Financial Performance - The total revenue for the fiscal year 2024 was approximately RMB 112.0 million, a decrease of about RMB 79.0 million or 41.4% compared to RMB 190.9 million in fiscal year 2023[14] - The gross profit fell from approximately RMB 17.6 million in fiscal year 2023 to about RMB 3.3 million in fiscal year 2024, a decrease of approximately RMB 14.3 million or 81.5%[14] - The gross profit margin decreased from approximately 9.2% in fiscal year 2023 to about 2.9% in fiscal year 2024[14] - The net loss attributable to shareholders for fiscal year 2024 was approximately RMB 9.5 million, compared to a loss of about RMB 2.6 million in fiscal year 2023[14] - The total loss and comprehensive loss increased from approximately RMB 2.6 million in FY2023 to about RMB 9.5 million in FY2024, an increase of approximately RMB 6.9 million or 270.7%[30] Cost Management - Sales costs decreased from approximately RMB 173.3 million in fiscal year 2023 to about RMB 108.7 million in fiscal year 2024, a reduction of approximately RMB 64.6 million or 37.3%[21] - Sales expenses decreased from approximately RMB 8.2 million in FY2023 to about RMB 5.2 million in FY2024, primarily due to reduced shipping costs resulting from lower sales volume[23] - Administrative expenses decreased from approximately RMB 17.7 million in FY2023 to about RMB 13.4 million in FY2024, mainly due to a reduction in travel and entertainment expenses by approximately RMB 1.2 million and a decrease in R&D expenses by approximately RMB 2.3 million[24] - Employee costs for FY2024 are approximately RMB 10.5 million, down from RMB 12.4 million in FY2023, reflecting a reduction in workforce from 113 to 83 employees[45] Market Outlook - The decrease in orders from major customers was attributed to a gap between expired contracts and newly acquired contracts[20] - The company anticipates stable demand for tobacco products despite government anti-smoking policies, with an expected increase in demand for mid-to-high-end cigarettes due to rising purchasing power[15] Strategic Plans - The company plans to continue optimizing and managing resources to seize long-term growth opportunities in the market[15] - The company will leverage its expertise to formulate effective strategies aimed at increasing market share[15] Asset Management - The company recorded long-term asset impairment provisions during fiscal year 2024, impacting financial performance significantly[17] - Capital expenditures for FY2024 amounted to approximately RMB 3.7 million, a significant decrease from approximately RMB 22.4 million in FY2023, primarily due to purchases of property, plant, and equipment[36] - The group had no capital commitments as of December 31, 2024, compared to approximately RMB 1.9 million as of December 31, 2023[37] Corporate Governance - The company adheres to high standards of corporate governance and has complied with all applicable provisions of the corporate governance code as of December 31, 2024[63] - The company has adopted the standard code for securities trading by directors, confirming compliance for the year ending December 31, 2024[64] - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[66] - The company held two board meetings during the fiscal year ending December 31, 2024, with all directors attending both meetings[70] - The company has received annual confirmations of independence from all independent non-executive directors, ensuring compliance with listing rules[73] Diversity and Inclusion - The gender ratio of employees, including senior management, is approximately 57:26 as of December 31, 2024, indicating a commitment to gender diversity[84] - The board has adopted a diversity policy, ensuring at least one female member and plans to increase this number over the next five years[83] - The company is committed to equal opportunity, diversity, and anti-discrimination principles in its workplace[139] Environmental Sustainability - The company emphasizes environmental sustainability in its operations, integrating this principle into various aspects of its business[143] - The board has committed to integrating environmental sustainability into the company's daily operations and business strategy[200] Shareholder Communication - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[119] - The company encourages shareholders to provide updated contact information for timely communication[125] - The company’s website serves as a channel for effective communication with shareholders, providing regular updates and information[125] Audit and Compliance - The audit committee is responsible for reviewing the integrity of financial statements and the effectiveness of risk management and internal control systems[91] - The company has engaged a compliance advisor to ensure adherence to listing rules[110] Future Developments - Future business developments are discussed in the management discussion and analysis section of the annual report[141] - The company’s main business remains unchanged, focusing on investment holding and the manufacturing and sales of cigarette packaging paper in China[136]

Financial Performance - The company's revenue for 2024 decreased by approximately 6% to HKD 525,600,000 from HKD 558,000,000 in 2023[3] - The net profit after tax slightly increased by 3% to HKD 34,200,000 in 2024, compared to HKD 33,300,000 in 2023[3] - Direct operating costs were reduced by 7% to HKD 412,600,000 in 2024, contributing to a 5% increase in profit before tax to HKD 49,600,000[8] - Gross profit decreased slightly by HKD 700,000 or about 0.6% to HKD 112,900,000, while the gross profit margin improved from approximately 20.4% to 21.5%[11] - Other income increased by approximately 23.5% to HKD 9,300,000, primarily due to improved interest income from fixed deposits[12] - The company's total comprehensive income for the year was HKD 32,766,000, with a profit of HKD 33,333,000 attributed to owners[148] - Basic earnings per share increased to HKD 6.87 from HKD 6.68, representing a growth of 2.8%[143] - The company reported a total comprehensive income of HKD 9,239,000 for the year, significantly lower than HKD 32,766,000 in the previous year, primarily due to foreign exchange losses[143] Cost Management - Administrative expenses decreased by approximately 4.3% to HKD 37,900,000, attributed to a reduction in administrative staff and no significant bad debt expenses[14] - Financial expenses decreased by approximately 46.6% to HKD 700,000 due to the expiration of several machinery lease contracts[15] - The management team will continue to focus on cost control and operational collaboration to respond dynamically to challenges in the publishing sector[9] - The company plans to continue focusing on operational efficiency and cost management to enhance profitability in the upcoming fiscal year[142] Assets and Liabilities - The company's net current assets increased to approximately HKD 201,200,000 as of December 31, 2024, compared to HKD 192,300,000 in 2023[18] - As of December 31, 2024, the current ratio of the group is approximately 3.8 times, an improvement from 3.0 times in 2023, indicating a stronger liquidity position[19] - The group's interest-bearing debt as of December 31, 2024, is approximately HKD 10,600,000, down from HKD 18,600,000 in 2023, reflecting a reduction in financial leverage[19] - The capital debt ratio is approximately 3.8% as of December 31, 2024, compared to 6.5% in 2023, demonstrating improved capital structure[19] - Current liabilities were reduced to HKD 71,898,000 from HKD 95,786,000, a decrease of 25.0%, improving the company's liquidity position[144] Workforce and Employment - The group employed 319 full-time employees as of December 31, 2024, a decrease from 329 employees in 2023, reflecting a potential adjustment in workforce strategy[25] - The board currently has one female director and aims to maintain female representation on the board[96] - The remuneration committee held one meeting in 2024 to review the compensation policy and structure, determining the annual salary packages for executive directors and senior management[113] Market and Industry Outlook - The outlook for 2025 remains cautious due to geopolitical uncertainties affecting domestic confidence and demand[4] - The company is facing overall market decline, which may lead to reduced demand for printing products and services, impacting financial performance[48] - The rise of electronic media and devices may impact the demand for printed products, affecting the need for the company's printing solutions and services[45] Corporate Governance - The board of directors is responsible for leading and overseeing the overall strategy and policies of the group[92] - The company has adopted corporate governance measures to manage potential conflicts of interest related to Mr. Celarc's interests in Ligare (NZ), which ceased operations in March 2025[76] - The company has established a strong corporate governance framework to ensure a balance of power and authority among its board members[105] Environmental and Social Responsibility - The company is committed to sustainable operations, balancing the interests of stakeholders including customers, suppliers, and employees[50] - The company has a commitment to improving ecological performance through responsible resource use and compliance with environmental laws[51] - There were no significant non-compliance issues with environmental regulations during the year[51] Financial Reporting and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024, in accordance with international financial reporting standards[129] - The group must ensure that the financial statements are prepared in accordance with International Financial Reporting Standards and reflect a true and fair view[138] - The audit committee assists the board in overseeing the financial reporting process[139] Shareholder Information - The company reported a mid-term dividend of HKD 0.04 per share for the year ending December 31, 2024, consistent with the previous year's final dividend[54] - As of December 31, 2024, the company's distributable reserves amounted to approximately HKD 201.9 million, an increase from HKD 189.5 million as of December 31, 2023[56] - The company has maintained a sufficient public float, with at least 25% of its issued shares held by the public as of the report date[80]

Financial Performance - For the third quarter of fiscal year 2025, net revenue decreased by 2.0% year-over-year to $1,183.1 million, while net revenue excluding self-operated products and live e-commerce increased by 21.2% to $1,038.3 million[9]. - Operating profit for the third quarter increased by 9.8% year-over-year to $124.5 million, with operating profit excluding losses from self-operated products and live e-commerce rising by 5.0% to $125.5 million[9]. - Net profit attributable to New Oriental shareholders for the third quarter rose by 0.1% year-over-year to $87.3 million[9]. - In the first nine months of fiscal year 2025, net revenue increased by 15.1% year-over-year to $3,657.1 million, and operating profit rose by 28.5% to $436.9 million[10]. - The company reported a Non-GAAP operating profit margin of 13.3% for the third quarter, down from 15.1% in the same period last year[12]. - The operating profit for the quarter was $124.5 million, an increase of 9.8% year-over-year, with a Non-GAAP operating profit of $142.1 million, a slight decrease of 0.2%[17]. - The net profit attributable to shareholders for the quarter was $87.3 million, a year-over-year increase of 0.1%, with basic and diluted earnings per ADS of $0.54[20]. - The Non-GAAP net profit attributable to shareholders was $113.3 million, a year-over-year decrease of 14.3%, with Non-GAAP earnings per ADS of $0.70[21]. - For the first nine months of fiscal year 2025, net revenue was $3,657.1 million, a year-over-year increase of 15.1%[24]. - Net revenue for the three months ended February 28, 2025, was $1,183,055, a decrease of 2.1% compared to $1,207,286 for the same period in 2024[42]. - Operating profit increased to $124,519, representing a 9.6% increase from $113,432 in the prior year[42]. - Net profit attributable to shareholders was $87,255, slightly up from $87,167 year-over-year[42]. - For the nine months ended February 28, 2025, net revenue rose to $3,657,107, an increase of 15.1% from $3,176,907 in the previous year[49]. - Operating profit for the nine-month period was $436,924, a 28.5% increase compared to $339,898 in the same period last year[49]. Cash and Assets - As of February 28, 2025, cash and cash equivalents totaled $1,418.8 million, with deferred revenue increasing by 15.0% year-over-year to $1,749.9 million[23]. - As of February 28, 2025, total assets amounted to $7,447.2 million, a decrease from $7,531.7 million as of May 31, 2024[39]. - Total liabilities decreased slightly to $3,471.7 million from $3,482.7 million during the same period[40]. - Shareholders' equity totaled $3,686.2 million, down from $3,775.9 million[40]. - Cash and cash equivalents increased to $1,418.8 million from $1,389.4 million[39]. - Short-term investments decreased to $1,853.6 million from $2,065.6 million[39]. - Cash and cash equivalents at the end of February 28, 2025, were $1,589,277, a decrease from $2,189,074 at the end of February 29, 2024[54]. Operational Efficiency and Strategy - The company is focusing on enhancing product quality and operational efficiency to drive sustainable growth and profitability[12]. - New Oriental is increasing investments in artificial intelligence technology applications in the education sector to improve operational efficiency and service satisfaction[12]. - The company is actively managing the expansion of its school network and executing strategic plans amid regulatory uncertainties in the private education sector in China[34]. - The company is focused on maintaining and enhancing the "New Oriental" brand while ensuring teaching and service quality[34]. - Future outlook includes potential benefits from recent and upcoming acquisitions, despite ongoing litigation risks[34]. Shareholder Returns and Financial Metrics - The total value of the share repurchase plan has been increased to $700 million, with approximately 14.4 million ADS repurchased for a total value of about $695.5 million as of April 22, 2025[13]. - The company reported a net profit excluding stock-based compensation and other adjustments, indicating a focus on Non-GAAP financial metrics[35]. - The company emphasized the importance of Non-GAAP financial indicators for assessing performance and liquidity[36]. - The weighted average shares used for calculating basic net profit per ADS decreased from 1,653,742,514 in 2024 to 1,630,423,658 in 2025, a reduction of approximately 1.4%[52]. - New Oriental's basic net profit per American depositary share (ADS) for the nine months ended February 28, 2025, was $2.24, up from $1.71 for the same period in 2024, representing a 31% increase[52]. - The diluted net profit per ADS under non-GAAP for the nine months ended February 28, 2025, was $2.55, compared to $2.40 for the same period in 2024, reflecting a 6.25% increase[52]. Cash Flow and Expenses - Operating cash flow for the nine months ended February 28, 2025, was $497,470, down from $745,808 in the same period of 2024, indicating a decrease of approximately 33.3%[54]. - Total revenue costs for the nine months ended February 28, 2025, amounted to $31,297, significantly reduced from $96,661 in the same period of 2024, showing a decrease of about 67.6%[52]. - The company reported a significant increase in cash flow from investing activities, which amounted to $79,891, compared to $11,285 in the previous year[47]. - The company experienced a net cash used in financing activities of $(486,494) for the nine months ended February 28, 2025, compared to $(51,208) in the same period of 2024, indicating a substantial increase in cash outflow[54]. - The impact of foreign exchange rate changes resulted in a cash outflow of $(5,667) for the nine months ended February 28, 2025, compared to $(21,041) in the same period of 2024, showing a decrease in negative impact[54].

Financial Performance - In 2024, the company recorded a 15% decline in turnover to HK$21,176 million compared to HK$25,013 million in 2023[9]. - Profit attributable to owners of the company decreased by 20% to HK$806 million from HK$1,012 million in the previous year[9]. - Retail turnover fell by 15% to HK$20,697 million, while other businesses saw a 35% decline to HK$479 million[9]. - Earnings per share decreased to 119.1 cents from 149.5 cents, reflecting a 20% drop[9]. - The Group's consolidated turnover from continuing operations for 2024 decreased by 15% to HK$21,176 million[50]. - Profit attributable to owners of the Company decreased by 20% to HK$806 million, while profit from continuing operations decreased by 27% to HK$772 million[50]. - Profit before tax for the year was HK$996,338, down 26.6% from HK$1,357,452 in the previous year[123]. - The profit for the year from continuing operations was HK$760,121, a decline of 27.4% compared to HK$1,046,862 in 2023[123]. - Total assets as of December 31, 2024, increased to HK$19,649,732 from HK$19,156,156 in 2023, reflecting a growth of 2.6%[127]. - Total liabilities rose to HK$7,265,256, up from HK$6,985,962 in 2023, indicating an increase of 4.0%[127]. Store Network and Operations - The company is upgrading its physical store network in Mainland China, closing underperforming stores in certain locations[16]. - The Group opened 48 new stores and closed 122 stores, mainly in Mainland China, as part of its store network consolidation efforts[49]. - The Group opened 43 and closed 112 jewellery stores in Mainland China, resulting in a net decrease of 69 stores, bringing the total to 842 stores by December 31, 2024[63]. - The company is consolidating its physical store network, trimming stores in lower-tier cities while increasing presence in high-end locations in major cities[104]. - The Group's strategy includes a focus on cost control, enhancing customer experience, and improving operational efficiency[107]. Investment and Financial Management - The Group's investment properties had a total carrying value of HK$418 million, generating rental income of HK$10 million in 2024[76]. - The Group's investment in HKEC shares was valued at HK$981 million, representing 5% of total assets as of December 31, 2024[77]. - The fair value of the strategic investment in Hong Kong Exchanges and Clearing Limited was HK$981 million, representing 5% of the group's total assets[82]. - The group repurchased a total of 4,714,000 shares for approximately HK$30 million during the year, with all repurchased shares subsequently cancelled[83][90]. - Capital expenditure for the group was HK$214 million, with HK$169 million allocated for new store openings and refurbishments[84][91]. - As of December 31, 2024, the group had cash and cash equivalents of HK$1,336 million, an increase from HK$1,096 million in 2023[85][92]. - The total unutilised banking facilities amounted to HK$6,183 million as of December 31, 2024, compared to HK$6,111 million in 2023[86][92]. - The net gearing ratio was 29.7%, calculated as total bank borrowings and bullion loans of HK$3,692 million against equity attributable to owners of the company of HK$12,430 million[87][92]. - The group maintained 18% of its bank borrowings at fixed rates as of December 31, 2024, down from 35% in the previous year[88][93]. Market and Sales Performance - Same-store sales growth (SSSG) for gold jewellery in Mainland China and Hong Kong declined by 13% and 19% respectively[59]. - Gem-set jewellery SSSG in Mainland China and Hong Kong decreased by 38% and 24% respectively, primarily due to a drop in diamond sales[59]. - The overall retail segment revenue declined by 15% year-on-year, reflecting challenging market conditions[55]. - Online sales in Mainland China accounted for approximately 22% of total sales in that market, an increase from 19% in 2023[71]. - The Group's online sales in Hong Kong, Taiwan, and other regions grew by 13% to HK$310 million in 2024[69]. - The wholesale turnover of precious metals decreased by 37% to HK$451 million during the year due to a decline in gold and platinum demand[73]. Corporate Governance and Management - The Group's management team includes members with extensive experience in various sectors, enhancing its operational capabilities[26]. - The Group's strategic direction is influenced by its experienced board members, who have diverse backgrounds in finance, healthcare, and education[30]. - The board includes independent directors with significant experience in corporate governance and financial oversight, ensuring robust management practices[29]. - The long-established performance-based emolument policy rewards performance while considering experience and industry practices[139]. - The Directors' emoluments are determined based on comparable companies, time commitment, responsibilities, and individual performance[140]. - The Company has arranged appropriate directors' and officers' liability insurance coverage for the Directors and officers during the year ended December 31, 2024[165]. Community Engagement and Sustainability - The company has committed to carbon reduction with a target aligned to 1.5°C, recognized by the Science Based Targets initiative (SBTi)[18]. - The Group made charitable contributions totaling HK$1,974,000 during the year[128]. - The ESG Report outlines the Group's management approach and performance for sustainable development strategies covering the period from January 1 to December 31, 2024[200]. Future Outlook and Strategy - The company aims to cultivate the high-end segment and focus its product portfolio to target specific market segments[20]. - The company expects demand for gem-set jewellery to require more positive economic signals for an uptick, while gold product sales will remain volatile due to high gold prices[103]. - The Group plans to expand its "YUYU" gold jewellery collection, which features diamond inlays, rapidly[105]. - The Group plans to expand its new "YUYU" series of diamond-studded gold jewelry rapidly[107].

Financial Performance - In 2024, Livzon Pharmaceutical Group achieved a revenue of RMB 11,812.34 million and a net profit attributable to shareholders of RMB 2,061.10 million[10]. - The company achieved a total revenue of RMB 12,430.04 million, with a year-on-year decrease of 4.97%[21]. - The net profit attributable to shareholders was RMB 1,953.65 million, reflecting a decline of 8.31% compared to the previous year[21]. - The company reported a net cash flow from operating activities of RMB 2,061.10 million, showing a significant increase of 51.80%[21]. - The company’s basic earnings per share for the year was RMB 2.10, with a diluted earnings per share of RMB 2.24[21]. - The company reported a total operating revenue for the year 2024 of RMB 11,812,338,854.68, representing a decrease of 4.97% compared to RMB 12,430,038,325.82 in 2023[106]. - The net profit attributable to shareholders increased by 5.50% to RMB 2,061,095.80 million in 2024[54]. - The company reported a gross margin of 45%, maintaining a stable margin compared to the previous year[37]. Research and Development - Research and development (R&D) investment accounted for 8.84% of total revenue, focusing on gastrointestinal, reproductive assistance, and mental health fields[14]. - The company has 45 products in the pipeline, including 23 innovative drugs and high-barrier complex formulations[14]. - Livzon has introduced six new projects through business development collaborations, enhancing its R&D pipeline[16]. - AI technology has been integrated into the entire R&D process, significantly improving efficiency[16]. - The company plans to increase investment in innovative drug research and development, focusing on core therapeutic areas such as digestive, mental health, and reproductive health[19]. - The company is focusing on self-research and business development (BD) to drive innovation, with a particular emphasis on gastrointestinal, reproductive, and neurological fields[73]. - The company has multiple products in various stages of clinical trials, including 3 in Phase III and 2 in Phase I[80]. - The company has established a modular and flat R&D management system to improve efficiency in project management and resource allocation[73]. Market Expansion - The company is expanding its market presence from emerging markets to Europe and the United States, optimizing its product offerings[17]. - Livzon is expanding its market presence in Southeast Asia, aiming to increase sales by 25% in that region[37]. - The company is actively pursuing international partnerships to introduce advanced technologies and expand its competitive products into global markets[93]. - The company has established branches in Malaysia and offices in Brazil, India, Spain, Vietnam, and Turkey to enhance its global commercialization strategy[101]. Product Development - Livzon plans to launch three new products in the next fiscal year, focusing on innovative drug development and biotechnology[37]. - The company has initiated Phase III clinical trials for a recombinant anti-IL-17A/F monoclonal antibody for psoriasis, aiming for market approval by 2025[76]. - The company has received approvals for three products during the reporting period, including potassium bismuth citrate granules and hydrochloride pramipexole tablets (8mg)[81]. - The company is focusing on high clinical value products, with a complete matrix of assisted reproductive products expected to enhance market presence[79]. - The company is advancing its research in traditional Chinese medicine, targeting mental health and chronic diseases, with two products expected to report this year[79]. Compliance and Sustainability - The company maintains a 100% compliance rate with GMP inspections for all production lines of listed products[18]. - The company has received MSCI ESG AAA rating for two consecutive years and was recognized as the "Best Progress Company" in the 2024 S&P Global Sustainability Yearbook[19]. - The company integrates sustainable development goals into management performance assessments, promoting green production and social responsibility[94]. - The company has established a standardized public welfare management system focusing on rural revitalization, education support, medical assistance, and disaster response, contributing to local farmers' income through the "Huangqi Industry Revitalization" project[95]. Financial Management - The company reported a total investment amount of RMB 1,711,305,473.04, representing a 134.54% increase compared to RMB 729,635,150.00 in the previous year[161]. - The company has established risk management measures for foreign exchange and commodity futures derivatives to mitigate market risks associated with currency and commodity price fluctuations[171]. - The company has not engaged in speculative derivative investments during the reporting period[172]. - The company has implemented strict internal controls to reduce operational risks related to derivative trading[171]. Customer and Supplier Relations - The average duration of the top five customers' relationship with the company is 16.60 years, indicating strong customer loyalty[114]. - The company’s total revenue from the top five customers was RMB 947,987,674.38, representing 8.10% of the total annual sales, slightly down from 8.19% in 2023[115]. - The total procurement amount from the top five suppliers was RMB 706,067,451.82, which accounted for 32.15% of the total procurement, an increase from 26.06% in 2023[119].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 151.5 million, an increase from HKD 110.0 million in 2023[12]. - The gross loss for the year ended December 31, 2024, was approximately HKD 1.5 million, significantly improved from HKD 16.6 million in 2023, resulting in a gross loss margin of 1.0% compared to 15.1% in the previous year[13]. - The net loss for the year ended December 31, 2024, was approximately HKD 27.0 million, a decrease from HKD 29.4 million in 2023[20]. - The pure loss margin for the year ended December 31, 2024, was approximately 17.8%, improved from 26.7% in 2023[21]. - Administrative expenses decreased from approximately HKD 9.3 million for the year ended December 31, 2023, to approximately HKD 6.5 million for the year ended December 31, 2024, representing a reduction of about 29.8%[16]. - The financing costs increased from approximately HKD 53,000 for the year ended December 31, 2023, to approximately HKD 96,000 for the year ended December 31, 2024, primarily due to increased bank loan interest[17]. - As of December 31, 2024, the group's net current assets and cash and bank balances were approximately HKD 101.0 million and HKD 9.7 million, respectively, compared to HKD 125.3 million and HKD 10.1 million as of December 31, 2023[22]. - The group's outstanding bank borrowings as of December 31, 2024, were approximately HKD 1.4 million, down from HKD 3.4 million as of December 31, 2023[23]. - The capital debt ratio as of December 31, 2024, was 1.1%, a decrease from 2.7% as of December 31, 2023[24]. Acquisitions and Business Strategy - The company acquired 100% of the shares of Courage Holdings Limited and its subsidiaries on April 30, 2024, enhancing its capabilities in the RMAA sector[6]. - The group completed the acquisition of the Yongwang Group on April 30, 2024, and is set to complete the acquisition of Shun Tat Construction Engineering Co., Ltd. on January 15, 2025[35]. - The company plans to adopt a horizontal acquisition strategy to increase market share and reduce competition in the RMAA industry[9]. - The group had 9 projects on hand as of December 31, 2024, compared to 7 projects in 2023[8]. Governance and Board Structure - The company emphasizes the importance of governance and has a dedicated corporate governance report[53]. - The board consists of four members, including one executive director and three independent non-executive directors, ensuring a high level of independence[58]. - The company held seven board meetings in the year ending December 31, 2024, with all directors attending every meeting[61]. - The board has adopted a diversity policy, recognizing the benefits of board diversity in enhancing performance[69]. - The company has established a mechanism to ensure board effectiveness, including having at least three independent non-executive directors[65]. - The company provides ongoing professional development for directors to ensure they are informed and compliant with governance standards[67]. - The board is responsible for formulating business policies and strategies, ensuring sufficient resources and effective internal controls[57]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, to assist in effective governance[72]. Employee and Safety Management - The company achieved ISO 45001: 2018 certification for occupational health and safety management, reflecting its commitment to employee safety[182]. - Reported one work-related injury in 2024, resulting in a total of 128 lost workdays, compared to 10 lost workdays in 2023[183]. - The company has implemented flexible working arrangements in response to extreme weather conditions, ensuring employee safety[175]. - The company is focusing on enhancing employee well-being and professional development to retain talent[176]. - The company has established a disaster recovery mechanism to address potential impacts from extreme weather events[175]. - The total number of reported accidents was zero in 2024, maintaining a record of no work-related fatalities over the past three reporting periods[183]. - The company is committed to continuous improvement of its safety policies and practices to enhance safety performance[182]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's management approach and performance for the year ending December 31, 2024[150]. - The board is responsible for overseeing the group's ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[154]. - The group emphasizes stakeholder engagement to maintain long-term value and considers industry practices and international trends in its sustainability measures[155]. - The group has established an ESG working group to support the board in implementing ESG strategies and goals[156]. - The total greenhouse gas emissions decreased from 11 tons in 2023 to 9 tons in 2024, with a reduction in emission density from 0.00010 tons per thousand HKD revenue to 0.00006 tons[165]. - The total construction and demolition (C&D) waste generated decreased significantly from 325 tons in 2023 to 150 tons in 2024, with a reduction in waste density from 0.00295 tons per thousand HKD revenue to 0.00099 tons[168]. - The company has maintained compliance with all significant environmental laws and regulations, with no confirmed non-compliance incidents reported during the reporting period[164]. - The company encourages employees to participate in green office practices to reduce fuel and electricity consumption[172]. Shareholder and Capital Management - The total amount raised from the IPO was HKD 140 million, with a net amount of approximately HKD 90.7 million after deducting underwriting commissions and related expenses[39]. - The company did not declare or propose any dividends to ordinary shareholders for the year ending December 31, 2024[117]. - The company has not entered into any equity-linked agreements during the year[119]. - The company will suspend the transfer of shares from June 16, 2025, to June 19, 2025, to determine shareholder eligibility for the 2025 Annual General Meeting[126]. - As of December 31, 2024, the major shareholder, Fuzhou Enterprises Holdings Limited, holds 525,000,000 shares, representing 44.70% of the total equity[133]. - No share buybacks or sales were conducted by the company or its subsidiaries during the year ending December 31, 2024[135]. Training and Development - The percentage of trained employees decreased from 40% in 2023 to 29% in 2024[185]. - The board of directors had a 100% training rate in 2024, up from 40% in 2023[185]. - All employees received 2 hours of anti-corruption training during the reporting period[196].

Sales Performance - In 2024, the cumulative retail sales of passenger vehicles in China reached 22.89 million units, representing a year-on-year growth of 5.5%[14] - The sales of new energy vehicles accounted for 10.9 million units, marking a significant year-on-year increase of 40.7%, with a market penetration rate of 47.6%[14] - Luxury vehicle sales declined by 7.8% year-on-year to 2.74 million units, influenced by macroeconomic factors affecting consumer behavior[14] - The number of new passenger cars sold was 56,930, down from 66,370 in 2023, with Porsche, BMW, and Lexus contributing approximately RMB 6,833.2 million, RMB 5,749.5 million, and RMB 2,838.1 million respectively[31] Financial Performance - The group's revenue for the year was approximately RMB 22,154.0 million, a decrease of about 22.4% compared to RMB 28,554.6 million in 2023[21] - New passenger car sales revenue decreased by approximately 27.4% to about RMB 17,726.3 million, accounting for approximately 80.0% of total revenue[21] - Gross profit fell to approximately RMB 1,561.0 million, down about 24.9% from RMB 2,077.9 million in 2023, with an overall gross margin of about 7.0%[23] - The company reported a loss of approximately RMB 2,258.8 million for the year, compared to a profit of RMB 155.8 million in 2023, resulting in a loss margin of about -10.2%[27] Impairment and Goodwill - The company reported a total impairment of goodwill and dealership rights amounting to approximately RMB 2.76 billion due to underperformance in cash-generating units[18] - The impairment tests confirmed a reduction in goodwill and intangible assets of approximately RMB 1.048 billion and RMB 465 million, respectively[18] - The company incurred impairment losses of approximately RMB 2,911.0 million related to goodwill and dealership rights, significantly higher than RMB 61.5 million in 2023[24] Cost Management - Operating expenses decreased by about 21.8% year-on-year, contributing to improved profitability[17] - The company emphasized cost control and operational efficiency as key strategies in the current challenging market environment[17] - The average discount rate in the luxury car market reached 20.7%, significantly compressing dealer profit margins and leading to an extended discount period[15] Inventory and Operational Efficiency - The company maintained inventory turnover days at approximately 13 days, effectively reducing the risk of larger future losses[17] - The company aims to maintain efficient operations with lower inventory levels to mitigate the risk of larger future losses amid economic uncertainties[54] Financial Position - As of December 31, 2024, the total equity of the group was approximately RMB 2,956.8 million, a decrease from RMB 5,286.1 million as of December 31, 2023[35] - Current assets increased to approximately RMB 7,113.1 million from RMB 6,372.7 million year-over-year, primarily due to an increase in pledged bank deposits[35] - Current liabilities rose to approximately RMB 6,788.4 million from RMB 4,447.4 million, mainly due to the reclassification of convertible bonds from non-current liabilities[35] - The group’s loans and borrowings decreased by approximately 30.7% to RMB 1,001.5 million from RMB 1,444.4 million year-over-year[36] Shareholder Information - The board proposed a final dividend of RMB 0.0445 per share, up from RMB 0.0330 per share in 2023[28] - The company has a significant shareholder, Mr. Ye Fan, who holds 703,916,000 shares, representing 52.29% of the total issued shares as of December 31, 2024[109] - The total number of issued shares is 1,346,247,201, which is the basis for calculating the percentage of shareholdings[110] Corporate Governance - The board consists of six members, including two executive directors and four independent non-executive directors[152] - The company has adopted a corporate governance code and has been compliant with applicable provisions throughout the year[154] - The board is responsible for setting and approving the group's development, business strategies, policies, and annual budgets[156] - The company emphasizes internal control mechanisms and risk management functions, with the board playing a crucial role in their implementation and oversight[158] Employee and Management Information - The group had a total employee cost of approximately RMB 711.1 million for the year, down from RMB 869.9 million in the previous year[140] - The company emphasizes employee compensation based on individual performance and provides various benefits, including medical benefits and bonuses[184] - The management team emphasizes the importance of human resources management and training in driving business success[62] Environmental and Social Responsibility - The company recognizes the importance of environmental protection and has adopted strict measures to comply with current environmental laws and regulations[82] - The company has maintained its commitment to environmental activities and community benefits through employee engagement[83] Future Strategies - The company intends to explore opportunities in the new energy vehicle market through the sale of existing luxury brand electric models[54] - The company will actively develop after-sales and mortgage application services to enhance customer traffic and conversion rates[54]

Financial Performance - For the year ended December 31, 2024, the Group recorded a revenue of approximately HK$39 million, representing a decrease of approximately 20% compared to the financial year of 2023[16]. - The net loss attributable to shareholders for the year was approximately HK$19 million, an increase of approximately HK$6 million from approximately HK$13 million for the corresponding period in 2023[16]. - The overall retail market performance remained depressed in 2024, with many retail entities going out of business due to low consumer confidence[16]. - The net loss attributable to shareholders for the year was approximately HK$19 million, an increase from a net loss of approximately HK$13 million in 2023, primarily due to a 38% decrease in revenue from securities brokerage and money lending businesses[89][92]. - The Group's bank balances totaled approximately HK$22 million as of December 31, 2024, down from approximately HK$31 million in 2023, with a current ratio of approximately 26 times compared to 13 times in 2023[94][99]. - The market value of the Company as of December 31, 2024, was approximately HK$253 million, a significant decrease from approximately HK$1,220 million in 2023[104][108]. - The consolidated net asset value attributable to shareholders per share as of December 31, 2024, was approximately HK$0.67, down from approximately HK$0.84 in 2023[105][108]. Business Strategy - The Company plans to focus on consolidating its existing business rather than pursuing rapid expansion, particularly in its integrated financial services business[20]. - The Group's cautious approach to business development will prioritize stability over aggressive growth strategies in the current economic climate[20]. - The Company plans to exit the corporate finance business by surrendering its Type 6 license effective February 11, 2025, due to minimal business activity since inception[25]. - The Group intends to make equity investments for long-term purposes, aiming to realize their performance over the long run[38]. - The Group will continue to monitor market dynamics and adjust strategies accordingly in its financial services expansion[25]. - The management is committed to maintaining momentum in expanding financial services and securities brokerage operations, which are expected to remain core and profitable[54]. Market Outlook - The Group anticipates gradual improvement in the business environment in Hong Kong and China for 2025, driven by easing credit policies and government financial incentives[22]. - The Company expects the high interest rate regime to peak in 2025 and begin to reverse in the second half of the year, which may improve the global economic and financial market environment[22]. - Recent successes in entertainment, such as the "PS5 game-Black Wukong" and the animated film "Ne Zha 2," are expected to positively impact the Chinese market and overall economy[22]. - The securities brokerage and related services sector is expected to improve performance in 2025, remaining a significant contributor to the Group's operations and profits[25]. Financial Services - The Integrated Financial Services remains the core business of the Group, which includes securities brokerage, asset management, and money lending services[39]. - The securities brokerage and asset management segment generated total revenue of approximately HK$26 million for the Group[53]. - Imagi Brokerage is a key contributor to the Group's business, expected to generate revenue through various financial services[48]. - The Group aims to attract more customers through acquisitions and strategic alliances with local securities brokerage firms[52]. - The management believes that the securities brokerage operations will continue to be a sustainable business in the foreseeable future[56]. - Imagi Lenders focuses on providing sizeable loans to niche customers, including corporate clients and high-net-worth individuals[58]. - The loan approval process includes a thorough credit assessment based on various factors, including market conditions and borrower financial strength[63]. - Imagi Lenders has established internal control policies to monitor credit risk continuously[60]. - Total interest income generated from the money lending business was approximately HK$6 million, with interest rates ranging from 4% to 12% per annum[73]. - As of December 31, 2024, outstanding loans receivable amounted to approximately HK$154 million, owed by 13 customers[74]. - Approximately HK$11 million impairment allowances were provided on the outstanding loans receivable of approximately HK$154 million as of December 31, 2024[74]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions during the Year under Review, enhancing accountability and transparency[137]. - The Company recognizes the importance of good corporate governance for stakeholders and has adopted the principles outlined in the Corporate Governance Code[136]. - The Company has established a robust corporate governance framework to support its strategic objectives and stakeholder interests[142]. - The Board consists of a minimum of three independent non-executive Directors, representing at least one-third of the Board, ensuring high standards of financial reporting and safeguarding shareholder interests[146]. - Each independent non-executive Director has provided written annual confirmation of their independence, in compliance with Listing Rules[147]. - The Company has established a Board Diversity Policy to enhance decision-making by incorporating diverse perspectives, focusing on measurable objectives[178]. - The Nomination Committee is responsible for reviewing the structure and composition of the Board at least annually to ensure a balanced and diverse profile[186]. - The Company recognizes that gender diversity at the Board level enhances governance and corporate performance[188]. Human Resources - The total staff cost for Directors and employees for the year amounted to approximately HK$17 million, unchanged from 2023[112]. - The Group employed 37 employees as of December 31, 2024, down from 40 employees in the previous year[114]. - The Group's compensation policy is regularly reviewed to ensure compliance with local labor laws and market practices[114]. - Eligible employees may receive bonuses and stock options based on individual performance and the Group's business performance[114]. - The Company is committed to maintaining a competitive compensation structure to attract and retain talent[114]. - Continuous professional development is encouraged for all directors to keep their knowledge and skills relevant[171]. - The Company aims to maintain a minimum percentage of female representation on the Board of at least 25%, with current female Directors representing 33.3% of the total Board members[192]. - As of December 31, 2024, the workforce consists of 46% male employees and 54% female employees, reflecting the Company's commitment to gender diversity[193].

Corporate Recognition and Awards - China Tianbao Group Development Company Limited has been recognized as the Most Socially Responsible Listed Company by Zhitongcaijing[16] - The company achieved a Corporate Credit Rating of 3A from the China Construction Industry Association[17] - It received a Four-star National Customer Satisfaction rating from the China Association for Quality[17] - In 2024, the company was named a Typical Enterprise of Engineering and Construction Integrity by the China Association of Construction Enterprise Management[17] - The company was awarded the 2024 Outstanding Case of Corporate Culture Construction in Engineering Construction by the China Association of Construction Enterprise Management[17] - It was recognized as an Advanced Unit in Emergency Management and Safety Production in Hebei Province for 2023[17] - The company was awarded the 6th Outstanding Folk Culture Industry in Hebei Province by the Hebei Folk Culture Association[17] - In 2024, it was recognized as an Advanced Enterprise of Hebei Building Decoration Industry Association[17] - The company holds a Certificate of Member of the Standing Committee of Hebei Building Decoration Industry Association[17] Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately RMB2,036 million, representing a decrease of 25.1% compared to RMB2,717 million in 2023[54] - The underlying loss of the Group was approximately RMB162 million, contrasting with an underlying profit of RMB31 million in 2023[54] - The reported loss of the Group amounted to approximately RMB166 million, compared to a reported profit of approximately RMB11 million in 2023[55] - The decrease in property revenue, gross profit, and delivered area was primarily due to the weak real estate market in China[55] - The Group's revenue for the year ended December 31, 2024, decreased by 25.1% to approximately RMB2,036 million, down from RMB2,717 million in 2023[61] - Revenue from the construction contracting business decreased by 13.9% from approximately RMB2,170 million in 2023 to approximately RMB1,868 million in 2024[162][165] - The Group's gross profit decreased by 66.0% from approximately RMB162 million for the year ended December 31, 2023, to approximately RMB55 million for the year ended December 31, 2024, resulting in a gross margin of approximately 2.7%[177] - The construction contracting business's gross profit increased from approximately RMB100 million in 2023 to approximately RMB107 million in 2024, maintaining a stable gross margin[177] Project Development and Contracts - The Company signed cooperation contracts in 16 regions and established 6 new branches, securing 172 projects throughout the year[32] - The aggregate backlog of construction projects as of December 31, 2024, was approximately RMB8,402.3 million[72] - The new contract value for the year ended December 31, 2024, was RMB2,328.8 million, up from RMB1,989.5 million in 2023, indicating a growth of about 17.0%[112] - The building construction segment represented 28.2% of the total contract value in the backlog for 2024, down from 38.0% in 2023[106] - The industrial, commercial, and infrastructure construction segment increased to 71.8% of the total contract value in the backlog for 2024, up from 62.0% in 2023[106] Real Estate and Property Development - The Group's property development portfolio consists of 20 projects, with 14 completed, 3 under construction, and 3 held for future development as of December 31, 2024[114] - Revenue from property development for the year ended December 31, 2024, was RMB168.1 million, a decrease from RMB546.7 million in 2023, reflecting a decline of approximately 69.3%[117] - The total gross floor area (GFA) of land reserves was approximately 1,000,500 sq.m., with completed properties accounting for 26.2% of total land reserves[114] - The Group's total land reserves amount to 1,000,500 sq.m., with 38.4% located in Zhuozhou and 61.6% in Zhangjiakou[142] Healthcare Initiatives - The healthcare segment is set to integrate comprehensive hospital, nursing care, and elderly care community services, with operations expected to commence before May 2025[47] - The healthcare center successfully signed a cooperation agreement with Beijing Jiaotong University and was unveiled during the Double Ninth Festival in 2024[38] - The project at Jingbei Health City has a total investment of approximately RMB2.55 billion, with RMB1.13 billion invested as of December 31, 2024[156] - The project aims to establish a Continuing Care Retirement Community to provide integrated living facilities and services for the elderly[156] - The elderly population in Beijing reached 22.6% in 2023, indicating a growing demand for elderly care services[145][149] Market Conditions and Challenges - The sales area of newly-built commercial housing in China was 973.85 million sq.m. in 2024, a year-on-year decrease of 12.7%, with residential housing sales area decreasing by 14.1%[22] - The sales amount of newly-built commercial housing was RMB9,675 billion in 2024, reflecting a year-on-year decrease of 17.1%, with residential housing sales amount decreasing by 17.6%[22] - The Group is focused on optimizing project quality and revitalizing stock while ensuring cash flow returns through stringent project selection[50] - The Group's total bank and other loans increased to approximately RMB1,362 million in 2024, compared to RMB1,046 million in 2023[66] Strategic Plans and Future Outlook - The Group plans to explore diversified development models under the "Construction+" strategy to enhance its market layout[45] - The Group is positioned to benefit from national policies supporting the elderly care industry, which is a key focus of government initiatives[146][149] - The project will provide 350 beds for medical treatment and 8,500 beds for elderly healthcare, with the first phase expected to commence business in Q2 2025[156] - The Group continues to engage in high-value construction projects, indicating a strong market position and capability to handle complex projects[88]

User Growth and Engagement - The number of registered individual users on the platform increased by 10.5% in 2024[17] - The number of registered physicians increased by 58.8% in 2024[17] - The number of hospitals connected to the platform increased by 59.7% in 2024[17] - The number of registered individual users increased from 186.0 million as of December 31, 2023, to 205.5 million as of December 31, 2024, representing a growth of approximately 10.1%[29] - The number of registered physicians rose from 560 thousand as of December 31, 2023, to 889 thousand as of December 31, 2024, an increase of about 58.8%[29] - The number of hospitals connected to the platform grew from 7,365 as of December 31, 2023, to 11,762 as of December 31, 2024, marking a growth of approximately 59.9%[29] - Health membership schemes were provided to 11.1 million individual customers in 2024, up from 8.6 million in 2023, reflecting a growth of about 29.1%[38] - The number of corporate customers receiving health membership schemes rose to 281 in 2024 from 278 in 2023, a slight increase of about 1.1%[38] Financial Performance - Revenue decreased by 3.5% from RMB1,244.5 million in 2023 to RMB1,200.8 million in 2024, primarily due to a decline in health and medical services revenue from RMB297.5 million to RMB249.7 million[58] - Revenue from healthcare service packages dropped significantly from RMB65.5 million in 2023 to RMB13.2 million in 2024, attributed to proactive adjustments in service structure[58] - Corporate and digital marketing services revenue increased from RMB945.8 million in 2023 to RMB950.9 million in 2024, representing 79.2% of total revenue[58] - Gross profit decreased from RMB398.2 million in 2023 to RMB365.9 million in 2024, with a gross profit margin of 30.5% compared to 32.0% in 2023[60] - Selling expenses decreased by 4.1% from RMB211.8 million in 2023 to RMB203.2 million in 2024, primarily due to reduced marketing expenses for healthcare service packages[67] - Administrative expenses decreased by 32.3% from RMB79.8 million in 2023 to RMB54.0 million in 2024, mainly due to lower office expenses[68] - Research and development costs decreased by 6.2% from RMB103.4 million in 2023 to RMB97.0 million in 2024, following the completion of several products[69] - Net loss decreased by 14.2% from RMB313.9 million in 2023 to RMB269.2 million in 2024[80] - The company's loss before tax decreased by 17.8% from RMB 320.9 million in 2023 to RMB 263.8 million in 2024[83] - Adjusted net profit (non-IFRS measure) was RMB 22.8 million in 2024, down from RMB 39.4 million in 2023[91] Cash Flow and Assets - Cash and cash equivalents rose from RMB 168.7 million in 2023 to RMB 260.2 million in 2024, primarily due to net cash generated from financing and operating activities[116] - Net cash generated from operating activities surged from RMB3.6 million in 2023 to RMB56.7 million in 2024[123] - The company recorded a net cash outflow in investing activities of RMB81.7 million, mainly due to the purchase of intangible assets and wealth management products[123] - Total bank loans and borrowings decreased from RMB89.0 million in 2023 to RMB56.4 million in 2024, with a gearing ratio improving from 499% to 60%[125] - Net current liabilities reversed to net current assets of RMB 114.4 million as of December 31, 2024, from net current liabilities of RMB 1,721.9 million in 2023[92] - Inventories decreased from RMB 13.8 million in 2023 to RMB 7.1 million in 2024 due to significant sales during the flu season[93] - Trade and other receivables increased from RMB 132.6 million in 2023 to RMB 144.2 million in 2024, reflecting business growth[95] - Trade and other payables increased to RMB 208.6 million in 2024 from RMB 193.9 million in 2023, driven by business growth[102] - Intangible assets increased from RMB39.3 million as of December 31, 2023, to RMB81.3 million as of December 31, 2024, due to additional investments in software and datasets[118] Market and Business Strategy - The digital health and wellness market in China has a compound annual growth rate (CAGR) of 32.7% from 2018 to 2023[21] - The company aims to address pain points in China's healthcare system through its multi-dimensional services[21] - The company has developed multiple monetization strategies leveraging its large user base and relationships with key industry stakeholders[21] - The company expects to further monetize its pharmaceutical sales business, content services, and information technology services to improve financial performance and profitability[24] - The company expects to drive revenue growth through monetizing pharmaceutical sales, content services, and IT services, while enhancing synergies among business segments[138] - The market for RWS support services in China has been growing rapidly, providing opportunities for broader access to clinical data and insights for pharmaceutical companies[139] - The real-world evidence (RWS) support services market in China has been rapidly growing, allowing the company to gather broader real-world clinical data[141] - The company aims to provide valuable insights for pharmaceutical companies in drug research within real-world environments[141] - The overall business outlook remains optimistic, indicating a positive trajectory for future performance[141] Company Recognition and Achievements - The company was recognized as one of the Future Unicorn Innovative Enterprises of Digital Economy in Fujian Province in 2024[18] - The company was ranked as one of the Top 100 Medical Services Companies on China Future Healthcare Rankings in 2024[18] - The company was recognized as a Leading Enterprise in Software Industry of Fuzhou City in 2024[18] - The successful listing of shares on the Main Board of The Stock Exchange of Hong Kong Limited occurred on December 30, 2024[15] Leadership and Management - Mr. Chen Yong has over ten years of experience in the healthcare industry, serving as general manager of Fujian Health Management and currently as general manager of Fujian Meinian Corporation Management Company Limited[160] - Mr. Zhang Xiangming was appointed as a non-executive Director on May 30, 2023, and has been serving as the technical director of Yilai (Hainan) Network Technology Co., Ltd since October 2021[164] - Mr. Xu Jing was appointed as an independent non-executive Director on December 30, 2024, and has extensive experience in corporate finance and investment management[167] - Dr. Lu Tao was appointed as an independent non-executive Director on December 30, 2024, and has published over 40 articles in Science Citation Index magazines[176] - Dr. Lu has been serving as the director of the integrated medical center at Beijing University of Chinese Medicine since September 2016[177] - Mr. Xu holds a bachelor's degree in business administration and a master's degree in business administration, with a focus on financial services and accountancy[175] - Mr. Zhang has a background in technology, having worked at Taobao and Ping An Health Cloud before his current role[165] - Mr. Xu has served as the chief financial officer of Standard Development Group Limited since December 2022[173] - Dr. Lu has also been the vice president of the Traditional Chinese Medicine Equipment Branch of China Medicine Equipment Association since May 2021[182] - Mr. Chen Yong has held various managerial roles in health management and wellness check businesses since joining the Group in 2010[160] - Ms. Deng Xiaolan was appointed as an independent non-executive Director on December 30, 2024, responsible for supervising the Board and providing independent judgment[184] - Ms. Deng has been a professor at Fuzhou University since 2021 and was a visiting scholar at the University of North Carolina at Chapel Hill from September 2010 to September 2011[185] - Ms. Deng was selected into the 2011 Fujian Province University Outstanding Young Scientific Research Talent Training Program and the accounting talent pool of Fujian Province in 2020[186] - Ms. Lin Xiaoxia is the vice president responsible for government affairs, personnel, administration, and national market development[193] - Ms. Lin joined the Group in February 2002 and has held various managerial positions, including general manager of Fujian Province in Fujian Health Management from May 2010 to August 2015[194] - Ms. Lin has been the vice president and deputy general manager of the operation expansion center of Fujian Health Road since September 2021[198] - Ms. Lin obtained a bachelor's degree in management from Dalian University of Technology in September 2020[195]