Financial Performance - Total operating revenue for 2024 reached ¥69.70 billion, a 14.86% increase from ¥60.68 billion in 2023[14]. - Net profit attributable to shareholders decreased by 17.70% to ¥2.92 billion from ¥3.55 billion in 2023[14]. - Basic earnings per share fell to ¥0.94, down 17.54% from ¥1.14 in 2023[15]. - Cash flow from operating activities showed a significant improvement, reaching ¥10.06 billion compared to a negative cash flow of ¥3.50 billion in 2023[14]. - Total assets increased by 17.26% to ¥142.01 billion from ¥121.11 billion in 2023[14]. - The total profit for the year was RMB 3.884 billion, a decrease of 3.04% compared to the previous year[25]. - The company achieved new effective orders amounting to RMB 101.142 billion, representing a year-on-year growth of 16.88%[26]. - The company recorded non-recurring gains of ¥941.65 million in 2024, compared to ¥974.58 million in 2023[22]. Dividend and Shareholder Information - The board of directors proposed a cash dividend of RMB 4.03 per 10 shares for the 2024 fiscal year, down from RMB 4.75 in 2023, totaling approximately RMB 1.37 billion based on the total share capital of 3,390,360,326 shares[1]. - The company has no plans for capital reserve transfers or stock dividends for the 2024 fiscal year[1]. - The company held a total of 9 supervisory board meetings in 2024, discussing key proposals including the 2024 annual budget and 2023 financial statements[160]. - The company held 4 shareholder meetings during the reporting period, ensuring transparency and fairness in decision-making processes[176]. Corporate Governance - The company operates under the governance of the Company Law of the People's Republic of China and adheres to the corporate governance code[8]. - The board of directors consists of 7 members, including 3 independent non-executive directors, and held 13 meetings during the reporting period[177][179]. - The supervisory board comprises 3 members, including 2 shareholder representatives and 1 employee representative, and held 5 meetings during the reporting period[179]. - The company has established a performance evaluation mechanism for senior management, linking their compensation to company performance and individual responsibilities[180]. - The company is committed to maintaining high corporate governance standards and has adopted all applicable provisions of the Corporate Governance Code[183]. Research and Development - The company maintained a research and development expenditure intensity of over 5%[25]. - In 2024, the company invested RMB 3.816 billion in R&D, accounting for over 5.56% of its operating revenue, and added 507 new effective patents[40]. - The company achieved significant technological milestones, including the successful ignition of the first domestically developed 15 MW heavy gas turbine and the commissioning of the world's largest 26 MW offshore wind turbine[40]. - Research and development expenses grew by 9.44% year-on-year to RMB 3.01 billion, reflecting increased investment in R&D[51]. Market and Industry Position - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[26]. - The company has established a two-tier marketing system that enhances its domestic and international market presence, with ongoing expansion of overseas marketing institutions[43]. - The company maintains a diverse industrial structure, with a focus on six energy sectors: wind, solar, hydro, nuclear, gas, and coal, ensuring a robust support from traditional industries and strong momentum in emerging sectors[41]. Financial Health and Investments - The company's cash and cash equivalents reached RMB 26,855,949,069.93, representing 18.91% of total assets, a 56.78% increase compared to the previous period[97]. - The company reported a net cash flow from financing activities of RMB 1.09 billion, compared to a negative cash flow of RMB 497.10 million in the previous year[57]. - Long-term borrowings increased by 56.65% to CNY 2,167,176,895.80, making up 1.53% of total assets[100]. - The company has invested in several new energy companies, indicating a strategic focus on expanding its renewable energy portfolio[79]. Risk Management - The company plans to strengthen risk management by implementing a comprehensive risk control system across various business areas[126]. - The company faces significant international operational risks due to geopolitical tensions and global economic challenges, impacting its overseas market expansion efforts[130]. - The company has identified a need for risk identification and prevention in sensitive countries and regions as part of its international strategy[130]. Social Responsibility - The company donated approximately RMB 25.90 million in charitable contributions during the reporting period, an increase from RMB 24.27 million in the previous year[153]. - The company emphasizes the protection of stakeholder rights and social responsibility, aiming for a balance of interests among shareholders, employees, and society[179].

Financial Performance - Operating income for Q1 2025 was RMB 2,584,202,662.39, a slight decrease of 0.02% compared to the same period last year[9] - Net profit attributable to shareholders increased significantly to RMB 104,274,617.91, a 102.68% increase from a loss of RMB 3,896,784,834.74 in the previous year[9] - Basic and diluted earnings per share both improved to RMB 0.06, compared to a loss of RMB 2.38 per share in the previous year, marking a 102.52% increase[9] - The company reported a weighted average return on net assets of 0.25%, an increase of 8.10 percentage points from -7.85% in the previous year[9] - Net profit attributable to shareholders of the listed company reached RMB 104,274,617.91, a significant increase of 102.68% compared to the same period last year, primarily due to improved pricing mechanisms and production efficiencies[17] - Operating profit for the current period is RMB 1,100,883,108.53, a significant recovery from a loss of RMB 514,352,993.81 in the previous period[64] - Net profit for the current period is RMB 782,455,346.90, compared to a net loss of RMB 830,556,320.98 in the previous period[64] - Total comprehensive income for the current period is RMB 584,877,079.90, a recovery from a loss of RMB 1,308,893,450.16 in the previous period[65] Cash Flow - Net cash flow from operating activities decreased by 69.73% to RMB 951,681,250.98 compared to RMB 3,144,368,451.35 in the same period last year[9] - Cash flows from operating activities for the current period amounted to $3,103,880,601.86, a decrease of 39.5% compared to $5,132,392,861.34 in the previous period[70] - Cash received from sales of goods and services decreased to $2,737,470,742.39, down 43.2% from $4,824,974,160.43 in the previous period[70] - Cash paid relating to other operating activities increased to $197,165,652.52, compared to $53,222,959.21 in the previous period[70] - The net increase in cash and cash equivalents for the current period was $2,410,600,003.53, compared to a decrease of $215,481,874.28 in the previous period[71] Assets and Liabilities - Total assets as of March 31, 2025, were RMB 71,931,625,849.86, reflecting a 4.74% increase from RMB 68,677,871,984.34 at the end of the previous year[11] - Current assets totaled RMB 15,000,465,481.68 as of March 31, 2025, compared to RMB 12,850,243,193.46 at the beginning of the period[54] - Total liabilities grew to RMB 22,534,040,072.55 from RMB 19,495,531,711.56, marking an increase of 15.6%[58] - Long-term loans increased significantly to RMB 13,259,882,056.08 from RMB 11,203,447,996.55, a rise of 18.36%[58] - Shareholders' equity attributable to the company decreased slightly to RMB 41,793,269,584.02 from RMB 41,892,509,035.40, a decline of 0.24%[59] Shareholder Information - At the end of the reporting period, the total number of ordinary shareholders was 288,280 for A shares and 44 for H shares[26] - Chengdu Tianqi Industrial (Group) Co., Limited holds 25.37% of shares, making it the largest shareholder[26] - HKSCC Nominees Limited is the second-largest shareholder with a 10.00% stake[26] - The top ten shareholders collectively hold significant stakes, with the largest shareholder holding over 416 million shares[30] Investment and Projects - The estimated total investment for the Train II Battery-grade Lithium Hydroxide Project was AUD328 million, equivalent to approximately RMB1.709 billion[44] - The Company decided to cease the investment and construction of the Train II Battery-grade Lithium Hydroxide Project based on the latest economic feasibility analysis[47] - The decision to cease the project is aimed at reducing investment risks and improving operational efficiency[51] Incentive Schemes - The company plans to grant a total of 467,966 restricted shares under the A Share Restricted Share Incentive Scheme, representing 0.0285% of the total share capital of 1,641,221,583 shares[36] - The initial grant will consist of 459,766 shares, accounting for approximately 98.2% of the total restricted shares to be granted[38] - The grant price for both the initial and reserved restricted shares is set at RMB 16.71 per share[38] - The company has implemented a restricted stock incentive plan to enhance employee motivation and retention[34]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenues of 109,067 thousand Thai Baht, a significant decrease from 484,762 thousand Thai Baht in 2023, representing an 77.5% decline[3] - The gross profit for 2024 was 23,999 thousand Thai Baht, with a gross profit margin of 22.0%, compared to a gross profit of 88,885 thousand Thai Baht and a margin of 18.3% in 2023[3] - The company recorded a net loss attributable to shareholders of 286,080 thousand Thai Baht for 2024, compared to a profit of 7,894 thousand Thai Baht in 2023, indicating a shift from profitability to a loss[3] - Total revenue for the fiscal year 2024 decreased by approximately 77.5% to about 109.1 million THB from approximately 484.8 million THB in fiscal year 2023[17] - Gross profit for fiscal year 2024 was approximately 24.0 million THB, representing a gross margin of 22.0%, compared to 88.9 million THB and 18.3% in the previous year[18] - Platt Finserve recorded a significant net loss of 204.9 million THB in fiscal year 2024, worsening from a net loss of 42.1 million THB in fiscal year 2023[28] - The company recorded a net loss of approximately 286.1 million THB for the fiscal year 2024, compared to a net profit of about 7.9 million THB in fiscal year 2023[31] Asset and Liability Changes - Total assets decreased to 1,236,986 thousand Thai Baht in 2024 from 1,634,253 thousand Thai Baht in 2023, reflecting a 24.3% decline[4] - Current assets decreased from approximately 934.4 million THB on December 31, 2023, to about 844.7 million THB on December 31, 2024, primarily due to a reduction in contract assets by approximately 129.8 million THB[33] - Current liabilities decreased to approximately 660.4 million THB on December 31, 2024, from about 682.3 million THB on December 31, 2023, mainly due to a reduction in bank and other borrowings by approximately 72.7 million THB[34] - Non-current assets decreased to approximately 392.3 million THB on December 31, 2024, from about 699.9 million THB on December 31, 2023, primarily due to a decrease in trade receivables by approximately 204.6 million THB[36] - Non-current liabilities decreased to approximately 212.2 million THB on December 31, 2024, from about 474.4 million THB on December 31, 2023, mainly due to a reduction in non-current trade payables by approximately 201.0 million THB[37] - The company's equity decreased from approximately 477.5 million THB on December 31, 2023, to about 364.4 million THB on December 31, 2024, due to total comprehensive expenses of approximately 285.7 million THB for the fiscal year[39] Impairment and Expenses - A total impairment of 223.9 million Thai Baht was recognized due to a review of trade receivables and contract costs for the fiscal year 2024[12] - The company recognized an impairment loss of 223.9 million THB, including project cost impairments and trade receivables related to Platt Finserve Company Limited[23] - An impairment loss of 76.8 million THB was recognized for the system project costs due to delays in new projects and the system being deemed obsolete[24] - Selling and distribution expenses for fiscal year 2024 were approximately 5.8 million THB, a decrease of 3.9 million THB compared to the previous year, primarily due to reduced salaries in the sales department[20] - Administrative expenses for fiscal year 2024 were approximately 55.4 million THB, remaining relatively stable year-on-year despite an increase in professional fees[21] - Financial costs for fiscal year 2024 increased by approximately 2.1 million THB to about 41.7 million THB, mainly due to higher interest expenses from loans[22] Strategic Initiatives and Acquisitions - The company acquired a 60% stake in Jiangsu Weina Semiconductor Co., Ltd. to diversify its business, aiming to become a leading manufacturer and distributor of lab-grown diamonds in China[8][13] - The company acquired a 60% stake in Jiangsu Weina Hongxin Semiconductor Co., Ltd. for RMB 1.00, with the target company aiming to become a leading manufacturer and distributor of lab-grown diamonds in China[46] Economic and Market Conditions - The Thai economy grew by 2.5% in 2024, up from 2.0% in 2023, which is expected to improve further in 2025, providing a stable macroeconomic environment for the company[8][15] - The company faced project delays as some major clients postponed significant new projects from 2024 to 2025, impacting revenue for the fiscal year[12][13] - The company remains cautiously optimistic about the major new projects scheduled for 2025, believing they will positively impact future revenues[13] Corporate Governance - The company has adopted corporate governance principles and codes as a benchmark for its governance practices, ensuring compliance with applicable regulations[75] - The board of directors is committed to maintaining high standards of corporate governance to enhance shareholder value and improve transparency and accountability[74] - The company has confirmed compliance with the standard code of conduct for securities trading throughout the year, with no reported violations by employees[78] - The board of directors is responsible for overseeing the company's business, strategic decisions, and performance, acting in the best interests of the company[79] - The company has established a balance of power within the board, ensuring that the roles of chairman and CEO are not held by the same individual, although an exception was made for strategic continuity[75] - The company has a dedicated financial advisory consultant with extensive experience in mergers and acquisitions, enhancing its strategic decision-making capabilities[64] - The company has a strong management team with over 29 years of IT industry experience, contributing to its operational effectiveness[61] - The company has implemented a review process for its corporate governance structure to ensure it meets stakeholder expectations and regulatory requirements[76] - The company has a commitment to ethical business practices, which is essential for improving overall performance and maintaining shareholder trust[73] - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience necessary for effective leadership and independent decision-making[82] Shareholder Relations - The company has established a shareholder communication policy to ensure that shareholder concerns are addressed appropriately[139] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations[138] - The company is focused on maximizing shareholder returns by concentrating on core business for sustainable profit growth[146] Risk Management - The company recognizes major risks including reliance on key customer contracts and potential project execution discrepancies[148] - The company maintains a strong relationship with major clients, including Thai financial institutions and government agencies[146] - The company has established an internal audit function to assess the effectiveness of risk management and internal control systems[120] - The board confirmed its responsibility for risk management and internal control systems, ensuring they are effective and adequate[115] Employee and Labor Relations - The group had a labor cost of approximately THB 41.6 million, representing 38.2% of the group's revenue for the year ending December 31, 2024[50] - The group had 56 employees as of December 31, 2024, a decrease from 60 employees in 2023[50] Dividend Policy - The company did not declare any dividends for the year ending December 31, 2024, consistent with 2023[53] - The company has adopted a dividend policy that allows for the declaration of dividends based on financial health and operational needs, with no dividends recommended for the year ending December 31, 2024[130] - The board will consider various factors, including financial condition and future cash needs, when deciding on dividend payments[127] Audit and Compliance - The company's financial statements for the year have been audited by Yongtuo Fuxin Accounting Firm, which will resign at the annual general meeting but is eligible and willing to be re-elected[199] - A resolution to reappoint Yongtuo Fuxin Accounting Firm as the company's auditor will be presented for shareholder approval at the annual general meeting[199] - The audit committee reported no significant deficiencies in the internal control procedures, indicating a robust financial and operational framework[117]

Company Overview - The company is a leading and rapidly growing home meal products brand in China, focusing on ready-to-eat, ready-to-heat, and ready-to-cook products, particularly hotpot and barbecue items [3]. - The product portfolio includes eight categories: hotpot products, barbecue products, beverages, solo-dining meals, ready-to-cook meal kits, fresh produce, western cuisines, and snacks [4]. - Revenue is primarily derived from sales to franchisees, with no reliance on franchise fees, indicating a strong franchise business model [5]. - The company aims to become the go-to brand for dining at home in China, targeting diverse consumer needs across urban and remote areas [10]. - The company is well-positioned to capture significant growth potential in China's home meal products market [4]. Operational Efficiency - The management emphasizes high-quality food ingredients and operational efficiency from production to retail sales, ensuring product quality and safety [8]. - The company leverages a robust supply chain and digital management system to enhance operational efficiency [6]. - The extensive network of community-based stores supports the company's strategy to provide affordable meal options to consumers [3]. - The Group is committed to providing "tasty, convenient and value-for-money" one-stop home meal solutions while enhancing digitalization capabilities and supply chain efficiency [26]. - The Group's operational measures in 2024 are designed to consolidate store operation capabilities and enhance overall efficiency [27]. Market Expansion and Strategy - Future strategies may include further market expansion and product diversification to meet evolving consumer preferences [4]. - The company is focused on expanding its market presence in the PRC, excluding Hong Kong, Macau, and Taiwan [19]. - The Group plans to expand its sales network into low-tier markets, enhancing market penetration and capturing more market share [68][70]. - The Group aims to cultivate entrepreneurial franchisees and enhance their sales growth through a diversified product portfolio and online sales channels [69]. - The Group intends to explore overseas markets, initially targeting regions like Hong Kong and Southeast Asia to enhance global recognition and sales growth [79]. Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of RMB 6,469.8 million, representing an increase of 6.2% over the last year [33]. - The Group achieved a gross profit of RMB 1,416.8 million, with a gross profit margin of 21.9%, an increase of 4.9 percentage points compared to the previous year [33]. - The net profit for the year was RMB 241.2 million, reflecting a decrease of approximately 8.4% compared to the previous year [33]. - Revenue from sales of meal products and related products accounted for 97.6% of total revenue in 2024, increasing by approximately 6.3% from RMB 5,940.5 million in 2023 to RMB 6,312.2 million in 2024 [88]. - The Group's profit for the year decreased from RMB 263.4 million in 2023 to RMB 241.2 million in 2024, reflecting a decline in profit attributable to owners of the parent [84]. Product Development - The Group launched 412 new SKUs related to hot pot and barbecue, enriching its product matrix to cater to diverse consumer preferences [32]. - The Group's strategic focus on optimizing product mix and enhancing store operations has been pivotal in adapting to changing consumer behaviors [45]. - R&D investment will be increased to optimize existing products and create new offerings with a high quality-price ratio, responding to consumer feedback [78]. - The Group's supply chain advantages and product strength are key to realizing brand value and market success [28]. - The Group continues to upgrade and innovate store formats in preparation for future development [27]. Digital and Online Sales - The company has developed online sales channels, including the Guoquan APP and partnerships with third-party delivery platforms like Meituan and Ele.me, enhancing consumer reach [6]. - The Group's online sales networks, including the Guoquan APP and Douyin, achieved over 6.21 billion exposures in 2024, with specific hotpot sets generating sales exceeding RMB 500 million [54]. - The Group will continue to innovate its sales channels, leveraging platforms like Douyin and WeChat mini-programs to reach consumers and expand its member base [74]. - The Group's membership system and product portfolio optimization are aimed at improving operational efficiency and establishing a comprehensive network of instant retail stores [27]. - The Group's omni-channel sales network has established the largest one-stop home meal products retail store network in China, improving brand awareness and consumer insights [42]. Corporate Governance and Management - The company adheres to the Corporate Governance Code as set out in the Listing Rules [19]. - The company has a controlling shareholder structure that includes multiple entities and individuals [20]. - The management team is focused on strategic business planning and market expansion, with Mr. Liu Zhengzheng involved in evaluating major decisions [166]. - The board comprises members with diverse backgrounds in finance, law, and catering, ensuring comprehensive oversight and strategic direction [186]. - The independent directors are responsible for supervising the board and providing independent judgment to enhance corporate governance [180]. Future Outlook - Looking ahead, the Group aims to consolidate its market leadership by exploring market potential and innovating in store operations and membership strategies [35]. - The Group's strategic focus on AI technology innovation is expected to drive opportunities for industry transformation [26]. - The company is committed to continuous improvement in its financial strategies and operational efficiency [190]. - The management team is actively pursuing professional development to enhance their skills and knowledge in the industry [193]. - The company aims to leverage its experienced team to drive growth and market expansion in the coming years [192].

Business Operations - Asiaray Media Group Limited operates in nearly 40 cities across Greater China, focusing on mega transport advertising media management[10]. - The company has exclusive concession rights for 35 metro lines and 22 airports as of January 6, 2025[16]. - Asiaray upgraded the traditional advertising panel at Mong Kok New Town Mall to a naked-eye 3D LED, enhancing audience engagement with high-definition visuals[43]. - The company is the exclusive advertising operator for Singapore's Thomson-East Coast Line, the first cross-border metro line in Southeast Asia, and plans to invest more resources to enhance its exposure in Singapore[45]. - Exclusive concession rights for Shenzhen Metro media resources have increased to 9 metro lines, expanding its advertising reach[49]. - The company emphasizes a space management approach, creating value for advertising customers, media resource owners, and passengers[17]. - Asiaray's strategic focus includes enhancing capabilities in mega transport advertising solutions to serve the Greater China region[81]. Financial Performance - The group's consolidated revenue for 2024 reached RMB 1,608.8 million, a significant increase from RMB 1,062.2 million in 2023, representing a growth of approximately 51.5%[65]. - Earnings before interest, tax, depreciation, and amortization (EBITDA) for 2024 were RMB 838.3 million, up from RMB 593.2 million in 2023, indicating a growth of about 41.3%[67]. - Revenue breakdown by operating segment shows that airport revenue was RMB 519.4 million in 2024, compared to RMB 358.3 million in 2023, reflecting a growth of approximately 45%[69]. - Metro lines and billboards generated revenue of RMB 503.9 million in 2024, an increase from RMB 399.6 million in 2023, marking a growth of around 26%[69]. - The bus and other business segment reported revenue of RMB 585.5 million in 2024, up from RMB 311.4 million in 2023, which is a substantial increase of approximately 87.7%[69]. - Asiaray reported a profit of RMB 10.4 million for the year ended December 31, 2024, a turnaround from a loss of RMB 9.9 million in 2023[84]. - The Group's DOOH+ platform generated approximately 20% of total revenue, highlighting its significance in the overall business strategy[78]. Awards and Recognition - The company was awarded the "Standard Chartered Corporate Achievement Awards 2024" for "Sustainable Corporate (Social Responsibility) - Outstanding Award," highlighting its commitment to corporate social responsibility[54]. - Asiaray received the "SGGXHIS" Level 1 Digital Advertising Enterprise certification, recognizing its digital transformation capabilities, which is unique in the industry[54]. - The company won a total of 16 awards at various advertising events, including 5 Gold Awards, 3 Silver Awards, and 7 Bronze Awards, showcasing its excellence in media campaigns[58]. - The innovative Mother's Day campaign transformed a transportation hub into an AI photo experience zone, winning 15 awards, including the Grand Award at The Spark Awards 2024[78]. - The Group's innovative O&O New Media Strategy earned 45 accolades for its campaigns, showcasing its commitment to creativity and efficiency in advertising[98]. Corporate Social Responsibility - The company is committed to social responsibility and community engagement, enhancing its corporate image[2]. - The eighth Lam Kwun King Memorial Library was completed in Nanyang, Henan, as part of the company's ongoing public welfare activities aimed at promoting children's healthy growth[52]. - The company aims to strengthen its charitable initiatives and community engagement through its leadership's involvement in various organizations[156][162]. Leadership and Governance - Mr. Lam Tak Hing, the CEO, has been with the company since May 2014 and is responsible for overall strategic planning and development[154]. - The company has a strong leadership team with diverse backgrounds in finance and management, enhancing its strategic capabilities[156][160]. - The leadership team includes members with significant experience in both local and international markets, which is expected to drive growth[162][164]. - The Company has adopted the principles and code provisions set out in the Corporate Governance Code (CG Code) contained in Appendix C1 to the Listing Rules[185]. - The Board is responsible for formulating the Group's long-term strategy and development plan, deciding major financial and capital projects, and reviewing internal control and risks[187]. - The Company emphasizes the importance of good corporate governance in balancing the interests of shareholders, customers, and employees[184]. Operational Challenges and Adjustments - The Group's revenue declined to RMB1,069.2 million for the Year, down from RMB1,608.8 million in 2023, due to a decrease in media resource inventory from optimization initiatives[88]. - The Group's cash and cash equivalents, including restricted cash, were RMB232.5 million as of December 31, 2024, down from RMB390.8 million in 2023[89]. - The Group focused on enhancing operational efficiency by divesting underperforming media resources and reacquiring high-potential media resources on favorable terms[86]. - The Group's revenue decreased from RMB1,608.8 million to RMB1,069.2 million, representing a year-on-year decline of 33.5% due to project terminations[109]. - Airports segment revenue fell by 31.0% from RMB519.4 million in 2023 to RMB358.3 million in 2024, primarily due to slower-than-expected economic recovery in Mainland China[114]. - The cost of revenue decreased by RMB494.4 million, or 39.3%, from RMB1,256.9 million in 2023 to RMB762.5 million in 2024, in line with the revenue decline[116]. Employee and Financial Metrics - The Group had bank borrowings totaling RMB355.4 million as of December 31, 2024, with RMB251.8 million repayable within one year[137]. - The total salaries and related costs for the years ended December 31, 2024 and 2023 amounted to RMB194.6 million and RMB223.7 million, respectively[151]. - As of December 31, 2024, the Group has a total of 579 employees, comprising 274 male and 305 female employees, indicating a balanced gender ratio[199].

Financial Performance - The operating revenue for the first quarter reached CNY 57.96 billion, representing a year-on-year increase of 20.05% compared to CNY 48.27 billion in the same period last year[9]. - Net profit attributable to shareholders of the listed company was CNY 11.69 billion, a significant increase of 73.12% from CNY 6.76 billion in the previous year[9]. - The net cash flow generated from operating activities was CNY 15.06 billion, reflecting a 69.49% increase from CNY 8.86 billion year-on-year[9]. - Basic earnings per share rose to CNY 0.74, marking a 76.19% increase compared to CNY 0.42 in the same period last year[9]. - The company reported a net profit from non-recurring gains and losses of CNY 11.64 billion, reflecting a 73.14% increase from CNY 6.72 billion in the previous year[9]. - Total operating revenue for Q1 2025 reached ¥57.96 billion, a significant increase from ¥48.28 billion in Q1 2024, representing a growth of approximately 20.5%[43]. - Net profit for Q1 2025 was ¥13.23 billion, compared to ¥7.68 billion in Q1 2024, reflecting a growth of approximately 72.5%[44]. - Total comprehensive income for Q1 2025 reached CNY 13.24 billion, compared to CNY 7.78 billion in Q1 2024, representing a 70.5% increase[46]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 509.61 billion, an increase of 2.44% from CNY 497.47 billion at the end of the previous year[9]. - Total liabilities as of March 31, 2025, were ¥213.87 billion, slightly up from ¥212.41 billion at the end of 2024, indicating a marginal increase of 0.7%[39]. - The total non-current assets increased to ¥298.70 billion as of March 31, 2025, from ¥291.36 billion at the end of 2024, marking a growth of approximately 2.5%[37]. - The total assets as of March 31, 2025, amounted to ¥509.61 billion, an increase from ¥497.47 billion as of December 31, 2024, showing a growth of about 2.3%[40]. Shareholder Information - Equity attributable to shareholders of the listed company increased to CNY 244.13 billion, up 4.03% from CNY 234.67 billion at the end of the previous year[9]. - The total shareholding of China Ocean Shipping Group, including direct and indirect holdings, is approximately 44.84% of the total share capital as of March 31, 2025[21]. - The company plans to repurchase between 50 million to 100 million A-shares at a price not exceeding RMB 14.83 per share[22]. - The company has completed the cancellation of 99,999,943 A-shares and 227,960,500 H-shares that were repurchased[22]. Operational Metrics - The container shipping business experienced growth in both cargo volume and revenue per container compared to the previous year[17]. - The total cargo volume for Q1 2025 was 6.4815 million TEUs, up 7.53% compared to the same period last year[26]. - The cargo volume on the Trans-Pacific route increased by 16.20% year-on-year, reaching 1,254,671 TEUs[26]. - The cargo volume on the Asia-Europe route decreased by 3.09% year-on-year, totaling 929,700 TEUs[26]. - The cargo volume within Asia, including Australia, increased by 4.25% year-on-year, amounting to 2,205,341 TEUs[26]. - The cargo volume from mainland China rose by 12.85% year-on-year, reaching 1,321,764 TEUs[26]. - The total container shipping volume for the group reached 4,518,055 TEUs, representing a year-on-year increase of 6.81%[27]. - Revenue from the group's container shipping business amounted to RMB 55,882,731,000, an increase of 9,339,222,000 compared to the previous year[30]. - The total throughput of the group's ports reached 35,748,931 TEUs, up 7.48% year-on-year[34]. Cash Flow and Expenses - The company's EBIT for Q1 2025 was RMB 16.578 billion, an increase of RMB 6.602 billion, representing a growth of 66.17% year-on-year[24]. - The company reported a financial expense of -¥1.24 billion in Q1 2025, compared to -¥909 million in Q1 2024, indicating an increase in financial costs[43]. - Net cash flow from investing activities for Q1 2025 was -CNY 6.86 billion, worsening from -CNY 3.92 billion in Q1 2024[52]. - Net cash flow from financing activities for Q1 2025 was -CNY 5.69 billion, compared to -CNY 13.11 billion in Q1 2024, showing an improvement[53]. - The company reported a net increase in cash and cash equivalents of CNY 2.51 billion for Q1 2025, contrasting with a decrease of CNY 8.04 billion in Q1 2024[53]. - Cash received from sales of goods and services in Q1 2025 was CNY 56.55 billion, compared to CNY 47.26 billion in Q1 2024, marking a 19.6% increase[49]. - Cash paid for goods and services in Q1 2025 was CNY 35.96 billion, up from CNY 33.43 billion in Q1 2024, a 7.5% increase[51].

晉商銀行股份有限公司 2024 年度報告 目 錄 | 釋義 | 2 | | --- | --- | | 公司簡介 | 4 | | 五年會計數據及財務指標概要 | 8 | | 管理層討論與分析 | 12 | | 股本變動及股東資料 | 58 | | 董事、監事、高級管理層及僱員 | 66 | | 企業管治報告 | 94 | | 董事會報告 | 126 | | 監事會報告 | 147 | | 重要事項 | 152 | | 風險管理及內部控制 | 157 | | 獨立核數師報告 | 161 | | 合併損益表 | 168 | | 合併綜合收益表 | 169 | | 合併財務狀況表 | 170 | | 合併股東權益變動表 | 172 | | 合併現金流量表 | 174 | | 合併財務報表附註 | 176 | | 補充信息 | 308 | | 分支機構一覽表 | 312 | 釋義 在本年報中，除非文義另有所指，否則下列詞語具有如下涵義： | 「公司章程」 | 指 | 本行的公司章程，或會不時修訂、補充或以其他方式修改 | | --- | --- | --- | | 「本行」或「我行」 | 指 | 晉商銀行股份有限公司 ...

Financial Performance - The consolidated revenue for 2024 was approximately RMB 284.6 million, a significant decrease of 62.9% from RMB 766.7 million in 2023[13]. - Gross profit for 2024 amounted to RMB 54.8 million, down 70.0% from RMB 188.7 million in 2023[13]. - Losses attributable to shareholders increased to approximately RMB 138.5 million in 2024, compared to RMB 33.8 million in 2023[13]. - The overall property market in 2024 continued to decline, impacting the Group's financial performance[14]. - For the year ended December 31, 2024, the Group recorded revenue of RMB284.6 million and gross profit of RMB54.8 million, a significant decrease from RMB766.7 million and RMB188.7 million in 2023[35]. - The gross profit margin fell to 19.3% in 2024, down from 24.6% in 2023, due to decreased revenue and discounted selling prices[37]. - The Group recorded further impairment losses and unfavorable fair value changes totaling RMB 121.2 million in 2024, compared to RMB 152.9 million in 2023[13]. - Loss attributable to the owners of the Company widened to RMB138.5 million, compared to RMB33.8 million in the previous year, due to a lack of bulk delivery of presold units and high fair value deficits[55][57]. Project Performance - The total subscription area for the Xintian Banshan project was approximately 2,100 sqm in 2024, a decrease from 4,000 sqm in 2023[19]. - The subscription amount for Xintian Banshan was approximately RMB 123 million in 2024, down from RMB 310 million in 2023[19]. - Subscription amount and area for the Yangzhou Intelligent Living City project were approximately RMB 27.1 million and 3,000 sqm in 2024, compared to RMB 47.6 million and 3,000 sqm in 2023[20]. - The Xuzhou Linan Intelligent Industrial Park project recorded a subscription amount of approximately RMB98.0 million and an area of 17,000 sqm for the year, compared to RMB6.5 million and 1,000 sqm in 2023[26]. - The accumulated subscription area for the Xuzhou project reached approximately 85,000 sqm, with 34,000 sqm pending delivery as of the end of 2024[26]. Cost Management - The Group's distribution costs decreased from RMB13.2 million to RMB8.3 million due to fewer sales and marketing activities[41]. - Distribution costs decreased from RMB13.2 million to RMB8.3 million, while administrative and other operating expenses increased significantly from RMB40.1 million to RMB62.6 million, primarily due to the one-time net expense of RMB19.2 million[44]. - The Group recorded a net charge of RMB19.2 million as an administrative expense due to assuming responsibilities for exceeded land-related costs and absorbing compensation for delayed resettlement[43][44][45]. - Finance costs were reduced to RMB4.2 million from RMB22.3 million due to early repayment of bank borrowings[49][53]. Market Conditions - The Guangzhou government eased policy restrictions on the luxury residential market, which may improve market confidence[19]. - The housing price index is showing signs of stabilization, particularly in first-tier cities, supported by policy measures aimed at addressing the market slump[56][58]. - The Group continues to monitor market sentiment to promote destocking and seize cash return opportunities in the evolving property market[56][58]. Assets and Liabilities - As of December 31, 2024, the Group's total assets were approximately RMB 2,697.4 million, a decrease from RMB 3,148.7 million as of December 31, 2023[69]. - The Group's total equity was approximately RMB 1,498.1 million, down from RMB 1,635.7 million in the previous year[69]. - The total liabilities amounted to approximately RMB 1,199.3 million, compared to RMB 1,513.0 million as of December 31, 2023[69]. - The Group's gearing ratio improved to approximately 44.5% as of December 31, 2024, from 48.1% in the previous year[71]. - Bank borrowings decreased to RMB 33.3 million from RMB 123.3 million year-over-year[71]. Human Resources - The Group had 147 employees as of December 31, 2024, a reduction from 173 employees in the previous year[77]. - The Group's competitive remuneration packages for employees are designed to maintain market competitiveness and retain talent[87]. - The Company promotes diversity at all workforce levels, ensuring equal opportunities for employment, training, and career development[142]. Corporate Governance - The Company has applied the principles and code provisions of the Corporate Governance Code and has complied with them during the year ended December 31, 2024[107]. - The Board is collectively responsible for leadership and promoting the success of the Company by directing and supervising its affairs[109]. - The Board reserves the right to decide all policy matters of the Group and material transactions, delegating day-to-day operations to general managers and department heads[110]. - The Company Secretary and Chief Financial Officer is responsible for financial reporting, internal control, and corporate governance matters[104]. - The Board currently comprises six directors: two executive directors, one non-executive director, and three independent non-executive directors[118]. - The Board has established three committees: Nomination Committee, Remuneration Committee, and Audit Committee, each with defined written terms of reference[124]. - The Nomination Committee is chaired by Mr. Zhang and includes two executive directors and three independent non-executive directors[129]. - The Board adopted a diversity policy to ensure a balanced and diverse profile, considering aspects such as gender, age, and industry experience[130]. Environmental, Social, and Governance (ESG) - The Group emphasizes environmental sustainability by managing energy consumption, water usage, and waste generation to minimize environmental impact[83]. - The Group's commitment to environmental, social, and governance (ESG) principles is reflected in its operational practices and management structure[96]. - The Group has established ESG policies and governance structure, including a Board of Directors and an ESG Committee, to oversee key ESG matters[180]. - The Group focuses on emission control and energy efficiency while maintaining strong financial returns from operations[187]. - The Group has made steady progress on its 5-year sustainability targets during the reporting period[188]. - The Group's sustainability governance structure includes line managers who execute established ESG initiatives and track performance[186]. - The Group's ESG performance is evaluated against ESG-related targets set by the Board[184]. - The Group has prioritized key ESG issues based on their materiality to the business and stakeholders, with climate change being the top priority[196]. - Employee rights and welfare are emphasized as a priority area under employment and labor practices[196]. - The report highlights the importance of responsible supply chain management as a significant ESG issue[196].

Financial Performance - The group's operating revenue for the three months ended March 31, 2025, was RMB 1,615,436,680.31, a decrease of 23.5% compared to RMB 2,111,539,269.77 for the same period in 2024[6]. - The net loss attributable to the owners of the parent company for the period was RMB 513,410,914.99, compared to a net loss of RMB 371,506,929.54 in the same period of 2024, indicating a worsening of 38.1%[7]. - The total comprehensive loss for the period was RMB 649,928,540.27, compared to RMB 412,662,896.49 in the same period of 2024, representing an increase of 57.5%[7]. - The net profit attributable to the owners of the parent company, excluding non-recurring gains and losses, was RMB -218,498,099.14, compared to RMB -119,275,435.40 in the same period of 2024, indicating an expanded loss[8]. Cash Flow and Liquidity - The group's net cash flow from operating activities was a negative RMB 112,448,762.92, compared to a negative RMB 181,674,312.38 in the same period of 2024, showing an improvement in cash flow[12]. - The net cash and cash equivalents at the end of the period increased to RMB 4,106,161,618.80 from RMB 3,304,603,819.16 in the same period of 2024, reflecting a net increase of RMB 994,328,646.77[12]. - Cash and cash equivalents increased to RMB 4,890,213,928.48 as of March 31, 2025, up from RMB 3,794,656,071.56 as of December 31, 2024, marking a growth of about 29%[13]. Assets and Liabilities - As of March 31, 2025, the total current assets amounted to RMB 9,979,283,936.12, an increase from RMB 8,975,755,816.47 as of December 31, 2024, representing an increase of approximately 11.2%[13]. - The total liabilities as of March 31, 2025, were RMB 67,654,272,270.33, compared to RMB 66,716,427,502.65 as of December 31, 2024, indicating a growth of about 1.4%[14]. - The total equity attributable to shareholders decreased to RMB 45,922,469,241.91 as of March 31, 2025, from RMB 46,489,696,858.89 as of December 31, 2024, reflecting a decline of approximately 1.2%[14]. - The total borrowings of the group at the end of the reporting period were RMB 30,156,158,991.34[15]. - The long-term borrowings increased to RMB 18,586,689,041.71 as of March 31, 2025, compared to RMB 17,703,683,711.83 as of December 31, 2024, reflecting an increase of approximately 5%[14]. - The total liabilities to equity ratio as of March 31, 2025, was approximately 1.38, compared to 1.35 as of December 31, 2024, indicating a slight increase in leverage[14]. Investment and Expenses - The fair value loss on investment properties for the period was RMB 476,077,922.63, an increase from RMB 324,385,651.35 in the same period of 2024, primarily due to rental income decline[11]. - The group's financial expenses decreased, attributed to a reduction in financing costs during the reporting period[10]. - The group's R&D expenses for the period were RMB 1,863,905.08, down from RMB 3,658,192.56 in the same period of 2024, indicating a reduction in investment in research and development[6]. Operational Metrics - The group reported a decrease in the number of shopping malls compared to the same period last year, contributing to the decline in operating revenue[9]. - The inventory decreased to RMB 46,553,609.54 as of March 31, 2025, from RMB 53,065,471.64 as of December 31, 2024, representing a decline of approximately 12.3%[13]. - The total non-current assets amounted to RMB 106,553,609,352.77 as of March 31, 2025, slightly down from RMB 107,261,466,936.10 as of December 31, 2024, indicating a decrease of about 0.66%[13]. - The group reported a decrease in other comprehensive income to RMB 270,306,707.98 as of March 31, 2025, down from RMB 361,430,032.80 as of December 31, 2024, reflecting a decline of about 25.2%[14].

Financial Performance - In 2024, the company achieved a revenue growth of approximately 49.2%, driven by a 9.7% increase in average selling price and an 84.6% increase in sales volume of ethylene glycol compared to 2023[7]. - The average selling price of butadiene increased by approximately 51.0% to about RMB 10,267 per ton, with sales volume rising by approximately 105.2% to about 74,732 tons in 2024[8]. - The overall gross profit margin improved from approximately 1.5% in 2023 to about 5.7% in 2024, attributed to the successful ramp-up of the new production facilities[8]. - The net profit attributable to equity holders for the year ended December 31, 2024, was approximately RMB 532.6 million, representing a growth of about 482.2% compared to 2023[7]. - The sales volume of ethylene glycol surged by approximately 84.6% to 868,951 tons, contributing to a revenue increase of about 102.7%[22]. - The revenue from propylene increased by approximately 24.6%, driven by a 23.5% rise in sales volume due to recovering downstream demand[24]. - The revenue from the butadiene business line increased by approximately 210.0% in 2024 compared to 2023, driven by an average selling price increase of about 51.0% and a sales volume rise of approximately 105.2%[25]. Operational Efficiency - The successful ramp-up of the sixth-phase ethylene oxide/ethylene glycol production facility significantly improved overall production efficiency and resource allocation flexibility[9]. - The company continues to invest in operational efficiency and diversification to adapt to changing market conditions[14]. - The overall gross margin improved from 1.5% in 2023 to approximately 5.7% in 2024, primarily due to enhanced production efficiency from the successful ramp-up of facilities in the second quarter of 2023[26]. Debt and Financial Stability - The company maintained a debt-to-asset ratio of approximately 49.5% in 2024, similar to 48.5% in 2023, aligning with internal guidelines[10]. - The group's cash and bank balance was approximately RMB 564.3 million as of December 31, 2024, compared to RMB 364.2 million in 2023[29]. - The interest-bearing borrowings amounted to approximately RMB 10,945 million as of December 31, 2024, up from RMB 10,190 million in 2023, resulting in a debt-to-asset ratio of approximately 49.5%[29]. Employee and Training Initiatives - The group employed a total of 1,430 full-time employees as of December 31, 2024, an increase from 1,307 employees in 2023[36]. - The total number of employees trained increased to 1,430 in 2024 from 1,307 in 2023, reflecting a growth of 9.4%[81]. - The average training hours for male and female employees remained consistent at 96 hours in 2024, indicating stable training engagement[81]. - The employee turnover rate decreased to 6.2% in 2024 from 10.2% in 2023, indicating improved employee retention[77]. Environmental and Social Responsibility - The company is committed to corporate social responsibility and aims to integrate sustainable development into its business operations[55]. - The group has invested RMB 94.2 million in environmental protection efforts in 2024, up from RMB 73.5 million in 2023[67]. - The total wastewater discharge for 2024 is reported at 2,456,299 tons, a significant increase from 723,874 tons in 2023[67]. - Greenhouse gas emissions (Scope 1) increased to 3,828,641 tons in 2024 from 1,950,496 tons in 2023, with an intensity of 195 tons per RMB 1 million revenue[67]. - The group aims to improve energy efficiency and resource utilization, with electricity consumption increasing to 1,400,813,410 kWh in 2024 from 1,071,105,625 kWh in 2023[72]. Corporate Governance - The board of directors believes that good corporate governance strengthens accountability and investor confidence, and has complied with all corporate governance codes as of the report date[92]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results for the six months ending June 30, 2024, and the annual results for the year ending December 31, 2024[99]. - The board has adopted a diversity policy, recognizing the benefits of diversity in skills, experience, and background among its members[103]. - The company has established a policy to prohibit any illegal activities related to bribery, extortion, fraud, and money laundering, with no known violations reported as of the report date[89]. Shareholder Information - The board of directors did not recommend the distribution of a final dividend for the year ended December 31, 2024[37]. - The company has adopted a shareholder communication policy to ensure equal and timely access to relevant information for shareholders[117]. - The company will not recommend a final dividend for the year ending December 31, 2024[124]. - The largest customer accounted for 4.1% of total sales in 2024, down from 4.8% in 2023, while the top five customers collectively represented 15.3% of total sales[150]. Agreements and Contracts - The company entered into a desalinated water and material supply agreement with Zhejiang Jiayuan Energy Chemical Co., agreeing to supply desalinated water and materials at a weighted average price comparable to independent buyers[164]. - A steam purchase agreement was established with Jiayuan Energy Chemical Co. for the supply of low, medium, and high-pressure steam for a period ending December 31, 2026[165]. - The company has a low-pressure steam supply agreement with Jiaxing Xinggang Heat Network, effective from January 1, 2022, until December 31, 2024, at market prices[166].