Financial Performance - The group's audited net asset value as of December 31, 2024, is $647.38 million, an increase of 16.03% from $557.94 million in 2023[9]. - The group's audited post-tax comprehensive profit for 2024 is $120.35 million, a significant increase of 2,000.35% from $5.73 million in the previous year[9]. - 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 2000.35% compared to the previous year[19]. - The fund's net income from financial assets for the year was $137.5 million, compared to a net loss of $9.03 million in the previous year[19]. - The total net profit for 2024 reached $120,351,000, a significant increase from $5,726,000 in 2023, marking a year-over-year growth of approximately 2011%[129]. Investment Activities - The total value of the group's investment projects at the end of 2024 is $775.65 million, representing 96.13% of the total assets, up from $683.31 million in 2023[11]. - The group invested a total of $5.80 million in two projects in 2024, including $2.19 million in China International Capital Corporation and $3.61 million in iFlytek Medical Technology Co., Ltd.[12]. - The fund's total investment value as of December 31, 2024, was $775.65 million, with 58.71% allocated to financial services, 6.37% to cultural media and consumption, and 29.65% to information technology[28]. - The fund has approved a total of 69 investment projects with an approved investment amount of 4.27 billion RMB as of December 31, 2024[84]. - The fund aims to invest in quality mature projects while also exploring opportunities in emerging industries[108]. Dividend Policy - The group recommends a final dividend of $0.04 per share for 2024, maintaining the total annual dividend at $0.08 per share[9]. - The company declared an interim dividend of $0.04 per share for the year 2024, totaling $6,093,321, compared to no dividend in 2023[137]. - The proposed final dividend for 2024 is also $0.04 per share, totaling $6,093,321, down from $0.08 per share in 2023, which included a special dividend[137]. - The company aims to maintain a stable dividend policy while balancing business growth investments[139]. Economic Outlook - The World Bank projects global economic growth of 2.7% for 2025, with China's GDP expected to grow by 5.0%[10][14]. - The group anticipates challenges and opportunities in 2025, with a focus on supporting consumption recovery and infrastructure investment[14]. - China's economic performance is expected to continue recovering, with a focus on stabilizing growth, employment, and prices in 2025[107]. - Key tasks for 2025 include boosting consumption, enhancing investment efficiency, and promoting technological innovation to develop a modern industrial system[107]. Market Performance - The Shanghai Composite Index increased by 12.67% to close at 3,352 points by the end of 2024, while the Hang Seng Index rose by 17.67% to 20,060 points[11]. - The fund is monitoring foreign exchange risks, particularly due to a 1.49% depreciation of the RMB against the USD in 2024[25]. Corporate Governance - The company has established a domestic fund management platform, Shanghai Hanlun Private Fund Management Co., Ltd., to cater to domestic institutional investors[158]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[198]. - The independent non-executive directors confirmed that the related transactions were conducted on fair and reasonable terms in the overall interest of the shareholders[192]. Investment Risks - The fund faces risks from market competition as more investment firms enter the private equity space, leading to increased competition for potential investment targets[112]. - Operational risks include the complexities of evaluating and selecting investment projects, which can impact investment time costs and returns[113]. - The fund cannot acquire more than 30% voting rights in any invested company, limiting its control over management decisions[113]. Fund Management - The management fee paid or payable to the investment manager for the year ending December 31, 2024, is $10,673,598, compared to $10,458,859 in 2023[191]. - A temporary investment management agreement was signed on December 17, 2024, with a management fee of HKD 9,900,000 (or equivalent in USD or RMB) effective from January 1, 2025[195]. - The investment manager is responsible for all investment and management duties related to the company's operations[200].
招商局中国基金(00133) - 2024 - 年度财报