Financial Performance - The company reported a loss of approximately RMB 893 million for the year, influenced by market conditions and geopolitical tensions[17]. - Total revenue decreased slightly from RMB 446 million in 2023 to RMB 424 million in 2024[36]. - Investment loss decreased from RMB 813.7 million in 2023 to RMB 704.7 million in 2024, primarily due to a reduction in unrealized losses on financial assets measured at fair value[38]. - Total income and investment loss net amount improved from a loss of RMB 769.1 million in 2023 to a loss of RMB 662.2 million in 2024[39]. - The net loss for 2024 was approximately RMB 893.0 million, compared to a loss of RMB 875.7 million in 2023[49]. Assets and Investments - Total assets under management reached RMB 20.5 billion, with RMB 15.5 billion from funds and RMB 5 billion from direct investments[5]. - The compound annual growth rate (CAGR) from 2015 to 2024 for total assets under management is 12.3%[11]. - The company manages 18 funds, with 12 focused on early-stage investments and 6 on growth and late-stage investments[23]. - The company invested a total of RMB 229.7 million in 13 portfolio companies in cutting-edge fields such as biotechnology, beauty and health, and clean technology during 2024[27]. - The company generated approximately RMB 1.7 billion in investment returns for investors through selective exits from 32 portfolio companies over the past year[33]. Investment Strategy - The company has actively adjusted its investment strategy to optimize its portfolio amid a challenging market environment[18]. - In 2024, the company plans to expand its investment strategy by identifying dividend-oriented investment targets to mitigate risks associated with early-stage equity investments[18]. - The company aims to leverage partnerships with leading listed companies to explore investment opportunities in the upstream and downstream integration of industries[18]. - The company plans to continue focusing on long-term sectors such as consumption, biomedicine, and technology, while exploring innovative investment strategies[20]. - The company aims to enhance post-investment management services to improve operational efficiency and risk resilience of portfolio companies[20]. Corporate Governance - The company has adopted the corporate governance code as its own governance framework to enhance shareholder value and accountability[106]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors[109]. - The company has complied with all provisions of the corporate governance code during the reporting period[107]. - The company has a commitment to maintaining high standards of corporate governance to protect shareholder interests[106]. - The company has established a mechanism to maintain the independence of the board and conducts annual assessments of director independence[115]. Risk Management - The company has established an effective risk management and internal control system, ensuring compliance with corporate governance codes[150]. - The board is committed to reviewing and enhancing the risk management and internal control systems annually to adapt to business developments and external changes[150]. - The company has implemented a comprehensive risk management system that includes risk identification, assessment, analysis, control, and reporting[154]. - The audit committee is responsible for overseeing financial records, internal control procedures, and risk management systems[155]. - The company has a zero-tolerance policy towards bribery and corruption, supported by internal guidelines and training programs[158]. Employee and Board Diversity - The total employee compensation cost for 2024 was RMB 628 million, compared to RMB 612 million in 2023, indicating relative stability[76]. - The board consists of seven male members and two female members, with a gender ratio of 44:56 among employees, indicating a balanced gender diversity[141]. - The company aims to maintain at least one female director until December 30, 2024, with a target of achieving 20% female representation on the board[140]. - The company has implemented a diversity policy for employees, which has been approved by the board[141]. - The nomination committee will actively seek qualified female candidates to promote gender diversity on the board[140]. Compliance and Legal Matters - The company has no major violations or non-compliance with applicable laws and regulations as of December 31, 2024[186]. - The company has complied with all significant laws and regulations affecting its business and operations[186]. - The company has established reporting channels for employees and stakeholders to report illegal or unethical behavior[159]. - The board is responsible for approving the insider information disclosure policy to ensure compliance with securities regulations[160]. - The company has no management or administrative contracts involving all or any significant business as of December 31, 2024[200].
天图投资(01973) - 2024 - 年度财报