Financial Performance - Zhejiang Taimei Medical Technology reported a revenue of RMB 500 million for the fiscal year 2024, representing a 20% increase compared to the previous year[3]. - The company achieved a net profit of RMB 100 million, which is a 15% growth year-over-year[3]. - Total revenue for 2024 was RMB 551.16 million, a slight decrease compared to RMB 573.14 million in 2023[13]. - Gross profit increased to RMB 224.94 million, with a gross margin improvement from 31.2% to 40.8%, a rise of 9.6 percentage points[15]. - Net loss for the year decreased to RMB 217.41 million, down 39% from RMB 356.38 million in 2023[15]. - Total revenue for 2024 reached RMB 551.2 million, with a gross margin increase from 31.2% in 2023 to 40.8%, a rise of 9.6 percentage points[23]. - The net loss for 2024 narrowed significantly to RMB 217.4 million, down 39.0% from RMB 356.4 million in 2023[23]. - Adjusted net loss, excluding IPO-related expenses and share-based payments, was RMB 57.3 million, a decrease of 81.9% year-on-year[23]. - Total revenue decreased by 3.8% from RMB 573.1 million in 2023 to RMB 551.2 million in 2024, primarily due to a decline in digital services and an increase in cloud software sales[39]. - Gross profit increased by 25.7% from RMB 179.0 million in 2023 to RMB 224.9 million in 2024, with gross margin rising from 31.2% to 40.8% due to effective cost reduction strategies[42]. User Growth and Market Expansion - User data indicates a 30% increase in active users, reaching a total of 1 million users by the end of 2024[3]. - The company plans to expand its market presence in Southeast Asia, aiming for a 15% market share by 2026[3]. - The company plans to expand internationally and develop global partnerships, positioning itself as a one-stop digital service platform for pharmaceutical and medical device companies entering international markets[37]. Product Development and Innovation - New product launches are expected to contribute an additional RMB 50 million in revenue in 2025[3]. - The company plans to launch the AI-powered clinical research platform "Wensi Intelligent" to enhance research efficiency and reduce costs[18]. - The company is actively involved in the research and development of new products and technologies to enhance its service offerings[100]. Financial Strategy and Investments - Zhejiang Taimei Medical Technology is considering strategic acquisitions to enhance its product portfolio, with a budget of RMB 200 million allocated for potential deals[3]. - The company is actively seeking strategic investments and partnerships to enhance its value and return to shareholders[19]. - The company plans to strengthen sales and marketing capabilities with 10% (HKD 26.0 million) of the net proceeds, which remains fully unutilized[188]. - 15% (HKD 38.9 million) of the net proceeds is allocated for selective strategic investments and acquisitions, also remaining unutilized[188]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, targeting a 5% reduction in costs by the end of 2025[3]. - The company aims to reduce R&D costs by 30% and improve trial efficiency by 50% through the implementation of an AI-driven clinical research platform[32]. - Selling expenses decreased by 41.7% from RMB 150.2 million in 2023 to RMB 87.6 million in 2024, mainly due to improved sales strategy efficiency and personnel restructuring[43]. - R&D expenses decreased by 48.5% from RMB 169.2 million in 2023 to RMB 87.1 million in 2024, reflecting optimized R&D efficiency and personnel restructuring[45]. Shareholder and Governance - The board of directors has approved a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[3]. - The company did not recommend the distribution of a final dividend for the year ending December 31, 2024[104]. - The company has a significant concentration of ownership, with the top shareholders holding substantial percentages of the total issued capital[144]. - The independent directors are responsible for providing independent opinions and judgments to the board, ensuring corporate governance and accountability[83][85]. Employee and Management Structure - The workforce consists of 627 full-time employees, with 20.9% in R&D, 13.5% in sales and marketing, and 51.7% in professional and technical roles[65]. - The company has experienced significant management changes, with new appointments in key positions, including the Chief Financial Officer[95]. - The management team has a strong background in finance and investment, contributing to strategic decision-making and market expansion efforts[84][89]. Financial Position and Assets - Total assets as of December 31, 2024, were RMB 1,583.20 million, while total liabilities were RMB 348.62 million[13]. - The company's cash and cash equivalents amount to RMB 319.3 million, short-term bank deposits RMB 599.9 million, and short-term government bond investments RMB 159.4 million as of December 31, 2024[55]. - The current ratio is 5.05, up from 3.71 as of December 31, 2023, indicating strong liquidity[55]. - The debt ratio is 22.0%, a decrease from 27.9% as of December 31, 2023, reflecting improved financial stability[55]. Risks and Challenges - The group faced risks related to customer retention and acquisition, which could significantly impact revenue and business performance[110]. - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[62][63].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately HKD 508.5 million, a decrease of about 1.7% compared to HKD 517.4 million for the previous year[7]. - The loss attributable to equity holders was approximately HKD 53.7 million, compared to a loss of HKD 38.7 million in the same period last year[7]. - The basic loss per share was HKD 0.0242, compared to HKD 0.0170 in the previous year[7]. - The group's total revenue for the reporting period was approximately HKD 508.5 million, a decrease of about 1.7% compared to HKD 517.4 million for the year ended December 31, 2023[33]. - The group reported a total profit of approximately HKD 0.4 million for the reporting period, down from HKD 3.4 million for the year ended December 31, 2023, primarily due to increased advertising expenses[19]. - The group recognized a credit impairment loss of approximately HKD 0.2 million on trade receivables from margin financing assets, compared to HKD 7.2 million for the year ended December 31, 2023[20]. - The group recorded a loss of approximately HKD 42.1 million in the lending and credit card business, an increase from HKD 26.3 million for the year ended December 31, 2023, mainly due to additional employee costs[25]. - The property holding segment incurred a loss of approximately HKD 19.5 million, compared to HKD 9.5 million for the year ended December 31, 2023[29]. - The group recognized a provision for impairment losses on investment properties of approximately HKD 9.7 million, compared to HKD 1.6 million for the year ended December 31, 2023[31]. - The group's gross profit for the reporting period was approximately HKD 130.5 million, an increase of about 10.5% compared to HKD 118.2 million for the year ended December 31, 2023[34]. - Gross margin increased by approximately 2.9% to about 25.7% for the reporting period, compared to 22.8% for the year ended December 31, 2023[34]. - Other income and gains amounted to approximately HKD 16.4 million, a 36.5% increase from HKD 12.0 million in the same period last year[35]. Revenue Segmentation - The restaurant services segment generated revenue of approximately HKD 405.4 million, a decrease of about 6.0% from HKD 431.4 million in the prior year[11]. - The financial services segment contributed approximately HKD 101.7 million to total revenue, an increase of about 19.3% from HKD 85.2 million in the previous year[12]. - The securities brokerage, margin financing, asset management, and professional services business recorded total revenue of approximately HKD 92.4 million, an increase from HKD 83.3 million for the year ended December 31, 2023, due to higher income from professional consulting services[17]. - The lending and credit card business generated revenue of approximately HKD 9.3 million, significantly up from HKD 2.0 million for the year ended December 31, 2023, attributed to the full-year impact of credit card issuance fees[23]. - The property holding segment recorded revenue of approximately HKD 1.4 million, an increase from HKD 0.8 million for the year ended December 31, 2023, due to higher occupancy rates and the full-year impact of existing leases[28]. Business Strategy and Future Plans - The company plans to launch a new insurance business in the second half of 2024, focusing on private life insurance products[8]. - The company aims to establish a balanced investment portfolio primarily composed of food service and comprehensive financial services by 2025[8]. - The company will continue to seek opportunities in the financial services sector, leveraging Hong Kong's unique position as a gateway between mainland China and global markets[8]. - The company aims to diversify its business portfolio, focusing on the restaurant and financial sectors to create long-term value for shareholders[61]. - The company plans to expand its financial services division, including entering the credit card and insurance businesses, to achieve its long-term strategic goals[62]. Corporate Governance - The company emphasizes good corporate governance practices to maintain and enhance investor confidence and sustainable development[77]. - The board believes that the company has complied with the Corporate Governance Code during the reporting period ending December 31, 2024, with some exceptions noted[78]. - The board is responsible for leading, monitoring, and managing the company, ensuring effective operations and growth to enhance shareholder value[80]. - The company has a robust and ongoing strategic planning process to identify and assess potential opportunities and challenges[79]. - The company has appointed Mr. Zhou as the director and CEO for future development in financial services, bringing over 27 years of experience in the financial information technology industry[75]. - The board of directors consists of three independent non-executive directors, meeting the requirement of at least one-third representation[83]. - The company has adopted a policy to ensure the independence of the board, with two out of six directors being female, representing approximately 33.3%[85]. - All directors are required to undergo continuous professional training to stay updated on legal and regulatory changes[92]. - The company has not appointed a chairman for the board during the reporting period, deviating from the corporate governance code[88]. - The board has delegated daily management and operations to senior management, who must seek board approval for significant transactions[82]. - The company ensures that all directors receive appropriate onboarding and training upon their appointment[91]. - The board will continue to seek suitable candidates to enhance gender diversity among its members[85]. - The company has received annual written confirmations of independence from all independent non-executive directors, affirming their status[86]. Risk Management and Compliance - The board is responsible for evaluating the effectiveness of the group's risk management and internal control systems, which are deemed effective and adequate[122]. - The group has adopted a credit and risk control policy for its securities business, particularly for margin financing, to enhance operational efficiency[125]. - Continuous monitoring of loan repayment capabilities and recovery situations is conducted, including real-time market information on clients' portfolios[130]. - The company complies with anti-money laundering regulations and conducts bankruptcy investigations on borrowers every six months[140]. - The company has established a whistleblowing policy to report misconduct and has a zero-tolerance commitment to corruption and unethical behavior[123]. Shareholder Information - The company will not declare any final dividend for the year ending December 31, 2024, consistent with the previous year[66]. - The company has a distributable reserve of approximately HKD 168,215,000 as of December 31, 2024[170]. - The board will consider various factors, including market conditions and future cash needs, when deciding on dividend payments[176]. - The company has established a shareholder communication policy to ensure effective and timely dissemination of information to shareholders and investors[150]. - The company will hold its 2025 Annual General Meeting on June 19, 2025, at 10:00 AM in Hong Kong[149]. Employee and Workforce - The company employed 164 employees as of December 31, 2024, an increase from 126 employees on December 31, 2023[64]. - The workforce consists of 46% female employees, highlighting the company's commitment to diversity and inclusion[174]. - The company has a commitment to corporate culture aligned with its mission, values, and strategies, focusing on talent recruitment, employee retention, and training[79]. Audit and Financial Reporting - The audit committee held 4 meetings during the reporting period to review financial statements and discuss significant matters with external auditors[115]. - The audit committee reviewed the annual financial statements for the year ending December 31, 2023, and the interim financial statements for the six months ending June 30, 2024[116]. - The company is considering appointing a new auditor to fill the vacancy left by the resignation of Zhongzheng Tianheng CPA[116]. - The audit fee for the fiscal year ending December 31, 2024, is HKD 2,000,000, while the previous auditor charged HKD 318,000 for non-audit services[143]. - The company reported a loss during the reporting period, with financial details available in the annual report pages 58 to 176[161].

Financial Performance - The company's operating revenue for the first quarter was RMB 1,102,428,524.33, representing a year-on-year increase of 2.05% compared to RMB 1,080,278,097.48[4] - Net profit attributable to shareholders was RMB 254,761,055.37, reflecting a growth of 1.26% from RMB 251,596,411.36 in the same period last year[4] - Basic and diluted earnings per share increased to RMB 0.162, up 1.25% from RMB 0.160[4] - Operating profit for Q1 2025 was ¥320,568,867.11, compared to ¥301,741,352.02 in Q1 2024, reflecting a growth of 6.2%[19] - Net profit for Q1 2025 was ¥262,588,437.16, up 5.0% from ¥249,573,483.78 in Q1 2024[19] - Operating revenue for Q1 2025 reached CNY 413.95 million, up 4.3% from CNY 394.82 million in Q1 2024[28] - Net profit for Q1 2025 was CNY 148.51 million, representing an increase of 2.5% compared to CNY 145.01 million in Q1 2024[28] Cash Flow - The net cash flow from operating activities was negative at RMB -65,647,742.27, compared to RMB -53,966,431.13 in the previous year, indicating a decline in cash generation[4] - Cash flow from operating activities showed a net outflow of ¥65,647,742.27 in Q1 2025, compared to a net outflow of ¥53,966,431.13 in Q1 2024[22] - Cash flow from investing activities resulted in a net outflow of ¥482,718,594.19 in Q1 2025, compared to a net outflow of ¥265,340,945.70 in Q1 2024[22] - Cash flow from financing activities generated a net inflow of ¥263,248,964.39 in Q1 2025, significantly higher than the net inflow of ¥1,597,822.35 in Q1 2024[23] - Cash inflow from operating activities totaled CNY 849.94 million in Q1 2025, compared to CNY 654.02 million in Q1 2024, an increase of about 30%[32] Assets and Liabilities - Total assets at the end of the reporting period were RMB 25,511,117,206.42, a 1.42% increase from RMB 25,154,981,695.71 at the end of the previous year[4] - Current assets totaled CNY 7,018,223,036.05, up from CNY 6,856,660,856.38, indicating an increase of about 2.36%[15] - Non-current assets reached CNY 18,492,894,170.37, compared to CNY 18,298,320,839.33, representing a growth of approximately 1.06%[15] - Total liabilities were CNY 14,436,915,778.24, slightly up from CNY 14,357,687,149.45, marking an increase of about 0.55%[16] - Current liabilities decreased to CNY 2.76 billion from CNY 2.92 billion, a reduction of about 5.4%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 54,073, including 60 H-share shareholders[10] - The largest shareholder, Tianjin Municipal Investment Co., Ltd., holds 715,565,186 shares, accounting for 45.57% of the total shares[9] - The company reported a total of 156,956,000 H shares held by Ningbo Baisiles Trading Co., Ltd. and its concerted parties, accounting for 9.99% of the total share capital[12] - The company has not indicated any strategic investors among its top ten shareholders, suggesting a focus on retail and institutional investors[12] Equity and Return Metrics - Equity attributable to shareholders rose to RMB 9,923,628,785.47, marking a 2.63% increase from RMB 9,668,867,730.10[4] - The weighted average return on equity decreased to 2.60%, down 0.12 percentage points from 2.72% in the previous year[4] - The total equity increased to CNY 7.90 billion from CNY 7.76 billion, reflecting a growth of about 1.8%[26] Research and Development - Research and development expenses decreased to ¥7,759,954.19 in Q1 2025 from ¥8,344,320.72 in Q1 2024, a reduction of 7.0%[19] - Research and development expenses for Q1 2025 were CNY 3.97 million, slightly down from CNY 4.17 million in Q1 2024[28] Investment Income - Investment income for Q1 2025 was CNY 33.99 million, significantly higher than CNY 12.94 million in Q1 2024, indicating a growth of approximately 162.5%[28]

Manufacturing and Operations - The company operates six manufacturing bases in China, Southeast Asia, and North America, focusing on office automation equipment and automotive parts businesses[9]. - In 2023, the company acquired a lease for land in Quang Ninh Province, Vietnam, with construction of a new industrial park set to begin in 2024[9]. - The company has established industrial parks in various locations, including Shenzhen, Suzhou, Weihai, and Vietnam, to support its manufacturing operations[9]. - The company emphasizes vertical integration in its operations, providing a one-stop solution for precision manufacturing services[8]. - The company has developed a unique business model that enhances bargaining power by collaborating with brand clients on mold development during the early stages of product development[8]. - The company focuses on precision manufacturing services, including the design and production of precision metal stamping and plastic injection molds[7]. - The company’s manufacturing capabilities include automated technologies such as laser welding and assembly lines for producing semi-finished and finished products[8]. - The automotive parts business aims to provide compatible platform components and generic parts to reduce costs and maximize profits, focusing on rapid production expansion for common vehicle models[9]. - Major products in the automotive sector include high-strength beam structures, chassis components, and new energy-related products[9]. - The company expanded its operations into the automotive market by acquiring Chongqing Digital Mould Body Mould Co., Ltd. in 2011[13]. Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased by 1.8% to HKD 6,296,926,000 compared to HKD 6,182,658,000 in 2023[29]. - The company's profit attributable to shareholders rose by 2.7% to HKD 243,507,000, up from HKD 237,095,000 in the previous year[29]. - Basic earnings per share increased by 2.9% to HKD 0.14, compared to HKD 0.136 in 2023[29]. - The EBITDA margin remained stable at 10.8% for both 2024 and 2023[21]. - The net debt to equity ratio improved to 15.0% in 2024 from 25.2% in 2023[24]. - Cash generated from operations increased significantly to HKD 862,394,000, up from HKD 538,116,000 in 2023[21]. - The overall gross margin increased by 0.9 percentage points to 21.8% in 2023, benefiting from cost control measures and internal innovations[31]. - The overall profit for the office automation equipment segment was HKD 333,282,000, with a segment profit margin of 7.7%[37]. - The overall profit for the automotive parts division in 2024 was HKD 89,824,000, down from HKD 108,727,000 in 2023, with a profit margin decrease to 4.6% from 5.8%[48]. Market and Sales - The company experienced growth in office automation equipment sales in Vietnam and South China, contributing to revenue stability[29]. - Office automation equipment revenue rose by 1.1% year-on-year to HKD 4,341,834,000, driven by inventory destocking and increased sales from major clients Fujifilm and Kyocera[32]. - Vietnam's office automation equipment sales grew by 11.5% year-on-year, despite operational disruptions caused by Typhoon Mawar[35]. - The company is optimistic about Vietnam's role in driving growth in the office automation equipment business in the medium to long term[35]. - The automotive parts business revenue reached HKD 1,955,092,000, representing 31.0% of total revenue[57]. - New orders from key automotive clients Faurecia and Great Wall Motors increased by approximately 18.9% and 24.4%, respectively[40]. - The company plans to introduce hot forming production lines to enhance product competitiveness in response to automotive lightweight trends[40]. Sustainability and Environmental Initiatives - The company is committed to integrating sustainable development principles into all aspects of its operations, aiming to create meaningful positive impacts on the environment and communities served[93]. - The company has implemented a policy to gradually phase out auxiliary equipment and replace it with more environmentally friendly alternatives[165]. - The company has reduced diesel consumption by 21.6% this year due to environmental management measures[160]. - The company aims to increase renewable energy consumption starting from 2023, demonstrating its commitment to environmental protection and sustainable business development[160]. - The company has established recycling centers in industrial facilities to collect recyclable materials such as cardboard and metals, promoting sustainability in the supply chain[162]. - The company has implemented energy-saving measures, including replacing traditional cooling systems with high-efficiency systems and using LED lighting[166]. - The company has developed a business continuity plan to mitigate potential economic losses from climate-related risks and regularly assesses the impact of climate change on its operations[155]. - The company emphasizes the importance of water resource protection and aims to improve water efficiency through various conservation measures[159]. Employee Development and Welfare - The company employs a total of 10,087 employees as of December 31, 2024, emphasizing a commitment to a non-discriminatory work environment[108]. - A total of 107,007 hours of training were provided to employees during the reporting period, focusing on key topics such as product safety and accident prevention[110]. - The company has established a systematic compensation and performance management system to ensure fair and competitive remuneration based on experience, qualifications, and market trends[117]. - The company emphasizes employee development through comprehensive training programs for all levels, including systematic onboarding for new employees[129]. - The company provides free health consultation services and encourages participation in local sports and cultural activities to support employees' mental and physical well-being[115]. - The employee care fund has continued to provide financial assistance and material donations to employees in need, particularly those facing medical difficulties[119]. - The company actively encourages employee participation in sports events, organizing diverse activities such as basketball and volleyball competitions[126]. Governance and Compliance - The board of directors held a total of 9 meetings and one annual general meeting during the reporting period, ensuring effective governance and oversight[98]. - The board comprises over one-third independent non-executive directors, providing independent insights and oversight on company performance[100]. - The company has implemented a comprehensive policy to protect customer data and ensure cybersecurity, in line with local laws[176]. - The group has a zero-tolerance policy towards fraud and encourages reporting of any suspected misconduct[179]. - The internal audit department identified four cases of violations of the group's policies, resulting in two employee terminations and one warning[177]. - All employees received anti-corruption training in 2024 to ensure compliance with the group's anti-corruption policies[177]. Community Engagement - The company donated a total of RMB 386,500 to support underprivileged students through the "1-to-1" scholarship platform, which involved 38 participating companies[152]. - The company made charitable donations totaling RMB 153,000 to assist disadvantaged children and the elderly in remote villages during the reporting period[152]. - The total contribution in Hong Kong dollars was HKD 114,500 in 2024, with no contributions reported in 2023[190]. - The total amount of community donations reached RMB 153,000 in 2024, up from RMB 139,000 in 2023, reflecting a 10.1% increase[190].

Company Growth and Strategy - Fufeng has expanded its product lines to include xanthan gum, animal nutrition, and high-end amino acids, achieving top global rankings in these categories[7]. - The company has established a low-cost expansion development strategy, which has been crucial for its rapid growth and diversification[7]. - Fufeng's journey from a county business to a sizable group has spanned 25 years, reflecting significant changes and growth in the company[6]. - The MSG product line was the starting point for Fufeng, which was acquired from a bankrupt factory, highlighting the company's opportunistic approach[7]. - The company aims to become a renowned corn biochemical enterprise, driven by its successful product diversification[7]. - Fufeng's financial performance and market position have been strengthened through strategic expansions and product development[6]. - The establishment of a strong management team has been pivotal in navigating the company's growth trajectory[6]. - Fufeng's vision includes becoming a leader in biochemical fermentation products, leveraging its technical expertise[7]. - The company aims to establish itself as a multinational enterprise, with a vision of becoming "a renowned corn biochemical enterprise" in the near future[14]. Financial Performance - Fufeng's turnover for 2023 was RMB 28,007 million, showing a significant increase from RMB 27,475 million in 2022, reflecting a growth of approximately 1.9%[16]. - Profit attributable to shareholders for 2023 reached RMB 3,861 million, up from RMB 3,144 million in 2022, indicating a growth of about 22.8%[18]. - The Group's revenue slightly decreased by 0.9% to approximately RMB27,757.3 million in 2024, compared to 2023, primarily due to a decrease in the revenue of the Colloid segment[37]. - The overall gross profit decreased by 19.1% to approximately RMB5,056.8 million in 2024, mainly due to reduced gross profit contributions from the Colloid and Food Additive segments[37]. - Profit attributable to the Shareholders decreased by 26.5% to approximately RMB2,312.4 million in 2024, compared to 2023[38]. Market Trends and Projections - Fufeng's corn production in China is projected to be approximately 295.0 million tonnes in 2024, representing a 2.1% increase compared to 2023[23]. - China's total corn imports are expected to decrease sharply by about 49.2% year-on-year to only 13.64 million tonnes in 2024, indicating a strong domestic supply[23]. - The average corn price is projected to decrease from approximately RMB 2,723 per tonne in 2023 to RMB 2,250 per tonne in 2024, a decline of 17.4%[24]. - The International Monetary Fund projected global economic growth of 3.3% for 2025, while China's economic growth is estimated at about 5%[118]. Production and Capacity - The annual designed production capacity for MSG increased by 24.1% to 1,650,000 tonnes in 2024, while threonine and lysine capacities increased by 8.2% and 35.7% respectively[77]. - The capacity utilization rate for MSG, threonine, and lysine reached full capacity during the year, with 80% of the new 400,000 tonnes MSG capacity expected to be operational in the second half of 2024[78]. Sales and Revenue Breakdown - Revenue from the food additives segment increased by 6.4% to approximately RMB14,365.3 million in 2024, mainly due to increased sales volume of MSG and starch sweeteners[46]. - MSG sales volume increased by 26.8% to approximately 1,637,967 tonnes, while the average selling price (ASP) decreased by 16.1% to approximately RMB6,714 per tonne, resulting in a slight revenue increase of 6.4% to RMB10,996.6 million[50]. - Revenue from threonine increased by 18.7% to approximately RMB2,517.3 million, with an ASP of RMB9,632 per tonne, up 4.0%[52]. - Revenue from the high-end amino acid segment increased by 12.4% to approximately RMB2,217.4 million, mainly due to increased sales volume[57]. - Revenue from the colloid segment decreased by 35.8% to approximately RMB1,816.5 million, with a gross profit margin of 41.5%, down 17.6 percentage points[59]. Challenges and Adaptations - Fufeng has witnessed many ups and downs over its 25-year history, adapting to market changes and challenges[6]. - The company has faced significant challenges in its internationalization process, particularly in establishing a production base in the United States due to geopolitical tensions[10]. - Fufeng's management emphasizes the importance of overcoming societal obstacles to achieve sustainable growth for the enterprise[10]. - The Group's gross profit margin decreased to 18.2% in 2024 from 22.3% in 2023, reflecting the challenges faced in the Colloid and Food Additive segments[43]. Corporate Governance and Compliance - The Board is collectively responsible for promoting the success and interest of the Group, ensuring that no material uncertainties were found regarding the Company's ability to continue as a going concern during the Year[171]. - The roles of the Chairman and the Chief Executive Officer are clearly separated, with Mr. Li Xuechun as Chairman overseeing the Board and Mr. Li Deheng and Mr. Li Guangyu as Co-Chief Executive Officers managing daily operations[172]. - Independent non-executive Directors represent over one-third of the Board, ensuring a proper balance of power and maintaining effective control over the Group and its executive management[180]. - The Company is committed to continuous professional development for all Directors, providing training on corporate governance and updates on relevant laws and regulations[190]. - The Company has received annual confirmations of independence from all Independent non-executive Directors, affirming their independence[180]. Environmental and Social Responsibility - The company received the title of "Aon's 2024 China Best ESG Employer"[155]. - Total cumulative resources invested in public welfare reached RMB 8,821,259[161]. - Greenhouse gas emission intensity was 487.01 tCO2e/million RMB revenue[155]. - Total sewage discharge was 9,904,200 tonnes, with recycled sewage volume at 34,642,500 tonnes[155]. - Emission intensity of hazardous waste was 0.02 tonne/million RMB revenue[155].

Financial Performance - The adjusted revenue for the year increased by approximately 17.8%, while total revenue decreased by about 14.3% to approximately HKD 5,589.7 million from HKD 6,521.9 million in the previous year[8]. - The company recorded a loss of approximately HKD 3,904.0 million, an increase from the loss of about HKD 1,204.9 million in the previous year[8]. - The total revenue for the year was approximately HKD 5,589.7 million, a decrease of about 14.3% from approximately HKD 6,521.9 million in the previous year[23]. - The group recorded a loss of approximately HKD 3,904.0 million, an increase of about 220.6% compared to a loss of approximately HKD 1,204.9 million in the previous year[15]. - The group recorded a gross loss of approximately HKD 328.0 million with a gross loss margin of 5.9%, compared to a gross profit of HKD 345.8 million and a gross profit margin of 5.3% in the same period last year[26]. - The company reported a total available distributable reserve of HKD 1,827,745,000 as of December 31, 2024, which includes a share premium account of HKD 1,780,859,000[122]. - The total comprehensive loss for 2024 was HKD 4,052,095, compared to HKD 1,338,467 in 2023, indicating a significant increase in overall losses[181]. - The company reported a loss of HKD 3,942,177,000 for the year 2024, compared to a loss of HKD 1,229,656,000 in 2023[186]. Revenue Segmentation - In the consumer electronics components segment, adjusted revenue grew by approximately 17.5%, but total revenue decreased by about 19.5% to approximately HKD 4,536.0 million, accounting for about 81.1% of total revenue[9]. - The home and sports goods segment recorded a sales growth of approximately 19.0%, contributing about 18.9% to total revenue[11]. - Revenue from the consumer electronics components segment decreased by approximately 19.5% to about HKD 4,536.0 million, accounting for approximately 81.1% of total revenue[17]. - The home and sports goods segment saw sales rise by approximately 19.0% to about HKD 1,053.7 million, representing approximately 18.9% of total revenue[19]. Operational Strategies - The company plans to focus on optimizing technological innovation and selective customer groups while implementing prudent operational strategies[11]. - The company aims to enhance organizational resilience through R&D improvements in product quality and production processes[11]. - The group aims to enhance its manufacturing capabilities and product coverage through a focus on "product design + smart manufacturing" strategies[22]. - The group is reassessing its customer structure and is taking a more cautious approach to order risks to balance business growth with risk management[34]. Financial Management - The company is committed to maintaining robust financial management to improve flexibility in response to industry restructuring[11]. - The company emphasizes the importance of cash reserves and liquidity to ensure long-term business development[11]. - The company anticipates maintaining sufficient cash reserves to meet its operational needs, supported by cash flow from operations and available credit facilities[40]. - The company has a cash and cash equivalents balance of approximately HKD 1,615.7 million as of December 31, 2024, compared to HKD 1,676.9 million as of December 31, 2023[40]. Impairment and Provisions - Impairment provisions of approximately HKD 1,977.6 million and HKD 105.2 million were made for fixed assets and investments in associates, respectively[16]. - The group recognized an impairment provision of HKD 1,977.6 million for property, plant, and equipment, primarily due to macro challenges and increased competition in the market[32]. - The company recognized an impairment provision of HKD 1,977,624 for property, plant, and equipment in 2024, with no such provision in 2023[179]. Corporate Governance - The company has adopted corporate governance principles to enhance shareholder value and ensure accountability to stakeholders[67]. - The independent non-executive directors have extensive experience in finance and governance, contributing to the company's oversight[61][62][64]. - The company complies with the Listing Rules and has maintained high standards of corporate governance throughout the year[67]. - The board consists of five executive directors, one non-executive director, and four independent non-executive directors, responsible for creating shareholder value[69]. Risk Management - The group has identified various financial and operational risks, particularly related to its operations in China[110][111]. - The risk management committee was established in 2015, focusing on four core risks: compliance risk, financial risk, operational risk, and strategic risk[93]. - The board is responsible for establishing risk management and internal control systems, ensuring effective operation[71]. Shareholder Communication - The company emphasizes effective communication with shareholders and holds an annual general meeting to facilitate direct communication[100]. - The board will consider declaring dividends based on profitability, financial condition, debt repayment requirements, and capital expenditure plans[47]. Employee Management - The group regularly reviews its compensation policy and evaluates employee performance based on individual performance, qualifications, industry experience, and market trends[45]. - The company has a structured approach to attract and retain core talent through its share incentive plan[132]. Environmental Commitment - The company is committed to environmental protection and regularly reviews its environmental practices[112].

Technological Innovation and R&D - Luyuan Group Holding has over 700 patents as of December 31, 2024, indicating a strong focus on technological advancement in the electric two-wheeler industry[6]. - R&D expenses increased significantly, focusing on smart technology, digital technology, and health-related technologies, indicating strategic investments for future growth[20]. - The company's R&D expenses increased by approximately 22.1% from RMB 189.4 million in 2023 to RMB 231.2 million in 2024, with a focus on enhancing vehicle durability, safety, battery life, and smart features[37]. - The company is focusing on three growth curves: durable technology, battery and endurance innovations, and smart technology, with 80% of its product line now incorporating smart technology[24]. - The R&D focus includes the development of a digital battery maintenance system that significantly improves product reliability and user satisfaction under low-temperature conditions[23]. - The company is committed to enhancing its core technology capabilities, focusing on improving thermal management and low-temperature performance of its digital battery management system[46]. - The company is actively expanding its market presence through strategic appointments and a focus on technological advancements in its product offerings[121]. Production Capacity and Manufacturing - The annual production capacity of Luyuan Group's electric two-wheelers exceeds 5 million units, with plans to increase capacity to 2 million units per year by 2026 at the new factory in Chongqing[6]. - The construction of a new production facility in Chongqing is progressing steadily, which is expected to boost production capacity significantly by 2026[6]. - The Chongqing smart manufacturing plant began trial operations in November 2024, expected to have an annual production capacity of 2 million units once fully operational[39]. - The Chongqing manufacturing base, featuring the highest level of intelligence, was completed and put into operation, enhancing production capacity and product quality[22]. - Capital expenditures increased by approximately 113.2% from RMB 203.3 million in 2023 to RMB 433.4 million in 2024, primarily aimed at expanding production capacity[83]. Financial Performance - In 2024, the company's revenue was approximately RMB 5,072 million, a slight decrease of about 0.2% from RMB 5,083 million in 2023, demonstrating resilience in a challenging market environment[20]. - The net profit for 2024 was RMB 116.1 million, down approximately 20.3% from RMB 145.6 million in 2023, primarily due to increased share-based payment and R&D expenses[20]. - The company's gross profit for 2024 was RMB 665 million, a decrease of about 2.4% from RMB 681.2 million in 2023, with a gross margin of 13.1%, reflecting strong cost control and pricing capabilities[20]. - The total assets of the company reached RMB 4,324 million in 2024, up from RMB 3,862 million in 2023, indicating growth in overall financial health[17]. - The group's revenue for 2024 was RMB 5,072.0 million, a slight decrease of approximately 0.2% compared to RMB 5,083.0 million in 2023[53]. - The group's gross profit decreased by approximately 2.4% from RMB 681.2 million in 2023 to RMB 665.0 million in 2024[58]. - The group's gross margin remained relatively stable at 13.4% in 2023 and 13.1% in 2024[59]. Market Presence and Distribution - The company has established a distribution network with over 1,400 distributors covering 328 cities across 31 provincial-level administrative regions, and has more than 12,800 offline retail stores[6]. - The company maintained its market leadership and brand influence, with a record number of dealers and retail outlets in 2024[22]. - The company is strategically expanding into international markets, particularly Southeast Asia and Europe, to diversify revenue sources and enhance brand influence[26]. - The company expanded its international business by adding 66 new international clients and entering 7 new countries during the reporting period[42]. - The electric bicycle market is projected to grow from USD 35 billion in 2024 to USD 62 billion by 2030, with a compound annual growth rate of nearly 10%[49]. Corporate Governance and Management - The company has a strong management team with extensive industry experience and qualifications[112]. - The board consists of four executive directors and four independent non-executive directors, ensuring compliance with corporate governance standards[135]. - The company has fully complied with the corporate governance code during the reporting period, maintaining high standards of governance[129]. - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategic and Investment Committee to oversee specific aspects of governance[132]. - The company has implemented strict internal management measures to uphold ethical standards, transparency, accountability, and integrity[129]. - The company has established a talent management and training program aimed at providing career development opportunities for female employees[142]. Strategic Initiatives and Future Plans - The company aims to transform from an electric vehicle manufacturer to a provider of comprehensive light mobility solutions, emphasizing product and business model innovation[29]. - The company plans to prioritize the development of high-end electric bicycles and expand into electric mobility ecosystem services by 2025[45]. - The company aims to enhance its core technology capabilities, focusing on improving thermal management and low-temperature performance of its digital battery management system[46]. - The company is undergoing a strategic transformation towards smart manufacturing, implementing automation and digital twin technology to improve quality consistency and reduce production costs[47]. - The company has committed to a 10-year warranty on its products, ensuring 100% coverage of durable technology from entry-level to high-end flagship products[23]. Employee and Gender Diversity - Employee headcount rose to 3,085 as of December 31, 2024, compared to 2,906 a year earlier, with total employee expenses increasing by approximately 4.0% to RMB 497.4 million[85]. - As of December 31, 2024, the gender ratio among employees is approximately 35% female and 65% male, indicating a commitment to gender diversity[142]. - The board has established measurable goals to enhance gender diversity, including actively seeking qualified female candidates for board positions[140]. - The company has implemented appropriate recruitment and selection procedures to promote diversity among job applicants[142]. Awards and Recognition - The company has received multiple industry awards, including first-class awards for technological inventions in electric vehicle technology[103]. - The company is recognized as a pioneer in new productive forces by financial media in 2024[105].

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, reached $2,494.3 million, with a net profit increase of 159.5% to $120.4 million compared to 2023[10]. - The company's revenue increased from approximately $923.8 million in 2023 to $2,494.3 million in 2024, representing a significant growth[22]. - The net profit attributable to equity shareholders rose from approximately $46.6 million in 2023 to $119.1 million in 2024[22]. - Gross profit for 2024 was $290.9 million, up from $127.8 million in 2023, with a gross margin of 11.7% compared to 13.8% in the previous year[31]. - Net profit for 2024 was $120.4 million, a 159.5% increase from $46.4 million in 2023, resulting in a net profit margin of 4.8%[29]. - The total revenue for the year ended December 31, 2024, increased by approximately 170.0% to $2,494.3 million, compared to $923.8 million in 2023[191]. - The profit for the year rose by about 159.5% to approximately $120.4 million, up from $46.4 million in 2023[191]. - The net profit margin for the year ended December 31, 2024, was 4.8%, slightly down from 5.0% in 2023[191]. - Earnings per share increased to $0.14 for the year ended December 31, 2024, compared to $0.06 in 2023[191]. Research and Development - Research and development expenses as a percentage of revenue decreased from 5.9% in 2023 to 3.1% in 2024, while the absolute amount invested in R&D increased by 41.2%[10]. - The company plans to continue investing in R&D to enhance product quality and market responsiveness, focusing on high-growth areas such as smartphones, multimedia tablets, and smart driving[23]. - The R&D budget has been increased by I%, focusing on advancements in semiconductor technology and camera module development[86]. - The company is focusing on the development of MicroLED technology, which is expected to become a key innovation in the display sector[26]. Market Outlook - The company anticipates continued growth in the global precision optics industry, with new applications in robotics, augmented reality (AR), virtual reality (VR), mixed reality (MR), micro-displays, and medical fields[11]. - The global smartphone shipment is projected to reach 1.24 billion units in 2024, a year-on-year growth of 6.4%[16]. - The global LiDAR market size is expected to reach $1.472 billion in 2024, with a projected CAGR of 14.7% from 2025 to 2031[18]. - The global robotics market is anticipated to exceed $73 billion by 2029, driven by increasing demand for automation solutions[17]. - The AR/VR market is set to experience rapid growth in 2024, fueled by advancements in technology and increased applications in various sectors[19]. Strategic Initiatives - The company is focusing on technological innovation and automation to enhance its core competitiveness and market recognition[10]. - The company aims to enhance its resilience against uncertainties by diversifying its product applications and strengthening its core competitiveness[11]. - The company plans to strengthen its long-term development strategy by incorporating carbon reduction goals and implementing comprehensive carbon reduction measures[12]. - The company will continue to invest in high-end talent and automation technologies to reinforce its market position[10]. - The company recognizes the challenges posed by global political and economic uncertainties but remains determined to pursue growth and innovation[9]. Shareholder and Corporate Governance - The company is committed to maximizing shareholder value while actively contributing to national and social development[12]. - The company will not declare dividends for the fiscal year ending December 31, 2024, to ensure continued leadership in the optical field[22]. - The company reported a reserve available for distribution to shareholders of approximately $71.9 million as of December 31, 2024, compared to $72.8 million in 2023[98]. - The company is committed to maintaining high standards of corporate governance and transparency, with independent directors overseeing key committees[89]. Financial Position and Ratios - Total assets increased from $943.3 million as of December 31, 2023, to $1,442.6 million as of December 31, 2024[22]. - Total equity grew from $415.2 million in 2023 to $523.7 million in 2024[22]. - The total assets increased by 52.9% to $1,442.6 million in 2024, while total liabilities rose by 74.0% to $918.9 million[29]. - The return on equity increased significantly from 11.2% in 2023 to 23.0% in 2024, primarily due to the increase in net profit[33]. - Current ratio decreased from 1.45 in 2023 to 1.35 in 2024 due to a reduction in short-term bank loans, partially offset by a decrease in cash[34]. - Quick ratio fell from 1.19 in 2023 to 0.94 in 2024, primarily due to a decrease in short-term bank loans, offset by a corresponding decrease in cash[35]. - Debt-to-equity ratio increased from -35.5% in 2023 to 14.6% in 2024, mainly due to an increase in liabilities[39]. Operational Efficiency - The average inventory turnover days decreased to 37.2 days in 2024 from 62.4 days in 2023[192]. - The average trade receivables turnover days reduced to 40.8 days in 2024, compared to 66.1 days in 2023[192]. - The average trade payables turnover days improved to 56.8 days in 2024 from 92.9 days in 2023[192]. - The company has established long-term relationships with multiple suppliers, ensuring compliance with quality and ethical commitments[195]. Environmental and Social Responsibility - The company is committed to promoting environmental sustainability through energy conservation and encouraging the reuse of office supplies[188]. - Charitable donations made by the group reached $8.4 million for the year ending December 31, 2024, compared to none in 2023[99]. Related Party Transactions - The company has complied with the disclosure requirements under the listing rules regarding related party transactions[155]. - Independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[173].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 138.70 million, a decrease of about 25.30% compared to approximately HKD 185.67 million for the year ended December 31, 2023[21][24]. - Sales cost decreased by approximately HKD 44.80 million or 31.47% from HKD 142.35 million for the year ended December 31, 2023, to approximately HKD 97.55 million for the year ending December 31, 2024[25]. - Gross profit decreased by approximately HKD 2.17 million or about 5.01% from approximately HKD 43.32 million for the year ended December 31, 2023, to approximately HKD 41.15 million for the year ending December 31, 2024[26]. - Administrative expenses decreased by approximately HKD 11.54 million or about 23.74% from approximately HKD 48.60 million for the year ended December 31, 2023, to approximately HKD 37.06 million for the year ending December 31, 2024[28]. - The company recorded a loss before tax of approximately HKD 19.07 million for the year ending December 31, 2024, an increase of about 1.76% compared to approximately HKD 18.74 million for the year ended December 31, 2023[30]. - Cash and bank balances as of December 31, 2024, were approximately HKD 16.52 million, down from HKD 71.74 million in 2023[36]. - The company's current ratio as of December 31, 2024, was 0.92, compared to 1.02 as of December 31, 2023[36]. - The company's debt-to-equity ratio as of December 31, 2024, was approximately 817.34%, up from 446.54% in 2023[37]. Business Strategy and Operations - The company plans to adopt a prudent approach, strictly control operating costs, and focus on improving operational efficiency and profitability[15][23]. - The company continues to invest in high-tech development and personalized services to maintain stable growth in the watch industry[16]. - The outlook for overseas markets remains uncertain, with risks of economic slowdown or recession, particularly in Europe and the United States[16]. - The company aims to focus on core business development, improve product design, and enhance development capabilities for long-term shareholder returns[17]. - The company will closely monitor market trends to provide designs that meet customer and market needs, especially in the Southeast Asian market[16]. - The company acknowledges the challenges posed by technological innovation, diverse consumer demands, and intense market competition in the watch industry[16]. Shareholder and Capital Management - The company has entered into a non-binding memorandum of understanding regarding the acquisition of a non-ferrous metal mining business[38]. - The company successfully placed all unallocated rights shares at a price of HKD 0.10 per share, raising funds for operational needs[47]. - The total amount raised from the rights issue (including compensation arrangements) is approximately HKD 8.25 million, with a net amount of approximately HKD 7.47 million after expenses[48]. - Approximately HKD 5.98 million of the net proceeds will be used to repay bank loans, and approximately HKD 1.49 million will be allocated for general working capital[50]. - The company has fully utilized the net proceeds from the rights issue and placement, with no remaining unused amounts[50]. - The board does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was paid[68]. Corporate Governance - The company has confirmed compliance with the non-competition agreement by its controlling shareholders since the listing date, with no violations reported[66]. - The board consists of five members, including two executive directors and three independent non-executive directors[75]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience to achieve diversity among board members[78]. - The company has maintained compliance with the corporate governance code, except for a reasonable deviation regarding the separation of roles between the chairman and CEO[69]. - The independent non-executive directors have confirmed no knowledge of any breaches of the non-competition agreement by controlling shareholders[66]. - The board is responsible for overseeing the company's business, strategic decisions, and performance[72]. - The board consists of 5 directors, with 3 male and 2 female members, achieving gender diversity[80]. - The company has established an audit committee comprising 3 independent non-executive directors to oversee financial reporting and risk management[86]. - The remuneration committee held one meeting to review the remuneration structure for directors and provide recommendations[87]. - The nomination committee conducted one meeting to assess the board's composition and evaluate the independence of non-executive directors[88]. - The company has a clear division of roles between the chairman and the CEO, with the current arrangement deemed beneficial for effective management[82]. - The board is committed to promoting gender diversity at all levels, including senior management[80]. - The audit committee held four meetings during the reporting period to review accounting standards and financial reporting[86]. - The company has complied with GEM listing rules by appointing at least three independent non-executive directors[84]. - The board will continue to review its composition and diversity regularly to ensure effectiveness[80]. Environmental, Social, and Governance (ESG) Practices - The company emphasizes a sustainable dividend policy, balancing shareholder interests with prudent capital management[103]. - The board will consider various factors, including financial performance and economic conditions, when recommending any dividend payments[104]. - The company has established effective communication channels with shareholders, including an annual general meeting to discuss important resolutions[106]. - The company has a whistleblowing and anti-corruption policy in place, detailed in the 2023 Environmental, Social, and Governance report[109]. - The board consists of experienced members, including the chairman with over 36 years in the watch industry, focusing on strategy and product development[111]. - The company aims to become a leading manufacturer of high-quality watches in China and globally, focusing on sustainable practices and providing reasonable returns to shareholders[183]. - The board emphasizes the importance of resource management, occupational safety, and compliance with environmental, social, and governance (ESG) regulations to enhance corporate image and competitiveness[185]. - The company maintains the same ESG governance structure as the previous reporting period, with the board responsible for setting goals and monitoring performance related to ESG issues[186]. - The company actively engages with stakeholders to identify and address relevant ESG matters, utilizing various communication channels[189]. - An annual materiality assessment is conducted to understand stakeholder expectations regarding the company's ESG performance[191]. - The company is committed to minimizing its carbon footprint, energy consumption, and the impact of climate change as part of its sustainable development strategy[195]. - The Shenzhen factory operates under multiple environmental protection laws and regulations to ensure compliance and sustainability[195]. - The board regularly reviews and discusses the establishment and progress of annual environmental goals[185]. - The company aims to create long-term value for stakeholders through a strict corporate governance framework[185]. - The company has established a comprehensive stakeholder list and engages in continuous communication to ensure effective stakeholder participation[190]. - The company has not experienced any significant violations of China's environmental protection laws and regulations during the 2024 reporting period[196]. - Management conducts an annual review of environmental issues and regularly monitors for any new laws and regulations[197]. - The company emphasizes environmental management and corporate social responsibility, focusing on compliance with local environmental laws and regulations[198]. - During the reporting period, there were no significant issues related to emissions of harmful and non-harmful waste or water pollution violations[198]. - Air pollutants generated by the company during the 2024 reporting period include sulfur oxides, nitrogen oxides, and particulate matter, primarily from vehicle usage[199]. - The company aims to minimize adverse environmental impacts by using unleaded gasoline and electricity for all vehicles and machinery[200]. - Air pollutants and greenhouse gas emissions are sourced from direct emissions from mobile combustion sources (Scope 1) and indirect emissions from purchased electricity (Scope 2)[200]. Market and Competitive Environment - The Hong Kong Trade Development Council's export confidence index rose from 35.0 in Q4 2023 to 50.3 in Q4 2024, indicating improved business performance among exporters[14][22]. - The watch industry's confidence index increased from 47.5 in Q4 2023 to 49.1 in Q4 2024, reflecting a slight improvement in market sentiment[14][22]. - The company reported an increase in sales, new orders, and procurement activities, contributing to the rise in exporter confidence[14][22]. - The competitive environment in the watch manufacturing industry in China is intense, with over 1,000 market participants, impacting pricing and demand significantly[143]. - The company faces potential increases in operational costs due to changes in laws and regulations in the jurisdictions where it operates, which may affect its growth and expansion capabilities[144]. - The company's operations in China are heavily influenced by the economic, political, and legal developments in the region, which could impact its financial performance[145]. - The Chinese government's economic policies and interventions may affect the company's ability to maintain growth and expansion strategies[146]. - The company acknowledges the risks associated with the implementation of new laws and regulations that could impose additional costs and limit its operational capabilities[148]. - Financial risks are detailed in the consolidated financial statements, indicating potential vulnerabilities in the company's financial health[149].

Financial Performance - The total operating revenue for Q1 2025 was approximately RMB 20.03 billion, representing a 4.41% increase compared to RMB 19.18 billion in the same period last year[10]. - The net profit attributable to shareholders for Q1 2025 was approximately RMB 3.03 billion, a decrease of 16.07% from RMB 3.60 billion in the previous year[10]. - The total profit for Q1 2025 was approximately RMB 5.86 billion, a decrease of 7.63% compared to the previous year[14]. - The basic earnings per share for Q1 2025 were RMB 0.060, down 15.49% from RMB 0.071 in the same period last year[10]. - The company reported a total comprehensive income of ¥4,663,375,614.92, down from ¥5,374,564,650.25, a decrease of 13.19%[31]. Cash Flow - The net cash flow from operating activities decreased by 64.88% to approximately RMB 1.96 billion, down from RMB 5.58 billion in the same period last year[10]. - Cash flow from operating activities decreased by 64.88% to RMB 196,115.71 million, primarily due to reduced cash income from construction and installation business[21]. - Cash inflow from operating activities totaled 21,817,562,078.72, down 8.0% from 23,686,960,843.42[33]. - Cash outflow from operating activities increased to 19,856,404,996.80, up 9.7% from 18,102,845,195.82[33]. - Net cash flow from financing activities was 5,059,168,081.68, an increase of 239.5% compared to 1,487,886,096.98[34]. Assets and Liabilities - The total assets at the end of Q1 2025 were approximately RMB 432.40 billion, a 1.32% increase from RMB 425.40 billion at the end of the previous year[10]. - Total liabilities rose to ¥258,072,117,186.71, up from ¥253,240,175,036.67, indicating an increase of 1.54%[29]. - The total equity attributable to the parent company increased to ¥122,490,498,850.18, compared to ¥120,639,390,965.89, reflecting a growth of 1.54%[29]. Research and Development - Research and development expenses surged by 158.45% to RMB 29,248.89 million, mainly due to differences in R&D progress[18]. - Research and development expenses for the current period were ¥292,488,890.41, significantly higher than ¥113,170,439.66 in the previous period, representing an increase of 158.96%[30]. Investments and Financing - Investment income received increased significantly to RMB 29,543.75 million, reflecting dividends declared by associates[21]. - The company reported a cash dividend of RMB 0.95 per share, subject to shareholder approval, expected to be distributed around July 3, 2025[25]. - The company received approval for the issuance of convertible bonds to unspecified investors, enhancing its capital structure[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 239,940, with 58.89% of shares held by China General Nuclear Power Corporation[22]. - The company has not identified any participation of the top ten shareholders in margin financing and securities lending activities[23].