Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 777.1 million, a decrease of 22.7% from RMB 1,006.1 million in 2023[6]. - The adjusted net loss attributable to the company's owners for the year was RMB 300.8 million, a reduction of 49.3% compared to RMB 592.4 million in 2023[7]. - The company reported a pre-tax loss of RMB 162.6 million, down from RMB 340.7 million in 2023, showing improved financial performance[6]. - The total loss for the year attributable to the company's owners was RMB 179.0 million for the year ended December 31, 2024, compared to RMB 471.9 million for the year ended December 31, 2023, representing a reduction of 62.0%[62]. - The company reported a net loss of RMB 210,659,000 for 2024, a reduction of 54.4% from a loss of RMB 460,993,000 in 2023[97]. - Basic and diluted loss per share for 2024 was RMB (0.35), an improvement from RMB (0.94) in 2023[97]. - The income tax expense for the year ended December 31, 2024, was RMB 48.1 million, down from RMB 120.3 million for the year ended December 31, 2023[61]. - The net investment income for the year ending December 31, 2024, was RMB 62.5 million, compared to a net investment loss of RMB 208.2 million for the year ending December 31, 2023[49]. Revenue Breakdown - The investment management business contributed 38% to the total revenue, with total fund exit amounts reaching RMB 3.2 billion during the period[12]. - The investment banking business generated total revenue of RMB 220 million, reflecting a year-on-year growth of 16.8%[13]. - The total revenue and net investment income for Huaxing Securities reached RMB 250 million, accounting for 30% of the group's total revenue and net investment income[15]. - Revenue from mainland China was RMB 646,831,000, down 25% from RMB 862,258,000 in 2023[111]. - Customer contract revenue recognized at a point in time was RMB 434,891,000, a decrease of 6.4% from RMB 464,798,000 in 2023[112]. - Revenue from advisory and underwriting services dropped by 70.7% to RMB 25.0 million in 2024[39]. - Sales, trading, and brokerage revenue increased by 125.1% to RMB 80.7 million in 2024[39]. Operational Efficiency - The company reduced its workforce to 475 employees, a decrease of 16.1% compared to the previous year, leading to further reductions in non-labor costs[11]. - The operating loss for the investment banking segment decreased by 49.7% to RMB 34.8 million, reflecting improved operational efficiency[25]. - The total operating expenses for the company decreased by 11.5% from RMB 995.8 million for the year ending December 31, 2023, to RMB 881.3 million for the year ending December 31, 2024[50]. - The operating expenses for Huaxing Securities decreased by 1.7% from RMB 347.8 million for the year ending December 31, 2023, to RMB 342.0 million for the year ending December 31, 2024[40]. - The total employee compensation expense, including share-based payment expenses, was RMB 485.8 million for the year ended December 31, 2024[75]. Investment Performance - The cumulative unrealized carried interest as of December 31, 2024, was RMB 2.1 billion, with net carried interest at RMB 600 million[12]. - The internal rate of return for self-managed private equity funds was 17.4% and for third-party funds was 15.1% as of December 31, 2024[28]. - The total assets of Huaxing Securities amounted to RMB 3.7 billion, with net assets of RMB 2.4 billion and high liquidity assets totaling RMB 2.8 billion[15]. - The company's total investments measured at fair value amounted to approximately RMB 2,981.1 million as of December 31, 2024, an increase of 24.3% from RMB 2,397.4 million as of December 31, 2023[69]. - The fair value of financial assets measured at fair value through profit or loss increased to RMB 3,008,496,000 in 2024 from RMB 3,003,250,000 in 2023, showing a slight increase[139]. Future Outlook - The company plans to continue focusing on core business areas and optimizing assets to enhance operational performance in the future[11]. - The company plans to continue focusing on "technology + industry" and explore Web 3.0 and cryptocurrency asset fields[16]. - The company plans to focus on expanding its wealth management services for high-net-worth individuals and new economy entrepreneurs[106]. Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO until October 9, 2024[82]. - The audit committee has reviewed the audited financial statements for the year ending December 31, 2024, and discussed accounting policies and internal controls with senior management[86]. - The independent auditor's report indicates a reservation regarding the recoverability of restricted amounts totaling approximately RMB 78,768,000 as of December 31, 2024[93]. - The company has established various committees, including the nomination committee, remuneration committee, executive committee, and environmental, social, and governance committee[87]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the reporting period[83][84]. Miscellaneous - The company did not declare or pay any dividends for the years ended December 31, 2024, and December 31, 2023[79]. - The company has not engaged in any significant litigation or arbitration during the reporting period[90]. - The company has not disclosed any significant post-reporting period events from December 31, 2024, to the announcement date[95].
华兴资本控股(01911) - 2024 - 年度业绩