Financial Performance - The company's operating revenue for Q1 2025 was RMB 1,592,279,566.99, representing a year-on-year increase of 7.99% compared to RMB 1,474,473,563.26 in the same period last year[6] - The net profit attributable to shareholders was a loss of RMB 25,948,780.35, an improvement from a loss of RMB 78,044,956.05 in the previous year[6] - The net cash flow from operating activities increased by 74.48%, reaching RMB 163,051,685.79 compared to RMB 96,828,735.87 in the same period last year[6] - The weighted average return on net assets improved to -0.86% from -2.29% in the previous year, indicating a positive trend[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 53,686,073.98, compared to a loss of RMB 114,344,910.74 in the previous year[6] - The company reported a basic and diluted earnings per share of -0.04 yuan per share, an improvement from -0.14 yuan per share in the same period last year[6] - Net profit attributable to shareholders increased due to the growth in lithium carbonate processing and automotive fine chemicals business[15] - In Q1 2025, the company reported a net loss of CNY 41,356,324.13, compared to a net loss of CNY 97,946,218.54 in Q1 2024, representing a 57.8% improvement year-over-year[35] - Operating profit for Q1 2025 was CNY -37,786,741.96, an improvement from CNY -107,264,784.54 in Q1 2024[35] - Total comprehensive income for Q1 2025 was CNY -32,211,898.69, compared to CNY -99,088,507.27 in Q1 2024, indicating a significant reduction in losses[37] Assets and Liabilities - Total assets as of March 31, 2025, were RMB 17,521,215,697.75, reflecting a 9.13% increase from RMB 15,808,967,540.61 a year earlier[6] - Total current assets rose to CNY 8,810,359,457.99 as of March 31, 2025, compared to CNY 7,198,288,021.17 at the end of 2024, marking an increase of 22.4%[29] - Total non-current assets decreased to CNY 8,710,856,239.76 as of March 31, 2025, down from CNY 8,856,898,950.20 at the end of 2024, a decline of 1.6%[30] - Total liabilities increased to CNY 13,628,703,298.69 as of March 31, 2025, compared to CNY 12,032,213,339.09 at the end of 2024, reflecting a rise of 13.3%[32] - Total equity attributable to shareholders decreased to CNY 2,857,027,247.51 as of March 31, 2025, down from CNY 3,169,748,147.49 at the end of 2024, a decline of 9.8%[32] Cash Flow - Cash flow from financing activities surged by 752.48% due to increased cash received from investments[20] - Cash flow from operating activities in Q1 2025 was CNY 163,051,685.79, an increase from CNY 93,448,428.26 in Q1 2024, showing a positive trend[39] - The company generated CNY 1,033,961,212.23 in cash from sales in Q1 2025, down from CNY 1,179,232,761.26 in Q1 2024, reflecting a decrease of approximately 12.3%[38] - Net cash flow from financing activities in Q1 2025 was CNY 1,994,234,456.33, compared to CNY 233,933,643.28 in Q1 2024, indicating strong financing support[40] Acquisition and Investments - The company completed the acquisition of Shandong Meiduo Technology Co., Ltd. for RMB 100,539,200 and plans to increase its capital by RMB 50,000,000 post-acquisition[7] - The acquisition of Shandong Meiduo has been finalized, and it is now included in the company's consolidated financial statements[9] - Investment activities generated a net cash flow increase due to higher cash payments related to investment activities[20] - The company raised CNY 1,433,981,075.49 from investments in Q1 2025, a significant increase from CNY 184,200,105.77 in Q1 2024[40] Shareholder Information - The total number of common shareholders at the end of the reporting period was 64,149[21] - The top ten shareholders collectively held 35.81% of the company's total shares[25] Operating Costs and Expenses - Total operating costs for Q1 2025 were CNY 1,641,043,198.07, a decrease of 3.9% from CNY 1,707,563,065.42 in Q1 2024[34] - Operating costs included CNY 1,326,004,270.21 in operating expenses, down from CNY 1,398,754,111.36 in the previous year, reflecting a reduction of 5.2%[34] - Research and development expenses for Q1 2025 amounted to CNY 104,934,966.49, an increase of 5.2% compared to CNY 99,393,048.94 in Q1 2024[34] Financial Reporting and Governance - Jiangsu Longpan Technology Co., Ltd. will implement new accounting standards starting from 2025[41] - The board of directors includes both executive and non-executive members, ensuring diverse oversight[41] - The company is based in Nanjing, China, indicating a strategic location for operations[41] - The announcement was made on April 29, 2025, highlighting the timeline for the new accounting standards[41] - The board consists of experienced members, including independent directors, which may enhance governance[41] - The implementation of new accounting standards may impact financial reporting and transparency[41] - The company is preparing for adjustments in financial statements due to the new standards[41] - The focus on compliance with new regulations reflects the company's commitment to financial integrity[41] - The board's composition suggests a balanced approach to decision-making and risk management[41] - The announcement aligns with industry trends towards adopting updated accounting practices[41]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,771,800,382.54, a decrease of 25.43% compared to CNY 5,057,894,510.44 in the same period last year[9] - The net profit attributable to shareholders for the same period was a loss of CNY 355,829,529.74, an improvement of 18.93% from a loss of CNY 438,901,866.58 in the previous year[9] - Basic and diluted earnings per share were both negative CNY 0.18, showing an improvement of 18.18% from negative CNY 0.22 in the previous year[9] - The operating profit for the current period was CNY -529,873,737.53, compared to CNY -499,748,139.23 in the previous year, reflecting a slight increase in losses[38] - Net profit for the current period was CNY -497,087,339.71, an improvement from CNY -595,650,959.44 year-over-year, showing a reduction in losses of approximately 16.5%[38] - The company reported other comprehensive income after tax of CNY -51,399,133.05, compared to CNY 48,918,207.88 in the previous year, indicating a significant shift in comprehensive income[38] - The total comprehensive income attributable to the parent company was -402,465,621.70 CNY, compared to -394,168,879.56 CNY in the same period last year, reflecting a decline[39] Cash Flow - The net cash flow from operating activities was negative CNY 1,571,355,929.64, a significant decline of 1,422.07% compared to a positive cash flow of CNY 118,855,695.01 in the same period last year[9] - Cash inflow from investment activities totaled 1,515,348,187.30 CNY, compared to 217,119,472.94 CNY in the same period last year[41] - The net cash flow from financing activities increased to 2,775,717,105.32 CNY, up from 1,573,640,963.14 CNY in the previous year[42] - The cash and cash equivalents at the end of the period amounted to 6,542,901,518.06 CNY, down from 8,921,539,762.30 CNY a year earlier[42] - The company received cash from sales of goods and services totaling 4,008,985,643.70 CNY, a decrease from 6,144,234,199.45 CNY in the previous year[40] - The company reported a cash outflow of 4,995,906,558.10 CNY for purchasing goods and services, slightly down from 5,051,349,156.51 CNY last year[40] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 104,528,756,661.41, an increase of 3.67% from CNY 100,832,297,997.29 at the end of the previous year[12] - The total liabilities increased to CNY 57,443,135,753.36 from CNY 53,244,401,050.02, marking an increase of about 4.1%[35] - Non-current liabilities totaled CNY 22,933,578,817.21, up from CNY 21,574,483,398.98, representing an increase of approximately 6.3%[35] - Current liabilities rose to RMB 34.51 billion, up from RMB 31.67 billion, indicating an increase of 8.9%[34] - The company’s capital reserve increased to CNY 10,375,934,191.41 from CNY 10,348,652,693.91, reflecting a growth of approximately 0.3%[35] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 295,547 for A-shares and 41 for H-shares[19] - The top shareholder, HKSCC NOMINEES LIMITED, holds 20.00% of shares, totaling 403,531,126[22] Operational Highlights - The company recognized government grants of CNY 106,501,158.94 related to its normal business operations, which positively impacted its financial performance[13] - The company reported a significant increase in receivables financing, which rose by 185.14% to CNY 2,451,506,947.42, attributed to an increase in bank acceptance bills received[16] - Prepayments increased by 128.10% to CNY 721,411,808.82, mainly due to higher advance payments for materials[16] - Contract liabilities rose by 57.03% to CNY 273,688,708.71, reflecting an increase in advance payments received[16] - Operating costs decreased by 30.96% to ¥3,283,201,058.12, primarily due to a decline in raw material prices[17] - Investment income fell by 102.55% to -¥6,595,895.20, attributed to a reduction in profits from joint ventures[17] - The company experienced a 38.93% increase in tax and additional charges to ¥25,572,629.34, due to increased taxable resource income[17] - Non-operating income rose by 45.69% to ¥1,344,580.45, driven by an increase in non-recurring income[17] - The company reported a 70.31% decrease in credit impairment losses to ¥2,249,462.13, reflecting a reduction in bad debt provisions[17] - The company recorded a 37.10% decrease in asset impairment losses to -¥66,172,722.22, mainly due to a reduction in inventory write-down provisions[17] Investment Activities - The company approved a joint investment of RMB 200 million with a professional investment institution in a limited partnership for acquiring equity in Lothan (Hangzhou) Investment Partnership[28] - The Mariana lithium salt lake project in Argentina officially commenced production on February 12, 2025, with an annual production capacity of 20,000 tons of lithium chloride planned for the first phase[28] - The company agreed to acquire 100% equity of Shenzhen Yichu Energy Technology Co., Ltd. from its subsidiary Ganfeng Lithium for RMB 200 million[29] - The company will maintain its capital contribution of RMB 450 million to Shenzhen Yichu and increase its paid-in capital by RMB 250 million, totaling RMB 450 million after the increase[30] Current Assets - As of March 31, 2025, the total current assets amounted to RMB 25.53 billion, an increase of 16.5% from RMB 22.00 billion at the beginning of the year[32] - The total non-current assets reached RMB 79.00 billion, slightly up from RMB 78.83 billion at the beginning of the year[33] - Total assets increased to RMB 104.53 billion from RMB 100.83 billion, reflecting a growth of 3.4%[34] - Cash and cash equivalents increased to RMB 7.04 billion from RMB 5.94 billion, representing a growth of 18.5%[32]

Financial Performance - The company's revenue for 2024 was RMB 7,821,266, a decrease of 32.5% from RMB 11,514,983 in 2023[11]. - Gross profit for 2024 was RMB 4,987,001, with a gross margin of 63.8%, compared to a gross profit of RMB 7,033,253 and a margin of 61.1% in 2023[11]. - The company reported a net loss attributable to shareholders of RMB 3,492,042 for 2024, which is a 44.6% loss rate, compared to a loss of RMB 2,412,713 and a 21.0% loss rate in 2023[11]. - The company did not declare any dividends for 2024, maintaining the same position as in 2023[11]. - The company recorded a total loss attributable to owners of RMB 3,492.0 million, an increase of 44.7% from RMB 2,412.7 million in 2023[53]. - The core net loss attributable to owners was RMB 1,327.4 million, up 55.0% from RMB 856.4 million in 2023[53]. - The company's operating costs were RMB 2,834.3 million, down 36.7% from RMB 4,481.7 million in 2023, reflecting the decline in revenue[48]. - Selling and distribution expenses were RMB 1,028.3 million, accounting for 13.1% of revenue, down 30.7% from RMB 1,483.1 million in 2023[52]. - Administrative expenses decreased to RMB 1,451.7 million, representing 18.6% of revenue, compared to RMB 1,762.5 million (15.3% of revenue) in 2023[53]. Operational Metrics - The number of operational malls decreased to 334 in 2024 from 362 in 2023, with a total operating area of 20,325,659 square meters[15]. - The average occupancy rate for self-operated malls was 83.0% in 2024, slightly up from 82.8% in 2023[15]. - The company operated 77 self-operated malls in 2024, down from 87 in 2023, with a self-operated mall area of 7,512,689 square meters[15]. - The number of managed malls decreased to 257 in 2024 from 275 in 2023, with an average occupancy rate of 82.5%[15]. - The company operated 77 self-operated malls with an average occupancy rate of 83.0% and 257 managed malls with an average occupancy rate of 82.5%[31]. Strategic Goals and Market Position - The company aims to strengthen its market leadership and enhance its brand as a home living expert in China[6]. - The company has a strategic goal to become the leading and most professional "omni-channel home business platform service provider" in China[6]. - The company aims to transform from a traditional building materials and home furnishing service provider to a comprehensive lifestyle aggregator by 2025[25]. - The company plans to continue its market-oriented operations and mall management model to strengthen its brand as a home living expert and establish itself as a leading all-channel home service platform in China by 2025[78]. Digital Transformation and Innovation - The company is focusing on digital transformation, launching products like "Merchant Point Deduction Contract" and "SCRM System" to enhance service quality and consumer experience[23]. - The company is actively exploring online retail channels, enhancing its presence on platforms like Douyin and Xiaohongshu to attract more consumers[24]. - The company is focusing on digital marketing capabilities by developing digital tools to enhance brand and merchant engagement[80]. - The company intends to strengthen its presence in the home decoration sector by establishing a high-end design center and linking with young and high-end consumer groups[82]. - The company will enhance its digital operations and explore new online retail channels to achieve comprehensive customer acquisition and marketing[82]. Risk Management and Compliance - The company has implemented risk management measures to address foreign exchange risks, including the use of forward contracts and currency swaps[70]. - The company faces risks related to macroeconomic slowdowns and cyclical fluctuations in the real estate industry, which could negatively impact demand in the home decoration and furniture retail sector[73]. - The board is responsible for assessing and determining risks related to environmental, social, and governance (ESG) matters, ensuring effective risk management and internal control systems are in place[118]. - The company has established independent departments for financial management, legal affairs, and internal compliance to ensure adherence to relevant laws and regulations[120]. Corporate Governance - The company appointed several new independent non-executive directors in August 2023, enhancing its governance structure[98][99][100][101][102]. - The new board members bring diverse expertise from various sectors, including finance, law, and technology, which may contribute to strategic decision-making[93][94][95][96][97]. - The management team includes professionals with extensive backgrounds in finance and investment, potentially improving financial oversight and strategic investments[95][96][99]. - The company is committed to improving corporate governance and adhering to legal and ethical standards while fulfilling social responsibilities[83]. Investment and Capital Expenditure - The company has a total operational area of 20,325,659 square meters across 202 cities in 30 provinces and municipalities[31]. - The company’s capital expenditure for the period was RMB 370,300,000, a 5.4% increase from RMB 351,300,000 in 2023[58]. - The company has signed contracts for capital expenditures related to the acquisition and development of investment properties amounting to RMB 724.8 million, with additional commitments of RMB 233.1 million for joint development with partners[69]. - The company has fully utilized RMB 400,000,000 for repaying bank loans and RMB 150,008,000 for supplementing working capital[192]. Employee and Talent Management - The group employed 11,553 staff, with total salary expenses projected at RMB 2,177.2 million for 2024, down from RMB 2,584.8 million in 2023[72]. - The company has established various talent development and retention plans to mitigate risks associated with talent shortages and turnover as it expands its operations[75]. - The company has a competitive compensation scheme to attract and motivate employees, regularly reviewing and adjusting it to meet market standards[123]. Environmental Compliance - The company is committed to complying with various environmental laws and regulations, including the Prevention and Control of Water Pollution Law and the Air Pollution Prevention and Control Law[116]. - The company has implemented measures to ensure compliance with applicable environmental laws, including strict contractor selection and supervision during construction[117]. - The company has a strong focus on energy-saving and emission-reduction considerations in its property project designs[117]. Shareholder and Financial Management - The company has a profit distribution policy that mandates a minimum cash dividend of 20% of the net profit available for distribution to shareholders in profitable years[121]. - As of the reporting period, the company's distributable reserves amounted to RMB 6,329.85 million[134]. - The company issued USD bonds with a total face value of USD 249.7 million at a fixed interest rate of 5.2% for a term of 3 years[126]. - The company has no significant disputes with suppliers or customers during the reporting period, emphasizing the importance of maintaining good relationships[123].

Financial Performance - The company reported a total revenue of approximately HKD 3,824,300,000 for the fiscal year 2024, representing a year-on-year increase of 6.1%[21]. - The EBITDA for the fiscal year 2024 was HKD 314,938,000, showing an improvement compared to the previous year's HKD 239,379,000[7]. - The net profit attributable to ordinary shareholders for the fiscal year 2024 was approximately HKD 28,200,000, a significant recovery from a net loss of HKD 131,089,000 in 2023[21]. - The gross profit margin for the fiscal year 2024 was reported at 11.0%, an increase from 8.2% in 2023[8]. - The group's overall revenue increased by approximately 6.1% year-on-year to HKD 3,824,300,000, with gross profit rising by about 43.1% to approximately HKD 422,400,000[31]. - The net profit attributable to ordinary shareholders was HKD 28,200,000, a significant turnaround from a net loss of HKD 132,900,000 in the previous year[31]. - The gross profit rose by approximately 43.1% to about HKD 422,400,000, with a gross profit margin increasing to approximately 11.0% from 8.2% in 2023[38]. - The company reported a significant reduction in financing costs to HKD 57,550,000 in 2024 from HKD 104,734,000 in 2023[182]. - The company reported a profit of HKD 28,155,000 for the year, compared to a loss of HKD 132,908,000 in the previous year[186]. - Total comprehensive income for the year amounted to HKD 70,160,000, compared to a total comprehensive loss of HKD 257,710,000 in the previous year[186]. Dividends and Shareholder Returns - The company plans to pay a final dividend of HKD 0.7 per share for the fiscal year 2024, compared to no dividend in 2023[22]. - The board proposed a final dividend of HKD 0.007 per ordinary share, compared to no dividend in 2023, pending shareholder approval[47]. - The company proposed a final dividend of HKD 0.7 per share for the current year, compared to no dividend in 2023[129]. Acquisitions and Expansion - The company signed a memorandum of understanding to acquire 100% of Korea Textile & Dyeing Support Services Joint Stock Company for approximately USD 10,800,000, enhancing production capacity in Vietnam[20]. - The group plans to enhance its Southeast Asian manufacturing capacity by acquiring Korea Textile & Dyeing Support Services Joint Stock Company for a total cash consideration of approximately HKD 83,892,000[33]. - The acquisition of KTD will allow the group to utilize existing infrastructure without the need for new land and construction investments, rapidly increasing its manufacturing capacity in Vietnam[33]. - The group recorded a gain of approximately HKD 32,598,000 from the sale of a subsidiary in Vietnam, with the proceeds allocated for the acquisition of KTD and integration of operations[34]. - The group aims to strengthen its production triangle of "China + Vietnam + Cambodia" to address geopolitical uncertainties and enhance customer retention[24]. Debt and Financial Position - The company has reduced its debt levels over the past two years, minimizing borrowing and financing costs[21]. - The company’s asset-liability ratio improved to 37.3% in 2024, down from 42.3% in 2023, indicating a stronger balance sheet[8]. - The total bank borrowings amounted to approximately HKD 886,900,000, a decrease from HKD 1,261,500,000 in 2023, with a net debt to equity ratio of approximately 37.3%[44]. - Non-current liabilities decreased from HKD 396,169,000 to HKD 228,161,000, a reduction of approximately 42.5%[185]. Operational Efficiency and Strategy - The company is strategically expanding its operations in Southeast Asia to capitalize on market conditions and improve operational efficiency[20]. - The company is focusing on integrating newly acquired factories in Vietnam to further increase production capacity and expand its range of value-added products and services[24]. - The company aims to explore potential investment opportunities in Southeast Asia to mitigate geopolitical risks and reduce operational costs[36]. Governance and Compliance - The company has complied with listing rules regarding independent non-executive directors, with three such directors making up at least one-third of the board[71]. - The chairman and CEO roles are separated, ensuring distinct leadership and management responsibilities[72]. - The company has established a remuneration committee to review and recommend adjustments to executive directors' remuneration[75]. - The board consists of 50.0% executive directors, 12.5% non-executive directors, and 37.5% independent non-executive directors, exceeding the requirement of at least one-third independent directors[81]. - The company has achieved its gender diversity target with 25% of board members being female, totaling 2 out of 8 directors[81]. Risk Management and Internal Controls - The company has adopted a dividend policy that considers financial performance, cash flow, and future business needs, with no predetermined dividend rate[98]. - The risk management system is designed to provide reasonable assurance against significant misstatements or losses, with ongoing reviews conducted by the board[96][97]. - The board is responsible for maintaining an effective internal control system to safeguard shareholder investments and company assets[94]. - The internal audit department reviews the effectiveness of the internal control system and risk management procedures, with no significant failures reported in the current year[94][97]. Environmental, Social, and Governance (ESG) - The board regularly reviews the company's environmental, social, and governance (ESG) strategies and reports[107]. - The company has implemented a whistleblowing policy to maintain high levels of transparency and accountability[105]. - A zero-tolerance policy towards bribery and corruption is enforced, ensuring business integrity and fairness[106]. - The company has adopted strict environmental protection measures to comply with current environmental laws and regulations[122]. - There were no violations of environmental regulations that significantly impacted the company's development and performance during the fiscal year[123]. Employee Relations and Workforce - The number of employees in China decreased to 3,638 from 3,806 in 2023, while employees in Cambodia increased to 3,356 from 2,734[53]. - As of December 31, 2024, approximately 53% of the overall employee team, including senior management, are female, reflecting the company's commitment to gender diversity[87]. - Maintaining good relationships with employees, customers, and suppliers is considered a key factor for the company's stable development[126]. Financial Reporting and Audit - The audit opinion confirms that the consolidated financial statements present a true and fair view of the group's financial position and performance in accordance with Hong Kong Financial Reporting Standards[165]. - The audit committee assists the board in overseeing the financial reporting process, ensuring compliance with relevant regulations[175]. - The independent auditor's report does not cover other information included in the annual report, focusing solely on the consolidated financial statements[173].

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份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。 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條和第13.10B條及香港法例第571 章《證券及期貨條例》第XIVA部刊發。 茲載列申萬宏源集團股份有限公司（「本公司」或「公司」）及其附屬公司截至2025年3月31日止的 2025年第一季度報告，其所載財務報告乃根據中國企業會計準則編製，且未經審計。 本報告以中英文兩種語言編製。在對本報告的中英文版本理解上發生歧義時，以中文為準。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 中國，北京 2025年4月29日 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 2025 年第一季度報告 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、徐一 心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 重要內容提示 ...

Financial Performance - The group's operating revenue for Q1 2025 was RMB 9,420,322,797.34, a decrease of 7.26% compared to RMB 10,157,255,262.40 in the same period last year[9]. - Net profit attributable to shareholders of the listed company increased by 25.42% to RMB 764,757,750.06 from RMB 609,733,627.26 year-on-year[9]. - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 32.56% to RMB 410,421,422.44 from RMB 608,535,465.59 year-on-year[9]. - The net cash flow from operating activities increased by 15.08% to RMB 1,055,679,878.45 compared to RMB 917,312,105.03 in the same period last year[9]. - Basic and diluted earnings per share were both RMB 0.29, representing a 26.09% increase from RMB 0.23 in the previous year[9]. - The weighted average return on equity increased by 0.28 percentage points to 1.61% from 1.33% year-on-year[9]. - Total revenue for Q1 2025 was approximately ¥9.42 billion, a decrease of 7.3% compared to ¥10.16 billion in Q1 2024[37]. - Operating profit for Q1 2025 increased to approximately ¥1.36 billion, up 33.1% from ¥1.02 billion in Q1 2024[37]. - Net profit for Q1 2025 reached approximately ¥941.57 million, representing a 19.8% increase from ¥786.22 million in Q1 2024[37]. - Investment income for Q1 2025 significantly rose to approximately ¥1.28 billion, compared to ¥335.56 million in Q1 2024[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 240,500[16]. - The largest shareholder, Shanghai Fosun High Technology (Group) Co., Ltd., holds 889,890,955 shares, representing 33.31% of the total shares[16]. - HKSCC Nominees Limited is the second-largest shareholder with 551,392,815 shares, accounting for 20.64%[16]. - The total shares held by the top 10 shareholders account for approximately 35.99% of the total shares outstanding, which is 2,671,326,465 shares[18]. - The company has a significant portion of shares pledged, with 708,300,000 shares under pledge by the largest shareholder[16]. - The top 10 unrestricted shareholders collectively hold 1,600,000,000 shares, indicating a strong base of support[17]. - The largest shareholder also holds 71,533,500 H shares, contributing to the overall shareholding structure[18]. - The company has a diverse shareholder base, with various investment funds holding significant stakes[16]. - There are no reported related party transactions among the top shareholders[17]. Operational Insights - The decrease in operating revenue was primarily due to the impact of centralized procurement policies for pharmaceuticals[9]. - The increase in net profit was mainly attributed to gains from the sale of shares in Unicorn II Holdings Limited and changes in the fair value of financial assets held by the group[9]. - The group achieved a revenue of RMB 9.42 billion in Q1 2025, a decrease compared to the same period last year[19]. - The net profit attributable to shareholders was RMB 765 million, with a net profit of RMB 410 million after deducting non-recurring gains and losses[19]. - The net cash flow from operating activities was RMB 1.056 billion, indicating ongoing efforts to optimize asset structure and accelerate cash flow[19]. Research and Development - The group received approval for two innovative drugs, including the anti-PD-1 monoclonal antibody, Surulimumab Injection, for the treatment of extensive-stage small cell lung cancer (ES-SCLC) in the EU[19]. - The group also obtained approval for the world's first phosphate absorption inhibitor, Tenapanor Hydrochloride Tablets, in China, providing more treatment options for patients with dialysis-related hyperphosphatemia[20]. - A licensing agreement was established with Dr. Reddy's Laboratories for the commercialization of HLX15, a biosimilar drug, in the US and 42 European countries[21]. - The group is focusing on optimizing R&D project management and resource allocation to enhance the efficiency of innovative product development[19]. - The group is actively pursuing internationalization strategies and strengthening global licensing collaborations[21]. - The group has multiple ongoing clinical trials, including HLX43 for advanced gastric cancer and XS-S003 for paroxysmal nocturnal hemoglobinuria[23][24]. Financial Strategy - The company approved a share repurchase plan for A-shares with a total amount not less than RMB 300 million and not exceeding RMB 600 million, with a maximum repurchase price of RMB 30 per share[25]. - As of the reporting period, the company has repurchased 1,613,300 A-shares, accounting for approximately 0.0604% of the total share capital, with a total repurchase amount of approximately RMB 39.99 million[25]. - The company approved a share repurchase plan for H-shares, allowing for the repurchase of up to 27,597,025 shares, which is 5% of the total H-shares as of June 26, 2024[26]. - As of the reporting period, the company has repurchased 1,655,500 H-shares, accounting for approximately 0.0620% of the total share capital, with a total repurchase amount of approximately HKD 22.91 million[27]. - The company registered medium-term notes and ultra-short-term financing bonds with amounts of RMB 4 billion and RMB 6 billion, respectively, valid for two years from March 20, 2025[28]. Asset and Liability Management - As of March 31, 2025, the company's total assets amounted to RMB 117.99 billion, an increase from RMB 117.46 billion as of December 31, 2024[31]. - The company's total liabilities as of March 31, 2025, were RMB 57.14 billion, a slight decrease from RMB 57.53 billion as of December 31, 2024[33]. - The company's cash and cash equivalents increased to RMB 13.72 billion as of March 31, 2025, compared to RMB 13.52 billion as of December 31, 2024[31]. - The company's inventory decreased to RMB 6.82 billion as of March 31, 2025, from RMB 7.26 billion as of December 31, 2024[31]. - The company's retained earnings increased to RMB 27.32 billion as of March 31, 2025, compared to RMB 26.55 billion as of December 31, 2024[33]. - The total equity as of March 31, 2025, was CNY 35,918,673,012.49, a slight increase from CNY 35,728,698,458.71 at the end of 2024[49].

願景 使命核心價值 願景 成為全球領先全天然 功能材料(All-Natural Performance Materials) 的研發製造商 使命 與時並進，以質量和創新滿足客戶 不斷發展的應用需求 核心價值 創新、成長、再創新 目 錄 | | 公司資料 | | --- | --- | | 2 | 企業概覽 | | 2 | 經營理念 | | 3 | 集團發展關鍵里程碑 | | 4 | 獎項及榮譽 | | 5 | 財務摘要 | | | 企業回顧 | | 6 | 主席報告 | | 9 | 管理層討論與分析 | | | 企業管治 | | 15 | 董事簡介 | | 18 | 董事會報告 | | 35 | 企業管治報告 | | 47 | 環境、社會及管治報告 | | | 財務報告 | | 122 | 獨立核數師報告 | | | 綜合財務報表 | | 130 | 綜合損益表 | | 131 | 綜合全面收益表 | | 132 | 綜合資產負債表 | | 134 | 綜合權益變動表 | | 135 | 綜合現金流量表 | | 136 | 綜合財務報表附註 | | 206 | 五個年度財務概要 | | 207 | 公司資料 ...

Financial Performance - The operating revenue for the first quarter of 2025 was CNY 5,753,004,599.20, a decrease of 4.01% compared to the same period last year[6]. - Net profit attributable to shareholders was CNY 707,702,522.84, down 43.31% year-on-year[6]. - Basic and diluted earnings per share were both CNY 0.1483, reflecting a decline of 43.33% compared to the previous year[6]. - Total revenue for Q1 2025 was CNY 5,753,004,599.20, a decrease of 4.01% compared to CNY 5,993,141,250.70 in Q1 2024[27]. - Net profit for Q1 2025 was CNY 801,240,569.00, down 40.25% from CNY 1,343,295,671.04 in Q1 2024[27]. - Basic earnings per share for Q1 2025 was CNY 0.1483, compared to CNY 0.2617 in Q1 2024, reflecting a decline of 43.29%[28]. Cash Flow and Investments - The net cash flow from operating activities was CNY 1,028,994,836.35, a decrease of 29.96% from the same period last year[6]. - In Q1 2025, the company generated operating cash inflow of CNY 5,598,007,354.03, an increase of 8.0% compared to CNY 5,182,066,169.18 in Q1 2024[29]. - The net cash flow from operating activities for Q1 2025 was CNY 1,469,134,552.85, up from CNY 1,028,994,836.35 in Q1 2024, representing a growth of 43.0%[29]. - The company reported a net cash outflow from investing activities of CNY -2,327,695,808.10 in Q1 2025, compared to CNY -729,550,710.71 in Q1 2024, indicating a significant increase in investment expenditures[30]. - The ending cash and cash equivalents balance for Q1 2025 was CNY 5,211,527,756.86, compared to CNY 3,727,628,356.49 in Q1 2024, showing an increase of 39.8%[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 81,746,381,969.46, an increase of 0.87% from the end of the previous year[9]. - Total liabilities decreased to CNY 41,807,659,144.74 as of March 31, 2025, from CNY 42,057,159,780.00 as of December 31, 2024[25]. - Long-term borrowings increased to CNY 27,787,533,621.00 as of March 31, 2025, up from CNY 27,039,085,450.42 as of December 31, 2024[25]. - Total current assets as of March 31, 2025, amounted to RMB 10.24 billion, an increase from RMB 9.54 billion at the end of 2024[23]. - Total non-current assets remained stable at CNY 71,505,303,610.59 as of March 31, 2025, compared to CNY 71,506,603,439.02 as of December 31, 2024[25]. Shareholder Information - The total number of shareholders was 107,927 at the end of the reporting period[13]. - The largest shareholder, China Shipping Group Co., Ltd., held 32.22% of the shares[15]. - As of March 31, 2025, China Ocean Shipping Group held 676,639,159 A-shares, representing 46.40% of the total issued share capital of the company[19]. Operational Metrics - In Q1 2025, the average Time Charter Equivalent (TCE) for Very Large Crude Carriers (VLCC) was $39,404 per day, which is higher than the average over the past seven years but decreased by approximately 10% compared to Q1 2024[18]. - The Group's oil transportation capacity increased by 16.3% year-on-year to 234,555 thousand tons per day, while the transportation volume (excluding time charter) rose by 13.8% to 47.91 million tons[20]. - The Group's revenue from the oil tanker segment was RMB 4.97 billion, a decrease of 5.6% year-on-year, with operating costs rising by 11.3% to RMB 4.10 billion[20]. - The gross profit margin for the oil tanker segment was approximately 17.5%, down 12.6 percentage points year-on-year[20]. - The Group's foreign trade oil transportation business achieved a gross profit of RMB 540 million, a decrease of 55.9% year-on-year due to lower freight rates[20]. - The average TCE for LR2 tankers was $28,073 per day, reflecting a year-on-year decrease of approximately 50%[18]. Future Outlook - The company completed the acquisition of controlling stakes in logistics-related enterprises in 2024, which was treated as a business combination under common control[10]. - The Group expects the delivery of 5 new vessels between April and December 2025[18].

Financial Performance - Total revenue for 2024 is projected to be RMB 1,472,387,000, representing a slight increase from RMB 1,425,582,000 in 2023[12]. - The company reported a net loss attributable to shareholders of RMB 13,781,000 for 2024, compared to a net loss of RMB 72,906,000 in 2023[12]. - The total assets decreased to RMB 2,362,293,000 in 2024 from RMB 2,496,823,000 in 2023[12]. - The company achieved a record revenue of RMB 1,472.39 million in 2024, marking a historical high and maintaining its position in the top 100 of Beijing's software and information service industry for three consecutive years[22]. - The company reported a loss attributable to shareholders of RMB 13.78 million for the year[42]. - The gross profit for 2024 was RMB 377.97 million, a decrease of 5.28% year-on-year[42]. - The total profit reached RMB 5.12 million, a significant improvement of RMB 95.35 million compared to a loss of RMB 90.23 million in the previous year[28]. - The company reduced its attributable loss to RMB 13.78 million, a decrease of RMB 59.13 million year-on-year[28]. - The revenue from product and software development and services was RMB 434.42 million, a decrease of 0.25%, accounting for 29.50% of total revenue[44]. - Revenue from industry solutions was RMB 337.17 million, down 13.72%, representing 22.90% of total revenue[44]. - Operating and maintenance service revenue increased by 17.89% to RMB 687.97 million, making up 46.72% of total revenue[44]. Corporate Governance - The company’s board of directors includes members with extensive backgrounds in finance and management, enhancing governance and oversight[89][90]. - The company has five independent directors, meeting the minimum requirement set by the listing rules, with expertise in finance, law, auditing, and information technology[119]. - The independent directors actively participated in board and shareholder meetings, ensuring fair and objective decision-making[120]. - The governance structure includes a general meeting of shareholders, a party committee, a board of directors, a supervisory board, and a management team, ensuring effective checks and balances[140]. - The company has established comprehensive governance documents to regulate its operations and ensure compliance with laws and regulations[141]. - The board consists of 12 members, with 10 being independent directors, ensuring strong independent judgment[142]. - The audit committee is composed entirely of independent non-executive directors with legal and accounting qualifications[142]. - The company has established a Legal and Compliance Committee, which consists of 3 members, with a term ending on June 17, 2027[194]. - The company emphasizes the importance of board diversity and will disclose its diversity policy and review results annually[186]. Strategic Initiatives - The company plans to continue expanding its services in smart governance, smart healthcare, and digital transformation for enterprises[7]. - The company is focusing on enhancing its product capabilities through talent acquisition, optimization of the IPD development process, and organizational restructuring[23]. - The company aims to increase the proportion of software products and revenue from outside Beijing, striving to transform into a national company based in Beijing[23]. - The company is committed to advancing its "Hongtang" and "Hongsun" product series, while developing core technology frameworks for CCAF, "Hongti" large models, and "Hongpan" data platforms[23]. - The company is set to focus on six new reform directions in 2025, aiming for breakthroughs in product and regional expansion, as well as improvements in the proportion of software and data business[24]. Research and Development - The company has established a postdoctoral research workstation to promote independent innovation and research成果孵化[8]. - The company has been recognized as a national high-tech enterprise and has received multiple industry honors, including being listed among the "2024 Beijing Top 100 Enterprises"[9]. - The company has launched new products such as the "Red Zhi" large model and "Jing An Fu" which have been recognized in various industry honor lists[9]. - The company completed the development of its "Hongti" large model, which was recognized as a typical application case at the 2024 Global Digital Economy Conference[37]. Risk Management and Compliance - The company has faced various risk factors and uncertainties, which are addressed in the financial statements[78]. - The company has established a risk management and internal control system, ensuring adequate resources and training for accounting and financial reporting functions[172]. - The company has adhered to legal and regulatory requirements regarding related party transactions and information disclosure, preventing illegal transactions[122]. - The independent auditor found no issues indicating that the disclosed continuing connected transactions were not approved by the board of directors[110]. Shareholder Information - The company reported a final dividend of RMB 0.07 per share for the year ending December 31, 2024, totaling RMB 202.9 million, compared to no dividend in 2023[79]. - The company has not proposed an interim dividend for the reporting period[79]. - Major shareholder Beijing State-owned Assets Management Co., Ltd. holds 183,454,176 shares, representing 63.31% of the issued share capital[94]. - The top five customers account for approximately 31.67% of total revenue, with the largest customer contributing about 10.79%[94]. Legal Matters - The company is involved in a legal dispute regarding the acquisition of Rongtong Information, with a claim for RMB 335,995,436.60 in damages[96]. - The company has no major legal disputes or arbitrations other than the aforementioned case[96]. Management and Directors - Zhao Shujie appointed as non-executive director in December 2023, brings extensive management experience from Beijing Telecom Investment Co., Ltd. and China Unicom[54]. - Xin Shuangbai appointed as non-executive director in June 2023, currently leads strategic planning at Beijing Gehua Media Group, with a background in international finance and media operations[55]. - Jiang Wei serves as general manager of financial management at China Financial Electronic Group, with a strong background in financial management and auditing since 2022[56]. - The total compensation for the executive directors is as follows: Mr. Yu Donghui (Chairman) received RMB 110.85 million, and Mr. Zhang Yiqian (General Manager) received RMB 116.54 million[181]. - The annual compensation for senior management is within the range of RMB 1.5 million[182].

Financial Performance - The company reported a revenue of HKD 98,607,000 for the fiscal year 2024, a decrease of 43% compared to HKD 172,926,000 in 2023[8]. - The operating loss for the year was HKD 132,771,000, which is a 25% improvement from the previous year's loss of HKD 177,273,000[8]. - The annual net loss for the group was approximately HKD 136,522,000, slightly improved from HKD 141,766,000 in 2023, indicating a reduction in losses of about 3.5%[21]. - The basic loss per share improved by 21% to HKD 108.87 from HKD 138.53 in the previous year[8]. - The basic loss per share for the year was approximately HKD 108.87, compared to HKD 138.53 in 2023, reflecting an improvement of about 21.4%[21]. Assets and Liabilities - The total equity decreased by 26% to HKD 273,408,000 from HKD 371,726,000 year-over-year[8]. - The total assets declined by 7% to HKD 1,609,797,000, while total liabilities slightly decreased by 1% to HKD 1,336,389,000[8]. - As of December 31, 2024, the group's total assets were approximately HKD 1,609,797,000, down from HKD 1,728,153,000 in 2023, a decrease of about 6.9%[22]. - The group's total liabilities as of December 31, 2024, were approximately HKD 1,336,389,000, compared to HKD 1,356,427,000 in 2023, showing a decrease of about 1.5%[22]. Corporate Governance - The company has complied with the listing rules regarding the board composition, ensuring at least three independent non-executive directors are present[38]. - All independent non-executive directors have confirmed their independence as per the listing rules, and the board believes they possess the necessary independence and judgment[38]. - The company has established effective mechanisms to ensure effective communication among directors, having held two board meetings during the fiscal year ending December 31, 2024[42]. - The company has established various committees, including the audit committee, remuneration committee, and nomination committee, to oversee different areas of the group's affairs[48]. - The company will review its board structure periodically to ensure compliance with listing rules and maintain effective governance[44]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to ethical corporate citizenship and promoting sustainable development in its business activities[78]. - The group aims to maintain or reduce air pollutant emissions below the current year's levels in the next year[88]. - The group emphasizes the importance of stakeholder engagement and feedback to improve its environmental, social, and governance performance[81]. - The board regularly evaluates and reviews environmental, social, and governance matters to ensure effective oversight[82]. - The company is committed to corporate social responsibility, focusing on employees, the environment, and the community[105]. Employee and Workplace Safety - The group employed approximately 46 staff members as of December 31, 2024, down from 53 in 2023, indicating a reduction in workforce of about 13.2%[28]. - The employee turnover rate is 28.3%, with 14 employees leaving, including 10 males (32.8%) and 4 females (21.1%)[110]. - The group has invested resources to improve workplace safety, resulting in 12 workdays lost due to injuries this year[113]. - There were no reported incidents of non-compliance with occupational health and safety laws in the current year[112]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[176]. - Key audit matters identified include fair value assessments of investment properties and impairment evaluations[178]. - The audit committee is responsible for overseeing the financial reporting process of the group[195]. - The auditors aim to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[196]. - The audit team evaluated the appropriateness of accounting policies adopted by the directors and the reasonableness of accounting estimates and related disclosures[198].