Sales Performance - For the year ended December 31, 2024, the Group achieved total contracted sales of RMB 641.7 million, a decrease from RMB 940.7 million in 2023, reflecting a significant decline in sales performance [22]. - The Group achieved total contracted sales value of approximately RMB641.7 million for the year ended December 31, 2024, a decrease from RMB940.7 million in 2023, and the contracted sales area was approximately 43,574 sq.m., down from 79,417 sq.m. in 2023 [47][50]. - Contracted sales for the year ended 31 December 2024 were approximately RMB641.7 million, down from RMB940.7 million in 2023 [97]. Revenue and Financial Performance - The Group's revenue decreased by approximately 66.6% from approximately RMB2,387.5 million for the year ended 31 December 2023 to approximately RMB796.4 million for the year ended 31 December 2024, primarily due to a decrease in revenue from property sales [89]. - Revenue from property development decreased by 73.3% from approximately RMB2,134.2 million in 2023 to approximately RMB569.4 million in 2024, attributed to a reduction in total GFA sold [96]. - Revenue from property leasing decreased by approximately 13.9% to approximately RMB126.6 million in 2024, primarily due to the termination of leases for five metro station shopping malls [98]. - Revenue from hotel operations decreased by 5.5% to RMB100.4 million in 2024, mainly due to reduced travel demand [99]. - The Group's total revenue for 2024 was comprised of 71.5% from property development, 15.9% from property leasing, and 12.6% from hotel operations [88]. Occupancy Rates - The average occupancy rate for property leasing was 84.0%, up from 83.5% in 2023, while the hotel operation occupancy rate decreased to 78.7% from 83.4% in the previous year [22]. - The average occupancy rate for hotel operations decreased, indicating potential challenges in the hospitality sector [22]. - The Group's completed investment properties totaled approximately 121,350 sq.m. as of December 31, 2024, with an average occupancy rate exceeding 84.0% [66][71]. Debt and Financial Stability - The Group faced pressures from declining cash recovery rates, debt maturity, and a significant decrease in contracted sales, necessitating price-off promotions, asset sales, and debt restructuring to alleviate cash flow pressure [22]. - As of December 31, 2024, the Group faced cross-default on bank loans totaling approximately RMB 335.96 million, secured against assets worth approximately RMB 2.06 billion [77]. - The Group has not paid cumulative interest of USD 91.91 million (approximately RMB 660.66 million) on preferred notes, leading to default events [77]. - The Group's net debt-to-equity ratio was approximately 2,069.3%, up from 387.3% in 2023 [127]. - The debt-to-asset ratio rose to approximately 95.4% as of December 31, 2024, compared to 86.0% in 2023 [132]. Strategic Focus and Future Outlook - The Group's strategic focus includes navigating the complex economic environment and addressing real estate corporate debt risks [21]. - The Group anticipates continued challenges in the property industry in 2025 due to difficult economic conditions and financial instability [28]. - The Group plans to accelerate property sales and maintain stricter cost control measures to ensure timely delivery of properties [28]. - The Group is actively seeking suitable projects and opportunities for future development under the guidance of the PRC government's efforts to stabilize the property market [30]. Property Development and Land Bank - As of December 31, 2024, the Group's total land bank is approximately 708,311 sq.m., including 149,079 sq.m. of completed but unsold properties [54]. - The Group has approximately 185,720 sq.m. of properties under development and 219,843 sq.m. of properties developed by joint ventures and associates [54]. - The Group's strategic focus includes expanding its land bank and enhancing property development capabilities through joint ventures and partnerships [54]. Cost Management and Expenses - The Group's cost of sales decreased from RMB2,316.2 million for the year ended 31 December 2023 to RMB823.8 million for the year ended 31 December 2024, primarily due to a decrease in property development costs [103]. - Selling and marketing expenses decreased by approximately 66.2%, from RMB96.1 million in 2023 to RMB32.5 million in 2024 [121]. - Administrative expenses decreased by approximately 6.9%, from RMB160.6 million in 2023 to RMB149.5 million in 2024 [123]. Environmental, Social, and Governance (ESG) Initiatives - The Group will continue to collect and monitor environmental and social data to enhance operational transparency as part of its ESG initiatives [196]. - The Group emphasizes the importance of ESG matters and conducts materiality assessments through stakeholder engagement processes [197]. - The Group aims to enhance energy efficiency and operational efficiency as part of its long-term development strategy, with new emission reduction targets set since 2022 [199]. - The Group is committed to increasing transparency in ESG disclosures, maintaining environmental performance indicators across six real estate projects [199].

Financial Performance - The company reported a revenue of RMB 7,152,407 thousand for the year ended December 31, 2024, representing a 54.59% decrease compared to RMB 15,751,478 thousand in 2023[4]. - The pre-tax loss was RMB 3,249,183 thousand, compared to a profit of RMB 1,076,351 thousand in the previous year[4]. - The company reported a net loss attributable to ordinary shareholders of RMB 2,992,483 thousand for 2024, compared to a profit of RMB 140,407 thousand in 2023[4]. - The company achieved operating revenue of RMB 715,240.7 million in 2024, a year-on-year decrease of 54.59%, primarily due to reduced income from the real estate development segment[84]. - The pre-tax loss amounted to RMB 324,918.3 million, with a core operating loss (excluding fair value changes) of RMB 256,287.0 million[84]. Assets and Liabilities - The total assets decreased to RMB 57,619,449 thousand in 2024 from RMB 65,155,827 thousand in 2023, a decline of approximately 11.8%[4]. - The total liabilities also decreased to RMB 39,268,837 thousand in 2024 from RMB 42,927,967 thousand in 2023, a reduction of about 8.5%[4]. - The total financing amount at the end of the period was RMB 2,390,768 million, with an overall average financing cost of 4.07%[82]. Business Strategy and Development - The company aims to enhance its core business and digital transformation while focusing on the exhibition and real estate sectors for future growth[13]. - The company is committed to exploring new transformation paths in real estate development amidst ongoing industry adjustments[13]. - The company is actively innovating its development model by promoting the integration of "exhibition + real estate" projects in response to current industry trends[25]. - The company plans to focus on the "high quality" and "large service" model in real estate development, transitioning towards composite real estate development[93]. - The company will strengthen the integration of various business segments, particularly in the exhibition and commercial property sectors, to drive growth and efficiency[87]. Market and Industry Trends - The real estate market saw a total sales area of 814.5 million square meters in 2024, a year-on-year decrease of 14.1%, with sales revenue of RMB 848.64 billion, down 17.6% year-on-year[25]. - The hotel industry is facing challenges with declining occupancy rates and average room prices due to weakened domestic business demand and intense price competition[24]. - The company anticipates broader development opportunities in the exhibition, hotel, and commercial property sectors due to supportive government policies and market demand[85]. Operational Highlights - The company hosted 2,243 events in its self-owned venues and hotels, a year-on-year increase of approximately 1.9%, with major events totaling 71 and attracting 5.8625 million attendees, up 20.6% year-on-year[27]. - The company achieved a significant breakthrough in the market-oriented operation of the 2024 Service Trade Fair, with participation from 85 countries and international organizations, over 8,000 enterprises, and a total audience of 258,000, marking a 20% increase in professional attendees compared to the previous year[32]. - The company successfully organized over 40 major events, enhancing its brand influence and recognition in the industry[27]. Corporate Governance - The company is committed to maintaining high corporate governance standards and has complied with all relevant regulations[102]. - The board of directors held 36 meetings in 2024, ensuring effective oversight and strategic direction for the company[106]. - The company conducts annual reviews of director remuneration policies to attract and retain high-quality talent[123]. - The board consists of at least one-third independent non-executive directors, ensuring independent viewpoints and opinions[117]. Human Resources and Talent Management - The company is actively addressing talent shortages by implementing various recruitment and training programs to build a high-quality talent pool[101]. - The gender ratio of the board members in 2024 is 7:2, while the employee gender ratio is 5:4, indicating a commitment to gender diversity[126]. - The company plans to enhance gender diversity in the board by considering it as a factor in future recruitment of board and senior management candidates[126]. Financial Management and Investments - The company has established a dividend policy to enhance transparency and operational effectiveness in profit distribution, which is available on its website[150]. - The company plans to invest RMB 145 million in fixed assets by 2025, funded by internal resources[97]. - The company has ongoing projects in various regions, including residential and commercial developments in Hebei, Anhui, Chongqing, Hainan, and Guangdong[74]. Risk Management - The company is facing market risks due to ongoing adjustments in the real estate market, which may affect sales collection efficiency[100]. - The board of directors believes that the risk management and internal control systems were effective and sufficient during the reporting period[147].

Financial Performance - Total revenue for 2024 was approximately RMB 1.34 billion, a decrease of 39.9% compared to the previous year[12]. - Gross profit decreased by 59.8% to approximately RMB 596.3 million, with a gross margin dropping from 66.6% to 44.5%[12]. - Adjusted net loss narrowed to approximately RMB 532.8 million from RMB 549.4 million in 2023[12]. - The company experienced a one-time price discount of approximately RMB 129 million related to advertising services, impacting total revenue by about RMB 299 million[12]. - Revenue reduction of approximately RMB 300 million was attributed to the divestment of the smart restaurant business and reduced investment in small and micro businesses[12]. - The adjusted gross profit decreased by 33.5% to approximately RMB 906 million in 2024[12]. - The operating cash flow for 2024 improved significantly from a cash outflow of approximately RMB 596 million in the same period last year to a cash outflow of approximately RMB 332 million, marking a continuous narrowing for three years[14]. - Subscription solutions revenue for 2024 was approximately RMB 919 million, a year-on-year decrease of 31.9%, with the number of paying merchants at 62,924, down 34.7%[15]. - The gross revenue from advertising support for merchants was approximately RMB 18.015 billion, a year-on-year increase of 24.5%, while merchant solution revenue was approximately RMB 421 million, a decrease of 52.1%[16]. - The average revenue per user increased by 4.2% to RMB 14,598, reflecting improved operational efficiency[15]. - The company reported a net loss attributable to equity holders of RMB 1,728.5 million in 2024, compared to RMB 758.3 million in 2023[35]. - The company recorded an operating loss of approximately RMB 1,431.2 million in 2024, compared to an operating loss of approximately RMB 604.3 million in 2023[71]. - Adjusted EBITDA for 2024 was RMB (1,228.6) million, reflecting an adjusted net loss of RMB (1,744.0) million, with a net loss margin of (130.2%) for the year[80]. Assets and Liabilities - The total assets decreased to RMB 6.96 billion in 2024 from RMB 7.87 billion in 2023[10]. - Non-current assets decreased to RMB 2.55 billion in 2024 from RMB 3.04 billion in 2023[10]. - Total liabilities increased slightly to RMB 5.15 billion in 2024 from RMB 5.07 billion in 2023[10]. - The company had cash and bank balances of approximately RMB 1,779.0 million as of December 31, 2024, including restricted cash of RMB 526.9 million[85]. - As of December 31, 2024, the company had total bank borrowings of approximately RMB 2,222.7 million, with various short-term and long-term loans listed[90]. - The company’s liquidity position remains stable with cash and cash equivalents of RMB 1,194.2 million as of December 31, 2024[85]. Business Strategy and Development - The company focused on AI technology development and optimization of business structure to improve operational efficiency[12]. - The AI product "WIME" launched for small and micro e-commerce operators improved product material creation efficiency by 80% and reduced team operation costs by 60%[17]. - The company has successfully integrated AI technology into its core business, launching 15 AI Agent products that cover 58 business scenarios in e-commerce and retail[20]. - The company aims to enhance its services in the WeChat ecosystem, leveraging its position as a core service provider to drive business growth for merchants[33]. - The company plans to expand AI Agent applications in e-commerce and retail sectors, focusing on high-performance, low-cost models to enhance operational efficiency[33]. - The company is exploring overseas market opportunities, particularly in North America, to drive product-led growth and capitalize on international business prospects[33]. - The company expanded its overseas business footprint to five major regions, with new market entries in East Asia and Africa during the reporting period[23]. Marketing and Customer Engagement - The company achieved a 24.5% year-on-year growth in advertising gross revenue, amounting to approximately RMB 18.015 billion[30]. - The number of paid merchants for marketing solutions decreased by 0.4% to 66,669, while the average spending per paid merchant increased by 25.0% to RMB 270,208[30]. - The average spending per advertiser increased from RMB 216,215 in 2023 to RMB 270,208 in 2024, contributing to the growth in gross revenue for merchant solutions[47]. - User retention rates improved to 85%, up from 80% in the previous quarter[8]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[1]. Cost Management and Efficiency - Sales and distribution expenses decreased by 34.6% from approximately RMB 1,551.5 million in 2023 to approximately RMB 1,014.0 million in 2024, primarily due to a reduction in contract acquisition costs and employee costs[62]. - Research and development expenses decreased by 30.7% from approximately RMB 586.7 million in 2023 to approximately RMB 406.3 million in 2024[66]. - Total sales costs slightly decreased by 0.2% from approximately RMB 744.2 million in 2023 to approximately RMB 743.0 million in 2024[50]. - Sales costs for subscription solutions increased to 79.1% of total sales costs in 2024, up from 61.4% in 2023[52]. - Adjusted sales costs for subscription solutions decreased by 9.5% from approximately RMB 449.1 million in 2023 to approximately RMB 406.6 million in 2024[54]. - Sales costs for merchant solutions decreased by 46.0% from approximately RMB 287.4 million in 2023 to approximately RMB 155.1 million in 2024[55]. Shareholder and Capital Management - The company reported a total issuance of convertible bonds amounting to $90 million on September 5, 2024, with a conversion price set at HKD 1.30 per share, potentially resulting in the issuance of up to 542,090,769 new shares[130]. - The net proceeds from the issuance of the convertible bonds are approximately $86 million, which will be utilized for strategic purposes as detailed in the report[130]. - The company completed a placement of 277,000,000 new shares at a price of HKD 1.13 per share, raising approximately HKD 313.0 million[141]. - The net proceeds from the 2024 placement are approximately HKD 308.0 million, aimed at improving the company's financial position and supporting long-term business expansion[141]. - The company believes that issuing the 2024 convertible bonds optimizes its capital structure and diversifies funding sources, supporting sustainable development[136]. - The company has the capacity to meet its redemption obligations under the 2024 convertible bonds based on its cash and cash equivalents as of December 31, 2024[136]. Compliance and Risk Management - The company is committed to maintaining compliance with all relevant laws and regulations, ensuring operational integrity[126]. - The company faces significant risks including reliance on Tencent's platform, evolving customer demands, and potential cybersecurity threats[128]. - The company emphasizes its commitment to environmental protection and resource conservation, adhering to relevant environmental laws and regulations without any reported violations during the period[127]. - The management team emphasized a commitment to sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025[10].

Economic Overview - In 2024, China's GDP growth was 5%, but the economy faced significant challenges, including a decline in consumer confidence and spending, leading to a "consumption downgrade" trend[25]. - The dairy industry in China was among the ten "profit declining industries," with almost all listed dairy companies reporting revenue declines[25]. - The total sales volume of dairy products decreased by approximately 1.5% in 2024, following a 2% decline in 2023[25]. Dairy Production and Pricing - The total raw milk production volume in China decreased by 2.9% to approximately 40.8 million tons, down from 42.0 million tons in 2023[27]. - The national average raw milk price fell from RMB4.4/kg in August 2021 to RMB3.1/kg in December 2024, marking a 30% decrease over more than three years[25]. - The average selling price of raw milk decreased by 17.0%, from RMB4,268/ton to RMB3,541/ton[106]. - The average selling price of raw milk fell to RMB3,541/ton in 2024 from RMB4,268/ton in 2023, while the total sales volume increased to approximately 815,937 tons from 783,028 tons[134][140]. Dairy Industry Challenges - The number of dairy cows in China's 10 major milk production provinces reduced by 6.7% during the first three quarters of 2024[27]. - Approximately 1.2 million dairy cows were eliminated from the dairy industry in 2023 and 2024 combined[27]. - The number of scaled dairy farms in China dropped by 20% from 4,600 in 2022 to 3,700 by the end of 2024[84]. - China imported 2.6 million tons of various dairy products in 2024, representing a decrease of 9.6% year on year[87]. Company Performance - The company recorded a revenue of approximately RMB3,683.8 million for the reporting year, representing a decrease of 6.1% compared to 2023[68]. - Gross profit decreased by 30.7%, from approximately RMB708.5 million to RMB491.0 million, primarily due to a 17.0% decrease in raw milk selling price and a 16.4% decrease in beef cattle selling price[69]. - The company reported a net loss of approximately RMB1,269.3 million, mainly attributable to losses from changes in the fair value of other biological assets amounting to RMB1,260.6 million[69]. - Cash EBITDA for the year was approximately RMB513.3 million, a decrease of 32.6% compared to the previous year[67]. Beef Cattle Market - The demand for high-quality beef, particularly premium products like Wagyu beef, is anticipated to grow significantly[29]. - Beef cattle sales volume increased significantly by 64.5% to 19,415 tons, while the selling price decreased by 16.4%[68]. - The gross loss from the beef cattle business increased significantly to RMB90.0 million in 2024, compared to a gross loss of RMB3.6 million in 2023, primarily due to lower selling prices[155]. Financial Metrics - The basic and diluted loss per share for the Company was RMB 1.81 in 2024, compared to a loss of RMB 0.70 per share in 2023[179]. - The pre-tax loss for the reporting year was RMB 1,250.5 million, compared to RMB 470.0 million in 2023, representing a significant increase in losses[180]. - Net cash flows from operating activities for the reporting year were RMB 813.6 million, significantly higher than RMB 184.0 million in 2023[189]. Investment and Development - The company is focusing on sustainable development and has made continuous investments in research and innovation related to carbon emission reduction[98]. - Research and development expenses amounted to RMB 13.6 million in 2024, compared to nil in 2023, primarily generated by the feed mill[172]. Debt and Financing - As of December 31, 2024, the total secured bank loans amount to RMB 3,498,392,000, an increase from RMB 3,400,323,000 as of December 31, 2023, reflecting a growth of approximately 2.9%[200]. - The effective interest rate for current secured bank loans ranges from 3.90% to 4.80% in 2024, compared to 4.00% to 4.80% in 2023[200]. - The overall financial strategy appears focused on managing interest rates and loan maturities effectively to optimize capital structure[200].

Company Overview - Zhejiang Shibao reported a strategic goal to provide intelligent driving solutions and products for leading global automotive groups[10]. - The company has over 30 years of experience in system matching within the automotive industry, with a diversified and international customer base[10]. - Zhejiang Shibao is one of the first domestic companies to independently develop electric power steering systems and intelligent steering systems for automobiles[10]. - The company operates production bases in Hangzhou, Yiwu, Siping, Wuhu, and Changzhou, and has a research institute in Hangzhou[10]. - The company aims to enhance the research and production capabilities of steering systems and key components to an internationally competitive level[10]. - Zhejiang Shibao's H shares were listed on the Hong Kong Stock Exchange on May 16, 2006, and later transferred to the main board on March 9, 2011[10]. - The company is committed to improving automotive driving safety and comfort through its products[10]. - Zhejiang Shibao has established an automotive intelligent technology research and development center in Beijing[10]. - The company provides various steering products for commercial vehicles, passenger cars, and new energy vehicles[10]. - The company is focused on expanding into modular related key components of steering system integration[10]. Financial Performance - The company's operating revenue for the year ended December 31, 2024, reached RMB 269,346.89 million, a 48% increase from RMB 181,944.22 million in 2023[21]. - The total profit for 2024 was RMB 15,226.84 million, representing an 81% increase compared to RMB 8,400.31 million in 2023[21]. - The net profit attributable to the parent company was RMB 14,912.38 million, up 93% from RMB 7,720.43 million in 2023[21]. - The net asset value of current assets increased to RMB 99,577.03 million in 2024, compared to RMB 55,892.46 million in 2023, indicating improved liquidity[22]. - The total assets of the company reached RMB 326,466.71 million in 2024, a significant increase from RMB 265,067.88 million in 2023[22]. - The company achieved a revenue of RMB 2,693,468,867.27, representing a year-on-year increase of 48.04%[28]. - The gross profit from core business was RMB 517,235,591.89, an increase of RMB 219,895,821.50 year-on-year, with a gross margin of 19.82% compared to 17.09% in the previous year[28]. - The overall gross margin for the reporting period was 20.94%, up from 19.33% in the previous year, attributed to improved production costs due to increased sales volume[28]. - Research and development expenses amounted to RMB 159,714,979.19, a year-on-year increase of 35.13%, representing 5.93% of total revenue[29]. - The net profit attributable to shareholders was RMB 149,123,766.76, reflecting a year-on-year increase of 93.15%[33]. Research and Development - The company has a strong focus on R&D, with seven core technological capabilities developed, including electric steering ECU technology and intelligent steer-by-wire technology[14]. - The company plans to focus on the development and commercialization of new technologies such as steer-by-wire and rear-wheel steering to support advanced autonomous driving[25]. - The company is focused on providing advanced active steering solutions for autonomous vehicles, integrating economic growth, environmental protection, and social responsibility into its business strategy[169]. - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[109]. Market and Sales - The sales of electric and intelligent steering system products saw significant growth, benefiting from trends in automotive electrification and globalization[28]. - The company reported a significant increase in overseas sales, which reached RMB 202,454,017.39, a year-on-year growth of 107.21%[35]. - The automotive industry in China saw a production and sales volume of 31.28 million and 31.44 million vehicles respectively, with a year-on-year growth of 3.70% and 4.50%[27]. - The company's revenue for automotive parts manufacturing reached ¥2,609,786,667.29, a year-on-year increase of 2.73%[37]. - Sales volume for automotive parts increased by 58.04% to 4,458,978 units compared to 2,821,409 units in the previous year[38]. Operational Efficiency - The company has implemented the Toyota Production System to enhance efficiency, reduce waste, and control production costs effectively[18]. - The company maintains a stable and experienced team, with an average of 15 years of industry experience among core personnel, supporting future growth initiatives[19]. - The company has established a comprehensive quality control system, with all major subsidiaries certified under IATF 16949:2016, ensuring stable product quality[15]. - The gross profit margin for steering systems and components was 19.04%, up from 16.06% in the previous year, reflecting improved cost management[40]. Corporate Governance - The company has a strong governance structure with independent non-executive directors, enhancing oversight and strategic direction[100]. - The board includes experienced professionals from various sectors, contributing to diverse insights and decision-making[101]. - The company is committed to maintaining high standards of corporate governance to align with stakeholder interests and adapt to external changes[158]. - The supervisory board expressed confidence in the company's future prospects and the performance of the board and senior management[155]. - The company has established a robust internal control system, which contributed to the decision not to purchase liability insurance for directors and senior executives[159]. Employee and Compensation - The total employee compensation and benefits amounted to RMB 303,884,490.90, an increase from RMB 246,070,420.51 in the previous year, reflecting a growth of approximately 23.4%[93]. - The company has 2,224 employees as of December 31, 2024, up from 1,940 employees in 2023, indicating an increase of about 14.6%[93]. - The company provides ongoing professional development training for all directors to enhance their knowledge and skills related to governance and compliance[174]. Environmental Compliance - The company has maintained good environmental compliance, with all emissions meeting standards and no pollution incidents reported during the reporting period[111]. - The company has established a comprehensive environmental management system and has achieved ISO 14001 certification for several subsidiaries[111]. - The company has implemented strict environmental protection measures to comply with current laws and contribute to environmental conservation[172]. Risks and Challenges - The company faces risks from industry fluctuations, as the automotive parts manufacturing sector is heavily influenced by the macroeconomic cycle and national policies[71]. - Product quality is critical, as any defects could lead to recalls, impacting the company's brand and market expansion[72]. - The company must continuously innovate to meet the increasing demands for safety, intelligence, and energy efficiency in the automotive sector[73]. - The pricing of automotive parts is subject to pressure from the overall vehicle pricing trends, which could affect the company's profitability[74]. - Fluctuations in raw material prices significantly impact production costs and gross margins, posing operational risks[75]. - The company is expanding into overseas markets, which may be affected by international political and economic changes[76]. - The company must adapt its management practices to handle the increased complexity from business expansion, or it risks affecting operational efficiency and performance[77].

Financial Performance - Total revenue for 2023 was RMB 1,035,983, a decrease of 27.7% compared to RMB 1,431,294 in 2022[18]. - The net finance costs for 2023 were RMB (383,500), down from RMB (596,488) in 2022, indicating improved financial management[18]. - The company reported a loss before tax of RMB (73,708) for 2023, a significant recovery from a profit of RMB 2,506,503 in 2022[18]. - The loss for the year was RMB (157,530) in 2023, compared to a profit of RMB 2,378,790 in 2022, reflecting challenging market conditions[18]. - The company expects revenue for 2024 to be approximately RMB 897,537, indicating a continued decline in performance[18]. - Total assets decreased from $2,432,164 million in 2022 to $1,726,326 million in 2023, a decline of approximately 29%[20]. - Total liabilities decreased from $4,152,388 million in 2022 to $3,628,825 million in 2023, a decline of approximately 13%[20]. - Current liabilities significantly reduced from $1,230,233 million in 2022 to $631,220 million in 2023, a decrease of about 49%[20]. Oil Production and Sales - Crude oil sales volume in 2023 was 1.86 million barrels, down from 2.27 million barrels in 2022, representing a decrease of about 18%[21]. - Average realized price for crude oil in 2023 was $78.89 per barrel, compared to $93.97 per barrel in 2022, a decrease of approximately 16%[21]. - Total proved crude oil reserves decreased from 6,297 thousand barrels in 2022 to 5,033 thousand barrels in 2023, a decline of about 20%[23]. - Lifting costs for crude oil increased from $13.16 per barrel in 2022 to $13.28 per barrel in 2023, an increase of approximately 1%[21]. - Cash net-back for crude oil in 2023 was $60.70 per barrel, down from $70.40 per barrel in 2022, a decrease of about 14%[21]. - The average daily net crude oil production in 2023 was 5,259 barrels, down from 6,279 barrels in 2022, a decrease of approximately 16%[21]. - Total proved and probable crude oil reserves decreased from 11,005 thousand barrels in 2022 to 9,024 thousand barrels in 2023, a decline of about 18%[23]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies to drive future growth[18]. - The management is exploring potential mergers and acquisitions to enhance competitive positioning in the market[18]. - The company plans to invest in new product development to meet evolving customer demands and market trends[18]. - The company is committed to improving oil and gas field exploration efficiency and reducing production costs through process optimization and cost management[77]. Leadership and Governance - The board of directors has undergone changes, with new appointments aimed at strengthening governance and strategic direction[5]. - The company has undergone significant leadership changes, with several directors transitioning between executive and non-executive roles in recent years[43][44][46]. - The management team is composed of individuals with diverse backgrounds in finance, corporate governance, and operational oversight, enhancing the company's strategic capabilities[40][41][43]. - The company is positioned to leverage its experienced leadership to navigate market challenges and pursue growth opportunities in the oil and gas sector[39][43]. Corporate Governance - The company has complied with the applicable Code Provisions of the Corporate Governance Code during the year ended December 31, 2024[70]. - The company will regularly review and improve its corporate governance practices to ensure compliance with the CG Code[71]. - The board has made recommendations regarding the training and continuous professional development of Directors and senior management[76]. - The company emphasizes the principle of "innovative development and value creation" to adapt to changing market conditions[80]. - The Company has established corporate governance practices based on the Code Provisions set out in the Listing Rules[70]. Risk Management - The Group's major market risks include oil price risk, which significantly impacts revenue and profit due to fluctuations in international oil prices, and currency risk, as most sales in China are in US dollars while expenses are incurred in RMB[149]. - The internal audit function assesses the effectiveness of the Group's risk management and internal control systems, reporting directly to the Chief Executive Officer and having unrestricted access to company records[143]. - The Board is responsible for evaluating risks associated with achieving the Group's strategic objectives and maintaining effective risk management systems[141]. Shareholder Communication - Effective communication with shareholders is deemed essential for strengthening investor relationships and enhancing understanding of the Company's performance and strategy[164]. - The Company aims to maintain transparency and timely disclosure of information to assist shareholders in making informed investment decisions[168]. - The Company allows extraordinary general meetings to be convened upon written requisition by shareholders holding at least one-tenth of the paid-up capital with voting rights[155]. - All resolutions presented at general meetings will be voted on according to the listing rules, and results will be published on the Company's and the Stock Exchange's websites[156].

Financial Performance - The Group's consolidated revenue for 2024 was approximately HK$149,945,000, representing an increase of 6.8% compared to 2023[17]. - The loss for the year increased to HK$115,575,000 in 2024, up from HK$61,721,000 in 2023[17]. - The Group's annual loss expanded to HK$115,575,000 in 2024, compared to HK$61,721,000 in 2023, while total revenue increased by 6.8% year-on-year to approximately HK$149,945,000[23]. - Operating revenue from the sales business of medical and geriatric products increased by 5.7% year-on-year to HK$135,907,000[21]. - The cost of sales increased by 12.2% year-on-year to approximately HK$114,265,000, which includes costs related to purchases, freight, installation fees, and wage expenses[87][93]. - The overall gross profit margin decreased to 23.8% from 27.4% in the previous year, attributed to a change in product mix with increased sales of lower-margin educational products[88][94]. - Other income and gains/(losses), net amounted to a loss of approximately HK$15,678,000, a significant decrease from a gain of HK$36,084,000 in the previous year, mainly due to reduced interest income and an exchange loss of HK$29,290,000[95][101]. - Selling and distribution expenses were approximately HK$14,331,000, representing 9.6% of total sales, a slight decrease from 9.9% in 2023[97][102]. - Administrative expenses decreased by 9.8% to HK$80,716,000 from HK$89,476,000 in 2023, primarily due to the implementation of a tightening expense policy[99][103]. - The Group's net assets decreased to approximately HK$1,740,426,000, down by HK$214,122,000 from HK$1,954,548,000 as of December 31, 2023[116]. - The Group's cash and cash equivalents were approximately HK$77,865,000 as of December 31, 2024, a decrease of approximately HK$75,459,000 from HK$153,324,000 as of December 31, 2023[117]. Geriatric Care Operations - The Group operated 6 geriatric care institutions with a total of 1,243 geriatric beds, including 849 medical beds[19]. - Revenue from the geriatric care business in 2024 was approximately HK$14,038,000[19]. - The average occupancy rate of the geriatric care institutions was approximately 72%[19]. - Each geriatric care institution achieved a break-even position and continued to provide positive cash flow for the Group[19]. - The Group plans to increase the number of geriatric care beds by 500 in the coming year[19]. - Revenue from the geriatric care institutions reached RMB45.08 million in 2024, representing an 8% year-on-year increase from RMB41.81 million in 2023[35]. - The overall occupancy rate for the facilities was 72% in 2024, down from 79% in 2023[39]. - In 2024, Guangyi Geriatric Care Center and Nursing Home achieved operating revenue of RMB20.74 million, with an occupancy rate of 92%[41]. - Wuhe Geriatric Care Center and Nursing Home reported operating revenue of RMB5.88 million, with a decline in occupancy rate to 57% due to renovations[43]. - Xuejia Aixin Geriatric Care Center and Nursing Home achieved operating revenue of RMB11.30 million, representing a year-on-year increase of 17% and an occupancy rate of 78%[48]. - Huifeng Geriatric Care Center reported operating revenue of RMB1.48 million, a year-on-year increase of 21%, with an occupancy rate of 44%[50]. - Wuhu Golden Sun Geriatric Care Center achieved operating revenue of RMB4.58 million, representing a year-on-year increase of 9% and an occupancy rate of 95%[52]. - The newly opened Changzhou Luoxi District Geriatric Care Center and Nursing Home has an occupancy rate of 34% since its operations began in May 2024[53]. - The occupancy rate of the newly opened Changzhou Luoxi District Geriatric Care Center is expected to gradually increase, contributing to future revenue growth[62]. Strategic Initiatives and Future Plans - The Group plans to enhance integrated medical and geriatric care services, which is expected to improve future performance[50]. - The Group signed a cooperation agreement for the Ancient Canal Cultural and Creative Building Health Care Project, which plans to establish approximately 450 integrated medical and geriatric care beds, expected to commence in the first half of 2025[59]. - The health care project in Rizhao is set to provide approximately 116 beds, focusing on integrated medical and geriatric care services[60]. - The Group's Wuxi Ancient Canal Nursing Home project is expected to add approximately 450 operating beds by 2025, enhancing urban healthcare services[78]. - The Group plans to accelerate the government approval process for the Royal Tower project in Canada to expand its real estate business despite recent interest rate hikes[79]. - The company aims to intensify the development of medical and geriatric products, focusing on the education industry and expanding sales channels in North America[80]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the year ended December 31, 2024, ensuring high standards of corporate governance[146][153]. - The Board regularly reviews the company's strategic focus to ensure alignment with its vision and corporate culture[155]. - The company has established an employee handbook to provide necessary cultural guidance to all employees[156]. - The Board currently consists of 9 members, including 5 Executive Directors and 4 Independent Non-executive Directors[159]. - The company has complied with Listing Rules regarding the appointment of at least three independent non-executive directors, representing at least one-third of the board[165]. - The Audit Committee held two meetings during the year to review financial results and compliance procedures[196]. - The Company's annual results for the year ended December 31, 2024, have been reviewed by the Audit Committee[197]. - The Audit Committee comprises four members, all of whom are Independent Non-executive Directors[195]. - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the year ended December 31, 2024[188]. - The Board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment and Risk Management Committee[190]. - The majority of members of each Board committee are Independent Non-executive Directors[191]. - The Company ensures compliance with relevant legal and regulatory requirements, including the CG Code[186]. Investments and Financial Position - The Group's liquidity position remained strong with a current ratio of 4 times and net current assets of HK$414,105,000 as of December 31, 2024[118]. - The Group has contingent liabilities of up to RMB28,000,000 (approximately HK$30,238,000) as a guarantor for a bank facility granted to an associate[127]. - The Group's share of losses from a joint venture was approximately HK$13,446,000, an increase from HK$5,728,000 in 2023, primarily due to rising interest expenses[108]. - The Group's share of losses from associates included approximately HK$5,727,000 from Beijing Sports and Entertainment Industry Group Limited and HK$10,277,000 from Shanghai Junbo Textiles Limited[109]. - The Group acquired a 12.7637% equity interest in Beijing Lugang International Logistic Co., Ltd. for RMB48,000,000 (approximately HK$52,968,000) at the beginning of the year[116]. - The Group's capital expenditure increased to approximately HK$6,638,000 in 2024, compared to HK$1,372,000 in 2023[125]. - Capital expenditure for the year ended December 31, 2024, was approximately HK$6,638,000, significantly up from HK$1,372,000 in 2023, primarily for the acquisition of properties, plants, and equipment[131]. - The company had no mortgaged assets as of December 31, 2024, and December 31, 2023[132]. - The contingent liabilities related to bank financing for an associate company amounted to a maximum of RMB 28,000,000 (approximately HK$30,238,000) as of December 31, 2024, compared to RMB 28,000,000 (approximately HK$30,898,000) in 2023[133].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 3,041,060,802.19, a 53.6% increase compared to RMB 1,981,094,650.84 in Q1 2024[17]. - Net profit for Q1 2025 was RMB 830,191,011.15, up 197.5% from RMB 278,698,767.52 in Q1 2024[17]. - Basic earnings per share for Q1 2025 was RMB 0.17, compared to RMB 0.05 in Q1 2024[17]. - Total profit for Q1 2025 was RMB 656.16 million, a 101.5% increase from RMB 325.90 million in Q1 2024[20]. - Net profit for Q1 2025 was RMB 577.96 million, up 99.7% from RMB 289.64 million in Q1 2024[20]. - Basic earnings per share for Q1 2025 was RMB 0.15, compared to RMB 0.07 in Q1 2024[20]. - The company reported a significant increase in investment income, reaching RMB 73.58 million in Q1 2025 compared to RMB 26.57 million in Q1 2024[20]. Asset and Liability Management - As of March 31, 2025, the total assets of Zhaojin Mining Industry Company Limited amounted to RMB 56.21 billion, an increase from RMB 53.43 billion as of December 31, 2024, representing a growth of approximately 5.3%[7]. - Total assets increased from RMB 43,375,618,316.06 on December 31, 2024, to RMB 45,594,620,519.18 on March 31, 2025, reflecting a growth of 5.1%[14]. - Total liabilities rose from RMB 28.33 billion as of December 31, 2024, to RMB 30.37 billion as of March 31, 2025, indicating an increase of approximately 7.2%[9]. - Total liabilities rose from RMB 18,783,200,754.12 to RMB 20,430,163,129.02, an increase of 8.8%[14]. - The total equity attributable to the owners of the parent company increased from RMB 21.09 billion to RMB 21.78 billion, a rise of about 3.2%[9]. - The total equity attributable to shareholders increased from RMB 24,592,417,561.94 to RMB 25,164,457,390.16, a rise of 2.3%[14]. Cash Flow and Liquidity - The company's cash and cash equivalents increased from RMB 2.89 billion to RMB 3.62 billion, marking a growth of around 25.2%[7]. - The company's cash and cash equivalents increased significantly from RMB 741,485,498.45 to RMB 1,823,371,295.08, a growth of 146.2%[12]. - Cash flow from operating activities for Q1 2025 was RMB 952.57 million, reflecting strong operational performance[23]. - Cash flow from investing activities showed a net outflow of RMB 1,463.27 million, indicating significant investment in growth[23]. - Cash flow from financing activities generated a net inflow of RMB 1,237.01 million, primarily from borrowings[23]. - The total cash and cash equivalents increased by RMB 726.31 million during Q1 2025, indicating improved liquidity[23]. Borrowings and Investments - Short-term borrowings increased from RMB 4.28 billion to RMB 5.37 billion, reflecting a growth of approximately 24.7%[9]. - The long-term borrowings increased from RMB 5.41 billion to RMB 6.04 billion, indicating a growth of approximately 11.5%[9]. - The company’s long-term borrowings increased from RMB 3,337,525,000.00 to RMB 3,820,525,000.00, reflecting a growth of 14.5%[14]. Inventory and Expenses - The company's inventory rose from RMB 6.25 billion to RMB 6.39 billion, an increase of about 2.3%[7]. - Inventory levels rose from RMB 2,492,529,105.15 to RMB 2,574,368,853.88, indicating a 3.3% increase[12]. - The company reported a decrease in research and development expenses from RMB 61,319,600.92 in Q1 2024 to RMB 37,906,428.88 in Q1 2025, a reduction of 38.1%[17]. - Research and development expenses for Q1 2025 were RMB 31.34 million, down from RMB 40.06 million in Q1 2024[20]. Strategic Focus - The company continues to focus on expanding its market presence and enhancing its operational efficiency through strategic investments and financial management[4].

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 11,550.68 million, a 37.6% increase from RMB 8,423.62 million in 2023[12]. - Gross profit for 2024 was RMB 4,521.95 million, up 34.1% from RMB 3,370.29 million in 2023[12]. - The company's net profit attributable to shareholders was RMB 1,450.80 million, representing a 111.8% increase compared to RMB 686.43 million in 2023[12]. - Revenue for the year was approximately RMB 11,550,680,000, representing a 37.12% increase from RMB 8,423,618,000 in 2023, driven by rising gold prices and increased sales volume[22]. - Net profit for the year was approximately RMB 1,851,333,000, a significant increase of about 120.81% from RMB 838,418,000 in 2023, attributed to higher gold prices and increased production and sales[23]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.35, reflecting a 150.00% increase from RMB 0.14 in 2023[24]. - The gross margin for the year was approximately 39.15%, a decrease of about 0.86% from 40.01% in 2023[53]. - Other income and gains for the year amounted to approximately RMB 582,509,000, an increase of about 10.54% from RMB 526,967,000 in 2023[54]. Assets and Liabilities - Total assets increased to RMB 53,567.95 million in 2024, a rise of 14.5% from RMB 46,867.40 million in 2023[13]. - The company's total liabilities were RMB 28,375.65 million, compared to RMB 24,623.07 million in 2023, indicating a 15.5% increase[13]. - Cash and cash equivalents decreased to RMB 2,029.83 million in 2024 from RMB 2,916.10 million in 2023, a decline of 30.4%[13]. - Total outstanding bank loans and other borrowings amounted to approximately RMB 12,984,719,000, an increase from RMB 9,767,317,000 in 2023[62]. - The leverage ratio as of December 31, 2024, was 43.4%, up from 42.1% in 2023, primarily due to an increase in debt levels[64]. Production and Resources - The total gold production for the year reached 26,449.73 kg (approximately 850,377.84 ounces), an increase of about 7.15% compared to the previous year[21]. - As of December 31, 2024, the company reported approximately 46.50 million ounces of gold mineral resources and about 16.63 million ounces of recoverable gold reserves[10]. - The increase in gold production was primarily due to overseas acquisitions of mines and increased refining output[21]. - The company successfully completed the acquisition of two overseas projects, contributing to a new gold resource increase of 261.16 tons, bringing total gold resources to 1,446.16 tons as of December 31, 2024[32]. - The total proven and controlled ore reserves for gold amount to 258.58 million tons with an average grade of 2.44 g/t, yielding a total metal content of 630.27 tons[37]. - The inferred gold reserves are estimated at 463.63 million tons with an average grade of 1.76 g/t, resulting in a total metal content of 815.89 tons[37]. Strategic Initiatives - The company aims to achieve a "dual H" development strategy, targeting a production ratio of "50% domestic, 50% international" in the future[10]. - The company plans to enhance its technological advantages and cost efficiency in gold production to ensure continuous growth in gold reserves and production[10]. - The company aims to enhance production capacity and operational efficiency, focusing on becoming a world-class gold mining company by 2025[17]. - The company is committed to a strategy of sustainable and innovative growth, aiming to create long-term value for shareholders[19]. - The company will continue to focus on its core business and internationalization strategy, strengthening resources, talent, technology, and management[17]. Market and Economic Factors - The international spot gold price reached a peak of USD 2,790.07 per ounce on October 31, 2024, influenced by inflation, geopolitical factors, and central bank purchasing[29]. - The average international gold price for the year was $2,388.64 per ounce, with a peak of $2,790.07 and a low of $1,984.08[30]. - The geopolitical risks and global economic adjustments are expected to maintain gold's strong asset allocation appeal[74]. Corporate Governance and Shareholder Relations - The board of directors proposed a cash dividend of RMB 0.05 per share, up from RMB 0.04 per share in 2023, pending approval at the annual general meeting[25]. - The company declared a final cash dividend of RMB 0.04 per share for the fiscal year ending December 31, 2024, consistent with the previous year[113]. - The distributable reserves as of December 31, 2024, amounted to approximately RMB 5,301,104,000, an increase of 21% from RMB 4,379,653,000 in 2023[119]. - The company has established a safety and environmental committee to ensure compliance with environmental protection laws and regulations[139]. - The company has maintained good relationships with customers and suppliers, ensuring effective and efficient service delivery[142]. Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[92]. - The company has achieved a major breakthrough in resource exploration, with a total of 175 patents granted and 211 patents applied for during the year[32]. - The company plans to invest RMB 142 million in geological exploration throughout the year to enhance resource growth[74]. Employee and Social Responsibility - The company has a total of 7,036 employees as of December 31, 2024, and invested RMB 4.3578 million in employee training during the year[146]. - The company made charitable donations totaling RMB 28,074,061 during the year, compared to RMB 15,814,870 in 2023, reflecting a significant increase[124]. - The company has implemented a compensation policy linked to performance, enhancing management of salary distribution and career development opportunities[146]. Compliance and Risk Management - The management discussion and analysis section of the annual report provides insights into the company's major risks and uncertainties, as well as future development indicators[109][110]. - The company has not reported any significant violations of applicable laws and regulations during the year[140]. - The independent non-executive directors confirmed that the continuing connected transactions were conducted under normal business terms and in the overall interest of shareholders[183].

Company Overview - As of December 31, 2024, the company has established a network of 37 medical centers and 7 R&D and production bases, serving over 18,000 medical institutions and more than 60 million people annually[10]. - The company employs 3,367 staff as of December 31, 2024, and was listed on the Main Board of the Stock Exchange on July 6, 2018[7]. - The company has a stock code of 1763 and was listed on July 6, 2018[25]. - The company has appointed Ms. Wang Cangren and Ms. Kwan Sau In as joint company secretaries[22]. - The company’s auditor is Shinewing (HK) CPA Limited[22]. - The company has established various committees under the board, including the Audit and Risk Management Committee and the Science and Technology Innovation Committee[21]. Financial Performance - The company achieved an operating income of RMB 7.575 billion, representing a year-on-year increase of 14.2%[30]. - Total profit reached RMB 1.045 billion, reflecting a year-on-year increase of 13.3%[30]. - Net profit was RMB 880 million, also showing a year-on-year increase of 13.3%[30]. - As of December 31, total assets amounted to RMB 14.767 billion, with net assets totaling RMB 7.745 billion[33]. - The gearing ratio stood at 47.56%[33]. - For the year ended December 31, 2024, the company achieved revenue of RMB 7,574.8 million, representing a year-on-year increase of 14.2%[110]. - The net profit for the same period was RMB 879.5 million, reflecting a year-on-year increase of 13.3%, with net profit attributable to the parent company reaching RMB 406.6 million, up 9.6% year-on-year[110]. - The gross profit margin decreased to 48.6% from 52.5% in the previous year, while the operating profit margin slightly improved to 14.3%[106]. Market Position and Products - The company supplies over 40,000 sets of ancillary radioactive source equipment and has captured nearly 70% of the large-scale Class A radiotherapy equipment market in China, making it the leading brand in this category[10]. - CIRC is the largest manufacturer of imaging diagnostic and therapeutic radiopharmaceuticals in China, and the only service provider covering the entire process of irradiation stations[8]. - The company launched the sodium fluorine-18 injection, the first PET imaging agent approved for bone imaging in China, filling a market gap[114]. - The therapeutic sodium iodine-131 capsule's negotiated price was officially implemented, meeting more clinical needs[114]. - The Group's nuclear medical equipment and related services generated RMB1,223.0 million in revenue, marking a year-on-year growth of 31.0%[129]. Research and Development - In 2024, the company achieved a significant milestone with the completion of the first domestic production line for carrier-free lutetium-177 with an annual output of 10,000 curies and a production capacity of thousands of germanium-gallium generators, marking the capability for large-scale commercial production of these nuclides in China[35][36]. - The annual R&D investment reached RMB 660 million, representing a year-on-year increase of 3.3%, with an investment intensity of 8.6%[35][36]. - The company was granted 224 new patent authorizations in 2024, including 65 invention patents[35][43]. - The R&D team consists of 507 personnel focused on optimizing production technologies and developing new products, contributing to technological innovation across various industrial fields[165]. Strategic Initiatives - The company aims to enhance its core functions and competitiveness, focusing on the "6+N" industrial layout, which includes nuclides, nuclear medicines, and irradiation applications[11]. - The company is committed to providing integrated solutions for nuclear medicine and radiotherapy, contributing to the development of a "strong nuclear power nation" and a "healthy China"[7]. - The company is implementing the "Healthy China" strategy to enhance core functions and competitiveness[33]. - The company aims to stabilize growth, strengthen innovation, and promote reform in the nuclear healthcare sector[33]. - The Group aims to support the "Healthy China" strategy by providing integrated solutions for nuclear medicine and radiotherapy, enhancing healthcare delivery across the country[181]. International Expansion - The company won the bid for a million-curie gamma irradiation station project in Bangladesh, marking its first breakthrough in overseas government agency EPC projects[36][41]. - The Group successfully signed the irradiation station project of Bangladesh Nuclear Agricultural Research Institute in 2024, marking the first overseas government agency irradiation station and the first overseas EPC project[140]. - The overall supply project of nuclear medical equipment in Nigeria was successfully signed, representing the first successful implementation of the Group's overall nuclear medical equipment supply project[140]. - The Group improved its layout in the ASEAN market with the successful export of cold medicine supporting radiopharmaceuticals to Thailand, contributing to new growth in export revenue[140]. Corporate Governance and Changes - The company appointed Mr. Han Yongjiang as the Chairman of the Strategy Committee on September 25, 2024[19]. - The company reported a resignation of Mr. Chen Shoulei from the Audit and Risk Management Committee on June 14, 2024, due to a change in work arrangement[17]. - The company experienced the unfortunate passing of Mr. Tian Jiahe on July 21, 2024, due to illness[19]. - The company reported the resignation of Ms. Liu Xiuhong from the Remuneration and Appraisal Committee on March 28, 2025, due to a change in work arrangement[18]. Social Responsibility and Community Engagement - Over 700 public welfare activities were conducted during the reporting period, demonstrating the company's commitment to social responsibility[114]. - The Group is committed to enhancing nuclear medicine's role in diagnosing and treating major diseases, contributing to the "Healthy China" initiative[200]. - The Group's focus on quality has resulted in multiple national awards for quality control groups and trustworthy teams[197]. Technological Advancements - The company has entered the high-end radiotherapy equipment market in collaboration with U.S. Accuray, focusing on advanced technologies such as spiral tomography systems and radiosurgery robots[8]. - The world's first spiral tomotherapy system, Tomo C, was officially completed and delivered from CNNC Accuray's Tianjin plant on June 25, 2024[49]. - The Precision treatment planning system for the Tomo C was approved by the National Medical Products Administration on June 5, 2024, providing a comprehensive treatment planning solution[62]. - The Group's digital transformation initiatives include real-time data collection and analysis of key equipment, aimed at optimizing operational processes[167]. Industry Trends and Future Outlook - By 2023, the direct economic output value of China's nuclear technology application industry was approximately RMB240 billion, with an industry scale of about RMB540 billion, maintaining a growth rate of 15% to 20% for several consecutive years[102][104]. - The Three-Year Action Plan for the High-Quality Development of Nuclear Technology Application Industry (2024-2026) aims for the annual direct economic output value to reach RMB400 billion by 2026, indicating strong future growth prospects[102][104]. - The nuclear technology application industry aligns with national strategies such as Healthy China and is supported by various government initiatives aimed at enhancing public health and medical technology[100][101].