Financial Performance - The company's revenue for 2024 increased by 3.9% to RMB 11,940.4 million compared to RMB 11,490.5 million in 2023[9]. - Gross profit decreased by 0.3% to RMB 2,194.3 million, resulting in a gross margin of 18.4%, down from 19.2% in the previous year[9][12]. - Net profit attributable to the company's owners fell by 40.1% to RMB 269.0 million, with basic earnings per share dropping by 47.4% to RMB 14.23[9][12]. - Total assets increased by 8.0% to RMB 22,381.5 million, while total liabilities rose by 10.3% to RMB 13,695.3 million[9]. - The company's net asset value increased by 4.7% to RMB 8,686.2 million, while equity attributable to owners rose by 5.9% to RMB 6,467.7 million[9]. - The group's revenue increased by RMB 449.9 million or 3.9% to RMB 11,940.4 million in 2024, compared to RMB 11,490.5 million in 2023, driven by higher domestic and overseas market demand and sales volume[27]. - Gross profit decreased by RMB 6.2 million or 0.3% to RMB 2,194.3 million, with a gross margin of 18.4%, down 0.8 percentage points from the previous year[18]. - Net profit for the year decreased by RMB 249.6 million or 39.2% to RMB 387.8 million, down from RMB 637.4 million in 2023[41]. Market and Business Strategy - The company plans to focus on the growing demand for new energy vehicles, which saw production and sales surpassing 12 million units, growing by 34.4% and 35.5% respectively[13]. - The company plans to expand into Southeast Asia, India, Europe, and the United States to meet increasing domestic market demand[16]. - The management anticipates continued domestic tire demand growth supported by government policies promoting consumption upgrades[14]. - The company will adopt a cautious approach towards overseas market developments due to ongoing uncertainties and trade barriers[14]. - The company aims to maintain steady development and strengthen its leading position in the industry to provide long-term returns to shareholders[16]. - The company plans to optimize global production capacity and continue investing in the research and development of green products to align with the industry's trend towards sustainability[66]. Research and Development - Research and development expenses increased by RMB 61.5 million or 36.0% to RMB 232.2 million, reflecting the company's commitment to developing new products to meet diverse customer needs[37]. - The company developed 16 new types of radial tire steel cord and 7 new types of bead wire and other steel wires during the year[25]. Dividends and Shareholder Returns - The company did not declare any final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.13 per share in 2023[12]. - The company declared a final dividend of HKD 0.13 per share for the year ended December 31, 2023[81]. - A special dividend of HKD 0.15 per share was proposed, totaling approximately HKD 288 million based on 1,920,125,199 shares issued[84]. - The company did not recommend a final dividend for the fiscal year ended December 31, 2024[83]. Employee and Management Information - The total employee cost, including directors' remuneration, was RMB 1,236,900,000 for the year ending December 31, 2024, up from RMB 1,085,200,000 in 2023[60]. - The company’s workforce consisted of approximately 8,600 full-time employees as of December 31, 2024, down from 8,700 in 2023[60]. - The company’s employee contributions to the union amounted to RMB 19,700,000 for the year ending December 31, 2024, compared to RMB 19,100,000 in 2023[60]. Corporate Governance - The company has committed to maintaining high standards of corporate governance, including transparency, accountability, and independence[174]. - The board consists of eight members, including five executive directors and three independent non-executive directors[177]. - The company has established mechanisms to ensure the independence of the board, including the appointment of at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or financial management[186]. - The independent non-executive directors have confirmed their independence as per listing rules[179]. - The company has established six committees under the board, including the audit committee, which is solely composed of independent non-executive directors to enhance independence[193]. Financial Position and Capital Management - Total borrowings increased by RMB 1,155.5 million or 17.4% to RMB 7,785.6 million, with fixed interest rates ranging from 0.57% to 3.50%[43]. - The company's distributable reserves as of December 31, 2024, amounted to approximately RMB 1,410,500,000, an increase from RMB 1,118,700,000 in 2023[129]. - The company raised approximately HKD 337,560,000 from the issuance of 257,680,000 new shares at a subscription price of HKD 1.31 per share[57]. - The net proceeds from the subscription will be used for general working capital, including production upgrades and employee costs, with specific allocations detailed[125]. Shareholder Information - As of December 31, 2024, the total number of issued shares of the company is 1,920,125,199 shares[146]. - The company's top five customers contributed approximately 29% of total revenue, with the largest customer accounting for about 7%[166]. - The top five suppliers accounted for approximately 90% of total procurement, with the largest supplier representing about 46%[166]. - The company has not engaged in any significant contracts with its subsidiaries during the review year[138]. Risk Management - The company maintains a cautious outlook on the short-term development of the industry due to international complexities, high global inflation, and rising trade barriers[65]. - The company's investment strategy has been optimized in response to increased international trade risks and intensified industry competition[50].

重要內容提示 廣州白雲山醫藥集團股份有限公司（「本公司」）董事會、監事會及董事、監事、高級管理人員保證本 季度報告內容的真實、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。 本公司負責人李小軍先生、主管會計工作負責人劉菲女士及會計機構負責人吳楚玲女士保證本季度 報告中財務信息的真實、準確、完整。 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報告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本報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。 （於中華人民共和國註冊成立之股份有限公司） （H股股份代碼：00874） 2025年第一季度報告 註： (1) 除非另有說明，「本報告期」指本季度初至本季度末3個月期間。 (2) 以上財務報表數據和指標均以合併報表數計算。 2 （二）非經常性損益項目和金額 （一）主要會計數據和財務指標 本報告期 | | | | 比上年同期 | | --- | --- | --- | --- | | 項目 | 本報告期 | 上年同期 | 增減變動幅度 | | | （未經審計） | （未經審計） ...

Financial Performance - For the year ended December 31, 2024, the Group's operating revenue amounted to RMB20.7 billion, with a gross profit of approximately RMB985 million[16]. - The loss attributable to the owners of the Company was approximately RMB1.85 billion, while retained profits at the end of the Reporting Period remained at RMB7.5 billion[17]. - The Group experienced a significant year-on-year decrease in gross profit margin and total gross profit due to a declining real estate market[17]. - The Company recorded a decrease in profits from joint ventures and associates, impacting overall profitability[17]. - The Group reported a loss of RMB1,689,630,000 for 2024, a significant decrease of approximately 235% compared to a profit of RMB1,251,815,000 in 2023[143]. - The Group's turnover for 2024 was RMB20,661,233,000, representing a year-on-year decrease of approximately 28% from RMB28,800,845,000 in 2023[145]. - Gross profit for 2024 amounted to RMB985.42 million, reflecting a year-on-year decrease of approximately 75%[150]. - The gross profit margin for 2024 was approximately 4.77%, down 8.67 percentage points from 13.44% in 2023[150]. - Equity attributable to owners of the Company decreased by approximately 19%, amounting to RMB8,021,863,000 as of December 31, 2024[144]. Market Conditions - China's GDP for the year exceeded RMB134 trillion, achieving a year-on-year growth of 5%, ranking first among major economies[23]. - In the first quarter of 2024, China's economy grew by 5.3%, but the growth rate slowed in the subsequent quarters before recovering to 5.4% in the fourth quarter[18]. - In 2024, the proportion of the real estate industry's value added in GDP declined by 0.5 percentage points to 6.3%, indicating a continued downward cycle in China's real estate market[24]. - Nationwide new commercial housing sales in the first nine months of 2024 totaled RMB 6,888 billion, a year-on-year decrease of 22.7%, but annual sales for the year reached RMB 9,675 billion, with the decline narrowing to 17.1%[24]. - The annual real estate development investment in China was RMB10,028 billion, a year-on-year decrease of 10.6%, with new commercial housing sales area down 12.9% to 973.85 million square meters[136]. - The sales amount of new commercial housing in China decreased by 17.1% year-on-year, totaling RMB9,675 billion[136]. Strategic Initiatives - The Group focused on compressing project costs while accelerating the launch of high-quality products and reducing reliance on promotional discounts in response to geopolitical risks[25]. - The Group aims to accelerate the opening of new land acquisition projects and improve the efficiency of old renovation projects[43][46]. - The Group will enhance price management by re-evaluating current sales prices and balancing sales volume with sales prices to increase project profits[44][46]. - The Group plans to upgrade existing projects in core urban areas through innovative marketing strategies and policy opportunities[48][50]. - In 2025, the Company aims to improve product competitiveness to transition from an industry "follower" to a "leader" by enhancing collaboration across departments and leveraging technological innovations[49][50]. - The Company is actively pursuing new opportunities for growth, including potential mergers and acquisitions to enhance its market position[85]. Leadership and Governance - Mr. Jiang Tiexing appointed as non-executive director and chairman of the board on September 25, 2023[62]. - Mr. Yu Zhiliang rejoined as non-executive director on August 5, 2024, after serving as executive director and general manager[64]. - Mr. Li Yao appointed as non-executive director and audit committee member on May 5, 2023[70]. - Dr. So Shu Fai has been an executive director since December 11, 2010, and was previously CEO of SJM Holdings Limited until June 15, 2023[75]. - The company continues to expand its leadership team with experienced professionals from various sectors[62][64][70][75][82]. - The strategic appointments aim to enhance governance and operational efficiency within the company[62][64][70][75][82]. - The Company is committed to maintaining high standards of corporate governance, as evidenced by the roles of independent non-executive directors in oversight committees[91]. Project Development - The Group achieved aggregate contracted sales of RMB 42,460 million in 2024, with a sales area of 1,895,802 square meters, marking a V-shaped recovery from a 32% year-on-year decline to a 10% growth[29]. - The Group's land bank consisted of 4,201,823 square meters of saleable gross floor area as of December 31, 2024[174]. - The Group has 45 property development projects across cities including Guangzhou, Foshan, Chongqing, Xi'an, Nanjing, and Jurong[173]. - The total Gross Floor Area (GFA) of the company's projects is 15,573,484 square meters, with 4,201,823 square meters designated for future sale[190]. - The company has a total of 3,665,435 square meters of GFA in Xi'an, with 756,053 square meters completed[190]. - The company is focused on both residential and commercial properties, enhancing its portfolio diversity and market reach[196]. Financial Position - As of the end of 2024, the Group held RMB 12.7 billion in currency funds, with a gearing ratio of 53% and a net debt ratio of 26%[39]. - The total interest-bearing debt of the Group as of December 31, 2024, was RMB 34.909 billion, slightly down from RMB 35.238 billion in 2023[157]. - The net gearing ratio as of December 31, 2024, was 67%, a decrease from 71% in 2023[158]. - The weighted average cost of financing for the Group's bank and financial institution borrowings was 3.77%, reflecting a relatively low level in the industry[39]. - The average selling price for the year ended December 31, 2024, was approximately RMB 22,398 per square meter, up from RMB 20,331 per square meter in 2023[166].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 409,620,000, representing a 37.6% increase from RMB 297,530,000 in 2023[11] - Gross profit increased to RMB 49,722,000 in 2024, up from RMB 20,178,000 in 2023, marking a significant improvement in profitability[11] - The company reported a profit of RMB 2,983,000 for the year from continuing operations, compared to a loss of RMB 2,364,000 in 2023[11] - Other revenue rose to RMB 30,177,000 in 2024, compared to RMB 24,775,000 in 2023, indicating growth in additional income streams[11] - Revenue from wooden products rose by 38.1% to RMB407.4 million in 2024, accounting for 99.5% of total revenue[20] - Revenue from renewable energy products decreased by 8.5% to RMB2.2 million in 2024, with a profit of approximately RMB0.2 million[21] - Gross profit increased to approximately RMB49.7 million in 2024, with a gross margin of 12.1%, up from 6.8% in 2023[25] - Other income for the year was RMB30.2 million, an increase from RMB24.8 million in 2023[26] Expenses and Costs - Selling and distribution expenses were RMB 15,257,000, slightly increasing from RMB 14,650,000 in 2023, reflecting ongoing investment in market presence[11] - Administrative expenses increased to RMB 37,558,000 from RMB 31,836,000 in 2023, suggesting higher operational costs[11] - The company experienced a finance cost of RMB 3,860,000, up from RMB 1,359,000 in 2023, indicating increased borrowing costs[11] - Selling and distribution expenses rose to RMB15.3 million in 2024, compared to RMB14.7 million in 2023[32] - Administrative expenses increased to RMB 37.6 million in 2024, primarily due to higher research and development costs[33] - Finance costs were approximately RMB3.9 million in 2024, up from RMB1.4 million in 2023[34] Tax and Financial Ratios - The Group recorded an income tax credit of RMB7.2 million in 2024, compared to an expense of RMB0.5 million in 2023[35] - As of December 31, 2024, the current ratio improved to 3.7:1, up from 3.1:1 in 2023[38] Capital Expenditure and Assets - Total assets increased to RMB1,210.8 million in 2024, up from RMB1,054.7 million in 2023, representing a growth of 14.8%[15] - As of December 31, 2024, the Group had current assets of RMB 765.7 million, up from RMB 515.1 million in 2023, with cash and cash equivalents at RMB 27.2 million[43] - Total capital expenditure for property, plant, and equipment was RMB 11.1 million, significantly higher than RMB 4.1 million in 2023[45] Employee and Governance - The Group employed 252 full-time employees as of December 31, 2024, an increase from 144 in 2023, focusing on enhancing production automation and staff training[48] - The Board consists of two executive Directors and three non-executive Directors, ensuring compliance with the Listing Rules[76] - Independent non-executive Directors represent at least one-third of the Board at all times during the Year[67] - The Board held only two regular meetings during the Year, approving the interim results of 2024 and annual results of 2023[72] - Each executive Director has a service contract for a term of three years commencing from June 15, 2023[84] Corporate Governance - The Company has adopted the corporate governance code as per the Listing Rules and has complied with all applicable provisions during the Year[66] - Independent non-executive Directors provide strong independent views and ensure compliance with financial reporting requirements[82] - The Company has implemented effective internal control procedures to manage risks and enhance transparency[66] - The Board is responsible for major policy decisions, business plans, and risk management systems[67] - The Company has adopted a Nomination Policy for the Nomination Committee to consider and recommend candidates for election as Directors at general meetings[89] Risk Management - The Risk Management Committee comprises all independent non-executive Directors, focusing on evaluating the Group's risk management framework[140] - The Risk Management Committee reviews material risk exposures, including market, credit, and operational risks[142] - The Company has maintained effective risk management and internal control systems, which are reviewed annually[163] Environmental and Social Responsibility - The Group is committed to reducing its carbon footprint and has implemented practices such as duplex printing and efficient paper usage to minimize environmental impact[174][178] - The Group recognizes the importance of employee welfare, providing comprehensive benefits and a safe workplace, with no strikes or workplace fatalities reported during the Year[186] - The Group values customer feedback and conducts market research to understand trends and needs, ensuring quality products and services are offered[188] Dividend Policy - The Group does not recommend the payment of a final dividend for the Year, consistent with the previous year (2023: Nil)[189][192] - The Board's discretion governs the declaration of dividends, considering financial results, operational conditions, and other relevant factors[193][194] - The Company has adopted a Dividend Policy allowing for the declaration and distribution of dividends to shareholders based on financial performance and other factors[197]

Financial Performance - Total revenue for Q1 2025 reached RMB 156,589 million, an increase of 12.8% compared to RMB 138,778 million in Q1 2024[5] - Net profit attributable to shareholders of the parent company was RMB 12,849 million, reflecting a significant growth of 43.4% from RMB 8,963 million in the same period last year[5] - Basic earnings per share increased to RMB 0.29, up 43.4% from RMB 0.20 in Q1 2024[5] - The weighted average return on net assets rose to 4.7%, an increase of 1.0 percentage points compared to 3.7% in the previous year[5] - Net cash flow from operating activities was RMB 36,549 million, representing a 10.2% increase from RMB 33,154 million in Q1 2024[5] - The net profit excluding non-recurring gains and losses was RMB 12,815 million, up 43.5% from RMB 8,928 million in Q1 2024[5] - Total operating revenue for Q1 2025 reached RMB 156,589 million, a 12.8% increase from RMB 138,778 million in Q1 2024[28] - Net profit attributable to shareholders of the parent company for Q1 2025 was RMB 12,849 million, up 43.1% from RMB 8,963 million in Q1 2024[29] Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 1,800,490 million, a 1.9% increase from RMB 1,766,384 million at the end of 2024[5] - Total liabilities as of March 31, 2025, amounted to RMB 1,418,786 million, an increase from RMB 1,399,158 million as of December 31, 2024[26] - The total equity attributable to shareholders of the parent company increased to RMB 279.346 billion, a growth of 3.9% from the end of the previous year[14] - The asset-liability ratio decreased to 78.8%, down 0.4 percentage points from the previous period[25] - Total liabilities and equity as of March 31, 2025, were RMB 1,800,490 million, an increase from RMB 1,766,384 million as of December 31, 2024[27] Insurance Business Performance - Insurance service revenue for Q1 2025 reached RMB 136.11 billion, a year-on-year increase of 7.9%[14] - The combined insurance premium income for PICC Property and Casualty was RMB 120.741 billion, a 6.1% increase year-on-year[15] - PICC Life achieved insurance service revenue of RMB 7.084 billion, with a net profit of RMB 3.653 billion, marking a 48.0% increase in revenue[18] - PICC Health reported insurance service revenue of RMB 7.483 billion, with a net profit growth of 59.9%[21] - The comprehensive cost ratio for PICC Property and Casualty improved to 94.5%, a decrease of 3.4 percentage points year-on-year[15] Shareholder Information - As of the report date, the total number of ordinary shareholders was 146,097 for A-shares and 4,954 for H-shares[9] Cash Flow and Investment - Cash flow from operating activities for Q1 2025 was RMB 36,549 million, an increase from RMB 33,154 million in Q1 2024[31] - Investment cash outflow for Q1 2025 was RMB 40,122 million, compared to a cash inflow of RMB 5,306 million in Q1 2024[32] - The company reported an investment income of RMB 12,218 million for Q1 2025, significantly higher than RMB 2,494 million in Q1 2024[28] - The company recorded investment income of RMB 142 million for the three months ended March 31, 2025, compared to RMB 14 million in the same period of 2024, indicating a substantial increase[35] - The company reported a net cash outflow from investing activities of RMB (1,122) million for the three months ended March 31, 2025, compared to a cash inflow of RMB 347 million in the same period of 2024[36]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[1]. - Revenue for the year was RMB 2,372.64 million, a decrease of 2.58% from RMB 2,435.57 million in the previous year[19]. - Profit attributable to owners of the group was RMB 117.79 million, an increase of 6.27% compared to the previous year[11]. - Gross profit for the year was RMB 278.19 million, an increase of 4.22% from RMB 266.93 million in the previous year[20]. - Other income and gains decreased by 37.39% to RMB 30.65 million, primarily due to a reduction in interest income[21]. - Financing costs decreased by 31.09% to RMB 2.46 million, attributed to a reduction in bank borrowings[22]. - The group's income tax expense decreased by 29.11% from RMB 520.1 million to RMB 368.7 million, with an effective tax rate of 17.90% compared to 24.05% in 2023[23]. - Profit attributable to the parent company increased by 6.27% to RMB 1,177.9 million, primarily due to lower natural gas procurement prices and the application of a reduced tax rate of 15% for high-tech enterprises[24]. User Growth and Market Expansion - User data showed an increase in active users by 20%, reaching 500,000 by the end of 2024[1]. - Market expansion plans include entering two new provinces in China by mid-2025, targeting a 5% market share in those regions[1]. Future Outlook - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[1]. - New product launches are expected to contribute an additional RMB 200 million in revenue in 2025[1]. Research and Development - The company is investing RMB 50 million in R&D for new technologies aimed at enhancing service efficiency[1]. Strategic Initiatives - The company is considering strategic acquisitions to enhance its service portfolio, with a budget of RMB 300 million allocated for potential deals[1]. - A new partnership with a leading technology firm is expected to improve operational capabilities and reduce costs by 8%[1]. - The company aims to increase its customer satisfaction score by 15% through improved service delivery and customer engagement initiatives[1]. Dividends and Shareholder Returns - The board has approved a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[1]. - The company proposed a final dividend of RMB 0.30 per share for the year ending December 31, 2024, unchanged from the previous year[11]. - The proposed final dividend for the fiscal year 2024 is RMB 0.30 per share, totaling RMB 60,814,350, subject to shareholder approval[70]. Corporate Governance and Leadership - The company is committed to maintaining high standards of corporate governance and financial management through its experienced board of directors[39][40][44][47]. - The board consists of eight members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for effective decision-making[163]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management, with details provided in the financial statements[90]. - The company has adopted a board diversity policy, aiming for a balanced composition in terms of gender, age, and professional background[195]. Risk Management - The company faces significant risks related to government policy changes that could adversely affect its business and financial performance[81]. - The company must obtain multiple licenses and permits to operate and expand its business, and failure to do so could have a negative impact on its operations[81]. - The company’s pipeline natural gas business franchise may expire or be terminated, and it may not be able to renew existing franchises or obtain new ones[81]. - The company’s financial condition and operating performance may be adversely affected if it fails to secure sufficient funding for current and future projects[81]. Compliance and Internal Controls - The company has maintained compliance with all relevant laws and regulations in China and Hong Kong as of December 31, 2024[145]. - The company has implemented internal control measures to monitor related party transactions and ensure fairness and reasonableness[132]. - The supervisory board has effectively monitored the company's operations and management practices, ensuring compliance with laws and regulations[150]. Employee and Management Structure - The group employed a total of 441 staff as of December 31, 2024, with total employee costs of approximately RMB 111.2 million[32]. - The company aims for at least 33% of senior management to be female, currently achieving 33%[199]. - The current gender ratio among employees is 23.8% female and 76.2% male, with a total of 441 employees[199]. Related Party Transactions - The agreements with City Group are considered related party transactions due to City Group being the controlling shareholder[104]. - The group has established a framework for ongoing related party transactions with City Group[102]. - The total amount paid by the group to City Group for specific goods and services was approximately RMB 0.46 million for the year ending December 31, 2024[105].

Financial Performance - Revenue from continuing operations for the year ended December 31, 2024, was HK$50,875,000, a decrease of 88% compared to HK$420,436,000 in 2023[12]. - Loss from operations increased to HK$26,712,000, representing a 378% increase from HK$5,591,000 in the previous year[12]. - Loss attributable to equity shareholders of the Company was HK$33,712,000, up 152% from HK$13,389,000 in 2023[12]. - The total revenue for the Year was approximately HK$50.9 million, representing a decrease of approximately 87.9% compared to approximately HK$420.4 million for the year ended 31 December 2023[29]. - The Group recorded a loss attributable to equity shareholders of approximately HK$33.7 million for the Year, compared to a loss of approximately HK$13.4 million for the year ended 31 December 2023[30]. - Basic loss per share from continuing operations was HK$0.012, a 200% increase from HK$0.004 in 2023[12]. - Diluted loss per share from continuing operations was also HK$0.012, reflecting a 200% increase from HK$0.004 in the previous year[12]. - The Group recorded impairment losses on trade and other receivables of approximately HK$40.5 million for the Year[30]. - Revenue from the semi-conductors business was approximately HK$1.2 million for the Year, a significant decrease from approximately HK$367.0 million for the year ended 31 December 2023[38]. - Revenue from properties development was approximately HK$0.1 million for the Year, down from approximately HK$0.4 million for the year ended 31 December 2023[39]. - Revenue generated from photovoltaic power reached approximately HK$49.5 million for the Year, compared to approximately HK$53.0 million for the year ended 31 December 2023[40]. - Gross profit decreased by approximately HK$6.6 million, or approximately 17.2%, from approximately HK$38.2 million for the year ended 31 December 2023 to approximately HK$31.6 million for the Year[41]. - Administrative expenses increased by approximately HK$6.0 million, or approximately 23.0%, from approximately HK$26.0 million for the year ended 31 December 2023 to approximately HK$32.0 million for the Year[49]. - Other gains, net were approximately HK$6.0 million, representing an increase of approximately HK$28.9 million compared to other losses, net of approximately HK$22.9 million for the year ended 31 December 2023[53][57]. - The income tax expense for the Year was approximately HK$2.5 million, down from approximately HK$4.0 million for the year ended 31 December 2023[61][67]. - The Group's current ratio was 16.7 as of 31 December 2024, compared to 19.0 in 2023[63][69]. - Total capital expenditure for the Year was approximately HK$0.4 million[66][72]. - The Board does not recommend payment of any final dividend for the Year, consistent with the previous year[77][83]. Business Strategy and Development - The Group is actively seeking opportunities to develop new businesses and is evaluating the feasibility of these ventures with various professionals[17]. - The Company has disposed of loss-making businesses to improve cash flow and liquidity, reallocating resources to existing and new business operations[15]. - The Group plans to strengthen efforts in evaluating new business development opportunities through feasibility studies to enhance profitability in the future[78][84]. - The Group focuses on semiconductor business, property development, and photovoltaic power generation, with principal facilities located in the People's Republic of China[94]. Environmental, Social, and Governance (ESG) Initiatives - The ESG Report covers the period from January 1, 2024, to December 31, 2024[96]. - The Board is responsible for overseeing the Group's ESG strategy, including risk management and internal control systems[111]. - The Group's ESG Report adheres to the principles of materiality, quantitative disclosure, and consistency with previous reports[98][103]. - The most material ESG topics guiding the Group's corporate strategy have been validated by the Board[110]. - The Group identified 23 material ESG topics impacting the environment and society through its operations, focusing on emissions, resource use, and climate change strategies[121][124]. - The audit committee, with the internal control team, assesses and manages risks related to environment, human resources, health and safety, and compliance, reporting overall ESG performance annually[116][119]. - The Board tracks and reviews the achievement of ESG objectives at least once a year to bridge the gap between current progress and expectations[117]. - The Group employs a three-step process of identification, prioritization, and validation to manage and report sustainability topics according to their materiality[120][127]. - High-level management provides input on the materiality of ESG topics, scoring their significance to stakeholders and the Group[127][128]. - The ESG Materiality Matrix categorizes topics based on their importance to stakeholders and the Group, identifying high materiality issues[129]. - The ESG working team includes representatives from various departments to ensure diverse expertise in ESG management[115][118]. - The Group's ESG strategy aims to achieve specific goals and targets, with regular reviews to ensure continuous implementation[116][117]. - The Board meets with the ESG working group at least once a year to stay updated on ESG issues and performance[115][118]. Environmental Performance - The Group's air emissions in 2024 included 18.4 kg of Nitrogen Oxides, 0.04 kg of Sulphur Oxides, and 1.8 kg of Particulate Matter, showing a decrease compared to 2023 due to the disposal of the sub-processing cigarette films segment[149]. - The Group did not encounter any incidents of non-compliance with applicable laws and regulations related to air emissions, effluent discharges, noise emissions, greenhouse gases, and waste across all operating regions during the Year[143]. - The Group is committed to managing its environmental impacts through energy-saving, consumption reduction, pollution reduction, and efficiency improvement initiatives[142]. - The Group's environmental management systems ensure strict compliance with regulatory standards and continual improvement towards cleaner practices across its subsidiaries[141]. - The Group's commitment to environmental protection includes regular maintenance of its fleet and machinery to enhance fuel efficiency and reduce emissions[144]. - In 2024, the Group's nitrogen oxides (NOx) emissions decreased to 18.4 kg from 40.3 kg in 2023, representing a reduction of approximately 54.4%[151]. - Sulphur oxides (SOx) emissions were reduced to 0.04 kg in 2024 from 0.1 kg in 2023, a decrease of 60%[151]. - Particulate matter (PM) emissions fell to 1.8 kg in 2024, down from 3.9 kg in 2023, indicating a reduction of about 53.8%[151]. - The total greenhouse gas emissions (Scope I and II) decreased to 290 tonnes CO2 equivalent in 2024 from 451.1 tonnes in 2023, a reduction of approximately 35.7%[162]. - The carbon intensity remained stable at 0.02 tonnes CO2 equivalent per square meter of gross floor area for both 2024 and 2023[162]. - The Group's photovoltaic power sales helped avoid the release of 29,842 tonnes CO2 equivalent of greenhouse gases by replacing fossil fuel electricity[163]. - The Group's carbon footprint is primarily due to electricity usage, which is categorized under Scope II emissions[159]. - The Group's effluent discharges were confirmed as non-material to its operations during the year[153]. - Regular monitoring and testing of effluent discharges ensure compliance with regulatory standards and prevent adverse environmental impacts[153]. - The Group is committed to reducing its carbon footprint through energy reduction initiatives and measures to minimize Scope III emissions throughout its value chain[166]. - The Group targets to reduce GHG emissions intensity (scope I + II) by 3% by the end of 2030, using 2022 as the baseline year[167]. - GHG emission intensity in 2024 remained the same as the baseline year, 2022[169]. - The Group achieved its target for waste intensity generation, aiming to lower waste generated from operations by 3% by the end of 2030 from 2022[184]. - Total non-hazardous waste generated in 2023 was 2,076 kg, with a non-hazardous waste intensity of 0.10 kg per m²[181]. - The Group encourages the use of video conferencing to minimize carbon footprint from overseas business trips[170]. - The Group aims to explore opportunities to replace highly hazardous materials with less hazardous alternatives[172]. - All hazardous waste is treated by authorized contractors, ensuring proper disposal and storage[171]. - The Group emphasizes waste reduction as it creates the least environmental impact[174]. - The Group will continue to monitor electricity usage and follow up on those exceeding normal usage standards[167]. - The Group will allocate additional resources towards sustainable waste management practices[184]. - The Group's total energy consumption for 2024 included 25.4 mWh of direct energy and (52,301) mWh of indirect energy, resulting in a total energy intensity of (4.20) mWh per square meter of gross floor area[187][188][189]. - The Group aims to reduce GHG emissions from electricity purchases by 3% in energy intensity by 2030 from 2022 levels[197]. - The Group's energy profile indicates that fuel used for electricity accounted for 5% of total energy consumption in 2024, excluding electricity sold[187][188]. - The Group has implemented energy-efficient measures, including the installation of LED lighting and cooling systems, and replacing equipment with energy-efficient models[193][195]. - The Group's indirect energy consumption decreased from (53,938.0) mWh in 2023 to (52,301.2) mWh in 2024[189]. - The total energy consumption (direct and indirect) for the Group in 2024 was (51,804.9) mWh, down from (53,890.1) mWh in 2023[189]. - The Group has not encountered any violations of applicable laws and regulations regarding energy and water resource usage during the year[186]. - The Group's facilities primarily source water from municipal supplies, with no issues reported in sourcing fit-for-purpose water[198][200]. - The Group is committed to minimizing water consumption and continues to review the effectiveness of existing initiatives to reduce wastewater[199][200].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,895,682,446, representing a 4.47% increase compared to CNY 6,600,382,306 in the same period last year[7]. - Net profit attributable to shareholders decreased by 14.40% to CNY 468,184,864 from CNY 546,940,436 year-on-year[7]. - The net profit after deducting non-recurring gains and losses fell by 23.02% to CNY 416,187,540 compared to CNY 540,658,598 in the previous year[7]. - Basic and diluted earnings per share decreased by 14.29% to CNY 0.066 from CNY 0.077 year-on-year[7]. - The company reported a total profit of RMB 655,371,080 for Q1 2025, compared to RMB 761,655,302 in Q1 2024, reflecting a decline of 13.9%[24]. - Net profit for Q1 2025 was RMB 469,320,847, a decrease of 14.3% from RMB 547,495,690 in Q1 2024[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 849,822,972, down 5.58% from CNY 900,003,348 in the same period last year[7]. - Cash flow from operating activities for Q1 2025 was RMB 849,822,972, a decrease from RMB 900,003,348 in Q1 2024[28]. - Cash and cash equivalents increased to RMB 2,335,160,601 from RMB 1,934,900,900, representing a growth of about 20.73%[16]. - Cash and cash equivalents at the end of Q1 2025 totaled RMB 2,335,160,601, down from RMB 2,617,982,772 at the end of Q1 2024[30]. - The company did not report any cash inflow from new borrowings in Q1 2025, compared to RMB 400,000,000 in Q1 2024[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,189,454,267, a decrease of 1.03% from CNY 36,567,255,729 at the end of the previous year[7]. - Total liabilities decreased to RMB 8,589,904,968 from RMB 9,498,035,713, reflecting a reduction of approximately 9.59%[22]. - Total non-current assets decreased to RMB 26,475,524,036 from RMB 26,912,857,550, a decline of about 1.62%[18]. - The company reported a total asset value of RMB 36,189,454,267 as of March 31, 2025, down from RMB 36,567,255,729 as of December 31, 2024, a decrease of approximately 1.04%[22]. - Short-term borrowings were eliminated, down from RMB 300,176,917 as of December 31, 2024[20]. - Accounts payable decreased to RMB 2,118,949,676 from RMB 2,650,474,072, a decline of approximately 20.00%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 159,867[12]. - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 37.12% of the shares, totaling 2,629,451,300 shares[12]. - Equity attributable to shareholders increased by 1.95% to CNY 27,638,428,357 from CNY 27,109,235,057 year-on-year[7]. - Total equity attributable to shareholders increased to RMB 27,638,428,357 from RMB 27,109,235,057, marking a growth of about 1.94%[22]. Operating Costs and Expenses - Total operating costs increased to RMB 6,319,182,431 in Q1 2025, up 7.8% from RMB 5,860,611,391 in Q1 2024[24]. - Financial expenses increased significantly to RMB 16,767,277 in Q1 2025 from RMB 5,337,768 in Q1 2024[24]. - The company recorded other income of RMB 79,842,278 in Q1 2025, a substantial increase from RMB 18,952,508 in Q1 2024[24]. Return on Equity - The weighted average return on equity was 1.71%, a decrease of 0.34 percentage points from 2.05% in the previous year[7].

Financial Performance - The company's revenue for the year ended December 31, 2024, decreased by 72.4% to RMB 76,736,000 from RMB 278,286,000 for the previous year, primarily due to a reduction in the volume of property completions and deliveries [14]. - Gross profit fell by 81.3% to RMB 6,936,000, with a gross margin decline from 13.3% to 9.0%, attributed to a decrease in average property selling prices [14]. - For the year ended December 31, 2024, the company recorded a net loss attributable to owners of RMB 40,590,000, compared to a net profit of RMB 4,507,000 for the year ended December 31, 2023, primarily due to a decrease in revenue, gross profit, and fair value of investment properties, along with increased tax expenses [16]. - The total comprehensive loss for the year ended December 31, 2024, was RMB 41,408,000, compared to a comprehensive income of RMB 7,810,000 in 2023 [140]. - The company reported a net loss of RMB 41,310,000 for the year ended December 31, 2024, compared to a profit of RMB 7,590,000 in 2023 [140]. Expenses and Costs - Sales expenses decreased by 57.8% to RMB 3,513,000, while administrative expenses reduced by 12.1% to RMB 13,349,000, due to additional cost control measures implemented by the company [15]. - The income tax expense increased by 186.1% to RMB 24,098,000, primarily due to insufficient provisions for land value-added tax in the previous year [15]. - The company incurred a financing cost of RMB 7,000 for the year ended December 31, 2024, slightly down from RMB 8,000 in 2023 [140]. Assets and Liabilities - As of December 31, 2024, the total assets of the group amounted to RMB 1,094,032,000, with cash and cash equivalents of RMB 116,590,000, total equity of RMB 762,830,000, and total liabilities of RMB 331,202,000 [17]. - The current ratio as of December 31, 2024, was 3.06, an increase from 2.93 as of December 31, 2023, indicating improved liquidity [17]. - The debt-to-equity ratio as of December 31, 2024, was 13.4%, down from 19.7% as of December 31, 2023, reflecting a reduction in leverage [17]. - Total liabilities decreased from RMB 378,523,000 in 2023 to RMB 321,143,000 in 2024, indicating improved financial stability [143]. Shareholder Information - The company did not recommend any dividend payment for the year, consistent with the previous year [25]. - As of December 31, 2024, the company has significant shareholdings by major shareholders, with Fame Build Holdings Limited owning 1,517,896,394 shares, representing 26.00% of the issued share capital, and Talent Connect Investments Limited owning 1,780,596,394 shares, representing 30.50% [49]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting [112]. Corporate Governance - The board consists of six members, with three executive directors and three independent non-executive directors [64]. - The board has a balanced composition of executive and non-executive directors, ensuring sufficient independent judgment [69]. - The company has adopted a board diversity policy to ensure a balanced mix of skills, experience, and diverse thinking among board members [67]. - The company has established appropriate recruitment measures to promote diversity among employees [67]. - The company has maintained compliance with the corporate governance code throughout the fiscal year ending December 31, 2024 [62]. Risk Management - The board has established a risk management system that includes a three-line defense model to identify, assess, and mitigate risks [83]. - The company has engaged an external consultant to review its risk management and internal control systems for effectiveness [84]. - The company has established a risk mitigation plan and appointed risk owners for significant risks identified [83]. Compliance and Regulations - The company is committed to minimizing its environmental impact and has implemented various measures to ensure compliance with environmental laws and regulations [55]. - The company has adhered to all relevant laws and regulations that significantly impact its operations during the year [56]. - The company has established an "Insider Information Policy" to ensure timely and fair disclosure of insider information, maintaining confidentiality until public release [85]. Financial Reporting - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, reflecting a true and fair view of the group's financial position [120]. - The audit opinion confirms that the financial statements are free from material misstatement, providing assurance to stakeholders [121]. - The company is committed to transparency and adherence to ethical standards in its financial reporting and auditing processes [121]. Employee Information - The total employee cost for the year ended December 31, 2024, was RMB 8,144,000, slightly up from RMB 8,013,000 in 2023 [19]. - The gender ratio among employees, including senior management, is 1.62:1 as of December 31, 2024 [67]. Projects and Development - The company is focusing on residential property projects in China, specifically in Xinyang, Henan Province, and Wugang, Hunan Province, amidst a challenging domestic real estate market [8]. - The company has several ongoing projects, including the Xixian Kangqiao Academy in Henan and the Wugang Kangqiao Academy in Hunan, with expected completion dates ranging from 2025 to 2027 [10]. - The total area of ongoing and completed projects amounts to 1,107,000 square meters, with a significant portion still under development [10].

Financial Performance - For the year ended 31 December 2024, the Group achieved total revenue of approximately RMB 4,484 million, representing a year-on-year increase of approximately 2.8%[19] - The total profit before income tax amounted to approximately RMB 34 million, reflecting a year-on-year increase of approximately 21.0%[19] - The Group's gross profit for 2024 was approximately RMB 751 million, down from RMB 994 million in 2023[14] - The profit attributable to owners of the Company for 2024 was a loss of RMB 55 million, compared to a loss of RMB 22 million in 2023[14] - The Group achieved total revenue of approximately RMB 4.484 billion for the year ended December 31, 2024, representing a year-on-year increase of about 2.8%[24] - Gross profit decreased by approximately RMB243.7 million or approximately 24.5%, from approximately RMB994.9 million in 2023 to approximately RMB751.2 million in 2024[151] - Revenue from Solar EPC business increased by approximately 192.0%, while gross profit margin decreased from approximately 7.7% to approximately 5.7%[155] - Revenue from Wind Power EPC business amounted to approximately RMB801.3 million with a gross profit margin of approximately 2.8%[156] - Sale of electricity decreased by approximately 10.8% in 2024, with a gross profit margin of approximately 56.0% compared to 59.2% in 2023[157] - Distribution expenses increased by approximately RMB1.7 million or approximately 3.8%, in line with the increase in revenue[159] - Administrative expenses decreased by approximately RMB10.4 million or approximately 3.4% compared to 2023[164] Asset and Liability Management - Non-current assets increased to approximately RMB 8,803 million in 2024, up from RMB 8,528 million in 2023[14] - Current liabilities rose to approximately RMB 12,428 million in 2024, compared to RMB 10,796 million in 2023[14] - As of December 31, 2024, the Group had outstanding bank and other loans and bonds payable of approximately RMB7,622 million with effective interest rates ranging from 3.3% to 6.8%[165] - Capital expenditures for the year amounted to approximately RMB567.1 million, down from approximately RMB1,097.6 million in 2023[167] Operational Developments - The scale of the Group's self-owned power stations reached approximately 1.1GW by the end of 2024, with accelerated construction of implemented projects[21] - The Group signed several large-scale clean energy EPC contracts in Shandong, Hebei, and Guangdong, continuing to expand the revenue of the EPC general contracting business[22] - Key development projects in Gansu, Guangxi, and Hainan were progressing steadily, supporting the overall layout of clean energy projects[20] - The Group's self-owned power station capacity is approximately 1.1 GW, with ongoing projects in Gansu, Guangxi, and Hainan[25] Innovation and Recognition - The New Materials Company was recognized as a state-level specialized and innovative "little giant" enterprise and awarded the title "Guangdong Green Factory" during the year[23] - The Group completed acceptance reviews for 31 scientific research projects and initiated 20 new projects during the year, with 41 projects currently under research[27] - As of the end of 2024, the Group held 375 valid patents and software copyrights, with 52 new patents granted during the year[28] Corporate Governance - The Board held a total of 7 meetings during the reporting period[59] - At least one-third of the Board members are independent non-executive directors, in compliance with Listing Rules[50] - The Company will assess the independence of independent non-executive directors at least annually[50] - Directors are encouraged to express their views openly during Board meetings[50] - The Company provides sufficient resources for Directors to fulfill their duties and seek independent professional advice when necessary[53] - The Board meetings are held regularly at least four times a year, approximately quarterly[51] - Notice of board meetings is sent to all Directors at least 14 days prior to regular meetings[51] - Independent non-executive directors are required to confirm their independence annually[50] - The Company maintains an updated list of Directors, identifying independent non-executive directors and their roles[56] - The Board's composition reflects a balance of experience and diversity in nationality, ethnicity, and professional expertise[49] Board Composition and Diversity - The Board consists of 7 male directors and 1 female director, resulting in a male to female ratio of approximately 7:3 in the workforce, including senior management[100] - The Board has not set any measurable objectives for implementing the diversity policy during the year[100] - The current composition of the Board is considered sufficiently diversified in terms of gender for a company in the renewable energy sector[101] - The Nomination Committee will periodically discuss and agree on further measurable objectives for achieving diversity on the Board[101] Committees and Meetings - The Audit Committee held 3 meetings during the year ended December 31, 2024[84] - The Remuneration Committee held 1 meeting to assess individual performance of the Directors and review remuneration packages during the year ended December 31, 2024[91] - The Remuneration Committee did not recommend any bonuses or share options for the year ended December 31, 2024[93] - The Nomination Committee conducted five meetings in the year ended December 31, 2024, with two meetings focused on reviewing policies for senior management appointments and promotions[105] Internal Control and Risk Management - The Group's internal control systems are considered effective and adequate, with no material internal control weaknesses identified[119] - The Group is in the process of improving and establishing an internal control manual to enhance its internal control and risk management system[123] - The Board conducts periodic reviews of internal control and risk management systems at least annually[118] Shareholder Engagement - The Company maintains a transparent and timely disclosure policy to keep shareholders informed of business performance and strategies[125] - The annual general meeting provides a forum for direct dialogue between the Board and shareholders, with all relevant documents sent at least 20 business days prior[126] - The Company held its annual general meeting on June 27, 2024, where shareholders approved amendments to the existing bye-laws to align with Core Shareholder Protection Standards and applicable laws of Bermuda[140] Management Team - The Group has a strong management team with diverse backgrounds in finance, energy, and corporate governance[186] - The company is focused on expanding its operational capabilities and enhancing management efficiency through experienced leadership[179] - The Group's strategic direction includes leveraging expertise in energy management and financial operations to drive growth[178] - Continuous development of new strategies and technologies is a priority for the Group to maintain competitive advantage in the market[176]