Financial Performance - Total revenue for the year was approximately HKD 81,900,000, a decrease of about HKD 74,000,000 or 47.3% compared to the previous year[8] - The group recorded a consolidated loss of approximately HKD 212,700,000, compared to a loss of HKD 176,500,000 in the previous year[8] - Basic and diluted loss per share was HKD 0.2091, compared to HKD 0.1482 in the previous year[9] - Segment revenue decreased by 18.9% to approximately HKD 53,100,000 from HKD 65,500,000 in the previous year[12] - Other comprehensive expenses for the year were approximately HKD 97,500,000, compared to other comprehensive income of HKD 13,400,000 in the previous year[9] - The group's total revenue for the year was approximately HKD 81,900,000, a decrease of about HKD 31,500,000 or 27.8% compared to the previous year[20] - Asset management service revenue fell to approximately HKD 1,800,000 from HKD 3,700,000 in the previous year, reflecting a significant decline due to poor stock market performance[13] - Margin loan interest income decreased to approximately HKD 45,500,000 from HKD 53,200,000, primarily due to a drop in margin loan rates from 8% to 2% in the second half of the year[13] - The credit and lending services segment revenue plummeted from approximately HKD 73,000,000 to about HKD 3,200,000, largely due to a one-time debt recovery income of HKD 42,000,000 in the previous year[15] - The property investment and leasing segment reported revenue of approximately HKD 10,500,000, down from HKD 12,000,000, with a significant loss of HKD 103,900,000 attributed to a decline in the local real estate market[16] - Tactical and strategic investments recorded a segment loss of approximately HKD 86,800,000, an improvement from a loss of HKD 232,200,000 in the previous year[17] - The group's total comprehensive expenses for the year amounted to approximately HKD 310.2 million, up from approximately HKD 163.1 million in 2023[21] Future Outlook - The group anticipates a challenging fiscal year 2025 due to geopolitical tensions and high interest rates impacting the business environment[5] - The group aims to strengthen its financial services business and adopt a prudent strategy for potential investments and opportunities[5] - The group expects to receive formal written approval from the Securities and Futures Commission for its license application in 2025[12] - The group anticipates a moderate growth trajectory for the Hong Kong economy, supported by asset investment activities, despite ongoing global geopolitical tensions[18] - The group plans to maintain a cautious approach to cost management and resource allocation to sustain profitability while exploring new growth opportunities[19] - The group will closely monitor economic developments and adjust strategies accordingly to strengthen market position and drive sustainable growth[19] Corporate Governance - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year[36] - The board consists of nine members, including four executive directors and four independent non-executive directors, ensuring a balanced governance structure[46] - The company has confirmed compliance with the standard code for securities trading by directors and relevant employees for the fiscal year ending December 31, 2024[43] - The board is led by Dr. Zhuang Youheng as the chairman, with responsibilities clearly divided from the CEO role to ensure governance independence[47] - The company has received written confirmations from all independent non-executive directors regarding their independence from the group[49] - The board has adopted a diversity policy to ensure a balanced selection of candidates based on various perspectives, including gender, age, and professional experience[58] - The Nomination Committee reviewed the board's structure and diversity on March 26, 2025, and found it appropriate and in line with measurable diversity goals[51] - The board has established clear guidelines for delegating authority to management while regularly reviewing these arrangements[54] - The company has a structured nomination process to identify suitable candidates for board positions, considering the benefits they bring[60] - The board held 13 meetings in total, with attendance rates for executive directors ranging from 77% to 100%[72] - The independent non-executive directors maintained high attendance rates, with some achieving 100% attendance in board meetings[72] - The company has not established a corporate governance committee but fulfills governance functions as outlined in the corporate governance code[73] Employee and Social Responsibility - The company is committed to sustainable development and environmental protection, implementing eco-friendly management practices and resource optimization[38] - The company has established a discretionary share option plan to enhance employee performance and loyalty[39] - The company actively participates in community activities to strengthen its environmental, social, and governance management[38] - The company has maintained a zero record of employee injuries or fatalities over the past three years[130] - The company provides various employee benefits, including medical insurance covering outpatient, hospitalization, and annual health check-ups[128] - The company encourages work-life balance through various sports and recreational activities for employees[128] - The company has implemented measures to review recruitment practices to prevent child and forced labor[11] - The company has complied with all relevant laws and regulations regarding employment and labor standards during the reporting period[129] Environmental, Social, and Governance (ESG) Initiatives - The group is committed to sustainable development and has adopted an Environmental, Social, and Governance (ESG) policy to guide its operations[111] - The ESG report covers the group's core business in Hong Kong, including licensed financial services and property investment[113] - The company aims to reduce greenhouse gas emissions by 45% from the 2021 baseline by 2030, with current emissions at 50.6 tons, averaging 1.53 tons per employee[119] - The company plans to decrease non-hazardous waste by 50% from the 2021 baseline by 2030[120] - The total electricity consumption during the reporting period was 70,360.0 kWh, averaging 2,132.1 kWh per employee, with a goal to reduce energy consumption per employee by 20% by 2030[122] - The company has not generated any hazardous waste and aims to manage non-hazardous waste responsibly[119] - The company has implemented measures to encourage employees to reduce energy and water consumption, including the use of energy-efficient equipment[121] - The company has set a target to reduce water consumption by 10% from the 2021 baseline by 2030, with zero cubic meters consumed during the reporting period[122] - The company has established a governance structure to manage environmental, social, and governance risks effectively[117] - The company conducts annual materiality assessments to identify significant environmental and social issues impacting its operations[118] Financial Position and Shareholder Matters - As of December 31, 2024, the group's net asset value was approximately HKD 1,596.9 million, down from approximately HKD 1,907.1 million in 2023[22] - The group's liquidity remains strong, with a current ratio of 3.9 as of December 31, 2024, unchanged from 2023[24] - The group's debt ratio increased to 14.9% as of December 31, 2024, compared to 13.0% in 2023, primarily due to a decrease in shareholder equity[27] - The company has adopted a dividend policy aimed at maximizing shareholder interests while maintaining a robust balance sheet for future sustainable development since November 30, 2018[104] - The company will regularly review its dividend policy to ensure compliance with applicable laws, rules, and regulations[105] - The board of directors did not recommend the payment of a final dividend for the current year, consistent with the previous year[149] - The company has established a shareholder communication policy to ensure timely and fair access to relevant information[98] - The company’s latest organizational documents are available on its website and the Hong Kong Stock Exchange[102] - The company has confirmed that there are no significant uncertainties regarding its ability to continue as a going concern as of December 31, 2024[78] Audit and Compliance - The financial statements for the year have been audited by a certified public accountant firm, which will be proposed for reappointment at the upcoming annual general meeting[198] - The Audit Committee held two meetings in 2024 to review the financial performance and internal controls of the group[107] - The committee discussed the effectiveness of the group's risk management and internal control systems, focusing on financial, operational, and compliance monitoring[109] - The company has established a robust risk management and internal control system, which is reviewed annually by the board[81] - The company has engaged an independent external consultant to evaluate its internal control system and provide recommendations for improvements[81] - The board has confirmed that there are no significant deficiencies or material weaknesses in the internal control measures[82] - The company has maintained strict adherence to relevant regulations, publishing its interim report for 2024 and annual report for 2023 on time[78]

Financial Performance - The company achieved a revenue of approximately HKD 576.6 million in 2024, representing a 68.7% increase from HKD 341.9 million in 2023[6]. - The company recorded a net profit of HKD 0.5 million in 2024, reversing a loss of approximately HKD 5 million in 2023, primarily due to increased revenue and gross profit from the supply chain business[6]. - The company's supply chain business revenue increased by HKD 239.9 million or 84.3% to HKD 524.5 million in fiscal year 2024, driven by higher demand for agricultural and industrial products[19]. - Total revenue for fiscal year 2024 rose by HKD 234.7 million or 68.7% to HKD 576.6 million, primarily due to the significant contribution from the supply chain business[20]. - Gross profit for fiscal year 2024 increased by 196.5% to HKD 29.9 million, with a gross margin of 5.2%, up 2.2 percentage points from 3.0% in fiscal year 2023[22]. - The company reported a profit attributable to equity holders of HKD 491,000 for 2024, a recovery from a loss of HKD 4,970,000 in 2023[176]. - The basic and diluted earnings per share for 2024 were HKD 0.18, recovering from a loss per share of HKD 1.80 in 2023[176]. Business Strategy and Expansion - The company plans to further expand its market in Southwest China and actively participate in public tenders for medical equipment in 2025[8]. - The supply chain business will focus on long-term supply agreements for coal, traditional Chinese medicine products, and photovoltaic components, while exploring the export of new energy vehicles[8]. - The company successfully invested in a green energy project in Dayao, Yunnan, laying a solid foundation for future expansion into the Southeast Asian green energy market[7]. - The group plans to expand its distribution business in Southwest China, aiming for increased sales contracts in 2025, leveraging established relationships with well-known brands[38]. - The group aims to sign long-term supply agreements in the coal and traditional Chinese medicine sectors, while also expanding international trade in photovoltaic projects and electrolytic copper[40]. - The group is actively exploring green energy project investments in Yunnan and Southeast Asia, aiming to increase installed capacity and enhance revenue contributions[41]. - In 2025, the group will deepen its market presence in Southeast Asia, focusing on green energy projects in Laos and Myanmar[43]. Operational Efficiency and Management - The company aims to optimize resource allocation and enhance operational efficiency in its green energy business to achieve scalable development and sustainable long-term returns for shareholders[9]. - The company is leveraging its 30 years of customer base and management experience in the international supply chain to expand its market share[7]. - The company will continue to cautiously manage its distribution and supply chain businesses while accelerating international energy project investments[8]. - The management team for the supply chain business consists of 11 experienced members, led by a professional with over 20 years of international trade experience[40]. - The group plans to expand its business team in the next 12 months to meet growing market demands[40]. - The company aims to improve operational efficiency and alleviate current market challenges by utilizing existing resource advantages[45]. Corporate Governance - The company has established corporate governance practices in line with the Hong Kong Stock Exchange's guidelines, ensuring compliance for the fiscal year ending December 31, 2024[56]. - The board consists of eight directors, including five executive directors and three independent non-executive directors[60]. - The independent non-executive directors are Liu Zongliu, Jing Pilin, and Shi Fazhen, who continue to meet the independence criteria as per listing rules[62]. - The board is responsible for major investments, corporate restructuring, mergers and acquisitions, and the announcement of financial performance[58]. - The company aims to maintain high levels of corporate governance to enhance shareholder value[56]. - The board's independent non-executive director has over 17 years of experience in auditing and accounting, ensuring robust governance practices[51]. - The board is tasked with setting strategic goals and ensuring the company has the necessary financial and human resources to achieve them[59]. Risk Management and Compliance - The company has established a corporate risk management framework to identify major risks, including financial, operational, compliance, and IT risks, with regular reviews by the audit committee and the board[94]. - The external auditor found no significant violations or internal control deficiencies during the statutory audit process, indicating effective internal controls[95]. - The board and audit committee believe that the risk management and internal control systems are effective and sufficient to address financial, operational, and compliance risks in the current operating environment[96]. - The company has procedures in place for handling and disclosing insider information, emphasizing the importance of confidentiality and compliance with regulations[96]. Diversity and Employment Practices - The company has achieved a balanced workforce with female employees constituting 52% of the total workforce, including significant representation in corporate positions[80]. - The company emphasizes fair employment practices and diversity in recruitment and promotion processes[80]. - The Board's diversity policy aims to enhance performance quality by considering factors such as gender, age, cultural background, and professional experience[80]. - The company has adopted measurable goals for its diversity policy, focusing on maintaining the current level of female representation on the Board[81]. Financial Position and Assets - Total assets as of December 31, 2024, amounted to HKD 373,742,000, an increase from HKD 318,631,000 in 2023[178]. - Current liabilities increased to HKD 250,607,000 in 2024 from HKD 153,428,000 in 2023, indicating a rise in short-term obligations[178]. - The net asset value as of December 31, 2024, was HKD 164,117,000, slightly down from HKD 165,329,000 in 2023[178]. - The company’s cash and cash equivalents decreased to HKD 66,063,000 in 2024 from HKD 120,618,000 in 2023, reflecting a tighter liquidity position[178]. Shareholder Communication and Dividends - The company has established a shareholder communication policy to facilitate effective communication with shareholders and stakeholders[110]. - The board adopted a dividend policy on March 4, 2019, aimed at providing stable and continuous returns to shareholders[114]. - The group did not declare any interim dividends for the fiscal year ending December 31, 2024, consistent with the previous year[121]. - The board does not recommend a final dividend for the fiscal year ending December 31, 2024, mirroring the decision made in 2023[123].

Financial Performance - As of the end of 2024, the total assets of Bank of Zhengzhou reached RMB 676.365 billion, an increase of 7.24% compared to the previous year[12]. - Total deposits amounted to RMB 404.538 billion, reflecting a growth of 12.07% year-on-year[12]. - Total loans reached RMB 387.690 billion, with a year-on-year increase of 7.51%[12]. - Operating income for the year was RMB 12.890 billion, while net profit was RMB 1.863 billion, representing a year-on-year growth of 0.21%[12]. - Operating revenue for 2024 was RMB 12,890,323, a decrease of 5.91% compared to RMB 13,699,410 in 2023[23]. - Net profit attributable to shareholders for 2024 was RMB 1,875,762, reflecting a 1.39% increase from RMB 1,850,117 in 2023[23]. - The net cash flow from operating activities surged to RMB 8,765,356, a significant increase of 431.85% from RMB 1,648,102 in 2023[23]. - Non-interest income increased by 28.88% to RMB 2.526 billion[48]. - The company achieved net interest income of RMB 10.36 billion, a decrease of RMB 1.37 billion or 11.71% year-on-year, accounting for 80.41% of operating income[49]. - The net trading income for 2024 reached RMB 1,054,470 thousand, a 34.89% increase from RMB 781,745 thousand in 2023[161]. - The net investment income surged by 84.81% to RMB 912,723 thousand in 2024 from RMB 493,881 thousand in 2023[161]. Asset Quality and Risk Management - The non-performing loan ratio stood at 1.79%, with a provision coverage ratio of 182.99%[12]. - The non-performing loan ratio improved to 1.79%, down from 1.87% in 2023[26]. - The company aims to enhance risk management efficiency and prevention capabilities through the upgrade of market risk and operational risk management systems[15]. - The company provided a total of RMB 5.14 billion in loan loss provisions during the reporting period, with a remaining balance of RMB 12.67 billion in loan loss provisions at the end of the period[144]. - The total amount of overdue loans increased by RMB 4.71 billion compared to the previous year, indicating a growing concern regarding loan repayment[141]. - The non-performing loan ratio for corporate loans (excluding bill discounting) is 2.05%, down 0.04 percentage points year-on-year, while the personal loan non-performing loan ratio is 1.56%, down 0.16 percentage points year-on-year[130]. Strategic Focus and Development - The management emphasizes a commitment to high-quality development and reform in response to various internal and external challenges[12]. - The company is focused on implementing the new development philosophy and advancing financial development with Chinese characteristics[12]. - The report highlights the importance of aligning with the goals of the 14th Five-Year Plan and the spirit of the 20th National Congress of the Communist Party[12]. - The company aims to enhance its service to the local economy and small and medium-sized enterprises, focusing on policy-oriented financial services[38]. - The company is committed to serving the local economy and small and medium-sized enterprises, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance[13]. - The company is enhancing its capital management to meet regulatory requirements and ensure capital levels align with risk management[180]. Community and Social Responsibility - The company has established 400 community volunteer service stations and 23 inclusive finance service ports, covering 2,363 villages and towns[14]. - The company has been recognized with the "Support for Small and Micro Enterprises Model Award" by the Henan Provincial Science and Technology Department[13]. - The company aims to enhance its service capabilities in the technology innovation sector, focusing on local economic integration[42]. Capital Management and Regulatory Compliance - The company is implementing the "Commercial Bank Capital Management Measures" and has completed regulatory reporting under new regulations[181]. - The company is conducting a comprehensive assessment of risk status and developing a capital plan for 2024-2026, considering asset quality and profit growth[183]. - The core tier 1 capital adequacy ratio decreased to 8.76% as of December 31, 2024, from 8.90% at the end of 2023[184]. - The total capital adequacy ratio decreased to 12.06% as of December 31, 2024, compared to 12.38% at the end of 2023[184]. Loan and Deposit Growth - The total amount of loans and advances was RMB 387.69 billion, up RMB 27.08 billion or 7.51% year-on-year[95]. - Total personal deposits reached RMB 218.18 billion, an increase of 29.37% compared to the end of the previous year[195]. - The balance of inclusive small and micro loans was RMB 53.69 billion, up 7.46% from the previous year, exceeding the general loan growth rate by 0.61 percentage points[200]. - The "House e-loan" product issued RMB 18.03 billion in loans, with a new issuance of RMB 3.81 billion[198].

Business Overview - Yonghe Medical Group is a leading medical group in China specializing in hair-related healthcare services, offering a one-stop service model that includes hair transplant and medical hair care[5]. - The company has successfully established Svenson Medical Hair Care Centers in China and expanded its footprint by acquiring the Hong Kong business of Nu/Hart Hair, enhancing its market presence[5][8]. - Yonghe Medical Group has built a standardized and scalable business model, achieving industry-leading operational capabilities that improve cost control and profitability[9]. - The company collaborates with Class IIIA hospitals and renowned academic institutions to enhance its research and development capabilities[9]. - Yonghe Medical Group is actively promoting the adoption of new technologies, including data analysis and online services, to improve patient care and drive business development[6][9]. - The establishment of a joint hair laboratory with Peking University People's Hospital aims to standardize diagnostic and treatment procedures for hair loss diseases, marking a significant advancement in the industry[5][8]. - The company believes that its pioneering actions will enhance core competitiveness and strengthen its leading position in the hair-related healthcare service industry[8]. - Yonghe Medical Group's focus on innovation and technology positions it for sustained growth in the future[6][9]. - The company has a strong commitment to improving operational efficiency and enhancing patient services through continuous technological advancements[6][9]. - Yonghe Medical Group's strategic acquisitions and partnerships are expected to further solidify its market leadership and expand its service offerings[5][8]. Financial Performance - Revenue from hair transplant services reached RMB1.33 billion, with a 16.3% increase in the number of patients receiving high-end services[22]. - Medical hair care services generated revenue of RMB445.8 million, representing a year-on-year growth of 14.8%, with a repurchase rate of 28.4%[22]. - Total revenue for 2024 was RMB1.80 billion, reflecting a 1.5% increase compared to the previous year[26]. - Gross profit amounted to RMB1.08 billion, with a gross profit margin of 60.1%, an increase of 4 percentage points[26]. - Net loss narrowed to RMB226.6 million, while EBITDA turned positive at RMB141.0 million[26]. - Total assets decreased to RMB1.73 billion from RMB2.44 billion in 2023[22]. - Total equity fell to RMB713.8 million, down from RMB942.3 million in 2023[22]. - Total liabilities decreased to RMB1.01 billion, compared to RMB1.50 billion in 2023[22]. - Average transaction value for hair transplant and medical hair care services increased to RMB22,306 and RMB5,773 respectively[25]. - For the year ended December 31, 2024, the Group's revenue was RMB1,804.5 million, an increase of 1.5% from RMB1,777.3 million in 2023[46]. - Gross profit for the same period was RMB1,084.2 million, up 8.7% from RMB997.2 million in 2023, with a gross profit margin of 60.1%, an increase of 4.0 percentage points from 56.1%[46]. - Revenue from hair transplant services amounted to RMB1,330.7 million, accounting for 73.7% of total revenue[51]. - The number of patients receiving hair transplant surgery was 59,655, with a significant increase of 16.3% in patients receiving the "Yongxiang" service compared to the previous year[51]. - The average spending per hair transplant patient was RMB22,306, slightly up from RMB22,174 in 2023[54]. - Revenue from medical hair care services amounted to RMB 445.8 million, accounting for 24.7% of total revenue for the year ended December 31, 2024[57]. - Average spending per medical hair care patient increased by 17.0% from RMB 4,934 to RMB 5,773 during the reporting period[59]. - The number of patients receiving medical hair care services was 77,222, a slight decrease from 78,687 in the previous year[59]. - The repurchase rate of medical hair care services increased to 28.4%, up from 23.4%[59]. Operational Efficiency - The company is focusing on strategic upgrades from "traffic-driven" to "value creation" in response to new industry trends[29]. - The company streamlined its clinic network by closing inefficient stores, reducing the total number of clinics to 74, and focusing resources on high-potential areas[30]. - As of 2024, the medical team consists of 1,401 members, including 242 doctors, enhancing the quality and professionalism of medical services[30]. - The "Hefan" system has been fully implemented, significantly improving per capita reception efficiency through intelligent management of reception, inventory, and finance[30]. - The company served over 120,000 patients during the reporting period, solidifying its position as the largest hair-related healthcare clinic chain in China[39]. - The company aims to deepen penetration into the women's market and strengthen chain operation capabilities to target high-quality growth[35]. - The focus on technological innovation and quality service aims to provide high-quality and convenient hair-related healthcare solutions[34]. - The company is exploring the operation model of functional small stores to verify the feasibility of a light-asset, high-turnover model[30]. - The company plans to create a "smart medical" benchmark to cover the entire life cycle of hair-related healthcare needs[35]. - The brand matrix includes "Yonghe Medical," "Yonghe Hair Transplant," "Svenson," "Yonghe Fa Zhi Chu," and "Harvard," covering various aspects of hair-related healthcare[38]. Strategic Initiatives - The company emphasizes long-termism to create value for shareholders and society amidst market challenges[36]. - The Group strategically closed and consolidated underperforming stores, enhancing operational efficiency and resource allocation[46]. - The total number of clinics and stores decreased from 88 in 2023 to 74 in 2024, reflecting a focus on core locations[44]. - The number of patients receiving services from business chiefs was 40,710, representing 68.2% of total patients[54]. - The number of patients receiving services from business deans was 15,411, accounting for 25.8% of total patients[54]. - The Group aims to strengthen brand influence through a strategic hierarchical service system in the hair transplant sector[52]. - The female business revenue saw a significant year-on-year increase due to the optimisation of the "Fa Zhi Chu" brand strategy and the establishment of female departments in core clinics[70]. - The group has built a professional medical team consisting of 1,401 members as of December 31, 2024[72]. - The group implemented a "fixed price" pricing strategy to respond effectively to market changes and fluctuations in consumer trends[64]. - The "Good Doctors are Around" initiative was launched to enhance access to high-standard medical services across different regions[64]. - The group upgraded its brand strategy to lead the industry into the hair transplant 3.0 era, focusing on professional training and assessment for physicians[70]. - Strategic cooperation agreements were signed with several pharmaceutical companies to enhance competitiveness in hair loss prevention and control, aiming for innovation in the hair healthcare industry[74]. Technological Advancements - The introduction of an AI hair health self-test tool significantly increased user conversion rates[77]. - The self-developed CRM system "Hefan" achieved full-link automation and intelligent management of leads, improving sales team follow-up efficiency and significantly increasing customer conversion rates[78]. - The Group's digital transformation was completed in 2024, focusing on "data-driven and intelligent collaboration" with the introduction of large language models (LLM)[83]. - The "Hefan" system fully digitizes processes such as patient files and outpatient records, achieving a "paperless" office environment and enhancing operational efficiency[84]. - The Group's marketing strategy integrated multiple channels and touchpoints, resulting in a higher conversion rate while controlling marketing costs[79]. - Collaboration with reputable medical schools and Grade 3A hospitals was strengthened to drive development in the hair healthcare sector through academic seminars and joint research projects[74]. - The Group's initiatives in AI technology led to breakthroughs in smart labelling and scalp image symptom recognition, significantly improving customer satisfaction[83]. - The dual wheel drive model of "group large and middle platforms + regional small and middle platforms" improved user lifecycle management and marketing ROI[77]. - The focus on digitalization and intelligence will drive operational efficiency and innovation, aiming to create an exceptional service experience for consumers[98]. Human Resources and Management - The Group's total bank borrowings decreased to RMB50.1 million in 2024 from RMB152.8 million in 2023[159]. - The gearing ratio improved to 7.0% as of December 31, 2024, down from 16.2% in 2023[174]. - The Group had trade and other payables of RMB149.4 million as of December 31, 2024, compared to RMB210.9 million in 2023[155]. - As of December 31, 2024, the Group had a total of 3,549 employees, including 1,401 in the professional medical team[179]. - Staff costs for the year ended December 31, 2024, were RMB 722.9 million, a decrease from RMB 835.1 million for the year ended December 31, 2023, representing a reduction of approximately 13.4%[179]. - The Group continues to provide competitive compensation packages and diverse training courses to its employees, adhering to industry practices and individual performance[180]. - The Group participates in various employee social security plans, including housing provident fund, pension, medical, maternity, work-related injury, and unemployment insurances, as required by PRC laws[180]. Leadership and Governance - Mr. Zhang Yu, the founder and CEO, has over 19 years of experience in the medical hair care service industry and has led the Group's strategic development since its inception in 2010[186]. - Under Mr. Zhang's leadership, the Group has expanded its business lines to include diagnosis and treatment of various hair-related diseases, hair transplant, and other related services[186]. - Mr. Zhang Hui, the senior vice president, has over 12 years of experience in the industry and has contributed to the Group's steady expansion through optimized supply chain management[192]. - Ms. Han Zhimei, with over 25 years of experience in finance, is responsible for the Group's financial management and has held various senior roles prior to her current position[190]. - The Group has established a management style reflective of the "Yonghe" brand values, achieving numerous prestigious accreditations and recognitions[186]. - Ms. Han has over 25 years of experience in accounting and corporate finance, previously serving as finance director at KR Space and general manager of finance center at CiMing Health Management Group[195]. - Mr. Geng has over 17 years of experience in investment and management, currently providing strategic development advice to the Group[200].

Financial Performance - The company achieved a revenue of RMB 903.691 million for the year ended December 31, 2024, representing a year-on-year growth of 17.6%[10] - Gross profit for the same period was approximately RMB 127.886 million, a decrease of 4.0% compared to the previous year[10] - The company's net profit attributable to shareholders was RMB 45.558 million, an increase from RMB 41.459 million in 2023[8] - Total assets as of December 31, 2024, amounted to RMB 735.047 million, up from RMB 715.549 million in 2023[9] - Total revenue increased by RMB 135.3 million or 17.6% to RMB 903.7 million for the year ending December 31, 2023, primarily driven by the property management segment's growth from RMB 701.9 million to RMB 841.8 million[23] - The overall gross margin decreased by 3.1 percentage points to 14.2% from 17.3% in 2023, mainly due to a reduction in the gross margin of property management services[30] - Net profit increased by RMB 3.8 million or 8.9% to RMB 45.5 million from RMB 41.7 million for the year ended December 31, 2023, while the net profit margin decreased to 5.0% from 5.4% due to reduced gross margins[39] Revenue Segmentation - Property management services accounted for 93.2% of total revenue, with hospital contributions rising from RMB 296.7 million to RMB 378.7 million, reflecting a 27.6% increase[24] - The company reported a significant increase in property management revenue from RMB 18.1 million to RMB 21.0 million, marking a growth of 15.7%[11] - Hospital property management revenue grew from RMB 296.7 million in 2023 to RMB 378.7 million in 2024[12] - The property engineering and landscaping services segment generated revenue of RMB 35.0 million, representing 3.9% of total revenue, a decrease attributed to the completion of several large projects[25] - Rental services from property investments contributed RMB 21.0 million, or 2.3% of total revenue, due to leasing a large investment property in Jinan[27] Strategic Plans and Market Position - The company plans to strengthen its market position in Shandong, particularly in hospital property management services, through internal growth and strategic acquisitions[15] - The group plans to expand its business in key cities through mergers, strategic partnerships, and competitive bidding, focusing on Shandong Province due to ongoing economic growth and urbanization in China[16] - The group aims to enhance its market share in Shandong Province and expand into developed regions like the Yangtze River Delta and Beijing-Tianjin-Hebei through acquisitions and partnerships[16] - The group will continue to focus on value-added services as a priority for future development[16] Cost and Expenses - Total service costs for the group amounted to RMB 775.8 million, an increase of RMB 140.6 million or 22.1% compared to RMB 635.2 million in the same period of 2023[28] - Administrative expenses decreased by RMB 5.3 million or 6.7% to RMB 73.4 million from RMB 78.7 million for the year ended December 31, 2023, mainly due to reduced listing expenses[35] - Financial costs decreased by RMB 1.4 million or 14.0% to RMB 8.4 million from RMB 9.7 million for the year ended December 31, 2023, primarily due to reduced interest on lease liabilities[36] Assets and Liabilities - The total liabilities as of December 31, 2024, were RMB 381.710 million, compared to RMB 374.572 million in 2023[9] - Trade receivables and bills receivable increased by RMB 65.3 million or 33.7% to RMB 258.9 million from RMB 193.6 million as of December 31, 2023, driven by growth in property management services for hospitals with longer settlement periods[43] - Trade payables increased by approximately RMB 35.4 million or 71.2% to RMB 85.2 million from approximately RMB 49.7 million as of December 31, 2023, consistent with the increase in trade receivables[45] Corporate Governance and Compliance - The board is committed to high standards of corporate governance and has adopted the principles and code provisions of the Corporate Governance Code[188] - The company emphasizes ethical conduct and corporate governance in all business operations[187] - The board consists of two executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced composition for effective governance[195] - The independent non-executive directors have reviewed the ongoing related transactions and confirmed their compliance with listing rules[172] Shareholder and Market Information - The group successfully listed on the Hong Kong Stock Exchange on January 17, 2023, issuing 75,000,000 shares at a price of HKD 1.70 per share, raising net proceeds of HKD 89.9 million[19] - The board believes that the public listing will enhance the company's image, brand recognition, and market reputation, facilitating future financing opportunities[22] - The company raised a net amount of HKD 89.9 million from its global offering, with shares priced at HKD 1.70 each[109] Employee and Labor Relations - The group employed 11,682 employees as of December 31, 2024, an increase from 9,906 employees in 2023[59] - The group has maintained a prudent financial management approach to ensure a healthy liquidity position during the reporting period[55] Risk Management - The group has identified significant risks that could adversely affect its business performance and financial condition, including the inability to secure new property management agreements[88] - The group emphasizes the importance of risk management for effective operations and reliable financial reporting, with senior management assisting the board in evaluating significant risks[94] Future Outlook - The company provided an optimistic outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[3] - New product launches are expected to contribute an additional $B million in revenue, with anticipated market penetration of C%[4] - The company is investing in R&D for new technologies, allocating $D million towards innovation initiatives[5]

Financial Performance - The company reported revenue of approximately RMB 681.5 million for the year ended December 31, 2024, representing an 8.5% increase from RMB 628.0 million in 2023[7]. - The net profit increased from approximately RMB 65.2 million in 2023 to RMB 72.5 million in 2024, reflecting an 11.1% growth[7]. - The total billing amount rose from approximately RMB 950.5 million as of December 31, 2023, to approximately RMB 1,000.5 million as of December 31, 2024, marking a growth of about 5.3%[18]. - The gross profit margin decreased to 14.9% in 2024 from 16.6% in 2023[8]. - The basic earnings per share for 2024 was approximately RMB 0.15, compared to RMB 0.17 in 2023[16]. - The operating profit before tax increased by 10.4% from RMB 68.4 million in 2023 to RMB 75.5 million in 2024[7]. - The company's revenue increased by approximately RMB 53.5 million or 8.5% from RMB 628.0 million in the year ended December 31, 2023, to approximately RMB 681.5 million in the year ended December 31, 2024[38]. - Revenue from mobile advertising solutions rose by approximately RMB 54.5 million or 9.1% from RMB 602.1 million to approximately RMB 656.7 million during the same period[40]. Business Strategy and Operations - The company focused on enhancing its capabilities in providing integrated marketing services to high-quality clients, particularly in the rapidly growing sectors[18]. - The company aims to enhance its mobile advertising distribution network by collaborating with strong companies, particularly in key overseas markets and selected regions in China[20]. - The company plans to apply artificial intelligence technology to improve the efficiency of the entire marketing chain, from content production to optimization[24]. - The company is seeking business cooperation and acquisition opportunities with larger companies to strengthen its technical capabilities and expand its customer base[34]. - The company plans to expand its short video production capabilities and explore the application of AI technologies in video production[32]. - The company aims to optimize and upgrade its self-developed platform to enhance operational efficiency and data analysis capabilities[33]. Financial Management and Governance - The company reported a comprehensive financial management strategy overseen by the Chief Financial Officer, ensuring effective accounting and financial oversight[81]. - The group has a strong management team with over 15 years of experience in technology and internet sales and marketing[63][65][68]. - The company has confirmed compliance with the standards of conduct for securities trading by all directors since the listing date[160]. - The board consists of eight members, including four executive directors and three independent non-executive directors, ensuring a balanced composition[163]. - The company has adopted the corporate governance code as per the listing rules and has been compliant since the listing date on March 8, 2024[156]. Environmental, Social, and Governance (ESG) Initiatives - The board emphasizes the importance of environmental, social, and governance (ESG) matters for sustainable success, integrating these considerations into business operations[88]. - The company has established a risk management framework that incorporates ESG risks into its overall operational risk management[89]. - The company has identified climate change as a major ESG risk, highlighting the need for proactive management strategies[92]. - The company aims to enhance mobile advertising exposure and achieve marketing goals for clients through high-quality advertising solutions[104]. - The company is committed to maintaining the highest standards of integrity and has established internal policies to combat bribery and corruption[101]. Employee Management and Development - The total number of employees increased from 118 in 2023 to 150 in 2024, representing a growth of approximately 27.12%[121]. - The employee turnover rate rose significantly to 22.54% in 2024 from 7.59% in 2023, indicating a notable increase in employee attrition[121]. - The company has implemented a comprehensive policy to manage various aspects of employment, including recruitment, promotion, and equal opportunities[122]. - The company conducts annual performance evaluations to maintain employee competitiveness and offers promotion opportunities for high performers[124]. - The company emphasizes a diverse, equitable, and inclusive workplace, implementing policies to prevent harassment and discrimination[127]. Compliance and Risk Management - The company has established a comprehensive risk management and internal control system to address various operational risks[195]. - The board is responsible for maintaining effective risk management and internal control systems, with an annual review of their adequacy and effectiveness[195]. - The company has engaged legal advisors for ongoing compliance with laws and regulations in China and Hong Kong[199]. - The company has implemented internal review policies to ensure the health and safety of audiences in its mobile advertising solutions[103]. - The company has established measures to manage potential conflicts of interest arising from the controlling shareholder's business activities[157].

Business Performance - As of the end of 2024, China Resources Mixc Lifestyle operates 122 shopping centers nationwide, with 86 projects ranking in the top three for local market retail sales, achieving a total retail sales of RMB 215 billion[15]. - The company reported a retail sales figure of RMB 215 billion, showcasing its strong performance in the commercial sector[15]. - Retail sales in managed shopping malls amounted to RMB 215 billion, a year-on-year growth of 18.7%[35]. - The Group achieved consolidated revenue of RMB 17.043 billion in 2024, representing a year-on-year increase of 15.4%[46]. - The core net profit attributable to owners of the parent was RMB 3,507 million, up 20.1% from the previous year[26]. - For the year ended December 31, 2024, the Group's net profit was RMB 3,730.1 million, representing an increase of 26.8% compared to the previous year[141]. - The net profit attributable to equity shareholders amounted to RMB 3,629.4 million, reflecting a growth of 23.9% year-on-year[142]. Membership and Customer Engagement - The company has over 57 million commercial members, reflecting its strong market presence and customer engagement[15]. - The number of "MIXC Star" members reached 61.07 million, representing a 32.0% year-on-year increase[34]. - Customer satisfaction improved by 3.44 points YoY to 91.76 points, with a collection rate of 87% driven by quality services[37]. - The Group is committed to enhancing its membership system to improve customer loyalty and attract new users, aiming to create more value and growth opportunities[107][109]. Operational Expansion - The total contracted gross floor area (GFA) under management is approximately 1,960 million square meters, with 1,823 million square meters currently under management[12]. - The number of contracted shopping malls under commercial operational services is 177, with 122 already opened[12]. - The number of opened shopping mall projects increased from 98 in 2023 to 118 in 2024, with contracted GFA for management outsourcing projects rising to 18,568 thousand sq.m.[73]. - The Group opened 21 new shopping malls, increasing the total number of operational malls to 122[33]. - The number of projects for GFA under management services grew by 13.3% year-on-year, totaling 221 projects in 2024[24]. Financial Metrics - Revenue for 2024 reached RMB 17,043 million, a year-on-year increase of 15.4%[26]. - Gross profit increased to RMB 5,609 million, reflecting a growth of 19.5% year-on-year[26]. - The net profit margin improved to 21.9%, an increase of 2.0 percentage points year-on-year[26]. - The effective income tax rate was 23.8%, down 1.0 percentage point from the previous year, attributed to tax exclusions on certain gains from acquisition transactions[144]. Strategic Goals and Future Plans - The company aims to enhance the value of space assets through smart services, focusing on urban quality lifestyle[14]. - The company has a strategic goal of becoming the most influential light asset management company in China, emphasizing its growth ambitions[14]. - The Group aims for steady growth in 2025, focusing on "organic growth + extensional growth" as its core business strategy[48]. - The Group plans to enhance operational capabilities through the application of emerging technologies, focusing on consumer experience and operational efficiency[50]. Technology and Innovation - The Group has implemented a digital transformation strategy focusing on "production technologisation, operation digitalisation, space intelligentisation, and data capitalisation"[39]. - The commercial management segment has successfully piloted an IoT platform, establishing Shenzhen Bay MIXC as a benchmark for smart shopping malls[41]. - The Group launched an intelligent operations platform in the property management segment, with pilot applications in equipment inspections and public area patrols[41]. Leadership and Management - The company has a strong leadership team with diverse backgrounds in engineering, management, and real estate development[182]. - Mr. Wang Haimin has extensive experience in real estate and corporate management, having served in various roles since joining CR Land in October 2013[180]. - Mr. Nie Zhizhang appointed as executive Director, Vice President, and CFO in August 2023, bringing extensive experience in finance, operation, marketing, and investment[188]. - The board includes members with diverse backgrounds in finance, management, and real estate, enhancing strategic decision-making capabilities[191]. Sustainability and ESG - The Group's ESG strategy has been integrated into business operations, achieving recognition as a pioneer in ESG for two consecutive years[45]. - The Group aims to achieve carbon peak by 2030 and carbon neutrality by 2050, aligning with national dual-carbon strategies and focusing on sustainable development[108][110].

Business Strategy and Development - The company reported a diversified development strategy focusing on financial services, education management, and automotive parts, driving sustainable growth in 2024[8]. - The company is actively exploring new business areas and development opportunities while negotiating with creditors for potential debt restructuring[9]. - The company is committed to innovation and exploring new business fields while advancing existing operations[9]. - The company aims to strengthen its market presence by developing both domestic and international markets for its automotive parts[9]. - The group plans to leverage its existing brand and technological advantages to strengthen core technology research and quality management systems in the automotive sector[20]. - The group is actively exploring international course localization and enhancing study abroad consulting services, with campuses located in major cities across China[16]. - The group aims to create a new international education service platform, enhancing teaching quality and integrating student development with academic planning[19]. - The group has a diversified development strategy aimed at providing a variety of products and services to its clients[76]. Financial Services - The financial services segment has obtained multiple licenses, allowing the company to provide a range of services including securities trading, asset management, and IPO sponsorship[13]. - The company emphasizes resource integration within the financial industry to offer specialized services, contributing to stable and sustainable development[8]. - The financial services business is positioned to support various entities with tailored and differentiated services, enhancing its competitive edge in the market[12]. - The financial services business is expected to benefit from Hong Kong's position as an international financial center, enhancing collaboration across various financial service units[18]. - The group emphasizes a differentiated and specialized development path in financial services, aiming to provide customized professional financial services[18]. Automotive Parts Business - The automotive parts business aims to enhance new product development and technology commercialization, capitalizing on trends in new energy vehicles and automotive exports[9]. - In 2024, China's automobile production and sales reached approximately 31.28 million and 31.44 million units, representing year-on-year growth of about 3.7% and 4.5% respectively[17]. - New energy vehicles accounted for approximately 40.9% of total automobile sales, with production and sales of about 12.89 million units each in 2024[17]. - The group's automotive parts business aims to enhance customer satisfaction and product quality while expanding into new markets, focusing on a vision of "where there are cars, there are dampers"[17]. - The automotive parts business revenue rose by approximately 20.3% to about RMB 2,097.4 million, while financial services revenue decreased by approximately 10.8% to about RMB 31.5 million[22]. Financial Performance - The group's total revenue increased by approximately 19.3% to about RMB 2,187.2 million for the year ended December 31, 2024, compared to approximately RMB 1,833.7 million for the previous year[22]. - Total sales and service costs increased by approximately 28.8% to about RMB 1,844.6 million, primarily due to increased procurement in the automotive parts business[23]. - The group's gross profit decreased by approximately 14.6% to about RMB 342.6 million, with the automotive parts gross profit declining by approximately 16.1% to about RMB 297.6 million[24]. - The overall gross margin fell by approximately 6.2 percentage points to about 15.7%, with the automotive parts gross margin decreasing by approximately 6.1 percentage points to about 14.2%[25]. - The group recorded a net loss of approximately RMB 470.9 million, an increase of approximately 28.7% compared to a loss of RMB 366.0 million in the previous year, primarily due to declining gross margins and increased financing costs[34]. Debt and Financial Condition - The company plans to optimize its debt structure and financial condition through discussions with creditors[9]. - Total borrowings increased by approximately 21.2% to about RMB 2,047.2 million, with short-term borrowings rising by approximately 42.6% to about RMB 1,865.3 million[37]. - The debt ratio increased to approximately 78.1% from 71.5% in the previous year, indicating a higher level of leverage[39]. - The company has engaged restructuring advisors to assist in developing a restructuring plan and is negotiating with creditors for feasible restructuring options[192]. - The company is exploring options for extending repayment dates and/or launching debt capitalization plans with convertible bondholders[192]. Management and Governance - Mr. Zhang Li was appointed as Executive Director and Co-Chairman on July 12, 2023, and resigned on May 22, 2024, focusing on new business management and development[55]. - Mr. Zhao Zhijun has been the CEO since May 22, 2011, and will resign as Co-CEO on March 26, 2025, overseeing the automotive parts business[57]. - Dr. Zhu Huanqiang was appointed as Co-CEO on January 30, 2018, and will transition to CEO on March 26, 2025, responsible for overall management and development[59]. - The management team has a strong background in capital markets and corporate governance, enhancing strategic decision-making capabilities[60][63]. - The company has established a clear understanding of the responsibilities of each director, ensuring adequate time and effort is dedicated to board matters[153]. Employee and Compensation - The total employee compensation and benefits expense for the year ended December 31, 2024, was approximately RMB 266.5 million, up from RMB 205.5 million in 2023, reflecting an increase in workforce to 2,454 employees from 1,938[48]. - Contributions to the retirement plan for the fiscal year 2024 amounted to approximately RMB 26.9 million, compared to RMB 23.7 million in 2023[133]. Compliance and Legal Matters - The company has complied with relevant laws and regulations without any significant violations during the fiscal year 2024[136]. - The company has no significant legal disputes or arbitrations pending as of the fiscal year 2024[137]. - A legal claim was filed against the company for HKD 12,250,000, including interest and legal fees[138]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules for the fiscal year 2024, ensuring compliance and continuous review of governance practices[147]. - The board of directors is responsible for the overall management of the group, focusing on strategy, management, and financial goals, while ensuring alignment with corporate culture[148]. - The board consists of various committees, including the Audit Committee, Nomination Committee, and Remuneration Committee, with independent non-executive directors playing significant roles[155]. - The company has implemented policies to monitor compliance with legal and regulatory requirements[158]. Risk Management - The company has established a risk management and internal control framework, which includes the board, audit committee, and risk management committee[178]. - The board conducts an annual review of the effectiveness of the risk management and internal control systems, covering financial, operational, and compliance monitoring[180]. - The company has implemented a risk management policy to effectively identify, assess, and manage significant risks[178]. Future Outlook - The company plans to divest non-core and non-operational assets within the expected timeframe to alleviate liquidity pressure[192]. - The company aims to enhance operational efficiency and implement cost control measures to generate sufficient cash inflows[200].

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2402） 2025年第一季度報告 北 京 億 華 通 科 技 股 份 有 限 公 司（「本公司」或「公 司」）董 事（「董 事」）會（「董事會」）及 全 體 董 事 保 證 本 報 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對其內容的真實性、準確性和完整性依法承擔法律責任。 重要內容提示 本公司董事會、監事會及董事、監事、高級管理人員保證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、主 管 會 計 工 作 負 責 人 及 會 計 機 構 負 責 人（會 計 主 管 人 員）保 證 本 季度報告中財務信息的真實、準確、完整。 本次第一季度財務報表未經審計。 – 1 – 一、主要財務數據 （一）主要會計數據和財務指標 ...

Financial Performance - The company reported a revenue of RMB 366.67 million for the fiscal year 2024, with a net loss attributable to shareholders of RMB 456.43 million, representing an increase in loss of RMB 213.23 million year-on-year [5]. - The net loss excluding non-recurring items was RMB 542.76 million, indicating that the company has not yet achieved profitability [5]. - The company's operating revenue for 2023 was RMB 36,667.14 million, a decrease of 54.21% compared to the previous year [32]. - The net profit attributable to shareholders was a loss of RMB 45,643.29 million, compared to a loss of RMB 24,320.37 million in 2022 [32]. - The company's cash flow from operating activities showed a net outflow of RMB -1,862.38 million, compared to a net outflow of RMB -56,063.82 million in the previous year [32]. - The company's total assets at the end of 2023 were RMB 477,896.89 million, a decrease of 3.37% from the previous year [32]. - The company reported a net loss attributable to shareholders of RMB 456.43 million, an increase in loss of RMB 213.23 million year-on-year [104]. - The gross margin for the company's main product, fuel cell systems, was 11.70%, a decrease of 21.19 percentage points compared to the previous year [108]. Operational Challenges - The company faces risks of continued operating losses, primarily due to the early-stage industrialization of the fuel cell industry and increased competition leading to reduced gross margins [6]. - Operating cash flow remains negative, largely due to high accounts receivable and inventory levels, which consume significant working capital [8]. - Future industry developments and competition levels are critical factors that could impact the company's ability to secure sufficient orders and achieve economies of scale [7]. - The company is exposed to supply chain risks due to the limited number of quality suppliers in the early development stage of the fuel cell vehicle industry [112]. - The company's products are subject to safety concerns due to the inherent risks associated with hydrogen, which may impact public perception and sales [109]. - The company anticipates that the competitive landscape in the fuel cell industry may lead to continued losses if market demand does not meet expectations [105]. - The company is at risk of losing market share and facing price declines if R&D outcomes do not meet expectations [106]. Research and Development - The company has invested RMB 200 million in R&D for new technologies in fuel cell applications [25]. - Research and development expenses accounted for 37.99% of operating revenue, an increase of 16.68 percentage points compared to the previous year [34]. - The company emphasizes ongoing R&D and technological innovation, focusing on improving the environmental adaptability, durability, and reliability of fuel cell systems [52]. - The company has achieved domestic mass production capabilities for fuel cell stacks and follows a procurement process that includes supplier development and management [58]. - The company has developed a high-efficiency fuel cell waste heat utilization technology to improve energy conversion efficiency [70]. - The company has achieved advancements in long-life fuel cell system control technology, ensuring operational longevity [69]. - A total of 126 new intellectual property rights were obtained during the reporting period, including 55 invention patents and 57 utility model patents [75]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [25]. - The company is actively promoting the industrialization of fuel cell technology and market expansion despite facing challenges in the macroeconomic environment [51]. - The company continues to implement a "point-line-surface" development strategy, focusing on fuel cell vehicle deployment in major cities, with products already operational in cities like Beijing, Shanghai, and Chengdu [54]. - The company aims to optimize fuel cell systems and core components, improving performance in extreme weather, high temperature resistance, durability, reliability, energy conversion efficiency, safety, and cost-effectiveness [176]. - The company intends to strategically expand its customer base and regional coverage to increase market share, particularly in commercial heavy-duty applications [177]. - The company has established business relationships with several well-known suppliers of fuel cell system components and aims to deepen cooperation to ensure supply chain stability and improve product quality [179]. Financial Management - The board has proposed no cash dividends or stock bonuses for the fiscal year 2024, pending approval at the annual shareholders' meeting [10]. - The company emphasizes the importance of expanding financing channels to improve operating cash flow and mitigate risks of insufficient working capital [8]. - The company has established stable supply relationships with major domestic component suppliers, supporting its production capabilities [100]. - The company plans to enhance overall management and operational efficiency by building a high-quality professional talent team and optimizing organizational structure, aiming to reduce operating costs and strengthen competitive advantage for sustainable development [180]. Future Outlook - The company projects a revenue guidance of RMB 2 billion for the next fiscal year, reflecting an expected growth of 33% [25]. - The company aims to reduce production costs by 10% through enhanced manufacturing processes by the end of 2024 [25]. - The company plans to enhance research and development capabilities, focusing on optimizing low-temperature start performance and improving product reliability, durability, and integration, while establishing a comprehensive fuel cell testing and evaluation center [183]. - The company will strengthen strategic cooperation with upstream enterprises in the industrial chain, aiming for integrated development in hydrogen energy production, storage, transportation, and application scenarios [186].