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利宝阁集团(01869) - 2024 - 年度财报
2025-04-24 08:38
Financial Performance - The Group's total revenue for the year ended December 31, 2024, was approximately HK$139.6 million, a year-on-year decrease of approximately 21.8% from HK$178.5 million in 2023[13]. - Loss attributable to the owners of the Company for the year amounted to approximately HK$48.7 million, compared to a profit of approximately HK$8.0 million in 2023[13]. - The decline in revenue of approximately HK$38.9 million was primarily due to the weakened economy in China[14]. - The Group's total revenue for the year was approximately HKD 139.6 million, a decrease of about 21.8% compared to HKD 178.5 million in the previous year[17]. - The Group reported a loss attributable to owners of approximately HKD 48.7 million, compared to a profit of HKD 8.0 million in the previous year[17]. - The decline in revenue was primarily due to a decrease of approximately HKD 38.9 million from the sluggish Chinese economy, and a one-time gain of HKD 17.8 million from a subsidiary in the previous year[17]. - The Group's gross profit amounted to approximately HK$83.6 million, a decrease of approximately 27.0% from HK$114.6 million in the Previous Year, with a gross profit margin of approximately 59.9%[47]. - Employee benefits expense increased to approximately HK$62.4 million, representing a rise of approximately 20.3% compared to HK$51.9 million in the Previous Year, largely due to share-based compensation costs[51]. - The Group recorded a loss attributable to owners of the Company of approximately HK$48.7 million, compared to a profit of approximately HK$8.0 million in the Previous Year, driven by increased employee benefits expenses and decreased revenue[59]. Business Expansion and Development - In December 2024, the first franchised coffee shop under the brand "Kafelaku Coffee" was opened in Wenzhou City, Zhejiang Province, China[15]. - The new coffee shop features a curated menu highlighting single-origin coffees and seasonal specials, with plans for further expansion in 2025[15]. - The Group intends to enhance its market share in the coffee sector by capitalizing on the growing café culture and improving customer experience[25]. - The Group is committed to diversifying its catering business and exploring expansion opportunities in both the restaurant and coffee sectors[25]. - The revenue from the new civet coffee franchising business in the PRC was approximately HK$1.0 million, which was a new revenue stream for the Group[46]. - The Group plans to develop its civet coffee business in Hong Kong and the PRC, with a planned allocation of HK$16.26 million, of which HK$12.797 million has been utilized[118]. Market Conditions and Challenges - The decline in revenue was primarily due to a decrease of approximately HKD 38.9 million from the sluggish Chinese economy, and a one-time gain of HKD 17.8 million from a subsidiary in the previous year[17]. - The Chinese restaurant sector in Hong Kong has shown resilience, maintaining steady demand for both traditional and modern Chinese cuisine despite economic challenges[19]. - The introduction of more accessible multiple-entry visas for PRC travelers is expected to counteract the impact of Hong Kong consumers traveling north, leading to a gradual market recovery[19]. - The Directors anticipate various challenges for the Group's business in the foreseeable future, despite expected improvements in the catering and coffee operation industry due to government stimulus policies[104]. - The Group's operations may be negatively impacted by external factors such as the China-US trade war and geopolitical tensions[115]. Environmental, Social, and Governance (ESG) Performance - The ESG Report covers the Group's ESG performance for the year ended December 31, 2024, and aligns with the reporting scope for the previous year, 2023[136]. - The Group's ESG Taskforce is responsible for identifying and prioritizing material ESG issues, with a focus on stakeholder engagement and materiality assessment[131]. - The Board oversees the Group's ESG governance and is responsible for establishing ESG strategies, reviewing risks and opportunities, and ensuring compliance with regulatory requirements[132]. - A materiality assessment was conducted to identify key ESG issues for 2024, which were confirmed by the Board and the ESG Taskforce[140]. - The Group's commitment to sustainable development is reflected in its environmental targets aimed at optimizing ESG performance[127]. - The Group has implemented environmental policies aimed at minimizing adverse environmental impacts, adhering to the principles of "Reduce, Reuse, Recycle and Replace"[159]. - The Group's nitrogen oxides (NOx) emissions decreased from 186.54 kg in FY2023 to 161.88 kg in FY2024, representing a reduction of approximately 13.2%[167]. - Sulphur oxides (SOx) emissions slightly decreased from 0.58 kg in FY2023 to 0.55 kg in FY2024, a reduction of about 5.2%[167]. - Particulate matter (PM) emissions decreased from 10.32 kg in FY2023 to 8.27 kg in FY2024, indicating a reduction of approximately 20%[167]. - Direct GHG emissions (Scope 1) decreased from 1,093.43 tCO2e in FY2023 to 1,043.62 tCO2e in FY2024, a reduction of about 4.6%[173]. - Energy indirect GHG emissions (Scope 2) decreased significantly from 2,246.81 tCO2e in FY2023 to 1,545.00 tCO2e in FY2024, representing a reduction of approximately 31.2%[173]. - Total GHG emissions (Scope 1 and 2) decreased from 3,340.24 tCO2e in FY2023 to 2,588.62 tCO2e in FY2024, a reduction of about 22.5%[173]. Employee and Shareholder Matters - As of December 31, 2024, the Group had approximately 378 employees, a decrease from 430 in 2023, with employee benefits expense increasing by approximately 20.2% to HK$ 62.4 million[97]. - The Company allotted 110,500,000 shares to employee participants under the share scheme, pending performance targets[84]. - The Board resolved not to recommend the payment of any final dividend for the Year, consistent with 2023[103]. - The Group's gearing ratio was irrelevant as of December 31, 2024, due to a deficit in shareholders' equity, prompting the Directors to monitor and adjust business strategies accordingly[76]. Operational Strategies and Future Plans - The Group aims for steady growth and prudent expansion in Hong Kong while progressively expanding in the PRC market[110][113]. - The Group is currently undergoing a rebranding process and developing its civet coffee business, which includes a franchising operation under the "Kafelaku Coffee" brand[125]. - The Group is considering expanding its food catering and beverage business into other cuisines and operation modes to maximize shareholder returns[111][114]. - The Group is focusing on online marketing to promote existing business and increase market share[110][113].
维亚生物(01873) - 2024 - 年度财报
2025-04-24 08:37
Financial Performance - The company reported total revenue of RMB 1,986.7 million for the year, with a gross profit of RMB 687.4 million and a net profit of RMB 222.0 million, a significant turnaround from a net loss of RMB 99.8 million in the previous year[11]. - Adjusted net profit increased by approximately 50.6% year-on-year to RMB 314.6 million, primarily driven by the recovery of CRO business growth in the second half of the year and improved operational efficiency[11]. - The revenue for the reporting period was approximately RMB 1,986.7 million, a decrease of 7.8% compared to RMB 2,155.6 million in the same period last year[18]. - The gross profit for the reporting period was approximately RMB 687.4 million, down 6.9% from RMB 738.5 million in the previous year[19]. - The net profit for the reporting period was approximately RMB 222.0 million, compared to a net loss of RMB 99.8 million in the same period last year[20]. - The adjusted net profit under non-IFRS was approximately RMB 314.6 million, an increase from RMB 208.8 million in the previous year[20]. - The company reported a gross margin of 34.6%, slightly up from 34.3% in the previous year[16]. - Revenue decreased from RMB 2,155.6 million to RMB 1,986.7 million, a decline of approximately 7.8% year-over-year[25]. - Gross profit fell from RMB 738.5 million to RMB 687.4 million, representing a year-over-year decline of about 6.9%[25]. - The company's net profit for 2024 was RMB 222.0 million, a significant turnaround from a net loss of RMB 99.8 million in the previous year[25]. Business Development and Strategy - The company plans to establish 400 cubic meters of new production capacity between 2024 and 2025 to support the commercialization of new molecules, with two significant projects expected to launch in 2025 and 2026[12]. - The company aims to build an open cooperation platform for global biopharmaceutical innovators, enhancing collaboration between CRO and CDMO businesses[14]. - The company plans to enhance its drug development platform and production service platform, focusing on structural drug development (SBDD) to maximize shareholder value[14]. - The company has enhanced its AI capabilities across the drug discovery platform, transitioning from "AI-assisted" to "AI-driven" services[12]. - The company is focusing on integrating new technologies and expanding its capabilities to meet customer demands in drug development[48]. - The company aims to enhance the synergy between CRO and CDMO businesses, accelerating the funnel effect for backend business[50]. Research and Development - The CRO business delivered approximately 17,681 protein structures and identified 112 new independent drug targets, increasing the total customer base to 1,568[12]. - The investment incubation business saw an increase in research pipelines to 227, with 41 pipelines entering clinical stages, and a total of 93 startups incubated, resulting in nearly RMB 162.5 million in returns from partial exits[12]. - The company has identified over 2,098 independent drug targets, with 112 new targets delivered in 2024, enhancing its drug discovery capabilities[38]. - The introduction of AI technology in the SBDD process has accelerated the development of innovative drugs, significantly reducing the number of compounds synthesized[37]. - The company has developed a highly competitive early drug screening platform, with a DNA-encoded compound library covering over 100 billion compounds[42]. Operational Efficiency - The company has established comprehensive laboratory and production facilities in multiple locations, including Shanghai, Chengdu, and Suzhou, to support business growth and personnel expansion[12]. - The total available production capacity is currently 860 cubic meters, with plans to add 400 cubic meters between 2024 and 2025 to support new molecule commercialization[33]. - The CMC business has completed structural optimization, achieving nearly RMB 43.0 million in revenue, with 255 new drug projects completed or in progress[34]. - External business development (BD) accounted for approximately 74.0% of customer orders in the CMC segment, indicating strong external engagement[34]. Financial Position and Assets - Total assets decreased to RMB 7,050.6 million from RMB 7,449.9 million in the previous year[16]. - The total liabilities reduced to RMB 3,234.4 million from RMB 3,762.0 million in the previous year[16]. - The cash and cash equivalents at the end of the reporting period were RMB 941.6 million, down from RMB 1,036.3 million in the previous year[16]. - The debt-to-asset ratio was approximately 45.9% as of December 31, 2024, down from 50.5% as of December 31, 2023, with a significant reduction in bank borrowings[71]. - The group recorded impairment losses of approximately RMB 5.6 million during the reporting period, compared to RMB 8.1 million for the year ended December 31, 2023[64]. Corporate Governance and Management - The company has established a governance report for the fiscal year ending December 31, 2024, indicating a commitment to corporate governance practices[167]. - The company has a strong leadership team with extensive experience in the CRO industry, including over 28 years for the Chairman and CEO[140]. - The company has a strong board with diverse expertise in finance, technology, and pharmaceuticals, enhancing its strategic decision-making capabilities[151]. - The management team is committed to maintaining high standards of governance and transparency in its operations[151]. - The company has adopted an anti-corruption policy to prevent bribery and unethical business practices among its directors, executives, and employees[178]. Market and Competition - The group faced intensified competition in the pharmaceutical research and development services market, with competitors including various professional CRO/CMO institutions and large pharmaceutical companies[86]. - The company's business relies on the number and scale of service contracts for drug discovery from clients, including multinational pharmaceutical companies and biotech firms, which may decline if industry trends slow down or outsourcing ratios decrease[89]. - The company’s overseas revenue constitutes a significant portion of its main business, making it vulnerable to changes in foreign laws, political environments, and international relations, which could adversely affect service demand[93]. Shareholder and Investor Relations - The company has maintained the required public float as per listing rules as of the report date[114]. - The company has established multiple equity incentive plans that will remain in effect until December 31, 2024[117]. - No final dividend is proposed for the year ending December 31, 2024, and no interim dividend is planned for the six months ending June 30, 2024[118]. - The company has repurchased a total of 28,604,500 shares at a total cost of approximately HKD 25.1 million during the reporting period[126]. - The share repurchase was conducted as the board believed the share price did not reflect its intrinsic value, aiming to enhance shareholder returns[126].
中信资源(01205) - 2024 - 年度财报
2025-04-24 08:37
Financial Performance - The company achieved a revenue of approximately HKD 9.5 billion, representing a year-on-year growth of about 148.3%[16] - The net profit attributable to shareholders was approximately HKD 570 million, with a year-on-year increase of about 3.8%[16] - The return on equity was approximately 7.4%, indicating a stable financial condition and ample liquidity[16] - The company achieved a revenue of HKD 9,497.8 million in 2024, representing a 148.3% increase compared to HKD 3,825.6 million in 2023[24] - The EBITDA for 2024 was HKD 1,472.1 million, a 9.6% increase from HKD 1,342.9 million in 2023[24] - The net profit attributable to ordinary shareholders was HKD 572.6 million, up 3.8% from HKD 551.8 million in 2023[26] - The oil and gas trading business generated revenue of HKD 5,930 million in 2024, marking a significant growth and becoming a key driver for the group[20] - The aluminum segment recorded revenue of HKD 1,363.7 million, a 10% increase from the previous year, despite a 6% decline in sales volume[32] - The coal segment's revenue decreased by 29% to HKD 787.1 million, with an average selling price drop of approximately 19% year-on-year[35] - The commodity trading segment reported revenue of HKD 5,930.6 million, a significant increase from HKD 0.5 million in the previous year[36] Investments and Business Strategy - The company holds a 22.5% participating interest in the Portland Aluminium Smelter joint venture, one of the largest aluminium smelting operations globally[6] - The company has a 14% participating interest in the Coppabella and Moorvale coal mines joint venture, a major producer of low volatile pulverized coal[9] - The company plans to expand its oil and gas trading business over the next 2-3 years to enhance market influence and secure upstream investment opportunities[18] - The company aims to focus on investment opportunities in the aluminium industry chain through minority equity investments[18] - The group aims to consolidate its core business and expand through a "dual-driven investment and trade" strategy, focusing on increasing reserves and production[29] - The group plans to enhance operational stability and increase production capacity in its aluminum smelting operations, targeting an increase to approximately 80% capacity in 2024[35] - The group will focus on investing in the aluminum industry chain and exploring green energy transformation and industry upgrades[29] Financial Position and Cash Flow - Cash and deposits increased by 36.9% to HKD 2,031.4 million in 2024 from HKD 1,483.8 million in 2023[25] - Total assets rose by 9.0% to HKD 12,673.1 million in 2024, compared to HKD 11,624.4 million in 2023[25] - The company maintained a strong financial position with a net cash position of HKD (19.9) million, a significant decrease from HKD 346.9 million in 2023[25] - The group maintained a strong financial position with a net debt to net total capital ratio of zero as of December 31, 2024, compared to 4.2% in the previous year[63] - The group has a reasonable target of maintaining cash and unused bank credit at approximately USD 526.4 million (equivalent to about HKD 4,105.9 million) to meet future debt repayments and capital expenditures[60] - The total debt of the group as of December 31, 2023, was approximately HKD 2,011.5 million, an increase of about HKD 180.8 million from the previous year[58] Corporate Governance and Management - The company is committed to maintaining a good and reasonable corporate governance structure to ensure management integrity and protect shareholder interests[81] - The board consists of seven members, including two executive directors, one non-executive director, and four independent non-executive directors as of March 14, 2025[85] - The company has adopted a diversity policy for its board, considering factors such as gender, age, cultural and educational background, and professional experience[90] - The company aims to optimize management processes and improve production efficiency and economic benefits to achieve long-term sustainable development[81] - The board has established mechanisms to ensure independent opinions and data input are available, including external professional advice from legal advisors and auditors[89] - The company emphasizes risk management, compliance, and integrated internal control management as part of its core business strategy[81] Risk Management - The company aims to enhance its risk management policies to address various financial, operational, and regulatory risks[110] - The company has established a risk management and internal control system covering all business units to monitor and manage various risks[117] - The risk management committee reviewed the quality, integrity, and effectiveness of the company's risk management policies and procedures annually[117] - The board is responsible for assessing the nature and extent of risks the company is willing to take in achieving its strategic objectives[121] Shareholder Communication and Dividends - The company has adopted a dividend policy that allows for the proposal and declaration of dividends based on applicable laws and the company's financial management[124] - The board will consider maintaining a strong financial position and appropriate cash flow when determining dividend payments[125] - The company reported a final dividend of HKD 2.60 per share for the year ending December 31, 2024, an increase from HKD 2.50 in 2023, pending shareholder approval at the 2025 annual general meeting[140] - The company is committed to transparent communication with shareholders through various channels, including annual general meetings[131] Employee and Contractor Management - The group has 193 full-time employees as of December 31, 2024, a slight decrease from 195 in 2023[68] - The total outsourced contractor remuneration for the group is approximately HKD 337.1 million, down from HKD 345.2 million in 2023[68] - The group aims to attract and retain high-quality employees through a competitive compensation policy based on individual performance and the group's profitability[68] - The group has established a defined contribution retirement benefit plan for eligible employees in Australia and Hong Kong, with contributions calculated as a percentage of basic salary[69] Environmental and Social Responsibility - The company has integrated environmental protection into all activities and operations, promoting clean production and resource utilization[142] - The company received the "Outstanding Sustainable Enterprise Award" in the ESG field in March 2024, reflecting its commitment to environmental and social governance[21] Related Party Transactions - The independent non-executive directors have reviewed and confirmed that the ongoing related party transactions are conducted on normal commercial terms[177] - The company has complied with the applicable provisions of the Listing Rules regarding related party transactions[179] - The total amount of related party transactions did not exceed the annual cap set by the company[181]
日清食品(01475) - 2024 - 年度财报
2025-04-24 08:36
Financial Performance - In 2024, the Group's revenue was HK$3,811.9 million, remaining almost flat year-on-year despite challenges, with a notable 8.4% year-on-year sales growth in the fourth quarter driven by instant noodles[17][20]. - Gross profit increased by 0.7% year-on-year to HK$1,312.1 million, with the gross profit margin improving from 34.0% to 34.4%[18][21]. - Net profit attributable to shareholders decreased by 39.1% year-on-year, from HK$330.2 million to HK$201.0 million, resulting in a profit margin of 5.3%[18][21]. - Adjusted EBITDA, excluding one-off non-cash expenses, increased by 0.8% year-on-year to HK$612.5 million, indicating resilient core business performance[18][21]. - Revenue for FY2024 decreased by 0.6% to HK$3,811.9 million compared to HK$3,833.2 million in FY2023[87]. - Basic earnings per share decreased to 19.26 HK cents from 31.64 HK cents in FY2023[88]. - Adjusted EBITDA rose by 0.8% to HK$612.5 million, with an Adjusted EBITDA margin of 16.1%[89]. - The total dividend payout ratio for the year is 82.1%, compared to 50.0% in 2023[92]. Acquisitions and Joint Ventures - In June 2024, the Group acquired Gaemi Food Co. Ltd., a leading snack food manufacturer in Korea, enhancing its market presence[23]. - In September 2024, the Group acquired ABC Pastry Holdings Pty Ltd, a frozen dumpling manufacturer in Australia, to capitalize on the growing demand for Chinese gourmet foods[24]. - A joint venture agreement was established in November 2024 with Nissin Foods Asia Co., Ltd. to promote Nissin brand instant noodles in Australia and New Zealand[25]. - The company acquired 100% equity interest in Gaemi Food for KRW48,000 million (approximately HK$271.7 million), expanding its non-noodle business portfolio[137]. - The Company acquired 100% issued share capital in ABC Pastry for AU$33.7 million (approximately HK$178.6 million), with the acquisition completed on December 2, 2024[179]. Market Strategies and Product Development - The Group conducted a trial-tasting promotion campaign for Cup Noodles in major cities in Mainland China, featuring over 30,000 trial tastings[26]. - The Group developed the WeChat Mini program "Nissin Foodium" in Hong Kong to enhance customer loyalty and brand recognition through digital marketing initiatives[27]. - The company aims to strengthen partnerships with distributors in Mainland China to increase sales of Cup Noodles and high-end bag-type noodles, capitalizing on the rising demand for authentic flavors[35]. - The distribution business has begun launching new products and brands, with a focus on expanding sales channels[36]. - In Hong Kong, the company is focusing on expanding sales of high-end bag-type noodles and premium frozen foods, including dim sum and pasta[37]. - The company plans to enhance sales of frozen dumplings in Australia to meet consumer demand and increase market share[41]. - The Company launched various new products in its non-noodle portfolio, including seasonal items and new flavors in the low-fat yogurt series[131]. Economic and Market Conditions - The company believes that steady economic growth will eventually return to both Mainland China and Hong Kong despite current market challenges[34]. - Consumer sentiment in Mainland China is expected to remain weak, with industry competition anticipated to remain intense, slowing the growth of complementary businesses[96]. - The Hong Kong economy recorded a moderate year-on-year growth of 2.5% in 2024, with visitor arrivals reaching 42.6 million, representing a year-on-year growth of 8.3%[118][122]. - Total retail sales value in Hong Kong declined by 7.3% year-on-year, primarily due to local consumers spending in the Greater Bay Area and a strengthening Hong Kong dollar[119][122]. - The retail industry in Vietnam is experiencing remarkable growth, driven by favorable economic conditions and changing consumer behavior, with a focus on healthy, high-quality products[171]. Impairment and Financial Adjustments - Total impairment losses amounted to HK$135.9 million, including HK$77.1 million on property, plant, and equipment related to complementary businesses in Mainland China and Hong Kong[93]. - The Group recognized an impairment loss of HK$6.8 million on property, plant, and equipment, and HK$7.9 million on right-of-use assets due to carrying amounts exceeding recoverable amounts[107]. - The Company confirmed goodwill impairment losses of approximately HK$22.7 million and customer relationship intangible asset impairment losses of approximately HK$12.5 million, totaling HK$35.2 million[121]. - The management revised downwards the sales forecasts for Shanghai Eastpeak for the five business years ending December 31, 2029, based on prudence and conservatism principles[116]. Operational Highlights - The Group's total assets amounted to HK$4,756.6 million, an increase from HK$4,683.7 million in 2023, while total equity was HK$3,670.0 million, slightly down from HK$3,674.7 million[157]. - The Group's working capital decreased to HK$1,477.2 million from HK$1,608.0 million in 2023, with a current ratio of 2.6 compared to 2.8 in the previous year[157]. - Capital expenditure for the year was approximately HK$570.4 million, significantly higher than HK$329.6 million in 2023, primarily due to acquisitions and investments in production plants[159]. - The Group had no external borrowing, maintaining a gearing ratio of nil as of December 31, 2024[158]. - As of December 31, 2024, the total number of staff increased to 3,737 from 3,409 in 2023, with staff costs amounting to approximately HK$733.6 million[186][188].
秦港股份(03369) - 2024 - 年度财报
2025-04-24 08:36
Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 1,564,897,805.73, with a proposed cash dividend of RMB 0.85 per 10 shares, totaling RMB 474,930,020.00[4] - Operating revenue for 2024 was CNY 6,865,375,581.39, a decrease of 2.69% compared to CNY 7,054,883,834.36 in 2023[23] - Net profit attributable to shareholders for 2024 reached CNY 1,564,897,805.73, reflecting a growth of 2.20% from CNY 1,531,202,403.96 in 2023[23] - Basic earnings per share for 2024 was CNY 0.28, an increase of 3.70% compared to CNY 0.27 in 2023[24] - The total profit for 2024 was 190,025.69 million RMB, an increase of 0.91% year-on-year[72] - The company's gross profit for the year was CNY 261,531.74 million, a decrease of 0.98% year-on-year, with a gross profit margin of 38.09%, an increase of 0.65 percentage points[123] - The net profit for the year was CNY 157,459.02 million, a year-on-year increase of 0.65%, with a net profit margin of 22.94%, up by 0.76 percentage points[129] Cash Flow and Assets - The net cash flow from operating activities for 2024 was CNY 2,415,146,972.94, showing a slight increase of 0.89% from CNY 2,393,799,107.25 in 2023[23] - Cash and cash equivalents increased to CNY 4,280,764,000 in 2024 from CNY 2,838,023,000 in 2023[27] - The company's asset-liability ratio improved to 27.29% in 2024 from 30.88% in 2023[27] - The total assets at the end of 2024 were CNY 27,880,013,639.48, a decrease of 0.52% from CNY 28,026,106,959.77 at the end of 2023[23] Operational Highlights - The company achieved a total throughput of 414 million tons in 2024, with coal throughput at 209 million tons and metal ore throughput at 157 million tons, reflecting a year-on-year increase of 5.63%[43] - The coal throughput was 208.83 million tons, a decrease of 8.05 million tons or 3.71% from 216.88 million tons in 2023, primarily due to weak domestic demand and increased imports[51] - The metal ore throughput increased to 156.62 million tons, up by 24.44 million tons or 18.49% from 132.18 million tons in 2023, driven by enhanced global economic activity[52] - The container throughput reached 1,256,490 TEU, equivalent to 16.13 million tons, representing an increase of 161,125 TEU or 14.71% compared to 1,095,365 TEU in 2023[54] Governance and Compliance - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6] - The company has a strong governance structure with all board members present at the meeting[6] - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[7] - The company has established a comprehensive governance structure with six specialized committees under the board of directors to ensure effective decision-making[137] - The company has committed to maintaining the independence of its operations and protecting the rights of minority shareholders amid the integration of port resources[140] - The company has ensured compliance with relevant laws and regulations to avoid conflicts of interest and protect shareholder rights[141] Strategic Initiatives - The company focused on enhancing its core business and improving operational efficiency, particularly in coal and metal ore logistics services[44] - The company plans to focus on developing new cargo sources and fostering new business formats to enhance growth potential[46] - The company aims to accelerate the construction of a world-class dry bulk port, contributing to the development of maritime capabilities[46] - The company is committed to promoting smart, green, efficient, and safe port construction as part of its strategic planning[46] Research and Development - The total R&D expenditure accounts for 2.53% of the operating revenue, indicating a commitment to innovation[91] - The company has 887 R&D personnel, accounting for 10.23% of the total workforce[93] - In 2024, the company plans to implement 262 R&D projects, including significant initiatives for "smart port" construction[95] - Research and development investments increased by 18%, focusing on innovative technologies in supply chain management[152] Management and Human Resources - The total compensation for executives amounted to 1,079.93 million CNY, with a breakdown of 242.89 million CNY in basic salary and 326.83 million CNY in performance-related pay[146] - The average compensation for the board members and executives reflects a strategic focus on attracting and retaining top talent, with the highest individual compensation reaching 160.28 million CNY[146] - The company employed a total of 8,674 staff, with 7,142 in the parent company and 1,532 in major subsidiaries[194] - The company conducted training for 130,203 participants in 2024, achieving a 100% training coverage rate[196] Market and Economic Context - The macroeconomic environment in 2024 showed a GDP growth of 5.0%, with the total economic output reaching 134.9 trillion RMB, positioning China as a key driver of global economic growth[42] - The company anticipates stable business volume in the metal ore sector for 2025, supported by the ongoing development of the steel industry[117] - The company plans to optimize its service and explore new growth points in the general cargo business, benefiting from the expected increase in international trade volume[118] Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[150] - The company has outlined a future outlook with a revenue target of 1.5 billion yuan for the next fiscal year, reflecting a 25% growth expectation[157] - Overall, the company remains optimistic about future growth, citing strong demand in key markets[150]
民银资本(01141) - 2024 - 年度财报
2025-04-24 08:36
Economic Outlook - The global economy is experiencing a steady recovery in 2024, with the US showing robust growth and a significant "soft landing" trend[7]. - China's economy is achieving stable growth supported by a series of policies, with domestic demand gradually being released[7]. - The Federal Reserve initiated a rate cut cycle in September 2024, reducing rates by a total of 100 basis points throughout the year[7]. - External demand has strengthened due to the recovery of the global economy and the impact of tariff policies[7]. - The fourth quarter of 2024 saw an unexpected economic rebound in China, driven by a series of growth-stabilizing policies[7]. - The Hong Kong economy is expected to achieve slight growth despite challenges from high interest rates and currency fluctuations, supported by government measures to attract talent and activate financial markets[8]. Company Performance - Total revenue for the group reached approximately HKD 363.4 million, a 133.3% increase from HKD 155.7 million in the previous year, with a net profit of HKD 50.8 million compared to a net loss of HKD 572.3 million[13]. - The company reported a profit attributable to shareholders of approximately HKD 50.8 million, compared to a loss of HKD 572.3 million in the previous year, marking a turnaround from loss to profit[18]. - Basic and diluted earnings per share for the reporting year were HKD 0.0459, a significant improvement from a loss of HKD 0.5104 per share in the previous year[18]. - Total income generated from the investment portfolio for the reporting year is approximately HKD 119.7 million, a decline of about 55% compared to HKD 267.8 million in the previous year[29]. - The asset management business recorded revenue and profit of approximately HKD 135.9 million and HKD 111.0 million, respectively, an increase from HKD 124.4 million and HKD 99.3 million in the previous year[52]. Investment Strategy - The company is focusing on market expansion and new product development to leverage the improving economic conditions[7]. - The company aims to align its strategies with the global economic recovery trends to maximize growth opportunities[7]. - The company is focusing on investment opportunities in Greater China and gradually expanding into Asia and developed regions, targeting industries with high growth potential and strong competitive barriers[24]. - The investment strategy emphasizes sustainable high-level returns while adhering to a diversified investment principle, limiting individual bond holdings to no more than 5% of the total portfolio[31]. Risk Management - The company has established practical guidelines to control overall credit and operational risks, monitoring loan recoverability[39]. - The management team regularly assesses the financial status of borrowers and collateral to ensure loan recoverability[41]. - The risk management and internal control committee meets biannually to review risk management reports and ensure system effectiveness[41]. - The company has implemented strict risk control measures and ongoing management for its loan business to ensure credit and operational risks remain manageable[32]. - The company is enhancing risk compliance management capabilities by implementing a structured risk governance framework and strict credit risk controls[80]. Corporate Governance - The company has maintained high standards of corporate governance, adhering to all applicable provisions of the corporate governance code[186]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[190]. - The independent non-executive directors have reviewed the continuous related transactions and confirmed they were conducted on fair and reasonable terms[161]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors throughout the reporting year[187]. Future Outlook - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year[99]. - New product launches are expected to contribute an additional $200 million in revenue over the next year[99]. - A strategic acquisition is planned, which is anticipated to enhance the company's technology capabilities and add $150 million in annual revenue[99]. - The company plans to continue solid preparations for potential IPO projects, anticipating ongoing market volatility in 2025[53]. Employee and Talent Development - The talent development system is being strengthened to attract diverse and skilled professionals, ensuring a solid human resource foundation for the company's growth[80]. - The company has a focus on continuous employee engagement and loyalty to enhance overall business capabilities[80]. - The total employee cost for the reporting year was approximately HKD 86.7 million, an increase from HKD 62.8 million in the previous year, with the number of employees rising to 93 from 72[74].
海通恒信(01905) - 2024 - 年度财报
2025-04-24 08:36
Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 8,854.7 million, a slight decrease from RMB 8,862.0 million in 2023[15] - Net profit for 2024 was RMB 1,512.9 million, compared to RMB 1,532.9 million in 2023, reflecting a decrease of approximately 1.3%[15] - Basic earnings per share for 2024 was RMB 2.12, consistent with the previous year[15] - Total revenue for 2024 was RMB 7,139.2 million, a decrease of 15.1% compared to RMB 8,411.7 million in 2023[19] - Net profit for 2024 was RMB 1,512.9 million, down from RMB 1,607.5 million in 2023, representing a decline of 5.9%[19] - Basic earnings per share for 2024 was RMB 0.17, compared to RMB 0.18 in 2023, reflecting a decrease of 5.6%[19] - The company's annual profit for 2024 was RMB 1,512.9 million, a decline of 5.9% from RMB 1,607.5 million in 2023, attributed to a challenging economic environment and decreased financing lease business[108] Asset and Liability Management - Total assets as of December 31, 2024, amounted to RMB 111,296.8 million, a decrease from RMB 124,513.7 million in 2023[17] - Total assets decreased to RMB 111,296.8 million in 2024 from RMB 123,351.1 million in 2023, a reduction of 9.8%[20] - The asset-liability ratio for 2024 was 82.05%, a slight improvement from 83.59% in 2023[21] - Total current liabilities decreased by 1.4% to RMB 53,133.4 million from RMB 53,865.0 million[113] - Non-current liabilities decreased by 22.5% to RMB 38,180.4 million from RMB 49,240.8 million, indicating a significant reduction in long-term debt[113] - The total liabilities of the group as of December 31, 2024, were RMB 91,313.8 million, down 11.4% from RMB 103,105.8 million at the end of the previous year[150] Asset Quality and Risk Management - The non-performing asset ratio as of December 31, 2024, was 1.17%, indicating a slight improvement in asset quality[18] - The non-performing asset ratio increased to 1.17% in 2024 from 1.12% in 2023, indicating a slight deterioration in asset quality[21] - The overall asset quality of the group remains stable, with a non-performing asset ratio of 1.17% at year-end, indicating strong risk resistance capability[62] - The coverage ratio for non-performing asset provisions increased to 316.17%, up by 50.35 percentage points compared to the previous year-end, further enhancing risk resistance ability[62] - The group implemented a comprehensive risk management system, enhancing risk control capabilities and proactive risk management levels[166] Business Strategy and Development - The company aims to advance its long-term goals of professionalization, group integration, internationalization, and digitization[9] - The company plans to focus on expanding its financing leasing business and enhancing asset quality in the upcoming year[26] - The group will focus on five strategic areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to drive business innovation and development breakthroughs[65] - The group intends to expand its direct leasing business and improve the entire chain management system to ensure standardized operations and controllable risks[66] - The company plans to enhance its financial technology capabilities and promote digital transformation through the introduction of new technologies and applications[75] Investment and Growth - The company plans to invest approximately RMB 12.6 billion in advanced manufacturing throughout 2024, accounting for over 26% of total investments, with a projected asset balance of RMB 19.9 billion by year-end[48] - Green leasing business is expected to exceed RMB 9.2 billion in investments for 2024, representing about 19% of total investments, supporting the green and low-carbon development initiatives[48] - The company aims to support specialized and innovative enterprises with investments exceeding RMB 2.2 billion, marking a 91% increase compared to the previous year[48] - The company has provided equipment and financial support to over 2,600 small and micro enterprises, enhancing its role in inclusive finance[47] Employee and Talent Management - The group has a total of 1,512 full-time employees, with approximately 92.3% holding a bachelor's degree or higher, and 31.1% holding a master's degree or higher[198] - The total employee cost for the reporting period amounted to RMB 723.0 million[199] - The group has conducted a total of 358 training sessions in 2024, with 38,716 employee participations[198] - The group is committed to establishing a competitive and fair compensation and benefits system, continuously improving its compensation and incentive policies[200] Market and Economic Context - In 2024, China's GDP was RMB 1,349,084 billion, growing by 5.0% year-on-year, with the fourth quarter growth rate rebounding to 5.4%[39] - Fixed asset investment in China (excluding rural households) reached RMB 514,374 billion in 2024, an increase of 3.2% compared to the previous year[39] - The People's Bank of China reduced the loan market quotation rate (LPR) for five years and above by 60 basis points to 3.60% in 2024[40] - The total number of financing leasing companies in China decreased to approximately 8,671 by June 2024, a decline of 2.3% from the end of 2023[42] Corporate Social Responsibility and ESG - The company has enhanced its ESG management level and engaged in various community support activities, including donations to local youth development projects[30] - The company has been awarded the "Best ESG Performance Award" by a well-known financial magazine, highlighting its commitment to sustainable development[59] - The group has complied with all statutory social insurance and housing fund obligations applicable under Chinese law during the reporting period[200]
永嘉集团(03322) - 2024 - 年度财报
2025-04-24 08:35
Financial Performance - The company reported a revenue of HKD 3,973,103,000 for 2024, a 29.3% increase from HKD 3,073,686,000 in 2023[12]. - The production business generated revenue of HKD 3,321,000,000, reflecting a 34.7% increase from HKD 2,466,000,000 in the previous year[12]. - The high-end fashion retail business achieved revenue of HKD 652,100,000, a 7.3% increase from HKD 607,700,000 in 2023[12]. - The company's revenue from continuing operations for the year ended December 31, 2024, was HKD 3,973,100,000, representing a 29.3% increase from HKD 3,073,700,000 in 2023[20]. - The gross profit margin increased to 19.5%, up 3.1 percentage points from 16.4% in 2023, resulting in a gross profit of HKD 774,600,000, a 53.7% increase from HKD 504,100,000 in 2023[20]. - The company recorded a net loss of HKD 61,943,000 for the year, significantly reduced from a loss of HKD 382,608,000 in 2023[13]. - The group recorded an operating loss of HKD 63.5 million for the year ending December 31, 2024, compared to an operating loss of HKD 47.1 million in 2023[29]. - The company recorded an operating loss of HKD 9,300,000, significantly reduced from an operating loss of HKD 231,400,000 in 2023[21]. - The company experienced a turnaround from a tax-adjusted loss of HKD 85,700,000 in the first half of 2024 to a profit of HKD 23,800,000 in the second half[13]. Cash and Debt Management - Cash and bank balances increased to HKD 250,321,000, compared to HKD 209,456,000 in the previous year[13]. - The net debt-to-equity ratio decreased to 16.0% from 18.4% in 2023, indicating improved financial stability[13]. - The group has cash and bank balances of HKD 250.3 million as of December 31, 2024, compared to HKD 209.5 million in 2023, while net borrowings decreased to HKD 214.7 million from HKD 265.2 million[35]. - The net cash used in financing activities improved to HKD (135,797) thousand in 2024, a significant reduction of 70.0% from HKD (467,328) thousand in 2023[198]. Market Focus and Strategy - The company continues to focus on the mainland China market for its high-end fashion retail business despite weak consumer demand[12]. - The company has introduced a direct-operated and franchising model to provide clear direction for its high-end fashion retail business[12]. - The company aims to expand its customer base to strengthen market leadership and ensure sustainable long-term growth[14]. - The group plans to introduce franchised stores for a fast-growing brand in the second half of 2024, marking a strategic shift in the high-end fashion retail business[34]. Operational Challenges and Improvements - The overall economic recovery in the Greater China region remains slow, affecting consumer sentiment, particularly in the premium fashion retail market[24]. - The high-end fashion retail business's operating loss decreased from HKD 52,200,000 in the first half of 2024 to HKD 11,300,000 in the second half[28]. - The sportswear production business has turned profitable due to a rebound in customer orders, benefiting from a global focus on health and fitness[31]. Corporate Governance and Management - The company emphasizes strong corporate governance, adhering to the principles of the corporate governance code as per the listing rules[52]. - The management team is responsible for the overall operations and strategic planning of the group, with regular reviews of authorized functions and responsibilities[55]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balanced composition with relevant knowledge and expertise[56][57]. - The company has established three core corporate values to guide employees in achieving its vision and mission[51]. - The roles of the Chairman and CEO are clearly distinguished to ensure a balance of power and authority[59]. Employee and Diversity Initiatives - The group employed about 17,000 employees as of December 31, 2024, an increase from approximately 16,000 in 2023[37]. - The company aims to foster a culture of excellence, innovation, and collaboration among its employees[51]. - The company has adopted a board diversity policy, aiming to avoid a single-gender board composition, with currently 1 out of 7 board members being female[71]. - As of December 31, 2024, approximately 22.9% of the group's employees, including directors and senior management, are male, while about 77.1% are female[71]. Risk Management and Compliance - The company is committed to identifying, monitoring, and managing risks related to its business activities, with a continuous risk management process in place[89]. - The internal audit plan was updated based on ongoing risk assessments, ensuring effective internal control evaluations[89]. - The company maintains a robust internal control system to comply with accounting standards and financial reporting regulations[76]. - The audit committee is authorized to review the effectiveness of the group's risk management and internal control procedures at least once a year[95]. Shareholder Communication and Dividends - The board decided not to recommend a dividend for the year ended December 31, 2024, to retain financial resources for future market changes[22]. - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders[101]. - The board will continue to review the dividend policy and reserves the right to amend it at any time[109]. Environmental and Social Responsibility - The company has implemented energy-saving measures and encourages the recycling of office supplies to minimize environmental impact[119]. - The company reported a total charitable and other donations of HKD 316,000 during the review year[132]. Audit and Financial Reporting - The financial statements for the year ended December 31, 2024, were audited by PricewaterhouseCoopers, who will be reappointed at the upcoming annual general meeting[164]. - The independent auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[181]. - The auditor evaluated the appropriateness of accounting policies and the reasonableness of estimates made by management[183].
雅高控股(03313) - 2024 - 年度财报
2025-04-24 08:35
Financial Performance - The company reported a consolidated revenue of approximately RMB 716 million for the fiscal year ending December 31, 2024, a decrease of 7.6% compared to RMB 775 million in 2023[5]. - Revenue from the marble stone products business was approximately RMB 27 million, a significant decline of 75.8% from RMB 113 million in the previous year, primarily due to weak market demand in the real estate sector[10]. - The calcium carbonate business contributed approximately RMB 675 million in revenue, an increase of about RMB 22 million (or 3.3%) from RMB 653 million in 2023[10]. - The group's operating revenue for 2024 was approximately RMB 71.6 million, a decrease of about RMB 5.9 million (or 7.6%) compared to 2023[13]. - Total sales cost for 2024 was approximately RMB 60.4 million, a decrease of RMB 7.1 million from RMB 67.5 million in 2023, primarily due to reduced production and sales of marble products[15]. - Gross profit for 2024 was approximately RMB 11.2 million, with a gross profit margin of 15.7%, up from 13.0% in 2023[16]. - Other income and gains increased to approximately RMB 9.9 million in 2024 from RMB 5.2 million in 2023, mainly due to a one-time gain from loan restructuring[17]. - The company reported a net loss of RMB 285,206,000 for the year, a significant improvement from a loss of RMB 396,220,000 in 2023, representing a reduction of 28.1%[177]. - The company's total equity decreased to RMB 600,704,000 from RMB 856,660,000, a decline of 30.0%[179]. Capital and Financing - The company raised approximately HKD 12.2 million from the issuance of 61,720,000 new shares at HKD 0.20 per share on January 26, 2024, and approximately HKD 22.2 million from the placement of 197,500,000 new shares at HKD 0.1140 per share on September 27, 2024[6]. - The company plans to use approximately HKD 110 million from the proceeds of the rights issue for repaying loans and other payables, with about HKD 11.15 million allocated for general working capital[38]. - Total bank and other borrowings decreased to approximately RMB 225.5 million in 2024 from RMB 337.8 million in 2023, a reduction of RMB 112.3 million due to financing activities and improved cash flow[32]. - The company raised RMB 28,702,000 through share issuance in 2024, a decrease from RMB 123,146,000 in 2023[183]. Operational Strategy - The company plans to explore opportunities in the artificial intelligence (AI) sector as part of its diversification strategy[6]. - The company is seeking to monetize non-core assets, such as its warehousing and logistics business, to improve liquidity and reduce debt[6]. - The company has adopted a cautious approach, focusing on supporting sales and managing inventory levels effectively amid ongoing economic challenges[9]. - The company has implemented prudent strategies, including tightening credit terms and postponing significant investments until the economic outlook improves[5]. Corporate Governance - The company has maintained high levels of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency[69]. - The company has complied with the corporate governance code except for specific deviations noted[69]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2024[72]. - The company has adopted a board diversity policy, considering measurable aspects such as gender, age, cultural and educational background, and professional experience[78]. - The company emphasizes ethical and responsible conduct as part of its corporate values, promoting a culture of integrity among all directors[70]. Risk Management - The company has established a comprehensive internal control framework applicable to all operating units to manage significant risks[105]. - The board regularly reviews the effectiveness of the risk management and internal control systems with the assistance of the audit committee[105]. - The group has identified key risks, including potential changes in consumer preferences that may affect the market acceptance of its marble products[111]. Shareholder Information - The group has reserves available for distribution to shareholders amounting to approximately RMB 496.4 million as of December 31, 2024, down from RMB 597.1 million in 2023[124]. - The group has not declared any final dividends for the year ending December 31, 2024, compared to no dividends declared in 2023[120]. - The company has maintained a sufficient public float of over 25% of the total issued share capital as required by listing rules[157]. Subsidiaries and Investments - The company has 100% ownership in several subsidiaries, including 雅高珺奇 (Xiamen) and 江西科越科技, focusing on mining machinery import/export and calcium carbonate production respectively[187]. - The registered capital of 贵州德江三鑫石材 is RMB 20 million, with an 80% ownership stake, focusing on marble mining and processing[187]. - The company has a significant presence in the mining and construction materials sector, with multiple subsidiaries contributing to its overall asset base[188]. Compliance and Reporting - The company has applied revised International Financial Reporting Standards (IFRS) for the first time in 2024, including IFRS 16 regarding lease liabilities[193]. - The financial statements are prepared based on historical cost principles, with values rounded to the nearest thousand RMB[189]. - The independent auditor's report is included in pages 43 to 47 of the financial statements[95].
中国信达(01359) - 2024 - 年度财报
2025-04-24 08:35
Awards and Recognition - The company was awarded multiple accolades in 2024, including "Best Listed Company Award" and "Top 20 Financial Institutions" in the new productivity investment agency soft power ranking[4]. Company Operations - The company operates in 30 provinces and municipalities in mainland China, with 33 branches and approximately 14,000 employees[3]. - The company has established nine directly managed subsidiaries in mainland China and Hong Kong, including banks and securities firms[3]. - The company has introduced strategic investors such as the National Social Security Fund and UBS AG since its establishment in 2010[3]. Business Focus - The core business of the company is non-performing asset management, which is a significant contributor to its revenue[3]. - The company aims to create a well-known brand in asset management and financial services, focusing on core competitiveness[7]. - The company emphasizes a market-oriented approach and prioritizes efficiency in its operations[7]. Financial Performance - In 2024, the total revenue of China Cinda Asset Management Co., Ltd. was RMB 73,039.9 million, a decrease from RMB 76,167.8 million in 2023, representing a decline of approximately 2.9%[17]. - The income from non-performing asset revenue measured at amortized cost was RMB 2,114.7 million in 2024, down from RMB 6,084.2 million in 2023, indicating a significant decrease of about 65.3%[17]. - The profit attributable to shareholders for the year was RMB 3,036.4 million, a decrease from RMB 5,820.9 million in 2023, representing a decline of approximately 52.1%[17]. - The pre-tax profit from continuing operations was RMB 3,990.3 million in 2024, down from RMB 8,186.3 million in 2023, indicating a decrease of about 51.2%[17]. - The average return on equity decreased to 0.92% in 2024 from 2.70% in 2023, indicating a decline in profitability[20]. - The cost-to-income ratio increased to 24.85% in 2024, compared to 22.96% in 2023, suggesting rising operational costs[20]. Risk Management - The company has a comprehensive risk management framework to ensure compliance and proactive management of financial risks[7]. - The company faced significant risks and uncertainties that could lead to substantial differences in actual results compared to forward-looking statements[12]. - Risk management measures have improved, with the new risk asset level at its lowest in three years, enhancing the effectiveness of risk resolution[30]. Asset Management and Investments - The company has participated in over 160 real estate risk resolution projects, ensuring the timely delivery of over 100,000 residential units[26]. - Cumulative investments in strategic emerging industries exceeded RMB 800 million over the past three years, with nearly RMB 400 million allocated to the energy and coal sectors[27]. - The company has engaged in market-oriented debt-to-equity swaps for over 50 enterprises, supporting state-owned enterprise reforms[27]. - The company acquired non-performing assets from banks totaling over 220 billion yuan, maintaining a leading position in the industry[40]. - The company invested nearly 170 billion yuan in the real estate sector, facilitating the delivery of over 20,000 housing units and promoting the resumption of projects worth over 81 billion yuan[43]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.2387 per share for the 2024 fiscal year, subject to approval at the annual general meeting[16]. - The company plans to distribute an annual cash dividend of RMB 0.2387 per 10 shares, pending shareholder approval[26]. Regulatory Environment - The regulatory environment emphasizes risk prevention and the resolution of key financial risks, with over 30 billion yuan in non-performing assets disposed of throughout the year[55]. - The government has implemented a series of policies to stabilize the real estate market, approving loan quotas exceeding 500 billion yuan for "white list" projects[55]. Future Outlook - The company plans to strengthen risk management and maintain liquidity safety while promoting financing innovation[47]. - The company is committed to high-quality development and will focus on risk prevention and serving the real economy in the coming years[49]. - The company aims to enhance its financial services to support the real economy and improve customer value[49]. Customer Ecosystem and Partnerships - The company has expanded its customer ecosystem through strategic partnerships with state-owned enterprises and industry leaders, enhancing market influence[30]. - The company aims to strengthen its brand influence in "Ten Provinces and Twenty Cities" and accelerate the construction of strategic customer groups and ecosystems in 2024[185]. Financial Services Segment - The financial services business accounted for 42.5% and 45.4% of the total revenue of the group for the years 2023 and 2024 respectively[195]. - The pre-tax profit for the financial services segment in 2024 was RMB 4,318.0 million, representing an increase of RMB 751.5 million or 21.1% compared to 2023[145].