股份代號：1733 年 報 2024 ANNUAL REPORT 2024 Annual Report 2024 年報 | 目錄 | | --- | | 主席致辭 | 2 | | --- | --- | | 管理層對財務狀況及經營業績的討論與分析 | 6 | | 董事及高級管理人員簡介 | 23 | | 企業管治報告 | 28 | | 董事會報告 | 42 | | 獨立核數師報告 | 59 | | 綜合損益表 | 66 | | 綜合損益及其他全面收益表 | 68 | | 綜合財務狀況表 | 69 | | 綜合權益變動表 | 71 | | 綜合現金流量表 | 73 | | 財務報表附註 | 75 | | 釋義 | 171 | | 五年財務摘要 | 176 | | 公司資料 | 177 | 主席致辭 尊敬的各位股東、親愛的同事們： 大家好！隨著二零二四年的圓滿落幕，我懷著深深的感慨、感動與感激，向大家致以最誠摯的問候和最美好的祝 願 。回首這一年 ，我們共同經歷了宏觀環境與行業格局的艱難挑戰 ，也見證了每一位「易家人」在逆境中拼搏奮鬥 的堅韌身影。正是因為有這樣一個團結奮進的團隊，以及股東們始終如一的支持，我們才 ...

控股有限公司 Country Garden Holdings Company Limited www.countrygarden.com.cn 2024 年度報告 股份代號：2007 （於開曼群島註冊成立的有限公司） 20 2 4 年 度 報 告 碧 桂 園 控 股 有 限 公 司 C o u ntry G ard e n H oldin g s C o m p a n y Limite d 是什麼 碧桂園是為 社會創造 幸福生活的高科技綜合性企業。 我們積極投身機器人產業和科技建造事業 科技發展日新月異，機器人時代已經到來。我們投身科 技創新大潮，廣納人才、博採眾長，用科技的力量為社 會創造美好生活，助力國家科技進步和高質量發展。 我們成立博智林機器人公司，研發應用建築機器人，提 升施工智能化水平。 我們組建科技建築集團，打造由建築機器人、新型裝配 式、智能裝備、BIM數字化等構成的智慧建造體系，努 力實現安全、質量、效率、環保和科技的完美結合，拓 展施工總承包、勞務分包等業務，引領和推動傳統建築 業變革。 我們成立鳳凰智拓建管公司，積極外拓輕資產代管代建 業務，充分發揮集團積澱多年的設計、開發、成本、客 ...

（於開曼群島註冊成立之有限公司） 股份代號: 2381 年報 2024 | 目錄 | | --- | | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4-6 | | 董事及高級管理人員履歷詳情 | 7-9 | | 企業管治報告 | 10-21 | | 董事報告書 | 22-32 | | 獨立核數師報告 | 33-36 | | 綜合全面收益表 | 37 | | 綜合財務狀況表 | 38 | | 綜合權益變動表 | 39 | | 綜合現金流量表 | 40 | | 綜合財務報表附註 | 41-82 | | 財務摘要 | 83 | 公司資料 董事會 執行董事 梁振華先生 （行政總裁） 鄧自然先生 周啟超先生 非執行董事 翁國基先生 （主席） 李碧玫女士 獨立非執行董事 梁文釗先生 潘澤生先生 何志成先生 審核委員會 梁文釗先生 （主席） 翁國基先生 潘澤生先生 薪酬委員會 潘澤生先生 （主席） 翁國基先生 梁文釗先生 提名委員會 翁國基先生 （主席） 潘澤生先生 梁文釗先生 主要往來銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司 公司秘書 李嘉文小姐 ACG ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 864,165,000, representing a 20% increase from RMB 720,303,000 in 2023[12] - Gross profit for 2024 was RMB 268,516,000, up 48% from RMB 181,051,000 in 2023[12] - Profit attributable to equity shareholders for 2024 was RMB 43,331,000, a decrease of 46% compared to RMB 79,973,000 in 2023[12] - Total assets as of December 31, 2024, increased to RMB 559,871,000 from RMB 398,798,000 in 2023, marking a 40% growth[12] - Total liabilities as of December 31, 2024, were RMB 520,618,000, up from RMB 371,612,000 in 2023[12] - Total revenue for 2024 was RMB 864.2 million, representing a 20.0% increase from RMB 720.3 million in 2023[67] - Revenue from RV sales was RMB 799.2 million in 2024, a 12.5% increase from RMB 710.7 million in 2023, driven by higher sales volume and average selling price[68] - The company achieved a positive gross profit in 2024, attributed to increased revenue from direct sales and improved gross margin expected from enhanced cost control[42] - Selling and distribution expenses rose to RMB 84.0 million in 2024, a 102.4% increase from RMB 41.5 million in 2023, due to increased marketing campaigns and a higher number of sales personnel[79] - Administrative expenses increased by 120.7% to RMB 79.9 million in 2024 from RMB 36.2 million in 2023, driven by a rise in administrative personnel and listing expenses[80] - Research and development expenses grew by 71.3% to RMB 13.7 million in 2024 from RMB 8.0 million in 2023, reflecting an increase in R&D personnel[81] - Finance costs surged by 439.1% to RMB 12.4 million in 2024 from RMB 2.3 million in 2023, primarily due to increased interest expenses on borrowings[89] - Income tax decreased by 44.6% to RMB 16.0 million in 2024 from RMB 28.9 million in 2023, in line with decreased profit[90] - Profit for the year fell by RMB 33.3 million to RMB 45.5 million in 2024 from RMB 78.8 million in 2023[91] - Adjusted net profit is used as a non-HKFRS measure to facilitate comparisons of operating performance, defined as net profit adjusted by adding back listing expenses[119] - For the year ended December 31, 2024, the net profit was RMB 45,489,000, a decrease of 42.2% compared to RMB 78,768,000 in 2023[123] - The adjusted net profit for the same period was RMB 72,933,000, which is a decrease of 7.2% from RMB 78,768,000 in 2023[123] Revenue and Sales - The increase in revenue was primarily driven by a rise in RV sales volume and an increase in average selling price, particularly from direct sales through self-owned and JV stores[25] - Deliveries of RVs in 2024 totaled 2,804 units, representing a 4.1% increase from 2,694 units in 2023[28] - Revenue from sales of pre-owned RVs surged by 546.0% in 2024 compared to 2023, following the introduction of a buyback program for eligible pre-owned RVs[26] - Direct sales of RVs increased from 394 units in 2023 to 1,064 units in 2024, with revenue from these sales growing from RMB 129.1 million to RMB 343.9 million[69] - Revenue from sales to dealers decreased from RMB 581.6 million in 2023 to RMB 455.3 million in 2024, with sales volume dropping from 2,300 units to 1,740 units[69] - Revenue from pre-owned RV sales was RMB 56.1 million in 2024, up from RMB 8.7 million in 2023, reflecting a significant increase of RMB 47.4 million[70] Product Development and Innovation - The company upgraded 5 models under the Regent brand and launched 13 new models in 2024[15] - A total of 4 new models were developed and launched under the NEWGEN brand, along with 8 upgraded models[15] - The company aims to create a sustainable path for RV electrification and is developing a new model of towable electric recreational vehicle (ERV)[15] - The company is developing a pioneering model of electric RVs as part of its commitment to sustainability and environmental responsibility[17] - The SRH-Hybrid 2025 model was launched in February 2025, expanding the hybrid towable RV lineup with advanced technology and luxury features[34] Market and Brand Strategy - The company operates three distinct brands: Snowy River, Regent, and NEWGEN, catering to various RV owner needs[14] - The company emphasizes customization in its RV offerings, allowing owners to personalize various aspects of their vehicles[14] - The company emphasizes customization in RV design and manufacturing, enhancing the owner experience from concept to delivery[16] - Future plans include expanding into European and Canadian markets, maintaining brand image, and upgrading production facilities[47] - The company is expanding into European and Canadian markets while preparing for North American supply chain deployment[62] Operational and Structural Insights - The manufacturing facilities in Zhejiang, China, cover approximately 47,567 square meters and include five specialized workshops and two advanced assembly lines[19] - The sales and distribution network consists of 13 third-party dealer stores, two self-owned stores, and four JV stores across major cities in Australasia as of December 31, 2024[20] - The backlog for Snowy River increased from 1,240 units in 2023, while Regent's backlog decreased from 72 units, and NEWGEN's backlog decreased from 144 units[32] - As of December 31, 2024, net current liabilities were RMB 6.0 million, with trade and other payables increasing to RMB 314.8 million[92] - As of December 31, 2024, total loans and borrowings amounted to RMB 89.4 million, an increase from RMB 31.6 million as of December 31, 2023[98] - The secured loans and borrowings from the Financing Partner to subsidiaries were RMB 64.2 million, while short-term unsecured bank loans were RMB 19.3 million and secured short-term bank loans were RMB 5.5 million[104] - The Group's gearing ratio was positive as of December 31, 2024, indicating a healthy capital structure[99] - Restricted cash as of December 31, 2024, totaled RMB 103.1 million, primarily for leasing deposits and guarantees for loans[101] - Capital expenditures for 2024 were RMB 8.0 million, mainly for the purchase of plant and equipment[109] Governance and Compliance - The Group did not have any material acquisitions or disposals of subsidiaries, associates, and joint ventures for the year ended December 31, 2024[113] - The Group has no specific plans for material investments or capital asset acquisitions as of December 31, 2024[102] - The Company has established a Remuneration Committee to formulate remuneration policies in compliance with the Corporate Governance Code[186] - The total remuneration paid to the Directors for the year ended December 31, 2024, was approximately RMB 4.8 million[195] - The total remuneration paid to the five highest-paid individuals for the year ended December 31, 2024, was RMB 6.5 million[195] - No remuneration was paid to the Directors or the five highest-paid individuals as inducement to join or as compensation for loss of office during the Reporting Period[196] - Each executive Director has entered into a service contract with the Company for an initial term of three years commencing from the Listing Date[197] - Independent non-executive Directors have entered into letters of appointment for an initial term of three years commencing from the Listing Date[198] - The Company offers compensation to executive Directors and senior management in the form of salaries, bonuses, social security plans, and other benefits[200] - The Remuneration Committee considers factors such as salaries paid by comparable companies and performance-based remuneration when determining specific remuneration packages[199] - The Company reimburses Directors and senior management for necessary and reasonable expenses incurred while providing services[199] - No Directors waived or agreed to waive any remuneration during the Reporting Period[196] Risks and Challenges - The business is subject to risks associated with third-party authorized dealers, which could negatively impact operations if there are losses or consolidations[139] - Supply chain risks are present, where delays or quality issues could materially affect the business and financial condition[141] - The Company has not entered into any significant contracts with controlling shareholders during the year ended December 31, 2024[142] - The Company maintained sufficient public float percentage required under the Listing Rules as of the date of the annual report[156] - There were no material legal proceedings against the Company during the Reporting Period that could adversely affect its business[181] - The Company made a donation of HKD 3.0 million to the HKEX Foundation Limited during the Reporting Period[183]

( 於中華人民共和國成立的股份有限公司 ) 股份代號 : 6885 年度報告 2024 目 錄 | 集團簡介 | 第2至3頁 | | --- | --- | | 五年財務摘要 | 第4至5頁 | | 主席報告 | 第6頁 | | 管理層討論及分析 | 第7至24頁 | | 企業管治報告 | 第25至42頁 | | 環境、社會及管治報告 | 第43至90頁 | | 董事會報告書 | 第91至105頁 | | 監事會報告書 | 第106至108頁 | | 董事、監事及高級管理人員 | 第109至115頁 | | 獨立核數師報告及綜合財務報表 | 第116至209頁 | | 公司資料 | 第210至212頁 | | 釋義 | 第213至216頁 | 2 集團簡介 博海化工：煤焦油加工， 生產及銷售煤焦油基化學品 金馬能源生產 調度中心 金馬中東 金馬能源 信陽金港 煤氣 煤氣 河南省濟源虎嶺 金寧能源：煤氣儲存及銷售 產業集聚區化工園 河南省信陽市 煤焦油 金馬能源，金馬中東： 生產焦炭及焦化副產（粗苯、煤焦油及煤 氣），焦炭供銷售，副產供集團公司加工 銷售 信陽金港: 焦化焦煤，生產及銷售焦炭及電力 河南金馬能源 ...

Sales and Revenue Performance - For the year ended December 31, 2024, the Company sold 33,178 vehicles, an increase of 6.72% from 31,089 vehicles sold last year[9]. - Revenue for the year was approximately RMB4,124 million, representing a 14.66% increase from approximately RMB3,597 million recorded last year[12]. - New energy vehicle sales surged by 168%, while export sales increased by 42.56%[10]. - Revenue from export sales of parts and components increased, with a higher proportion of export sales contributing to market expansion[14]. - Gross profit for the year was RMB270,852,000, an increase of 21.27% compared to last year, with a gross profit margin of 6.57%[74]. - Other income for the year totaled RMB307,907,000, reflecting a 4.11% increase from last year, mainly from government grants, interest income, and rental income[77]. - The revenue from light-duty trucks and chassis and medium and heavy-duty trucks and chassis was RMB2,210,778,000 and RMB938,910,000, respectively, accounting for 76.38% of total revenue[99]. Financial Performance and Losses - The Company recorded a loss after tax of approximately RMB48 million for the year, compared to a loss of approximately RMB45 million the previous year[12]. - The Group reported a loss after tax of RMB47,772,000, which is an increase in loss of 5.21% compared to the previous year[76]. - The Group's expenses increased by 5.27% compared to last year, primarily due to higher selling expenses[77]. - The retained profit available for distribution to shareholders as of December 31, 2024, was approximately RMB1,110,104,000, down from RMB1,171,767,000 in 2023[104]. Strategic Initiatives and Collaborations - The Company has completed the R&D of electric VANs, small trucks, and high-capacity rechargeable heavy-duty trucks, filling product gaps[14]. - The Company initiated collaboration with Huawei to expedite ultra-fast charging network construction and develop heavy-duty electric vehicles[14]. - The Company plans to accelerate cooperation with Huawei to build a super charging ecosystem and with Ningde Times to launch the next generation of pure electric light trucks[17]. - The Company aims to accelerate the diversification of overseas markets and consolidate core markets while initiating new market entries[16]. - Key priorities include deepening reforms, strengthening core businesses, and improving efficiency to better fulfill the strategic mission[17]. Leadership and Governance - Xu Song has been an executive director since June 15, 2016, and has extensive experience in various roles within the company, including deputy general manager[26]. - Li Juxing has served as an executive director since May 28, 2015, and has held multiple senior positions, including deputy general manager and chairman of Chongqing Qingling Forging Co., Ltd.[29]. - The company has a strong leadership team with members having extensive industry experience and educational backgrounds in engineering and business administration[27][28]. - The company is focused on enhancing its operational efficiency and expanding its market presence through strategic leadership appointments[24][25]. - The company is committed to leveraging its experienced management to drive innovation and improve product offerings in the automotive sector[26]. Corporate Governance and Compliance - The company has a strong governance structure with independent directors serving on key committees such as the audit, remuneration, and nomination committees[33][34][35][38]. - The board includes members with diverse backgrounds in law, finance, and corporate governance, enhancing decision-making capabilities[34][35][38]. - The company is focused on maintaining high standards of corporate governance and compliance with regulatory requirements[33][34]. - The independent directors bring valuable insights from their extensive experience in various industries, contributing to strategic planning[33][34][35][38]. - The Company has confirmed the independence of all independent non-executive directors[118]. Connected Transactions - The Group entered into a New Chassis Supply Agreement with Qingling Group for the supply of modified vehicle chassis and related components, effective from January 1, 2023, to December 31, 2025, with a transaction amount of approximately RMB204,269,000 during the year[141]. - The Group established New Parts Supply Agreements with Qingling Group and its subsidiaries, with total amounts for automobile parts purchases as follows: RMB112,256,000 from Qingling Group, RMB14,771,000 from Chongqing Qingling Aluminium Casting, and RMB9,091,000 from Chongqing Qingling Casting[144][145]. - The pricing for automobile parts provided to the Company is based on actual or reasonable costs plus a profit margin not exceeding 8% or market price, whichever is lower[143]. - The total amount for continuing connected transactions with Qingling Group and its subsidiaries reflects the Group's reliance on these relationships for parts and services[141]. - The agreements highlight the strategic partnerships that the Group has developed within the automotive industry, particularly with key players like Qingling Group and Isuzu[140]. Assets and Liabilities - As of 31 December 2024, total assets amounted to RMB10,183,928,000, while total liabilities were RMB2,663,823,000[79]. - Non-current assets were valued at RMB4,568,427,000, primarily consisting of property, plant, and equipment[79]. - Current assets totaled RMB5,615,501,000, mainly including inventories and trade receivables[80]. - Current liabilities were RMB2,657,623,000, primarily comprising trade payables and tax liabilities[80]. - The gearing ratio increased to 35.42% as of December 31, 2024, up from 29.04% in 2023, indicating a higher proportion of total liabilities to total equity[86]. Environmental and Quality Management - The Group is committed to environmental protection, energy conservation, and emission reduction, integrating these principles into production activities[59]. - The Company has implemented strict quality management practices to ensure the quality of automotive products and parts, prohibiting substandard products from assembly[62]. - The Group has made significant investments in environmental protection facilities and pollution prevention measures[61]. - The Company has adhered to relevant laws and regulations regarding intellectual property protection and consumer rights[62].

Financial Performance - In 2024, the company's revenue increased by approximately 58.2% compared to 2023, driven by a 7.8% rise in average product prices despite a 11.6% increase in raw material costs[29]. - The gross profit margin for the company decreased from 6.4% in 2023 to 2.3% in 2024, resulting in a loss of approximately RMB 16.0 million for the year[30]. - The average sales price of LNG fell by about 5.5%, but the gross profit margin for the LNG segment improved from approximately 13.4% in 2023 to about 16.1% in 2024 due to a 5.2% reduction in production costs[29]. - The average selling price of hydrogenated benzene chemicals increased from RMB 6,250.10 per ton in 2023 to RMB 6,734.73 per ton in 2024, representing an increase of approximately 7.7%[42]. - The average selling price of LNG decreased from RMB 4,439.95 per cubic meter in 2023 to RMB 4,197.57 per cubic meter in 2024, a decline of about 5.5%[42]. - The average procurement price of crude benzene rose from RMB 5,600.31 per ton in 2023 to RMB 6,249.04 per ton in 2024, an increase of approximately 11.6%[43]. - The company's pre-tax profit decreased from RMB 98.9 million in 2023 to RMB 12.0 million in 2024, reflecting the overall decline in profitability[57]. - Total comprehensive income fell from RMB 82.4 million in 2023 to RMB 11.9 million in 2024, with a significant drop in comprehensive income attributable to the company's owners[59]. - Cash flow from operating activities was RMB 96.9 million in 2024, down from RMB 104.5 million in 2023[63]. - The company reported a net cash outflow from investing activities of RMB 268.9 million in 2024, compared to RMB 71.1 million in 2023[63]. - The cash and cash equivalents at the end of 2024 were RMB 136.8 million, a decrease from RMB 300.7 million at the end of 2023[63]. Operational Developments - The company has established four hydrogen refueling stations and plans to build two more, continuing its strategy to fully enter the hydrogen energy industry chain[30]. - The hydrogen production base in Jiyuan, Henan Province, was officially approved to join the Zhengzhou fuel cell vehicle demonstration application city cluster[30]. - The company aims to enhance production efficiency and safety while investing in environmental protection to reduce production costs[30]. - The company has diversified its customer base across various sectors, including nylon, fertilizer, and LNG retail customers[35]. - The company completed the construction and commissioning of a 200,000-ton capacity expansion for hydrogenated phenolic chemicals in Q4 2023, with an expected production of approximately 353,683 tons in 2024[94]. - The company achieved a 5.2% improvement in production costs for LNG in 2024[95]. - The company operates two hydrogen refueling stations as of early 2024, with sales of 206.78 tons and 390.43 tons respectively, serving various heavy-duty vehicles[96]. Financial Management - The company's interest-bearing borrowings were approximately RMB 334.0 million and RMB 258.8 million as of December 31, 2024, and 2023, respectively[47]. - The financing costs for the company were approximately RMB 16.5 million in 2024, accounting for about 0.53% of total revenue[47]. - The company plans to adjust procurement and sales strategies in response to economic fluctuations, including reducing raw material purchases during downturns[37]. - The company acquired a coking gas facility from Jinma Group in August 2023 to diversify raw material sources and reduce dependency[45]. - Financing costs increased from RMB 6.1 million in 2023 to RMB 16.5 million in 2024, primarily due to increased interest on loans for production capacity expansion[55]. - As of December 31, 2024, total bank borrowings amounted to RMB 334.0 million, an increase of RMB 75.3 million compared to RMB 258.8 million in 2023[68]. - The debt-to-equity ratio increased to 30.6% in 2024 from 23.0% in 2023, primarily due to the increase in interest-bearing bank borrowings[72][74]. - The return on equity decreased to -1.6% in 2024 from 6.8% in 2023, attributed to a decline in profit[72][76]. - The return on assets decreased to 0.7% in 2024 from 6.0% in 2023, mainly due to a decrease in profit[72][78]. Governance and Compliance - The company is committed to enhancing its corporate governance and social responsibility, focusing on economic and social benefits[102]. - The company has adopted stricter internal control policies to ensure compliance with financial assistance regulations[107]. - The company has established a governance framework that includes various committees such as the Audit Committee and the Remuneration and Assessment Committee[110]. - The board is responsible for setting the overall strategy and monitoring management performance, while daily operations are managed by the executive team[112]. - The company has committed to regular training for management to clarify the correct classification of financial assistance transactions[107]. - The board of directors includes three independent non-executive directors, accounting for over one-third of the board[114]. - The audit committee held three meetings during the year ending December 31, 2024, with attendance rates of 100% for two members[121]. - The company's auditor has issued an unqualified opinion on the financial statements for the year 2024[123]. - The company has adopted a remuneration policy that considers the group's operating performance and market practices[124]. - The Nomination Committee evaluates candidates based on various factors, including gender, age, cultural background, and professional experience[133]. Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) report covers the overall performance in these areas for the year 2024[168]. - The company has achieved ISO certifications including ISO9001:2015 for quality management, ISO14001:2015 for environmental management, ISO45001:2018 for occupational health and safety, and ISO50001:2018 for energy management[176]. - The company holds 33 utility model patents, demonstrating its commitment to innovation and technology development[176]. - The board of directors is responsible for ESG strategy formulation and report review, ensuring compliance with ESG governance[177]. - The company has established a comprehensive communication mechanism with stakeholders, including regular meetings and various channels to gather feedback on ESG issues[180]. - The company is committed to sustainable development and has integrated ESG principles into its major decision-making processes[175]. - The group maintained a "zero tolerance" attitude towards business ethics risks, with no lawsuits or penalties related to corruption, bribery, or fraud during the reporting period[186]. - The environmental management system is continuously improved, with no major environmental lawsuits or penalties reported during the period[190]. - The company has achieved a wastewater recovery rate of 100% and solid waste utilization rate of 100%, ensuring zero emissions[195]. - The company has maintained compliance with environmental standards, with ongoing collaboration with qualified environmental assessment agencies for regular compliance testing of wastewater and emissions[198].

Financial Performance - For the year ended December 31, 2024, the revenue increased to RMB 8,200,663,000, representing a 53.1% growth from RMB 5,339,418,000 in 2023[4] - The gross loss for the year was RMB (2,701,416,000), compared to a gross profit of RMB 564,660,000 in the previous year, indicating a significant decline[4] - Loss before income tax increased to RMB (3,822,375,000) from RMB (1,225,084,000), reflecting a worsening financial position[4] - Total assets decreased to RMB 43,423,722,000 from RMB 51,464,000, indicating a reduction in the company's asset base[4] - Cash and cash equivalents dropped to RMB 332,872,000 from RMB 792,264,000, highlighting liquidity challenges[4] - Total bank and other borrowings increased slightly to RMB 15,991,467,000 from RMB 15,588,767,000, suggesting a rise in leverage[4] Economic Environment - China's GDP for 2024 was RMB 134.91 trillion, with a year-on-year growth of 5%, indicating a stable economic environment despite challenges[22] - The consumer market in China continued to upgrade, contributing to economic stability, although effective domestic demand remains insufficient[22] - The company is navigating a complex international environment characterized by weak economic growth and rising trade protectionism[19] - The recovery process in the global economy is slow and exhibits clear signs of imbalance, impacting overall market conditions[19] Real Estate Market Trends - In 2024, the annual sales area of commercial properties was 970 million square meters, representing a decrease of 13% year-on-year, while the sales value amounted to RMB 9.6 trillion, a decrease of 17% year-on-year[23] - The real estate market is expected to stabilize in 2025, with sales volume anticipated to bottom out and market confidence gradually restored[28] - The Group plans to focus on stabilizing and recovering the real estate market while constructing a new development model in 2025, aligning with national economic strategies[29] - The ongoing adjustments in the real estate market are expected to lead to a phased short-term adjustment in 2025, with property purchase demand gradually released[28] - The real estate industry is facing significant inventory pressure, making the control of new housing projects a key theme for future development[28] Project Delivery and Community Engagement - The Group successfully completed the delivery of multiple projects in cities including Tianjin, Nanchang, and Changsha in 2024, emphasizing its core task of "guaranteed delivery"[24] - Redco's major property project, Riverside One in Zhanjiang, covers approximately 620 acres with a planned gross floor area (GFA) of about 260,000 sq.m. for the first phase[74] - The Pearl Mira project in Foshan has a total area of 74,600 sq.m. and a GFA of about 250,000 sq.m., with an investment of RMB 40 million for a public kindergarten[71] - Cloud Metropolis in Ningbo features a GFA of approximately 550,000 sq.m., incorporating various types of residential and commercial spaces[64] - The Zhengwu Future project in Anqing is strategically located near the Olympic Sports Centre and major traffic routes, enhancing its appeal[67] - The first phase of Wenjing Garden in Zhangjiagang was delivered, fulfilling quality promises to property owners[60] - Redco's community renewal activities focused on comprehensive quality upgrades and increasing green coverage rates across multiple projects[46] - The company organized various community activities to enhance residents' cultural lives and promote community engagement throughout the year[49][50][52] Leadership and Governance - The company has a board consisting of seven directors, including three executive directors and three independent non-executive directors[78] - Mr. Wong has been the executive director and chairman since March 9, 2017, and was responsible for strategic planning from 1992 to 2014[79] - Mr. Huang, the executive director and president, has over 30 years of experience in the real estate industry in China[82] - The Company has adopted the Corporate Governance Code as its own code to govern corporate governance practices[118] - During the year ended December 31, 2024, the Company complied with all applicable code provisions under the Corporate Governance Code, except for a deviation from code provision B2.2[119] - The Board currently consists of seven Directors, including three executive Directors and three independent non-executive Directors[126] - The Company has engaged an independent internal control consultant to review its internal control system[124] - The Chairman and the President are separate positions, with distinct responsibilities for strategic advice and day-to-day operations, respectively[132] Diversity and Inclusion - As of December 31, 2024, the proportion of female and male employees in the Group was approximately 44% and 56%, respectively, indicating a general achievement of gender diversity[200] - The Company has implemented appropriate recruitment and selection processes to consider diverse candidates, promoting gender diversity during recruitment[200] - The Board has reviewed the diversity policy and believes it has been effectively implemented as of December 31, 2024[190] - The diversity policy aims to ensure a balance of skills, experience, and perspectives on the Board to enhance corporate governance[198] - The Company considers diversity at the Board level essential for achieving strategic objectives and sustainable development[198] - The selection of Board candidates is based on various diversity perspectives, including gender, age, and professional experience[199] - The Company promotes gender diversity in the workplace and has established talent management and training programs for career development[200]

2024 年報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 3 | | 管理層討論與分析 | 4 | | 董事會報告 | 9 | | 董事履歷詳情 | 22 | | 企業管治報告 | 25 | | 環境、社會及管治報告 | 37 | | 獨立核數師報告 | 53 | | 綜合財務狀況表 | 59 | | 綜合損益表 | 61 | | 綜合全面收益表 | 62 | | 綜合權益變動表 | 63 | | 綜合現金流量表 | 64 | | 綜合財務報表附註 | 65 | | 五年財務概要 | 134 | 公司資料 董事 執行董事 歐栢賢先生 （主席） 歐國倫先生 （行政總裁） 非執行董事 歐國良先生 獨立非執行董事 簡麗娟女士 孫寶源先生 楊國強先生 註冊辦事處 Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands 公司秘書 賴世和先生 授權代表 歐國倫先生 賴世和先生 審核委員會 簡麗娟女士 （主席） 孫寶源先生 楊國強先生 薪酬委員會 楊國強先生 （主席） 孫寶源先生 簡 ...

Sales and Market Expansion - RemeGen's sales of Taitasip for systemic lupus erythematosus (SLE) saw significant growth in 2024, benefiting from its inclusion in the national medical insurance catalog and being approved in over 1,000 hospitals in China[10]. - The commercialization team for Taitasip has over 800 professionals, and the company plans to expand market coverage in 2025[10]. - The sales of VidiSita for treating locally advanced or metastatic gastric cancer (GC) also increased significantly in 2024, with approval in over 1,000 hospitals in China[11]. - RemeGen's oncology commercialization team consists of approximately 600 professionals, aiming to improve market penetration in 2025[11]. - The company has established independent sales teams for autoimmune and oncology products, with over 1,000 hospitals approved for the sale of Taizhisip and Vidisicimab as of December 31, 2024[42]. Clinical Development and Trials - The company is conducting Phase III clinical trials for VidiSita in combination with PD-1 therapy for HER2-expressing patients, with positive results reported[13]. - Taitasip received full approval from NMPA in July 2024 for treating rheumatoid arthritis (RA) and has ongoing clinical trials for other indications[10]. - The company is actively conducting Phase III clinical trials for RC18 in multiple indications, including IgA nephropathy and myasthenia gravis, with patient recruitment completed for both studies by mid-2024[24]. - The company is exploring additional indications for RC18, including membranous nephropathy and autoimmune diseases, with ongoing investigator-initiated studies[26]. - The company is actively pursuing clinical trials for RC48 in various cancers, addressing significant unmet medical needs in the oncology space[27]. - The company has initiated a Phase III clinical trial for Vidisicimab combined with PD-1 therapy in first-line UC, currently enrolling patients[34]. - The company has initiated a Phase III clinical trial for RC28-E in DME and a Phase II trial in DR, with patient recruitment completed by December 31, 2024[39]. Financial Performance - Revenue increased from RMB 1,076.1 million in 2023 to RMB 1,710.2 million in 2024, driven by strong sales of the immunotherapy product Taitasip and the oncology product Vidisicimab[45]. - Research and development expenses rose from RMB 1,306.3 million in 2023 to RMB 1,539.8 million in 2024, with clinical trial expenses increasing by RMB 234.42 million due to ongoing drug development, particularly overseas[50][52]. - Selling and distribution expenses increased from RMB 775.2 million in 2023 to RMB 948.8 million in 2024, primarily due to higher marketing investments[48]. - The net loss for the company decreased from RMB 1,511.2 million in 2023 to RMB 1,468.4 million in 2024[57]. - The company reported a distributable reserve of approximately RMB 2,110 million as of December 31, 2024[171]. Governance and Management - The company has adhered to all applicable corporate governance code provisions as of December 31, 2024, ensuring high standards of corporate governance to protect shareholder interests[95]. - The board composition maintains a balance between executive and independent non-executive directors to ensure strong independence and effective judgment[95]. - The company emphasizes the importance of effective internal controls and accountability within its management structure[95]. - The management team has extensive experience in the pharmaceutical industry, with Lin Jian having over 35 years and Wang Liqiang over 26 years[75][76]. - The company has established mechanisms for obtaining independent advice for the board, ensuring effective governance[116]. Risks and Challenges - The company faces various risks and uncertainties related to its financial condition and additional funding needs, which are outlined in the risk management section[156]. - The company has incurred significant net losses since its inception and expects to continue doing so in the foreseeable future, raising concerns for potential investors about the risk of losing most of their investment[159]. - The success of the company's business and financial outlook largely depends on the success of its clinical and preclinical candidates; failure to complete clinical development or obtain regulatory approval could severely impact operations[160]. - The regulatory approval process from agencies like the Chinese FDA and EMA is lengthy and unpredictable; failure to obtain timely approvals could significantly harm the business[160]. - The company faces intense competition, and competitors may successfully develop or commercialize competing drugs before the company can[162]. Employee and Compensation - The total employee count as of December 31, 2024, is 3,497, with total compensation costs for 2024 amounting to RMB 1,175.2 million, up from RMB 1,152.3 million in 2023[65]. - The company has provided competitive salaries and benefits to employees, particularly key personnel, to maintain talent quality[65]. - The company has granted 850,000 shares to executive director Wang Weidong, with a vesting period until December 31, 2026[187]. - The company has granted 1,200,000 shares to executive director He Ruyi, with a vesting period until December 31, 2025[187]. - The company has a total of 20,000 shares granted to employees, with an exercise price of HKD 50.50, reflecting a closing price of HKD 51.70[187]. Shareholder Relations - The company emphasizes the importance of timely and accurate information disclosure to enhance transparency and investor relations[149]. - Shareholders holding 10% or more of the shares can request a special general meeting, with the board required to respond within 10 days[142]. - The company has established effective communication channels with investors, including a dedicated investor mailbox for inquiries[147]. - The company is committed to maintaining and developing investor relations through timely public disclosures and effective communication strategies[146]. - The company does not recommend the payment of a final dividend for the year ending December 31, 2024[167].