Financial Performance - The total revenue for the year 2024 was RMB 2,705.3 million, an increase of 8% compared to RMB 2,506 million in 2023[6]. - The net loss for the year was RMB 1,416 million, representing a 138% increase from a loss of RMB 594 million in 2023[6]. - The group's revenue for the year ended December 31, 2024, was RMB 2,705.3 million, an increase of 7.9% compared to RMB 2,506.3 million for the previous year[31]. - Property development revenue for the same period was RMB 2,116.7 million, reflecting a 3.7% increase year-on-year[31]. - The group's gross profit for the year was RMB 555.6 million, an increase of RMB 605.8 million compared to the previous year, primarily due to the recognition of higher-margin properties[33]. - The total comprehensive loss increased from RMB 593.5 million for the year ended December 31, 2023, to RMB 1,415.5 million for the year ended December 31, 2024[41]. - The company reported significant revenue generated from its main business activities, including property development and management in China[60]. - The company reported a loss of RMB 1,240,429 thousand for the year, compared to a loss of RMB 563,971 thousand in the previous year, indicating a worsening of approximately 120.0%[195]. - The company’s basic and diluted loss per share for the year was RMB 0.28, compared to RMB 0.13 in the previous year, indicating a worsening financial position[190]. Assets and Liabilities - The total assets increased by 2% to RMB 57,205 million from RMB 56,354 million[6]. - The company's current assets net amount was approximately RMB 1,054,403,000[158]. - The total book value of the company's bank and other borrowings was approximately RMB 7,620,237,000, due on demand or within one year[158]. - The company’s total liabilities increased to RMB 44,834,776 thousand in 2024, up from RMB 42,568,121 thousand in 2023, representing an increase of about 5.3%[193]. - The net asset value decreased to RMB 12,369,902 thousand in 2024 from RMB 13,785,405 thousand in 2023, indicating a decline of approximately 10.3%[193]. - The company faced significant liquidity challenges, with total bank and other borrowings amounting to approximately RMB 7,620,237,000, while cash and cash equivalents were only about RMB 70,451,000[182]. - The company has outstanding amounts of approximately RMB 3,942,744,000 and RMB 5,396,323,000 in priority notes and bank borrowings that were not repaid as planned, raising concerns about potential early repayment demands[182]. Revenue and Sales - The contracted sales amount decreased by 7% to RMB 3,262 million from RMB 3,523 million in the previous year[6]. - The signed sales amount for the year 2024 was approximately RMB 3,262.4 million, with major contributions from Beijing (RMB 1,538.6 million, 47.2%), Xi'an (RMB 884.9 million, 27.1%), and Qidong (RMB 285.6 million, 8.8%)[24]. - The rental income for the reporting period was RMB 286.8 million, reflecting a decline due to the impact of e-commerce and the downturn in the physical economy[12]. Cost Management - The group's sales and service costs decreased by 15.9% to RMB 2,149.8 million, attributed to the recognition of higher-margin properties during the year[32]. - Administrative expenses decreased by 41.5% from RMB 323.2 million for the year ended December 31, 2023, to RMB 189.0 million for the year ended December 31, 2024, due to organizational restructuring and optimization[38]. - Distribution and selling expenses increased by 5.8% from RMB 83.5 million for the year ended December 31, 2023, to RMB 88.4 million for the year ended December 31, 2024[37]. Future Outlook and Strategy - The outlook for 2025 indicates continued support for the real estate market, although challenges remain due to macroeconomic conditions[16]. - The company plans to transition towards the health industry, focusing on developing health-oriented communities and online health services[15]. - The company plans to continue investing in property development projects and acquiring suitable land parcels in selected cities, with internal resources and bank borrowings expected to meet funding needs[47]. - The group plans to engage financial advisors for debt restructuring and is negotiating with senior noteholders and banks to extend repayment terms[164]. - The group intends to sell part of its investment properties to improve its financial condition, liquidity, and cash flow[164]. Corporate Governance - The board of directors presented the audited consolidated financial statements for the reporting period[59]. - The company has a strong commitment to environmental protection and compliance with relevant laws and regulations in its operations[62][63]. - The company recognizes the importance of maintaining good relationships with stakeholders, including customers, suppliers, and regulatory bodies[66][69][70]. - The company has established a remuneration committee to review the compensation policy for all directors and senior management based on performance and market comparisons[100]. - The company has adopted a board diversity policy to ensure a wide range of valuable business experience and skills among directors, complying with relevant governance codes[124]. Shareholder Information - The board does not recommend the payment of a final dividend for the year ended December 31, 2024[49]. - The company’s distributable reserves as of December 31, 2024, amounted to RMB 1,183.8 million[82]. - The company does not recommend the distribution of any final dividend for the year ending December 31, 2024[74]. - The company has maintained compliance with the public float exemption, ensuring that at least 15% of the total issued shares are held by the public[110]. Risk Management - The company is aware of risks associated with the real estate industry in China, including government policies that may impact financial performance[64]. - The audit committee reviewed the effectiveness of the risk management and internal control systems during the reporting period[150]. - The board has established a robust risk management and internal control framework to safeguard shareholder investments and company assets[162].

Financial Performance - The company reported a loss of approximately RMB 893 million for the year, influenced by market conditions and geopolitical tensions[17]. - Total revenue decreased slightly from RMB 446 million in 2023 to RMB 424 million in 2024[36]. - Investment loss decreased from RMB 813.7 million in 2023 to RMB 704.7 million in 2024, primarily due to a reduction in unrealized losses on financial assets measured at fair value[38]. - Total income and investment loss net amount improved from a loss of RMB 769.1 million in 2023 to a loss of RMB 662.2 million in 2024[39]. - The net loss for 2024 was approximately RMB 893.0 million, compared to a loss of RMB 875.7 million in 2023[49]. Assets and Investments - Total assets under management reached RMB 20.5 billion, with RMB 15.5 billion from funds and RMB 5 billion from direct investments[5]. - The compound annual growth rate (CAGR) from 2015 to 2024 for total assets under management is 12.3%[11]. - The company manages 18 funds, with 12 focused on early-stage investments and 6 on growth and late-stage investments[23]. - The company invested a total of RMB 229.7 million in 13 portfolio companies in cutting-edge fields such as biotechnology, beauty and health, and clean technology during 2024[27]. - The company generated approximately RMB 1.7 billion in investment returns for investors through selective exits from 32 portfolio companies over the past year[33]. Investment Strategy - The company has actively adjusted its investment strategy to optimize its portfolio amid a challenging market environment[18]. - In 2024, the company plans to expand its investment strategy by identifying dividend-oriented investment targets to mitigate risks associated with early-stage equity investments[18]. - The company aims to leverage partnerships with leading listed companies to explore investment opportunities in the upstream and downstream integration of industries[18]. - The company plans to continue focusing on long-term sectors such as consumption, biomedicine, and technology, while exploring innovative investment strategies[20]. - The company aims to enhance post-investment management services to improve operational efficiency and risk resilience of portfolio companies[20]. Corporate Governance - The company has adopted the corporate governance code as its own governance framework to enhance shareholder value and accountability[106]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors[109]. - The company has complied with all provisions of the corporate governance code during the reporting period[107]. - The company has a commitment to maintaining high standards of corporate governance to protect shareholder interests[106]. - The company has established a mechanism to maintain the independence of the board and conducts annual assessments of director independence[115]. Risk Management - The company has established an effective risk management and internal control system, ensuring compliance with corporate governance codes[150]. - The board is committed to reviewing and enhancing the risk management and internal control systems annually to adapt to business developments and external changes[150]. - The company has implemented a comprehensive risk management system that includes risk identification, assessment, analysis, control, and reporting[154]. - The audit committee is responsible for overseeing financial records, internal control procedures, and risk management systems[155]. - The company has a zero-tolerance policy towards bribery and corruption, supported by internal guidelines and training programs[158]. Employee and Board Diversity - The total employee compensation cost for 2024 was RMB 628 million, compared to RMB 612 million in 2023, indicating relative stability[76]. - The board consists of seven male members and two female members, with a gender ratio of 44:56 among employees, indicating a balanced gender diversity[141]. - The company aims to maintain at least one female director until December 30, 2024, with a target of achieving 20% female representation on the board[140]. - The company has implemented a diversity policy for employees, which has been approved by the board[141]. - The nomination committee will actively seek qualified female candidates to promote gender diversity on the board[140]. Compliance and Legal Matters - The company has no major violations or non-compliance with applicable laws and regulations as of December 31, 2024[186]. - The company has complied with all significant laws and regulations affecting its business and operations[186]. - The company has established reporting channels for employees and stakeholders to report illegal or unethical behavior[159]. - The board is responsible for approving the insider information disclosure policy to ensure compliance with securities regulations[160]. - The company has no management or administrative contracts involving all or any significant business as of December 31, 2024[200].

Lithium Production and Supply Chain - The company is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs[6]. - The company has established a stable and high-quality raw materials supply system through long-term procurement agreements for lithium resources, primarily sourced from the Mount Marion Project in Australia[10][12]. - The lithium compounds business segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing[13]. - The company's lithium metals production capacity ranks first globally, producing various forms of lithium metals for battery anode materials and pharmaceutical applications[14]. - The company has a vertically integrated business model covering upstream lithium resource development, midstream processing, and downstream battery production and recycling[6]. - The company has direct or indirect interests in lithium resources globally, enhancing its upstream supply chain[163]. - The Mount Marion spodumene project has a nominal designed production capacity of 900,000 tons/year of mixed-grade spodumene concentrate, with the company holding a 50% equity interest[165]. - The Cauchari-Olaroz project has a total lithium resource of approximately 24.58 million tons of LCE and a nominal designed production capacity of 40,000 tons of LCE per year, with the company holding 46.67% equity interest[167][168]. Research and Development - The company is actively advancing the research and development of solid-state lithium batteries, which demonstrate higher energy density and improved safety performance[16]. - The Company has developed self-produced oxide electrolyte materials and sulfide powder materials for solid-state batteries, demonstrating higher ionic conductivity and enhanced engineering capabilities[17]. - The company is focusing on developing high-energy density and high-power battery cells and power systems to meet diverse market demands[16]. - The company is focusing on the development of solid-state batteries and has established a collaborative innovation platform for this purpose[150]. - The Solid-state Battery Industry Innovation Consortium was established on December 18, 2023, comprising 27 entities including major automotive manufacturers[150]. - The company is developing a dual-wheel drive energy storage business model, focusing on user-side distributed energy storage and grid-side centralized energy storage[195]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 42.9% to RMB 18,726,175 thousand[30]. - Gross profit for the same period fell by 53.2% to RMB 2,127,125 thousand[30]. - Loss attributable to owners of the parent increased by 141.5% to RMB 2,068,512 thousand, resulting in a loss per share of RMB 1.03[30]. - Total assets increased from RMB 91,697,901 thousand in 2023 to RMB 100,832,297 thousand in 2024, representing a growth rate of 10.0%[151]. - Net assets decreased from RMB 52,315,862 thousand in 2023 to RMB 47,587,897 thousand in 2024, representing a decrease of 9.0%[151]. Market Trends and Demand - The market for lithium battery recycling is expanding, driven by the increasing demand for retired battery processing, providing sustainable solutions for battery manufacturers and electric vehicle producers[16]. - The global demand for lithium resources is anticipated to reach 1,190,000 tons of LCE in 2024, with new energy vehicles accounting for 61% and energy storage for 17%[82]. - The cumulative output of motive power batteries and other batteries in China is expected to be 1,096.8 GWh in 2024, representing a year-on-year increase of 41.0%[90]. - The global sales volume of new energy vehicles is expected to reach 23.50 million units in 2025, indicating a significant growth opportunity in the market[125][127]. - The overall market sentiment regarding supply and demand remains cautious, with lithium prices fluctuating within a fixed range after failing to sustain upward momentum[75]. Production Capacity and Expansion - The company achieved a production target of 25,000 tons of lithium carbonate annually at the Exar Salt Lake Project in Argentina[44]. - The lithium hydroxide project in Fengcheng Ganfeng has reached an annual production capacity of 25,000 tons, marking the successful construction of the company's first smart chemical plant[159]. - The company has a total designed production capacity of 81,000 tons/year for lithium hydroxide and 15,000 tons/year for lithium carbonate at its Xinyu production base[161]. - The company plans to enhance its ESG governance capabilities and increase support for local communities in resource sectors[50]. - The company is expanding production capacity through technical transformation and new production lines to meet the fast-growing demand for lithium products[153]. Recycling and Sustainability - The lithium battery recycling business is expected to meet the escalating demand for retired lithium battery treatment, providing sustainable value-added solutions to battery manufacturers and electric vehicle producers[18]. - The comprehensive recycling of metals such as lithium, nickel, cobalt, and manganese will enrich the diversified supplies of lithium raw materials[18]. - The recycling sector is focusing on building a battery recycling network and enhancing automatic dismantling efficiency to create a low-carbon production line[60]. - By 2025, the total lithium recovery from retired power batteries is estimated to reach approximately 50,000 tons LCE, highlighting the importance of battery recycling[137]. Government Policies and Support - The Ministry of Finance and other departments launched a pilot program offering rewards of up to RMB 45 million for PV-Storage-Charging Integration projects to promote the development of new energy and energy storage[104]. - The Chinese government is promoting the cascade utilization and standardized recycling of waste motive power batteries to support the sustainable development of the energy storage industry[102]. - New policies are expected to boost the export of new energy vehicles and promote the upgrading of the automotive industry in China[102]. - The government aims to increase the new energy storage installation target from 30GW to over 40GW as part of the "14th Five-Year Plan"[108]. Product Development and Innovation - Ganfeng LiEnergy has mass-produced lithium motive power batteries with capacities from 10 to 130 kWh, supporting ultra-fast charging at up to 1000 kW, allowing 100 kWh to be charged in just 6 minutes[180]. - The energy density of the company's high-energy-density battery cells ranges from 320Wh/kg to 500Wh/kg, with a continuous discharge rate exceeding 5C[191]. - Ganfeng has mass production capabilities for ultra-thin lithium strips, with a width of 300mm and lithium foil thickness reaching 3μm, enabling energy densities exceeding 500Wh/kg for its solid-state batteries[192]. - The newly launched 5MWh container energy storage system achieves over 95% system efficiency and has participated in energy projects exceeding 500 MWh individually, with a total application scale of over 11,000 MWh[184].

Financial Performance - The company reported a net loss of RMB 68.2 million for the year ending December 31, 2024, an increase from RMB 60.6 million in the previous year[9]. - Total revenue increased by 4.9% to RMB 256.6 million in 2024, compared to RMB 244.7 million in 2023[9]. - Trade and other receivables impairment losses significantly increased to RMB 43.9 million, impacting overall profitability[9]. - Administrative and other expenses were reduced by 37.3% year-on-year, reflecting improved cost control measures and operational efficiency[11]. - The company recorded a pre-tax loss of RMB 61.6 million in 2024, compared to a loss of RMB 56.8 million in 2023[16]. - The overall gross profit margin remained at 0.4%, indicating price sensitivity and competitive pressure in core markets[9]. - The gross profit increased to RMB 1.0 million in 2024, compared to RMB 0.4 million in 2023, resulting in a gross margin of 0.4% in 2024, up from 0.2% in 2023[27]. - Other income and gains rose significantly from RMB 8.6 million in 2023 to RMB 20.2 million in 2024, primarily due to the recognition of trade receivables[27]. - The company reported a net loss of RMB 68.2 million for 2024, compared to a net loss of RMB 60.6 million in 2023, indicating an increase in losses[30]. Assets and Liabilities - Total assets decreased from RMB 358.8 million in 2023 to RMB 272.8 million in 2024, while total liabilities decreased from RMB 288.3 million to RMB 260.3 million[16]. - The company’s equity decreased significantly from RMB 70.5 million in 2023 to RMB 12.5 million in 2024, leading to a substantial increase in the debt-to-equity ratio[28]. - The company successfully reduced borrowings, restructuring overdue loans from RMB 51.0 million in 2023 to RMB 15.2 million in 2024[11]. Production and Innovation - The polymer cable material factory is expected to commence production by the end of 2024, with confirmed supply agreements anticipated to generate stable income in the coming year[11]. - A new polymer cable material factory is expected to produce over 20,000 tons annually, with a supply agreement for 10,000 tons signed with a state-owned enterprise[22]. - The company aims to enhance product innovation and R&D capabilities as part of its strategic focus[14]. - The company aims to invest in new technologies to develop high-performance, durable, and energy-efficient products[21]. Market Expansion and Growth Opportunities - There is optimism regarding future growth opportunities due to increased government emphasis on infrastructure projects, particularly ultra-high voltage transmission projects[10]. - The company plans to expand its sales network and customer base both domestically and internationally[14]. - The company is optimistic about future growth, particularly in the high-voltage cable market, projected to reach RMB 800 billion by 2025[19]. - The company plans to expand its market presence by increasing sales and marketing efforts and exploring new distribution channels[21]. Corporate Governance - The company has complied with all applicable corporate governance codes as per GEM listing rules[36]. - The board of directors consists of a mix of executive and independent non-executive directors, ensuring a balance of power[39]. - The company has mechanisms in place to ensure the independence of its non-executive directors, adhering to GEM listing rules[41]. - The audit committee held four meetings during the year and reviewed the annual performance and report for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and regulations[48]. - The remuneration committee evaluated the performance of executive directors and approved the compensation plans to remain unchanged, with performance bonuses proposed based on the group's performance in 2024[50]. - The company has established a nomination committee to review the board's structure, size, composition, and diversity, and to recommend suitable candidates for directorship[54]. Employee and Workforce Management - The total number of employees as of December 31, 2024, is 111, with male employees accounting for approximately 70.3% and female employees approximately 29.7%[66]. - The overall employee turnover rate for the reporting period is approximately 32%, a significant decrease from 66% in 2023[133]. - The company has a commitment to equal employment opportunities, prohibiting discrimination based on gender, religion, race, disability, or age[66]. - The company emphasizes a safety-first approach, implementing strict safety management protocols to prevent accidents[140]. - New hires must undergo safety and skills training before commencing work, ensuring compliance with safety regulations[140]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development and has established environmental, social, and governance (ESG) initiatives as a core part of its business strategy[88]. - The board of directors is responsible for overseeing the company's ESG performance and ensuring effective risk management and internal control systems[89]. - An ESG working group has been established to assist the board in managing ESG-related matters and to report on progress at least once a year[90]. - The company has set environmental goals focusing on emission reduction, waste management, and resource conservation, which are reviewed annually by the board[91]. - The company prioritizes significant ESG issues based on assessments conducted by the board and the ESG working group[94]. Compliance and Risk Management - The company has established a risk management and internal control system, which is reviewed annually by the audit committee and the board[78]. - The company has implemented a shareholder communication policy to enhance engagement with shareholders[82]. - The company has established a whistleblowing policy to enhance stakeholder awareness of reporting processes related to corruption and fraud[160]. - The company has committed to providing anti-corruption training materials to directors and employees at least once a year to strengthen ethical standards[159]. Supplier and Quality Management - The group has developed an effective quality control system, ensuring compliance with customer, regulatory, and legal requirements for products[151]. - The group has obtained ISO 9001:2015 quality management system certification and a national industrial product production license[150]. - The group conducts regular reviews of supplier performance, including aspects such as pricing, timely delivery, and financial status[148]. - The group emphasizes customer satisfaction through standardized service quality and has established a complaint handling procedure to address customer issues[153]. Shareholder and Stock Information - The company has a stock option plan effective for ten years from June 10, 2020, allowing the issuance of up to 80,000,000 shares, which is 10% of the total shares issued at listing[194]. - The total number of shares issued as of the report date is 110,400,000, with an additional 8,000,000 shares potentially to be issued under the stock option plan, representing approximately 7.25% of the issued share capital[196]. - The company plans to conduct a rights issue on February 14, 2025, at a subscription price of HKD 0.11 per share, aiming to raise up to approximately HKD 6,072,000[198]. - Major shareholders include Red Fly with 35,128,000 shares (31.82%) and Fu Chuanrong with 12,063,000 shares (10.93%) as of December 31, 2024[186].

Financial Performance - Total revenue for 2024 was RMB 473.82 million, a decrease of 26.7% from RMB 646.90 million in 2023[8]. - The attributable loss to equity holders for 2024 was RMB 11.63 billion, compared to a loss of RMB 10.06 billion in 2023, indicating a worsening financial position[8]. - Total assets decreased to RMB 21.13 billion in 2024 from RMB 29.98 billion in 2023, reflecting a decline of 29.5%[8]. - Total liabilities increased to RMB 41.75 billion in 2024 from RMB 39.24 billion in 2023, representing a rise of 6.4%[8]. - The comprehensive gross profit margin was 15.61%, down 11.28 percentage points from 26.89% in the same period last year[44]. - The group's operating expenses amounted to RMB 1,472 million, compared to RMB 3,151 million in the same period last year[44]. - The net financial cost was RMB 1,983 million, down from RMB 2,772 million in the same period last year[44]. - The attributable loss to the parent company was RMB 11,629 million, an increase of 15.63% compared to a loss of RMB 10,057 million in the same period last year[44]. - The basic loss per share for the period was RMB 0.246, compared to RMB 0.223 in the same period last year[80]. - The group reported a loss attributable to the parent company of RMB 11,629 million, an increase of 15.63% compared to the loss of RMB 10,057 million in the same period last year[80]. Operational Changes - The number of stores operated by the company as of December 31, 2024, was 163, covering 141 cities, with a net decrease of 910 stores[30]. - The company aims to focus on a light-asset operation model and expand its franchise and quasi-franchise business in 2024[10]. - The company is transitioning to a new business model focusing on "light assets, strong operations, and high technology," aiming to create a comprehensive service provider integrating online and offline franchise networks[35]. - The strategic launch of Gome Auto is set for the end of 2024, with plans to establish a new automotive ecosystem leveraging the company's nationwide channel network[37]. - The company is developing a new automotive experience center in Beijing, featuring around 30 new energy vehicle brands, aimed at creating a comprehensive automotive consumption scenario[37]. - The group expanded its franchise and quasi-franchise model, achieving significant progress in establishing a light-asset operation model[53]. Cash Flow and Debt Management - The company reported a cash flow from operating activities of RMB 1.11 billion in 2024, a significant improvement from a cash outflow of RMB 12 million in 2023[18]. - The company repaid approximately RMB 1.2 billion in debts during the year through various means, including the sale of non-core assets and debt restructuring negotiations with major creditors[34]. - The group actively promoted debt resolution and supply chain recovery, repaying RMB 250 million in convertible bonds during the reporting period[52]. - The net cash outflow from financing activities was RMB 258 million, a significant decrease from RMB 1,589 million in the same period last year[88]. - As of December 31, 2024, the group had total borrowings of RMB 23,188 million, with a debt-to-loss ratio of 112.45%, down from 264.28% last year[93]. Market and Economic Outlook - The company anticipates a gradual return to stable operations with the implementation of domestic demand stimulation policies[33]. - The company anticipates a more extensive range of stimulus policies in 2025 to support domestic demand recovery, which is expected to improve the external environment for retail operations[38]. - The management expresses cautious optimism about future growth opportunities as the economic environment is expected to improve with new government policies[38]. - The group anticipates a structural rebound in retail, particularly benefiting high-ticket items like home appliances and automobiles due to recent policy shifts[49]. - The company is cautiously optimistic about macroeconomic policies in 2025, anticipating significant policy benefits to stimulate domestic demand[101]. Strategic Initiatives - The company plans to innovate and optimize its supply chain model while enhancing brand value in the automotive circulation sector[10]. - The company is committed to leveraging technology to empower retail and reshape value through an integrated "Home Life" ecosystem[9]. - The company aims to transform its unmanned retail business to serve 1 billion users and establish a network of 1 million points[103]. - The management is committed to ensuring the completion of essential economic tasks as part of the national "14th Five-Year Plan"[101]. - The company has signed cooperation agreements with over 50 suppliers to enhance quality, pricing, and service in its unmanned retail solutions[103]. Human Resources and Governance - The group employed 606 employees as of December 31, 2024, a decrease from 2,196 employees in 2023[99]. - The company has maintained compliance with corporate governance codes as per the listing rules, ensuring high standards of governance[19]. - The company has confirmed the independence of its non-executive directors, satisfying the board's requirements[18]. - The management team has extensive experience in corporate governance and financial management, enhancing the group's operational capabilities[125][128]. Environmental and Social Responsibility - The group emphasizes its commitment to environmental policies and compliance with relevant laws and regulations[139]. - The group made direct charitable donations totaling RMB 21,000 during the reporting period[152].

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 53,381,000, representing a 1.3% increase from RMB 52,684,000 in 2023[13] - Revenue from hot spring resort and hotel operations, as well as consulting and management services, decreased by 6.3% to RMB 45,062,000 from RMB 48,083,000[13] - Revenue from tourism property development surged by 80.8% to RMB 8,319,000 compared to RMB 4,601,000 in the previous year[13] - The company reported an operating loss of RMB 31,546,000, a significant improvement of 65.8% from the loss of RMB 92,175,000 in 2023[13] - The net loss attributable to the company's owners for the period was RMB 50,808,000, down 48.4% from RMB 98,530,000 in the prior year[13] - Basic and diluted loss per share improved by 50.3% to RMB 4.45 from RMB 8.95 in 2023[13] - The adjusted EBITDAF for the year was RMB 6,394,000, compared to a loss of RMB 6,226,000 in the previous year[13] - The adjusted net loss for the year was RMB 49,337,000, an improvement from a loss of RMB 98,530,000 in the previous year[18] - The net loss for the year was approximately RMB 50.8 million, a decrease from RMB 98.5 million in the previous year, with a net loss rate improving from 187.0% to 95.2%[34] Revenue Breakdown - Revenue from the company's hot spring resort and hotel operations decreased by approximately 6.3% to about RMB 45.1 million, primarily due to declines in ticket sales, dining, conference fees, and rental income[69] - The average occupancy rate for luxury resorts was 31% in 2024, down from 33% in 2023, while the mid-range resorts saw a decrease from 27% to 25%[19] - The average room rate for luxury resorts decreased to RMB 541 from RMB 648, and for mid-range resorts, it fell to RMB 168 from RMB 204[19] - Revenue from tourism property development increased by approximately 80.8% to about RMB 8.3 million, driven by a stable real estate market environment[73] Operational Highlights - The company completed eight tourism property projects, enhancing its portfolio in the wellness and leisure sector[5] - The flagship Gudou Hot Spring Resort is recognized as a national AAAA-level tourist attraction, contributing to the company's brand value[6] - The company aims to enhance guest experiences through its wellness and health-focused services, aligning with its vision of improving quality of life[5] - The company introduced new health and wellness initiatives, including AI-driven health screenings and traditional Chinese medicine services, enhancing visitor experience and increasing revenue[23] - The company plans to continue diversifying its business model by integrating various cultural and wellness tourism offerings into its operations[24] Financial Position - As of December 31, 2024, the group had bank and cash balances of approximately RMB 1.5 million[36] - The group had outstanding bank loans of RMB 215.8 million as of December 31, 2024, with a capital debt ratio increasing from 1.23 to 1.38[38] - Approximately RMB 478.1 million of the group's assets were mortgaged to obtain bank financing as of December 31, 2024[39] Compliance and Governance - The audit committee has reviewed the basis for the audit opinion regarding the consolidated financial statements for the year ending December 31, 2024, and management's response to the audit qualification[49] - The company has complied with significant laws and regulations affecting its business operations, as detailed in the Environmental, Social, and Governance report[92] - The company has established four board committees: Audit Committee, Nomination Committee, Remuneration Committee, and Compliance Committee to enhance governance[146] - The Audit Committee held four meetings during the period, with all members present except for one, focusing on reviewing the group's annual and interim performance[149] Shareholder Information - The total reserves available for distribution to shareholders as of December 31, 2024, is approximately RMB 292,300,000, a slight decrease from RMB 292,500,000 in 2023[94] - The company does not recommend any final dividend payment for the current year, with no final dividend distributed[93] - The total number of shares available for issuance under the share option plan is 92,627,400, representing 7.4% of the total shares issued as of the report date[102] Environmental and Social Responsibility - The group aims to integrate climate-related issues and ESG elements into its long-term business strategy, focusing on sustainable development goals[186] - The report covers the group's overall performance in environmental and social aspects for the fiscal year 2024, from January 1, 2024, to December 31, 2024[190] - The board is committed to continuously reviewing and monitoring the group's ESG performance and will provide consistent, comparable, and reliable ESG data annually[192] - The group has established clear short-term and long-term sustainability vision goals, progressing towards these goals after implementing measures to reduce emissions and resource usage[186]

Financial Position - As of March 31, 2025, the total current assets amounted to CNY 24,252,963,529.62, a decrease of 1.73% from CNY 24,682,022,976.20 at the beginning of the period[5] - The company's cash and cash equivalents decreased to CNY 6,728,860,423.92 from CNY 7,493,015,013.15, representing a decline of 10.21%[5] - Accounts receivable increased slightly to CNY 13,868,081,667.49 from CNY 13,811,985,503.11, showing a growth of 0.41%[5] - Total non-current assets reached CNY 76,277,222,160.87, a marginal increase from CNY 76,071,501,539.45, reflecting a growth of 0.27%[7] - The total liabilities decreased to CNY 61,612,339,427.14 from CNY 63,282,792,351.45, indicating a reduction of 2.64%[11] - Short-term borrowings decreased significantly to CNY 6,671,115,056.73 from CNY 8,304,855,523.63, a decline of 19.66%[9] - Long-term borrowings slightly decreased to CNY 26,367,217,858.03 from CNY 26,786,747,890.47, a reduction of 1.56%[11] - The total equity remained stable at CNY 38,917,846,263.35, with no significant changes reported[11] - The company reported a net asset value per share of CNY 4.73, consistent with previous periods[11] Revenue and Profitability - Total operating revenue for the current period reached ¥6,815,092,561.59, an increase of 4.6% compared to ¥6,516,358,013.58 in the previous period[15] - Total operating costs increased to ¥5,239,572,783.86, up from ¥5,134,329,217.49, reflecting a rise of 2.1%[15] - Net profit attributable to the parent company was ¥1,292,684,906.47, a decrease of 2.7% from ¥1,328,747,934.05 in the previous period[17] - The total equity attributable to the parent company increased to ¥37,555,831,377.24 from ¥36,175,953,311.40, marking a growth of 3.8%[13] - The total comprehensive income for the current period was ¥1,393,141,944.63, an increase from ¥1,293,631,808.62, reflecting a growth of 7.7%[19] Cash Flow - Cash flow from operating activities generated a net amount of ¥2,326,018,025.35, up from ¥1,936,951,967.79, indicating a growth of 20.1%[21] - The company reported a decrease in research and development expenses to ¥11,436.05 from ¥1,838,824.61, a significant drop of 99.4%[15] - Cash inflow from investment activities totaled ¥116,691,324.74, down 30.7% from ¥168,430,151.61 in the previous period[23] - Cash outflow from investment activities was ¥1,363,618,440.89, a slight decrease of 1.6% compared to ¥1,386,307,951.75 last period[23] - Net cash flow from investment activities was -¥1,246,927,116.15, worsening from -¥1,217,877,800.14 in the previous period[23] - Cash inflow from financing activities reached ¥5,086,200,000.00, an increase of 23.1% from ¥4,135,480,437.82 last period[24] - Cash outflow from financing activities was ¥6,923,038,152.15, up 48.3% from ¥4,663,691,888.83 in the previous period[24] - Net cash flow from financing activities was -¥1,836,838,152.15, compared to -¥528,211,451.01 last period[24] - The ending balance of cash and cash equivalents was ¥6,645,796,502.35, down from ¥6,758,671,507.37 in the previous period[24] Asset and Liability Management - Current assets totaled ¥21,280,842,981.73, a decrease of 2.0% from ¥21,721,312,354.44 at the beginning of the period[26] - Non-current assets increased slightly to ¥39,723,416,562.92 from ¥39,644,289,815.16 at the beginning of the period[28] - Total assets decreased to ¥61,004,259,544.65 from ¥61,365,602,169.60 in the previous period[28] - Total liabilities decreased to CNY 28,001,157,044.96 from CNY 28,299,848,598.20, reflecting a reduction of 1.1%[34] - Total equity attributable to shareholders decreased to CNY 33,003,102,499.69 from CNY 33,065,753,571.40, a decline of 0.2%[34] - Long-term borrowings decreased to CNY 3,182,662,492.00 from CNY 4,011,643,262.00, a reduction of 20.6%[32] - The total assets and liabilities combined amount to CNY 61,004,259,544.65, down from CNY 61,365,602,169.60, a decrease of 0.6%[34] Operational Performance - Operating cash inflow for the current period was CNY 116,687,755.74, a significant decrease from CNY 1,967,015,702.61 in the previous period[42] - Cash outflow from operating activities totaled CNY 413,645,585.38, down from CNY 2,246,222,304.08 in the previous period[42] - Net cash flow from operating activities was -CNY 296,957,829.64, compared to -CNY 279,206,601.47 in the previous period[42] - Cash inflow from investment activities was CNY 2,611,666,843.02, up from CNY 1,069,111,832.13 in the previous period[44] - Net cash flow from investment activities was -CNY 59,663,643.37, a decline from CNY 321,709,265.23 in the previous period[44] - Cash inflow from financing activities reached CNY 3,600,000,000.00, a substantial increase from CNY 80,000,000.00 in the previous period[44] - Cash outflow from financing activities totaled CNY 4,010,361,735.82, compared to CNY 2,416,875,446.34 in the previous period[46] - The net cash flow from financing activities was -CNY 410,361,735.82, worsening from -CNY 2,336,875,446.34 in the previous period[46] - The ending cash and cash equivalents balance was CNY 1,250,845,561.87, significantly higher than CNY 285,734,483.53 in the previous period[46] - The company reported a total cash and cash equivalents decrease of -CNY 766,983,208.83, compared to -CNY 2,294,372,782.58 in the previous period[46] Future Outlook - Future outlook includes potential expansion in clean energy projects and ongoing investments in technology development[3]

Financial Performance - For the six months ended February 28, 2025, the revenue was RMB 172,191,000, representing a 0.8% increase compared to RMB 170,764,000 for the same period in 2024[3] - Gross profit decreased by 11.7% to RMB 57,296,000 from RMB 64,883,000 year-on-year[3] - Profit for the period was RMB 24,219,000, down 15.2% from RMB 28,568,000 in the previous year[3] - The total comprehensive income for the period was RMB 24,710,000, compared to RMB 33,032,000 for the same period in 2024[5] - Basic and diluted earnings per share for the period were RMB 0.0363, compared to RMB 0.0429 for the same period in 2024[5] - The group recorded a profit of RMB 24.2 million for the six months ended February 28, 2025, a decrease of approximately 15.4% compared to RMB 28.6 million for the same period in 2024[33] Assets and Liabilities - As of February 28, 2025, total non-current assets amounted to RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[6] - Current liabilities totaled RMB 800,398,000, a slight decrease from RMB 840,265,000 in the previous period[6] - The net current liabilities were RMB 606,294,000, indicating a significant increase from RMB 476,473,000 year-on-year[6] - The company reported cash and cash equivalents of RMB 178,176,000, down from RMB 345,437,000 in the previous year[6] - The financial leverage ratio as of February 28, 2025, was approximately 1.2, unchanged from 1.3 as of August 31, 2024[37] - The group has unutilized financing of RMB 120.2 million as of the announcement date, indicating sufficient liquidity for future cash needs[39] - The group has no significant contingent liabilities as of February 28, 2025[41] Revenue Breakdown - Tuition revenue decreased by RMB 62,000 from RMB 159.0 million to RMB 158.9 million, while accommodation revenue increased by RMB 1.5 million or 12.7% from RMB 11.8 million to RMB 13.3 million[25] - Revenue increased by RMB 1.4 million or 0.8% from RMB 170.8 million for the six months ended February 29, 2024, to RMB 172.2 million for the six months ended February 28, 2025[25] Expenses - Cost of sales increased by RMB 9.0 million or 8.5% from RMB 105.9 million to RMB 114.9 million, primarily due to increased heating costs and maintenance expenses[26] - Gross profit decreased by RMB 7.6 million or 11.7% from RMB 64.9 million to RMB 57.3 million, resulting in a gross margin decline from 38.0% to 33.3%[27] - Sales expenses increased by RMB 0.2 million for the six months ended February 28, 2025, compared to the same period in 2024, mainly due to increased frequency of promotional activities outside the province[29] - Administrative expenses rose by RMB 1.5 million or 7.7% to RMB 21.0 million for the six months ended February 28, 2025, primarily due to increased consulting fees and other professional service costs[30] - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the same period in 2025, with interest expenses dropping by approximately RMB 6.5 million[31] Enrollment and Education Quality - The total number of enrollments decreased from 11,941 in the 2023/24 academic year to 11,909 in the 2024/25 academic year[25] - The average tuition fee for the 2024/2025 academic year is RMB 25,750, representing a 3.85% increase from RMB 24,796 in the 2023/2024 academic year[47] - The enrollment scale for 2024 is 3,793 students across 24 programs, with a job placement rate of 87.59% for the 2024 graduating class[52] - Heilongjiang University of Commerce has completed the evaluation for undergraduate teaching work, receiving high praise from evaluation experts[48] - A total of 1,322 courses are offered, including 59 compulsory public courses and 860 professional courses[48] Corporate Governance and Compliance - The company is committed to maintaining good corporate governance practices and has adhered to the corporate governance code during the reporting period[66] - The audit committee has reviewed the unaudited interim results for the six months ended February 28, 2025, and found that the financial information complies with applicable accounting standards and regulations[70] - The company has established an audit committee consisting of three independent non-executive directors to oversee internal controls and risk management[70] - The board of directors believes that the current arrangement of combining the roles of CEO and chairman is beneficial for the company's overall operations and management[67] - The company has confirmed compliance with the standard code for securities trading by all directors for the six months ending February 29, 2024[69] Strategic Initiatives - The company is transitioning to a for-profit private school, with the application for this change approved by the Ministry of Education, ensuring the protection of students' rights during the three-year transition period[61] - The company aims to develop a digital lifelong learning system and create a "Future Learning Center" to enhance its educational services[60] - The company plans to integrate its advantageous programs with the Belt and Road Initiative to actively develop international student education[60] - Recent policies from the government support the development of vocational and private education, emphasizing the equal importance of vocational education alongside general education[57] - The company has established two vocational schools in the Yangtze River Delta and Beijing-Tianjin-Hebei regions since 2021, expanding its educational group to four campuses across three regions[55] Staffing and Compensation - As of February 28, 2025, the total salary cost incurred by the group, including director remuneration, was RMB 421 million, a decrease from RMB 487 million for the same period in 2024[64] - The group currently employs 688 full-time and 113 part-time staff, down from 762 full-time and 167 part-time staff as of February 29, 2024[64]

Financial Performance - In 2024, the Group achieved revenue of RMB 18,854.6 million, representing a year-on-year increase of 8.7% compared to RMB 17,352.6 million in 2023[38]. - The sales volume for the Group was 809,312 tonnes, reflecting a year-on-year increase of 6.8% from 757,480 tonnes in 2023[38]. - The net profit attributable to shareholders was RMB 826.0 million, a year-on-year increase of 2.7% compared to RMB 804.2 million in 2023[38]. - Gross profit decreased by 11.4% year-on-year to approximately RMB 1,763.7 million, while profit attributable to shareholders increased by 2.7% to approximately RMB 826 million[23]. - Revenue from construction aluminium profiles grew by 17.7% year-on-year to approximately RMB 16,621.2 million, with sales volume increasing by 8.1% to approximately 672,915 tonnes[55]. - Revenue from industrial aluminium profiles decreased by 27.6% year-on-year to approximately RMB 1,914.5 million, despite an 8.1% increase in sales volume to approximately 136,397 tonnes[57]. - The Group's gross profit margin decreased by 2.1% to 9.4% (2023: 11.5%), with the sales to production ratio slightly decreasing to 98.8% (2023: 99.5%) [80]. Market Strategy and Development - The Group adopted a prudent approach to overseas business development, enhancing research on trade policies and market dynamics to mitigate risks from trade frictions and exchange rate fluctuations[18]. - The Group is accelerating its expansion into the home decoration and overseas markets, developing lightweight and high value-added products[24]. - The Group aims to maintain market competitiveness and profitability through diversified development in the aluminium profile business[33]. - The Group is focused on expanding its production capacity and overseas deployment, with 7 domestic production bases and ongoing projects in Australia and Vietnam[66]. - The Group plans to enhance cooperation with market partners and explore opportunities in the home decoration market and public facility projects[63]. - The Group is moving towards higher quality, more resilient, and sustainable development in the aluminium profiles industry[19]. Innovation and R&D - The Group has participated in the formulation of over 100 national and industry standards and holds more than 900 valid patents, emphasizing its commitment to innovation[24]. - The Group is focusing on R&D to develop new industrial aluminium profile products to capture market opportunities[46]. - The Group's digital and automated production base in Zhejiang has commenced production, aiming to improve land use and reduce personnel costs[48]. - The Group emphasizes continuous innovation and adaptation to maintain a competitive edge in the challenging market environment[67]. Leadership and Management - The Group's leadership under the board of directors has been pivotal in navigating the challenges of the market and achieving growth[18]. - The company has a strong leadership team with diverse backgrounds in finance, marketing, and engineering, enhancing its operational capabilities[144][145][146][149][151][152]. - The management team has been recognized with various awards, indicating their expertise and contributions to the industry[151]. - The company aims to leverage its leadership's extensive experience to navigate market challenges and capitalize on opportunities[161]. Financial Health and Risk Management - The Group maintained healthy cash flow by deepening relationships with real estate developers with good cash flow conditions, reducing financial risks amid market fluctuations[19]. - The gearing ratio decreased to 19.8% (2023: 24.5%) due to a reduction in loans and borrowings as of December 31, 2024[101]. - The impairment loss on trade and other receivables decreased by RMB225.3 million to RMB67.9 million (2023: RMB293.2 million)[88]. - Finance costs remained stable at approximately RMB104.6 million for the Year (2023: RMB138.1 million) despite an increase in bank borrowings[89]. Market Conditions and Challenges - The international trade situation remains complex and volatile, prompting the Group to adopt a more cautious stance in its overseas operations[18]. - The sales area of newly built commercial housing in China decreased by 12.9% year-on-year in 2024, indicating challenges in the real estate sector[33]. - The demand for construction aluminium profiles is expected to be sustained in the long term due to supportive policies in the real estate market[27]. - The real estate market in China is showing signs of recovery, with new policies expected to further stabilize the market in 2025[34].

Financial Performance - The company's revenue for 2024 reached RMB 20,561.74 million, a slight increase from RMB 20,446.03 million in 2023, representing a growth of 0.56%[10] - Operating profit for 2024 was RMB 5,261.11 million, compared to RMB 5,187.88 million in 2023, indicating a growth of 1.42%[10] - The net profit attributable to equity holders for 2024 was RMB 3,245.05 million, up from RMB 3,057.64 million in 2023, reflecting an increase of 6.13%[10] - The company reported a total comprehensive income of RMB 3,367.87 million for 2024, compared to RMB 3,264.77 million in 2023, an increase of 3.16%[10] - The basic and diluted earnings per share for 2024 were RMB 39.36, up from RMB 37.09 in 2023, representing a growth of 6.13%[10] - The company achieved a net profit of RMB 3,420.9 million in 2024, an increase of 5.74% compared to RMB 3,235.2 million in 2023[43] - Total operating revenue rose by 0.57% to RMB 20,561.7 million in 2024 from RMB 20,446.0 million in 2023, driven by increased sales from wind and solar power segments[44] Asset and Capacity Growth - Total assets increased to RMB 101,053.44 million in 2024 from RMB 93,594.44 million in 2023, marking a growth of 7.81%[12] - As of the end of 2024, the company's total assets reached RMB 101.05 billion, with operating revenue of RMB 20.56 billion and a pre-tax profit of RMB 4.28 billion, marking a historical high[18] - The installed capacity of the company reached 17.437 million kilowatts, with a power generation of 40.01 billion kilowatt-hours and a heat supply of 27.334 million gigajoules, with renewable energy accounting for over 72% of the total installed capacity[18] - The total installed capacity of the group reached approximately 17.437 million kW, with non-fossil energy capacity increasing by 2.882 million kW year-on-year, a growth of 29.5%[27] Renewable Energy Focus - The company aims to enhance its green development strategy and technological innovation to achieve higher quality and efficiency in its operations[15] - The company's operating profit from renewable energy business reached RMB 4.49 billion, a year-on-year increase of 17.2%, accounting for over 75% of total operating profit[26] - The renewable energy installed capacity accounted for over 72%, with renewable energy power generation reaching 21.05 billion kWh, accounting for over 52% of total generation[28] - The company plans to focus on economic efficiency, green development, and technological innovation to enhance core competitiveness and value creation capabilities[19] Market and Project Development - The company successfully secured a 4.9 million kilowatt integrated windbreak and sand control project in Ximeng and a 100 MW agricultural-photovoltaic complementary project in Nanchuan, filling a regional gap[19] - The group exceeded its annual project development targets, adding 7.206 million kW of renewable energy development indicators, with 6.932 million kW from self-developed projects and 274,000 kW from acquisitions[29] - The company plans to accelerate the development of strategic emerging projects and enhance its market presence in renewable energy sectors[38] Cost Management and Efficiency - Operating expenses decreased by 3.51% to RMB 15,809.7 million in 2024, reflecting cost optimization efforts[52] - Other expenses decreased by 3.77% from RMB 1,204.9 million in 2023 to RMB 1,159.5 million in 2024 due to effective cost reduction measures[57] - The group has established a "three-level integrated" digital production and operation management system, enhancing operational efficiency and reducing production costs by approximately RMB 80 million[31] Governance and Management - The company has appointed Zhang Yi as a non-executive director, bringing extensive experience in investment management and risk control[102] - Zhao Jie serves as an independent non-executive director and has held various senior positions in power planning and design, contributing to the board's expertise[103] - The company is focusing on expanding its market presence and enhancing its governance structure through the appointment of experienced directors[104] - The board includes members with significant academic and professional qualifications, ensuring a high level of expertise in decision-making[108] Shareholder and Dividend Information - The company reported a proposed final dividend of RMB 14.30 per share, totaling approximately RMB 1,179.0 million for the fiscal year ending December 31, 2024[143] - The company maintains a cash reserve policy to support operational needs and future growth while prioritizing shareholder interests in profit distribution[140] - The company plans to review its dividend policy periodically to align with financial performance and market conditions[141] Strategic Initiatives - The company is focusing on developing renewable energy businesses and exploring hydrogen and energy storage opportunities in response to macroeconomic changes[88] - The company is actively monitoring foreign exchange risks, with a small portion of its business involving foreign currency loans and investments[86] - The company aims to leverage the diverse backgrounds of its board members to drive innovation and market expansion strategies[107] Subsidiaries and Joint Ventures - The company has several indirect non-wholly owned subsidiaries, including Inner Mongolia Jingtai Power Co., Ltd. and Ningxia Jingneng Ningdong Power Co., Ltd.[195] - The company is actively involved in market expansion through its indirect subsidiaries across different regions in China[195][200] - Beijing Energy International's strategy includes leveraging its subsidiaries for enhanced operational efficiency and market reach[196]