Financial Performance - The Group achieved operating revenue of approximately CNY 142.99 billion for the year, representing a year-on-year increase of about 6.4% compared to CNY 134.43 billion in 2023[19]. - The profit attributable to the owners of the Group for the year was approximately CNY 4.80 billion, a decrease of about 4.6% from CNY 5.03 billion in 2023[19]. - The Group's revenue for the year was approximately RMB 142,986.28 million, representing a year-on-year increase of approximately RMB 8,556.31 million (approximately 6.4%) compared to the previous financial year[77]. - The gross profit of the Group amounted to approximately RMB 18,972.44 million, an increase of approximately RMB 4,055.98 million (approximately 27.2%) compared to the previous financial year[77]. - Revenue from property development business was approximately RMB 138,623.49 million, accounting for approximately 96.95% of the Group's total revenue for the year[80]. - Revenue from property management and other related services amounted to approximately RMB 4,362.80 million in 2024, representing an increase of approximately RMB 64.73 million or 1.5% compared to the previous year[101]. - The total gross floor area of delivered properties was approximately 6.99 million sq.m., representing a decrease of approximately 1.53 million sq.m. compared to the previous financial year[80]. - The cumulative contracted sales attributable to shareholders for the year amounted to approximately RMB 103.36 billion, representing a decrease of about 25.1% compared to the previous financial year[85][86]. - The total sales amount for 2024 reached RMB 10.34 billion, with a total GFA sold of 5,048,089 sq.m., compared to RMB 13.80 billion and 6,664,348 sq.m. in 2023[90]. Market Conditions - The real estate industry faced significant challenges in 2024, with macroeconomic adjustments leading to a cautious investment sentiment among customers[15]. - The central government introduced various accommodative fiscal and monetary policies in 2024, which helped stabilize the property market by the fourth quarter[16]. - There is a structural shift in demand within the real estate sector, with customers increasingly prioritizing housing quality, location, and supporting facilities[17]. - Competition in the real estate market has diversified, now including technology, supply chain, and data competition, alongside traditional product and brand competition[18]. - The demand for improved housing in core areas has become the dominant trend in the market[17]. - The real estate industry in 2024 faced immense challenges, but signs of stabilization began to emerge in the fourth quarter due to supportive policies[73]. Asset Management - As of December 31, 2024, the total assets of the Group amounted to approximately CNY 412.48 billion, with cash and cash equivalents of about CNY 57.26 billion and inventory of approximately CNY 247.03 billion, indicating a healthy asset structure[19]. - The Group's total cash collection from sales was approximately RMB 135.74 billion, with a cash collection ratio of 102%[27]. - As of December 31, 2024, the salable value of the Group's total land reserves was approximately RMB 221.0 billion, with land reserves acquired after 2022 accounting for approximately 80%[31]. - The land reserves as of December 31, 2024, totaled approximately 12.43 million sq.m., with 311 projects across China[91]. - The Group's bank loans were secured by investment properties with a fair value of approximately RMB 623 million and properties under development valued at approximately RMB 46,440.12 million as of December 31, 2024[139]. Strategic Initiatives - The Group plans to increase R&D investment in 2025, focusing on product upgrades and revitalizing unsold inventory[55]. - The Group will expedite the development of centralized procurement platforms to reduce costs and improve operational efficiency[59]. - The Group aims to optimize its organizational structure to enhance efficiency and empower talent, ensuring sustained organizational development and innovation[65]. - The Group will enhance its investment capabilities by closely monitoring market dynamics and focusing on key cities for project development[63]. - The Group will actively explore new channels for securing premium project opportunities to diversify its investment portfolio[170]. - The Group will deepen collaboration with big data intelligence platforms for efficient resource integration and utilization[166]. Leadership and Governance - Mr. Lin was appointed as the CEO of the Company from March 21, 2019, to March 26, 2025[176]. - Mr. Tian joined C&D Real Estate in 2012 and was appointed as the CEO effective March 26, 2025[178]. - Ms. Zhao has over 30 years of financial management experience and was appointed as the chairperson of the Board from August 25, 2022, to March 26, 2025[183]. - The Company has a strong leadership team with extensive experience in finance and real estate management[180]. - Mr. Wong Chi Wai has over 33 years of experience in the accountancy profession and is a practicing certified public accountant in Hong Kong[199].

Financial Performance - Revenue for 2024 reached RMB 3,725.8 million, a 33.3% increase from RMB 2,794.2 million in 2023[13] - Gross profit rose to RMB 1,331.7 million, reflecting a 38.7% increase compared to RMB 960.0 million in the previous year[13] - Net profit attributable to owners of the Company increased by 27.6% to RMB 478.4 million from RMB 375.0 million in 2023[13] - The Company reported a core net profit of RMB 512.7 million, up 21.8% from RMB 420.9 million in 2023[13] - Revenue from property management services was RMB 1,839.22 million, an increase of 12.6% compared to RMB 1,632.74 million in 2023[83] - Revenue from asset operation was RMB 987.20 million, representing an increase of 91.8% compared to RMB 514.77 million in 2023[84] - The Group recorded a loss for the year of RMB 2,350.41 million, with a profit from Continuing Operations of RMB 486.18 million[82] - The core net loss attributable to owners of the Company was RMB 1,993.77 million, with a core net profit from continuing operations of RMB 503.85 million, a 25.4% increase from RMB 401.92 million in 2023[102] Assets and Liabilities - Total assets decreased to RMB 9,724.5 million from RMB 201,579.2 million in 2023, with a significant reduction in total cash and bank deposits from RMB 20,141.7 million to RMB 1,102.9 million[16] - The gearing ratio improved to 47.7% from 75.1% in the previous year, indicating a stronger financial position[16] - The Group's total cash and bank deposits amounted to RMB 1,102.94 million as of December 31, 2024[107] - Total borrowings were RMB 635.38 million, resulting in a net cash position of RMB 467.56 million as of December 31, 2024[108] - The Group provided mortgage guarantees for certain purchasers amounting to RMB 250.59 million, a significant decrease from RMB 61,869.80 million as of December 31, 2023[116] - The Group did not provide guarantees for borrowings of joint ventures and associates as of December 31, 2024, compared to RMB 6,575.98 million as of December 31, 2023[111] Business Operations and Strategy - Midea Real Estate Services is managing over 400 projects with a total area of approximately 90 million square meters as of the end of the reporting period[6] - The Group has divested its property development business to focus on light-asset segments, significantly reducing interest-bearing debt[48] - The Group's strategic focus is on maintaining stability amidst industry transformations while enhancing its service capabilities in the property management sector[47] - The Group's strategic shift focuses on light-asset operation and deepening commitment to products and services across the real estate value chain[76] - The Group aims to qualitatively explore third-party development services while integrating resources through project management[74] - The Group focuses on four business pillars: project management services, property management services, asset operation, and real estate technology[53] - Midea Real Estate Services officially entered the medical care and wellness sectors, starting services at Heyou Hospital and Hetai Elderly Care Center in April 2024[60] Awards and Recognition - Midea Real Estate Services ranked among the "2024 TOP 22 Property Service Companies by Comprehensive Strength in China" and received multiple awards for its service capabilities[30] - The company achieved recognition as a top player in various categories, including Top 100 Chinese Property Service Companies by Brand Value and Top 19 Chinese Property Companies by Comprehensive Strength for 2024[38] - Midea Real Estate Services was listed as one of the Top 10 Chinese Property Management Service Companies for Hospital Properties in 2024[42] - Midea Real Estate Services' Foshan factory obtained ISO certifications for quality, environmental, and occupational health management systems, expanding its product scope[39] - Midea Real Estate Services has been awarded multiple design accolades, including the "2024 American MUSE International Design Platinum Award" for its Remac TY product[39] Management and Governance - The company emphasizes strong corporate governance and strategic management through its board of directors[170] - The Group's leadership team includes professionals with advanced degrees in management and finance from reputable institutions[171][181] - The company is focused on enhancing its operational efficiency and strategic direction through experienced management[174] - The management team includes individuals with diverse backgrounds in finance, architecture, and real estate, enhancing the company's strategic capabilities[197] - The company emphasizes independent advice on operations and management through its board structure[184] Employee and Workforce - As of 31 December 2024, the Group employed 9,213 full-time employees, primarily based in the PRC[158] - Employee remuneration is determined based on performance, profitability, and market levels, including salaries, bonuses, and cash subsidies[158] - The Company has provided comprehensive welfare plans and career development opportunities for employees, including social insurances and training[158] Market and Industry Risks - The Group's business growth is influenced by the real estate industry landscape, with risks including fluctuations in the property market and changes in consumer purchasing power[142] - The Group plans to refine existing operations, strengthen competitiveness in project management services, and explore overseas markets to ensure steady progress amid market volatility[144] Corporate Actions - On January 9, 2024, the Company acquired 50% equity interests in a project company for RMB 400 million, completing the acquisition on January 11, 2024[147] - The Company announced a distribution in specie of shares of its wholly-owned subsidiary, Midea Construction (BVI) Limited, to shareholders, with a cash alternative of HK$5.90 per share, representing a 57.3% premium over the last trading price of HK$3.75[154] - The distribution will be conducted on a basis of one PrivateCo Share for every share of the Company held by DIS-Electing Shareholders[154] - The objective of the distribution is to reduce investment risks for shareholders related to the PD&S Business while allowing the Company to focus on its Continuing Operations[156] - The distribution and disposal were approved by independent shareholders at an extraordinary general meeting on 2 September 2024[155]

Financial Performance - Revenue for the year ended December 31, 2024, decreased by RMB 81.7 million or 1.3% to RMB 6,061.4 million compared to the previous year[15] - EBITDA increased by RMB 114.2 million or 5.5% to RMB 2,191.7 million for the year ended December 31, 2024[15] - Gross profit decreased by RMB 160.0 million or 3.8% to RMB 4,044.2 million, with a gross margin of 66.7%[15] - Profit before tax increased by RMB 139.1 million or 19.9% to RMB 839.2 million for the year ended December 31, 2024[15] - Net profit attributable to shareholders was RMB 471.9 million, a decrease of RMB 60.7 million compared to the previous year[15] - The group achieved a total revenue of approximately RMB 60.614 billion for the year ended December 31, 2024, a slight decrease of 1.3% year-on-year[16] - Product sales revenue reached approximately RMB 56.895 billion, representing a year-on-year increase of 1.1% and a quarter-on-quarter growth of 6.4% in the second half of 2024[16] - EBITDA for 2024 was approximately RMB 21.917 billion, reflecting a year-on-year growth of 5.5%[16] - Net profit for the year was approximately RMB 6.450 billion, marking a significant year-on-year increase of 20%[16] Research and Development - The company holds 275 patents in China and 580 patents overseas, with additional patents pending[7] - The R&D team consists of 649 employees, including 58 PhDs and 318 Master's degree holders[7] - The company has 23 products in various stages of development in China, including 12 oncology products and 5 CNS products[7] - LY01610 (liposomal irinotecan injection) has shown superior efficacy and safety in clinical trials for small cell lung cancer compared to standard treatments, with the first patient enrolled in Phase 3 trials in March 2024[47] - The company continues to invest in strategic therapeutic areas, including oncology, central nervous system, cardiovascular, and metabolic diseases[45] Product Approvals and Market Position - The group received approvals for 6 new drugs in 2024, including ERZOFRI for schizophrenia and the only new molecular entity approved by the FDA for treating recurrent small cell lung cancer in 28 years[17] - The group has established 8 production bases globally and maintains high standards in drug delivery technologies, including microspheres and liposomes[22] - New products accounted for 21% of total product sales revenue in 2024, with new product sales revenue growing by 30.2% year-on-year[18] - In the CNS field, product sales revenue increased by 15% year-on-year in 2024[18] - 博優諾 has received approval for multiple indications including mCRC, advanced metastatic or recurrent non-small cell lung cancer, and others, with all indications included in the national medical insurance catalog[27] - 百拓維 is the only long-acting microsphere formulation of goserelin globally, with prostate cancer indications included in the 2023 national medical insurance catalog and breast cancer indications to be added in 2024[28] - 贊必佳 has been included in the priority review process and received approval for treating metastatic SCLC in adults, with global approvals in 17 countries[29] - 希美納 is the only approved sodium glysine compound in China for cancer radiotherapy, enhancing treatment efficacy and reducing overall costs[30] - 米美欣, approved in June 2024, is an oral formulation for severe pain management, utilizing abuse-deterrent technology to prevent misuse[31] - 若欣林, the first domestically developed antidepressant in China, was approved in November 2022 and included in the 2024 national medical insurance catalog[33] - 瑞可妥 is the only injectable risperidone microsphere in China, improving medication adherence for schizophrenia patients, and was included in the updated national medical insurance catalog in December 2023[35] - Erzofri, approved in July 2024, is the first long-acting injectable developed by a Chinese company for schizophrenia treatment in the U.S.[36] - 美比瑞 received approval in June 2024 for the treatment of acute and maintenance phases of schizophrenia[37] - Jin You Ping (Injectable Rotigotine Sustained-Release Microspheres) received approval from the National Medical Products Administration of China in June 2024 for the treatment of Parkinson's disease, being the world's first long-acting sustained-release microsphere formulation for this condition[38] Financial Position and Debt Management - Total assets increased to RMB 29,612.2 million as of December 31, 2024, compared to RMB 25,490.7 million the previous year[13] - The company's interest-bearing loans and borrowings increased to approximately RMB 8,294.4 million from RMB 7,486.1 million as of December 31, 2023[96] - The company's debt-to-equity ratio decreased from 55.3% as of December 31, 2023, to 52.7% as of December 31, 2024, primarily due to a reduction in interest-bearing loans and borrowings[97] - The net proceeds from the issuance of the 2022 convertible bonds amounted to approximately HKD 1,371.15 million, equivalent to a net conversion price of approximately HKD 3.45 per share[102] - The net proceeds from the issuance of the 2023 convertible bonds were approximately USD 176.74 million, equivalent to HKD 1,382.76 million, with a net conversion price of approximately HKD 4.79 per share[108] - The company plans to use approximately HKD 1,106.21 million from the 2023 convertible bonds for the repayment of debts due within 12 months[109] - The company aims to minimize foreign exchange risks through netting strategies, given its operations primarily in China[98] Corporate Governance and Management - The company was incorporated in Bermuda as an exempted company on July 2, 2003, and its shares were listed on the main board of the Stock Exchange on July 9, 2014[141] - The senior management team includes the Chief Financial Officer, who has been with the company since March 1997[139] - The company has established risk management procedures to mitigate financial risks related to interest rates, foreign exchange, credit, and liquidity[155] - The company has a structured investment framework that includes detailed analysis and regular updates to the board regarding investment progress[153] - The board has a remuneration committee to review the remuneration policy and structure for all directors and senior management[179] - The company confirms the independence of all independent non-executive directors as per listing rules[172] Shareholder Information - The company reported a total of 1,261,196,703 shares held by Liu Dianbo, representing approximately 33.53% ownership[183] - Major shareholders include Green Leaf Pharmaceutical Investment Limited, holding approximately 33.53% of shares, and Hillhouse Fund V, LP, holding 14.68%[191] - Liu Dianbo holds 70% of the equity in Nelumbo Investments Limited, which owns 70% of Green Leaf Life Sciences Group Limited[186] - Liu Dianbo has committed not to engage in any competing business related to the development and sale of innovative drugs post-listing[197] Environmental and Social Responsibility - The company is committed to environmental sustainability and has implemented various green measures in its operations, adhering to applicable environmental laws and regulations[157] - The company has implemented green office measures to promote recycling and waste reduction, aligning with its commitment to environmental sustainability[157]

Property Development - As of December 31, 2024, Zensun Enterprises Limited completed 161 land acquisitions, supporting its property development business in Henan Province, Beijing, and Hubei Province[9]. - The Group has 84 completed property projects and 22 ongoing complex property projects, with 90 land parcels under development and planning, totaling approximately 6.3 million sq.m. of land reserves and an estimated gross floor area of 13.5 million sq.m.[9]. - The estimated saleable/leasable gross floor area under development is approximately 2.8 million sq.m., with an additional 2.4 million sq.m. under planning[9]. - The Group's focus will continue to be on identifying new property development projects and bidding for land use rights in first and second tier cities in the PRC, particularly in Henan Province[9]. - The total estimated gross floor area (GFA) of the Group's land reserves is approximately 13.5 million sq.m., with a strong presence in the property development sector for the next three to four years[9]. - The property development projects in the PRC include various residential and commercial properties with a total estimated saleable/leasable GFA of approximately 1,000,000 sq.m.[56]. - The Group's strategy includes expanding its property portfolio in key urban areas in China to enhance rental income and capital appreciation[56]. - The company is actively expanding its residential and commercial projects across multiple locations, enhancing its market presence[57]. - The company is focused on residential and commercial developments, with projects catering to diverse market needs[58]. - The company has a strategic plan for future developments, including new projects in various stages of planning and construction[58]. Financial Performance - For the financial year ended December 31, 2024, the Group's revenue was approximately RMB 9,542.1 million, representing a decrease of about 52.4% compared to 2023[26]. - The gross profit for the same period was approximately RMB 363.1 million, reflecting a decrease of about 53.0% compared to the previous year[26]. - The decline in revenue was primarily due to a reduction in the saleable floor area and a decline in the average selling price of completed property projects[26]. - The Group's loss attributable to owners for the year was approximately RMB 2,182.0 million, compared to RMB 2,298.5 million in 2023, with a basic loss per share of approximately RMB 114.0 cents[80]. - The property development business in the PRC contributed revenue of approximately RMB 9,436.1 million, a decrease from RMB 19,917.7 million in 2023, with a segment loss of approximately RMB 1,592.0 million[81]. - The total gross floor area (GFA) delivered during the year was approximately 1,327,000 sq.m. with an average selling price (ASP) of approximately RMB 7,110 per sq.m., compared to 2,088,000 sq.m. and RMB 9,540 per sq.m. in 2023[83]. - Other income decreased by approximately 17.2% to RMB 7.2 million from RMB 8.7 million in 2023, mainly due to a decrease in interest income[72]. - The Group's financing costs decreased by approximately 34.0% to RMB 289.7 million from RMB 438.6 million in 2023[79]. Strategic Focus and Future Plans - The Company aims to enhance its portfolio and brand image in the PRC, USA, and overseas, creating new sustainable revenue streams[11]. - The Group aims to ensure the timely delivery of projects while strengthening sales and capital recovery management to ensure cash flow safety[29]. - The Group plans to adopt a conservative approach and implement cost-cutting measures in response to the ongoing downturn in the real estate market[85]. - The Group anticipates that the Chinese government will continue to introduce policies to support the real estate market and stabilize macroeconomic growth, despite ongoing demand and financing pressures in the industry[129]. - Future funding needs for property development and land acquisition will be satisfied through proceeds from property sales, internally generated cash flows, and borrowings from financial institutions[130]. - The Group aims to diversify its business towards a light-asset model by expanding project management services, which is expected to gain popularity in the PRC market[136]. - The Group's management remains cautiously optimistic about the long-term prospects of the real estate industry and plans to expedite property development and sales in the PRC[137]. Corporate Governance and Management - The company has experienced significant leadership stability since the change of controlling shareholder on June 29, 2015, with key executives appointed shortly thereafter[175][178]. - The board of directors includes experienced professionals with backgrounds in finance, law, and real estate, enhancing corporate governance[185][188]. - The executive team has over 30 years of experience in the real estate industry, contributing to the company's growth and operational management[174]. - The company has established a discretionary trust for its shareholding structure, ensuring effective management of its assets[177]. - The audit committee supports the management's position regarding the disclaimer of opinion and the measures taken to address it[162]. Challenges and Risks - The external auditor issued a disclaimer of opinion on the Group's consolidated financial statements due to material uncertainties regarding going concern[151]. - The board acknowledges the volatility in the property sector in China and the uncertainties regarding continued support from banks and creditors[160]. - Should the group fail to operate as a going concern, adjustments may be necessary to write down asset values and reclassify non-current assets and liabilities[161]. - The Group has not made interest payments of US$3,621,730 due on the 2025 Notes, resulting in an event of default, with trading in these notes suspended since April 2, 2024[108]. Investments and Holdings - Zensun holds approximately 5.6% equity interest in Global Medical REIT, Inc., listed on the NYSE, providing dividend income and long-term capital appreciation[10]. - The Group holds approximately 5.6% of GMR's equity, which owns 190 medical and healthcare facilities in the U.S. with a net leasable area of approximately 4.8 million square feet[30]. - AHR, controlled by the Group with 99% equity, owns senior housing properties in Kansas and Texas, monitoring the local market for strategic adjustments[31]. - The Group's hotel operation in Zhengzhou City has been ongoing since 2022, with plans to explore opportunities in the Singapore property market[146].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,437.0 million, representing a 7.7% increase compared to RMB 1,334.0 million in 2023[11] - Gross profit for the same period was RMB 283.8 million, a slight increase of 1.3% from RMB 280.2 million in 2023[11] - The company reported a loss before tax of RMB 459.3 million, which is a 41.7% increase from a loss of RMB 324.1 million in 2023[11] - The adjusted net loss for the year was RMB 127.0 million, compared to a loss of RMB 115.6 million in 2023, reflecting a 9.9% increase in losses[11] - Total comprehensive loss for the year was RMB 471.7 million in 2024, compared to RMB 373.1 million in 2023, with differences primarily due to foreign exchange differences[68] - The fair value loss of convertible redeemable preferred shares increased by 88.1% from RMB 156.1 million in 2023 to RMB 293.6 million in 2024, primarily due to the revaluation of the company's equity value following the IPO on October 16, 2024[62] - The company recorded a net loss of RMB 459.4 million in 2024, up from RMB 324.1 million in 2023, mainly due to the fair value changes of convertible redeemable preferred shares[65] Assets and Liabilities - Non-current assets decreased to RMB 203,633 thousand from RMB 237,806 thousand in 2023, indicating a decline of approximately 14.3%[14] - Current assets increased significantly to RMB 998,667 thousand from RMB 621,974 thousand in 2023, marking a growth of about 60.5%[14] - Cash and cash equivalents, restricted cash, and time deposits totaled RMB 519.5 million as of December 31, 2024[69] - Net cash used in operating activities was RMB 118.1 million in 2024, compared to RMB 3.8 million in 2023[70] - Net cash generated from investing activities was RMB 42.0 million in 2024, compared to a net cash used of RMB 14.9 million in 2023[75] - Net cash generated from financing activities was RMB 356.4 million in 2024, reflecting proceeds from the IPO[76] Research and Development - The company aims to strengthen its research and development efforts in artificial intelligence and machine learning by recruiting industry-leading experts[16] - The company has increased its R&D investment in AI and computing power to solidify its leading position in the field, launching a series of AI-related services including AI large language model inference services[21] - R&D expenses increased by 23.1% from RMB 128.0 million in 2023 to RMB 157.6 million in 2024, driven by investments in APaaS and AI-related projects[60] - The company is focusing on enhancing its R&D capabilities and improving its technological infrastructure, allocating 12.0% of the net proceeds (approximately HKD 44.4 million) for this purpose by December 31, 2028[142] Market Expansion and Strategy - The company has established new international nodes in Thailand, Japan, and Brazil in 2024, expanding its global service reach[16] - The company is actively expanding its international market presence, particularly in Southeast Asia and the Middle East, to tap into significant market potential[25] - The company aims to enhance its products and services to meet global customer needs while actively expanding into international markets[27] - The company plans to expand its customer base and optimize cost structures while accelerating overseas business development in 2025[49] Product Development and Innovation - The company plans to launch more innovative products based on the latest AI research in 2025, aimed at addressing current challenges in audio and video processing[23] - The company launched a new international website to optimize user experience and cater to specific regional demands[16] - The company launched a newly designed international website to enhance the user experience, featuring deep optimizations in interface design and functionality, with added support for multiple languages including Japanese and Korean[19] - New product development includes the launch of a cloud storage solution, expected to contribute an additional $20 million in revenue by the end of the fiscal year[103] Customer Base and Revenue Sources - As of December 31, 2024, the company has accumulated 82,597 MPaaS customers and 2,901 APaaS customers, indicating a diverse customer base across various verticals[41] - MPaaS paid customer count decreased from 92,480 in 2023 to 82,597 in 2024, while APaaS paid customer count increased from 2,597 to 2,901[46] - Average contribution per MPaaS paid customer rose from RMB 10,500 in 2023 to RMB 12,585 in 2024, and for APaaS, it increased from RMB 108,300 to RMB 122,010[46] - APaaS revenue grew by 25.8% from RMB 281.4 million in 2023 to RMB 353.9 million in 2024, largely due to enhanced functionalities and scenario-based solutions[54] Operational Efficiency and Cost Management - The company is optimizing its cost structure and enhancing operational efficiency through a comprehensive cost audit, while exploring new revenue sources through partnerships and customized services[25] - The management team has emphasized a focus on operational efficiency, aiming to reduce costs by 8% over the next fiscal year[107] - Sales costs rose by 9.4% from RMB 1,053.7 million in 2023 to RMB 1,153.2 million in 2024, consistent with revenue growth[57] Corporate Governance and Compliance - The company has not faced any penalties or legal actions during the reporting period, ensuring compliance with applicable laws and regulations[131] - The company emphasizes internal controls to prevent bribery and corruption, with regular audits and monitoring procedures in place[96] - The board of directors has approved a new strategic plan that includes diversifying product offerings and enhancing customer engagement strategies[109] Shareholder Information and Stock Options - The total number of shares issued by the company is 1,996,644,474 shares[173] - Major shareholders include Dream Galaxy with 329,861,880 shares (16.52%) and Taobao China with 324,912,456 shares (16.27%)[171] - The total number of unexercised options granted under the pre-IPO share plan is 14,654,577, which represents approximately 0.73% of the company's issued share capital if fully exercised[190] - The company has adopted a post-IPO share option plan approved by shareholders on September 25, 2024[194] Future Outlook - The company has set a future outlook with a revenue guidance of $200 million for the next quarter, indicating a projected growth of 33%[102] - The company aims to expand its business and enhance market penetration of existing products while developing new products to drive growth[138] - The company plans to allocate 38.0% of the net proceeds (approximately HKD 140.5 million) to penetrate and solidify its APaaS business by December 31, 2028[142]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 2025年第一季度報告 鞍鋼股份有限公司（「本公司」或「公 司」）董事會（「董事會」）欣然宣佈本公 司及其子公司截至二零二五年三月三十一日止三個月（「報告期」）根 據《中 國企業會計準則》編 製 的 未 經 審 計 業 績。本 公 告 乃 根 據 香 港 聯 合 交 易 所 有限公司證券上市規則第13.09及13.10B條及香港法例第571章證券及期 貨條例第XIVA部的內幕消息條文作出。 本 公 告 的 內 容 與 於 深 圳 證 券 交 易 所 刊 發 的 公 告 所 載 者 一 致。本 公 告 於 香 港 及 深 圳 同 步 刊 發。 重 要 內 容 提 示： – 1 – 1. 董 事 會、監 事 會 及 董 事、監 事、高 級 管 理 人 員 保 證 季 度 報 告 的 真 實、 準 確、完 整，不 存 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 57.46 billion, representing a 1.92% increase compared to CNY 56.38 billion in the same period last year[9]. - Net profit attributable to shareholders for Q1 2025 was CNY 2.71 billion, up 4.27% from CNY 2.60 billion year-on-year[9]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.31, reflecting a 3.32% increase from CNY 0.30 in the same quarter last year[9]. - Operating profit decreased to RMB 3.08 billion, down 25.00% from RMB 4.11 billion year-on-year[25]. - Net profit attributable to shareholders of the parent company was RMB 2.71 billion, an increase of 4.20% from RMB 2.60 billion in the previous year[26]. - The total equity attributable to shareholders of the parent company was RMB 89.48 billion, up from RMB 86.70 billion year-on-year, reflecting a growth of 3.00%[24]. Cash Flow and Investments - The net cash flow from operating activities was negative CNY 4.65 billion, a significant decrease of 388.24% compared to a positive CNY 1.61 billion in the previous year[9]. - The company's operating cash flow for the current period is -4,645,924,486.64 RMB, a significant decrease compared to 1,611,808,374.28 RMB in the previous period[28]. - Total cash inflow from operating activities decreased to 44,949,280,456.62 RMB from 50,532,315,739.26 RMB year-over-year, representing a decline of approximately 11.5%[28]. - Cash outflow from operating activities increased to 49,595,204,943.26 RMB, up from 48,920,507,364.98 RMB, indicating a rise of about 1.4%[28]. - Investment activities resulted in a net cash outflow of -5,454,228,855.25 RMB, compared to a net inflow of 81,862,651.49 RMB in the previous period[28]. - Cash inflow from investment activities increased significantly to 14,827,337,348.73 RMB from 7,720,541,439.98 RMB, marking an increase of approximately 92.5%[28]. - Cash outflow from investment activities surged to 20,281,566,203.98 RMB, up from 7,638,678,788.49 RMB, reflecting an increase of about 165.5%[28]. - Financing activities generated a net cash inflow of 409,713,231.89 RMB, a turnaround from a net outflow of -2,511,919,069.60 RMB in the previous period[28]. - The company received 2,040,696,647.20 RMB in borrowings during the current period, compared to 517,507,801.53 RMB in the previous period, indicating a substantial increase[28]. - The company reported a total cash inflow of 2,180,055,822.73 RMB from financing activities, up from 575,664,668.89 RMB, representing an increase of approximately 278.5%[28]. Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 353.46 billion, a 2.79% increase from CNY 343.88 billion at the end of the previous year[9]. - Total liabilities rose to RMB 228.32 billion, compared to RMB 221.92 billion in the previous year, marking an increase of 2.00%[24]. - The equity attributable to shareholders increased to CNY 89.48 billion, up 3.21% from CNY 86.70 billion at the end of the previous year[9]. - The company reported a total current assets of ¥191.86 billion, an increase from ¥184.75 billion, representing a growth of approximately 3.0%[22]. Expenses - Management expenses rose by 56.61% to CNY 409.08 million, mainly due to efficiency-related expenses incurred by the subsidiary KION GROUP AG[15]. - The company reported a significant decrease in income tax expenses, down 63.03% to CNY 30.76 million, attributed to reduced contributions from overseas subsidiaries[15]. - Research and development expenses for the quarter were RMB 2.04 billion, slightly down from RMB 2.09 billion in the previous year[25]. - The company reported a decrease in total operating costs to RMB 54.04 billion, down from RMB 52.22 billion in the previous year[25]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 224,105[17]. - The total number of shares held by the top 10 shareholders includes 16.30% by Weichai Holding Group Co., Ltd., equating to 1,422,550,620 shares[17]. - The total number of shares held by foreign shareholders is 22.22%, totaling 1,938,983,635 shares[17]. - The company has not disclosed any significant changes in the relationships or actions among the top shareholders[19]. Inventory and Receivables - The company recorded a 34.61% increase in accounts receivable, reaching CNY 4.16 billion, primarily due to customers settling payments on time[15]. - Accounts receivable increased to ¥41.56 billion, up from ¥30.88 billion, representing a growth of approximately 34.6%[22]. - Inventory rose to ¥36.48 billion, compared to ¥35.68 billion, indicating an increase of about 2.2%[22]. Other Information - The company temporarily suspended the spin-off of its subsidiary Weichai Torch Technology Co., Ltd. for listing on the Growth Enterprise Market[20]. - The company's cash and cash equivalents decreased to ¥62.48 billion from ¥72.07 billion, a decline of approximately 10.5%[22]. - The company's cash and cash equivalents at the end of the period decreased to 45,487,457,018.58 RMB from 70,696,683,312.81 RMB, a decline of approximately 35.6%[28].

Financial Performance - The company's operating revenue for the first quarter was RMB 248,564,203, a decrease of 6.21% compared to RMB 265,011,337 in the same period last year[6] - Net profit attributable to shareholders was RMB 6,025,119, down 19.46% from RMB 7,481,215 year-on-year[6] - The net profit after deducting non-recurring gains and losses was RMB 5,553,117, reflecting a decline of 22.54% from RMB 7,168,617 in the previous year[6] - The basic and diluted earnings per share were both RMB 0.245, a decrease of 15.22% from RMB 0.289[6] - The weighted average return on equity was 1.96%, down from 2.50% year-on-year[6] - Total operating revenue for Q1 2025 was RMB 249.28 billion, a decrease of 6.5% compared to RMB 265.65 billion in Q1 2024[33] - Net profit for Q1 2025 was RMB 6.56 billion, down 18.3% from RMB 8.03 billion in Q1 2024[34] - Operating profit for Q1 2025 was RMB 7.85 billion, a decline of 20% from RMB 9.81 billion in Q1 2024[33] - The company reported a total comprehensive income of RMB 6.38 billion for Q1 2025, compared to RMB 7.95 billion in Q1 2024[35] - Total comprehensive income for Q1 2025 was 1,645,636 thousand RMB, up from 899,645 thousand RMB in Q1 2024, marking an increase of approximately 83.0%[46] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,272,225,394, an increase of 0.70% from RMB 2,256,413,630 at the end of the previous year[8] - Total assets as of March 31, 2025, amounted to RMB 2.27 trillion, an increase from RMB 2.26 trillion at the end of 2024[31] - Total liabilities as of March 31, 2025, were RMB 1.76 trillion, compared to RMB 1.75 trillion at the end of 2024[31] - Total liabilities decreased to CNY 213,438,807 from CNY 241,294,650, reflecting a reduction of 11.5%[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 467,991[13] - The largest shareholder, China Railway Engineering Group Co., Ltd., holds 46.98% of the shares, totaling 11,623,119,890 shares[14] - The largest shareholder, China Railway Engineering Group Co., Ltd., holds 11.459 billion shares of RMB ordinary shares[21] Cash Flow - The net cash flow from operating activities was RMB -77,399,254, compared to RMB -68,065,449 in the same period last year[6] - In Q1 2025, cash inflow from operating activities was CNY 237,632,328, a decrease of 10.6% from CNY 265,972,677 in Q1 2024[37] - Cash outflow from operating activities totaled CNY 315,031,582, down 5.7% from CNY 334,038,126 in the previous year[37] - Cash inflow from investment activities was CNY 7,504,328, significantly higher than CNY 3,078,835 in Q1 2024, marking a 144.5% increase[38] - Cash outflow from investment activities increased to CNY 18,268,761 from CNY 15,689,011, representing a 16.4% rise[38] - The net cash flow from investment activities was -CNY 10,764,433, an improvement from -CNY 12,610,175 in the same quarter last year[38] - Cash inflow from financing activities reached CNY 68,011,381, up 27.5% from CNY 53,358,828 in Q1 2024[38] - The net cash flow from financing activities was CNY 28,687,962, a decrease of 20.5% compared to CNY 36,071,534 in Q1 2024[38] Contract Information - In Q1 2025, the company achieved a new contract amount of RMB 560.1 billion, a year-on-year decrease of 9.9%[20] - Domestic business new contracts amounted to RMB 494.4 billion, down 13.6% year-on-year, while overseas contracts increased by 33.4% to RMB 65.7 billion[23] - The company has a total of 72.341 trillion RMB in uncompleted contracts, reflecting a 5.1% increase from the previous year[20] Research and Development - Research and development expenses for Q1 2025 were RMB 3.15 billion, a decrease of 9.2% from RMB 3.47 billion in Q1 2024[33] - Research and development expenses for Q1 2025 were 358 thousand RMB, a decrease from 1,319 thousand RMB in Q1 2024, indicating a reduction in R&D investment[45] Profitability Metrics - The comprehensive gross profit margin was 8.61%, a decrease of 0.12 percentage points compared to the previous year[24] - Infrastructure construction revenue was RMB 216.796 billion, down 7.99% year-on-year, with a gross margin of 7.13%[25] - The company reported a significant increase in asset management revenue, which rose by 123.7% to RMB 26.96 billion[23] - Investment income for Q1 2025 significantly rose to 2,114,490 thousand RMB from 364,453 thousand RMB in Q1 2024, showing a substantial increase of about 480.5%[45] - The company incurred financial expenses of 754,042 thousand RMB in Q1 2025, down from 794,873 thousand RMB in Q1 2024, reflecting a decrease of approximately 5.1%[45]

Financial Performance - Revenue for the year ended 31 December 2024 was US$6,394,000, a decrease of 12.9% compared to US$7,338,000 in 2023[12] - Gross profit increased to US$2,904,000 in 2024, up 15% from US$2,524,000 in 2023[12] - Loss for the year narrowed to US$9,459,000 in 2024, compared to a loss of US$74,968,000 in 2023, representing an improvement of 87.4%[12] - Revenue for the year was approximately US$6.4 million, down from approximately US$7.3 million in 2023, primarily due to a decrease in trading business, particularly in AI products[38] - The Group recorded a loss of approximately $9.5 million for the year ended December 31, 2024, compared to a loss of approximately $75.0 million in 2023, resulting in a loss per share of about $0.10[41] - Gross profit increased from approximately $2.6 million in 2023 to approximately $2.9 million in 2024, mainly driven by higher broadcasting service income[44] - Administrative expenses decreased significantly from approximately $3.0 million in 2023 to approximately $0.9 million in 2024 due to cost control measures[45] - The impairment loss on intangible assets for the year was approximately $4.8 million, down from approximately $20.2 million in 2023, reflecting a reassessment of recoverable amounts[62] Assets and Liabilities - Non-current assets decreased to US$29,141,000 in 2024 from US$34,763,000 in 2023, a decline of 16.5%[12] - Total assets fell to US$36,393,000 in 2024, down 18.7% from US$44,785,000 in 2023[12] - Total liabilities increased slightly to US$12,734,000 in 2024 from US$11,666,000 in 2023, an increase of 9.1%[12] - Net assets decreased to US$23,659,000 in 2024, down 28.5% from US$33,119,000 in 2023[12] - Current assets amounted to approximately US$7.3 million as of December 31, 2024, down from approximately US$10.0 million in 2023[70] - Current liabilities increased to approximately US$3.1 million as of December 31, 2024, compared to approximately US$2.7 million in 2023, with a current ratio of approximately 2.33[71] - Convertible notes amounted to approximately US$9.6 million as of December 31, 2024, up from approximately US$8.9 million in 2023, with a gearing ratio of approximately 26.4%[77] Strategic Focus and Market Position - The company is focusing on next-generation data distribution leveraging satellite broadcasting technology, indicating a strategic shift towards digitalisation and connectivity[16] - The board expresses optimism about the transformative potential of satellite technology in global data distribution[16] - The company aims to enhance its market position through innovative solutions in the rapidly evolving digital landscape[16] - The Company is focused on leveraging satellite technology to provide high-speed internet and real-time data transmission, particularly benefiting emerging markets[21] - The integration of satellite technology with AI, 5G, and edge computing is expected to create new opportunities in sectors like agriculture and disaster management[22] - The Group aims to diversify its trading business in the technology sector to adapt to the changing marketplace[19] - The Company is exploring alternative use cases for its satellite platform, including renting out spare satellite capacity and providing satellite-related services[36] - The Group's trading business is committed to expanding its product offerings, particularly in high-tech components and connectivity devices[28] - The satellite infotainment service is expected to enhance multimedia experiences and support smart city projects[35] Corporate Governance - The Company has adopted corporate governance practices that align with or are more restrictive than the requirements set out in the Corporate Governance Code[138] - The Company aims to establish good corporate governance practices to ensure transparency and accountability to shareholders[137] - The Board monitors the development and financial performance of the Group's business and sets strategic directions[145] - Daily operations and administration are delegated to the executive Directors and management of the Company[146] - The Board reserves matters such as material investment decisions and approving financial statements for its approval[146] - The Company believes effective corporate governance is essential for creating more value for shareholders[137] - The Company has established three Board committees to assist in the execution of its duties and facilitate effective management[166] Board Composition and Meetings - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[120] - A total of 9 Board meetings were held during the year, with Mr. WONG Chau Chi attending all 9 meetings[153] - The Audit Committee held 2 meetings during the year ended December 31, 2024, with all members attending both meetings[172] - The Nomination Committee held 1 meeting during the year ended December 31, 2024, with all members attending[178] - The Nomination Committee reviewed the structure, size, and composition of the Board, including diversity policy, and made recommendations for changes to align with the Company's corporate strategy[180] Employee and Operational Insights - The average number of employees decreased to approximately 17 for the year ended December 31, 2024, down from approximately 22 in 2023, with staff costs totaling approximately US$0.6 million[90] - Employee costs for the group were approximately $0.6 million for the year ending December 31, 2024, compared to $2.3 million in 2023[96] - The group is actively exploring other business opportunities and diversifying its revenue sources to provide better returns for shareholders[98] Future Outlook - The Company expresses gratitude to its staff, shareholders, customers, and business partners for their support and aims to create greater value in 2025[20] - The Group plans to continue working on regulatory approvals and commercial service roll-out in China and other ASEAN markets to explore potential uses of unutilized satellite capacity[59] - The demand for high-quality printed circuit boards (PCBs) is increasing due to the proliferation of IoT, smart devices, and consumer electronics[102] - Emerging markets represent a promising area for growth in satellite solutions, with regulatory support fostering collaboration between public and private sectors[110]

Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately HK$38.9 million, a decrease of approximately 41.4% compared to HK$66.3 million in 2023[8]. - Gross profit for the year was approximately HK$11.2 million, representing a decrease of approximately 26.0% from HK$15.2 million in 2023[9]. - The Group reported a net loss of approximately HK$45.5 million, primarily due to a provision for expected credit loss of approximately HK$27.0 million[9]. - Revenue from the trading of used computer-related components, clothes, and beauty products was HK$26.9 million, with a net loss of HK$5.8 million for that segment[25]. - The decline in revenue was attributed to unfavorable macroeconomic conditions and ongoing geopolitical tensions affecting consumer purchasing power[21]. Loan and Credit Management - Interest income from the money lending business was approximately HK$11.8 million for the year[10]. - The total outstanding loan receivables amounted to approximately HK$91.7 million, with an interest rate of 8-10%[31]. - The largest borrower and the top five borrowers accounted for approximately HK$9.6 million and HK$37.8 million, representing about 10.5% and 41.2% of the total loan receivables, respectively[38]. - The loan portfolio consists of 40 borrowers, including 3 corporate borrowers and 37 personal borrowers[38]. - The expected credit loss (ECL) for loan receivables resulted in an impairment loss of approximately HK$34.8 million due to certain receivables being transferred from stage 2 to stage 3[46]. - The company has developed a credit policy and procedures manual for its money lending business, which includes credit risk assessment prior to loan approval[48]. Capital and Shareholder Information - The authorized share capital of the company as of December 31, 2024, was HK$600 million, divided into 100 billion shares of HK$0.006 each[49]. - The issued share capital as of December 31, 2024, was HK$9.23 million, comprising 1.54 billion shares of HK$0.006 each, with no changes during the year[50]. - The Board does not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with 2023[88]. - There were no material acquisitions or disposals of subsidiaries and associated companies during the year ended December 31, 2024[85]. Financial Assets and Investments - As of December 31, 2024, the total market value of financial assets at fair value through profit or loss (FVTPL) was approximately HK$80.9 million, an increase from HK$78.3 million in 2023[67]. - The Group recognized an unrealized gain on financial assets at FVTPL of approximately HK$0.5 million for the year ended December 31, 2024, compared to an unrealized loss of approximately HK$6.6 million in 2023[68]. - The Group incurred realized losses on financial assets at FVTPL of approximately HK$8.9 million for the year ended December 31, 2024, compared to realized losses of approximately HK$0.2 million in 2023[68]. - The total amount utilized from the net proceeds as of December 31, 2024, was HK$20.3 million[61]. - Approximately HK$18.3 million of the net proceeds remained unutilized as of the last reporting period[63]. Corporate Governance - The company has a commitment to high standards of corporate governance practices and procedures, emphasizing quality board leadership and sound internal controls[109]. - The company applied the principles set out in the Corporate Governance Code during the year ended December 31, 2024, ensuring compliance with the Listing Rules[110]. - The Board is responsible for promoting the company's success by providing leadership and supervising the control of the business[111]. - The Company has maintained a high level of corporate governance practices and procedures, adhering to the Listing Rules and Corporate Governance Code[113]. - The Company has conducted a review of its corporate governance mechanisms for the year ended December 31, 2024, and found them effective in providing independent views[121]. Risk Management - The Board is responsible for maintaining effective risk management and internal control systems to safeguard shareholders' interests and the Company's assets[173][176]. - An external consultant reviewed the internal control system and risk management during the year ended December 31, 2024, with no significant areas of concern identified[181]. - The risk management framework is designed to manage risks in line with the Group's risk appetite, providing reasonable assurance against material misstatement or loss[179][182]. - The Group's risk management policy outlines the process for identifying, evaluating, and managing principal risks affecting the business[175]. - The Group's risk management and internal control system is designed to manage risks rather than eliminate them, ensuring reasonable assurance against material misstatements[183]. Employee and Board Composition - The Group had 12 employees as of December 31, 2024, compared to 11 employees in 2023, with a gender ratio of approximately 83% male to 17% female[86]. - The current Board consists of five members, including one female Director, promoting diversity in gender, skills, and experience[162]. - The Nomination Committee assesses the independence of all Independent Non-Executive Directors annually to ensure they can exercise independent judgment[119]. - Continuous professional development is mandated for all Directors to keep their knowledge and skills updated[124]. - The Company actively seeks to increase the proportion of female Board members and maintains a list of qualified female candidates[162].