Financial Performance - The Group recorded a turnover of HK$89.1 billion for the year ended 31 December 2024, representing a year-on-year increase of 21%[24] - The after-tax net profit attributable to shareholders was HK$1.05 billion, reflecting a year-on-year increase of 14%[24] - The return on equity (ROE) for the Group was 12.6%[24] - The Group achieved a revenue of HK$89.1 billion, representing a year-on-year increase of 21%[25] - The net profit attributable to shareholders was HK$1.05 billion, reflecting a year-on-year growth of 14%[25] - The revenue from the artificial intelligence business reached approximately HK$3.78 billion, marking a year-on-year increase of 42%[28] - The cloud computing business generated approximately HK$3.9 billion in revenue, with a year-on-year growth of 28%[28] - The turnover from Southeast Asia amounted to HK$30.65 billion, showing a significant year-on-year increase of 74%[28] - The gross profit margin for the private cloud business is projected to reach about 20%[38] - The Group's net asset return (ROE) was reported at 12.6%[25] - The Group's strong development momentum in the Southeast Asian market contributed significantly to its overall performance[29] - The AI business segment recorded a growth rate of up to 42% in 2024[40] - The Group's performance in the information technology application innovation industry reached RMB 9 billion in 2024, with domestic brands accounting for over 70% of the market[44][47] - Domestic brand turnover contributed HK$6.82 billion, representing a 14% year-on-year increase[49][52] - The Group's net profit growth rate in Southeast Asia reached 646% from 2015 to 2024, with ongoing expansion in AI and cloud services[50][52] - Revenue from the enterprise systems segment increased by 30% to HK$52,338,202,000, contributing 59% of total Group revenue[64] - Revenue from the consumer electronics segment rose by 8% to HK$32,812,964,000, accounting for 37% of total Group revenue[64] - Revenue from the cloud computing segment increased by 28% to HK$3,934,422,000, contributing 4% of total Group revenue[64] - Revenue generated in North Asia slightly increased by 4% to HK$58,434,073,000, contributing approximately 66% of total Group revenue[65] - Revenue from South East Asia surged by 74% to HK$30,651,515,000, contributing approximately 34% of total Group revenue[65] Business Strategy and Development - The company aims to drive new development through "cloud + AI" strategies[23] - The Group is focused on accumulating new momentum for development despite challenges in the global economy[23] - The company is committed to stable growth and achieving new highs in operating results[24] - The Group aims to continue executing strategies to increase market shares and expand the range of products and services offered[79] - The Group aims to expand its business into consumer electronics and cloud computing while improving operational and financial efficiencies[83] - The Group's strategy includes continued expansion in China and Southeast Asia to increase market share and product offerings[83] - The Group is actively enhancing internal management and operational standards to build core competitiveness in the AI era[51][53] - The Chairman emphasized the commitment to innovation and market expansion to create high-quality digital solutions for customers by 2025[54][55] Human Resources and Management - The workforce includes over 4,000 team members across the Asia-Pacific region[8] - The Group had 5,639 full-time employees as of December 31, 2024, an increase from 4,322 in 2023[95] - The net total remuneration paid for the year ended December 31, 2024, amounted to approximately HK$1,211,875,000, compared to approximately HK$1,096,787,000 in 2023[96] - The Group is committed to providing a healthy working environment and competitive remuneration packages to address employee concerns about welfare and career development[160] Corporate Governance and Board Composition - The Company has a diverse board with members holding degrees from prestigious institutions such as Tsinghua University and Xiamen University[116][120][122] - The board includes members with extensive experience in various sectors, including technology, finance, and supply chain management[109][111][116] - The Company is focused on strategic goals in the Greater China Region, leveraging the expertise of its directors for business development[111] - 45% of the Board members are aged between 51 to 60 years, while 33% are under the age of 50, indicating a younger and more diversified Board[140] Environmental, Social, and Governance (ESG) Initiatives - The Group's ESG Report covers the period from January 1, 2024, to December 31, 2024, highlighting strategies for sustainable development[128] - The ESG Report focuses on three main operation segments: Enterprise Systems, Consumer Electronics, and Cloud Computing[138] - The Board acknowledges its responsibility for identifying ESG risks and opportunities, and for developing environmental goals to enhance future performance[146] - The Group's ESG performance is regularly measured, reviewed, and reported to management for continuous improvement[146] - The ESG Report includes measurable KPIs related to carbon emissions, resource usage, and waste generation[131] - The Group is committed to creating sustainable value for stakeholders and upholding its role as a responsible corporate citizen[139] - The ESG governance structure is designed to ensure the Group's commitment to social and environmental responsibilities[139] - The Group thanks all stakeholders for their contributions to its sustainability journey[128] - The ESG Report adheres to the HKEx ESG Reporting Guide, ensuring materiality, quantitative assessment, balance, and consistency[130] - The Group emphasizes the importance of stakeholder engagement, recognizing that long-term growth is tied to understanding stakeholder views and opinions[152] - The Group has established effective communication channels for shareholders and investors, including investor meetings, annual general meetings, and press conferences, to address concerns about business development and return on investment[163] - The Group collects stakeholder opinions through various channels, including site visits to suppliers and service hotlines for clients, to ensure their needs are met[154] - A materiality assessment has been conducted to identify key ESG issues that concern the business, based on stakeholder feedback[165] - The Group has identified key Environmental, Social, and Governance (ESG) issues through consultations with stakeholders, including shareholders and employees[167] - The primary ESG topics prioritized by the Group include Product Quality and Safety, Product Market Demand and Innovation, and Intellectual Property Rights[177] - The Group emphasizes the importance of monitoring product safety and quality, with immediate actions taken to address any identified issues[179] - The Group is committed to reducing greenhouse gas emissions and improving resource efficiency in its operations[184] - The Group plans to collaborate with suppliers to manage electronic waste more effectively[184] - Stakeholders are more focused on social and governance issues rather than environmental issues due to the nature of the Group's business[178] - The Group has established a stringent Code of Conduct to prevent corruption and requires annual anti-corruption training for all employees[180] - The Group aims to enhance social development through employment policies, supplier selection, and product responsibility[183] - The Group has set a three-step environmental goal to monitor and control environmental risks[184] - The company aims to control and reduce greenhouse gas (GHG) emissions year by year, implementing quantitative targets across various departments, particularly in electricity usage[188] - Continuous improvement in monitoring and management of environmental issues is a dynamic process that enhances the ability to track and address environmental concerns, including Scope 3 GHG emissions[191] - The company is committed to promoting environmental upgrading of industries based on its services, recognizing the importance of social responsibility in the ICT sector[192] Product Quality and Safety - The company emphasizes the importance of product quality and safety by carefully selecting reputable suppliers and ensuring products meet necessary standards before introduction[194] - The Group has a dedicated team for after-sales services to enhance customer satisfaction regarding product quality and safety[158] - The company is focused on leveraging its channel network and service capabilities to facilitate the intelligent integration of cloud and network technologies, accelerating industry modernization[200] - The company is committed to providing high-quality products and services while offering value-added services to both suppliers and customers[199]

Financial Performance - The company achieved an operating revenue of RMB 20.891 billion and a net profit attributable to shareholders of RMB 10.386 billion, marking a significant growth in performance[12]. - The company achieved revenue and profit growth, with net profit surpassing 10 billion yuan, marking the best performance in nearly three years[22]. - The annual profit attributable to shareholders for 2024 was RMB 10,385.87 million, an increase of 18.51% from RMB 8,763.96 million in 2023[82]. - The pre-tax profit for the year was RMB 11.219 billion, reflecting a growth of 20.70% compared to the previous year[165]. - The total revenue for 2024 reached RMB 30,622.28 million, representing a year-on-year increase of 2.00% compared to RMB 30,020.44 million in 2023[82]. - The basic earnings per share for 2024 was RMB 1.13, reflecting a growth of 20.21% compared to RMB 0.94 in 2023[84]. - The weighted average return on equity (ROE) for 2024 was 8.82%, an increase of 0.91 percentage points from 7.91% in 2023[84]. - The net cash generated from operating activities was RMB 22.261 billion, up 41.17% from the previous year[165]. - The company reported a decrease in total expenses to RMB 20.886 billion, down 6.17% year-on-year[165]. Strategic Initiatives - The company aims to enhance its strategic focus on "digital intelligence, green technology, and life sciences" as part of its new five-year strategy[14]. - The company successfully implemented its new five-year strategic plan, aiming to become a leading investment bank in China[23]. - The company has established a clear vision to become a leading investment bank in China, aligning its mission with national technological self-reliance[14]. - The company is focused on enhancing its wealth management transformation, emphasizing product capability and asset allocation to improve client service quality[112]. - The company launched the "Partner+" overseas fund administrative outsourcing service brand, accelerating its internationalization efforts[110]. Business Expansion and Qualifications - The company is focused on international business expansion and aims to deepen its transformation and innovation efforts[17]. - The company has obtained new business qualifications, including participation in carbon emission trading and swap convenience business, expected to be operational by December 2024 and October 2024 respectively[43]. - The company has expanded its business qualifications to include various derivatives and futures trading, enhancing its market capabilities[45]. - The company has a strong presence in the market with qualifications from multiple exchanges, including the Zhengzhou Commodity Exchange and Dalian Commodity Exchange, enhancing its trading capabilities[55]. - The company has been actively expanding its qualifications, with recent additions including options settlement qualifications from China Securities Depository and Clearing Corporation in October 2023[53]. Risk Management and Compliance - The company emphasizes risk management and compliance as it navigates external uncertainties and domestic demand challenges[17]. - No new default losses were reported throughout the year, indicating strong asset quality and effective risk management[25]. - The company established a comprehensive and effective credit risk management system, with no negative credit events occurring during the reporting period[146]. Market Position and Performance - The company ranks among the top five in the industry for key wealth management indicators, demonstrating strong performance in this sector[12]. - Key indicators such as net income from financial agency business and scale of non-monetary funds maintained a top five ranking in the industry[22]. - The company was recognized as a "benchmark" enterprise in the 2023 annual assessment by the State-owned Assets Supervision and Administration Commission[23]. - The company has maintained a leading net profit margin and business management expense ratio among comprehensive securities firms[12]. - The company’s investment banking business saw improvements in key metrics such as stock and bond underwriting amounts[22]. Customer and Asset Management - The company achieved a total income from wealth management and institutional business of RMB 16,349.00 million, accounting for 53.39% of total operating income[98]. - The company’s wealth management customer count reached 627,500, with entrusted assets amounting to RMB 1.56 trillion, reflecting a year-on-year growth of 13.88%[102]. - The total scale of the company's custody outsourcing products reached RMB 3.46 trillion, with a market share of 21.72% in private fund custody products, maintaining the industry’s top position for eleven consecutive years[110]. - The company’s asset management scale for non-monetary market funds reached RMB 959 billion, ranking 4th in the securities industry[101]. Financial Health and Assets - The net capital increased to RMB 87,411,626,102.24, representing a growth of 10.4% compared to the previous year's RMB 79,370,429,988.47[42]. - The total assets at the end of 2024 amounted to RMB 721,160.33 million, a 3.64% increase from RMB 695,852.99 million at the end of 2023[82]. - The company's total liabilities amounted to RMB 590.91 billion, an increase of RMB 17.09 billion or 2.98% compared to the end of 2023[192]. - The equity attributable to shareholders reached RMB 130.18 billion at the end of 2024, reflecting an increase of RMB 8.22 billion or 6.74% from the previous year[195]. Operational Efficiency - The company has a comprehensive organizational structure including various committees and subsidiaries to support its operations and strategic development[72]. - The company has expanded its operations with 265 securities business branches across various regions[73]. - The company employs KPMG Huazhen LLP as its domestic accounting firm, ensuring compliance and accuracy in financial reporting[80]. - The company has a robust legal advisory framework in place, with King & Wood Mallesons serving as its overseas legal advisor[80].

Financial Performance - The company's sales revenue for the year ended December 31, 2024, was approximately RMB 584,794,000, a decrease of 8% compared to RMB 637,078,000 in the previous year[13]. - The net loss attributable to shareholders was approximately RMB 68,243,000, a reduction of 21% year-on-year[13]. - Revenue for 2024 was RMB 584,794,000, a decrease from RMB 637,078,000 in 2023, with a gross margin of 2.9% compared to 4.1% in the previous year[25]. - The company recorded a net loss attributable to shareholders of approximately RMB 68,243,000 for 2024, an improvement from a loss of RMB 86,057,000 in 2023, mainly due to declining sales revenue and gross margin[28]. - The group recorded a net loss of RMB 68,251,000 for the year ended December 31, 2024, with a net cash outflow from operating activities of RMB 32,317,000[160]. - The company reported a basic and diluted loss per share of RMB (0.129), an improvement from RMB (0.162) in the previous year[180]. - The company reported a net loss of RMB 68,251,000 for the year ended December 31, 2024, compared to a net loss of RMB 2,349,000 in the previous year[189]. - Operating cash flow was a net outflow of RMB 32,317,000, significantly worse than the previous year's inflow of RMB 18,325,000[189]. Production and Operations - The company achieved an 18% increase in the production of major products while ensuring product quality[15]. - Despite a decline in product prices, total sales volume increased by 9%, indicating strong market competitiveness[16]. - The company is relocating part of the production lines from the Lianyungang factory to the Dalian factory to enhance product chain efficiency and reduce costs[14]. - New products, including special anhydrides, have been successfully trialed and validated by over 100 enterprises, laying a foundation for future sales growth[16]. - The Dalian factory remains a key focus, with the production of special anhydride starting trial production in 2024, aiming to enhance product quality and competitiveness[20]. - The company plans to simplify production processes and reduce costs, expecting to improve profitability as the second phase of production lines is completed in 2025[192]. Financial Position and Liabilities - As of December 31, 2024, the total outstanding bank loans amounted to RMB 524,540,000, an increase from RMB 492,613,000 in 2023[31]. - The debt-to-asset ratio increased to 53.3% as of December 31, 2024, compared to 47.6% in 2023, primarily due to increased bank loans[32]. - Total liabilities increased to RMB 666,419 thousand from RMB 590,907 thousand, marking a rise of 12.7%[182]. - The group has significant uncertainties regarding its ability to continue as a going concern due to financial commitments and losses[160]. - The company is in discussions with banks regarding financial covenants related to project loans totaling RMB 282,634,000[190]. Cost Management and Efficiency - Sales and administrative expenses decreased to RMB 81,019,000 in 2024 from RMB 83,307,000 in 2023, indicating effective cost control measures[25]. - The company aims to monitor and control administrative expenses and future capital expenditures to reduce cash outflows[192]. - The company has implemented measures to ensure effective operation of equipment to reduce indirect greenhouse gas emissions from electricity and steam consumption[88]. Environmental and Social Responsibility - The company was certified as a "Green Factory" in Jiangsu Province in 2024, reflecting its commitment to environmental management and energy consumption reduction[23]. - The company has established an environmental management system, with its Changzhou factory certified to ISO 14001, focusing on energy conservation and pollution reduction[86]. - The total wastewater generated in 2024 was 397,666 tons, an increase from 377,761 tons in 2023, with a wastewater per production unit of 6.57 tons/ton, down from 7.37 tons/ton in 2023[90]. - Total greenhouse gas emissions in 2024 were 84,848 tons, a decrease from 91,157 tons in 2023, with emissions per production unit at 1.40 tons/ton, down from 1.78 tons/ton in 2023[90]. - The company has increased its environmental investment to comply with stricter government regulations on emissions and environmental protection[87]. Corporate Governance - The company maintains a commitment to high-quality corporate governance, believing it establishes a framework for effective management and enhances shareholder value[49]. - The board of directors held 7 meetings during the fiscal year ending December 31, 2024, with a 100% attendance rate from all members[52]. - The audit committee held 4 meetings during the fiscal year, with all members attending every meeting, focusing on financial reporting and internal control systems[59]. - The company has established a clear governance structure, including an audit committee, remuneration committee, and nomination committee[57]. - The company has adopted a standard code of conduct for securities trading, with no known violations reported for the fiscal year ending December 31, 2024[53]. Research and Development - The company has 44 patents as of the end of 2024, including 30 invention patents and 14 utility model patents, with 14 new R&D projects initiated during the year[19]. - The company has a strong focus on continuous improvement and innovation in biochemistry and immobilized cell technology, with multiple technical upgrades and new product research initiatives[47]. - The company actively participates in research projects and has published over 50 papers, showcasing its commitment to academic and practical advancements in its field[42]. Employee Management - Total employee costs for the year amounted to approximately RMB 98,884,000, up from RMB 89,667,000 in 2023, attributed to an increase in average headcount[33]. - The employee turnover rate for males was 16% in 2024, up from 12% in 2023, while the female turnover rate decreased to 10% from 16%[97]. - The company achieved a 100% training rate for senior management employees in 2024[98]. - The total number of employees was 573 in 2024, a decrease from 609 in 2023[97]. Shareholding and Ownership - Mr. Rui Xingsheng holds 2,500,000 domestic shares (100%) and 135,000,000 foreign shares (39.30%), along with 12,236,000 H shares (6.66%)[118]. - Major shareholders include Hong Kong Newborn Venture Capital Limited with 135,000,000 foreign shares (39.30%) and Hong Kong Biochemical High-Tech Investment Limited with 67,500,000 foreign shares (19.65%) as of December 31, 2024[124]. - The total issued capital of Hong Kong Newborn includes 170,000 A shares and 100,000 B shares[120]. Risk Management - The company faces significant risks from raw material price fluctuations, particularly for butane and maleic anhydride, which are influenced by global oil prices and supply-demand dynamics[144]. - The company is exposed to foreign exchange risks, primarily related to the US dollar, due to its operations in China and international sales[148]. - The group faces various financial risks, including foreign exchange risk, credit risk, liquidity risk, and cash flow and fair value interest rate risk[199].

Financial Performance - The company's operating revenue for 2024 reached RMB 177,664,098 thousand, representing a 39.01% increase compared to RMB 127,809,519 thousand in 2023[31]. - Net profit attributable to shareholders of the parent company surged to RMB 2,972,343 thousand, a remarkable increase of 605.60% from RMB 421,249 thousand in the previous year[31]. - The total assets of the company increased by 8.03% to RMB 174,752,236 thousand in 2024, up from RMB 161,763,233 thousand in 2023[33]. - The company's cash flow from operating activities saw a significant rise of 242.70%, reaching RMB 9,263,870 thousand compared to RMB 2,703,186 thousand in 2023[34]. - Basic earnings per share attributable to shareholders of the parent company increased by 657.14% to RMB 0.53 in 2024, up from RMB 0.07 in 2023[38]. - The total liabilities of the company rose by 9.88% to RMB 106,732,434 thousand in 2024, compared to RMB 97,132,883 thousand in 2023[33]. - The company's total equity increased by 5.24% to RMB 68,019,802 thousand in 2024, up from RMB 64,630,350 thousand in 2023[33]. - The diluted earnings per share attributable to shareholders of the parent company rose by 960.00% to RMB 0.53 in 2024, compared to RMB 0.05 in 2023[38]. - The weighted average return on equity (ROE) increased to 6% in 2024, up from 1% in 2023[38]. - The company achieved an annual revenue of RMB 177.664 billion, a year-on-year increase of 39.01%, marking a historical high[49]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.176 per share to all shareholders, based on a total share count of 5,367,874,835 shares after excluding repurchased shares[8]. - The board of directors will submit the profit distribution plan for approval at the annual general meeting[8]. - The group aims to distribute a cash dividend of RMB 0.176 per share, totaling RMB 945 million, exceeding 30% of the net profit attributable to the parent company for 2024[59]. Market Presence and Expansion - The company is listed on both the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, indicating its dual-market presence[11]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2025[15]. - The company maintained a revenue ratio of approximately 54% from overseas markets compared to 46% from domestic markets, capturing regional growth opportunities[49]. - The group maintained a strong global presence with over 30 overseas entities and a revenue distribution of approximately 46% domestic and 54% international[64]. Operational Efficiency and Strategic Initiatives - The company aims to improve operational efficiency, targeting a 5% reduction in costs by the end of the fiscal year[15]. - The company is exploring potential acquisitions to enhance its logistics capabilities, with a budget of RMB 2 billion allocated for this purpose[15]. - The group plans to reassess and upgrade its five-year strategic plan in 2025, focusing on improving quality and efficiency for sustainable growth[60]. - The company aims to enhance operational efficiency in European factories and increase the use of domestic supply chains to reduce costs[128]. Research and Development - Research and development investments increased by 30%, totaling RMB 500 million, focusing on innovative technologies[15]. - The group's R&D investment amounted to RMB 2,712,160 thousand, accounting for 1.52% of operating revenue, with a compound annual growth rate of 13.38% over the past five years[180]. - The group plans to enhance its R&D investment further in 2024, focusing on maintaining product leadership and strengthening technological innovation[180]. Risk Management and Compliance - The company emphasizes that forward-looking statements in the report carry high risks and uncertainties, and actual performance may differ from these statements[9]. - The company has committed to maintaining transparency and legal responsibility regarding the report's content[7]. - The report includes significant risk warnings related to the company's financial condition and operational results[3]. - The group faces risks from economic cycle fluctuations, trade protectionism, and the impact of global economic changes on its operational management capabilities[144]. Technological Advancements - The group has achieved significant technological advancements, with multiple products and technologies transitioning from "Made in China" to "Created in China" in 2024[187]. - The group has successfully developed a high-altitude firefighting drone system, showcasing significant advantages in operational height, response time, and safety compared to existing equipment[81]. - The RAP active temperature-controlled container is the first of its kind in China, allowing precise temperature control between 4-30°C, and is lighter than similar foreign products[188]. Environmental and Sustainability Initiatives - The group is actively developing green methanol and other research projects in collaboration with industry partners to promote sustainable development[56]. - The company is transitioning towards becoming a "comprehensive service provider" by advancing clean alternative fuel strategies, including hydrogen production and green methanol[134]. - The company aims to enhance customer satisfaction and expand future cooperation opportunities by focusing on key regional markets and actively participating in customer tenders[143].

Financial Performance - The group recorded revenue of approximately HKD 230.6 million, an increase of approximately HKD 50.2 million or about 27.8% from HKD 180.4 million in the previous year[9]. - The after-tax profit was approximately HKD 66.2 million, a decrease of about HKD 7.1 million or approximately 9.7% compared to HKD 73.3 million in the previous year[9]. - Revenue for the reporting period was approximately HKD 230.6 million, an increase from approximately HKD 180.4 million in the same period last year[22]. - The annual profit decreased from approximately HKD 73.3 million for the year ended December 31, 2023, to about HKD 66.2 million, a reduction of approximately HKD 7.1 million or about 9.7%[45]. - The total comprehensive income for the reporting period was approximately HKD 20.3 million, down from about HKD 37.2 million for the year ended December 31, 2023[45]. - Revenue from wastewater treatment operations rose from approximately HKD 64.6 million to approximately HKD 113.5 million, an increase of about HKD 48.9 million or approximately 75.7%[33]. - The gross profit increased from approximately HKD 114.1 million to approximately HKD 176.1 million, an increase of about HKD 62.0 million or approximately 54.3%[37]. - The gross profit margin improved from approximately 63.2% to approximately 76.4%[38]. Operational Performance - The total sewage treatment volume during the reporting period was approximately 78.7 million cubic meters, a decrease of about 1.7 million cubic meters or approximately 2.1% compared to the previous year[8]. - The total daily wastewater treatment capacity is 375,000 cubic meters following the cessation of operations at the first treatment plant[22]. - All wastewater treatment plants achieved Class A discharge standards (275,000 cubic meters per day) and Class IV water standards (100,000 cubic meters per day)[22]. - The company actively complied with all national policy discharge standards and parameters during the reporting period[22]. - The company has not encountered any significant quality issues or interruptions in its wastewater treatment services during the reporting period[22]. - The company is focused on upgrading and expanding wastewater treatment facilities to meet higher discharge standards and increase design treatment capacity[22]. - The company aims to enhance operational efficiency and cost optimization in managing sewage treatment plants[13]. Future Outlook - The company anticipates challenges in the upcoming year due to the ongoing slowdown in the Chinese economy and geopolitical tensions, but maintains a positive long-term outlook as a long-term concessionaire[10]. - The group expects the sewage treatment industry outlook to remain optimistic, leading to a cautiously optimistic financial performance for the fiscal year ending December 31, 2025[14]. - The company plans to focus on finalizing new water pricing and basic water volume agreements with local authorities, which are expected to positively contribute to revenue[12]. - The company is actively seeking potential acquisitions of sewage treatment assets in Yinchuan, Ningxia, and other regions in China to strengthen its business presence[14]. Financial Position - Trade and other receivables decreased from approximately HKD 383.1 million as of December 31, 2023, to about HKD 343.5 million, a decline of approximately HKD 39.6 million or about 10.3%[48]. - Cash and bank balances increased by approximately HKD 43.6 million or about 48.4%, from about HKD 90.0 million to approximately HKD 133.6 million[50]. - Total borrowings decreased by approximately HKD 91.1 million or about 12.8%, from HKD 713.2 million to about HKD 622.1 million[52]. - The debt-to-equity ratio improved to approximately 35.4% as of December 31, 2024, compared to about 45.8% as of December 31, 2023[54]. - As of December 31, 2024, the company's distributable reserves amount to approximately HKD 593,460,000, a decrease from HKD 601,263,000 in 2023[82]. Corporate Governance - The company aims to maintain high levels of corporate governance to protect shareholder interests and enhance corporate value and accountability[123]. - The board has adopted a statement regarding the company's purpose, values, and strategies, emphasizing a strong culture for long-term business success and sustainable growth[125]. - The board consists of six directors, ensuring a balanced composition with rich corporate and strategic planning experience[140]. - The company has established a whistleblowing policy to encourage stakeholders to report misconduct confidentially and anonymously[194]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, with defined responsibilities[168]. - The company has implemented monitoring procedures to ensure compliance with laws and regulations and to safeguard assets from unauthorized use[186]. Risk Management - The board has established a comprehensive risk management policy to identify, assess, and manage operational risks[138]. - The company has a robust internal control and risk management system to provide reasonable assurance against significant misstatements, losses, or fraud[128]. - The company has no internal audit function and currently believes there is no urgent need to establish one given the scale, nature, and complexity of its operations[186]. - The risk management policies and internal control procedures will be revised in response to any significant changes[189]. Shareholder Information - Over 90% of the company's revenue comes from its largest customer, Yinchuan Construction Bureau, posing a significant risk if the concession agreement is terminated[71]. - The company has a 30-year fixed-term concession agreement with Yinchuan Construction Bureau, ensuring stable cash flow as long as it meets the required wastewater treatment standards[78]. - The company did not recommend the payment of a final dividend for the year ending December 31, 2024[68]. - Major shareholders hold 750,000,000 shares each, representing 75% of the company's shares, including Lim Chee Meng and related entities[103]. Compliance and Quality Control - The company has implemented various quality control measures to ensure compliance with environmental laws and regulations in its operations[74]. - The quality control team is responsible for laboratory analysis of influent and effluent wastewater to ensure compliance with standards[132]. - The company has not faced any sanctions or penalties for non-compliance with health and safety laws during the reporting period[73]. - The company has a zero-tolerance approach towards bribery and corruption, ensuring high standards of business integrity[190].

Financial Performance - In 2024, the company achieved a revenue of RMB 299.1 million, a 44% increase compared to RMB 208.0 million in 2023[10] - Gross profit for 2024 was RMB 136.2 million, reflecting a 49% growth from RMB 91.4 million in the previous year[10] - The company reported a net loss of RMB 237.2 million for 2024, compared to a net loss of RMB 193.3 million in 2023[9] - Revenue from the embryo laboratory business reached approximately RMB 126 million, marking a 161% increase year-on-year[10] - The company recorded revenue of RMB 43.3 million from the sales of PGT-A kits for the year ending December 31, 2024, with a gross margin of 68.0%[32] - Other income decreased by 15.5% from RMB 54.2 million to RMB 45.8 million, mainly due to reduced foreign exchange gains and lower interest income[81] - Sales cost rose by 39.7% from RMB 116.6 million to RMB 162.9 million, primarily due to increased sales and the inclusion of costs from the acquisition of BMX in Singapore[79] - Gross profit increased by 49.0% from RMB 91.4 million to RMB 136.2 million, with gross margin improving from 43.9% to 45.5%[80] Product Development and Innovation - The core product GERI® incubator saw over 600% revenue growth in the Chinese market, with 42 units installed throughout the year[10] - The company has developed an intelligent sperm analyzer that utilizes AI and microfluidics to accurately assess sperm concentration, vitality, and morphology, addressing a 75% decline in sperm count in Chinese males over the past 40 years[21] - The company has established a comprehensive product pipeline that includes reagents, consumables, instruments, and equipment, making it one of the few global suppliers covering the entire assisted reproduction industry chain[17] - The company aims to develop automated, standardized, and intelligent assisted reproductive medical devices to enhance clinical success rates and improve operational efficiency[30] - The PGT-A reagent has been shown to increase clinical pregnancy rates to 72% and reduce miscarriage rates to 6.9%, addressing a significant clinical gap in third-generation IVF products in China[18] - The company has developed China's first third-generation IVF PGT-A reagent kit, achieving over 100,000 clinical sample verifications, establishing a strong technical barrier in the assisted reproductive field[68] Market Expansion and Strategic Partnerships - The company expanded its overseas sales network to cover over 1,000 medical institutions across 30 countries, with sales growth of 27% in Europe, 19% in North America, and 5% in the Asia-Pacific region[10] - The company signed a strategic cooperation agreement with Genea Biomedx Pty Ltd. to expand into the assisted reproductive market in Europe, South America, and Southeast Asia[11] - The company aims to penetrate international markets with its core products, including the PGT test kit and gene sequencer, while pursuing CE and FDA certifications for global compliance[63] - The overseas revenue share increased to 35% in 2024, supported by the establishment of production bases in Thailand and strategic partnerships in Southeast Asia and South America[75] Regulatory Approvals and Certifications - The DA5000 high-throughput gene sequencer obtained NMPA Class III registration, establishing a closed-loop ecosystem from reagent kits to data analysis[12] - The company has received Class III medical device registration for the PGT-A product in February 2020, with expected IVDR Class C CE certification by 2026[27] - The company anticipates obtaining Class III medical device registration for the PGT-M product by 2025, with IVDR Class C CE certification also expected by 2026[27] - The company has received Class II medical device registration for the BKA-210 sperm quality analyzer in October 2024, with IVDR Class A CE certification anticipated by 2025[27] Corporate Governance and Management - The company has adopted a governance code since its listing and has complied with all applicable provisions for the year ending December 31, 2024[129] - The roles of Chairman and General Manager are held by the same individual, Dr. Liang, to ensure unified leadership and effective strategic planning[129] - The company has a commitment to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[129] - The board of directors has maintained compliance with listing rules, ensuring at least three independent non-executive directors, constituting one-third of the board[133] Research and Development - Research and development expenses rose by 4.4% from RMB 129.6 million to RMB 135.3 million, accounting for 45.2% of revenue in 2024 compared to 62.3% in 2023[85] - The company is committed to continuous innovation and clinical feedback to support industry-leading clinical outcomes in assisted reproduction[16] - The company has continuously enriched its product pipeline through self-research and acquisitions since going public[128] Employee and Operational Insights - As of December 31, 2024, the group had 497 employees, down from 586 employees as of December 31, 2023[101] - The total salary cost incurred by the group for the year ended December 31, 2024, was approximately RMB 185.5 million, an increase from RMB 153.9 million for the year ended December 31, 2023[101] - The company has established a manufacturing network across three countries, with a headquarters in Suzhou, China, covering 70,000 square meters, including four GMP-standard production workshops[54] Shareholder Engagement and Communication - The company encourages shareholders to participate in meetings and vote, ensuring their rights are protected[177] - The company emphasizes effective communication with shareholders and stakeholders through various channels, including annual reports and shareholder meetings[186] - The company encourages feedback from investors and stakeholders to improve communication and governance practices[186]

Financial Performance - In 2024, the company's revenue decreased to RMB 515.1 million, down 19.6% from RMB 640.8 million in 2023[23]. - Gross profit for 2024 was RMB 66.9 million, a decline of 30.5% compared to RMB 96.3 million in 2023[23]. - The net loss attributable to shareholders increased to RMB 120.5 million in 2024, compared to RMB 59.2 million in 2023, reflecting a worsening financial position[23]. - The gearing ratio increased to 10.7% in 2024 from 7.6% in 2023, indicating a rise in the company's financial leverage[23]. - The basic loss per share was approximately RMB 0.15[33]. - The net loss for 2024 was approximately RMB 120.53 million, representing a year-on-year increase of approximately 103.6%[33]. - The Group's gross profit decreased by approximately 30.5% to approximately RMB 66.93 million, with a gross profit margin dropping from approximately 15.0% in 2023 to approximately 13.0%[105]. - The Group's loss for the year was approximately RMB 120.53 million, resulting in a net profit margin of approximately -23.4% compared to -9.2% in 2023[127]. Asset and Liquidity Position - Total assets decreased to RMB 1,046.9 million in 2024 from RMB 1,247.7 million in 2023, indicating a reduction in the company's asset base[23]. - The current ratio fell to 1.11 in 2024 from 1.21 in 2023, suggesting a decline in short-term financial health[23]. - As of December 31, 2024, the Group reported net current assets of approximately RMB 75.98 million, a decrease from RMB 153.05 million in 2023[187]. - Cash and cash equivalents slightly decreased to approximately RMB 192.66 million in 2024 from RMB 198.67 million in 2023[192]. - Pledged bank deposits decreased to approximately RMB 78.74 million in 2024 from RMB 132.36 million in 2023, indicating a reduction in secured borrowings[192]. - The average trade payables turnover days increased to 431 days in 2024 from 387 days in 2023, indicating a longer payment period to suppliers[191]. Sales and Revenue Breakdown - In 2024, the Company's operating revenue was approximately RMB 515.15 million, representing a year-on-year decrease of approximately 19.6%[33]. - Sales of antenna systems decreased by approximately 36.4% to approximately RMB 162.53 million, down from approximately RMB 255.64 million in 2023[61]. - Sales of base station RF subsystems decreased by approximately 14.6% to approximately RMB 279.80 million, compared to approximately RMB 327.65 million in 2023[61]. - Revenue from antenna system products fell by approximately 36.4% to approximately RMB 162.53 million (2023: RMB 255.64 million), primarily due to reduced capital project construction by global telecommunications operators[69]. - Revenue from base station RF subsystem products decreased by approximately 14.6% to approximately RMB 279.80 million (2023: RMB 327.65 million), influenced by adjustments in production layouts by major international equipment manufacturer customers[76]. - Revenue from coverage extension solutions and other products increased by approximately 26.5% to approximately RMB 72.82 million (2023: RMB 57.56 million), driven by demand for extensive 5G network coverage[81]. Strategic Initiatives and Market Position - The company actively engaged in centralized procurement projects with domestic operators and expanded its international customer base amid a challenging market environment[26]. - The Group maintained strategic cooperative relationships with major domestic equipment manufacturers and deepened collaboration in essential business segments like antennas and RF[34]. - The Group is actively exploring new business areas such as "communications + energy saving/new energy," developing projects including renovation of old communities and photovoltaic projects[40]. - The Group aims to solidify its market position in traditional business areas while expanding into new business areas, including vertically derived ventures and new energy scenarios[43]. - The Group is focusing on new business areas such as "communications + energy saving/new energy" to establish a "second growth curve"[168]. - The Group has strategically expanded into new business areas such as "communications + energy saving/new energy," achieving breakthroughs in projects related to smart cities and community renovations[101]. Research and Development - Research and development expenses increased by approximately 4.0% to approximately RMB 65.04 million, reflecting increased investments in new products and businesses[112]. - The Group's R&D team completed the development of new technologies and products, positioning itself for further performance growth in the future[79]. - The Group plans to increase R&D investment to develop new product platforms that support customers in their technological evolution towards 5G and 6G[185]. - The Group is enhancing its R&D capabilities to align with customer needs and maintain a dominant position in the overseas market[167]. Market Trends and Future Outlook - By 2025, cumulative investment in 5G network construction in China is expected to reach RMB1.8 trillion, driving over RMB3.5 trillion in investment across the industrial chain[47]. - The penetration rate of 5G users in China is expected to exceed 70% by 2027[47]. - The global 5G market is expected to see an additional 80 operators from 60 markets entering the market in the coming years[48]. - The anticipated demand for comprehensive optimization of 5G network coverage is expected to drive growth in the communications sector[155]. - Emerging markets are projected to contribute over 45% of global growth in base station antennas and RF devices over the next five years[159]. - The global market size for base station antennas and RF is projected to exceed USD 30 billion by 2028[159]. Operational Efficiency - The average inventory turnover days improved to approximately 103 days in 2024 from 111 days in 2023, while average trade receivables turnover days increased to 214 days from 203 days[191]. - Distribution and selling expenses decreased by approximately 6.9% to approximately RMB 39.23 million, mainly due to reductions in various operational costs[110]. - Administrative expenses increased by approximately 3.6% to approximately RMB 77.85 million, driven by higher office and welfare expenses[111]. - Finance costs rose by approximately 39.9% to approximately RMB 4.59 million, mainly due to increased interest expenses[118]. Environmental and Compliance - The Group has not breached any environmental regulations and is committed to energy conservation and compliance with relevant laws in mainland China and Hong Kong[146][148]. - The Group's production process is characterized by low emissions and energy consumption, ensuring minimal environmental impact[146]. - The Group's future operational activities are expected to remain unaffected by environmental policies, as it strives for both cost reduction and environmental protection[147].

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[7]. - Revenue for the year ended December 31, 2024, increased by 11.6% to HKD 800.963 million, compared to HKD 717.973 million in 2023[12]. - Total revenue for the year reached HKD 801.0 million, an increase of 11.6% compared to HKD 718.0 million in 2023, driven by increased orders in the imaging disposable products segment and growth in health care and wellness products[35]. - Profit attributable to owners increased by 20.8% to HKD 69.167 million, compared to HKD 57.275 million in 2023[12]. - Basic earnings per share increased to HKD 10.75 from HKD 8.87 in 2023[12]. - Total dividend per share for 2024 is HKD 3.30, up from HKD 2.75 in 2023[20]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[7]. User Growth and Market Expansion - User data showed a growth of 25% in active users, reaching 500,000 by the end of 2024[7]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2026[7]. Product Development and Innovation - New product launches included a state-of-the-art medical device that is expected to generate an additional HKD 200 million in revenue in 2025[7]. - Research and development expenses increased by 20%, totaling HKD 150 million, to support innovation and new technology[7]. - The company continues to invest in product quality control and compliance, having passed FDA reviews and received EU MDR certification for several respiratory medical devices[25]. - The company has a dedicated R&D department located in Dongguan, focusing on innovative and reliable medical technologies[84]. Strategic Initiatives - The company completed an acquisition of a competitor for HKD 300 million, enhancing its product portfolio and market reach[7]. - The company plans to accelerate digitalization, automation, and operational optimization, with new production facilities expected to commence trial operations by the end of 2025[34]. - The focus will remain on diversified growth strategies, particularly in imaging disposable products and respiratory products, while exploring AI opportunities in rehabilitation and healthcare products[23]. Financial Management and Capital Expenditure - Capital expenditure for the year was HKD 142.4 million, significantly up from HKD 21.3 million in 2023, mainly for the construction of new production facilities[44]. - The company had unutilized bank financing of HKD 487.0 million as of December 31, 2024, compared to HKD 93.9 million in 2023[54]. - Total interest-bearing borrowings rose to HKD 80.2 million from HKD 21.0 million in 2023, primarily to fund new production facilities[53]. Governance and Management - The company has a robust governance structure with independent directors overseeing compensation and audit committees, ensuring transparency and accountability[72]. - The board includes independent directors with over 40 years of experience in medical device management, marketing, and R&D, ensuring diverse expertise[73]. - The company’s executive team includes members with extensive backgrounds in biomedical engineering and risk management, enhancing operational oversight[67][69]. Risk Management - The company faces significant risks from global economic conditions, including trade protectionism, currency fluctuations, and geopolitical tensions, which may impact financial performance[87]. - Labor shortages and rising labor costs have become a challenge, potentially affecting the company's operational capacity[91]. - The company is subject to stringent regulatory requirements in the medical device industry, and changes in laws or regulations could hinder its ability to operate effectively[94]. Shareholder Engagement and Dividends - The proposed final dividend for the year ending December 31, 2024, is HKD 0.017 per share, an increase from HKD 0.015 in 2023[108]. - The company aims to distribute a total dividend of no less than 30% of the consolidated profit attributable to shareholders for each financial year[109]. Corporate Social Responsibility - The board of directors emphasized a commitment to environmental, social, and governance (ESG) initiatives, with a budget of HKD 50 million allocated for sustainability projects in 2025[7]. - The group made charitable donations of RMB 130,000 in the current year, compared to zero in 2023[119]. Employee Welfare and Culture - Employee welfare is prioritized through competitive compensation, benefits, and professional training programs[103]. - The company emphasizes a culture of integrity and ethical standards across all business activities, with training provided to employees[185].

Financial Performance - Revenue for 2024 was reported at US$582,804,000, a significant increase of 52.5% compared to US$382,470,000 in 2023[19]. - Profit attributable to owners of the Company for 2024 was US$34,135,000, up from US$19,438,000 in 2023, representing a growth of 75.5%[19]. - Basic earnings per share increased to 1.43 US cents in 2024 from 0.82 US cents in 2023, marking a rise of 74.4%[19]. - For the year ended December 31, 2024, the Group's consolidated revenue increased by 52% to US$582,804,000, compared to US$382,470,000 in 2023[41]. - Consolidated profit attributable to owners of the Company rose by 76% to US$34,135,000, up from US$19,438,000 in 2023[41]. - The manufacturing and leasing business generated revenue of $553,588,000 for the year ended December 31, 2024, a significant increase of 56% compared to $354,983,000 in 2023[46]. Operational Highlights - Manufacturing accounted for 90% of revenue in 2024, while logistics services contributed 10%[24]. - Production output for 2024 was reported at 255,269 TEUs, a decrease from 368,195 TEUs in 2023[22]. - The total sales volume for manufacturing operations reached approximately 220,000 twenty-foot equivalent units (TEUs) of dry freight and ISO-specialised containers, compared to approximately 106,000 TEUs in 2023[45]. - The total sales volume of dry freight and ISO specialized containers reached approximately 220,000 twenty-foot equivalent units (TEUs), up from about 106,000 TEUs in 2023, representing a year-on-year increase of 119%[50][52]. - The number of containers handled by logistics services reached 760,000 TEUs, an increase from 704,000 TEUs in 2023[54][57]. Financial Position - The company’s bank balances and cash decreased to US$250,149,000 in 2024 from US$300,963,000 in 2023, a decline of 16.8%[19]. - Total borrowings rose to US$27,719,000 in 2024 from US$6,835,000 in 2023, indicating a significant increase in leverage[19]. - The current ratio decreased to 2.63 in 2024 from 4.16 in 2023, reflecting a tighter liquidity position[19]. - The leasing portfolio assets increased significantly to $138,044,000 as of December 31, 2024, compared to $56,679,000 as of December 31, 2023[53][56]. Market Outlook - Demand for dry freight containers is expected to weaken in the coming year due to overproduction in 2024 and geopolitical tensions affecting global trade[60][63]. - Global dry freight container demand is projected to soften in 2025, but Singamas is well-positioned due to its diversified business efforts over the past years[72]. - The management aims for a long-term sales mix of 50:50 between dry freight containers and specialised/customised containers, reflecting a shift towards more complex and higher-margin products[73]. - The customised energy storage system (ESS) container business is experiencing increasing demand driven by the growth in renewable energy, with stable orders from major clients contributing to long-term growth[74]. Corporate Governance - The company has consistently complied with applicable code provisions of the Corporate Governance Code, except for the roles of Chairman and CEO not being separated[107]. - The company aims to maintain high standards of corporate governance practices to enhance accountability and transparency[109]. - The Board consists of seven Directors, including three executive Directors, one non-executive Director, and three independent non-executive Directors, with more than one-third being independent[115]. - The Company has established corporate governance policies and practices to ensure compliance with legal and regulatory requirements[114]. Risk Management - The Board considers the risk management and internal control systems effective and adequate for the Group as a whole[150]. - The review of the effectiveness of the Company's risk management and internal control systems is conducted at least annually[149]. - The Group maintains the effectiveness of its risk management system through ongoing evaluations and recommendations from the Enterprise Risk Management Committee[156]. - The internal audit process includes follow-up reviews to ensure that audit recommendations are properly implemented[155]. Human Resources and Talent Management - The Group recruited a new Chief Human Resources Officer in 2024 to establish long-term human resources strategies amid talent competition risks[193]. - The Group will increase automation in the production process to reduce manpower requirements and minimize labor costs due to rising wage rates in China[193]. - The company arranges for its employees to attend anti-corruption and ethics training at least once a year to enhance awareness[158]. Shareholder Engagement - The Company maintains ongoing dialogue with shareholders, encouraging participation through annual general meetings[167]. - The Company ensures that shareholders are given sufficient notice of meetings and are familiar with voting procedures[168]. - The company has established procedures for shareholders to circulate statements regarding proposed resolutions, fostering open dialogue[136]. - The company has enhanced shareholder communication by holding press and analyst conferences during reporting periods, providing transparency[135].

Financial Performance - Operating revenue for FY2024 is projected to be HK$403.73 million, representing a 1.4% increase from FY2023[13] - Revenue from innovative business is expected to reach HK$111.82 million in FY2024, reflecting a 10.8% growth compared to FY2023[13] - The average dividend per share for 2024 is set at HK$16.83 cents, with a payout ratio of 70%[13] - The company plans to make two dividend payments in 2024, totaling HK$76.03 million[13] - The company's revenue for 2024 reached RMB 403,728,000, a 1.4% increase from RMB 396,194,000 in 2023[20] - Gross profit for 2024 was RMB 233,201,000, reflecting a 4% increase from RMB 223,472,000 in 2023[20] - Net profit attributable to owners of the parent for 2024 was RMB 110,649,000, up 8% from RMB 102,032,000 in 2023[20] - Gross profit margin increased from 56.4% in FY2023 to 57.8% in the current financial year, representing an improvement of 1.4 percentage points[48] - Net profit margin rose from 25.5% in FY2023 to 27.7% in the current financial year, an increase of 2.2 percentage points[48] - The company's net profit reached approximately RMB 111.8 million, reflecting a year-on-year increase of about 10.8%[48] Business Strategy and Development - The digital and intelligent transformation in pharmacies is a key focus area for the company, enhancing operational efficiency[13] - The company is leveraging AI technology for strategic upgrades and to chart a new development blueprint[13] - The company aims to consolidate its leading edge while exploring innovative business opportunities[13] - The company aims to build a digital and intelligent health management system focused on "patient-centrism" across the entire life cycle[23] - The Company expanded its market presence by deepening its foothold in the out-of-hospital market while also growing its in-hospital innovative business[26] - The Company aims to enhance its R&D efforts and upgrade the "Woodpecker Medical Large Model" to meet customer needs with higher efficiency and quality[38] - The Company will continue to leverage AI technology to develop AI+ series products, creating long-term value for customers[125] - The Company aims to expand its strategic layout in the innovative drug and device field through investments, mergers, and acquisitions[71] Research and Development - The big data research institute will support R&D efforts, integrating data and AI technology[13] - The Company significantly increased R&D investment, focusing on AI large model development and applications, which led to substantial commercialization achievements across healthcare, pharmacies, and health management sectors[30] - R&D expenses increased by approximately 6.0% year-on-year, focusing on computing infrastructure and high-level talent recruitment[51] - The Company will continue to enhance its digital intelligence solutions for pharmaceutical and medical device enterprises to improve R&D efficiency[135] Market Presence and Client Engagement - The company has established a corporate customer network of 1,230 companies and serves over 5 million patients[20] - The Company has nearly one million industry professionals connected through its industrial ecological platform[20] - The cumulative number of pharmaceutical retail enterprises served reached 2,853, positioning the company as a market leader with continuous growth[63] - The Company served over 5,073,000 patients in 2024, a year-on-year increase of 106.39%, highlighting significant advancements in product capabilities[117] - The Company established cooperative relations with over 1,230 enterprise customers, enhancing product efficiency and achieving mutual benefits[115] AI and Technology Integration - The AI-driven "Woodpecker Medical Large Model" ranked 5th in the comprehensive list and 3rd in the complex medical reasoning sub-category on the Medbench ranking[20] - The Woodpecker AI-MDT health management solutions reached over 5.073 million people, representing a year-on-year increase of 106.39% compared to 2023[68] - The Woodpecker Medical Large Model has a total scale of weighting parameters reaching 70 billion, supported by millions of public data, tens of millions of desensitized data, and millions of labeled data[99][100] - The model has served a total of 20 million people in personalized health management through in-depth analysis of multi-source data[103] Operational Efficiency and Cost Management - The cost of sales decreased by approximately 1.3%, from approximately RMB172.7 million in FY2023 to approximately RMB170.5 million in FY2024, due to improved operational efficiency and cost control[139] - Selling and distribution expenses increased by approximately 23.7% to approximately RMB 40.1 million for the year ended 31 December 2024, attributed to business structure optimization and increased investment in talent[145] - Administrative expenses rose by approximately 11.1% to approximately RMB 38.5 million for the year ended 31 December 2024, primarily due to personnel structure optimization and increased incentives for key talents[146] Leadership and Management - Ms. Wang Lifang has over 20 years of experience in the healthcare information and data analysis industry[198] - Ms. Wang has been serving as the Executive Director and COO since June 3, 2021, overseeing daily operations and management[198] - Mr. Fu Haitao was appointed as a Non-Executive Director on June 3, 2021, with prior experience in government affairs and venture capital[197] - Ms. Wang holds a Bachelor's degree in International Economics from Harbin Institute of Technology, obtained in July 1997[199] Industry Trends and Insights - The total health expenditure in China for 2023 was only 7.2% of the total GDP, indicating significant growth potential compared to developed countries[22] - The healthcare industry is undergoing restructuring and upgrading at an accelerated pace due to AI democratization and national policies[44] - The Company was recognized as a member of the Guangdong Data Element Industry Association in February 2024, highlighting its data governance capabilities[101][102]