Financial Performance - In 2024, the company's revenue was RMB 1,748,321, a decrease of 7.0% compared to RMB 1,879,443 in 2023[15]. - Gross profit for 2024 was RMB 131,341, reflecting a decline from RMB 141,406 in 2023, resulting in a gross margin of 7.5%[15][19]. - Profit before tax decreased to RMB 36,576 in 2024, down 16.5% from RMB 43,793 in 2023[15]. - The profit for the year attributable to owners of the company was RMB 27,313, a decrease of 11.5% compared to RMB 30,745 in 2023[15]. - The Group's revenue for the year was approximately RMB 1,748.3 million, a decrease of about 7.0% compared to the previous year, with revenue contributions from landscaping construction (5.6%), municipal engineering (46.4%), construction engineering (45.2%), and others (2.8%)[51]. - Revenue from the landscape construction segment fell by 47.9% to RMB 97.5 million, attributed to a decrease in the number of projects[77]. - The municipal works construction segment saw a revenue increase of 17.4% to RMB 811.7 million, driven by a rise in the number of projects[78]. - Revenue from the building works segment decreased by 16.1% to RMB 790.7 million, mainly due to a reduction in project numbers[79]. - The Group's revenue from the others segment decreased by 17.4% or RMB 10.2 million, from RMB 58.7 million last year to RMB 48.5 million this year[80]. - Gross profit decreased by 7.1% or RMB 10.1 million, from RMB 141.4 million last year to RMB 131.3 million this year, with a stable gross profit margin of approximately 7.5%[87]. Assets and Liabilities - Total assets as of 2024 were RMB 2,157,090, a decrease from RMB 2,325,983 in 2023[17]. - Total liabilities decreased to RMB 1,152,661 in 2024, down from RMB 1,348,926 in 2023, indicating improved financial stability[17]. - The company's equity attributable to owners increased to RMB 998,283 in 2024, up from RMB 970,970 in 2023[17]. - The Group's net current assets decreased by 2.8% or RMB 27.0 million, from RMB 961.5 million as of December 31, 2023, to RMB 934.5 million as of December 31, 2024, primarily due to a decrease in trade and other receivables[97][99]. - Trade and other receivables decreased by 39.8% or RMB 245.2 million, from RMB 616.4 million as of December 31, 2023, to RMB 371.2 million as of December 31, 2024, due to increased efforts in receivables collection[102]. - Trade payables decreased by 5.1% or RMB 20.8 million from RMB 406.6 million in 2023 to RMB 385.8 million in 2024, attributed to a decrease in revenue[117]. Market and Industry Trends - The construction sector continued to play a key role in stabilizing growth and promoting transformation amidst challenges in the market[21]. - The total output value of the national construction industry reached RMB 32.7 trillion in 2024, an increase of 3.9% year-on-year[31]. - The added value of the construction industry for the year was RMB 9.0 trillion, reflecting a growth of 3.8% compared to the previous year[31]. - The total profits of qualified general contracting and specialized contracting construction enterprises nationwide were RMB 751.3 billion, a decrease of 9.8% over the previous year[33]. - National fixed asset investment increased by 3.2% in 2024, with infrastructure investment growing by 4.4%[34]. - The construction industry in 2024 showed characteristics of stabilizing growth in infrastructure, weak recovery in real estate, and transformation driven by technology, with state-owned enterprises performing prominently[66]. Strategic Focus and Innovation - The company focused on "innovation-driven and green development," aiming to enhance operational efficiency and explore new growth points in emerging fields[21][22]. - The Group is actively expanding into strategic emerging fields such as water conservancy projects and new energy infrastructure[25]. - The Group achieved significant technological advancements in smart construction and water conservancy, applying big data, IoT, and AI to engineering projects, enhancing project quality and market competitiveness[44][46]. - The new "construction industry+" model, integrating smart construction and smart building, has emerged as a new path for enterprise transformation[40][42]. - The Group aims to enhance management efficiency and optimize business structure to maintain competitiveness in the market[71]. - The focus on green and digital transformation aligns with the national "dual carbon" goals and sustainable development initiatives[71]. Management and Governance - Mr. Peng YH was appointed as an executive director and CEO of the Company on March 15, 2017, and has over 20 years of experience in the landscape and public work construction industry[169]. - Mr. Peng DS, the founder of the Group, has been responsible for business development and quality control since its establishment in January 2001[169]. - The Group's management team includes Mr. Tong Tai Alex, who has been the CFO since December 2015, overseeing financial management and regulatory compliance[186]. - The Group's executive team is supported by independent directors with extensive backgrounds in law and finance, enhancing governance and strategic oversight[177][179]. - The Company aims to leverage its experienced management team to drive future growth and operational efficiency[169]. Financial Risks and Management - The Group is exposed to various financial risks including credit risk, liquidity risk, and interest rate risk[146]. - The Group's credit risk is primarily from trade and other receivables, and cash and bank balances[154]. - The Group's policy is to regularly monitor liquidity requirements to maintain sufficient cash reserves[156]. - The management emphasizes the importance of risk management in evaluating material risk exposures, including investment, interest rate, and liquidity risks[54].

Financial Performance - The Group recorded revenue of RMB244.6 million for the year ended December 31, 2024, representing an increase of approximately 28.0% compared to RMB191.1 million in the previous year[13]. - Revenue for 2024 reached RMB 244,646,000, representing a year-on-year increase of 28.0% compared to RMB 191,062,000 in 2023[22]. - The total revenue for the year ended December 31, 2024, was RMB244.6 million, compared to RMB191.1 million in 2023[87]. - Corporate digitalisation solution services revenue increased by 35.2%, from approximately RMB158.9 million in 2023 to RMB214.9 million in 2024, representing 87.8% of total revenue in 2024[93]. - Revenue from tangible goods sourcing and delivery services contributed 47.0% of total revenue for the year ended December 31, 2024, compared to 9.7% for the year ended December 31, 2023[140]. - Revenue from hybrid services rose to RMB114.9 million in 2024, making up 53.5% of total revenue, compared to RMB18.6 million and 11.7% in 2023[97]. - Revenue from advertising agents was RMB75.9 million in 2024, accounting for 35.3% of total revenue, compared to RMB62.0 million and 39.0% in 2023[102]. Profitability and Loss - Gross profit decreased to RMB 65,808,000 in 2024, down 35.3% from RMB 101,667,000 in 2023[22]. - The company reported a loss before income tax of RMB 37,846,000 in 2024, a significant decline from a profit of RMB 14,899,000 in 2023, marking a change of -354.0%[22]. - The company's loss for the year increased by approximately RMB51.9 million, or 411.9%, from a profit of approximately RMB12.6 million for the year ended 31 December 2023 to a loss of approximately RMB39.3 million for the year ended 31 December 2024[163]. - Adjusted net loss for the year ended 31 December 2024 was approximately RMB27.9 million, compared to an adjusted net profit of approximately RMB21.7 million for the year ended 31 December 2023[170]. Assets and Liabilities - The total assets of the company as of December 31, 2024, were RMB 531,949,000, a decrease from RMB 637,384,000 in 2023[29]. - Total liabilities decreased to RMB 173,165,000 in 2024 from RMB 244,728,000 in 2023[29]. - The Group's interest-bearing borrowings as of December 31, 2024, were RMB 87.5 million, a decrease of 44% from RMB 156.2 million as of December 31, 2023[179]. - The Group's cash and cash equivalents decreased from RMB 186.5 million as of December 31, 2023, to RMB 139.0 million as of December 31, 2024[184]. Market and Industry Insights - The lottery market in China saw annual sales of approximately RMB 623.5 billion in 2024, an increase of 7.6% over 2023[36]. - Sales of the Welfare Lottery amounted to approximately RMB 208.0 billion in 2024, representing a 7.0% increase compared to 2023[36]. - The lottery market has expanded from RMB 373.3 billion in 2021 to RMB 623.5 billion in 2024[39]. - The company aims to expand its market presence in the Welfare Lottery and Sports Lottery sectors by focusing on lottery marketing tickets in 2025[79][81]. Strategic Initiatives - The Group plans to shift focus towards AI digital lottery stores to attract private domain traffic from lottery players and stores[14]. - The Group intends to maintain vigilant risk management strategies to secure steady progress amidst economic challenges[16]. - The Group aims to enhance its corporate digitalisation solutions by developing virtual and tangible goods sourcing and delivery services in the first half of 2024[48]. - The Group focuses on integrating online and offline experiences through its "Online-Merge-Offline" (OMO) strategy to improve customer experience and user lifetime value[43]. - The company plans to enhance its strategic investments to maximize synergies across different business segments and capitalize on diversification opportunities[84]. Operational Efficiency - The Company aims to enhance its main business areas, streamline capital distribution, and improve operational efficiency for steady growth[16]. - The company is committed to a prudent risk management strategy to ensure steady growth amid a complex economic environment[80]. - The integration of online and offline experiences is expected to drive future growth in corporate digitalisation services[99]. Employee and Staffing - Total staff costs amounted to approximately RMB54.0 million for the year ended 31 December 2024, compared to approximately RMB49.5 million for the year ended 31 December 2023[175]. - The number of full-time employees increased to 311 as of 31 December 2024, up from 257 in 2023[171]. - The company adopted an appraisal system for employees, conducting performance reviews monthly or quarterly to determine bonuses[174]. Research and Development - R&D expenses increased by approximately RMB3.3 million, or 15.7%, from approximately RMB21.0 million for the year ended 31 December 2023 to approximately RMB24.3 million for the year ended 31 December 2024[155]. - The company will continue to develop lottery software and hardware solutions, integrating AI-based technology to facilitate the digital transformation of lottery shops[83][85].

Company Growth and Strategy - The company reported a resilient growth with a focus on high-quality development, emphasizing the importance of building solid foundations for future expansion [4]. - Future outlook includes a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies [20]. - The company is actively investing in new technologies, with a budget allocation of $200 million for R&D in the upcoming year [20]. - The company is pursuing strategic acquisitions, targeting at least two potential companies in the property management sector to enhance its portfolio [20]. - The management provided an earnings guidance of $1.5 billion for the next quarter, representing a 12% increase compared to the previous quarter [20]. - The company is actively expanding its portfolio with multiple projects in key cities such as Zhengzhou, Chongqing, and Changsha [27]. - The overall strategy includes leveraging completed projects to drive future revenue growth and market penetration [31]. - The Group's strategy emphasizes high-quality development and solid financial management to ensure sustainable growth [138]. Market Expansion and Development Projects - Market expansion efforts are focused on Southern China, with plans to enter 15 new cities by the end of 2025 [20]. - The company has completed several major development projects, with a total gross floor area (GFA) of 1.5 million square meters under construction [16]. - The Changping Life Science Park Project in Beijing is expected to be completed by December 2025, with a 32% interest held by the company [16]. - The company has a 66% interest in the Tian Feng project in Guangzhou, with a total construction area of 131,093 sqm, expected to be completed by November 2025 [18]. - The Panyu Xiangjiang Project in Guangzhou is fully owned by the company, with a completed area of 65,945 sqm, expected to be completed by May 2025 [18]. - The company maintains a diversified interest structure across its projects, with ownership percentages ranging from 25% to 100% [27]. - The completion dates for several projects extend into 2030, indicating a long-term growth strategy [25]. Financial Performance and Revenue - In 2024, the Group achieved total revenue of RMB 127.5 billion, with the investment property operation and property service segments generating income of RMB 26.7 billion, representing a year-on-year increase of 7.4% [39][42]. - The core net profit attributable to owners of the Company was approximately RMB 7.0 billion while maintaining a stable dividend payout ratio [39][42]. - The Group's property development revenue for 2024 was RMB 100.77 billion, with a gross profit margin of 6.1% and an average selling price of RMB 13,226 per square meter [57]. - Contracted sales reached RMB 101.12 billion in 2024, with an average selling price of RMB 14,194 per square meter, and significant contributions from various regions [63]. - The rental income, net of tax, from the Group's investment property operation business was RMB 13.52 billion in 2024, representing a 4.5% increase from the previous year [70]. - The gross profit margin for the investment property operation business was 75.0%, reflecting a decrease of 0.8% compared to the previous year [73]. - The Group's operational cash flow, including capital expenditures, exceeded RMB 6.0 billion for the year, supporting financial stability [43]. Corporate Governance and Management - The Company appointed Mr. Chen Xuping as the Chairman of the Board and Chief Executive Officer on October 28, 2022, which deviates from the corporate governance code requiring separation of these roles [165]. - The Board consists of four executive directors, one non-executive director, and four independent non-executive directors, indicating a strong independence element [164]. - The Company has adopted and complied with the applicable code provisions in the Corporate Governance Code, except for the deviation regarding the roles of Chairman and CEO [163]. - The Board has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to delegate specific responsibilities [175]. - The Company emphasizes the importance of corporate transparency and accountability in its governance practices [163]. - The Board will review the structure of the Chairman and CEO roles periodically to consider their separation when appropriate [165]. - The Company has mechanisms in place to ensure independent views and input are available to the Board [170]. Social Responsibility and ESG - The Group's cumulative public welfare donations exceeded RMB 2 billion, benefiting 2.34 million people nationwide [52]. - The Group's strategic focus on ESG governance includes ensuring 100% of new projects meet national green building standards [52]. - The Group's strategy for 2025 includes maintaining investment in core cities and focusing on inventory reduction while enhancing product offerings [127][131]. - The Company has implemented a diversity policy for the Board and employees, focusing on various aspects such as professional experience, cultural background, and gender [174].

Financial Performance - Revenue for 2024 reached RMB 82,517,994 thousand, a 39.1% increase from RMB 59,275,275 thousand in 2023[7] - Gross profit for 2024 was RMB 12,213,355 thousand, representing a gross margin of 14.8% compared to 14.6% in 2023[7] - Net profit attributable to shareholders for 2024 was RMB 2,898,680 thousand, up 28% from RMB 2,267,383 thousand in 2023[7] - The company reported a basic and diluted earnings per share of RMB 0.56 for 2024, compared to RMB 0.40 in 2023[7] - Revenue increased by approximately 39.21% from about RMB 59,275.28 million in 2023 to about RMB 82,517.99 million, driven by higher sales volume and prices of self-produced and purchased gold[29] - Gross profit rose by approximately 41.56% from about RMB 8,627.68 million in 2023 to about RMB 12,213.36 million, mainly due to increased gross profit from self-produced gold sales[29] - The company reported a net loss of approximately RMB 892.65 million in other income and losses, a 74.79% increase in losses compared to the previous year, mainly due to increased foreign exchange losses[29] - The company reported a significant increase in gold production, reaching 1.2 million ounces, which represents a 15% year-over-year growth[110] Assets and Liabilities - Total assets increased to RMB 161,010,475 thousand in 2024, a 19.3% rise from RMB 135,018,841 thousand in 2023[8] - Total liabilities rose to RMB 102,453,678 thousand, reflecting a 25.3% increase from RMB 81,721,127 thousand in 2023[8] - The company's cash balance was approximately RMB 9,931.63 million as of December 31, 2024, indicating sufficient operating capital for future financing needs[28] - The group reported total debt as of December 31, 2024, was approximately RMB 64,444.29 million, an increase from RMB 52,101.59 million in 2023, resulting in a debt-to-equity ratio of 110.05% compared to 97.76% in the previous year[67] Research and Development - Research and development expenses for 2024 were RMB 770,411 thousand, a 58.3% increase from RMB 487,195 thousand in 2023[7] - The company's R&D investment increased by 8.42% year-on-year in 2024, with 265 patent applications and 176 patents granted during the year[15] - The company invested RMB 8.63 billion in R&D for 2024, a year-on-year increase of 8.42%, and applied for 76 invention patents[58] Production and Operations - The company's gold production in 2024 reached 46.17 tons, accounting for 15.47% of the total gold production from domestic mining enterprises[21] - The company had 12 mines producing over 1 ton of gold annually in 2024, with 6 mines showing production growth exceeding 10%[21] - The company achieved a 17% reduction in equipment failure rates and a 95% equipment utilization rate through lifecycle management systems[60] - The company aims for a gold production target of no less than 50 tons in 2025, based on current economic conditions and market situations[128] Market and Sales - Revenue from mainland China (excluding Hong Kong) accounted for 88.88% of total revenue in 2024, down from 95.46% in 2023[79] - Revenue from Hong Kong and other overseas countries increased significantly to RMB 9,165,517, representing 11.11% of total revenue, up from 4.52% in 2023[79] - The total trading volume of gold on the Shanghai Gold Exchange in 2024 increased by 49.90% year-on-year, with a trading value of RMB 34.65 trillion, up 86.65%[19] Strategic Goals and Future Outlook - The company aims to enhance its market presence through strategic expansions and new product developments in the gold and non-ferrous metals sectors[11] - The company is focusing on "digital intelligence empowerment and dual improvement in quality and efficiency" as part of its strategic goals for 2024[21] - Future outlook includes potential market expansion and new product development in the mining sector[83] - The company is committed to improving operational efficiency and profitability through enhanced management practices and technological advancements[127] Environmental and Social Responsibility - The company received the "2024 Green Mine Outstanding Contribution Award" from the Zhongguancun Green Industry Alliance, enhancing its reputation in green development[16] - The company aims to enhance its green mining initiatives and has developed a carbon peak action plan to promote sustainable practices[27] - The group has made significant progress in environmental policies, focusing on sustainable development and reducing pollution while promoting green mining practices[172] Governance and Compliance - The company emphasizes compliance and governance through its experienced company secretaries[116] - The board of directors includes both executive and non-executive members, with a total of 10 directors and supervisors as of December 31, 2024[187] - All independent non-executive directors have confirmed their independence in accordance with the Hong Kong Listing Rules[194] Risks and Challenges - The company faces risks related to safety management, environmental protection, and product price fluctuations, which could impact its operational effectiveness[135][138][140] - The company has a significant exposure to foreign exchange risk, particularly with revenues in RMB and operations in Argentina generating income in USD, which may impact consolidated financial performance[142] - The company faces increased difficulty in resource acquisition due to intensified global competition and stricter national security and environmental policies[141]

Financial Performance - The company reported a total revenue of $1.2 billion for the fiscal year, representing a 15% increase year-over-year[3]. - The company expects revenue guidance for the next fiscal year to be between $1.4 billion and $1.5 billion, indicating a growth rate of approximately 17% to 25%[3]. - The company's total revenue for the year ended December 31, 2024, reached RMB 453.5 million, representing a 33.4% increase compared to RMB 339.9 million in 2023[22]. - Gross profit for the same period was approximately RMB 99.8 million, up 9.4% from RMB 91.2 million in 2023, with a gross margin of 22.0%, down 4.8 percentage points year-on-year[27]. - Net profit after tax decreased by 5.2% to RMB 37.9 million from RMB 40.0 million in 2023[22]. - Basic earnings per share for the year were RMB 6.51, compared to RMB 6.34 in 2023, while diluted earnings per share were RMB 6.48, up from RMB 6.31[22]. - The company reported a net profit margin of 12%, an increase from 10% in the previous year, reflecting improved operational efficiency[3]. Market Expansion and Strategy - User data showed an increase in active users to 5 million, up from 4 million in the previous year, marking a 25% growth[3]. - New product launches are anticipated to contribute an additional $200 million in revenue, with a focus on expanding the product line in the next quarter[3]. - Market expansion plans include entering three new regions, projected to increase market share by 10% over the next two years[3]. - The company has completed the acquisition of a competitor for $300 million, expected to enhance its market position significantly[3]. - A new strategic partnership has been formed with a leading tech firm, aimed at co-developing innovative solutions[3]. Operational Efficiency and Investments - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience and operational efficiency[3]. - The total assets of the company have grown to $2 billion, up from $1.8 billion, indicating a solid financial position[3]. - Administrative expenses decreased by 29.5% to RMB 38.2 million from RMB 54.2 million, attributed to digital transformation initiatives[40]. - Sales costs increased by 42.2% to RMB 353.7 million, higher than the revenue growth rate, due to expanded service quality investments and diversified business operations[36]. Human Resources and Management - As of December 31, 2024, the group had 1,235 employees, an increase from 970 employees as of December 31, 2023[70]. - Employee compensation for the reporting period was RMB 100.6 million, up from RMB 92.4 million for the year ended December 31, 2023, reflecting a focus on performance and market trends[70]. - The management team includes experienced individuals with extensive backgrounds in real estate development and management[86][87]. - The company is focused on strategic planning, business expansion, and operational management, with key personnel changes aimed at enhancing management efficiency[96][97]. Governance and Compliance - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with governance regulations[115]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific aspects of its operations[118]. - The company has adopted a dividend policy considering factors such as profitability, cash flow, financial condition, and capital needs, aiming to provide stable returns to shareholders while maintaining business operations[169]. - The company has established a comprehensive cash management policy and treasury policy to maintain overall financial security and a strong cash position[143]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing its ESG performance across governance, environmental protection, employment practices, operational norms, and community investment[171]. - The ESG report covers activities, challenges, and measures taken from January 1, 2024, to December 31, 2024[172]. - The group has set quantifiable environmental targets in response to national carbon neutrality goals, enhancing corporate reputation[179]. - The company aims to reduce total greenhouse gas emissions intensity by 3% by December 31, 2026, based on the benchmark year of December 31, 2021[191]. - The company has implemented multiple measures to ensure compliance with applicable regulations regarding greenhouse gas emissions and waste management[192]. Legal and Regulatory Matters - Chengdu Deshang has filed a civil lawsuit against Chengdu Huashang for a contract dispute, claiming RMB 4,173,850.42, with the court ordering Chengdu Huashang to pay RMB 1,000,000[76]. - The company has not reported any significant events affecting its subsidiaries post-reporting period[84]. - The company has appointed a legal advisor to provide insights on Chinese laws and regulations, ensuring compliance with the latest legal requirements[146].

Financial Performance - In 2024, the company recorded revenue of approximately RMB 1,039.2 million, an increase of about RMB 146.8 million or 16.4% compared to RMB 892.4 million in 2023[10]. - The company reported a loss attributable to shareholders of approximately RMB 6.5 million in 2024, a decrease of about RMB 21.3 million or 143.9% from a profit of RMB 14.8 million in 2023[10]. - The company recorded a gross profit of approximately RMB 61.3 million, a decrease of about RMB 19.2 million or 23.9% from RMB 80.5 million in 2023[24]. - The company reported a net loss of approximately RMB 6,494,000 for the year ended December 31, 2024, a decrease of RMB 21,306,000 or 143.8% compared to a profit of RMB 14,812,000 in 2023[51]. - Other income for the year ended December 31, 2024, was approximately RMB 623,000, a decrease of RMB 3,863,000 or 86.1% from RMB 4,486,000 in the previous year[48]. - The service cost for the year ended December 31, 2024, was approximately RMB 977,924,000, an increase of RMB 166,036,000 or 20.5% from RMB 811,888,000 in the previous year[43]. Customer Engagement - The number of repeat customers increased from 277 in 2023 to 319 in 2024, representing a growth of 15.2%[12]. - The total number of clients increased from 634 in 2023 to 650 in 2024, indicating the company's ability to maintain a stable client base in a volatile market[24]. - The customer base has stabilized and expanded in 2024, with significant contributions from major clients such as Netease and Kuaishou, alongside ongoing collaborations with top influencers to diversify the e-commerce client portfolio[33]. Advertising and Market Trends - The total advertising exposure reached approximately 1,100 billion views, down from 1,310.8 billion views in 2023[12]. - The advertising industry remains competitive, with advertisers maintaining a cautious approach to marketing budgets while seeking better promotional outcomes[11]. - The advertising industry is experiencing a slow recovery, with a focus on effective resource utilization and measurable outcomes from marketing activities[20]. - The short video sector continues to dominate the advertising market, with over 130 million users engaging with short drama videos, enhancing advertisers' content diversity[20]. Technology Integration - AIGC technology accounted for approximately 32% of the total short video production capacity in 2024, indicating a significant integration of this technology into operations[11]. - The integration of AIGC technology is expected to enhance operational efficiency and cost-effectiveness, improving content creation capabilities and marketing strategies[14]. - The company plans to continue integrating AIGC technology into its LinkBriAI system to enhance content creation, data analysis, and business operations[29]. - The integration of AIGC services is anticipated to improve customer satisfaction and marketing effectiveness by better reaching target audiences[14]. Operational Efficiency and Cost Management - The company aims to improve operational efficiency and cost management in response to the evolving advertising market and consumer behavior changes[11]. - The company plans to continue implementing cost reduction and efficiency enhancement measures to improve profitability[10]. - The company aims to improve operational efficiency and resource allocation while pursuing cost reduction measures in response to rising service costs and market challenges[25]. Management and Governance - The company has a strong management team with over 10 years of experience in the mobile internet industry, led by Mr. Dong Hui, who is the CEO and Chairman[69]. - The company is committed to maintaining strong governance with independent directors overseeing key committees[75][78]. - The board consists of seven directors, including four executive directors and three independent non-executive directors[183]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance for the fiscal year ending December 31, 2024[195]. Future Outlook and Strategy - The company aims to implement a tiered advertising strategy targeting top media platforms for brand building and mid-tier platforms for vertical market engagement[15]. - The company plans to leverage its experience in local living and instant e-commerce to target first- and second-tier cities for marketing activities[15]. - The company is focusing on diversifying its advertising strategy across multiple channels to enhance overall investment returns and brand awareness[38]. Employee and Operational Metrics - The group employed 209 full-time employees as of December 31, 2024, down from 222 employees as of December 31, 2023[62]. - The total salary cost for the group was approximately RMB 48.6 million for the year ended December 31, 2024, compared to RMB 49.2 million for the year ended December 31, 2023[62]. - The group recorded capital expenditures of approximately RMB 296,000 for the year ended December 31, 2024, compared to RMB 238,000 for the year ended December 31, 2023[57]. Shareholder Information - The company reported no final dividend for the year ending December 31, 2024, consistent with the previous year[91]. - The top five customers accounted for approximately 47% of the group's total revenue, with the largest customer contributing about 13%[99]. - The group had a total borrowing of approximately RMB 83.20 million as of December 31, 2024, slightly up from RMB 82.10 million as of December 31, 2023[55].

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 5,504,651, representing a growth of 7.2% compared to RMB 5,134,413 in 2023[12] - Gross profit rose to RMB 660,099, up from RMB 591,464, indicating a gross margin improvement[12] - Net profit attributable to shareholders increased significantly to RMB 280,867, compared to RMB 160,319 in the previous year, marking a growth of 75.2%[12] - Adjusted net profit for 2024 was RMB 198,048, reflecting a substantial increase from RMB 160,319 in 2023[12] - Basic earnings per share improved to 17.9 RMB cents, up from 10.8 RMB cents, indicating enhanced profitability per share[12] - For the year ended December 31, 2024, the Group recorded a net profit of RMB 280.9 million, a 75.2% increase from RMB 160.3 million in 2023[148] - Adjusted net profit increased by 23.5% year-on-year, reaching RMB 198.0 million[151] - Total operating revenue for 2024 was RMB 5,504.7 million, reflecting a 7.2% increase compared to RMB 5,134.4 million in 2023[151] Sales and Production Volumes - The rearing volume of white-feathered broilers increased to 179.0 million birds, representing a growth of 3.8% compared to the previous year[17] - Sales volume of raw chicken meat products rose to 279.3 million kg, showing a significant increase from 241.3 million kg[17] - Processed volume of white-feathered broilers reached 430.0 million kg, marking a growth of 16.2% from 370.1 million kg[17] - The sales volume of processed chicken meat products increased to 152.9 million kg, which is an 18.4% rise from the previous year[17] - For the year ended December 31, 2024, the sales volume of processed chicken meat products increased by 18.4% to 152.9 million kg, with revenue growing by 13.1% to RMB2,955.4 million, representing 53.7% of the Group's total revenue[87] - The sales volume of raw chicken meat products increased by 15.8% to 279.3 million kg, with revenue from external sales rising by 2.6% to RMB2,343.4 million, accounting for 42.6% of the Group's total revenue[88] Market and Strategic Initiatives - The company plans to continue expanding its market presence and enhancing product offerings in the upcoming fiscal year[10] - Future strategies may include further investments in new technologies and potential acquisitions to drive growth[10] - The management remains optimistic about achieving sustained growth and profitability in the coming years[10] - The company launched the "iShape" chicken breast brand, which won the 2023 Excellent New Consumer Brand award[20] - The company aims to achieve sustainable, steady, and balanced quality growth in chicken meat products, enhancing customer loyalty and market share[126][131] - The company plans to improve breeding quality and processing capacity while enhancing supply chain management capabilities[128][132] R&D and Innovation - In April, the company initiated a postdoctoral research project focused on drug resistance mechanisms in poultry, enhancing its R&D capabilities[31] - The Group focused on R&D investment and optimized resource allocation, leading to rapid growth in new product sales[106] - The company will leverage digitalization and artificial intelligence to enhance production efficiency and optimize management processes[138] Risk Management - The group faces price risk due to fluctuations in the prices of key raw materials such as corn and soybean meal, which are expected to continue impacting profitability[192] - Health risks from outbreaks of diseases like avian influenza could significantly affect public perception and product safety, prompting the group to implement comprehensive disease prevention measures[193] - The group has established a food safety control system and obtained certifications including ISO22000, ISO9001, and HACCP to mitigate food safety risks[196] - Safety production risks are managed through adherence to the Food Safety Law of the PRC and relevant industry standards, ensuring compliance with national standards for poultry products[197] - Epidemic risks, including COVID-19, pose significant threats to business operations, with the group actively monitoring and implementing hygiene measures[200] Corporate Social Responsibility - The company awarded the "Fengxiang Scholarship" to 50 outstanding university students, reinforcing its commitment to social responsibility[57] - The company received two honors from the Bureau of Training of the General Administration of Sport of China for its support of national athletes[49] Financial Structure and Borrowings - Total borrowings decreased by 15.0% to RMB 999.1 million, reflecting improved profitability and repayment of long-term borrowings[182][186] - The gearing ratio improved to 30.2% from 38.7% in 2023, indicating a stronger capital structure[183] - As of December 31, 2024, the group's bank borrowings are secured by assets with a total net value of RMB 1,508.1 million, an increase from RMB 886.1 million as of December 31, 2023[190]

Financial Performance - The group generated revenue from continuing operations of approximately HKD 225.1 million for the fiscal year ending December 31, 2024, compared to approximately HKD 237.7 million for the fiscal year 2023, representing a decrease of about 5.5%[8] - The profit from continuing operations for the year was approximately HKD 5.9 million, an increase of about 9.3% from approximately HKD 5.4 million in the fiscal year 2023[8] - Revenue from machinery sales decreased by approximately 83.0% to about HKD 2.7 million due to reduced demand for new cranes in Hong Kong and Singapore[14] - Rental income from machinery decreased by approximately 11.1% to about HKD 155.8 million, primarily due to decreased demand in the crane rental market in mainland China[14] - Service revenue increased by approximately 44.9% to about HKD 64.6 million, driven by increased demand for services in Hong Kong[14] - Revenue from the Hong Kong division increased by approximately 39.6% to about HKD 111.1 million, mainly due to an increase in the number and utilization rate of cranes[15] - Revenue from the Singapore division decreased by approximately 22.3% to about HKD 90.8 million, primarily due to a decline in machinery sales[16] - Revenue from the China division decreased by approximately 43.9% to about HKD 23.2 million, attributed to a slowdown in construction activities by real estate developers[17] Investments and Capital Expenditures - The group invested approximately HKD 104.7 million in the acquisition of property, plant, and equipment during the year, compared to approximately HKD 111.5 million in the fiscal year 2023[25] - The group's total capital commitments amounted to approximately HKD 20.7 million as of December 31, 2024, down from approximately HKD 51.6 million as of December 31, 2023[35] - The group has not made any significant investments or acquisitions during the year, nor does it have plans for major investments or capital assets as of December 31, 2024[30] Financial Position - The group's cash and cash equivalents decreased to approximately HKD 14.4 million as of December 31, 2024, down from approximately HKD 24.2 million as of December 31, 2023[28] - Total equity of the group decreased to approximately HKD 27.8 million as of December 31, 2024, compared to approximately HKD 143.2 million as of December 31, 2023[28] - The group's net current liabilities increased to approximately HKD 227.9 million as of December 31, 2024, from approximately HKD 62.9 million as of December 31, 2023[28] - The debt-to-equity ratio rose to 7.6 as of December 31, 2024, compared to 1.5 as of December 31, 2023, primarily due to the decrease in total equity[31] Market Outlook - The group plans to increase investments in Singapore and Hong Kong to capitalize on favorable market conditions, with Singapore's construction demand projected to reach SGD 47 billion to SGD 53 billion in 2025, an increase of approximately 6% to 20% from SGD 44.2 billion in 2024[38] - Hong Kong's average annual infrastructure spending is expected to increase by approximately 17% to HKD 90 billion over the next five years, compared to HKD 76 billion in the previous five years, driving demand for tower cranes and engineering services[39] Corporate Governance - The company has adopted effective corporate governance practices in compliance with the Hong Kong Stock Exchange listing rules[97] - The independent auditor for the company is Tianji Hong Kong CPA Limited, appointed since November 7, 2022[94] - The board of directors consists of six members with backgrounds in finance, law, accounting, and business[101] - The chairman of the board is Mr. Guo Yingcheng, while the CEO is Mr. Zheng Wei, ensuring a separation of roles[100] - The company has established a nomination committee to evaluate and recommend candidates for the board, ensuring compliance with governance standards[105] - The board has set up three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of governance[110] Risk Management - The company adopted the COSO Enterprise Risk Management framework to assess risks and enhance risk management practices[136] - The group risk report identified primary risks and related action plans to mitigate these risks[139] - The board is responsible for evaluating the nature and extent of risks the group is willing to accept in achieving strategic objectives[135] - The company will continue to monitor the effectiveness of its risk management and internal control systems at least annually[135] Environmental, Social, and Governance (ESG) Initiatives - The company aims to enhance its environmental, social, and governance (ESG) performance by managing related risks and challenges, with a commitment to sustainable development[158] - The board of directors is responsible for overseeing climate-related disclosures and ensuring alignment with climate goals, with management tasked to execute action plans and collect necessary data[164] - The company has established a governance framework that includes climate disclosure processes, risk identification, scenario analysis, and impact assessments, with annual reviews and updates[165] - The company emphasizes the importance of stakeholder communication in shaping its ESG strategies and disclosures[161] Stakeholder Engagement - The company emphasizes the importance of stakeholder engagement and aims to create value for stakeholders as a core mission[167] - Key stakeholder concerns include investment returns, financial stability, and corporate governance, highlighted through various communication channels[169] - The company is committed to maintaining open communication channels with stakeholders to understand their concerns and expectations[167] Environmental Performance - In 2024, the company successfully reduced vehicle usage, leading to a significant decrease in greenhouse gas emissions and energy consumption related to gasoline and diesel[166] - The total carbon emissions for 2024 amounted to 180.32 metric tons of CO2 equivalent, a decrease of 21.20% from 228.83 metric tons in 2023, with scope 1 emissions down by 56.32%[181] - The company has committed to adhering to higher environmental standards than those mandated by law, focusing on reducing resource consumption and emissions[180] - The company is actively pursuing innovative solutions to minimize environmental impact through the use of low-carbon and green technology[180]

Financial Performance - In 2024, the company achieved a revenue of RMB 706.7 million, exceeding the target of RMB 700 million, reflecting strong operational efficiency and the effectiveness of its dual-driven growth strategy[8] - Revenue for the year ending December 31, 2024, increased by RMB 580.7 million or 461% to RMB 706.7 million, driven by strong sales of Yijia® and the successful launch of NAI-Fu-Kang® in mainland China[20] - The company recorded revenue of RMB 706.7 million for the year ended December 31, 2024, compared to RMB 125.9 million for the year ended December 31, 2023, representing a significant increase driven by strong sales of Yijia® and Naifukang® in mainland China[70] - The company’s stock price increased by 132% in 2024, outperforming the Hang Seng Biotechnology Index, which fell by nearly 16%[7] Product Development and Launches - The innovative drug, Renfu Kang®, was successfully launched in mainland China in May 2024, marking a significant advancement in the treatment of IgA nephropathy, with an estimated 5 million patients benefiting from improved affordability due to its inclusion in the National Medical Insurance Drug List[7] - The company’s best-in-class drug, Velsipity®, was approved in Macau in April 2024 and successfully commercialized, with plans for a new drug application in mainland China expected to be approved by 2026[11] - NEFECON® (Budesonide) is the first drug globally for the treatment of IgA nephropathy, showing a 50% reduction in kidney function decline and a 66% delay in kidney function deterioration in the Chinese population[22] - NEFECON® received approval from the NMPA in November 2023 and is expected to launch in mainland China in May 2024[22] - The company’s innovative drug Nephrocor® was officially launched in mainland China in May 2024, addressing the urgent treatment needs of approximately 5 million IgA nephropathy patients[57] Clinical Trials and Research - The company is advancing its self-developed mRNA product pipeline, with the personalized tumor vaccine EVM16 set to initiate a clinical trial in August 2024, aiming to evaluate safety, tolerability, immunogenicity, and preliminary efficacy[12] - The company plans to announce one-year follow-up data from the 1b/2a clinical trial of EVER001 in 2025[30] - The clinical application evaluation project for Irasuromycin was launched on September 23, 2023, and completed data collection in November 2024, involving 3,369 cases from 231 hospitals with an overall efficacy rate of 91.1% after 3 days of treatment[32] - The company has launched a clinical trial for its personalized tumor vaccine EVM16, marking a significant milestone in its mRNA product pipeline[45] Market Strategy and Expansion - The company is deepening its penetration into 300 core hospitals and collaborating with Contract Sales Organizations (CSOs) to expand patient access beyond core hospitals[9] - The company’s strategic expansion in Asia includes obtaining new drug approvals in Singapore, Hong Kong, Taiwan, and South Korea for Renfu Kang®[8] - The company aims to leverage its first-mover advantage in the mainland China market while actively expanding into other Asian markets, including Taiwan and South Korea[63] - The company’s innovative market strategy includes leveraging online medical platforms alongside traditional hospital channels[57] Financial Health and Expenses - The gross margin improved from 72.7% for the year ending December 31, 2023, to 74.6% for the year ending December 31, 2024, primarily due to the commercialization of NAI-Fu-Kang® and product cost optimization[20] - Research and development expenses for the year ending December 31, 2024, were RMB 528.0 million, slightly down from RMB 540.1 million for the previous year, reflecting the company's commitment to strategic R&D investments[20] - Distribution and selling expenses increased significantly from RMB 231.4 million for the year ended December 31, 2023, to RMB 508.1 million for the year ended December 31, 2024, due to expanded commercialization efforts[78] - The operating loss for the year ended December 31, 2024, was RMB 1,117.0 million, compared to RMB 932.7 million for the year ended December 31, 2023[70] Regulatory Approvals and Compliance - The company has received FDA approval for its generic tumor-associated antigen vaccine's IND application, marking a significant milestone in its mRNA oncology innovation efforts[14] - NEFECON® was granted a seven-year exclusivity period as an orphan drug by the FDA, extending until December 2030[22] - The company has complied with all relevant laws and regulations without any significant violations for the year ended December 31, 2024[124] Shareholder Information and Corporate Governance - As of December 31, 2024, the total number of employees in the group is 665, an increase from 432 in 2023, with 98.6% of sales coming from the largest customer[125][130] - The company has not declared any final dividends for the year ended December 31, 2024, nor for the year ended December 31, 2023[143] - The shareholding structure indicates that the majority of shares are held by a few key stakeholders, highlighting potential concentration of ownership[163] - The company aims to incentivize key employees through its stock option plans to drive growth and development[166]

Financial Performance - The company's revenue for 2024 reached RMB 1,930.1 million, a decrease of 26% compared to RMB 2,605.9 million in 2023[7]. - Gross profit for 2024 was RMB 603.1 million, down from RMB 943.1 million in 2023, reflecting a gross margin decline[7]. - The company reported a net loss of RMB 2,110.8 million for 2024, compared to a loss of RMB 38.0 million in 2023[7]. - The adjusted net loss for 2024 was RMB 2,077.7 million, compared to a profit of RMB 5.4 million in 2023[7]. - Revenue from IP games reached RMB 1,054 million, while total revenue for the group was RMB 1,930 million for the year ending December 31, 2024, down from RMB 2,605 million in 2023[53]. - Average monthly active users decreased to 14.7 million in 2024 from 17.1 million in 2023, and average monthly paying users fell to 1.0 million from 1.2 million[53]. - The group's gross profit decreased by 36.1% from RMB 943.1 million for the year ended December 31, 2023, to RMB 603.1 million for the year ending December 31, 2024, with a gross margin decline from 36.2% to 31.2%[63]. - The company's IP licensing revenue decreased by 54.7% from RMB 257.0 million in 2023 to RMB 116.5 million in 2024[62]. Strategic Initiatives - The company plans to launch several new IP games between 2025 and 2026, including titles based on popular franchises[9]. - The company aims to focus on high-quality IP games and strategic partnerships with agile developers for future projects[9]. - The company is implementing a strategy of "business focus + cost control" to navigate the competitive gaming market[9]. - The company plans to deepen its market presence in Hong Kong, Macau, and Taiwan, with further expansion into Japan, South Korea, and Southeast Asia by 2025, launching multiple games including "斗破苍穹：巅峰对决" and "真．三国无双霸" in these regions[10]. - The company is exploring the potential of AI in gaming, aiming to integrate AI into casual game development for innovative gameplay experiences[12]. - The company plans to launch multiple new products in 2025, including "Spring and Autumn Mysteries" and "Sword of Immortal World," with specific release dates in January and February respectively[34]. Cost Management - The company has implemented significant cost control measures, resulting in a 34.0% year-on-year decrease in R&D expenses for 2024, improving operational efficiency[14]. - Research and development costs were reduced from RMB 370.3 million in 2023 to RMB 244.3 million in 2024, a decrease of 34.0%[56]. - The total sales cost decreased by 20.2% from RMB 1,662.8 million in 2023 to RMB 1,327.0 million in 2024, primarily due to reduced revenue from game publishing and development[61]. Market Expansion - The company aims to become a leading publisher in the casual gaming market, having successfully launched several games with cumulative revenues exceeding hundreds of millions of RMB, including "凡人飞仙传" and "全民枪神：边境王者"[10]. - The mobile game "斗罗大陆：史莱克学院" launched in January 2024, achieving over 10 million RMB in revenue in its first month and receiving multiple accolades[17]. - The mobile game "Dou Luo Da Lu: Reverse Time and Space," launched in September 2024, reached the top of the Apple free games chart but failed to meet user acquisition and revenue expectations; however, it maintained stable user retention and payment rates, with a Taptap rating increase from 6.0 to 6.7[19]. - The group plans to launch several new games in 2025, including "Daily Life of Chat Groups" and "Naruto: Konoha Master," after extending development timelines to ensure product quality[20]. IP Development - The company will continue to operate the "仙剑奇侠传" IP, with new projects including an animated series and multiple game adaptations expected to enhance fan engagement and revenue[13]. - The group's IP licensing revenue for "Xian Jian Qi Xia Zhuan" was approximately 116.5 million RMB, and the acquisition of overseas rights is expected to enhance the unified planning of the IP[25]. - The company launched a series of blind box products based on the "Xianjian" IP, achieving crowdfunding exceeding 10 million RMB for classic weapon models in collaboration with Alibaba's innovative entertainment platform[27]. - The company celebrated the 29th anniversary of "Xianjian" with offline events in Hangzhou, Changzhou, and Chongqing, including concerts and parades, while the live-action project began operations in Chongqing in 2023 and expanded to Hangzhou and Changzhou in July 2024[28]. User Engagement - The company reported a significant increase in user engagement, with a 25% year-over-year growth in active users[1]. - As of December 31, 2024, the active user count for "全民槍神：邊境王者" reached 91 million, with registered users surpassing 600 million[40]. - The overlap of paying users between mini-games and traditional mobile games is only 35%, indicating a significant opportunity for new user acquisition in the mini-game sector, projected to be a growth point for 2025[40]. Corporate Governance and Compliance - The company has been recognized as an "ESG Comprehensive Governance Benchmark Enterprise" for its commitment to environmental sustainability and social responsibility, integrating eco-friendly practices into its business decisions[30]. - The company has complied with all applicable laws and regulations related to intellectual property development and management as of the board report date[176]. - The independent non-executive directors confirmed that the transactions under the contractual arrangements for the year ending December 31, 2024, were conducted according to the relevant provisions of the agreements[172]. Shareholder Information - The total issued shares as of December 31, 2024, was 2,995,413,777 shares[150]. - Major shareholders include Mr. Xiao with 785,358,067 shares (26.21%) and Trident Trust Company holding 763,908,067 shares (25.50%) as of December 31, 2024[146]. - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with no dividends declared for the previous year[110].