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].

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 53,381,000, representing a 1.3% increase from RMB 52,684,000 in 2023[13] - Revenue from hot spring resort and hotel operations, as well as consulting and management services, decreased by 6.3% to RMB 45,062,000 from RMB 48,083,000[13] - Revenue from tourism property development surged by 80.8% to RMB 8,319,000 compared to RMB 4,601,000 in the previous year[13] - The company reported an operating loss of RMB 31,546,000, a significant improvement of 65.8% from the loss of RMB 92,175,000 in 2023[13] - The net loss attributable to the company's owners for the period was RMB 50,808,000, down 48.4% from RMB 98,530,000 in the prior year[13] - Basic and diluted loss per share improved by 50.3% to RMB 4.45 from RMB 8.95 in 2023[13] - The adjusted EBITDAF for the year was RMB 6,394,000, compared to a loss of RMB 6,226,000 in the previous year[13] - The adjusted net loss for the year was RMB 49,337,000, an improvement from a loss of RMB 98,530,000 in the previous year[18] - The net loss for the year was approximately RMB 50.8 million, a decrease from RMB 98.5 million in the previous year, with a net loss rate improving from 187.0% to 95.2%[34] Revenue Breakdown - Revenue from the company's hot spring resort and hotel operations decreased by approximately 6.3% to about RMB 45.1 million, primarily due to declines in ticket sales, dining, conference fees, and rental income[69] - The average occupancy rate for luxury resorts was 31% in 2024, down from 33% in 2023, while the mid-range resorts saw a decrease from 27% to 25%[19] - The average room rate for luxury resorts decreased to RMB 541 from RMB 648, and for mid-range resorts, it fell to RMB 168 from RMB 204[19] - Revenue from tourism property development increased by approximately 80.8% to about RMB 8.3 million, driven by a stable real estate market environment[73] Operational Highlights - The company completed eight tourism property projects, enhancing its portfolio in the wellness and leisure sector[5] - The flagship Gudou Hot Spring Resort is recognized as a national AAAA-level tourist attraction, contributing to the company's brand value[6] - The company aims to enhance guest experiences through its wellness and health-focused services, aligning with its vision of improving quality of life[5] - The company introduced new health and wellness initiatives, including AI-driven health screenings and traditional Chinese medicine services, enhancing visitor experience and increasing revenue[23] - The company plans to continue diversifying its business model by integrating various cultural and wellness tourism offerings into its operations[24] Financial Position - As of December 31, 2024, the group had bank and cash balances of approximately RMB 1.5 million[36] - The group had outstanding bank loans of RMB 215.8 million as of December 31, 2024, with a capital debt ratio increasing from 1.23 to 1.38[38] - Approximately RMB 478.1 million of the group's assets were mortgaged to obtain bank financing as of December 31, 2024[39] Compliance and Governance - The audit committee has reviewed the basis for the audit opinion regarding the consolidated financial statements for the year ending December 31, 2024, and management's response to the audit qualification[49] - The company has complied with significant laws and regulations affecting its business operations, as detailed in the Environmental, Social, and Governance report[92] - The company has established four board committees: Audit Committee, Nomination Committee, Remuneration Committee, and Compliance Committee to enhance governance[146] - The Audit Committee held four meetings during the period, with all members present except for one, focusing on reviewing the group's annual and interim performance[149] Shareholder Information - The total reserves available for distribution to shareholders as of December 31, 2024, is approximately RMB 292,300,000, a slight decrease from RMB 292,500,000 in 2023[94] - The company does not recommend any final dividend payment for the current year, with no final dividend distributed[93] - The total number of shares available for issuance under the share option plan is 92,627,400, representing 7.4% of the total shares issued as of the report date[102] Environmental and Social Responsibility - The group aims to integrate climate-related issues and ESG elements into its long-term business strategy, focusing on sustainable development goals[186] - The report covers the group's overall performance in environmental and social aspects for the fiscal year 2024, from January 1, 2024, to December 31, 2024[190] - The board is committed to continuously reviewing and monitoring the group's ESG performance and will provide consistent, comparable, and reliable ESG data annually[192] - The group has established clear short-term and long-term sustainability vision goals, progressing towards these goals after implementing measures to reduce emissions and resource usage[186]

Financial Position - As of March 31, 2025, the total current assets amounted to CNY 24,252,963,529.62, a decrease of 1.73% from CNY 24,682,022,976.20 at the beginning of the period[5] - The company's cash and cash equivalents decreased to CNY 6,728,860,423.92 from CNY 7,493,015,013.15, representing a decline of 10.21%[5] - Accounts receivable increased slightly to CNY 13,868,081,667.49 from CNY 13,811,985,503.11, showing a growth of 0.41%[5] - Total non-current assets reached CNY 76,277,222,160.87, a marginal increase from CNY 76,071,501,539.45, reflecting a growth of 0.27%[7] - The total liabilities decreased to CNY 61,612,339,427.14 from CNY 63,282,792,351.45, indicating a reduction of 2.64%[11] - Short-term borrowings decreased significantly to CNY 6,671,115,056.73 from CNY 8,304,855,523.63, a decline of 19.66%[9] - Long-term borrowings slightly decreased to CNY 26,367,217,858.03 from CNY 26,786,747,890.47, a reduction of 1.56%[11] - The total equity remained stable at CNY 38,917,846,263.35, with no significant changes reported[11] - The company reported a net asset value per share of CNY 4.73, consistent with previous periods[11] Revenue and Profitability - Total operating revenue for the current period reached ¥6,815,092,561.59, an increase of 4.6% compared to ¥6,516,358,013.58 in the previous period[15] - Total operating costs increased to ¥5,239,572,783.86, up from ¥5,134,329,217.49, reflecting a rise of 2.1%[15] - Net profit attributable to the parent company was ¥1,292,684,906.47, a decrease of 2.7% from ¥1,328,747,934.05 in the previous period[17] - The total equity attributable to the parent company increased to ¥37,555,831,377.24 from ¥36,175,953,311.40, marking a growth of 3.8%[13] - The total comprehensive income for the current period was ¥1,393,141,944.63, an increase from ¥1,293,631,808.62, reflecting a growth of 7.7%[19] Cash Flow - Cash flow from operating activities generated a net amount of ¥2,326,018,025.35, up from ¥1,936,951,967.79, indicating a growth of 20.1%[21] - The company reported a decrease in research and development expenses to ¥11,436.05 from ¥1,838,824.61, a significant drop of 99.4%[15] - Cash inflow from investment activities totaled ¥116,691,324.74, down 30.7% from ¥168,430,151.61 in the previous period[23] - Cash outflow from investment activities was ¥1,363,618,440.89, a slight decrease of 1.6% compared to ¥1,386,307,951.75 last period[23] - Net cash flow from investment activities was -¥1,246,927,116.15, worsening from -¥1,217,877,800.14 in the previous period[23] - Cash inflow from financing activities reached ¥5,086,200,000.00, an increase of 23.1% from ¥4,135,480,437.82 last period[24] - Cash outflow from financing activities was ¥6,923,038,152.15, up 48.3% from ¥4,663,691,888.83 in the previous period[24] - Net cash flow from financing activities was -¥1,836,838,152.15, compared to -¥528,211,451.01 last period[24] - The ending balance of cash and cash equivalents was ¥6,645,796,502.35, down from ¥6,758,671,507.37 in the previous period[24] Asset and Liability Management - Current assets totaled ¥21,280,842,981.73, a decrease of 2.0% from ¥21,721,312,354.44 at the beginning of the period[26] - Non-current assets increased slightly to ¥39,723,416,562.92 from ¥39,644,289,815.16 at the beginning of the period[28] - Total assets decreased to ¥61,004,259,544.65 from ¥61,365,602,169.60 in the previous period[28] - Total liabilities decreased to CNY 28,001,157,044.96 from CNY 28,299,848,598.20, reflecting a reduction of 1.1%[34] - Total equity attributable to shareholders decreased to CNY 33,003,102,499.69 from CNY 33,065,753,571.40, a decline of 0.2%[34] - Long-term borrowings decreased to CNY 3,182,662,492.00 from CNY 4,011,643,262.00, a reduction of 20.6%[32] - The total assets and liabilities combined amount to CNY 61,004,259,544.65, down from CNY 61,365,602,169.60, a decrease of 0.6%[34] Operational Performance - Operating cash inflow for the current period was CNY 116,687,755.74, a significant decrease from CNY 1,967,015,702.61 in the previous period[42] - Cash outflow from operating activities totaled CNY 413,645,585.38, down from CNY 2,246,222,304.08 in the previous period[42] - Net cash flow from operating activities was -CNY 296,957,829.64, compared to -CNY 279,206,601.47 in the previous period[42] - Cash inflow from investment activities was CNY 2,611,666,843.02, up from CNY 1,069,111,832.13 in the previous period[44] - Net cash flow from investment activities was -CNY 59,663,643.37, a decline from CNY 321,709,265.23 in the previous period[44] - Cash inflow from financing activities reached CNY 3,600,000,000.00, a substantial increase from CNY 80,000,000.00 in the previous period[44] - Cash outflow from financing activities totaled CNY 4,010,361,735.82, compared to CNY 2,416,875,446.34 in the previous period[46] - The net cash flow from financing activities was -CNY 410,361,735.82, worsening from -CNY 2,336,875,446.34 in the previous period[46] - The ending cash and cash equivalents balance was CNY 1,250,845,561.87, significantly higher than CNY 285,734,483.53 in the previous period[46] - The company reported a total cash and cash equivalents decrease of -CNY 766,983,208.83, compared to -CNY 2,294,372,782.58 in the previous period[46] Future Outlook - Future outlook includes potential expansion in clean energy projects and ongoing investments in technology development[3]

Financial Performance - For the six months ended February 28, 2025, the revenue was RMB 172,191,000, representing a 0.8% increase compared to RMB 170,764,000 for the same period in 2024[3] - Gross profit decreased by 11.7% to RMB 57,296,000 from RMB 64,883,000 year-on-year[3] - Profit for the period was RMB 24,219,000, down 15.2% from RMB 28,568,000 in the previous year[3] - The total comprehensive income for the period was RMB 24,710,000, compared to RMB 33,032,000 for the same period in 2024[5] - Basic and diluted earnings per share for the period were RMB 0.0363, compared to RMB 0.0429 for the same period in 2024[5] - The group recorded a profit of RMB 24.2 million for the six months ended February 28, 2025, a decrease of approximately 15.4% compared to RMB 28.6 million for the same period in 2024[33] Assets and Liabilities - As of February 28, 2025, total non-current assets amounted to RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[6] - Current liabilities totaled RMB 800,398,000, a slight decrease from RMB 840,265,000 in the previous period[6] - The net current liabilities were RMB 606,294,000, indicating a significant increase from RMB 476,473,000 year-on-year[6] - The company reported cash and cash equivalents of RMB 178,176,000, down from RMB 345,437,000 in the previous year[6] - The financial leverage ratio as of February 28, 2025, was approximately 1.2, unchanged from 1.3 as of August 31, 2024[37] - The group has unutilized financing of RMB 120.2 million as of the announcement date, indicating sufficient liquidity for future cash needs[39] - The group has no significant contingent liabilities as of February 28, 2025[41] Revenue Breakdown - Tuition revenue decreased by RMB 62,000 from RMB 159.0 million to RMB 158.9 million, while accommodation revenue increased by RMB 1.5 million or 12.7% from RMB 11.8 million to RMB 13.3 million[25] - Revenue increased by RMB 1.4 million or 0.8% from RMB 170.8 million for the six months ended February 29, 2024, to RMB 172.2 million for the six months ended February 28, 2025[25] Expenses - Cost of sales increased by RMB 9.0 million or 8.5% from RMB 105.9 million to RMB 114.9 million, primarily due to increased heating costs and maintenance expenses[26] - Gross profit decreased by RMB 7.6 million or 11.7% from RMB 64.9 million to RMB 57.3 million, resulting in a gross margin decline from 38.0% to 33.3%[27] - Sales expenses increased by RMB 0.2 million for the six months ended February 28, 2025, compared to the same period in 2024, mainly due to increased frequency of promotional activities outside the province[29] - Administrative expenses rose by RMB 1.5 million or 7.7% to RMB 21.0 million for the six months ended February 28, 2025, primarily due to increased consulting fees and other professional service costs[30] - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the same period in 2025, with interest expenses dropping by approximately RMB 6.5 million[31] Enrollment and Education Quality - The total number of enrollments decreased from 11,941 in the 2023/24 academic year to 11,909 in the 2024/25 academic year[25] - The average tuition fee for the 2024/2025 academic year is RMB 25,750, representing a 3.85% increase from RMB 24,796 in the 2023/2024 academic year[47] - The enrollment scale for 2024 is 3,793 students across 24 programs, with a job placement rate of 87.59% for the 2024 graduating class[52] - Heilongjiang University of Commerce has completed the evaluation for undergraduate teaching work, receiving high praise from evaluation experts[48] - A total of 1,322 courses are offered, including 59 compulsory public courses and 860 professional courses[48] Corporate Governance and Compliance - The company is committed to maintaining good corporate governance practices and has adhered to the corporate governance code during the reporting period[66] - The audit committee has reviewed the unaudited interim results for the six months ended February 28, 2025, and found that the financial information complies with applicable accounting standards and regulations[70] - The company has established an audit committee consisting of three independent non-executive directors to oversee internal controls and risk management[70] - The board of directors believes that the current arrangement of combining the roles of CEO and chairman is beneficial for the company's overall operations and management[67] - The company has confirmed compliance with the standard code for securities trading by all directors for the six months ending February 29, 2024[69] Strategic Initiatives - The company is transitioning to a for-profit private school, with the application for this change approved by the Ministry of Education, ensuring the protection of students' rights during the three-year transition period[61] - The company aims to develop a digital lifelong learning system and create a "Future Learning Center" to enhance its educational services[60] - The company plans to integrate its advantageous programs with the Belt and Road Initiative to actively develop international student education[60] - Recent policies from the government support the development of vocational and private education, emphasizing the equal importance of vocational education alongside general education[57] - The company has established two vocational schools in the Yangtze River Delta and Beijing-Tianjin-Hebei regions since 2021, expanding its educational group to four campuses across three regions[55] Staffing and Compensation - As of February 28, 2025, the total salary cost incurred by the group, including director remuneration, was RMB 421 million, a decrease from RMB 487 million for the same period in 2024[64] - The group currently employs 688 full-time and 113 part-time staff, down from 762 full-time and 167 part-time staff as of February 29, 2024[64]

Financial Performance - In 2024, the Group achieved revenue of RMB 18,854.6 million, representing a year-on-year increase of 8.7% compared to RMB 17,352.6 million in 2023[38]. - The sales volume for the Group was 809,312 tonnes, reflecting a year-on-year increase of 6.8% from 757,480 tonnes in 2023[38]. - The net profit attributable to shareholders was RMB 826.0 million, a year-on-year increase of 2.7% compared to RMB 804.2 million in 2023[38]. - Gross profit decreased by 11.4% year-on-year to approximately RMB 1,763.7 million, while profit attributable to shareholders increased by 2.7% to approximately RMB 826 million[23]. - Revenue from construction aluminium profiles grew by 17.7% year-on-year to approximately RMB 16,621.2 million, with sales volume increasing by 8.1% to approximately 672,915 tonnes[55]. - Revenue from industrial aluminium profiles decreased by 27.6% year-on-year to approximately RMB 1,914.5 million, despite an 8.1% increase in sales volume to approximately 136,397 tonnes[57]. - The Group's gross profit margin decreased by 2.1% to 9.4% (2023: 11.5%), with the sales to production ratio slightly decreasing to 98.8% (2023: 99.5%) [80]. Market Strategy and Development - The Group adopted a prudent approach to overseas business development, enhancing research on trade policies and market dynamics to mitigate risks from trade frictions and exchange rate fluctuations[18]. - The Group is accelerating its expansion into the home decoration and overseas markets, developing lightweight and high value-added products[24]. - The Group aims to maintain market competitiveness and profitability through diversified development in the aluminium profile business[33]. - The Group is focused on expanding its production capacity and overseas deployment, with 7 domestic production bases and ongoing projects in Australia and Vietnam[66]. - The Group plans to enhance cooperation with market partners and explore opportunities in the home decoration market and public facility projects[63]. - The Group is moving towards higher quality, more resilient, and sustainable development in the aluminium profiles industry[19]. Innovation and R&D - The Group has participated in the formulation of over 100 national and industry standards and holds more than 900 valid patents, emphasizing its commitment to innovation[24]. - The Group is focusing on R&D to develop new industrial aluminium profile products to capture market opportunities[46]. - The Group's digital and automated production base in Zhejiang has commenced production, aiming to improve land use and reduce personnel costs[48]. - The Group emphasizes continuous innovation and adaptation to maintain a competitive edge in the challenging market environment[67]. Leadership and Management - The Group's leadership under the board of directors has been pivotal in navigating the challenges of the market and achieving growth[18]. - The company has a strong leadership team with diverse backgrounds in finance, marketing, and engineering, enhancing its operational capabilities[144][145][146][149][151][152]. - The management team has been recognized with various awards, indicating their expertise and contributions to the industry[151]. - The company aims to leverage its leadership's extensive experience to navigate market challenges and capitalize on opportunities[161]. Financial Health and Risk Management - The Group maintained healthy cash flow by deepening relationships with real estate developers with good cash flow conditions, reducing financial risks amid market fluctuations[19]. - The gearing ratio decreased to 19.8% (2023: 24.5%) due to a reduction in loans and borrowings as of December 31, 2024[101]. - The impairment loss on trade and other receivables decreased by RMB225.3 million to RMB67.9 million (2023: RMB293.2 million)[88]. - Finance costs remained stable at approximately RMB104.6 million for the Year (2023: RMB138.1 million) despite an increase in bank borrowings[89]. Market Conditions and Challenges - The international trade situation remains complex and volatile, prompting the Group to adopt a more cautious stance in its overseas operations[18]. - The sales area of newly built commercial housing in China decreased by 12.9% year-on-year in 2024, indicating challenges in the real estate sector[33]. - The demand for construction aluminium profiles is expected to be sustained in the long term due to supportive policies in the real estate market[27]. - The real estate market in China is showing signs of recovery, with new policies expected to further stabilize the market in 2025[34].

Financial Performance - The company's revenue for 2024 reached RMB 20,561.74 million, a slight increase from RMB 20,446.03 million in 2023, representing a growth of 0.56%[10] - Operating profit for 2024 was RMB 5,261.11 million, compared to RMB 5,187.88 million in 2023, indicating a growth of 1.42%[10] - The net profit attributable to equity holders for 2024 was RMB 3,245.05 million, up from RMB 3,057.64 million in 2023, reflecting an increase of 6.13%[10] - The company reported a total comprehensive income of RMB 3,367.87 million for 2024, compared to RMB 3,264.77 million in 2023, an increase of 3.16%[10] - The basic and diluted earnings per share for 2024 were RMB 39.36, up from RMB 37.09 in 2023, representing a growth of 6.13%[10] - The company achieved a net profit of RMB 3,420.9 million in 2024, an increase of 5.74% compared to RMB 3,235.2 million in 2023[43] - Total operating revenue rose by 0.57% to RMB 20,561.7 million in 2024 from RMB 20,446.0 million in 2023, driven by increased sales from wind and solar power segments[44] Asset and Capacity Growth - Total assets increased to RMB 101,053.44 million in 2024 from RMB 93,594.44 million in 2023, marking a growth of 7.81%[12] - As of the end of 2024, the company's total assets reached RMB 101.05 billion, with operating revenue of RMB 20.56 billion and a pre-tax profit of RMB 4.28 billion, marking a historical high[18] - The installed capacity of the company reached 17.437 million kilowatts, with a power generation of 40.01 billion kilowatt-hours and a heat supply of 27.334 million gigajoules, with renewable energy accounting for over 72% of the total installed capacity[18] - The total installed capacity of the group reached approximately 17.437 million kW, with non-fossil energy capacity increasing by 2.882 million kW year-on-year, a growth of 29.5%[27] Renewable Energy Focus - The company aims to enhance its green development strategy and technological innovation to achieve higher quality and efficiency in its operations[15] - The company's operating profit from renewable energy business reached RMB 4.49 billion, a year-on-year increase of 17.2%, accounting for over 75% of total operating profit[26] - The renewable energy installed capacity accounted for over 72%, with renewable energy power generation reaching 21.05 billion kWh, accounting for over 52% of total generation[28] - The company plans to focus on economic efficiency, green development, and technological innovation to enhance core competitiveness and value creation capabilities[19] Market and Project Development - The company successfully secured a 4.9 million kilowatt integrated windbreak and sand control project in Ximeng and a 100 MW agricultural-photovoltaic complementary project in Nanchuan, filling a regional gap[19] - The group exceeded its annual project development targets, adding 7.206 million kW of renewable energy development indicators, with 6.932 million kW from self-developed projects and 274,000 kW from acquisitions[29] - The company plans to accelerate the development of strategic emerging projects and enhance its market presence in renewable energy sectors[38] Cost Management and Efficiency - Operating expenses decreased by 3.51% to RMB 15,809.7 million in 2024, reflecting cost optimization efforts[52] - Other expenses decreased by 3.77% from RMB 1,204.9 million in 2023 to RMB 1,159.5 million in 2024 due to effective cost reduction measures[57] - The group has established a "three-level integrated" digital production and operation management system, enhancing operational efficiency and reducing production costs by approximately RMB 80 million[31] Governance and Management - The company has appointed Zhang Yi as a non-executive director, bringing extensive experience in investment management and risk control[102] - Zhao Jie serves as an independent non-executive director and has held various senior positions in power planning and design, contributing to the board's expertise[103] - The company is focusing on expanding its market presence and enhancing its governance structure through the appointment of experienced directors[104] - The board includes members with significant academic and professional qualifications, ensuring a high level of expertise in decision-making[108] Shareholder and Dividend Information - The company reported a proposed final dividend of RMB 14.30 per share, totaling approximately RMB 1,179.0 million for the fiscal year ending December 31, 2024[143] - The company maintains a cash reserve policy to support operational needs and future growth while prioritizing shareholder interests in profit distribution[140] - The company plans to review its dividend policy periodically to align with financial performance and market conditions[141] Strategic Initiatives - The company is focusing on developing renewable energy businesses and exploring hydrogen and energy storage opportunities in response to macroeconomic changes[88] - The company is actively monitoring foreign exchange risks, with a small portion of its business involving foreign currency loans and investments[86] - The company aims to leverage the diverse backgrounds of its board members to drive innovation and market expansion strategies[107] Subsidiaries and Joint Ventures - The company has several indirect non-wholly owned subsidiaries, including Inner Mongolia Jingtai Power Co., Ltd. and Ningxia Jingneng Ningdong Power Co., Ltd.[195] - The company is actively involved in market expansion through its indirect subsidiaries across different regions in China[195][200] - Beijing Energy International's strategy includes leveraging its subsidiaries for enhanced operational efficiency and market reach[196]

Financial Performance - Total revenue decreased by approximately 7.2% from HKD 103.5 million in 2023 to HKD 96.0 million in 2024[4] - Gross profit fell by about 22.4% from HKD 44.2 million in 2023 to HKD 34.3 million in 2024, with a gross margin decline from 42.7% to 35.7%[4] - The airline ticket distribution segment's revenue dropped by approximately 51.1% from HKD 22.1 million to HKD 10.8 million due to geopolitical tensions affecting air transport volumes[12] - The travel business process management segment's revenue remained stable at approximately HKD 21.5 million in 2024, with an increase in gross margin from 66.4% to 71.5%[13] - Revenue from the travel products and services segment increased by about 5.6% from HKD 60.3 million to HKD 63.7 million, driven by growth in the Greater Bay Area[14] - The company reported a significant loss of HKD 44.5 million in 2024 compared to a profit of HKD 2.9 million in 2023, marking a decline of 1,634.5%[4] Assets and Equity - Total assets decreased by 21.9% from HKD 141.8 million in 2023 to HKD 110.8 million in 2024[4] - Shareholders' equity plummeted by 98.9% from HKD 50.3 million to HKD 0.6 million, indicating severe financial strain[4] Liquidity and Ratios - The current ratio and quick ratio fell by 25.0% from 1.2 to 0.9, reflecting liquidity challenges[4] - The debt-to-equity ratio surged to approximately 415.9% as of December 31, 2024, up from approximately 6.6% as of December 31, 2023, primarily due to additional expected credit loss provisions impacting total equity[41] Credit Loss Provisions - As of December 31, 2024, the cumulative expected credit loss provision is approximately HKD 110.6 million, an increase from approximately HKD 83.9 million as of December 31, 2023, reflecting a significant rise in expected credit losses due to adverse impacts on international travel demand[36] - The expected credit loss provision for trade receivables increased to approximately HKD 1.8 million from approximately HKD 0.5 million year-on-year, while the provision for other receivables rose to approximately HKD 108.8 million from approximately HKD 83.4 million[36] Governance and Board Composition - The company is committed to good corporate governance practices, adhering to applicable codes and principles to enhance shareholder value[87] - The board consists of three independent non-executive directors, meeting the requirement that independent directors must constitute at least one-third of the board[93] - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each operating within its defined scope[101] - The company has adopted a board diversity policy, considering factors such as gender, age, cultural and educational background, and professional experience in the selection process[109] Risk Management - The company has established policies and procedures for risk management and internal control, with the board responsible for assessing the nature and extent of risks[110] - The risk management and internal control systems include a strategic risk register to control and evaluate identified risks, ensuring the effectiveness of risk mitigation procedures[111] - The board is aware that the risk management and internal control systems are designed to manage rather than eliminate risks associated with achieving business objectives[110] Employee and Management - As of December 31, 2024, the company had a total of 82 employees, comprising 32 males and 50 females, and is committed to reviewing gender diversity among its workforce[140] - The total remuneration for senior management for the year ending December 31, 2024, is approximately HKD 5.0 million, including salaries, allowances, bonuses, and retirement plan contributions[94] Environmental Commitment - The company has implemented recycling programs for consumables like toner and paper to minimize its environmental impact and is committed to sustainable development[139] Shareholding and Ownership - As of December 31, 2024, the company had a significant shareholding of 900,000,000 shares, representing 75.0% ownership by Mr. Liu through controlled entities[156] - The shareholding structure indicates that Mr. Liu controls 75.0% of the company through Tomorrow Education Technology Limited[157] Dividend Policy - The board will consider various factors, including financial performance and liquidity, when determining dividend payments to shareholders[127] - The company reported no final dividend for the year ended December 31, 2024, in order to retain cash for operational needs and future development[141]

Investment in Education and Training - The company invested nearly 100 million RMB in practical training resources, expanding training facilities and upgrading equipment, with over 40 new training rooms established during the reporting period[4] - A total of 393 new teachers were recruited, with 18.6% being high-level talents, and 1,558 training sessions were conducted for teachers, resulting in 800 awards, including 56 national-level awards[5] - The company organized 343 job fairs, providing over 120,000 job positions, and established partnerships with nearly 1,000 enterprises to enhance student employment quality[6] - During the reporting period, 23 provincial-level first-class undergraduate programs were established, and 41 new key projects were initiated for characteristic professional cultivation[9] - The company established deep cooperation with over 70 enterprises to enhance talent cultivation models, including apprenticeship and order classes[11] Financial Performance - For the six months ended February 28, 2025, the company recorded revenue of RMB 2,116.70 million, an increase of RMB 74.53 million or 3.65% compared to RMB 2,042.17 million for the same period last year[26] - The gross profit for the same period was RMB 924.01 million, up from RMB 898.96 million, reflecting an increase of RMB 25.05 million or 2.78%[21] - Adjusted gross profit reached RMB 950.26 million, compared to RMB 923.13 million, indicating an increase of RMB 27.13 million or 2.94%[22] - The net profit for the six months was RMB 307.94 million, an increase of RMB 68.23 million or 28.5% from RMB 239.71 million in the previous year[21] - Adjusted net profit was RMB 479.42 million, up from RMB 429.16 million, representing an increase of RMB 50.26 million or 11.7%[23] Student Enrollment and Demographics - The number of students enrolled as of February 28, 2025, was 291,264, a slight increase from 290,927 in the previous year[16] Cost and Expenses - The sales cost for the period was RMB 1,192.69 million, an increase of RMB 49.48 million or 4.33% from RMB 1,143.21 million, primarily due to regulatory requirements and increased investment in teaching quality[27] - Sales expenses increased to RMB 159.52 million, up RMB 12.61 million or 8.58% from RMB 146.91 million, primarily due to increased efforts in international student recruitment[29] International Cooperation and Development - The company plans to enhance its international education influence and deepen cooperation with overseas institutions to cultivate talents with global perspectives[18] - The company aims to optimize asset allocation and implement lean management to ensure stable and healthy development[19] - The company is committed to improving educational quality and strengthening talent cultivation as core tasks in response to national education initiatives[17] Cash Flow and Liquidity - The group's cash and bank balances totaled RMB 1,681.05 million as of February 28, 2025, down from RMB 3,100.75 million as of August 31, 2024[34] - The current ratio as of February 28, 2025, was 0.32, down from 0.43 as of August 31, 2024[37] - The company's net asset value increased to RMB 9,451,694 thousand from RMB 9,154,490 thousand, indicating a growth in shareholder equity[55] - Cash generated from operating activities was RMB 286,449,000, a significant improvement from a cash outflow of RMB 3,711,000 in the same period last year[59] - The company recorded a foreign exchange loss of RMB 13,514,000 during the period, compared to a loss of RMB 57,806,000 in the previous year, indicating improved currency stability[56] Debt and Financing - The total outstanding bank loans and borrowings amounted to RMB 2,129.14 million, a decrease from RMB 3,237.36 million as of August 31, 2024[35] - The net debt to equity ratio increased from 1.5% as of August 31, 2024, to 4.7% as of February 28, 2025, due to the repayment of more bank loans and borrowings during the reporting period[39] - The company plans to explore bond restructuring to ensure sustainable operations for all stakeholders[66] - The company is actively seeking opportunities to sell equity interests in several subsidiaries to generate additional cash inflow[66] Shareholder Returns - The board resolved not to declare any interim dividend for the reporting period, consistent with the previous year[44] - The company did not recommend any interim dividend during the board meeting held on April 30, 2025[85] Asset Management - Total non-current assets as of February 28, 2025, were RMB 18,106,867 thousand, a slight decrease from RMB 18,262,345 thousand as of August 31, 2024[54] - The company's total assets less current liabilities decreased by RMB 2,098,107,000 as of February 28, 2025, compared to RMB 1,976,664,000 as of August 31, 2024[71] - The company's trade receivables as of February 28, 2025, totaled RMB 51,271,000, down from RMB 83,683,000 as of August 31, 2024, indicating a decrease of approximately 38.6%[81]

Financial Performance - For the year ended December 31, 2024, the Group's revenue was approximately RMB566,475,000, a slight decrease of 0.72% compared to RMB570,572,000 in 2023[15]. - The Group's gross profit increased by approximately RMB23,916,000 or 10.3%, reaching RMB257,299,000 for the year[15]. - The net profit for the year was approximately RMB30,015,000, compared to RMB24,874,000 in the prior year, with profit attributable to owners of the Company at RMB30,030,000[16]. - Basic and diluted earnings per share were RMB4.17 cents, an increase from RMB4.11 cents in 2023[16]. - The Board has resolved not to declare a final dividend for the year[17]. Business Segments - The Faux Leather Chemicals Business remained stable due to increased sales and marketing efforts, while the Chinese Liquor Business continued to grow, contributing significantly to revenue[22]. - The revenue from the Faux Leather Chemicals Business was approximately RMB262,495,000, remaining stable compared to the previous year[33]. - The gross profit margin for the Faux Leather Chemicals Business was approximately 21.2%, slightly up from 21.1% in the prior year[34]. - Revenue from the Chinese Liquor Business decreased by approximately RMB4,060,000 or 1.31%, totaling approximately RMB303,980,000 for the year[44]. - The gross profit for the Chinese Liquor Business was approximately RMB201,598,000, an increase from RMB177,894,000 in the previous year[44]. - The segment profit for the Chinese Liquor Business was approximately RMB29,669,000, up from RMB23,407,000 in the prior year[44]. Market Outlook and Strategy - The Chinese economy is expected to rebound in 2024, with GDP growth projected at 5-6%, supported by government stimulus and increased domestic consumption[21]. - The company plans to shift focus from the Faux Leather Chemicals Business to the growing Chinese liquor market due to evolving consumer preferences[27]. - The company aims to enhance brand position in the Chinese liquor industry through strategic partnerships with e-commerce platforms[27]. - The Chinese liquor market is seen as a significant growth opportunity, with a focus on product development and market research[29]. Financial Position and Capital Management - As of December 31, 2024, the Group's current assets were approximately RMB 557,411,000, an increase from RMB 548,637,000 as of December 31, 2023[58]. - The current liabilities increased to approximately RMB 155,653,000 from RMB 95,582,000 as of December 31, 2023[58]. - The current ratio decreased from approximately 5.74 times as of December 31, 2023, to approximately 3.58 times as of December 31, 2024[58]. - Bank borrowings increased to approximately RMB 64,500,000 from RMB 25,000,000 in the previous year[59]. - The Group's capital expenditure was approximately RMB 127,301,000, representing an increase of RMB 112,318,000 compared to RMB 14,983,000 in the prior year[61]. - The gearing ratio as of December 31, 2024, was recorded at 1.01%, compared to a net cash position in the previous year[60]. Share Capital and Rights Issue - The company issued 432,000,000 rights shares at a subscription price of HK$0.67 per share, raising approximately HK$289,440,000[73]. - The net proceeds from the rights issue, after deducting estimated expenses, were approximately HK$286.55 million, representing a net price of approximately HK$0.663 per rights share[74]. - Following the share consolidation effective on May 30, 2023, the authorized share capital increased from US$1,000,000 to US$5,000,000, divided into 2,000,000,000 consolidated shares[71]. - The number of shares in issue became 720,000,000 of par value US$0.0025 each after the completion of the rights issue on July 28, 2023[78]. Governance and Management - The company has appointed independent non-executive directors with diverse backgrounds in finance, engineering, and alcohol-related technology, enhancing its governance structure[121]. - The company is focused on expanding its market presence through strategic appointments and leveraging the expertise of its directors[124]. - The company aims to enhance its product quality and management through the expertise of its independent directors in their respective fields[126]. - The company is committed to maintaining high standards in corporate governance and risk management through its experienced board members[125]. Risks and Compliance - The Group's principal business activities include the manufacturing and sales of faux leather chemicals and Chinese liquor, with significant risks related to product quality and production security[134]. - Financial risks faced by the Group include interest rate and exchange rate risks, equity price risk, credit risk, and liquidity risk[135]. - The Group has maintained compliance with applicable laws and regulations in the PRC, with no incidents of material non-compliance reported[145]. - The Group's environmental policies focus on sustainability and societal development, as detailed in the Environmental, Social, and Governance Report[144]. Employee and Community Engagement - The group had a total of 217 employees as of December 31, 2024, an increase from 208 in 2023, and offers competitive remuneration packages[101][105]. - Charitable donations made by the Group during the Reporting Period totaled approximately RMB411,000, down from RMB515,000 in the previous year[163]. Investments and Transactions - The group did not have any significant investments as no single investment accounted for 5% or more of the total assets as of December 31, 2024[88][92]. - The fair value loss for listed securities in Hong Kong for the year ended December 31, 2024, was RMB1,018,000, with an unrealized fair value loss of RMB969,000[94]. - The company agreed to sell 25% of the issued share capital of Darkblue Investment Ltd. for a consideration of RMB20,840,000, payable in cash installments[106].

Revenue and Financial Performance - Revenue from advertising and marketing services amounted to approximately HKD 20.2 million, accounting for about 67.1% of the total revenue[8] - Interest income from lending services was approximately HKD 9.9 million, representing about 32.9% of the total revenue[10] - Revenue from advertising services and book and magazine sales decreased by 24.4% to approximately HKD 20.2 million compared to HKD 26.8 million in 2023[21] - Revenue for the year ended December 31, 2024, was HKD 30,151,000, a decrease of 21.4% from HKD 38,379,000 in 2023[139] - Gross profit increased to HKD 12,416,000, up 10.5% from HKD 11,231,000 in the previous year[139] - The group reported a loss attributable to owners of approximately HKD 34.6 million, a reduction of about 48.6% from HKD 23.3 million in 2023[24] - The company reported a pre-tax loss of HKD 29,403,000, an improvement from a loss of HKD 40,465,000 in 2023[139] - Net loss for the year was HKD 28,882,000, compared to a loss of HKD 37,397,000 in the prior year, reflecting a 22.5% reduction in losses[139] Business Strategy and Operations - The company aims to diversify its revenue streams by actively expanding into digital media marketing services and multi-channel network (MCN) operations since 2020[8] - The company has ceased its securities brokerage business effective September 19, 2023, due to ongoing losses, which is not expected to significantly impact overall financial performance[9] - The group plans to strengthen its financial services and actively develop its advertising business, particularly in digital media marketing and MCN services[17] - The group will continue to monitor the performance of its financial business and identify suitable diversification opportunities[18] Credit and Risk Management - Independent credit assessments are conducted prior to loan issuance to evaluate the credit quality of potential borrowers[13] - The company is focusing on providing secured and unsecured loans to a diverse client base, primarily sourced from existing customers[12] - The company has established a structured process for monitoring loan portfolios and managing credit risks, including monthly aging analysis of borrowers[14] - The management regularly reviews the loan portfolio to ensure the value of collateral remains stable and to mitigate credit risk[14] - The expected credit loss and impairment loss for receivables and interest is approximately HKD 36.1 million, an increase from HKD 25.5 million in 2023[16] Corporate Governance - The board of directors consists of five executive directors and three independent non-executive directors, with all independent directors confirming their independence[49] - The company has complied with the corporate governance code, with minor deviations noted regarding the notice period for board meetings[45] - The company has implemented a behavior code for directors' securities trading, ensuring compliance with the standards set forth in the listing rules[47] - The company aims to enhance board performance through a diversity policy, recognizing the benefits of a diverse board[49] Financial Position and Assets - As of December 31, 2024, the total loan portfolio amounts to approximately HKD 147.3 million, with secured loans at HKD 93.8 million and unsecured loans at HKD 53.5 million[15] - The company’s cash and cash equivalents at year-end stood at HKD 19,548,000, down from HKD 41,027,000 at the beginning of the year[148] - The company’s non-current assets decreased to HKD 12,080,000 from HKD 24,169,000, a decline of 50%[141] - Current assets decreased to HKD 311,048,000 from HKD 354,777,000, a reduction of 12.3%[141] Shareholder Information - The group will not recommend a dividend for the fiscal year 2024, consistent with the previous year[25] - Major shareholders as of December 31, 2024, include Li Wei with 30,778,750 shares (5.17%) and Yongrong (Hong Kong) Asset Management Limited with 136,940,000 shares (18.60%)[109] - The company has no distributable reserves for shareholders as of December 31, 2024, and December 31, 2023[96] Environmental and Social Responsibility - The company has actively responded to environmental and social responsibilities, implementing various energy-saving and waste-reduction measures in its operations[89] - The company has adopted various environmental, social, and governance practices, with a separate report to be published alongside the annual report[89] Audit and Compliance - The financial statements for the year ending December 31, 2024, were audited by KPMG[121] - The statutory audit fees for the fiscal year ending December 31, 2024, are approximately HKD 500,000, compared to HKD 550,000 for 2023[71] - The audit committee must approve any non-audit services provided by the external auditor to avoid conflicts of interest[70] Employee and Talent Management - The company recognizes employees as valuable assets and provides competitive compensation to attract and retain talent[116] - As of December 31, 2024, the company has 55 employees in Hong Kong and China, down from 70 in 2023[41] Future Outlook - The group acknowledges the challenges posed by global economic conditions, including trade tensions and geopolitical uncertainties, but remains cautiously optimistic about future growth prospects[17]