Financial Performance - The company achieved operating revenue of RMB 327,622.01 million in 2024, representing a year-on-year increase of 4.16%[4] - The total profit for the period was RMB -35,842.74 million, a decrease of 58.88% compared to the previous year[4] - The net profit for 2024 was RMB -37,595.38 million, worsening from RMB -23,095.55 million in 2023[4] - The company achieved operating revenue of RMB 327,622.01 million in 2024, a year-on-year increase of 4.35% compared to RMB 314,538.55 million in 2023[22] - The total profit for the company was RMB -35,842.74 million in 2024, a decrease of 58.88% from RMB -22,558.93 million in 2023, primarily due to a significant drop in photovoltaic glass product prices[24] Assets and Liabilities - The total assets decreased to RMB 877,527.08 million as of December 31, 2024, down from RMB 884,039.63 million in 2023[6] - The total liabilities of the group as of December 31, 2024, were RMB 729,879.06 million, up from RMB 704,112.11 million in the previous year[30] - The equity attributable to owners of the group was RMB 147,648.02 million as of December 31, 2024, down from RMB 179,927.53 million as of December 31, 2023[30] - The debt-to-asset ratio increased to 83.17% in 2024 from 79.65% in 2023[9] - The total assets of the group amounted to RMB 877,527.08 million, a decrease from RMB 884,039.63 million as of December 31, 2023[28] Cash Flow - Cash flow from operating activities was RMB -51,325.07 million, compared to RMB 27,696.16 million in 2023[8] - The net cash outflow from operating activities was RMB 51,325.07 million for the reporting period, compared to a net inflow of RMB 27,696.16 million in 2023[30] - The group incurred a net cash inflow of RMB 40,967.36 million from financing activities, down from RMB 119,055.27 million in the previous year[30] - The group reported a net cash outflow of RMB 47,469.01 million from investing activities, compared to RMB 92,571.49 million in 2023[30] Operational Efficiency - The company plans to continue optimizing product structure and enhancing marketing efforts while focusing on cost reduction and efficiency improvements[13] - The company maintained a low inventory level of photovoltaic glass products, below the industry average, indicating effective inventory management[21] - The company’s management expenses decreased by 55.97% to RMB 7,686.07 million in 2024, down from RMB 17,455.47 million in 2023, due to changes in accounting treatment for repair costs[24] - The company’s sales expenses were RMB 765.43 million in 2024, a slight decrease of 5.44% from RMB 809.48 million in 2023, attributed to reduced product certification testing costs[27] - The company plans to enhance operational management, strengthen cost control, and improve production efficiency and product quality to ensure sustainable development amid market competition[73] Research and Development - Research and development expenses increased by 17.37% to RMB 12,080.94 million in 2024, up from RMB 10,292.73 million in 2023, reflecting the company's commitment to developing new photovoltaic glass products[27] - The company has made significant progress in technology development, particularly in large-tonnage photovoltaic glass furnaces and 1.6mm thin photovoltaic glass[19] - The company is focusing on technological innovation to develop new photovoltaic glass with higher light transmittance and lighter weight[72] Governance and Management Changes - The company has seen significant leadership changes, with multiple appointments and resignations among supervisors and management, indicating a strategic restructuring[54][58][59] - The company appointed Ms. Hao Meiping as an independent non-executive director on November 12, 2024, bringing extensive experience in inorganic non-metallic materials and engineering consulting[53] - The company’s financial department is currently led by Mr. Luo Hongwei, who has been with the group since 2001 and has extensive experience in financial management[59] - The independent supervisor, Mr. Jiang Ahe, joined the group in November 2021 and has a background in military finance and auditing, enhancing the company's governance[60] - The company has a strong focus on research and development in inorganic non-metallic materials, as evidenced by the expertise of its board members and supervisors[53][60] Corporate Social Responsibility - The company is committed to fulfilling corporate social responsibility and adhering to environmental protection laws and regulations[75] - The company emphasizes the importance of compliance with relevant laws and regulations to enhance governance and business development[76] Related Party Transactions - The company has engaged in various continuing connected transactions with related parties, including major shareholders and subsidiaries of China Electronics[115] - The pricing policy for procurement from Rainbow Group is based on market prices determined by independent third-party quotes[120] - The company confirmed compliance with listing rules regarding related party transactions, with no significant transactions exceeding the annual cap set by the company[160] Audit and Compliance - The company has appointed Da Xin Accounting Firm as the auditor for the fiscal year 2024, following the completion of the maximum five-year term with the previous auditor, Li Xin[41] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, including the accounting principles adopted by the group[173] - The company has adhered to the Corporate Governance Code as per the listing rules for the fiscal year ending December 31, 2024[170] Employee Structure - As of December 31, 2024, the company has 2,548 full-time employees, with approximately 1.10% being senior management, 9.54% general management and administrative staff, 9.46% technical personnel, and 79.90% production employees[112] - As of December 31, 2024, the proportion of female employees in the company is approximately 27.12%, with a commitment to maintain this percentage for ongoing gender diversity[189]

Financial Performance - For the year ended December 31, 2024, the company's revenue increased by 64.7% to RMB 516.0 million, compared to RMB 313.3 million in 2023[11] - Gross profit for the year was RMB 143.2 million, reflecting a 49.3% increase from RMB 95.9 million in the previous year[11] - Profit attributable to equity shareholders rose by 68.9% to RMB 49.5 million, up from RMB 29.3 million in 2023[11] - Basic and diluted earnings per share increased by 68.8% to RMB 38.7 cents, compared to RMB 22.93 cents in the prior year[11] - The Group's revenue for the year ended 31 December 2024 increased by 65% to RMB516 million, compared to RMB313 million in 2023[20] - Net profit for the year was RMB49.54 million, representing a year-on-year increase of RMB20.18 million from RMB29.35 million in 2023[20] - Earnings per share rose to RMB38.70 cents, up from RMB22.93 cents in 2023[20] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,063,564 thousand, a 3.3% increase from RMB 1,029,125 thousand in 2023[12] - Net current assets increased by 15.7% to RMB 537,095 thousand, compared to RMB 464,166 thousand in the previous year[12] - The company achieved a current ratio of 2.5, up from 2.3 in 2023, indicating improved liquidity[13] - Total cash and bank balances increased to approximately RMB424,028,000 as of December 31, 2024, compared to approximately RMB246,375,000 as of December 31, 2023[71] - Inventories decreased by approximately 20.0% from approximately RMB260.3 million at the end of 2023 to approximately RMB208.2 million at the end of 2024[67] - Trade receivables decreased by approximately 12.6% from approximately RMB391.7 million as of December 31, 2023, to approximately RMB342.3 million as of December 31, 2024[62] - As of December 31, 2024, the Group had no borrowings, maintaining a strong net cash position[79] Operational Strategies - The company successfully adjusted its operational strategies in response to external economic conditions and internal challenges, enhancing risk management and cost control[16] - The Group's strategic focus will remain on core business operations while enhancing internal management and cost control measures[31] - The Group aims to enhance its product offerings towards higher-end, intelligent, and green developments through increased R&D investment[98] Research and Development - The Company plans to intensify research and development of new products and technologies to enhance its market position and brand value[26] - Revenue from brass electroplating wire production lines increased by approximately 88.6% to RMB99 million, compared to RMB52.5 million in 2023[39] - Revenue from standalone machines rose by approximately 60.9% to RMB376.1 million, up from RMB233.8 million in 2023[40] - Revenue from other mould repairing equipment, components parts and accessories increased by approximately 10.9% to approximately RMB15.1 million in 2024 from approximately RMB13.6 million in 2023, primarily due to an increase in the number of renovation projects[47] Corporate Governance - The Company is committed to high standards of corporate governance, which is essential for enhancing investor confidence and maximizing shareholder returns[199] - The Board has established four committees: Audit Committee, Remuneration and Assessment Committee, Nomination Committee, and Strategic Committee to oversee various aspects of the Company's affairs[200] - The Group has established a sound internal control system, significantly improving internal work processes and effectively controlling operational risks[193] Employee and Management - As of December 31, 2024, the Group employed a total of 181 full-time employees, a decrease from 197 employees as of December 31, 2023[102] - The total employee remuneration for the year ended December 31, 2024, was approximately RMB28.8 million, compared to approximately RMB27.9 million in 2023, reflecting an increase of about 3.2%[102] - The company has adhered to relevant laws, regulations, and the Hong Kong Stock Exchange listing rules in its operations[184] - The leadership team has a diverse background in finance, technology, and management, which supports the company's strategic objectives[143][144][148] Awards and Recognition - The company was awarded the national title of "Specialized and Innovative Small Giant," highlighting its industry-leading innovation and specialization[17] - The Group received the national-level honorary title of "Specialized and New Small Giant," indicating its leading position in product innovation and technology-driven development[22] Financial Risks - If the USD had strengthened/weakened by 5% against the RMB, the Group's post-tax profits for the year would have been approximately RMB4,350,000 higher/lower[84] - The Group's foreign currency risk is considered to be at an acceptable level during the year[83] - The Group continues to face challenges in the tire market due to global economic fluctuations and trade uncertainties[98]

Financial Performance - The company's operating revenue for 2023 was CNY 32,473,033,766.06, a decrease of 12.24% compared to CNY 37,002,229,438.89 in 2022[31]. - Net profit attributable to shareholders for 2023 was CNY 3,494,725,837.36, showing a slight increase of 0.50% from CNY 3,477,326,647.54 in 2022[31]. - The net cash flow from operating activities significantly increased by 154.42% to CNY 5,236,128,730.31 from CNY 2,058,033,862.99 in the previous year[31]. - The company's total assets at the end of 2023 were CNY 117,890,875,515.13, a decrease of 0.92% compared to CNY 118,990,487,731.74 at the end of 2022[31]. - The weighted average return on equity for 2023 was 7.34%, down from 8.17% in 2022, reflecting a decrease of 0.2 percentage points[34]. - Research and development expenses accounted for 6.28% of operating revenue in 2023, an increase of 0.77 percentage points from 5.51% in 2022[34]. - The net profit attributable to shareholders for the first quarter of 2024 was CNY 604,490,948.26, with a total operating revenue of CNY 6,509,426,910.25[37]. - The total non-recurring gains and losses for 2024 amounted to CNY 226,349,908.75, compared to CNY 211,122,067.80 in 2023[39]. Strategic Initiatives - The company emphasizes the importance of strengthening political construction and enhancing core competitiveness in 2024, which is a key year for achieving the "14th Five-Year Plan" goals[16]. - The company is focused on enhancing its core functions and competitiveness through strategic adjustments and collaborative efforts[16]. - The company aims to achieve the goals of "one profit, five rates" and "one increase, one stability, four improvements" by 2025[21]. - The company is focused on deepening business structure adjustments to better fulfill its strategic mission and responsibilities[21]. - The company has adjusted its overall development strategy, emphasizing "intelligent control" as a core technology and expanding into the low-altitude economy[56]. Research and Development - The company has developed the ID-Space 1.0 intelligent airspace management system, which has been selected as a key project by the State-owned Assets Supervision and Administration Commission[17]. - The company has made significant progress in original technology development, including the cloud-based two-pole train control system and I-CTC technology[19]. - The company has established a key laboratory for intelligent airspace management in Beijing, further solidifying its leadership in control technology[19]. - The company has successfully promoted new products such as the 400T vehicle-mounted system and all-electronic interlocking systems, accelerating the transformation of technological achievements[49]. - The company is actively advancing research on high-speed train control systems aimed at achieving speeds of 400 km/h and above, with a focus on safety control and equipment reliability[78]. - The company has developed a comprehensive dispatching and management system for railway freight, which has been successfully implemented on-site[76]. - The company has developed a comprehensive digital management technology for cargo yards, enhancing automation and efficiency in cargo handling operations[98]. - The company has developed a multi-modal global perception disaster monitoring technology for rail transportation, utilizing deep learning algorithms for effective information alignment and fusion analysis, enhancing product performance and cost optimization across various business directions[105]. Market Position and Growth - The company maintains the leading position in the global railway control system market, with the highest total bid mileage for high-speed railway control systems as of the end of 2024[70]. - The company occupies approximately 40% of the domestic urban rail transit control system market share, covering over 80% of operational and under-construction lines[194]. - The overseas business is expected to maintain a good growth trend by continuously optimizing operational layout and enhancing competitiveness[53]. - The company is actively entering the low-altitude economy sector, developing an intelligent airspace control system that addresses key issues such as aircraft spacing and conflict detection[71]. - The company is focusing on technological innovation and digital empowerment to enhance its brand image and operational efficiency[71]. Safety and Compliance - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[10]. - The company has not violated decision-making procedures for external guarantees[10]. - The company has not faced any issues with the majority of directors being unable to ensure the authenticity and completeness of the annual report[10]. - The safety computer platform technology has achieved the highest level of functional safety certification according to international standards, ensuring high reliability and performance for train operation control systems[84]. - The company has achieved SIL4 safety certification for multiple products, including the relay-type inter-station measuring equipment and the cable transmission equipment for track circuits[134]. Technological Innovations - The company has developed autonomous train operation technology that optimizes platform usage, simplifies systems, and refines resource management, significantly improving train operation efficiency and resource utilization[90]. - The company has developed a battery balancing management system to improve the lifespan of batteries used in railway communication equipment[186]. - The company has developed signal system equipment for the Hungarian section of the Hungary-Serbia railway, with an investment of RMB 4,542.30 million, and has established a laboratory environment for testing[188]. - The company has developed a visual AI-enabled analysis platform for urban management, enhancing its operational efficiency[185]. - The company has developed a comprehensive integrated control and dispatching service technology for rail transportation, aiming for autonomous operation control and intelligent dispatching[112]. Investment and Financial Commitments - The total investment scale for the "Heavy Load Freight Train Self-Organizing Network High Density" project is estimated at 18,180.98 million, with 7,299.34 million invested this period and a cumulative investment of 15,130.39 million[144]. - The "New Train Control System Development" project has a total investment scale of 16,294.01 million, with 1,466.37 million invested this period and a cumulative investment of 14,875.10 million, achieving stable operation of the new control system in practical applications[146]. - The company has invested a total of 2.7 billion in the multi-standard interoperable train control system research, with 855.38 million invested in the current period[174]. - The company has invested a total of RMB 225,375.23 million, with RMB 71,992.41 million invested in the current period, and a cumulative investment of RMB 172,363.48 million[188]. Awards and Recognition - The company has been recognized as a "National Specialized and Innovative 'Little Giant'" enterprise in 2022, highlighting its leadership in the railway signal equipment sector[123]. - The company has received multiple awards for its patents, including the 2023 Silver Award for online detection methods and devices for railway circuit cable faults[121]. - The company has been recognized as a "Manufacturing Industry Single Champion Enterprise" for its railway signal relay products in 2022[123].

Investment Activities - The company completed the subscription of 226,000,000 new shares of Easy Life Holdings Limited for a cash consideration of HKD 27,798,000, representing approximately 16.66% of the issued share capital post-completion [11]. - The company entered into a shareholder agreement with Oasis Avenue Limited for a cash consideration of HKD 12,600,000, representing 29.27% of the voting shares post-completion [12]. - The company holds investments in six unlisted companies with book values of approximately HKD 35,142,000, HKD 48,273,000, HKD 39,319,000, HKD 33,791,000, HKD 43,734,000, and HKD 11,887,000 respectively [14]. - The company has made significant investments in sectors such as renewable energy, new materials, and health communication products [9][10][11]. - The company's primary investment strategy focuses on achieving medium to long-term capital appreciation through investments in quality listed and unlisted companies primarily located in Hong Kong and China, with at least 70% of investments in these regions [53]. - The company aims to balance risks by investing in equity-related securities and debt instruments across various industries, including information technology, telecommunications, manufacturing, services, real estate, infrastructure, life sciences, and environment [53]. - The company emphasizes investing in companies with strong fundamentals and long-term growth potential, particularly those with profit growth potential and strong R&D capabilities [53]. - The company may consider divesting investments when it believes that monetizing such investments aligns with its best interests, especially under favorable terms [53]. Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 687,883,000, compared to HKD 387,620,000 for the year ended December 31, 2023, representing an increase of about 77.5% [26]. - The net realized gains from investments and other investment products for the year ended December 31, 2024, amounted to approximately HKD 12,505,000, compared to a net loss of HKD 3,149,000 for the same period in 2023 [26]. - The net profit attributable to shareholders for the year ended December 31, 2024, was approximately HKD 5,005,000, up from HKD 2,193,000 in the previous year, primarily driven by realized gains from investments [26]. - As of December 31, 2024, the company's net asset value was approximately HKD 542,711,000, down from HKD 547,668,000 in 2023, with a net asset value per share of HKD 0.042 [26]. - The company held listed equity securities valued at approximately HKD 86,251,000 as of December 31, 2024, including 689,000 shares of Alibaba Group valued at approximately HKD 56,774,000, representing about 10.3% of the company's total assets [27]. - The company had cash and bank balances of approximately HKD 213,589,000 as of December 31, 2024, with a zero debt-to-equity ratio, indicating a net cash position [36]. - The company did not incur any bank financing during the review period and expects to have sufficient financial resources to meet its operational and development needs [36]. - The company reported a net unrealized holding gain of approximately HKD 127,000 from investments as of December 31, 2024 [33]. Market Outlook - The company remains optimistic about long-term development prospects despite challenges in the economic environment and the real estate market [21]. - The company anticipates that market conditions will continue to be challenging but believes these challenges are temporary [21]. - The company anticipates continued challenges in the market due to weak consumer and business confidence, a sluggish real estate market, and tightening financial conditions [49]. - The company remains confident in its long-term development prospects and aims to transform traditional models into innovative ones to foster new productivity and growth [50][51][52]. Corporate Governance - The board of directors consists of two executive directors and three independent non-executive directors as of December 31, 2024 [70]. - All independent non-executive directors have confirmed their independence according to the factors listed in Listing Rule 3.13 [72]. - The company has established a board diversity policy to ensure a balanced mix of skills, experience, and diversity among board members [73]. - The remuneration committee, composed entirely of independent non-executive directors, determines the remuneration policies for executive directors and senior management [78]. - The executive committee, formed by all executive directors, is authorized to handle all matters related to the company's daily operations [75]. - The company has not discussed specific matters during the executive committee meetings in the past year [77]. - The chairman and CEO roles are held by the same individual, which deviates from the guideline that these roles should be separated [67]. - The audit committee confirmed the independence of the external auditor, suggesting the reappointment of the auditing firm for the upcoming annual general meeting [85]. - The internal control system was deemed robust and effective, ensuring the protection of shareholder and employee interests [82]. - The board is responsible for overseeing the company's risk management and internal control systems [92]. Employee and Social Responsibility - The company has 16 employees as of December 31, 2024, down from 18 in 2023, with total compensation amounting to approximately HKD 2,883,000, an increase from HKD 2,205,000 in the previous year [41]. - The company encourages employees to obtain professional qualifications and provides necessary subsidies to enhance personal development [161]. - The company has established a recruitment standard and position manual, ensuring equal opportunities regardless of gender, age, or religion [155]. - The company has a diverse workforce, with 38% of employees aged between 40 to 60 years [155]. - The company provided over 50 hours of internal training in 2024, with nearly all employees participating in weekly training sessions [165]. - The company has implemented a fair and transparent reward system, reviewing compensation structures annually and performance monthly to ensure competitive salaries [161]. - In 2024, the company did not experience any work-related fatalities or injuries leading to employee absenteeism, emphasizing its commitment to health and safety [162]. - The company actively encourages employees to adopt sustainable practices, including energy-saving training programs and incentives for purchasing eco-friendly products [144]. - The company encourages employees to participate in charitable activities and has established over 170 recycling stations across Hong Kong [184]. Environmental Sustainability - The company has committed to environmental sustainability and compliance with relevant laws and regulations [100]. - The company achieved 100% paper procurement from suppliers adhering to a "zero deforestation commitment" in 2024, maintaining its commitment from the previous year [148]. - The company implemented measures to reduce energy waste, including mandatory shutdown of lights and equipment after 10 minutes of inactivity, contributing to resource conservation and environmental protection [146]. - The company promotes a paperless office by reducing printer usage and minimizing paper consumption, which helps lower greenhouse gas emissions [143]. - The company recognizes the importance of responsible IT equipment usage and disposal as a core aspect of its sustainability plan, focusing on extending the lifecycle of IT assets [149]. - The company emphasizes the integration of air purification measures in the workplace, reflecting its commitment to employee well-being and corporate culture [153]. - The company's electricity consumption in the Hong Kong office for 2024 was 6,080 kWh, resulting in greenhouse gas emissions of 4,013 kg CO2-e, compared to 5,696 kWh and 3,873 kg CO2-e in 2023, indicating a 6.7% increase in electricity consumption and a 3.6% increase in emissions [151]. Risk Management - The company is exposed to economic risks, particularly due to the macroeconomic conditions in China, which can significantly impact the business and financial performance of its investments [57]. - The company cannot acquire more than 30% voting rights in any invested company, limiting its control and involvement in management decisions [60]. - The company is subject to market risks, as stock prices can fluctuate due to political, economic, and social factors, affecting the value of its listed equity holdings [61]. - The company operates under the regulatory framework of China, which presents legal risks due to the evolving nature of its commercial laws and regulations [62]. - The company perceives foreign exchange risk as low, given that financial assets and liabilities denominated in foreign currencies are not significant [64]. - The company does not hedge its foreign exchange risk against the US dollar due to the controlled and narrow fluctuation of the Hong Kong dollar against the US dollar [65]. - The company regularly monitors industry developments and assesses various types of risks to formulate appropriate strategies to minimize adverse impacts [66]. Compliance and Ethics - The company has implemented an internal monitoring policy to prevent corruption and fraud, overseen by the Human Resources Department [175]. - The company emphasizes the importance of corporate governance and ethical standards to meet the expectations of shareholders and regulators [177]. - The company has a clear stance against corruption and fraud, incorporating appropriate clauses in contracts with suppliers and business partners [176]. - The company conducts regular anti-corruption training sessions and has established a mechanism for employees to report suspicious activities anonymously [179]. - The company has not encountered any significant compliance issues related to employment standards in 2024 [152]. - The company has not reported any significant compliance issues in 2024, adhering strictly to applicable laws and regulations [164].

Financial Performance - Revenue for 2024 reached HK$2,358,290,000, a 21.2% increase from HK$1,945,721,000 in 2023[12] - Profit for the year decreased to HK$204,191,000 from HK$261,850,000, representing a decline of 22.0%[12] - Basic earnings per share increased to HK$0.32 from HK$0.25, marking a growth of 28.0%[12] - Proposed final dividend per share increased to 8.8 HK cents from 7.5 HK cents, a rise of 17.3%[12] - Gross profit margin improved slightly to 26.5% from 26.4%[12] - Net profit margin decreased to 10.5% from 11.1%[12] - Return on equity increased to 15.3% from 12.1%, indicating improved profitability relative to equity[12] - The total dividend for the year amounted to HK$22.8 cents per share, representing a dividend payout ratio of 72.6%[30] - Gross profit for the year increased by 22.0% to HK$625.8 million, with a gross profit margin of 26.5%, up from 26.4% in 2023[51] - Profit for the year rose by 28.2% to HK$261.9 million, with a net profit margin of 11.1%, an increase from 10.5% in 2023[51] Operational Efficiency - The inventory turnover days improved to 87 days from 102 days, indicating better inventory management[12] - Trade receivable turnover days decreased to 56 days from 58 days, reflecting improved collection efficiency[12] - Inventory turnover days decreased to 87 days in 2024 from 102 days in 2023, indicating improved efficiency[105] - Trade receivable turnover days decreased to 56 days in 2024 from 58 days in 2023[107] - Trade payable turnover days decreased to 55 days in 2024 from 61 days in 2023[108] Market Outlook and Strategy - The company remains cautiously optimistic about the market outlook for 2025, focusing on technological research and innovation while expanding production capacity[28] - The global market has shown signs of recovery, with inflation levels falling and economic austerity policies being relaxed, improving the overall market atmosphere[29] - TK Group's proactive layout and flexible response strategies have allowed it to expand its market share and customer portfolio during the recovery phase[23] - The Group plans to continue exploring opportunities in the medical and general health industries, despite some orders being affected by U.S. tariffs[67] - The Group is focusing on expanding production capacity in China and Vietnam to meet increasing market demand for high-precision plastic components[34] Technological Development - The company plans to continue investing in high-precision mold technologies and diversify its plastic injection molding-related technologies and service solutions[20] - The Group is integrating AI technology and big data analysis into its production processes to enhance efficiency and product quality[38] - The Group is committed to technological breakthroughs and innovation, focusing on product innovation and technology upgrades to meet market demand[135] - The Group is leveraging technologies like data platforms and artificial intelligence to optimize process management and improve production stability[142] Corporate Governance - The company has complied with all code provisions set out in the Corporate Governance Code during the year ended December 31, 2024[181] - The Group's commitment to corporate governance is reflected in its structured management and oversight committees, including the Audit and Nomination Committees[156] - The independent non-executive Directors have confirmed their independence in accordance with Rule 3.13 of the Listing Rules[198] - The company is committed to strengthening its corporate governance practices to enhance transparency and accountability[179] Leadership and Management - The Group's management team includes individuals with extensive experience in their respective fields, enhancing operational effectiveness and strategic planning[149][151][152] - The leadership team's combined experience exceeds 150 years in the industry, positioning the company for sustained growth and innovation[149][151][152] - The Board currently comprises 7 members, including 4 executive Directors and 3 independent non-executive Directors[187] - The independent non-executive directors contribute to the effective operation of the board with their extensive business and financial expertise[200] Expansion Plans - The Group plans to quadruple the production area of its Vietnam factory to enhance supply chain resilience and meet increasing market demand[139] - The Vietnam factory will replicate high-quality plastic injection molding capabilities from the Chinese production base to ensure efficient large-scale production[140] - The Group is intensifying strategic cooperation with consumer electronics brands and increasing investment in new product development to meet expanding market demand[136]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit attributable to shareholders of approximately HKD 78 million, with basic earnings per share of HKD 3.56, a significant recovery from a net loss of HKD 11 million and a basic loss per share of HKD 0.65 in 2023[11]. - The company achieved a net profit attributable to shareholders of approximately HKD 78 million for the year ended December 31, 2024, compared to a net loss of approximately HKD 11 million in 2023, marking a turnaround from loss to profit[20]. - Total revenue for the company was approximately HKD 390 million, representing a 25% increase compared to 2023, driven by growth in financial services and property and hotel operations[20]. - The financial services segment recorded an operating profit that increased nearly threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[21]. - The property and hotel segment reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023, despite increased sales from the Huangshan project and hotel operations in Paris[22]. - The company’s brokerage commission income and margin loan interest income increased by 9% and 7% respectively compared to 2023, reflecting a recovery in the Hong Kong IPO market[21]. - The company reported a distributable reserve of HKD 269,049,000 as of December 31, 2024, compared to HKD 91,449,000 in 2023, reflecting a significant increase of 194%[48]. - The company reported a comprehensive financial performance reflecting its financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[111]. Market Conditions - The Hang Seng Index reached a high of 23,000 points in October 2024, with a single-day trading volume exceeding HKD 620 billion, marking a historical record[13]. - The Hong Kong IPO market remained strong, ranking fourth globally in fundraising despite a slight decrease of 3% compared to 2023[13]. - The real estate market in mainland China continued to face significant pressure, with major cities experiencing a general decline in property prices due to oversupply and weak buyer confidence[14]. - The company anticipates a cautiously optimistic outlook for the Hong Kong stock market in 2025, driven by supportive monetary policies and a potential recovery in the mainland economy[15]. - The global financial markets in 2025 are expected to face both opportunities and challenges, with geopolitical risks and trade tensions remaining major uncertainties[15]. - The overall investment environment remains cautious, with ongoing challenges in the commercial property market due to weak demand and financing constraints[22]. Company Strategy and Operations - The company is focusing on developing its financial services and property and hotel businesses, continuing to invest human resources and capital in these areas[11]. - The company plans to continue focusing on completing existing development projects in Wuxi and Huangshan, as well as property sales in the coming year[24]. - The company has not engaged in any significant acquisitions or major investments during the year[29]. - The company has complied with all capital regulations applicable to its licensed subsidiaries in 2024[27]. - The company has established internal controls to monitor and recover margin loans, ensuring compliance with commercial interest rates and collateral requirements[117]. Financial Position and Assets - Total assets as of December 31, 2024, were HKD 5,048,502,000, down from HKD 5,616,782,000 in 2023[70]. - The company's total liabilities decreased to HKD 2,492,474,000 in 2024 from HKD 3,185,096,000 in 2023, indicating improved financial health[70]. - The company’s net asset value increased by 5%, rising from approximately HKD 2,432 million in 2023 to approximately HKD 2,556 million in 2024[20]. - The company’s investment properties recorded a fair value loss of approximately HKD 4 million in 2024, compared to a fair value gain of approximately HKD 21 million in 2023[24]. - The total net asset value of the company's mortgaged properties was approximately HKD 558,000,000, down from HKD 570,000,000 in 2023[30]. Governance and Compliance - The board of directors includes independent non-executive directors, ensuring governance and oversight[54]. - The company has adopted a board diversity policy, with the current board composition being one female and eight male directors, achieving a gender diversity ratio of approximately 46% female to 54% male among employees[81]. - The company has established three committees: the Nomination Committee, the Remuneration Committee, and the Audit Committee, to assist the board in fulfilling its responsibilities effectively[87]. - The company has received annual confirmations of independence from its independent non-executive directors, ensuring compliance with specific independence standards[80]. - The company has established a communication policy to ensure timely and transparent communication with shareholders[101]. Employee and Operational Metrics - The total employee cost for the year ending December 31, 2024, was approximately HKD 208,000,000, compared to HKD 203,000,000 in 2023[33]. - The company employed a total of 569 staff members as of December 31, 2024, with 343 located in mainland China[33]. - The company has consistently maintained sufficient public float as required by the listing rules throughout the year[68]. Cash Flow and Financing - The company reported a net cash position of HKD 284,650,000 as of December 31, 2024, down from HKD 340,622,000 in 2023[134]. - The company generated HKD 139,840,000 in net cash from investing activities in 2024, up from HKD 114,893,000 in 2023, reflecting an increase of about 21.7%[138]. - The company paid HKD 22,221,000 in interest in 2024, down from HKD 30,282,000 in 2023, indicating a reduction in financing costs[138]. - The company’s cash flow from financing activities showed a net outflow of HKD 110,803,000 in 2024, compared to a net outflow of HKD 24,942,000 in 2023, indicating increased financing activity[138]. Risk Management - The company acknowledges risks related to ongoing geopolitical tensions and the market's heavy reliance on mainland China's economic policies[15]. - The Risk Committee was established in 2016 and regularly monitors the effectiveness of the risk management framework, reporting at least annually to the Audit Committee[96]. - The company engaged external consultants to review the effectiveness of its internal control system, which was deemed effective and adequately resourced[98].

Production Capacity and Expansion - The design capacity for domestic polyester products is 910,000 tons per year, with BOPET film capacity at 702,500 tons per year, making it one of the largest polyester film manufacturers in China[7]. - The company has established a production facility in Vietnam with a design capacity of 554,300 tons per year for polyester filament, including 184,000 tons for fully drawn yarn and 170,300 tons for stretch yarn[9]. - An investment of approximately $73.9 million was made in Vietnam to develop new production facilities for polyester bottle chips, with a design capacity of 300,000 tons per year, which commenced commercial production in July 2023[9]. - The company plans to invest approximately $320 million from 2020 to April 2023 to establish new polyester film production lines, which will add a capacity of 400,000 tons per year, fully operational by November 2023[10]. - The company is set to invest approximately RMB 2.4 billion from 2025 to 2027 to expand its nylon business, with an estimated total capacity of 120,000 tons per year expected to gradually commence production from 2026[10]. - The design capacity for domestic polyester filament is 2,726,400 tons per year, with a combined design capacity of 1,716,400 tons for stretch yarn, fully drawn yarn, and pre-oriented yarn, making it the largest differentiated chemical fiber production base in Fujian Province[6]. - The company has invested approximately $185 million to establish production lines for polyester industrial yarn, with a total capacity of 250,000 tons per year, which began commercial production on July 17, 2020[9]. - Baihong's polyester film production expansion plan completed with a designed capacity of 255,000 tons per year[13]. - Baihong Vietnam established with an investment of approximately $220 million, targeting an annual capacity of 250,000 tons for polyester bottle chips[13]. - New polyester production line investment of about $230 million planned from 2019 to 2021, estimated annual capacity of 255,000 tons[15]. - Baihong's F District in Fujian officially launched a project with an annual capacity of 250,000 tons for polyester industrial yarn in July 2020[15]. - Baihong's G District achieved a total designed capacity of 500,000 tons per year with the launch of 6 production lines for polyester film[15]. - Baihong's G District estimated to reach an annual capacity of 255,000 tons for functional eco-friendly polyester film, with two production lines already in operation[15]. Financial Performance - Revenue for the year ended December 31, 2024, was RMB 20,631,678 thousand, representing a 16.2% increase from RMB 17,755,491 thousand in 2023[19]. - Gross profit increased by 49.7% to RMB 1,572,346 thousand from RMB 1,050,059 thousand[19]. - Operating profit rose by 82.7% to RMB 971,087 thousand compared to RMB 531,517 thousand in the previous year[19]. - Net profit for the year was RMB 747,901 thousand, a significant increase of 111.6% from RMB 353,398 thousand[19]. - Total assets increased to RMB 28,214,782 thousand, with current assets rising by 19.6% to RMB 15,904,789 thousand[19]. - Total equity increased by 7.4% to RMB 10,989,593 thousand from RMB 10,231,260 thousand[19]. - The company achieved a gross margin of 7.6%, up from 5.9% in the previous year[19]. - The return on equity improved to 6.8% from 3.5% in 2023[19]. - The company’s revenue for 2024 was RMB 20,631,678,000, an increase of 16.2% compared to RMB 17,755,491,000 in 2023[64]. - Sales revenue from polyester products reached RMB 9,956,035,000, representing a 38.6% increase from RMB 7,182,898,000 in 2023[67]. - The sales volume of polyester products increased by 40.1%, from 1,059,755 tons in 2023 to 1,485,129 tons in the current year[67]. - Revenue from differentiated products was RMB 11,021,919,000, accounting for 53.4% of total revenue[63]. - Research and development expenses amounted to RMB 567,495,000, representing 2.8% of total revenue[63]. - The average selling price of polyester products decreased by 1.1% to RMB 6,704 per ton, compared to RMB 6,778 per ton in 2023[67]. - The average selling price of polyester filament increased by 1.6% to RMB 8,740 per ton, compared to RMB 8,603 per ton in 2023[65]. - Sales revenue from polyester industrial yarn was RMB 1,657,624,000, with an average selling price of RMB 7,558 per ton[68]. - The annual profit for 2024 was RMB 747,901,000, representing a 111.6% increase from RMB 353,398,000 in 2023, with a net profit margin rising to 3.6% from 2.0%[110]. Market Trends and Strategic Focus - The company aims to capture growth opportunities in the synthetic fiber market, which is a global trend, by expanding its nylon business[10]. - The company has introduced advanced German BOPET film production lines and R&D equipment to target the high-end functional polyester film market domestically[7]. - The company has a strong market position in the polyester film sector, leveraging its existing scale and expertise to benefit from market growth[10]. - The consumption of polyester film in China has been steadily increasing, with the company leveraging its existing scale and expertise to capture market growth[34]. - The Chinese outdoor sports market is expected to approach RMB 600 billion, presenting significant growth opportunities for synthetic fibers[34]. - The textile industry in China is experiencing a recovery, with domestic sales gradually rebounding due to government policies promoting local consumption[52]. - The company aims to enhance its market position as one of China's major manufacturers by expanding its nylon business[34]. - The company aims to leverage its competitive advantages in the Vietnamese textile and polyester bottle chip market[61]. - The group anticipates stable business growth driven by technological innovation and favorable polyester product pricing trends[124]. Corporate Governance and Management - The board consists of three executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2024[132]. - The company has complied with all provisions of the Corporate Governance Code as of December 31, 2024[130]. - Independent non-executive directors play a crucial role in providing independent opinions on the company's strategy and performance[133]. - The company has established written guidelines for employees regarding securities trading to prevent insider trading violations[131]. - The board meets regularly to review the company's financial and operational performance, with attendance records disclosed in the corporate governance report[142]. - The company has a mechanism to ensure independent views are provided to the board, with a majority of non-executive and independent non-executive directors[135]. - The company has received annual confirmations of independence from all current independent non-executive directors[133]. - The chairman and CEO roles are separated to ensure a balance of power and authority within the board[144]. - The company has a policy to manage conflicts of interest among directors[140]. - All directors have the right to seek independent professional advice at the company's expense if needed[141]. - The board has adopted a diversity policy to ensure a balanced mix of executive and non-executive directors, including independent non-executive directors, to enhance governance and operational effectiveness[151]. - As of December 31, 2024, the board includes one female director, achieving gender diversity[153]. - The company has a full-time employee gender distribution of 70% male and 30% female, promoting equal opportunities in recruitment and retention[156]. - The remuneration committee reviewed the compensation policy for 2024 and held one meeting to approve the remuneration plans for directors and senior management[163]. - The nomination committee, consisting mainly of independent non-executive directors, is responsible for reviewing the board diversity policy and measurable targets[164]. - The company has established appropriate insurance coverage for potential legal actions against its directors and executives[149]. - The board's diversity policy includes measurable targets based on various criteria such as gender, age, race, and professional experience[152]. - The company encourages directors to participate in professional development courses to enhance their knowledge and skills[148]. - The board is committed to maintaining a strong element of independence, ensuring that independent non-executive directors have sufficient expertise and numbers to provide impactful opinions[153]. - The company has confirmed compliance with the corporate governance code regarding the rotation of directors every three years[158]. Internal Controls and Audit - The audit committee held four meetings during the year ending December 31, 2024, with all members attending all sessions[170]. - The company paid RMB 1,613,000 for audit services in 2024, an increase from RMB 1,593,000 in 2023[177]. - The company has established written policies and procedures for internal control efficiency, which are regularly reviewed and improved[178]. - The company’s independent internal audit department assists the board in evaluating the effectiveness of its internal control systems[178]. - The audit committee is responsible for reviewing the financial reporting process and risk management systems[168]. - The company’s external auditor is responsible for ensuring that the financial statements fairly reflect the group's financial position[175]. - The company has a policy for identifying, assessing, and managing significant risks to achieve operational objectives[178]. Employee Development and Training - The company emphasizes employee development and training, believing that employees are a key factor in its success[35]. - The company has partnered with Donghua University to establish a talent practice base, enhancing its R&D capabilities[54]. - The company’s secretary completed no less than 15 hours of relevant professional training during the year[180]. - The company has mechanisms for employees and business associates to report misconduct confidentially[186]. Communication with Shareholders - The company emphasizes the importance of clear, timely, and effective communication with shareholders and investors to build confidence and attract new investments[183]. - The board of directors will attend the annual general meeting scheduled for May 23, 2025, to address shareholder questions[183]. - The company has established multiple channels for ongoing communication with shareholders, including direct inquiries to the investor relations department[186]. - The company has a shareholder communication policy to ensure all shareholders can access accurate and comprehensible information[185]. - The company maintains high transparency by publishing annual reports, interim reports, and other communications on its website[183]. - The board regularly meets with institutional investors, financial analysts, and media to enhance understanding of the company's strategies and developments[184].

Financial Performance - In 2024, BetterLife Holding Limited experienced an overall revenue decline of approximately 18.5%, totaling around RMB 8.746 billion[9]. - The net profit shifted from approximately RMB 844 million in 2023 to a net loss of about RMB 162 million in 2024, impacted by a non-cash loss of approximately RMB 310.8 million from the closure of the Foshan store[9]. - Revenue from vehicle sales amounted to approximately RMB 7,482.8 million, a decrease of about 20.6%, accounting for approximately 85.6% of total revenue[24]. - Gross profit decreased by approximately 51.8% to about RMB 278.7 million, with a gross margin decline from approximately 5.4% to about 3.2%[29]. - The company's pre-tax profit plummeted by approximately 93.3% to about RMB 8.9 million[34]. - The net loss for the year was approximately RMB 16.2 million, compared to a profit of approximately RMB 84.4 million in the previous year, resulting in a net profit margin of about -0.2%[36]. - Total equity as of December 31, 2024, was approximately RMB 2,739.0 million, down from approximately RMB 2,893.2 million a year earlier[40]. - The company's loan and borrowings decreased by approximately 0.7% to about RMB 438.4 million[41]. - The debt-to-equity ratio was approximately 16.0% as of December 31, 2024, compared to about 15.3% a year earlier[41]. - As of December 31, 2024, cash and cash equivalents amounted to approximately RMB 899.4 million, a decrease from RMB 977.1 million as of December 31, 2023[42]. Vehicle Sales and Market Trends - Total vehicle sales reached 18,905 units in 2024, a slight increase of about 0.7% compared to 2023, while new vehicle sales decreased by approximately 12.9% to 14,271 units[9]. - The average selling price of vehicles dropped from approximately RMB 550,000 in 2023 to about RMB 490,000 in 2024[9]. - Second-hand vehicle sales surged by 94.0%, compensating for the decline in new vehicle sales[9]. - The market share of new energy vehicles has rapidly exceeded 50% due to the efforts of various brands in this sector[11]. - In 2024, the online signing rate for new car sales reached 100%, with an online payment rate of approximately 85.6%[14]. Strategic Initiatives and Acquisitions - The company anticipates potential acquisition opportunities in the current market environment, despite facing significant pressure in the European luxury car brand market[10]. - Management is focused on strategic goals to navigate the new market conditions and enhance operational systems[10]. - The company is focusing on strategic acquisitions and optimizations of existing high-end brands to adapt to market changes[12]. - The company plans to introduce reliable new energy luxury car brands to meet the growing consumer demand in the future[16]. - The company aims to leverage its strong market position and strategic partnerships with luxury car manufacturers to capitalize on future growth opportunities[25]. Operational Efficiency and Customer Engagement - The company has established a business intelligence platform covering "users - scenarios - data," enhancing customer engagement and operational efficiency[13]. - The company has implemented a standardized central management system across its dealerships, improving operational efficiency and customer experience[21]. - The company has established a comprehensive service model, including customized services and after-sales support, enhancing customer interaction and loyalty[22]. - The number of customers using the company's mini-program reached approximately 265,900, with a customer satisfaction rate of about 96.6%[14]. - The absorption rate of after-sales service income, including commissions, increased from about 107.4% to 135.3%[9]. Corporate Governance and Compliance - The company has established a strong corporate governance framework to ensure transparency and accountability to shareholders[158]. - The board of directors confirmed the independence of all independent non-executive directors as of the report date[94]. - The company has adopted a board diversity policy to maintain a competitive advantage through a diverse board composition, considering factors such as gender, age, and professional qualifications[175]. - The company has complied with the corporate governance code during the fiscal year, with minor deviations noted[170]. - The company has appointed several independent non-executive directors with significant expertise in finance and asset evaluation to enhance governance[61][63][65]. Environmental and Social Responsibility - The company has taken strict environmental protection measures to comply with current environmental laws and regulations[74]. - The company has a commitment to sustainable development, emphasizing the importance of employees, customers, and business partners in achieving this goal[154]. - The company has implemented strict policies to manage operational risks, including procurement and production efficiency[144]. Employee and Talent Management - The company emphasizes the importance of talent diversification to enhance its core competitiveness and service quality[13]. - The number of employees increased to 1,450 as of December 31, 2024, from 1,440 as of December 31, 2023[50]. - The company is committed to employee development and has implemented stock option and share reward plans to recognize contributions to growth[145]. Shareholder Information and Dividends - The board proposed a final dividend of RMB 0.02 per share, totaling approximately RMB 12.3 million, subject to shareholder approval at the annual general meeting on May 30, 2025[79]. - The proposed final dividend for the year ending December 31, 2024, is RMB 0.02 per share, a decrease from RMB 0.03 per share in 2023, pending shareholder approval at the annual general meeting on May 30, 2025[166]. - The company maintained a public float of at least 25% of its issued shares as required by the listing rules as of the report date[86].

Corporate Governance - Luxxu Group Limited is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per the listing rules throughout the fiscal year ending December 31, 2024[2] - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[4] - The company has reviewed its corporate governance practices and is confident in its compliance with the relevant codes and guidelines[2]

Brand Development and Market Position - In 2024, ZJLD Group achieved significant progress in brand building, quality enhancement, channel innovation, and social responsibility despite a challenging economic environment[16]. - The baijiu industry is currently in an adjustment period, but ZJLD Group remains confident in the future growth potential of its brands, Zhen Jiu and Li Du[18]. - The chairman highlighted that the challenges in the industry present opportunities for differentiation and competition in branding, quality, and consumer experience[18]. - Zhen Jiu was recognized as one of China's 500 Most Valuable Brands for 2024 with a brand value of approximately RMB 24.8 billion[49]. - Li Du maintained its position as the fifth largest mixed-aroma baijiu brand in China, achieving the highest year-on-year growth rate among the top five brands[53]. - Li Du was awarded the title of "Chinese Time-Honored Brand" by the Ministry of Commerce of the People's Republic of China in 2024[56]. Financial Performance - For the year ended December 31, 2024, the company's revenue reached RMB 7,066,784, a slight increase from RMB 7,030,467 in 2023, representing a year-over-year growth of 0.5%[35]. - Profit attributable to equity shareholders decreased to RMB 1,323,622 from RMB 2,327,083 in 2023, reflecting a decline of 43.2%[35]. - Adjusted net profit increased to RMB 1,676,275, with an adjusted net profit margin of 23.7%, compared to 23.1% in 2023[35]. - Revenue from Zhen Jiu decreased by 2.3% to RMB 4,479.7 million for the year ended December 31, 2024, compared to RMB 4,583.2 million in FY2023[123]. - Revenue from Li Du increased by 18.3% to RMB 1,312.9 million for the year ended December 31, 2024, compared to RMB 1,109.6 million in FY2023[123]. - Net profit decreased by 43.1% to RMB 1,323.6 million for the year ended December 31, 2024, down from RMB 2,327.1 million in FY2023[167]. Strategic Initiatives and Growth Plans - The company emphasizes a focus on four key elements: brand, base liquor, distribution channels, and team capabilities to drive sustainable development[20]. - ZJLD Group aims to capitalize on new growth opportunities by continuously innovating and adapting to emerging industry trends[20]. - The company plans to expand its sales channels and enhance brand recognition, particularly for the Li Du brand, which focuses on mixed aroma baijiu products[44]. - The company aims to optimize resource allocation across production costs and marketing expenses to improve profitability[44]. - The company aims to gradually replace third-party base liquor supplies with its own to improve gross profit margins[73]. - The company plans to enhance brand influence significantly in 2025, marking the 50th anniversary of Zhen Jiu[115]. Product Development and Innovation - Zhen Jiu launched new products in 2024, including the 2013 Real Vintage Baijiu and The One Among A Thousand, expanding its package-free product line in the deluxe price range[54]. - Zhen Jiu plans to launch the Zhen 50 Series in 2025 to commemorate its 50th anniversary, honoring its legacy of craftsmanship and innovation[54]. - Li Du's production techniques are recognized as a non-material cultural heritage of Jiangxi Province, enhancing its brand image rooted in historical culture[56]. - In February 2024, Li Du launched the second generation of Sorghum 1955 and Sorghum 1975 to enhance consumer experience[59]. - The product development team consists of 252 employees, with most holding a bachelor's degree or higher, and is led by a technical committee of 78 industry experts[64]. Operational Efficiency and Technology - The company has implemented a multi-channel sales network, including partnerships with distributors, store partners, and direct sales to end consumers, to expand consumer reach[76]. - The company developed a Base Liquor Management System that allows for inventory measurement of each jar in about 20 seconds, enabling daily inventory of 600-700 jars with an accuracy error of less than 0.3%[81][83]. - A comprehensive Quality Management System was established in 2024, covering all production stages and facilitating precise batch quality management and efficient traceability[87]. - The Intelligent Weighing Monitoring System was completed by the end of 2024, improving weighing efficiency and ensuring data accuracy through automated processes[87]. - Digital tools are being leveraged to strengthen monitoring of transaction flows within distribution channels, enhancing channel management[94]. Social Responsibility and ESG Initiatives - Zhen Jiu is committed to social responsibility, planning charitable activities and local poverty alleviation efforts in 2025 to mark its 50th anniversary[24]. - Zhen Jiu's ESG rating improved to "AA" in 2024, ranking it among the top listed baijiu companies[24]. - The company received an ESG "AA" rating from Wind for the second consecutive year and was included in the Wind China Listed Companies ESG Top 100 list[111]. - The company was awarded the title of "National Green Factory" by the Ministry of Industry and Information Technology of China in 2024[111]. - The proportion of green electricity consumed by the company reached over 50% in 2024, reflecting its commitment to renewable energy[110]. Human Resources and Management - The company had 11,380 full-time employees as of December 31, 2024, an increase from 10,956 employees as of June 30, 2024[192]. - The Post-IPO Equity Incentive Plan was approved on April 11, 2023, and aims to align the interests of eligible participants with the Company’s goals[197]. - The Company’s overall strategy is overseen by Mr. Wu Xiangdong, who has over 20 years of experience in the liquor industry[199]. - Mr. Yan Tao has been with the Company since December 2009 and serves as the CEO, responsible for overall management and operations[200].