a 29% increase from $1,374,714 thousand in 2023[20] - Profit before taxation for 2024 was $132,763 thousand, recovering from a loss of $48,856 thousand in 2023[20] - Profit for the year attributable to equity shareholders was $112,474 thousand in 2024, compared to a loss of $37,137 thousand in 2023[20] - Earnings per share for 2024 were reported at 22 cents, a recovery from a loss of 7 cents in 2023[20] - Net profit for 2024 was approximately US$112.7 million, representing a 403.4% growth compared to a net loss of US$37.2 million in 2023[42] - The Group recorded a profit before taxation of US$132.8 million in 2024, a significant recovery from a loss of US$48.9 million in 2023[85] - The company recorded a profit for the year of US$112.7 million in 2024, compared to a loss of US$37.2 million in 2023, resulting in a net profit margin of 6.4%[87] - The effective tax rate for 2024 was 15.1%, with an income tax expense of US$20.1 million, compared to a tax income of US$11.7 million in 2023[89] Revenue Growth - Revenue increased by 29.0% to reach US$1,773.8 million in 2024, driven by strong points-of-sale performance and a rebound in customer orders[26] - Revenue growth was observed across all regions: North America (+37.5%), Europe (+11.2%), China (+9.8%), and the rest of the world (+8.9%)[38] - Revenue from OPE products rose by 24.2% from US$811.4 million in 2023 to US$1,007.5 million in 2024, while revenue from power tools increased by 36.3% from US$548.5 million to US$747.6 million[64] - Revenue from North America surged by 37.5% from US$940.2 million in 2023 to US$1,293.1 million in 2024, with Europe and China also showing increases of 11.2% and 9.8% respectively[65] Product Development and Innovation - The company has a diversified product portfolio with five well-recognized brands: EGO, FLEX, SKIL, DEVON, and X-TRON, targeting various market segments[4] - Approximately 200 new products were launched in 2024, with lithium-ion battery-powered products making up about 90% of these launches[29] - FLEX achieved a growth rate exceeding 50% in 2024, launching over 50 new products, including nine new nailers and staplers[52][55] - FLEX's flagship product, the polisher, won the 2024 Plus X Award, highlighting its innovation[52][55] - DEVON's new 12V product line on the lithium battery platform was exceptionally successful during the reporting period[54][57] - The focus on lithium-ion battery technology has driven significant growth and innovation within the company[5] - The company is committed to becoming a global leader in power tools and outdoor power equipment through continuous innovation[7] Strategic Initiatives - The company aims to expand its market share through user-centric innovation and a robust multi-channel sales network[5] - The strategic acquisition of FLEX Scandinavia AB expanded FLEX's presence in the Swedish and Scandinavian markets[29] - The company is relocating production capacity from Nanjing to Vietnam and closing its facility in Germany to enhance supply chain flexibility[30] - Looking ahead to 2025, the company plans to mitigate external trade frictions through capacity relocation and adaptive pricing strategies[31] - The company aims to divest non-core assets to improve resource allocation to high-potential core businesses[31] Financial Position and Management - Cash and cash equivalents increased to US$328.8 million as of December 31, 2024, up from US$296.3 million in 2023[96] - The company's bank loans decreased to US$295.6 million as of December 31, 2024, from US$323.6 million in 2023, with a gearing ratio of 0.3[100][101] - Inventories rose to US$608.3 million as of December 31, 2024, compared to US$531.0 million in 2023, while inventory turnover days improved to 180 days[102] - Trade and bills receivables turnover days increased to 87 days in 2024, up from 77 days in 2023, reflecting strong sales performance in Q4 2024[103] - Trade and bills payables turnover days decreased to 86 days in 2024, compared to 96 days in 2023, aligning with supplier credit terms[104] - The company maintains a strong financial position and regularly reviews funding requirements to support current operations and future expansion plans[99] Employee and Management Overview - The number of employees increased to 6,481 as of December 31, 2024, from 6,173 in 2023, with total staff costs rising to $240.2 million from $208.9 million[132] - The Group's largest customer accounted for approximately 39.1% of total revenue in 2024, up from 34.5% in 2023, while the top five customers accounted for 63.3% of total revenue, up from 59.3%[130] - The Group is committed to providing equal employment opportunities and aims to achieve a relative balance between male and female employees in the future[137] - The Group's strategic focus includes hiring, retaining, and enhancing top talent globally, supported by competitive compensation and specialized training programs[137] - The management team comprises experienced professionals with backgrounds in various industries, contributing to the Group's growth and innovation[189][196]

Financial Performance - Total revenue for Q1 2025 was CNY 40,019,080,365.54, a decrease of 6.63% compared to the same period last year[9]. - Net profit attributable to shareholders decreased by 45.60% to CNY 1,751,178,715.35 from CNY 3,227,751,398.16 in the previous year[9]. - Basic and diluted earnings per share fell by 44.74% to CNY 0.21 per share[9]. - Total operating revenue for Q1 2025 was CNY 40.02 billion, a decrease of 6.5% compared to CNY 42.86 billion in Q1 2024[30]. - Net profit for Q1 2025 was CNY 1.75 billion, a decline of 45.5% from CNY 3.22 billion in Q1 2024[31]. - Basic and diluted earnings per share for Q1 2025 were CNY 0.21, down from CNY 0.38 in Q1 2024[32]. - Other comprehensive income after tax for Q1 2025 was CNY 1.75 billion, compared to a loss of CNY 266.83 million in Q1 2024[32]. - The company reported a financial expense of CNY -1.03 billion in Q1 2025, a significant change from CNY 95.39 million in Q1 2024[30]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -8,980,143,836.11, indicating a significant decline in cash inflow[9]. - In Q1 2025, the net cash flow from operating activities was -8,980,143,836.11, a decline compared to -2,634,303,567.26 in Q1 2024, indicating a worsening operational cash flow situation[35]. - Cash inflow from investment activities in Q1 2025 was 38,801,508,093.58, significantly higher than 5,123,580,358.69 in Q1 2024, reflecting a strong recovery in investment returns[36]. - The net cash flow from financing activities in Q1 2025 was 302,946,866.44, down from 2,333,728,048.33 in Q1 2024, suggesting reduced financing activity[37]. - The total cash and cash equivalents at the end of Q1 2025 amounted to 28,629,990,718.44, compared to 32,223,097,139.26 at the end of Q1 2024, indicating a decrease in liquidity[37]. - Cash received from sales of goods and services in Q1 2025 was 43,097,218,726.83, a decrease from 44,777,215,836.01 in Q1 2024, showing a decline in revenue generation[35]. - The cash outflow for purchasing goods and services in Q1 2025 was 41,735,893,116.59, an increase from 38,872,240,287.30 in Q1 2024, indicating rising operational costs[35]. - Cash inflow from recovering investments in Q1 2025 was 38,470,334,530.94, a substantial increase from 5,100,000,000.00 in Q1 2024, highlighting improved investment recovery[36]. - The cash outflow for investment activities in Q1 2025 was 28,751,296,916.89, compared to 7,846,690,783.62 in Q1 2024, reflecting increased capital expenditures[36]. - The impact of exchange rate changes on cash and cash equivalents in Q1 2025 was positive at 23,702,049.12, contrasting with a negative impact of -30,707,669.87 in Q1 2024[37]. - The cash inflow from financing activities in Q1 2025 totaled 4,207,812,856.63, down from 7,931,975,869.95 in Q1 2024, indicating a reduction in financing sources[37]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 212,547,066,299.77, down 2.38% from the previous year[9]. - As of March 31, 2025, the total current assets of Great Wall Motors amounted to CNY 126.52 billion, a decrease of 5.4% from CNY 133.54 billion on December 31, 2024[24]. - The total non-current assets reached CNY 86.02 billion, an increase of 2.2% compared to CNY 84.18 billion as of December 31, 2024[26]. - The total liabilities decreased to CNY 114.40 billion from CNY 122.57 billion, indicating a reduction of 6.7%[27]. - The company's total assets as of March 31, 2025, were CNY 212.55 billion, down from CNY 217.72 billion, representing a decrease of 2.4%[26]. - The company's long-term equity investments increased to CNY 11.72 billion from CNY 11.55 billion, reflecting a growth of 1.5%[26]. - The company's inventory rose to CNY 32.61 billion from CNY 25.44 billion, an increase of 28.0%[24]. - The company's total liabilities to total assets ratio improved to 53.8% from 56.3%, indicating a stronger financial position[27]. - The company reported a total debt of CNY 129.89 billion as of March 31, 2025, compared to CNY 138.73 billion as of December 31, 2024[28]. - Total non-current liabilities decreased to CNY 15.49 billion in Q1 2025 from CNY 16.16 billion in Q4 2024[28]. - The company's total equity increased to CNY 82.66 billion as of March 31, 2025, up from CNY 78.99 billion as of December 31, 2024[28]. Shareholder Information - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., holds 5,115,000,000 shares, representing 59.74% of the total shares[15]. - HKSCC Nominees Limited, the second largest shareholder, holds 2,303,112,411 shares, accounting for 26.90% of the total shares[15]. - China Securities Finance Corporation holds 196,889,089 shares, which is 2.30% of the total shares[15]. - The top ten shareholders include various entities, with the smallest holding being China Construction Bank at 14,312,681 shares, or 0.17%[16]. - There are no reported changes in the lending or borrowing of shares among the top ten shareholders[18]. - The company has announced plans for a stock option incentive program and convertible bond conversion, with details to be published in early 2025[19]. - The company is actively managing its stock incentive plans, including the repurchase and cancellation of restricted stock[19]. - The total number of unrestricted shares held by the top ten shareholders is significant, indicating strong institutional support[16]. - The company has not disclosed any related party transactions among the top shareholders[16]. - The shareholder structure shows a concentration of ownership, with the top two shareholders holding over 86% of the total shares[15]. Operational Insights - The company is undergoing a product upgrade cycle, which has led to a decrease in sales volume and increased investment in direct sales system construction[12]. - Non-recurring gains and losses totaled CNY 282,131,369.01 for the period[10]. - The weighted average return on equity decreased to 2.17% from 4.60% in the previous year[9].

Financial Performance - For the year ended December 31, 2024, the Group's revenue was RMB 548.0 million, an increase of RMB 60.0 million compared to the previous year[16]. - The loss attributable to owners of the Company for the year was approximately RMB 153.4 million, compared to a loss of RMB 222.1 million in the previous year[16]. - The gross profit margin for the Multi-layer Ceramic Capacitors (MLCC) business decreased to 6.3% in 2024 from 7.1% in 2023[16]. - The Group's total revenue for the year ended December 31, 2024, was RMB 548.0 million, an increase of RMB 60.0 million or 12.3% compared to 2023[61]. - Revenue from the MLCC segment was RMB 497.7 million, representing an increase of RMB 56.2 million or 12.7% from the previous year[61]. - Revenue from the investment and financial services segment was RMB 50.3 million, with asset management fee income decreasing by RMB 9.0 million or 18.1% to RMB 40.7 million[61]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 2,213.8 million, up from RMB 2,013.8 million in 2023, representing an increase of 9.9%[4]. - Total liabilities increased to RMB 1,696.2 million in 2024 from RMB 1,345.8 million in 2023, marking a rise of 26.0%[4]. - The Group's bank and other loans stood at RMB 1,362.9 million as of December 31, 2024, reflecting an increase of RMB 288.1 million from RMB 1,074.8 million as of December 31, 2023, mainly due to additional drawdowns[88][93]. - As of December 31, 2024, the Group had net current liabilities of approximately RMB 603.4 million, a significant decrease from net current assets of RMB 41.8 million as of December 31, 2023[105]. - The current ratio decreased to 0.6 as of December 31, 2024, down from 1.0 as of December 31, 2023, primarily due to the classification of RMB 454.1 million of other loans as current liabilities[106]. Market Trends and Outlook - The Group anticipates a mild recovery in the MLCC industry driven by demand from mobile phones, PCs, and laptops as the destocking process concludes[18]. - The growth in the MLCC market is expected to be supported by advancements in artificial intelligence and the increasing demand for high-end MLCC products in various sectors[18]. - The overall consumer electronics market is gradually recovering, although demand remains relatively flat, leading to cautious purchasing behavior among end customers[17]. - The MLCC market is experiencing long-term growth driven by demand from the Internet of Things, 5G communications, new energy vehicles, and AI servers[56]. Research and Development - The company continues to focus on research and development to enhance its competitiveness in the MLCC industry[23]. - The Group has made significant breakthroughs in R&D, focusing on ultra-micro, high capacitance, high temperature, and high reliability products to enhance competitiveness in the high-end market[38]. - Significant investments are being made in research and development, equipment, and automation to enhance core competitiveness and meet customer needs[56]. - Research and development costs were RMB 62.4 million, a decrease of RMB 2.9 million from 2023, attributed to better cost control[68]. Corporate Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2024[137]. - The Board recognizes that good corporate governance is vital to the success of the Company and its subsidiaries, enhancing shareholder value[136]. - The Company is committed to maintaining high standards of corporate governance practices and will continue to review and enhance these practices[138]. - The Board's role includes fostering a corporate culture aligned with the Company's vision, values, and business strategies[139]. - The Company has a diverse board with members having extensive experience in finance, law, and corporate governance[130][131]. Committees and Board Structure - The Board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee, delegating various responsibilities to them[150]. - The Audit Committee is responsible for providing an independent review of the financial reporting process and overseeing the audit process[198]. - The Audit Committee consists of three independent non-executive Directors, ensuring appropriate professional qualifications[197]. - The Board meets at least four times a year, with proper notice and agenda provided to all Directors[163]. Financial Management - The Group has achieved significant cost reductions by optimizing sales structure and increasing production, with decreases in sales and research expenses compared to 2023[35]. - The Group's liquid assets and credit facilities are deemed sufficient to meet ongoing operational requirements[113]. - The Group plans to fund future capital expenditures primarily through cash generated from operations and bank borrowings, with potential for additional fundraising[110]. - The Group's total current assets as of December 31, 2024, were RMB 755.8 million, down from RMB 1,005.4 million as of December 31, 2023[109].

Financial Performance - The group's revenue increased by approximately RMB 223.6 million or 23.3% to approximately RMB 1,185.0 million for the year ended December 31, 2024[12]. - Gross profit rose by approximately RMB 196.5 million or 28.2% to approximately RMB 894.2 million for the same period[12]. - Profit attributable to equity holders increased by approximately RMB 68.4 million or 27.3% to approximately RMB 318.6 million[12]. - The group's revenue for the year ended December 31, 2024, was approximately RMB 1,185.0 million, an increase of about RMB 223.6 million or 23.3% compared to RMB 961.4 million for the year ended December 31, 2023, primarily due to significant sales growth of the flagship product, Jinsongzi throat lozenges (OTC)[57]. - Revenue from the sales of Jinsongzi throat lozenges (OTC) for the year ended December 31, 2024, was approximately RMB 1,095.3 million, an increase of about RMB 230.4 million or 26.6% compared to RMB 864.9 million for the year ended December 31, 2023, driven by increased advertising and promotional activities[57]. - Net profit for the year ended December 31, 2024, was approximately RMB 318.6 million, an increase of approximately RMB 68.4 million or 27.3% compared to approximately RMB 250.2 million for the year ended December 31, 2023[70]. Product Development and Innovation - The company is advancing three major innovation tracks, including sugar-free solutions and patented probiotics lozenges[14]. - The group launched a new product, Jinsongzi compound probiotic lozenges, developed in collaboration with a research team, utilizing proprietary strains and advanced technologies[52]. - The company has developed a modern integrated group primarily engaged in the production and sales of lozenges, other pharmaceuticals, and biotechnology foods[27]. - Since 1994, the company has successfully developed 32 new products, including 8 pharmaceuticals and 22 food items, enhancing its R&D capabilities[41]. - The new product Jin Sang Zi compound probiotic lozenges, developed in collaboration with Beijing Agricultural University, utilizes advanced technologies and has obtained six patents[40]. Market Expansion and Strategy - The company expanded its international marketing network to cover over 60 countries and regions across six continents[18]. - The company officially entered the South Korean market in early 2025, launching customized product combinations[18]. - The company is focused on enhancing its core competitiveness and optimizing its product system based on consumer demand[85]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $30 million set aside for potential deals[7]. - The company aims to increase its market share by 3% in the next fiscal year through targeted marketing strategies[10]. Sales and Distribution - The flagship product, Golden Throat Lozenges (OTC), accounted for approximately 92.4% of the total revenue for the year ending December 31, 2024[31]. - The sales volume of Jinsongzi throat lozenges (OTC) reached 145,560 thousand boxes with a gross margin of 76.6% for the year ended December 31, 2024, compared to a sales volume of 118,133 thousand boxes and a gross margin of 74.8% for the previous year[59]. - The company has established a comprehensive national sales and distribution network, covering all provinces and regions in China, with significant revenue coming from distributors[45]. - As of December 31, 2024, Jin Sang Zi throat treasure products have been exported to 23 countries and regions, with new markets including India and South Korea[44]. Expenses and Financial Management - Selling and distribution expenses rose to approximately RMB 355.9 million for the year ended December 31, 2024, an increase of approximately RMB 89.5 million or 33.6% from approximately RMB 266.4 million for the year ended December 31, 2023, mainly due to increased promotional expenses[65]. - Administrative expenses increased to approximately RMB 117.1 million for the year ended December 31, 2024, up by approximately RMB 22.5 million or 23.8% from approximately RMB 94.6 million for the year ended December 31, 2023, primarily due to increased investment in R&D activities[66]. - The group's sales cost increased from approximately RMB 263.7 million for the year ended December 31, 2023, to approximately RMB 290.8 million for the year ended December 31, 2024, primarily due to the rise in sales volume of the OTC product Jinshanzui throat lozenges[60]. Corporate Governance and Shareholder Information - The board proposed a final dividend of HKD 0.5 per share, subject to shareholder approval[12]. - The company has adopted a stable dividend policy, prioritizing cash dividend distribution as a profit allocation goal[117]. - The company has confirmed the independence of all independent non-executive directors according to the criteria set out in Listing Rule 3.13[135]. - The company has established a compensation committee to develop its compensation policy based on operational performance and market practices[151]. - The company has confirmed compliance with the non-competition agreement with its controlling shareholders for the year ended December 31, 2024[171]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10%[3]. - New product launches are expected to contribute an additional $50 million in revenue next quarter[4]. - The company aims to strengthen its leading position in the throat lozenge market and expand its market share in China's pharmaceutical and food sectors by 2025[85]. Related Party Transactions - The company has established related party transactions with its non-executive director, Jiang Peizhen, involving procurement and licensing agreements[172]. - The company has confirmed that all related party transactions comply with the disclosure requirements of the Listing Rules[196].

Financial Performance - The company's revenue for 2024 reached RMB 6,693.1 million, a 15.3% increase from RMB 5,802.3 million in 2023[6] - Gross profit for 2024 was RMB 968.6 million, with a gross margin of 14.5%, down from 18.7% in 2023[6] - Profit attributable to equity holders of the parent company decreased to RMB 208.6 million, a decline of 34.3% compared to RMB 317.4 million in 2023[6] - Total assets increased to RMB 6,110.3 million, up 10.2% from RMB 5,543.4 million in 2023[7] - The total liabilities rose to RMB 3,629.0 million, reflecting an increase of 13.9% from RMB 3,184.7 million in 2023[7] - The group's net profit attributable to shareholders was RMB 208.6 million, resulting in a net profit margin of 3.1% for 2024[32] - Net profit for the year decreased by 35% to RMB 204.2 million, down from RMB 312.5 million in 2023[63] - Other income and gains fell by 44% to RMB 46.4 million, primarily due to a decrease in fair value gains on financial assets[57] - Selling and distribution expenses decreased by 3% to RMB 110.2 million, attributed to cost control measures[58] - Administrative expenses totaled RMB 561.4 million, a 6% decrease from 2023, with R&D expenses accounting for RMB 493.1 million, representing 7.4% of revenue[59] Business Segments and Growth - The company's new energy vehicle business grew by 24% in 2024, continuing to be a major growth driver[15] - The smart driving and networking solutions segment saw a revenue increase of 27%, rising from 7% of total revenue in 2023 to 8% in 2024[17] - In 2024, the overall revenue of the company increased by approximately 15% to RMB 6.7 billion, driven by growth in the new energy vehicle and intelligent driving sectors[30] - The new energy vehicle segment recorded a revenue increase of over 24%, raising its contribution to total revenue from 48% to 52%[30] - The intelligent driving business saw a significant revenue increase of 27%, accounting for 8% of total revenue[30] - The body system business recorded an 11% year-on-year growth to RMB 1,035.3 million, driven primarily by the application of domain controllers[36] - The intelligent driving and networking business generated RMB 513.9 million in revenue, a 27% increase year-on-year, representing 8% of total revenue[37] - Revenue from the new energy vehicle segment increased by 24% year-on-year to RMB 3,462.0 million, accounting for 52% of total revenue[33] - The power system solutions revenue decreased by 11%, accounting for 6% of total revenue, reflecting cyclical fluctuations in traditional power systems[36] Research and Development - Research and development expenses decreased by 5.2% year-on-year, with the number of R&D personnel reduced by 15% to 921, representing 70.4% of total employees[17] - The group's R&D expenses accounted for 7.4% of total revenue, totaling RMB 493.1 million, aimed at maintaining market leadership and technological advantages[32] - The group employed 921 full-time R&D personnel, representing 70.4% of the total workforce, and held 358 patents and 327 software copyrights, an increase of 90 patents and 110 software copyrights from the previous year[42] - The R&D testing center handled nearly 650 testing requests, indicating strong demand for R&D testing services[42] - The company has significantly expanded its R&D capabilities and shifted focus towards rapidly growing sectors such as new energy solutions[160] - The company established a dedicated engineering function to develop automotive electronic solutions for original equipment manufacturers (OEMs)[160] Market Outlook and Strategy - The overall market for new energy vehicles in China is expected to maintain steady growth, with a penetration rate projected to further increase in 2025[17] - The company plans to expand its market share in the electric drive sector, anticipating significant growth opportunities in the next one to two years[19] - The company aims to continue developing its smart driving and networking business to achieve healthy growth in the coming years[17] - The company is actively seeking acquisition and strategic alliance opportunities to enhance its business foundation and market share for long-term growth[21] - The company aims to accelerate international business expansion, leveraging its technological advantages while maintaining a strong domestic market presence[52] - The company anticipates a recovery in demand for body electronics and safety systems as the automotive industry rebounds, with a focus on developing competitive products for emerging market needs[47] Corporate Governance - The board consists of four executive directors and three independent non-executive directors, with the chairman also serving as co-CEO, which the board believes enhances decision-making efficiency[86] - The group has adopted corporate governance principles to enhance stakeholder expectations and comply with regulatory requirements, ensuring high standards of corporate governance[78] - The board regularly reviews its governance structure and practices to ensure they meet the company's needs and stakeholder expectations[79] - The board consists of seven directors, with three being independent non-executive directors, ensuring a balance of power and governance[89] - The company has established a comprehensive internal control and risk management system, overseen by the board and its committees[94] - The board is collectively responsible for guiding and supervising the company's affairs, including strategy formulation and performance monitoring[94] Environmental and Social Responsibility - The company has initiated a series of specific goals aimed at reducing carbon emissions, marking a significant step in environmental responsibility[18] - The company has maintained compliance with relevant environmental and occupational health and safety laws and regulations, with no significant incidents reported during the reporting period[182] - The company emphasizes the importance of risk management and has established appropriate mechanisms for operational, financial, and regulatory risks[189] - The company has a strong relationship with stakeholders, including employees, customers, suppliers, and shareholders, to achieve sustainable development[184] Employee Relations and Diversity - The group employs 1,308 staff as of December 31, 2024, down from 1,539 in 2023, with total employee costs amounting to RMB 584.9 million, representing 8.7% of the group's revenue[74] - The employee gender ratio is 71% male and 29% female, with 2 senior management positions held by males and 0 by females[118] - The company aims to enhance gender diversity among its employees and maintain an appropriate balance[118] - The company is committed to attracting and retaining qualified R&D professionals, as this is essential for its growth and future prospects[189] Shareholder Communication and Dividends - The company emphasizes effective communication with shareholders to strengthen investor relations and understanding of business performance and strategies[156] - The company has reviewed the effectiveness of its shareholder communication policy and found it to be effective for the year ending December 31, 2024[157] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.063 per share, subject to shareholder approval at the annual general meeting on May 26, 2025[190] - The company aims to maximize shareholder returns while focusing on sustainable profit growth and considering business development needs and financial stability before declaring dividends[185]

Dividends and Shareholder Returns - The board proposed a final cash dividend of RMB 0.206 per share, totaling approximately RMB 51.502 billion for the year 2024[5]. - The total cash dividend for the year amounts to RMB 1.00754 billion, with a per-share dividend of RMB 0.403[5]. - The bank has distributed interim cash dividends of RMB 0.197 per share, totaling approximately RMB 49.252 billion[5]. - The company plans to distribute a cash dividend of RMB 0.206 per share for the year-end 2024, totaling RMB 0.403 per share for the entire year[45]. Financial Performance - Total operating income for 2024 was RMB 728.57 billion, a decrease of 2.29% compared to RMB 745.62 billion in 2023[35]. - Net interest income decreased by 4.43% to RMB 589.88 billion from RMB 617.23 billion in the previous year[35]. - Non-interest income saw a significant increase of 167.17%, reaching RMB 33.76 billion compared to RMB 12.64 billion in 2023[35]. - The net profit for 2024 was RMB 336.28 billion, reflecting a slight increase of 1.15% from RMB 332.46 billion in 2023[35]. - The total assets increased by 5.86% to RMB 40.57 trillion from RMB 38.32 trillion in 2023[35]. - The capital adequacy ratio improved to 19.69%, up from 17.95% in the previous year[37]. - The non-performing loan ratio decreased to 1.34% from 1.37% in 2023[37]. - The coverage ratio for provisions stood at 233.60%, down from 239.85% in the previous year[37]. Customer Engagement and Services - The bank serves 771 million individual customers and 11.68 million corporate clients, with a total of 376,847 employees and 14,750 operating institutions[15]. - The user base for the "Twin Stars" program reached 521 million, indicating strong customer engagement[34]. - The number of users for the "CCB Life" platform reached 521 million, with financial transaction users at 184 million[59]. - The wealth customer base grew to 39.16 million, an increase of 17.78% year-over-year[200]. Risk Management - The bank's major risks include credit risk, market risk, operational risk, liquidity risk, and strategic risk, which are actively managed[6]. - The bank's financial performance and business development are based on current plans, estimates, and forecasts, with a focus on risk awareness[6]. - The company employs a forward-looking approach in measuring expected credit losses, considering various reasonable and evidence-based information[132]. - The company has established scenario assumptions for expected credit loss measurement, incorporating optimistic, neutral, and pessimistic scenarios[132]. Technological Development - The bank is focusing on the development of financial technology to support the growth of the gold market[10]. - The bank aims to embrace the artificial intelligence revolution to enhance productivity in the new model era[10]. - The company is enhancing its technology finance services to support high-level technological self-reliance and innovation[184]. - The company aims to establish a comprehensive digital evaluation system for technology enterprises to improve financing accessibility[184]. - The company is enhancing its digital financial infrastructure, maintaining industry-leading overall computing power and service capabilities[199]. - The company is advancing the digital yuan pilot, with 367,000 active merchants[200]. Corporate Strategy and Social Responsibility - The bank is committed to enhancing its capabilities in serving national strategies, preventing financial risks, and participating in international competition[16]. - The bank aims to create greater value for shareholders and provide better services for customers while fulfilling its corporate social responsibilities[18]. - The bank's mission is to operate with a market-oriented approach, focusing on customer needs and ensuring compliance and risk management[18]. - The MSCI ESG rating of the company has improved to the highest level (AAA), reflecting its commitment to social responsibility[45]. Asset and Liability Management - The total assets of the group reached RMB 40.57 trillion by the end of 2024, an increase of RMB 2.25 trillion, representing a growth of 5.86% compared to the previous year[117]. - The total deposits amounted to RMB 28.71 trillion, up by RMB 1.06 trillion, with a growth rate of 3.83% year-on-year[149]. - The company's total financial investments reached RMB 10.68 trillion, an increase of RMB 1.05 trillion or 10.85% from the previous year[136]. - The company's issued debt securities increased to RMB 2.39 trillion, representing a rise of RMB 490.86 billion or 25.92% year-on-year[146]. Operational Efficiency - The company plans to enhance cost management and improve operational efficiency in the upcoming fiscal year[105]. - The effective tax rate was 12.51%, significantly lower than the statutory rate of 25%, due to increased investments in tax-exempt government bonds[109]. - The group has optimized its liability structure, enhancing the diversity of funding sources and improving the quality of liability management[149]. - The group aims to enhance its proactive liability capabilities and improve market financing abilities through strategic arrangements[148].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 23,265 million, a decrease of 50.7% compared to RMB 47,167 million in 2023[10] - The net loss for 2024 was RMB 6,618 million, improving from a net loss of RMB 8,858 million in 2023, representing a reduction of 25.0%[10] - The company achieved contract sales of RMB 19,046 million in 2024, a significant increase of 164.5% from RMB 7,179 million in 2023[10] - The company reported a gross loss of RMB 5.08 billion in 2024, compared to a gross loss of RMB 4.51 billion in 2023[43] - The total assets of the company decreased to RMB 212.59 billion in 2024 from RMB 248.38 billion in 2023[43] - The company’s cash and bank balances fell to RMB 8.65 billion in 2024, down from RMB 13.17 billion in 2023[43] - The company’s total equity decreased to RMB 24.81 billion in 2024 from RMB 32.73 billion in 2023[43] - Property development revenue for 2024 was approximately RMB 22,964.1 million, down about 50.9% from RMB 46,781.9 million in 2023[60] - Sales cost for the year ended December 31, 2024, decreased by approximately RMB 23,336.3 million (or about 45.2%) to RMB 28,339.9 million[64] - Selling and marketing expenses for 2024 were approximately RMB 813.2 million, a decrease of about 44.0% from RMB 1,452.6 million in 2023[65] - Administrative expenses for 2024 were approximately RMB 515.9 million, down about 42.2% from RMB 892.5 million in 2023[65] - Financial costs for the year ended December 31, 2024, decreased to approximately RMB 1,104.8 million from RMB 1,620.8 million in 2023[66] - The company’s loss attributable to shareholders for the year ended December 31, 2024, was RMB 6,298,354,000, compared to a loss of RMB 8,934,542,000 in 2023, indicating a reduction in losses[158] Market Environment - The real estate sector in China faced challenges in 2024, with a 10.6% year-on-year decline in real estate development investment, totaling RMB 10,028 billion[34] - The residential sales area decreased by 14.1% year-on-year, highlighting the overall market contraction[34] Operational Highlights - The company successfully delivered 70 batches of projects, totaling approximately 28,000 units, demonstrating its commitment to operational stability and project delivery[34] - The company holds a land reserve of approximately 23.61 million square meters, with 76% located in the Greater Bay Area and Yangtze River Delta regions, indicating a strong market positioning[8] - The company has developed over 200 real estate projects, providing quality living services to over one million residents[8] - The company is focused on refining management strategies and enhancing project sales and capital recovery to navigate the challenging market environment[34] Debt Management - The company’s total debt restructuring plan for overseas debt has received support from over 80.8% of creditors, representing a significant milestone[35] - The company plans to implement a comprehensive domestic debt restructuring scheme, which was announced on March 17, 2025[36] - The company aims to continue its operational and debt management strategies while actively communicating with creditors to complete the overall debt restructuring[37] Corporate Governance - The board is committed to high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[83] - The company has adopted and complied with the corporate governance code for the year ending December 31, 2024[84] - The board has confirmed compliance with the standard code of conduct for securities trading throughout the year ending December 31, 2024[86] - The company has established a written guideline for employees regarding securities trading, ensuring compliance and ethical conduct[86] - The board consists of five executive directors and four independent non-executive directors, with independent non-executive directors holding over one-third of the board seats[89] - The audit committee reviewed and recommended the approval of the 2023 annual financial statements and the 2024 interim financial statements[104] - The company ensures that all independent non-executive directors meet the independence criteria as per the listing rules[92] - The board regularly reviews the company's financial and operational performance and discusses future strategies[99] Risk Management - The audit committee has reviewed the effectiveness of the company's risk management and internal control systems for the year ending December 31, 2024, and found them to be adequate[132] - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve strategic objectives, including environmental, social, and governance risks[129] - The company has established internal control systems aligned with the COSO 2013 framework to ensure operational efficiency and compliance with applicable laws[129] Sustainability and ESG - The company maintained an "A" level ESG rating from MSCI, reflecting its commitment to sustainable development[9] - The company is committed to environmental sustainability and compliance with various environmental laws and regulations, ensuring adherence to air and noise pollution standards[154] - The company emphasizes the importance of maintaining strong relationships with employees, customers, and business partners to support ongoing development and service quality[155] Shareholder Communication - The company has established multiple communication channels with shareholders to ensure timely access to relevant information and facilitate active participation in company affairs[146] - The company has a shareholder communication policy in place to ensure fair and timely dissemination of information to shareholders[147] - The company is focused on enhancing its investor relations and communication strategies to strengthen understanding of its business performance and strategies among investors[146] Stock Options and Incentives - The stock option plan was approved on November 18, 2013, and is valid for 10 years, expiring on November 17, 2023[181] - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares, which amounts to 500,000,000 shares, approximately 8.79% of the shares issued as of the report date[182] - The total number of stock options held by directors is 13,402,000, representing 0.24% of the total issued share capital[195] - The company has a structured vesting schedule for stock options, with portions vesting at 36, 48, and 60 months after the grant date[195] - The company adopted a share incentive plan on May 13, 2020, with a validity period of 15 years, leaving approximately 10 years remaining as of the report date[197] - The maximum number of reward shares available for grant under the share incentive plan is 170,562,223 shares, representing about 3% of the company's issued shares as of the report date[199] - No reward shares have been granted since the adoption date of the share incentive plan[200]