Financial Performance - The group's revenue for the year ended December 31, 2024, decreased by 13% to approximately HKD 136,109,000, compared to HKD 155,905,000 in 2023[8] - The loss attributable to the company's owners for the year was approximately HKD 27,020,000, an improvement from a loss of HKD 30,532,000 in 2023[8] - The core business recorded a loss of approximately HKD 23,433,000, compared to a loss of HKD 20,480,000 in 2023[8] - Revenue from toy products decreased by approximately 11% to about HKD 136,109,000, with a loss of HKD 18,220,000, up from a loss of HKD 16,714,000 in 2023[9] - The company reported a loss before tax of HKD 29,199,000, compared to a loss of HKD 27,606,000 in 2023, indicating a worsening financial performance[176] - The net loss for the year was HKD 29,373,000, slightly improved from HKD 30,578,000 in the prior year[176] - Basic and diluted loss per share for the year was HKD 8.26, compared to HKD 9.34 in 2023, reflecting a reduction in loss per share[176] - The company’s total comprehensive income for the year was HKD (30,356,000) in 2024, compared to HKD (29,526,000) in 2023, reflecting a slight increase in losses of about 2.8%[180] Cash Flow and Assets - As of December 31, 2024, the group's cash and bank balances were approximately HKD 24,547,000, down from HKD 42,986,000 in 2023[13] - Total current assets decreased to HKD 56,291,000 from HKD 89,423,000, a decline of 37.1% year-over-year[177] - Cash and cash equivalents decreased from HKD 42,986,000 at the beginning of the year to HKD 24,547,000 by the end of 2024, a reduction of about 42.9%[183] - The company's total assets less current liabilities decreased to HKD 54,442,000 from HKD 86,353,000, indicating a significant reduction in asset value[177] - The company's equity decreased to HKD 43,010,000 from HKD 74,661,000, reflecting a significant decline in shareholder value[177] Expenses and Liabilities - Distribution costs decreased by approximately 24% to about HKD 1,879,000, while administrative expenses decreased by approximately 25% to about HKD 58,582,000[11] - Financial expenses increased by approximately 60% to about HKD 1,108,000 due to increased interest on lease liabilities and loans[12] - The company's total liabilities increased, leading to a significant decrease in total equity, which fell from HKD 74,661,000 to HKD 43,010,000[179] - The company paid dividends to non-controlling interests amounting to HKD 1,295,000 in 2024, down from HKD 2,352,000 in 2023, a decrease of approximately 44.9%[183] Corporate Governance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO, which is currently shared among the board members and the company secretary[34] - The board consists of six directors, all experienced professionals, responsible for setting the overall business development goals and long-term corporate strategies[37] - The company has established a nomination committee to provide a framework for appointing high-quality directors for sustainable development[54] - The board has three committees: the Remuneration Committee, the Audit Committee, and the Nomination Committee, each with specific responsibilities[69] - The company has adopted the latest revised corporate governance code as of August 29, 2013, and has taken steps to comply with its provisions[33] Shareholder Communication - The company is committed to maintaining high levels of transparency and timely disclosure of company information[115] - The company has a policy in place to ensure shareholders receive timely and equal access to relevant information[113] - The board will continue to review and assess the effectiveness of shareholder communication[113] - The company has confirmed the independence of all non-executive directors as per the listing rules[134] Strategic Initiatives - The company aims to enhance its product portfolio and revenue sources through the anticipated strategies outlined in the August and November framework agreements[21] - The company is actively seeking mergers and acquisitions opportunities in the oil, gas exploration, and sustainable energy infrastructure sectors[21] - The company is also looking for investment opportunities in high-tech sectors in addition to oil and gas exploration[22] - The company has entered into a non-binding cooperation framework agreement with the government of Wuwei City, Gansu Province, to develop sustainable energy infrastructure, including energy storage facilities and transmission stations[19] Risk Management - The audit committee is responsible for ensuring effective risk management and internal controls are in place[93] - The company has established and maintained an effective risk management and internal control system for the year ending December 31, 2024[101] - The board has not identified any significant concerns or weaknesses in the internal control and risk management systems during the annual review[106] - No significant risks were identified during the risk assessment conducted for the year ending December 31, 2024[104] Employee and Board Diversity - The group employed approximately 610 full-time employees as of December 31, 2024, down from 740 in 2023[17] - As of December 31, 2024, 62% of the group's employees are female, highlighting the company's commitment to gender diversity[87] - The board diversity policy was adopted on August 29, 2013, and revised on December 20, 2018, emphasizing the importance of a diverse board for strategic goals and sustainable development[84] Audit and Compliance - The independent auditor confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[157] - The audit committee has reviewed the full-year results and confirmed compliance with applicable accounting standards and regulations[146] - The external auditor, Tianjian International CPA Limited, was paid HKD 785,000 for audit services during the review year[108]

Financial Performance - Revenue for the fiscal year 2024 reached $1,031,063 thousand, an increase of 8.5% compared to $950,725 thousand in 2023[10] - Gross profit for the fiscal year 2024 was $574,092 thousand, reflecting a growth of 7.9% from $532,098 thousand in 2023[10] - The net loss for the fiscal year 2024 decreased by 58.6% to $(268,459) thousand from $(649,157) thousand in 2023[10] - The loss attributable to equity shareholders improved by 55.2%, amounting to $(214,043) thousand compared to $(477,629) thousand in the previous year[10] - Basic loss per share for fiscal year 2024 was $(11.68), a reduction of 55.4% from $(26.19) in 2023[10] - The company reported a net loss of $268.5 million, a substantial narrowing of 58.6% compared to the previous year[39] - EBITDA turned positive during the reporting period, improving from a loss of $370.4 million to a profit of $60.4 million[25] - The adjusted net loss for the year ended December 31, 2024, was $222.8 million, a decrease of 48.7% compared to $434.6 million in 2023[114] - The total net loss for the year ended December 31, 2024, was $268.5 million, representing a reduction of 58.6% from $649.2 million in 2023[114] Revenue Breakdown - Revenue from orthopedic medical devices accounted for 24.5% of total revenue in 2024, while cardiovascular intervention contributed 15.6%[12] - Geographic revenue distribution showed that China represented 50.6% of total revenue, followed by Europe at 27.2% and North America at 9.0%[13] - The cardiovascular intervention business achieved global revenue of $165.7 million, a steady increase of 9.9% year-on-year (excluding currency effects) during the reporting period[44] - The orthopedic medical device business achieved global revenue of $252.7 million, a year-on-year increase of 6.2% (excluding currency effects), with net losses narrowing by 67.1% during the reporting period[50] - Global revenue for the vascular intervention business reached $169.5 million, remaining stable year-on-year, with overseas business revenue increasing significantly by 99.4%[32] - The neurointervention segment saw a global revenue growth of 14.4%, with overseas revenue surging by 137.6% year-on-year[32] - The structural heart disease segment achieved a global revenue increase of 7.5%, with overseas revenue growing robustly by 108.3%[33] - The surgical robotics business experienced a substantial global revenue growth of 146.0%, with domestic and overseas revenues increasing by 84.4% and 388.2% respectively[34] Cost and Expenses - The company's operating expense ratio decreased by 29 percentage points to 68%, while the R&D expense ratio dropped from 40% to 21%[26] - Total expenses for sales, management, and R&D decreased significantly by $216.5 million, a reduction of 23.6% year-on-year[39] - The total sales cost increased by 9.2% to $457.0 million, primarily due to higher sales volumes across major businesses[102] - Research and development costs decreased by 42.9% to $216.5 million, reflecting cost control measures and a focus on core projects[104] Market Expansion and Innovation - The company has accumulated a total of 39 products in the "green channel" for innovative medical devices, maintaining the top position in the industry for ten consecutive years[27] - The company has established a global commercialization platform that has enabled its innovative products to reach over 20,000 hospitals in more than 100 countries and regions[26] - The company aims to enhance financial health, focus on core business, and accelerate international market expansion in the future[41] - The company is focused on expanding its orthopedic business in the Asia-Pacific region, leveraging the experience of its executives[145] - The company aims to enhance its market presence through strategic acquisitions and partnerships in the healthcare sector[148] Operational Efficiency - Operating cash flow outflow was significantly reduced by 79% during the reporting period[25] - The company is focused on enhancing operational efficiency and reducing costs to drive continuous growth[157] - The company actively manages its capital structure to ensure sufficient liquidity for meeting obligations and avoiding reputational damage[116] Leadership and Management - The company has a strong leadership team with extensive experience in the medical device industry, including over 33 years in cardiac management[148] - The management team is composed of experienced professionals with backgrounds in finance, marketing, and engineering, ensuring a robust leadership structure[141] - The Chief Financial Officer, Mr. Sun Hongbin, has over 27 years of financial experience, previously serving as the General Manager of Otsuka China from 2006 to 2010[137] - The company is committed to strategic acquisitions and partnerships to diversify its medical product offerings, as demonstrated by Mr. Chen's previous experience in transformative mergers and acquisitions[143] Financial Position - Total assets decreased to $3,633,422 thousand in 2024 from $3,932,405 thousand in 2023[15] - Cash and cash equivalents decreased to $713.0 million as of December 31, 2024, down from $1,019.6 million in 2023[117] - Total borrowings increased to $1,597.1 million as of December 31, 2024, compared to $1,566.5 million in 2023, reflecting an increase of $30.6 million[118] - The debt-to-asset ratio rose from 64.3% in 2023 to 68.5% in 2024[118] - The net current assets as of December 31, 2024, were $558.3 million, down from $646.5 million in 2023[119] Regulatory Compliance and Risk Management - The company emphasizes compliance with applicable laws and regulations, with no significant investigations or disciplinary actions reported during the year[159] - The company faces market risks due to government policies affecting retail product pricing and uncertainties in medical insurance reimbursement levels in China[161] Employee and Shareholder Information - The company employed 6,347 employees as of December 31, 2024, down from 8,230 employees a year earlier[165] - Major shareholder Otsuka Holdings Co., Ltd. holds 382,994,120 shares, representing 20.73% of the issued shares[188] - The total reserves available for distribution to equity shareholders amounted to $583.688 million as of December 31, 2024, down from $600.073 million in 2023[171]

Financial Performance - In 2024, the company achieved a total revenue of RMB 470 million, with a stable gross margin of 78.1%[9] - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 470.833 million, a decrease of 4.2% compared to RMB 491.373 million in 2023[16] - The company recorded a pre-tax loss of RMB 740.713 million, slightly higher than the loss of RMB 735.340 million in 2023[16] - The net loss attributable to the parent company was RMB 714.307 million, compared to RMB 703.754 million in the previous year, indicating a marginal increase in losses[16] - The gross profit for the same period was RMB 367.746 million, down from RMB 389.205 million in 2023, reflecting a decline of 5.5%[16] - The company's commercialization profit margin increased from 9.3% for the year ended December 31, 2023, to 20.7% for the year ended December 31, 2024, enhancing overall profitability and long-term value creation[45] - The company's sales cost for the year ended December 31, 2024, was RMB 103.1 million, an increase of 0.9% from RMB 102.2 million for the year ended December 31, 2023[54] - The group's gross profit decreased by 5.5% from RMB 389.2 million for the year ended December 31, 2023, to RMB 367.7 million for the year ended December 31, 2024[55] - Other income and gains fell by 84.1% from RMB 241.6 million for the year ended December 31, 2023, to RMB 38.5 million for the year ended December 31, 2024, due to the absence of fair value adjustments related to the acquisition of Nuo Cheng[56] Revenue Sources and Market Expansion - The company's international revenue reached RMB 82.5 million, a year-on-year increase of 13.5%, with overseas revenue accounting for 17.5% of total revenue[10] - Overseas revenue reached RMB 82.5 million, representing a year-on-year growth of 13.5%, with international revenue contributing 17.5% of total sales[22] - The company expanded its product coverage to 13 new countries, bringing the total to nearly 70 countries and regions[10] - The company has covered over 650 hospitals and participated in over 90 third-party conferences, hosting more than 100 self-organized meetings, reaching over 5,500 experts with a total viewership of 2 million[47] - VenusA series products accounted for 80.7% of total revenue for the year ended December 31, 2024, while VenusP-Valve contributed 18.5%[53] Research and Development - The company has established a product pipeline consisting of ten innovative devices targeting heart valve diseases, with four TAVR products already commercialized[23] - The company has invested RMB 341.2 million and RMB 524.9 million in R&D for the years ending December 31, 2024, and December 31, 2023, respectively[40] - Clinical trials for new products such as Venus-PowerX and Venus-Vitae are progressing steadily, with positive feedback from international experts[21] - Key clinical trials for Venus-PowerX and Venus-Vitae have commenced, marking significant milestones in product development[11] - VenusP-Valve has successfully enrolled patients in the IDE critical clinical trial in the U.S., further validating its safety and effectiveness[12] Clinical Trials and Product Development - Cardiovalve's European clinical research has progressed smoothly, with nearly 120 cases enrolled, demonstrating excellent safety and efficacy[12] - Cardiovalve's clinical trials are progressing steadily, with nearly 120 patients enrolled in the Target CE European pivotal clinical trial across over 30 renowned cardiovascular centers in Germany, Italy, Spain, the UK, and Canada[37] - 93.7% of patients experienced a reduction in tricuspid regurgitation to mild or less after treatment with Cardiovalve, demonstrating its safety and efficacy[37] - VenusA-Deluxe received NMPA approval in November 2024, enhancing the delivery system and reducing valve folding rates during loading[27] - VenusP-Valve's 5-year follow-up data showed zero patient deaths or reoperations, with 94% of patients classified as NYHA I/II post-surgery[29] Governance and Internal Control - The company is undergoing internal control and governance improvements, aiming to meet the resumption conditions by March 12, 2025[13] - The company has established a strengthened internal audit and compliance department to oversee compliance and internal control implementation, reporting directly to the audit committee[116] - A management committee consisting of three directors has been formed to supervise the internal control functions of the group[116] - The company has implemented a risk management framework to ensure transparency and performance in risk management across all departments[117] - The audit committee oversees the overall risk management related to the company's operations, ensuring alignment with corporate goals[113] Strategic Outlook and Challenges - The company plans to optimize market strategies and continue commercializing its R&D pipeline to ensure long-term stable growth[13] - The company aims to maintain stability and growth while maximizing shareholder value through regular review and management of its capital structure[85] - The company is facing challenges due to a complex external environment, including geopolitical uncertainties and high federal fund rates, while maintaining its leading position in the domestic structural heart disease industry[99] - The company is restructuring its product pipeline based on cash flow and prioritizing clinical progress while exploring overseas product models[100] - The company may face significant risks related to product development, including potential future losses and the impact of regulatory approvals on commercialization[101] Management and Corporate Governance - The company has appointed new supervisory board members to strengthen governance and oversight[145][146] - The management team includes experienced professionals with extensive backgrounds in finance and compliance, enhancing corporate governance[149][150] - The company has confirmed the independence of all independent non-executive directors as of December 31, 2024[182] - The company has not proposed any service contracts with directors or supervisors that could be terminated without compensation within one year[176] - The company has not made any payments to third parties for obtaining director services as of December 31, 2024[179] Environmental and Social Responsibility - The company aims to minimize its environmental impact by reducing its carbon footprint and managing hazardous materials responsibly[156] - The company has a commitment to sustainable and environmentally friendly practices as part of its corporate social responsibility[156] - The board emphasizes compliance with environmental laws and regulations, with no significant adverse events reported during the reporting period[156] Shareholder Information - As of December 31, 2024, the total issued share capital of the company is 441,011,443 shares, including 441,010,235 H shares and 1,208 non-listed foreign shares[187] - Major shareholders include Mr. Zeng Min with 33,651,618 H shares, representing 7.63% of the total share capital[188] - The company has no related party transactions requiring independent shareholder approval or annual audit compliance[185] - The board has decided not to declare a final dividend for the year ending December 31, 2024[194]

Company Overview - The total assets of the company exceed RMB 9.5 trillion, with over 65,000 employees[6]. - The company operates 1,470 branches across 153 major cities in China and has established 7 subsidiaries, including a direct bank in collaboration with Baidu[5]. - The company has a total share capital of 55.645 billion shares, with the dividend distribution plan subject to adjustments based on any changes in share capital before the record date[8]. - The company is committed to serving the real economy and fulfilling its financial responsibilities in alignment with national strategies[6]. - The company has been recognized for its strong brand competitiveness and comprehensive strength in the financial sector[6]. Financial Performance - Operating revenue reached 213.22 billion yuan, with net profit attributable to shareholders at 68.58 billion yuan[15]. - Total assets amounted to 9,532.72 billion yuan, with a net profit growth rate of 2.33%[15]. - The average return on total assets (ROAA) was 0.75%, and the average return on equity (ROAE) was 9.92%[15]. - Non-performing loan ratio stood at 1.16%, with a provision coverage ratio of 209.43%[15]. - The company achieved a significant milestone by being recognized as a "Leading Institution in Bond Market" and "Outstanding Financial Bond Issuer" by the Central Government Bond Registration and Settlement Co., Ltd.[36]. Dividend and Shareholder Returns - The proposed cash dividend for 2024 is RMB 1.722 per 10 shares, totaling RMB 9.582 billion, with an additional interim dividend of RMB 9.873 billion, leading to a total cash dividend of RMB 19.455 billion for the year[8]. - The company plans to further increase the dividend payout ratio to reward investors[19]. Risk Management - The company has not identified any significant risks that could adversely affect its future development strategy and operational goals during the reporting period[9]. - The company emphasizes a strategic focus on risk management, ensuring a robust risk control system[23]. - The company plans to enhance risk management and asset quality through improved classification systems and proactive measures[147]. Technology and Innovation - Technology investment exceeded 10 billion yuan, enhancing value through agile organizational transformation[21]. - The bank is investing in financial technology, aiming to become a leading tech-driven bank with applications in AI, blockchain, and big data[67]. - The company launched several new technology projects, including a privacy computing data fusion project and a trust technology platform, which received awards from the People's Bank of China[44]. Customer Base and Market Position - Online monthly active users reached 41.35 million, while personal customers totaled 145 million[15]. - Retail customers increased to 145 million, with retail managed assets rising to 4.69 trillion RMB and personal mortgage loans exceeding 1 trillion RMB[22]. - The company aims to solidify its customer base and expand deposit sources as part of its response strategy to the anticipated market conditions[200]. ESG Commitment - Commitment to ESG principles, seeking to balance social and economic value while creating a value community with stakeholders[26]. - The company received multiple awards in 2024, including recognition in the "Top 20 ESG Performance" and "Top 100 ESG Information Disclosure" lists[40]. Awards and Recognition - The company ranked 19th in the "Global Banking Brand Value 500" list by Brand Finance in 2024[6]. - In January 2024, the company was recognized as a "Market Influential Institution" and "Market Innovative Business Institution" by the National Interbank Funding Center[36]. - The company was awarded multiple honors in February 2024, including "Best Quotation Trading Institution" and "Best Business Innovation Contribution Institution" by the Shanghai Gold Exchange[38]. Loan and Deposit Growth - The total amount of loans and advances increased to RMB 5,720,128 million in 2024, up 4.03% from RMB 5,498,344 million in 2023[53]. - Customer deposits totaled RMB 5,778,231 million in 2024, a 7.04% increase from RMB 5,398,183 million in 2023[53]. - The company’s corporate deposits amounted to RMB 3,969,310 million, reflecting an increase of RMB 186,278 million or 4.92% from the previous year[199]. Financial Ratios and Capital Adequacy - The capital adequacy ratio as of the end of the reporting period was 13.36%, with a Tier 1 capital ratio of 11.26% and a core Tier 1 capital ratio of 9.72%, all meeting regulatory requirements[181]. - The liquidity coverage ratio significantly increased to 218.13% in 2024 from 167.48% in 2023[56]. - The leverage ratio improved to 7.06% in 2024, compared to 6.66% in 2023, indicating better capital efficiency[184].

Financial Performance - For the first quarter of 2025, the company's unaudited consolidated revenue was HKD 2.879 billion, representing a 20% increase compared to HKD 2.399 billion in the same period last year[4]. - The profit attributable to equity holders of the company for the first quarter of 2025 was HKD 34.77 million, a significant increase of 260% from HKD 9.65 million in the previous year[4]. - The total assets as of March 31, 2025, were HKD 5.035 billion, reflecting a 2% increase from HKD 4.938 billion as of December 31, 2024[4]. Segment Performance - The food biotechnology segment generated revenue of HKD 2.355 billion, a 21% increase year-on-year, despite a 7% decline in segment profit to HKD 44.59 million[7]. - The tinplate business produced 76,000 tons of products, a 10% increase year-on-year, with sales of 75,000 tons, representing a 19% increase[8]. - The revenue from the tinplate business was HKD 520 million, a 15% increase compared to the previous year, with segment profit rising 314% to HKD 19.76 million[8]. Challenges and Considerations - The company expects to continue facing challenges due to price fluctuations in pork and demand variability in the tinplate business[12]. - The company emphasizes that quarterly performance may not be indicative of annual results due to market conditions and seasonal factors[12]. Asset Valuation - The company has not recorded any valuation gains or losses on investment properties, maintaining stable property values[10]. - The unaudited financial data for the first quarter of 2025 has been reviewed by the company's audit committee[11].

Financial Performance - The company's operating revenue for the first quarter was CNY 19,424,908,533, a decrease of 4.74% compared to CNY 20,391,635,931 in the same period last year[7]. - The net profit attributable to shareholders was a loss of CNY 144,080,456, improving from a loss of CNY 310,998,961 year-on-year[7]. - The net loss attributable to shareholders decreased by 53.67% year-on-year for the first quarter of 2025[18]. - Net loss for Q1 2025 was RMB 107,190,885, compared to a net loss of RMB 345,636,933 in Q1 2024, indicating an improvement[26]. - Operating profit for Q1 2025 was RMB -74,954,410, an improvement from RMB -260,723,886 in Q1 2024[25]. - The total comprehensive income for Q1 2025 was -107,049,466 RMB, compared to -353,833,302 RMB in Q1 2024, showing an improvement[27]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 264,555,584, a significant recovery from a negative cash flow of CNY 1,307,684,219 in the previous year[7]. - Cash and cash equivalents increased to RMB 6.94 billion as of March 31, 2025, compared to RMB 6.43 billion at the end of 2024[21]. - Cash and cash equivalents at the end of Q1 2025 increased to 4,364,094,631 RMB from 3,790,025,067 RMB at the end of Q1 2024[32]. - The net increase in cash and cash equivalents for Q1 2025 was 676,978,233 RMB, contrasting with a decrease of -638,569,141 RMB in Q1 2024[32]. - The company received cash from sales of goods and services amounting to 17,139,562,027 RMB in Q1 2025, slightly down from 17,787,707,600 RMB in Q1 2024[30]. - The total cash inflow from operating activities was 17,948,279,623 RMB in Q1 2025, down from 18,953,778,089 RMB in Q1 2024[30]. - The company reported a total cash outflow from operating activities of 17,683,724,039 RMB in Q1 2025, compared to 20,261,462,308 RMB in Q1 2024, indicating improved cost management[30]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 78,534,556,218, down 0.54% from CNY 78,962,973,613 at the end of the previous year[9]. - Total liabilities decreased to RMB 51,312,648,547 from RMB 51,641,921,412 year-over-year[23]. - Non-current assets totaled RMB 58,647,218,941, down from RMB 59,490,963,387[23]. - The company reported a decrease in total equity to RMB 27,221,907,671 from RMB 27,321,052,201 year-over-year[23]. Production and Sales - The company produced 4.57 million tons of pig iron, 5.15 million tons of crude steel, and 4.90 million tons of finished products, representing year-on-year increases of 1.68%, 4.99%, and 5.18% respectively[18]. - The sales volume of key steel products increased by 20.2% year-on-year, while automotive plate sales grew by 17.7%[18]. - The average daily pig iron output stabilized at 42,500 tons in March, with a reduction in fuel consumption by 10 kg and a decrease in pig iron cost by RMB 130 per ton compared to the previous month[18]. Shareholder Information - The company reported a total of 135,680 common shareholders at the end of the reporting period[14]. - The largest shareholder, Maanshan Iron & Steel Group Co., Ltd., holds 48.35% of the shares[15]. Cost Management and Strategy - The company attributed the decrease in net profit to a larger decline in raw material prices compared to steel prices, along with internal cost reductions[12]. - The company is focusing on cost reduction and quality improvement by optimizing procurement management and expanding supplier networks[18]. - The company is implementing a comprehensive cost reduction strategy centered on operational efficiency and quality standards[18]. - Total operating costs for Q1 2025 were RMB 19,633,078,382, down 6.00% from RMB 20,864,781,160 in Q1 2024[25]. Research and Development - Research and development expenses for Q1 2025 were RMB 208,520,047, compared to RMB 227,790,259 in Q1 2024, reflecting a decrease[25].

Financial Performance - The company reported a net loss of RMB 93.324 million for the fiscal year ending December 31, 2024, a decrease of 50.7% compared to a loss of RMB 188.820 million in 2023[9]. - The company reported a net loss of RMB 93.3 million for the year ended December 31, 2024, compared to a net loss of RMB 188.8 million for the year ended December 31, 2023, indicating ongoing investment in product pipeline development[26]. - Other income decreased from RMB 8.6 million in 2023 to RMB 2.7 million in 2024, primarily due to a reduction in foreign exchange gains and bank interest income[27]. - Cash and cash equivalents decreased by 45.2% from RMB 369.4 million as of December 31, 2023, to RMB 202.4 million as of December 31, 2024[40]. - The company’s total equity decreased to RMB 680.533 million in 2024 from RMB 773.857 million in 2023, a reduction of 12.0%[11]. - Total current assets decreased to RMB 299.027 million in 2024 from RMB 408.473 million in 2023, a decline of 26.8%[11]. Research and Development - Research and development expenses decreased to RMB 41.300 million in 2024 from RMB 111.743 million in 2023, reflecting a reduction of 63.0%[9]. - R&D expenses decreased from RMB 111.7 million in 2023 to RMB 41.3 million in 2024, a reduction of 63.0%[30]. - Employee benefits under R&D expenses dropped from RMB 36.7 million in 2023 to RMB 8.5 million in 2024, a decrease of 76.8%[31]. - The company aims to expand its product line and strengthen internal R&D capabilities while seeking deeper global partnerships and collaboration opportunities[14]. - The company plans to expedite clinical development and commercialization of Bioheart® and Iberis® to gain a first-mover advantage in the unmet BRS and RDN markets in China[28]. Product Development and Approval - The company’s core product, the Bioheart® bioresorbable stent, and the second-generation renal denervation system, Iberis®, have entered the registration phase, with Iberis® expected to receive approval in February 2025[12]. - The Iberis-HTN clinical data was published in the prestigious journal "Circulation," indicating the high quality and global recognition of the innovation behind the Iberis RDN system[13]. - The Iberis® RDN system achieved its primary clinical endpoint in a randomized controlled trial for primary hypertension patients, with detailed data presented at the 2023 China Interventional Cardiology Conference[21]. - The company completed its first commercial procedure for the Iberis® RDN system in Europe in February 2025, marking a significant milestone in its commercialization efforts[13]. Corporate Governance - The company has adopted the corporate governance code as its own to regulate its governance practices[93]. - The company recognizes the importance of good corporate governance in enhancing management and protecting shareholder interests[93]. - The board consists of three executive directors, including the general manager, and three independent non-executive directors, ensuring strong independence[96]. - The company has established effective mechanisms to support an independent board and ensure independent viewpoints in decision-making[97]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee[112]. Risk Management - The company has established a comprehensive risk management policy to identify, assess, and monitor key risks related to its strategic objectives[134]. - The audit committee reviews and approves the risk management policy to ensure alignment with corporate goals and monitors significant risks[136]. - The company has implemented internal control policies to ensure effective operations and reliable financial reporting[133]. - The board is responsible for ensuring effective risk management and internal control systems are maintained and reviewed annually[133]. ESG and Sustainability - The report period for the environmental, social, and governance (ESG) report covers January 1, 2024, to December 31, 2024[174]. - The group has established a three-tier governance model for sustainable development, consisting of the Board of Directors, the ESG Working Group, and internal operational teams[184]. - The group has committed to providing innovative solutions for patients and actively participating in community activities to create value and fulfill social responsibilities[183]. - The group has implemented a comprehensive ESG management system to identify and evaluate risks associated with business operations[189]. - The company has identified five key ESG issues: innovation and technology, product service quality and safety, data security and customer privacy management, intellectual property protection, and business ethics and integrity[198]. Shareholder Engagement - The company emphasizes the importance of timely and non-selective disclosure of information for informed investment decisions[166]. - The company has adopted a shareholder communication policy to enhance effective communication with shareholders and investors[166]. - The board of directors will regularly review the shareholder communication policy to ensure its effectiveness[167]. - The company encourages shareholders to participate in annual general meetings and vote, ensuring their rights are protected[160]. Management and Personnel - The company has established a robust management team with diverse expertise in finance, technology, and regulatory compliance[79]. - The company is actively involved in employee incentive platforms, with key personnel holding partnership interests[81]. - The company aims to modernize its compensation practices and improve the overall balance of interests among shareholders through the 2022 H-share incentive plan[51]. - The company has implemented training programs for new employees to enhance their understanding of corporate culture and compliance awareness[91]. Financial Strategy - The company currently anticipates retaining all future profits for business operations and expansion, with no plans to declare or pay dividends in the near future[168]. - The planned use of net proceeds from the global offering includes approximately HKD 273.85 million for ongoing confirmatory clinical trials and commercialization of the core product Bioheart®[56]. - The company successfully raised approximately HKD 441.69 million from its global offering after deducting underwriting fees and related expenses[52].

Financial Performance - The company reported sales revenue of approximately HKD 75.5 million for the fiscal year ending December 31, 2024, a decrease of 9.2% compared to the previous year[4]. - The net loss for the period was HKD 47.4 million, significantly impacted by strategic investments in core R&D, which totaled approximately HKD 55.8 million[8]. - The total shareholder equity as of December 31, 2024, is approximately HKD 2,727,382,000, an increase from HKD 1,493,847,000 in 2023[26]. - The total assets as of December 31, 2024, amount to approximately HKD 3,201,631,000, compared to HKD 1,828,250,000 in 2023[26]. - The total liabilities as of December 31, 2024, are approximately HKD 474,249,000, up from HKD 334,403,000 in 2023[26]. - The bank borrowings as of December 31, 2024, total approximately HKD 90,493,000, down from HKD 115,499,000 in 2023[27]. - The group reported a post-tax fair value gain of HKD 1,329.8 million for the year, compared to a post-tax fair value loss of HKD 97.9 million in the fiscal year 2023[35]. - The group's gross profit margin for the year ended December 31, 2024, was 27.5%, an increase from 17.7% in 2023, primarily due to higher sales of metal components[130]. - The debt-to-equity ratio as of December 31, 2024, was 0.03, down from 0.08 in 2023, indicating a strong capital position[131]. Legal Matters - The company is required to repay RMB 103.5 million plus legal fees due to a court ruling against it, which overturned a previous favorable judgment[11]. - The company has filed for a final appeal with the Guangdong High People's Court regarding the unfavorable ruling, but the court has not yet decided whether to accept the appeal[11]. - The company has not made provisions for the legal claim as per HKAS 37, based on legal advice suggesting a high likelihood of a successful appeal[11]. - The company anticipates a retrial judgment by December 31, 2025, which could clarify uncertainties surrounding the litigation[19]. - The auditors are unable to determine when the litigation will be resolved or when a final judgment will be made[20]. Operational Strategy - The company aims to enhance operational efficiency in its high-end tooling business through optimized smart manufacturing processes and precise R&D based on customer needs[5]. - The company has established high-end tooling as a strategic growth area, aiming to increase market penetration through differentiated competition strategies[5]. - The company plans to accelerate market expansion in the smart firefighting helmet segment through dedicated development plans and resource allocation[6]. - Revenue from AI coverage systems and related products decreased, prompting the company to allocate additional resources to enhance competitiveness in commercial environments[8]. - The company is focusing on building a robust data platform and improving AI algorithms to provide innovative solutions that meet regulatory standards[5]. Employee and Workforce - The workforce consists of 179 employees and consultants, with competitive compensation packages including stock options and performance bonuses[7]. - The group employed approximately 179 employees as of December 31, 2024, an increase from 128 employees in 2023, and offers competitive compensation packages[38]. - Employee composition shows a significant increase in male employees to 92% in 2024 from 76% in 2023, while female employees decreased to 8% from 24%[88]. - The employee turnover rate rose to 53% in 2024 from 46% in 2023, with male turnover increasing to 56% from 20% and female turnover rising to 23% from 5%[88]. - The company maintained a 100% training participation rate for all employee categories in 2024, consistent with 2023[94]. Environmental, Social, and Governance (ESG) - The company aims to reduce air pollutant emissions by 10% by 2025, following an increase in emissions due to more operational vehicle trips in 2024[58]. - The company has established an Environmental and Waste Policy to continuously improve procedures and processes to minimize operational impacts on the environment[56]. - The company strictly complies with local regulations, including the Air Pollution Control Ordinance and the Environmental Protection Law of the People's Republic of China[57]. - The company has implemented monitoring procedures for air pollutants, waste, wastewater, and noise emissions[57]. - The board plays a key role in overseeing ESG issues and assessing related risks to operations[49]. - An ESG working group has been established to review and supervise ESG processes and risk management[52]. - The company engages stakeholders annually to assess the significance of ESG issues and prioritize them accordingly[53]. - The company emphasizes transparency and accountability through the establishment of the ESG working group, which includes independent directors[50]. Research and Development - The company submitted 828 patent applications, showcasing its commitment to innovation and product responsibility[99]. - The company continues to invest heavily in research and development for future technologies to maintain its business leadership position[138]. - The company is focused on advanced technology research and has participated in several key national projects, including the National High Technology Research and Development Program (863 Program)[114]. - The company is actively involved in the development of new technologies and products in the field of metamaterials and innovative space technology[115]. Shareholder and Corporate Governance - The company has undergone a share consolidation, merging every ten shares of HKD 0.01 into one share of HKD 0.10, effective January 31, 2024[149]. - The independent non-executive directors confirmed that all transactions conducted during the year were in the ordinary course of business and on normal commercial terms[168]. - The company has established a compensation policy based on employee performance, qualifications, and capabilities[163]. - The company has made arrangements for directors and senior management to purchase appropriate liability insurance[162]. - Major shareholder Huang Weizi holds 261,850,000 shares, representing approximately 42.53% of the total issued shares[175]. Community Engagement - The company has established a community investment policy to encourage employee participation in community activities[107]. - The company actively engages in promoting science, technology, and engineering education through community outreach and employee involvement[108].

Financial Performance - Revenue for the first quarter reached RMB 7,161,642,321, representing a 1.10% increase compared to RMB 7,083,601,678 in the same period last year[6] - Net profit attributable to shareholders increased by 31.80% to RMB 233,909,321 from RMB 177,469,351 year-on-year[6] - Basic earnings per share rose by 25.32% to RMB 0.11, up from RMB 0.09 in the previous year[6] - Net profit for Q1 2025 was RMB 344,906,499, representing a 18.1% increase from RMB 291,984,821 in Q1 2024[15] - Operating profit for Q1 2025 was RMB 522,626,995, up 47.0% from RMB 355,565,938 in Q1 2024[15] - Total operating revenue for Q1 2025 reached RMB 7,161,642,321, a slight increase of 1.1% compared to RMB 7,083,601,678 in Q1 2024[15] - Total operating costs for Q1 2025 were RMB 6,656,695,494, a decrease of 1.7% from RMB 6,770,044,998 in Q1 2024[15] - The company’s total comprehensive income for Q1 2025 was RMB 246,248,319, down from RMB 375,752,767 in Q1 2024[15] Cash Flow and Assets - The net cash flow from operating activities showed a significant decline of 199.22%, resulting in a negative cash flow of RMB -106,157,590[6] - The company reported a net cash flow from operating activities of -RMB 106,157,590 in Q1 2025, compared to RMB 106,994,109 in Q1 2024[18] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 5,454,580,595, down from RMB 5,881,347,510 at the end of Q1 2024[19] - The company's cash and cash equivalents decreased to RMB 6,303,644,500 from RMB 6,809,002,574, representing a decline of approximately 7.41%[13] - Current assets totaled RMB 15,874,920,557, slightly up from RMB 15,791,607,023, indicating a marginal increase of about 0.53%[13] - Total assets at the end of the reporting period were RMB 71,068,870,929, a 2.24% increase from RMB 69,512,689,187 at the end of the previous year[6] - The company’s total non-current assets reached RMB 55,193,950,372, an increase from RMB 53,721,082,164, reflecting a growth of about 2.74%[13] Shareholder Information - The company reported a total of 42,849 shareholders as of March 31, 2025, with 42,840 being A-share shareholders[9] - The top three shareholders hold a combined 73.31% of the shares, with Hong Kong Central Clearing Limited holding 35.34%[10] Liabilities and Equity - Total liabilities increased to RMB 36,152,798,036 from RMB 34,614,884,740, which is an increase of about 4.45%[14] - The company's long-term borrowings stood at RMB 9,786,214,543, up from RMB 9,598,770,711, reflecting an increase of approximately 1.95%[14] - The total equity attributable to shareholders increased to RMB 30,483,590,615 from RMB 30,291,427,176, indicating a growth of about 0.63%[14] Operational Efficiency and Strategy - The company plans to continue focusing on increasing profitability through enhanced operational efficiency and strategic investments[6] - Non-operating income included government subsidies amounting to RMB 30,597,736, contributing positively to the financial results[8] Inventory and Receivables - Accounts receivable rose significantly to RMB 3,752,968,534, up from RMB 2,969,799,883, marking an increase of around 26.36%[13] - The company's inventory remained stable at RMB 3,096,903,917, compared to RMB 3,057,769,490, showing a slight increase of around 1.28%[13] - The company reported a total of RMB 806,087,922 in contract liabilities, up from RMB 715,946,303, which is an increase of approximately 12.66%[14] Financial Expenses - The company incurred financial expenses of RMB 309,432,477 in Q1 2025, significantly higher than RMB 182,064,693 in Q1 2024[15] Management and Location - The board of directors includes executive directors Li Yeqing (CEO) and Liu Fengshan (Vice President) as well as non-executive directors and independent non-executive directors[23] - The company is based in Wuhan, Hubei Province, China[23]

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 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 * 二零二五年第一季度報告 本 公 司 董 事 會 謹 此 公 佈 本 公 司 二 零 二 五 年 第 一 季 度 報 告，本 報 告 之 截 至二零二五年三月三十一日止三個月財務報表乃根據中國會計準則編製、 未 經 審 計。 本報告乃依據上市規則第13.09條及第13.10B條 以 及《證 券 及 期 貨 條 例》（香 港法例第571章）第XIVA部 內 幕 消 息 條 文（按 上 市 規 則 所 定 義）發 佈。 遼 寧 港 口 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈 本 公 司 截 至 二 零 二 五 年 三 月 三 十 一 日 止 三 個 月 之 季 度 未 經 審 計 業 績（「二零二五 年第一季度報告」）。該 季 度 業 績 乃 根 據 中 國 會 計 準 則 編 製。本 公 告 乃 依 ...