Financial Performance - The company reported a consolidated profit of RMB 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[1]. - Revenue for the year ended December 31, 2024, was approximately RMB 2,789,209,000, a decrease of 10.21% compared to RMB 3,116,539,000 in 2023[16]. - Gross profit for the same period was RMB 453,733,000, down 30.74% from RMB 655,113,000 in 2023[16]. - The loss attributable to ordinary shareholders for the reporting period was approximately RMB 1,739 million, compared to RMB 688 million in 2023[17]. - Loss per share for the reporting period was approximately RMB 1.458, significantly higher than the loss per share of RMB 0.577 in 2023, reflecting a 152.79% increase in loss[18]. - The Group recorded revenue of approximately RMB 2,798.2 million, representing a decrease of approximately 10.2% compared to the year ended December 31, 2023[93]. - The net loss for the Group was approximately RMB 2,166.2 million, an increase of approximately 117.8% compared to the previous year[93]. User and Market Growth - User data showed a growth of 20% in active users, reaching 5 million by the end of the reporting period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[1]. - New product launches contributed to a 30% increase in sales in the last quarter, with three new products introduced[1]. Revenue Guidance and Projections - The company provided a revenue guidance of RMB 1.5 billion for the next fiscal year, indicating a projected growth of 25%[1]. - The Group plans to enhance profitability by optimizing debt structure and improving operational systems in 2025[28]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 8% through improved supply chain management[1]. - Research and development expenses increased by 12%, focusing on innovative technologies to improve service efficiency[1]. - The Group reduced agent usage in operational projects by 7,430 tonnes, leading to a cost reduction of RMB 12.84 million, a decrease of 9.7%[36]. - Electricity costs per ton of water decreased by 9.5%, and the bid-winning amount through chemicals procurement was reduced by approximately RMB 5.753 million, saving 14.8%[36]. Customer Satisfaction and Service Quality - Customer satisfaction ratings improved to 90%, reflecting enhanced service quality and user experience[1]. Sustainability Initiatives - The company plans to implement new sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2030[1]. Debt Management and Financial Stability - The Group's strategies focused on debt optimization and asset structure improvement to enhance financial risk control[24]. - The Group completed a debt-to-equity swap, converting RMB9.891 billion of ordinary securities into perpetual securities, reducing the gearing ratio to 74.9% and saving approximately RMB198 million in annual finance costs[41]. - The Group successfully obtained over RMB 48 million in dedicated funding for debt restructuring, contributing to financial stability[40]. Technological Innovations - The Group implemented technological innovations to improve operational quality and efficiency, including centralized procurement and intelligent drug delivery systems[24]. - The Group's initiatives in technological innovation and operational support are expected to drive efficiency and safety improvements across domestic projects[46]. Governance and Leadership Changes - The Company is actively restructuring its board with new appointments to enhance governance[165]. - The Company has undergone changes in its executive directorate, with Mr. Zheng Guangfeng serving as the general manager since March 2024[166]. - The leadership team includes professionals with backgrounds in investment management and environmental engineering, contributing to strategic decision-making[179]. Regulatory and Policy Environment - In January 2024, the Ministry of Ecology and Environment and other departments issued guidelines for the treatment of rural sewage, emphasizing the need for improved sewage management[57]. - The government allocated annual special funds ranging from RMB0.8 billion to RMB1.2 billion for the renovation of urban sewage infrastructure in 15 pilot cities[57]. - A series of policies aim to enhance the efficiency of sewage treatment facilities and reduce pollution, promoting green development in urban areas[61]. Project Capacities and Operations - As of December 31, 2024, the Group owned 203 water treatment projects with a total treatment capacity of approximately 5,746,000 tonnes per day[24]. - The solid waste treatment business segment had 24 projects with a total annual treatment capacity of 4,117,280 tonnes[24]. - The average utilization rate for wastewater treatment during the reporting period was approximately 78.26%[75]. - The average unit charge for wastewater treatment was approximately RMB1.46 per tonne[75].

Financial Performance - For the six months ended February 28, 2025, the group's revenue reached RMB 3,673 million, an increase of 11.8% compared to RMB 3,284 million for the six months ended February 29, 2024[15]. - Gross profit for the same period was RMB 1,978 million, reflecting a growth of 7.6% from RMB 1,839 million[3]. - Operating profit increased by 3.3% to RMB 1,524 million, up from RMB 1,475 million[4]. - Net profit decreased by 8.2% to RMB 1,091 million, down from RMB 1,188 million[4]. - Adjusted net profit was RMB 1,182 million, a decline of 2.9% from RMB 1,217 million[4]. - Adjusted EBITDA for the period was RMB 2,100 million, representing a 7.4% increase from RMB 1,956 million[14]. - Revenue for the six months ended February 28, 2025, was RMB 3,673 million, an increase of 11.85% compared to RMB 3,284 million for the same period in 2024[63]. - Gross profit for the same period was RMB 1,978 million, representing a gross margin of 53.8%, up from RMB 1,839 million and a gross margin of 56.0% in 2024[63]. - Net profit for the six months ended February 28, 2025, was RMB 1,091 million, a decrease of 8.16% from RMB 1,188 million in the previous year[63]. - Basic and diluted earnings per share for the period were RMB 35.63, down from RMB 41.97 in 2024, reflecting a decline of 15.06%[63]. Revenue Breakdown - Domestic market revenue increased from RMB 3,179 million for the six months ended February 29, 2024, to RMB 3,544 million for the six months ended February 28, 2025, representing an increase of 11.5% driven by student enrollment and per-student income growth[17]. - International market revenue rose by 22.9%, from RMB 105 million for the six months ended February 29, 2024, to RMB 129 million for the six months ended February 28, 2025, primarily due to an increase in enrolled students[18]. - Revenue from education services recognized over time was RMB 3,646 million for the six months ended February 28, 2025, up from RMB 3,263 million in the prior year, reflecting a growth of approximately 11.7%[72]. Expenses and Costs - The cost of revenue increased by 17.3% to RMB 1,695 million, compared to RMB 1,445 million in the previous period[4]. - Administrative expenses rose by 18.9% to RMB 566 million, up from RMB 476 million[4]. - The company reported a significant increase in other losses, which rose by 338.1% to RMB 92 million from RMB 21 million[4]. - The total employee costs for the six months ended February 28, 2025, were RMB 1,193 million, an increase of 16.9% from RMB 1,020 million in the same period of 2024[77]. - The company incurred a tax expense of RMB 157 million for the six months ended February 28, 2025, compared to RMB 95 million for the same period in 2024, representing a significant increase of 65.3%[76]. Cash and Liquidity - As of February 28, 2025, cash reserves amounted to RMB 5,092 million[3]. - Cash reserves as of February 28, 2025, amounted to RMB 5,092 million, down from RMB 6,626 million as of August 31, 2024[32]. - The group has assessed its liquidity position, noting current liabilities exceed current assets by RMB 2,651 million, but expects to have sufficient resources to continue operations for at least the next twelve months[66]. Debt and Financing - As of February 28, 2025, the net debt-to-equity ratio was 24.6%, up from 19.5% on August 31, 2024[34]. - The interest-bearing asset liability ratio was 25.9% as of February 28, 2025, compared to 26.4% on August 31, 2024[34]. - The group held bank and other borrowings amounting to RMB 7,152 million as of February 28, 2025, down from RMB 7,440 million on August 31, 2024[38]. - The group has secured loans from the Asian Development Bank and the Asian Infrastructure Investment Bank, with amounts up to RMB 284.9 million and RMB 569.8 million respectively, with terms up to 84 months[43]. Corporate Governance and Compliance - The company has adhered to corporate governance rules, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[53]. - The board will continue to review the separation of the roles of Chairman and CEO, considering the overall situation of the company[55]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the six months ending February 28, 2025[57]. - The company has adopted a standard code of conduct for directors regarding securities trading, confirming compliance for the six months ending February 28, 2025[56]. Employee and Social Responsibility - The company emphasizes a diverse and respectful employment policy, ensuring equal opportunities regardless of age, gender, race, or other factors[49]. - The company provides various benefits and retirement plans for its employees, aligning compensation with market levels and individual performance[48]. - The group has been recognized for its commitment to social equity and has received the "Inclusive Enterprise" certification from the World Bank Group[40]. Future Outlook and Strategic Initiatives - The group aims to enhance its core educational capabilities through various initiatives, including strengthening the dual-teacher model and modernizing the curriculum system[41]. - The group continues to see a positive long-term outlook for the education industry, driven by increasing demand for high-quality education and vocational training[42]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million HKD allocated for this purpose[92]. - The company provided an optimistic outlook, projecting a revenue growth of 15% for the next quarter, aiming for 1.725 billion HKD[92]. - A new strategic partnership was announced, expected to generate an additional 50 million HKD in revenue within the next six months[92]. Capital Expenditure and Investments - Capital expenditure for the six months ended February 28, 2025, was RMB 1,207 million, compared to RMB 2,032 million for the same period in 2024, primarily related to the construction of new buildings in existing campuses[31]. - The company has capital commitments of RMB 814 million related to the acquisition of properties and equipment as of February 28, 2025, down from RMB 1,044 million as of August 31, 2024[88]. - Research and development investments increased by 25%, totaling 100 million HKD, focusing on innovative educational technologies[92].

Financial Performance - Revenue for 2024 reached RMB 131,245,000, representing a 50.3% increase from RMB 87,307,000 in 2023[20] - Profit attributable to owners of the Company surged to RMB 54,873,000, a remarkable increase of 224.2% compared to RMB 16,926,000 in the previous year[20] - Total assets increased significantly by 116.7% to RMB 221,827,000 from RMB 102,367,000[20] - Cash and cash equivalents saw a substantial rise of 229.7%, reaching RMB 54,604,000 compared to RMB 16,561,000 in 2023[20] - Net assets grew by 213.0% to RMB 172,386,000 from RMB 55,075,000[20] - Basic earnings per share slightly decreased by 0.24% to 28.93 RMB cents from 29.00 RMB cents[20] - For the year ended December 31, 2024, the Group's revenue was approximately RMB 131.2 million, profit before income tax was RMB 82.6 million, and profit attributable to owners was RMB 54.6 million[34] - The Group's cash and cash equivalents increased by 229.7% year-on-year to approximately RMB 54.6 million, with net assets rising to RMB 172.4 million from RMB 55.1 million in 2023[35] - Revenue from financial service platforms amounted to approximately RMB120.9 million, reflecting an increase of approximately 44.9% year-on-year[49] - Interest income for the year was approximately RMB10.3 million, representing a year-on-year increase of approximately 165.7%[49] - Profit attributable to the owners of the Company was approximately RMB54.9 million, a significant increase from RMB16.9 million in the previous year[57] Dividends and Share Issues - No interim dividend was paid, and no proposed final dividend was mentioned for the year[20] - The company raised approximately HK$25.95 million through the subscription of 36,042,067 new shares at a price of HK$0.72 per share, with net proceeds of approximately HK$23.95 million[68] - Of the net proceeds, approximately HK$10 million is allocated for the development and operation of a financial service platform, approximately HK$5 million for debt repayment, and approximately HK$8.95 million for general working capital[69] - In 2024, the company issued 14,134,143 subscription shares at HK$0.315 per share, raising gross proceeds of approximately HK$4.45 million and net proceeds of approximately HK$4.4 million[74] - The Company proposes to raise up to approximately HK$63.6 million through a rights issue of 254,414,580 Rights Shares at a Subscription Price of HK$0.25 each[80] - The estimated net proceeds from the Rights Issue, after deducting expenses, are approximately HK$60.3 million[81] - The Rights Issue is conditional upon Independent Shareholders' approval at the EGM, as it will increase the total number of issued Shares by more than 50% within a 12-month period[85] Business Strategy and Future Outlook - The Company is focused on expanding its market presence and enhancing product offerings in the upcoming fiscal year[20] - Future strategies include potential market expansion and investment in new technologies[20] - The management remains optimistic about sustaining growth momentum in the next fiscal year[20] - The Group has been actively exploring new business opportunities, particularly in the Greater Bay Area, to enhance shareholder returns[25] - The Group plans to invest approximately HKD1.5 million to HKD2.0 million in R&D for a new data security-related business[42] Financial Management and Risk - The gearing ratio of the Group was approximately 0.6%, representing a year-on-year decrease of approximately 0.9%[35] - The Group's total borrowings were approximately RMB 1 million, down from RMB 1.5 million in 2023, resulting in a debt-to-asset ratio of approximately 0.5%, compared to 1.5% in 2023[67] - The Group faces foreign exchange risk primarily due to fluctuations between the Hong Kong dollar and the Renminbi, with no hedging arrangements currently in place[121] - The Group adopts a conservative approach to treasury policies, focusing on credit risk evaluation and liquidity management[116] Corporate Governance - The company has adopted and complied with the Corporate Governance Code during the year ended December 31, 2024[150] - The Board is responsible for leadership and control, promoting the success of the Group and enhancing shareholder value[159] - The Company has established three Board committees: Audit Committee, Nomination Committee, and Remuneration Committee, to assist in efficient governance[199] - The Company has formalized written terms on the division of functions reserved to the Board and those delegated to management, retaining decision-making on major matters[178] - The Company has not established a corporate governance committee; the Board performs all corporate governance duties[180] Employee and Director Information - As of December 31, 2024, the Group had a total of 23 staff, an increase from 22 in 2023, with total staff costs approximately RMB 5.2 million, unchanged from 2023[123] - The remuneration of Directors is reviewed by the remuneration committee, considering experience, responsibility, and the Group's operating results[125] - The Board currently consists of four members, including one Executive Director and three Independent Non-executive Directors, achieving gender diversity with two female Directors[166] Compliance and Regulatory Matters - The Group has complied with all relevant laws and regulations regarding environmental and social responsibilities, ensuring sustainable business development[94] - The Company has not utilized any financial instruments for hedging purposes during the review period[67] - The Company will continue to review its corporate governance practices to meet rising expectations of shareholders and investors[150]

Financial Performance - The company reported a revenue of $500 million for the last quarter, representing a 20% increase year-over-year[8]. - The company's total revenue increased from RMB 2,161.1 million in 2023 to RMB 2,463.4 million in 2024, representing a growth of approximately 14%[21]. - Total revenue for the year ended December 31, 2024, was RMB 2,463.4 million, an increase of 14.0% compared to RMB 2,161.1 million for the same period in 2023[24]. - Ride-hailing service revenue increased by 21.2% from RMB 1,814.1 million in 2023 to RMB 2,199.0 million in 2024, driven by an increase in transaction volume from RMB 2,714.0 million to RMB 2,970.0 million[27]. - The net loss for the year ending December 31, 2024, was RMB 564.2 million, a decrease of 18.6% compared to RMB 692.8 million for the same period in 2023[41]. - The adjusted net loss (non-IFRS measure) for the year ending December 31, 2024, was RMB 457.8 million, down 15.4% from RMB 541.2 million in 2023[43]. User Growth and Market Expansion - User data showed a growth of 1 million active users, bringing the total to 10 million, a 10% increase from the previous quarter[8]. - Market expansion plans include entering two new regions, projected to increase user base by 15%[8]. - The number of registered passengers grew from 23.8 million in 2023 to 34.5 million in 2024, an increase of about 45%[19]. Product Development and Investment - The company is investing $30 million in R&D for new technologies, focusing on AI and automation[8]. - New product launches are expected to contribute an additional $50 million in revenue over the next year[8]. Financial Health and Assets - The company's net assets turned positive to RMB 1,106.3 million in 2024 from a negative net asset of RMB 1,430.2 million in 2023[17]. - Current assets rose significantly from RMB 775.8 million in 2023 to RMB 1,196.3 million in 2024, an increase of about 54%[17]. - Non-current assets increased from RMB 147.3 million in 2023 to RMB 182.3 million in 2024, representing a growth of approximately 23.7%[17]. Cost Management and Expenses - Operating loss decreased from RMB 593.9 million in 2023 to RMB 483.5 million in 2024, showing an improvement of about 18.6%[16]. - Sales and marketing expenses decreased by 10.4% from RMB 218.9 million in 2023 to RMB 196.2 million in 2024, attributed to reduced promotional spending[33]. - General and administrative expenses decreased by 12.4% from RMB 155.0 million in 2023 to RMB 135.7 million in 2024, due to reduced listing expenses and improved operational efficiency[34]. Risk Management - The company faces credit, liquidity, interest rate, and currency risks in its daily operations, managing these risks to ensure timely and effective measures are taken[57]. - Credit risk primarily arises from trade receivables, deposits, and other receivables, with limited risk from cash and cash equivalents due to counterparties being banks and financial institutions with strong credit ratings[58]. - The company’s liquidity management involves monitoring cash needs and obtaining board approval for loans exceeding certain thresholds, ensuring sufficient cash reserves[59]. Corporate Governance - The company has complied with all corporate governance code provisions since its listing date[95]. - The board consists of nine members, including one executive director, five non-executive directors, and three independent non-executive directors[98]. - The company emphasizes a strong corporate culture as a foundation for achieving its mission and vision[96]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific matters[102]. Employee and Management Information - As of December 31, 2024, the company had a total of 465 full-time employees, with employee benefits totaling RMB 207.2 million[56]. - The company is committed to long-term growth strategies, investing in employee training and team building to foster a conducive work environment[56]. - The company has adopted a pre-IPO equity incentive plan to attract, retain, and motivate senior staff, directors, and employees[56]. Shareholder Communication and Policies - The company has established a shareholder communication policy to enhance investor relations and facilitate effective communication with shareholders[154]. - The company has adopted a dividend policy that requires the board to consider the ability to pay dividends before making any recommendations, subject to shareholder approval[153]. Environmental, Social, and Governance (ESG) Reporting - The company’s environmental, social, and governance report discusses its policies and performance in relation to stakeholders and compliance with relevant laws and regulations[166].

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 13,210,519, a decrease of 23.5% compared to HKD 17,133,960 in 2023[11]. - The company reported a loss before tax of HKD 757,073 for 2024, compared to a profit of HKD 109,930 in 2023[11]. - The net loss for the year was HKD 801,966, a significant decline from a profit of HKD 72,386 in the previous year[11]. - The loss attributable to the owners of the company was HKD 725,070, compared to a profit of HKD 64,144 in 2023[11]. - The company incurred an income tax expense of HKD 44,893 for the year, compared to HKD 37,544 in the previous year[11]. - The company reported a significant increase in non-current assets, rising to HKD 5,063,574,000 in 2024 from HKD 5,025,589,000 in 2023, an increase of about 0.8%[12]. - The company reported a total available distributable reserve of HKD 2,618,617,000 as of December 31, 2024, which can be used to offset accumulated losses of HKD 1,074,959,000 and distribute dividends to shareholders[42]. - The group recorded a consolidated net loss of HKD 802.0 million for the year ended December 31, 2024, compared to a profit of HKD 72.4 million in 2023[130]. - The group reported a loss attributable to shareholders of HKD 725.1 million in 2024, compared to a profit of HKD 64.1 million in 2023[115]. - The loss per share for 2024 was HKD 0.2115, compared to earnings per share of HKD 0.0187 in 2023[116]. Operational Strategy and Future Outlook - The company is focusing on expanding its market presence and exploring new strategies for growth[2]. - Future outlook includes potential new product development and technological advancements[2]. - The company is actively considering mergers and acquisitions to enhance its market position[2]. - The management is committed to improving operational efficiency to mitigate losses[2]. - The company aims to strengthen its financial position through strategic investments and partnerships[2]. - The company aims to address market challenges and promote the manganese industry towards higher quality and sustainability[23]. - The operational strategy includes increasing production capacity, reducing costs, and improving management efficiency to achieve high-quality development by 2025[141]. - The company plans to implement detailed cost control measures and strengthen audit supervision to achieve significant cost reduction[145]. Market and Sales Performance - Sales to the top five customers accounted for 21.4% of total sales during the year, with the largest customer contributing 7.2%[44]. - The average selling price of electrolytic manganese products dropped by 9.3% to HKD 12,289 per ton in 2024, down from HKD 13,556 per ton in 2023[83]. - The average selling price of lithium manganese oxide decreased by 49.4% to HKD 34,731 per ton in 2024, but the unit sales cost improved due to better management of raw material prices[101]. - The manganese mining segment's revenue decreased by 10.5% to HKD 1,175.3 million in 2024, primarily due to a drop in the average selling price of Gabon ore[93]. - The revenue from electrolytic manganese products accounted for 15.4% of total revenue in 2024, up from 12.3% in 2023[91]. - The revenue from the electrolytic manganese and alloy materials production segment decreased by 21.5% to HKD 2,162.9 million, compared to HKD 2,754.0 million in 2023[95]. - The revenue from alloy products dropped by 84.8% to HKD 96.2 million in 2024, primarily due to an 82.9% decrease in sales volume to 13,805 tons[97]. Environmental and Social Responsibility - The company emphasized the importance of safety and environmental responsibility, achieving zero environmental incidents during the year[18]. - The company is focused on green transformation and sustainable development through various environmental protection initiatives[18]. - The company made charitable donations totaling HKD 704,000 during the year, a decrease from HKD 2,539,000 in the previous year[43]. Corporate Governance and Management - The company has established appropriate compliance procedures to ensure adherence to relevant laws and regulations[32]. - The company has a remuneration policy aimed at providing fair market compensation to attract and retain talent, with salaries based on individual knowledge, skills, and performance[50]. - The company has established a stock option plan to incentivize qualified personnel, including full-time and part-time employees, to contribute to the company's interests[59]. - The company’s board of directors includes independent non-executive directors appointed on September 10, 2024[46]. - The company has a maximum limit on the total number of shares that can be issued under the stock option plan, not exceeding 10% of the total issued shares at the time of listing without shareholder approval[59]. - The company has no directors with direct or indirect interests in any competing businesses during the year[52]. - The company has no management contracts related to the majority of its business operations as of December 31, 2024[41]. Financial Position and Assets - Total assets decreased to HKD 8,786,603,000 in 2024 from HKD 11,366,020,000 in 2023, representing a decline of approximately 22.5%[12]. - Current liabilities reduced to HKD 5,382,420,000 in 2024 from HKD 7,231,694,000 in 2023, a decrease of about 25.5%[12]. - Net assets fell to HKD 1,977,187,000 in 2024 compared to HKD 2,828,362,000 in 2023, reflecting a decline of approximately 30%[12]. - The group’s current assets, including prepayments and other receivables, decreased by 42.0% to HKD 1,062.1 million as of December 31, 2024[122]. - The group’s borrowings as of December 31, 2024, decreased to HKD 3,945.6 million from HKD 5,120.6 million in 2023[125]. - The group has a remaining unutilized portion of HKD 75.0 million from the IPO proceeds, expected to be fully utilized by December 31, 2032[118]. Production and Mining Activities - Total mining production for Daxin Manganese Mine in 2024 is 593,000 tons, down from 940,000 tons in 2023, with an average manganese grade of 11.9% compared to 12.5%[172]. - Total mining production for Tiandeng Manganese Mine in 2024 is 234,000 tons, down from 666,000 tons in 2023, with an average manganese grade of 11.9%[173]. - Total mining production for Bembélé Manganese Mine in 2024 is 1,954,000 tons, down from 2,240,000 tons in 2023, with an average manganese grade of 30.7% compared to 29.0%[176]. - The company has not conducted any significant exploration activities in China during the year, focusing instead on geological exploration at the Bembélé Manganese Mine in Gabon[157]. - The company has completed infrastructure projects at Bembélé Manganese Mine, enhancing processing capacity and transportation capabilities[170]. - The company has invested in upgrading and maintaining mining equipment across various mines to improve operational efficiency[166][168]. Challenges and Risks - The company anticipates ongoing challenges due to rising production costs and geopolitical tensions affecting energy and raw material prices[82]. - The company faces interest rate risk from floating rate debt, which may increase financial costs if the Chinese loan market interest rates rise[136]. - The company is actively seeking other financing options, including equity issuance, to strengthen its financial position and reduce reliance on short-term borrowing[137].

Financial Performance - Contract sales for the year ended December 31, 2024, amounted to RMB 7,702,479, a decrease of 52.99% compared to RMB 16,385,503 in 2023[30]. - The average contract sales price per square meter decreased by 17.69% to RMB 12,478 from RMB 15,160[30]. - Revenue from delivered properties was RMB 29,322,249, down 31.32% from RMB 42,695,264 in the previous year[30]. - The total assets decreased by 32.40% to RMB 99,586,003 from RMB 147,311,677[30]. - The total liabilities decreased by 25.55% to RMB 92,711,695 from RMB 124,523,650[30]. - The net loss for the year was RMB 11,558,039, an increase of 68.80% compared to RMB 6,847,248 in 2023[30]. - The gross profit margin decreased to 1.12% from 3.58%, reflecting a decline of 68.72%[30]. - The current ratio decreased by 15.04% to 0.96 from 1.13[30]. - The debt-to-equity ratio increased significantly to 5.11 from 1.52, a rise of 236.18%[30]. - The total equity attributable to the owners of the company decreased by 69.83% to RMB 6,874,308 from RMB 22,788,027[30]. Market Conditions - The Chinese real estate market saw a 0.9% year-on-year increase in new home transaction volume in October 2024, ending a 15-month decline[13]. - The government approved RMB 2.23 trillion under the "white list" financing plan to support viable projects, later expanding to RMB 4 trillion[11]. - The minimum down payment ratio for first and second homes was reduced to 15%, marking a historical low and significantly improving market accessibility[11]. - The overall GDP growth in China was 5% year-on-year, with a notable acceleration to 5.4% in the fourth quarter driven by real estate market adjustments[10]. - The policy environment for the real estate market in China is expected to further optimize by 2025, aiming for a more stable recovery[17]. Company Strategy and Operations - The company is focusing on cash flow management and has implemented measures to enhance liquidity, including diversifying financing channels and negotiating debt extensions[15]. - The company aims to strengthen its brand influence and operational efficiency in core cities despite ongoing market challenges[15]. - The group plans to continue its efforts in delivering quality projects while actively responding to market opportunities and challenges[18]. - The company is strategically positioned for future growth with ongoing developments and a diverse project portfolio across multiple regions[25]. - The company is focusing on residential properties, with all major projects categorized under this type[24]. Project Development - The company has 206 projects nationwide, with strategic focus on the Yangtze River Delta and the West Coast of the Taiwan Strait[14]. - By the end of 2024, the group has undertaken a total of 206 property development projects, with significant residential areas under development[22]. - The estimated total construction area for Zhengzhou Time City is approximately 2,268,741.21 square meters, with a completion date set for January 11, 2020[23]. - The estimated unsold saleable area for Zhengzhou Time City is 1,081,654.91 square meters, indicating a significant portion of the project remains available for sale[23]. - The company has a total of 65 major properties, with a combined estimated construction area of approximately 4,000,000 square meters[24]. Debt and Financial Management - The company’s interest-bearing debt balance stood at RMB 38.54 billion as of December 31, 2024, with ongoing debt management initiatives in place[15]. - The total amount of borrowings is approximately RMB 38,540.14 million, down from RMB 40,828.96 million on December 31, 2023, with a weighted average effective interest rate of approximately 6.70%[63]. - The group's debt ratio increased to 5.11 as of December 31, 2024, compared to 1.52 on December 31, 2023, primarily due to a decrease in total equity[69]. - The liquidity ratio decreased to 0.96 times as of December 31, 2024, from 1.13 times on December 31, 2023, mainly due to the reduction in current assets from development properties[68]. Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder rights and enhance corporate value and accountability[171]. - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO, which are held by the same individual[176]. - The board has established various committees to oversee financial performance, strategic development goals, and significant business decisions[181]. - The company has confirmed compliance with the standard code for securities trading by its directors during the reporting period[177]. - The board of directors consists of 4 executive directors, 1 non-executive director, and 4 independent non-executive directors, ensuring a diverse range of business experience and expertise[183]. Employee and Social Responsibility - The company is committed to providing a safe and fair workplace, promoting employee development, and offering competitive compensation and benefits[101]. - The group has established a systematic and specialized training program for employees at different levels to enhance work efficiency[154]. - Charitable and other donations made by the group totaled RMB 2.35 million for the year ended December 31, 2024, significantly up from RMB 0.55 million for the year ended December 31, 2023[166]. - The management team emphasized a commitment to sustainability, aiming for a 40% reduction in carbon emissions by 2025[76]. Shareholder Information - The company reported no final dividend for the year ending December 31, 2024, consistent with the previous year[96]. - As of December 31, 2024, the company's distributable reserves were approximately RMB 0[94]. - Major shareholders hold 65.17% of the company's shares, specifically 1,097,137,411 shares[150]. - The company has no provisions for preemptive rights regarding the issuance of new shares[152].

Financial Performance - In 2024, Huaxing Capital achieved over 3 billion RMB in exits, significantly enhancing the DPI of various funds and providing substantial returns to LPs[16]. - In 2024, the total revenue and net investment income of the group reached RMB 840 million, a year-on-year increase of 5.2%[21]. - Total revenue for 2024 was RMB 777,104 thousand, a decrease of 27.7% from RMB 1,006,094 thousand in 2023[29]. - The total income and net investment gains or losses for 2024 were RMB 839,641 thousand, reflecting a 5.2% increase from RMB 797,944 thousand in 2023[34]. - The company reported a significant increase in stock underwriting revenue, which surged by 224.2% to RMB 42,348 thousand in 2024[37]. - The operating loss improved to RMB 41,640 thousand in 2024, a significant reduction of 78.9% compared to RMB 197,817 thousand in 2023[29]. - The adjusted net loss attributable to the company's owners for 2024 was RMB 300,837 thousand, down 49.3% from RMB 592,446 thousand in 2023[30]. - The net investment income for the year ended December 31, 2024, was RMB 62.5 million, a significant recovery from a net loss of RMB 208.2 million in 2023[68]. - The operating loss for the year ended December 31, 2024, was RMB 41.6 million, compared to an operating loss of RMB 197.8 million in 2023[72]. - The company reported a net asset value of RMB 7.05 billion as of December 31, 2024, slightly down from RMB 7.18 billion in 2023[155]. Investment Banking and Asset Management - The investment banking segment focused on artificial intelligence and merger transactions, solidifying its leading industry position and supporting numerous industry leaders[16]. - The investment banking business generated total revenue of RMB 220 million, reflecting a year-on-year growth of 16.8%[23]. - Investment banking revenue increased by 16.8% to RMB 224,453 thousand in 2024, compared to RMB 192,194 thousand in 2023[34]. - The investment management business contributed 38% to the total revenue, with total fund exit amounts reaching RMB 3.2 billion[22]. - The investment return ratio (DPI) for five out of eleven main funds exceeded 100%, with total unrealized carried interest amounting to RMB 2.1 billion[22]. - The investment management segment reported an operating profit of RMB 126.0 million for the year ended December 31, 2024, compared to an operating loss of RMB 12.3 million for the year ended December 31, 2023[54]. - The company’s investment management income primarily comes from management fees and carried interest from private equity funds[130]. Customer and Market Growth - The retail business saw a remarkable increase in new customer numbers and asset management scale, achieving over 200% and 100% growth, respectively, through the self-developed app "Duoduo Jin"[16]. - The registered user count for the Duoduo Jin app reached 390,000, a 95% increase from the end of 2023, with customer asset scale growing by 146%[24]. - Huaxing Capital has facilitated nearly 1.5 trillion RMB in transactions and participated in over 70% of the critical development stages of China's internet unicorns[18]. - The overall performance of the securities business stabilized and showed a trend of steady growth, particularly in the retail sector[16]. Operational Efficiency - The group reduced its workforce to 475 employees, a decrease of 16.1% year-on-year, leading to further reductions in non-labor costs[21]. - Total operating expenses decreased by 11.5% to RMB 881.3 million from RMB 995.8 million in 2023[70]. - The segment operating expenses for the securities division decreased by 1.7% to RMB 342.0 million from RMB 347.8 million in 2023[58]. - The company has taken measures to mitigate risks associated with contract arrangements by closely monitoring the regulatory environment in China[145]. Strategic Direction and Innovation - Huaxing Capital is committed to aligning with the national innovation-driven strategy and actively pursuing innovation amid complex global changes[14]. - The firm aims to fully leverage its entrepreneurial spirit in the "2.0 era" to become a leader and partner in frontier technologies[18]. - The group plans to deepen its layout in AGI and embodied intelligence fields while exploring Web3.0 and cryptocurrency assets[26]. - The company has established a carried interest distribution framework agreement to reward investment fund personnel, which is expected to retain at least 25% of distributable carried interest from 22 related investment funds[122]. Regulatory and Compliance Risks - The company faces significant risks including adverse impacts from the overall market and economic conditions in China and other jurisdictions where it operates[114]. - The company has established contractual arrangements that are subject to regulatory scrutiny under Chinese foreign investment laws, which may impact the feasibility of its current corporate structure and operations[135]. - There are significant uncertainties regarding the interpretation of regulations that could lead to severe penalties or loss of interests in certain business operations if deemed non-compliant by the Chinese government[135]. - The company relies on contractual arrangements with consolidated affiliated entities, which may not provide effective operational control or economic benefits compared to ownership of equity interests[137]. Corporate Governance - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors[181]. - The compensation committee has been established to review the compensation policy and structure for all directors and senior management based on the group's operating performance and market practices[173]. - The auditor, Zhonghui Anda CPA Limited, has been appointed and will be reappointed at the upcoming annual general meeting for the year ending December 31, 2024[178]. - The company has no additional disclosure obligations under the listing rules[179].

Economic Performance - In 2024, China's GDP reached RMB 134.9 trillion, growing by 5.0% compared to the previous year[7]. - The national restaurant revenue was RMB 5.57 trillion, exceeding the growth rate of total retail sales of consumer goods by 1.8 percentage points, accounting for 11.4% of total retail sales[13]. - The restaurant sector is evolving into a multi-format integration model, enhancing consumer experience and driving economic growth[8]. Company Strategy and Expansion - The company is actively expanding its food supply chain internationally, aiming to reach Southeast Asia and the Middle East through partnerships with well-known enterprises[10]. - The company focuses on three main business sectors: food supply, restaurant services, and environmental technology, aligning with national strategies for green development[14]. - The company aims to become a leading provider of quality living services in the Greater Bay Area, emphasizing green economic development[7]. - The company plans to expand its sky farm initiatives across the Greater Bay Area and overseas, enhancing its environmental technology revenue contribution[17]. Financial Performance - The group's revenue for the year was approximately HKD 788.6 million, with the food supply business contributing about HKD 750.4 million, accounting for approximately 95.2% of total revenue[22]. - Revenue from the Greater Bay Area market (excluding Hong Kong) was approximately HKD 610.5 million, representing about 81.4% of the food supply business segment's revenue[22]. - The restaurant service business generated revenue of approximately HKD 37.4 million, accounting for about 4.7% of total revenue, with a 207.5% increase compared to the previous period[23]. - The gross profit for the year was approximately HKD 51.9 million, with a gross margin of about 6.6%, a decrease from the previous period's gross margin of 14.9%[24]. - The net loss for the year was approximately HKD 42.0 million, compared to a loss of approximately HKD 45.6 million for the period ending December 31, 2023[34]. Investment and Financing - The company has received financial investment from a well-known family office in Hong Kong, indicating market recognition of its development strategy[10]. - The net proceeds from the rights issue amounted to approximately HKD 102.31 million, with 30% allocated for the establishment of a live cattle farm project, which has since been deemed not the best timing for expansion due to global economic uncertainties[35]. - The group’s bank borrowings as of December 31, 2024, were approximately HKD 7.2 million, down from approximately HKD 10.8 million as of December 31, 2023[43]. Operational Challenges - Rising procurement costs for ingredients may adversely affect business operations if the group cannot acquire necessary quantities at reasonable prices[65]. - The group plans to implement effective procurement and inventory management measures to mitigate risks associated with ingredient price fluctuations[65]. - The group recognized an expected credit loss provision of approximately HKD 7.2 million for trade receivables, up from HKD 2.1 million in the previous year, indicating increased credit risk management efforts[61]. Corporate Governance - The company has appointed independent non-executive directors to enhance governance and strategic oversight[78]. - The board consists of three executive directors and three independent non-executive directors, meeting the minimum requirements of the listing rules[183]. - The company is committed to maintaining high standards of corporate governance, which is essential for gaining and maintaining stakeholder trust[177]. - All independent non-executive directors have confirmed their independence according to the listing rules, and the company believes they are independent[165]. Environmental and Social Responsibility - The company is committed to sustainable development and contributing to ecological civilization, in line with national policies[13]. - The company has implemented various green initiatives, including energy-saving plans and waste management, to mitigate environmental impact[168]. - Charitable donations made by the group during the year amounted to approximately HKD 44,000, with prior nine-month donations totaling around HKD 302,000[92]. Future Outlook - The company aims to leverage the supportive fiscal policies to enhance domestic demand and promote consumption, presenting new opportunities for growth[18]. - The group is expected to face major risks and uncertainties, which are detailed in the management discussion and analysis section of the annual report[88].

Financial Performance - The total revenue for HG Semiconductor Limited in 2024 was approximately RMB 753 million, representing a decrease of about 15% compared to the previous year[11]. - The net loss attributable to shareholders for the year expanded to approximately RMB 1.568 billion, primarily due to impairment losses on assets classified as held for sale, intangible assets, and property, plant, and equipment[11]. - The company's revenue for the year was approximately RMB 75.3 million, a decrease of about 15% compared to last year's RMB 88.6 million[24]. - The gross profit declined by approximately 9% to about RMB 7.8 million[23]. - Revenue from LED products was approximately RMB 739 million, accounting for 98.2% of total revenue, while revenue from GaN and other semiconductor products was approximately RMB 1.4 million, accounting for 1.8%[37]. - The sales cost decreased by approximately 15.7% to about RMB 675 million, reflecting a reduction in material costs due to decreased sales volume of LED products[38]. - Gross profit decreased from approximately RMB 85.3 million to RMB 78.8 million, with a gross margin increase from about 9.6% to 10.3%[39]. - Other income and gains increased by approximately 68.8% to about RMB 81 million, mainly due to increased government subsidies[40]. - The company reported a loss attributable to shareholders of approximately RMB 156.8 million for the year[24]. - The group recorded a loss of approximately RMB 1,831 million, compared to a loss of RMB 1,576 million in the previous year, primarily due to an increase in expected credit loss provisions[46]. - The net profit margin worsened to approximately -243.2% from -177.8% in the previous year, mainly due to the increase in expected credit loss provisions[47]. - The cash used in operating activities increased to RMB 697 million from RMB 232 million, primarily due to an increase in inventory[49]. - As of December 31, 2024, the group's current assets net value was approximately RMB 2,035 million, down from RMB 2,844 million the previous year[51]. - The return on equity decreased from approximately -21.9% to -31.7% due to increased expected credit loss provisions[52]. Production and Technology - The company installed two production lines at its semiconductor factory in Xuzhou, Jiangsu Province, to produce high-quality third-generation semiconductor products[12]. - The company successfully produced its own 6-inch GaN power device epitaxial wafers, achieving yield rates that meet international standards[12]. - The company has completed the installation and debugging of two production lines for GaN-related products at its semiconductor factory in Xuzhou, Jiangsu Province, which spans over 7,000 square meters[25]. - The company is preparing to produce its own 6-inch GaN power device epitaxial wafers and is working on an 8-inch GaN power device epitaxial wafer project expected to achieve technical validation in the second half of 2025[26]. - The company has successfully installed production lines for GaN-related products and is actively exploring sales channels with customers[29]. - The company anticipates that GaN chip products will enter the tape-out phase in Q4 2024 and expects to pass reliability testing and launch in 2025[29]. - The global market for GaN power devices is continuously growing, with significant potential in sectors such as electric vehicles, wireless charging, and 5G infrastructure[13]. - The semiconductor industry in China is experiencing rapid growth, driven by government support and increasing investments in new energy and electric vehicles[21]. Research and Development - HG Semiconductor has obtained a total of 17 patents, including four related to LED technology, with several more invention patents currently under review[12]. - HG Semiconductor plans to enhance its existing LED business while accelerating the research and production of GaN-related products to further develop its third-generation semiconductor industry chain[13]. - The company aims to build a strong research and development team by attracting top talent in the third-generation semiconductor field[13]. - The company aims to enhance its R&D capabilities and seeks strategic partnerships to upgrade its industry chain, focusing on becoming a comprehensive IDM enterprise in the GaN sector[32]. - Research and development costs increased to RMB 240 million from RMB 196 million[43]. Corporate Governance - The company has adopted the corporate governance code as its own governance guidelines and believes it has complied with these guidelines for the year ending December 31, 2024[89]. - The board consists of four executive directors and three independent non-executive directors as of December 31, 2024[91]. - The board is responsible for leading and monitoring the group, focusing on overall strategy, approving development plans and budgets, and overseeing financial and operational performance[92]. - The independent non-executive directors provide strategic direction and independent judgment on matters such as policy, development, performance, and risk management[93]. - The company has a commitment to maintaining good corporate governance standards to enhance transparency and accountability to shareholders and creditors[89]. - The board regularly reviews its functions to ensure they meet the group's needs[92]. - The company has established communication channels with shareholders and stakeholders, including annual general meetings and reports[137]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report covers the company's operations in China, focusing on semiconductor product design, development, and sales[146]. - The company aims to reduce its benzene emissions by 5% by 2040, using 2020 as the baseline for measurement[156]. - The total greenhouse gas emissions increased by 145% from 2,441 tons of CO2 equivalent in 2023 to 5,975 tons in 2024[158]. - The company has achieved ISO 14001:2015 certification for its Zhuhai manufacturing facility, indicating compliance with international environmental management standards[153]. - The company has installed gas purification systems to control air pollutant emissions from its production activities[156]. - The company has implemented a waste management guideline to minimize the environmental impact of hazardous waste disposal[162]. - The company has established emergency plans to mitigate environmental impacts in case of pollution incidents[168]. - The company is committed to monitoring its carbon footprint and exploring additional methods to reduce environmental impact[172]. Employee and Workforce Management - The company employed 161 employees as of December 31, 2024, with total employee costs amounting to approximately RMB 59.4 million, an increase from RMB 35.0 million in the previous year[71]. - The total employee count in 2024 is 161, a 1.9% increase from 158 in 2023[174]. - Overall employee turnover rate is approximately 25%, with male turnover increasing by 36% to 19% and female turnover decreasing by 40% to 6%[178]. - The percentage of employees receiving training is 89%, with an average training duration of 23.3 hours per employee[180]. - The company has a commitment to maintaining a safe working environment, with no reported work-related fatalities or significant safety non-compliance cases in the past three reporting periods[179]. - The company emphasizes a balanced work-life approach to enhance overall productivity and employee well-being[175]. Strategic Partnerships and Future Plans - HG Semiconductor will actively seek strategic partnerships with other leading companies to achieve complementary advantages and mutual benefits[13]. - The company aims to explore market expansion opportunities through strategic partnerships and potential acquisitions[82]. - The company plans to conduct a rights issue in November 2024, offering shares at a subscription price of HKD 0.48 per share, aiming to raise approximately HKD 87.8 million[72]. - The company completed a placement in June 2023, raising a net amount of approximately HKD 35.1 million, fully utilized for enhancing R&D capabilities and general working capital[73].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,956,932 thousand, representing a 6.8% increase from RMB 1,831,897 thousand in 2023[15] - Gross profit decreased by 9.0% to RMB 415,699 thousand, down from RMB 456,881 thousand in the previous year[15] - Net profit for the year was RMB 116,082 thousand, a decline of 11.2% compared to RMB 130,692 thousand in 2023[15] - The gross profit margin fell to 21.2%, down 3.7 percentage points from 24.9% in 2023[15] - The company's total revenue increased by approximately 6.8% from RMB 1,831.9 million in 2023 to RMB 1,956.9 million in 2024[79] - Community services revenue grew by about 7.8% from RMB 1,334.1 million in 2023 to RMB 1,438.3 million in 2024, driven by business expansion and increased property management projects[79] - Business services revenue rose by approximately 27.8% from RMB 36.5 million in 2023 to RMB 46.6 million in 2024, attributed to active business development and new project acquisitions[79] - Urban services revenue increased by about 36.0% from RMB 137.6 million in 2023 to RMB 187.1 million in 2024, mainly due to business expansion in new regions[79] - Revenue from peripheral services decreased by approximately 12.0% from RMB 323.7 million in 2023 to RMB 284.9 million in 2024, impacted by the cyclical downturn in the real estate industry[79] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 4,174,097 thousand, a slight increase of 0.5% from RMB 4,154,225 thousand in 2023[15] - Cash and cash equivalents decreased by 16.0% to RMB 553,715 thousand, down from RMB 659,310 thousand in the previous year[15] - Total liabilities decreased by 4.6% to RMB 1,966,171 thousand, compared to RMB 2,061,108 thousand in 2023[15] - The total equity increased by 5.5% to RMB 2,207,927 thousand, up from RMB 2,093,117 thousand in 2023[15] - The company's current ratio as of December 31, 2024, was 1.9 times, consistent with the ratio of approximately 1.9 times as of December 31, 2023, while the debt-to-asset ratio was approximately 47.1%, down from 49.6%[119] Business Strategy and Expansion - The company plans to enhance brand value by upgrading its customer service center to a "Good Life Service Center" starting June 2024, focusing on customer needs and providing various essential services[40] - The company aims to expand its service offerings beyond community property management to include urban operations, hospitals, schools, and commercial properties, thereby increasing its revenue-generating capabilities[40] - The company plans to expand its business scale and market share by leveraging its leading market position in the Bohai Economic Circle and enhancing service quality to improve customer satisfaction[41] - As of 2023, the company has expanded its business into non-community property services and urban service sectors, aiming to increase its market share in new regions and service areas[42] - The company aims to enrich its service offerings by entering new business areas such as smart services, hospitals, and schools, while also focusing on selective acquisitions to enhance its property management portfolio[44] Digital Transformation and Innovation - The company is actively pursuing digital transformation and smart property management solutions to enhance service levels and operational efficiency[37] - Utilizing big data analytics, the company seeks to enhance its understanding of customer needs and preferences, thereby improving service quality and expanding service offerings[45] - The company plans to enhance digital operations by investing in AI technology and creating a standardized, modular, and platform-based digital operation system to improve service quality and operational efficiency[48] Corporate Governance - The company adheres to high standards of corporate governance to protect shareholders' interests[153] - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2024[153] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules regarding independence[154] - The board is responsible for overseeing major company matters, including policy formulation, overall strategy, and risk management systems[155] Employee and Talent Management - Employee costs for the year were approximately RMB 768.6 million, an increase from RMB 600.5 million in 2023[127] - The company has organized nearly 1,475 training sessions, covering over 9,200 employees, to enhance talent development[128] - The company is committed to enhancing its talent incentive mechanism to attract, cultivate, and retain high-quality talent, with a focus on modern information technology skills[50] Community Engagement and Social Responsibility - The company will engage in community cultural activities to improve customer satisfaction and brand recognition, such as the "Family Festival" and "Convenience Service Month" initiatives[40] - The company will implement ESG principles throughout its operations, aiming for sustainable development and actively participating in community service initiatives[50] Financial Risks and Management - The company faces various financial risks, including foreign exchange risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[112] - The company has assessed that the expected credit loss rate for receivables is not significant, considering the low credit risk associated with these assets[115] Board Composition and Diversity - The board's composition reflects a blend of operational and financial expertise, positioning the company for future growth and stability[136][140] - The board has adopted a diversity policy, recognizing the importance of diverse backgrounds, skills, and experiences in achieving strategic goals[161] - The company aims to maintain at least one female director and will consider appointing more female directors when suitable candidates are available[162]