本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而视其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下 国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 各位投资人大家晚上好我是国海传媒方默云然后今天来给大家分享的是如意中国如意的一个公司的深度报告然后如意的话是一家主要是做这个流媒体的一个公司然后它的主因是三大块业务首先是如意影视然后流媒体这一块然后还有包括游戏就是它锦绣这三大块的业务版图 然后张强文的话也是有着二十多年的这个从业经验然后也参与投资了像中国合伙人等这些电影所以整个团队的这个影视行业经验是相对比较丰富的 然后 ...

Financial Performance - For the year ending December 31, 2024, the company's annual revenue showed a steady increase, with significant improvements in adjusted profit and adjusted net profit margin, highlighting the company's strong cost control and operational capabilities[8]. - The company reported a loss attributable to shareholders of approximately RMB 191 million for the year ended December 31, 2024, compared to a profit of RMB 690 million for the year ended December 31, 2023[31]. - Revenue increased from RMB 3.627 billion for the year ended December 31, 2023, to RMB 3.671 billion for the year ended December 31, 2024, with content production, online streaming, and online gaming revenue reaching RMB 3.635 billion[31]. - Adjusted net profit for the year ended December 31, 2024, was RMB 1.251 billion, representing a 120% increase from RMB 568.8 million for the year ended December 31, 2023[32]. - Cash and cash equivalents increased to approximately RMB 3.4936 billion as of December 31, 2024, compared to RMB 569.9 million as of December 31, 2023[36]. - The company's equity attributable to shareholders increased to approximately RMB 16.3452 billion as of December 31, 2024, from RMB 11.0375 billion as of December 31, 2023[37]. - The current ratio improved to 2.5 times as of December 31, 2024, compared to 2.0 times as of December 31, 2023[37]. Market and Industry Trends - In 2024, the domestic film market faced pressure, with total box office revenue at RMB 42.502 billion, a decrease of 22.7% compared to 2023, and total audience attendance down 23.1% to 1.01 billion[9]. - The company aims to push cultural exports and enhance its international competitiveness in the film and television industry[14]. - The company is actively expanding its international distribution channels to enhance the global reach of Chinese dramas[13]. Content Production and Projects - The company participated in the production of the film "Detective Chinatown 1900," which achieved a box office of RMB 3.4 billion during the Spring Festival, ranking second in the Spring Festival box office[9]. - The series "My Alashan" was recognized at the Cannes International Series Festival and won multiple awards, showcasing the company's commitment to high-quality content production[13]. - The company has several high-quality drama projects in preparation, including "Prosecutor and Youth" and "Black Night Confession," indicating a strong pipeline for future content[14]. - The company plans to continue enhancing the breadth and depth of quality film investments to improve overall investment returns[12]. Gaming and Technology - The company achieved a revenue of RMB 1.992 billion in the gaming segment, representing a year-on-year growth of 346.6%[20]. - The classic IP remake "Ragnarok: Love at First Sight" generated over RMB 100 million in its first month after launch, indicating strong user engagement[21]. - The company plans to launch the interactive game "Morning and Evening Line" in 2025, leveraging AI technology for enhanced user experience[22]. - The company has developed the DreamShaper platform, which utilizes AI to improve script quality and reduce production costs, significantly shortening the script creation cycle[18]. Strategic Investments and Acquisitions - The company has established a strategic investment by acquiring a 30% stake in Beijing Yonghang Technology, enhancing its presence in the music and dance game sector[22]. - On May 7, 2024, the company agreed to acquire 100% equity of Youai Interactive for RMB 318 million, which will be consolidated into the group’s accounts[46]. - The company plans to acquire a 30% stake in Beijing Yonghang for a total consideration of RMB 825,000,000, which includes cash of RMB 742,500,000 and the issuance of 36,666,667 new shares at HKD 2.432 each[168]. Corporate Governance and Management - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024, consistent with the previous year[45]. - The company has independent non-executive directors with diverse backgrounds in finance, academia, and industry, enhancing governance[185][189]. - The board emphasizes the importance of good corporate governance practices for smooth and effective operations, ensuring shareholder interests are protected[191]. - The company has established anti-corruption and reporting policies to regulate employee and external conduct, including regular training on anti-corruption and fraud prevention[191]. Shareholder and Equity Information - Tencent Holdings holds 2,545,734,565 shares, accounting for approximately 17.75% of the company's issued share capital[88]. - The company completed the issuance of 2,000,000,000 shares on June 5, 2024, with total proceeds amounting to HKD 3.2 billion[96]. - The company has adopted a dividend policy that allows for the declaration and payment of dividends at the board's discretion, considering various financial and operational factors[56]. - The total number of shares available for issuance under the 2023 share option plan is 1,000,464,754 shares, accounting for approximately 6.46% of the total issued shares as of the report date[73]. Regulatory and Compliance Issues - The company is subject to various regulations that restrict foreign investment in its content production and online gaming operations[109]. - The structure contracts are governed by Chinese law, and disputes must be resolved through friendly negotiation or arbitration in Shanghai[140]. - The company has not engaged in any non-exempt connected transactions according to the listing rules during the year[148]. - The company will closely monitor the implementation of contract arrangements and address any regulatory inquiries from government authorities[135].

增持（维持） 证券研究报告 | 公司点评报告 2025 年 04 月 08 日 中国儒意（00136.HK） 多元化业务结构优化效果显著，游戏及流媒体业务支撑 下收入利润表现稳健 公司发布 2024 年度业绩，收入 36.71 亿元，同比增加 1.2%；经调整净利润 12.51 亿元，同比增加 120%。 ❑ 优化多元化业务结构，营收利润表现稳健。公司 2024 年实现收入 36.71 亿元， 同比增加 1.2%，毛利率 52%，经调整净利润 12.51 亿元，同比增加 120%， 调整前净亏损 1.91 亿元，主要来自 2021 年收购 Virtual Cinema 所发行认股 权证行使带来的公允价值变动亏损。细分板块中，1）内容制作收入 1.27 亿 元，同比减少 94%；2）线上流媒体及广告营销收入 15.16 亿元，主要来自旗 下流媒体平台南瓜电影，同比增加 63%；3）游戏收入 19.92 亿元，主要来自 旗下景秀游戏，同比增长 346%；4）货品销售 3633 万元，同比增长 17%。 电影投资制作及发行板块方面，尽管市场环境严峻，公司投资的多部影片均 收获了良好的市场反馈，2024 年投资主控的 ...

随着中国传媒产业迈入"提质减量、数智融合"的结构性调整深水区，行业正在经历新旧动能转换的关键战役。 例如，科幻电影《我们生活在南京》依托银河奖IP蓄势待发，爱情奇幻片《有朵云像你》集结新生代阵容；电视剧矩 阵覆盖刑侦、玄幻、检察等多元题材，《黑夜告白》、《大道朝天》等项目持续扩容爆款弹药库。 1、影视板块：量质齐升，爆款输出机 从"少而精"到"量质并举"，中国儒意的影视业务正以工业化爆款生产能力和全球化发行网络，广泛覆盖电影、电视 剧、动画等多品类矩阵，重塑行业竞争格局。 这背后或预示着其与万达的协同效应逐步显现，院线资源与内容制作的深度绑定，既保障了票房基本盘，又通过题材 多元化实现了产能跃升。 在电影领域，公司通过"投资主控+参与出品"双线策略实现题材破圈。其中，2024年主控的现实主义题材《逆行人 生》以社会洞察引发共鸣，参与出品的《误杀3》、《骗骗喜欢你》延续悬疑与爱情赛道优势，暑期档爆款《抓娃 娃》与《白蛇：浮生》则验证喜剧、动画IP的票房爆发力。 更值得关注的是，其参投的2025年春节档电影《唐探1900》以超35亿元票房位列春节档票房亚军，并登顶2025年英国 及爱尔兰春节档华语电影票房榜，标志 ...

Group 1 - The company reported a revenue of 3.671 billion yuan for the year ending December 31, 2024, representing a year-on-year increase of 1.2% [1] - Adjusted net profit reached 1.251 billion yuan, showing a significant year-on-year increase of 120% [1] - The company maintained a basic loss per share of 0.0157 yuan, indicating challenges in profitability despite revenue growth [1] Group 2 - The company focused on high-quality content, enhancing production and distribution capabilities, leading to positive market feedback for several films in 2024 [2] - The film "Reverse Life," produced by the company, won the "Most Anticipated Film" award at the 2024 Weibo Movie Night, showcasing its strong social insights and production quality [2] - The company participated in the production of "Detective Chinatown 1900," which grossed 3.4 billion yuan during the 2025 Spring Festival, ranking second in the box office for that period [2]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 3,670.76 million, a slight increase from RMB 3,627.25 million in the previous year, representing a growth of approximately 1.2%[2] - The adjusted net profit for the fiscal year was RMB 1,251.36 million, up 120% from RMB 568.75 million in the previous year, indicating significant improvement in profitability[4] - The gross profit margin increased to 52% in 2024, compared to 32% in 2023, reflecting enhanced operational efficiency[2] - The company recorded a loss attributable to shareholders of approximately RMB 191 million for the fiscal year, compared to a profit of RMB 690 million in the previous year, primarily due to the fair value changes related to warrants issued for the acquisition of Virtual Cinema Entertainment Limited[3] - The company’s basic and diluted loss per share for the fiscal year was RMB 0.01570, compared to earnings per share of RMB 0.06550 in the previous year[3] - The company reported a net loss of RMB 206,576 thousand for 2024, compared to a profit of RMB 682,540 thousand in 2023, marking a significant turnaround[46] - The company’s basic loss per share for 2024 was RMB (1.570), compared to earnings per share of RMB 6.550 in 2023[46] - The company reported a net loss of RMB 190,533,000 for the year 2024, compared to a profit of RMB 689,758,000 in 2023, resulting in a basic loss per share of RMB (1.570) compared to earnings of RMB 6.550 in the previous year[112][116] Revenue Breakdown - The revenue from content production, online streaming, and online gaming reached RMB 3,635 million, while other business segments contributed RMB 36 million[3] - The company reported total segment revenue of RMB 3,670,760,000, with online gaming contributing RMB 1,390,470,000[86] - Online gaming services generated revenue of RMB 1,991,719,000 in 2024, significantly up from RMB 446,291,000 in 2023, indicating a growth of over 345%[93] Market Challenges - The domestic film market faced challenges, with total box office revenue declining by 22.7% to RMB 42.50 billion, and the number of moviegoers decreasing by 23.1% to 1.01 billion[6] Strategic Initiatives - The company plans to continue enhancing its investment in high-quality films to improve overall investment returns[9] - The company actively collaborates with major domestic TV platforms to produce high-quality content and is expanding its international distribution channels[10] - The company aims to strengthen its diversified business structure and improve cost control and operational capabilities for sustainable future growth[5] Awards and Recognition - The company achieved significant success in the drama sector, with the series "My Alatai" winning two awards at the 3rd China TV Drama Annual Ceremony, including "Outstanding TV Drama of the Year" and "Overseas Communication Drama of the Year" [11] - The company has received multiple industry awards, including the "2024 Golden Toad Excellent Game Enterprise Award," further solidifying its brand influence and industry position [20] Technology and Innovation - The company launched the Dream Shaper platform, utilizing AI technology to enhance content production efficiency and reduce script creation time [17] - The company has successfully integrated AI technology into its operations, improving user preference capture and content recommendation [14] Financial Position - As of December 31, 2024, the company reported a cash and cash equivalents balance of approximately RMB 3.4936 billion, a significant increase from RMB 569.9 million in 2023[31] - The group’s net equity was approximately RMB 16.3452 billion, up from RMB 11.0375 billion as of December 31, 2023[32] - Total assets reached approximately RMB 21.6707 billion, compared to RMB 16.6812 billion as of December 31, 2023[32] - The current ratio improved to 2.5 times, up from 2.0 times as of December 31, 2023[32] - The group maintains a stable financial position with a debt-to-equity ratio of 2.0% as of December 31, 2024, compared to 1.5% the previous year[32] Employee and Operational Costs - Employee costs totaled approximately RMB 269.6 million for the year ending December 31, 2024, compared to RMB 205.9 million for the previous year[40] - Employee benefits expenses increased to RMB 220,166,000 in 2024 from RMB 152,585,000 in 2023, marking a rise of approximately 44.3%[105] Acquisitions and Investments - The company completed the acquisition of 100% equity in Youai Interactive for RMB 318 million, which will be consolidated into the group's financial statements[41] - The company acquired a 30% stake in Beijing Yonghang Technology, enhancing its presence in the music and dance game sector and laying the foundation for cross-media development [21] Credit Risk Management - As of December 31, 2023, 56% of trade receivables are from the company's top five customers, indicating a concentration of credit risk[59] - The company has established a dedicated team to manage credit limits and approvals to mitigate credit risk associated with trade receivables[60] Future Outlook - The company plans to launch the interactive game "Morning Line" in 2025, leveraging AI-generated technology for breakthroughs in the interactive gaming sector[22] - The company has a rich project pipeline, including three upcoming SLG games: "Star Era," "Sword of Peace," and "Dragon Stone War," with innovative gameplay mechanics[26] Governance and Compliance - The company has established internal policies to ensure compliance and has adopted the corporate governance code as per the listing rules[146] - The audit committee, composed of three independent non-executive directors, has reviewed the company's financial statements for the fiscal year ending December 31, 2024[148] - The preliminary financial statements for the year ending December 31, 2024, have been verified by PwC, confirming the accuracy of the reported figures[149]

证券研究报告·海外公司深度·媒体及娱乐(HS) 中国儒意（00136.HK） 影视内容能力为基，游戏业务爆发式增长 2025 年 02 月 07 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,319.93 | 3,627.25 | 5,725.22 | 7,017.78 | 8,163.05 | | 同比(%) | (43.08) | 174.81 | 57.84 | 22.58 | 16.32 | | 归母净利润（百万元） | 789.53 | 689.76 | 794.00 | 1,988.90 | 2,356.67 | | 同比(%) | (32.83) | (12.64) | 15.11 | 150.49 | 18.49 | | Non-GAAP 净利润（百万元） | 256.97 | 967.40 | 1,280.62 | 2,134.83 | 2,506.31 | | 同比(%) | (45 ...

Group 1 - The Hong Kong stock market experienced a decline, with a notable drop of 7.20% in a specific index, leading the market downturn [1] - The pharmaceutical sector, represented by a particular company, saw a decrease of 5.61% [1] - Other companies such as a property management firm and a healthcare company also reported declines of 3.70% and 3.68% respectively [2] Group 2 - Several technology and precision manufacturing companies, including a specific precision manufacturing firm and a technology company, experienced a drop of around 2% [2]

Financial Performance - For the six months ended June 30, 2024, the company recorded a loss attributable to equity holders of approximately RMB 115 million, a decrease of about RMB 147 million compared to a loss of RMB 262 million for the same period in 2023[9]. - Revenue increased from approximately RMB 804 million for the six months ended June 30, 2023, to approximately RMB 1.84 billion for the same period in 2024, representing a growth of 129%[11]. - Adjusted net profit for the six months ended June 30, 2024, was approximately RMB 863 million, compared to an adjusted net loss of RMB 315 million for the same period in 2023[10]. - Adjusted EBITDA for the six months ended June 30, 2024, was approximately RMB 1.379 billion, with an adjusted EBITDA margin of 75.0%, compared to RMB 516 million and 64.2% for the same period in 2023[10]. - The company reported a net loss of RMB 122,658 thousand for the six months ended June 30, 2024, an improvement from a net loss of RMB 263,651 thousand in the same period of 2023[111]. - The company reported a loss attributable to equity holders of RMB 114,653,000 for the six months ended June 30, 2024, compared to a loss of RMB 262,250,000 for the same period in 2023, representing a 56.3% improvement[113]. - The basic and diluted loss per share for the period was RMB 0.98, compared to RMB 2.62 in the previous year, indicating a significant reduction in losses per share[113]. - The company incurred financing costs of RMB 51,950 thousand for the period, slightly higher than RMB 47,494 thousand in the previous year[111]. - The company reported a total comprehensive loss of RMB 132,319,000 for the six months ended June 30, 2024, compared to RMB 298,685,000 in the same period of 2023, marking a 55.7% decrease[113]. Revenue Sources - The company’s revenue from film and television production and online streaming reached approximately RMB 1.822 billion, with other business segments contributing around RMB 18 million[9]. - The online streaming and gaming business generated revenue of RMB 1,773,099 thousand for the six months ended June 30, 2024, contributing significantly to the overall revenue of RMB 1,839,559 thousand[182]. - The online streaming segment generated revenue of RMB 646,372 thousand, while the online gaming segment contributed RMB 865,074 thousand, marking a substantial increase from RMB 43,438 thousand in the previous year[190]. - The revenue from mainland China for the six months ended June 30, 2024, was RMB 1,822,752 thousand, a significant increase from RMB 792,255 thousand in the same period of 2023, representing a growth of approximately 130%[193]. - The company’s online streaming and advertising marketing revenue surged to RMB 908,025 thousand for the six months ended June 30, 2024, compared to RMB 95,662 thousand in the previous year[190]. Assets and Liabilities - As of June 30, 2024, the company's cash and bank balances increased to approximately RMB 2.7649 billion, up from RMB 569.9 million as of December 31, 2023, primarily due to equity financing and operational performance growth[32]. - The company's total assets as of June 30, 2024, amounted to RMB 18,999,266 thousand, up from RMB 16,681,158 thousand as of December 31, 2023, reflecting an increase of about 13.5%[106]. - The company's total liabilities as of June 30, 2024, were RMB 6,719,900 thousand, up from RMB 5,645,174 thousand, reflecting an increase of approximately 19%[108]. - The net equity of the company as of June 30, 2024, was approximately RMB 12.2839 billion, compared to RMB 11.0375 billion as of December 31, 2023, while total assets increased to approximately RMB 18.9993 billion from RMB 16.6812 billion[33]. - The company’s total equity attributable to the company's equity holders was RMB 12,283,935 thousand as of June 30, 2024, compared to RMB 11,037,540 thousand at the end of 2023, marking an increase of approximately 11.3%[106]. Investments and Acquisitions - The company announced a conditional agreement to acquire 100% equity of Beijing Youai Huyu Technology Co., Ltd. for RMB 259 million, with the transaction expected to enhance its market position[41]. - The company has agreed to acquire 100% equity of Beijing Youai Huyu Technology Co., Ltd., with a prepayment of approximately RMB 51.8 million made as of June 30, 2024, and the acquisition was completed in July 2024[89]. - The company has secured game adaptation rights for popular IPs, including "Wangu Diyi Shen" and "Haikyuu!!", enhancing its game portfolio[26]. Technology and Innovation - The online streaming platform, Pumpkin Movies, utilized AI technology for user behavior analysis, enhancing personalized content recommendations and contributing to significant revenue and profit[16]. - The AI technology lab established in 2023 achieved significant advancements in script creation, character modeling, and scene design through deep application of AI techniques[16]. - The company aims to leverage AI technology in various aspects of production, including script writing and character selection, to improve efficiency and creativity in its projects[17]. - The company plans to launch multiple interactive narrative games in 2024, integrating AI technology for content creation[26]. Employee and Management - The company employed 451 employees as of June 30, 2024, reflecting its commitment to maintaining a skilled workforce[88]. - The company has not established the position of CEO as of June 30, 2024, which is a deviation from the corporate governance code that recommends separation of roles between the chairman and CEO[94]. - The total employee cost, including director remuneration, was approximately RMB 133.2 million, compared to RMB 103.9 million for the same period in 2023, representing an increase of 28.2%[88]. Financial Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no changes to risk management policies since December 31, 2023[144]. - The company closely monitors the repayment status of customers to ensure adequate provisions for uncollectible amounts are made[147]. - The company has established a dedicated team to manage credit limits, approvals, and monitoring procedures to mitigate credit risk[147]. Corporate Governance - The independent auditor has reviewed the interim financial information for the six months ending June 30, 2024, ensuring compliance with the relevant auditing standards[93]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance throughout the reporting period[95]. - The company has implemented internal policies to ensure compliance with corporate governance standards, which are deemed essential for effective operations[94].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of approximately RMB 1,839.6 million, a 129% increase from RMB 804.1 million for the same period in 2023[3]. - The adjusted net profit for the same period was approximately RMB 863.4 million, compared to an adjusted net loss of RMB 315.2 million in the previous year[4]. - The adjusted EBITDA for the six months ended June 30, 2024, was approximately RMB 1,378.9 million, with an adjusted EBITDA margin of 75.0%, up from RMB 515.9 million and 64.2% in the prior year[4]. - The company experienced a reduction in net loss attributable to equity holders, decreasing from RMB 263.7 million in 2023 to RMB 122.7 million in 2024[3]. - The significant year-over-year growth in revenue and adjusted profit reflects the company's successful strategic initiatives and operational improvements[5]. - The company reported a basic and diluted loss per share of RMB 0.98 for the six months ended June 30, 2024, compared to RMB 2.62 in the same period of 2023, indicating a reduction in loss per share[58]. - The company reported a net loss of RMB 890 thousand for the period, reflecting challenges in the content production segment[73]. Media Production and Projects - The company successfully produced several notable television series and films, contributing to significant revenue growth in its media production segment[7]. - The company has multiple upcoming films and series in production, including a romantic fantasy film and a crime-themed project, indicating ongoing market expansion efforts[8]. - The company is actively preparing for the release of several new projects, which are expected to enhance its market presence and revenue streams[8]. Gaming and Online Services - The gaming business, Jingxiu, reported online gaming service revenue of RMB 870 million, contributing to the overall growth as the gaming industry surpassed RMB 300 billion in revenue for the first time in 2023[14]. - The game "Xianjing Chuan Shuo: Ai Ru Chu Jian" launched on March 26, 2024, reached 1.55 million registered users and generated over RMB 100 million in its first month[16]. - The acquisition of the "Red Alert OL" project team marks the company's entry into self-developed games, enhancing its innovation capabilities in the Red Alert IP[17]. - The company plans to launch multiple interactive narrative games combining live-action film elements and AI technology in 2024, leveraging its film production capabilities[19]. - The online streaming platform, Pumpkin Movies, achieved significant revenue and profit by continuously introducing high-quality films and top-tier new dramas during the reporting period[10]. - Online gaming services revenue increased to RMB 865,074 thousand from RMB 43,438 thousand, reflecting a growth of approximately 1,895%[84]. Financial Position and Capital Management - As of June 30, 2024, the company's cash and bank balances increased to approximately RMB 2.7649 billion, compared to RMB 569.9 million as of December 31, 2023, primarily due to equity financing and improved operational performance[25]. - The company's borrowings as of June 30, 2024, amounted to RMB 1.8761 billion, an increase from RMB 1.7554 billion at the end of 2023, with fixed-rate borrowings accounting for 9.4%[26]. - The net equity of the company was approximately RMB 12.2839 billion as of June 30, 2024, compared to RMB 11.0375 billion at the end of 2023, showing a growth in shareholder equity[26]. - The company maintained a current ratio of 2.0 as of June 30, 2024, consistent with the previous period, indicating stable liquidity[26]. - The company completed a share subscription agreement on July 4, 2023, agreeing to issue 2 billion shares at HKD 1.60 per share, raising significant capital[33]. - The company raised a total of HKD 3.2 billion by issuing 2,000,000,000 shares at HKD 1.60 per share as part of a subscription agreement completed on June 5, 2024[37]. Employee and Corporate Governance - The total employee cost for the six months ended June 30, 2024, was approximately RMB 133.2 million, compared to RMB 103.9 million for the same period in 2023, reflecting a year-on-year increase of about 28.5%[42]. - As of June 30, 2024, the company employed 451 employees, maintaining a compensation policy based on qualifications, experience, and market levels[42]. - The company’s board emphasizes the importance of good corporate governance practices for smooth and effective operations, ensuring shareholder interests are protected[49]. - The company has complied with the standard code of conduct for securities trading by all directors during the six months ended June 30, 2024[51]. Taxation and Other Financial Metrics - The company reported a current income tax expense of RMB 253,075,000 for the six months ended June 30, 2024, compared to RMB 17,570,000 for the same period in 2023, indicating a significant increase[94]. - The net other losses amounted to RMB (903,214,000) for the six months ended June 30, 2024, compared to a gain of RMB 160,118,000 in the same period of 2023, reflecting a substantial decline[96]. - The fair value changes of financial assets measured at fair value through profit or loss resulted in a loss of RMB (311,792,000) for the six months ended June 30, 2024, compared to a loss of RMB (26,819,000) in the same period of 2023, indicating a worsening performance in this area[96].