Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% year-over-year growth[2]. - Revenue for the last quarter reached $150 million, representing a 15% increase compared to the previous quarter[1]. - Total revenue for the year ended December 31, 2024, was RMB 1,141.1 million, representing a 25.5% increase from RMB 908.5 million in 2023[21]. - Revenue for 2024 reached RMB 1,141.1 million, a 25.6% increase from RMB 908.5 million in 2023[39]. - Revenue from game publishing and operations reached RMB 1,035.0 million, a 45.9% increase from RMB 709.3 million in 2023, while development and licensing revenue decreased by 43.2% to RMB 105.5 million[54]. - Revenue generated from mainland China was RMB 884.5 million, up 49.4% from RMB 592.1 million in 2023, while revenue from regions outside mainland China decreased by 18.9% to RMB 256.6 million[55]. - The company reported a net profit margin of 12%, an improvement from 10% in the previous quarter[1]. - The company reported a net loss of RMB 287.2 million for 2024, slightly improved from a net loss of RMB 315.6 million in 2023[21]. - The adjusted net loss for 2024 was RMB 270.0 million, compared to RMB 282.9 million in 2023, showing a trend towards reduced losses[21]. User Engagement - User engagement metrics showed a 40% increase in daily active users, reaching 2 million users in the last quarter[2]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[1]. - The game "With a Shining Name" maintained strong user retention rates and consistent revenue through multiple high-quality updates in 2024[27]. - The game "With Glorious Name" has received over 18 million interactions on its official Weibo account and maintains a high rating of 8.9 on the TapTap platform[43]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[2]. - Market expansion efforts include entering two new international markets by Q3 2024, projected to increase overall revenue by 5%[1]. - The company aims to expand its global presence by adapting its products to local market characteristics, moving from a "go out" strategy to a deeper "go in" approach[32]. - The company has launched 23 mobile games in over 170 markets, with a total registered user base exceeding 200 million and total revenue surpassing RMB 22 billion[41]. Product Development - New product launches are expected to contribute an additional $30 million in revenue, with two major titles set to release in Q3 2024[2]. - The company plans to launch three new products in the upcoming year, aiming to capture an additional 10% market share[1]. - The company plans to launch 8 new games globally from 2025 to 2027, including "Dragon Tribe: Castle Gate" and "Treading Wind" in 2025[47]. - New game titles, including "Treading the Wind" and "Odin," are set for testing in 2025, indicating ongoing product development and market expansion efforts[51][52]. Research and Development - Research and development expenses increased by 10%, totaling $20 million, focusing on enhancing gaming technology and user experience[2]. - The company is investing $30 million in research and development for new technologies, focusing on enhancing user experience[1]. - Research and development expenses decreased to RMB 532.1 million in 2024 from RMB 582.2 million in 2023, reflecting a focus on cost management[21]. - Research and development expenses decreased by 8.6% to RMB 532.1 million from RMB 582.2 million in 2023, attributed to improved cost control in employee benefits and outsourced technical services[60]. Strategic Partnerships and Acquisitions - The company announced a strategic partnership with Tencent to co-develop new gaming titles, expected to generate $50 million in revenue over the next three years[2]. - A recent acquisition of a smaller gaming studio for $10 million is anticipated to enhance the company's development capabilities[2]. - The company has completed a strategic acquisition of a smaller competitor for $50 million, expected to enhance its product offerings[1]. - The group has entered into several related party transactions, including agreements with Perfect World Group and Tencent Group for game development and operation[127]. Financial Management - The management highlighted a strong balance sheet with cash reserves of $100 million, providing flexibility for future investments[1]. - Cash used in operating activities increased by 136.5% to RMB 188.0 million for the year ended December 31, 2024, compared to RMB 79.5 million for the year ended December 31, 2023[72]. - Cash generated from investment activities was RMB 122.5 million for the year ended December 31, 2024, a significant improvement from cash used of RMB 589.1 million in the previous year[74]. - The company reported other net income of RMB 22.5 million for the year, a significant recovery from a net loss of RMB 37.9 million in 2023, mainly due to gains from financial assets measured at fair value[64]. Corporate Governance - The board expressed confidence in achieving long-term growth, emphasizing a commitment to innovation and user satisfaction[2]. - The board has approved a new stock option plan, which is anticipated to incentivize key employees and improve retention rates[1]. - The board will review the overall compliance with contractual arrangements at least once a year[170]. - The independent non-executive directors have reviewed the contractual arrangements and confirmed that transactions conducted under these arrangements have been approved by the board[170]. Social Responsibility - The company continues to fulfill its social responsibilities by engaging in various public welfare activities[40]. - The group has made charitable donations totaling approximately RMB 0.6 million for the year ending December 31, 2024[176]. - The company has executed environmental protection measures and encourages employees to minimize energy consumption and waste[104].

Financial Performance - For the year ended December 31, 2024, the Group recorded a profit attributable to owners of the Company of approximately HK$0.4 million, a significant turnaround from a loss of approximately HK$25.3 million for the year ended December 31, 2023[14]. - The profit turnaround was primarily due to a change from a loss of approximately HK$12.0 million in fair value of financial assets at fair value through profit or loss in 2023 to a gain of approximately HK$17.4 million in 2024[14]. - Administrative and other operating expenses increased by approximately HK$4.4 million for the year ended December 31, 2024[14]. - The Group recorded a profit attributable to owners of approximately HK$0.4 million for the year ended 31 December 2024, a turnaround from a loss of approximately HK$25.3 million for the year ended 31 December 2023[27]. - The profit turnaround was primarily due to a change in fair value of financial assets, with a gain of approximately HK$17.4 million in 2024 compared to a loss of approximately HK$12.0 million in 2023[27]. - Administrative and other operating expenses increased by approximately HK$4.4 million for the year ended 31 December 2024[27]. Investment Strategy - The investment approach will focus on capital preservation and prudent risk management, with an emphasis on sectors with strong fundamentals[20]. - The Group's investment strategy includes a focus on both listed and unlisted companies, with no restriction on the proportion of assets invested in any specific sector[29]. - The Company will not take legal or effective management control of underlying investments, and will not own more than 30% of the voting rights in any one company[35]. - The Group's principal activity is to act as an investment holding company, primarily investing in listed and unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[130]. Market Outlook - The Company remains optimistic about the Chinese market due to low valuations, government support, technological advancements, and increased shareholder returns[17]. - The Chinese government continues to implement policies to bolster the economy, enhancing investor confidence[19]. - The Hang Seng Index and CSI 300 delivered positive returns in 2024, marking a turning point after three years of market downturns[15]. Cryptocurrency and Technology - Cryptocurrency is viewed as a potential cornerstone of the Company's strategy, offering a hedge and growth opportunity during economic downturns[20]. - Over the next three years, Alibaba plans to invest more in AI infrastructure than it has in the past decade, addressing the massive demand for AI and cloud computing infrastructure[41]. - Alibaba will significantly increase R&D investment in AI foundation models to maintain technological leadership and drive the development of AI-native applications[42]. - The company aims to enhance user value across its e-commerce and internet platform businesses by deeply integrating AI technology, capturing new growth opportunities[43]. Financial Position - As of December 31, 2024, the Group's cash and cash equivalents increased to approximately HK$5,999,000 from HK$1,595,000 in 2023[58]. - The Group's net current assets rose to approximately HK$120,490,000 as of December 31, 2024, compared to HK$64,655,000 in 2023[58]. - The gearing ratio improved to 7.83% in 2024 from 14.24% in 2023, indicating a reduction in leverage[58]. - The current ratio increased to 9.95 in 2024, up from 6.46 in 2023, reflecting enhanced liquidity[58]. - The Group's net asset value increased to approximately HK$127,659,000 as of December 31, 2024, compared to HK$71,883,000 in 2023, primarily due to the completion of the Rights Issue on May 30, 2024, which generated net proceeds of approximately HK$55,377,000[100]. - The net asset value per share rose to approximately HK$0.12 in 2024 from HK$0.10 in 2023, calculated based on 1,050,500,887 shares outstanding as of December 31, 2024, compared to 700,333,925 shares in 2023[101]. Share Capital and Dividends - The Company had 1,050,500,887 shares issued as of December 31, 2024, an increase from 700,333,925 shares in 2023[65]. - The Company conducted a rights issue on April 9, 2024, offering one rights share for every two existing shares at a subscription price of HK$0.162, aiming to raise gross proceeds of HK$57 million by issuing up to 350,166,962 rights shares[66]. - The net proceeds from the rights issue were approximately HK$55 million after expenses, with HK$15 million allocated for general working capital and approximately HK$40 million for future investments[66]. - For the year ended December 31, 2024, the Directors do not recommend the payment of any dividend, consistent with the previous year[132]. - The company did not recommend any dividend distribution for the year ended December 31, 2024, consistent with the previous year[138]. Operational Highlights - The Group's total staff costs for the year ended December 31, 2024, amounted to approximately HK$11,692,000, an increase from approximately HK$7,701,000 for the year ended December 31, 2023[85]. - The Group has not experienced any incidents of non-compliance with relevant laws and regulations that significantly impact its operations during the year[94]. - The Group emphasizes maintaining good relationships with employees and stakeholders to achieve its immediate and long-term goals[96]. Acquisitions and Collaborations - Baijin Life completed the acquisition of Tonnett Julis Holdings Limited, which provides scientific and pharmaceutical research services and skincare solutions[49]. - The acquisition allows Baijin Life to expand its business both vertically and horizontally, enhancing its product range from pearls and jewelry to skincare[49]. - Baijin Life's cooperation with a local high-end jewelry brand contributed 21.4% to its total revenue by September 30, 2024, indicating a positive impact on financial performance[48]. Risk Management - The Group continuously monitors market dynamics and adopts a conservative investment approach to mitigate business risk[88]. - Regular reviews of forward-looking indicators are conducted to identify economic conditions and mitigate economic risk[90]. - Liquidity risk is managed by maintaining appropriate liquidity to cover commitments and regularly monitoring the financial position[90]. - The Group employs financial instruments such as forward exchange contracts to hedge against exchange risk[90]. - Competitive reward and benefit packages are provided to attract and retain key personnel, addressing people risk[90]. Corporate Governance - The Company has complied with the public float requirement of the Listing Rules throughout the year ended December 31, 2024[185]. - All three independent non-executive Directors have confirmed their independence in accordance with the Listing Rules[180]. - The Board has reviewed the independence of all independent non-executive Directors and concluded that they are independent[181].

Financial Performance - The company reported unaudited revenue of RMB 1,062.5 million for the three months ended March 31, 2025, representing a 25.8% increase compared to RMB 844.3 million in the same period of 2024[5] - Net profit for the same period was RMB 33.2 million, a significant recovery from a net loss of RMB 37.8 million in the previous year[5] - Adjusted net profit reached RMB 57.9 million, compared to an adjusted net loss of RMB 18.8 million in the prior year[5] Business Growth - The company's F-end and B-end corporate health business revenue grew by 43% year-on-year, driven by innovative insurance and healthcare collaboration models[9] - The number of corporate clients served exceeded 2,100, with B-end paying users increasing by over 45% compared to the previous year[9] - The family doctor service has covered over 20 million users, while home care service users increased by 15% compared to the end of 2024[9] AI and Technology Integration - The company launched the AI assistant service "Ping An Xin Yi," which provides various online and offline medical support services, covering over 20 real medical scenarios[9] - The company plans to continue expanding the application of AI across various business scenarios to enhance the efficiency and quality of medical services[9]

Financial Performance - The Group's total revenue for FY2024 amounted to approximately HK$173.3 million, a significant increase from approximately HK$1.2 million in FY2023, due to the resumption of business operations[21] - Gross profit for FY2024 was approximately HK$54.2 million, compared to a gross profit of approximately HK$0.1 million in FY2023, reflecting the increase in revenue[24] - Total operating expenses for FY2024 were approximately HK$27.2 million, an increase of approximately 149.5% from approximately HK$10.9 million in FY2023, attributed to the resumption of operations and professional fees for capital reorganization[24] - Profit for FY2024 was approximately HK$114.6 million, a significant turnaround from a loss of approximately HK$14.2 million in FY2023, marking FY2024 as a milestone year for the Group[24] - The gross profit for the fiscal year 2024 was approximately HK$54.2 million, a significant increase from HK$0.1 million in fiscal year 2023, primarily due to increased revenue[25] - Total operating expenses for fiscal year 2024 were approximately HK$27.2 million, up 149.5% from approximately HK$10.9 million in fiscal year 2023, attributed to the resumption of business operations and professional fees from capital restructuring[25] - The profit for fiscal year 2024 was approximately HK$114.6 million, a turnaround from a loss of approximately HK$14.2 million in fiscal year 2023, marking a milestone year for the group's business recovery[25] Business Operations and Strategy - The group resumed trading of shares in November 2024 and completed a subscription in March 2025 with net proceeds of approximately HK$230 million, entering into a settlement deed for a debt of HK$196.6 million[27] - The company plans to leverage growing market demand in AI, robotics, new energy vehicles, and energy storage in 2025, focusing on high-quality power supply products and high-end battery R&D[28] - The group aims to become a high-quality battery solution provider with core technological competitiveness, continuing to invest in capacity building and R&D[28] - The resumption of market sales in the export market and mainland China for consumer appliances under the "Oregon Scientific" brand occurred in 2024[27] - The significant improvement in profitability indicates a recovery in business operations, with 2024 being a pivotal year for the group[25] - The company is committed to sustainable development through investment in high-end battery technology and capacity building[28] Financial Position and Liabilities - Trade receivables as of December 31, 2024, were approximately HK$70.4 million, up from HK$1.2 million in FY2023, with turnover days increasing to 75 days from 5 days[66][71] - As of December 31, 2024, the Group's bank balances and cash amounted to approximately HK$2.2 million, an increase from approximately HK$0.6 million in FY2023[67] - The Group recorded net current liabilities of approximately HK$229.9 million, a decrease of approximately HK$111.0 million from approximately HK$340.9 million in FY2023, due to the resumption of business operations and deconsolidation of subsidiaries[68] - The total outstanding borrowings as of December 31, 2024, were approximately HK$1.2 million, significantly down from approximately HK$59.5 million in FY2023[74] - The gearing ratio improved to approximately 244.6% as of December 31, 2024, compared to approximately 14,216.7% in FY2023, due to an increase in total assets to approximately HK$80.9 million[77] - The Group's total liabilities as of December 31, 2024, were approximately HK$309.5 million, down from approximately HK$342.7 million in FY2023[80] - The net liabilities value per share improved to approximately HK$8.8 cents loss per share from approximately HK$13.1 cents loss per share in FY2023[75] Corporate Governance and Board Composition - The Company is committed to high standards of corporate governance, having complied with all code provisions of the Corporate Governance Code, except for deviations noted[116] - The Board currently consists of six Directors, including one Executive Director, two Non-Executive Directors, and three Independent Non-Executive Directors[123] - The Company has adopted guidelines to clearly define the responsibilities of the Board and management, including strategic importance, corporate governance, and financial authorizations[145] - The Board meets regularly at least four times a year, with additional meetings scheduled as necessary[159] - The Independent Non-Executive Directors contribute significantly to Board Committees, providing independent judgment on corporate strategy and performance[149] - The Company ensures that all Independent Non-Executive Directors are independent and have provided annual confirmations of independence as required by the Listing Rules[151] - The Board has established a balanced structure, allowing free discussion and expression of views among members[153] Director Appointments and Changes - Ms. Chen appointed as independent non-executive director of Tianyun International Holdings Limited effective April 30, 2024[45] - Mr. Mak appointed as independent non-executive director on September 25, 2024, with extensive experience in financial management[48] - Dr. Lowe appointed as independent non-executive director on September 25, 2024, with a strong academic background and experience in political philosophy and international relations[51] - Ms. Chen has over 12 years of experience in executive management, investment, and corporate finance[41] - Mr. Mak has served as CFO for multiple companies, including Nutryfarm International Limited and Sinocloud Group Limited, enhancing financial oversight[49] - Dr. Lowe has published research findings in international academic journals, contributing to the company's intellectual capital[51] - The Board diversity policy aims to enhance performance quality by considering various aspects such as cultural background, experience, and gender[131] Employee and Remuneration Policies - The total staff cost for the year ended December 31, 2024, was approximately HK$3.2 million, compared to approximately HK$3.1 million for FY2023[106] - The Group had a total of 33 employees as of December 31, 2024, down from 50 employees in FY2023[106] - The Group's remuneration policy aims to provide market-rate compensation packages that reward individual performance and attract high-quality employees[111] - Fixed salaries and benefits are benchmarked at the median market level against comparable companies, while performance-related bonuses are linked to predefined performance targets[114] Legal and Compliance Matters - The Group recognized a provision of approximately HK$2,874,000 related to legal claims from former employees, which was derecognized following the deconsolidation of IDTSZ[95] - As of December 31, 2024, the Group had no material litigation or arbitration pending against it, and any potential legal liabilities are not expected to materially impact the financial position[96] - The Company has not arranged insurance cover for Directors against legal actions during FY2024 due to financial distress, but management believes potential claims can be effectively handled[118] Future Outlook - The Group anticipates a gradual improvement in market conditions and expects sustainable business operations in the long run[65][70] - The Group is optimistic about improving its net current liabilities position following the resumption of business operations[98]

Financial Performance - Newlink Technology Inc. reported a revenue increase of 15% year-over-year, reaching $120 million for the fiscal year 2024[4]. - In 2024, the company achieved a revenue growth of 13.6% compared to 2023, reaching RMB 278.8 million[17]. - The company projects a revenue growth of 20% for the next fiscal year, targeting $144 million[4]. - Gross profit for 2024 increased by 4.9% year-on-year, amounting to RMB 38.9 million[17]. - The gross margin improved to 45%, up from 40% in the previous year[4]. - The company recorded a net loss of RMB 93.0 million for 2024, compared to a loss of RMB 69.7 million in 2023[15]. - The pre-tax loss for 2024 was RMB 96.1 million, compared to a pre-tax loss of RMB 71.0 million in 2023[64]. - Annual loss for 2024 was RMB 93.0 million, a 33.4% increase from RMB 69.7 million in 2023, mainly due to losses from equity investments and increased operating expenses[66]. User Growth and Market Expansion - The user base expanded by 25%, with active users now totaling 1.5 million[4]. - The company plans to enter two new international markets by Q3 2025, aiming to increase global presence[4]. - The establishment of a new subsidiary in Shanxi aims to enhance the company's market strategy in North China[12]. - The company has established a stable customer base, including 10 Fortune 500 clients and 12 China 500 clients, contributing to its revenue growth[41]. Research and Development - Newlink is investing $10 million in R&D for new product development, focusing on AI and automation technologies[4]. - R&D expenditure for 2024 was RMB 71.5 million, a 69.0% increase from RMB 42.3 million in 2023, driven by increased amortization of deferred development costs and direct R&D expenses[60]. - The company continues to focus on R&D in AI and big data analytics, enhancing its IT solutions to meet customer needs[42]. Corporate Governance - The board consists of six directors, including three executive directors and three independent non-executive directors[22]. - The board's composition ensures a balance of executive and independent oversight, enhancing corporate governance[26]. - The board is committed to maintaining high standards of corporate governance to enhance shareholder value and transparency[97]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the company's affairs[120]. Shareholder Engagement - The company has a dividend policy that allows for the declaration of dividends at the shareholders' meeting, provided it does not impair the company's ability to meet its debts[149]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[155]. - The company has established procedures for shareholders to request special meetings, requiring at least 10% of voting shares[151]. Awards and Recognition - The company received multiple awards in 2024, including the "Industry Influence Award" and "Outstanding Medical Technology Innovation Award"[14]. - Newlink Technology was selected as one of the "Top 100 Financial Technology Companies in China" at the 2024 Zhongguancun Forum, highlighting its competitive position in the fintech sector[173]. - The company received the "2023 Outstanding Service Partner Award" from a major joint-stock bank client, indicating strong client relationships and service quality[169]. Environmental, Social, and Governance (ESG) - Newlink Technology emphasizes environmental protection as a key development strategy while pursuing its business goals, reflecting its commitment to ESG principles[168]. - The board is committed to monitoring ESG risks and adjusting business strategies accordingly, ensuring effective management of ESG issues[181]. - The company has set quantifiable environmental goals related to greenhouse gas emissions, resource consumption, and waste management[182]. - The ESG governance structure includes an ESG working committee and cross-departmental teams to implement and track ESG policies[184].

Financial Performance - Laekna, Inc. reported a revenue of $50 million for the fiscal year 2024, representing a 25% increase compared to the previous year[2]. - The company reported a significant increase in revenue, achieving a total of $500 million for the last quarter, representing a 25% year-over-year growth[1]. - The company anticipates a net profit margin of 10% for the fiscal year 2024, compared to a net loss of 5% in 2023[2]. - Other income increased by 128.7% from RMB 16.7 million in 2023 to RMB 38.2 million in 2024, primarily due to increased bank deposit interest income[50]. - Other losses decreased by 95.2% from RMB 6.3 million in 2023 to RMB 0.3 million in 2024, mainly due to a reduction in net foreign exchange losses[51]. - The company reported a net loss of RMB 254.3 million for the year, down from RMB 368.8 million in 2023[21]. - The total comprehensive loss for the year was RMB 242.9 million, compared to RMB 458.7 million in 2023[21]. Research and Development - The company has allocated $10 million for research and development of new oncology therapies in the upcoming fiscal year[4]. - The company plans to submit IND applications for LAE103 and LAE123 in Q2 and Q4 of 2025, respectively[15]. - The company is focused on strategic partnerships to accelerate the development and commercialization of its drug candidates to meet significant unmet medical needs[26]. - The company is actively expanding the indications for LAE002 (afuresertib) in other cancers, with ongoing clinical trials showing promising results in cervical and endometrial cancer patients[43]. - The company has established a comprehensive ActRII product portfolio, focusing on maximizing the development value of targeted ActRII receptor therapies[73]. Clinical Trials and Product Development - The company has initiated clinical trials for its new drug Afuresertib, targeting a market with an estimated value of $1 billion[5]. - LAE102, a monoclonal antibody targeting ActRIIA, is being developed for obesity treatment, with a Phase I SAD study completed in China involving 64 healthy participants[13]. - The Phase I SAD study showed encouraging safety and tolerability for LAE102, with no serious adverse events reported and most treatment-related adverse events being mild[13]. - The Phase III clinical trial AFFIRM-205 for LAE002 (afuresertib) commenced in China in May 2024, targeting HR+/HER2–LA/mBC patients[17]. - The company aims to complete subject recruitment for the AFFIRM-205 trial by Q4 2025 and submit a New Drug Application (NDA) to the CDE in H1 2026[17]. - The company plans to initiate a Phase I MAD study in March 2025 in China, involving 60 overweight/obese participants to further assess LAE102's safety and pharmacokinetics[14]. Market Expansion and Strategy - Laekna, Inc. plans to expand its market presence in Asia, aiming for a 30% increase in market share by 2025[6]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $200 million allocated for potential deals[7]. - The company is exploring potential combination therapy opportunities between existing approved drugs and traditional therapies[74]. - The global obesity patient population is expected to exceed 1.21 billion by 2030, highlighting significant market opportunities in obesity and cancer treatment[27]. Financial Management and Corporate Governance - The company has a disciplined financial strategy to maintain a healthy financial status and stable cash flow amid a challenging macroeconomic environment[70]. - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[194]. - The company is committed to maintaining high standards of corporate governance, as evidenced by the qualifications of its board members[103]. - The company has adopted a board diversity policy to enhance competitive advantage and ensure a balanced composition of the board[200]. Employee and Management - The company has a strong management team with members holding various qualifications, including CPA and CFA certifications[99]. - The company has been expanding its leadership team with experienced professionals from reputable financial institutions[95][96]. - The group has 86 employees, emphasizing the importance of personal development and stable employee relations without any significant labor disputes[169]. Shareholder and Equity Information - The total number of issued shares is 407,736,350, with Dr. Lu holding 33,739,390 shares, representing 8.27% of the company's equity[130]. - Major shareholders include OrbiMed Asia Partners III, L.P. with 49,148,000 shares, accounting for 12.05% of the company's equity[134]. - The company has not issued any stock options under the pre-IPO or post-IPO stock option plans during the reporting period[162].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 707,629,000, representing a 1.7% increase from RMB 695,949,000 in 2023[8] - Gross profit for the same period was RMB 89,622,000, up 2.3% from RMB 87,641,000 in 2023[8] - The company experienced a decline in profit before tax, which was RMB 13,831,000, down 5.7% from RMB 14,671,000 in 2023[8] - Net profit for the year was RMB 12,372,000, a decrease of 13.0% compared to RMB 14,224,000 in the previous year[8] - Revenue from IDC solutions decreased by 2.2% to RMB 658.7 million, compared to RMB 673.8 million in the previous year[26] - Revenue from edge computing services surged by 170.7% to RMB 49.0 million, up from RMB 18.1 million in the previous year, with the number of customers increasing from 16 to 25[28] - Overall gross profit increased by 2.3% to RMB 89.6 million, with a slight increase in gross margin from 12.6% to 12.7%[34] - Gross margin for edge computing services improved to 27.3%, up from 20.4% in the previous year, attributed to technological advancements and entry into emerging markets[36] - Other income and gains rose significantly to RMB 9.4 million, compared to RMB 1.3 million in the previous year, mainly due to increased government subsidies and interest income[37] - The total employee benefits expenses, including salaries for directors and senior management, amounted to RMB 33.7 million for the reporting period, compared to RMB 25.6 million as of December 31, 2023[58] - The group reported that transactions with its top five customers accounted for 71.2% of total revenue during the reporting period, up from 67.3% for the year ending December 31, 2023[101] - The single largest customer contributed 22.2% of total revenue, compared to 20.9% for the year ending December 31, 2023[101] Product Development and Services - The company launched a new product, EdgeGlobalCDN service, aimed at enhancing overseas edge network services[9] - The EdgeAIStation service was introduced to integrate distributed heterogeneous computing resources for AI training and scientific computing[9] - The company achieved a 4.8 times increase in the overall capacity of its EdgeCDN platform to meet growing business demands[11] - The EdgeCDN network's overall capacity increased by 4.8 times compared to 2023, successfully supporting significant business demands from leading platform customers[16] - The launch of EdgeGlobalCDN service marks a significant step in the company's internationalization strategy, enhancing global network acceleration capabilities[17] - The EdgeAIStation service was officially launched, providing diverse heterogeneous cloud computing services for machine learning and high-performance computing[20] - The company aims to integrate AI capabilities into edge computing applications, enhancing its business development across CDN, AIoT, and computing platforms[21] - The company has signed over 20 contracts for EdgeAIoT services in various sectors, including smart city management and intelligent transportation[19] Strategic Initiatives and Partnerships - The company signed a cooperation agreement to build a green computing zero-carbon industrial park with local government[13] - A strategic partnership with national ministries is being formed to create a national-level public service platform for large AI models, enhancing computational power offerings[22] - The company plans to cover over 1,000 cities nationwide by 2025 and expand into Southeast Asia, the Middle East, and Europe and the United States markets[23] Financial Position and Assets - The total assets increased to RMB 911,406,000 in 2024 from RMB 501,741,000 in 2023, reflecting significant growth[8] - Trade receivables increased by 18.9% to RMB 235.0 million, compared to RMB 197.6 million in the previous year, reflecting business growth[46] - Prepayments and other receivables surged by 468.4% to RMB 216.0 million, up from RMB 38.0 million in the previous year, primarily due to prepayments related to bandwidth and other resources[47] - As of December 31, 2024, the group's cash and cash equivalents increased by 128.6% to RMB 371.0 million from RMB 162.3 million as of December 31, 2023[52] - The group's debt-to-equity ratio as of December 31, 2024, was 0.6, a significant decrease from 3.1 as of December 31, 2023[56] Management and Governance - The company has a strong management team with diverse backgrounds in finance, law, and technology[78] - The company aims to enhance its financial management and compliance through the expertise of its newly appointed directors[79] - The management team is committed to expanding the company's market presence and exploring new strategies for growth[81] - The board of directors includes experienced professionals with a proven track record in their respective fields[78] - The company has adhered to the corporate governance code, with a commitment to maintaining high standards of corporate governance[179] - The audit committee consists of three independent non-executive directors, with one member possessing appropriate professional qualifications and financial management expertise[199] Risks and Compliance - The group faces several risks, including potential demand slowdown for IDC solutions and reliance on major telecom operators for network services[99] - The company has established strong long-term relationships with key customers, focusing on improving customer experience and reducing complaints[104] - The company faces potential risks from third-party data center agreements that may be terminated early, which could significantly impact operations[105] - The company has taken measures to monitor regulatory developments and reduce risks associated with contractual arrangements[153] - The company is subject to regulatory compliance regarding its contractual arrangements, ensuring fairness and alignment with shareholder interests[163] Shareholder and Investment Information - The group did not propose any final dividends for the reporting period, consistent with the previous year[63] - The company has retained zero profit as distributable reserves for shareholders during the reporting period[111] - The company will continue to explore investment opportunities that are beneficial to shareholders[62] - The company has not entered into any significant contracts with its controlling shareholders or their subsidiaries during the reporting period[167] Charitable Contributions and ESG - The total amount of charitable and other donations made by the group during the reporting period was RMB 87,500[168] - The group emphasized the importance of integrating ESG principles into daily operations for long-term development[96] - The company is committed to environmental protection and resource conservation, adhering to relevant environmental laws and regulations in China[95]

Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately RMB1,060,309,000, representing a decrease of 7.9% compared to 2023[11]. - Profit attributable to owners of the parent was approximately RMB564,940,000, an increase of 73.3% compared to 2023[11]. - The profit included a net gain of RMB277,627,000 from the disposal of a 35% equity interest in AD Pharmaceuticals Co., Ltd.[12]. - Excluding non-recurring profits, the operating profit attributable to owners of the parent amounted to approximately RMB201,717,000, a decrease of 19.3% compared to 2023[12]. - The decrease in operating profit was mainly due to reduced sales of the "An" series products impacted by national centralized procurement[12]. - High production costs and inventory provision of RMB43,880,000 were recorded, compared to RMB10,936,000 in 2023[12]. - Losses from the bulk medicine and intermediate segment amounted to RMB60,975,000, compared to a loss of RMB32,692,000 in 2023[12]. - Total sales revenue declined by 7.9% compared to the same period in 2023, constrained by pricing pressures despite an increase in sales volume[28]. - The segment profit from the finished drugs segment was approximately RMB425,211,000, a decrease of RMB62,066,000 compared to RMB487,277,000 in 2023, mainly due to centralized procurement impacts[86]. - Gross profit was approximately RMB577,628,000, a decrease of RMB63,891,000 or 10.0%, with a gross profit margin of 54.5%, down 1.2 percentage points from the previous year[78]. Dividends - The Board recommends a final dividend of HK$0.048 per share for the year ended December 31, 2024, totaling approximately HK$72,091,000, a decrease from HK$97,516,000 in 2023[16]. - A special dividend of HK$0.032 per share is proposed, totaling approximately HK$48,061,000, subject to shareholder approval at the 2025 AGM[17]. - The total annual dividend distribution will be HK$0.095 per share, representing an 18.8% year-on-year increase from HK$0.080 in 2023[18]. - The annual dividend payout ratio is approximately 23.5%, slightly below the company's policy of at least 25% due to a one-time book gain of approximately RMB366,919,000 in 2024[18]. Market Challenges and Strategies - The Group's financial results reflect challenges in both domestic and overseas markets due to regulatory changes and operational adjustments[12]. - Future strategies may focus on improving production efficiency and expanding market presence to mitigate the impact of centralized procurement[12]. - The Group's sales volume for certain products decreased due to unsuccessful bids in national centralized procurement, while other categories like Atorvastatin Calcium Tablets and Entecavir Dispersible Tablets saw growth[28]. - The Group plans to increase R&D investment focusing on chronic diseases, antiviral, and antimicrobial fields, while also exploring anti-aging and nutritional health domains[36]. - The Group aims to enhance production efficiency through smart manufacturing and lean production to optimize cost structures[36]. - The Group will expand market channels by leveraging e-commerce platforms and exploring international markets to increase product coverage[36]. Research and Development - Approximately 60% of the ongoing R&D projects are self-developed, with a new PhD appointed as the head of the R&D team to optimize project management and enhance efficiency[31]. - The Suzhou Dawnrays Advanced Technology Research Institute has about 60% of its products under development as self-developed projects, focusing on generics and innovative drugs[29]. - The Group's R&D platform, Suzhou Dongrui Advanced Technology Research Institute, will continue to optimize talent structure and enhance technical capabilities, with a focus on increasing the proportion of independent R&D[59]. - The Group plans to increase R&D investment to diversify its product pipeline and aims to launch new products annually to drive future growth[56]. Production and Sales - The Group achieved a 22.5% increase in the production volume of intermediates and bulk medicines compared to 2023, and a 49.3% increase in the production volume of cephalosporin powder for injection[41]. - The sales volume of "Xianshu" (Cefoperazone Sodium and Sulbactam Sodium for Injection: (1:1)) increased by 21.3%, and the sales amount increased by 42.9% compared to the same period in 2023[44]. - The bulk medicine base in Suzhou obtained commercial production qualification, with primary products achieving commercial sales, enhancing the Group's market share in intermediates and bulk medicines[55]. - The sales volume of the antibiotic injection products has shown a steady recovery, with key products winning bids in national centralized procurement[54]. Governance and Compliance - The Board of Directors is composed of a balanced mix of executive and independent non-executive directors, ensuring strong governance and independent judgment[138][140]. - The Company has complied with the Corporate Governance Code, with the exception of two independent directors who could not attend the annual general meeting due to other commitments[135][136]. - The Company has mechanisms to ensure independent views from directors are conveyed to enhance decision-making[141]. - The governance framework is reviewed annually by the Board to ensure its effectiveness[141]. - The Company ensures that all Directors are properly briefed on issues arising at board meetings[167]. Financial Position and Cash Flow - The Group's cash and bank balances were approximately RMB1,158,261,000 as of December 31, 2024, an increase from RMB905,826,000 in the previous year[98]. - Net cash inflows from operating activities were approximately RMB220,200,000, down from RMB338,400,000 in 2023[98]. - The Group recorded net cash inflows from investing activities of approximately RMB205,170,000, compared to net cash outflows of RMB387,573,000 in the previous year[98]. - The Group's interest-bearing bank and other borrowings decreased to RMB29,864,000 as of December 31, 2024, from RMB120,060,000 in 2023, resulting in a debt ratio of 0.7% compared to 3.3% in the previous year[102]. Employee and Operational Management - As of December 31, 2024, the Group employed approximately 1,183 employees, an increase from 1,143 in 2023, with total remuneration of approximately RMB 230,667,000, up from RMB 211,780,000 in 2023, primarily due to staff increase and salary adjustments[120][123]. - The management is responsible for supplying the Board with monthly updates and adequate information for informed decision-making[166]. - Directors have independent access to management for further inquiries if needed[166]. Risk Management - The Group's risk management framework includes identifying significant risks, developing measures to mitigate them, and monitoring their effectiveness[180]. - The internal audit department continuously reviews major operational and financial controls, reporting directly to the Chairman of the Board and the Audit Committee[183]. - The Group has integrated its risk management systems into core operating practices, with business units assessing potential risks to achieve their objectives[182].

Production and Capacity - By the end of the reporting period, China Shengmu owned 34 farms with a total of 144,000 dairy cows and a daily fresh milk production of approximately 2,015 tonnes, achieving an annual production capacity of 600,000 tonnes of ecological organic raw milk[4]. - As of December 31, 2024, the Group owned 144,448 cows, including 62,842 milkable cows, and sold a total of 699,803 tonnes of raw milk, representing a slight decrease of 1.6% year-on-year[25][26]. - The Group produced 2,015 tonnes of raw fresh milk per day in 2024, with 21 organic certified farms contributing 1,534 tonnes per day[52][55]. - The Group's herd size increased by 5.7% to 156,481 cows as of December 31, 2024[53][56]. - The average milk yield per milkable cow reached 12.05 tonnes in 2024, representing a year-on-year increase of 0.67 tonnes[58]. Financial Performance - Revenue for the year was RMB 3,126.2 million, reflecting a year-on-year decrease of 7.6% due to declining raw milk prices[25][26]. - The total sales revenue for 2024 was RMB 3,126.2 million, representing a year-on-year decrease of 7.6% from RMB 3,383.6 million in 2023[90]. - The gross profit for 2024 was RMB 925.9 million, down from RMB 1,025.0 million in 2023, with a gross profit margin of 29.6% compared to 30.3% in the previous year[94]. - The average sales price of the Group's comprehensive raw milk was RMB 4.47/kg, reflecting a year-on-year decrease of RMB 0.29/kg[63]. - The loss attributable to owners of the parent company was RMB 65.5 million in 2024, a decrease of RMB 151.6 million compared to a profit of RMB 86.1 million in 2023[121]. Cost Management - The cost of sales per kilogram of milk decreased by 5.2% year-on-year, benefiting from lower feed prices and internal cost control measures[25][26]. - The sales cost per kilogram of milk in 2024 was RMB 3.14/kg, with feed costs at RMB 2.54/kg, representing a year-on-year decrease of RMB 0.11/kg[64]. - Administrative expenses decreased by 8.3% year-on-year to RMB 152.6 million in 2024, accounting for 4.88% of sales revenue[105]. - Selling and distribution expenses decreased by 21.8% to RMB 49.1 million from RMB 62.7 million in 2023 due to cost optimization strategies[100]. Sustainability and Ecological Initiatives - The company has transformed 350,000 mu of desert into high-quality pasture and planted over 98 million sand-fixing trees, creating a robust ecological environment[3]. - China Shengmu's end-user brand organic milk won the Gold Award at the 17th Asia International Organic Product Expo, highlighting its commitment to sustainable practices[6]. - The company has built 11 reservoirs, 9 organic manure fermentation plants, and 1 bio-organic fertilizer processing plant to support its ecological initiatives[3]. - The Group's unique ecological model integrates desert governance with the organic dairy industry, contributing to sustainable development[79]. - The Group was recognized by the United Nations Global Compact for its best practices in "Sustainable Production and Consumption"[6]. Market Trends and Industry Challenges - The dairy industry in China is experiencing increased concentration, with small and medium-sized farms being phased out, leading to a dominance of large-scale and standardized farms[21]. - The supply-demand situation in the industry remains severe, but the Group maintains a firm belief in refining management and aligning with government strategies[156]. - In 2024, China's total raw milk production was 40.79 million tonnes, a year-on-year decrease of 2.8%, marking the first decline since 2018[49][50]. - The average price of raw fresh milk in primary producing regions was RMB 3.11/kg by the end of December 2024, a decrease of 15.0% compared to the previous year[49][50]. Strategic Focus and Future Outlook - Looking forward to 2025, the Group anticipates improved consumption growth in dairy products, supported by government initiatives to boost consumption[33]. - The Group's strategic focus includes sustainable development and enhancing corporate value amidst industry challenges[28][30]. - The Group aims to ensure the growth of Mengniu's Deluxe Desert Organic business with high quality as a core business goal for 2025[156]. - The Group will focus on comprehensive cost control, efficiency improvement, environmental protection upgrading, and water resource guarantee to achieve operational breakthroughs[156]. Debt and Financing - The gearing ratio was maintained at 50.7%, with a credit facility of RMB 10 billion, ensuring solid liquidity[28][30]. - The proportion of long-term loans increased to 57.3% in 2024, up from 51.4% in 2022[38]. - The annual average financing rate decreased to 2.44% in 2023 from 2.67% in 2022[40]. - The Group maintained a credit limit of RMB 10 billion in 2024, with a stable credit utilization rate of less than 30%[124]. Employee and Operational Efficiency - The Group's total employee costs decreased to RMB 326.8 million in 2024 from RMB 377.4 million in 2023, despite a reduction in total employees from 2,701 to 2,217[84]. - The Group's refined cost management and risk governance capabilities were enhanced through its digitalization efforts[74]. - The Group's "Cow Identification + AI Model Algorithm" and the industry-level "Cow Milk Calibration Model" achieved over 95% accuracy, enhancing individual cow efficiency management[74]. Awards and Recognition - The Group's organic products won the Gold Award at the Asian Organic Expo, reinforcing its commitment to high-quality organic practices[73]. - The Group achieved 100% ESG disclosure for three consecutive years and received a comprehensive "B-level" certification from the Carbon Disclosure Project (CDP) in climate change, water security, and forest risk[79]. - The Group's Electronic Records Management System won the "Digital Intelligence Pioneer Product - Best Practice Award," accelerating its digital transformation[74].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 98,580, a decrease of 77.7% compared to RMB 440,550 in 2023[18] - Gross loss for 2024 was RMB (456), compared to a gross profit of RMB 83,827 in 2023[18] - Loss before tax for 2024 was RMB (70,426), a significant decline from a profit of RMB 34,456 in 2023[18] - Loss attributable to owners of the parent for 2024 was RMB (77,527), compared to a profit of RMB 25,493 in 2023[18] - The Group's revenue decreased by approximately 77.6% from approximately RMB440.6 million in 2023 to approximately RMB98.6 million in 2024[22] - The adjusted net loss was approximately RMB64.0 million in 2024, compared to an adjusted net profit of approximately RMB36.0 million in 2023[22] - The Group's net loss was approximately RMB77.5 million in 2024, compared to a net profit of approximately RMB25.5 million in 2023[40] - The Group's gross (loss)/profit decreased from approximately RMB83.8 million in 2023 to approximately RMB(0.5) million in 2024[40] - The Group's adjusted net loss in 2024 was approximately RMB64.0 million, compared to an adjusted net profit of approximately RMB36.0 million in 2023[102] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 252,053, down from RMB 350,769 in 2023[18] - Total equity decreased to RMB 205,437 in 2024 from RMB 268,377 in 2023, reflecting a decline of 23.4%[18] - Current liabilities decreased to RMB 46,391 in 2024 from RMB 81,465 in 2023, a reduction of 43.0%[18] - Non-current assets decreased to RMB 16,236 in 2024 from RMB 28,147 in 2023, a decline of 42.4%[18] - Total liabilities decreased to RMB 46,616 in 2024 from RMB 82,392 in 2023, a reduction of 43.4%[18] Revenue Breakdown - Revenue from data transmission and processing services for IoT applications decreased by approximately 80.8%, from approximately RMB380.3 million in 2023 to approximately RMB73.2 million in 2024[23] - Non-5G business revenue decreased by approximately 81.7% from approximately RMB350.7 million in 2023 to approximately RMB64.2 million in 2024[39] - The Group's 5G business revenue decreased from approximately RMB89.9 million in 2023 to RMB34.3 million in 2024[39] - Revenue from sales of telecommunication equipment decreased by approximately 56.4% from approximately RMB58.2 million in 2023 to approximately RMB25.4 million in 2024[64] - Revenue from data transmission and processing services decreased by approximately 80.8% from approximately RMB380.3 million in 2023 to approximately RMB73.2 million in 2024[85] - Non-5G network services revenue decreased by approximately 81.2% from approximately RMB342.3 million in 2023 to approximately RMB64.2 million in 2024[61] - Sales of 5G telecommunication equipment decreased by approximately 51.0% from approximately RMB51.8 million in 2023 to approximately RMB25.4 million in 2024[64] Operational Strategies - The decrease in revenue for 2024 was mainly due to clients delaying projects due to cash flow concerns and macroeconomic uncertainty[36] - The Group plans to strengthen independent research and development capabilities and actively study advanced technologies in the 5G era[26] - The Group aims to implement effective operational management policies and cost control measures to promote sustainable business development[26] - The Group plans to diversify its 5G private network industrial customers to include advanced manufacturing, transportation, environmental protection, and energy industries[46] - The Group will upgrade its industry data platform to incorporate AI and big data, extending its functions to cover industrial IoT applications[47] - The Group aims to strengthen risk management and control, enhance efforts to collect trade receivables, and ensure sufficient cash flow for operations[48] Innovation and Development - As of December 31, 2024, the Group had successfully registered 30 utility model patents, 23 patents for invention, one international PCT, and 90 copyrights in the PRC[73] - The Group's one-stop solution and diversified product portfolio are expected to help it stand out in the competitive IoT market[54] - R&D expenses increased by 40.3% from approximately RMB9.6 million in 2023 to approximately RMB13.5 million in 2024[93] - The Group's impairment losses on financial assets increased by approximately 194.2% from approximately RMB10.0 million in 2023 to approximately RMB29.4 million in 2024[96] Cash Flow and Financing - Cash and cash equivalents decreased from approximately RMB33.2 million as of December 31, 2023, to approximately RMB4.1 million as of December 31, 2024, primarily due to net cash used in operating activities of approximately RMB27.0 million[108] - Net cash flow used in operating activities was approximately RMB27.0 million in 2024, compared to approximately RMB39.5 million in 2023[122] - Net cash flow from investing activities amounted to approximately RMB5.7 million in 2024, down from approximately RMB50.4 million in 2023[123] - The net cash flow used in financing activities was approximately RMB2.2 million in 2024, compared to RMB33.0 million in 2023, primarily due to the repayment of bank loans amounting to RMB5.0 million[128] Market Outlook - The IoT market in China is expected to grow at a CAGR of approximately 13.3% from 2021 to 2026, reaching approximately RMB 5,466.0 billion in 2026[49] - The 5G-based IoT market is projected to grow at a CAGR of approximately 62.2% from 2021 to 2026, reaching approximately RMB 491.9 billion in 2026[49] - The private 5G network market in China is expected to reach approximately RMB 236.1 billion in 2026, with a CAGR of approximately 108.2% from 2021 to 2026[49] Leadership and Corporate Governance - The Group's CEO, Mr. Ray Chan, has a global audience of 200 million across various social media channels, including 56 million on Instagram and 40 million on Facebook[139] - Mr. Kevin Kwong has successfully driven the group's transition from Web2 to Web3, significantly enhancing business performance during his tenure at 9GAG[158] - The leadership team has over 20 years of experience in their respective fields, with expertise spanning traditional finance, centralized finance, and decentralized finance[161] - The Company aims to enhance investor relations and corporate governance functions under the leadership of Mr. Tony Liu[187] - The Company has expanded its senior management team to include experienced professionals with backgrounds in finance and investment banking[185] Company Background - The Company was incorporated in the Cayman Islands on August 25, 2021, and listed on the Main Board of the Stock Exchange on December 12, 2022, issuing 36,000,000 Shares at an offer price of HK$2.73 per Share, resulting in net proceeds of approximately HK$47.1 million[191] - The Group is a PRC provider of data transmission and processing services for IoT applications and telecommunication equipment, serving a broad range of industrial customers[193] - The Group generates revenue primarily from customized data transmission and processing services, with additional income from telecommunication equipment maintenance and consulting services[198]