Financial Performance - Revenue for Q1 2025 was RMB 37,994,650, a decrease of 38.31% compared to RMB 61,594,149 in Q1 2024[6] - Net profit attributable to shareholders was a loss of RMB 6,246,209, representing a decline of 1,625.63% from a loss of RMB 361,968 in the same period last year[6] - Basic and diluted earnings per share were both RMB (0.5268), a decrease of 1,625.63% from RMB (0.0305) in the previous year[6] - The company reported a net loss attributable to shareholders of RMB 6.25 billion[20] - The operating loss for the period was RMB 884.1 million, compared to an operating profit of RMB 4.658 billion in the previous year[35] - The total comprehensive loss for the period was RMB 8.016 billion, compared to a comprehensive income of RMB 280.37 million in the same period last year[37] Cash Flow and Assets - Cash flow from operating activities was a net outflow of RMB 5,792,569, an improvement of 38.52% compared to RMB 9,421,419 in Q1 2024[6] - As of the end of the reporting period, the company held cash and cash equivalents of RMB 75.50 billion, with total interest-bearing liabilities of RMB 365.87 billion, resulting in a debt-to-asset ratio of 73.5%[21] - Cash and cash equivalents decreased to RMB 71.122 billion from RMB 84.009 billion at the beginning of the year[40] Assets and Equity - Total assets decreased by 3.28% to RMB 1,244,039,386 from RMB 1,286,259,860 as of December 31, 2024[7] - Equity attributable to shareholders decreased by 2.93% to RMB 196,728,879 from RMB 202,666,488[7] - Other current assets decreased by 90.44% to RMB 16,897 from RMB 176,748, primarily due to the disposal of trading financial assets[9] Revenue Breakdown - Revenue from real estate development business contributed RMB 22.80 billion, down 51.1% year-on-year, while operating service business revenue increased by 12.1% to RMB 12.27 billion[20] - The group achieved a contracted sales area of 2.54 million square meters and a contracted sales amount of 34.92 billion yuan, representing year-on-year declines of 35.1% and 39.8% respectively[22] - The company achieved a total revenue of RMB 37.99 billion in the reporting period, a year-on-year decrease of 38.3%[20] Operational Highlights - The company delivered 10,400 housing units in the first quarter, achieving a sales amount of RMB 34.92 billion with a collection rate exceeding 100%[17] - The group completed a total of 44 projects, delivering 10,400 units, with 41% of projects allowing immediate delivery and a 96% online signing delivery rate[22] - The Shanghai Siji Yinxiu project had a sales rate of 84%, while the Hangzhou Yun Yao Zhi Cheng project achieved a 100% sales rate upon launch[23] Cost and Financing - Financing costs increased by 64.97% to RMB (2,081,743) due to a decrease in capitalized interest rates[9] - The company’s financing costs increased to RMB 2.082 billion from RMB 1.262 billion year-on-year[35] - The company actively implemented a comprehensive plan to promote reform and development, securing new financing and refinancing of RMB 13.9 billion in the first quarter[17] Strategic Initiatives - The company plans to maintain a cautious approach towards future investments and market expansion, emphasizing risk awareness among investors[8] - The company launched an AI drawing model applied in 455 projects, enhancing design efficiency and project analysis[19] - The company is developing a low-carbon community project in Shanghai, expected to reduce carbon emissions by 43.2% compared to national standards[18] Business Segments Performance - Property management services saw a 24.9% year-on-year increase in contract revenue to 780 million yuan, with new acquisitions contributing 60 million yuan[25] - The rental housing business generated 884 million yuan in revenue, a 6% year-on-year increase, with an occupancy rate of 93.9%[26] - The commercial development and operation business achieved revenue of 1.937 billion yuan, with an overall leasing rate of 92.1%[28] - The logistics and warehousing business achieved revenue of RMB 1 billion in Q1, a year-on-year increase of 3.3%[30] - High-standard warehouse revenue was RMB 500 million, a year-on-year decrease of 6.6%, while cold chain revenue was RMB 500 million, a year-on-year increase of 15.6%[30] Market Trends - The average premium rate for residential land transactions was 15.3%, an increase of 9.3 percentage points compared to the same period last year[15] - The group’s commercial traffic increased by 6.9% year-on-year, with sales rising by 5.8%[28] - The underlying asset of the CICC REIT maintained a leasing rate of 98.1% and a rent collection rate of 99.8%[29]

Nickel Production and Projects - The company has established a complete nickel production process, including both pyrometallurgical and hydrometallurgical methods, with a total designed capacity of 18,000 metal tons of nickel iron at its Jiangsu factory [8]. - The Obi project in Indonesia has a total designed capacity of 120,000 metal tons of nickel-cobalt compounds (including 14,250 metal tons of cobalt) and 280,000 metal tons of nickel iron, contributing significantly to the company's production capabilities [8]. - The company has invested in two nickel production projects in Indonesia, enhancing its production capacity and market presence [8]. - The company has a total designed capacity of 400,000 tons of nickel metal in its smelting projects, with 120,000 tons from HPAL and 280,000 tons from RKEF [28]. - The HPAL project has successfully achieved production targets, with all lines operating at full capacity throughout the year [33]. - The RKEF project has a total designed capacity of 280,000 tons of nickel iron, with HJF contributing 95,000 tons and KPS expected to complete all production lines by 2026 [35]. - The company has successfully implemented the HPAL project, achieving design capacity within two months of production startup, setting industry records for efficiency [41]. - The third-generation HPAL process used in the project is among the most competitive technologies for processing low-grade nickel ore, significantly improving production efficiency while reducing energy consumption and costs [42]. Financial Performance - The company achieved a revenue of RMB 29,233.0 million in 2024, representing a year-on-year growth of 38.8% [16]. - Net profit attributable to shareholders reached RMB 1,773.2 million, an increase of 68.7% compared to the previous year [16]. - Non-current assets totaled RMB 25,357.7 million, up from RMB 20,400.9 million in 2023, indicating a growth of 24.5% [15]. - Total assets increased to RMB 37,957.0 million, a rise of 23.6% from RMB 30,679.7 million in 2023 [15]. - The total equity attributable to shareholders rose to RMB 10,758.9 million, reflecting an increase of 17.2% from RMB 9,185.5 million in 2023 [15]. - The company achieved a total revenue of RMB 29,233.0 million in 2024, representing a 38.8% increase year-over-year [29]. - Gross profit grew by 58.3% from RMB 3,382.0 million in 2023 to RMB 5,352.5 million in 2024, with gross margin rising from 16.1% to 18.3% [60]. - Profit from associates surged from RMB 233.2 million in 2023 to RMB 404.0 million in 2024, largely due to the HJF project's full production capacity [66]. - The company's profit before tax increased significantly from RMB 1,761.5 million for the year ended December 31, 2023, to RMB 3,817.0 million for the year ended December 31, 2024 [67]. - Annual profit surged from RMB 1,721.5 million for the year ended December 31, 2023, to RMB 3,208.8 million for the year ended December 31, 2024, with a net profit margin increase from 8.2% to 11.0% [69]. Market and Industry Trends - The company anticipates continued growth in demand for nickel products driven by the global transition to green energy and the development of new energy vehicles [20]. - The demand for nickel in the new energy and high-end manufacturing sectors is expected to grow, driven by the acceleration of the global green economy transition [25]. - In 2024, the Chinese new energy vehicle market saw significant growth, with production and sales reaching 12.888 million and 12.866 million units, respectively, marking year-on-year increases of 34.4% and 35.5% [26]. - The stainless steel market demand continued to grow, with China's crude stainless steel production reaching 39.4411 million tons, an increase of 7.54% year-on-year [27]. - Nickel metal prices are influenced by global economic recovery uncertainties and high interest rates, with significant volatility expected in 2024 due to supply shortages and geopolitical factors [36]. Strategic Initiatives and Goals - The company is focused on expanding its nickel industry value chain, integrating upstream resource procurement, midstream smelting production, and downstream application scenarios [4]. - The company aims to leverage Chinese technology to integrate global resources, positioning itself as a leader in the nickel industry [4]. - The company is committed to becoming a leading service provider in the global nickel industry chain, focusing on steady progress and transformation [20]. - The company is actively participating in community construction and environmental protection projects in the Obi project area, demonstrating its commitment to social responsibility [22]. - The company is committed to green low-carbon production and aims to integrate advanced Chinese technology with global resources for sustainable development [28]. - The company is focusing on cost reduction and efficiency improvement through optimized business models and flexible sales and procurement strategies [22]. Governance and Compliance - The company has appointed multiple directors and managers across various subsidiaries, indicating a strong governance structure [87][88][89][90][91][92][93][94][95][96]. - The board of directors consists of 9 members, ensuring diverse expertise and governance [111]. - The company has adopted strict internal procedures to ensure compliance with ethical standards and regulations [107]. - The independent non-executive directors confirmed their independence annually as per listing rules [115]. - The company has established a robust internal control and risk management system to oversee its operations and financial performance [124]. - The audit committee, composed entirely of independent non-executive directors, reviews the financial reporting process and internal control systems annually [151]. Community and Environmental Responsibility - The company is actively involved in community initiatives, which may improve its public image and stakeholder relations [95]. - The company has a strong focus on green production and circular economy, recycling by-products to maximize resource utilization [39]. - The company is enhancing its R&D capabilities, focusing on comprehensive development of metal resources from laterite nickel ore and energy-saving technologies [51]. Future Outlook and Expansion Plans - Future outlook includes strategic expansions and potential acquisitions to enhance market presence, although specific targets were not mentioned [89]. - The company is exploring opportunities in emerging markets, which could provide new revenue streams [89]. - The company plans to continue expanding its market presence and enhancing customer relationships through improved trade processes and services [31].

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 全部或任何部份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。 Twintek Investment Holdings Limited 乙德投資控股有限公司 （於開曼群島註冊成立的有限公司） 有關二零二四年年報之補充公告 謹 此 提 述 乙 德 投 資 控 股 有 限 公 司（「本公司」）刊 發 日 期 為 二 零 二 四 年 七 月 十 九 日 之 截 至 二 零 二 四 年 三 月 三 十 一 日 止 年 度 的 年 報（「二零二四年年報」）。除 非 文 義 另 有 所 指，否 則 本 公 告 所 用 專 有 詞 彙 與 二 零 二 四 年 年 報 所 界 定 者 具 有 相 同 涵 義。 除 二 零 二 四 年 年 報 提 供 的 資 料 外，本 公 司 謹 此 提 供 以 下 有 關 二 零 二 四 年 年 報 第35頁至第37頁「董 事 會 報 告」內「購 股 權 計 劃」一 節 所 載 的 購 股 ...

Financial Performance - The total revenue for the group in 2024 reached over RMB 47.5 billion, marking a historical high[20]. - The production and processing volume of coke reached 18.6 million tons in 2024[20]. - Fine chemical revenue also achieved a historical high of over RMB 20.7 billion in 2024[20]. - The company's net profit for the year was RMB 97.8 million, a decrease of RMB 891.7 million or 90.1% compared to the previous year's net profit of RMB 989.5 million[110]. - The company's net profit decreased by approximately RMB 891.7 million or 90.1% compared to the previous year[53]. - The gross profit margin improved slightly to 7.3% in 2024 from 7.2% in 2023, with total gross profit rising to approximately RMB 3,489.5 million, an increase of about RMB 164.7 million or 5.0%[98]. - The EBITDA margin decreased to 8.1% in 2024 from 9.5% in 2023, reflecting the impact of rising costs in certain segments[90]. - The net profit margin fell significantly to 0.2% in 2024 from 2.1% in 2023, indicating challenges in profitability[90]. - The total sales cost increased to RMB 44,053.2 million in 2024, up from RMB 42,740.9 million in 2023, with notable increases in the fine chemical products segment[96]. - Other income rose by RMB 78.5 million or 15.5%, reaching RMB 586.1 million, primarily due to additional interest income from incremental loans provided to a subsidiary[100]. Market Position and Expansion - The company is the largest independent coke producer and supplier globally, with a market share of 2.5% (up from 1.8% in 2023)[14]. - The company is the second-largest producer of caprolactam globally, holding a market share of 7.1% (down from 7.6% in 2023)[14]. - The company is the largest producer of high-purity hydrogen in the Beijing-Tianjin-Hebei region, with a market share of 18.6% (up from 8.3% in 2023)[14]. - The company has established nine industrial parks across China and Indonesia, expanding its business coverage to 39 countries and regions including Australia, Brazil, Italy, Mexico, South Korea, Japan, and Saudi Arabia[11]. - The company has transformed from a regional market participant to a national industry leader and is gradually expanding into global markets[10]. - The company aims to enhance its market share in hydrogen energy products by actively participating in industrialization plans in various Chinese cities[87]. - The company plans to continue its market-oriented expansion strategy, aiming to maintain its industry leadership in coke and fine chemical products[58]. Corporate Governance and Leadership - Yang Xuegang has been appointed as the executive director and CEO since November 2007, responsible for overall management and business development of the group[35]. - Li Qinghua has been appointed as the executive director and group CEO starting April 2024, focusing on daily operations and management of production parks[39]. - The group has a diverse leadership team with expertise in various sectors, including finance, legal, and engineering, enhancing its operational capabilities[42]. - The management team includes independent non-executive directors with extensive backgrounds in finance and corporate governance, ensuring robust oversight and strategic direction[45][49]. - The board consists of nine members, including six executive directors and three independent non-executive directors[154]. Strategic Initiatives and Innovations - The company aims to enhance technological innovation and green development as part of its future strategy[16]. - The company is focused on integrating and expanding its existing businesses, including coke and fine chemical production capacity, to enhance operational efficiency and profitability[54]. - The company is committed to a fully automated and information-driven approach, integrating industrial internet and smart manufacturing technologies[71]. - The company has established a three-tier R&D system, including a research committee and multiple provincial-level research centers[72]. - The company has accumulated R&D expenditures of RMB 4.3 billion since its listing, achieving 46 national and provincial-level technological innovations and 261 provincial-level honors[72]. Financial Management and Investments - The company raised RMB 450 million from Agricultural Bank of China Financial Asset Investment Co., Ltd. for Dingzhou Tianshu New Energy Co., Ltd. in July 2024[62]. - The company has been recognized as one of the first enterprises to receive certification for clean hydrogen in demonstration urban clusters in China[66]. - The company has invested a total of RMB 9.3 billion in environmental protection since its establishment, aiming for carbon peak and carbon neutrality by 2030 and 2060 respectively[69]. - The company is exploring measures to mitigate foreign exchange risks due to holding capital in foreign currencies such as USD, JPY, and HKD[122]. - The company has not conducted any new acquisitions in the coking industry in 2024 but is focusing on integrating production facilities to expand capacity[63]. Shareholder Returns and Dividends - The board proposed a special dividend of approximately RMB 0.0222 per share, totaling around RMB 0.03 per share for the year, in celebration of the company's 30th anniversary[17]. - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024, but has declared an interim dividend of RMB 0.78 per share, representing over 34% of the company's net profit for the year[57]. - The total dividend per share for the year, including the interim dividend of RMB 0.78, is expected to be RMB 3[151]. - The company anticipates distributing at least 30% of its annual distributable profits as dividends in subsequent years[151]. Operational Challenges - The average price of the company's coke products fell to approximately RMB 1,848 per ton (excluding tax), a decrease of about 16.1% year-on-year[53]. - The trading segment's revenue decreased by RMB 2,428.1 million or 33.9%, down to RMB 4,740.3 million, mainly due to lower prices of key trading products like coke and coal[95]. - The share of profits from associates decreased from RMB 89.6 million to RMB 30.9 million, primarily due to a loss of RMB 27.0 million from a previously profitable investment[106]. - The share of profits from joint ventures decreased from RMB 134.0 million to RMB 75.0 million, mainly due to a reduction in profits from Hebei Zhongmei Xuyang Coking Co., Ltd.[107]. Related Party Transactions - Related party transactions have been established with certain directors, constituting connected transactions under the listing rules[181]. - The independent non-executive directors confirmed that the ongoing related party transactions comply with the relevant regulations[195]. - The acquisition constitutes a related party transaction as it involves the company's controlling shareholders[194].

Financial Restructuring - The company has reached a preliminary consensus with banks on a transitional restructuring arrangement, addressing material uncertainties related to going concern[10] - A substantial shareholder confirmed in writing that no demand for repayment of HK$205 million in shareholder loans, representing 60.4% of total current shareholder loans, will be made until the group is capable of repayment[10] - The company will continue to actively communicate with banks to confirm details regarding the repayment of outstanding loan principal while monitoring liquidity closely[13] - The company is focused on maintaining normal business operations while addressing financial restructuring[13] Shareholder Information - The company’s executive director and a former co-chairman transferred a total of 589,112,776 shares to Elite Success International Limited, representing approximately 9.5% of the issued shares[11] - Elite Success International Limited now holds beneficial interest in 1,601,715,526 shares, representing approximately 25.83% of the issued shares[14] Revenue and Financial Performance - For the year ended 31 December 2024, the Group achieved total reported revenue from continuing operations of approximately HK$771.5 million, representing an increase of approximately HK$31.8 million or approximately 4.3% over the previous year[44] - The Group recorded total gaming revenue from continuing operations of approximately HK$393.1 million, an increase of approximately HK$57.4 million or approximately 17.1% compared to the previous year[45] - The total amount wagered on mass market tables increased by 12.9% to HK$4,353.5 million in 2024 from HK$3,855.3 million in 2023[48] - The net win from mass market tables rose by 17.6% to HK$714.8 million in 2024, up from HK$607.7 million in 2023[48] - The average net win per table per day increased by 15.7% to HK$59,000 in 2024 from HK$51,000 in 2023[48] - For the year ended 31 December 2024, the Group recorded total non-gaming revenue from continuing operations of approximately HK$378.3 million, representing a decrease of approximately HK$25.7 million or approximately 6.4% compared to the previous year[52] - Income from hotel rooms decreased from HK$218.6 million in 2023 to HK$197.5 million in 2024, a decline of approximately 9.7%[54] - Adjusted EBITDA for continuing operations increased to approximately HK$159.8 million in 2024 from approximately HK$96.8 million in 2023, an increase of approximately 65.1%[56] - The Group's loss for the year ended 31 December 2024 increased significantly to approximately HK$622.6 million, compared to a loss of approximately HK$4.9 million in the previous year[63] - Total revenue from gaming services increased by approximately HK$24.4 million or 25.7% from HK$94.9 million in 2023 to HK$119.2 million in 2024[69] Visitor Statistics - Visitor arrivals in Macau increased from 28.2 million in 2023 to 34.9 million in 2024, although a downward trend in visitor spending was noted[34] - The total number of visitors to Macau increased by 23.8% from 28.2 million in 2023 to 34.9 million in 2024[69] Operational Developments - The Group plans to optimize facilities at Macau Fisherman's Wharf, including the re-activation of the Roman Amphitheatre and the renovation of "The French Terrace" for various events[36] - The Group aims to explore new event types such as mini concerts and sports competitions to enhance its offerings and contribute to Macau's development as a "City of Performing Arts" and a "City of Sports"[36] - The Group will implement new sustainability measures, including switching to eco-friendly materials and reducing plastic use in the coming year[36] Employee Information - As of December 31, 2024, the Group had a total of 1,149 employees, a significant decrease from 2,273 employees in 2023, primarily due to the disposal of operations in Lao PDR[98] - The Group recognizes the importance of maintaining a stable staff force, with remuneration based on qualifications, performance, and market trends[99] - The Group offers various benefits to eligible employees, including retirement benefits, subsidized medical care, and sponsorship for education and training[99] Corporate Governance - The company is actively involved in corporate governance, ensuring compliance with listing rules and regulations[146] - The Company has complied with the Corporate Governance Code and Listing Rules requirements for the year ended 31 December 2024, except for code provision C.2.1 which states that the roles of chairman and chief executive should be separate[150] - The Board is composed of executive directors, non-executive directors, and independent non-executive directors, ensuring a balance of skills and experience appropriate for the Group's business needs[163] - The Company has established a Nomination Committee to identify suitable candidates for directorships, including independent non-executive directors, and assesses their independence annually[165] - The Company emphasizes the importance of good corporate governance practices for maintaining investor confidence and sustainable growth[149] Audit and Compliance - The Audit Committee conducted significant work during the year ended December 31, 2024, including discussions with external auditors regarding audit and financial reporting issues[200] - The Audit Committee comprises four members, including three independent non-executive Directors and one non-executive Director, ensuring compliance with the Listing Rules[197] - The main duties of the Audit Committee include reviewing financial information and reports, considering significant items raised by financial officers or external auditors, and reviewing the Company's financial reporting system[198] - The Company has no disagreements with the Audit Committee regarding the appointment of Ernst & Young as the external auditor for the year ended December 31, 2024[200]

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 787.2 million, a decrease of 3.7% compared to RMB 815.1 million for the year ended December 31, 2023[9]. - Gross profit for the year ended December 31, 2024, was RMB 567.0 million, down from RMB 605.4 million for the previous year, reflecting a decline of 6.3%[9]. - Net profit increased by 234.4% to RMB 1,004.3 million for the year ended December 31, 2024, compared to RMB 300.4 million for the year ended December 31, 2023[9]. - Adjusted net profit (non-IFRS measure) for the year ended December 31, 2024, was RMB 211.4 million, a decrease of 6.3% from RMB 225.6 million for the previous year[9]. - Revenue from ride-sharing platform services decreased by 2.6% to RMB 753.5 million in 2024, primarily due to increased competition in the ride-sharing industry[25]. - Revenue from smart taxi services fell by 45.7% to RMB 6.2 million in 2024, as the company's strategy shifted from ride-hailing to a new integrated model[25]. - The overall transaction volume for 2024 reached RMB 7,364 million, with total order volume hitting 119.1 million, and orders from the mini-program increased by 10.4% year-on-year[15]. - The company recorded an expected credit loss of RMB 18.2 million for the year ended December 31, 2024, compared to a gain of RMB 1.4 million in the previous year, primarily due to loan impairment related to an associate[36]. - Other income rose by 3.5% from RMB 19.6 million to RMB 20.2 million, mainly due to increased interest income from bank balances and loans to an associate[33]. - Sales and marketing expenses decreased by 26.8% from RMB 233.6 million to RMB 171.0 million, due to a cautious promotion strategy and more precise marketing through algorithms[38]. - Research and development expenses increased by 14.3% from RMB 121.7 million to RMB 139.1 million, reflecting continued investment in product development and personnel[40]. - The liquidity ratio improved significantly to 283.1% in 2024 from 30.2% in 2023, indicating a stronger short-term financial position[64]. - The asset-liability ratio decreased to 32.0% in 2024 from 310.3% in 2023, reflecting a reduction in total liabilities[64]. - The company has no outstanding borrowings or unutilized bank financing as of December 31, 2024[59]. - The company reported a significant increase in cash flow from financing activities, with net cash inflow of RMB 202.1 million in 2024 compared to an outflow of RMB 10.3 million in 2023[53]. - Cash and cash equivalents increased from RMB 685.5 million as of December 31, 2023, to RMB 1,057.3 million as of December 31, 2024, primarily due to net proceeds from global offerings and increased operating activities[51]. User Growth and Market Expansion - The registered user base of the Dida app exceeded 372 million, representing a year-on-year growth of 10.5%[14]. - The number of certified private car owners connected to the platform grew by 21.4% to over 18.9 million[10]. - The number of passengers using the ride-sharing service increased by 34.3% year-on-year, particularly driven by strong demand from lower-tier markets[20]. - The company plans to explore various scalable ride-sharing scenarios, such as employee commuting and student transportation, to expand its user base[21]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2024[89]. Operational Efficiency and Sustainability - The company achieved a carbon emission reduction of approximately 1.3 million tons in 2024, equivalent to reforesting 1.6 million acres[11]. - The company maintains a focus on a light-asset model to ensure sustainable profitability amid intense industry competition[14]. - Strategic partnerships have been established with 71 cities to enhance the traditional taxi industry's operational efficiency and user experience[10]. - The company launched a new station-based ride-sharing model in 2024 to attract both drivers and passengers, enhancing user experience[16]. - The company aims to implement smart taxi services in selected cities, leveraging dynamic pricing policies to compete with ride-hailing services[22]. Leadership and Governance - The board consists of nine members, including four executive directors, one non-executive director, and three independent non-executive directors[70]. - The company has a strong leadership team with extensive backgrounds in technology and management, enhancing its strategic direction[71][73][75][77][79]. - The company was founded in July 2014, with Mr. Song Zhongjie serving as the CEO since inception[71]. - Mr. Song has over 28 years of experience in the internet and technology industry, previously holding senior positions at Google and HP[72]. - The board includes a mix of founding members and experienced professionals, ensuring diverse expertise in decision-making[70]. Shareholder and Equity Information - As of December 31, 2024, the company has issued a total of 993,979,853 shares, with significant ownership concentration among key executives[148]. - The company has a significant ownership stake held by its directors, with Mr. Song Zhongjie holding 66.39% of the company's shares[147]. - The largest customer contributed 0.8% to total sales, with the top five customers accounting for 3.2% of total sales[101]. - The company's largest supplier accounted for 11.4% of total procurement, while the top five suppliers represented 40.1% of total procurement[101]. Future Outlook and Strategic Initiatives - The company has set a future outlook with a revenue guidance of $600 million for the next quarter, indicating a 20% growth expectation[89]. - New product launches are expected to contribute an additional $100 million in revenue over the next fiscal year[89]. - The company plans to implement a new marketing strategy that aims to increase brand awareness by 40% over the next year[89]. - The management team has a combined experience of over 100 years in the industry, providing strong leadership for future growth[89]. Compliance and Regulatory Matters - The company complies with all applicable Chinese environmental laws and regulations, with no significant administrative penalties affecting its business[143]. - The company has established contractual arrangements to ensure effective business operations and compliance with relevant regulations[125]. - The company has complied with the disclosure requirements under the listing rules regarding related party transactions[130]. Employee Relations and Incentives - The company has maintained good employee relations and has not experienced any significant labor disputes or recruitment difficulties for the year ending December 31, 2024[141]. - The company has implemented various employee incentive plans, including conditional stock reward programs to promote long-term development[140]. - The company actively participates in local social security programs, contributing a specific percentage to employee welfare plans as mandated by Chinese law[140]. Stock Options and Restricted Shares - The total number of stock options granted to 239 selected participants amounts to 32,297,809 ordinary shares, representing 3.26% of the company's total issued share capital[178]. - The maximum total number of shares available under the pre-IPO restricted shares plan and pre-IPO stock option plan is 45,198,011 ordinary shares[178]. - The management will make proportional adjustments to the stock options in the event of stock dividends, splits, or other capital reorganizations[177]. - The pre-IPO restricted share plan aims to reward selected participants for their contributions to the group's growth and development[167]. Miscellaneous - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[157]. - The company has not made any significant acquisitions or disposals as of December 31, 2024, aside from what is disclosed in the annual report[194]. - The annual general meeting of shareholders is scheduled for May 23, 2025, with notifications to be published on the Hong Kong Stock Exchange website and the company's website[200].

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately RMB 2,635 million, an increase from RMB 2,514 million in 2023, representing a growth of 4.8%[14] - The Group recorded earnings of approximately RMB 59 million for the year, a significant recovery from a loss of RMB 227 million in 2023, marking a turnaround in financial performance[14] - Basic earnings per share improved to RMB 0.17 cents, compared to a basic loss per share of RMB 2.59 cents in the previous year[14] - The overall gross profit margin for the Group decreased to 11.50%, down 0.94 percentage points from 12.44% in 2023[14] - The Group's revenue for the year ended December 31, 2024, was approximately RMB2,635 million, an increase from RMB2,514 million in 2023, with a profit of approximately RMB59 million compared to a loss of RMB227 million in the previous year[34][38] - The overall gross profit margin for the Group decreased to 11.50% in 2024 from 12.44% in 2023, representing a decline of 0.94 percentage points[34][38] Sales and Market Performance - Piped gas sales for the year were 410.79 million m³, reflecting a decrease of 1.81% compared to the previous year, while cylinder gas sales increased by 9.23% to 105,219 tons[9] - Revenue from the piped gas transmission and distribution business was approximately RMB1,093 million, accounting for about 41.47% of total revenue, down from 46.53% in 2023[36][39] - Revenue from piped gas connection was approximately RMB89 million, representing about 8.09% of total revenue from the piped gas transmission and distribution business, down from 10.60% in 2023[41] - Revenue from piped gas sales was approximately RMB1,004 million, accounting for about 91.91% of total revenue from the piped gas business, with a slight decrease in sales volume to 410.79 million m³[42] - The Group's cylinder gas supply business focuses on sales of liquefied natural gas (LNG), liquefied petroleum gas (LPG), and liquefied dimethyl ether (DME), with efforts to develop new users and expand the sales market[43] - Gas distribution business sold a total of 197,065 tons of gas, generating revenue of approximately RMB 793 million, a significant increase of approximately 35.45% compared to 2023[49] Cost and Expenses - The gross profit margin for the piped gas transmission and distribution business slightly increased to approximately 11.99% in 2024 from 11.67% in 2023 due to a decrease in gas costs[36][39] - The gross profit margin for piped gas sales increased to 9.54% in 2024 from 7.02% in 2023, primarily due to a decrease in costs[42] - Administrative expenses increased to approximately RMB 120.261 million from RMB 115.198 million in 2023, primarily due to higher staff costs[67] - Finance costs decreased to approximately RMB 4.245 million from RMB 4.494 million in 2023, mainly due to lower interest on bank borrowings[59] Strategic Goals and Development - The Group aims to expand its market share in the natural gas industry while integrating low carbonization and clean energy strategies for healthier development[16] - The Group is committed to promoting high-quality development in the natural gas industry, aligning with China's dual carbon goals and energy reform policies[16] - The Group aims to enhance market share in areas with no established presence by leveraging favorable policies and improving operational efficiency in the cylinder gas supply business[105] - The Group will continue to develop and improve CVG gas management systems to achieve digital management and reduce operating costs in the cylinder gas business[105] - The Group plans to strengthen the gas distribution system and enhance safety management to ensure stable and reliable fuel gas supply[110] Governance and Compliance - The Company has adopted high standards of corporate governance practices to enhance confidence among shareholders, investors, and business partners[140] - The Board of Directors is committed to regularly enhancing corporate governance practices to ensure high ethical standards and long-term sustainability[140] - The Company complies with all aspects of the Corporate Governance Code as of December 31, 2024[141] - The nomination committee is responsible for reviewing Board composition, diversity, and assessing the independence of each independent non-executive Director[154] - The Board composition ensures a balance of skills and experiences appropriate to the Company's business requirements[155] Human Resources - As of December 31, 2024, the Group had approximately 5,000 employees, with compensation linked to performance and market conditions[82] - The Company has arranged appropriate Directors' and Officers' liability insurance, which is regularly reviewed[190] Other Financial Metrics - Impairment losses under the ECL model decreased to approximately RMB 1.817 million from RMB 8.291 million in 2023, reflecting a reduction of approximately RMB 6.474 million[56] - Other losses for the year amounted to approximately RMB 119.872 million, an increase of approximately RMB 53.240 million compared to the previous year[57] - Other income increased to approximately RMB 49.475 million from RMB 42.620 million in 2023, primarily due to increased pipe renovation income[64] - Income tax expense decreased to approximately RMB11,066,000 in 2024 from RMB24,947,000 in 2023, reflecting a year-on-year decrease of approximately RMB13,881,000[70] Leadership and Management - Dr. Mo, the chairman and executive director, has extensive experience in managing natural gas projects in China[117] - Mr. Fan, the managing director, has over 10 years of experience in the management of the group and is familiar with all operational aspects[120] - Miss Mo is responsible for the development of the group's food ingredients supply and fast-moving consumer goods supply business[121] - Ms. Li has over 20 years of experience in company secretarial duties in listed companies[126] - Dr. Liu is a member of the Audit Committee, Remuneration Committee, and Nomination Committee, with a strong academic background in Economics[127]

Financial Performance - In Q1 2025, the company achieved operating revenue of RMB 4,918,892,747.21, representing a 14.54% increase compared to RMB 4,294,338,313.98 in Q1 2024[5][8] - Net profit attributable to shareholders of the parent company reached RMB 1,842,645,806.07, a significant increase of 50.07% from RMB 1,227,846,471.91 in the same period last year[5][8] - Basic and diluted earnings per share both increased by 66.67%, reaching RMB 0.20 per share compared to RMB 0.12 per share in the previous year[8][15] - The company reported a significant increase in income tax expenses, rising by 180.54% to ¥256,216,515.46, primarily due to an increase in total profit[19] - The company reported a total comprehensive income of ¥1,939,725,355.34 for Q1 2025, compared to ¥1,373,455,074.29 in Q1 2024[34] Cash Flow - The net cash flow from operating activities surged to RMB 20,929,390,912.82, marking an increase of 3,523.34% compared to RMB 577,626,820.47 in Q1 2024[8] - Cash flow from operating activities surged by 3,523.34% to ¥20,929,390,912.82, compared to ¥577,626,820.47, mainly due to changes in repurchase business and securities trading[20] - Cash inflow from financing activities totaled ¥33.12 billion in Q1 2025, up from ¥23.58 billion in Q1 2024, marking a growth of about 40.5%[37] - The net increase in cash and cash equivalents for Q1 2025 was ¥7.10 billion, compared to ¥2.91 billion in Q1 2024, showing improved liquidity[37] Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 600,506,434,259.14, reflecting a 6.02% increase from RMB 566,418,217,793.53 at the end of the previous year[10] - Total liabilities increased to ¥495,220,943,736.45 as of March 31, 2025, compared to ¥459,899,267,552.36 at the end of December 2024[30] - The total equity attributable to shareholders decreased to ¥105,244,747,025.07 from ¥106,468,734,430.25 in the previous period[30] Investments - The company reported a significant increase in other equity instrument investments, which rose by 94.18% to RMB 28,780,630,289.72 from RMB 14,821,664,946.78[17] - Investment income increased significantly to ¥1,962,834,637.62 from a loss of ¥943,034,972.31, attributed to higher returns from trading financial assets[19] - The total amount of financial investments, including trading financial assets and other debt investments, increased to RMB 325.68 billion as of March 31, 2025, compared to RMB 294.31 billion at the end of 2024, marking a growth of approximately 11%[29] Regulatory Compliance - The company faced regulatory measures from the China Securities Regulatory Commission due to inadequate compliance management in its derivatives and brokerage businesses[27] - The company has committed to enhancing internal control management and investor suitability management as part of its corrective actions following regulatory scrutiny[27] - The company is actively optimizing its business systems and conducting specialized training to improve management standards in response to regulatory feedback[27] Shareholder Information - The total number of common shareholders was 136,556 at the end of the reporting period[20] - Major shareholders include Beijing Financial Holdings Group with a 35.81% stake and Central Huijin Investment with a 30.76% stake[21]

Financial Performance - For the first quarter of 2025, the operating income was CNY 3,479,102,000, representing a 2.10% increase compared to CNY 3,407,584,000 in the same period of 2024[7] - The net profit attributable to shareholders for the first quarter of 2025 was CNY 1,015,591,000, which is a 4.98% increase from CNY 967,445,000 in the first quarter of 2024[7] - The basic earnings per share for the first quarter of 2025 remained at CNY 0.11, unchanged from the same period in 2024[7] - The net profit for the three months ended March 31, 2025, was CNY 1,015,920, representing a 2.5% increase from CNY 991,224 in the previous year[42] - The pre-tax profit for the three months ended March 31, 2025, was RMB 1,205,583 thousand, compared to RMB 1,153,513 thousand for the same period in 2024, indicating an increase of 4.5%[46] Cash Flow and Liquidity - The net cash flow used in operating activities for the first quarter of 2025 was CNY (138,256,000), a 35.09% decrease compared to CNY (102,343,000) in the same period of 2024[7] - The net cash flow from operating activities for the three months ended March 31, 2025, was RMB (138,256) thousand, a slight deterioration compared to RMB (102,343) thousand in 2024[49] - The net cash flow from investing activities for the three months ended March 31, 2025, was RMB (5,476,423) thousand, compared to RMB (3,534,432) thousand in 2024, indicating an increase in cash outflow[50] - The net cash flow from financing activities for the three months ended March 31, 2025, was RMB 2,558,647 thousand, a substantial increase from RMB 294,666 thousand in 2024[50] - The liquidity coverage ratio is significantly high at 260.65% as of March 31, 2025, indicating strong liquidity position[18] Assets and Liabilities - Total assets as of March 31, 2025, were CNY 706,530,887,000, reflecting a 4.46% increase from CNY 676,365,240,000 at the end of 2024[9] - The total liabilities as of March 31, 2025, were CNY 650,020,645,000, marking a 4.83% increase from CNY 620,070,469,000 at the end of 2024[9] - The total amount of loans and advances issued was CNY 400,235,539,000, which is a 3.24% increase from CNY 387,690,452,000 at the end of 2024[9] - The total deposits received amounted to CNY 430,112,347,000, which is a 6.32% increase from CNY 404,537,898,000 at the end of 2024[9] - The total risk-weighted assets amounted to 501,936,237 RMB as of March 31, 2025, up from 498,780,953 RMB at the end of 2024[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 107,101, with 107,052 A-share shareholders and 49 H-share shareholders[28] - The largest shareholder, Hong Kong Central Clearing Limited, holds 2,020,295,224 H-shares, representing 22.22% of total shares[33] - Zhengzhou Finance Bureau holds 657,246,311 A-shares, accounting for 7.23% of total shares, with 93,278,900 shares pledged[30] - The top ten ordinary shareholders do not participate in securities lending activities during the reporting period[37] Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio as of March 31, 2025, is 8.73%, slightly down from 8.76% at the end of 2024[11] - The total capital adequacy ratio stands at 12.01% as of March 31, 2025, compared to 12.06% at the end of 2024[13] - The leverage ratio decreased to 6.93% as of March 31, 2025, from 7.19% at the end of 2024[15] - The cost-to-income ratio improved to 17.83% in Q1 2025, down from 29.00% in the same period last year[11] Investment and Income - Investment net income increased by 148.48% year-on-year to 607,554 RMB in Q1 2025, driven by higher bond investment returns[22] - The net investment income increased significantly to CNY 607,554 from CNY 244,512 year-over-year[41] - The interest income from financial investments for the three months ended March 31, 2025, was RMB (1,360,746) thousand, slightly higher than RMB (1,327,267) thousand in 2024[46] Company Initiatives - The company actively supports local economic development and small and micro enterprises through financial services and initiatives[26] - The company is focusing on technological innovation and has established four technology-focused branches in key university areas[27] - The company is enhancing its digital banking capabilities, emphasizing AI opportunities and the deployment of large models like DeepSeek[27] Other Information - The company has not disclosed any other significant matters beyond what is reported in this document[38] - The quarterly report is available on the Hong Kong Stock Exchange and the company's website[39]

Financial Performance - Operating revenue for the quarter was RMB 100,370,574 thousand, representing a 3.05% increase year-on-year[14] - Net profit attributable to shareholders increased by 8.83% to RMB 1,611,677 thousand compared to the same period last year[14] - Basic earnings per share rose by 8.82% to RMB 0.037 compared to the same period last year[14] - Total operating revenue for Q1 2025 reached RMB 100,370,574, an increase of 2.0% compared to RMB 97,403,938 in Q1 2024[37] - Net profit for Q1 2025 was RMB 2,613,766, representing a 11.2% increase from RMB 2,349,778 in Q1 2024[38] - Earnings per share for Q1 2025 were RMB 0.037, compared to RMB 0.034 in Q1 2024, indicating a growth of 8.8%[39] - Total operating costs for Q1 2025 were RMB 97,312,784, up from RMB 94,409,058 in Q1 2024, reflecting a 3.1% increase[37] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -14,509,148 thousand, an improvement from RMB -16,193,463 thousand in the previous year[14] - Cash flow from operating activities in Q1 2025 was RMB 107,214,039, an increase from RMB 92,156,931 in Q1 2024, marking a growth of 16.4%[40] - Cash and cash equivalents at the end of Q1 2025 totaled 78,966,477 thousand RMB, up from 56,010,736 thousand RMB at the end of Q1 2024, reflecting an increase of approximately 41%[42] - The net increase in cash and cash equivalents for Q1 2025 was -3,134,998 thousand RMB, an improvement from -12,125,283 thousand RMB in Q1 2024, showing better cash management[42] - The company received cash from financing activities totaling 45,956,478 thousand RMB in Q1 2025, slightly down from 46,755,828 thousand RMB in Q1 2024[42] Assets and Liabilities - Total assets increased by 4.09% to RMB 904,580,015 thousand compared to the end of the previous year[13] - Total current assets amounted to RMB 474.66 billion, an increase from RMB 447.30 billion as of December 31, 2024[31] - The total non-current assets as of March 31, 2025, reached RMB 429.92 billion, compared to RMB 421.70 billion on December 31, 2024[32] - Current liabilities increased to RMB 458.91 billion as of March 31, 2025, up from RMB 437.23 billion as of December 31, 2024[33] - Total liabilities as of March 31, 2025, amounted to RMB 696,366,243, up from RMB 663,175,697 as of December 31, 2024, reflecting a 5.0% increase[34] - Total equity as of March 31, 2025, was RMB 208,213,772, compared to RMB 205,829,079 as of December 31, 2024, showing a slight increase of 0.2%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 343,692[19] - The largest shareholder, China Energy Construction Group Co., Ltd., holds 45.05% of the shares[19] - As of April 2025, the controlling shareholder, China Energy Construction Group, holds 18,847,137,078 shares, accounting for 45.21% of the total share capital[21] Contracts and Projects - In Q1 2025, the company achieved new contract signing amount, operating revenue, and net profit attributable to shareholders of RMB 388.896 billion, RMB 100.371 billion, and RMB 1.612 billion, respectively, representing year-on-year growth of 5.75%, 3.05%, and 8.83%[22] - The company signed new domestic contracts worth RMB 287.455 billion in Q1 2025, a year-on-year increase of 4.18%, and secured 2.06 million kW in new energy development indicators[23] - The company’s overseas new contract signing amount reached RMB 101.441 billion, with a year-on-year growth of 10.47%, and new energy and integrated smart energy projects saw a 53.7% increase in contracts signed[23] - The company has developed the world's first 300 MW compressed air energy storage demonstration project, which has entered stable commercial operation, marking a significant breakthrough in new energy technology[24] - The company has signed contracts for over 30 compressed air energy storage sites, with key projects in Shandong and Shaanxi under accelerated construction[24] Research and Development - Research and development expenses for Q1 2025 were RMB 2,128,220, up from RMB 1,614,792 in Q1 2024, indicating a significant increase of 31.7%[37] - The company’s new technology projects, including green building materials and integrated solar energy, are progressing rapidly and are expected to enhance operational efficiency[24] Strategic Initiatives - The hydrogen energy business is expanding, with over 50 projects in key regions both domestically and internationally, focusing on a full-chain industry model from production to utilization[25] - The company is actively promoting AI initiatives, focusing on integrating AI with energy and industry sectors, and has outlined a comprehensive action plan for AI development[25] - The company is focusing on project management and has implemented a series of measures to enhance operational efficiency and risk control[27] - The company is actively expanding its regional computing hub construction across several key locations, including Gansu, Ningxia, and Anhui[26] Financial Instruments - The company successfully issued the first phase of technology innovation corporate bonds for 2025, with a scale of RMB 2 billion, a 10-year term, and a coupon rate of 2.33%, setting a new low for long-term bond rates[27] Other Information - The company has not reported any new products or technologies in the current earnings call[50] - There are no updates on market expansion or mergers and acquisitions mentioned in the earnings call[50] - The company is set to implement new accounting standards starting in 2025, which may affect financial reporting[53]