Financial Position - As of March 31, 2025, the company's total assets amounted to RMB 116.52 billion, an increase from RMB 115.57 billion as of December 31, 2024, reflecting a growth of approximately 0.83%[8] - The company's current assets reached RMB 26.92 billion, up from RMB 24.95 billion, indicating a growth of about 8.06%[8] - The total liabilities of the company were RMB 77.92 billion, slightly down from RMB 78.00 billion, showing a decrease of approximately 0.10%[10] - The company's long-term borrowings increased to RMB 45.90 billion from RMB 42.32 billion, reflecting a growth of about 8.09%[10] - The total equity attributable to the parent company reached RMB 34.11 billion, up from RMB 33.22 billion, indicating an increase of approximately 2.67%[10] - The company's total liabilities as of March 31, 2025, were RMB 19.30 billion, slightly up from RMB 19.13 billion at the end of 2024[14] - The total equity of the company as of March 31, 2025, was RMB 30.66 billion, a decrease from RMB 30.90 billion at the end of 2024, reflecting a decline of 0.77%[14] Cash and Cash Equivalents - The company's cash and cash equivalents increased to RMB 2.52 billion from RMB 2.01 billion, representing a growth of around 25.5%[8] - The company's cash and cash equivalents decreased to RMB 42.22 million from RMB 47.75 million, a decline of 11.14%[12] - The total cash and cash equivalents at the end of the period is RMB 2,466,441,674.47, down from RMB 4,562,870,025.47 in the previous period[20] Revenue and Profit - The company's operating revenue for Q1 2025 was RMB 3.56 billion, an increase of 0.93% compared to RMB 3.53 billion in Q1 2024[16] - Net profit for Q1 2025 was RMB 1.14 billion, down from RMB 1.21 billion in the same period last year, representing a decrease of 6.06%[16] - The company's operating revenue for the current period is RMB 6,361,215.46, a decrease of 35.5% compared to RMB 9,930,648.14 in the previous period[18] - The net profit for the current period is a loss of RMB 72,635,583.62, compared to a loss of RMB 55,955,536.53 in the previous period, indicating a worsening performance[18] Borrowings - Short-term borrowings increased significantly to RMB 4.06 billion from RMB 2.06 billion, reflecting a rise of 96.73%[14] - Long-term borrowings rose to RMB 13.05 billion, up from RMB 7.53 billion, indicating an increase of 73.33%[14] - The company received RMB 13,532,502,953.19 in borrowings during the current period, significantly higher than RMB 3,603,577,380.31 in the previous period[20] Cash Flow - The cash flow from operating activities for the current period is RMB 1,718,453,758.39, slightly up from RMB 1,685,535,322.48 in the previous period[20] - The cash flow from investing activities shows a net outflow of RMB 1,251,753,149.85, an improvement from a net outflow of RMB 1,567,462,049.45 in the previous period[20] - The cash flow from financing activities resulted in a net inflow of RMB 55,446,150.61, down from RMB 1,389,019,729.27 in the previous period[20] - The cash flow from the parent company shows a net outflow of RMB 5,530,640.62, contrasting with a net inflow of RMB 1,394,895,143.78 in the previous period[22] Expenses - Research and development expenses for Q1 2025 were RMB 359.87 million, a decrease of 7.25% compared to RMB 387.92 million in Q1 2024[16] - The company’s total operating expenses increased, with financial expenses rising to RMB 58,206,440.51 from RMB 47,629,258.65 in the previous period[18] - The company reported investment income of RMB 867,924.52, a significant decrease from RMB 5,601,098.53 in the previous period[18]

Financial Performance - The company achieved a revenue of HKD 11.068 billion for the year ended December 31, 2024, with a net profit of HKD 1.104 billion, representing a year-on-year increase of 58%[8]. - Operating profit increased by 50.62% to RMB 1.232 billion, while EBITDA rose by 36.44% to RMB 1.490 billion[6]. - The company maintained a cash flow from operating activities of RMB 1.48 billion, with total cash and financial assets amounting to RMB 7.773 billion at year-end[8]. - The company’s debt-to-asset ratio improved to 31%, indicating a healthier financial position compared to previous years[8]. - The total revenue for the reporting period was RMB 10,214 million, a decrease of 2.94% compared to RMB 10,523 million in the same period last year[15]. - The net profit for the year reached RMB 1,019 million, an increase of 57.80% from RMB 646 million in the previous year[15]. - The comprehensive gross profit margin improved to 19.56%, up 2.03 percentage points from 17.53% in the same period last year[15]. - Gross profit increased by 8% to RMB 1,998 million in 2024, up from RMB 1,845 million in 2023, with the gross margin rising from 18% to 20%[29]. - Other income rose to RMB 129 million in 2024 from RMB 125 million in 2023, driven by government subsidies and VAT deductions[30]. - The company achieved a significant turnaround in other gains and losses, moving from a loss of RMB 100 million in 2023 to a gain of RMB 57 million in 2024[31]. Sales and Market Position - The domestic sales volume of loaders continues to hold the industry’s top position, while forklifts secured a place among the top three in the industry[9]. - Sales of loaders accounted for 41.23% of total sales, slightly increasing by 0.04 percentage points from the previous year[15]. - The sales revenue of excavators decreased by 16.08% to approximately RMB 1,055 million, primarily due to a shift in pricing strategy[20]. - Export sales increased by 3.76% to RMB 3,190 million, highlighting the company's successful expansion in international markets[16]. - The sales revenue of forklifts reached approximately RMB 3,718 million, a slight increase of 1.61% from RMB 3,659 million last year[19]. - The company aims to enhance its market influence both domestically and internationally to ensure sustainable growth and profitability[17]. Research and Development - The company has increased its investment in R&D, focusing on technology upgrades and the development of new energy products[9]. - The company plans to focus on innovation and product development, emphasizing "green, intelligent, and high-end" R&D principles to enhance competitiveness[37]. Dividends and Reserves - The company plans to distribute a dividend of HKD 0.13 per share, with a payout ratio of 50% of net profit[8]. - The group reported a final dividend of HKD 0.08 per share for the fiscal year ending December 31, 2023, totaling HKD 342 million (approximately RMB 311 million) distributed to shareholders[49]. - The board proposed a final dividend of HKD 0.13 per ordinary share for the fiscal year ending December 31, 2024[50]. - The total distributable reserves of the company as of December 31, 2024, amounted to approximately RMB 7,921 million, an increase from RMB 7,206 million in 2023[55]. Operational Efficiency - Inventory turnover days decreased from 136 to 115 days, showcasing enhanced operational efficiency[6]. - Inventory decreased by 20% to RMB 2,287 million from RMB 2,877 million, reflecting improved inventory management in response to declining sales[33]. - Trade receivables increased by 19% to RMB 2,377 million from RMB 1,995 million, attributed to extended credit terms for high-value products[34]. Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the listing rules, and all directors confirmed compliance for the year ending December 31, 2024[105]. - The board consists of 8 members, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors[107]. - The company has established a risk management and internal control system, which is regularly reviewed by the audit committee[114]. - The company emphasizes the importance of independent non-executive directors in providing objective opinions for effective governance[111]. - The company has mechanisms in place to ensure that any director with a conflict of interest abstains from discussions and votes on related matters[123]. Environmental, Social, and Governance (ESG) - The company is committed to improving environmental performance and reducing pollution during production processes[75]. - The company aims to become a "respected global leader in engineering machinery operations" and is dedicated to sustainable development and social responsibility[146]. - The ESG governance structure consists of the Board of Directors, an ESG working group, and executive departments, ensuring comprehensive oversight and management of ESG-related activities[147]. - The company has established insider information disclosure procedures to ensure timely assessment of matters that may significantly impact stock prices[127]. - The company emitted 214,336.4 tons of CO2, 0.43803 tons of methane, and 0.05776 tons of nitrous oxide in 2024[158]. - The company discharged 562,349 tons of wastewater, achieving a 100% compliance rate with GB/T 31962-2015 standards[158]. - The company has adopted the ISO 14001 environmental management system and set emission reduction targets in response to climate change policies[165]. Employee Relations - Employee satisfaction regarding the working environment reached 99%, with the company adhering to strict occupational health and safety regulations[171]. - The company provides various employee benefits, including holiday bonuses, maternity benefits, and health check-ups, to ensure a supportive work environment[166]. - The company conducts regular training programs to enhance employee skills and knowledge, focusing on professional development and leadership training[172]. Supplier Management - The company has established a strict supplier management system, ensuring that all products must sign a technical agreement before procurement to control quality from the source[181]. - The company emphasizes supplier risk identification and assessment, implementing necessary supervision and inspection of supplier production sites[178]. - The company has set up a quality information reporting platform to ensure timely processing of quality information and has created a quality case manual for internal sharing[185]. Risk Management - The company faces market risks due to potential declines in demand for its products in the engineering machinery industry, which has entered a relatively stable period after years of rapid growth[90]. - The group’s receivables account for 18% of total assets, indicating significant exposure to credit risk influenced by overall economic conditions[196]. - Management's assessment of expected credit losses involves significant judgments and assumptions, including customer payment patterns and macroeconomic factors[196].

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately HKD 14,300,000, an increase from HKD 9,100,000 for the year ended December 31, 2023, representing a growth of about 58%[9][14][15]. - The group reported a total loss of approximately HKD 15,400,000 for the year ending December 31, 2024, compared to a profit of approximately HKD 4,000,000 for the previous year, primarily due to the absence of a one-time cancellation of consolidation income of approximately HKD 13,400,000 and significant impairment losses[26]. - Basic loss per share was approximately HKD 5.72 for the year ending December 31, 2024, compared to a basic profit of approximately HKD 4.06 for the previous year[27]. - Total comprehensive loss for the year was HKD 15,492,000, compared to a comprehensive income of HKD 3,995,000 in 2023[191]. - The company reported a loss of HKD 15,376,000 for the year, compared to a profit of HKD 4,022,000 in the previous year[189]. - The net loss for the year increased significantly from HKD 9,801,000 in 2023 to HKD 15,376,000 in 2024, representing a 56.0% increase in losses[197]. Expenses and Costs - Total comprehensive expenses for the year ended December 31, 2024, were approximately HKD 15,500,000, compared to HKD 4,000,000 for the previous year, leading to a significant loss due to the absence of a one-time gain recorded in the prior year[9]. - The cost of materials and supplies increased from approximately HKD 4,200,000 in 2023 to about HKD 5,700,000 in 2024, attributed to a higher number of operating months for the Malaysian restaurants[16]. - Employee costs rose to approximately HKD 5,000,000 for the year ended December 31, 2024, up from HKD 4,200,000 in the previous year, due to hiring new staff for the new restaurants[17]. - Depreciation expenses increased to approximately HKD 3,400,000 in 2024 from HKD 3,100,000 in 2023, primarily due to depreciation from new restaurant assets in Malaysia[18]. - The group recorded an impairment loss of approximately HKD 5,100,000 for property and equipment and HKD 4,600,000 for right-of-use assets for the year ending December 31, 2024[19]. Operations and Strategy - The group has closed all restaurants in Hong Kong and opened two new restaurants in Malaysia, with all revenue for the year coming from overseas operations[10]. - The company remains optimistic about future growth in the Malaysian restaurant sector and plans to explore new business opportunities in Southeast Asia[10][11]. - The overall strategy focuses on expanding overseas markets and diversifying revenue sources to stabilize income[10]. - The group aims to reduce costs and improve resource allocation efficiency to achieve profitability in its restaurants[10]. - The group has suspended all restaurant operations in Hong Kong due to underperformance, resulting in no revenue during this period[47]. Financial Position - Total assets as of December 31, 2024, were approximately HKD 6,400,000, down from approximately HKD 15,500,000 the previous year[28]. - As of December 31, 2024, the group's current liabilities exceeded current assets by HKD 18,473,000, compared to HKD 14,340,000 in 2023[139]. - The total liabilities of the group exceeded total assets by HKD 20,491,000 as of December 31, 2024, up from HKD 8,269,000 in 2023[139]. - Cash and cash equivalents were HKD 2,585,000 as of December 31, 2024, insufficient to cover all current liabilities, which include lease liabilities of HKD 1,512,000 and accrued expenses of HKD 5,099,000[139]. - The company's total equity attributable to owners decreased from HKD (4,877,000) to HKD (11,527,000), reflecting a loss of HKD 6,650,000[197]. Shareholder and Governance - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[44]. - The company has no predetermined dividend payout ratio and will consider operational performance, cash flow, financial condition, and other factors when deciding on dividends[168]. - The company will continuously review its dividend policy, with no guarantee of distributing any specified amount of dividends for any designated period[169]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of its business and strategies[170]. - The company has adopted corporate governance practices in line with the GEM listing rules and has complied with all applicable code provisions[107]. Legal and Compliance - The group has received multiple lawsuits related to overdue rent and salaries, with potential additional interest and penalties, but believes no further payments are necessary beyond the recognized amounts[43]. - The company has complied with all relevant laws and regulations that significantly impact its business and operations, with no major violations reported during the year[94]. - As of December 31, 2024, there are no significant legal proceedings or arbitrations involving the company[93]. Risk Management - The group has established a risk management policy and formal risk assessment system to identify and manage risks affecting operations[145]. - The internal audit function is responsible for implementing and monitoring the internal control system, reporting at least annually to the board[148]. - The board reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024, and found them to be effective and adequate[149]. Future Outlook - The group is optimistic about the recovery of the overall restaurant business as the world moves past COVID-19, while continuing to control costs and seek new opportunities[47]. - The management plans to focus on expanding the catering business and developing event management services to diversify existing services and create synergies within the group[142]. - The group is exploring various financing options, including new investments and potential mergers or collaborations to enhance financial stability[142].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 2,174.2 million, a decrease of about 11.2% compared to RMB 2,449.0 million in the same period of 2023[10]. - The company's gross profit for the year was approximately RMB 141.5 million, down from RMB 270.8 million in 2023, representing a decline of about 47.7%[11]. - The gross margin fell from approximately 11.1% in 2023 to about 6.5% in the current year[11]. - The company reported a sales volume of approximately 1,296,000 tons, which remained relatively stable compared to 1,306,000 tons in 2023[10]. - The sales cost for the year was approximately RMB 2,032.7 million, a reduction of about RMB 145.5 million or 6.7% compared to RMB 2,178.2 million in the previous year[29]. - The annual loss was approximately RMB 635.9 million, a decrease of about RMB 114.5 million or approximately 15.3% from RMB 750.4 million in 2023[40]. - Adjusted EBITDA for the year was approximately RMB (13.3) million, compared to RMB (86.3) million in 2023, reflecting a significant improvement[42]. - Other income for the year was approximately RMB 31.5 million, down by about RMB 21.8 million or approximately 40.9% from RMB 53.3 million in 2023[34]. Production and Capacity - The company's raw coal production decreased by approximately 12.6% from about 4,741,000 tons in 2023 to approximately 4,142,000 tons in the current year[10]. - The company aims to achieve a budgeted production of approximately 5,000,000 tons for the fiscal year 2025[16]. - The total production from the nine integrated coal mines in Guizhou Province was approximately 3,886,000 tons, accounting for 59.7% of the estimated budgeted production of about 6,500,000 tons for 2023[15]. - The average production cost of premium coal decreased from approximately RMB 1,541 per ton in 2023 to about RMB 1,421 per ton in the current year, a reduction of 7.8%[10]. - The company anticipates total raw coal production to reach between 5,000,000 and 5,300,000 tons for the year ending December 31, 2025, following a 77% increase in production to approximately 1,202,000 tons for the three months ending March 31, 2025[53]. Legal and Compliance Issues - The company is involved in a civil lawsuit regarding a loan agreement dispute, with claims amounting to approximately RMB 576 million related to unpaid principal and default interest[68]. - Another civil lawsuit involves claims of approximately RMB 134 million against the company and its subsidiaries for failure to honor bank acceptance bills[68]. - The company has established an insider information policy to provide guidance on handling insider information[151]. - The company has implemented measures to ensure compliance with legal and regulatory requirements, including a review of the whistleblowing policy[144]. Governance and Management - The management team includes experienced professionals with backgrounds in engineering, finance, and law, contributing to the company's operational and financial management[69][70][71][76]. - The company emphasizes its commitment to governance and compliance, as outlined in the annual report sections on environmental, social, and governance practices[79]. - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the year ending December 31, 2024[113]. - The company has established internal controls and accounting principles as part of its governance practices[112]. - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance for the year[124]. Environmental and Social Responsibility - The company has established an ESG governance framework to ensure alignment with its sustainable development business strategy[164]. - The company has set multiple environmental goals for 2024, including reducing greenhouse gas emissions and increasing hazardous waste management projects, with progress monitored regularly[170]. - The company has maintained compliance with environmental regulations, with no significant legal issues related to emissions or waste management during the reporting period[172]. - Total greenhouse gas emissions for 2024 decreased to 97,987.48 tons CO2 equivalent from 116,312.58 tons in 2023, a reduction of approximately 15.7%[174]. - The company has identified climate-related risks and opportunities, integrating climate change into its internal control and risk management processes[191]. Employee and Workforce Management - The company employed a total of 9,319 employees as of December 31, 2024, down from 9,682 employees in 2023, indicating a reduction in workforce[193]. - Employee turnover rate increased significantly, with male turnover at 3.70% in 2024 compared to 1.53% in 2023, and female turnover at 4.61% compared to 1.70%[196]. - The company has implemented a competitive compensation system that aligns job value with pay, ensuring equal pay for equal positions[195]. - The organization has received safety certifications from provincial coal mine safety management authorities, ensuring compliance with occupational health and safety standards[200]. - The company emphasizes equal opportunities in employment, ensuring no discrimination based on gender, race, religion, age, marital status, or disability[198].

Financial Performance - For the fiscal year ending December 31, 2024, total revenue was RMB 1,528,212,000, a decrease from RMB 1,572,343,000 in 2023, representing a decline of approximately 2.8%[4] - The gross profit for the year was RMB 97,301,000, compared to RMB 97,301,000 in the previous year, indicating no change in gross profit margin[4] - The net loss for the year was RMB 405,699,000, significantly higher than the net loss of RMB 95,621,000 in 2023, reflecting an increase in loss of approximately 324%[5] - The company reported a significant increase in operating expenses, totaling RMB 370,345,000, compared to RMB 28,589,000 in the previous year, marking an increase of approximately 1,295%[4] - The company’s basic loss per share for the year was RMB 158.72, compared to RMB 26.83 in 2023, indicating a significant increase in loss per share[5] - The company’s total comprehensive loss for the year was RMB 390,074,000, compared to RMB 98,736,000 in 2023, reflecting an increase of approximately 295%[5] - The group reported a loss from operations of RMB (361,438) thousand for the year 2024, compared to a loss of RMB (27,530) thousand in 2023[22] - The group’s loss attributable to owners for the year 2024 was RMB (311,294) thousand, compared to RMB (52,632) thousand in 2023, indicating a worsening financial position[22] - The pre-tax loss from continuing operations for 2024 was RMB 319,149,000, compared to RMB 53,762,000 in 2023, indicating a significant increase in losses[29] - The basic and diluted loss per share from continuing operations for 2024 was RMB (162.72), up from RMB (27.41) in 2023, reflecting a worsening financial performance[30] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 2,995,424,000, slightly up from RMB 2,976,762,000 in 2023, showing a growth of about 0.6%[6] - The current liabilities increased to RMB 1,965,865,000 from RMB 1,542,205,000 in 2023, representing an increase of approximately 27.6%[6] - The company’s non-current assets decreased to RMB 702,725,000 from RMB 882,264,000 in 2023, a decline of approximately 20.4%[6] - The total non-current liabilities decreased from RMB 588,881,000 in 2023 to RMB 412,266,000 in 2024, representing a reduction of approximately 30%[7] - The net assets of the company decreased from RMB 1,727,940,000 in 2023 to RMB 1,320,018,000 in 2024, indicating a decline of about 23.6%[7] - The total equity attributable to owners decreased from RMB 1,289,331,000 in 2023 to RMB 987,553,000 in 2024, reflecting a decrease of approximately 23.5%[7] - As of December 31, 2024, the total loans and borrowings amounted to approximately RMB 988,600,000, with RMB 854,000,000 classified as current borrowings[12] - The total loans and borrowings increased to RMB 988,594,000 in 2024 from RMB 810,187,000 in 2023, indicating a rise in financial leverage[39] Cash Flow and Financial Management - The company’s cash and cash equivalents decreased to RMB 31,220,000 from RMB 61,553,000 in the previous year, a decline of approximately 49.1%[6] - Cash and cash equivalents were reported at approximately RMB 7,700,000, excluding restricted cash of about RMB 23,500,000[12] - The group’s net financial expenses for 2024 amounted to RMB (54,017) thousand, compared to RMB (22,983) thousand in 2023, indicating an increase in financial costs[26] - Net financial expenses increased by approximately 141% to about RMB 44,700,000, primarily due to an increase in loans and borrowings[57] - The net debt-to-equity ratio increased to approximately 73% as of December 31, 2024, compared to 43% in the previous year[62] Revenue Breakdown - For the year ending December 31, 2024, the group reported external customer revenue of RMB 43,131 thousand from continuing operations, a significant decrease from RMB 1,528,212 thousand in 2023[22] - The company reported a 97% decrease in revenue from property development, down to RMB 43,131 thousand from RMB 1,528,212 thousand in 2023[49] - The gross profit for property development was approximately RMB 11,700,000, a significant decrease of about 88%, while the gross margin increased from 6% to 27% due to higher margin sales from commercial units[51] - Revenue from equipment manufacturing decreased by 28% to RMB 60,450 thousand, with a consistent gross profit margin of 28%[49] - The equipment manufacturing business generated revenue of approximately RMB 60,500,000 before being sold on October 15, 2024, allowing the company to reallocate financial resources for future development[52] Operational Changes and Strategies - The company is actively negotiating with the Zhengzhou Jinshui Science and Technology Park Management Committee regarding project completion assessments and loan repayment extensions[16] - The company is adjusting sales and pre-sale activities to meet budgeted sales and pre-sale amounts for property projects[16] - The company has not experienced significant changes in its main business operations, focusing on residential and commercial property development in China[9] - The company aims to enhance cost management by optimizing project cost structures and increasing control over operational costs[66] - The group plans to continue expanding its financing business and integrating resources to maximize funding efficiency[65] - The company plans to explore new business opportunities and enhance cash flow while continuing to advance the transformation of traditional real estate through industrial integration[64] Employee and Corporate Governance - As of December 31, 2024, the group had 42 employees, a decrease from 277 employees in 2023[67] - Total employee benefits expenses for the year ended December 31, 2024, amounted to approximately RMB 27,900,000, down from RMB 38,600,000 in 2023[67] - The audit committee has reviewed the annual performance and confirmed compliance with applicable accounting standards and regulations[70] - The board did not declare or recommend any dividends for the year ending December 31, 2024[41] - The company did not declare or recommend any final dividend for the year ended December 31, 2024[73] - The group has not engaged in any purchases, redemptions, or sales of its listed securities during the year ended December 31, 2024[68] - The company expresses gratitude to the management team and employees for their efforts in creating higher value[81] Future Outlook and Reporting - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2024[43] - The company anticipates no significant impact on its financial statements from the newly adopted accounting standards[44] - The company plans to apply new accounting standards related to financial instruments and disclosures starting from 2025 and 2026[45] - The company expects to evaluate the detailed impact of new accounting standards on its financial statements[47] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[80] - Trading of the company's shares was suspended on April 1, 2025, pending the release of the annual performance announcement[82] - The company has applied for the resumption of trading of its shares on May 2, 2025[82] - The executive chairman of the company is Chen Zhiyong, with independent non-executive directors including Liu Ning, Dong Xincheng, and Chen Shimin[84]

Financial Performance - CANbridge Pharmaceuticals reported a revenue of $50 million for the fiscal year ending December 31, 2024, representing a 25% increase compared to the previous year[8]. - Revenue for the year ended December 31, 2023, decreased by RMB 17.8 million or 17.3% to RMB 85.1 million for the year ending December 31, 2024, primarily due to the transition of the distribution of the rare disease drug, He Lai An®, in Hong Kong ending in the second half of 2023[12]. - The company reported a net loss of $8 million for the year, a decrease from a net loss of $12 million in the previous year, indicating improved operational efficiency[8]. - Loss for the year increased by approximately RMB 63.8 million or 16.8% from RMB 378.8 million for the year ended December 31, 2023, to RMB 442.6 million for the year ending December 31, 2024, primarily due to the write-off of right-of-use assets of RMB 88.0 million[12]. - Adjusted loss for the year decreased by RMB 12.0 million or 3.3% from RMB 358.9 million for the year ended December 31, 2023, to RMB 346.9 million for the year ending December 31, 2024[12]. - Gross profit decreased from RMB 64.2 million for the year ended December 31, 2023, to RMB 54.3 million for the year ended December 31, 2024, with a gross margin of 63.8% compared to 62.4% in the previous year[46]. - Other income and gains decreased from RMB 12.7 million for the year ended December 31, 2023, to RMB 7.9 million for the year ended December 31, 2024, primarily due to a reduction in interest income[47]. - Cash and bank balances decreased from RMB 137.5 million as of December 31, 2023, to RMB 10.5 million as of December 31, 2024, primarily due to net cash outflows from operations[58]. - The current ratio as of December 31, 2024, was 9.4%, a significant decrease from 64.0% as of December 31, 2023, primarily due to a reduction in cash and bank balances and an increase in trade payables[61]. - The debt-to-asset ratio as of December 31, 2024, was 26.0%, up from 7.7% as of December 31, 2023[62]. Revenue Guidance and Projections - For the upcoming fiscal year, CANbridge Pharmaceuticals has provided guidance for revenue growth of 20% to 25%, projecting revenues between $60 million and $62.5 million[8]. - The company is actively developing two new products expected to launch in Q3 2025, which are anticipated to contribute an additional $15 million in revenue[8]. - CANbridge Pharmaceuticals is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[8]. Research and Development - CANbridge Pharmaceuticals plans to increase its R&D budget by 20% in 2025, focusing on innovative therapies for rare diseases[8]. - The company has established a partnership with a leading research institution to accelerate the development of its pipeline, with an expected investment of $3 million over the next two years[8]. - R&D expenses decreased by RMB 5.4 million or 2.1% from RMB 257.2 million for the year ended December 31, 2023, to RMB 251.8 million for the year ending December 31, 2024, mainly due to reductions in employee costs, licensing fees, and depreciation[12]. - The company is committed to advancing its rare disease R&D pipeline while ensuring financial stability amid challenging capital market conditions[15]. - The company has a comprehensive product line consisting of 8 drug assets targeting rare diseases and rare tumor indications, with significant unmet needs and market potential[18]. Product Development and Approvals - The approved rare disease treatment drug, Mai Rui Bei, has achieved significant commercial success in multiple regions and received additional regulatory approvals, reinforcing its leading position in treating ALGS and PFIC[14]. - The near-commercial drug CAN103 for treating Gaucher disease has had its new drug application accepted by the National Medical Products Administration of China, marking an important step in the company's mission against rare diseases[14]. - The company anticipates obtaining marketing approval for CAN103 (injectable Velaglucerase beta) in the first half of 2025, following successful registration checks[20]. - MaiRuiBei® is an oral, minimally absorbed IBAT reversible inhibitor under development for rare cholestatic liver diseases, with over 1,700 human subjects evaluated in clinical trials[29]. - The Phase III study for MaiRuiBei® in PFIC, the largest randomized placebo-controlled trial, included 93 patients across multiple genetic PFIC subtypes, showing significant improvements in itching, serum bile acids, and growth metrics[29]. Workforce and Operational Efficiency - The company plans to streamline its workforce from 67 to 50 full-time employees by mid-March 2025 to reduce operating costs[13]. - As of December 31, 2024, the company has streamlined its workforce to 67 full-time employees, with further reductions to 50 expected by mid-March 2025 to lower operational costs[19]. - The company has invested $5 million in new technology to improve its manufacturing processes, aiming for a 10% reduction in production costs[8]. Market and Industry Insights - The Chinese rare disease industry is expected to thrive under favorable policy support, with significant progress in simplifying approval processes and enhancing reimbursement policies[14]. - The Chinese rare disease drug market was approximately $1.3 billion in 2020, with projections to reach $25.9 billion by 2030, reflecting a compound annual growth rate of 34.5%[22]. - The updated National Rare Disease Catalog in China now includes 207 rare diseases, enhancing the regulatory environment for drug approvals[22]. - Approximately 80% of rare diseases are genetic, making gene therapy a promising treatment avenue for these conditions[23]. Corporate Governance and Management - Fangxin Li, appointed as a non-executive director, has been a senior investment manager at WuXi AppTec Singapore since April 2021, focusing on direct investments in the healthcare sector[77]. - James Arthur Geraghty has approximately 33 years of management experience in business development and strategy, previously serving as a senior vice president at Sanofi S.A.[80]. - Richard James Gregory has over 33 years of experience in R&D, previously serving as executive vice president and chief scientific officer at ImmunoGen Inc.[82]. - Chen Bingjun has over 28 years of experience in corporate finance and investment banking, currently serving as an independent non-executive director for multiple companies[84]. - Hu Lan was appointed as an independent non-executive director in February 2022, responsible for providing independent judgment to the board[85]. Shareholder and Equity Incentive Plans - The company has a maximum number of shares involved in the pre-IPO equity incentive plan of 54,549,230 shares, with 276,200 shares exercised and 9,178,072 shares forfeited during the reporting period[136]. - The board of directors consists of six members, including the executive director and CEO, Dr. Xue Qun[114]. - The company has established a compensation committee to review and approve matters related to the share plans in accordance with listing rules[168]. - The post-IPO share option plan allows for a maximum number of shares to be issued not exceeding 10% of the issued share capital as of June 27, 2024[172]. - The maximum number of stock options that can be granted to service providers under the revised post-IPO stock option plan is 4,248,383, which is approximately 1% of the total issued shares as of December 31, 2024[175]. Customer and Supplier Relationships - The largest customer accounts for 50.8% of the total revenue, while the top five customers account for 100% of total revenue[197]. - The largest supplier represents 57.0% of total procurement, with the top five suppliers making up 76.8% of total procurement[198]. - The company has established policies to monitor and manage trade receivables, ensuring no provisions are necessary for the settlements with the top five customers[200]. - Regular reviews of the recoverable amounts of individual trade receivables are conducted to minimize credit risk[200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CMON LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1792） 截至二零二四年十二月三十一日止年度 年度業績公告 截至二零二四年十二月三十一日止年度的年度業績 CMON Limited（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（統 稱「本集團」）截至二零二四年十二月三十一日止年度的經審核綜合業績連同截至二零二 三年十二月三十一日止年度的比較數字如下： – 1 – 綜合損益及其他全面收益表 截至二零二四年十二月三十一日止年度 | | | 二零二四年 | 二零二三年 | | --- | --- | --- | --- | | | 附註 | 美元 | 美元 | | 收益 | 3 | 37,353,249 | 45,051,708 | | 銷售成本 | | (19,355,755) | (21,436,424) | | 毛利 | | 17,997,494 | 23 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,350,925 thousand, a decrease of 3.6% compared to RMB 1,401,972 thousand in 2023[15] - Gross profit for the same period was RMB 289,101 thousand, resulting in a gross margin of 21.4%, slightly down from 21.5% in 2023[15] - Profit before tax decreased to RMB 62,345 thousand, down 11.9% from RMB 70,058 thousand in the previous year[15] - Net profit for the year was RMB 43,975 thousand, a decline of 14.8% compared to RMB 51,602 thousand in 2023[15] - The group's net profit for the reporting period was approximately RMB 44.0 million, a decrease of about 14.73% from approximately RMB 51.6 million for the year ended December 31, 2023[17] - Gross profit decreased from approximately RMB 301.4 million to approximately RMB 289.1 million, with a stable gross margin of approximately 21.5% and 21.4% for the respective years[38][39] - Net profit decreased from approximately RMB 51.6 million to approximately RMB 44.0 million, with a net profit margin decline from approximately 3.7% to approximately 3.3%[48] - Adjusted net profit for the year ending December 31, 2024, is approximately RMB 51.3 million, down from RMB 55.1 million in 2023, reflecting a decrease of about 6.5%[51] - The adjusted net profit margin for 2024 is 3.8%, slightly down from 3.9% in 2023[51] Assets and Liabilities - Non-current assets increased to RMB 399,108 thousand from RMB 377,772 thousand in 2023, reflecting a growth of 5.4%[15] - Current assets rose to RMB 1,056,580 thousand, up from RMB 1,029,364 thousand in 2023, indicating a growth of 2.6%[15] - Current liabilities decreased to RMB 774,555 thousand from RMB 819,983 thousand in 2023, a reduction of 5.5%[15] - Total net assets increased to RMB 540,910 thousand, compared to RMB 493,341 thousand in 2023, marking an increase of 9.6%[15] - Cash and cash equivalents decreased from approximately RMB 236.2 million at the end of 2023 to RMB 216.9 million at the end of 2024, primarily due to higher cash outflows from investing and financing activities[55] - Inventory increased significantly from approximately RMB 266.3 million in 2023 to RMB 330.1 million in 2024, driven by increased procurement to meet anticipated food demand[58] - Trade receivables decreased from approximately RMB 213.8 million in 2023 to RMB 190.0 million in 2024, indicating improved collection efforts[60] - Trade payables decreased from approximately RMB 160.7 million in 2023 to RMB 110.3 million in 2024, reflecting timely settlements of trade payables[63] Revenue Breakdown - Revenue from general sales decreased to approximately RMB 505.8 million, down about 18.0% or RMB 111.0 million from approximately RMB 616.8 million for the year ended December 31, 2023[17] - Revenue from wholesale increased to approximately RMB 729.8 million, an increase of about 7.39% or RMB 50.2 million compared to approximately RMB 679.6 million for the year ended December 31, 2023[17] - General sales revenue decreased from approximately RMB 616.8 million to approximately RMB 505.8 million, primarily due to the cessation of tobacco sales and adverse weather conditions affecting promotional performance[35] Market Outlook and Strategy - Future outlook includes potential market expansion and new product development strategies to enhance revenue growth[15] - The retail market in Jiangsu Province shows strong growth potential, with small and medium-sized chain supermarkets experiencing a compound annual growth rate of 15.7% from 2017 to 2023, expected to reach 8.7% from 2024 to 2027[28] - The convenience store market has shown robust growth with a compound annual growth rate of 14.3% from 2017 to 2023, expected to continue expanding at 9.0% from 2024 to 2027[29] - The company plans to expand its market share and number of retail stores, establish new distribution centers, and enhance its ERP systems to improve operational efficiency[21][30] Corporate Governance and Management - The board consists of 12 members, including seven executive directors, one non-executive director, and four independent non-executive directors[103] - The supervisory board currently consists of three members, including two shareholder representatives and one employee representative, with a term of three years[138] - The company has appointed two joint company secretaries to enhance corporate governance[150][151] - The company emphasizes the importance of monitoring financial and operational performance through its supervisory board[138] - All independent non-executive directors confirmed their independence as per Listing Rules[137] Compliance and Risks - The company has complied with all relevant laws and regulations without incurring any fines or penalties related to health, safety, or environmental issues during the reporting period[181] - The company has faced risks related to finding ideal retail locations and competition with online stores, which may adversely affect its business[168] - The company is currently addressing compliance issues related to certain properties, with plans to relocate storage activities to areas with valid property certificates[180] Future Plans and Funding - The company plans to open new retail stores, allocating approximately 30.9% of the net proceeds from the global offering, which amounts to about HKD 32.5 million[161] - The company intends to establish a new distribution center, with 41.2% of the net proceeds, approximately HKD 43.3 million, designated for this purpose[161] - The company has not utilized any of the net proceeds from the global offering as of the last practicable date[163] - The net proceeds from the global offering are estimated to be approximately HKD 92.55 million after deducting underwriting fees and estimated expenses related to the listing[161]

Business Strategy and Expansion - The company is strategically repositioning its business to achieve future growth amid a challenging market environment, including labor shortages and rising operational costs[9]. - The decision to enter the online gaming industry represents a significant expansion into the digital entertainment sector, with initial investments made to establish a foothold[9]. - The company is focused on prudent management during this transitional period, with a priority on nurturing the new online gaming business while stabilizing the environmental services business[10]. - The board remains confident in the diversification strategy, which is supported by prudent financial management and operational expertise to create sustainable long-term value[10]. - The company will continue to explore and identify new business opportunities to broaden its scope and benefit from diversified returns in the future[12]. - The company has sold a major subsidiary during the year, which has reduced its revenue base but was a strategic decision to reallocate resources more efficiently[9]. - The group established its first online gaming licensing agreement in April 2024, marking its expansion into the online gaming industry[13]. - The company is expanding its operations in the waste management sector through the acquisition of specialized vehicles[37]. Financial Performance - The group's revenue decreased by approximately 39.6% from about HKD 948.7 million for the year ended December 31, 2023, to approximately HKD 573.4 million for the reporting period[14]. - The service cost reduced by approximately 39.6% to about HKD 537.5 million, compared to HKD 890.7 million in 2023[20]. - Gross profit decreased by approximately 38.2% to about HKD 35.9 million, down from HKD 58.0 million in 2023[21]. - The group recorded a profit attributable to shareholders of approximately HKD 3.4 million for the reporting period, compared to HKD 14.1 million in the same period of 2023[26]. - The group’s cash and cash equivalents were approximately HKD 76.7 million as of December 31, 2024, down from HKD 102.0 million in 2023[28]. - The group’s net current asset value was approximately HKD 117.2 million as of December 31, 2024, compared to HKD 61.8 million in 2023[29]. - The group’s gross margin increased to approximately 6.3% for the year ended December 31, 2024, from 6.1% in 2023[22]. - The group’s administrative expenses decreased by approximately 4.2% to about HKD 35.8 million, compared to HKD 37.3 million in 2023[24]. - The group’s financing costs were approximately HKD 3.8 million for the year ended December 31, 2024, compared to HKD 5.9 million in 2023[25]. - The net proceeds from the initial public offering amounted to approximately HKD 18.7 million, which is HKD 2.1 million short of the estimated net proceeds of HKD 20.8 million disclosed in the prospectus[31]. - The company raised approximately HKD 41.7 million from the rights issue, with the net proceeds allocated for performance guarantee reserves (HKD 26.0 million) and purchasing additional vehicles (HKD 7.0 million)[32]. - As of December 31, 2024, the company's asset-liability ratio is approximately 0.2 times, a significant decrease from 0.9 times in 2023[34]. Governance and Compliance - The company has appointed new executive directors with extensive experience in finance and investment management[39][40][41]. - The new executive directors will be responsible for managing the company's investment portfolio and strategic development in China[40]. - The financial management team has a strong background in accounting and corporate finance, enhancing the company's governance[39][45]. - The company is focused on compliance management and operational efficiency in its daily operations[41]. - The independent non-executive directors bring over 20 years of experience in accounting and corporate financing[42][45]. - The company has established specific committees to oversee various aspects of its operations, including audit, remuneration, and nomination[92]. - The company has established a nomination committee responsible for recommending directors and succession planning, consisting of one executive director and two independent non-executive directors[99]. - The company has adopted internal guidelines requiring board approval for significant operational initiatives and investment decisions[90]. - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and GEM Listing Rules[96]. - The board is responsible for identifying key business risks and ensuring appropriate systems are in place to manage those risks[90]. - The company has established a communication policy with shareholders to enhance engagement and transparency since July 18, 2017[113]. - The company has complied with all applicable corporate governance codes as of December 31, 2024[85]. Environmental, Social, and Governance (ESG) Practices - The company is committed to environmental, social, and governance (ESG) practices, integrating sustainability into its business strategy[123]. - The company aims to improve service quality by setting higher standards for sustainable development[125]. - The board of directors is responsible for overseeing the company's ESG strategy and risk management[126]. - A risk management working group has been established to monitor risks related to ESG and ensure effective internal controls[128]. - The company has implemented ISO 14001 standards to minimize environmental pollution in daily operations[125]. - The company encourages suppliers and customers to understand environmental factors to share corporate social responsibility[125]. - The company has committed to enhancing occupational health and safety measures for employees[125]. - The ESG report is prepared in accordance with the GEM Listing Rules and aims for transparency and accuracy in performance reporting[121]. - The company achieved a 55% reduction in absolute greenhouse gas emissions compared to the previous fiscal year[136]. - The total waste paper generated decreased by 34% year-on-year[136]. - Diesel consumption was reduced by 26% and oil consumption decreased by 45%[136]. - Over 90% of the company's vehicles meet the Euro 5 or higher standards, contributing to significant environmental benefits[140]. - Nitrogen oxides (NOx) emissions decreased from 27,110 kg in the previous year to 12,330 kg in the current year[140]. - Sulfur oxides (SOx) emissions reduced from 40 kg to 18 kg year-on-year[140]. - Particulate matter (PM) emissions dropped from 2,106 kg to 751 kg compared to the previous fiscal year[140]. - The company is committed to improving resource efficiency and aims to limit or reduce water and electricity usage to 2021 levels by 2030[150]. - The company continues to monitor waste generation and disposal methods, adhering to waste management principles to minimize environmental impact[145]. - The company has implemented regular maintenance of machinery and tools to promote effective resource usage, ensuring compliance with standards and enhancing asset durability[152]. Employee and Workplace Dynamics - Employee composition for the reporting period shows a total of 645 employees, with 47% male and 53% female, compared to 3,279 employees in the previous year[163]. - The employee turnover rate is reported at 44% for males and 50% for females, indicating a significant change in workforce dynamics[168]. - The average training hours for employees were 20 hours for directors, 15 hours for management, and 2 hours for regular employees[136]. - The company has implemented a series of health and safety measures to ensure employee well-being, including the distribution of sanitizers and masks[175]. - The company emphasizes a performance management mechanism that includes annual evaluations based on specific, measurable, and actionable criteria[171]. - The company has a strict non-discrimination hiring policy to promote diversity and equal opportunities in the workplace[172]. - The average training hours for supervisory employees was 20 hours, while management employees averaged 15 hours during the reporting period[177]. - The company has not recorded any work-related fatalities during the reporting period[176]. - The company encourages employee feedback on safety procedures to enhance workplace safety awareness[175]. Community Engagement and Social Responsibility - The company has donated HKD 5,000 to support community initiatives and has engaged employees in 24 hours of community service activities[190]. - During the reporting period, the company received 83 complaints, which were all properly handled, indicating a significant reduction in complaints compared to previous fiscal years[182]. Compliance and Risk Management - The company has not encountered any significant incidents of non-compliance with anti-corruption laws during the reporting period[189]. - The company emphasizes the importance of intellectual property and ensures that all software used is properly licensed[185]. - The company actively monitors its supply chain and promotes sustainable procurement practices to minimize environmental impact[180]. - The management supports resource investment in various areas to maintain and enhance service quality[182]. - The company has established a whistleblowing mechanism for employees to report potential violations or conflicts of interest anonymously[187].

Financial Performance - Total revenue increased by 96.0% from HKD 78.1 million to HKD 153.1 million[14] - Gross profit rose by 92.3% from HKD 14.2 million to HKD 27.3 million[14] - Adjusted LBITDA narrowed by 8.5% to HKD 41.2 million from HKD 45 million[14] - Revenue from EHSS and electric vehicle charging system services reached HKD 60.3 million and HKD 64.8 million respectively for the fiscal year ending December 31, 2024, reflecting significant year-on-year growth[20] - The company's revenue surged from HKD 78,100,000 for the year ended December 31, 2023, to HKD 153,100,000 for the year ended December 31, 2024, representing a growth of 96.0%[51] - Adjusted consolidated LBITDA decreased by 8.5%, from HKD 45,000,000 in 2023 to HKD 41,200,000 in 2024[52] - The sales of electric vehicle charging systems increased by 106.2%, from approximately HKD 31,400,000 in 2023 to HKD 64,800,000 in 2024[56] - Installation service revenue rose by 54.0%, from approximately HKD 39,100,000 in 2023 to approximately HKD 60,300,000 in 2024[57] - Electric vehicle charging revenue grew by 326.3%, from approximately HKD 5,600,000 in 2023 to approximately HKD 23,900,000 in 2024[58] - The public charging network generated revenue of HKD 17,700,000 in 2024, a 436.4% increase from HKD 3,300,000 in 2023[58] Market Expansion - The company expanded into the Thai market, establishing a Southeast Asia headquarters in Bangkok[15] - Cornerstone is expanding into Southeast Asia, with plans to establish operations in Cambodia, Indonesia, and Malaysia, leveraging its technological expertise to capture market opportunities[22] - Strategic acquisition of Spark EV Company Limited completed in December 2024, enhancing expansion in the electric vehicle sector and establishing a partnership with Bangchak Corporation to deploy charging stations at 1,000 gas stations across Thailand[21][22] - The company became the major shareholder of Spark EV in Thailand, marking a strategic entry into one of Southeast Asia's fastest-growing electric vehicle markets[45] - The Thai electric vehicle market is experiencing rapid growth, particularly in commercial electric vehicles, creating significant opportunities for charging networks[45] Customer Growth and Engagement - Total subscriptions increased by 52.8%[14] - Total user base grew by 165.3%[14] - Cornerstone HOME increased residential charging stations from 36 in 2023 to 44 in 2024, representing a 22.2% year-on-year growth, while user numbers rose from 562 to 859, a 52.8% increase[20] - The company successfully expanded its private subscription service, Cornerstone HOME, to 15,000 exclusive parking spaces and increased its subscriber base to over 860 households in 2024[37] - The expansion of the company's charging infrastructure and user-friendly applications has significantly improved customer loyalty and satisfaction[41] - The increasing consumer preference for home charging solutions has driven the growth of the company's services in the residential sector[37] Strategic Focus and Innovation - The company aims to drive growth through innovation and customer-centric solutions[15] - Cornerstone's mission is to become a leader in electric vehicle charging solutions in Asia, with a clear strategic path for expansion and development of a comprehensive charging network[27] - The company is committed to sustainable development, investing in smart charging technology and energy-efficient infrastructure to provide affordable solutions for users[23] - The company aims to leverage the growing demand for electric vehicle solutions driven by government support and technological advancements[48] - The company's strategic focus on innovation and flexibility has allowed it to maintain its leadership position in the rapidly evolving electric vehicle industry[33] Financial Management and Capital Structure - As of December 31, 2024, total borrowings, lease liabilities, and convertible bonds amounted to approximately HKD 194.4 million, up from HKD 65.8 million[75] - The debt-to-equity ratio increased significantly to approximately 114.4 times from 0.4 times, and the asset-to-equity ratio rose to approximately 156.4 times from 0.6 times[75] - Cash and bank balances increased to approximately HKD 52.3 million from HKD 23.4 million, reflecting a prudent financial policy[76] - The company raised approximately HKD 15.7 million from the third subscription of 19,516,000 new shares at a price of HKD 0.82 per share, aimed at further developing its electric vehicle charging business[84] - The company plans to issue a total of 400,000,000 convertible shares at an initial conversion price of HKD 0.50 per share, representing approximately 41.95% of the total issued shares as of September 20, 2024[104] Governance and Compliance - The company has complied with the corporate governance code as of December 31, 2024, ensuring adherence to the GEM listing rules[141] - The board of directors includes a mix of executive and non-executive members, with specific roles assigned to enhance governance and oversight[144] - The company has established internal guidelines for matters requiring board approval, including strategic plans and major investments[146] - The company has implemented a whistleblowing policy to address concerns related to fraud or unethical behavior that may significantly impact its financial, legal, or reputational standing[187] - The company has adopted an anti-corruption policy to ensure compliance with relevant laws and regulations, including the Prevention of Bribery Ordinance and Anti-Money Laundering laws[188] Environmental and Social Responsibility - The company is focused on reducing air pollution, contributing to clean air and public health[139] - The company emphasizes its responsibility to protect the environment and has made efforts to comply with environmental protection laws and regulations[199] - The company is committed to ESG principles, ensuring environmental responsibility while pursuing a greener future[50] Management and Human Resources - The management team includes experienced professionals with backgrounds in investment, property management, and electric vehicle sectors[120][121][124] - The company has a strong management team with over 15 years of experience in operations and management, led by Ms. Wu, who oversees multiple subsidiaries[126] - The company has a focus on human resources management, with over 25 years of experience from Ms. Ye, ensuring effective talent acquisition and management[129] - The company encourages all directors to participate in relevant training courses, with a record of training for each director up to December 31, 2024[170] Risk Management - The company has established risk management procedures, including risk identification, assessment, and mitigation strategies, updated annually[180] - The company’s directors have confirmed their responsibility for the preparation of financial statements in accordance with Hong Kong Generally Accepted Accounting Principles[176] - The company maintains effective internal control and risk management systems, with the audit committee confirming their adequacy and effectiveness for the year ending December 31, 2024[178]