Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HK$902,316,000, a decrease of approximately 10.5% compared to HK$1,008,101,000 in 2023[11]. - The net profit for the year ended December 31, 2024, was approximately HK$18,884,000, representing a decrease of approximately 14.8% from HK$22,168,000 in 2023[11]. - The gross profit for the years ended 31 December 2024 and 2023 was approximately HK$120,939,000 and HK$129,565,000, respectively, with gross profit margins of approximately 13.4% and 12.9%[24][28]. - Profit attributable to owners of the Company for the years ended 31 December 2024 and 2023 was approximately HK$18,884,000 and HK$22,168,000, respectively, representing a decrease of approximately 14.8%[34][38]. - The Group's financial performance reflects ongoing challenges in the market, necessitating strategic adjustments[11]. Dividends and Shareholder Matters - The Board has recommended a final dividend of HK1.67 cents per ordinary share, totaling HK$13,360,000, for the year ended December 31, 2024[13]. - The upcoming annual general meeting will require shareholder approval for the proposed dividend payment[13]. Business Development and Strategy - New products launched include "Oodles Transformer," "Cubicles and Smart Washroom Solution," "Luminous Shelves," and "Smart Emergency System"[14]. - The technology solution "Oodles Smart" was officially launched in March 2024 and has expanded its geographical footprint to Japan and Singapore[14]. - The Group aims to refine its products and services while diversifying its business to capitalize on growth opportunities and increase profitability[14]. - The Group's efforts in business diversification are expected to reduce volatility in its operations amid market fluctuations[14]. - The Group anticipates that 2025 will be a challenging year for winning new tenders in the existing fitting-out industry in Hong Kong due to ongoing economic pressures[40]. - The Group plans to leverage GenAI technology and big data to digitalize its traditional business, enhancing productivity and customer experience[42]. Financial Position and Debt - Total debts of the Group, including bank borrowings and lease liabilities, was approximately HK$498,380,000 as of December 31, 2024, compared to approximately HK$444,341,000 in 2023[47]. - The gearing ratio of the Group was approximately 66.3% as of December 31, 2024, slightly down from approximately 66.5% as of December 31, 2023[53]. - The current ratio of the Group was approximately 1.1 as of December 31, 2024, down from approximately 1.2 as of December 31, 2023[53]. Employee and Administrative Matters - Employee benefit expenses for the year ended December 31, 2024, amounted to approximately HK$100,595,000, a decrease from approximately HK$119,216,000 in 2023[62]. - The Group employed a total of 233 employees as of December 31, 2024, down from 238 employees as of December 31, 2023[59]. - Contributions to the Mandatory Provident Fund for the year ended December 31, 2024, were approximately HK$3,406,000, compared to approximately HK$5,831,000 in 2023[61]. - Administrative expenses decreased from approximately HK$71,023,000 in 2023 to approximately HK$63,295,000 in 2024, representing a decrease of 10.9%[25][29]. Corporate Governance - The Company complied with the Corporate Governance Code provisions, except for a deviation regarding the "Chairman and Chief Executive" section[80]. - The Board consists of five members, including two executive Directors and three independent non-executive Directors[90]. - The Board is responsible for corporate policy formulation, business strategic planning, and risk management[82]. - The Company has arranged appropriate insurance cover for Directors' and officers' liabilities[89]. - The Board will review the effectiveness of mechanisms for independent non-executive Directors to express their views annually[97]. - The Company has mechanisms in place for independent non-executive directors to express their opinions openly, enhancing governance[104]. Board Composition and Diversity - The Board consists of five Directors, including one female executive Director and one female independent non-executive Director, reflecting a commitment to gender diversity[131]. - As of December 31, 2024, the workforce composition was approximately 73.4% male and 26.6% female, indicating efforts to attract female talent in a traditionally male-dominated industry[135]. - The Company does not set specific gender targets for its workforce but values diversity in recruitment and promotion policies[135]. - The Nomination Committee will review the Board Diversity Policy annually to ensure its effectiveness and monitor the implementation of diversity objectives[136]. Risk Management and Internal Control - The Board is directly responsible for the Group's risk management and internal control systems, rather than establishing a separate internal audit department[196]. - The Group's risk management functions and internal control procedures are considered effective and adequate, with annual reviews conducted by the Board and other Board Committees[195]. - The Company has adopted a whistleblowing system to allow employees to report serious concerns about possible improprieties confidentially[190]. - The independent internal control consulting firm recommended certain internal control improvement measures to enhance the Group's corporate governance and compliance with applicable laws and regulations[191]. Audit and Financial Reporting - The auditor, PricewaterhouseCoopers, received HK$1,380,000 for audit services for the year ended December 31, 2024, with no non-audit services provided[179]. - The Directors acknowledged their responsibility for preparing consolidated financial statements that present a true and fair view of the Group's state of affairs as of December 31, 2024[180]. - The Audit Committee reviewed the financial reporting process, risk management, and internal control systems during its meetings[144].

Financial Performance - The company's operating revenue for the year ending December 31, 2024, was approximately RMB 377,843,000, an increase of about 2.7% or RMB 9,898,000 compared to 2023[12]. - The gross profit for the reporting period was approximately RMB 38,075,000, a decrease of about 19.2%, with a gross margin of 10.1%, down from 12.8% in 2023[12]. - The net loss for the period was approximately RMB 74,044,000, a reduction of about 32.1% compared to a net loss of RMB 109,009,000 in 2023[12]. - Sales expenses decreased by approximately RMB 11,197,000 to about RMB 8,387,000, a decline of about 57.2%[12]. - Research and development expenses were approximately RMB 31.073 million, a decrease of about 6.5% compared to 2023, representing 8.2% of total revenue[39]. - The basic and diluted loss per share for the reporting period was approximately RMB 11.4 cents, compared to RMB 18.8 cents in 2023[43]. - The expected credit loss on financial and contract assets decreased by approximately RMB 24,600,000 to about RMB 2,669,000, a reduction of about 90.2% year-on-year[44]. - The company's cash and cash equivalents balance as of December 31, 2024, was approximately RMB 16,399,000, a decrease of about RMB 96,858,000 from the previous year[46]. - The net cash outflow from operating activities was approximately RMB 16,616,000, an improvement of about 21,753,000 compared to the previous year[47]. - The net cash outflow from financing activities was approximately RMB 73,744,000, compared to a net cash inflow of RMB 147,646,000 in 2023[49]. - The company's debt-to-asset ratio as of December 31, 2024, was approximately 277.9%, up from 150.2% in 2023[56]. Revenue Breakdown - The data solutions business's contribution to total revenue decreased from 45.4% to 39.2%, with a revenue decline of approximately 11.4% or RMB 19,019,000[12]. - The merchandise trading business's revenue increased by approximately 218.1% or RMB 85,589,000, raising its share of total revenue from 10.7% to 33.0%[12]. - The data solutions business accounted for 39.2% of total revenue, down from 45.4% in 2023, with a decrease of approximately 11.4% or RMB 19.019 million[35]. - The commodity trading business saw a significant increase, contributing 33.0% to total revenue, up from 10.7% in 2023, with a revenue increase of approximately 218.1% or RMB 85.589 million[35]. Market Outlook - In 2024, China's GDP is expected to grow by approximately 5.2%, with the digital economy surpassing RMB 70 trillion, accounting for over 50% of GDP[19]. - The financial technology market in China is projected to reach approximately RMB 2.6 trillion in 2024, achieving an 18% growth rate[26]. - The Chinese fintech market is projected to reach RMB 3.1–3.3 trillion by 2025, representing an 18% growth from 2024, driven by segments like banking wealth management and cross-border payments[62]. Strategic Initiatives - The company plans to deepen cooperation with leading financial institutions and expand into new business areas, focusing on data element circulation and digital asset integration[14]. - The company aims to enhance its core data business and strengthen its competitive advantage in the financial and governmental sectors[14]. - The strategic focus for 2025 includes transitioning from "scale expansion" to "value creation" in the financial technology market, with AI applications and data element value release as key growth drivers[14]. - The company is focusing on AI big data, marketing technology, and digital transformation as core business areas, leveraging its technical advantages in data intelligence[27]. - The company aims to explore new revenue streams through business integration and acquisitions in areas like AI big data and digital assets[66]. Governance and Leadership - The company has seen significant leadership changes, with Dr. Wu transitioning from CEO to Non-Executive Director in November 2022 and later stepping down as Chairman in July 2023[73]. - The management team has a diverse background in finance, technology, and business management, enhancing the company's strategic capabilities[75][79]. - The company has appointed several independent non-executive directors to strengthen its governance and oversight, including Dr. Tian Yu and Mr. Wei Junheng[78][80]. - The board believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategy implementation[184]. - The board will regularly review the effectiveness of the current structure to maintain a balance of power and authority between the board and management[200]. Compliance and Internal Controls - The audit committee has reviewed the group's annual performance and financial statements, confirming compliance with applicable accounting standards[177]. - The company has adopted corporate governance practices in line with the corporate governance code, ensuring transparency and accountability[184]. - The board has identified deficiencies in internal controls, particularly relying on self-reporting by directors to ensure compliance with the code of conduct[190]. - The company has implemented several remedial measures, including appointing an executive director to oversee compliance with the code of conduct[191]. - The company will conduct annual reviews of its internal control systems with the help of external consultants[191]. Employee and Shareholder Information - The group has a total of 226 employees in mainland China and Hong Kong as of December 31, 2024[133]. - The group provides competitive compensation, retirement plans, and benefits to employees, with performance-based discretionary bonuses[133]. - The company has not recommended the payment of any final dividends during the reporting period[108]. - The company has adopted a dividend policy, but there is no predetermined dividend payout ratio, with any dividends to be decided by the board based on factors such as operating performance and cash position[109]. - As of December 31, 2024, the company’s directors and senior management hold a total of 104,000,000 shares, representing 15.74% of the company’s equity[158]. Related Party Transactions - The company has adopted clear pricing policies and guidelines for related party transactions[155]. - The company has complied with all relevant regulations under the listing rules regarding related party transactions[155]. - The company confirms that all related party transactions were conducted on normal commercial terms and are fair and reasonable[159]. Share Incentive Plans - The stock option plan allows for the issuance of up to 40,000,000 shares, which is 10% of the total shares issued as of June 8, 2020[138]. - The company has adopted stock option and share award plans to incentivize and retain qualified participants[135]. - The maximum number of restricted shares that can be awarded under the share incentive plan is capped at 5% of the total issued shares as of June 8, 2020, which equates to 20,000,000 shares[147]. - The vesting period for restricted shares may vary among participants, with performance conditions tied to financial targets and individual key performance indicators[149]. Risk Factors - The group has faced significant risks related to technological advancements in the big data and AI solutions industry, which could adversely affect its business and financial performance[106]. - The group does not typically enter into long-term contracts that expose its revenue to uncertainty and potential volatility[106]. - The company faces foreign exchange risks due to most transactions, assets, and liabilities being denominated in functional currencies of its subsidiaries[60].

Content Production and Strategy - By the end of 2024, the Group has produced and distributed a total of 25 high-quality drama series, with 23 being original series where the Group acted as the lead/sole investor and executive producer[9]. - The Group's original drama series cover popular themes such as family life, education, and female empowerment, contributing to extensive discussions and positive value propositions[9]. - The Group is committed to diversified growth strategies, exploring new avenues such as content marketing, short drama series, overseas distribution, and IP derivative development[10]. - The Group aims to maximize the commercial value of its proprietary IP rights, reinforcing its leadership in the industry[10]. - The Group has a strong reserve of original IPs, which is a key driver for its business operations and market position[7]. - The Group's mission is to shape content by people and shape people with content, reflecting its commitment to quality and innovation in media[8]. - The Group aims to initiate production of new projects with over 200 episodes in the coming year, focusing on premium long-form drama series[49]. - The Group's short drama series business is expected to maintain scale development while producing premium content[49]. - The Group's strategy includes leveraging new business models in content marketing to expand strategic brand resources[49]. - The Group plans to explore new business models such as short drama series marketing and IP licensing, while also developing an artiste brokerage business[87]. Financial Performance - The Group's revenue for the year ended 31 December 2024 was approximately RMB657.0 million, a decrease of 46.2% compared to RMB1,221.8 million for the year ended 31 December 2023[26]. - Gross profit for the year ended 31 December 2024 was approximately RMB108.5 million, representing a decrease of 77.5% from approximately RMB481.6 million for the same period in 2023[26]. - Adjusted net loss for the year ended 31 December 2024 was approximately RMB184.2 million, compared to adjusted net profit of approximately RMB227.4 million for the same period in 2023[26]. - Net assets as of 31 December 2024 amounted to approximately RMB2,313.9 million, a decrease of 10.1% from RMB2,574.5 million as of 31 December 2023[27]. - The Group's total assets as of 31 December 2024 were approximately RMB3,217.9 million, down from RMB3,567.5 million as of 31 December 2023[29]. - The Group's total liabilities as of 31 December 2024 were approximately RMB904.0 million, compared to RMB992.9 million as of 31 December 2023[29]. - The Group's revenue and net profit for 2024 experienced a temporary year-on-year decrease due to a smaller number of drama series episodes broadcasted and ongoing investments in new businesses[54]. - The Group's cost of sales decreased by 25.9% from RMB740.2 million in 2023 to RMB548.5 million in 2024[95]. - Gross profit fell from RMB481.6 million in 2023 to RMB108.5 million in 2024, reflecting the impact of the broadcast situation of drama series[99]. - The gross profit margin decreased from 39.4% in 2023 to 16.5% in 2024[100]. - Other income and gains decreased by 43.7% from RMB121.7 million in 2023 to RMB68.5 million in 2024[101]. - Selling and distribution expenses increased by 70.7% from RMB93.0 million in 2023 to RMB158.7 million in 2024, primarily due to efforts to expand the short drama series business[102]. - The Group's adjusted net loss for the year ended December 31, 2024, was RMB184.2 million, compared to an adjusted net profit of RMB227.4 million in 2023[120]. Viewership and Audience Engagement - The average viewership per episode of the original drama series "Under the Skin II" ranked TOP1 across all platforms in Q4 of 2024[37]. - In 2024, the Group achieved over double growth in viewership, number of subscribers, and total viewing time on its overseas self-operated YouTube channels[44]. - The original drama series "Under the Skin II" achieved significant viewership, ranking TOP1 in Hong Kong, Taiwan, Korea, and TOP3 in Malaysia, while breaking viewership records on TRUEID in Thailand[79]. - The original drama series "In Between" ranked TOP2 in the urban romance drama category for 2024, with over 900 million exposures on Xiaohongshu, leading the Weibo Drama Influence List[60]. - "My Boss" reached a popularity rate exceeding 9,500 on Youku within 13 days of its release, ranking TOP5 in viewership for exclusive Youku dramas in the first half of 2024[60]. - Several short drama series recorded viewership exceeding 100 million, with recharge amounts per series exceeding RMB10 million, indicating top industry performance[72]. - The number of viewings, subscribers, and viewing time for self-operated overseas channels more than doubled year-on-year[78]. - In 2024, the Group's self-operated official YouTube channel recorded viewership exceeding 100 million, representing a year-on-year increase of 120%, with subscribers increasing by 180% and total viewing time increasing by 205%[79]. Product and IP Development - The Group successfully produced and released 3 original drama series and 1 cinema film in 2024, with the cinema film achieving good box office results for a non-holiday release[56]. - The sales volume of peripheral derivative products for the drama series "Under the Skin II" ranked among the top tier of drama series in 2024, securing the first place among modern drama series[45]. - The Group successfully launched over 200 peripheral derivative products for "Under the Skin II," with cotton-stuffed dolls selling out immediately, achieving a sales volume of one million in record time[82]. - The sales volume of peripheral products for "My Boss" ranked TOP1 among drama series products launched by Alifish in the first half of 2024[83]. - The Group's copyright purchase amount and number of copyrights reached the highest level in previous years, enhancing the influence and commercial value of its IPs[45]. - The Group plans to debut its first overseas localized project and continue diversifying its overseas business development[49]. - The overseas distribution of the film "The Unseen Sister" was released in multiple regions including Australia, the United States, Canada, and New Zealand, and was shortlisted for major film festivals[79]. Corporate Governance and Management - The listing date of the company was August 10, 2022, under stock code 9857[24]. - The Group's principal place of business is located in Shanghai, China, with additional operations in Hong Kong[18]. - The Group has established relationships with several major banks in China, supporting its financial operations and growth initiatives[23]. - As of December 31, 2024, the Group had 203 employees, with approximately 70.9% being female, maintaining a diverse workforce[92]. - The execution of the Supplemental Agreement on January 24, 2025, will not materially impact the control and corporate governance of the Company[159]. - Mr. Su, Ms. Chen, and Ms. Xu remain as a group of controlling shareholders following the Supplemental Agreement, while Mr. Zhou and others cease to be part of the controlling shareholders[160]. - Ms. Chen has approximately 20 years of experience in the planning, production, and marketing of TV series[167]. - Mr. Su has approximately 27 years of experience in the media industry and management[162]. - Ms. Xu Xiao'ou has approximately 18 years of experience in TV series production, having held various positions at Shanghai Radio and Television Station from 2006 to 2014[172]. - Ms. Wang Juan is currently the vice president of Tencent Online Video Business Unit, responsible for strategic planning and management of content copyright and development[179]. - Mr. Zhang Rong has over 10 years of investment experience, currently serving as a partner at Hony Capital, focusing on science, technology, and cultural creation sectors[181]. - Ms. Long Yu has been a member of the Bertelsmann Group Management Committee since 2011, advising on strategy formulation and development[185]. - Ms. Xu has been recognized with multiple awards, including "Producer of the Year" in 2023 by New Weekly[174]. - Ms. Wang obtained her MBA from China Europe International Business School in November 2017[180]. - Ms. Long has served as an independent non-executive director for various companies, providing independent judgment and oversight[185]. - Ms. Long has approximately 18 years of experience in the media industry and investment, having joined Bertelsmann Group in 2005[188]. - Ms. Long served as a principal at Bertelsmann Digital Media Investments, focusing on early-stage investments in innovative companies in the technology and media sectors[188]. - Ms. Long was the CEO of Bertelsmann China Corporate Center from 2008 to 2020, overseeing investment management and advisory services[189]. - Ms. Long has held various directorships, including Bitauto Holdings Limited and China Distance Education Holdings Limited, providing independent judgment to their boards[189]. - Ms. Long is an active member of the World Economic Forum's Young Global Leaders Advisory Council[191]. - Mr. Jiang Changjian has approximately 25 years of experience in political science and international politics, serving as an associate professor at Fudan University since 2001[192]. - Mr. Jiang has been an independent non-executive director of Sanxiang Impression Co., Ltd. since May 2018, providing independent judgment to the board[192]. - Mr. Jiang served as an independent non-executive director of BGI Genomics Co., Ltd. from June 2015 to June 2021[192]. - Ms. Long received a master's degree in business administration from Stanford Graduate School of Business in June 2005[191]. - Ms. Long has been a director of Tapestry Inc. since January 2016, providing independent judgment and serving on the audit committee[188]. - Mr. Jiang was appointed as an independent non-executive director on September 24, 2021, bringing approximately 25 years of experience in international relations and public affairs[194]. - Ms. Tang was appointed as an independent non-executive director on September 24, 2021, with around 14 years of experience in accounting and management[197]. - Ms. Tang has been a professor at Donghua University since January 2022, focusing on accounting research and education[197]. - Mr. Jiang holds a master's degree in international politics and a doctoral degree in political theory from Fudan University[200]. - Ms. Tang obtained a doctoral degree in accounting from Shanghai Jiao Tong University in December 2009[198]. - Ms. Tang has been recognized as a Chinese Certified Public Accountant since December 2009[198]. - Ms. Tang was awarded the Shanghai Pujiang Talent in August 2016 and selected as a "National Accounting Leading Talent" in December 2017[199]. - Ms. Tang has served as an independent non-executive director of Shanghai No.1 Pharmacy Co., Ltd. since June 2022[197]. - Mr. Jiang has previously held independent director positions at Shenzhen BGI Genomics Co., Ltd. and Suzhou EDL Technology Co., Ltd.[194]. - Mr. Jiang's experience includes being a visiting scholar at Yale University and Columbia University[194]. Market and Operational Insights - The accumulated duration of short drama series for the year was approximately 6,000 minutes, representing a year-on-year increase of approximately 5 times[38]. - The first cinema film "The Unseen Sister" ranked TOP3 in box office performance among domestic suspense-themed films in 2024[39]. - The revenue from the commercial short drama series segment doubled year-on-year[38]. - The Group's overseas drama series achieved significant viewership growth, with some breaking local broadcasting records for Chinese dramas[78]. - The Group did not incur any material foreign currency exchange losses for the year ended December 31, 2024, and will continue to monitor foreign exchange exposure[139]. - As of December 31, 2024, the group had no significant investments and utilized idle funds to subscribe to financial products[152]. - As of December 31, 2024, there were no assets registered as collateral[153]. - As of December 31, 2024, the group faced no significant contingent liabilities[154]. - As of December 31, 2024, there were no future plans for significant investments or capital assets[155].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 85,428,000, a significant increase from RMB 41,826,000 in 2023, representing a growth of 104.5%[17] - Loss before income tax improved to RMB (59,466,000) in 2024 from RMB (110,400,000) in 2023, indicating a reduction in losses by 46.2%[17] - The company reported a total comprehensive loss for the year attributable to owners of the Company of RMB (59,311,000) in 2024, down from RMB (127,033,000) in 2023, a reduction of 53.3%[17] - Net loss decreased by 53.21% from a loss of approximately RMB126.72 million for the year ended 31 December 2023 to a loss of approximately RMB59.29 million for the year ended 31 December 2024[29] - The Company achieved total operating revenue of RMB85.43 million for the Reporting Year, representing a 104.2% increase compared to RMB41.83 million in 2023[66] - The loss attributable to owners of the Company decreased by 53.0% to RMB59.50 million from RMB126.59 million in 2023[66] Assets and Equity - Total assets decreased to RMB 266,564,000 in 2024 from RMB 326,400,000 in 2023, a decline of 18.4%[19] - Total equity dropped to RMB 9,655,000 in 2024 compared to RMB 68,763,000 in 2023, reflecting a decrease of 86.9%[19] - Non-current assets decreased to RMB 79,140,000 in 2024 from RMB 91,819,000 in 2023, a decline of 13.9%[19] - As of 31 December 2024, the Group had net current liabilities of approximately RMB59.36 million, an increase from RMB10.84 million in 2023, and total equity attributable to owners of approximately RMB10.10 million, down from RMB69.41 million in 2023[85] - The Group's total borrowings as of 31 December 2024 were approximately RMB32.23 million, up from RMB26.99 million in 2023, with a weighted average effective interest rate of 3.85%[87] - The Group's gearing ratio was approximately 26.60% as of 31 December 2024, significantly higher than 3.75% in 2023[85] Market and Business Development - The company aims to leverage opportunities in high-tech and green low-carbon sectors, aligning with China's projected economic growth of 4.8% in 2024[21] - The marketing team is actively seeking project opportunities through industry exhibitions and client visits to reverse the downward business trend[21] - The company is facing challenges from geopolitical tensions and trade protectionism, which have impacted global trade dynamics[23] - Potential projects in Africa and Southeast Asia have experienced slow progress, affecting the company's international expansion efforts[23] - The Company signed 20 new contracts in 2024, increasing the project value from approximately RMB68 million in 2023 to around RMB192 million in 2024, primarily driven by the anhydrous ethanol dehydration business[44][46] - The total amount of contracts for the Reporting Year increased by approximately 182.4%, driven by new business opportunities in waste alcohol processing and recycling[66] Research and Development - The company plans to enhance research and development efforts in clean energy technologies, including hydrogen energy technology development and equipment manufacturing[30] - The Company invested a total of RMB2.7 million in R&D during the reporting year, focusing on biomass fuel production technology and small-scale hydrogen production equipment[45][47] - The Company aims to enhance its technical leadership in the ethanol fuel market through advancements in cellulose ethanol and hydrogen energy production technologies[62] - The company has developed 39 patented technologies and is recognized as a National High-Tech Enterprise, enhancing its competitive edge in the market[38] - The Company aims to create an organic combination of production, learning, and research through effective collaboration with customers, universities, and research institutes[30] Corporate Governance and Management - The Company is committed to high standards of corporate governance, which is key to safeguarding shareholder interests and creating long-term value[168] - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a strong independent element for effective judgment[173] - The Company complied with all code provisions set out in Part 2 of the Corporate Governance Code during the year ended 31 December 2024, except for the disclosed deviation[169] - The Group has a strong management team with extensive experience in their respective fields, enhancing operational efficiency and strategic decision-making[140] - The Company encourages Directors to participate in continuous professional development courses and seminars[196] Industry Trends and Challenges - The fuel ethanol market in 2024 showed stable production but declining prices and weak domestic demand, with over 80% of production concentrated in four provinces[40] - The domestic supply of ethanol fuel is concentrated in Heilongjiang, Jilin, Anhui, and Liaoning, which together account for over 80% of national production, with Heilongjiang alone contributing approximately 50% in 2023[42] - The target consumption of ethanol fuels in China may reach 12 million tons by 2025, indicating a growing demand for equipment alongside production capacity expansion[49][51] - The biofuel industry is anticipated to have significant growth potential in the long run, driven by China's carbon peak and carbon neutrality goals[57] Leadership and Team Experience - The company has a strong leadership team with diverse backgrounds in technology, engineering, and management, enhancing its strategic planning and corporate development capabilities[112][115][122] - The leadership team collectively possesses over 150 years of experience across various relevant industries, positioning the company for future success[140] - Mr. Yu Weijun has over 36 years of experience in the technology sector and has held various significant positions in listed companies[113] - Mr. Tang Zhaoxing has over 34 years of experience in engineering and technology sectors, overseeing overall operations and project management[119] - Ms. Wong Mei Ling was appointed as an independent non-executive Director in March 2023, bringing over 30 years of accounting experience[132]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,562,489,599.05, representing an increase of 800.98% compared to ¥173,420,445.95 in the same period last year[6]. - Net profit attributable to shareholders was ¥376,144,390.86, a significant turnaround from a loss of ¥218,754,276.47 in the previous year[6]. - The company reported a substantial investment income of ¥689,616,725.66 in Q1 2025, recovering from a loss of ¥867,995,651.16 in Q1 2024[32]. - Net profit for Q1 2025 was ¥378,831,579.15, compared to a net loss of ¥216,647,616.36 in Q1 2024, indicating a turnaround in profitability[33]. - The company reported a total comprehensive income of ¥486,988,552.83 for Q1 2025, compared to ¥144,090,693.28 in Q1 2024[33]. - The company achieved a net cash inflow from financing activities of ¥725,453,889.13 in Q1 2025, compared to ¥1,179,492,480.52 in Q1 2024[37]. - The company’s total expenses for Q1 2025 were ¥1,065,835,667.53, significantly higher than ¥473,490,650.96 in Q1 2024[32]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥729,755,962.41, compared to a negative cash flow of ¥1,018,886,181.06 in the same period last year[6]. - Cash and cash equivalents increased by 109.80% to approximately ¥32.34 billion, primarily due to the consolidation of newly acquired subsidiaries[16]. - The ending cash and cash equivalents balance for Q1 2025 was 27,133,103,669.78, compared to 17,904,491,198.65 in Q1 2024, reflecting a strong liquidity position[51]. - Cash inflow from operating activities totaled 6,090,821,303.91 in Q1 2025, down from 10,606,218,397.82 in Q1 2024[50]. - Cash outflow from operating activities decreased to 5,199,391,762.25 in Q1 2025 from 11,836,775,839.01 in Q1 2024[50]. - The company reported a net interest income of -¥12.39 million for Q1 2025, an improvement from -¥33.35 million in Q1 2024[45]. Assets and Liabilities - Total assets increased by 79.53% to ¥174,517,507,696.98 from ¥97,208,143,600.76 at the end of the previous year[8]. - The total liabilities of the company as of March 31, 2025, amounted to RMB 123.54 billion, up from RMB 78.26 billion, reflecting an increase of around 58%[27][28]. - Total assets increased to ¥128.04 billion as of March 31, 2025, from ¥95.14 billion as of December 31, 2024, representing a growth of approximately 34.5%[41]. - Total liabilities rose to ¥78.29 billion as of March 31, 2025, compared to ¥77.05 billion as of December 31, 2024, indicating a slight increase of about 1.6%[42]. Shareholder Information - The number of ordinary shareholders reached 101,094, indicating a broadening shareholder base[18]. - The top ten shareholders collectively hold 56.73% of the company's shares, with Wuxi Guolian Development Group holding the largest stake at 23.86%[19]. - The number of A-share shareholders reached 101,006, while H-share shareholders totaled 88 as of the reporting period[23]. Business Growth and Investments - The company attributed the significant revenue growth to the integration of Minsheng Securities and increased performance in securities investment, brokerage, and investment banking businesses[14]. - The company has successfully acquired 99.26% of Minsheng Securities through the issuance of A-shares, enhancing its market position[24]. - The company reported a substantial increase in trading financial assets, which rose to RMB 65.69 billion from RMB 37.92 billion, a growth of about 73.5%[27]. - The company has made significant investments in long-term equity investments, which increased to RMB 82.33 million from RMB 77.37 million[27]. Other Financial Metrics - The weighted average return on net assets increased by 2.19 percentage points to 0.96% from -1.23%[6]. - The risk coverage ratio improved to 299.60% from 233.70% at the end of the previous year[10]. - The liquidity coverage ratio increased to 237.79% from 161.85% at the end of the previous year[10]. - Non-recurring gains and losses amounted to -¥1,355,400.58 after tax, indicating a focus on sustainable income sources[12]. - Goodwill increased dramatically by 1,131.60% to approximately ¥14.07 billion, reflecting the impact of newly acquired subsidiaries[16]. - The company experienced a significant increase in deferred tax assets, which rose by 2,056.16% to approximately ¥862.77 million, primarily due to the consolidation of new subsidiaries[16].

Financial Performance - For the first quarter of 2025, the company reported a revenue of RMB 256,762,012 thousand, representing a decrease of 6.61% compared to the same period last year[5]. - The net profit attributable to shareholders for the same period was RMB 5,150,787 thousand, down 14.51% year-over-year[9]. - The basic and diluted earnings per share were both RMB 0.34, reflecting a decline of 14.79% compared to RMB 0.399 in the previous year[9]. - Total revenue for Q1 2025 was $256,762,012, a decrease of 6.9% compared to Q1 2024's $274,948,792[41]. - Total operating costs for Q1 2025 were $248,963,871, down 6.4% from $265,942,631 in Q1 2024[41]. - Operating profit for Q1 2025 was $7,383,991, a decline of 14.7% from $8,654,646 in Q1 2024[42]. - Net profit for Q1 2025 was $6,101,010, down 13.9% from $7,092,243 in Q1 2024[42]. - Other comprehensive income after tax for Q1 2025 was $98,728, a decrease of 52.0% compared to $205,193 in Q1 2024[43]. - Total comprehensive income for Q1 2025 was $6,199,738, down 15.0% from $7,297,436 in Q1 2024[44]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,907,756,542 thousand, an increase of 2.41% from the previous year[11]. - Total liabilities rose to CNY 1,480,163,925 as of March 31, 2025, compared to CNY 1,440,245,700 as of December 31, 2024, marking an increase of approximately 2.8%[38]. - Current liabilities amounted to CNY 1,133,567,260 as of March 31, 2025, compared to CNY 1,112,754,359 at the end of 2024, showing a growth of around 1.9%[37]. - Non-current liabilities totaled CNY 346,596,665 as of March 31, 2025, up from CNY 327,491,341 as of December 31, 2024, representing an increase of about 5.8%[38]. - Shareholders' equity reached CNY 427,592,617 as of March 31, 2025, compared to CNY 422,596,822 at the end of 2024, reflecting a growth of approximately 1.2%[39]. Cash Flow - The net cash flow from operating activities showed a significant improvement, with a net amount of RMB -38,946,530 thousand compared to RMB -46,593,910 thousand in the previous year[9]. - Cash inflow from operating activities for Q1 2025 was CNY 278,047,473 thousand, down from CNY 291,632,380 thousand in Q1 2024, representing a decline of about 4.7%[47]. - Cash outflow from operating activities for Q1 2025 totaled CNY 316,994,003 thousand, compared to CNY 338,226,290 thousand in Q1 2024, indicating a decrease of approximately 6.3%[48]. - Cash inflow from investment activities for Q1 2025 was CNY 2,917,365 thousand, down from CNY 3,373,287 thousand in Q1 2024, a decrease of about 13.5%[49]. - Cash outflow from investment activities for Q1 2025 was CNY 13,523,008 thousand, compared to CNY 17,043,949 thousand in Q1 2024, reflecting a reduction of approximately 20.5%[49]. - Cash inflow from financing activities for Q1 2025 was CNY 118,631,004 thousand, an increase from CNY 107,716,826 thousand in Q1 2024, representing a growth of about 10.5%[49]. Contracts and Business Operations - The total amount of new contracts signed by the group in Q1 2025 was RMB 492.8453 billion, a decrease of 10.50% year-on-year[24]. - Domestic business new contracts amounted to RMB 448.6816 billion, accounting for 91.04% of the total, down 13.17% year-on-year[24]. - Overseas business new contracts reached RMB 44.1637 billion, representing 8.96% of the total, with a year-on-year increase of 30.10%[24]. - The new contract amount for the engineering contracting industry was CNY 3,710.135 million, a decrease of 18.72% year-on-year[26]. - The green environmental protection sector saw a new contract amount of CNY 490.055 million, with a significant year-on-year increase of 77.05% due to accelerated project acquisition and transformation efforts[26]. - The total new contract amount for the first quarter of 2025 was CNY 4,200.190 million, representing a year-on-year decrease of 13.25%[27]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 237,323[14]. - The top shareholder, China Railway Construction Group Co., Ltd., holds 6,956,316,590 shares, representing 51.23% of the total shares[18]. - HKSCC Nominees Limited holds 2,062,457,532 shares, accounting for 15.19% of the total shares[18]. - The company does not have knowledge of any relationships or concerted actions among the top ten shareholders and the top ten unrestricted shareholders[23]. Governance and Management - The company appointed new directors and management personnel during the recent shareholder meetings, indicating a strategic shift in governance[30][31][32].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,195,587, a decrease of 30.64% compared to CNY 1,723,183 in the same period last year[6] - Net profit attributable to shareholders for the same period was CNY 294,942, a significant decline from CNY 888,760 in the previous year[6] - The net cash flow from operating activities was negative CNY 21,458, indicating a decrease from positive CNY 308,131 in the previous year[6] - Basic and diluted earnings per share were both CNY -0.09, down from CNY -0.05 in the previous year[6] - The total comprehensive income attributable to the parent company for Q1 2025 was -294,942,888 RMB, compared to -173,760,528 RMB in Q1 2024[38] - The net profit for Q1 2025 was -312,347,004 RMB, compared to -223,170,760 RMB in Q1 2024, indicating a deeper loss year-over-year[35] - The operating profit for the period was -296,549,610 RMB, worsening from -171,656,846 RMB in the previous year[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 47,303,151, a decrease of 3.15% from CNY 48,841,884 at the end of the previous year[8] - Total liabilities as of March 31, 2025, were CNY 35,848,687,672, compared to CNY 37,074,445,175 as of December 31, 2024[28] - Total current liabilities were reported at 16,347,157,710 RMB as of March 31, 2025, an increase from 13,963,410,640 RMB at the end of December 2024, indicating a rise of about 17%[48] - The total assets as of March 31, 2025, were CNY 47,303,151,514, compared to CNY 48,841,884,791 as of December 31, 2024[30] - Current liabilities totaled CNY 18,940,982,161 as of March 31, 2025, an increase from CNY 16,251,327,379 as of December 31, 2024[27] Shareholder Information - Equity attributable to shareholders was CNY 9,404,199, a decrease of 3.04% from CNY 9,699,142 at the end of the previous year[8] - The largest shareholder, Beijing Beichen Industrial Group Co., Ltd., holds 1,174,169,731 shares, representing 34.87% of the total shares[15] - The second largest shareholder, HKSCC Nominees Limited, holds 691,318,399 shares, accounting for 20.53% of the total shares[15] Revenue and Sales - The company achieved a sales area of 91,300 square meters, a year-on-year increase of 101.10%[23] - The sales amount reached RMB 1.053 billion, reflecting a year-on-year increase of 63.51%[23] - The company's operating revenue for Q1 2025 reached RMB 453,589,667, an increase from RMB 394,916,593 in Q1 2024, representing a growth of approximately 14.8%[52] - Operating profit for Q1 2025 was RMB 120,927,923, compared to RMB 84,962,738 in Q1 2024, indicating a year-over-year increase of about 42.3%[53] - Net profit for Q1 2025 was RMB 90,433,586, up from RMB 64,066,759 in Q1 2024, reflecting a growth of approximately 41.2%[54] Cash Flow - Cash inflow from investment activities totaled 27,596,268 RMB in Q1 2025, down from 33,550,397 RMB in Q1 2024[44] - The company reported a significant increase in cash received from sales of goods and services, amounting to 1,592,123,152 RMB in Q1 2025, compared to 1,144,473,545 RMB in Q1 2024[42] - The company incurred operating expenses of 1,795,039,110 RMB in Q1 2025, slightly lower than 1,921,272,502 RMB in Q1 2024[43] - The ending cash and cash equivalents balance decreased to RMB 4,629,097,525 from RMB 5,653,976,506 in Q1 2024, reflecting a decline of 18.1%[61] Research and Development - Research and development expenses for Q1 2025 amounted to CNY 1,441,180, while there were no R&D expenses reported in Q1 2024[33] - Research and development expenses for Q1 2025 were RMB 131,812,923, compared to RMB 141,492,441 in Q1 2024, showing a decrease of about 6.8%[52] Future Plans - The company plans to expand its market presence and invest in new product development to drive future growth[51] - The company aims to enhance its operational efficiency and explore potential mergers and acquisitions to strengthen its market position[51]

Sales and Revenue Performance - In 2024, the company recorded revenue of approximately RMB 1,242.4 million, a decrease of about RMB 376.7 million or 23.2% compared to 2023[25]. - Vehicle sales (including new and used cars) amounted to approximately RMB 989.8 million, down 27.1% from RMB 1,357.0 million in 2023[16]. - New car sales revenue was approximately RMB 982.5 million (9,164 units), a decline of 26.8% from RMB 1,341.7 million (11,435 units) in 2023[17]. - The company sold 1,773 new energy vehicles, generating revenue of approximately RMB 201.5 million[17]. - Other comprehensive automotive services generated revenue of approximately RMB 252.6 million, a decrease of 3.6% from RMB 262.1 million in 2023[19]. - Revenue for 2024 was RMB 1,242,382 thousand, a decrease of 23.3% compared to RMB 1,619,147 thousand in 2023[192]. Profitability and Financial Metrics - The gross profit decreased by approximately 82.0% to RMB 16.2 million, with an overall gross margin of about 1.3% compared to 5.6% in the previous year[27]. - The annual loss was approximately RMB 90.2 million, compared to RMB 53.2 million in the previous year[33]. - The net loss for 2024 was RMB 90,151 thousand, compared to a net loss of RMB 53,245 thousand in 2023, representing an increase in losses of 69.5%[194]. - The basic and diluted loss per share for 2024 was RMB (17.76) compared to RMB (10.36) in 2023, indicating a worsening loss per share[192]. Market Trends and Strategic Focus - In 2024, the sales volume of new energy vehicles reached 40.9% of total new car sales in China, highlighting the growing demand for charging infrastructure[11]. - The automotive industry is expected to see a steady growth in sales due to government incentives and the increasing penetration rate of new energy vehicles, projected to exceed 50%[12]. - The company plans to focus on "new energy exploration," "new media marketing," "user value cultivation," and "operational efficiency upgrades" in 2025[12]. - The company aims to explore more "charging + retail" business models to enhance user stickiness and brand influence in the new energy infrastructure sector[11]. Operational Adjustments and Cost Management - The company closed unprofitable stores and optimized existing network management to adapt to the changing market landscape[10]. - Sales and distribution expenses decreased by approximately RMB 26.3 million or 33.8% to about RMB 51.4 million, mainly due to reduced employee and advertising costs in new businesses[29]. - Administrative expenses amounted to approximately RMB 80.7 million, a decrease of about RMB 8.4 million, primarily due to reduced rent and miscellaneous expenses[30]. - The company aims to enhance its business model and user operations while expanding its new energy vehicle sales and charging network in response to market challenges[24]. Corporate Governance and Compliance - The board has established mechanisms to ensure independent opinions and advice are available, maintaining a balance of skills and experiences[128]. - The company has adopted the corporate governance code and has maintained compliance since its listing, with the roles of chairman and CEO held by the same individual, which the board believes benefits management[124]. - The board is responsible for approving the group's development, business strategies, policies, and annual budgets[133]. - The company has established an internal audit and compliance department to conduct regular internal audits across major departments, including governance, environmental, social, operational, legal, and financial aspects[160]. Environmental and Social Responsibility - The company has implemented strict environmental protection measures to comply with current laws and regulations[57]. - The company encourages all employees to participate in environmental activities to benefit the community[58]. - The board considers environmental, social, and governance risks when making business decisions[165]. - The company has a clear anti-bribery and anti-corruption policy that guides employee conduct and response to bribery and corruption[165]. Shareholder Engagement and Dividends - The company reported a reserve available for distribution to shareholders of RMB 103,214,000 as of December 31, 2024, unchanged from 2023[69]. - The board does not recommend the payment of a final dividend for the fiscal year 2024, consistent with the previous year[63]. - The company maintains ongoing communication with shareholders to enhance their understanding of the business and performance[169]. - The company has reviewed its shareholder engagement for the 2024 fiscal year and found its communication policy to be effective[169]. Stock Options and Employee Incentives - The company has adopted a share option scheme allowing for the issuance of up to 50,000,000 shares, representing 10% of the shares issued at the time of the scheme's adoption[70]. - The total number of stock options granted to directors and employees amounted to 31,318,000, with 3,900,000 options having expired[78]. - The company has granted stock options to key executives, including 1,200,000 options at HKD 0.48 and 900,000 options at HKD 0.81, with various exercise dates[76]. - The company continues to monitor its stock option plan to ensure it remains competitive and effective in attracting and retaining talent[76]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[172]. - The auditors aim to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[184]. - The audit process involved identifying and assessing risks of material misstatement and designing audit procedures to address these risks[185]. - The overall presentation, structure, and content of the consolidated financial statements were evaluated for fairness and appropriateness[190].

Company Performance - The company reported a strong performance with a continuous presence in the top 50 global pharmaceutical companies for six consecutive years from 2019 to 2024[19]. - The company has been recognized as one of the top 50 best companies in Asia-Pacific by Forbes for three consecutive years from 2016 to 2018[16]. - The company recorded revenue of approximately RMB 28,866.16 million, representing a year-on-year growth of about 10.2% compared to RMB 26,199.41 million in the previous year[73]. - Gross profit was approximately RMB 23,529.94 million, an increase of about 10.9% from RMB 21,209.53 million in the previous year[73]. - Profit attributable to equity holders of the parent company was approximately RMB 3,499.83 million, reflecting a significant year-on-year increase of about 50.1%[74]. Financial Highlights - Total revenue for 2024 reached RMB 28,866,159 thousand, a 10.1% increase from RMB 26,199,409 thousand in 2023[26]. - Gross profit for 2024 was RMB 23,529,941 thousand, up from RMB 21,209,532 thousand in 2023, reflecting a gross margin improvement[26]. - Operating profit for 2024 was RMB 5,739,924 thousand, showing a significant increase compared to RMB 4,209,634 thousand in 2023[29]. - The company reported a net profit of RMB 6,364,682 thousand for 2024, compared to RMB 5,097,398 thousand in 2023, marking a 24.9% year-over-year growth[26]. - The total assets of the company reached RMB 65,408,069 thousand in 2024, up from RMB 63,604,819 thousand in 2023[26]. Research and Development - Research and development expenses for 2024 amounted to RMB 5,089,203 thousand, an increase from RMB 4,402,973 thousand in 2023, indicating a focus on innovation[26]. - The company has established multiple R&D centers recognized by Jiangsu Province, focusing on oncology and other therapeutic areas[12]. - The company is actively involved in expanding its market presence and enhancing its product offerings through strategic R&D initiatives[11]. - The company has 70 innovative drugs in development, including 39 for oncology, 7 for liver diseases, 13 for respiratory diseases, and 6 for surgical/pain relief[102]. Product Portfolio and Innovations - The company has a diverse product portfolio, including various biopharmaceuticals and chemical drugs, with a strong market position in oncology, liver disease, respiratory, and surgical/pain relief[11]. - The company plans to launch new innovative products within the next five years, focusing on original innovation rather than imitation[38]. - The company received approval for 6 innovative products from the NMPA, including 4 Class 1 innovative drugs, achieving a revenue of RMB 12.06 billion from innovative products in 2024, a year-on-year increase of 21.9%[46]. - Revenue from new products launched within the last 5 years reached RMB 10.09 billion in 2024, reflecting a year-on-year growth of 25.4%[46]. Market and Strategic Initiatives - The company aims to become a leading global pharmaceutical enterprise, emphasizing innovation and patient service[11]. - The government has implemented policies to encourage pharmaceutical innovation, which is expected to positively impact the company's growth trajectory[44]. - The company is actively pursuing multiple indications for Gosorese, aiming to establish it as a key product in the oncology field[50]. - The company is focusing on clinical research to provide more academic evidence for the clinical use of its products[56]. Corporate Governance and Management - The board of directors focuses on overall corporate strategy and financial performance, emphasizing sustainable development[123]. - The company has established various committees, including an executive committee and an audit committee, to enhance board efficiency and oversight[125]. - The company emphasizes compliance with legal and regulatory requirements in its governance practices[133]. - The company has adopted a code of conduct for securities trading by directors and senior management, ensuring compliance with the standards set forth in the Listing Rules[162]. ESG and Sustainability - The company received an MSCI ESG rating of A for two consecutive years and improved its S&P CSA score to the top 4% in the global pharmaceutical industry[121]. - The company has implemented a carbon neutrality goal and pathway plan, with annual sustainable energy usage continuously increasing and carbon emission density decreasing[117]. - The company invested a total of RMB 60.11 million in community initiatives, with community service hours totaling 3,213 hours during the year[120]. - The company achieved a 96% pass rate in supplier ESG management self-assessments, identifying 13 key risks and achieving a 100% improvement plan formulation rate[120].

Financial Performance - For the year ended December 31, 2024, the Group reported revenue of RMB1,252.6 million, marking a 7.1% decrease compared to the prior year[19]. - The loss attributable to owners of the Company amounted to RMB20.1 million, compared to a profit of RMB87.8 million in 2023, resulting in a loss per share of RMB0.014[19]. - The Group's total sales proceeds decreased by 11.8% to RMB2,782.3 million from RMB3,154.1 million in the previous year, with a year-on-year decrease of 12.1% in the second half of 2024[36]. - Gross profit for the year decreased by 10.6% to RMB702.0 million, while the gross profit margin as a percentage of total sales proceeds increased to 25.2% from 24.9% in 2023[37]. - The Group's adjusted EBITDA for the year decreased by 17.5% to RMB358.1 million from RMB434.3 million in 2023, primarily due to a decline in sales and revenue[54]. - The Group's share of Beiren Group's net profit decreased by 25.4% to RMB138 million from RMB185.0 million in 2023[88]. - The Group's revenue for 2024 was RMB1,252.6 million, a decrease of 7.1% from RMB1,349.0 million in 2023, with total sales proceeds dropping 11.8% to RMB2,782.3 million[40]. Strategic Initiatives - The Group celebrated the 20th anniversary of Shanghai Jiuguang in September 2024, emphasizing its commitment to a "Customer-First" philosophy and innovative service offerings[17]. - The Group has optimized tenant portfolios and diversified product categories to adapt to market shifts and enhance online and offline integration[18]. - The Group aims to enhance operational efficiency and capitalize on government initiatives to boost consumption and expand domestic demand[22]. - The Group plans to expand its membership base and refine its loyalty program, introducing exclusive privileges for new members[23]. - The Group's strategy includes optimizing merchandise assortments and enhancing omnichannel integration to adapt to evolving consumer preferences[32]. - The Group will leverage high-traffic social media platforms to enhance customer engagement through live streaming and interactive content[24]. - The Group's strategies included promoting scenario-based consumption and advancing green and low-carbon development to meet evolving consumer needs[71]. Market Conditions - The retail growth rate of offline stores has moderated across the industry, influenced by heightened consumer caution and competitive pressures from e-commerce[18]. - The Shanghai Municipal Government's campaigns, such as the "New Year Celebration Shopping Festival," align with the Group's initiatives to stimulate consumer spending[31]. - The retail landscape is shifting towards rational consumption and service-oriented spending, prompting the Group to prioritize innovation and strategic agility in its offerings[104]. Sustainability and Environmental Initiatives - The Group is committed to advancing green, low-carbon development initiatives as part of its strategic focus[18]. - The Group's commitment to sustainability and green consumption practices is part of its strategy to meet changing consumer demands[32]. - The Group focuses on measuring and reporting carbon reduction results and promoting waste reduction at source[140]. - The Group aims to set sustainable and measurable environmental protection targets[139]. - The Group is implementing energy-saving measures, including the use of LED lighting to reduce power consumption in stores and offices[161]. - The Group has established emission reduction targets to help decrease greenhouse gas emissions, supporting global ecosystem sustainability[181]. Employee and Labor Relations - The Group employed a total of 1,078 full-time staff as of December 31, 2024, down from 1,172 as of December 31, 2023, reflecting a decrease in staff headcount and bonuses[45]. - The Group regularly reviews employee remuneration packages to ensure competitiveness, referencing industry standards and employee performance[187]. - The employee turnover rate for the Group in the financial year 2024 was 1.47%[196]. - The Group emphasizes enhancing employees' knowledge and skills in safety through training programs[200]. - The Group has a comprehensive performance appraisal management regime to attract and retain outstanding talents, ensuring transparency and fairness[186]. Financial Position - As of December 31, 2024, the Group's net debt decreased to approximately RMB196.8 million from RMB405.4 million as of December 31, 2023, due to increased operating cash and dividends received[55]. - Cash and cash equivalents, bank deposits, and structured bank deposits amounted to approximately RMB2,953.3 million, an increase from RMB2,823.6 million as of December 31, 2023[56]. - The debt-to-equity ratio slightly decreased from 34.9% to 34.5% due to a reduction in bank borrowings[61]. - The outstanding loan amount under the 15-year financing facility was RMB3,238 million as of December 31, 2024, down from RMB3,278 million in the previous year[64]. Customer Engagement and Experience - The Group focused on enhancing online member engagement and optimizing its online marketplace, which included facilitating click-and-collect services[72]. - The Shanghai Jiuguang Center (JGC) hosted various thematic campaigns in 2024 to elevate customer experiences and stimulate spending[73]. - Average daily footfall increased by 9.9% year-on-year to approximately 34,300 visitors, and the stay-and-buy ratio improved by 0.9 percentage points to 76.2%[81]. Challenges and Risks - The Group's independent legal opinion indicated a very low probability of recovering outstanding receivables, which have been deemed irrecoverable since the full provision for bad debts was established in 2019[100]. - The Group actively assesses climate-related risks, including extreme weather events, and has developed internal guidelines for safety and operational continuity[180]. - The Group's management will monitor foreign currency exposure and consider measures to mitigate significant potential foreign currency risks if necessary[63].