Financial Performance - The company reported a net profit of $120,351,314 for the year ending December 31, 2024, compared to a profit of $5,726,311 in 2023, representing a significant increase[3]. - Total comprehensive income for the year was $107,718,079, a turnaround from a loss of $2,967,354 in the previous year[3]. - The company's earnings per share increased to $0.790 from $0.038 in 2023, indicating strong growth in profitability[3]. - The net profit from the financial services segment was $113,177,547 in 2024, compared to a loss of $48,579,512 in 2023, indicating a significant turnaround[16]. - The company reported a pre-tax profit of $148,335,878 for the year ending December 31, 2024, compared to a pre-tax loss of $1,094,022 in 2023[16]. - The company's net profit attributable to shareholders for the year ended December 31, 2024, was $120.35 million, a significant increase of $114.62 million or 2,000.35% compared to the previous year's profit of $5.73 million, primarily due to a substantial increase in the fair value gains of financial assets[25]. Assets and Liabilities - The fair value of financial assets measured at fair value through profit or loss rose to $770,688,567 in 2024, up from $599,257,512 in 2023[4]. - Cash and cash equivalents increased significantly to $30,946,711 from $8,627,649 year-over-year[4]. - The company's total assets, after deducting current liabilities, increased to $772,980,664 from $664,831,444[4]. - Total liabilities increased to $159,416,276 in 2024, up from $134,119,984 in 2023, indicating a rise in financial obligations[18]. - The company's net asset value per share improved to $4.250 from $3.663 in 2023, indicating enhanced shareholder value[4]. - The company’s net asset value per share increased to $647,377,905 in 2024, compared to $557,939,788 in 2023[22]. Investment Activities - The company made a strategic investment of HKD 17.06 million (approximately $2.19 million) in China International Capital Corporation, acquiring 2.12 million shares at an average price of HKD 8.05 per share, representing 0.044% of the total issued share capital[26]. - The company also entered into a cornerstone investment agreement for iFlytek Medical Technology Co., Ltd., investing HKD 28 million (approximately $3.61 million) for H shares at a price of HKD 82.80, which represents 0.28% of the total issued share capital post-offering[26]. - The total investment value of the company as of December 31, 2024, was $775.65 million, with the distribution being $473.72 million in financial services (58.71%), $51.37 million in cultural media and consumption (6.37%), and $239.34 million in information technology (29.65%)[33]. Income and Dividends - Investment income decreased slightly to $17,788,322 from $19,117,038 in the previous year, reflecting changes in market conditions[3]. - The company declared an interim dividend of $0.04 per share in 2024, totaling $6,093,321, compared to no dividend in 2023[23]. - The dividend for the full year is projected to remain at $0.08 per share, consistent with 2023, totaling $12,186,641[23]. - The company's total revenue from financial assets was significantly impacted by a decrease in dividend income, which fell to $17,179,574 in 2024 from $18,794,805 in 2023[12]. Operational Insights - The company experienced a net unrealized gain of $102,269,061 on listed investments, a recovery from a loss of $62,745,077 in 2023[11]. - The company reported a significant increase in administrative expenses to $12,112,055 from $11,479,636, reflecting ongoing operational investments[3]. - The company has no bank loans or liabilities as of December 31, 2024, maintaining a debt-free status[29][30]. - The company is monitoring foreign exchange risks, particularly due to a 1.49% depreciation of the RMB against the USD in 2024, and is considering hedging strategies as necessary[31]. Future Outlook - The outlook for 2025 indicates stable economic growth in China, with expectations for continued recovery in the operating performance of the company's investment projects primarily based in China[34]. - The central economic work conference in December 2024 outlined key tasks for 2025, including boosting consumption, enhancing investment efficiency, and promoting technological innovation to drive new productivity[35]. - The company will continue to actively seek potential investment projects, focusing on digital finance, artificial intelligence, cultural tourism, and healthcare industries[38]. - The company anticipates significant policy support and capital market attention for sectors like artificial intelligence and new infrastructure construction[37]. - The company aims to enhance regional development vitality and promote urban-rural integration[37]. - The company is committed to preventing systemic risks and stabilizing the real estate market[37]. - The company will continue to explore opportunities to replace existing assets to increase shareholder value[38]. Corporate Governance - The company emphasizes maintaining high levels of corporate governance to protect shareholder interests and enhance investor confidence[39]. - The company has complied with all relevant corporate governance codes, except for certain provisions[39]. - The investment portfolio and company affairs are managed by an investment manager, with no salaried employees[40]. - The company has not purchased, sold, or redeemed any of its shares during the year[43]. - The company’s financial statements for the year ending December 31, 2024, have been verified by KPMG[44].
招商局中国基金(00133) - 2024 - 年度业绩