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]

Financial Performance - The total revenue for the year 2024 was RMB 2,705.3 million, an increase of 8% compared to RMB 2,506 million in 2023[6]. - The net loss for the year was RMB 1,416 million, representing a 138% increase from a loss of RMB 594 million in 2023[6]. - The group's revenue for the year ended December 31, 2024, was RMB 2,705.3 million, an increase of 7.9% compared to RMB 2,506.3 million for the previous year[31]. - Property development revenue for the same period was RMB 2,116.7 million, reflecting a 3.7% increase year-on-year[31]. - The group's gross profit for the year was RMB 555.6 million, an increase of RMB 605.8 million compared to the previous year, primarily due to the recognition of higher-margin properties[33]. - The total comprehensive loss increased from RMB 593.5 million for the year ended December 31, 2023, to RMB 1,415.5 million for the year ended December 31, 2024[41]. - The company reported significant revenue generated from its main business activities, including property development and management in China[60]. - The company reported a loss of RMB 1,240,429 thousand for the year, compared to a loss of RMB 563,971 thousand in the previous year, indicating a worsening of approximately 120.0%[195]. - The company’s basic and diluted loss per share for the year was RMB 0.28, compared to RMB 0.13 in the previous year, indicating a worsening financial position[190]. Assets and Liabilities - The total assets increased by 2% to RMB 57,205 million from RMB 56,354 million[6]. - The company's current assets net amount was approximately RMB 1,054,403,000[158]. - The total book value of the company's bank and other borrowings was approximately RMB 7,620,237,000, due on demand or within one year[158]. - The company’s total liabilities increased to RMB 44,834,776 thousand in 2024, up from RMB 42,568,121 thousand in 2023, representing an increase of about 5.3%[193]. - The net asset value decreased to RMB 12,369,902 thousand in 2024 from RMB 13,785,405 thousand in 2023, indicating a decline of approximately 10.3%[193]. - The company faced significant liquidity challenges, with total bank and other borrowings amounting to approximately RMB 7,620,237,000, while cash and cash equivalents were only about RMB 70,451,000[182]. - The company has outstanding amounts of approximately RMB 3,942,744,000 and RMB 5,396,323,000 in priority notes and bank borrowings that were not repaid as planned, raising concerns about potential early repayment demands[182]. Revenue and Sales - The contracted sales amount decreased by 7% to RMB 3,262 million from RMB 3,523 million in the previous year[6]. - The signed sales amount for the year 2024 was approximately RMB 3,262.4 million, with major contributions from Beijing (RMB 1,538.6 million, 47.2%), Xi'an (RMB 884.9 million, 27.1%), and Qidong (RMB 285.6 million, 8.8%)[24]. - The rental income for the reporting period was RMB 286.8 million, reflecting a decline due to the impact of e-commerce and the downturn in the physical economy[12]. Cost Management - The group's sales and service costs decreased by 15.9% to RMB 2,149.8 million, attributed to the recognition of higher-margin properties during the year[32]. - Administrative expenses decreased by 41.5% from RMB 323.2 million for the year ended December 31, 2023, to RMB 189.0 million for the year ended December 31, 2024, due to organizational restructuring and optimization[38]. - Distribution and selling expenses increased by 5.8% from RMB 83.5 million for the year ended December 31, 2023, to RMB 88.4 million for the year ended December 31, 2024[37]. Future Outlook and Strategy - The outlook for 2025 indicates continued support for the real estate market, although challenges remain due to macroeconomic conditions[16]. - The company plans to transition towards the health industry, focusing on developing health-oriented communities and online health services[15]. - The company plans to continue investing in property development projects and acquiring suitable land parcels in selected cities, with internal resources and bank borrowings expected to meet funding needs[47]. - The group plans to engage financial advisors for debt restructuring and is negotiating with senior noteholders and banks to extend repayment terms[164]. - The group intends to sell part of its investment properties to improve its financial condition, liquidity, and cash flow[164]. Corporate Governance - The board of directors presented the audited consolidated financial statements for the reporting period[59]. - The company has a strong commitment to environmental protection and compliance with relevant laws and regulations in its operations[62][63]. - The company recognizes the importance of maintaining good relationships with stakeholders, including customers, suppliers, and regulatory bodies[66][69][70]. - The company has established a remuneration committee to review the compensation policy for all directors and senior management based on performance and market comparisons[100]. - The company has adopted a board diversity policy to ensure a wide range of valuable business experience and skills among directors, complying with relevant governance codes[124]. Shareholder Information - The board does not recommend the payment of a final dividend for the year ended December 31, 2024[49]. - The company’s distributable reserves as of December 31, 2024, amounted to RMB 1,183.8 million[82]. - The company does not recommend the distribution of any final dividend for the year ending December 31, 2024[74]. - The company has maintained compliance with the public float exemption, ensuring that at least 15% of the total issued shares are held by the public[110]. Risk Management - The company is aware of risks associated with the real estate industry in China, including government policies that may impact financial performance[64]. - The audit committee reviewed the effectiveness of the risk management and internal control systems during the reporting period[150]. - The board has established a robust risk management and internal control framework to safeguard shareholder investments and company assets[162].

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].

Lithium Production and Supply Chain - The company is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs[6]. - The company has established a stable and high-quality raw materials supply system through long-term procurement agreements for lithium resources, primarily sourced from the Mount Marion Project in Australia[10][12]. - The lithium compounds business segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing[13]. - The company's lithium metals production capacity ranks first globally, producing various forms of lithium metals for battery anode materials and pharmaceutical applications[14]. - The company has a vertically integrated business model covering upstream lithium resource development, midstream processing, and downstream battery production and recycling[6]. - The company has direct or indirect interests in lithium resources globally, enhancing its upstream supply chain[163]. - The Mount Marion spodumene project has a nominal designed production capacity of 900,000 tons/year of mixed-grade spodumene concentrate, with the company holding a 50% equity interest[165]. - The Cauchari-Olaroz project has a total lithium resource of approximately 24.58 million tons of LCE and a nominal designed production capacity of 40,000 tons of LCE per year, with the company holding 46.67% equity interest[167][168]. Research and Development - The company is actively advancing the research and development of solid-state lithium batteries, which demonstrate higher energy density and improved safety performance[16]. - The Company has developed self-produced oxide electrolyte materials and sulfide powder materials for solid-state batteries, demonstrating higher ionic conductivity and enhanced engineering capabilities[17]. - The company is focusing on developing high-energy density and high-power battery cells and power systems to meet diverse market demands[16]. - The company is focusing on the development of solid-state batteries and has established a collaborative innovation platform for this purpose[150]. - The Solid-state Battery Industry Innovation Consortium was established on December 18, 2023, comprising 27 entities including major automotive manufacturers[150]. - The company is developing a dual-wheel drive energy storage business model, focusing on user-side distributed energy storage and grid-side centralized energy storage[195]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 42.9% to RMB 18,726,175 thousand[30]. - Gross profit for the same period fell by 53.2% to RMB 2,127,125 thousand[30]. - Loss attributable to owners of the parent increased by 141.5% to RMB 2,068,512 thousand, resulting in a loss per share of RMB 1.03[30]. - Total assets increased from RMB 91,697,901 thousand in 2023 to RMB 100,832,297 thousand in 2024, representing a growth rate of 10.0%[151]. - Net assets decreased from RMB 52,315,862 thousand in 2023 to RMB 47,587,897 thousand in 2024, representing a decrease of 9.0%[151]. Market Trends and Demand - The market for lithium battery recycling is expanding, driven by the increasing demand for retired battery processing, providing sustainable solutions for battery manufacturers and electric vehicle producers[16]. - The global demand for lithium resources is anticipated to reach 1,190,000 tons of LCE in 2024, with new energy vehicles accounting for 61% and energy storage for 17%[82]. - The cumulative output of motive power batteries and other batteries in China is expected to be 1,096.8 GWh in 2024, representing a year-on-year increase of 41.0%[90]. - The global sales volume of new energy vehicles is expected to reach 23.50 million units in 2025, indicating a significant growth opportunity in the market[125][127]. - The overall market sentiment regarding supply and demand remains cautious, with lithium prices fluctuating within a fixed range after failing to sustain upward momentum[75]. Production Capacity and Expansion - The company achieved a production target of 25,000 tons of lithium carbonate annually at the Exar Salt Lake Project in Argentina[44]. - The lithium hydroxide project in Fengcheng Ganfeng has reached an annual production capacity of 25,000 tons, marking the successful construction of the company's first smart chemical plant[159]. - The company has a total designed production capacity of 81,000 tons/year for lithium hydroxide and 15,000 tons/year for lithium carbonate at its Xinyu production base[161]. - The company plans to enhance its ESG governance capabilities and increase support for local communities in resource sectors[50]. - The company is expanding production capacity through technical transformation and new production lines to meet the fast-growing demand for lithium products[153]. Recycling and Sustainability - The lithium battery recycling business is expected to meet the escalating demand for retired lithium battery treatment, providing sustainable value-added solutions to battery manufacturers and electric vehicle producers[18]. - The comprehensive recycling of metals such as lithium, nickel, cobalt, and manganese will enrich the diversified supplies of lithium raw materials[18]. - The recycling sector is focusing on building a battery recycling network and enhancing automatic dismantling efficiency to create a low-carbon production line[60]. - By 2025, the total lithium recovery from retired power batteries is estimated to reach approximately 50,000 tons LCE, highlighting the importance of battery recycling[137]. Government Policies and Support - The Ministry of Finance and other departments launched a pilot program offering rewards of up to RMB 45 million for PV-Storage-Charging Integration projects to promote the development of new energy and energy storage[104]. - The Chinese government is promoting the cascade utilization and standardized recycling of waste motive power batteries to support the sustainable development of the energy storage industry[102]. - New policies are expected to boost the export of new energy vehicles and promote the upgrading of the automotive industry in China[102]. - The government aims to increase the new energy storage installation target from 30GW to over 40GW as part of the "14th Five-Year Plan"[108]. Product Development and Innovation - Ganfeng LiEnergy has mass-produced lithium motive power batteries with capacities from 10 to 130 kWh, supporting ultra-fast charging at up to 1000 kW, allowing 100 kWh to be charged in just 6 minutes[180]. - The energy density of the company's high-energy-density battery cells ranges from 320Wh/kg to 500Wh/kg, with a continuous discharge rate exceeding 5C[191]. - Ganfeng has mass production capabilities for ultra-thin lithium strips, with a width of 300mm and lithium foil thickness reaching 3μm, enabling energy densities exceeding 500Wh/kg for its solid-state batteries[192]. - The newly launched 5MWh container energy storage system achieves over 95% system efficiency and has participated in energy projects exceeding 500 MWh individually, with a total application scale of over 11,000 MWh[184].

Financial Performance - The company reported a net loss of RMB 68.2 million for the year ending December 31, 2024, an increase from RMB 60.6 million in the previous year[9]. - Total revenue increased by 4.9% to RMB 256.6 million in 2024, compared to RMB 244.7 million in 2023[9]. - Trade and other receivables impairment losses significantly increased to RMB 43.9 million, impacting overall profitability[9]. - Administrative and other expenses were reduced by 37.3% year-on-year, reflecting improved cost control measures and operational efficiency[11]. - The company recorded a pre-tax loss of RMB 61.6 million in 2024, compared to a loss of RMB 56.8 million in 2023[16]. - The overall gross profit margin remained at 0.4%, indicating price sensitivity and competitive pressure in core markets[9]. - The gross profit increased to RMB 1.0 million in 2024, compared to RMB 0.4 million in 2023, resulting in a gross margin of 0.4% in 2024, up from 0.2% in 2023[27]. - Other income and gains rose significantly from RMB 8.6 million in 2023 to RMB 20.2 million in 2024, primarily due to the recognition of trade receivables[27]. - The company reported a net loss of RMB 68.2 million for 2024, compared to a net loss of RMB 60.6 million in 2023, indicating an increase in losses[30]. Assets and Liabilities - Total assets decreased from RMB 358.8 million in 2023 to RMB 272.8 million in 2024, while total liabilities decreased from RMB 288.3 million to RMB 260.3 million[16]. - The company’s equity decreased significantly from RMB 70.5 million in 2023 to RMB 12.5 million in 2024, leading to a substantial increase in the debt-to-equity ratio[28]. - The company successfully reduced borrowings, restructuring overdue loans from RMB 51.0 million in 2023 to RMB 15.2 million in 2024[11]. Production and Innovation - The polymer cable material factory is expected to commence production by the end of 2024, with confirmed supply agreements anticipated to generate stable income in the coming year[11]. - A new polymer cable material factory is expected to produce over 20,000 tons annually, with a supply agreement for 10,000 tons signed with a state-owned enterprise[22]. - The company aims to enhance product innovation and R&D capabilities as part of its strategic focus[14]. - The company aims to invest in new technologies to develop high-performance, durable, and energy-efficient products[21]. Market Expansion and Growth Opportunities - There is optimism regarding future growth opportunities due to increased government emphasis on infrastructure projects, particularly ultra-high voltage transmission projects[10]. - The company plans to expand its sales network and customer base both domestically and internationally[14]. - The company is optimistic about future growth, particularly in the high-voltage cable market, projected to reach RMB 800 billion by 2025[19]. - The company plans to expand its market presence by increasing sales and marketing efforts and exploring new distribution channels[21]. Corporate Governance - The company has complied with all applicable corporate governance codes as per GEM listing rules[36]. - The board of directors consists of a mix of executive and independent non-executive directors, ensuring a balance of power[39]. - The company has mechanisms in place to ensure the independence of its non-executive directors, adhering to GEM listing rules[41]. - The audit committee held four meetings during the year and reviewed the annual performance and report for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and regulations[48]. - The remuneration committee evaluated the performance of executive directors and approved the compensation plans to remain unchanged, with performance bonuses proposed based on the group's performance in 2024[50]. - The company has established a nomination committee to review the board's structure, size, composition, and diversity, and to recommend suitable candidates for directorship[54]. Employee and Workforce Management - The total number of employees as of December 31, 2024, is 111, with male employees accounting for approximately 70.3% and female employees approximately 29.7%[66]. - The overall employee turnover rate for the reporting period is approximately 32%, a significant decrease from 66% in 2023[133]. - The company has a commitment to equal employment opportunities, prohibiting discrimination based on gender, religion, race, disability, or age[66]. - The company emphasizes a safety-first approach, implementing strict safety management protocols to prevent accidents[140]. - New hires must undergo safety and skills training before commencing work, ensuring compliance with safety regulations[140]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development and has established environmental, social, and governance (ESG) initiatives as a core part of its business strategy[88]. - The board of directors is responsible for overseeing the company's ESG performance and ensuring effective risk management and internal control systems[89]. - An ESG working group has been established to assist the board in managing ESG-related matters and to report on progress at least once a year[90]. - The company has set environmental goals focusing on emission reduction, waste management, and resource conservation, which are reviewed annually by the board[91]. - The company prioritizes significant ESG issues based on assessments conducted by the board and the ESG working group[94]. Compliance and Risk Management - The company has established a risk management and internal control system, which is reviewed annually by the audit committee and the board[78]. - The company has implemented a shareholder communication policy to enhance engagement with shareholders[82]. - The company has established a whistleblowing policy to enhance stakeholder awareness of reporting processes related to corruption and fraud[160]. - The company has committed to providing anti-corruption training materials to directors and employees at least once a year to strengthen ethical standards[159]. Supplier and Quality Management - The group has developed an effective quality control system, ensuring compliance with customer, regulatory, and legal requirements for products[151]. - The group has obtained ISO 9001:2015 quality management system certification and a national industrial product production license[150]. - The group conducts regular reviews of supplier performance, including aspects such as pricing, timely delivery, and financial status[148]. - The group emphasizes customer satisfaction through standardized service quality and has established a complaint handling procedure to address customer issues[153]. Shareholder and Stock Information - The company has a stock option plan effective for ten years from June 10, 2020, allowing the issuance of up to 80,000,000 shares, which is 10% of the total shares issued at listing[194]. - The total number of shares issued as of the report date is 110,400,000, with an additional 8,000,000 shares potentially to be issued under the stock option plan, representing approximately 7.25% of the issued share capital[196]. - The company plans to conduct a rights issue on February 14, 2025, at a subscription price of HKD 0.11 per share, aiming to raise up to approximately HKD 6,072,000[198]. - Major shareholders include Red Fly with 35,128,000 shares (31.82%) and Fu Chuanrong with 12,063,000 shares (10.93%) as of December 31, 2024[186].

Financial Performance - Total revenue for 2024 was RMB 473.82 million, a decrease of 26.7% from RMB 646.90 million in 2023[8]. - The attributable loss to equity holders for 2024 was RMB 11.63 billion, compared to a loss of RMB 10.06 billion in 2023, indicating a worsening financial position[8]. - Total assets decreased to RMB 21.13 billion in 2024 from RMB 29.98 billion in 2023, reflecting a decline of 29.5%[8]. - Total liabilities increased to RMB 41.75 billion in 2024 from RMB 39.24 billion in 2023, representing a rise of 6.4%[8]. - The comprehensive gross profit margin was 15.61%, down 11.28 percentage points from 26.89% in the same period last year[44]. - The group's operating expenses amounted to RMB 1,472 million, compared to RMB 3,151 million in the same period last year[44]. - The net financial cost was RMB 1,983 million, down from RMB 2,772 million in the same period last year[44]. - The attributable loss to the parent company was RMB 11,629 million, an increase of 15.63% compared to a loss of RMB 10,057 million in the same period last year[44]. - The basic loss per share for the period was RMB 0.246, compared to RMB 0.223 in the same period last year[80]. - The group reported a loss attributable to the parent company of RMB 11,629 million, an increase of 15.63% compared to the loss of RMB 10,057 million in the same period last year[80]. Operational Changes - The number of stores operated by the company as of December 31, 2024, was 163, covering 141 cities, with a net decrease of 910 stores[30]. - The company aims to focus on a light-asset operation model and expand its franchise and quasi-franchise business in 2024[10]. - The company is transitioning to a new business model focusing on "light assets, strong operations, and high technology," aiming to create a comprehensive service provider integrating online and offline franchise networks[35]. - The strategic launch of Gome Auto is set for the end of 2024, with plans to establish a new automotive ecosystem leveraging the company's nationwide channel network[37]. - The company is developing a new automotive experience center in Beijing, featuring around 30 new energy vehicle brands, aimed at creating a comprehensive automotive consumption scenario[37]. - The group expanded its franchise and quasi-franchise model, achieving significant progress in establishing a light-asset operation model[53]. Cash Flow and Debt Management - The company reported a cash flow from operating activities of RMB 1.11 billion in 2024, a significant improvement from a cash outflow of RMB 12 million in 2023[18]. - The company repaid approximately RMB 1.2 billion in debts during the year through various means, including the sale of non-core assets and debt restructuring negotiations with major creditors[34]. - The group actively promoted debt resolution and supply chain recovery, repaying RMB 250 million in convertible bonds during the reporting period[52]. - The net cash outflow from financing activities was RMB 258 million, a significant decrease from RMB 1,589 million in the same period last year[88]. - As of December 31, 2024, the group had total borrowings of RMB 23,188 million, with a debt-to-loss ratio of 112.45%, down from 264.28% last year[93]. Market and Economic Outlook - The company anticipates a gradual return to stable operations with the implementation of domestic demand stimulation policies[33]. - The company anticipates a more extensive range of stimulus policies in 2025 to support domestic demand recovery, which is expected to improve the external environment for retail operations[38]. - The management expresses cautious optimism about future growth opportunities as the economic environment is expected to improve with new government policies[38]. - The group anticipates a structural rebound in retail, particularly benefiting high-ticket items like home appliances and automobiles due to recent policy shifts[49]. - The company is cautiously optimistic about macroeconomic policies in 2025, anticipating significant policy benefits to stimulate domestic demand[101]. Strategic Initiatives - The company plans to innovate and optimize its supply chain model while enhancing brand value in the automotive circulation sector[10]. - The company is committed to leveraging technology to empower retail and reshape value through an integrated "Home Life" ecosystem[9]. - The company aims to transform its unmanned retail business to serve 1 billion users and establish a network of 1 million points[103]. - The management is committed to ensuring the completion of essential economic tasks as part of the national "14th Five-Year Plan"[101]. - The company has signed cooperation agreements with over 50 suppliers to enhance quality, pricing, and service in its unmanned retail solutions[103]. Human Resources and Governance - The group employed 606 employees as of December 31, 2024, a decrease from 2,196 employees in 2023[99]. - The company has maintained compliance with corporate governance codes as per the listing rules, ensuring high standards of governance[19]. - The company has confirmed the independence of its non-executive directors, satisfying the board's requirements[18]. - The management team has extensive experience in corporate governance and financial management, enhancing the group's operational capabilities[125][128]. Environmental and Social Responsibility - The group emphasizes its commitment to environmental policies and compliance with relevant laws and regulations[139]. - The group made direct charitable donations totaling RMB 21,000 during the reporting period[152].