Financial Performance - Operating income for Q1 2025 was RMB 17,135 million, a decrease of 6.95% year-over-year [8]. - Net profit attributable to shareholders for Q1 2025 was RMB 5,949 million, a slight increase of 0.61% compared to the same period last year [8]. - Net profit before tax for the first quarter of 2025 was RMB 8,040 million, compared to RMB 7,638 million in the same period of 2024, reflecting an increase of about 5.27% [33]. - Net interest income was RMB 11.981 billion, an increase of RMB 0.163 billion or 1.38% year-on-year [28]. - Non-interest income decreased by RMB 1.442 billion or 21.86%, accounting for 30.08% of total operating income, down 5.74 percentage points year-on-year [22]. - Basic and diluted earnings per share remained stable at RMB 0.22 [29]. Assets and Liabilities - Total assets as of March 31, 2025, reached RMB 3,443,117 million, an increase of 3.54% compared to December 31, 2024 [7]. - Total liabilities reached RMB 3,237,334 million, an increase of 3.67% compared to the end of 2024 [7]. - Total loans and advances amounted to RMB 1,890,698 million, reflecting a growth of 1.81% from December 31, 2024 [7]. - Total assets increased to RMB 3,443,117 million as of March 31, 2025, up from RMB 3,325,539 million at the end of 2024, representing a growth of approximately 3.54% [30]. - The total liabilities rose to RMB 3,237,334 million as of March 31, 2025, from RMB 3,122,796 million at the end of 2024, marking an increase of approximately 3.67% [31]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to RMB (2,199) million, a 97.56% increase from RMB (90,099) million in Q1 2024 [8]. - Cash and cash equivalents at the end of the first quarter of 2025 were RMB 160,167 million, up from RMB 133,635 million at the beginning of the period, indicating a net increase of RMB 26,532 million [34]. - The company reported a net cash outflow from operating activities of RMB 2,199 million for the first quarter of 2025, compared to an outflow of RMB 90,099 million in the same period of 2024 [34]. - The company issued bonds generating cash inflow of RMB 153,851 million during the first quarter of 2025, compared to RMB 140,859 million in the same period of 2024 [34]. Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio stood at 8.38% as of March 31, 2025, unchanged from the end of 2024 [10]. - The capital adequacy ratio stood at 12.18%, a decrease of 0.43 percentage points compared to the end of the previous year [23]. - The liquidity coverage ratio decreased to 234.77% as of March 31, 2025, down from 322.75% at the end of 2024 [16]. - The average return on total assets (annualized) for Q1 2025 was 0.72%, down from 0.76% in Q1 2024 [8]. - The average equity return (annualized) decreased to 13.57% in Q1 2025, compared to 14.39% in the same period last year [8]. - The group’s loan provision coverage ratio was 171.21%, down by 7.46 percentage points from the previous year [23]. Other Financial Metrics - The non-performing loan balance was RMB 25.955 billion, an increase of RMB 0.046 billion or 1.81% from the previous year [23]. - The company’s expected credit loss provision decreased to RMB 4,284 million in the first quarter of 2025 from RMB 5,379 million in the same period of 2024, indicating a reduction of about 20.36% [33]. - The total equity attributable to shareholders increased to RMB 201,780 million as of March 31, 2025, from RMB 198,903 million at the end of 2024, reflecting a growth of approximately 0.88% [31]. - The company’s net increase in deposits was RMB 82,439 million for the first quarter of 2025, compared to RMB 19,772 million in the same period of 2024 [33]. - The company’s financial investments measured at fair value and recognized in profit or loss increased to RMB 257,918 million as of March 31, 2025, from RMB 228,873 million at the end of 2024, representing a growth of approximately 12.70% [30].

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。 中 遠 海 運 發 展 股 份 有 限 公 司 COSCO SHIPPING Development Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：02866） 二零二五年第一季度報告 根據中華人民共和國（「中 國」）上海證券交易所（中 遠 海 運 發 展 股 份 有 限 公 司（「公 司」）或（「中遠海發」）A股 上 市 的 交 易 所）的 適 用 規 則，公 司 連 同 其 附 屬 公 司（統 稱 「本集團」）二零二五年第一季（「本報告期」）季度報告（「季度報告」）於二零二五年 四 月 二 十 九 日 在 上 海 證 券 交 易 所 發 佈。季 度 報 告 所 載 的 財 務 資 料 均 未 經 審 核， 且 ...

Financial Performance - For the six months ended February 28, 2025, the company reported revenue of RMB 1,876,050, an increase of RMB 230,607 or 14.0% compared to RMB 1,645,443 for the same period in 2024[3]. - Gross profit for the same period was RMB 705,069, reflecting a growth of RMB 122,144 or 21.0% from RMB 582,925 in the prior year[3]. - The company's profit for the period reached RMB 389,503, up by RMB 103,640 or 36.3% from RMB 285,863 in the previous year[3]. - Basic earnings per share increased to RMB 0.1928, a rise of 38.7% from RMB 0.1390 in the prior period[3]. - The company declared an interim dividend of RMB 0.0578 per share, which is 38.6% higher than the RMB 0.0417 per share declared in the previous year[3]. - Revenue for the six months ended February 28, 2025, was approximately RMB 1,876.1 million, an increase of 14.0% from RMB 1,645.4 million for the same period in 2024[19][21]. - Gross profit for the same period was RMB 705.1 million, compared to RMB 582.9 million in 2024, reflecting a significant increase[19]. - Revenue from comprehensive education services rose by 18.9% to RMB 1,012.5 million, driven by the growth in high school enrollment[21]. - Revenue from integrated logistics services increased by 12.9% to RMB 332.3 million, attributed to the rise in the number of students served[21]. - Management and franchise fees revenue surged by 116.3% to RMB 56.4 million, due to the addition of eight new managed schools during the reporting period[21]. - Total sales costs for the six months ended February 28, 2025, were RMB 1,170.98 million, compared to RMB 1,062.52 million in 2024[23]. - Sales cost increased by 10.2% to approximately RMB 1,171.0 million, driven by a 14.0% revenue growth during the reporting period[24]. - Material consumption cost rose by 24.0% to approximately RMB 259.1 million, attributed to increased dining numbers and enhanced service quality[24]. - Employee costs increased by 19.4% to approximately RMB 242.1 million, mainly due to hiring new teachers for the growing number of high school students[24]. - Gross profit increased by 21.0% to approximately RMB 705.1 million, with a gross margin of 37.6%, up 2.2 percentage points from the previous period[26]. - Administrative expenses decreased by 9.8% to approximately RMB 117.3 million, primarily due to reduced stock option plan expenses[28]. - Financial costs rose to RMB 60.3 million from RMB 35.6 million, as there were no capitalized interest amounts during the reporting period[29]. - Income tax increased by 11.2% to approximately RMB 107.0 million, with an effective tax rate of 21.6%, down 3.6 percentage points from the previous period[30]. - The pre-tax profit for the group was RMB 397,656,000 for the six months ended February 28, 2025, compared to RMB 288,881,000 in 2024, indicating a growth of 37.7%[61]. - The total income tax expense for the six months ended February 28, 2025, was RMB 107,022,000, compared to RMB 96,274,000 in 2024, which is an increase of 11.5%[56]. Student and Educational Services - The total number of high school students receiving comprehensive education services was 53,900 during the reporting period[4]. - In the 2024 national college entrance examination, 272 graduates were admitted to the world's top 50 universities, an increase of 145 students from 127 in 2023[6]. - The number of high school students in the network increased by approximately 46.8%, from 36,708 in the fall of 2023 to 53,900 in the fall of 2024[17]. - The company successfully established seven high schools with independent operating licenses, enhancing operational structure[17]. - The company aims to expand its profitable high school business and enhance service offerings, including online campus malls and international education consulting[17]. Employment and Workforce - The company employed 2,682 full-time teachers as of February 28, 2025, an increase from 2,060 teachers in the previous year[7]. - The company employed 6,149 employees as of February 28, 2025, an increase from 5,106 employees as of February 29, 2024[77]. Financial Position and Liabilities - As of February 28, 2025, the company recorded a net current liability of approximately RMB 2,434.0 million, slightly down from RMB 2,438.4 million on August 31, 2024[31]. - The debt-to-equity ratio increased to 21.7% from 20.1%, with total borrowings of approximately RMB 2,029.7 million[33]. - The company reported a total current liabilities of RMB 3,817,185 thousand as of February 28, 2025, down from RMB 4,657,047 thousand as of August 31, 2024[44]. - The company has unused bank financing totaling RMB 1,761,775,000, significantly up from RMB 844,000,000 as of August 31, 2024[48]. - The company has approximately RMB 200 million allocated for potential acquisitions of high-quality targets[41]. - The total borrowings as of February 28, 2025, amounted to RMB 2,029,725,000, slightly down from RMB 2,052,995,000 as of August 31, 2024[68]. Dividends and Shareholder Returns - The group declared an interim dividend of RMB 0.0578 per share, totaling RMB 121,725,000, compared to RMB 88,237,000 for the same period last year, an increase of 37.9%[73]. - The company declared an interim dividend of RMB 5.78 per share for the six months ended February 28, 2025, representing a total dividend payout of approximately RMB 121.7 million, with a dividend payout ratio of 30%[75]. - The company repurchased a total of 9,389,000 shares at a total cost of HKD 33,266,636 during the six months ended February 28, 2025, reflecting confidence in its growth prospects[79]. Governance and Compliance - The company confirmed compliance with the corporate governance code and has established an audit committee to oversee financial controls and risk management[81][82]. - The company has not reported any significant events after the six months ended February 28, 2025, up to the date of this announcement[84]. - The interim report for the six months ended February 28, 2025, will be published on the company's website and the HKEX news website[85]. - The company has adopted a restricted share incentive plan to reward eligible participants since January 26, 2018[88]. - The company has implemented a stock option plan approved by shareholders on June 24, 2018[88]. - The board of directors includes the chairman and CEO, Mr. Luo Shi, along with other executive and non-executive directors[89].

Financial Performance - Net profit attributable to shareholders for Q1 2025 was RMB 12,742 million, down 5.13% from RMB 13,431 million in Q1 2024[10] - Net interest income for Q1 2025 was RMB 24,866 million, reflecting a 2.49% increase year-on-year[10] - Basic earnings per share for Q1 2025 decreased by 6.45% to RMB 0.29 compared to RMB 0.31 in Q1 2024[10] - Operating income for the period was CNY 368.13 billion, an increase of CNY 25.40 billion or 7.41% year-on-year[23] - The net profit attributable to shareholders was CNY 127.42 billion, a decrease of CNY 6.89 billion or 5.13% year-on-year[23] - The group's net profit for Q1 2025 was RMB 12,782 million, a decrease of 5.2% compared to RMB 13,487 million in Q1 2024[49] - The group's other comprehensive income after tax for Q1 2025 was a loss of RMB 3,406 million, compared to a gain of RMB 1,201 million in Q1 2024[51] Asset and Liability Management - Total assets as of March 31, 2025, amounted to RMB 7,783,420 million, a decrease of 0.40% from the end of 2024[8] - Total liabilities of the group were CNY 71,174.92 billion, a decrease of CNY 409.09 billion or 0.57% compared to the end of the previous year[22] - Total assets of the group as of March 31, 2025, are RMB 7,783,420 million, compared to RMB 7,814,969 million at the end of the previous year[43] - Total liabilities of the group are RMB 7,117,492 million, a slight decrease from RMB 7,158,401 million at the end of the previous year[45] Loan and Deposit Growth - Total loans and advances increased by 1.57% to RMB 4,520,467 million compared to the end of 2024, with corporate loans rising by 2.75%[8] - Total deposits increased by 2.53% to RMB 4,356,395 million, with personal deposits rising by 5.78%[8] - The balance of inclusive micro-enterprise loans was CNY 669.16 billion, with an increase of CNY 6.44 billion; the number of loan accounts reached 504,200, with an average interest rate of 3.96% and a non-performing loan ratio of 1.57%[27] - The mortgage loan balance was CNY 568.27 billion, up CNY 11.41 billion, with a year-on-year increase of 80.00% in mortgage loan issuance[34] Risk Management and Asset Quality - The non-performing loan ratio improved slightly to 1.46% from 1.47% at the end of 2024[8] - The provision coverage ratio increased to 144.27%, up from 141.94% at the end of 2024[8] - The non-performing loan total was CNY 66.05 billion, an increase of CNY 0.44 billion, with a non-performing loan ratio of 1.46%, down 0.01 percentage points from the end of the previous year[36] - The group's credit impairment losses increased to RMB 10,858 million in Q1 2025, compared to RMB 7,713 million in Q1 2024, indicating a rise of 40.5%[49] Shareholder Information - The total number of ordinary shareholders reached 337,961, with 320,882 A-share holders and 17,079 H-share holders[13] - The top shareholder, Hong Kong Central Clearing Limited, holds 8,287,380,462 H-shares, accounting for 18.93% of total shares[15] - Dajia Life Insurance Company holds 4,508,984,567 A-shares, representing 10.30% of total shares[15] - The largest preferred shareholder, China Ping An Property & Casualty Insurance, holds 14,000,000 shares, accounting for 7.00% of total preferred shares[18] Strategic Initiatives and Innovations - The group aims to enhance its financial services for technology enterprises and strengthen support for green and low-carbon projects as part of its strategic initiatives[24][25] - The bank launched 32 new AI application scenarios during the reporting period, enhancing its digital transformation strategy[30] - The bank's digital financial service ecosystem expanded with the launch of 6 strategic ecological innovation projects during the reporting period[30] - The bank's "Beehive Plan" provided customized service solutions for over 240 micro-enterprise clusters, focusing on standardizing complex credit operations[26] Cash Flow and Investment Activities - The bank reported a net cash flow from operating activities of -RMB 117,455 million for Q1 2025, an improvement from -RMB 127,366 million in Q1 2024[10] - The group's cash inflow from investment activities for Q1 2025 was RMB 418,254 million, an increase of 2.1% compared to RMB 408,405 million in Q1 2024[55] - The net cash flow from investment activities for the group in Q1 2025 was RMB 112,003 million, significantly up from RMB 11,242 million in Q1 2024[55] - The cash outflow for investment activities in Q1 2025 was RMB 306,251 million, a decrease of 22.9% compared to RMB 397,163 million in Q1 2024[55]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 891,764,438.56, a decrease of 37.98% compared to CNY 1,437,775,429.95 in the same period last year[6]. - The net profit attributable to shareholders was a loss of CNY 125,133,008.15, compared to a loss of CNY 6,353,117.41 in the previous year, indicating a significant decline in profitability[6]. - The basic and diluted earnings per share were both -0.19, a decrease from -0.01 in the same period last year[6]. - The net loss for Q1 2025 was CNY 138.30 million, compared to a net profit of CNY 1.21 million in Q1 2024[28]. - Operating profit for Q1 2025 was CNY -148.54 million, a significant decline from CNY 4.86 million in Q1 2024[27]. Cash Flow - The net cash flow from operating activities was -CNY 299,667,428.95, worsening from -CNY 74,387,649.98 in the previous year, reflecting increased cash outflow[11]. - In Q1 2025, the net cash flow from operating activities was -$299.67 million, compared to -$74.39 million in Q1 2024, indicating a significant decline[30]. - Total cash inflow from operating activities was $581.49 million in Q1 2025, down from $1.26 billion in Q1 2024[30]. - Cash outflow from operating activities totaled $881.16 million in Q1 2025, compared to $1.33 billion in Q1 2024[30]. - The net cash flow from investing activities was -$141.18 million in Q1 2025, compared to -$110.64 million in Q1 2024[31]. - Cash inflow from financing activities was $1.33 billion in Q1 2025, significantly higher than $560 million in Q1 2024[31]. - The net cash flow from financing activities increased to $664.39 million in Q1 2025, compared to $218.47 million in Q1 2024[31]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,423,319,825.81, a slight increase of 0.96% from CNY 12,305,210,394.10 at the end of the previous year[8]. - The total liabilities increased to CNY 8.19 billion in the latest report from CNY 7.93 billion in the previous period, reflecting a growth of 3.1%[24]. - The company's total equity decreased to CNY 4.24 billion from CNY 4.37 billion, a decline of 3.0%[25]. - The total number of common shareholders at the end of the reporting period is 30,353[13]. Shareholder Information - The top 10 shareholders hold a total of 38.45% of shares, with Hong Kong Central Clearing Limited being the largest shareholder at 248,238,789 shares[14]. - There is a noted relationship among the top shareholders, indicating potential coordinated actions among them[18]. - The company has a total of 55,597,956 shares pledged by the second-largest shareholder, China Luoyang Float Glass Group[14]. Research and Development - Research and development expenses decreased by 51.31% to CNY 26,540,643.42 from CNY 54,511,352.09 in the previous year, indicating reduced investment in R&D[11]. - Research and development expenses decreased to CNY 26.54 million in Q1 2025 from CNY 54.51 million in Q1 2024, a reduction of 51.4%[27]. - The company has not disclosed any new product developments or market expansion strategies in the current report[20]. - The company has not disclosed any new product launches or market expansion strategies in the current earnings call[26]. Other Financial Metrics - The company reported a total of CNY 4,252,423.33 in non-recurring gains and losses for the period, primarily from government subsidies and other income[10]. - The company's total current assets as of March 31, 2025, amount to 3,567,993,339.12 RMB, an increase from 3,301,715,036.17 RMB at the end of 2024[23]. - The total non-current assets decreased to 8,855,326,486.69 RMB from 9,003,495,357.93 RMB[23]. - Accounts receivable rose to 1,154,538,206.31 RMB from 1,027,209,026.78 RMB, indicating a growth in sales or credit terms[23]. - The company's cash and cash equivalents increased significantly to 361,207,402.36 RMB from 140,369,169.47 RMB[23].

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 2025年第一季度報告 根據中國證券監督管理委員會的規定，山東晨鳴紙業集團股份有限公司（「本公 司」或「公司」）需刊發季度報告。 本季度報告內所載的財務數據均未經審計，並根據企業會計準則而編製。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條及證券及期貨條例第 XIVA部項下內幕消息條文而作出。本公告亦同時在深圳證券交易所網站及中國 報章刊登。 重要內容提示： □ 是 ✓ 否 1 1. 董事會、監事會及董事、監事、高級管理人員保證季度報告的真實、準確、 完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律 責任。 2. 公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）聲明： 保證季度報 ...

Financial Performance - Operating revenue for the three months ended March 31, 2025, was RMB 668,503,082, a decrease of 2.6% compared to RMB 684,684,715 for the same period in 2024[9] - Net profit for the three months ended March 31, 2025, reached RMB 166,786,787, an increase of 9.3% from RMB 152,623,636 in the prior year[9] - The group's operating profit for the three months ended March 31, 2025, was RMB 180,760,691, slightly up from RMB 178,663,172 in the same period of 2024[9] - Revenue for the three months ended March 31, 2025, was RMB 111,553,722, a slight increase of 1.0% compared to RMB 110,442,322 in 2024[19] - Net profit for the same period was RMB 54,331,323, a decrease of 0.9% from RMB 54,803,829 in the previous year[19] Assets and Liabilities - The group's total assets as of March 31, 2025, amounted to RMB 9,314,226,198, an increase from RMB 9,041,947,811 as of December 31, 2024, representing a growth of approximately 3.0%[5] - The group's total liabilities as of March 31, 2025, were RMB 3,553,642,904, compared to RMB 3,450,010,327 as of December 31, 2024, reflecting an increase of approximately 3.0%[7] - The total equity attributable to shareholders of the parent company increased to RMB 4,742,779,278 as of March 31, 2025, from RMB 4,589,711,647 as of December 31, 2024, indicating a growth of about 3.3%[7] - The group's total current assets as of March 31, 2025, were RMB 2,649,469,421, an increase from RMB 2,404,932,953 as of December 31, 2024, representing a growth of approximately 10.2%[5] - Total assets as of March 31, 2025, amounted to RMB 5,449,910,760, an increase from RMB 5,367,242,048 at the end of 2024[15] - Total liabilities increased to RMB 1,346,630,827 from RMB 1,318,293,439, indicating a rise in financial obligations[17] Cash Flow - Operating cash flow for the three months ended March 31, 2025, was RMB 74,837,599, a decrease of 57.3% from RMB 175,041,487 in the same period of 2024[11] - Total cash inflow from operating activities was RMB 614,046,239, down 13.9% from RMB 713,680,821 year-over-year[11] - For the three months ended March 31, 2025, the net cash flow from operating activities was RMB 123,004,826, an increase of 61.6% compared to RMB 76,074,301 for the same period in 2024[21] - Cash inflow from operating activities totaled RMB 301,140,688, while cash outflow was RMB 178,135,862, resulting in a net cash inflow of RMB 123,004,826[21] - The net increase in cash and cash equivalents for the period was RMB 79,632,419, contrasting with a decrease of RMB -501,597,424 in the same period of 2024[23] Investment Income - The group reported an increase in investment income to RMB 6,053,550 for the three months ended March 31, 2025, compared to RMB 7,960,375 in the same period of 2024[9] - Investment income for the three months was RMB 4,080,000, down from RMB 5,621,013 in the same period last year, primarily due to lower returns from joint ventures[19] - The company reported cash inflow from investment activities of RMB 47,179,600, compared to RMB 12,801,300 in the previous year, indicating a significant increase[23] - The net cash flow from investment activities was negative at RMB -6,969,499, an improvement from RMB -539,832,403 in the same period last year[23] Financial Expenses - The financial expenses decreased to RMB 16,121,567 for the three months ended March 31, 2025, from RMB 22,110,236 in the previous year, showing a reduction of approximately 27.0%[9] - The company reported a decrease in operating costs to RMB 43,760,290 from RMB 45,807,117, reflecting a cost reduction strategy[19] Cash and Cash Equivalents - The group's cash and cash equivalents stood at RMB 1,972,556,030 as of March 31, 2025, up from RMB 1,909,458,289 as of December 31, 2024, marking an increase of approximately 3.3%[5] - Cash and cash equivalents at the end of the period increased to RMB 1,966,751,051 from RMB 1,750,667,626, reflecting a net increase of RMB 63,097,741[13] - The ending balance of cash and cash equivalents was RMB 983,585,290, compared to RMB 1,246,253,974 at the end of the same period last year[23] Other Financial Information - The company did not report any cash inflow from financing activities during this quarter[23] - The company emphasized that the financial data presented has not been reviewed or audited by its auditors, and adjustments may occur upon review[23]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 122,272,308 thousand, a decrease of 18.46% compared to CNY 149,949,264 thousand in the same period last year[9] - Net profit attributable to shareholders was CNY 1,607,206 thousand, down 40.00% from CNY 2,678,657 thousand year-on-year[9] - The basic earnings per share decreased by 33.33% to CNY 0.08 from CNY 0.12 in the previous year[9] - The decline in net profit was attributed to continuous demand reduction in the steel industry and external factors affecting the construction and real estate sectors[12] - The net profit excluding non-recurring gains and losses was CNY 1,606,854 thousand, a decrease of 39.79% from CNY 2,668,559 thousand year-on-year[9] - Total revenue for Q1 2025 was 122,272,308, a decrease of 18.5% compared to Q1 2024's 149,949,264[32] - Operating profit for Q1 2025 was 2,594,866, down 33.1% from 3,875,664 in Q1 2024[33] - Net profit for Q1 2025 was 2,075,202, representing a decline of 34.0% from 3,144,854 in Q1 2024[33] - Basic earnings per share for Q1 2025 was 0.08, down from 0.12 in Q1 2024, reflecting a 33.3% decrease[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 832,043,897 thousand, reflecting a 2.97% increase from CNY 808,015,755 thousand at the end of the previous year[9] - As of March 31, 2025, total current assets reached RMB 621.457 billion, an increase from RMB 599.767 billion at the end of 2024[27] - The total assets of the company reached RMB 832.044 billion, up from RMB 808.016 billion at the end of 2024[29] - Total liabilities as of March 31, 2025, were RMB 659.525 billion, compared to RMB 625.680 billion at the end of 2024[29] - The equity attributable to shareholders of the parent company was RMB 143.601 billion, down from RMB 153.043 billion at the end of 2024[29] - The company's total current liabilities amounted to RMB 596.193 billion, an increase from RMB 573.630 billion at the end of 2024[28] - The total liabilities increased to CNY 80,950,673,000 in Q1 2025 from CNY 64,022,791,000 in Q1 2024, reflecting an increase of approximately 26%[45] Cash Flow - The net cash flow from operating activities was negative at CNY (25,694,659) thousand, compared to CNY (30,747,367) thousand in the previous year[9] - Cash flow from operating activities for Q1 2025 was (25,694,659), an improvement from (30,747,367) in Q1 2024[38] - Cash flow from investing activities for Q1 2025 was (2,027,406), compared to (675,735) in Q1 2024, indicating increased investment outflows[39] - Cash flow from financing activities for Q1 2025 was 26,072,898, down from 36,669,904 in Q1 2024, showing a decrease of 28.9%[40] - Cash inflow from operating activities totaled CNY 189,924 thousand in Q1 2025, down 46.2% from CNY 353,329 thousand in Q1 2024[53] - Cash outflow from investing activities was CNY 10,653,017 thousand in Q1 2025, compared to CNY 14,027,206 thousand in Q1 2024, indicating a reduction of 24.4%[55] - Cash inflow from financing activities was CNY 144,954,038 thousand in Q1 2025, a decrease of 21.1% from CNY 183,738,573 thousand in Q1 2024[56] - The net cash flow from financing activities was CNY 3,191,451 thousand in Q1 2025, down 69.5% from CNY 10,451,525 thousand in Q1 2024[56] Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 318,085[14] - China Minmetals Group holds 9,171,859,770 shares, representing 44.26% of total shares[15] - Hong Kong Central Clearing holds 2,848,935,401 shares, accounting for 13.75% of total shares[15] - China National Petroleum Corporation owns 1,227,760,000 shares, which is 5.92% of total shares[15] - China Metallurgical Group holds 1,019,095,530 shares, representing 4.92% of total shares[15] - China Securities Finance Corporation owns 589,038,427 shares, accounting for 2.84% of total shares[15] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder alone holding over 44%[15] - The company has multiple shareholders with equal holdings of 63,516,600 shares, each representing 0.31%[19] - The total number of shares held by the top ten unrestricted shareholders is substantial, indicating strong institutional support[20] - The company has no shares under pledge or freeze conditions among the top shareholders[15] - The shareholder structure reflects a strong presence of state-owned enterprises in the ownership composition[15] Contracts and Market Activity - The total new contracts signed in Q1 2025 amounted to RMB 230.661 billion, a decrease of 27.22% compared to the same period last year[24] - The overseas contract amount in Q1 2025 was RMB 12.041 billion, down 35.73% year-on-year[24] - The company did not disclose any new product developments or market expansion strategies in this report[9] - The company aims to enhance its market expansion strategies and product development in the upcoming quarters[58] Research and Development - Research and development expenses for Q1 2025 were 2,800,074, slightly down from 2,817,852 in Q1 2024[32]

Company Overview - For the year ended December 31, 2024, Kangqiao Service served millions of property owners and won over 300 awards, ranking 25th among the 2024 Top 100 Property Management Companies in China[4]. - The Group's listing on the Main Board of The Stock Exchange of Hong Kong occurred on July 16, 2021, under stock code 2205[3]. - The Group was incorporated in the Cayman Islands on October 8, 2020, and its shares were listed on the Main Board of the Stock Exchange on July 16, 2021[180]. - The Group is principally engaged in property management services and related value-added services in the PRC[180]. Financial Performance - In 2024, the Group achieved total revenue of approximately RMB 960.8 million, representing a year-on-year increase of 2.9%[31]. - The Group's total revenue for the year was approximately RMB 960.8 million, reflecting a 2.9% increase from approximately RMB 934.0 million in 2023[75][77]. - Revenue from property management services was approximately RMB 681.3 million, accounting for 70.9% of total revenue, and increased by 14.7% compared to the previous year[61]. - Revenue from city services was approximately RMB 79.7 million, representing an increase of 22.7% compared to approximately RMB 64.9 million in 2023[70][72][83][87]. - Revenue from value-added services to non-property owners decreased by 37.6% to approximately RMB 86.4 million from approximately RMB 138.4 million in 2023[81][85]. - Revenue from community value-added services was approximately RMB 113.4 million, down 16.9% from approximately RMB 136.6 million in 2023[82][86]. - The Group's cost of sales was approximately RMB 744.6 million, an increase of 4.4% from approximately RMB 713.3 million in 2023[90][91]. - Profit for the year increased by approximately 30.8% to RMB 68.8 million from RMB 52.6 million in 2023, driven by lower expenses[109]. Market and Industry Trends - In 2024, the property service industry experienced a slowdown due to global economic adjustments, but the Group remains optimistic about the recovery potential of the real estate industry and property service sector[21]. - The Group's strategic direction is anchored in industry trends, believing in stable cash flow and the long-tail value chain of customers as key growth drivers[22]. - The Group's commitment to sustainable growth with quality has allowed it to navigate market cycles effectively, demonstrating strong business resilience[21]. Strategic Focus and Development - The Group emphasizes "Joyful Service" and "Intelligent Technology" as its core values, focusing on all business forms and service scenarios throughout the property development lifecycle[5]. - Kangqiao Service aims to redefine urban life by leveraging smart technology and enhancing community services, positioning itself as a smart city service provider[7]. - The Group's future plans include deepening participation in urban services and injecting vitality into new neighborhoods through innovative service offerings[9]. - The Group is shifting from rapid "scale expansion" to sustained "value growth" by optimizing service quality and improving operational efficiency[39]. - The Group aims to enhance operational efficiency and customer satisfaction while ensuring sustainable development and brand influence[55]. Customer and Community Engagement - The Group has launched community activities such as "Four Seasons and One Hall" and "Five Clubs" to address community needs and foster emotional connections among residents[6]. - Customer satisfaction regarding comprehensive services increased by 5.0 percentage points, reaching a higher level of service quality[25]. - The Group aims to achieve intelligent and refined management of services, further enhancing customer experience and service efficiency[43]. Technological Innovations - The Group's digital knowledge assets include 72 copyrights, 29 systems, 16 self-owned source codes, and 131 code projects as of December 31, 2024[30]. - Technological innovations include the development of energy consumption control systems and quality inspection software to improve service efficiency[29]. - The Group will continue to increase technology investment to promote the upgrade of the "business-finance integration" digital technology system, enhancing service management through IoT, big data, and AI[40]. Human Resources and Management - The annual internal training ratio for employees was up to 65.8%, with employee satisfaction increasing by 2.7% year-on-year in 2024[46]. - The Group emphasizes a competitive salary, bonuses, benefits, and systematic training opportunities to attract talented employees[145]. - The Group has implemented a comprehensive recruitment system that includes online recruitment, job fairs, campus recruitment, and referrals[145]. - The Group is committed to promoting diversity and providing equal opportunities for all employees in recruitment, training, and professional development[145]. - The Group aims to create a happy culture in the workplace while promoting work-life balance for all employees[145]. Governance and Risk Management - The Board is committed to maintaining high standards of corporate governance and financial transparency[178]. - The independent non-executive directors provide oversight and independent advice to enhance corporate governance[158]. - The Group's risk management practices aim to mitigate operational risks, including customer loss and senior management turnover[183]. - The Group's financial risk management objectives and policies include managing interest rate risk, credit risk, and liquidity risk[192]. Operational Metrics - The Group managed 328 projects across 35 cities in China, with a contracted gross floor area (GFA) of approximately 70.3 million sq.m., representing a 4.7% increase from 67.1 million sq.m. in 2023[56]. - The GFA under management increased by 12.5% to approximately 46.2 million sq.m. from 41.0 million sq.m. in 2023, with 78.6% from third-party property developers[58]. - Non-residential properties under management reached approximately 7.4 million sq.m., an increase of 11.1% from 6.6 million sq.m. in 2023, with 99.2% from third-party developers[58]. Management Team - The company has a strong management team with diverse backgrounds in finance, engineering, and corporate governance[158]. - The management team has extensive experience in the real estate sector, which is crucial for the company's growth strategy[156]. - The Group's management team includes professionals with significant experience in finance and administration, enhancing its operational capabilities[171][172].

Financial Performance - In 2024, the company's revenue decreased to RMB 15,276 million, down from RMB 24,933 million in 2023, representing a decline of 38.8%[11]. - Gross profit for the year was RMB 796 million, a decrease of 69.0% from RMB 2,570 million in the previous year[11]. - The company reported a loss for the year of RMB 2,286 million, compared to a loss of RMB 1,769 million in 2023, indicating an increase in loss of 29.2%[11]. - Total assets decreased to RMB 114,470 million, down from RMB 128,236 million, a reduction of 10.7%[12]. - Total liabilities also decreased to RMB 97,319 million, down from RMB 108,178 million, a decline of 10.0%[12]. - The company experienced a basic loss per ordinary share of RMB 0.76, compared to RMB 0.63 in 2023, reflecting a worsening of 20.6%[11]. - The net loss attributable to the owners of the Group was approximately RMB 2,094 million, reflecting an increase of approximately 20% year-on-year[93]. - The total gross floor area of sold and delivered projects was 1,164,560 square meters, representing a decrease of approximately 36% from the previous year[96]. - Revenue from property sales was approximately RMB 14,105 million, a decrease of approximately 41% from the previous year[96]. - The total revenue for 2024 was approximately RMB 15,276 million, a decrease of approximately 38.7% from RMB 24,933 million in 2023, primarily due to a decrease in the recognized GFA of properties delivered[140]. Market Conditions - The global economic landscape remained complex, with China's real estate market facing double-digit declines in sales and investment growth, impacting domestic demand[15][16]. - The central government of China implemented policies to stabilize the real estate market, marking a shift towards active market rescue efforts[16]. - In 2024, the real estate market experienced a significant adjustment, with sales and investment growth declining by double digits, prompting the central government to implement a series of stabilizing policies[18]. - The overall operation of the Chinese economy showed a warming and improving trend amidst stability[83]. - 2024 was a critical year for China to achieve the objectives of the 14th Five-Year Plan, with stable progress in the economy[83]. - The global economic situation remained complex and volatile, impacting the overall market environment[83]. - In 2024, China's real estate market experienced a deep adjustment with double-digit declines in sales and investment growth, significantly impacting domestic demand[84]. - The central government implemented a series of policies to stabilize the real estate market, indicating a proactive policy tone[84]. Strategic Initiatives - The Group's core strategy of "1+2+3+X" aims to build a diversified industrial group, expanding into fields such as commercial operation and property services[23]. - Future strategies include revitalizing stock assets, innovating business models in long-term leasing, and enhancing service systems in property management[47]. - The company plans to implement a "1+2+3+X" development strategy over the next five years, focusing on optimizing structure, excelling in core business, and diversifying development[54]. - The Group's innovative "Greenland's smart manufacturing" platform aims to provide comprehensive management services across the entire industrial chain[21]. - The Group is committed to transforming its business model from scale development to efficiency-focused operations, enhancing internal dynamics and competitiveness[114][117]. - The Group's strategy includes activating existing assets and increasing liquidity to provide robust support for high-quality development[135][137]. Operational Efficiency - The Group focused on innovative marketing strategies, resulting in a notable reduction in planning expenses and site operating costs, while improving conversion rates through tenant sourcing for commercial office buildings[24]. - Cost reduction measures included streamlining construction practices and optimizing materials, contributing to enhanced efficiency across various projects[31]. - The Group's focus on optimizing supply chain collaboration and enhancing market confidence to address challenges in project delivery[107]. - The Group implemented policies to improve the marketability of existing projects, including discounted offerings and enhanced product positioning[110]. - The Group's innovative digital platform and private domain traffic matrix have significantly improved operational efficiency and service capabilities[128][131]. Property Development - Greenland Hong Kong Holdings Limited achieved a delivery area of 1.63 million sq.m. in 2024, including key projects such as Yancheng New Zone and Zhanjiang Greenland Mansion[27]. - The geographical distribution of property projects includes 29 projects in Jiangsu, 38 in Guangdong, and 9 in Zhejiang, among others[60]. - The company held a high-quality land bank of approximately 17,700,000 sq.m. as of December 31, 2024, primarily located in core cities[40][43]. - The residential leasing brand "Elite Home" managed nearly 10,000 units in cities like Shanghai, Nanjing, and Hangzhou, with an occupancy rate above 93%[42][45]. - The Group's projects in key regions such as Jiangsu, Guangdong, Zhejiang, and Guangxi were the primary sources of contracted sales[104]. Financial Management - Greenland HK maintained a low net interest-bearing gearing ratio and effective interest cost, ensuring sound financial fundamentals[35][38]. - The net gearing ratio increased to approximately 75% in 2024 from 58% in 2023, with total borrowings of approximately RMB 14,321 million[166]. - The Group's financial performance is subject to various risks, including business risk, government policy impact, foreign exchange risk, and third-party risk[180][181][182][184]. - The Group's treasury policy aims to strengthen treasury control and reduce funding costs while monitoring foreign exchange risks related to RMB and USD[172][183]. Corporate Governance - The Board does not recommend payment of a final dividend for the twelve months ended December 31, 2024[93]. - The Board emphasizes maintaining best practices in corporate governance to ensure transparency and fairness in disclosures[190][192]. - The Group's chairman and CEO roles were combined from May 17, 2024, to December 31, 2024, which the Board believes aids in efficient strategy formulation[193].