Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year ending December 31, 2024[9]. - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[9]. - The company reported revenue of RMB 752 million for the year ended December 31, 2024, a decrease of 37.7% compared to RMB 1,209 million in 2023[20]. - Adjusted net profit for 2024 was RMB 100.6 million, down from RMB 291.1 million in 2023[20]. - The company’s franchise business revenue increased by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024[20]. - Revenue dropped by 37.8% from RMB 1,208.6 million in 2023 to RMB 752.2 million in 2024, primarily due to a weak consumer market[40]. - The loss before income tax for the year ending December 31, 2024, was RMB 76.6 million, compared to a profit of RMB 152.0 million for the year ended December 31, 2023[71]. - The adjusted net profit for the year ended December 31, 2024, was RMB 100.6 million, a decrease of 65.4% from RMB 291.1 million in 2023[74]. - The company reported a loss of RMB 78.0 million for the year ended December 31, 2024, compared to a profit of RMB 180.5 million in 2023[74]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2026[9]. - New product launches contributed to 30% of total revenue, with three major products introduced in the last quarter[9]. - The company plans to invest HKD 200 million in marketing initiatives to boost brand awareness in new markets[9]. - A new partnership with a leading tech firm is expected to drive additional revenue streams, projected to contribute HKD 100 million in 2025[9]. - The company plans to continue expanding its "Hi Beer Partner" network and strengthen supply chain management capabilities[21]. - The company aims to further integrate supply chain and market resources, optimize product mix, and upgrade decor styles for differentiated and diversified operations[127]. Operational Metrics - User data showed a growth in active users by 20%, totaling 2 million users as of the end of 2024[9]. - The total number of stores increased from 479 at the end of 2023 to 560 by the end of 2024, with further growth to 579 stores by March 19, 2025[21]. - Total number of bars increased from 479 in 2023 to 579 in 2025, representing a growth of 20.8%[24]. - Average daily sales per bar in first-tier cities rose from RMB 7.5 thousand in 2023 to RMB 8.3 thousand in 2024, an increase of 10.7%[26]. - The average daily sales per "Hi Beer Partner" bar decreased from RMB 7.1 thousand in 2023 to RMB 5.0 thousand in 2024, a decline of 29.6%[26]. Financial Position and Assets - Total assets decreased from RMB 2,164.98 million in 2023 to RMB 1,375.98 million in 2024[15]. - The company’s equity attributable to owners decreased from RMB 1,821.41 million in 2023 to RMB 1,118.79 million in 2024[15]. - Non-current assets dropped significantly from RMB 740.83 million in 2023 to RMB 459.77 million in 2024[19]. - The company’s total liabilities decreased from RMB 343.58 million in 2023 to RMB 257.18 million in 2024[15]. - Cash and bank balances decreased from RMB 1,278.9 million as of December 31, 2023, to RMB 806.4 million as of December 31, 2024, primarily due to dividend payments in 2024[86]. Cost Management and Expenses - Research and development expenses increased by 18%, amounting to HKD 150 million, focusing on innovative technologies[9]. - Employee benefits and human resources expenses decreased by 41.9% from RMB 298.8 million in 2023 to RMB 173.7 million in 2024 due to a reduction in workforce[48]. - The depreciation of right-of-use assets decreased by 44.8% from RMB 110.2 million for the year ended December 31, 2023, to RMB 60.8 million for the year ending December 31, 2024, mainly due to the termination of several direct-operated restaurant lease agreements[49]. - Utility expenses decreased by 44.3% from RMB 34.8 million for the year ended December 31, 2023, to RMB 19.4 million for the year ending December 31, 2024, as a result of the reduction in the number of restaurants[53]. Corporate Governance and Management - The management team includes experienced executives with over 20 years in the tavern operation market and over 12 years in the restaurant service industry[110][111]. - The CFO has a strong background in capital operations and financial management, having previously worked in investment banking[112]. - The independent non-executive directors bring extensive experience in strategic investment, mergers and acquisitions, and corporate governance[116][117]. - The board of directors is committed to high standards of corporate governance and will continue to review and monitor governance practices[199]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management based on their experience and qualifications[141]. Compliance and Risk Management - The company has implemented food safety and quality assurance measures to mitigate risks associated with its industry[105]. - The company emphasizes the importance of employee training and competitive compensation to retain talent, with annual reviews of employee remuneration[188]. - The company has established compliance policies to ensure adherence to applicable laws and regulations, with no significant non-compliance issues reported during the period[186]. - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[193]. Shareholder Information - The board proposed a final dividend of RMB 0.1146 per share for the year ending December 31, 2024, compared to RMB 0.3153 per share in 2023[128]. - The final dividend will be subject to approval at the annual general meeting on May 14, 2025[128]. - The final dividend will be paid in HKD to Hong Kong shareholders and in SGD to Singapore shareholders based on the official exchange rate on May 14, 2025[131]. - As of December 31, 2024, the chairman holds 861 million shares, representing 68.04% of the issued share capital[150]. - The company has no treasury shares as of December 31, 2024[177].

Financial Performance - The company's revenue for the fiscal year 2024 was RMB 2,575.4 million, a decrease of 11.8% compared to RMB 2,920.7 million in 2023[9][10] - Gross profit fell to RMB 172.0 million, representing a decline of 48.3% from RMB 333.0 million in the previous year[9][12] - Net profit for the year decreased by 55.5% to RMB 86.4 million, down from RMB 194.1 million in 2023[9][14][22] - The basic earnings per share dropped to RMB 13.6, compared to RMB 30.6 in the previous fiscal year[9] - Revenue fell by approximately RMB 345.3 million or 11.8% to about RMB 2,575.4 million, down from approximately RMB 2,920.7 million, primarily due to a decline in the average selling price of urea[28] - The average selling price of urea decreased by approximately RMB 347 per ton or 15.9% to about RMB 1,842 per ton, compared to approximately RMB 2,189 per ton for the previous year[29] - Urea revenue decreased by approximately RMB 263.2 million or 10.5% to about RMB 2,247.8 million, attributed to the drop in average selling price[29] - The gross margin fell from approximately 11.4% for the year ended December 31, 2023, to about 6.7% for the reporting period[34] - The net profit for the year decreased by approximately RMB 107.7 million or 55.5% from about RMB 194.1 million for the year ended December 31, 2023, to about RMB 86.4 million for the reporting period[41] Sales and Market Dynamics - Urea sales volume increased compared to last year, partially offsetting the impact of declining average selling prices[22] - The company faced significant challenges due to a sharp decline in urea prices and weak domestic demand, exacerbated by export restrictions[21][22] - The sales volume of urea increased by approximately 6.4% during the reporting period, despite the decline in revenue[29] - The company expects a gradual recovery in the Chinese urea market, driven by adjustments in production surplus and a rebound in product demand[25] - The company expects the Chinese urea market to gradually recover by 2025, despite ongoing challenges from global economic conditions and local policy changes[44] Operational Efficiency and Innovation - The company implemented several technical upgrades to existing production facilities, enhancing operational efficiency and reducing carbon emissions[22] - The company is actively upgrading its product lines to meet stricter market standards and customer demands, focusing on technological innovation and quality improvement[23] - The company plans to enhance operational efficiency and increase technological innovation to navigate future uncertainties and create long-term value for stakeholders[25] - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[62] - The company is investing $30 million in research and development for new technologies aimed at enhancing user experience[71] Governance and Compliance - The board proposed a final dividend of HKD 0.036 per ordinary share for the year ended December 31, 2024, totaling approximately HKD 22.4 million, down from HKD 49.7 million in 2023[55] - The company has adopted a share option scheme to incentivize eligible participants, including employees, based on their contributions[50] - The board has established effective communication policies with shareholders, encouraging participation in annual meetings[89] - The company has established governance practices to ensure compliance with applicable laws, rules, and regulations[104] - The board is committed to providing balanced and clear assessments in all statutory and regulatory communications[108] Employee and Organizational Structure - As of December 31, 2024, the group employed 1,252 employees, a decrease from 1,292 employees as of December 31, 2023[50] - Total employee costs, including director remuneration, amounted to RMB 159.3 million for the reporting period, up from RMB 134.9 million for the year ended December 31, 2023[50] - The gender ratio of employees as of December 31, 2024, is 77% male and 23% female, reflecting the industrial nature of the business[174] - The company has maintained good relationships with employees, suppliers, and customers, with an acceptable employee turnover rate[184][185][186] Strategic Planning and Future Outlook - The company aims to enhance its market position and shareholder value through capacity expansion, improving product quality, and exploring acquisition opportunities[45] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[61] - Market expansion plans include entering three new international markets by the end of the fiscal year, targeting a 10% increase in market share[63] - New product launches are expected to contribute an additional $50 million in revenue in the upcoming year[70] Risk Management and Internal Controls - The company has established risk management procedures to address and manage all significant risks related to its business[169] - The company maintains a reasonable and effective internal control system, as confirmed by the board through the audit committee[109] - The audit committee regularly reviews the effectiveness of the internal control system[109] - An external professional firm was engaged to review the internal control system for effectiveness and efficiency, with no significant deficiencies identified[169] Corporate Social Responsibility - The company made charitable donations of approximately RMB 120,000 during the year ended December 31, 2024[195] - The company continues to update internal policies and plans to prevent environmental risks and ensure compliance with applicable standards and regulations[182]

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately HKD 29,900,000, representing a 98.3% increase from HKD 15,100,000 in 2023[10]. - The gross profit for the fiscal year was approximately HKD 3,200,000, down from HKD 7,300,000 in the previous year, resulting in a gross margin of 10.8% compared to 48.3% in 2023[15]. - Other income for the year was approximately HKD 225,000, a decrease from HKD 347,000 in 2023, primarily consisting of interest income from receivables and recoveries of bad debts[15]. - The net other income and losses for the year amounted to approximately HKD 4,700,000, compared to a net loss of HKD 3,600,000 in the previous year[15]. - The group reported a consolidated loss of approximately HKD 21,900,000 for the year, a reduction from HKD 45,100,000 for the fiscal year ending December 31, 2023[18]. - As of December 31, 2024, total borrowings amounted to approximately HKD 147,000,000, with a fixed interest rate of 5% and due within one to three years[20]. - Cash and cash equivalents were approximately HKD 14,000,000 as of December 31, 2024, compared to HKD 12,000,000 a year earlier[20]. - The group reported a net loss of HKD 21,912,000 for the year ended December 31, 2024, compared to a loss of HKD 45,076,000 in 2023[135]. - The group's cash flow from operating activities was HKD 5,013,000 for the year, down from HKD 9,993,000 in the previous year[135]. - As of December 31, 2024, the group's capital deficiency was HKD 161,949,000, an increase from HKD 144,718,000 in 2023[135]. Business Strategy and Outlook - The company launched a new product in artificial intelligence development and cloud computing in Q4 2024, contributing to significant revenue growth[11]. - The company anticipates potential negative impacts on business performance and financial condition in 2025 due to external shocks and insufficient domestic demand[11]. - The company will focus on its professional business segments to leverage competitive advantages for better performance in the coming year[11]. - The company aims to continue developing and improving its robotic products, with a faster commercialization pace compared to 2023[14]. - The company expresses a cautiously optimistic outlook for the near future despite slower-than-expected economic recovery[11]. - The company plans to launch a new product in artificial intelligence development and cloud computing in Q4 2024 to capture growth opportunities in these markets[32]. - The company aims to diversify its products and expand into different regions to respond to macroeconomic fluctuations[53]. - The company plans to continue obtaining additional funding from external resources and/or fundraising opportunities[139]. Market and Industry Insights - The Chinese artificial intelligence market is expected to create over HKD 600 billion in economic value annually across various industries, with a current adoption rate of 41%[35]. - The cloud computing market in China is projected to exceed HKD 2.1 trillion by 2027, driven by advancements in AI large models[36]. - The engineering business's target customers include companies and government agencies operating in China, and any unexpected economic or political events in China could significantly impact operations[52]. - The company faces increasing competition in its market, leading to heightened pricing pressure and potential loss of market share[58]. Corporate Governance - The company appointed Mr. Su Zhenhui as Executive Director and Chairman, holding 24.93% of the total issued share capital through Tai Dong New Energy Holding Limited[38]. - Mr. Feng Zheng was appointed as Executive Director, previously serving in various roles at the Industrial and Commercial Bank of China from 2006 to 2018[39]. - The company has adopted the corporate governance code and complied with most applicable provisions, with some deviations noted[103]. - The board of directors has confirmed the independence of all independent non-executive directors as per GEM listing rules[73]. - The company has established a nomination committee to oversee the appointment and re-election of directors[114]. - The board consists of five directors, including executive and non-executive members, with specific roles outlined[108]. - The company has ensured that its corporate governance practices are rigorous and in line with the corporate governance code[113]. - The board has a balanced gender representation and diversity, which is considered essential for sustainable development[112]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable business practices that do not significantly impact the environment, with detailed policies outlined in the annual report[47]. - An Environmental, Social, and Governance (ESG) committee was established in December 2021 to manage ESG-related issues and develop relevant policies[155]. - The group has implemented an environmental management system compliant with ISO 14001:2015 standards to mitigate potential environmental impacts from its robotics business[167]. - The company aims to reduce greenhouse gas emissions by 10% by 2030 and achieve net-zero emissions by 2050[177]. - The company generated a total of 18.23 tons of greenhouse gas emissions, an increase from 12.55 tons in the previous year[178]. - The company has implemented resource efficiency measures, resulting in a reduction of water usage to 230 cubic meters from 850 cubic meters[183]. - The company is actively promoting the use of renewable energy and encouraging suppliers to reduce their greenhouse gas emissions[177]. Employee and Workforce Management - The overall employee turnover rate for the company was reported at 51% for the year, with a notable 28% turnover rate for male employees and an alarming 277% for female employees[197]. - The workforce consists of 11 full-time employees, with 91% being male and 9% female, indicating a significant gender imbalance[195]. - The company collaborates closely with universities in Shenzhen for campus recruitment to attract young talent with the necessary skills for its high-tech robotics business[194]. - The employee compensation policy is based on job responsibilities, performance, experience, and industry standards[78]. - The company adheres to local labor laws in Hong Kong and mainland China, ensuring compliance with regulations related to compensation, recruitment, and equal opportunities[194].

Global Expansion and Market Presence - The company has entered over 50 countries, each representing unique ecosystems and clinical needs[13] - The company is committed to expanding its global market presence, including establishing new manufacturing facilities in the United States and enhancing support capabilities in Brazil[46] - The company is a leading provider of clear aligners, operating in over 50 countries across Europe, the Middle East, Africa, Asia-Pacific, North America, and South America[114] Financial Performance - Revenue rose by 28.2% from approximately $209.6 million for the year ending December 31, 2023, to approximately $268.8 million for the year ending December 31, 2024[26] - Gross profit increased by 28.7% from approximately $130.7 million for the year ending December 31, 2023, to approximately $168.2 million for the year ending December 31, 2024[26] - The adjusted net profit rose by 46.6% from approximately $6.8 million for the year ending December 31, 2023, to approximately $10.0 million for the year ending December 31, 2024[26] - Revenue for the year ended December 31, 2024, increased by 28.2% to approximately $268.8 million, with international revenue growing by 290.4% to approximately $80.5 million[31] - The total number of completed invisible orthodontic cases increased by 46.7% year-on-year to approximately 359,400 cases, with international cases rising by 326.4% to approximately 140,700 cases[31] Product Development and Innovation - The focus is on enhancing clinical quality through personalized treatment solutions and rapid global delivery[12] - The company emphasizes the importance of reliable and practical innovative technologies to improve treatment efficiency[16] - The digital orthodontics sector is experiencing rapid innovation across multiple dimensions, including brackets, materials, software, imaging, and treatment plans[12] - The company aims to continuously refine products based on clinical feedback to enhance performance[16] - The company is focusing on digital orthodontics, enhancing treatment efficiency and quality through advanced technology[36] Manufacturing and Operations - A new manufacturing facility will be established in Wisconsin, USA, to provide localized production for North American customers[15] - The company is expanding treatment planning and aligner production in Brazil, a key dental market[15] - The company is focused on developing a green and intelligent manufacturing system, improving efficiency and reliability in large-scale production[43] Research and Development - Research and development investment reached approximately $21.3 million in 2024, representing 7.9% of total revenue[39] - The company registered 241 patents and 22 software copyrights as of December 31, 2024[39] - The focus on research and development in new dental products is a key strategy for future growth[96] Corporate Governance and Management - The company has been expanding its board with independent directors to enhance governance and oversight since May 2021[100][102] - The management team has extensive experience in finance, operations, and investment, contributing to strategic decision-making[97][98][101] - The company has a strong management team with extensive experience in finance and operations, including key executives like the CEO and CFO[106][108] Shareholder and Equity Information - Major shareholder CareCapital EA, Inc. holds 87,168,400 shares, representing 51.27% of the company's equity[155] - The total number of issued shares as of December 31, 2024, is 170,025,325, excluding any shares that may be issued under the share incentive plan[153] - The company repurchased a total of 19,400 shares during the reporting period at a total cost of approximately HKD 1.0 million, which were subsequently canceled on May 16, 2024[159] Compliance and Risk Management - The company has faced market risks due to economic uncertainties and changing regulations, as detailed in the management discussion and analysis section[118] - The company has confirmed compliance with the disclosure requirements under the Listing Rules regarding related party transactions[132] - The company is committed to complying with environmental protection and occupational health and safety laws in China and other countries of operation by 2024[149] Future Outlook - The company will continue to monitor external factors such as global economic recovery and geopolitical conflicts that may impact performance[44] - Future business developments and outlook are discussed in the management discussion and analysis section of the annual report[117]

Financial Performance - For the first quarter of 2025, the company reported operating revenue of RMB 429,818,785.14, representing a year-on-year increase of 58.98% compared to RMB 270,364,678.79 in the same period last year[7]. - The net profit attributable to shareholders of the listed company was RMB 86,068,237.18, reflecting a growth of 61.31% from RMB 53,356,720.93 in the previous year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 85,029,801.05, which is an increase of 41.60% compared to RMB 60,051,090.77 last year[7]. - Basic and diluted earnings per share were both RMB 0.25, up 66.67% from RMB 0.15 in the previous year[7]. - Total revenue for Q1 2025 reached RMB 429.82 million, a significant increase of 59% compared to RMB 270.36 million in Q1 2024[19]. - Net profit for Q1 2025 was RMB 86.07 million, representing a 61.5% increase from RMB 53.36 million in Q1 2024[21]. Cash Flow and Liquidity - The net cash flow from operating activities reached RMB 366,723,397.94, marking a significant increase of 121.90% from RMB 165,267,314.03 in the same quarter last year[7]. - Cash and cash equivalents increased to RMB 610.37 million as of March 31, 2025, compared to RMB 236.45 million at the end of 2024, reflecting a growth of 158.5%[14]. - The net cash flow from operating activities for Q1 2025 was $366.72 million, up by 121.5% from $165.27 million in Q1 2024[24]. - Total cash flow for Q1 2025 showed a net increase of $373.92 million, compared to a net decrease of $381.76 million in Q1 2024[26]. - Cash received from sales and services in Q1 2025 was $447.83 million, up from $245.45 million in Q1 2024, reflecting a growth of 82.5%[24]. - Cash received from tax refunds in Q1 2025 was $60.39 million, significantly higher than $17.21 million in Q1 2024, marking an increase of 251.5%[24]. Assets and Liabilities - Total assets as of March 31, 2025, were RMB 2,847,570,831.39, a 2.45% increase from RMB 2,779,525,659.87 at the end of the previous year[7]. - Total liabilities decreased to RMB 115.74 million as of March 31, 2025, down from RMB 133.76 million at the end of 2024, indicating a reduction of 13.5%[16]. - Inventory as of March 31, 2025, was RMB 885.59 million, a decrease of 23.5% from RMB 1.16 billion at the end of 2024[14]. - The company reported a significant increase in accounts receivable, totaling RMB 322.10 million as of March 31, 2025, compared to RMB 301.89 million at the end of 2024[14]. Shareholder Information - The total number of common shareholders was 4,605, with 4,586 being A-share shareholders and 19 being H-share registered shareholders[11]. - Equity attributable to shareholders of the listed company was RMB 2,731,833,779.49, reflecting a 3.25% increase from RMB 2,645,765,542.31 at the end of last year[7]. Market and Growth Strategy - The increase in operating revenue and net profit was primarily driven by a significant rise in the sales volume of concentrated juice due to increased customer orders[9]. - The company is focusing on expanding its market presence and developing new products to drive future growth[22].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 2,240,929 thousand, representing a 155.6% increase from RMB 876,686 thousand in 2023[15] - Gross profit for 2024 was RMB 1,178,806 thousand, up 184.1% from RMB 414,922 thousand in 2023[15] - Adjusted profit for the year was RMB 584,588 thousand, a significant increase of 702.1% compared to RMB 72,882 thousand in 2023[15] - The adjusted net margin improved to 26.1%, up from 8.3% in the previous year, reflecting a 17.8 percentage point increase[15] - Loss before tax for 2024 was RMB 295,682 thousand, which is a 55.8% increase in loss compared to RMB 189,839 thousand in 2023[15] - The basic and diluted loss per share increased to RMB (2.69), a 94.9% increase from RMB (1.38) in 2023[15] - The total loss for the year was RMB 398,044 thousand, representing a 91.8% increase from RMB 207,481 thousand in 2023[15] - The company reported a loss for the year of RMB398.0 million, which is an increase of 91.8% compared to the previous year[32] - Annual loss increased by 91.8% from RMB207.5 million in 2023 to RMB398.0 million in 2024[116] Revenue Breakdown - Revenue from assembly character toys amounted to RMB 2,201.1 million, representing 98.2% of total revenue, while revenue from brick-based toys was RMB 39.4 million, accounting for 1.8% of total revenue[40] - Revenue from assembly character toys rose by 186.2% from RMB 769.0 million in 2023 to RMB 2,201.1 million in 2024, driven by a 269.3% increase in sales volume from 36.5 million units to 134.7 million units[77] - Revenue from brick-based toys decreased by 62.9% from RMB 106.3 million in 2023 to RMB 39.4 million in 2024, with sales volume dropping by 58.2% from 0.9 million units to 0.4 million units[78] - Revenue from offline distribution sales reached RMB 2,062.9 million, up from RMB 732.7 million in 2023, accounting for 92.1% of total revenue during the reporting period[52] - Revenue from consignment sales decreased from RMB 36.4 million in 2023 to RMB 22.0 million, representing 1.0% of total revenue[54] - Online sales revenue grew from RMB 106.2 million in 2023 to RMB 155.7 million, making up 6.9% of total revenue[55] Market Strategy and Growth Plans - The company is focusing on expanding its market presence and developing new products and technologies to drive future growth[14] - The management is optimistic about future performance, aiming for continued revenue growth and improved profitability metrics[14] - The company plans to explore potential mergers and acquisitions to enhance its competitive position in the market[14] - The company plans to launch 800 new SKUs in 2025, focusing on assembly character toys and expanding its product offerings for various demographics[26] - The company aims to deepen its user-centric focus and strengthen its R&D capabilities to meet consumer needs and expand its IP ecosystem[26] - The company plans to enhance R&D capabilities and expand its IP portfolio to meet diverse consumer needs and increase brand recognition in international markets[69] - The company aims to strengthen its overseas presence in the United States, Europe, and Southeast Asia through increased investment in sales and marketing[69] Research and Development - The company allocated RMB190 million to research and development in 2024, hiring approximately 300 new employees, with over two-thirds in R&D roles[23] - The R&D expenditure during the reporting period was RMB 192.5 million, accounting for 8.6% of total revenue, with a dedicated R&D team of 472 employees[38] - R&D expenses grew by 103.3% to RMB192.5 million, while as a percentage of total revenue, they decreased from 10.8% to 8.6%[97][102] Intellectual Property and Product Development - The company has approximately 50 licensed IPs as of December 31, 2024, enhancing its market presence and product diversity[24] - The number of licensed IPs increased from approximately 27 to about 50, including popular franchises like DC's Superman and Harry Potter, enhancing the product offering[45] - The company has two self-developed IPs and approximately 50 licensed IPs, increasing from about 27 licensed IPs as of December 31, 2023[50] Sales and Distribution - Offline distribution sales rose significantly from RMB 732.7 million in 2023 to RMB 2,062.9 million, accounting for 92.1% of total revenue during the same period[49] - The company has established a multi-channel sales network, including both offline and online sales channels, to enhance market reach[85] Management and Governance - The Group's management team includes professionals with over 20 years of experience in their respective fields, enhancing the Group's operational capabilities[194][198] - The Group is focused on strengthening its financial management and investor relations under the leadership of Ms. Fu and Mr. Zhu[194][197] - The strategic appointments aim to support the Group's growth and expansion plans in the competitive market[194][198] Financial Position and Assets - As of December 31, 2024, total assets amounted to RMB1,605.99 million, while total liabilities were RMB3,206.58 million[20] - Cash and cash equivalents reached RMB 720.0 million as of December 31, 2024, up 99.5% from RMB 360.8 million as of December 31, 2023, primarily financed through cash generated from operating activities[132][137] - The Group's adjusted net debt-to-capital ratio was 31.6% as of December 31, 2024, indicating a stable capital structure[140][147] - There were no borrowings as of December 31, 2024, reflecting a debt-free status[139][146] Community Engagement and Corporate Responsibility - The company engaged in community initiatives, such as the "Happy Summer in Metro City" event, providing products to children[65] - The company actively combats counterfeit products, leading to the destruction of six counterfeit dens in April 2024[64] Quality Control and Compliance - The company emphasizes product quality through a comprehensive quality control system aligned with domestic and global standards[62][63] - The company is committed to protecting its intellectual property rights and has taken legal action against counterfeit products, resulting in the dismantling of six counterfeit operations[67]

Economic Environment - The global economic landscape in 2024 was complex, with significant pressure from geopolitical conflicts, trade tensions, and high global interest rates impacting local economic activity and market confidence[13]. - The high-interest rate environment and global economic uncertainties posed challenges to the local economy, impacting market activities[89]. - The government introduced various support measures to stimulate local economic activities and consumption, contributing to the recovery of the tourism sector[89]. Advertising Sector - The advertising sector remained cautious, leading to a reduction in advertising spending across various industries, which affected the Group's advertising operations[13]. - Total advertising expenditure in Hong Kong for 2024 was HK$29.8 billion, reflecting a year-on-year decrease of 1.3%[90]. - Digital media accounted for 56.2% of Hong Kong's overall advertising spending in 2024, maintaining a dominant market position[95]. - Sing Tao Daily's advertising revenue slightly outperformed the market despite a 3.9% YoY decrease in total advertising spending on paid newspapers for 2024[109]. - Headline Daily maintained stable advertising revenue despite a significant decline of 20.8% YoY in total advertising spending for free newspapers in 2024[114]. - The Standard significantly outperformed the broader free newspaper advertising market, despite an overall decline in advertising revenue in 2024[115]. - In 2024, the advertising spending in the Hong Kong magazine market declined by 12.1%, while East Week recorded a 9.2% increase in advertising revenue, maintaining its leading market share[120][122]. Digital Transformation and Innovation - The Group accelerated the integration of print and digital media, expanding digital platforms and leveraging innovative technologies like artificial intelligence to enhance operational performance[14]. - The Group plans to expedite its digital transformation, particularly focusing on The Standard media platform and its overseas business, to unlock new revenue streams[17]. - The application of cutting-edge technologies, such as artificial intelligence, is being embraced to optimize content production and user interaction[128][131]. - Sing Tao aims to enhance its influence and market competitiveness through increased investment in technological and content innovation[128][131]. Financial Performance - The consolidated revenue for the financial year ended December 31, 2024, was approximately HK$777.2 million, a decrease of 5.2% from HK$819.9 million in the previous year[70][75]. - Loss attributable to owners of the Company amounted to approximately HK$84.3 million, compared to a loss of approximately HK$49.1 million last year, indicating a significant increase in losses[70][75]. - The Group maintained a cash balance of approximately HK$520.7 million as of December 31, 2024, slightly down from HK$524.3 million on December 31, 2023[72][78]. - The gearing ratio was 0.7% as of December 31, 2024, a slight decrease from 0.8% as of December 31, 2023, indicating a stable capital structure[73]. - The Group did not recommend the payment of a final dividend for the year, and no interim dividend was declared[71][77]. - The Group's treasury investments were conducted cautiously due to continued volatility and unclear trends during the year[71][76]. - The Group recorded consolidated revenue of approximately HK$777.2 million in 2024, a decrease of HK$42.7 million compared to approximately HK$819.9 million in 2023[93]. - The consolidated loss attributable to owners of the Company was approximately HK$84.3 million in 2024, representing an increase of HK$35.2 million from approximately HK$49.1 million in 2023[93]. Events and Community Engagement - Major events hosted included the 30th Anniversary Celebration of the "Leader of the Year" and the "ESG Certification Awards and Sustainable Development Forum 2024", which generated considerable market interest[14]. - The Group successfully organized "The 1st Hong Kong Higher Education Expo," showcasing 12 Hong Kong universities in Shenzhen for the first time[37]. - The Group co-organized "The 2nd Shenzhen-Hong Kong-Macao Youth Creative Design Competition," fostering emerging talents in the Greater Bay Area[37]. - JobMarket successfully organized "The Employer of Choice Award 2023" and the "Graduate Recruitment Awards 2024" presentation ceremonies[49]. - The Group held a series of mega events, including the "ESG Certification Awards and Sustainable Development Forum 2024"[25]. - The inaugural "ArtCan Culture Forum and Awards Ceremony" was successfully held in early 2025, promoting arts and culture[27]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code throughout the review period, with specified deviations explained[173]. - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all directors during the year[174]. - The Company emphasizes good corporate governance practices as effective risk management, benefiting shareholders[172]. - The Board consists of seven directors, including four executive directors and three independent non-executive directors as of December 31, 2024[175]. - The Company has established a clear structure for the management and effective performance of the Board, delegating day-to-day operations to the management team[183]. - The Remuneration Committee approved discretionary bonuses for Executive Directors (EDs) and senior management based on their performances[198]. - The Company adopted a remuneration policy to align with its strategies and long-term vision, providing adequate incentives for Directors and Employees[198]. Employee and Stakeholder Relations - The Group expressed gratitude to stakeholders, including employees, shareholders, and users, for their support and trust[18]. - As of December 31, 2024, the Group employed approximately 1,202 employees, with competitive salaries and benefits offered to attract and retain quality staff[82]. - The management team emphasizes the importance of human resource strategy in driving company growth[133]. Market Position and Brand Recognition - Headline Daily was ranked as the top brand newspaper and second most trusted in public opinion in Hong Kong according to the "Digital News Report 2024" by The University of Oxford's Reuters Institute[32]. - Ohpama.com was recognized as the "No. 1 Digital Media of the Year - Parenting" for seven consecutive years (2018-2024) by Marketing Magazine[47]. - Smart Parents has been honored with the title of "Best Parenting Magazine" for 12 consecutive years (2013-2024)[47]. - The total followers for Ohpama.com, 24parent.com, and Smart Parents on Facebook and Instagram exceeded 920,000 as of December 2024[104]. - The Group's commitment to high-quality content and valuable advertising services continues to strengthen its competitiveness in the print media market[105]. - The Group's innovative promotional strategies and exceptional media penetration have solidified its leadership in the parenting media sector[106].

Financial Performance - For the year ending December 31, 2024, the company's revenue increased by approximately 15.65% to about RMB 1,751.56 million, compared to RMB 1,514.48 million for the year ending December 31, 2023[6] - The company's profit for the year ending December 31, 2024, was approximately RMB 132.24 million, a decrease of about 7.87% from RMB 143.54 million for the year ending December 31, 2023[6] - The profit attributable to the owners of the company for the year ending December 31, 2024, was approximately RMB 116.07 million, down about 9.39% from RMB 128.10 million for the year ending December 31, 2023[6] - Revenue for the year ended December 31, 2024, rose to approximately RMB 1,751.56 million, up from RMB 1,514.48 million for the year ended December 31, 2023, reflecting a growth rate of about 15.65%[65] - Property management services revenue increased from RMB 1,128.37 million in 2023 to RMB 1,355.66 million in 2024, marking a growth of 20.14%[66] - The value-added services segment generated revenue of RMB 326.44 million in 2024, up from RMB 302.76 million in 2023, an increase of 7.82%[66] - Catering service revenue decreased from RMB 73.45 million in 2023 to RMB 60.08 million in 2024, a decline of 18.20%[67] - The overall gross profit decreased from approximately RMB 255.24 million for the year ended December 31, 2023, to approximately RMB 252.56 million for the year ending December 31, 2024, a decline of about 1.05%[70] - The overall gross profit margin for the year ending December 31, 2024, was approximately 14.42%, down from 16.85% for the year ended December 31, 2023[70] Operational Growth - The managed construction area increased by 15.94% to approximately 47.02 million square meters as of December 31, 2024, from about 40.56 million square meters as of December 31, 2023[6] - The total managed building area reached approximately 47.02 million square meters, representing a year-on-year growth of 15.94%[22] - The number of managed properties increased to 362, up from 290 in the previous year[51] - The total contracted building area as of December 31, 2024, was 48.99 million square meters, compared to 43.70 million square meters in 2023[51] - The proportion of non-residential projects in the managed area was 58.40%[22] - The area managed under the fixed fee model (包乾制) accounted for 90.57% of the total managed area as of December 31, 2024, compared to 91.09% as of December 31, 2023[59] - The number of properties managed by independent third parties increased from 159 to 223, representing a growth of approximately 40.25%[60] - The total managed area developed by independent third parties grew by approximately 26.59%, from 21.10 million square meters in 2023 to 26.71 million square meters in 2024[60] Strategic Initiatives - The company expanded its business coverage to 26 provinces, cities, autonomous regions, and special administrative regions across China, focusing on high-end commercial properties in first and second-tier cities[12] - The company acquired an 11% stake in Chongqing Jiangbei Property Service Co., enhancing operational efficiency and market share in the southwest region[13] - The company successfully implemented a budget management system and upgraded its WeChat public account to improve customer experience and operational efficiency[16] - The company rebranded its real estate brokerage and lifestyle services to "Yiji Brokerage" and "Yiji Life," expanding its value-added service offerings[17] - The company aims to enhance its market competitiveness by focusing on high-end property management services in first- and second-tier cities[22] - The company plans to accelerate digital transformation and diversify its business segments to adapt to industry changes[19] - The new projects acquired in 2024 include significant properties such as the Beijing Central Axis Heritage Protection Center[23][25] Financial Management - The group's sales and service costs increased from approximately RMB 1,259.24 million for the year ended December 31, 2023, to approximately RMB 1,499.00 million for the year ending December 31, 2024, representing an increase of about 19.04%[68] - The group's administrative expenses rose from approximately RMB 78.37 million for the year ended December 31, 2023, to approximately RMB 91.22 million for the year ending December 31, 2024, an increase of about 16.40%[72] - As of December 31, 2024, the group's cash and bank balances were approximately RMB 1,639.21 million, an increase of approximately RMB 137.55 million from RMB 1,501.66 million as of December 31, 2023[76] - Trade receivables increased from approximately RMB 270.62 million as of December 31, 2023, to approximately RMB 345.64 million as of December 31, 2024, an increase of approximately RMB 75.02 million[78] - Trade payables rose from approximately RMB 191.91 million as of December 31, 2023, to approximately RMB 245.07 million as of December 31, 2024, an increase of approximately RMB 53.16 million[80] - The company's debt-to-asset ratio is 0.41, up from 0.38 on December 31, 2023[90] - The company has maintained a prudent financial management policy, ensuring a robust liquidity position throughout the year[92] Governance and Compliance - The company has a diverse board with members holding extensive experience in finance, accounting, and compliance, ensuring robust governance[120] - The independent directors provide critical insights and oversight, enhancing the company's strategic decision-making processes[118] - The supervisory board is responsible for monitoring operations and financial matters, ensuring adherence to regulatory standards[122] - The company emphasizes the importance of independent opinions in its governance structure, fostering transparency and accountability[117] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring compliance with listing rules[138] - The company has adopted the Corporate Governance Code as its own governance code, adhering to all applicable provisions during the fiscal year ending December 31, 2024[137] - The company’s financial statements are prepared in accordance with statutory requirements and applicable accounting standards, confirming the board's responsibility for timely publication[145] - The company has a comprehensive risk management and internal control system in place, regularly reviewed for effectiveness[137] Shareholder Engagement - The company is committed to maintaining strong and constructive communication with shareholders and investors, adhering to principles of integrity, regulation, and high transparency[194] - The board has reviewed the shareholder communication policy for the year ending December 31, 2024, ensuring effective communication channels such as annual and special shareholder meetings[194] - Shareholders holding more than 10% of shares can request the board to convene an extraordinary general meeting within ten days of their written request[192] - The company ensures that all shareholders, especially minority shareholders, enjoy equal rights and obligations[191] - The company actively engages with analysts and investors, arranging site visits and collecting feedback on operations[194]

Financial Performance - The company's revenue for the year ended December 31, 2024, reached approximately RMB 280 million, representing a year-on-year increase of about 103%[9]. - Revenue increased approximately 103% from about RMB 138 million for the year ended December 31, 2023, to about RMB 280 million for the year ended December 31, 2024[21]. - The group reported a revenue of RMB 279.6 million for the year ended December 31, 2024, compared to RMB 137.6 million in 2023, representing a year-over-year increase of 102.5%[78]. - Gross profit increased by approximately 102.0% to about RMB 143.5 million for the year ended December 31, 2024, compared to approximately RMB 71.0 million for the year ended December 31, 2023, with a stable gross margin of around 51%[45]. - The net loss for the year narrowed to RMB 433.8 million from RMB 1,963.8 million in 2023, reflecting a significant reduction in losses[78]. - The adjusted net loss for the year ended December 31, 2024, was approximately RMB 365.2 million, a decrease from RMB 1,963.8 million in 2023, indicating improved operational performance[60]. Product Development and Approvals - The CU-10201 (4% minocycline foam) received approval from the National Medical Products Administration in November 2024, marking it as the first and only approved topical minocycline for acne treatment globally[11]. - The CU-40102 (topical finasteride spray) NDA was accepted in January 2024, with submission to the Hong Kong government in April 2024, being the first approved topical finasteride product for androgenetic alopecia[11]. - CU-20401 (recombinant mutated collagenase) completed its Phase II clinical trial in December 2024, demonstrating significant efficacy and safety[12]. - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia, had its NDA accepted by the National Medical Products Administration in January 2024[18]. - CU-10201, the first and only approved topical minocycline foam for the treatment of acne, received market approval from the National Medical Products Administration in November 2024[27]. - CU-10101, a non-hormonal small molecule drug for treating mild to moderate atopic dermatitis, received IND approval in May 2024 and completed its first subject enrollment in a Phase I clinical trial in China in September 2024[31]. - CU-30101, a local anesthetic cream, completed its Phase III clinical trial in China in January 2024, with its drug registration application accepted by the National Medical Products Administration in July 2024[31]. - CU-20401, a recombinant mutated collagenase for managing local fat accumulation, completed a Phase II clinical trial in China in December 2024, showing significant efficacy and safety, with a projected commercialization approval in 2028[31]. Marketing and Sales Strategy - The company aims to enhance the commercialization of CU-10201 in China, leveraging both online and offline channels for rapid product rollout[15]. - The company aims to expand its product matrix through continuous new product launches and diversified e-commerce channels, maintaining high repurchase rates above industry averages[9]. - The company’s marketing strategy includes a strong online presence across various e-commerce and social media platforms, enhancing customer experience and brand loyalty[33]. - The company aims to enhance sales capabilities through online marketing activities and collaborations with renowned doctors to drive overall sales growth[41]. Production and Capacity - The company has established a GMP production facility in Jiangsu with an annual capacity of 5 million doses, supporting commercialization and candidate drug production needs[13]. - The company’s production facility received a drug production license from the Jiangsu Provincial Drug Administration in April 2024, expected to positively impact capacity expansion and market growth[13]. - The company has established a GMP production facility in Jiangsu with three production lines, which began operations in 2023, ensuring compliance with regulatory requirements for clinical and market approvals[36]. Financial Position and Cash Flow - The company’s cash and cash equivalents totaled approximately RMB 876 million as of December 31, 2024[21]. - As of December 31, 2024, the total cash and cash equivalents amounted to approximately RMB 385.7 million, a decrease of about 18.5% from RMB 473.1 million as of December 31, 2023, primarily due to expenditures in R&D and operations[63]. - The company's current assets were approximately RMB 1,087.1 million, with current liabilities of about RMB 323.3 million, including interest-bearing bank borrowings of RMB 213.3 million[64]. - The debt-to-asset ratio increased to 30.0% as of December 31, 2024, compared to 21.0% in 2023, mainly due to an increase in interest-bearing bank borrowings[68]. Governance and Board Structure - The board of directors held a total of 4 meetings in the fiscal year ending December 31, 2024, with all directors attending all meetings[90]. - The independent non-executive directors accounted for one-third of the board, ensuring compliance with listing rules[96]. - The company established a board independence assessment mechanism to enhance board efficiency and independent judgment[97]. - The company’s board is collectively responsible for guiding and supervising the company’s affairs, ensuring sound internal controls and risk management[92]. - The chairman and CEO roles are held by different individuals, complying with corporate governance codes[95]. Risk Management - The company has established multiple risk management procedures and guidelines to define implementation authority across key business processes and functions[130]. - The risk management committee assesses risks across various departments and subsidiaries, identifying strategic, financial, market, operational, and legal risks[130]. - The internal control system is evaluated annually, with the audit department preparing a report on the previous year's internal control management level[131]. - The company has confirmed the effectiveness of its risk management and internal control systems as of December 31, 2024[136]. Shareholder Communication - The company has established multiple communication channels with shareholders, including annual general meetings and investor relations activities[157]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[151]. - The company has a comprehensive shareholder communication policy to encourage active participation and effective exercise of shareholder rights[152]. Employee and Diversity Initiatives - The total number of employees as of December 31, 2024, was 333, with 54.4% in sales, marketing, and management roles[75]. - The company has implemented two equity incentive plans to align employee interests with company goals[75]. - The board currently consists of 6 male directors and 3 female directors, achieving a gender diversity ratio of 33.3% female representation[112]. - The company aims to maintain at least 33.3% female directors, 42.9% female senior management, and 60.7% female employees, which have all been met[115].

Financial Performance - For the fiscal year ending December 31, 2024, the company's sales revenue reached RMB 16,128.3 million, representing a 23.4% increase compared to RMB 13,069.3 million in 2023[19]. - The net profit attributable to shareholders for 2024 was approximately RMB 3,080.3 million, a 23.6% increase from RMB 2,491.5 million in 2023, with a net profit margin of 19.1%[19]. - Domestic sales amounted to RMB 10,112.3 million, accounting for 62.7% of total sales, with a year-on-year growth of 27.7%[20]. - Overseas sales reached RMB 6,016.0 million, representing 37.3% of total sales, with a year-on-year increase of 16.8%[20]. - The company's injection molding machine sales totaled RMB 15,405.1 million, a 23.8% increase from RMB 12,446.8 million in 2023, making up 95.5% of total sales[23]. - The gross profit margin for 2024 was 32.5%, slightly up from 32.1% in 2023, benefiting from lower raw material prices and economies of scale[19]. - Gross profit for 2024 was approximately RMB 5,235.8 million, an increase of 24.7% from RMB 4,200.3 million in 2023, with a gross margin of 32.5%[36]. - The profit attributable to shareholders for 2024 was RMB 3,080.3 million, up 23.6% from RMB 2,491.5 million in 2023, maintaining a net profit margin of 19.1%[41]. - Sales and administrative expenses increased by 14.8% to approximately RMB 2,313.1 million in 2024, primarily due to rising sales commissions and R&D costs[37]. - The company recorded net financing income of approximately RMB 173.4 million in 2024, a decrease from RMB 234.1 million in 2023, attributed to lower interest income and foreign exchange losses[39]. - Capital expenditures for 2024 amounted to approximately RMB 1,056.6 million, down from RMB 1,175.9 million in 2023[44]. Dividends and Shareholder Returns - The board declared a second interim dividend of HKD 0.73 per share for 2024, compared to HKD 0.66 per share in 2023[19]. - The total dividend for 2024 is expected to be HKD 0.73 per share, an increase from HKD 0.66 per share in 2023, based on the total issued share capital of 1,596,000,000 shares[50]. - The board has decided to consider declaring a dividend annually in suitable circumstances, with no predetermined payout ratio currently in place[51]. - The board declared a second interim dividend of HKD 0.73 per share for the year ending December 31, 2024, compared to HKD 0.66 per share for the previous year, with an estimated total amount of approximately RMB 1,074.69 million[50]. - The company's distributable reserves as of December 31, 2024, amounted to RMB 3,789.3 million, which includes share premium, paid-in earnings, and retained earnings[161]. Market Strategy and Growth - The company anticipates continued benefits from global manufacturing recovery and consumer demand resurgence in 2025, despite geopolitical uncertainties and trade protectionism challenges[24]. - The company plans to leverage technological innovation and green transformation as new growth drivers in the domestic market[24]. - The company plans to enhance its market share through a multi-dimensional market strategy and a focus on customer satisfaction in 2024, designated as the "Quality Service Year"[25]. - The Jupiter series injection molding machines saw steady growth due to ongoing investments in the global automotive supply chain, particularly in the new energy vehicle sector[23]. - The company aims to deepen its global investment layout with new factories in Japan and Serbia expected to be completed by 2025[26]. Technological Innovation and Sustainability - The company will continue to invest in technological innovation, including the development of new models and performance optimization of existing products, leveraging big data and IoT technologies[25]. - The company has implemented the "Factory 2.0" digital management software across its fifth-generation models, achieving a 20-40% reduction in overall energy consumption compared to third-generation models[81]. - The company is focusing on clean technology innovations, including automated production and biodegradable materials, to meet sustainable development needs[81]. - The company launched a "Smart Energy Environmental Control Platform" to optimize energy management, achieving real-time monitoring and precise management of energy consumption[86]. - The company has been recognized as a national-level green factory and a key cultivation enterprise for "waste-free groups" in Zhejiang Province in 2024[86]. Corporate Governance and Management - The board of directors held a total of four meetings in the fiscal year ending December 31, 2024, ensuring all directors are informed about the company's business development[97]. - The company has adopted effective mechanisms to ensure the board receives independent opinions and perspectives, enhancing governance practices[102]. - The audit committee, comprising three independent non-executive directors, has reviewed the consolidated financial information for the year ending December 31, 2024[110]. - The remuneration committee evaluates the compensation policies for directors and senior management based on individual skills, knowledge, and performance, considering the company's overall performance and profitability[111]. - The nomination committee has adopted a diversity policy to ensure a balanced composition of the board, taking into account various factors during the selection process[105]. Employee and Workplace Policies - The group employed a total of 8,074 employees as of December 31, 2024, primarily located in China, and offered competitive compensation plans[48]. - The company is committed to ongoing training and development for its staff, ensuring that they remain competitive in the rapidly evolving market[74]. - 100% of employees' compensation includes a performance-related variable component, ensuring a competitive and performance-oriented remuneration structure[86]. - The company provides long-term housing solutions for employees, including talent apartments and public rental housing, to reduce living costs and improve quality of life[86]. - The company has established a diversity policy for the board, focusing on various factors such as age, gender, education, and professional experience to enhance management quality and performance[108]. Risk Management and Compliance - The company conducts regular internal control assessments to identify potential risks affecting its operations and financial processes[120]. - The company has adopted an anti-corruption policy to regulate the acceptance of benefits by employees and directors[121]. - The company has implemented a whistleblowing policy to guide employees and external stakeholders in reporting suspicious or improper conduct[121]. - The board has confirmed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024[120]. - The company is exposed to foreign exchange risks primarily due to sales in international markets, with less than 10% of procurement costs denominated in foreign currencies[151]. Shareholder Communication and Meetings - The board has adopted a shareholder communication policy to maintain effective dialogue with shareholders since 2022[130]. - The company has established various communication channels with shareholders, including printed or electronic versions of company communications[130]. - The company will hold its annual general meeting on May 16, 2024, and a special general meeting on December 16, 2024[129]. - The attendance rate for the annual general meeting by executive directors was 100%[129]. External Audit and Financial Compliance - The external auditor received RMB 2.23 million for audit services for the year ending December 31, 2024[125]. - The company has appointed Ernst & Young as the new auditor effective November 25, 2024, following the resignation of PricewaterhouseCoopers[198]. - PricewaterhouseCoopers has resigned as the company's auditor effective November 5, 2024[198]. - Ernst & Young has been confirmed to be qualified and willing to be reappointed as the auditor[199].