Core Viewpoint - Senyuan Co., Ltd. reported a revenue increase in 2024, but continues to face significant challenges with ongoing losses and cash flow pressures, indicating a need for diversification and innovation to improve competitiveness [1][5][7]. Revenue Growth and Concerns - The company achieved a total revenue of 227 million yuan in 2024, marking a year-on-year growth of 14.35%, primarily driven by the growth in the road maintenance equipment manufacturing sector [4]. - Manufacturing business revenue reached 211 million yuan, up 16.45%, accounting for 93.13% of total revenue, with snow removal equipment sales being a key growth driver at 165 million yuan, a 26.31% increase [4]. - Other product lines, such as asphalt pavement recycling equipment and municipal sanitation equipment, saw significant declines in sales, with decreases of 55.23% and 43.56% respectively, highlighting a reliance on snow removal equipment and a lack of product diversification [4][7]. Profitability and Cash Flow Issues - The net profit attributable to shareholders was -50 million yuan, although this represented a 56.50% reduction in losses compared to the previous year, primarily due to reduced impairment provisions on inventory and long-term investments [5]. - Operating cash flow significantly declined due to increased procurement costs driven by order growth, indicating substantial pressure on the company's cash flow management [5][6]. Financial Position - Total assets decreased to 1.042 billion yuan, down 3.11% from the beginning of the period, while equity attributable to shareholders fell by 11.16% to 404 million yuan [6]. - The company's debt ratio increased, reflecting a deterioration in financial health [6]. Business Model and Market Competitiveness - Senyuan Co., Ltd. operates primarily in the high-end road maintenance equipment manufacturing sector, with a business model heavily reliant on government and state-owned enterprise contracts, which limits market competitiveness [7]. - The sales model is predominantly direct sales, consignment, and leasing, leading to long payment cycles and increased cash flow pressure due to reliance on government orders [7]. - The company has made slow progress in emerging fields such as 3D printing equipment, failing to establish new growth points, which is critical in a competitive market [7].

Core Viewpoint - Dida Chuxing, the first ride-hailing company to go public, reported a decline in both revenue and gross profit in its first annual report post-IPO, with a significant drop in stock price exceeding 70% from its issue price [3][9]. Financial Performance - In 2024, Dida Chuxing's revenue was 787 million yuan, a decrease of 3.4% from 815 million yuan in the previous year [4][9]. - The company's gross profit fell to 567 million yuan, down 6.3% year-on-year [3][4]. - Despite the decline in revenue and gross profit, net profit surged by 234.4% to 1.004 billion yuan, primarily due to significant changes in the fair value of preferred shares [3][9]. - Adjusted net profit, excluding the impact of preferred shares, was 211 million yuan, a decrease of 6.6% from 226 million yuan in the previous year [3][9]. Business Segment Analysis - The ride-hailing segment generated 754 million yuan in revenue, a decline of 2.7%, accounting for 95.7% of total revenue [4][5]. - Service costs for the ride-hailing segment increased to 207 million yuan, up approximately 20 million yuan from the previous year [4]. - Incentives for drivers and passengers were significantly reduced, totaling 38.463 million yuan compared to 67.074 million yuan in the previous year [4]. - The ride-hailing segment's profit was 508 million yuan, down 2.3% year-on-year, indicating a slower decline in profit compared to revenue [4]. Strategic Outlook - Dida's CFO indicated that the ride-hailing industry is still developing in China, with untapped market demand, and plans to collaborate with third-party platforms for growth [5]. - The company aims to expand its user base through targeted marketing strategies and explore various ride-hailing scenarios, such as employee commuting and student transportation [5]. - As of the end of 2024, Dida provided ride-hailing services in 366 cities, with 18.9 million certified private car owners, a year-on-year increase of 21.4% [5]. Marketing and Cost Management - Marketing expenses decreased by 26.8% to 17.1 million yuan, attributed to a cautious promotion strategy and more precise marketing through algorithms [6]. - The effectiveness of future marketing and promotional activities in driving user growth and revenue remains a critical point of interest [6]. Taxi Business Performance - Dida's smart taxi service revenue significantly declined to 6.154 million yuan in 2024, a drop of 45.7%, representing only 0.8% of total revenue [7][8]. - The management stated that the revenue decline was due to a strategic shift from online ride-hailing to a new integrated approach [7]. - The taxi segment is currently operating at a loss, with a gross loss of 3.098 million yuan in 2024, although this loss has narrowed compared to the previous year [8]. Market Position and Challenges - Dida's business model is heavily reliant on the ride-hailing segment, which constitutes only about 5% of the overall ride-hailing market, limiting growth potential [10][11]. - The company faces challenges in diversifying its business and developing new revenue streams to enhance its market position [11].

Core Viewpoint - The A-share companies are actively engaging in cross-border mergers and acquisitions (M&A) in sectors such as advanced manufacturing, energy, and healthcare, driven by strategic goals to enhance competitiveness and expand global presence [1][2][5]. Group 1: Advanced Manufacturing - Suzhou Ousheng Electric Co., Ltd. plans to acquire 100% of German cleaning equipment manufacturer Producteers International GmbH to enhance technology and market competitiveness [1]. - Huizhou Guanghong Technology Co., Ltd. intends to acquire 100% of French electronic manufacturing service provider All Circuits S.A.S. and 0.003% of TIS Circuits SARL, marking a significant step in its global industrial layout [1]. Group 2: Energy Sector - Hainan Mining Co., Ltd. is pursuing acquisitions of 47.63% of ATZ Mining Limited and 36.06% of Felston Enterprises Limited, focusing on zirconium-titanium projects in Africa to diversify its strategic metal resources [1][2]. Group 3: Healthcare Sector - Ningbo Tianyi Medical Equipment Co., Ltd. is acquiring the global CRRT business from Japan's Nikkiso Co., Ltd. and plans to purchase assets from BELLCO S.R.L. for €1.199 million, enhancing its product line and international business platform [3][4]. Group 4: Market Trends and Characteristics - The cross-border M&A activities reflect trends such as vertical integration around core businesses, technology acquisition, and overseas market expansion [2]. - The industry is witnessing increased concentration, diversification through technology complementarity, and a shift from opportunistic to systematic global layouts [2][5]. Group 5: Future Opportunities and Challenges - The cross-border M&A market is expected to remain active due to global economic integration and supportive domestic policies, with sectors like renewable energy, smart manufacturing, information technology, and healthcare being key areas for future M&A [5][6]. - Challenges include cultural differences, regulatory compliance, valuation risks, and market competition, necessitating thorough pre-merger research and strategic planning for successful integration [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 CHINA NEW CONSUMPTION GROUP LIMITED 中國新消費集團有限公司 於 本 公 告 日 期，本 集 團 已 動 用 二 零 二 四 年 所 得 款 項 淨 額 合 共 約10.5百 萬 港 元， 而剩餘二零二四年所得款項淨額約12.0百 萬 港 元 尚 未 動 用（「未動用二零二四年 所得款項淨額」）。 （於開曼群島註冊成立之有限公司） （股份代號：8275） 變更所得款項用途 本 公 告 乃 由 中 國 新 消 費 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本 集 團」）作 出，旨 在 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 有 關 本 集 團 變 更 所 得 款 項 用 途 之 情 況。 茲提述本公司 ...