開拓創新 追求卓越 Champion Alliance International Holdings Limited 冠均國際控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：1629 20 24 年 報 冠均國際控股有限公司 二零二四年年報 目 錄 1 2 公司資料 3 主席報告書 4 管理層討論及分析 10 董事會報告 23 企業管治報告 34 環境、社會及管治報告 51 董事及高級管理層履歷 54 獨立核數師報告 59 綜合損益及其他全面收益表 61 綜合財務狀況表 63 綜合權益變動表 64 綜合現金流量表 66 綜合財務報表附註 124 五年財務概要 冠均國際控股有限公司 二零二四年年報 公司資料 股份代號 1629 董事名稱 陳辰先生 （主席兼執行董事） 陳樹明先生 （主席兼執行董事， 於二零二四年五月十日退任） 陳小龍先生 （執行董事） 胡恩鋒先生 （執行董事） 李愛國先生 （執行董事） 羅艷紅女士 （執行董事，於二零二四年五月十日獲委任） 陳華先生 （獨立非執行董事） 趙振東先生 （獨立非執行董事） 錢志浩先生 （獨立非執行董事） 註冊辦事處 中國 山東省 東平縣經濟開發區 香港主要營 ...

Corporate Governance - Champion Alliance International Holdings Limited is a publicly listed company registered in the Cayman Islands with stock code 1629[2] - The company has adhered to all applicable corporate governance codes as per the listing rules up to the fiscal year ending December 31, 2024[2] - The board of directors emphasizes the importance of good corporate governance standards and internal procedures for accountability and enhancing shareholder value[2]

Financial Performance - For the year ending December 31, 2024, the revenue from continuing operations decreased by approximately 1.6% or RMB 1.9 million to about RMB 117.7 million[2]. - The gross profit from continuing operations for the same period decreased by approximately 20.3% or RMB 4.6 million to about RMB 18.1 million[2]. - The profit attributable to equity holders from continuing operations was approximately RMB 3.1 million, down from RMB 14.6 million for the year ending December 31, 2023, representing a decline of about 78.8%[3]. - Basic earnings per share from continuing operations for the year ending December 31, 2024, were approximately RMB 0.57, compared to RMB 2.68 for the previous year, a decrease of about 78.7%[4]. - The Group's adjusted profit before tax for continuing and discontinued operations was RMB 1,060 thousand in 2024, down from RMB 25,139 thousand in 2023[20]. - The group's profit before tax for the year 2024 was RMB 78,124,000, a decrease from RMB 93,241,000 in 2023, reflecting a decline of approximately 16.1%[28]. - The income tax expense for 2024 was RMB 722,000, significantly lower than RMB 12,955,000 in 2023, indicating a reduction of about 94.4%[29]. - The profit attributable to the owners of the company for the year ending December 31, 2024, is approximately RMB 3.1 million, a decrease from RMB 14.6 million for the same period in 2023[52]. Assets and Liabilities - Total non-current assets decreased from RMB 216.0 million in 2023 to RMB 198.3 million in 2024, a decline of approximately 8.1%[5]. - Current assets increased from RMB 211.7 million in 2023 to RMB 223.9 million in 2024, an increase of approximately 5.7%[5]. - The net current assets increased from RMB 154.3 million in 2023 to RMB 160.1 million in 2024, an increase of approximately 3.8%[5]. - Total assets less current liabilities decreased from RMB 370.3 million in 2023 to RMB 358.4 million in 2024, a decline of approximately 3.2%[5]. - Non-current liabilities decreased from RMB 36,073 thousand in 2023 to RMB 24,271 thousand in 2024, representing a reduction of approximately 32.5%[6]. - Total equity remained stable at RMB 334,172 thousand in 2024 compared to RMB 334,243 thousand in 2023, showing a negligible change of 0.02%[6]. - The company's reserves increased from RMB 246,380 thousand in 2023 to RMB 249,065 thousand in 2024, reflecting a growth of about 1.1%[6]. - Other payables significantly decreased from RMB 13,553 thousand in 2023 to RMB 1,988 thousand in 2024, indicating a decline of approximately 85.3%[6]. - Total debt as of December 31, 2024, is approximately RMB 21.9 million, down from RMB 32.2 million as of December 31, 2023, resulting in a decrease in the debt-to-equity ratio from 9.6% to 6.6%[54]. Revenue Segments - The Group's revenue for the year 2024 was RMB 117,713 thousand, a decrease of 1.0% from RMB 119,652 thousand in 2023[26]. - Rental income from the property leasing segment increased significantly to RMB 12,865 thousand in 2024, compared to RMB 1,947 thousand in 2023, representing a growth of 560.4%[26]. - Sales of goods in the household paper and hygiene products segment decreased to RMB 104,848 thousand in 2024 from RMB 117,705 thousand in 2023, a decline of 10.9%[26]. - Revenue from the property leasing segment increased significantly by 560.8%, from RMB 1,947 thousand in 2023 to RMB 12,865 thousand in 2024[45]. - Revenue from the life paper and hygiene products segment decreased by 10.9%, from RMB 117,705 thousand in 2023 to RMB 104,848 thousand in 2024[42]. Expenses and Costs - The Group's financial costs for the year 2024 were RMB 772 thousand, an increase from RMB 663 thousand in 2023[27]. - The depreciation of property, plant, and equipment for 2024 was RMB 18,334,000, a significant increase from RMB 3,227,000 in 2023[28]. - The group’s employee benefits expenses, including director remuneration, increased to RMB 4,633,000 in 2024 from RMB 2,814,000 in 2023, marking a rise of approximately 64.5%[28]. - Selling and distribution expenses rose by 44.2% from approximately RMB 1.7 million in 2023 to about RMB 2.5 million in 2024, mainly due to increased transportation costs[48]. - Administrative expenses increased from approximately RMB 6.4 million in 2023 to about RMB 7.2 million in 2024, primarily due to rising employee costs[49]. Dividends and Shareholder Returns - The board of directors recommended not to declare any final dividend for the year ending December 31, 2024[2]. - The group did not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[35]. - The company does not propose any final dividend for the year ending December 31, 2024, consistent with the previous year[61]. Operational Changes - The company has ceased operations in the manufacturing and sales of steam, heating, and electricity for industrial purposes in mainland China as of December 31, 2023[8]. - The company plans to adopt revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[13]. - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position during the current accounting period[14]. - The Group is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[18]. Market Outlook and Strategy - The Chinese government's GDP growth target for this year is set at around 5%, focusing on stabilizing the economy and promoting employment[68]. - The demand for high-quality consumer products is expected to increase due to urbanization and the expansion of the middle class in China[68]. - The company aims to enhance its market share by providing a diverse range of sanitary and household paper products, emphasizing quality, hygiene, and environmental responsibility[69]. - The ongoing global health events have heightened consumer awareness of hygiene, leading to sustained demand for household hygiene products[70]. - The company plans to strengthen regional penetration, particularly in rapidly developing cities and suburbs in China[70]. - The focus on innovation, regional expansion, and supply chain optimization is expected to drive continued growth and success in the coming years[71]. Governance and Management - The board expresses gratitude for the efforts and dedication of the management team and all employees, as well as the support from shareholders and business associates throughout the year[79]. - The announcement is made by the chairman and executive director, Mr. Chen Chen, on March 28, 2025[80]. - The board includes executive directors Mr. Chen Chen, Mr. Chen Xiaolong, Mr. Hu Enfeng, Mr. Li Aiguo, and Ms. Luo Yanhong, along with independent non-executive directors Mr. Chen Hua, Mr. Zhao Zhendong, and Mr. Qian Zhihao[81].

Revenue Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 63.7 million, an increase of about RMB 5.6 million compared to RMB 58.1 million for the same period in 2023, primarily due to the new property leasing business segment[6]. - Revenue from the life paper and hygiene products segment was approximately RMB 55.8 million, a decrease of about 4% from RMB 58.1 million in the same period of 2023[4][7]. - Revenue from the property leasing segment was approximately RMB 7.9 million, with no revenue reported for the same period in 2023[8]. - For the six months ended June 30, 2024, the company reported revenue of RMB 63,692,000, an increase of 9.0% compared to RMB 58,098,000 for the same period in 2023[39]. - The total revenue for the first half of 2024 was RMB 63,692 thousand, compared to RMB 175,261 thousand in the same period of 2023, representing a decrease of approximately 63.6%[58]. - Revenue from property leasing was RMB 7,909 thousand for the first half of 2024, while sales of consumer paper and hygiene products generated RMB 55,783 thousand, indicating a shift in revenue sources[58]. Profitability and Expenses - Gross profit decreased from approximately RMB 12.7 million for the six months ended June 30, 2023, to approximately RMB 9.8 million for the same period in 2024, with a gross margin decline from 21.8% to 15.3%[9]. - The company recorded a profit before tax of RMB 6,044,000, a decrease of 39.0% from RMB 9,955,000 in the prior year[39]. - Net profit from continuing operations was RMB 3,439,000, down 50.5% from RMB 6,943,000 in the same period last year[39]. - The total comprehensive income for the period was RMB 2,424,000, significantly lower than RMB 13,937,000 in the previous year[39]. - Profit attributable to owners of the company for the six months ended June 30, 2024, was approximately RMB 5 million, a significant decrease from RMB 16.7 million for the same period in 2023[13]. - The adjusted profit before tax for continuing and discontinued operations was RMB 6,044 thousand, down from RMB 27,049 thousand in the previous year, reflecting a significant decline in profitability[53]. - The company reported a loss of RMB 2,757 thousand from the property leasing segment, while the consumer paper and hygiene products segment generated a profit of RMB 10,373 thousand[53]. Costs and Expenses - Selling and distribution expenses increased by approximately 33.6% from RMB 0.9 million to RMB 1.2 million, primarily due to rising transportation costs[11]. - Administrative expenses rose from approximately RMB 2.1 million to RMB 2.8 million, mainly due to increased employee costs[12]. - Financial costs increased from RMB 0.2 million to RMB 0.3 million, attributed to estimated interest on receivable lease deposits[13]. - The cost of goods sold for the six months ended June 30, 2024, was RMB 98,138,000, resulting in a gross margin of approximately 16.2%[69]. - The company reported a decrease in management compensation to RMB 509,000 for the six months ended June 30, 2024, down from RMB 800,000 for the same period in 2023, a decline of 36.4%[79]. Assets and Liabilities - As of June 30, 2024, the group's net current assets amounted to approximately RMB 166.6 million, an increase from RMB 154.3 million as of December 31, 2023[14]. - Total borrowings as of June 30, 2024, were approximately RMB 20.2 million, up from RMB 19.8 million as of December 31, 2023, while the debt-to-equity ratio decreased from approximately 9.4% to 7.7%[15]. - Non-current assets totaled RMB 205,869,000 as of June 30, 2024, a decrease of 4.7% from RMB 216,023,000 at the end of 2023[41]. - Current assets decreased to RMB 220,690,000 from RMB 230,865,000, reflecting a decline of 4.9%[41]. - Current liabilities were reduced to RMB 54,049,000, down 29.5% from RMB 76,572,000 at the end of 2023[41]. - Total equity attributable to owners of the company increased to RMB 255,167,000 from RMB 251,218,000, reflecting a growth of 1.9%[42]. Cash Flow and Investments - Operating cash flow from continuing operations for the six months ended June 30, 2024, was RMB 6,044,000, a decrease of 39.4% compared to RMB 9,955,000 in the same period of 2023[44]. - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 7,732,000, compared to a net cash used of RMB 79,323,000 in the same period of 2023[46]. - The total cash and cash equivalents at the end of the period increased to RMB 112,230,000 from RMB 81,853,000 in the previous year, representing a growth of 37.1%[46]. - The company recognized a decrease in trade receivables, which increased by RMB 2,288,000 compared to a much larger increase of RMB 58,693,000 in the same period of 2023, reflecting better collection efforts[44]. - The company acquired factories and machinery in mainland China for approximately RMB 101,000 during the six months ended June 30, 2024[74]. Strategic Developments - The company has established a leasing agreement with a state-owned enterprise for the rental of factory buildings, equipment, and land until December 31, 2026[3]. - The group plans to allocate approximately RMB 23.3 million (62% of total proceeds) for purchasing and upgrading production equipment and expanding production facilities[21]. - The company has ceased operations in the renewable energy business on November 15, 2023, which had previously contributed to the financial results[47]. - The company continues to focus on the consumer paper and hygiene products market, which remains its primary revenue driver despite the overall decline in total revenue[58]. Shareholder and Governance - Major shareholder Chen Shuming holds 350,000,000 shares, representing 64.09% of the company's total shares[29]. - The company has no outstanding share options under its share option scheme as of the reporting date[31]. - The company has established an audit committee to ensure effective financial controls and compliance with applicable standards[35]. - There were no significant changes in the interests of directors in contracts related to the company's business during the reporting period[33]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[73]. Economic Outlook - The management remains optimistic about the long-term development of the Chinese economy, with a GDP growth target of around 5% for 2024, which may stimulate demand for consumer goods[25].

Financial Performance - Revenue for the six months ended June 30, 2024, increased by approximately 9.6% or RMB 5.6 million to approximately RMB 63.7 million[1] - Gross profit for the same period decreased by approximately 23% or RMB 2.9 million to approximately RMB 9.8 million[1] - Profit attributable to owners of the company for the six months ended June 30, 2024, was approximately RMB 5 million[1] - Basic earnings per share for the same period was approximately RMB 0.91[1] - Total comprehensive income for the period was RMB 2.4 million, a significant decrease from RMB 13.9 million in the previous year[2] - The adjusted profit before tax for the ongoing and ceased operations was reported at 6,044,000 for the current period, compared to 27,049,000 for the previous period[13] - The group reported a pre-tax profit of RMB 1,581 thousand for the six months ended June 30, 2024, compared to RMB 1,379 thousand for the same period in 2023, indicating an increase of approximately 14.7%[26] - The income tax expense for the six months ended June 30, 2024, was RMB 2,605,000, compared to RMB 12,469,000 for the same period in 2023, indicating a significant decrease[28] - The profit before tax from discontinued operations for the six months ended June 30, 2023, was RMB 7,637,000, while the profit from continuing operations was RMB 4,964,000 for the six months ended June 30, 2024[31] - Basic and diluted earnings per share from continuing operations for the six months ended June 30, 2024, was RMB 0.91, down from RMB 1.27 for the same period in 2023[32] - The group reported a profit attributable to the owners of the company of approximately RMB 5 million for the six months ending June 30, 2024, down from RMB 16.7 million for the same period in 2023[50] Revenue Breakdown - Revenue from external customers for the six months ending June 30, 2024, was reported at 117,163,000, with a breakdown of 7,909,000 from property leasing and 55,783,000 from consumer paper and hygiene products[13] - Total revenue for the six months ended June 30, 2024, was RMB 63,692 thousand, compared to RMB 58,098 thousand for the same period in 2023, representing an increase of approximately 9.0%[18] - Rental income for the six months ended June 30, 2024, was RMB 7,909 thousand, while sales of goods amounted to RMB 55,783 thousand[19] - The revenue from the life paper and hygiene products segment was approximately RMB 55.8 million, a decrease of about 4% from RMB 58.1 million in the same period of 2023[42] - The property leasing segment generated revenue of approximately RMB 7.9 million during the reporting period[43] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 205.9 million, down from RMB 216.0 million as of December 31, 2023[4] - Current assets decreased to RMB 220.7 million from RMB 230.9 million as of December 31, 2023[4] - Total liabilities decreased from RMB 76.6 million to RMB 54.0 million, indicating improved financial stability[4] - The total trade receivables as of June 30, 2024, amounted to RMB 43,869,000, an increase from RMB 41,631,000 as of December 31, 2023[34] - The net trade receivables after impairment as of June 30, 2024, were RMB 42,472,000, compared to RMB 40,234,000 as of December 31, 2023[34] - The group’s total borrowings as of June 30, 2024, were approximately RMB 20.2 million, up from RMB 19.8 million as of December 31, 2023, while the debt-to-equity ratio decreased from about 9.4% to 7.7%[52] - The net current assets as of June 30, 2024, were approximately RMB 166.6 million, compared to RMB 154.3 million as of December 31, 2023[51] Operational Changes - The company ceased its new energy business operations on November 15, 2023, with profits from January 1, 2023, to November 15, 2023, recognized in the consolidated profit and loss statement for the year ending December 31, 2023[7] - The company has ceased operations in the new energy business as of November 15, 2023, following a lease agreement with an independent third party[29] - The group operates in three segments: property leasing, consumer paper and hygiene products, and the ceased new energy operations, with performance evaluated based on adjusted profit before tax[12] Expenses - The cost of goods sold for the six months ended June 30, 2024, was RMB 44,177 thousand, a decrease from RMB 45,416 thousand in the same period of 2023[26] - Selling and distribution expenses rose by approximately 33.6% to RMB 1.2 million for the six months ending June 30, 2024, primarily due to increased transportation costs[46] - Administrative expenses increased from approximately RMB 2.1 million for the six months ending June 30, 2023, to approximately RMB 2.8 million for the same period in 2024, mainly due to higher employee costs[47] Corporate Governance - The company has adhered to all applicable corporate governance codes as outlined in the listing rules during the reporting period[67] - The company has adopted a standard code for securities trading by directors, confirming full compliance during the reporting period[68] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and confirmed compliance with applicable accounting standards[71] Dividends - The company did not declare any interim dividend for the six months ended June 30, 2024[1] - The company does not recommend the payment of any interim dividend for the six months ended June 30, 2024, consistent with the previous year[33] - The group has proposed no interim dividend for the six months ended June 30, 2024, consistent with the previous period[60] Future Outlook - The group anticipates that the Chinese economy will grow by around 5% in 2024, with a focus on job creation and a target of 12 million new urban jobs[65] - The group has no major investment or capital asset plans beyond those disclosed in the prospectus as of June 30, 2024[64] Miscellaneous - The interim financial data for the six months ending June 30, 2024, is prepared in accordance with Hong Kong Accounting Standards, and all amounts are presented in Renminbi, rounded to the nearest thousand[8] - The company has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which did not have a significant impact on the current or prior periods' performance and financial position[10] - The group has no significant contingent liabilities as of June 30, 2024, consistent with the situation as of December 31, 2023[57] - The group has no assets pledged as of June 30, 2024, maintaining the same status as of December 31, 2023[56] - The group has not utilized any derivative financial instruments to hedge against foreign currency fluctuations as of June 30, 2024[58] - There have been no significant events affecting the group after the end of the financial period[70] - The interim results announcement will be published on the company's website and the stock exchange website, with the interim report expected to be sent to shareholders by September 30, 2024[72] - The board expresses gratitude for the efforts and support from management, employees, shareholders, and business associates during the reporting period[73]

Capital Expenditure Plans - The company plans to utilize RMB 2.195 million in 2024 and RMB 21.844 million in 2025 for purchasing and upgrading production equipment, expanding and maintaining production bases, and upgrading non-production facilities such as warehouses[4] - The company decided to lease rather than purchase and upgrade production equipment and other facilities in early 2024 due to a more cautious approach to cost control and investment activities amid economic slowdown[8] IPO Proceeds Utilization - As of December 31, 2023, the company had a remaining balance of RMB 24.039 million from the net proceeds of the IPO, which was not utilized as planned due to economic slowdown and uncertainties[7]

Financial Performance - Revenue from continuing operations increased by 83.5% to approximately RMB 119.65 million during the reporting period[10] - Gross profit from continuing operations was approximately RMB 22.7 million, representing a year-on-year increase of about 24.3%, with a gross margin of approximately 19%[11] - The company reported a profit attributable to shareholders of approximately RMB 17.23 million, compared to a net loss of approximately RMB 9.2 million in the same period of 2022[11] - The total revenue for the year ended December 31, 2023, was approximately RMB 119.7 million, an increase of about RMB 54.5 million or 83.5% compared to RMB 65.2 million in the same period of 2022[23] - The revenue from the household paper products segment was approximately RMB 117.7 million, representing an increase of 80.6% from RMB 65.2 million in the previous year[21] - Other income and gains increased by approximately 94.3% to about RMB 1.4 million, up from RMB 0.7 million in the previous year[26] - Selling and distribution expenses decreased by approximately 48.4% to about RMB 1.7 million, down from RMB 3.3 million in the previous year due to cost-saving measures[28] - Administrative expenses decreased to approximately RMB 6.4 million from RMB 8.7 million, primarily due to a reduction in employee costs[29] - Financial costs decreased from approximately RMB 2.1 million to RMB 0.6 million, mainly due to reduced interest expenses from bank and other borrowings[30] - The company reported a profit attributable to owners of approximately RMB 17.2 million for the year ended December 31, 2023, compared to a loss of RMB 9.2 million in the previous year[32] Clean Energy Sector - The clean energy sector grew by 40% year-on-year, with clean energy investments in China reaching RMB 6.3 trillion, accounting for 40% of the GDP growth in 2023[17] - The company aims to capitalize on policy benefits in the clean energy sector as part of its long-term growth strategy[12] - The revenue from the clean energy operations segment was approximately RMB 126 million, a decrease of about 32% compared to 2022[18] Customer and Market Strategy - The company has over 400 corporate clients in its life paper and hygiene products business, with a sales network covering multiple provinces and municipalities[19] - The company aims to expand its customer base and product range to mitigate revenue concentration risks[55] - Revenue from the top five customers accounted for approximately RMB 134 million, representing 54.4% of total revenue for the year ending December 31, 2023[54] - The top five customers accounted for approximately 54.4% of total sales in the current year, down from 73.9% in 2022, with the largest customer contributing about 37.6% of total sales[74] - The company plans to enhance its market penetration through vertical and horizontal integration strategies[60] Financial Position and Debt Management - The net current assets as of December 31, 2023, were approximately RMB 154.3 million, compared to RMB 150.8 million as of December 31, 2022[33] - The total debt as of December 31, 2023, was approximately RMB 31.4 million, down from RMB 38.1 million, resulting in a decrease in the debt-to-equity ratio from 11.8% to 9.4%[35] Corporate Governance and Management - The company has maintained a high contract renewal rate with its top ten customers to capture potential business opportunities[76] - The management team is stable and experienced, with a strong focus on employee training and development[75] - The company has not engaged in any related party transactions that require disclosure or independent shareholder approval under the listing rules[93] - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[143] - All independent non-executive directors have confirmed their independence according to the listing rules[133] - The company has established appropriate policies and procedures for risk management and internal control, ensuring compliance with applicable laws and regulations[183] Shareholder Information - The company proposed not to declare any final dividend for the year ending December 31, 2023, consistent with the previous year[45] - As of December 31, 2023, the major shareholder, Crown Jun International Limited, holds 350,000,000 shares, representing approximately 64.09% of the total shares[114] - Mr. Chen Shuming holds a controlling interest of 350 million shares, representing 64.09% of the company's equity[110] Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental policy to promote sustainable development and balance economic value with environmental impact[129] - The company has complied with various legal regulations, including the Environmental Protection Law of the People's Republic of China, with no significant violations reported[130] - The ESG report covers the strategies, achievements, and ongoing measures to enhance ESG performance during the period from January 1, 2022, to December 31, 2022[199] - The company is committed to identifying significant ESG risks and challenges that impact its business and stakeholders[199]

智通财经APP讯，冠均国际控股(01629)发布截至2023年12月31日止年度业绩，该集团期内取得持续经营业务收益1.2亿元(人民币，下同)，同比增加83.55%;股东应占溢利1723.3万元，上年同期股东应占亏损919.6万元，同比扭亏为盈;每股基本盈利3.16分。 公告称，扭亏为盈主要由于集团生活用纸产品分部的收益于有关年度大幅增加;及2022年度，公司拥有人应占亏损净额约1820万元乃主要由于集团卷烟包装产品业务产生亏损约4840万元，而集团已于2022年10月终止并出售该业务。 ...

Financial Performance - For the year ended December 31, 2023, the revenue from continuing operations increased by approximately 83.5% or RMB 54.5 million to approximately RMB 119.7 million[3]. - The gross profit from continuing operations for the same period rose by about 24.3% or RMB 4.4 million to approximately RMB 22.7 million[3]. - The profit attributable to equity holders for the year ended December 31, 2023, was approximately RMB 17.2 million, compared to a loss of approximately RMB 9.2 million for the year ended December 31, 2022[3]. - Basic earnings per share from continuing and discontinued operations for the year ended December 31, 2023, was approximately RMB 3.16, compared to a basic loss per share of approximately RMB 1.68 for the year ended December 31, 2022[3]. - Basic earnings per share from continuing operations for the year ended December 31, 2023, was approximately RMB 2.68, compared to approximately RMB 0.001 for the year ended December 31, 2022[3]. - The company reported a profit attributable to owners of RMB 14,610,000 for the year, compared to a loss of RMB 9,203,000 from discontinued operations[6]. - The company reported a pre-tax profit of RMB 25,139 thousand for continuing and discontinued operations in 2023, a substantial increase from RMB 2,764 thousand in 2022[27]. - The group’s income tax expense for the year ended December 31, 2023, was RMB 12,955,000, a decrease of 19.1% from RMB 15,997,000 in 2022[40]. - The company reported a net profit attributable to shareholders of RMB 17,233 thousand for 2023, compared to a loss of RMB 9,196 thousand in 2022[49]. - Basic and diluted earnings per share from continuing operations increased to RMB 2.68 in 2023, up from RMB 0.00 in 2022[49]. Assets and Liabilities - Total non-current assets decreased to RMB 216,023,000 from RMB 236,106,000 year-over-year[8]. - Current assets increased to RMB 230,865,000 from RMB 214,197,000, with cash and cash equivalents decreasing to RMB 111,030,000 from RMB 160,885,000[8]. - Current liabilities rose to RMB 76,572,000 from RMB 63,417,000, indicating a potential increase in short-term financial obligations[8]. - The company’s total assets less current liabilities stood at RMB 370,316,000, down from RMB 386,886,000[8]. - Non-current liabilities decreased significantly to RMB 36,073,000 from RMB 65,008,000, reflecting improved financial stability[10]. - The equity attributable to owners of the company increased to RMB 251,218,000 from RMB 233,804,000, indicating growth in shareholder value[10]. - The group recorded a net current asset value of approximately RMB 154.3 million as of December 31, 2023, compared to RMB 150.8 million as of December 31, 2022[73]. - The total debt of the group as of December 31, 2023, was approximately RMB 31.4 million, down from RMB 38.1 million as of December 31, 2022, resulting in a decrease in the debt-to-equity ratio from about 11.8% to approximately 9.4%[74]. Operations and Segments - The company ceased operations in the manufacturing and sale of steam, heating, and electricity for industrial purposes in mainland China as of December 31, 2023[13]. - The company operates in various segments, including property leasing in mainland China and the sale of consumer paper products[26]. - Revenue from external customers for the property leasing segment was RMB 1,947 thousand in 2023, compared to RMB 0 in 2022, indicating a significant increase[27]. - Sales of consumer paper products reached RMB 117,705 thousand in 2023, up from RMB 65,188 thousand in 2022, representing an increase of approximately 80.7%[27]. - Revenue from the clean energy operations segment decreased by approximately 31.9% to RMB 126.3 million in 2023[60]. - The company has segments focused on energy operations, producing and selling steam, heating, and electricity in mainland China[26]. - The company has ceased operations in certain segments, including the production and sale of cigarette packaging products[26]. Compliance and Governance - The company is committed to compliance with Hong Kong Financial Reporting Standards and has prepared its financial statements accordingly[14]. - The company adopted the revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not significantly impact the current or previous financial performance[17]. - The company’s financial statements are prepared in accordance with the Hong Kong Accounting Standards and the relevant revised standards[17]. - The board of directors confirms compliance with all applicable corporate governance codes as of December 31, 2023[99]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and found them to be prepared in accordance with applicable accounting standards[105]. Dividends and Shareholder Information - The board of directors recommended not to declare any final dividend for the year ended December 31, 2023[3]. - The company did not recommend any dividend payment for the year ending December 31, 2023, consistent with the previous year[51]. - The board proposed no final dividend for the year ending December 31, 2023, consistent with the previous year[85]. - The annual general meeting is scheduled for June 27, 2024, with a suspension of share transfer registration from June 24 to June 27, 2024[103]. - The annual report for the year ending December 31, 2023, is expected to be sent to shareholders by April 29, 2024[108]. Cost Management and Expenses - Selling and distribution expenses decreased by approximately 48.4% from about RMB 3.3 million in 2022 to approximately RMB 1.7 million in 2023, mainly due to cost-saving measures implemented by the group[67]. - Administrative expenses decreased from approximately RMB 8.7 million in 2022 to about RMB 6.4 million in 2023, primarily due to a reduction in employee costs during the reporting period[68]. - Financial costs decreased from approximately RMB 2.1 million in 2022 to about RMB 0.6 million in 2023, mainly due to a reduction in interest expenses from bank and other borrowings[69]. - The company incurred financial costs of RMB 663 thousand in 2023, significantly lower than RMB 2,061 thousand in 2022, marking a reduction of about 67.8%[36]. Future Outlook and Strategy - The company plans to actively expand into new markets and product lines to reduce reliance on major customers and mitigate revenue concentration risk[92]. - The company anticipates potential changes in policies and increased competition in the clean energy sector as the Chinese government promotes carbon peak and carbon neutrality goals[93]. - The company plans to improve its market penetration through vertical and horizontal integration strategies[97]. - The group will continue to seek investment opportunities in the new energy sector outside Shandong Province to benefit from supportive policies[98]. - The company believes that steady economic growth in China will provide an optimal environment for its existing business and deliver substantial returns to stakeholders[98].

Revenue and Growth - For the six months ended June 30, 2023, total revenue was approximately RMB 175.3 million, an increase of about RMB 37.1 million compared to RMB 138.2 million for the same period in 2022, driven by increased sales in both new energy operations and household paper products [16]. - The revenue from industrial steam, home heating, and electricity supply was approximately RMB 117.2 million, representing a 9.2% increase from RMB 107.3 million in the same period of 2022 [11]. - The revenue from household paper products was approximately RMB 58.1 million, showing a significant increase of 87.8% from RMB 30.9 million in the same period of 2022 [13]. - Revenue for the six months ended June 30, 2023, was RMB 5,175,261 thousand, a significant increase from RMB 138,207 thousand in the same period of 2022, representing a growth of approximately 3,642% [75]. - For the six months ended June 30, 2023, total revenue from continuing operations was RMB 175,261,000, an increase of 26.8% compared to RMB 138,207,000 for the same period in 2022 [117]. - Revenue from the new energy business was RMB 117,163,000, while revenue from the household paper products segment was RMB 58,098,000 for the six months ended June 30, 2023 [119]. Profitability and Expenses - Gross profit decreased from approximately RMB 44.2 million for the six months ended June 30, 2022, to approximately RMB 31.7 million for the same period in 2023, with the gross profit margin declining from 32.0% to 18.1% [20]. - Other income and gains increased by 126.4% to approximately RMB 1.1 million, primarily due to increased bank interest income during the reporting period [21]. - Sales and distribution expenses decreased by approximately 47.2% to RMB 0.9 million, mainly due to reduced transportation costs [24]. - Administrative expenses decreased from approximately RMB 6.9 million to RMB 4.7 million, attributed to lower employee costs and maintenance expenses [25]. - Financial expenses for the six months ended June 30, 2023, were approximately RMB 200,000, a decrease from RMB 1.3 million in the same period of 2022 [26]. - Income tax expenses for the six months ended June 30, 2023, were approximately RMB 12.5 million, compared to RMB 11.1 million in the same period of 2022, representing an increase of about 12.6% [27]. - Profit attributable to owners of the company for the six months ended June 30, 2023, was approximately RMB 16.7 million, down from RMB 25.4 million in the same period of 2022, indicating a decrease of about 34.4% [28]. - The company reported a total comprehensive income of RMB 13,937 thousand for the period, compared to a loss of RMB 26,098 thousand in the previous year [77]. - The company reported a net profit of RMB 16,717 thousand for the six months ended June 30, 2023, compared to a loss of RMB 21,457 thousand in the same period of 2022, indicating a significant turnaround [86]. - The company’s total comprehensive income for the period was RMB 16,074 thousand, compared to a total comprehensive loss of RMB 24,410 thousand in the same period of 2022 [86]. Assets and Liabilities - As of June 30, 2023, the net current assets were approximately RMB 147.5 million, a decrease from RMB 150.8 million as of December 31, 2022 [29]. - Total borrowings as of June 30, 2023, were approximately RMB 15.4 million, slightly up from RMB 14.8 million as of December 31, 2022 [30]. - Total assets as of June 30, 2023, were RMB 374,713 thousand, a decrease from RMB 386,886 thousand at the end of 2022 [80]. - Current assets increased to RMB 216,942 thousand from RMB 214,197 thousand at the end of 2022, reflecting a slight growth [80]. - Current liabilities rose to RMB 69,400 thousand from RMB 63,417 thousand at the end of 2022, indicating an increase of approximately 9% [80]. - Non-current liabilities decreased significantly from RMB 65,008 thousand to RMB 38,898 thousand, a reduction of about 40% [83]. - Cash and cash equivalents decreased to RMB 81,853 thousand from RMB 160,885 thousand at the end of 2022, indicating a decline of approximately 49% [80]. - Trade receivables as of June 30, 2023, amounted to RMB 61,677,000, significantly up from RMB 2,521,000 as of December 31, 2022, indicating a growth of approximately 2,344% [147]. - The net trade receivables after impairment as of June 30, 2023, were RMB 60,310,000, compared to RMB 1,124,000 as of December 31, 2022, representing an increase of about 5,258% [147]. - Trade payables increased to RMB 21,516,000 as of June 30, 2023, from RMB 16,513,000 as of December 31, 2022, reflecting a rise of about 30.4% [151]. Capital Expenditures and Investments - Capital expenditures for the six months ended June 30, 2023, totaled approximately RMB 800,000, down from RMB 2.2 million in the same period of 2022 [33]. - As of June 30, 2023, approximately RMB 24 million of unutilized proceeds from the IPO will be used for investment in production workshops, equipment upgrades, and technology research and development [48]. - The group has capital commitments of RMB 528,000 related to property, plant, and equipment, down from RMB 1,028,000 as of December 31, 2022 [159]. Corporate Governance and Compliance - The company has no significant contingent liabilities as of June 30, 2023, consistent with the situation as of December 31, 2022 [38]. - The group has maintained compliance with corporate governance standards throughout the reporting period [55]. - The interim condensed consolidated financial statements were approved and authorized for issue by the board on August 31, 2023 [162]. Market Position and Future Outlook - The company continues to support the domestic clean energy industry transformation and upgrade, benefiting from favorable government policies and increased investment in this sector [10]. - The company anticipates continued growth in the new energy sector, supported by the government's push for clean energy development and investment to achieve carbon neutrality goals [10]. - The group is confident in the long-term development of the Chinese economy, with a GDP growth target set at around 5% by the government [51]. - The group aims to capture opportunities for sustainable growth in line with China's "dual carbon" goals [51]. - The company plans to continue focusing on its core business areas, including the production and sale of industrial steam and household heating in China [100]. - The company has ceased operations in the manufacturing and sale of cigarette packaging materials in China, which impacted its financial performance [95].