Financial Performance - The company's operating revenue for Q1 2025 was CNY 122,272,308 thousand, a decrease of 18.46% compared to CNY 149,949,264 thousand in the same period last year[9] - Net profit attributable to shareholders was CNY 1,607,206 thousand, down 40.00% from CNY 2,678,657 thousand year-on-year[9] - The basic earnings per share decreased by 33.33% to CNY 0.08 from CNY 0.12 in the previous year[9] - The decline in net profit was attributed to continuous demand reduction in the steel industry and external factors affecting the construction and real estate sectors[12] - The net profit excluding non-recurring gains and losses was CNY 1,606,854 thousand, a decrease of 39.79% from CNY 2,668,559 thousand year-on-year[9] - Total revenue for Q1 2025 was 122,272,308, a decrease of 18.5% compared to Q1 2024's 149,949,264[32] - Operating profit for Q1 2025 was 2,594,866, down 33.1% from 3,875,664 in Q1 2024[33] - Net profit for Q1 2025 was 2,075,202, representing a decline of 34.0% from 3,144,854 in Q1 2024[33] - Basic earnings per share for Q1 2025 was 0.08, down from 0.12 in Q1 2024, reflecting a 33.3% decrease[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 832,043,897 thousand, reflecting a 2.97% increase from CNY 808,015,755 thousand at the end of the previous year[9] - As of March 31, 2025, total current assets reached RMB 621.457 billion, an increase from RMB 599.767 billion at the end of 2024[27] - The total assets of the company reached RMB 832.044 billion, up from RMB 808.016 billion at the end of 2024[29] - Total liabilities as of March 31, 2025, were RMB 659.525 billion, compared to RMB 625.680 billion at the end of 2024[29] - The equity attributable to shareholders of the parent company was RMB 143.601 billion, down from RMB 153.043 billion at the end of 2024[29] - The company's total current liabilities amounted to RMB 596.193 billion, an increase from RMB 573.630 billion at the end of 2024[28] - The total liabilities increased to CNY 80,950,673,000 in Q1 2025 from CNY 64,022,791,000 in Q1 2024, reflecting an increase of approximately 26%[45] Cash Flow - The net cash flow from operating activities was negative at CNY (25,694,659) thousand, compared to CNY (30,747,367) thousand in the previous year[9] - Cash flow from operating activities for Q1 2025 was (25,694,659), an improvement from (30,747,367) in Q1 2024[38] - Cash flow from investing activities for Q1 2025 was (2,027,406), compared to (675,735) in Q1 2024, indicating increased investment outflows[39] - Cash flow from financing activities for Q1 2025 was 26,072,898, down from 36,669,904 in Q1 2024, showing a decrease of 28.9%[40] - Cash inflow from operating activities totaled CNY 189,924 thousand in Q1 2025, down 46.2% from CNY 353,329 thousand in Q1 2024[53] - Cash outflow from investing activities was CNY 10,653,017 thousand in Q1 2025, compared to CNY 14,027,206 thousand in Q1 2024, indicating a reduction of 24.4%[55] - Cash inflow from financing activities was CNY 144,954,038 thousand in Q1 2025, a decrease of 21.1% from CNY 183,738,573 thousand in Q1 2024[56] - The net cash flow from financing activities was CNY 3,191,451 thousand in Q1 2025, down 69.5% from CNY 10,451,525 thousand in Q1 2024[56] Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 318,085[14] - China Minmetals Group holds 9,171,859,770 shares, representing 44.26% of total shares[15] - Hong Kong Central Clearing holds 2,848,935,401 shares, accounting for 13.75% of total shares[15] - China National Petroleum Corporation owns 1,227,760,000 shares, which is 5.92% of total shares[15] - China Metallurgical Group holds 1,019,095,530 shares, representing 4.92% of total shares[15] - China Securities Finance Corporation owns 589,038,427 shares, accounting for 2.84% of total shares[15] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder alone holding over 44%[15] - The company has multiple shareholders with equal holdings of 63,516,600 shares, each representing 0.31%[19] - The total number of shares held by the top ten unrestricted shareholders is substantial, indicating strong institutional support[20] - The company has no shares under pledge or freeze conditions among the top shareholders[15] - The shareholder structure reflects a strong presence of state-owned enterprises in the ownership composition[15] Contracts and Market Activity - The total new contracts signed in Q1 2025 amounted to RMB 230.661 billion, a decrease of 27.22% compared to the same period last year[24] - The overseas contract amount in Q1 2025 was RMB 12.041 billion, down 35.73% year-on-year[24] - The company did not disclose any new product developments or market expansion strategies in this report[9] - The company aims to enhance its market expansion strategies and product development in the upcoming quarters[58] Research and Development - Research and development expenses for Q1 2025 were 2,800,074, slightly down from 2,817,852 in Q1 2024[32]

Company Overview - For the year ended December 31, 2024, Kangqiao Service served millions of property owners and won over 300 awards, ranking 25th among the 2024 Top 100 Property Management Companies in China[4]. - The Group's listing on the Main Board of The Stock Exchange of Hong Kong occurred on July 16, 2021, under stock code 2205[3]. - The Group was incorporated in the Cayman Islands on October 8, 2020, and its shares were listed on the Main Board of the Stock Exchange on July 16, 2021[180]. - The Group is principally engaged in property management services and related value-added services in the PRC[180]. Financial Performance - In 2024, the Group achieved total revenue of approximately RMB 960.8 million, representing a year-on-year increase of 2.9%[31]. - The Group's total revenue for the year was approximately RMB 960.8 million, reflecting a 2.9% increase from approximately RMB 934.0 million in 2023[75][77]. - Revenue from property management services was approximately RMB 681.3 million, accounting for 70.9% of total revenue, and increased by 14.7% compared to the previous year[61]. - Revenue from city services was approximately RMB 79.7 million, representing an increase of 22.7% compared to approximately RMB 64.9 million in 2023[70][72][83][87]. - Revenue from value-added services to non-property owners decreased by 37.6% to approximately RMB 86.4 million from approximately RMB 138.4 million in 2023[81][85]. - Revenue from community value-added services was approximately RMB 113.4 million, down 16.9% from approximately RMB 136.6 million in 2023[82][86]. - The Group's cost of sales was approximately RMB 744.6 million, an increase of 4.4% from approximately RMB 713.3 million in 2023[90][91]. - Profit for the year increased by approximately 30.8% to RMB 68.8 million from RMB 52.6 million in 2023, driven by lower expenses[109]. Market and Industry Trends - In 2024, the property service industry experienced a slowdown due to global economic adjustments, but the Group remains optimistic about the recovery potential of the real estate industry and property service sector[21]. - The Group's strategic direction is anchored in industry trends, believing in stable cash flow and the long-tail value chain of customers as key growth drivers[22]. - The Group's commitment to sustainable growth with quality has allowed it to navigate market cycles effectively, demonstrating strong business resilience[21]. Strategic Focus and Development - The Group emphasizes "Joyful Service" and "Intelligent Technology" as its core values, focusing on all business forms and service scenarios throughout the property development lifecycle[5]. - Kangqiao Service aims to redefine urban life by leveraging smart technology and enhancing community services, positioning itself as a smart city service provider[7]. - The Group's future plans include deepening participation in urban services and injecting vitality into new neighborhoods through innovative service offerings[9]. - The Group is shifting from rapid "scale expansion" to sustained "value growth" by optimizing service quality and improving operational efficiency[39]. - The Group aims to enhance operational efficiency and customer satisfaction while ensuring sustainable development and brand influence[55]. Customer and Community Engagement - The Group has launched community activities such as "Four Seasons and One Hall" and "Five Clubs" to address community needs and foster emotional connections among residents[6]. - Customer satisfaction regarding comprehensive services increased by 5.0 percentage points, reaching a higher level of service quality[25]. - The Group aims to achieve intelligent and refined management of services, further enhancing customer experience and service efficiency[43]. Technological Innovations - The Group's digital knowledge assets include 72 copyrights, 29 systems, 16 self-owned source codes, and 131 code projects as of December 31, 2024[30]. - Technological innovations include the development of energy consumption control systems and quality inspection software to improve service efficiency[29]. - The Group will continue to increase technology investment to promote the upgrade of the "business-finance integration" digital technology system, enhancing service management through IoT, big data, and AI[40]. Human Resources and Management - The annual internal training ratio for employees was up to 65.8%, with employee satisfaction increasing by 2.7% year-on-year in 2024[46]. - The Group emphasizes a competitive salary, bonuses, benefits, and systematic training opportunities to attract talented employees[145]. - The Group has implemented a comprehensive recruitment system that includes online recruitment, job fairs, campus recruitment, and referrals[145]. - The Group is committed to promoting diversity and providing equal opportunities for all employees in recruitment, training, and professional development[145]. - The Group aims to create a happy culture in the workplace while promoting work-life balance for all employees[145]. Governance and Risk Management - The Board is committed to maintaining high standards of corporate governance and financial transparency[178]. - The independent non-executive directors provide oversight and independent advice to enhance corporate governance[158]. - The Group's risk management practices aim to mitigate operational risks, including customer loss and senior management turnover[183]. - The Group's financial risk management objectives and policies include managing interest rate risk, credit risk, and liquidity risk[192]. Operational Metrics - The Group managed 328 projects across 35 cities in China, with a contracted gross floor area (GFA) of approximately 70.3 million sq.m., representing a 4.7% increase from 67.1 million sq.m. in 2023[56]. - The GFA under management increased by 12.5% to approximately 46.2 million sq.m. from 41.0 million sq.m. in 2023, with 78.6% from third-party property developers[58]. - Non-residential properties under management reached approximately 7.4 million sq.m., an increase of 11.1% from 6.6 million sq.m. in 2023, with 99.2% from third-party developers[58]. Management Team - The company has a strong management team with diverse backgrounds in finance, engineering, and corporate governance[158]. - The management team has extensive experience in the real estate sector, which is crucial for the company's growth strategy[156]. - The Group's management team includes professionals with significant experience in finance and administration, enhancing its operational capabilities[171][172].

Financial Performance - In 2024, the company's revenue decreased to RMB 15,276 million, down from RMB 24,933 million in 2023, representing a decline of 38.8%[11]. - Gross profit for the year was RMB 796 million, a decrease of 69.0% from RMB 2,570 million in the previous year[11]. - The company reported a loss for the year of RMB 2,286 million, compared to a loss of RMB 1,769 million in 2023, indicating an increase in loss of 29.2%[11]. - Total assets decreased to RMB 114,470 million, down from RMB 128,236 million, a reduction of 10.7%[12]. - Total liabilities also decreased to RMB 97,319 million, down from RMB 108,178 million, a decline of 10.0%[12]. - The company experienced a basic loss per ordinary share of RMB 0.76, compared to RMB 0.63 in 2023, reflecting a worsening of 20.6%[11]. - The net loss attributable to the owners of the Group was approximately RMB 2,094 million, reflecting an increase of approximately 20% year-on-year[93]. - The total gross floor area of sold and delivered projects was 1,164,560 square meters, representing a decrease of approximately 36% from the previous year[96]. - Revenue from property sales was approximately RMB 14,105 million, a decrease of approximately 41% from the previous year[96]. - The total revenue for 2024 was approximately RMB 15,276 million, a decrease of approximately 38.7% from RMB 24,933 million in 2023, primarily due to a decrease in the recognized GFA of properties delivered[140]. Market Conditions - The global economic landscape remained complex, with China's real estate market facing double-digit declines in sales and investment growth, impacting domestic demand[15][16]. - The central government of China implemented policies to stabilize the real estate market, marking a shift towards active market rescue efforts[16]. - In 2024, the real estate market experienced a significant adjustment, with sales and investment growth declining by double digits, prompting the central government to implement a series of stabilizing policies[18]. - The overall operation of the Chinese economy showed a warming and improving trend amidst stability[83]. - 2024 was a critical year for China to achieve the objectives of the 14th Five-Year Plan, with stable progress in the economy[83]. - The global economic situation remained complex and volatile, impacting the overall market environment[83]. - In 2024, China's real estate market experienced a deep adjustment with double-digit declines in sales and investment growth, significantly impacting domestic demand[84]. - The central government implemented a series of policies to stabilize the real estate market, indicating a proactive policy tone[84]. Strategic Initiatives - The Group's core strategy of "1+2+3+X" aims to build a diversified industrial group, expanding into fields such as commercial operation and property services[23]. - Future strategies include revitalizing stock assets, innovating business models in long-term leasing, and enhancing service systems in property management[47]. - The company plans to implement a "1+2+3+X" development strategy over the next five years, focusing on optimizing structure, excelling in core business, and diversifying development[54]. - The Group's innovative "Greenland's smart manufacturing" platform aims to provide comprehensive management services across the entire industrial chain[21]. - The Group is committed to transforming its business model from scale development to efficiency-focused operations, enhancing internal dynamics and competitiveness[114][117]. - The Group's strategy includes activating existing assets and increasing liquidity to provide robust support for high-quality development[135][137]. Operational Efficiency - The Group focused on innovative marketing strategies, resulting in a notable reduction in planning expenses and site operating costs, while improving conversion rates through tenant sourcing for commercial office buildings[24]. - Cost reduction measures included streamlining construction practices and optimizing materials, contributing to enhanced efficiency across various projects[31]. - The Group's focus on optimizing supply chain collaboration and enhancing market confidence to address challenges in project delivery[107]. - The Group implemented policies to improve the marketability of existing projects, including discounted offerings and enhanced product positioning[110]. - The Group's innovative digital platform and private domain traffic matrix have significantly improved operational efficiency and service capabilities[128][131]. Property Development - Greenland Hong Kong Holdings Limited achieved a delivery area of 1.63 million sq.m. in 2024, including key projects such as Yancheng New Zone and Zhanjiang Greenland Mansion[27]. - The geographical distribution of property projects includes 29 projects in Jiangsu, 38 in Guangdong, and 9 in Zhejiang, among others[60]. - The company held a high-quality land bank of approximately 17,700,000 sq.m. as of December 31, 2024, primarily located in core cities[40][43]. - The residential leasing brand "Elite Home" managed nearly 10,000 units in cities like Shanghai, Nanjing, and Hangzhou, with an occupancy rate above 93%[42][45]. - The Group's projects in key regions such as Jiangsu, Guangdong, Zhejiang, and Guangxi were the primary sources of contracted sales[104]. Financial Management - Greenland HK maintained a low net interest-bearing gearing ratio and effective interest cost, ensuring sound financial fundamentals[35][38]. - The net gearing ratio increased to approximately 75% in 2024 from 58% in 2023, with total borrowings of approximately RMB 14,321 million[166]. - The Group's financial performance is subject to various risks, including business risk, government policy impact, foreign exchange risk, and third-party risk[180][181][182][184]. - The Group's treasury policy aims to strengthen treasury control and reduce funding costs while monitoring foreign exchange risks related to RMB and USD[172][183]. Corporate Governance - The Board does not recommend payment of a final dividend for the twelve months ended December 31, 2024[93]. - The Board emphasizes maintaining best practices in corporate governance to ensure transparency and fairness in disclosures[190][192]. - The Group's chairman and CEO roles were combined from May 17, 2024, to December 31, 2024, which the Board believes aids in efficient strategy formulation[193].

Revenue Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 1,154.9 million, a decrease of about RMB 1,689.9 million or 59.4% compared to RMB 2,844.8 million for the previous fiscal year[6]. - The decline in revenue was primarily due to reduced earnings from the property development and investment segment, with no new property investments or acquisitions made during the year[9]. - The trade and logistics segment contributed approximately RMB 766.1 million (66.3% of total revenue) and the printing segment contributed approximately RMB 319.6 million (27.7% of total revenue) for the fiscal year[10]. - Revenue from the property development and investment segment was only RMB 25.2 million (2.2% of total revenue) compared to RMB 1,562.0 million (54.9% of total revenue) in the previous year[10]. - The group's revenue for the year was approximately RMB 1,154.9 million, a decrease of about RMB 1,689.9 million or 59.4% compared to the previous year's revenue of approximately RMB 2,844.8 million[15]. - The printing segment recorded revenue of approximately RMB 319.6 million, down from approximately RMB 376.5 million in the previous year[15]. - The trade and logistics segment generated revenue of approximately RMB 766.1 million, compared to approximately RMB 856.8 million last year[15]. - The property development and investment segment's revenue was approximately RMB 25.2 million, a significant drop from approximately RMB 1,562.0 million in the previous year[15]. Financial Losses and Stability - The group recorded a loss attributable to shareholders of approximately RMB 1,263.4 million for the year, compared to a loss of approximately RMB 2,679.4 million in the previous year[23]. - The company reported a net loss of approximately RMB 1,264,365,000 for the year ending December 31, 2024[155]. - The company is facing significant uncertainty regarding its ability to continue as a going concern, dependent on various measures to improve liquidity and financial condition[158]. - The company plans to implement cost-cutting measures and restructure debts to enhance its financial stability[158]. - The company's net loss attributable to shareholders rose from RMB 6,350,809 thousand in 2023 to RMB 7,621,857 thousand in 2024, an increase of about 20%[170]. - The company reported a net loss of RMB 1,264,365,000 for 2024, compared to a net loss of RMB 2,671,180,000 in 2023, indicating a 52.8% improvement in losses year-over-year[167]. Assets and Liabilities - As of December 31, 2024, the group's current assets were approximately RMB 2,035.2 million, down from approximately RMB 2,344.5 million in the previous year[25]. - Total liabilities as of December 31, 2024, included overdue principal and interest amounting to approximately RMB 7,566,644 thousand, indicating significant debt pressure[178]. - The company's total liabilities increased from RMB 11,798,177 thousand in 2023 to RMB 12,276,600 thousand in 2024, representing a growth of approximately 4.05%[169]. - Non-current assets decreased to RMB 2,799,355,000 in 2024 from RMB 3,293,439,000 in 2023, reflecting a decline of 15.0%[168]. - Current assets totaled RMB 1,928,255,000 in 2024, down from RMB 2,231,461,000 in 2023, representing a decrease of 13.6%[168]. - The company's cash and cash equivalents decreased to RMB 36,292,000 in 2024 from RMB 65,351,000 in 2023, a decline of 44.5%[168]. Corporate Governance - The board is committed to maintaining high standards of corporate governance and has applied the principles of the Corporate Governance Code as per the Hong Kong Stock Exchange, although it has not complied with a specific provision regarding the separation of roles between the chairman and the CEO[39]. - The board of directors consists of executive and independent non-executive members, with the current composition including Mr. Yan Ruijie as Chairman and CEO, and Ms. Chen Yun as an executive director[42]. - The group emphasizes the importance of independent opinions and encourages directors to express their views freely during meetings[57]. - The board's composition considers various factors including gender, age, cultural background, and professional experience to maintain a balanced and diverse team[58]. - The company has established a shareholder communication policy to ensure timely and balanced information dissemination[97]. Debt Restructuring and Financial Measures - The company is undergoing a debt restructuring plan, with 33 creditors voting on claims totaling HKD 738,564,787, achieving a 96.72% approval rate[183]. - The company plans to maximize cash flow by ceasing or selling several non-core loss-making operations[181]. - The company is negotiating with creditors to restructure debts related to property development projects, which have been suspended due to cash shortages[180]. - The group is currently involved in several unresolved legal proceedings initiated by creditors, contractors, customers, and suppliers in China, but the board believes these will not have a significant financial impact on the group[32]. Environmental and Social Responsibility - The group emphasizes the importance of environmental protection for its long-term development and is committed to continuously reviewing and improving its management practices to minimize environmental impact[33]. - The company made charitable donations amounting to RMB 227,000 during the year[113]. Audit and Compliance - The audit committee ensures compliance with financial reporting standards and maintains effective risk management and internal control systems[81]. - The external auditor, BDO Limited, charged RMB 1.6 million for audit services in the current year, down from RMB 1.8 million in 2023[90]. - The company is committed to maintaining compliance with legal and regulatory requirements, including the disclosure of inside information[96].

Stock Option Plan - The stock option plan has a total of 12,676,257 shares available for grant as of March 31, 2024, representing approximately 2.75% of the total issued shares (excluding treasury shares) [3] - The stock option plan is detailed in the "Board Report" section of the annual report [3] Company Information - The company confirms that the information provided in this announcement is accurate and complete, with no misleading or fraudulent elements [6] - The announcement is published in accordance with the GEM Listing Rules of the Hong Kong Stock Exchange [6] - The company is incorporated in the Cayman Islands with limited liability [2] Board of Directors - The board of directors includes five executive directors and three independent non-executive directors [5] Shareholder Communication - The announcement serves to provide information regarding the company to shareholders and potential investors [6] - The company emphasizes the importance of shareholders and potential investors exercising caution when trading shares [5] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the publication date [6] Annual Report Disclosure - The company has not disclosed any changes to other information in the annual report [4]

Financial Performance - In 2024, the company achieved a total revenue of RMB 32.16 billion, a 92.1% increase from RMB 16.75 billion in 2023[8] - The gross profit for 2024 was RMB 2.69 billion, a significant increase of 3,248.4% from RMB 80.47 million in 2023[8] - The company reported a net profit of RMB 80 million in Q4 2024, marking the first quarterly profit in its history, ahead of its target by one year[10] - The gross margin for 2024 improved to 8.4%, up 7.9 percentage points from 0.5% in 2023, with Q4 2024 achieving a record high gross margin of 13.3%[10] - The adjusted net loss for 2024, excluding share-based payments, was RMB 2.35 billion, a reduction of RMB 1.17 billion from RMB 3.52 billion in 2023[10] - Operating loss narrowed to RMB 3.17 billion in 2024 from RMB 4.38 billion in 2023, as gross profit growth outpaced expense increases[34] - The net cash generated from operating activities in 2024 was RMB 8.47 billion, an increase of RMB 7.39 billion from RMB 1.08 billion in 2023[11] - Free cash flow for 2024 was RMB 6.32 billion, a remarkable increase of 2,058.5% from a negative RMB 0.32 billion in 2023[41] - The net loss for 2024 was RMB 2.82 billion, down from RMB 4.22 billion in 2023, with adjusted net loss (non-IFRS) at RMB 2.35 billion compared to RMB 3.52 billion in 2023[38] Vehicle Deliveries and Sales - The total vehicle deliveries for 2024 reached 293,724 units, representing a 103.8% growth compared to 144,155 units in 2023, maintaining a top-three position among new car manufacturers[12] - C-series vehicles accounted for 76.6% of total sales in 2024, with 225,071 units delivered, reflecting a 112.9% increase from the previous year[12] - In 2024, the company delivered 75,469 units of the C10 and 43,528 units of the C16, with average monthly sales of nearly 10,000 and over 8,000 units respectively in Q4 2024[15] - The company achieved a cumulative sales volume of 87,552 units from January to March 2025, a 162.1% increase compared to the same period in 2024[26] Research and Development - Research and development expenses rose to RMB 2.90 billion in 2024, a 51.0% increase from RMB 1.92 billion in 2023, reflecting increased investment in R&D[33] - The company established a smart technology research institute with over 500 personnel to enhance AI capabilities and aims to achieve city NOA by the end of 2025[18] - The LEAP 3.0 technology architecture was introduced in 2024, leading to a monthly average sales of over 30,000 units for the C series in Q4 2024, with all models ranking in the top five of their respective segments[17] Expansion and Market Presence - The company plans to launch the B series, including the compact SUV B10, mid-size sedan B01, and sporty hatchback B05, aiming for a sales target of 500,000 units in 2025[16] - By the end of 2024, the company had established 695 sales stores and 427 service stores, covering 264 cities, an increase of 82 cities from 2023[20] - The company exported 13,726 units overseas by the end of 2024 and established over 400 sales and service points globally, with plans to reach over 550 by 2025[24] - The company launched its first global strategic model, the C10, in Europe in September 2024, accelerating its international market presence[59] Corporate Governance and Compliance - The company has complied with all applicable laws and regulations during the reporting period, with no significant legal or regulatory issues reported[74] - The supervisory board believes that the company's 2024 financial report objectively reflects its financial status and operating results, complying with relevant accounting standards and regulations[171] - The supervisory board found that related party transactions during the reporting period were priced objectively and fairly, with no harm to the company's or shareholders' interests[172] - The company is focused on maintaining fair and reasonable transaction conditions in its related party dealings[172] Shareholder Information - Stellantis holds approximately 21.26% of the company's issued share capital, making it a major shareholder[105] - The company has a stock option plan allowing executives to acquire 2,000,000 shares, subject to vesting conditions[114] - The total issued domestic shares amount to 220,552,174, while the total issued H shares are 1,116,413,915[115] - The company has not recommended any final dividend for the year ended December 31, 2024, considering the long-term interests of shareholders[61] Employee Engagement and Compensation - As of December 31, 2024, the company has 15,551 full-time employees, primarily located in Zhejiang Province, China[112] - The company offers competitive compensation and comprehensive training programs for employees, including safety and quality awareness training[112] - The company has established a vibrant work environment to encourage employee initiative and engagement[112] Financial Instruments and Risks - The company has not engaged in any foreign exchange hedging instruments as of December 31, 2024, and does not foresee significant direct foreign exchange risks from its operations[55] - The company has not utilized any interest rate swap contracts or other financial instruments to hedge its interest rate risks during the reporting period[56] Future Plans and Investments - Approximately 75% (RMB 2,148.4 million) of the funds raised will be used for the research and development of new electric vehicle models and upgrading existing models[153] - The company aims for global expansion, particularly entering the European market, leveraging Stellantis' extensive distribution network[157] - 25% of the net proceeds will enhance production capacity and operational efficiency, also with a five-year timeline[159]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 3,207.7 million, representing a year-on-year increase of 3.4% compared to RMB 3,102.9 million in the previous fiscal year[13]. - The gross profit for the fiscal year 2024 was approximately RMB 1,163.1 million, up from RMB 1,102.9 million in 2023, with a gross margin of 36.3%, an improvement from 35.5% in the prior year[15]. - The net profit attributable to shareholders for the fiscal year 2024 was RMB 563.5 million, a decrease of 7.2% from RMB 607.4 million in 2023[18]. - Total assets as of December 31, 2024, were RMB 4,350.3 million, a slight decrease from RMB 4,432.3 million in 2023[8]. - Total liabilities decreased to RMB 868.2 million in 2024 from RMB 957.1 million in 2023, indicating improved financial stability[8]. - The overall sales volume for the company decreased by 7.4% in the 2024 fiscal year, from approximately 393.4 million units in 2023 to 364.2 million units[57]. - The company's total revenue increased to approximately RMB 3,207.7 million in the 2024 fiscal year, a 3.4% growth from RMB 3,102.9 million in 2023[57]. - The gross profit for the company reached approximately RMB 1,163.1 million in the 2024 fiscal year, up 5.4% from RMB 1,103.0 million in the previous year, with a gross margin improvement from 35.5% to 36.3%[57]. - The total order amount for the next five years is estimated to be approximately RMB 10.1 billion, reflecting a conservative forecast[62]. - The cost of sales increased by approximately RMB 44.6 million or 2.2% to RMB 2,044.5 million in fiscal year 2024, while revenue grew by 3.4%[64]. Market Trends - The global automotive market reached a total revenue of USD 3.8 trillion in 2024, with a 12% year-on-year growth, driven significantly by electric vehicles and connected car technologies[10]. - Electric vehicles accounted for 25% of total new car sales by the end of 2024, up from 17% the previous year, highlighting a significant market shift[9]. - The global automotive market is expected to see limited growth by 2025, with challenges in Western Europe and potential expansion in the Chinese market supported by government incentives[25]. - Despite challenges, the electric vehicle (EV) sector is progressing towards profitability, with strong sales growth anticipated globally[26]. - The overall economic outlook for 2025 remains positive, with low recession risks and improved affordability for consumers due to better credit availability and lower auto loan rates[26]. - The hybrid electric vehicle sector is expected to grow significantly at a rate of 20%-25% between 2024 and 2025[52]. - The automotive industry is gradually recovering from supply chain disruptions and economic uncertainties, with new car sales showing substantial growth[52]. - Continuous inventory replenishment is driving growth in vehicle sales as supply chains stabilize[52]. - The semiconductor supply shortage has hindered the recovery of global vehicle sales[52]. - Electric vehicles continue to experience rapid growth, indicating a shift in consumer preferences[52]. - In 2024, new car sales in the US are projected to reach approximately 16.0 million units, representing a year-over-year growth of over 2% compared to 2023, marking the highest sales since the COVID-19 pandemic[53]. - In China, the production of light vehicles is expected to reach 31.3 million units, with sales of 31.4 million units in 2024, reflecting year-over-year increases of 3.7% and 4.5%, respectively[53]. - Electric vehicles (EVs) are anticipated to account for over 40% of new car sales in China in 2024, supported by government subsidies to stimulate consumer demand[54]. - Global electric vehicle sales are projected to reach 17.4 million units in 2024, showing a year-over-year increase of 48%[56]. Corporate Governance - The board of directors is responsible for the overall management of the company, including strategy development and financial goals[92]. - The company has complied with the corporate governance code, ensuring high standards of accountability and transparency[89]. - The board consists of six executive directors and three independent non-executive directors, with no significant relationships among them[95]. - The company encourages employee participation in training and seminars to enhance their capabilities within the organization[83]. - The company has established mechanisms to ensure independent opinions are provided to the board, which were reviewed for effectiveness in the fiscal year 2024[99]. - The current term for independent non-executive directors is three years, starting from June 6, 2023[100]. - The board held a total of four board meetings, one remuneration committee meeting, one nomination committee meeting, and three audit committee meetings during the 2024 fiscal year[105]. - All directors attended 100% of the board meetings, with each executive director participating in all four meetings[107]. - The board ensures that at least one-third of its members are independent non-executive directors, maintaining a balance for effective oversight[101]. - The company encourages continuous professional development for all directors, providing training opportunities to enhance their skills and knowledge[103]. - Independent non-executive directors are not compensated based on equity or performance-related pay, ensuring their objectivity in decision-making[101]. - The board plans to continue holding at least four meetings annually and aims to maintain regular communication with independent non-executive directors[105]. - The company allows board members to seek independent professional advice at the company's expense to fulfill their responsibilities[105]. - Any potential conflicts of interest involving major shareholders or directors will be discussed in board meetings rather than through written resolutions[106]. - Directors are required to retire and stand for re-election at least once every three years during the annual general meeting[102]. - The board of directors is led by Chairman Ma Xiaoming and CEO Zhang Yumin, effective from February 21, 2023[109]. - The audit committee held three meetings during the 2024 fiscal year to review the audited annual results for the fiscal year 2023 and the unaudited interim results for the six months ending June 30, 2024[113][116]. - The remuneration committee conducted one meeting in the 2024 fiscal year to review the existing remuneration of all directors and senior management[118]. - The nomination committee is responsible for reviewing the board's structure, size, and composition annually, and making recommendations for potential changes[121]. - The audit committee has the authority to obtain professional advice and sufficient resources to fulfill its responsibilities[113]. - The remuneration committee evaluates the performance of executive directors and approves the terms of their service contracts[117]. - The company has established a culture of open communication and constructive relationships among directors to enhance governance[109]. - The board ensures that all directors receive timely and accurate information for effective decision-making[109]. - The company provides sufficient resources to the board committees, allowing them to seek independent professional advice when necessary[111]. - The nomination committee assesses the independence of independent non-executive directors[121]. Employee and Operational Insights - The company employed 5,212 full-time employees and operated in 13 cities across seven countries, reflecting its global presence[12]. - As of December 31, 2024, the group had 5,212 employees, a slight decrease from 5,227 employees in 2023[81]. - Employee compensation and costs for the fiscal year 2024 amounted to approximately RMB 724.9 million, compared to RMB 711.1 million in the fiscal year 2023, reflecting a year-over-year increase of about 1.7%[81]. - The company's issued share capital as of December 31, 2024, was approximately RMB 87.5 million, unchanged from December 31, 2023[84]. - The company has established multiple channels for shareholder communication, ensuring timely and equal access to information[155]. - The company has purchased liability insurance for its directors and senior management to provide appropriate protection[179]. - Total remuneration paid to directors for the fiscal year 2024 was approximately RMB 15,983,000, compared to RMB 14,483,000 for fiscal year 2023, representing an increase of about 10.35%[192]. - Total remuneration for the five highest-paid individuals in the group for fiscal year 2024 was approximately RMB 17,368,000, up from RMB 13,652,000 in fiscal year 2023, indicating a growth of approximately 27.5%[192]. - The company has established a risk management and internal control system that is effective and sufficient, with no significant defects identified during the annual review[132]. - The company has not established an internal audit department but is considering the cost-effectiveness of appointing external independent professionals for internal audit services[133]. Strategic Initiatives - The company aims to maintain its leading position in the automotive decorative parts sector while expanding market share and strengthening relationships with core customers[12]. - The company is focused on sustainable growth amidst geopolitical tensions and evolving market dynamics, ensuring adaptability in its global growth strategy[12]. - A new overseas production facility in Malaysia is nearing completion, with trial operations expected to begin by mid-2025 and mass production planned for the end of 2025[24]. - The company has diversified its global operations, enhancing its market position and customer service foundation, particularly in response to global and regional challenges[24]. - The company has diversified its production bases, with existing operations in Mexico and recent expansions in Malaysia, enhancing its adaptability to geopolitical risks[62]. - The company has no specific future plans for significant investments or capital assets as of the report date[170]. - The company has complied with all relevant environmental laws and regulations during the fiscal year 2024, with no significant environmental claims or penalties[165]. Shareholder Relations - The company is committed to maintaining effective communication with shareholders and ensuring transparency in its operations[151]. - The company aims to strengthen investor relations and maintain transparency regarding its operational strategies, financial performance, and development prospects[153]. - The proposed final dividend for the fiscal year 2024 is HKD 0.3 per share, subject to approval at the 2025 Annual General Meeting[160]. - As of December 31, 2024, the company's distributable reserves amount to approximately RMB 971.4 million, with about RMB 280.8 million proposed as the final dividend for the fiscal year 2024[174]. - The company plans to distribute no less than 30% of the distributable profits as dividends for each fiscal year, subject to board approval and various factors including operating performance and financial condition[134].

Financial Performance - For the year ended December 31, 2024, the company's revenue was approximately RMB 23.32 million, a significant decrease from RMB 4.44 million in 2023[9] - The loss attributable to owners of the company for 2024 was RMB 42.99 million, compared to a loss of RMB 46.23 million in 2023[9] - Total assets as of December 31, 2024, were RMB 569.34 million, down from RMB 651.73 million in 2023[9] - Total liabilities decreased to RMB 466.85 million in 2024 from RMB 503.66 million in 2023[9] - The net asset value attributable to owners of the parent was RMB 140.46 million in 2024, compared to RMB 176.93 million in 2023[9] - The Group's revenue for the year amounted to approximately RMB 23.3 million, a significant increase from RMB 4.4 million in 2023, primarily from the trading of electronic products[31] - The loss attributable to owners of the Company was approximately RMB 43.0 million, a slight improvement from RMB 46.2 million in 2023, mainly due to low gross profit from trading activities[31] - The gross profit margin for the trading business was approximately 0.1% for the year[25] - The Group's bank balances and cash were approximately RMB 15.8 million as of December 31, 2024, a decrease from RMB 17.2 million in 2023[32] Project Development - The Second Maoming Project has a total site area of approximately 29,274.16 square meters, with a planned gross saleable area of 84,000 square meters[16] - The company has no real estate project for sale during the year due to unfavorable market conditions, resulting in a significant revenue decrease[12] - The total area of residential and commercial properties recognized as sales in 2023 was approximately 747 square meters[13] - The company is focusing on the development of the Second Maoming Project, which includes 1,000 carpark spaces and a mix of residential and commercial areas[16] - As of December 31, 2024, approximately 63% of the construction for the Second Maoming Project has been completed, with pre-sales for residential properties scheduled for the second half of 2024[19] Capital Structure and Financing - The Group's total secured bank borrowings and other borrowings amounted to approximately RMB 9.4 million as of December 31, 2024, down from RMB 30.0 million in 2023[33] - The gearing ratio was approximately 9% as of December 31, 2024, compared to 20% in 2023, indicating improved financial stability[33] - The Placing of new shares on February 15, 2024, raised gross proceeds of approximately HK$7.12 million, enhancing the Company's capital structure[41] - The total gross proceeds from the placing amounted to approximately HK$7.12 million, with net proceeds of about HK$6.88 million after deducting commissions and other expenses[44] - The company plans to use the net proceeds from the placing for repayment of outstanding liabilities and general working capital, including staff costs and administrative expenses[46][50] - A rights issue was announced on April 8, 2024, offering two rights shares for every one share held at a subscription price of HK$0.15, which was completed on July 22, 2024[48][49] - The total gross proceeds from the rights issue and the specific mandate placing were approximately HK$1.6 million, with net proceeds of about HK$0.56 million after expenses[54][59] Employment and Remuneration - The group employed 35 full-time employees as of December 31, 2024, with total remuneration for the year being approximately RMB8.4 million, down from RMB13.2 million in 2023[66] - The group employed 35 full-time employees in Hong Kong and China, down from 53 in 2023, with total compensation amounting to approximately RMB 8.4 million, a decrease from RMB 13.2 million in 2023[71] Corporate Governance - The Company complied with all relevant code provisions set out in the Corporate Governance Code during the year[122] - The Company adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the year[123] - The Company is committed to maintaining good corporate governance practices and procedures[121] - The Board consists of seven Directors, including three executive Directors and four independent non-executive Directors, enhancing corporate governance practices[127] - The Board held 12 meetings during the year, ensuring Directors received relevant information for informed decision-making[138] - The Company adopts a practice of holding Board meetings at least four times a year, with additional ad-hoc meetings as necessary[135] - Directors have independent access to senior management and can seek independent professional advice if needed[134] Board Changes and Appointments - Mr. Liu Jianhui was appointed as the executive Director and CEO effective April 1, 2025, bringing extensive experience in financial institutions[84][91] - Mr. Zhang Xiaojun appointed as Executive Director on October 30, 2023, with a focus on optimizing cash flow and establishing investment funds[98] - Mr. Yau Sze Yeung has over 20 years of experience in the financial industry, including audit and corporate finance, and serves as the chairman of the Audit Committee[105] - Mr. Lee Chun Tung appointed as an independent non-executive Director and has extensive experience in internal control and regulatory compliance[111] - Mr. Su Zhi Jie appointed as independent non-executive Director on September 30, 2024, with over 10 years of experience as a qualified internal auditor[113] - Ms. Aika Ouji appointed as independent non-executive Director on December 31, 2024, with extensive experience in international trade and real estate management[114] - Mr. Liu Jian Hui appointed as Chief Executive Officer on April 1, 2025, indicating a leadership transition within the Company[128] Audit and Risk Management - The Audit Committee held 5 meetings during the year to review the audited consolidated financial statements for the years ended December 31, 2022, and 2023[180] - The Committee reviewed the unaudited consolidated interim financial statements for the six months ended June 30, 2023, and June 30, 2024[181] - The Audit Committee evaluated the effectiveness of the internal audit functions and the risk management and internal control systems of the Group[183][184] - The external auditor's fees were reviewed and the remuneration and terms of engagement were approved based on guidelines from the Financial Reporting Council[189] Subsequent Events and Contingencies - The company failed to publish the 2024 Annual Results Announcement by the March 31, 2025 deadline due to additional time required for the auditor to complete its work, leading to a suspension of trading from April 1, 2025[85][86] - There are no material contingent liabilities as of December 31, 2024[83][88] - No significant subsequent events occurred that materially affect the group's financial condition or operation following the reporting period[87][90]

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HK$1.83 million, representing a decrease of approximately 71.18% from HK$6.35 million for the year ended December 31, 2023[27]. - The decrease in revenue was mainly due to a reduction in accrued interest from credit-impaired loans receivables during the year[28]. - The Group recorded a consolidated loss attributable to owners of approximately HK$85.99 million for the year ended 31 December 2024, a decrease from approximately HK$152.95 million in 2023, primarily due to a significant decrease in impairment on loans and interest receivables[70][71]. - The Group's loan balance decreased from approximately HK$96.59 million as of December 31, 2023, to approximately HK$12.29 million as of December 31, 2024, representing a decline of about 87.3%[17]. - The Group's bank and cash balances were approximately HK$2.43 million as of December 31, 2024, indicating adequate funds to maintain operations under the current economic environment[21]. - The net current assets of the Group amounted to approximately HK$15.45 million as of 31 December 2024, a decrease from approximately HK$97.46 million in 2023, resulting in a current ratio of approximately 13.28 times compared to 50.55 times in 2023[75]. - The Group has maintained a zero gearing ratio as of 31 December 2024, with net cash of approximately HK$2.43 million[89]. Loan Management and Strategy - The Company adopted a more cautious approach to granting new loans due to a negative outlook on the local economy, leading to a decrease in interest income during the 2023 and 2024 fiscal years[18]. - The Company plans to focus on identifying high-quality individual customers for personal loans in 2025, implementing more stringent criteria to control default risk[20]. - The conservative lending strategy adopted by the Company has been a response to the adverse impacts of the global economic recession on its business and profitability[19]. - The Group's focus remains on conducting money lending business, providing both secured and unsecured loans to a diverse customer base[17]. - The Company will prioritize efforts on loan repayment collection through the Credit Control Department and debt collection agencies in Hong Kong and the PRC in the first half of 2025[20]. - The Group aims to focus resources on developing quality personal loans and will implement stricter standards in customer selection to control default risks[23]. Impairment and Credit Risk - The Group recorded a reversal of impairment loss on loans receivables of approximately HK$7.03 million for the year ended December 31, 2024, compared to an impairment loss of approximately HK$137.07 million in 2023[48]. - The impairment loss on interests receivables was approximately HK$90.95 million for the year ended December 31, 2024, compared to HK$2.16 million for the corresponding period in 2023[49]. - The expected credit loss (ECL) on individual assessment for loans was HK$61,174,000 in 2024, down from HK$130,223,000 in 2023, while the collective assessment showed a reversal of HK$68,208,000 in 2024 compared to an ECL of HK$6,846,000 in 2023[61]. - The Group conducts collective assessments on impairment allowances for loans and interests receivables at least quarterly, categorizing them by loan types to calculate ECL based on credit risk characteristics[52]. - Monthly individual assessments are also performed for impairment allowances, considering factors such as expected recovery dates and the fair value of collateral[53]. - Credit risk assessments are conducted before advancing loans, including identity checks and financial background checks on borrowers and guarantors[57]. - The Group employs a "two eyes" process for credit approval, requiring higher-level approvals based on transaction size and nature[58]. - The Group actively monitors loan repayment statuses and enhances collection procedures, including direct communication with customers[59]. Corporate Governance - The Company has complied with the GEM Listing Rules regarding the composition of the Board, which includes at least three independent non-executive Directors, representing at least one-third of the Board[115]. - All independent non-executive Directors have confirmed their independence in accordance with Rule 5.09 of the GEM Listing Rules[116]. - The Board is responsible for the Group's long-term strategy and significant transactions, ensuring effective performance of management duties[113]. - The Company is committed to maintaining statutory and regulatory standards of corporate governance, applying principles from the Corporate Governance Code[105]. - The Board has delegated day-to-day management to executive Directors and management staff, who regularly review financial results and performance[118]. - The Company has mechanisms in place to ensure Board independence, including annual assessments of independent non-executive Directors[144]. - The Company ensures that adequate information is provided to Directors in a timely manner before meetings to facilitate informed decision-making[138]. Committees and Meetings - The audit committee held two meetings during the year ended December 31, 2024[150]. - The audit committee is composed of three independent non-executive Directors: Mr. Wong Shui Yeung, Dr. Fung Kam Man, and Mr. Wong Kin Ning[149]. - The nomination committee, comprising three independent non-executive Directors, held two meetings during the year ended December 31, 2024[160]. - The remuneration committee held two meetings during the year ended December 31, 2024, with all members attending both meetings[178]. - The credit committee held one meeting during the year ended December 31, 2024, with all members present[186]. - The compliance committee held two meetings during the year ended December 31, 2024, with full attendance from all members[191]. - The credit review committee held one meeting during the year ended December 31, 2024, with full attendance from all members[200]. Trading Status and Regulatory Compliance - The Company has been suspended from trading since November 24, 2017, and will remain suspended until further notice[97]. - As of January 28, 2025, the Company is actively communicating with the SFC to address concerns and expedite the resumption of trading, but no concrete timeframe for resumption can be provided at this stage[100]. - The Company has issued multiple announcements regarding its trading status and compliance with GEM Listing Rules from August 2018 to January 2025[98]. - The compliance committee reviews and monitors the training and professional development of Directors and senior management[186]. - The compliance committee identified no material compliance issues during the review year and made several recommendations to the Board regarding internal control and corporate governance[195].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% year-over-year growth[1]. - In 2024, the company's total revenue was RMB 23,147,916,000, a decrease of 6.8% compared to the previous year[21]. - The company's revenue decreased from approximately RMB 24,845,816,000 in 2023 to approximately RMB 23,147,916,000 in 2024, representing a decline of about RMB 1,697,900,000 or 7%[58]. - The largest revenue drop was in the new energy sector, which saw a decrease of approximately RMB 2,001,678,000, primarily due to reduced delivery volumes in the commodity and steel supply chain[58]. - The health and education business generated revenue of approximately RMB 487,458,000 in 2024, compared to RMB 151,444,000 in 2023, indicating a significant increase[49]. - The investment and financial services segment recorded a loss of approximately RMB 532,640,000 in 2024, an increase from RMB 217,498,000 in 2023, primarily due to increased credit risk[40]. - The company recorded a significant post-tax loss of approximately RMB 7,325,350,000 in 2024, compared to RMB 455,449,000 in 2023, primarily due to substantial impairment losses related to trade receivables in the renewable energy segment[76]. User Engagement and Market Expansion - User data showed a growth in active users, reaching 2 million, which is a 15% increase compared to the previous quarter[2]. - The company provided a positive outlook for the next quarter, projecting revenue growth of 25% and an increase in user engagement metrics[3]. - Market expansion plans include entering three new international markets by the end of the year, targeting a potential revenue increase of $30 million[6]. - A new marketing strategy has been implemented, aiming to increase brand awareness and customer acquisition by 40% over the next six months[8]. Product Development and Investment - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[4]. - The company is investing in new technology development, allocating $10 million towards research and development initiatives[5]. - The company plans to focus on green energy equipment manufacturing and traditional Chinese medicine services, aiming to leverage its resources and expertise in these areas[27]. - The company continues to seek new investment opportunities in green energy and health services, adhering to a responsible and sustainable development philosophy[28]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance and transparency in its operations[19]. - The board of directors emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% over the next five years[10]. - The company has appointed several independent non-executive directors with extensive industry experience and qualifications[12][13][14]. - The management team includes professionals with diverse backgrounds in finance, law, and project management[15][16][19]. - The company emphasizes strong governance through its various committees, including audit and risk management[13][14]. Financial Position and Assets - As of December 31, 2024, total assets amounted to RMB 45,048,057,000, down 17.4% year-on-year[21]. - The group's total debt as of December 31, 2024, was RMB 11,761,835,000, representing a decrease of approximately RMB 2,718,379,000 or 19% from December 31, 2023[79]. - The asset-liability ratio as of December 31, 2024, was approximately 26%, a slight decrease from 27% as of December 31, 2023[80]. - The group's current assets totaled approximately RMB 24,748,906,000, while current liabilities were about RMB 22,092,483,000, resulting in a current ratio of approximately 1.1[80]. Employee and Board Composition - The total employee cost for the group in the fiscal year 2024 was approximately RMB 2,236,534,000, compared to RMB 2,177,895,000 in the fiscal year 2023[111]. - The group had 8,807 employees as of December 31, 2024, a decrease from 8,881 employees as of December 31, 2023[111]. - The board consists of seven members, including four executive directors and three independent non-executive directors[116]. - The company has a board diversity policy in place since September 1, 2013, updated on January 1, 2019, emphasizing the importance of diversity in enhancing company performance[138]. Risk Management and Compliance - The company is facing challenges in obtaining sufficient audit evidence regarding certain transactions and balances, which may impact the financial statements[102]. - The company has established a framework for addressing conflicts of interest among major shareholders and directors during board meetings[144]. - The company has complied with insider information handling and disclosure procedures throughout the fiscal year 2024[163]. - The internal audit function is performed by the internal control compliance department, which independently evaluates the adequacy and effectiveness of the risk management and internal control systems[164]. Shareholder Communication and Dividends - The board decided not to declare a dividend for the fiscal year 2024[110]. - The company reported a total distributable reserve of RMB 13,834,423 thousand for the year ended December 31, 2024, down from RMB 16,913,004 thousand in 2023, primarily due to accumulated losses increasing from RMB (1,048,290) thousand to RMB (4,126,871) thousand[185]. - Shareholders can request a special general meeting if they hold at least 10% of the paid-up capital, ensuring their rights are protected[173].