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佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SHING CHI HOLDINGS LIMITED 成志控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1741） 截至二零二五年三月三十一日止六個月之 中期業績公佈 成志控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附屬公司（統稱「本集團」）截 至二零二五年三月三十一日止六個月的未經審核中期業績，連同二零二四年同期的比較數字如下： 中期未經審核簡明綜合損益及其他全面收益表 截至二零二五年三月三十一日止六個月 | | | 截至三月三十一日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | | （經重列及 | | | | （未經審核） | 未經審核） | | 持續經營業務 | | | | | 收益 | 3 | 85,538 | 75,075 | | 銷 ...

Financial Performance - The group's revenue for the six months ended March 31, 2025, was approximately HKD 266.5 million, a decrease of about HKD 79.8 million or 23.1% compared to the same period in 2024[9]. - The cost of sales during the period was approximately HKD 237.5 million, a decrease of about HKD 74.8 million or 23.9% compared to the same period in 2024, consistent with the decline in revenue[9]. - The group's gross profit decreased by approximately HKD 4.9 million, with a gross margin of about 10.9% for the period, up from 9.8% in 2024[9]. - Revenue for the six months ended March 31, 2025, was HKD 266,472,000, a decrease of 23.05% compared to HKD 346,304,000 for the same period in 2024[56]. - Gross profit for the same period was HKD 28,994,000, down 14.5% from HKD 33,860,000 in 2024[56]. - The company reported a net profit of HKD 6,169,000 for the six months ended March 31, 2025, compared to HKD 9,384,000 in 2024, representing a decline of 34.5%[56]. - The profit before tax for the same period was HKD 7,873,000, after accounting for corporate expenses of HKD 22,242,000[74]. - The pre-tax profit for the six months ended March 31, 2025, was HKD 14,468,000, a decrease from HKD 22,228,000 in the previous year[75]. - The company reported a total comprehensive income of HKD 9,384,000 for the six months ended March 31, 2025[61]. Expenses and Costs - Administrative expenses increased by approximately HKD 3.9 million or 21.2% compared to the same period in 2024, primarily due to increased costs for directors and employees[10]. - Administrative expenses increased to HKD 22,169,000 from HKD 18,284,000, reflecting a rise of 10.3%[56]. - Financing costs increased by approximately HKD 32,000 or 24.8% compared to the same period in 2024, primarily due to a new warehouse lease[12]. - The net loss from other income and losses decreased by approximately HKD 2.4 million or 98% compared to 2024, mainly due to a reduction in net losses from fair value changes of financial assets[11]. Cash Flow and Equity - As of March 31, 2025, the group's bank and cash balance was approximately HKD 150.6 million, an increase from HKD 135.9 million as of September 30, 2024[14]. - The net cash generated from operating activities was HKD 8,982,000, a significant improvement compared to a net cash outflow of HKD 30,966,000 in the previous year[62]. - The net cash generated from investing activities was HKD 18,370,000, compared to HKD 5,000,000 in the prior year[62]. - The total equity as of March 31, 2025, was HKD 279,482,000, an increase from HKD 273,313,000 as of September 30, 2024[59]. - The company's cash and cash equivalents increased to HKD 150,585,000 from HKD 139,364,000 in the previous year[62]. - The company's retained earnings as of March 31, 2025, were HKD 135,824,000, up from HKD 129,650,000 as of September 30, 2024[61]. Share Option Plans - The 2017 Share Option Plan allows for a maximum issuance of 66,680,100 shares, representing 10% of the total shares issued at the time of listing[29]. - As of the report date, there are 33,780,000 unexercised options under the 2017 Share Option Plan, accounting for approximately 5.07% of the issued shares[30]. - The 2024 Share Option Plan has been approved with a maximum authorization limit of 66,680,100 shares, which is 10% of the total issued shares as of July 22, 2024[41]. - The 2024 Share Option Plan is effective for 10 years, starting from July 22, 2024, and will not issue or grant any stock options after that period[40]. - Each participant in the 2024 Share Option Plan is limited to exercising options that do not exceed 1% of the total issued shares within any 12-month period[42]. - The 2017 Share Option Plan allows for a maximum of 1% of the issued shares to be issued to any individual participant within a 12-month period[31]. - The exercise price for options under the 2017 plan is determined by the board and cannot be lower than the closing price on the date of grant[34]. - The 2024 Share Option Plan aims to attract and retain high-quality participants to promote the group's development[38]. - The company has not granted any unexercised options under the 2024 Share Option Plan as of the report date, representing approximately 0% of the issued shares[41]. - The total number of options exercised or canceled under the 2017 plan during the reporting period was 6,600,000[36]. - The total number of options available for grant under the 2024 share option plan is 66,680,100 shares, unchanged from the previous period[48]. - The total number of shares that may be issued upon exercise of options granted under the plan is 33,780,000 shares, representing approximately 6.06% of the weighted average number of issued shares[48]. - The company has a total of 100,460,100 shares available for future issuance, accounting for approximately 15.07% of the issued share capital[49]. Projects and Contracts - The group is focusing on three major projects: the expansion of Mary Hospital, the Causeway Bay District Court, and the Kai Tak New Emergency Hospital[8]. - The group has successfully secured multiple long-term contracts, laying a foundation for stable income in the coming years[8]. Other Information - The company did not purchase, sell, or redeem any of its listed securities during the six months ended March 31, 2025[54]. - There were no significant events that required disclosure after the report date[53]. - For the six months ended March 31, 2025, the revenue from power and maintenance engineering services was HKD 266,472,000[74]. - The fair value changes of financial assets measured at fair value through profit or loss resulted in a loss of HKD 132,000[74]. - Customer B contributed HKD 208,346,000 to total revenue, while Customer C contributed HKD 44,066,000 for the six months ended March 31, 2025[77]. - Other income for the period was HKD 1,193,000, a decrease from HKD 1,450,000 in the previous year[78]. - The company reported a decrease in tax expense to HKD 1,704,000 for the six months ended March 31, 2025, compared to HKD 5,084,000 in the previous year[81]. - As of March 31, 2024, the total number of issued and fully paid shares is 666,801 thousand shares[91]. - The par value of each ordinary share is HKD 0.01[91]. - The statutory share capital as of March 31, 2024, and March 31, 2025, is 10,000,000 thousand shares, amounting to HKD 100,000 thousand[91].

1792 1792 2024 目錄 1 CMON Limited 2024年度報告 2 公司資料 4 主席報告 5 管理層討論及分析 14 董事 17 董事會報告 29 企業管治報告 44 獨立核數師報告 47 綜合損益及其他全面收益表 48 綜合財務狀況表 50 綜合權益變動表 51 綜合現金流量表 53 綜合財務報表附註 96 財務概要 公司資料 董事會 執行董事 黃成安先生 （主席兼聯席行政總裁） 建邦先生 （聯席行政總裁） 許政開先生 非執行董事 蔡穩健先生 David Preti先生 （自二零二四年九月十三日起由執行董事調任為非執行董事並 其後於二零二五年四月十四日辭任非執行董事） 李學瑾女士 （於二零二四年十二月三十日獲委任） 獨立非執行董事 王宇山先生 蔡敏先生 梁毓雄先生 審核委員會 王宇山先生 （主席） 蔡敏先生 梁毓雄先生 薪酬委員會 梁毓雄先生 （主席） 王宇山先生 蔡敏先生 提名委員會 蔡敏先生 （主席） 王宇山先生 梁毓雄先生 授權代表 伍秀薇女士 許政開先生 公司秘書 伍秀薇女士 法律顧問 衛達仕律師事務所 香港 金鐘道95號 統一中心30樓 （香港律師） 公司資料 開曼群島股份過 ...

Financial Performance - The unaudited consolidated revenue for the three months ended March 31, 2025, was approximately RMB 5,876,351,000, an increase of about 14.6% compared to approximately RMB 5,129,582,000 for the same period in 2024[3] - The unaudited consolidated gross profit for the same period was approximately RMB 1,428,440,000, reflecting an increase of about 11.8% from approximately RMB 1,277,520,000 in 2024[3] - The unaudited net profit for the period was approximately RMB 635,548,000, which represents a significant increase of about 30.6% compared to approximately RMB 486,735,000 in the previous year[3] - The profit attributable to equity holders of the parent company was approximately RMB 635,243,000, marking an increase of about 23.2% from approximately RMB 515,673,000 in 2024[4] Strategic Initiatives - The company implemented a global, digital, and low-carbon strategy, resulting in significant revenue increases from large port machinery, oil and gas equipment, silicon energy products, and overseas mining vehicle sales[7] - The acquisition of the lithium business completed on July 22, 2024, has provided new revenue sources for the company[7] - The company has fully implemented digital operations, enhancing quality and efficiency while reducing costs, leading to improved gross profit margins for various product lines[7]

Amasse Capital Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：8168） 截 至 2025 年 3月 31 日止六個月之中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM之定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶 有較高投資風險。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承 受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 寶積資本控股有限公司 香港交易及結算所有限公司及聯交所對本公告的內容概不負責，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的任何損失 承擔任何責任。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關寶積資本控股有 限公司（「本公司」）及其附屬公司（統稱「本集團」）的資料，本公司董事（「董事」）願就本公告共同及個 別地承擔全部責任。董事經作出一切合 ...

Financial Performance - For the six months ended March 31, 2025, the company reported a revenue of HKD 48,513,038, a significant decrease from HKD 278,058 in the same period last year[5] - The operating loss for the period was HKD 5,348,755, compared to an operating profit of HKD 21,414,362 in the previous year[5] - The loss before tax amounted to HKD 7,230,443, a decline from a profit of HKD 18,179,019 in the prior year[5] - The company reported a basic and diluted loss per share of HKD 1.61, compared to earnings of HKD 4.38 in the same period last year[5] - For the six months ended March 31, 2025, the net loss from financial assets measured at fair value through profit or loss was HKD 3,760,839, compared to a net loss of HKD 623,723 for the same period in 2024[14] - The group reported a pre-tax loss of HKD 7,230,443 for the six months ended March 31, 2025, compared to a profit of HKD 18,384,344 for the same period in 2024[23] - The net loss attributable to equity holders for the period was approximately HKD 7,200,000, an improvement from a loss of HKD 18,400,000 in the previous year[36] Cash Flow and Assets - The net cash used in operating activities was HKD 9,578,422, an improvement from HKD 17,979,171 in the previous year[9] - The total assets as of March 31, 2025, were HKD 300,470,237, compared to HKD 209,094,102 as of September 30, 2024[6] - The company's cash and cash equivalents decreased to HKD 17,558,378 from HKD 25,178,400 in the previous period[9] - The total equity as of March 31, 2025, was HKD 300,275,695, a decrease from HKD 307,506,138 as of September 30, 2024[6] - The company's net asset value as of March 31, 2025, was approximately HKD 300,275,695, a decrease of about 2.3% from HKD 307,506,138 on September 30, 2024[31][37] - The fair value of listed equity securities held as of March 31, 2025, was HKD 162,695,114, down from HKD 172,568,448 as of September 30, 2024[25] Share Capital and Dividends - The company did not declare any dividends for the period[5] - The group did not recommend any interim dividend for the six months ended March 31, 2025, consistent with the previous year[22] - The company's issued and paid-up share capital increased to 450,128,249 shares as of March 31, 2025, from 420,128,249 shares on September 30, 2024[31] - The company's issued share capital increased from 420,128,249 shares to 450,128,249 shares due to the conversion of convertible bonds[51] Expenses and Liabilities - The total administrative expenses for the six months ended March 31, 2025, were HKD 5,070,697, compared to HKD 7,589,623 in the same period of 2024[19] - The interest expense for the six months ended March 31, 2025, was HKD 1,881,688, compared to HKD 3,235,343 in the previous year[19] - As of March 31, 2025, the total margin loans and debts amounted to approximately HKD 153,900,000, with an annual interest rate ranging from 7.7% to 15.5%[51] Investments - The group holds significant investments, including 607,800,000 shares of Huilong Holdings valued at approximately HKD 23,700,000, representing 6.9% of total assets[42] - The investment in Japan Symbiosis Group is valued at approximately HKD 22,400,000, with a loss of HKD 1.6 million recognized in the last six months[42] - The bond investment in Jinhui Hong Kong Limited amounts to HKD 52.5 million, accounting for 15.3% of total assets[42] - The company reported realized losses of approximately HKD 3,800,000 from the sale of shares in Sprocomm Intelligence Limited and Japan Synergy Group Limited[38][39] - The company maintained its bond portfolio during the period, recording bond interest income of approximately HKD 6,600,000[40] Governance and Compliance - The audit committee consists of all independent non-executive directors and has reviewed the company's accounting principles and practices[60] - The company has adopted the standard code for securities transactions by directors and confirmed full compliance during the period[61] - The company has adhered to the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO[62] Market Outlook - The company anticipates no significant improvement or decline in the global investment market for the remainder of the year due to the complex political environment[40] Employee and Operational Information - The total employee cost (excluding directors' remuneration) is approximately HKD 1,100,000, with 7 employees as of March 31, 2025[50] - The group has not entered into any foreign currency hedging contracts during the period, maintaining no open foreign currency hedging contracts as of March 31, 2025[48] - The group did not acquire or dispose of any fixed assets during the reporting period[24] - There were no significant investments or capital asset plans as of March 31, 2025[53] - No stock options were granted during the six months ended March 31, 2025[57] - The company did not repurchase, redeem, or sell any of its listed securities during the six months ended March 31, 2025[59]

Financial Performance - In Q1 2025, the total revenue reached RMB 25.9 billion (USD 3.6 billion), a 1.1% increase from RMB 25.6 billion in Q1 2024, but a 41.4% decrease from RMB 44.3 billion in Q4 2024[11]. - Vehicle sales revenue for Q1 2025 was RMB 24.7 billion (USD 3.4 billion), up 1.8% from RMB 24.3 billion in Q1 2024, but down 42.1% from RMB 42.6 billion in Q4 2024[11]. - The gross profit for Q1 2025 was RMB 5.3 billion (USD 732.9 million), a slight increase of 0.6% from RMB 5.3 billion in Q1 2024, but a decrease of 40.7% from RMB 9 billion in Q4 2024[11]. - The operating profit for Q1 2025 was RMB 271.7 million (USD 37.4 million), a significant recovery from an operating loss of RMB 584.9 million in Q1 2024, representing a 92.7% decrease compared to Q4 2024's operating profit of RMB 3.7 billion[2]. - The net profit for Q1 2025 was RMB 646.6 million (USD 89.1 million), an increase of 9.4% year-over-year from RMB 591.1 million in Q1 2024, but a decrease of 81.7% from RMB 3.5 billion in Q4 2024[2]. - The diluted earnings per American Depositary Share (ADS) for Q1 2025 was RMB 0.62 (USD 0.08), up 10.7% from RMB 0.56 in Q1 2024, but down 81.3% from RMB 3.31 in Q4 2024[2]. Vehicle Deliveries and Sales - Vehicle deliveries in Q1 2025 totaled 92,864 units, representing a year-on-year growth of 15.5%[6]. - The company delivered 33,939 vehicles in April 2025, marking a 31.6% increase compared to April 2024[16]. - Vehicle deliveries are projected to be between 123,000 and 128,000 units, representing a year-over-year growth of 13.3% to 17.9%[33]. Operating Expenses and Cash Flow - Operating expenses for Q1 2025 were RMB 5 billion (USD 695.5 million), a decrease of 14.0% from RMB 5.9 billion in Q1 2024 and a decrease of 4.2% from RMB 5.3 billion in Q4 2024[11]. - The net cash used in operating activities for Q1 2025 was RMB 1.7 billion (USD 234.4 million), a 49.1% decrease from RMB 3.3 billion in Q1 2024[14]. - The free cash flow for Q1 2025 was negative RMB 2.5 billion (USD 348.7 million), a 49.9% improvement from negative RMB 5.1 billion in Q1 2024[14]. Research and Development - R&D expenses for Q1 2025 were RMB 2.5 billion (USD 346.4 million), down 17.5% from RMB 3 billion in Q1 2024, but up 4.4% from RMB 2.4 billion in Q4 2024[24]. - The company introduced an open-source smart vehicle operating system, "Li Xiang Star Ring OS," in April 2025, becoming the first automaker to do so globally[18]. - The new generation of driver assistance technology, VLA, aims to improve seamless interaction between vehicles and users, reflecting the company's commitment to innovation[20]. Company Operations and Infrastructure - As of March 31, 2025, the company operated 500 retail centers in 150 cities and 502 after-sales service centers in 225 cities[7]. - The company has established 2,045 Ideal Supercharging stations equipped with 11,038 charging piles[7]. Future Outlook - The company expects to launch the first pure electric SUV, Li i8, in July 2025, enhancing its presence in the high-end electric vehicle market[20]. - Total revenue is expected to be between RMB 32.5 billion ($4.5 billion) and RMB 33.8 billion ($4.7 billion), reflecting a year-over-year growth of 2.5% to 6.7%[33]. - The company plans to continue expanding its product line to broaden its user base[37]. Financial Metrics and Caution - The company advises shareholders and potential investors to exercise caution when relying on Q1 performance for trading decisions[4]. - The company emphasizes the importance of non-GAAP financial metrics to assess operational performance and inform financial and operational decisions[34].

Financial Performance - For the six months ended February 28, 2025, total revenue was approximately RMB 172.2 million, an increase of 0.8% compared to RMB 170.8 million for the six months ended February 29, 2024[12]. - Gross profit decreased by 11.7% to RMB 57.3 million for the six months ended February 28, 2025, down from RMB 64.9 million for the same period in 2024[20]. - Net profit for the period was approximately RMB 24.2 million, a decrease of 15.2% compared to RMB 28.6 million for the six months ended February 29, 2024[12]. - Total comprehensive income for the period was RMB 24,710,000, down 25.3% from RMB 33,032,000 in the previous year[93]. - The company did not declare any interim dividend for the six months ended February 28, 2025, consistent with the previous year[87]. - The profit attributable to equity holders of the parent company for the six months ended February 28, 2025, was RMB 24,219,000, compared to RMB 28,573,000 for the same period in 2024, representing a decrease of approximately 15.5%[126]. Revenue Breakdown - Tuition revenue decreased to RMB 158.9 million for the six months ended February 28, 2025, from RMB 159.0 million for the same period in 2024, while accommodation revenue increased by 12.7% to RMB 13.3 million[16]. - Tuition fees accounted for RMB 158,940,000, while accommodation fees increased to RMB 13,251,000 from RMB 11,762,000, marking a growth of 12.65%[111]. Student Enrollment and Academic Performance - The number of full-time students as of February 28, 2025, was 11,909, a decrease of 0.3% from 11,941 in the 2023/2024 academic year[12]. - In 2024, the university achieved a pass rate of 100% in the national undergraduate teaching evaluation, receiving high praise from evaluation experts[45]. - A total of 3,793 students were enrolled in 2024, with a job placement rate of 87.59% for the 2024 graduating class[48]. - The university has launched a total of 1,322 courses, including 59 compulsory public courses, 244 elective public courses, 860 professional courses, and 159 practical teaching sessions[45]. Expenses and Costs - Sales costs increased by 8.5% to RMB 114.9 million for the six months ended February 28, 2025, compared to RMB 105.9 million for the same period in 2024[17]. - Administrative expenses rose by 7.7% to RMB 21.0 million for the six months ended February 28, 2025, from RMB 19.5 million for the same period in 2024[23]. - The total salary cost for the group for the six months ending February 28, 2025, was RMB 42.1 million, a decrease from RMB 48.7 million for the same period in 2024[65]. - The group’s pre-tax profit for the six months ended February 28, 2025, was impacted by employee benefits expenses totaling RMB 42,068,000, down from RMB 47,146,000 in 2024, a decrease of 10.5%[113]. Assets and Liabilities - As of February 28, 2025, the group's property, plant, and equipment amounted to approximately RMB 1,917.1 million, an increase of RMB 12.0 million from RMB 1,905.1 million as of August 31, 2024[28]. - Non-current assets as of February 28, 2025, totaled RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[94]. - Total liabilities decreased to RMB 1,471,093,000 from RMB 1,615,639,000 as of August 31, 2024[96]. - The company has a net current liability of RMB 606,294,000 as of February 28, 2025, indicating a need for careful liquidity management[105]. Financing and Cash Flow - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the six months ended February 28, 2025, with interest expenses reducing from approximately RMB 33.5 million to approximately RMB 27.0 million[25]. - The company raised RMB 138,944,000 in new bank loans during the six months ended February 28, 2025, compared to RMB 124,200,000 in the same period of 2024[101]. - The company incurred net cash outflows from investing activities amounting to RMB 79,140,000 for the six months ended February 28, 2025, compared to RMB 34,874,000 in the prior year[101]. Strategic Initiatives and Future Plans - The group aims to expand its educational services into a systematic, multi-level, and multi-dimensional operation, gradually increasing the scale of education to continuously create value for shareholders[60]. - The group plans to invest in vocational education by establishing vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, forming a new model of school-enterprise integration[62]. - The company plans to continue its business expansion while managing its financial resources effectively, including RMB 120,225,000 in financing available[105]. - The company is exploring potential acquisitions of smaller educational institutions to enhance its service offerings and market share[155]. Governance and Management - The board believes that the current arrangement of having the CEO also serve as the chairman is beneficial for the company's overall operations and management[82]. - The board will continue to review the separation of the roles of chairman and CEO as necessary[83]. - The group emphasizes the importance of attracting and retaining quality employees as crucial for its success and sustainable development[65]. Market Position and Growth - The company reported a significant increase in user enrollment, with a year-over-year growth of 25% in student numbers[154]. - Future guidance indicates a projected revenue growth of 20% for the next fiscal year, driven by increased enrollment and new product offerings[156]. - User retention rates improved to 85%, reflecting the effectiveness of recent educational programs and support services[154].

Financial Performance - The company recorded revenue of RMB 7.015 billion, a decrease of 21.9% compared to the same period last year[5]. - The profit attributable to shareholders was RMB 1.478 billion, down 8.4% year-on-year[5]. - The basic earnings per share based on profit attributable to shareholders was RMB 12.91, a decline of 5.1% compared to the previous year[5]. - The company reported a basic profit attributable to shareholders of RMB 1.411 billion, which is 18.2% lower than the same period last year[5]. - The overall market environment has posed challenges, impacting revenue and profit margins[5]. - The company's revenue for the three months ending March 31, 2025, was RMB 7,014,710,000, a decrease of 22% compared to RMB 8,982,734,000 in the same period of 2024[34]. - Gross profit for the same period was RMB 4,705,130,000, down from RMB 6,495,429,000, reflecting a decline in gross margin[34]. - The net profit attributable to shareholders for Q1 2025 was RMB 1,477,968,000, compared to RMB 1,612,850,000 in Q1 2024, representing a decrease of approximately 8.3%[34]. - The company reported a basic earnings per share of RMB 12.91 for Q1 2025, down from RMB 13.61 in Q1 2024[34]. - The total operating expenses, including selling and administrative expenses, were RMB 1,660,360,000 and RMB 228,435,000 respectively for the quarter[34]. Revenue Breakdown - The revenue from the pharmaceutical segment was RMB 5.500 billion, representing a decrease of 27.3% year-on-year[4]. - Revenue from raw materials increased by 14.6% to RMB 1.072 billion compared to the previous year[4]. - The sales revenue of functional foods and other businesses decreased by 8.9% to RMB 443 million, mainly affected by declining market demand and product prices for coffee[8]. - Sales revenue from pharmaceutical products was RMB 6,296,604,000, significantly lower than the previous year's figure of RMB 8,982,734,000[36]. - The sales revenue of vitamin C products increased by 25.0% to RMB 608 million, reflecting strong market demand[7]. - The sales revenue of antibiotic products remained stable, with a slight increase of 3.3% to RMB 464 million[7]. - The sales revenue of the raw material products business increased by 14.6% to RMB 1.072 billion, driven by rising market demand and product price recovery[7]. Research and Development - R&D expenses increased by 11.4% to RMB 1.302 billion, accounting for 23.7% of the pharmaceutical business revenue, with nearly 90 products in various stages of clinical trials[9]. - The group obtained approvals for 2 innovative products and received acceptance for 3 product applications in China since the beginning of the year[10]. - The group received breakthrough therapy designations for 3 products, enhancing its pipeline for advanced therapies[12]. - The group has 10 products submitted for market approval, with over 30 key products in the registration clinical stage[9]. - The group has received 25 clinical trial approvals in China, indicating robust progress in its R&D efforts[10]. - The company is focusing on innovative therapies, with several products in the pipeline for treating different types of cancers and chronic diseases[18][19]. - The company has achieved key milestones in clinical research, including the completion of data collection for several Phase III trials[21]. - The company is actively pursuing collaborations and partnerships to enhance its research and development capabilities in the pharmaceutical sector[20]. - The company has a strong focus on R&D, with a significant number of ongoing projects aimed at enhancing its product offerings[30]. - The company has a diverse pipeline of drugs in various stages of development, addressing significant medical needs[27]. Clinical Trials and Approvals - The company is conducting clinical trials for SYS6043 (ADC) targeting advanced/metastatic solid tumors, with FDA approval received in January 2025[16]. - In April 2025, the company initiated a Phase III clinical trial for JSKN003 in China, focusing on HER2-positive gastric cancer[18]. - The company has launched a Phase III clinical trial for SYS6010 (anti-EGFR humanized monoclonal antibody) in April 2025, targeting second-line EGFR mutation NSCLC[21]. - The company is developing new products, including CPO301 (EGFR-ADC), which has received Fast Track designation from the FDA for advanced non-squamous NSCLC[17]. - The company has initiated a Phase III clinical trial for TG103 injection (GLP-1 receptor agonist) in March 2025, aimed at treating obesity[21]. - The company is expanding its market presence with multiple ongoing clinical trials for various oncology products, including JMT101 and SYS6002[16][21]. - The completion of the last patient enrollment in the Phase III clinical trial of KN026 combined with trastuzumab and pertuzumab for first-line treatment of HER2-positive breast cancer in China is expected in April 2025[22]. - The Phase II/III clinical trial of KN026 combined with chemotherapy for HER2-positive advanced unresectable or metastatic gastric cancer achieved the primary endpoint of progression-free survival (PFS) analysis[22]. - The I phase clinical trial of HA121-28 for treating late-stage solid tumor patients is published in Signal Transduct Target Ther with an impact factor of 40.8[23]. - The I phase clinical trial of DBPR108 for type 2 diabetes patients is published in Clinical Pharmacokinetics with an impact factor of 4.6[23]. Strategic Initiatives - The company has been actively repurchasing shares since April 2024 to enhance earnings per share and maximize shareholder returns[5]. - The company aims to improve its market position through strategic initiatives and product development[5]. - The company plans to continue focusing on expanding its pharmaceutical product offerings and enhancing its market presence[36]. - Future strategies include exploring potential mergers and acquisitions to strengthen market position and expand product lines[39]. - The company is pursuing internationalization by licensing its innovative products to drive business growth[30]. - The company is actively expanding its business by collaborating with biotechnology firms that have quality pipeline products, enhancing its product line and creating new growth points[30]. Intellectual Property - The company has submitted a total of 218 PCT international patent applications and 2,178 patent applications (1,429 domestic and 749 foreign) as of April 30, 2025, with 998 patents granted (653 domestic and 345 foreign)[29]. - The company signed an exclusive licensing agreement for SYS6005 (ADC) with Radiance Biopharma, Inc., receiving an upfront payment of $15 million and potential milestone payments of up to $1.575 billion[31]. - The company signed an exclusive licensing agreement for the commercialization of Irinotecan Liposome Injection in the U.S. with Cipla USA, Inc., receiving an upfront payment of $15 million and potential milestone payments of up to $1.275 billion[31].

Financial Performance - For Q1 2025, net revenue was RMB 614.6 million (USD 84.7 million), a decrease of 5.4% compared to Q1 2024, primarily due to reduced distribution of insurance products[9]. - Net income attributable to shareholders for Q1 2025 was RMB 149.0 million (USD 20.5 million), a 13.3% increase year-over-year[11]. - Operating income for Q1 2025 was RMB 186.0 million (USD 25.6 million), an increase of 53.1% compared to Q1 2024, mainly due to a 21.8% reduction in compensation and benefits[11]. - The company reported a significant recovery in operational profitability, with operating income increasing by 53.1% year-over-year and 35.2% quarter-over-quarter[21]. - The operating profit margin for Q1 2025 was 30.3%, up from 18.7% in Q1 2024, primarily due to a 21.8% reduction in salaries and benefits[30]. - The company reported a net loss of 428,586 thousand RMB, indicating challenges in profitability[59]. - Total revenue for the three months ended March 31, 2025, was RMB 654,268 thousand, a decrease of 5.2% compared to RMB 620,095 thousand for the same period in 2024[50]. - The diluted earnings per American Depositary Share (ADS) for the three months ended March 31, 2025, was RMB 2.11, a decrease of 12.2% from RMB 2.13 in the previous year[51]. Client Metrics - The number of registered clients as of March 31, 2025, was 463,161, representing a 1.2% increase year-over-year[10]. - The number of active clients for Q1 2025 was 8,822, a decrease of 15.1% year-over-year[15]. - The number of overseas registered clients as of March 31, 2025, was 18,207, reflecting a 15.8% increase year-over-year[10]. - The number of overseas active clients increased by 23.3% from 2,745 to 3,384[73]. - The total number of overseas financial advisors as of March 31, 2025, was 131, a 44.0% increase year-over-year[13]. Asset Management - As of March 31, 2025, total assets under management remained relatively stable at RMB 149.3 billion (USD 20.6 billion), compared to RMB 153.3 billion as of March 31, 2024, and RMB 151.5 billion as of December 31, 2024[16]. - The private equity segment accounted for RMB 130.4 billion (87.4%) of total assets under management as of March 31, 2025, showing a slight decrease from RMB 131.5 billion (86.8%) as of December 31, 2024[17]. - The domestic asset management scale was RMB 106.6 billion (USD 14.7 billion), down from RMB 108.9 billion as of December 31, 2024[18]. - The overseas asset management scale was RMB 42.7 billion (USD 5.9 billion) as of March 31, 2025, showing stability compared to RMB 42.6 billion as of December 31, 2024[20]. Revenue Sources - Total value of distributed investment products for Q1 2025 was RMB 16.1 billion (USD 2.2 billion), a decrease of 14.7% compared to Q1 2024, mainly due to a 39.8% reduction in public fund product distribution[15]. - The overseas asset management segment generated RMB 112.0 million (USD 15.4 million) in net income for Q1 2025, representing a 22.3% increase compared to the same period in 2024, driven by an increase in private equity investments managed by Olive[25]. - The domestic asset management segment reported net income of RMB 167.0 million (USD 23.0 million) for Q1 2025, a decrease of 14.3% year-over-year, mainly due to reduced management fees from private equity products[22]. - Wealth management business revenue was RMB 464,210 thousand, while asset management business revenue was RMB 180,809 thousand for the three months ended March 31, 2025[66]. Operational Efficiency - Operating costs and expenses for Q1 2025 were RMB 428.6 million (USD 59.1 million), a decrease of 18.8% year-over-year[24]. - In Q1 2025, the operating costs and expenses for domestic public market securities were RMB 32.5 million (USD 4.5 million), a decrease of 16.4% compared to Q1 2024, primarily due to reduced compensation for financial advisors[26]. - The operating income for domestic public market securities in Q1 2025 was RMB 95.0 million (USD 13.1 million), an increase of 18.4% year-over-year, mainly due to increased fundraising fee income from private equity securities funds[29]. - The operating income for overseas wealth management in Q1 2025 was RMB 58.1 million (USD 8.0 million), significantly up from RMB 4.7 million in Q1 2024, primarily due to reduced salaries and benefits[29]. Future Outlook - The company aims to continue advancing its strategy to drive sustainable growth and provide reasonable returns to shareholders[21]. - The company plans to enhance its market expansion strategies to improve future performance[58]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in revenue streams[58]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify offerings[58]. - The company is focused on enhancing its product offerings and services through research and development investments[46].