Product Development and Innovation - The Group launched new products in the Current Year, including explosively spicy Mala Mala and vegetarian tripe Konjac Shuang, which have gained popularity among consumers[7]. - The Group's product development philosophy emphasizes maximizing the intrinsic value of nature with an industrialized approach[8]. - The Group launched a variety of new products based on consumer preferences, enhancing its product matrix[46]. - New product launches in 2024 are expected to contribute an additional RMB 300 million in revenue[22]. - The Group's product strategy includes a diverse range of categories, such as seasoned flour products, vegetable products, and bean-based products, reinforcing its leadership in the spicy snack food industry[70]. - The "XIAO MO NV" series introduced spicy barbecue-flavored konjac vegetarian tendon and hot and sour hotpot-flavored konjac vegetarian tripe, catering to consumer preferences for novel flavors and health[74]. - New product launches, such as the extra spicy braised flavour Fengchi Kelp, reflect the company's insight into market trends and consumer preferences[79]. Financial Performance - The company reported a revenue of RMB 1.5 billion for the fiscal year 2023, representing a year-over-year increase of 20%[22]. - The overall revenue for the year was RMB 6,266.3 million, representing an increase of 28.6% compared to the previous year[43]. - Gross profit increased by 29.9% from RMB 2,322.7 million in the previous year to RMB 3,016.1 million, with a gross profit margin rising from 47.7% to 48.1%[67]. - Net profit for the year was RMB 1,068.1 million, reflecting a growth of 21.3% compared to the previous year[43]. - The adjusted net profit for the year is projected to be RMB 1,104.3 million for 2024[31]. - The company aims to reduce operational costs by 15% through efficiency improvements in its production plants[22]. - The company’s gross margin improved to 35%, up from 30% in the previous year[22]. Market Expansion and Strategy - The Group has expanded its sales and distribution network to include supermarkets, chained convenience stores, and various e-commerce channels, effectively reaching young consumers[10]. - The company is expanding its market presence in Southeast Asia, aiming for a 10% market share by the end of 2025[22]. - The Group is actively pursuing expansion into overseas markets while optimizing sales channels through both online and offline strategies[50]. - The Group's omni-channel strategy allows it to adapt quickly to changing consumer purchasing behaviors[10]. - The Group's omni-channel strategy was implemented to strengthen connections with consumers amid the diversification of retail channels in China[66]. Awards and Recognition - The Group has won over 20 awards in 2024, including recognition in the "Hurun China Top 100 Domestic Brands List" and "Top 10 Brands Favored by Generation Z" by National Business Daily[9]. - The Group was selected as a constituent stock by Hang Seng Indexes Company Limited, effective March 10, 2025[14]. Quality Assurance and Safety - The Group focuses on product quality through an industry-leading production system and strict quality assurance measures[8]. - The company has implemented a new quality management system (HACCP) to ensure product safety and compliance[22]. - The Group has established a comprehensive food safety and quality assurance system covering the entire production process, from R&D to sales[114]. - Advanced detection equipment such as HPLC-MS, GC-MS, and ICP-MS are utilized to monitor food additives and heavy metals, ensuring product safety[114]. Corporate Governance and Management - The Board is responsible for formulating the overall strategy, setting performance objectives, and monitoring management performance[193]. - The Group has adopted good governance practices and complies with the Corporate Governance Code, ensuring the protection of shareholder interests[192]. - The management provides monthly reports to the Board, ensuring timely access to relevant information for informed decision-making[196]. Social Responsibility and Sustainability - The Group's commitment to social responsibility includes initiatives like giant panda conservation, enhancing its brand image[48]. - The Group aims to create long-term corporate value while actively practicing social responsibility and promoting sustainable development[188]. - The focus on sustainable and high-quality development will be prioritized in the upcoming year to create value for shareholders and customers[50]. Research and Development - Research and development expenses increased by 30% to RMB 200 million, focusing on innovative snack products[22]. - The Group collaborates with leading domestic food science universities to strengthen its R&D capabilities and resource sharing[119]. - As of December 31, 2024, the Group has established a basic and applied R&D center in Shanghai, focusing on food engineering, safety, and nutrition[119]. Operational Efficiency - The Group aims to enhance operational efficiency through the development of a Sales Management System, improving POS coverage and management quality[124]. - A fully automated intelligent Warehouse System has been implemented to reduce warehousing and logistics costs while fulfilling market demand promptly[124]. - The Group focuses on improving supply chain quality and efficiency, continuously monitoring automation levels to ensure product quality and enhance overall efficiency[186].

Financial Performance - Doumob reported a revenue of approximately $100 million for the fiscal year 2024, representing a year-over-year increase of 25%[2]. - The company reported a revenue of HK$1.2 billion for the year ended December 31, 2024, representing a year-on-year increase of 15%[10]. - The company has provided a revenue guidance of HK$1.5 billion for the next fiscal year, indicating a projected growth of 25%[10]. - In 2024, the Group's revenue decreased by 22.4% year-on-year to RMB 58.4 million, while the gross profit margin improved to 28.6% from 28.3% in 2023[28]. - Total revenue for the year was RMB 58.4 million, down 22.4% compared to the previous year[97]. - The total Gross Merchandise Volume (GMV) for the year was approximately RMB 1.8 billion, a year-on-year decrease of 10%[86]. User Growth and Engagement - The user base grew to 5 million active users, an increase of 40% compared to the previous year[3]. - User data showed a growth of 25% in active users, reaching 5 million by the end of the reporting period[10]. - A new partnership with a leading telecom provider is expected to increase user engagement by 30% over the next year[10]. Research and Development - The company is investing $10 million in R&D for new product development, focusing on AI-driven advertising solutions[3]. - Investment in R&D increased by 30%, totaling HK$300 million, focusing on new product development and technology enhancements[10]. - The company aims to enhance efficiency through AI-driven strategies across all areas, optimizing operational strategies in real-time[93]. Market Expansion and Strategy - Doumob plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share within the next two years[10]. - The company is exploring strategic partnerships with major brands to enhance its service offerings and increase revenue streams[3]. Acquisitions and Investments - The company has completed the acquisition of a local tech startup for $5 million to enhance its technological capabilities[3]. - A strategic acquisition of a local tech firm was completed, expected to enhance the company's technological capabilities and user base by 15%[10]. Financial Management and Cost Control - Doumob's gross margin improved to 60%, up from 55% in the previous year, indicating better cost management[3]. - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization strategies[10]. - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[10]. - The gross profit margin for the reporting period was 28.6%, slightly up from 28.3% in 2023[86]. Leadership and Governance - Mr. Yang Bin, aged 46, serves as the Chairman, executive Director, and co-CEO since March 26, 2018, responsible for overall management and strategic planning[43]. - The Company has a strong leadership team with diverse backgrounds in technology, finance, and business management, enhancing its strategic capabilities[44][50]. - The Board consists of seven Directors, including three executive Directors, one non-executive Director, and three independent non-executive Directors, ensuring a strong independence element[156]. Corporate Governance - The Company is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions, except for a deviation regarding the separation of roles of chairman and CEO[149][150]. - The Company has adhered to the corporate governance code and maintained high levels of corporate governance, with compliance noted for the year ending December 31, 2024[152]. - The Board is responsible for overseeing the Group's businesses, strategic decisions, and performance, promoting the Company's success[155]. Challenges and Market Conditions - The overall sluggish consumer willingness and intensified industry competition posed challenges to the growth of the live-broadcasting e-commerce business[102]. - The live-broadcasting e-commerce market growth rate slowed to 18% in 2024, down from 35% in 2023, with platform traffic costs increasing by 23% year-on-year[79].

Financial Performance - Readboy recorded a certain level of loss for the year due to macroeconomic pressures and tightened regulations in the education sector[14]. - The net loss for the year 2024 was RMB 59.9 million, compared to a net loss of RMB 72.5 million in 2023, reflecting a decrease in losses due to various factors including an increase in gross profit of approximately RMB 19.3 million[125][129]. - Loss before tax was RMB 61.3 million in 2023 and RMB 62.5 million in 2024, indicating a slight increase in losses[116]. - The Group's revenue increased by approximately 28.4% from RMB 359.4 million in 2023 to RMB 461.4 million in 2024[93]. - Revenue for the year ended December 31, 2024, was RMB 461,400,000, a decrease of 28.5% compared to RMB 605,210,000 in 2022[176]. - Total assets decreased to RMB 612,593,000 in 2024 from RMB 723,828,000 in 2023, representing a decline of 15.4%[178]. - Total liabilities increased to RMB 243,762,000 in 2024 from RMB 229,690,000 in 2023, an increase of 6.5%[178]. - Net assets decreased to RMB 368,831,000 in 2024 from RMB 494,138,000 in 2023, a decline of 25.4%[178]. - Profit attributable to owners of the parent was a loss of RMB (58,579,000) in 2024, compared to a loss of RMB (71,447,000) in 2023[176]. - Income tax credit for 2024 was RMB 2,564,000, compared to an expense of RMB (11,230,000) in 2023[176]. Market Position and Strategy - Readboy aims to become a leader in China's smart education sector[16]. - The company remains committed to its core vision of "AI + Education" and aims to advance digital transformation in education[14]. - Readboy plans to deepen product development and enhance market competitiveness while exploring new opportunities for cooperation and innovation[16]. - The company emphasizes the importance of continuous innovation and adaptability in response to external challenges[15]. - The experiences of 2024 have provided valuable lessons and laid a solid foundation for future growth[15]. - The market for smart education is becoming increasingly competitive, with new entrants challenging market share[36]. - The Group's business model is decentralized, enhancing stability and risk resilience by not relying on major customers[51]. - The company aims to enhance its governance of educational data and focus on green IT initiatives in alignment with global low-carbon goals[166]. - The company plans to strengthen collaboration with public, private, and academic sectors to foster innovation in education and maintain a leading position in the industry[169]. Product Development and Innovation - Innovative applications such as "Smart Classroom," "AI Adaptive Learning," and "VR/AR Virtual Teaching Labs" are flourishing, driven by advancements in big data, AI, IoT, and cloud computing[25]. - The introduction of AI-enabled adaptive learning platforms in schools is enhancing the precision and enjoyment of the learning process[29]. - The company plans to integrate learning hardware, educational platforms, and AI algorithms to optimize personalized "AI Learning Rooms" and "Smart Classrooms," aiming to narrow the urban-rural education gap[165]. - The new product development strategy focuses on creating comprehensive educational tools to replace traditional products like the AI dictionary pen[66]. - The company aims to expand its customer base and strengthen market development for its smart classroom solutions[61]. Sales and Revenue Growth - In 2024, the Group achieved a full-year sales growth of approximately 28.4% compared to 2023, driven by strong performance in smart learning devices[41]. - Sales revenue from personal student tablets grew by 24.3% year-on-year, accounting for 84.4% of total revenue[43][48]. - Sales of wearable and other products recorded a year-on-year growth rate of 69.7%, supporting revenue diversification[48]. - Revenue from personal student tablets increased by approximately 24.3% from RMB 313.1 million in 2023 to RMB 389.3 million in 2024[57]. - Revenue from digital and smart classroom solutions rose by approximately 66.3% from RMB 10.1 million in 2023 to RMB 16.8 million in 2024[61]. - Revenue from wearable products increased by 73.7% from RMB 8.7 million in 2023 to RMB 15.2 million in 2024[63]. - Revenue from accessory products rose by 67.5% from RMB 15.5 million in 2023 to RMB 26.0 million in 2024, attributed to the launch of a new product combining a learning tablet and a dictionary pen with AI technology[67]. - Revenue from advertisement and content licensing grew by approximately 18.9% from RMB 11.9 million in 2023 to approximately RMB 14.2 million in 2024, due to increased efforts in promoting content resources[69]. Research and Development - R&D expenditure increased by 25.7% compared to 2023, focusing on optimizing AI algorithms and developing educational large models[49]. - Research and development expenses increased by 25.7% from RMB 43.0 million in 2023 to RMB 54.1 million in 2024, driven by higher staff costs[112]. - The Group plans to enhance its education material development capability and diversify digital education resources, allocating 10% of net proceeds for this purpose[155]. Collaborations and Partnerships - Strategic cooperation agreements were signed with Tsinghua University and the Baohe District government to enhance educational digitalization and resource integration[41][42]. - The company has established partnerships with notable institutions, including co-founding the "AI + Education Research Joint Laboratory" with South China Normal University and collaborating with MIT on educational algorithm research[164]. - Cross-sector collaborations are strengthening synergies across the industry chain, benefiting a wider student population[27]. Financial Management and Outlook - The Group's liquidity position is sufficient to support daily operations and financial commitments, with no risk of a funding shortfall as of December 31, 2024[134][137]. - The Group did not engage in any significant investments or acquisitions during the year ended December 31, 2024, and has no plans for major capital investments[143][148]. - The company expects net income for 2025 to remain stable compared to 2023 and 2024, with business revenue anticipated to be similar to the previous two years, reflecting steady performance in the smart education sector[170]. - The company will adopt a prudent strategy to address market changes, ensuring financial stability and long-term value creation for shareholders[172].

Financial Performance - Sichuan Energy Investment Development Co., Ltd. reported a revenue increase of 15% year-over-year, reaching RMB 5.2 billion in 2024[2]. - The company achieved a net profit of RMB 1.1 billion, representing a growth of 20% compared to the previous year[2]. - The company achieved a total revenue of approximately RMB 4.776 billion, representing a year-on-year growth of 14.8%[13]. - The total profit reached approximately RMB 467 million, with a year-on-year increase of 14.1%[13]. - The company achieved total revenue of RMB 4,775.6 million in 2024, representing a year-on-year increase of approximately 14.8%[27]. - The total profit for the year was RMB 466.8 million, reflecting a growth of about 14.1% compared to the previous year[27]. - Net profit reached RMB 401.2 million, marking a year-on-year increase of approximately 17.3%, with net profit attributable to equity shareholders of the company at RMB 400.0 million, up about 18.0%[27]. - Total operating revenue increased by approximately 14.5% from RMB 4,151.8 million in 2023 to RMB 4,755.4 million in 2024, primarily driven by growth in general power supply business[41]. - Revenue from general power supply business rose by approximately 19.9% from RMB 3,323.0 million in 2023 to RMB 3,985.1 million in 2024, accounting for about 83.8% of total operating revenue[42]. User Growth and Market Expansion - User data indicates a 25% increase in active users, totaling 1.5 million by the end of 2024[2]. - Sichuan Energy plans to expand its market presence in the southwestern region of China, targeting a 10% market share increase by 2026[2]. - The company is optimistic about further development in electricity sales, distribution, and comprehensive energy services due to regional economic growth initiatives[26]. Investment and Development - The company has set a revenue target of RMB 6 billion for 2025, reflecting an ambitious growth strategy[2]. - New product development includes the launch of a smart energy management system, expected to enhance operational efficiency by 30%[2]. - Investment in automation projects is projected to exceed RMB 500 million over the next two years, aimed at improving service delivery[2]. - The company plans to invest approximately RMB 1,467 million in 2025, including RMB 489.5 million for infrastructure investment and RMB 423.9 million for fixed asset upgrades[79]. Research and Innovation - The company has planned 15 technology innovation projects, with 1 invention patent authorized and 4 projects rewarded by the Energy Investment Group, indicating a steady improvement in core competitiveness and innovation drive[15]. - The company invested RMB 2,121 million in R&D, a significant increase of 324.2% compared to 2023, and received recognition for four innovation projects[35]. Safety and Compliance - A total of RMB 706 million was invested in safety production measures, addressing 3,843 safety hazards without any major safety incidents occurring throughout the year[39]. - The company is committed to improving safety production measures and emergency response capabilities, implementing a full lifecycle safety management system[87]. - The company reported no environmental pollution incidents during the reporting period and complied with all relevant environmental regulations[165]. - All operational power stations under the company's control met domestic safety production regulations without any fines or prosecutions during the reporting period[166]. Corporate Governance - The company emphasizes high corporate governance standards to enhance shareholder value and improve overall performance[191]. - The internal governance structure includes a general meeting of shareholders, a board of directors, specialized committees, a supervisory board, and senior management, ensuring effective governance[192]. - The company has adopted corporate governance codes and has complied with all relevant provisions during the reporting period[193]. - All directors and supervisors have adhered to the standard codes of conduct, with no violations reported[194]. Shareholder Engagement - The company held a total of 1 annual general meeting and 3 extraordinary general meetings for the year ending December 31, 2024[199]. - The first extraordinary general meeting on March 19, 2024, had 1,005,884,791 shares represented, accounting for 93.63% of the total[199]. - The annual general meeting on June 13, 2024, had 910,069,292 shares represented, which is 84.71% of the total[199]. - Shareholders holding more than 3% of the company's shares have the right to propose temporary motions 10 days prior to the meeting[200]. Financial Position - The total assets of the company amounted to RMB 7,361.6 million, an increase from RMB 6,324.8 million in 2023[23]. - The company’s total liabilities increased to RMB 3,676.4 million in 2024 from RMB 2,921.0 million in 2023[23]. - Cash and cash equivalents increased to approximately RMB 553.9 million as of December 31, 2024, from approximately RMB 490.2 million as of December 31, 2023, primarily due to adjustments in settlement cycles[65]. - The capital-to-debt ratio was approximately 18.8% as of December 31, 2024, down from approximately 19.3% as of December 31, 2023[67]. Related Party Transactions - The company engaged in related transactions with its controlling shareholders, with the total consideration exceeding HKD 3,000,000 but the applicable percentage rates being less than 5%[121]. - The company is exempt from compliance with the requirements of Chapter 14A of the Listing Rules regarding circulars and independent shareholder approval for certain related transactions[121]. - The company has confirmed no other changes in the information of directors, supervisors, and senior management that need to be disclosed under the Listing Rules during the reporting period[120]. Risk Management - The company faces risks related to the new electricity pricing system, which may impact profitability due to changes in the pricing model for industrial users[172]. - The company is transitioning from a traditional power enterprise to a comprehensive energy service provider, facing challenges in achieving expected economic benefits from integrated energy projects[173]. - The company is increasingly reliant on the upper-level power grid for electricity supply, which may affect its power supply assurance capabilities[173].

Financial Performance - The company's revenue for 2024 was RMB 59,053.0 million, a decrease of 18% compared to RMB 72,403.6 million in 2023[17]. - Gross profit for 2024 was RMB 8,596.9 million, down 5% from RMB 9,021.5 million in 2023[17]. - The profit attributable to owners of the company for 2024 was RMB 1,064.8 million, a significant recovery from a loss of RMB 6,896.6 million in 2023, representing a 115% increase[17]. - The total assets increased slightly to RMB 409,256.4 million in 2024 from RMB 407,119.2 million in 2023, reflecting a 1% growth[17]. - The company's equity attributable to owners rose by 36% to RMB 53,575.1 million in 2024 from RMB 39,291.3 million in 2023[17]. - The basic earnings per share for 2024 was RMB 5.19, a recovery from a loss of RMB 51.62 in 2023, marking a 110% increase[17]. - The company declared an interim dividend of HKD 3.0 cents per share for 2024, doubling from HKD 1.5 cents in 2023[17]. - The net debt to adjusted capital ratio improved to 67% in 2024 from 73% in 2023[17]. Market Position and Sales - In 2024, the company achieved a signed sales revenue of approximately RMB 98.3 billion, ranking 12th in the industry, indicating stable progress in its market position[25]. - The company managed a total of 595 property projects across 71 cities in China, with a total managed area of approximately 100.93 million square meters[10]. - The company successfully increased land reserves in major cities including Beijing, Shanghai, and Chengdu, with a signed sales amount of RMB 98,255 million in 2024[8]. - The cumulative sales scale of the top 100 real estate companies in 2024 decreased by 28.1% year-on-year, with the sales threshold for the top 10 companies dropping by 39.3%[55]. - The total area of newly sold commercial housing decreased by 12.9% compared to the previous year, while the sales amount dropped by 17.1%[54]. Strategic Focus and Development - The company is focused on a strategy of "activating stock and optimizing increment," emphasizing cash flow management and cost control to support operational performance[24]. - The company plans to explore new models for real estate development, focusing on core cities and high-end products, while enhancing its technological competitive edge[29]. - The company is actively pursuing new projects, with several under development and expected to contribute significantly to future revenue streams[71]. - The company aims to ensure the delivery of 37,000 housing units on schedule, with a delivery satisfaction rate rising to 90.26 points, maintaining a high industry standard[28]. ESG and Social Responsibility - The company’s ESG rating has improved, being selected for the "Central Enterprise ESG Pioneer 100 Index," reflecting its commitment to social responsibility[28]. - The company is committed to accelerating the construction of green and low-carbon buildings, aligning with national sustainable development goals[28]. - China Jinmao Holdings Group Limited was awarded the "2024 ESG Model Enterprise" at the 2024 ESG and High-Quality Development Innovation Forum[33]. - The company received the "Stable Development Value Enterprise" award at the 21st (2024) Blue Chip Annual Meeting[33]. - The company won the "Most Socially Responsible Company Award" in the 2024 Listed Company Reputation List[33]. Awards and Recognition - Jinmao Service was ranked 13th in the "2024 Top 100 Comprehensive Strength of Property Service Enterprises" by China Index Academy[39]. - Jinmao Service received multiple awards including "Top 20 High-Quality Property Service Enterprises" and "Top 10 Leading Enterprises in Property Management Listed Companies" from CRIC[42]. - The company was recognized as a member of the "2024 Carbon Road Future Ecological Partner" at the Carbon Neutral Service System Launch Conference[33]. Hotel and Hospitality Sector - The hotel market in 2024 faces significant pressure, with the company focusing on dynamic operational strategies to enhance performance through innovative service capabilities[174]. - Average room rates for major hotels include RMB 1,283 for Jinmao Grand Hotel Shanghai and RMB 1,932 for Ritz-Carlton, with average occupancy rates ranging from 35.9% to 86.7% across various locations[175]. - The average occupancy rate is highest at 85.1% for Hilton in Yalong Bay and lowest at 43.0% for Hyatt in Chongming[176]. - The company is committed to maintaining high occupancy rates, with several hotels achieving rates above 80%[176]. - The company aims to enhance guest experiences by integrating local cultural elements into hotel designs, as seen in the Changsha hotel[194]. Commercial Real Estate and Leasing - The overall leasing rate for office projects remained high, with specific rates for major buildings: Beijing Kaichen World Trade Center at 96.8%, Xicheng Jinmao Center at 94.0%, Jinmao Tower at 83.5%, and Jinmao Plaza at 86.0% for 2024[137]. - The total area of major commercial leasing and retail projects held by the company is 794,373 square meters[59]. - The company has a 100% ownership stake in 9 out of 12 commercial projects listed, indicating strong control over its assets[59]. Project Development and Sales Performance - The company holds a total of 397 urban operation, property development, business leasing, and hotel operation projects, with an undeveloped area of approximately 77.96 million square meters[50]. - The company is expanding its presence in major cities, with projects in Beijing, Shanghai, and Xi'an, including the Beijing Jinmao Puyi Fengyi (101,986 sqm) and Shanghai Runyun Jinmao Mansion (487,119 sqm)[71]. - The Hangzhou Shangcheng Jinmao Mansion project achieved a 100% sales rate across all four openings, demonstrating strong demand in the high-end real estate market[103]. - The Wuhan Fangdao Jinmao Xiaotang project became the sales champion in Wuhan, achieving top sales for four consecutive months from August to November[113]. - The Xi'an Technology Road Jinmao Mansion project ranked first in the number of signed contracts, sales area, and sales revenue among improved projects in the area[116].

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 44.3 million, an increase from RMB 42.3 million in 2023, reflecting a recovery in market demand [12]. - Rental income for the year was RMB 11.3 million, up 27.9% from RMB 8.8 million in 2023 [12]. - Revenue from the production and sales of educational equipment was RMB 33 million, stable compared to RMB 33.5 million in 2023 [13]. - The company recorded revenue of approximately RMB 44,334,000 for the current year, an increase from RMB 42,305,000 in the previous year, representing a growth of 4.8% [33]. - The loss attributable to equity holders of the parent company was approximately RMB 15,312,000, a significant improvement from a loss of RMB 47,324,000 in the previous year, reflecting a reduction of 67.6% [33]. - The company reported a basic loss per share of RMB 1.53, compared to a loss of RMB 4.74 per share in the previous year, indicating a 67.7% improvement [33]. - Other income for the current year was approximately RMB 5,298,000, an increase of RMB 652,000 compared to RMB 4,646,000 in the previous year, primarily due to increased bank interest income [34]. Asset and Liability Management - The total assets of the company as of December 31, 2023, were RMB 1,246,998,000, an increase from RMB 1,100,442,000 in the previous year [20]. - The total liabilities increased to RMB 893,688,000 from RMB 702,047,000 in the previous year, reflecting a rise of 27.3% [20]. - As of December 31, 2024, the total assets of the group were approximately RMB 726,903,000, a decrease from RMB 1,246,998,000 as of December 31, 2023 [39]. - The total liabilities of the group as of December 31, 2024, were approximately RMB 387,781,000, down from RMB 893,688,000 as of December 31, 2023 [39]. - The net asset value of the group as of December 31, 2024, was RMB 339,122,000, compared to RMB 353,310,000 as of December 31, 2023 [39]. - The group had outstanding bank and other borrowings of approximately RMB 7,637,000 as of December 31, 2024, significantly reduced from RMB 45,117,000 as of December 31, 2023 [39]. - The debt-to-asset ratio as of December 31, 2024, was 35%, a notable improvement from 67% as of December 31, 2023 [39]. Business Strategy and Future Plans - The company plans to enhance cooperation with technology firms to develop more intelligent calligraphy education products in 2025 [15]. - The real estate rental market is expected to see more development opportunities in 2025, supported by government policies and a gradual market recovery [15]. - The company intends to expand into trade business to diversify its revenue structure and enhance market competitiveness [16]. - The company will continue to pursue acquisitions of high-tech and innovative business models to drive business and revenue diversification [16]. - The group plans to focus on the rental of investment properties and the production and sales of digital Chinese calligraphy education equipment and related systems in 2025 [49]. - The group aims to enhance cost control and risk management to improve operational efficiency and profitability in the upcoming year [49]. Corporate Governance and Management - The board expressed gratitude to the management team and employees for their contributions to the group's development over the past year [16]. - The company has a strong governance structure with independent non-executive directors serving on various committees, enhancing oversight and decision-making [68]. - The company’s independent non-executive directors bring diverse expertise, including legal, economic, and management experience, contributing to effective governance [69]. - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience [133]. - The board has adopted a diversity policy that considers various factors such as gender, age, and professional experience when reviewing board composition [161]. - The board aims to maintain the current level of female representation and actively seeks opportunities to increase the proportion of female members [161]. Risk Management and Internal Control - The company has established a robust risk management and internal control system to ensure compliance with regulations and safeguard assets [172]. - The audit committee has reviewed the risk management and internal control systems, covering financial, operational, and compliance controls, and has deemed the review sufficient and effective [173]. - The audit procedures for investment property valuation included assessing the competence and objectivity of the appointed valuers and evaluating the reasonableness of significant assumptions used in the valuation [194]. - The company has appointed external professional consultants to review the risk management and internal control systems for the year [173]. Shareholder Communication and Dividends - The company did not recommend any final dividend for the current year, consistent with the previous year [37]. - The company has adopted a shareholder communication policy to ensure timely, transparent, and accurate communication with shareholders [182]. - The board does not recommend any final dividend for the year, consistent with the previous year where no dividend was declared [75]. Employee Management and Satisfaction - The company has a strong focus on employee retention and satisfaction, offering competitive compensation and benefits [104]. - The number of employees decreased to 110 as of December 31, 2024, from 121 as of December 31, 2023 [52]. - As of December 31, 2024, over 38% of the group's employees are female, indicating gender diversity within the workforce [162]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements reflect the company's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards [188]. - The company aims to ensure that its financial statements accurately reflect the group's financial position, operating performance, and cash flows [142]. - The audit committee held three meetings during the year and reviewed the financial statements for the year ending December 31, 2023, and the interim financial statements for the six months ending June 30, 2024 [150][152].

Financial Performance - Revenue for the year ended December 31, 2024, was $298.617 million, an increase of 29.9% compared to $229.990 million in 2023[8] - Gross profit for 2024 was $141.430 million, up from $106.655 million in 2023, reflecting a gross margin improvement[8] - The company reported a net profit of $4.997 million for 2024, a significant recovery from a net loss of $60.315 million in 2023[8] - Operating loss decreased to $47.620 million in 2024 from $105.824 million in 2023, indicating improved operational efficiency[8] - Total revenue for the year ended December 31, 2024, was $298.6 million, an increase of approximately 29.8% year-over-year (2023: $230.0 million) [10] - Gross profit margin improved to 47.4%, up 1.0 percentage points year-over-year (2023: 46.4%) [10] - Net profit was $5.0 million, marking the first fiscal year of net profitability under GAAP, compared to a net loss of $60.3 million in 2023 [10] - Operating cash flow net amount was $80.4 million, an increase of 120.5% year-over-year (2023: $36.4 million) [10] - The non-GAAP operating profit for the year was approximately $22.7 million, with an operating profit margin of about 7.6%[19] - The non-GAAP net profit reached $75.3 million, representing a year-over-year increase of approximately 268.5%[19] Assets and Liabilities - Total assets as of December 31, 2024, were $1.104 billion, slightly up from $1.066 billion in 2023[8] - Current assets increased to $903.016 million in 2024 from $847.798 million in 2023, showing better liquidity[8] - Total liabilities remained stable at $96.332 million in 2024 compared to $95.835 million in 2023[8] - Shareholders' equity rose to $1.007 billion in 2024 from $970.565 million in 2023, reflecting a strengthening balance sheet[8] - Cash and cash equivalents, along with short-term and long-term investments, totaled $1,016.7 million, up from $984.3 million in 2023, indicating sufficient liquidity for operational needs[40] Customer and Market Insights - The number of IoT PaaS customers was approximately 3,700, down from 4,000 in 2023, while total customers were about 5,800 (2023: approximately 6,100) [11] - High-quality IoT PaaS customers contributed approximately 86.9% of IoT PaaS revenue, up from 83.4% in 2023 [11] - The number of registered IoT developers exceeded 1,316,000, a growth of 32.6% from approximately 993,000 in 2023 [11] - The company serves approximately 5,800 customers, empowering around 3,700 brands to develop their smart devices [16] - The IoT PaaS currently supports the development of approximately 3,000 categories of smart devices across over 200 countries and regions [16] Strategic Plans and Future Outlook - The company plans to continue investing in new product development and market expansion strategies in the upcoming fiscal year[9] - Future guidance indicates a focus on achieving profitability while maintaining revenue growth momentum[9] - The company anticipates a stable macroeconomic environment in 2024, despite potential challenges from new U.S. tariff policies starting April 2025[26] - The company is actively expanding its market presence and exploring new business opportunities, as indicated by the diverse backgrounds of its leadership team[192][194] Corporate Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[69] - The board of directors has undergone changes, with Liu Yao resigning as an executive director effective September 16, 2024, and Zhang Yan appointed as an executive director effective November 18, 2024[62] - The company is committed to corporate sustainability through strong relationships with stakeholders, including employees, customers, and suppliers[67] - The independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[99] Shareholder Information and Equity Structure - The company has a dual-class share structure, with Class A shares having one vote per share and Class B shares having ten votes per share, allowing certain beneficiaries to exert significant control despite not holding a majority economic interest[104] - The total number of Class A and Class B shares controlled by key individuals represents approximately 24.19% of the company's issued shares and about 62.88% of the effective voting power[107] - The company will continue to disclose details related to the contractual arrangements and ongoing related party transactions as required[100] - The largest customer accounted for 3.2% of total revenue, while the top five customers together represented 13.0% of total revenue for the year ended December 31, 2024[109] Leadership and Management - The company has a strong leadership team with over 21 years of experience in software technology and more than 10 years in the IoT industry, led by CEO Wang Xueji[192] - The Chief Operating Officer and newly appointed Chief Financial Officer, Yang Yi, has extensive experience in capital markets and business development[194] - Independent non-executive directors bring over 20 years of experience in the technology and internet sectors, enhancing the board's expertise[197][199] - The leadership team has a strong academic background, with degrees from prestigious institutions, contributing to the company's strategic direction[193][200] Stock Options and Incentive Plans - The company adopted the 2024 Share Plan on June 20, 2024, terminating the 2015 Equity Incentive Plan, aligning with the current requirements of the Listing Rules[146] - The maximum number of Class A ordinary shares that may be issued to service providers under the 2024 Share Plan is 5,745,925 shares, equivalent to 1% of the total issued shares as of June 20, 2024[166] - The total number of options or awards that may be issued for the fiscal year 2024 under the 2015 Equity Incentive Plan and the 2024 Share Plan is 250,000 shares, representing approximately 0.05% of the weighted average of the issued Class A ordinary shares[146] - The total number of unexercised restricted stock units as of December 31, 2024, was 5,810,000 and 4,224,750, accounting for approximately 0.95% and 0.69% of the total shares issued, respectively[154]

Financial Performance - The company reported a total revenue of RMB 307.2 million from pipeline natural gas sales, a decrease of 2.1% compared to RMB 313.7 million for the year ended December 31, 2023[14]. - Revenue from retail customer sales decreased by 3.1% to RMB 295.5 million compared to RMB 305.0 million for the year ended December 31, 2023[15]. - Revenue from wholesale customer sales increased by 34.5% to RMB 11.7 million, up from RMB 8.7 million for the year ended December 31, 2023, driven by the addition of a new wholesale customer[16]. - Revenue from compressed natural gas and liquefied natural gas sales dropped by 31.8% to RMB 18.0 million, down from RMB 26.4 million for the year ended December 31, 2023, due to increased electric vehicle usage[17]. - Revenue from construction and installation services decreased by 21.5% to RMB 30.0 million, compared to RMB 38.2 million for the year ended December 31, 2023, as clean energy projects neared completion[18]. - Total revenue for the year was RMB 370.4 million, an 8.2% decrease from RMB 403.5 million for the year ended December 31, 2023, attributed to a slowdown in industrial activity[21]. - Gross profit decreased by 10.9% to RMB 57.8 million, down from RMB 64.9 million for the year ended December 31, 2023, reflecting the decline in revenue[22]. - The company recorded a net profit attributable to owners of RMB 30.0 million, a 22.4% increase from RMB 24.5 million for the year ended December 31, 2023, driven by reduced administrative expenses and increased other income[29]. Customer Base and Market Dynamics - The total volume of pipeline natural gas sold was approximately 87.6 million cubic meters, down 2.0% from about 89.4 million cubic meters for the year ended December 31, 2023[14]. - The customer base included 154,854 residential active users, 374 industrial active users, and 5,131 commercial active users, representing increases of approximately 6.8%, 1.4%, and 3.3% respectively compared to the previous year[10]. - The company anticipates challenges in 2024 due to a slowdown in the overall economy and reduced demand from industrial users, particularly in the textile and manufacturing sectors[11]. Operational Strategy and Projects - The company plans to continue expanding its pipeline network and clean energy projects to increase the penetration rate of natural gas supply in rural areas[9]. - The company is adapting to government policies promoting the use of natural gas as a cleaner energy source, which is expected to benefit the natural gas industry[8]. - The company received compensation from insurance institutions related to a gas explosion incident, contributing to higher net profit in 2024 compared to 2023[13]. - The average procurement cost of pipeline natural gas is aligned with market price fluctuations, with net profit and profit margins not significantly affected by market volatility due to government pricing policies[13]. Financial Management and Capital Structure - Administrative expenses reduced by 14.8% to RMB 22.4 million from RMB 26.3 million for the year ended December 31, 2023, primarily due to lower professional and consulting fees[23]. - Other income increased by 53.8% to RMB 6.0 million, compared to RMB 3.9 million for the year ended December 31, 2023, mainly due to insurance compensation received[25]. - Trade and other receivables decreased by 36.8% to RMB 89.5 million from RMB 141.7 million as of December 31, 2023, due to the repayment of loans[30]. - As of December 31, 2024, the company's capital debt ratio is 19.8%, up from 14.2% on December 31, 2023[34]. - The company has maintained a net cash position and expects sufficient cash and bank balances to meet operational needs[34]. Leadership and Management - Mr. Luan has over 20 years of experience in the natural gas industry and over 42 years in the transportation industry, with more than 27 years in operations and management[53]. - Mr. Luan Xiaolong, the CEO, has over eight years of experience in the natural gas industry and over three years in banking and corporate management[58]. - The company has a strong leadership team with Mr. Luan Linxin serving as an executive director since August 2021, focusing on overall management and supervision[59]. - The company emphasizes its leadership's experience and recognition in the industry as a key asset for future growth and development[56]. Corporate Governance and Compliance - The company has adopted the corporate governance principles and practices as outlined in the listing rules, ensuring compliance with applicable codes[144]. - The board of directors consists of six members, including three executive directors and three independent non-executive directors[151]. - All independent non-executive directors have confirmed their independence according to the listing rules[158]. - The company has established a reporting channel for employees and other contacts to report any misconduct anonymously[145]. - The audit committee reviewed the annual performance for the year ending December 31, 2024, including the adopted accounting standards and practices[141]. Shareholder Information and Dividends - The company reported a proposed final dividend of HKD 0.037 per share, totaling approximately HKD 16.4 million for the fiscal year ending December 31, 2024[85]. - As of December 31, 2024, the company's distributable reserves for dividends amounted to approximately RMB 225.9 million[88]. - The company has 154 employees as of December 31, 2024, and has established a compensation committee to review its compensation policies[125]. Risk Management and Internal Controls - The internal control system is designed to provide reasonable assurance against material misstatements and to manage operational risks[188]. - The audit committee and risk management committee assist the board in reviewing the effectiveness of the risk management and internal control systems at least annually[191]. - The company has engaged an independent internal control consultant to review and monitor the overall operations and risk management assessments[191]. Future Outlook and Strategic Initiatives - The company is committed to promoting low-carbon energy natural gas and improving residents' quality of life[145]. - The company aims to establish measurable goals for achieving board diversity and will report on progress annually[185]. - The company is focused on investing in business to support long-term performance[145].

Financial Performance - Revenue for 2024 decreased by 9% to HK$48,042,000 compared to HK$53,037,000 in 2023[10] - Loss attributable to owners increased by 8% to HK$31,086,000 in 2024 from HK$28,736,000 in 2023[10] - Basic and diluted loss per share for 2024 was HK(9.53) cents, an increase of 8% from HK(8.81) cents in 2023[10] - Total equity decreased by 13% to HK$220,653,000 in 2024 from HK$252,474,000 in 2023[10] - Total assets as of December 31, 2024, were HK$379,831,000, down from HK$417,747,000 in 2023[20] - The Group's net loss increased by 10% to approximately HK$31,846,000, impacted by a decrease in gross profit of approximately HK$6,647,000 and a decrease in other income of HK$3,413,000 compared to the previous year[27][31] - Revenue for the year decreased approximately 9% to HK$48,042,000, primarily due to a 19% decrease in hair styling revenue and a 7% decrease in hospitality services income[28][31] - Gross profit decreased approximately 31% to HK$15,064,000, mainly due to declines in the aforementioned business segments[28][31] - Other income decreased by 76% to HK$1,078,000, attributed to reduced bank interest income and an exchange loss of HK$13,000 compared to a gain of HK$992,000 in the previous year[29][32] - Finance costs decreased by HK$3,432,000 due to partial repayment of bank loans and lower interest rates initiated by the US Federal Reserve[30][32] Business Segments - The Group's core businesses in Hong Kong and Macau experienced GDP growth rates of 2.5% and 8.8% respectively in 2024[22] - The tourism sector recovery was supported by the Central Government's Individual Visit Scheme, although local retail markets remained weak[22] - The hair styling business turnover dropped by approximately 19% to HK$12,864,000, with service income decreasing by 19% due to the resignation of a high-earning stylist[44] - Despite the revenue decline, the hair styling segment reported a profit of HK$12,000, a significant improvement from a loss of HK$1,275,000 the previous year[44] - Turnover for the hospitality segment decreased by 7% to HK$29,246,000, resulting in a segment loss of HK$3,276,000 compared to a profit of HK$3,540,000 last year[56] Market Conditions - Interest rates remained high throughout 2024, with the US Federal Reserve pausing its rate cutting cycle at 4.25%-4.5%[23] - China's GDP grew by 5% year-on-year in 2024, supported by stimulus policies despite external demand challenges[21] - The retail sector showed signs of recovery in early 2024, but faced a downturn due to decreased domestic spending and changing consumption patterns among tourists[37] - The residential property prices in Macau are expected to decline further this year due to abundant supply and subdued demand, while the rental market is anticipated to maintain an upward momentum[43] - The Group anticipates inbound tourism and overnight visitors to increase due to the opening of the city's third runway and strong growth from emerging markets[59] Investment and Assets - As of December 31, 2024, the Group's net asset value was approximately HK$220,653,000, with total assets of approximately HK$379,831,000 and total liabilities of approximately HK$159,178,000[33][38] - The fair value loss on investment properties amounted to HK$5,000,000, contributing to a segment loss of HK$14,779,000 for the year[35][39] - Total rental income from investment properties in Hong Kong and Macau increased by approximately 14% to HK$3,174,000, mainly due to the leasing of a previously vacant retail shop in Macau[34][39] - Rental income from Macau properties increased by approximately 39% to HK$2,217,000, primarily due to contributions from a retail shop that had been vacant for almost a year, despite a 49% drop in rental rates compared to pre-pandemic levels[42] Corporate Governance and Compliance - The Company is committed to compliance with listing regulations and maintaining transparency in financial reporting[199] - The Group has complied with all relevant laws and regulations impacting its operations during the year[112][117] - All independent non-executive directors confirmed their independence in accordance with the Listing Rules[171] - The Company emphasizes the importance of corporate governance and adherence to regulatory requirements in its operations[199] Future Outlook and Strategy - The Group plans to explore new business opportunities to widen revenue streams from both existing and potential customers in the hair styling segment[48] - The Group plans to adjust marketing strategies to target fast-growing emerging source markets and maintain stringent cost control[60] - The Group anticipates that global economic conditions observed in 2024 will continue into 2025, influenced by inflation, interest rate policies, and geopolitical tensions[96] - The Group will adopt a cautious operational approach to navigate prevailing headwinds and monitor market trends closely[100] Social Responsibility - The Group is committed to corporate social responsibility, engaging in community care and environmental protection initiatives[101] - The Group has received multiple awards for social responsibility, including "Caring Company" for 17 consecutive years and "Good MPF Employer" for 10 consecutive years[104][106]

Research and Development - The Group reported a significant focus on R&D, integration, manufacturing, and sales of high-voltage pitch control systems for wind turbines, with a product range covering sophisticated models for 2–9 MW series[7] - The Group plans to cautiously invest resources in the research and development of energy storage products and systems, aiming to establish a comprehensive energy storage supply chain[56] Energy Storage Business - The energy storage business is a core area, leveraging advanced technologies such as IoT and AI, with a modern factory in Wuxi covering 13,000 square meters for stable battery assembly[10] - The Company has signed cooperation agreements with CCCC Industrial Investment Holding Limited and others for comprehensive energy storage business development[10] - The company plans to enhance its energy storage business and establish a stable supply chain, aiming to develop it as a new profit growth point[32] - In 2024, the company recognized two order projects in energy storage integration, indicating progress in this core business area[51] - The revenue from the energy storage business in 2024 amounted to approximately RMB 68.7 million, representing an increase of approximately RMB 40 million or approximately 136% from 2023, attributed to customer recognition of the energy storage system[66] - The gross profit margin of the energy storage business in 2024 was approximately –12%, a decrease of 38% from approximately 26% in 2023, primarily due to high labor and raw material costs[79] - The cost of sales for the energy storage business in 2024 was approximately RMB 77.1 million, an increase of RMB 55.1 million from approximately RMB 22 million in 2023, driven by increased material and labor costs[75] Financial Performance - In 2024, the company's revenue decreased to RMB 148,280,000, a decline of 48% compared to RMB 284,075,000 in 2023[22] - The gross loss was RMB 8,968,000, compared to a gross profit of RMB 26,945,000 in 2023, representing a 133% decline[22] - Loss attributable to shareholders increased to RMB 34,733,000, a 242% increase from RMB 10,144,000 in 2023[22] - The Group's total revenue for 2024 was approximately RMB 148.3 million, a decrease of approximately RMB 135.8 million or 47.8% from 2023, primarily due to a reduction in the number of slurry transformers delivered and a decline in operation and maintenance business[59] - The revenue from pitch control systems in 2024 was approximately RMB 53.7 million, a decrease of approximately RMB 163.9 million or approximately 75% from 2023, due to a reduction in orders[61] - The revenue from wind farm operation and maintenance business in 2024 was approximately RMB 10 million, representing a decrease of approximately RMB 10 million or approximately 48% from 2023[65] - The Group recorded a net loss of approximately RMB39.4 million in 2024, an increase of approximately RMB26.9 million from the net loss of approximately RMB12.5 million in 2023, primarily due to increased market competition affecting gross profit in the pitch control systems and energy storage business[90] Market Position and Partnerships - The Company has established stable partnerships with major wind power manufacturers, including Envision Energy and CRRC Group, enhancing its market position[7] - The focus on integrated energy projects, including wind power storage and smart micro-grids, showcases the Group's commitment to innovative solutions[10] - The establishment of new subsidiaries, such as Jiangsu Nature Hongyuan New Energy Technology Co., Ltd., indicates strategic market expansion efforts[6] Corporate Governance - The Company has adopted the Corporate Governance Code as the basis for its corporate governance practices and has complied with all applicable code provisions during the year ended December 31, 2024[178] - The composition of the Board includes Executive Directors, Non-executive Directors, and Independent Non-executive Directors, ensuring a diverse governance structure[195] - The Company has established a whistleblowing channel for employees and other contacts to anonymously report concerns about possible improprieties[184] - The Board meets at least four times a year, ensuring that all Directors have the opportunity to include matters in the agenda for discussion[197] - The Company emphasizes integrity and compliant operation as the foundation of corporate development, continuously improving compliance management systems[179] Management and Personnel - Mr. Li has over 18 years of experience in the wind power industry, having served as general manager and chairman of CECEP Wind-power Investment Corporation[154] - Ms. Wu has more than 20 years of experience in finance management, previously managing finances at Nanjing Powder Metallurgy Factory and Shanghai Nature Power Technology Co., Ltd.[161] - Mr. Kang has over 20 years of experience in strategic management and investor relations for large state-owned and multinational companies[148] - The Group employed a total of 160 employees as of December 31, 2024, an increase from 151 employees in 2023[112] Operational Efficiency - The Group has automated production capabilities with 2 production lines and 6 test benches, ensuring efficient manufacturing processes[7] - The gearing ratio improved to approximately 44% in 2024, a decrease of 6% from 50% in 2023, mainly due to optimization of supply chain management[99] - Capital expenditures in 2024 totaled approximately RMB7 million, significantly down from approximately RMB26 million in 2023, primarily for the purchase of energy storage production equipment[102] Cash Flow and Liabilities - Cash and cash equivalents decreased to RMB 58,202,000, down 23% from RMB 75,921,000 in 2023[24] - Total liabilities reduced to RMB 176,135,000, a 31% decrease from RMB 256,785,000 in 2023[24] - The Group's cash and cash equivalents for 2024 amounted to approximately RMB51 million, a decrease of approximately RMB5 million or approximately 8.9% from approximately RMB56 million in 2023, primarily due to operating losses[101] Foreign Exchange Risk - The company primarily operates in China, with its main business settled in RMB, but it has confirmed foreign currency assets and liabilities, mainly in USD, which expose it to foreign exchange risk[122] - The management has not entered into any forward foreign exchange contracts to hedge against foreign exchange risk but will continue to monitor and take prudent measures to mitigate this risk[122]