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].

Financial Performance - Total revenue for 2024 was RMB 10,977,732, a decrease of 40.6% compared to RMB 18,535,437 in 2023[18]. - The loss attributable to equity holders of the Company for 2024 was RMB (289,229), significantly improved from a loss of RMB (1,829,540) in 2023[18]. - Basic and diluted loss per share for 2024 was RMB (0.2208), an improvement from RMB (1.3967) in 2023[18]. - The Group generated total revenue of approximately RMB10,966 million in 2024, representing a decrease of approximately 40.6% compared to RMB18,448 million in 2023[31]. - Revenue from the technology-driven new retail segment was approximately RMB243.5 million in 2024, down approximately 79.9% from RMB1,209.8 million in 2023[32]. - Revenue from the smart industries segment decreased from approximately RMB17,225.3 million in 2023 to approximately RMB10,722.5 million in 2024, a decline of approximately 37.8%[32]. - The loss attributable to equity holders from continuing operations was approximately RMB265.2 million in 2024, significantly reduced from a loss of approximately RMB1,129.3 million in 2023[34]. - Adjusted net loss for the Group was approximately RMB51.8 million in 2024, compared to RMB86.9 million in 2023[29]. - Adjusted LBITDA for the Group was approximately RMB26.7 million in 2024, compared to RMB19.4 million in 2023[29]. - The decline in revenue was mainly attributed to inadequate demand from downstream textile enterprises and changes in government subsidy policies[31]. Assets and Liabilities - Net current assets decreased to RMB 357,220 in 2024 from RMB 742,696 in 2023, indicating a decline of 51.9%[18]. - Total assets decreased to RMB 1,875,780 in 2024 from RMB 3,077,045 in 2023, a reduction of 38.8%[18]. - Total liabilities decreased to RMB 1,290,039 in 2024 from RMB 1,891,769 in 2023, a decline of 31.8%[18]. - Total equity decreased to RMB 585,741 in 2024 from RMB 1,185,276 in 2023, a decrease of 50.6%[18]. - As of December 31, 2024, the Group's cash and cash equivalents decreased by approximately RMB 86.7 million to approximately RMB 279.0 million from RMB 365.7 million as of December 31, 2023[114][118]. - Total borrowings increased to approximately RMB 437.5 million as of December 31, 2024, up from RMB 406.5 million as of December 31, 2023, with bank borrowings at RMB 175.8 million[115][119]. - The Group was in a net debt position of RMB 127.6 million as of December 31, 2024, compared to a net cash position of RMB 23.8 million as of December 31, 2023[116][120]. - The capital and reserves attributable to equity holders decreased by approximately RMB 300.0 million to approximately RMB 260.4 million as of December 31, 2024, from RMB 560.4 million as of December 31, 2023[116][120]. Strategic Focus and Business Development - The Group aims to empower traditional industries with the Internet and data, focusing on technology-driven new retail and smart industries[13]. - The Group's strategic objective in technology-driven new retail is to enhance user stickiness and improve industry influence through professional content[14]. - The Group is undergoing transformation to lower its gearing ratio, optimize resources, and discontinue loss-making businesses, focusing on core business development[39]. - The Group aims to become a leading industrial internet group in China, integrating AI-enabled industries and big data analysis to enhance industrial digitalization[42]. - The Group is focusing on enhancing its digital supply chain service platform and optimizing resource integration to improve industrial chain synergy efficiency[59][62]. - The Group is prioritizing core business components, including ZOL, PanPass, and Union Cotton, while aiming to reduce indebtedness levels in the short to medium term[61][64]. - The Group emphasizes opportunities for industrial upgrading driven by AI technology, reconstructing traditional business models to optimize resource allocation[65][67]. Operational Challenges and Adjustments - The Group closed its platform and corporate services segment in 2024, which generated revenue of RMB12.9 million in 2023[32]. - ZOL, a subsidiary, faced challenges due to a tightening global economic environment and increased reliance on self-media platforms, impacting its business development[43]. - ZOL's customer base declined as clients reduced investments in advertising and marketing, leading to a challenging market environment[44]. - Despite initiatives to expand video platform content and launch new product lines, ZOL's performance fell short of expectations during the Year[44]. - Union Cotton experienced a significant revenue decline of approximately 37.0% compared to 2023 due to insufficient domestic demand and a sharp drop in export orders, leading to high inventory levels and low operational rates in the cotton textile industry[59][62]. - Despite the revenue drop, Union Cotton achieved positive profit growth year-on-year through refined supply chain management and effective cost control measures[59][62]. Leadership and Governance - Liu Jun has been appointed as the executive director and CEO since September 2016, previously leading the company from October 2017 to January 2019[74]. - Zhang Yonghong has served as an executive director since January 2019, with extensive experience in various leadership roles in technology companies[75]. - Liu Xiaodong joined the group in July 2015 during the acquisition of ZOL and has over 20 years of experience in media operation and management in the TMT field[78]. - Guo Fansheng founded the group in October 1992 and served as CEO until March 2008, currently holding a position as chairman of the Inner Mongolia Chamber of Commerce in Beijing[84]. - The company has a strong leadership team with diverse backgrounds in technology, management, and law, enhancing its strategic direction and governance[76]. - The board includes both executive and non-executive directors, ensuring a balanced approach to decision-making and oversight[80]. Structured Contracts and Regulatory Risks - The BZR Structured Contracts allow Orange Triangle to receive annual service fees of RMB 5 million and 12% of annual revenue from Beijing Zhixing Ruijing, along with additional fees based on net revenue after expenses[133][138]. - The Group's strategy includes compliance with PRC laws and regulations to conduct restricted business operations through structured contracts[136][139]. - The Group's reliance on structured contracts is essential for maintaining operational control and economic benefits from Beijing Zhixing Ruijing[140]. - Risks associated with BZR Structured Contracts include potential non-compliance with PRC laws, which could lead to severe consequences for Beijing Zhixing Ruijing[176]. - The uncertainty surrounding the VIE structure could increase risks for foreign investments in the PRC telecommunications sector[185]. - The Group's financial performance could be significantly impacted if the BZR Structured Contracts are invalidated[184].

Financial Performance - The company reported a revenue of HK$43,093.3 million for FY 2024, representing a 9% year-on-year increase from HK$39,712.5 million in FY 2023[10]. - Underlying net profit attributable to owners decreased by 29% to HK$1,622 million, down from HK$2,274.3 million in the previous year[10]. - The basic earnings per share based on underlying net profit fell to HK$1.464, a decline of 29% compared to HK$2.052 in FY 2023[10]. - The Group recorded a basic net profit attributable to shareholders of HK$16.22 million, a decrease of 29% year-on-year due to credit loss provisions related to real estate investments[20]. - The Group's financial results for the year ended December 31, 2024, are detailed in the consolidated statement of profit or loss[119]. Dividends - The company declared a total dividend per share of HK$1.40, which is a 37% increase from HK$1.02 in the previous year[10]. - The Group proposed a final dividend of HK$0.54 per share and a special final dividend of HK$0.46 per share, subject to shareholder approval[22][23]. - The Group declared an interim dividend of HK 40 cents per ordinary share, amounting to HK$443,325,000 during the year[120]. - The Directors recommend a final dividend of HK 54 cents and a special final dividend of HK 46 cents per ordinary share, totaling HK$1,108,311,000[120]. Revenue Segments - The Chemicals Division's revenue grew by 22% to HK$13,617.7 million, driven by new projects and increased sales volume of core chemical products[31][34]. - The Laminates Division's annual sales volume increased to 110 million sheets, a 10% increase compared to 2023, with revenue rising by 10% to HK$18,901.5 million[26][28]. - The PCBs Division achieved a 4% revenue growth to HK$12,107.0 million, with EBITDA increasing by 1% to HK$2,033.3 million[27][29]. - The Property Division's revenue from property sales decreased by 60% to HK$516.7 million, while rental income slightly decreased by 1% to HK$1,457.0 million[32][34]. Financial Position - The net gearing ratio improved slightly to 28% from 29% in the previous year, indicating a stable capital structure[10]. - The Group's net current assets as of December 31, 2024, were HK$19,989.8 million, down from HK$25,252.7 million in 2023, with a current ratio of 2.02[33]. - The Group maintained a healthy capital structure and financial position despite the challenges in the real estate sector[20]. - The net working capital cycle increased to 71 days as of December 31, 2024, from 65 days in the previous year[34]. - The Group's net gearing ratio was approximately 28% as of December 31, 2024, slightly down from 29% as of December 31, 2023, with a short-term to long-term bank borrowings ratio of 41%:59%[36]. Investments and Projects - During the period, the Group invested approximately HK$4 billion in production capacity and HK$600 million in property construction expenses, aiming for stable long-term returns for shareholders[36]. - The Group has invested approximately HK$900 million in distributed solar photovoltaics, achieving an annual generating capacity of 200 million kWh, resulting in energy savings equivalent to 54,000 tonnes of standard coal and a reduction of 120,000 tonnes in carbon dioxide emissions[57]. - The thermal energy recovery investments totaled HK$200 million, leading to a reduction of 59,000 tonnes of carbon dioxide emissions in 2024, equivalent to energy savings of 24,000 tonnes of standard coal and cost savings of HK$180 million[57]. - The Group's new 1,500-tonne monthly copper foil capacity will be fully operational in 2025, enhancing cost efficiencies[60]. - The Group plans to add 1.2 million square feet of monthly PCB capacity in Thailand and 1.1 million square feet in Vietnam, both expected to commence operations in 2026, to meet growing overseas demand[62]. Market Conditions - The electronics industry showed signs of recovery, driven by growth in automotive electronics and AI sectors, positively impacting revenue and profits in the Laminates and PCB segments[17]. - The electronics market is experiencing robust demand, with significant year-on-year growth in shipment volume for the first two months of 2025[60]. - The management anticipates ongoing geopolitical tensions and fluctuating industry performance due to protectionism and trade wars, emphasizing the need for strong cash flow and expense management[57]. - The Group's business operations are affected by recent global market fluctuations and a slowdown in the PRC economy, which may lead to reduced demand for its products[106]. Environmental and Sustainability Initiatives - The Group is committed to environmental sustainability and regularly reviews its environmental policies to comply with relevant laws and regulations[108][113]. - The Group's internal manufacturing facilities operate in compliance with environmental regulations, aiming for efficient resource use and waste reduction[108][113]. - The Group is committed to green and low-carbon practices in its Chemicals Division, focusing on production safety and compliance with emission standards[65]. Leadership and Management - Mr. Cheung Kwok Wing, aged 69, is the chairman and co-founder of the Group, responsible for overall strategic planning and direction[72]. - The Group's executive team includes members with significant industry experience, enhancing its operational capabilities in the PCB and chemical sectors[76]. - The Group's strategic direction is supported by a strong leadership team with diverse expertise across various sectors[76]. Risks and Challenges - The Group faces significant risks including product defects, which could lead to substantial liability claims affecting operations and reputation[96]. - Customer contracts are typically one-off purchase orders, leading to variability in order amounts and making future forecasts challenging[97]. - The Group operates in a highly competitive industry, with no assurance of successful competition against current or emerging companies[98]. - The Group has identified key risks including product defects, unpredictable customer contracts, and intense industry competition[102][103][104]. Shareholder Information - The interests of directors in the company's shares included Mr. Cheung Kwok Wing holding 10,267,405 shares, representing approximately 0.926% of the issued share capital[170]. - The company has no awareness of any tax relief available to shareholders due to their shareholding[160]. - The company maintains a register of substantial shareholders as required by Section 336 of the SFO[197].

Financial Performance - For the three months ending March 31, 2025, the group achieved operating revenue of RMB 3,198.89 million[3] - The operating cost for the same period was RMB 3,006.23 million, resulting in a net loss attributable to shareholders of RMB 263.01 million[3] Assets - As of March 31, 2025, the total assets of the group amounted to RMB 82,298.15 million[3]

Financial Performance - The Group's revenue increased by 11% to HK$18,541.0 million in FY2024 compared to HK$16,750.2 million in FY2023[11]. - Underlying net profit attributable to owners rose by 36% to HK$1,349.0 million, up from HK$991.0 million in the previous year[11]. - Reported net profit increased by 46% to HK$1,326.1 million from HK$907.4 million in FY2023[11]. - EBITDA grew by 21% to HK$2,962.7 million, compared to HK$2,450.3 million in FY2023[11]. - The full-year dividend per share was proposed at HK$62.0 cents, a significant increase of 288% from HK$16.0 cents in FY2023[11]. - The net asset value per share increased by 3% to HK$4.92 from HK$4.79[11]. - The net gearing ratio improved to 9% from 16% in the previous year[11]. - The Group's total revenue increased by 11% year-on-year to HK$18,541.4 million, with a significant rise in net profit attributable to shareholders by 36% to HK$1,349.0 million after accounting for credit impairment provisions[29]. Divisional Performance - The Laminates Division experienced growth in both revenue and profits due to a vertically integrated value chain and broad client base[23]. - The Laminates Division's revenue increased by 11% to HK$18,304.5 million, driven by recovery in demand from the consumer electronics market and growth in air conditioning and photovoltaic panels[27]. - EBITDA for the Laminates Division rose by 26% to HK$3,023.0 million, aided by price increases in laminate products to offset rising copper costs[27]. - The Property Division's revenue decreased by 44% to HK$126.7 million, with EBITDA down 34% to HK$38.0 million, primarily focusing on rental income[28]. Investment and Capacity Expansion - The Group invested approximately HK$700 million in new capacity during the year, aiming for long-term stable returns for shareholders[32]. - The Group's laminate production capacity in Thailand is set to increase by 400,000 sheets per month, reaching a total capacity of 1 million sheets per month by the end of 2024, with further expansions planned to reach 1.8 million sheets per month[50]. - A new low-dielectric fiberglass yarn project in Qingyuan City, Guangdong Province, with an annual capacity of 500 tonnes, is under construction and expected to commence operations in the second half of 2025[50]. - The newly added 1,500-tonne monthly copper foil capacity in Lianzhou City, Guangdong Province, will be fully operational in 2025, enhancing the Group's cost efficiencies[50]. Market and Demand Trends - The electronics industry is entering a new growth phase driven by automotive electronics and AI sectors, leading to increased demand[23]. - The overall electronic market demand is strong, with significant growth in shipment volume in the first two months of 2025 compared to the same period last year[52]. - The demand for copper foil used in data centers and cloud computing has increased significantly, driving growth in the group's product offerings[52]. Environmental and Sustainability Initiatives - The group has invested approximately HK$600 million in distributed solar photovoltaic projects, expected to generate 130 million kWh of green electricity annually, saving HK$117 million in electricity costs[53]. - The group has reduced carbon dioxide emissions by 45,000 tons in 2024 through thermal energy recovery investments totaling HK$120 million[53]. - The Group is committed to environmental sustainability and complies with relevant environmental laws and regulations[103]. Corporate Governance and Management - The company has a strong board with members holding significant experience in finance, governance, and management across various sectors[72]. - The board is committed to providing independent oversight and strategic guidance to ensure sustainable growth and shareholder value[73]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[188]. Risks and Challenges - The Group faces intense competition in its industry, which may adversely affect its financial condition and business prospects if it fails to compete effectively[97]. - Management may encounter challenges related to upgrading or expanding facilities and training personnel, which could hinder expansion plans[96]. - The Group's ability to successfully implement its business strategy is contingent upon obtaining adequate funding for its expansion plans[95]. Shareholder Information - The interests held by KHL in the Company are approximately 44.03% as of December 31, 2024[187]. - KHL Group accounted for approximately 20% of the Group's total sales, making it the largest customer during the year[189]. - The proposed annual cap for the supply framework agreement with Hallgain for the years ending December 31, 2026, is HK$563 million, HK$580 million, and HK$597 million respectively[196].

Company Overview - As of December 31, 2024, Central China New Life Limited is the largest property management service provider in central China by total gross floor area under management and total revenue for the year[18]. - The company serves over 2.6 million property owners and residents across 1,121 properties, covering all 18 prefecture-level cities in Henan and extending to multiple provinces[19]. - The diversified portfolio managed includes residential and commercial properties, office buildings, gyms, special towns, rural complexes, schools, hospitals, parks, and industrial parks[19]. - Central China New Life Limited has been ranked 11th among the Top 100 Property Management Companies in China for four consecutive years since 2021[19]. - The company was incorporated on October 16, 2018, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 15, 2020[17]. - The company has a significant operating history of three decades, contributing to its growth and reputation in the property management sector[18]. - The total gross floor area managed by the company as of December 31, 2024, reflects its leading position in the central China property management market[18]. Financial Performance - The Group achieved revenue of RMB2,952.2 million for the year ended 31 December 2024, representing an increase of approximately 3.8% compared to RMB2,844.7 million in 2023[122]. - Net profit amounted to RMB238.2 million, a significant recovery from a net loss of RMB577.9 million in the corresponding period in 2023[122]. - Basic property management services generated revenue of RMB2,298.8 million, a year-on-year increase of 15.4%, accounting for 77.9% of total revenue[128]. - The accumulated contracted GFA reached 290.1 million sq.m., while the GFA under management increased to 196.9 million sq.m., representing growth of 0.7% and 8.3% respectively compared to 31 December 2023[134]. - A final dividend of RMB88.3 million was declared for the year ended 31 December 2024, maintaining a high level of dividend distribution[134]. - Gross profit decreased by 15.4% to RMB 640,738,000, with a gross profit margin of 21.7%, down from 26.6% in the previous year[156]. - Core net profit attributable to shareholders decreased by 27.1% to RMB 294,044,000 compared to RMB 403,203,000 in 2023[156]. Community Engagement and Initiatives - CCNL's community dining services achieved a coverage rate of 17% and generated nearly RMB 20 million in revenue within its first year[35]. - CCNL hosted over 300 "Neighbourhood Family Banquet" events, bringing together nearly 50,000 property owners to celebrate its 30th anniversary[62]. - Throughout 2024, CCNL held over 9,700 community events, attracting more than 810,000 participants[89]. - CCNL established "CCNL Starlight Book Corners" to inspire children's curiosity through a book donation campaign in April[46]. - In September, CCNL launched the "Good Life" Initiative, introducing measures such as the Good Life Pass and Good Life Rider Map to enhance delivery services[71]. - A total of 431 "Neighbourhood Family Mid-Autumn Banquets" were held, bringing together 48,690 residents[73]. - In November, CCNL's "This Is My Home" Photography Contest received 4,248 submissions, with total participation reaching 150,000 people[81]. - CCNL's "Warm Winter Action — Love for Farmers" initiative distributed over 800,000 catties of seasonal vegetables to property owners[85]. Awards and Recognition - CCNL received multiple awards, including being ranked 11th in the "2024 China Top 100 Property Management Companies" list[24]. - The company was recognized as the "2024 Outstanding Brand Enterprise in Public Property Management Services in China" at the 2024 China Real Estate Brand Value Research Conference[108]. - Henan Central China New Life Service Co., Ltd. was recognized as the "2024 Leading Property Management Companies in Central China in terms of Market Position (Top 1)" and "2024 Property Management Companies in Henan Province in terms of Market Position (Top 1)"[110]. - The company secured 23 awards in 2024, highlighting its strong performance in property management across various projects and regions[114]. - The company was recognized as a "Leading Enterprise in Property Service Quality" by the Henan Property Management Association in February 2024[114]. - The company received the "Advanced Unit for Trade" award from the Zhengzhou Finance, Trade, Light Industry and Service Industry Union for its outstanding performance in 2023[116]. Strategic Focus and Future Plans - The company aims to enhance living quality and lifestyle experiences for residents in Henan, leveraging its well-established brand and operational history[18]. - The Group focused on enhancing customer value by integrating basic standard services with customized lifestyle services, improving service response efficiency[127]. - Plans to innovate a lifestyle service ecosystem are underway, integrating property services with living needs to enhance community consumption[145]. - The Group is focusing on enhancing service quality and diversifying offerings in response to the evolving property management industry[172]. - In 2025, the Group plans to implement a regional focus strategy and high-quality expansion by identifying high-potential areas and strengthening investment in niche segments[173]. - The strategy includes a focus on high-quality investment and expansion targets, optimizing market expansion mechanisms[178]. Operational Efficiency and Innovation - The Group aims to deepen innovation in basic and lifestyle service models to create a second growth curve, focusing on sustainable and high-quality businesses[179]. - The Group plans to leverage cutting-edge technology to enhance operational efficiency and service quality through intelligent operation management and digital service processes[180]. - Organizational effectiveness was optimized through process reengineering and talent training to support sustainable development[127]. - Innovative service models, such as community group meals, were developed to broaden growth opportunities in value-added services[135].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 2,431,000, compared to a loss of HKD 5,435,000 in the previous year[3]. - The company experienced a net loss of HKD 23,331,000 for the year, a significant improvement from a loss of HKD 376,286,000 in the prior year[4]. - The company reported a loss from continuing operations of HKD 253,005,000 for the year 2024, compared to a loss of HKD 286,918,000 in 2023, indicating an improvement in performance[17]. - Revenue from external customers for continuing operations was HKD 2,431,000 in 2024, recovering from a loss of HKD 5,435,000 in 2023[20]. - The company's annual loss for 2024 was HKD 23,331,000, a significant improvement from a loss of HKD 376,286,000 in 2023, indicating a reduction of approximately 93.8%[26]. - The pre-tax loss for the year was approximately HKD 253.01 million, an improvement from HKD 291.45 million in the previous year[39]. - The loss attributable to the company's owners was approximately HKD 23.33 million, significantly reduced from HKD 376.29 million in the same period last year[39]. - The basic loss per share for the year was approximately HKD 0.88, compared to HKD 14.21 in the previous year[39]. Asset and Liability Management - Total assets decreased to HKD 981,068,000 from HKD 1,707,391,000, reflecting a significant reduction in non-current assets[5]. - Current liabilities decreased to HKD 1,099,115,000 from HKD 1,784,796,000, indicating improved liquidity management[5]. - The company has a net debt of HKD 118,277,000, which is an increase from HKD 104,588,000 in the previous year[6]. - The total assets for continuing operations decreased to HKD 980,147,000 in 2024 from HKD 1,271,439,000 in 2023, reflecting a significant reduction in asset base[18]. - The company’s liabilities for continuing operations increased to HKD 1,099,345,000 in 2024 from HKD 1,047,821,000 in 2023, indicating a rise in financial obligations[18]. - The total liabilities decreased from HKD 1,710,891,000 in 2023 to HKD 1,304,136,000 in 2024, a reduction of about 23.7%[29]. - The company had no trade payables recorded in 2024, compared to HKD 60,459,000 in 2023, indicating a complete elimination of trade payables[30]. Credit and Impairment Management - The expected credit loss provision decreased to HKD 123,300,000 from HKD 216,740,000 year-over-year, indicating improved credit quality[3]. - The impairment loss on investments in associates was HKD 149,100,000 in 2024, indicating challenges in the performance of associated entities[22]. - The impairment loss on investments in associates for 2024 was HKD 149,100,000, while there was no such loss recorded in 2023[25]. - The impairment provision for other receivables increased to HKD 67,300,000 in 2024 from HKD 50,000,000 in 2023, reflecting a rise of 34.6%[28]. - Impairment losses recognized for the year were approximately HKD 272.40 million, an increase from HKD 216.74 million in the previous year, indicating a rise of about 25.7%[84]. Operational Strategy and Future Plans - The company plans to continue its operations in manufacturing and selling various types of printed circuit boards, as well as engaging in securities investment and asset management services[11]. - The company is actively exploring various financing sources, including asset sales and secured financing, to enhance profitability[16]. - The company is focused on identifying new investment and business development opportunities to increase profitability[16]. - The company plans to gradually shift its business focus from debt investments to portfolio and equity investments to achieve short-term returns[85]. - The company intends to recover investment losses from financial assistance and asset restructuring over the next three years[85]. Governance and Compliance - The company confirmed compliance with the corporate governance code as per the listing rules during the year[115]. - The company confirmed that the board members have adhered to the company's trading code throughout the year[116]. - The audit committee reviewed the audited consolidated annual performance and financial statements for the year[122]. - The independent auditor's report indicated a lack of opinion due to significant issues related to the completeness of records from a subsidiary[125]. - A special investigation committee has been established to examine the loan agreements and the responsibilities of the approving directors, effective from January 24, 2025[106]. Legal and Regulatory Matters - The company has engaged legal advisors to investigate the validity of the alleged sale of shares related to its subsidiary, which could significantly impact its financial performance[104]. - The company is taking actions to mitigate risks related to the alleged sale of subsidiaries or assets by reviewing internal control systems and approval processes[138]. - The management expects the removal of the audit opinion reservation by the next fiscal year ending December 31, 2025[139]. Market and Economic Conditions - The group operates in a competitive environment affected by macroeconomic risks, including the US-China trade war and rising labor and production costs[95]. - The group has experienced volatility in the Hong Kong securities market, which may impact the performance of its listed securities investments[96].

Financial Performance - The company reported a total revenue of HK$1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[10]. - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion, representing a 25% year-over-year growth[21]. - For the year ended 31 December 2024, the Company generated total revenue of approximately RMB306.4 million, representing a decrease of approximately 36.8% compared to RMB484.9 million in 2023[26]. - The Company recorded a loss attributable to owners of the Company of approximately RMB73.5 million in 2024, representing a decrease of approximately 49.8% compared to 2023[26]. - The gross profit margin for 2024 was 69.3%, with gross profit amounting to RMB212.3 million, a decrease of approximately 47.0% from RMB400.2 million in 2023[26]. User Engagement - Monthly Active Users (MAUs) reached 5 million, with an average of 1.2 million Monthly Paying Users (MPUs), indicating a 20% growth in user engagement[9]. - User data showed a total of 10 million active users, an increase of 15% compared to the previous quarter[21]. - For the year ended 31 December 2024, the average MAUs for web games was approximately 0.9 million, while mobile games had an average MAUs of approximately 0.6 million[95]. - The average MPUs for web games was approximately 28,000, and for mobile games, it was approximately 49,000[95]. Product Development and Innovation - The company plans to launch three new mobile games in 2025, aiming to capture an additional 10% market share in the mobile gaming sector[7]. - The company has allocated HK$50 million for research and development in new technologies, focusing on augmented reality features for upcoming games[3]. - Research and development expenses increased to RMB 200 million, accounting for 13% of total revenue, reflecting the company's commitment to innovation[21]. - The Company focused on competitive leisure games and MMORPGs as its development direction in 2024, actively capturing new market opportunities[29]. - The mini-program game "I'm MT" was launched in May 2024 and ranked among the top sellers of WeChat mini-program games in its first month[35]. Strategic Partnerships and Acquisitions - A strategic partnership was established with a leading technology firm to enhance game development capabilities and reduce time-to-market by 25%[6]. - The company is exploring potential acquisitions to enhance its technology capabilities, with a budget of up to RMB 500 million allocated for this purpose[21]. - An acquisition of a smaller gaming studio was completed for HK$300 million, expected to contribute an additional HK$100 million in annual revenue[4]. - A new strategic partnership was formed with a leading tech firm, aimed at co-developing advanced gaming technologies[21]. Market Expansion - The company is targeting a revenue growth of 20% for the next fiscal year, supported by new product launches and market expansion initiatives[5]. - Market expansion efforts included entering three new provinces in China, targeting an additional 1 million users[21]. - The company is exploring international markets, with "DDTank Adventure" in Europe and "Wartune H5" in the Asia-Pacific region expected to launch in 2025[42]. Corporate Governance - The company is committed to enhancing its corporate governance practices in line with the latest regulations, ensuring transparency and accountability[1]. - The Board consists of six Directors, ensuring a balance of skills and experience appropriate for the Group's business requirements[171]. - The Board is responsible for corporate governance and has implemented sound policies to maintain high standards of integrity, accountability, and transparency[168]. - The Company has complied with the applicable code provisions of the CG Code during the year ended December 31, 2024[169]. Management Team - Mr. Liu Zhizhen will be appointed as the chief executive officer of the Company effective March 8, 2024, and has over 20 years of experience in game R&D[60]. - The Company is expanding its management team with new appointments, including Mr. Liu as CEO and Mr. Yang as CFO effective January 26, 2025[63]. - The Group's management team includes professionals with qualifications such as CPA and CFA, enhancing financial oversight[67][71]. Financial Oversight and Risk Management - The Company is committed to maintaining strong financial oversight with experienced directors in key positions[64]. - The Group's management has implemented strategies to enhance data analytics capabilities and improve player experience to mitigate identified risks[92]. - The company provided counter-guarantees for the borrowings of Shanghai Lingsu, mitigating credit risk associated with the guarantees[158]. Employee Management - The company had 247 full-time employees as of December 31, 2024, with 71% in R&D, 12% in operations, and 17% in administration[163]. - Employee remuneration for the year ended December 31, 2024, amounted to approximately RMB 125.4 million, including salaries, bonuses, and other benefits[164]. - Total employee compensation for the year ended December 31, 2024, was approximately RMB 125.4 million, including salaries, bonuses, share-based compensation, retirement plan contributions, and other employee benefits[167].

2024 CHINA HEALTH GROUP INC. 中國醫療集團有限公司 (Carrying on business in Hong Kong as "萬全醫療集團") (以「萬全醫療集團」名稱在香港經營業務) (Incorporated in the Cayman Islands with limited liability) (於 開 曼 群 島 註 冊 成 立 之 有 限 公 司) (Stock Code: 08225) (股份代號: 08225) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 截至二零二四年十二月三十一日止 之年度報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment ...

Financial Performance - The total revenue from property management and services reached RMB 359.1 million, remaining stable compared to the previous year[8]. - For the year ended 31 December 2024, the total revenue was approximately RMB359.1 million, a slight increase from RMB358.9 million in 2023[37]. - Gross profit for the year was RMB107.2 million, up from RMB97.2 million in 2023, resulting in a gross profit margin of 29.8%, compared to 27.1% in the previous year[25]. - Net profit for the year increased to RMB45.1 million, compared to RMB40.2 million in 2023, leading to a net profit margin of 12.6%, up from 11.2%[25]. - Revenue from property management services was RMB297.3 million, representing 82.8% of total revenue, an increase from RMB274.1 million (76.4%) in 2023[39]. - Revenue from property engineering services decreased to RMB20.9 million (5.9%) from RMB40.5 million (11.3%) in 2023[39]. - Revenue from property management and value-added services increased by approximately RMB24.6 million or 8.8% to approximately RMB302.8 million for the year ended 31 December 2024[43]. - Other revenue decreased by approximately RMB4.9 million or 12.2% to approximately RMB35.3 million, primarily due to fewer intermediary services provided[47]. - Cost of services decreased by approximately RMB9.8 million or 3.7% to approximately RMB251.9 million, attributed to cost reduction control measures[48]. - Profit for the year increased by approximately RMB4.9 million or 12.2% to approximately RMB45.1 million[59]. Operational Developments - The company aims to transform into a modern, digital, platform-based enterprise, focusing on property services and powered by life and commercial services[7]. - The company has successfully expanded its service scope, particularly in the non-residential sector, covering various business segments including healthcare and education[10]. - The company has made significant progress in the hotel sector, with multiple key construction milestones on schedule, expected to drive capital effectively upon completion[14]. - The company is expanding its presence in industrial parks across various sectors, including technology and heavy industry[10]. - The company entered into 57 new property engineering contracts with a total contract amount of approximately RMB37.4 million during the year[32]. - As of 31 December 2024, the total contract sum for contracted engineering services with remaining performance obligations amounted to RMB49.7 million[32]. - The portfolio of properties under management expanded from approximately 8.5 million sq.m. as of 31 December 2023 to approximately 11.0 million sq.m. as of 31 December 2024[30]. Strategic Focus - The company emphasizes high-quality development as a core competitive advantage, focusing on delivering exceptional services to meet customer demands[9]. - The company is focused on precise marketing by analyzing customer consumption behaviors and tailoring services accordingly[13]. - The company aims to maintain a vision of "Making Cities Better" while steering towards high-quality development through innovation and responsibility[16]. - The Group aims to enhance service quality and deepen expertise in non-residential property services, focusing on high-growth projects and selective mergers and acquisitions[112]. - The Group plans to leverage artificial intelligence and digital transformation to improve operational efficiency and service quality[113]. - The company is committed to building a smart ecosystem and enhancing brand awareness while fulfilling social responsibilities[116]. - The company aims to adapt to rapid market changes and achieve superior performance to reward shareholders and investors[117]. - The company is focused on technological innovation as a driving force for its mission[117]. Leadership and Governance - Mr. Wang has over 31 years of experience in the real estate and property management industry, serving as the managing director of Xingye IOT Management since May 2017[131]. - Mr. Liu has more than 20 years of experience in the property management and real estate industry, currently serving as a non-executive director since August 2019[133]. - Mr. Xu has over 20 years of experience in the real estate industry, appointed as an independent non-executive director in September 2019[139]. - The company has a strong leadership team with extensive experience in real estate development and management, contributing to strategic decision-making[133][139][144]. - The leadership structure includes a mix of executive and independent directors, ensuring a balanced approach to governance and strategy[133][139][144]. - The management team has a diverse educational background, including advanced degrees from prestigious institutions such as Tsinghua University[142][143]. Financial Position and Assets - Total assets increased to RMB716.1 million in 2024 from RMB699.1 million in 2023, while total liabilities decreased to RMB216.2 million from RMB244.0 million[27]. - The net carrying value of property, plant, and equipment increased by approximately RMB16.9 million or 9.0% to approximately RMB205.4 million as at 31 December 2024[67]. - Properties under development increased by approximately RMB10.3 million or 7.9% to approximately RMB141.0 million as at 31 December 2024[68]. - Total trade receivables decreased to approximately RMB59.7 million, down from approximately RMB102.2 million as at 31 December 2023, due to increased repayments[69]. - Cash and cash equivalents increased by approximately RMB13.2 million or 6.3% to RMB223.9 million as of December 31, 2024, compared to RMB210.7 million as of December 31, 2023[89]. - The current ratio improved to 2.4 times as of December 31, 2024, compared to 2.1 times as of December 31, 2023[94]. Risk Management and Compliance - The Group continues to implement internal controls and strategies to manage potential risks and uncertainties affecting its business[188]. - The Group's growth may be impacted by general economic conditions affecting the real estate market and changes in laws and regulations in the PRC[185]. - The Group recognizes employees, customers, and suppliers as key stakeholders and is dedicated to maintaining good relationships with them[193]. - The Group's financial risks and management objectives are detailed in notes 34 and 36 to the consolidated financial statements[187].