Financial Performance - The Group's property management business revenue increased from approximately RMB1,285.5 million in 2023 to approximately RMB1,331.4 million in 2024, representing a growth of approximately RMB45.9 million or 3.6%[15]. - Revenue from the cleaning and greening business rose by approximately RMB22.6 million in 2024[15]. - The Group's profit attributable to owners of the parent for 2024 was RMB88.9 million, an increase of 11.0% compared to RMB80.1 million in 2023[15]. - The Group's revenue for the year ended December 31, 2024, was RMB 1,778,998,000, representing a 4.1% increase from RMB 1,709,642,000 in 2023[39]. - Gross profit for 2024 was RMB 366,813,000, up 4.6% from RMB 350,558,000 in 2023, with a gross profit margin of 20.6%[39]. - The net profit margin for 2024 was 5.2%, an increase from 4.9% in 2023[39]. - The total equity of the Group reached RMB 1,097,900,000 in 2024, reflecting a steady growth trend[50]. - The Group recorded revenue of approximately RMB1,779.0 million for the year ended December 31, 2024, representing an increase of 4.1% over 2023[100]. - Revenue from the property management business increased by approximately RMB45.9 million or 3.6% to RMB1,331.4 million in 2024[102]. - Revenue from the cleaning and greening business rose by approximately RMB22.6 million or 8.6% to RMB286.0 million in 2024, primarily due to new project developments[104]. Dividends and Shareholder Returns - The Board recommended a final dividend of HKD2.50 cents per share for the year ended 31 December 2024, totaling approximately HKD21.4 million[16]. - The total dividend payment for 2024 is approximately HKD21.4 million, consistent with the previous year[19]. - A final dividend of HKD2.5 cents per share is recommended for the year ended December 31, 2024, consistent with the previous year[162]. Business Expansion and Strategy - The Group plans to expand its business scope and coverage in China through acquisitions of property management companies and other value-adding service companies[31][34]. - The Group aims to gradually extend its reach along the upstream and downstream of the industry chain, focusing on property management[32][34]. - The Group's strategic focus includes expanding its business within established cities and neighboring areas to maximize economies of scale[71][74]. - The Group aims to achieve strong organic growth by developing new business relationships from its existing customer base while also identifying acquisition targets to enhance its portfolio[70][73]. - The Group intends to accelerate its expansion in China through acquisitions and cooperation when suitable opportunities arise[91]. Awards and Recognitions - In July 2024, two subsidiaries received the AAA-level Property Service Enterprise recognition from the Zhejiang Provincial Department of Housing and Urban-Rural Development[21]. - The Group was recognized as an Excellent Exhibitor at the 2024 China International Property Management Industry Expo in August 2024[22]. - Guangdong Zhong Ao received the Green Low-Carbon Enterprise Credit Demonstration Certificate in November 2024[23]. - The Group received multiple awards in December 2024, including the Best Member of Guangdong Property Management Industry Association[24]. - The Group received multiple recognitions in 2024, including the Best Member of Guangdong Property Management Industry Association[28][59]. - Guangdong Zhongao Property Management Co., a subsidiary, received multiple awards for excellence in property management and service quality in 2024[64][63]. Operational Metrics - As of December 31, 2024, the Group managed a total of 555 properties with an aggregate delivered contracted GFA of approximately 60 million sq.m, a decrease of about 3% from approximately 62 million sq.m as of December 31, 2023[30][33]. - The average price of property management services increased to RMB 1.88 per sq.m. per month in 2024, up from RMB 1.85 in 2023[52]. - In Eastern and Central China, the Group managed 456 properties with a GFA of 44,131 thousand sq.m as of December 31, 2024, compared to 489 properties and 45,651 thousand sq.m in the previous year[81]. - In Southern China, the Group managed 85 properties with a GFA of 14,629 thousand sq.m, showing a slight increase from 83 properties and 14,469 thousand sq.m in 2023[81]. Financial Management - Other income and gains decreased by approximately RMB7.8 million or 15.8% to RMB41.5 million in 2024, mainly due to a reduction in government grants and rental income[116]. - Administrative expenses increased by approximately RMB14.1 million or 7.3% to RMB206.5 million in 2024, driven by business revenue growth[122]. - Net impairment losses on financial assets decreased by approximately RMB17.6 million to RMB41.1 million in 2024, primarily due to a reduction in trade receivables[123]. - Net finance costs decreased by approximately RMB1.0 million or 29.9% to RMB2.4 million in 2024, attributed to a decrease in bank borrowings[124]. - The Group's net working capital increased to approximately RMB 505.9 million as of December 31, 2024, up by RMB 107.2 million from RMB 398.7 million as of December 31, 2023, with a current ratio of 1.6 times[137]. - The Group maintained a net cash position of RMB 496.2 million as of December 31, 2024, compared to RMB 479.2 million in 2023, indicating a strong financial position[140]. - As of December 31, 2024, total trade receivables amounted to approximately RMB 505.9 million, representing a decrease of approximately RMB 32.4 million or 6% from approximately RMB 538.3 million as of December 31, 2023, due to improved repayment management[130]. - Prepayments and other receivables decreased to approximately RMB 248.8 million as of December 31, 2024, down by approximately RMB 68.2 million or 21.5% from RMB 317.0 million as of December 31, 2023, mainly due to reduced prepayments to utility suppliers[131]. - Other payables and accruals decreased from approximately RMB 702.7 million as of December 31, 2023, to approximately RMB 539.7 million as of December 31, 2024, a decrease of approximately RMB 163 million due to a reduction in high-risk contract liabilities[133]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code during the reporting period, except for the separation of the roles of chairman and chief executive officer[199]. - The Company aims to protect and maximize the interests of its shareholders through high standards of corporate governance[197]. - The Company’s corporate governance report is presented for the year ended December 31, 2024[196]. - The Company has a commitment to maintaining formal and transparent procedures in its governance practices[197]. - The Company’s board of directors is pleased to present the corporate governance report, reflecting its commitment to governance standards[200]. Human Resources - The number of employees increased to approximately 9,351 as of December 31, 2024, up from 8,521 in 2023, reflecting the Group's growth and expansion[146]. - The Group invests in continuous education and training programs for employees to enhance their skills and knowledge[151]. - The Group's management reviews compensation policies annually to ensure alignment with industry standards and employee performance[151]. - The Group aims to retain key personnel through the Share Award Scheme, which recognizes employee contributions and provides incentives for continued service[154]. Management and Board Composition - The Company has appointed Mr. Liu Jian as both the chairman and the chief executive officer, which the Board believes enhances responsiveness and efficiency in business strategy formulation[199]. - The Board comprises four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a strong independence element in its composition[199]. - Ms. Jin Keli has been appointed as a non-executive Director since July 17, 2020, and is currently the CEO of Greentown Service Group Co. Ltd. since June 21, 2021[176]. - Mr. Liang Bing has been with the company since September 2005 and is responsible for overall operation and management, strategic planning, and business development[171]. - Mr. Long Weimin joined the company in June 2008 and has 14 years of experience in the hospitality industry, focusing on overall operation and management[172]. - Ms. Xu Yaping was appointed as a non-executive director on July 10, 2023, and has extensive experience in property service and real estate[180]. - Mr. Chan Wai Cheung, appointed as an independent non-executive Director on May 31, 2017, holds a Bachelor of Arts (Honours) in Accountancy[181]. - Mr. Chan Ka Leung Kevin has extensive experience in corporate finance and was a responsible officer of a licensed corporation until June 2023[185]. - Mr. Yin Weizhong joined the Company as an independent non-executive director on July 1, 2023, bringing extensive marketing and management experience[186].

Financial Performance - In 2024, the company achieved total revenue of RMB 9.422 billion, representing a year-on-year growth of 51.8%[9] - Revenue for 2024 reached RMB 9,421,888 thousand, representing a 51.8% increase compared to RMB 6,206,070 thousand in 2023[16] - Total revenue for the year ending December 31, 2024, reached RMB 9,421.9 million, a 51.8% increase from RMB 6,206.1 million for the year ending December 31, 2023[19] - Product revenue reached RMB 8.228 billion, with a year-on-year increase of 43.6%, establishing a leading position in the oncology sector[9] - Product revenue for the year ending December 31, 2024, was RMB 8,227.9 million, up 43.6% from RMB 5,728.3 million for the year ending December 31, 2023[19] - Gross profit for 2024 was RMB 7,911,678 thousand, a 56.1% increase from RMB 5,069,804 thousand in 2023[16] - Gross profit for the year ending December 31, 2024, was RMB 7,911.7 million, an increase of RMB 2,841.9 million from RMB 5,069.8 million for the year ending December 31, 2023, with a gross margin of 84.0%[19] - The company achieved a significant reduction in IFRS loss by 90.8%, narrowing it to RMB 94,631 thousand from RMB 1,027,913 thousand in 2023[17] - For the first time since its listing, the company reported a Non-IFRS profit of RMB 331,611 thousand, compared to a loss of RMB 514,540 thousand in 2023[17] - Non-IFRS EBITDA improved to RMB 411,582 thousand, a turnaround from a loss of RMB 600,148 thousand in 2023, marking a 168.6% improvement[17] Product Development and Pipeline - The product portfolio expanded to 15 commercialized products, with five new drugs approved, including innovative treatments for lung cancer and hematological malignancies[10] - Three new drug molecules have entered Phase III or pivotal clinical studies, with 15 additional new drug candidates in clinical research[5] - The commercial product portfolio expanded to 15 products, with five new drugs approved, including three targeted therapies for lung cancer[22] - A new oncology pipeline submitted NDA, with multiple innovative ADCs and a next-generation IO pipeline entering Phase III or critical clinical studies[24] - The company plans to launch several new targeted drugs, including the first PCSK9 inhibitor in China, and a dual agonist for GCG/GLP-1 expected to be approved this year[12] - The company is advancing multiple innovative dual antibodies and ADC projects, including IBI3001 and IBI3020, into clinical development[13] - The company has initiated several key clinical studies, including the Phase III trial of IBI343 for third-line gastric cancer and IBI354 for PROC, with positive results expected to be presented at major conferences in 2024[30] - The company has received FDA Fast Track Designation for IBI363 in treating IO-refractory melanoma and squamous NSCLC, indicating strong potential for these therapies[30] - The company is focusing on building a new generation of differentiated innovative pipelines, with the global first IBI363 (PD-1/IL-2α-bias) showing potential in IO therapy for resistant and low PD-L1 expressing populations[33] - The ADC technology platform has demonstrated clear advantages in safety and efficacy, with candidates like IBI343 (CLDN18.2 ADC) and IBI354 (HER2 ADC) progressing to Phase III clinical trials[39] Financial Position and Cash Flow - The company has approximately RMB 10.22 billion in cash and short-term financial assets, equivalent to over USD 1.4 billion, ensuring solid support for long-term development[9] - The company has a cash and cash equivalents balance of approximately RMB 10.22 billion (over USD 1.4 billion) as of December 31, 2024, providing solid financial support for its long-term strategic vision[32] - The company reported a pre-tax loss of RMB 78.6 million for the year ended December 31, 2024, a significant improvement compared to a loss of RMB 1,144.4 million in 2023[119] - The company reported a net loss of RMB 94.63 million for the year ended December 31, 2024, significantly improved from a loss of RMB 1,027.91 million in 2023[131] - Total current assets decreased to RMB 10.27 billion in 2024 from RMB 13.43 billion in 2023, while total non-current assets increased to RMB 11.33 billion[136] Research and Development - R&D expenses for the year ending December 31, 2024, were RMB 2,681.1 million, compared to RMB 2,227.6 million for the year ending December 31, 2023[19] - The company's total research and development expenses were RMB 2,681.1 million for the year ended December 31, 2024, compared to RMB 2,227.6 million in 2023, reflecting a rise of about 20.3%[125] - The company is committed to advancing its research in cardiovascular and metabolic diseases, as well as autoimmune disorders[44] - The company is enhancing its commercialization capabilities in the chronic disease sector, focusing on multi-channel strategies and brand influence[32] Strategic Goals and Future Outlook - The company aims to achieve sustainable growth and global innovation, positioning itself as a leading international biopharmaceutical enterprise[10] - The strategic focus for 2025 includes dual-driven growth and global innovation development, marking a critical year for the company[10] - 2025 is identified as a key year for achieving mid-to-long-term strategic goals, focusing on consolidating leadership in oncology and expanding into chronic disease commercialization[35] - The company aims to expand its global R&D system, with plans to advance more clinical studies from China to key markets like the U.S.[38] - The company is focusing on global market expansion, particularly in mainland China, Hong Kong, Macau, and Taiwan[44] Corporate Social Responsibility and ESG - The company achieved an MSCI ESG rating upgrade to AAA, being one of only three in the biotechnology sector globally and the only one in China[14] - The company has provided assistance to over 200,000 patients through various aid projects, with a total drug donation value of RMB 3.6 billion[14] - The company is committed to social responsibility, employee welfare, and sustainable growth, as outlined in its environmental, social, and governance report[153] - The group made charitable donations of approximately RMB 204.6 million for the year ending December 31, 2024, compared to RMB 154.7 million in 2023[168] Shareholder Information and Corporate Governance - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024, consistent with 2023[171] - The company had no significant transactions or contracts involving directors or related entities during the year ending December 31, 2024[177] - The company had no controlling shareholders as of December 31, 2024[178] - The company has purchased liability insurance to provide appropriate protection for its directors[172] - The total number of employees increased to 5,659 as of December 31, 2024, up from 4,872 in the previous year, with approximately 1,100 in R&D and over 3,300 in sales and marketing[157]

Financial Performance - The company reported a revenue of 10 billion RMB for the fiscal year ending December 31, 2024, representing a 15% increase year-over-year[1]. - The company provided a forward guidance of 12 billion RMB in revenue for the next fiscal year, indicating a projected growth of 20%[1]. - The company reported a net profit margin of 12%, up from 10% in the previous year[1]. - In 2024, the company achieved revenue of RMB 512.806 billion, an increase of 18% year-on-year[16]. - The net profit attributable to equity holders of the company was RMB 1.33 billion, marking a turnaround from a loss[16]. - Lenovo Holdings achieved a revenue of RMB 512.81 billion in 2024, representing an 18% year-on-year increase[30]. - The industrial operations segment generated revenue of RMB 508.20 billion, also up 18% year-on-year, with a net profit of RMB 3.96 billion, reflecting a 29% increase[31]. - The investment and incubation segment reported revenue of RMB 4.65 billion, a 5% year-on-year increase, despite a net loss of RMB 2.22 billion, which was a significant reduction in losses[33]. - The smart devices business achieved revenue of RMB 349.8 billion, a year-on-year increase of 13%[56]. - The company achieved revenue of RMB 6,441 million in 2024, a decrease from RMB 6,879 million in 2023, with a net profit attributable to shareholders of RMB 70 million, down from RMB 228 million[73][74]. Market Expansion and User Growth - User data showed a growth of 25% in active users, reaching 5 million by the end of the reporting period[1]. - Market expansion efforts led to a 40% increase in market share in the Asia-Pacific region[1]. - The global PC market share reached 24.3%, leading the second competitor by nearly 5 percentage points, a historical high[17]. - The smartphone business ranked among the top five globally (excluding China), achieving a five-year high[17]. - The AI PC category captured 15% of the notebook market share in China during Q4, exceeding market expectations[32]. Research and Development - The company invested 500 million RMB in R&D for new technologies, focusing on AI and machine learning applications[1]. - Research and development expenses reached a record high of RMB 15.8 billion, reflecting the company's commitment to innovation[17]. - In 2024, Lenovo's R&D expenses reached RMB 15.8 billion, a historical high, with an R&D expense ratio increasing from 2.6% in 2021 to 3.1% in 2024[23]. - Lenovo's investment portfolio in AI has expanded to over 270 companies, establishing a comprehensive ecosystem in the AI investment field[20]. - Lenovo Group's AI server cluster set a total of 536 world records in performance testing, with the new generation of servers doubling AI workload performance[35]. Strategic Initiatives and Acquisitions - The company completed an acquisition of a strategic partner for 1 billion RMB, enhancing its supply chain capabilities[1]. - Lenovo has invested in over 100 Chinese technology companies throughout the year, demonstrating a strong commitment to supporting technological innovation[23]. - The company is actively expanding into overseas markets, with blueberry production reaching a historical high, resulting in double-digit growth in revenue and profit[17]. - Lenovo's collaboration with XCMG Group resulted in a nearly 90% efficiency improvement in core processes through customized high-performance computing solutions[37]. Environmental, Social, and Governance (ESG) Initiatives - The company has established a strong focus on ESG initiatives, achieving MSCI AAA rating for three consecutive years[24]. - The company is committed to ESG development principles, contributing to rural revitalization, educational equity, and carbon neutrality[40]. - The company has maintained a 100% compliance rate for pollutant emissions since its inception, adhering strictly to national environmental protection policies[139]. - The company is investing in advanced aquaculture and monitoring technologies, such as artificial intelligence and machine vision, to enhance farming precision and mitigate risks from harmful algal blooms and diseases[140]. Financial Risks and Management - The company faces significant macroeconomic risks due to global economic growth divergence and rising geopolitical tensions, which may impact business performance and profitability[130]. - The company will continuously monitor macroeconomic changes and enhance risk identification and assessment capabilities to ensure sustainable development[131]. - The company faces various financial risks, including market risk, credit risk, and liquidity risk, and has a unified financial control management system in place[147]. - The company actively monitors foreign exchange risks related to currencies such as USD, RMB, EUR, and CHF, and utilizes forward foreign exchange contracts when necessary[148]. Employee and Talent Management - The company employs approximately 88,172 employees as of December 31, 2024[157]. - The company emphasizes that talent is its most valuable asset and focuses on building a talent development system to ensure smooth promotion channels and provide abundant training resources[159]. - The company has established a diversified supplementary welfare system for employees, including supplementary retirement and medical insurance, as well as health check-ups[158].

Financial Performance - The company's revenue for the fiscal year 2024 was approximately RMB 96.36 million, an increase of 23.95% compared to RMB 77.74 million in 2023[8]. - Gross profit rose to approximately RMB 3.01 million, representing a 107.02% increase from RMB 1.45 million in the previous year[7]. - The pre-tax loss decreased by 8.43% to RMB 19.26 million from RMB 21.03 million in 2023[7]. - The annual loss narrowed by 5.22% to RMB 18.82 million compared to RMB 19.85 million in 2023[7]. - The company reported a gross margin of approximately 3.12% for 2024, up from 1.87% in 2023[11]. - Revenue from the coal trading segment was approximately RMB 95.88 million, a significant increase from RMB 77.74 million in the previous year[9]. - Other income increased to approximately RMB 600,000, up from RMB 190,000 in 2023, primarily due to higher bank interest income[12]. - Loss attributable to owners of the company decreased by approximately 3.86% to RMB 18,850,000 for the current fiscal year[17]. - The gross profit margin for the year is 3.12%, an increase from 1.87% in 2023, primarily due to the recovery of coal trading operations and the sale of marble waste[116]. - The return on equity is -40.06%, improved from -59.86% in 2023[116]. - The total comprehensive loss for the year was RMB 18,288,000, compared to RMB 19,585,000 in 2023, indicating a reduction in overall losses[197]. Assets and Equity - The total assets of the company increased by 15.10% to RMB 158.66 million from RMB 137.85 million in 2023[7]. - The equity attributable to the owners of the company rose by 41.50% to RMB 46.97 million compared to RMB 33.19 million in the previous year[7]. - As of December 31, 2024, total equity attributable to the company's owners is RMB 46,969,000, an increase from RMB 33,193,000 as of December 31, 2023, representing a growth of 41.5%[200]. - The company's share premium is RMB 162,228,000, with accumulated losses of RMB (99,893,000)[125]. Operational Developments - The company is preparing for the expansion of the Yiduo Rock project, although no mining activities were conducted during the year[8]. - The group incurred development expenses of approximately RMB 13,310,000 for the expansion of the Yiduo Rock project in the current fiscal year, compared to RMB 60,160,000 in the 2023 fiscal year[27]. - The Yiduo Rock project has a renewed mining license valid for 20 years, allowing an annual production capacity of 540,000 tons (approximately 200,000 cubic meters), significantly up from the previous capacity of 20,000 cubic meters[29]. - The company is actively seeking to recruit more professionals with mining expertise to support the development of the Yiduo Rock project[37]. - The company plans to expand trade operations to other regions in China to mitigate potential impacts from local lockdowns[43]. - The company plans to diversify risks by developing coal trading business to offset the temporary impact on the marble block division[44]. Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency[65]. - The board of directors is responsible for formulating and approving the overall development and business strategies, major operational plans, and significant investment projects[68]. - The company has adopted the standard code of conduct for directors regarding the trading of company securities, ensuring compliance with regulations[66]. - The board has confirmed compliance with the corporate governance code, including the appointment of at least three independent non-executive directors, constituting at least one-third of the board[74]. - The company has established a framework for monitoring compliance with legal and regulatory requirements, including training for directors and senior management[72]. - The company has implemented a shareholder communication policy to ensure effective information dissemination[102]. - The company has a policy for handling and disclosing inside information to comply with relevant regulations[99]. Risk Management - The group faces significant operational risks, including reliance on a single mining project, which may impact financial performance if development delays occur[35]. - The ongoing debt crisis in China's real estate sector has led to clients requesting order delays and reducing marble block orders, increasing the risk of defaults[42]. - The company has implemented a robust internal control and risk management system, which is regularly reviewed by the board[97]. - The company is committed to stricter internal control and risk management procedures in the upcoming fiscal year[97]. Financial Reporting and Audit - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024, in accordance with international financial reporting standards[172]. - The group has implemented internal controls related to revenue recognition, which were evaluated for effectiveness during the audit[176]. - The company has been proactive in ensuring compliance with accounting standards and regulations, as evidenced by the auditor's adherence to Hong Kong auditing standards[173]. - The independent non-executive directors bring diverse expertise, including accounting, finance, and safety management, to the board[169][170]. Future Outlook - The group expects to resume production around the third quarter of 2025 after obtaining all necessary permits[50]. - The company aims to explore commodity trading to diversify income sources and improve financial performance[51]. - The company may consider raising funds in the future to maintain a higher level of cash security[47].

目 錄 | 一、重要提示 | 2 | | --- | --- | | 二、公司基本情況簡介 | 6 | | 三、會計數據和財務指標摘要 | 9 | | 四、董事會報告 | 13 | | 五、經營情況討論與分析 | 33 | | 六、重要事項 | 47 | | 七、股份結構及股東情況 | 61 | | 八、董事、監事、高級管理人員和員工情況 | 65 | | 九、公司治理及企業管治報告 | 75 | | 十、按照中國企業會計準則編製的財務報表 | 95 | | 十一、獨立審計師報告 | 122 | | 十二、綜合損益及其他全面收益表 | 128 | | 十三、綜合財務狀況表 | 130 | | 十四、綜合權益變動表 | 132 | | 十五、綜合現金流量表 | 134 | | 十六、綜合財務報表附註 | 136 | | 十七、本集團業績、資產及負債概要 | 246 | | 十八、備查文件目錄 | 248 | 1 東北電氣發展股份有限公司 二零二四年年報 重要提示 2 東北電氣發展股份有限公司 二零二四年年報 ANNUAL REPORT 2024 年報 本公司股權持有人應占虧損為人民幣10.11百萬元。 本公司股 ...

Financial Performance - For the fiscal year 2024, the company's revenue increased by approximately RMB 98.2 million or 15.0% to about RMB 752.8 million, compared to approximately RMB 654.6 million in fiscal year 2023[13]. - The profit attributable to the company's owners decreased by approximately RMB 2.9 million or 5.3% to about RMB 54.8 million in fiscal year 2024, down from approximately RMB 57.7 million in fiscal year 2023, primarily due to increased listing expenses of about RMB 7.7 million[13]. - Revenue from the company's brand products business grew significantly by approximately RMB 68.8 million or 44.6%, reaching about RMB 222.8 million in FY2024, up from RMB 154.0 million in FY2023[22]. - The gross profit margin improved to 30.9% in FY2024 from 30.1% in FY2023, while the net profit margin decreased to 7.3% from 8.8%[27]. - The group's revenue increased from approximately RMB 654.6 million in FY2023 to approximately RMB 752.8 million in FY2024, representing a growth of about 15.0%[28]. - Gross profit increased from approximately RMB 197.3 million in FY2023 to approximately RMB 232.9 million in FY2024, a growth of about 18.0%, with the gross margin improving from approximately 30.1% to approximately 30.9%[31]. - Sales costs rose from approximately RMB 457.3 million in FY2023 to approximately RMB 519.9 million in FY2024, an increase of about 13.7%[28]. Business Segments - The two business segments, contract manufacturing and branded products, accounted for approximately 60.1% and 29.6% of total revenue, respectively, in fiscal year 2024[18]. - In the ODM business, the company ranked second in the export of disposable baby care products to Russia in 2023, with revenue remaining stable at approximately RMB 452.8 million for FY2024 compared to RMB 448.4 million for FY2023[19]. - Contract manufacturing revenue remained stable at approximately RMB 448.4 million in FY2023 and approximately RMB 452.8 million in FY2024, despite a decline in sales to Russia[29]. - Brand product revenue surged from approximately RMB 154.0 million in FY2023 to approximately RMB 222.8 million in FY2024, marking an increase of about 44.6%[29]. Market Strategy and Growth - The company aims to strengthen its market position in the baby care product category while expanding its market share in female hygiene and adult incontinence products[15]. - The company is focusing on direct-to-consumer (D2C) models to enhance consumer engagement and experience with its brand products[12]. - The global market for disposable hygiene products continues to show strong growth, driven by increasing consumer awareness of hygiene and ecological sustainability[15]. - The company is positioned to leverage the growing market potential for disposable hygiene products driven by increasing disposable income and consumer preferences for quality products[23]. - The company is optimistic about future opportunities and aims to expand market coverage while enhancing its product offerings[23]. Operational Efficiency - The company is committed to optimizing operational efficiency through vertical integration, covering all aspects from product development to logistics management[12]. - The company maintains a strong supply chain and vertically integrated business model, providing flexibility to respond to market changes[23]. - The company plans to add three new production lines for baby care products and one for women's hygiene products as part of its capital expenditure strategy through FY2025[23]. Financial Stability - The interest coverage ratio significantly increased to 501.6 times in FY2024 from 120.0 times in FY2023, indicating improved financial stability[27]. - The current ratio improved to 1.3 times in FY2024 from 1.1 times in FY2023, reflecting better liquidity management[27]. - Trade and other receivables increased from approximately RMB 94.7 million as of December 31, 2023, to approximately RMB 198.3 million as of December 31, 2024, a rise of about 142.3%[40]. - Trade and other payables increased by approximately RMB 65.4 million or 52.0% from RMB 125.7 million as of December 31, 2023, to RMB 191.1 million as of December 31, 2024[44]. - Total interest-bearing borrowings rose to approximately RMB 33.0 million as of December 31, 2024, compared to RMB 13.0 million as of December 31, 2023, indicating a significant increase of approximately 153.8%[45]. - The capital-to-debt ratio improved to approximately 9.6% as of December 31, 2024, down from 15.7% as of December 31, 2023, mainly due to the waiver of amounts payable to the controlling shareholder[45]. Management and Governance - 顏培坤先生 appointed as Executive Director and Chairman on May 8, 2024, with over 29 years of experience in manufacturing and trade[61]. - The company has a strong management team with diverse backgrounds in various industries, enhancing strategic development and operational efficiency[61][64][67][68][72][73]. - The company is committed to maintaining high standards of corporate governance and compliance through its board structure and independent directors[73]. - The company has adopted the corporate governance code as per the listing rules since its listing date[89]. - The company has confirmed compliance with the standard code of conduct for directors' securities transactions since its listing date[91]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, with a diverse range of expertise[121]. Shareholder and Community Engagement - The company has not proposed any final dividends for the fiscal years 2024 and 2023, reflecting a focus on reinvestment[54]. - The company encourages shareholders to attend general meetings and express their opinions directly to the board[140]. - The company made charitable donations amounting to RMB 50,000 during the fiscal year 2024[168]. - The company aims to maintain high levels of disclosure and financial transparency to its shareholders and investors[143]. - The company has reviewed its shareholder communication policy and found it effective since the date of listing[144]. Compliance and Risk Management - The company has established a monitoring system to prevent and combat corruption, misappropriation of funds, and commercial bribery[137]. - The board has confirmed the effectiveness and adequacy of the risk management and internal control systems as of the report date[136]. - The company has complied with relevant laws and regulations without any significant violations during the fiscal year 2024[154].

Client Growth - The number of group clients increased from 2,051 to 2,664, a year-on-year growth of 29.9%[6] - The number of small and micro clients grew from 23.9 million to 28.4 million, representing an 18.8% increase[6] - The cumulative number of taxpayer identification numbers served rose from 47.3 million to 85.7 million, an 81.2% increase[6] - The number of clients using the on-premise tax digital solution grew to 2,664 in 2024, reflecting a 29.9% increase from 2,051 in 2023[18] - The number of enterprise operation report requests rose from 17.5 million in 2023 to 23.1 million in 2024, a growth of 32.0%[22] - The number of enterprises included in delivered operation reports increased from 2.6 million in 2023 to 3.6 million in 2024, a growth of 38.5%[22] Financial Performance - Revenue for 2023 was RMB 712,996 thousand, a decrease of 7.5% compared to RMB 659,212 thousand in 2024[10] - Gross profit for 2023 was RMB 282,031 thousand, down from RMB 263,423 thousand in 2024, indicating a decline in profitability[10] - The company reported an operating loss of RMB 202,818 thousand in 2024, an improvement from the operating loss of RMB 305,106 thousand in 2023[10] - Adjusted net loss for 2024 was RMB 116,034 thousand, compared to RMB 83,412 thousand in 2023, indicating a worsening financial position[10] - The company's revenue for the year ended December 31, 2024, was RMB 659.2 million, a decrease of 7.5% from RMB 713.0 million for the year ended December 31, 2023[34] - Revenue from cloud-based tax and financial digital solutions decreased by 4.8% to RMB 208.9 million, primarily due to increased market competition and a decline in average prices for e-commerce platform invoice services[35] - Revenue from data-driven analytical services fell by 13.5% to RMB 304.7 million, as the company strategically reduced marketing efforts for low-margin digital precision marketing services[35] - The company's gross profit decreased by 6.6% to RMB 263.4 million, while the gross profit margin improved slightly to 40.0% from 39.6%[42] - The gross profit margin for risk management services was 75.1%, a slight decrease from 77.2% in the previous year[43] - The net loss for the year ending December 31, 2024, was RMB 501.3 million, compared to RMB 359.3 million for the year ending December 31, 2023, largely due to increased fair value losses on financial liabilities related to the company's IPO[57] Investment and R&D - Research and development investment increased by 4.2 million RMB year-on-year, with 10.9 million RMB specifically allocated to AI research[6] - The introduction of AI tools is expected to optimize personnel structure and improve R&D efficiency, leading to the development of new data intelligence products[14] - The company aims to enhance its data intelligence strategy by integrating AI and data technologies to transform data into "digital productivity" by 2025[23] - The company plans to increase investment in technology R&D, leveraging AI models and blockchain to develop intelligent management systems for transaction management and risk compliance[23] - Research and development expenses decreased by 4.3% from RMB 188.0 million in 2023 to RMB 179.9 million in 2024, with RMB 10.9 million allocated to AI research and development in 2024[48] Strategic Initiatives - The company aims to replicate its successful tax management model in Southeast Asia, Africa, South America, and the Middle East[7] - The company is focusing on strategic government projects to enhance tax governance through a digital management model[15] - The company aims to expand its market presence by leveraging its digital solutions and AI capabilities to drive business growth[14] - The company is focusing on optimizing its product portfolio and increasing the revenue share of high-margin risk management services[35] - The company aims to enhance its financial risk control capabilities through intelligent systems that adaptively analyze customer data and improve decision-making processes[33] Leadership and Governance - The company appointed Mr. Fu Yingbo as Executive Director and CEO effective November 15, 2024, bringing nearly 20 years of experience in mobile internet, AI, cloud computing, and big data[88] - Ms. Chen Jie, the founder and current Chairperson, has over 23 years of experience in the information technology industry, focusing on overall strategy and management[86] - The company has a strong leadership team with diverse backgrounds in technology and finance, including Mr. Zou Yan as Chief Marketing Officer and Ms. Jin Xin as Chief Operating Officer[89][91] - The company emphasizes strategic planning and corporate governance, with non-executive directors like Mr. Huang Miao and Mr. Diao Junhuan providing guidance[92][93] - The company is committed to maintaining high standards of corporate governance and strategic direction, ensuring sustainable growth and value creation[92][93] Market and Competition - The company faces market risks due to economic uncertainties and changing regulations, which could impact future performance[118] - The largest supplier accounted for 5.8% of total procurement, down from 12.2% in 2023, while the top five suppliers represented 24.1% of total procurement, a decrease from 33.7% in 2023[125] - The largest customer contributed 12.1% of total sales, down from 15.1% in 2023, and the top five customers accounted for 27.8% of total sales, compared to 35.4% in 2023[125] Compliance and Regulations - The company has complied with all applicable environmental laws and regulations in China as of 2024, ensuring a commitment to ESG compliance[149] - The company has established comprehensive internal control mechanisms to ensure compliance with relevant regulations regarding radiation safety and protection in its operations[149] - The company has not experienced any significant labor disputes and has maintained good working relationships with employees as of 2024[148] - The company has not faced any difficulties in recruiting employees for its operations as of 2024[148] Financial Management - The company has not issued any debt securities during the reporting period, maintaining a debt-free status[123] - The company has not established any preferential purchase rights for existing shareholders regarding new share issuance[178] - The company has taken appropriate liability insurance for directors and senior management during the reporting period[180] - The company has not entered into any management contracts for the operation of its business during the reporting period[145] Future Outlook - The company expects to fully utilize the net proceeds from the global offering by December 31, 2029, subject to business needs and market conditions[169] - The company has not engaged in any significant acquisitions or disposals during the reporting period[165] - The annual general meeting is scheduled for June 27, 2025[171]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 408,591,000, a decrease of 16.9% compared to RMB 491,968,000 in 2023[7] - Gross profit for 2024 was RMB 255,128,000, down 18.4% from RMB 312,482,000 in 2023, resulting in a gross margin of 62.4%[7] - The company reported a net loss of RMB 110,562,000 for 2024, compared to a profit of RMB 9,269,000 in 2023, marking a decline of 1,292.8%[7] - Adjusted net profit (non-IFRS measure) was RMB 58,393,000, a decrease of 45.4% from RMB 106,869,000 in the previous year[7] - Revenue for the reporting period was RMB 408.6 million, a decrease of 16.9% compared to RMB 492.0 million for the year ended December 31, 2023[32] - Revenue from used car auction commissions and service fees decreased by 8.4% to RMB 263.0 million, down from RMB 287.2 million for the year ended December 31, 2023[35] - Revenue from used car value-added services decreased by 6.5% to RMB 69.0 million, down from RMB 73.8 million for the year ended December 31, 2023[35] - Revenue from used car sales arrangements decreased by 22.0% to RMB 50.0 million, down from RMB 63.6 million for the year ended December 31, 2023[35] - Revenue from exhibition business decreased by 74.3% to RMB 14.1 million, down from RMB 54.8 million for the year ended December 31, 2023[36] Market Trends - The domestic used car market experienced a peak in transactions in Q4 2024, with a year-on-year growth of 9.7% driven by government policies supporting vehicle replacement[12] - In 2024, the domestic new car market is expected to reach approximately 31.5 million units, a year-on-year increase of 4.5%, with electric vehicle sales growing by 35.5% to about 12.9 million units[14] - The penetration rate of new energy passenger vehicles in China reached 47.6% in 2024, up 12.0% year-on-year, with expectations to rise to 57.0% in 2025[13] - The total transaction volume of used cars in 2024 is projected to be around 19.6 million units, reflecting a year-on-year growth of 6.5%[15] - The average price of fuel vehicles decreased by approximately 6.8% and new energy vehicles by about 9.2% in 2024 due to ongoing price wars in the new car market[13] Operational Metrics - The total number of used cars traded and serviced was approximately 412,000, a decline of 3.3% from approximately 426,000 in 2023[7] - The number of used cars auctioned was approximately 180,000, an increase of 2.3% from approximately 176,000 in 2023[7] - The number of used electric vehicles traded reached approximately 1.1 million units in 2024, representing a 48.0% increase year-on-year[15] - The average revenue per used car auctioned decreased from RMB 1,636 in 2023 to RMB 1,458 in 2024[20] - The transaction success rate improved slightly to approximately 45.8% in 2024, compared to 45.7% in 2023[25] - The number of used cars serviced by value-added services decreased from approximately 220,000 units in 2023 to about 206,000 units in 2024, primarily due to reduced demand for pre-purchase evaluation services[26] Strategic Initiatives - The company has expanded its auction network by establishing new auction sites in multiple cities, including Shanghai and Chongqing, enhancing service capabilities for dealers and professional buyers[17] - The company launched institutional auction services in September 2024, targeting operational leasing clients and ride-hailing platforms[22] - The company has established strategic partnerships with 28 major manufacturers and 11 mobility companies by December 31, 2024, to expand its used car sourcing channels[24] - The company aims to strengthen cooperation with new energy vehicle manufacturers to improve evaluation and transaction capabilities for used new energy vehicles[30] - The company plans to enhance its digital products and services to create a comprehensive platform for used car data and evaluation testing[30] Financial Position - Total assets as of December 31, 2024, were RMB 1,250,236,000, an increase from RMB 1,146,724,000 in 2023[11] - Total liabilities decreased to RMB 312,708,000 in 2024 from RMB 751,998,000 in 2023[11] - The company’s total equity increased significantly to RMB 937,528,000 in 2024 from RMB 394,726,000 in 2023[11] - Cash and cash equivalents increased by 11.9% to RMB 1,046.6 million as of December 31, 2024, up from RMB 935.4 million in 2023[52] - Outstanding borrowings as of December 31, 2024, rose by 86.3% to RMB 129.5 million, compared to RMB 69.5 million in 2023[53] - The debt-to-asset ratio decreased significantly to 25.0% as of December 31, 2024, down from 65.6% in 2023, primarily due to the conversion of convertible redeemable preferred shares into ordinary shares[54] Governance and Compliance - The company has maintained a strong governance structure with an independent non-executive director leading the audit committee[118] - The audit committee is responsible for overseeing the financial reporting system, risk management, and internal control systems[118] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors[140] - All independent non-executive directors have submitted annual confirmations of their independence according to listing rules[145] - The company has implemented appropriate recruitment and selection procedures to promote workforce diversity[150] Future Outlook - The company has set a future outlook with a revenue guidance of $600 million for the next quarter, indicating a 20% growth expectation[124] - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[125] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[126] - A strategic acquisition is planned, with an estimated cost of $200 million, aimed at enhancing technological capabilities[127] - The company is investing $30 million in R&D for new technologies to improve operational efficiency[124] Sustainability Initiatives - The management team emphasized a focus on sustainability initiatives, aiming for a 25% reduction in carbon footprint by 2025[125] - The company aims to integrate ESG (Environmental, Social, Governance) principles into its business model to contribute to the construction of a green circulation ecosystem[192] - The platform facilitates the efficient circulation of 180,000 used vehicles annually, effectively reducing overall carbon emissions in the industry[193] - The company aims to achieve a 30.00% share of renewable energy in its electricity consumption by 2028[193] - By 2030, the company plans to become the most sustainable used car trading platform in Asia[193]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥25,935,464,215.71, representing a 36.81% increase compared to ¥18,957,270,097.61 in the same period last year[8] - Net profit attributable to shareholders was ¥1,026,208,555.63, a 46.62% increase from ¥699,890,621.07 year-on-year[8] - The basic earnings per share increased by 53.85% to ¥0.20 from ¥0.13 in the previous year[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,030,372,641.13, a 45.19% increase year-on-year[8] - Net profit for Q1 2025 was ¥1,460716,873.99, representing a 38.3% increase compared to ¥1,055,609,970.74 in Q1 2024[20] - The net profit attributable to the parent company's shareholders for the current period is CNY 1,026,208,555.63, an increase of 46.7% compared to CNY 699,890,621.07 in the previous period[21] - The total comprehensive income for the current period is CNY 1,211,715,433.51, an increase of 8.2% from CNY 1,120,152,501.24 in the previous period[21] Cash Flow - The net cash flow from operating activities was ¥2,526,194,197.91, reflecting a 45.65% increase compared to ¥1,734,404,533.56 in the same period last year[8] - Cash inflows from operating activities totaled CNY 45,314,990,785.54, a 41.0% increase from CNY 32,118,104,047.03 in the previous year[23] - The cash and cash equivalents at the end of the period are CNY 8,891,883,164.01, down from CNY 10,377,269,164.15 at the end of the previous year[24] - Cash outflows from investing activities amounted to CNY 11,761,379,066.71, an increase of 73.8% from CNY 6,765,241,886.23 in the previous year[24] - The net cash flow from investing activities is CNY 3,675,228,071.19, a significant improvement from a negative CNY 4,895,139,673.33 in the previous year[24] - The total cash inflow from financing activities is CNY 10,042,289,376.87, compared to CNY 18,456,986,015.28 in the previous year, reflecting a decrease of 45.4%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥164,179,836,377.99, a 2.19% increase from ¥160,659,954,188.36 at the end of the previous year[9] - Total liabilities increased to ¥104,466,861,874.35 from ¥102,089,931,926.77, reflecting a growth of 2.3%[19] - Non-current assets totaled ¥133,062,789,684.99, up from ¥131,958,705,005.54, indicating a growth of 0.8%[19] - The total assets amounted to CNY 92.29 billion, slightly down from CNY 92.99 billion in the previous period[27] - The total liabilities decreased to CNY 57.30 billion from CNY 58.13 billion, indicating a reduction of 1.4%[27] Shareholder Information - As of March 31, 2025, the total number of common shareholders is 126,251[13] - Shandong Gold Group Co., Ltd. holds 1,620,569,251 shares, representing 36.23% of the total share capital[13] - The top ten shareholders include several state-owned entities, indicating a strong government influence in the ownership structure[14] Production and Sales - The company's self-produced gold for Q1 2025 is 11,870.60 kg, a decrease of 0.31% year-on-year, while sales increased by 7.98% to 10,991.51 kg[15] - The increase in revenue and profit was primarily driven by higher sales prices of self-produced and purchased gold[12] Research and Development - Research and development expenses for Q1 2025 were ¥98,424,400.90, a slight increase from ¥94,528,426.40 in Q1 2024[20] - Research and development expenses for Q1 2025 were CNY 21.82 million, down from CNY 26.58 million in Q1 2024, reflecting a decrease of 18.0%[29] Other Financial Information - The company has not conducted an audit for the financial report for this quarter[7] - The company has pledged 130,000,000 shares as collateral for a private placement of exchangeable bonds[14] - The company will implement new accounting standards starting from 2025, which may affect the financial statements[34]

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year ending December 31, 2024, representing a year-over-year increase of 15%[12]. - The net profit for the same period was HKD 300 million, which is a 20% increase compared to the previous year[12]. - The company reported a revenue increase of 28.6% to HKD 7,692,000,000 for the fiscal year 2024, compared to HKD 5,982,000,000 in 2023[19]. - Net profit rose by 46.3% to HKD 82,500,000, up from HKD 56,400,000 in the previous year[19]. - Profit attributable to owners nearly doubled to HKD 50,700,000, compared to HKD 25,700,000 in 2023[19]. - Revenue increased by 17% to HKD 2,486,000,000 in the current year, compared to HKD 2,119,000,000 in the previous year, with operating profit at HKD 149,500,000[21]. - Revenue from Shun Cheong increased by 54% to HKD 3,485,000,000, achieving an operating profit of HKD 8,800,000, reversing a loss of HKD 15,000,000 from the previous year[23]. - The aviation division's revenue rose by 60% to HKD 490,000,000, with operating profit increasing over threefold to HKD 24,200,000[28]. - The trading division recorded revenue of HKD 513,000,000, up from HKD 406,000,000, and turned a loss of HKD 200,000 into an operating profit of HKD 10,300,000[29]. - The group reported a revenue of HKD 7,692,498,000 for the year ended December 31, 2024, representing an increase of 28.5% compared to HKD 5,981,640,000 in 2023[116]. - The profit for the year was HKD 82,500,000, up 46.1% from HKD 56,447,000 in the previous year[116]. Future Projections - The company has set a revenue guidance of HKD 1.5 billion for the next fiscal year, indicating a projected growth of 25%[12]. - New product launches are expected to contribute an additional HKD 200 million in revenue in the upcoming year[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2026[12]. Research and Development - Research and development expenses increased by 30%, totaling HKD 150 million, to support innovation in new technologies[12]. - The company is exploring new construction technologies and partnerships to reduce costs and improve future performance[26]. - The company recognizes the need to adapt to a technology-driven economy, with a focus on sectors such as alternative energy, electric vehicles, robotics, and precision medicine[33]. - The company has integrated technology-driven transformation into its growth strategy, focusing on areas such as aviation systems, robotics, and data centers[35]. Corporate Governance - The company is committed to achieving high standards of corporate governance, ensuring transparency and accountability to protect shareholder interests[60]. - The board consists of members with extensive experience in various sectors, enhancing the company's strategic oversight capabilities[54][55][56][57][58][59]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each executing specific roles to assist the board in monitoring senior management functions[62]. - The independent non-executive directors confirmed their independence in accordance with listing rules, ensuring unbiased judgment in board decisions[67]. - The board believes that the continuity of the chairman and managing director provides strong and consistent leadership for the company's operations[71]. - The company has established mechanisms to ensure the board receives independent insights and opinions, enhancing decision-making processes[67]. Market Conditions - The company emphasizes a stable operational environment but acknowledges increasing economic uncertainties[20]. - The board remains cautious about market conditions, emphasizing the importance of operational discipline and strategic adaptability for sustained performance[35]. Social Responsibility - The company actively engages in charitable activities across multiple regions, reflecting its commitment to social responsibility[51]. - The company has a focus on community involvement and has members actively participating in various educational and public service initiatives[44]. Shareholder Engagement - The board encourages shareholder participation in the annual general meeting, providing a platform for communication and feedback[97]. - Shareholders can request a special general meeting if they hold at least 10% of the voting rights[93]. - The company has established a shareholder communication policy to ensure timely disclosure of relevant information through various reports and announcements[96]. Financial Position - The total assets increased to HKD 6,081,014,000 as of December 31, 2024, compared to HKD 5,573,294,000 in 2023, reflecting a growth of 9.1%[117]. - The total liabilities rose to HKD 3,791,471,000, an increase of 15.5% from HKD 3,280,443,000 in 2023[117]. - The debt-to-equity ratio as of December 31, 2024, was 48.4%, up from 36.7% in 2023, indicating increased leverage[108]. - The group had cash and cash equivalents totaling HKD 1,043,000,000 at year-end, a slight decrease from HKD 1,071,000,000 in 2023[108]. - The company’s total equity remained relatively stable at HKD 2,289,543,000, slightly down from HKD 2,292,851,000 in the previous year[174]. Audit and Compliance - The independent auditor, Ernst & Young, has confirmed that the financial statements reflect the group's business condition and performance accurately[90]. - The audit committee has reviewed the internal control system, which is deemed reasonable and effective[89]. - The auditors aim to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[162]. - The audit process includes identifying and assessing risks of material misstatement and designing audit procedures to address these risks[164]. Subsidiaries and Operations - The company’s main business includes trading of plastic and chemical raw materials, construction services, and property development, with no significant changes in business nature this year[100]. - The group operates in various sectors including construction services for public and private institutions in Hong Kong and Macau, focusing on air conditioning and maintenance services[183]. - The company’s subsidiaries are primarily involved in property holding and development, HVAC system design, installation, and maintenance[188].