Economic Environment - The company reported a challenging global economic environment in 2024, with ongoing geopolitical tensions and supply chain disruptions impacting recovery efforts[8]. - The company reported a decline in consumer confidence in China, influenced by the ongoing real estate debt crisis and the depreciation of the Renminbi against the US dollar[8]. - The company anticipates that the global economy in 2025 will be influenced by geopolitical tensions, trade relations, inflation, and rapid digital transformation[9]. Operational Strategy - The company aims to enhance operational efficiency by focusing on cost reduction and budget management, which is expected to improve profitability[9]. - The company plans to integrate artificial intelligence technology into its operations to adapt to the rapidly changing business environment and improve customer service[10]. - The company plans to leverage artificial intelligence and big data analytics to enhance service offerings and improve operational efficiency in response to market changes[20]. - The company is committed to strengthening post-loan management and optimizing collateral portfolios to enhance capital strength and risk management capabilities[9]. - The company emphasizes the importance of maintaining compliance and enhancing internal controls to manage risks effectively[9]. Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 18,863,000, a decrease of about HKD 17,370,000 compared to HKD 36,233,000 in 2023, primarily due to reduced interest income from short-term financing services in China[14]. - The expected credit loss provision for customer loans increased to approximately HKD 5,257,000, up about HKD 2,650,000 from HKD 2,607,000 in 2023, attributed to challenging market conditions in the short-term financing service sector in China[15]. - Administrative and other expenses decreased from approximately HKD 29,302,000 in 2023 to about HKD 23,172,000 in 2024, reflecting effective cost control measures implemented by the company[15]. - Financial costs decreased by approximately HKD 7,343,000 to about HKD 8,148,000 in 2024, down from HKD 15,491,000 in 2023, mainly due to the redemption of convertible bonds[16]. - The company recorded a pre-tax profit of approximately HKD 5,015,000 from short-term financing services, down from HKD 21,056,000 in 2023, primarily due to the significant revenue decline[19]. Debt and Cash Management - As of December 31, 2024, the company's debt-to-equity ratio was approximately 1.9, down from 2.2 in 2023, indicating improved financial stability[21]. - Cash and cash equivalents amounted to approximately HKD 72,243,000 as of December 31, 2024, down from HKD 93,183,000 in 2023, reflecting the need for ongoing cash flow management[21]. - The company anticipates utilizing internal cash flow and external fundraising activities to meet future cash flow requirements[21]. - The company issued new promissory notes amounting to HKD 13,650,000 to repay the outstanding principal of HKD 13,000,000 and a redemption premium of HKD 650,000 for the convertible bonds maturing on December 24, 2023[25]. - The company raised approximately HKD 7,800,000 from the placement of 15,640,000 shares at a price of HKD 0.5 per share, with a net amount of approximately HKD 7,500,000 after expenses[31]. Environmental and Social Responsibility - The company is committed to environmental and social responsibilities as part of its strategy to create value for stakeholders[48]. - The company aims to reduce greenhouse gas emissions and improve waste management as part of its environmental goals[49]. - The company has established a dedicated ESG working group to enhance transparency and accountability in its environmental, social, and governance practices[50]. - Stakeholder engagement is crucial for the company to identify significant ESG issues and set actionable goals[51]. - The company emphasizes compliance with environmental and social laws and regulations as part of its operational strategy[52]. Employee Management - The total number of employees as of December 31, 2024, is 39, unchanged from 2023[89]. - The employee turnover rate for 2024 is 15%, a significant decrease from 54% in 2023[96]. - The company has established employment policies that include equal opportunities and anti-discrimination measures, ensuring a fair workplace environment[86]. - The company provides competitive compensation and regularly reviews it to align with the job market[87]. - The company has implemented internal policies for employee training and development to enhance skills and knowledge[109]. Corporate Governance - The board of directors believes that sound corporate governance practices are essential for the company's sustainable development and the protection of stakeholder interests[140]. - The company has complied with all provisions of the corporate governance code as outlined in the GEM Listing Rules Appendix C1 during the fiscal year ending December 31, 2024[140]. - The board consists of six directors, including three executive directors and three independent non-executive directors[142]. - The company has established mechanisms to ensure the board can obtain independent opinions, enhancing its independence and effectiveness[151]. - The company is committed to providing transparent and timely financial information to stakeholders in accordance with GEM listing rules[185].

Financial Performance - In 2024, the company's operating revenue reached RMB 529.4 billion, a year-on-year increase of 3.1%, with service revenue at RMB 482 billion, up 3.7%[22]. - EBITDA for 2024 was RMB 140.8 billion, reflecting a 2.9% year-on-year growth, while net profit increased by 8.4% to RMB 33 billion, with basic earnings per share at RMB 0.36[22]. - The total telecom business revenue for the year reached RMB 1.74 trillion, representing a year-on-year growth of 3.2%[57]. - The company's net profit attributable to shareholders was RMB 33.01 billion, reflecting an 8.4% increase year-on-year[84]. - Operating expenses totaled RMB 489.61 billion, an increase of 2.8% from 2023, constituting 92.5% of operating revenue[92]. Dividend Distribution - The company plans to distribute cash dividends amounting to approximately RMB 84.83 billion, with a proposed final dividend of RMB 0.0927 per share for the year 2024, which represents 72% of the net profit attributable to shareholders[5]. - The total dividend for 2024, including the interim dividend of RMB 0.1671 per share, amounts to RMB 0.2598 per share, totaling approximately RMB 23.774 billion, which represents 72% of the company's profit attributable to shareholders for the year[129]. - The proposed dividend distribution plan is pending approval at the 2024 annual general meeting[6]. - The final dividend is expected to be paid on or before July 18, 2025, following approval at the 2024 Annual General Meeting[130]. Strategic Focus and Development - The company is focused on expanding its digital information services, including cloud computing, big data, and artificial intelligence[2]. - The company is committed to transforming into a service-oriented, technology-driven, and secure enterprise, emphasizing the upgrade of digital infrastructure and high-quality development[21]. - The company aims to deepen international cooperation and innovation platform construction to foster a mutually beneficial ecosystem[78]. - The company is committed to building a service-oriented, technology-driven, and secure enterprise, focusing on cloud transformation and digital infrastructure development[118]. Risk Management - The company has outlined various risks in its report, including economic, policy environment adaptation risks, and technology innovation risks[8]. - Future strategic developments and operational plans are subject to known and unknown risks, which may lead to significant differences from the forward-looking statements made[7]. - The company acknowledges risks from economic and policy environments, emphasizing the need for adaptation and innovation to maintain high-quality development[121]. - The company is aware of uncertainties in international business expansion due to changing policies and geopolitical factors, and it plans to strengthen compliance and risk management[125]. Technological Advancements - The company is focusing on AI-driven innovations to enhance product and service offerings, aiming to meet new digital consumption demands[27]. - The company has accelerated the integration of AI capabilities into its customer service processes, with the proportion of intelligent customer service increasing by 13.5 percentage points by the end of 2023[29]. - The company has developed a fully integrated quantum computing platform, achieving significant breakthroughs in distributed reasoning and lossless transmission technologies[72]. - The company has established the largest quantum computing cluster in China and is actively advancing quantum metropolitan area networks in 16 key cities, with the Hefei quantum metropolitan area network recognized as a national digital China typical case[38]. Market Presence and Customer Engagement - The company is focused on enhancing its market presence through the integration of digital technologies and the expansion of its service offerings in the smart home sector[27]. - The number of terminal users on the Tianyi IoT platform has reached 630 million, supporting large-scale and reliable connections[47]. - The company has launched over 50 industry-specific large model applications across various sectors including government, emergency, and education[70]. - The company has launched over 45,000 industry application projects in sectors such as electricity, chemicals, and mining, enhancing its "5G + AI" integrated product system[74]. Corporate Governance - The company has maintained a dual structure of governance with a board of directors and a supervisory board, ensuring independent oversight of management activities[177]. - The company has been recognized for its corporate governance efforts, receiving multiple awards including the "Most Respected Company in Asia" for 14 consecutive years from Institutional Investor[180]. - The company emphasizes risk management and internal control systems, which include clear organizational structures and comprehensive risk assessments[176]. - The company has a dedicated investor relations department to facilitate communication with shareholders and investors, enhancing transparency[179]. Human Resources and Leadership - The company is currently led by a team with extensive experience in the telecommunications industry, including executives with backgrounds in engineering and management[189][191][194][196][199]. - The executive team includes professionals with significant experience in both financial management and telecommunications operations, indicating a strong leadership foundation[189][191][194][196][199]. - The company is committed to leveraging its resources and expertise to drive growth and innovation in the telecommunications sector[189][191][194][196][199]. - The management team has a proven track record in leading major telecommunications projects and initiatives, which is expected to contribute to future performance[189][191][194][196][199].

Financial Performance - Revenue decreased by 8.6% to RMB 1,851.5 million from RMB 2,025.2 million year-on-year[27] - Profit attributable to shareholders dropped by 38.9% to RMB 156.4 million, down from RMB 256.1 million[27] - Core profit attributable to shareholders decreased by 33.5% to RMB 157.2 million from RMB 236.5 million[27] - Basic earnings per share decreased by 38.9% to RMB 1.43 from RMB 2.34[27] - Total revenue for the fiscal year 2023 was RMB 202.5 billion, a 12.2% increase from RMB 180.3 billion in 2022[39] - Operating profit for 2023 was RMB 40.5 billion, up from RMB 34.9 billion in 2022, reflecting a 16.3% increase[39] - Net profit attributable to shareholders for 2023 was RMB 25.6 billion, compared to RMB 23.3 billion in 2022, marking a 9.8% increase[39] - The company's revenue for the audited year ending December 31, 2024, was RMB 185.15 billion, with a net profit attributable to shareholders of RMB 15.64 billion[78] Sales and Contracts - Contracted property sales amounted to RMB 3,106.9 million, a slight increase of 0.3% compared to RMB 3,098.1 million in the previous year[27] - The company achieved a contract property sales amount of RMB 310.69 billion, with a year-on-year growth of 0.3%, making it the only top ten real estate company in China to realize sales growth[73] - The average contracted sales price per square meter was RMB 27,047, representing a year-on-year increase of 16.6%[93] - The cumulative contract property sales amount for the Shenzhen Deep Bay project reached RMB 156.2 billion, with sales expected to commence in June 2024 and completion anticipated in 2026[120] - The cumulative contract property sales amount for the Shenzhen Time Horizon project reached RMB 45.8 billion, with sales starting in September 2023 and expected completion in 2024[122] - The company’s Shanghai project set a national record with a sales amount of RMB 196.5 billion on its opening day, totaling RMB 387.3 billion in cumulative contract property sales by December 2024, with completion expected in 2025[131] Land Acquisition and Reserves - Total land reserves decreased by 21.2% to 4,255,000 square meters from 5,403,000 square meters[27] - New land reserves added were 416,000 square meters, down 45.5% from 764,000 square meters[27] - The company has acquired 22 land parcels in 12 cities with a total purchase amount of RMB 80.61 billion, leading the industry in land acquisition[81] - The company acquired land in key cities with a total investment amount of RMB 636.2 billion, accounting for 91.4% of the total land acquisition, with RMB 511.6 billion in first-tier cities alone, representing 73.5% of the equity land price[100] - The total land reserve of the company's subsidiaries (excluding China Overseas Hong Kong) is 28.77 million square meters, with an equity construction area of 25.43 million square meters as of December 31, 2024[104] Financial Ratios and Debt Management - The interest coverage ratio fell to 2.8 times from 3.9 times, a decline of 1.12 times[27] - Net gearing ratio improved to 29.2% from 38.7%, a reduction of 9.53 percentage points[27] - The net debt ratio improved to 38.7% in 2023 from 42.9% in 2022, indicating better financial health[41] - The company maintained a debt-to-asset ratio of 55.8% and a net gearing ratio of 29.2%, reflecting a strong financial position[81] - The group’s total borrowings amounted to RMB 241.56 billion, with 11.8% due within one year[196] Dividends - The interim dividend was reduced by 14.3% to HKD 0.30 from HKD 0.35, and the final dividend decreased by 33.3% to HKD 0.30 from HKD 0.45[27] Market Position and Recognition - The company was rated A- by S&P Global, reflecting strong financial performance and governance[54] - The company was recognized as the top real estate developer in China for delivery capability in 2023 by CRIC[44] - The company’s market share in first-tier cities reached the top three, with sales in Shanghai amounting to RMB 70.45 billion, contributing to 60.6% of total sales from its series of companies[79] Commercial Property Development - The company’s commercial property revenue increased by 12.1% year-on-year, reaching RMB 7.13 billion, with a total operational area increase of 300,000 square meters[79] - The company is actively expanding its commercial property operations, with a focus on diverse product offerings and strategic urban positioning[170] - The company reported a total of 123 operational commercial projects, with a combined area of 758,000 square meters[174] - The shopping center business achieved a rental income growth of 34.6% year-on-year, reaching RMB 2.26 billion, with overall occupancy at a high level of 95%[177] Strategic Initiatives and Future Plans - The company aims to launch a series of "Good Houses" in major cities like Beijing and Shanghai by 2025, capitalizing on the opportunity for greater value creation[86] - The company plans to enhance its market presence in first and second-tier cities in mainland China through strategic property development[118] - The company is focusing on developing mixed-use projects in key urban areas, enhancing its market presence and product offerings[133] - The company is focusing on integrating supply chain resources to enhance service capabilities and reduce costs, aiming for a win-win ecosystem in the building materials industry[190]

Financial Performance - Revenue for 2024 reached RMB 5,492,205,000, a 20.5% increase from RMB 4,558,524,000 in 2023[9] - EBITDA for 2024 was RMB 1,174,537,000, compared to RMB 135,845,000 in 2023, marking a significant recovery[9] - The company reported a net loss of RMB 1,389,745,000 for 2024, an improvement from a loss of RMB 1,696,788,000 in 2023[9] - The company's operating revenue for 2024 was approximately RMB 5,492,205,000, a year-on-year increase of 20.5%[23] - Aviation revenue amounted to RMB 2,667,662,000, reflecting a growth of 27.2% year-on-year, while non-aviation revenue was RMB 2,824,543,000, up 14.7%[23] - The company's annual net loss for the fiscal year ending December 31, 2024, was RMB 1,389,745,000, representing an improvement of approximately 18.1% from the previous year's loss[139] - The company's operating expenses for 2024 were RMB 5,856,756,000, a decrease of about 1.0% from the previous year despite rising costs due to increased business volume[127] - The company's depreciation and amortization expenses decreased by approximately 2.6% to RMB 1,509,409,000 due to adjustments in the estimated useful life of certain assets[134] Operational Highlights - The company operated 51 airlines at Beijing Capital Airport by the end of 2024, serving 227 destinations across 54 countries and regions[12] - In 2024, the total number of aircraft takeoffs and landings at Beijing Capital Airport reached 433,572, an increase of 14.2% year-on-year[19] - Passenger throughput for the year was 67,367,428, representing a growth of 27.4% compared to the previous year[19] - Cargo and mail throughput totaled 1,443,286 tons, marking a 29.3% increase year-on-year[19] - The international passenger throughput saw a significant increase of 103.0%, reaching 12,549,141[129] Strategic Initiatives - The introduction of upgraded fast-line products in collaboration with major airlines improved operational efficiency[18] - New differentiated services such as "Home Away from Home" and "Worry-Free Flight Delay" were launched to improve customer experience[18] - The company plans to continue enhancing service quality and operational efficiency in 2025[16] - The company aims to expand its international route network and enhance its competitive position in the global aviation market[29] - The company is committed to sustainable development by increasing the proportion of renewable energy at Beijing Capital Airport[29] Governance and Leadership - The company appointed a new board of directors on June 20, 2023, with terms lasting until the 2025 annual general meeting[100] - The company announced the appointment of Han Zhiliang as the new general manager and Li Zhiyong as the chief financial officer on June 20, 2023[100] - The board of directors includes members with backgrounds in finance and management, which may contribute to sound financial decision-making[105] - The company has a strong leadership team with diverse backgrounds in law, finance, and engineering, enhancing its operational capabilities[115][116][117][118][119][120] Compliance and Risk Management - The company has a strict compliance framework to adhere to significant laws and regulations impacting its operations[39] - The company has implemented a risk management and internal control system to mitigate legal and reputational risks[39] - The company confirms that all related party transactions comply with the relevant regulations under the listing rules, ensuring fair pricing and terms[83] Shareholder Information - The company reported a cumulative loss of RMB 4,380,344,000 as of December 31, 2024, with no distributable reserves available for dividends[48] - The company has not declared any final dividends for the fiscal year ending December 31, 2024[54] - As of December 31, 2024, the total issued share capital of the company is 4,579,178,977 shares, with H shares accounting for 1,879,364,000 shares and domestic shares for 2,699,814,977 shares[84] Employee and Workforce - The total number of employees decreased to 1,516 in 2024 from 1,542 in 2023[146] - The company has a total of 1,018 male employees, accounting for approximately 67.2%, and 498 female employees, accounting for about 32.8%[160] Future Outlook - The management remains optimistic about future growth prospects as the aviation industry continues to recover post-pandemic[127] - The company plans to continue focusing on cost reduction measures while enhancing operational efficiency in the coming year[127] - The company will continue to explore merger and acquisition opportunities to achieve diversification and growth[113]

信達天下 誠以致遠 ANNUAL REPORT 2024 年度報告 ANNUAL REPORT 2024 年度報告 田華先生 裘永清先生 高建華女士 目錄 CONTENTS | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 主席報告 | | 8 | 管理層討論及分析 | | 23 | 董事及高級管理層履歷 | | 28 | 董事會報告 | | 42 | 企業管治報告 | | 61 | 環境、社會及管治報告 | | 102 | 獨立核數師報告 | | 109 | 綜合損益表 | | 110 | 綜合全面收益表 | | 111 | 綜合財務狀況表 | | 113 | 綜合權益變動表 | | 115 | 綜合現金流量表 | | 117 | 財務報表附註 | | 203 | 五年財務摘要 | | 205 | Corporate Information | | --- | --- | | 207 | Financial Highlights | | 208 | Chairman's Statement | | 212 | Management Discussion and An ...

Financial Performance - In 2024, China Foods achieved a revenue of approximately RMB 21.492 billion, with total operating profits reaching RMB 1.866 billion, marking a steady business expansion and record-high profits[33]. - The total assets of China Foods increased by 8.5% from 2023 to 2024, amounting to RMB 17,598 million[9]. - The asset-liability ratio improved by 1.8 percentage points from 2023 to 2024, indicating better financial health[9]. - In 2024, China Foods achieved a revenue of approximately RMB 21.492 billion and an operating profit of RMB 1.866 billion, marking a historical high in profitability[36]. - The overall revenue per unit increased by RMB 1.59, and the price per unit of the main packaging rose by RMB 1.27, leading to a gross profit margin increase of 2.6 percentage points[49]. - The gross profit margin improved by 2.6 percentage points year-on-year, driven by a decrease in procurement prices of major raw materials, except for white sugar[76]. - The average product prices increased, leading to overall revenue remaining largely unchanged year-on-year despite a decrease in sales volume in 2024[109]. - Other income, gains, and losses decreased by 51% year-on-year from RMB 328.4 million in 2023 to RMB 161.9 million in 2024, primarily due to a one-off gain recorded in the previous year[111]. - Income tax expense amounted to RMB 444 million, representing a decrease of 3% compared to 2023[118]. - The company expects aluminum costs to rise in 2025 due to reduced raw material supply, prompting a focus on product structure upgrades and business portfolio optimization to improve gross profit margin[108]. Business Operations and Strategy - The company initiated the construction of a new plant in Shaanxi on January 30, 2024, to support its production capacity[12]. - A specialized operation for production and sales in the Beijing-Tianjin-Hebei region commenced on December 25, 2024, aimed at improving efficiency and profitability[26]. - The innovative business of China Foods reached a scale of RMB 2.5 billion, with smart retail machines generating monthly revenue exceeding RMB 100 million for four consecutive months[54]. - The scale of COFCO Yuexiang Club's omni-channel marketing business exceeded RMB 1 billion, with DTC channel revenue increasing by 88%[54]. - The company plans to deepen the Dingsheng Programme with Coca-Cola to optimize product mix and pricing strategies, aiming for simultaneous growth in scale and profitability[60]. - The company aims to improve customer experience and operational efficiency through restructuring efforts in 2024, focusing on brand, marketing, and supply chain[69]. - The company is committed to achieving sustainable high-quality development and creating long-term value for shareholders through its dual-track strategy of "reshaping + innovation"[62]. - The company is focused on enhancing its market position through strategic appointments and leveraging the extensive experience of its directors[159]. Market and Consumer Trends - The contribution of consumption expenditure to economic growth in 2024 was 44.5%, indicating a strong recovery in consumer confidence and household income[43]. - The Chinese government's focus on boosting domestic consumption is expected to benefit China Foods in 2025, with an emphasis on service and quality consumption[35]. - The Chinese government's policies in 2025 aim to stimulate domestic consumption, which is expected to further boost economic growth and domestic demand[55]. - The sparkling drinks category maintained the highest market share, with new packaging introduced, including a 248 ml pocket bottle[78]. - The "Coca-Cola Creations" platform launched a limited-edition sparkling beverage in collaboration with Oreo, appealing to Generation Z consumers[79]. - The juice category saw improvements in average price, gross profit margin, and profit margin, with a refreshed brand strategy for "Minute Maid"[82]. Corporate Governance and Leadership - The company is committed to high standards of corporate governance to safeguard the interests of shareholders, investors, customers, and staff[186]. - The company complied with all applicable Code Provisions of the Corporate Governance Code throughout the year ended December 31, 2024, except for Code Provision C.2.1 regarding the separation of the roles of chairman and chief executive[188]. - The company promotes a corporate culture focused on consumer-centric values, innovation, and sustainable development[193]. - The board is responsible for formulating overall strategies and policies, reviewing financial performance, and supervising management's performance[198]. - The company has adopted a code for securities transactions by relevant employees, ensuring compliance with the Model Code throughout the year[195]. - The company has a diverse leadership team with expertise in various fields, including finance, quality management, and operational strategy, which supports its growth objectives[161]. Employee and Operational Metrics - The Group employed 17,533 staff as of December 31, 2024, down from 18,889 in 2023[134]. - The Group has established comprehensive policies for employee recruitment, remuneration, and training to ensure sustainable development[136]. - The proportion of controllable business revenue remains at approximately 90% of the overall business, with significant growth in the number of direct service clients[96]. - The company has approximately 10,000 salespersons, with nearly 90% of business coming from controllable customer orders[66]. Environmental and Social Responsibility - In 2024, China Foods activated the "Clean Drinking Water in 24 Hours" emergency mechanism 30 times, delivering 924,496 bottles of drinking water to disaster-stricken areas[22]. - The company received 63 national and provincial-level honorary awards in 2024, with all plants recognized for their water and energy-saving efforts[29]. - The company emphasizes quality improvement, efficiency enhancement, and green operations as part of its business philosophy[193].

Annual Report 2024 年報 Annual Report 2024 年 報 Annual Report 2024 年 報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 董事會報告 | 9 | | 企業管治報告 | 19 | | 董事履歷 | 30 | | 獨立核數師報告 | 34 | | 綜合損益及其他全面收益表 | 41 | | 綜合財務狀況表 | 42 | | 綜合權益變動表 | 43 | | 綜合現金流量表 | 44 | | 綜合財務報表附註 | 46 | | 集團物業資料 | 111 | | 財務概要 | 112 | | 集團附屬公司資料 | 113 | 中亞烯谷集團有限公司 二零二四年年報 1 公司資料 董事會 執行董事 黃炳煌先生 （主席及行政總裁） 夏萍女士 王麗姣女士 獨立非執行董事 段日煌先生 王榮芳先生 曹思維先生 公司秘書 譚鎮華先生 核數師 致寶信勤會計師事務所有限公司 執業會計師 香港北角 英皇道255號 國都廣場 15樓1501室 Clarendon House 2 Church Stree ...

2024 2024 年 報 2024 Annual Report 關於信越 信越是專注於在香港提供平台外牆及幕牆工程逾 30年的分包商。本集團主要在香港從事提供有關 平台外牆及幕牆工程的一站式設計及建造解決方 案以及維修及保養服務。 目錄 | 公司資料 | | 2 | | --- | --- | --- | | 主席報告 | | 3 | | 管理層討論及分析 | | 4 | | 企業管治報告 | 10 | | | 董事會報告 | 16 | | | 董事及高級管理層 | 24 | | | 獨立核數師報告 | 27 | | | 綜合全面收益表 | 32 | | | 綜 合 財務狀況 表 | 33 | | | 綜合權益變動表 | 34 | | | 綜合現金流量表 | 36 | | | 綜合財務報表附註 | 38 | | | 五年財務概要 | 100 | | 公司資料 董 事 會（「董 事 會」） 執行董事 李志雄先生 （主席兼行政總裁） 林淑儀女士 非執行董事 梁炳坤先生 獨立非執行董事 王世全教授 （於二零二四年七月一日辭任） 戴國良先生 關卓鉅先生 廖育成博士 （於二零二四年七月一日獲委任） 審核委員會 戴國良 ...

二零二四年度報告 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 執行董事報告 | 3 | | 企業里程碑 | 5 | | 管理層討論及分析 | 6 | | 企業管治報告 | 32 | | 董事及高級管理層履歷 | 40 | | 董事會報告 | 44 | | 環境、社會及管治報告 | 51 | | 獨立核數師報告 | 70 | | 綜合全面收入表 | 75 | | 綜合財務狀況表 | 76 | | 綜合權益變動表 | 77 | | 綜合現金流量表 | 78 | | 綜合財務報表附註 | 79 | | 五年財務概要 | 126 | 1 鼎石資本有限公司 公司資料 董事會（「董事會」） 主席 朱哲平先生@ 副主席 # 李大鵬先生（於2024年11月1日獲委任） 執行董事 李鎮彤先生 朱哲平先生 劉雲娣女士（於2024年12月12日獲委任） 嚴希茂先生（於2024年12月30日辭任） # 李大鵬先生（於2024年11月1日獲委任） 非執行董事 劉鎮雄先生（於2024年12月30日獲委任） 石柱先生（於2024年12月30日獲委任）$ 邱東成先生（於2024年12月30日辭任） 獨立 ...

Industry Overview - The pharmaceutical industry showed resilience in 2024, achieving steady growth despite challenges such as weak global economic recovery and inflationary pressures [18]. - The accelerated aging of the domestic population and rising chronic disease incidence provided long-term growth momentum for the pharmaceutical industry [18]. - The pharmaceutical industry is expected to enter a high-quality development phase as industry concentration increases and innovation capacity is enhanced [23]. Company Leadership and Management - The company appointed Mr. An Meng as Chief Executive Officer on January 17, 2024, following the resignation of Ms. Li Qian [4]. - The company’s Chairman, Mr. An Meng, was appointed as Chief Executive Officer on January 17, 2024, indicating a leadership transition [172]. - Professor Zhu Quan, aged 85, continues to serve as an executive director and chief scientist, focusing on product research and development since joining in August 2006 [181]. - The management team includes experts with extensive backgrounds in both academia and the pharmaceutical industry, enhancing the company's strategic direction [185]. Financial Performance - In 2024, the Group recorded sales revenue of approximately RMB2.97 billion, representing an increase of approximately 14.6% over last year [24]. - Profit attributable to equity shareholders of the Company was approximately RMB0.91 billion, representing an increase of approximately 16.1% over last year [24]. - The Group's annual profit attributable to equity shareholders was RMB 910,458,000, representing an increase of approximately 16.1% compared to RMB 784,534,000 in 2023 [98]. - The average gross profit margin for 2024 was approximately 75.6%, an increase of 1.4 percentage points from 74.2% in 2023 [81]. - The Group's profit before taxation for 2024 was RMB 1,020,106,000, reflecting an 18.1% increase from RMB 863,703,000 in 2023 [77]. Sales and Revenue Growth - Sales revenue of the Consun Pharmaceutical Segment amounted to approximately RMB2.53 billion in 2024, representing a year-on-year increase of approximately 15.3% [28]. - Sales revenue of kidney medicines amounted to approximately RMB1.99 billion in 2024, representing a year-on-year increase of approximately 14.5% [28]. - The flagship product, Uremic Clearance Granules, achieved sales revenue of approximately RMB1.88 billion, representing a year-on-year increase of approximately 13.9% [28]. - Sales revenue of medical contrast medium was approximately RMB0.17 billion in 2024, representing a year-on-year increase of approximately 9.0% [33]. - The sales revenue of the Gynaecology and Paediatrics Department reached approximately RMB0.36 billion in 2024, representing a record high growth of approximately 23.3% year-on-year [35]. Research and Development - The State introduced policies to support R&D of new drugs and optimize the review process, promoting high-quality industry development [18]. - The Group entered into a patent and technology transfer agreement with China-Japan Friendship Hospital for "Astragalus Spike Granules" and established a project for new-drug research [44]. - The Group's R&D efforts led to the publication of 4 SCI papers, enhancing the academic evidence for kidney-related products [41]. - The Group's nephrology innovative drug SK-08 tablets entered phase I clinical trials ahead of schedule, while applications for SK-09 tablets and other drugs have been submitted [44]. - The Group established the "Consun – Dongda Innovation Research Center of Nephrology" to strengthen research and commercialization in kidney diseases [44]. Strategic Focus and Market Position - The company is focused on enhancing its core competitiveness through innovation and transformation in response to market pressures [18]. - The Group's strategic focus includes key areas such as nephropathy, imaging, gynecology, and pediatrics to consolidate market position [24]. - The Group's strategic focus for 2025 includes "Winning tough battles, deepening compliance, and enhancing services" to achieve high-quality development [66]. - The Group plans to increase investment in R&D and promote technological innovation to ensure market leadership in its products and services [67]. - The Group aims to leverage the growing health consumption trends to drive future growth in the pharmaceutical sector [18]. Compliance and Risk Management - The company aims to improve its compliance management system in 2025 to ensure adherence to laws and regulations across all business activities [68]. - Management continues to monitor key risk exposures, including operational, financial, and compliance risks, while adapting to national policy developments in the pharmaceutical industry [149]. - There were no significant non-compliance incidents with laws and regulations relevant to the Group's operations during the year ended December 31, 2024 [151]. Market Dynamics and Government Policies - Medical insurance cost control policies were deepened, expanding the scope of quantity procurement, which forced enterprises to innovate and improve competitiveness [18]. - The NHSA's efforts in 2024 include promoting fair and transparent inter-provincial drug pricing, which is expected to impact market dynamics [167]. - The Implementation Plan for Full-chain Support for the Development of Innovative Drugs was approved, emphasizing policy protection and optimizing evaluation mechanisms [156]. - The tenth batch of national centralized drug procurement was completed in December 2024, achieving a total of 500 drugs [163]. Operational Efficiency and Future Plans - The Group plans to enhance service quality and optimize customer experience through digital means in 2025 [72]. - The Group's operational policies include "Stabilizing Growth, Strengthening Compliance, and Training Internally" to ensure steady development [24]. - The construction of phase II of the production base in Xinjiang is progressing and is expected to be completed in Q1 2025, enhancing the production capacity of the Group's main products [56][58]. - In 2025, the Group aims to enhance operational efficiency and secure a favorable market position through precise market analysis and flexible strategic adjustments [66][67]. Employee and Financial Management - The total staff costs for the year ended December 31, 2024, were RMB 593,172,000, an increase from RMB 483,508,000 in 2023 [126]. - The Group hired a total of 3,164 employees as of December 31, 2024, compared to 3,127 employees in the previous year [126]. - The balance of inventories as of December 31, 2024, was RMB 289,677,000, a decrease of approximately 21.1% from RMB 367,087,000 as of December 31, 2023 [99]. - The Group's cash and bank balances as of December 31, 2024, were RMB 3,865,682,000, an increase of approximately 7.9% from RMB 3,583,204,000 as of December 31, 2023 [108].