新吉奧房車：2024年報.pdf

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1、New Gonow Recreational Vehicles Inc.新 吉 奧 房 車 有 限 公 司ANNUALREPORT2024年報(Incorporated in the Cayman Islands with limited liability)Stock code 股份代號:0805New Gonow Recreational Vehicles Inc.新 吉 奧 房 車 有 限 公 司（於開曼群島註冊成立的有限公司）New Gonow Recreational Vehicles Inc.新 吉 奧 房 車 有 限 公 司Annual Report 2024 年報CONTENT

2、S目錄2Company Information公司資料4Five-year Financial Highlights五年財務摘要5Business Review業務回顧13Management Discussion and Analysis管理層討論與分析19Directors Report董事會報告44Directors and Senior Management董事及高級管理層52Corporate Governance Report企業管治報告73Environmental,Social and Governance Report環境、社會及管治報告98Independent Audit

3、ors Report獨立核數師報告104Consolidated Statements of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表106Consolidated Statement of Financial Position綜合財務狀況表108Consolidated Statement of Changes in Equity綜合權益變動表109Consolidated Cash Flow Statement綜合現金流量表110Notes to the Financial Statements財務報表附註196De

4、finitions釋義02New Gonow Recreational Vehicles Inc.Annual Report 2024COMPANY INFORMATION公司資料DIRECTORSExecutive DirectorsMr.MIAO Xuezhong(Chief Executive Officer and Chairman of the Board)Mr.LIU TaoMs.LIU QinMr.Andrew Robert CRANKIndependent Non-executive DirectorsMs.HE JieMr.YU MingyangMs.NG Weng SinA

5、UDIT COMMITTEEMs.NG Weng Sin(Chairperson)Mr.YU MingyangMs.HE JieREMUNERATION COMMITTEEMs.HE Jie(Chairperson)Mr.YU MingyangMs.NG Weng SinNOMINATION COMMITTEEMr.MIAO Xuezhong(Chairperson)Ms.NG Weng SinMr.YU MingyangJOINT COMPANY SECRETARIESMr.CHANG KeMs.JIAN XuegenCOMPLIANCE ADVISORCaitong Internation

6、al Capital Co.,LimitedUnit 240105,24/FGrand Millennium Plaza181 Queens Road CentralHong KongHONG KONG SHARE REGISTRARTricor Investor Services Limited17/F,Far East Finance Centre16 Harcourt RoadHong KongPRINCIPAL BANKSIndustrial and Commercial Bank of China TongxiangBranchChina Zheshang Bank Jiaxing

7、Tongxiang Branch董事執行董事繆雪中先生（首席執行官兼董事會主席）劉濤先生劉芹女士Andrew Robert CRANK先生獨立非執行董事何潔女士余明陽先生吳永蒨女士審核委員會吳永蒨女士（主席）余明陽先生何潔女士薪酬委員會何潔女士（主席）余明陽先生吳永蒨女士提名委員會繆雪中先生（主席）吳永蒨女士余明陽先生聯席公司秘書?？上壬喲夼亢弦庮檰栘斖▏H融資有限公司香港皇后大道中181號新紀元廣場24樓240105室香港股份過戶登記處卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓主要往來銀行中國工商銀行桐鄉支行浙商銀行嘉興桐鄉支行03新吉奧房車有限公司2024 年報COMPA

8、NY INFORMATION公司資料中國總部及主要營業地點 中國浙江省嘉興市桐鄉市同仁路333號樓香港主要營業地點香港灣仔皇后大道東248號大新金融中心40樓開曼群島註冊辦事處4th Floor Harbour Place103 South Church StreetPO Box 10240Grand Cayman KY1-1002Cayman Islands開曼群島主要股份過戶登記處及轉讓代理人Harneys Fiduciary(Cayman)Limited4th Floor Harbour Place103 South Church StreetPO Box 10240Grand Caym

9、an KY1-1002Cayman Islands獨立核數師畢馬威會計師事務所執業會計師於會計及財務匯報局條例下的 註冊公眾利益實體核數師香港中環遮打道10號太子大廈8樓授權代表繆雪中先生簡雪艮女士股份代號0805本公司法律顧問嘉源律師事務所公司網站www.newgonowrv.hkHEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN THE PRCBuilding 333,Tongren RoadTongxiang,Jiaxing CityZhejiang Province,PRCPRINCIPAL PLACE OF BUSINESS IN HONG

10、KONG40/F,Dah Sing Financial Centre248 Queens Road EastWanchaiHong KongREGISTERED OFFICE IN CAYMAN ISLANDS4th Floor Harbour Place103 South Church StreetPO Box 10240Grand Cayman KY1-1002Cayman IslandsCAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENTHarneys Fiduciary(Cayman)Limited4th Floor H

11、arbour Place103 South Church StreetPO Box 10240Grand Cayman KY1-1002Cayman IslandsINDEPENDENT AUDITORKPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance8/F Princes Building10 Chater RoadCentral,Hong Kon

12、gAUTHORISED REPRESENTATIVESMr.MIAO Xuezhong(繆雪中)Ms.JIAN Xuegen(簡雪艮)STOCK CODE0805LEGAL ADVISOR TO THE COMPANYJia Yuan Law OfficeCOMPANY WEBSITEwww.newgonowrv.hk04New Gonow Recreational Vehicles Inc.Annual Report 2024FIVE-YEAR FINANCIAL HIGHLIGHTS五年財務摘要FINANCIAL HIGHLIGHTSFor the Year Ended 31 Decemb

13、er截至12月31日止年度20242023202220212024年2023年2022年2021年(RMB in thousands,except percentages)（人民幣千元，百分比除外）Revenue收入864,165720,303498,780299,672Cost of sales銷售成本(595,649)(539,252)(416,536)(249,568)Gross profit毛利268,516181,05182,24450,104Profit from operations經營利潤73,873109,99146,79437,415Finance cost財務成本(12,

14、374)(2,315)(2,533)(3,090)Profit before taxation除稅前利潤61,499107,67644,26134,325Profit for the year attributable to the equity shareholders of the Company本公司權益股東應佔年內利潤43,33179,97332,95625,080As of 31 December截至12月31日20242023202220212024年2023年2022年2021年Total Assets總資產559,871398,798300,223224,320Total Li

15、abilities總負債520,618371,612243,269197,350Total equity attributable to equity shareholders of the Company本公司權益股東應佔權益 總額35,41425,28256,95426,970財務摘要05新吉奧房車有限公司2024 年報BUSINESS REVIEW業務回顧OUR BUSINESS STRATEGIESWe are a recreational vehicle(RV)enterprise with an extensive presence in Australasia that desi

16、gns,develops,manufactures and sells bespoke towable RVs.With our end-to-end capabilities in product research and development,manufacturing and sales and distribution,we design every aspect of our RV owners user experience from conceptualization to ownership.We design and manufacture our RVs with an

17、emphasis on comfort,safety and functionality,creating mobile homes that cater to RV owners needs for additional space both physically and mentally.Our capabilities span the entire RV industry value chain,encompassing visionary design,refined manufacturing,localized sales and distribution,and auxilia

18、ry after-sales services.We pride ourselves on our commitment to customization,offering a made-to-order service for our owners to personalize various aspects of their RV,from exterior esthetics to interior layout and features.This enables us to create RVs that reflect individualized demands of differ

19、ent RV owners and deliver superior end-to-end owner experiences from conceptualization,design selection,customization,and delivery to various after-sales services.We have expertise spanning the entire RV industry value chain,empowering our growth trajectory:Brand management and RV collection rejuven

20、ation.Since our acquisition in 2014 of Regent,a renowned Australian RV brand with a long heritage of over 30 years,we have become a notable company in the RV industry in Australasia,operating three distinctive brands,namely the mid-end and top-selling brand,Snowy River,the luxury brand,Regent,and th

21、e semi-off-road brand,NEWGEN.Envisioning our RV owners who seek to live,holiday or travel in the RVs,we offer towable RVs ranging from family-friendly models for familys recreational use,compact models for adventurers,slide-out models for those who crave additional space in their RVs,to multi-terrai

22、n models for the ultimate semi-off-road adventure.From value-conscious newcomers to seasoned enthusiasts craving upscale luxury and personalized RVs,we cater to every type of RV owner.Product research and development.We have been continuously revitalizing and broadening our series of RVs to fulfill

23、customers demands and drive sales.We periodically launch new models and continuously incorporate upgrades to our existing RV collection,to attract new customers with different needs,generate repurchase from existing customers and expand our product collection.In 2024,we upgraded 5 models under Regen

24、t,developed and launched 13 new models and upgraded 4 models under Snowy River,and developed and launched 4 new models and upgraded 8 models under NEWGEN.We aspire to creating a sustainable and eco-friendly path for our owners to embrace RV electrification and are currently developing a trailblazing

25、 model of towable ERV(electric recreational vehicle).我們的業務策略我們是於澳洲和新西蘭擁有廣泛業務網絡的房車企業，設計、開發、製造及銷售定製拖掛式房車。由於我們具備產品研發、製造、銷售及經銷的端到端能力，我們從構思到所有權設計房車車主用戶體驗的每一個方面。在設計及製造房車時，我們注重於舒適性、安全性及功能性，為房車車主創造一個可滿足其身心額外空間需求的移動住宅。我們的能力橫跨整個房車行業價值鏈，包括遠見卓識的設計、精細化的製造、本地化銷售及經銷以及具輔助性的售後服務。我們以致力定製化服務為使命，從外觀美學到室內佈局及功能等各方面為車主提供按

26、單定製服務，個性化定製房車。這使我們能夠打造出反映不同房車車主個性化需求的房車，並提供從概念化、設計挑選、定製及交付到各種售後服務的卓越、端到端車主體驗。我們擁有橫跨整個房車行業價值鏈的專業知識，這為我們的增長軌跡奠定了基礎：品牌管理和房車系列更新。自2014年收購擁有30多年悠久歷史的著名澳洲房車品牌Regent以來，我們已成為澳洲和新西蘭房車行業的知名公司，經營著三個獨特的品牌，即中端最暢銷品牌Snowy River、豪華品牌Regent及半越野品牌NEWGEN?？紤]到我們的房車車主希望在房車上生活、度假或旅行，我們提供拖掛式房車，包括適合家庭娛樂的家用車型、適合冒險家的緊湊車型、適合渴望

27、增加房車空間人群的可伸縮車型，以及用於終極半越野冒險的多地形車型。從重視價值的新手，到渴望高檔豪華及個性化房車的資深房車愛好者，我們能夠滿足各類房車車主的需求。產品研發。我們一直在不斷更新及擴充房車系列，以滿足客戶的需求並促進銷售。我們定期推出新車型，並不斷升級我們現有的房車系列，以吸引不同需求的新客戶，促成現有客戶的回購，並擴大我們的產品系列。於2024年，我們升級Regent旗下的5款車型，開發並推出Snowy River旗下的13款新車型，並升級4款車型，以及開發並推出NEWGEN旗下的4款新車型，並升級8款車型。此外，我們矢志為我們的車主打造一條可持續發展及環保的房車電氣化之路，目前正

28、開發拖掛式電動房車（電動房車）的開拓性車型。06New Gonow Recreational Vehicles Inc.Annual Report 2024BUSINESS REVIEW業務回顧製造。我們通過戰略合理化及不斷升級生產流程來優化製造工作流程。我們於中國浙江的生產工廠佔地面積約為47,567平方米，由焊接、噴漆、層壓、裁剪及傢俬五個專門車間及兩條先進的組裝線組成。此外，我們在澳洲的兩條總裝線通過承接我們房車的最終組裝以補充我們於中國的主要製造能力。其靠近當地市場的終端客戶，亦使我們能夠迅速滿足彼等對最後加工及定製要求的需求。從整合來自美國及澳洲的最新機器到開發全面的技術系統以執行及

29、協調房車的高度定製化，我們生產流程中的各個環節都經過精心設計，以堅持嚴格的質量標準並滿足客戶期望。通過將專有知識與各方面的精湛生產技術相結合，我們卓越的製造能力使我們能夠在製造房車時具備強大的靈活性、先進的自動化及卓越的營運效率。銷售及經銷。我們透過橫跨澳洲和新西蘭的充滿活力、多方位的銷售及經銷網絡以及各種營銷活動，銷售我們的房車並與客戶互動。截至2024年12月31日，我們已建立穩固的銷售及經銷網絡，其中包括13家第三方經銷店、兩家自營店及官方線上平臺，以及四家與澳洲和新西蘭合營企業合作夥伴的合營店。我們的地理足跡遍佈澳洲和新西蘭的主要城市，包括墨爾本、悉尼、布里斯班、阿德萊德、珀斯、堪培拉

30、、奧克蘭及基督城，於各個地方均戰略性地設有一到三家經銷店、合營店及或自營店。此外，我們通過在線促銷及線下活動，積極開展有針對性的營銷活動，以進一步提高我們的品牌知名度及獲取客戶。Manufacturing.We optimize our manufacturing workflows through strategic rationalization and continual upgrades of our production processes.Our production facilities in Zhejiang,China cover a sprawling area of ap

31、proximately 47,567 square meters,consisting of five specialized workshops:welding,painting,lamination,tailoring and furniture,alongside two cutting-edge assembly lines.Furthermore,our two final assembly lines in Australia complement our primary manufacturing capabilities in China by undertaking fina

32、l assembly of our RVs.Their proximity to end customers in the local market also enables us to swiftly address their needs for finishing touches and customization requests.From the integration of the latest machinery sourced from the United States and Australia to the development of a comprehensive t

33、echnology system to execute and harmonize with high degrees of customization of our RVs,every element of our production process is engineered to uphold rigorous standards of quality and meet customer expectations.Wedding our proprietary knowledge with our refined techniques in production from all as

34、pects,our manufacturing excellence allows us to craft RVs with strong flexibility,advanced automation,and superior operating efficiency.Sales and distribution.We market our RVs and interact with customers through a dynamic,multifaceted sales and distribution network and a myriad of marketing initiat

35、ives across Australasia.As of December 31,2024,we had established a robust sales and distribution network consisting of 13 third-party dealer stores,two self-owned stores alongside an official online presence,and four JV stores with our JV partners in Australasia.Our geographic footprint spans acros

36、s major cities in Australasia,including Melbourne,Sydney,Brisbane,Adelaide,Perth,Canberra,Auckland and Christchurch,with a strategic presence of one to three dealer stores,JV stores,and/or self-owned stores covering each location.Additionally,we actively engage in targeted marketing through online p

37、romotions and offline events to further enhance our brand recognition and acquire customers.07新吉奧房車有限公司2024 年報BUSINESS REVIEW業務回顧我們的產品及品牌收入持續增長收入持續增長於2024年，我們的年度總收入為人民幣864.2百萬元，較2023年同比增長20.0%。我們的業務增長主要歸因於房車銷售產生收入增加，該部分收入主要由於通過自營店及合營店直銷的收入增加，部分被經銷商銷售收入減少而抵銷。房車銷售收入增加乃主要由於(i)我們的房車銷量增加，及(ii)平均售價增加，主要由於

38、我們通過自營店及合營店直銷房車的比例較高。此外，自2023年起，我們為客戶提供選擇權，即我們購買彼等合資格的二手房車，並通常於同一店舖轉售該等二手房車。於2024年，我們錄得銷售二手房車的收入，較2023年增加546.0%。截至2024年12月31日，我們已成功量產50款全面的房車車型，均為標準房車，涵蓋8個不同系列的三個特色品牌，即中端最暢銷品牌Snowy River、豪華品牌Regent及半越野品牌NEWGEN?？紤]到我們的房車車主希望在房車上生活、度假或旅行，我們提供拖掛式房車，包括家用車型、適合冒險家的緊湊車型、適合渴望增加房車空間人群的可伸縮車型，以及用於終極半越野冒險的多地形車型。

39、房車交付量截至2024年12月31日止年度，我們合共交付2,804輛 房 車，較2023年 的2,694輛 增 加4.1%。我們於2024年交付的2,804輛房車中：2,408輛屬於Snowy River，為我們最暢銷的品牌，完美結合當代及現代設計元素，注重細節和功能，面向中端客戶，較2023年的2,165輛增加11.2%；137輛屬於Regent，為我們的豪華高端品牌，擁有三十多年的歷史，以豪華座艙、寬敞而優雅的內部佈局為特徵，2024年的銷量較2023年的275輛減少50.2%；OUR PRODUCTS AND BRANDSContinued Revenue GrowthIn 2024,o

40、ur total annual revenue amounted to RMB864.2 million,representing a year-on-year increase of 20.0%compared to 2023.The growth of our business was mainly attributable to the increase in revenue generated from sales of RVs,which was mainly driven by an increase in the revenue from direct sales via sel

41、f-owned stores and JV stores,partially offset by a decrease of revenue from sales to dealers.The increase of revenue from the sales of RV was mainly attributable to(i)the increase in the sales volume of our RVs,and(ii)an increase in the average selling price,which was primarily driven by the higher

42、proportion of our direct sales of RVs through self-owned stores and JV stores.Moreover,starting from 2023,we offer customers an option that we purchase their eligible pre-owned RV,and resell these pre-owned RVs typically at the same stores.In 2024,we recorded revenue from sales of pre-owned RVs that

43、 represented an increase of 546.0%as compared to 2023.As of December 31,2024,we had successfully mass-produced a comprehensive lineup of 50 RV models,which were all standard caravans,spanning 8 distinct series under three characteristic brands,namely the mid-end and top-selling brand,Snowy River,the

44、 luxury brand,Regent,and the semi-off-road brand,NEWGEN.Envisioning our RV owners who seek to live,vacation or travel in the RVs,we offer towable RVs ranging from family-friendly models,compact models for adventurers,slide-out models for those who crave additional space in their RVs,to multi-terrain

45、 models for the ultimate semi-off-road adventure.Deliveries of RVsFor the year ended December 31,2024,we delivered an aggregate of 2,804 units of RVs,representing an increase of 4.1%from 2,694 units in 2023.Among the 2,804 units of RV that we have delivered in 2024:2,408 units belonged to Snowy Rive

46、r,our top-selling brand that perfectly combines contemporary and modern design elements with attention to details and functionalities,targeting mid-end customers,representing an increase of 11.2%from 2,165 units in 2023;137 units belonged to Regent,our luxury,high-end brand with more than three deca

47、des of history,characterized by luxurious cabins with spacious and elegantly designed interior layouts,in 2024,representing a decrease of 50.2%from 275 units in 2023;08New Gonow Recreational Vehicles Inc.Annual Report 2024BUSINESS REVIEW業務回顧 259輛屬於NEWGEN，為半越野品牌，旨在吸引年輕一代客戶，2024年的銷量較2023年的254輛增加2.0%。在

48、手訂單在手訂單指截至特定日期仍未竣工工程的估計合約價值。合約價值指我們預期於按照合約條款履行合約後，可根據合約條款收取的金額。截至2024年12月31日，Snowy River、Regent及NEWGEN的房車在手訂單分別為1,267輛、13輛 及90輛，合 約 價 值 分 別 為70,629,000澳元（人民幣318,324,000元附註）、868,000澳 元（人 民 幣3,912,000元附 註）及5,053,000澳元（人民幣22,774,000元附註），而截 至2023年12月31日，Snowy River、Regent及NEWGEN的房車在手訂單分別為1,240輛、72輛及144輛

49、，合約價值分別為68,457,000澳元（人民幣309,460,000元）、4,631,000澳 元（人 民 幣20,934,000元）及8,465,000澳元（人民幣38,266,000元）。附註：僅供說明之用，根據中國人民銀行於2024年12月31日公佈的適用的外匯交易匯率，人民幣金額按人民幣4.5070元兌1.00澳元的匯率兌換為澳元。概不表示人民幣金額應該、可以或可能按該匯率兌換為澳元，反之亦然。我們的產品開發混合拖掛式房車Snowy River 旗 下 的 混 合 拖 掛 式 房 車 SRH-Hybrid 2025於2025年2月於澳洲和新西蘭正式推出，此舉標誌著我們混合拖掛式房車系

50、列的策略性擴展。該款高端越野車型專為家庭、情侶及獨自旅行者設計，集耐用性、先進技術及豪華性於一身，在競爭激烈的房車市場中以高性價比定位。SRH-Hybrid 2025採用SRT-Range靈感底盤及SR-Explore懸掛系統，可確保出色的越野穩定性，而Pedders彈簧及減震器則可提升載重管理能耐。獨立水電供應系統可為長途旅行提供可靠離網續航能力。SRH-Hybrid 2025外觀採用輕量且耐用的玻璃纖維，搭配豪華的真皮內飾與智能恆溫控制系統（包括空調與暖氣），以及獨特的雙層滑出式廚房，提供寬敞的餐具櫃與絕佳的儲存空間。259 units belonged to NEWGEN,our sem

51、i-off-road brand,designed to appeal to the younger generation of customers,in 2024,representing an increase of 2.0%from 254 units in 2023.BacklogsBacklog refers to our estimate of the contract value of work that remains to be completed as of a certain date.The contract value represents the amount th

52、at we expect to receive under the terms of the contract,assuming the contract is performed in accordance with its terms.As of December 31,2024,we have 1,267,13 and 90 units of RVs in backlog under Snowy River,Regent and NEWGEN,respectively,with contract value of A$70,629,000(RMB318,324,000Note),A$86

53、8,000(RMB3,912,000Note)and A$5,053,000(RMB22,774,000Note),respectively,as compared to 1,240,72 and 144 units of RVs in backlog under Snowy River,Regent and NEWGEN,respectively,with contract value of A$68,457,000(RMB309,460,000),A$4,631,000(RMB20,934,000)and A$8,465,000(RMB38,266,000)as of December 3

54、1,2023.Note:For the purpose of illustration only,translations from Renminbi amounts to Australian dollars were made at the rate of RMB4.5070 to A$1.00,based on the exchange rate published by the Peoples Bank of China for foreign exchange transactions prevailing on December 31,2024.No representation

55、is made that the Renminbi amounts should have been,could have been or may be converted to Australian,or vice versa,at that rate.Our Product DevelopmentHybrid towable RVsOur hybrid towable RV under Snowy River,SRH-Hybrid 2025,was officially launched in Australasia in February 2025,marking a strategic

56、 expansion of our hybrid towable RV lineup.Designed for families,couples,and solo travellers,this premium off-road model combines durability,advanced technology,and luxury,positioning it as a high-value offering in the competitive RV market.The SRH-Hybrid 2025 features an SRT-Range-inspired chassis

57、and SR-Explore suspension that ensure excellent off-road stability,while Pedders springs and shock absorbers enhance flexibility and load management.Its self-sufficient power and water systems provide reliable off-grid capability for extended trips.SRH-Hybrid 2025 is also complemented with lightweig

58、ht yet durable fibreglass exterior,coupled with luxurious leather interior with smart climate controls(including air conditioning and heating),and a unique 2-tier slide-out kitchen that offers large pantry and great storage space.09新吉奧房車有限公司2024 年報BUSINESS REVIEW業務回顧新電動房車車型作為我們開發新拖掛式電動房車車型戰略的一部分，我們已

59、與天津國軒新能源科技有限公司（國軒）訂立戰略合作協議，該公司為深圳證券交易所上市公司國軒高科股份有限公司（股份代號：002074）的全資附屬公司，據此，國軒將為我們的新拖掛式電動房車車型提供定製化動力電池解決方案。通過有關戰略合作，我們將能夠繼續利用國軒的專業知識及營銷資源，推廣我們的新拖掛式電動房車車型。年度毛利於2024，我們持續錄得正毛利。此乃由於通過自營店及合營店直銷產生的收入增加以及該收入佔總收入的比例增加。預計毛利率日後會隨成本控制加強及經營效率提高而進一步改善。我們的展望及未來計劃展望未來，我們將繼續設計及製造房車時，注重於舒適性、安全性及功能性，為房車車主創造一個可滿足其身心額

60、外空間需求的移動住宅。我們將以致力定製化服務為使命，從外觀美學到室內佈局及功能等各方面為車主提供按單定製服務，個性化定製房車，使我們能夠繼續打造出反映不同房車車主個性化需求的房車，並提供從概念化、設計挑選、定製、交付到各種售後服務的卓越、端到端車主體驗，讓我們持續走在業界的最前端。為實現我們的願景並進一步加強我們的市場領導地位，我們擬實施下列策略：加強於澳洲和新西蘭的領導地位，並擴展至歐洲及加拿大市場；維持及提升我們於拖掛式房車市場的品牌形象；持續更新及擴大我們的房車系列；及 升級及自動化我們的生產工廠。New ERV modelsAs part of our strategy of deve

61、loping new towable ERV models,we have entered into a strategic collaboration agreement with Tianjin Guoxuan New Energy Technology Co.,Ltd*(天津國軒新能源科技有限公司)(“Guoxuan”),a wholly-owned subsidiary of Guoxuan High Tech Co.,Ltd.*(國軒高科股份有限公司),a company listed on the Shenzhen Stock Exchange(stock code:002074)

62、,pursuant to which Guoxuan will provide customized power battery solutions for our new towable ERV models.With such strategic collaboration,we will be able to continue to leverage Guoxuans expertise and marketing resources to promote our new towable ERV models.ANNUAL GROSS PROFITIn 2024,we continued

63、 to achieve a positive gross profit.This was due to the increase in our revenue from direct sales via self-owned stores and JV stores,as well as the growing proportion of this revenue in our total revenue.It is expected that the gross margin will further improve in the future with enhanced cost cont

64、rol and operational efficiency.OUR OUTLOOK AND FUTURE PLANSLooking ahead,we will continue to design and manufacture our RVs with emphasis on comfortability,safety and functionality,creating mobile homes that can address RV owners needs for additional space both physically and mentally.We are committ

65、ed to customization,and to offer a made-to-order service for our owners to personalize various aspects,from exterior esthetics to interior layout and features,such that we could continue to create RVs that reflect individualized demands of different RV owners and deliver superior end-to-end owner ex

66、periences from conceptualization,design selection,customization,delivery to various after-sales services,allowing us to remain at the forefront of the industry.To achieve our mission and further strengthen our market leadership,we intend to pursue the following strategies:Strengthen Australasian lea

67、dership and expand into the European and Canadian markets;Maintain and elevate our brand image in the towable RV market;Continue to rejuvenate and broaden our RV collection;and Upgrade and automate our production facilities.*For identification purpose only10New Gonow Recreational Vehicles Inc.Annual

68、 Report 2024BUSINESS REVIEW業務回顧具體而言，我們擬透過以下方式集中資源滲透歐洲市場，並複製我們於澳洲和新西蘭的成功經驗：(i)利用我們作為聯交所上市公司的地位建立品牌；(ii)與當地經銷商合作，建立本地據點；(iii)通過供應鏈管理實現具競爭力的定價，以搶佔市場份額；及(iv)利用我們在中國廠房的可擴展產能製造及出口房車至歐洲，而隨著歐洲市場對房車的需求增加，我們將轉型為於中國製造我們的房車零部件並於歐洲組裝我們的房車，以實現營運效率。環境、社會及管治（ESG）我們致力於推動企業社會責任和可持續發展，並將其融入我們業務營運的所有主要方面。因此，我們的董事會已根據上市

69、規則附錄C2的標準，採納了一項關於環境、社會及管治(ESG)責任的綜合政策（ESG政策）。ESG政策概述（其中包括）(i)ESG事宜的適當風險治理，包括氣候相關風險和機遇；(ii)ESG戰略制定程序；(iii)ESG風險管理及監察；(iv)識別關鍵績效指標（關鍵績效指標）；及(v)相關計量指標及緩解措施。董事會全面負責監督及確定影響我們的環境、社會及氣候相關風險及機遇，制定並採納ESG政策及相關目標，並根據ESG目標每年審查我們的表現，倘發現與目標有重大差異，則適當修改ESG戰略。報告期後事項於截至2024年12月31日止財政年度後，發生下列重大事項：於2025年1月13日，本公司以每股1.2

70、7港元（除1.0%經紀傭金、0.0027%證監會交易徵費、0.00565%聯交所交易費及0.00015%會財局交易徵費）成功完成240,000,000股股份的首次公開發售，其股份於聯交所主板上市。除本報告所披露者外，自2024年12月31日起直至本公告日期，概無發生影響本公司的重大事項。In particular,we intend to focus our resources on penetrating the European markets by replicating our journey to success in Australasia through(i)leveraging

71、 our status as a listed company on the Stock Exchange to build our brand;(ii)collaborating with local distributors to establish local presence;(iii)capturing market share with competitive pricing achieved through our supply chain management;and(iv)utilizing our scalable production capacity in our PR

72、C facility to manufacture and export our RV to Europe,and as the market demand of our RVs build up in Europe,we will transition to manufacturing our RV components in the PRC and assembling our RVs in Europe,with an aim to achieve operational efficiency.ENVIRONMENTAL,SOCIAL AND GOVERNANCE(“ESG”)We ar

73、e committed to promoting corporate social responsibility and sustainable development and integrating it into all major aspects of our business operations.Accordingly,our Board of Directors has adopted a comprehensive policy on environmental,social and governance,or ESG,responsibilities(the“ESG Polic

74、y”)in accordance with the standards of Appendix C2 to the Listing Rules.The ESG Policy outlines,among others,(i)the appropriate risk governance on ESG matters,including climate-related risks and opportunities,(ii)ESG strategy formation procedures,(iii)ESG risk management and monitoring,(iv)the ident

75、ification of key performance indicators(“KPIs”)and(v)the relevant measurements and mitigating measures.Our Board has overall responsibility for overseeing and determining our environmental,social,and climate-related risks and opportunities impacting us,establishing and adopting the ESG Policy and th

76、e related targets,and reviewing our performance annually against the ESG targets and revising the ESG strategies as appropriate if significant variance from the targets is identified.EVENTS AFTER THE REPORTING PERIODSubsequent to the financial year ended December 31,2024,the following significant ev

77、ents took place:On January 13,2025,the Company successfully completed its initial public offering of 240,000,000 Shares at HK$1.27 per share(exclusive of brokerage of 1.0%,SFC transaction levy of 0.0027%,Stock Exchange trading fee of 0.00565%and AFRC transaction levy of 0.00015%),and its shares were

78、 listed on the Main Board of the Stock Exchange.Save as disclosed in this report,the Company is not aware of any significant event that might affect the Group since December 31,2024 and up to the date of this report.11新吉奧房車有限公司2024 年報BUSINESS REVIEW業務回顧首席執行官兼董事會主席繆雪中先生致辭 尊敬的股東、合作夥伴及各界朋友：2024年是新吉奧房車戰

79、略突破的關鍵一年。在行業格局加速重構的背景下，我們以營收8.64億元(RMB)（+20%）、毛利率31.1%的硬核業績，驗證了商業模式的高成長性。香港聯交所主板的成功上市，更標誌著我們正式開啟全球化資本賦能產業的新紀元。面對未來，新吉奧房車懷揣著更為宏大的願景與野心。我們致力於在多個維度實現跨越式發展：1、產品革命：2025年將推動新能源房車量產，搶佔新能源賽道制高點，成為技術創新的引領者；2.市場裂變：在澳新市場位居頭部的基礎上，向歐洲及加拿大市場邁進，北美供應鏈佈局已啟動盡調，大力拓展全球市場版圖；3.利潤重構：通過垂直整合供應鏈+數字化直營網絡，優化成本結構，提高運營效率，提升毛利率，為

80、股東創造更為豐厚的價值回報。資本市場始終是我們最強勁的引擎。我們將充分借助資本的助力，提高產能以滿足全球交付需求，同時投入海外渠道併購，加速全球化佈局。為確保每一分資金投入都能切實轉化為股東的實際收益，我們已將相關舉措納入高管關鍵績效指標考核體系，通過建立嚴謹的績效評估機制來保障戰略目標的落地與達成。MESSAGE FROM MR.MIAO XUEZHONG,CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF THE BOARDDear Shareholders,partners and friends,2024 marked a pivotal year for

81、New Gonow RV strategic breakthrough.Against the backdrop of accelerated industry restructuring,we verified the high-growth potential of our business model with a robust performance of RMB864 million in revenue(+20%)and a gross profit margin of 31.1%.Our successful listing on the Main Board of Hong K

82、ong Stock Exchange further signifies the dawn of a new era where global capital empowers industrial advancement.Looking forward,New Gonow RV is driven by an even greater vision and ambition.We are committed to achieving transformative growth across multiple dimensions:1.Product Revolution:In 2025,we

83、 expect to launch the mass production of new energy RVs,securing a leadership position in the new energy segment and becoming a pioneer in technological innovation;2.Market Fission:Building on our dominant position in Australia and New Zealand,we aim to venture into Europe and Canada markets,while i

84、nitiating preliminary preparatory work for North American supply chain deployment,aggressively expanding our global market presence;3.Profit Restructuring:Through vertically integrated supply chain and digital direct sales network,we target to optimize our cost structures,enhance operational efficie

85、ncy and further improve gross profit margins,delivering greater value returns to Shareholders.Capital markets continue to be our foremost driving force.By fully harnessing capital empowerment,we are scaling production capacity to meet worldwide delivery demands while actively pursuing strategic acqu

86、isitions of overseas distribution channels to accelerate our global footprint.To ensure every capital investment delivers tangible returns to our Shareholders,we have embedded relevant initiatives into our executives key performance indicators of the assessment system.A rigorous performance evaluati

87、on framework has been implemented to guarantee the execution and delivery of our strategic objective.12New Gonow Recreational Vehicles Inc.Annual Report 2024BUSINESS REVIEW業務回顧Today,we sincerely invite you to witness New Gonow RVs grand evolution from“Chinas RVs Expert”to“Global RV Lifestyle Provide

88、r”.Our goal is resolutely clear to secure market leadership in China and Australia while attaining global prominence,building an exceptional brand presence worldwide,and driving simultaneous surges in both market capitalization and customer satisfaction.On behalf of the Board,I would like to extend

89、profound gratitude to all Shareholders,customers,partners and all employees who have supported the development of New Gonow RV.We firmly believe that through our collective efforts,New Gonow RV is poised for an even more brilliant future.Miao XuezhongChief Executive Officer and Chairman of the Board

90、New Gonow Recreational Vehicles Inc.March 31,2025此刻，誠邀您共同見證新吉奧房車從 中國房車專家 向 全球移動生活服務商 的華麗進化。我們的目標清晰而堅定 中澳第一、全球領先，在全球範圍內樹立卓越的品牌形象，實現公司市值與用戶滿意度的同步飆升！在此，我謹代表董事會，向所有支持新吉奧房車發展的股東、客戶、合作夥伴及全體員工致以衷心的感謝！我們堅信，在大家的共同努力下，新吉奧房車必將迎來更加輝煌的明天?？娧┲惺紫瘓绦泄偌娑聲飨录獖W房車有限公司2025年3月31日13新吉奧房車有限公司2024 年報MANAGEMENT DISCUSSION AN

91、D ANALYSIS管理層討論與分析FINANCIAL ANALYSISRevenuesTotal revenue was RMB864.2 million in 2024,representing an increase of 20.0%from RMB720.3 million in 2023.The increase was primarily due to an increase of RMB88.5 million in revenue generated from sales of RVs,which was mainly driven by an increase of RMB2

92、14.8 million in the revenue from direct sales via self-owned stores and JV stores,partially offset by a decrease of revenue from sales to dealers of RMB126.3 million.Our revenue generated from the sales of RV was RMB799.2 million in 2024,representing an increase of 12.5%from RMB710.7 million in 2023

93、.This increase was mainly attributable to(i)the increase in the sales volume of our RVs,and(ii)an increase in the average selling price,which was primarily driven by the higher proportion of our direct sales of RVs through self-owned stores and JV stores.The number of RVs delivered increased from 2,

94、694 units in 2023 to 2,804 units in 2024,which was in line with our business growth.Our sales volume of RVs via direct sales increased from 394 units in 2023 to 1,064 units in 2024.As a result,our revenue from direct sales via self-owned stores and JV stores grew from RMB129.1 million in 2023 to RMB

95、343.9 million in 2024.At the same time,the sales volume of RVs through sales to dealers decreased from 2,300 units in 2023 to 1,740 units in 2024.Accordingly,revenue generated from sales to dealers decreased from RMB581.6 million in 2023 to RMB455.3 million in 2024.Starting from 2023,we offer custom

96、ers an option that we purchase their eligible pre-owned RV,and resell these pre-owned RVs typically at the same stores.We recorded revenue from sales of pre-owned RVs of RMB56.1 million in 2024,representing an increase of RMB47.4 million from RMB8.7 million in 2023.Cost of SalesOur cost of sales con

97、sists of cost of raw materials,staff costs,shipping and handling expenses,as well as overhead.Cost of sales was RMB595.6 million in 2024,representing an increase of 10.4%from RMB539.3 million in 2023.The increase was primarily due to the increase in the cost of raw materials and consumables resultin

98、g from the increased sales volume of our RVs,which was in line with our business growth.財務分析收入於2024年，總收入為人民幣864.2百萬元，較2023年的人民幣720.3百萬元增加20.0%。該增加主要歸因於房車銷售產生的收入增加人民幣88.5百萬元，該部分收入主要由於通過自營店及合營店直銷的收入增加人民幣214.8百萬元，部分被經銷商銷售收入減少人民幣126.3百萬元所抵銷。於2024年，我們銷售房車產生的收入為人民幣799.2百萬元，較2023年人民幣710.7百萬元增加12.5%。該增加主要由於

99、(i)我們的房車銷量增加，及(ii)平均售價上漲，主要由於我們通過自營店及合營店直銷房車的比例較高。房車交付量由2023年的2,694輛增加至2024年的2,804輛，與我們的業務增長相符。我們通過直銷的房車銷量由2023年的394輛增加至2024年的1,064輛。因此，我們通過自營店及合營店直銷的收入由2023年的人民幣129.1百萬元增加至2024年的人民幣343.9百萬元。與此同時，通過向經銷商銷售房車的銷量由2023年的2,300輛減少至2024年的1,740輛。因此，向經銷商銷售產生的收入由2023年的人民幣581.6百萬元減少至2024年的人民幣455.3百萬元。自2023年起，我

100、們為客戶提供選擇權，即我們購買彼等合資格的二手房車，並通常於同一店舖轉售該等二手房車。於2024年，我們錄得銷售二手房車的收入人民幣56.1百萬元，較2023年的人民幣8.7百萬元增加人民幣47.4百萬元。銷售成本我們的銷售成本包括原材料成本、員工成本、運輸及裝卸開支以及間接費用。於2024年，銷售成本為人民幣595.6百萬元，較2023年的人民幣539.3百萬元增加10.4%。該增加乃主要由於我們房車銷量增加導致原材料及耗材成本增加，與我們的業務增長相符。14New Gonow Recreational Vehicles Inc.Annual Report 2024MANAGEMENT DI

101、SCUSSION AND ANALYSIS管理層討論與分析毛利及毛利率我們的毛利指我們的收入減銷售成本，而毛利率指我們的毛利佔收入的百分比。2024年的毛利為人民幣268.5百萬元，較2023年的人民幣181.1百萬元增加48.3%，主要由於我們通過自營店及合營店直銷的收入增加，以及該收入佔總收入的比例上升。我們的毛利率由2023年的25.1%上升至2024年的31.1%，主要由於我們通過自營店及合營店直銷房車的比例較高，此乃由於零售價相對高於經銷商的批發價。其他收入（虧損）我們的其他收入（虧損）主要包括外匯收益（虧損）。我們於2024年的其他虧損為人民幣15.4百萬元，而於2023年的其他收

102、入為人民幣14.5百萬元，主要由於澳元兌人民幣匯率波動，導致外匯虧損。銷售及經銷開支我們的銷售及經銷開支主要包括員工成本以及廣告及推廣開支。2024年的銷售及經銷開支為人民幣84.0百萬元，較2023年 的 人 民 幣41.5百 萬 元 增 加102.4%。該增加乃主要由於(i)市場推廣活動及促銷活動增加，及(ii)隨著我們的業務擴張，銷售人員數目增加所致。行政開支我們的行政開支主要包括員工成本、上市開支、專業服務及辦公室開支。2024年的行政開支為人民幣79.9百萬元，較2023年的人民幣36.2百萬元增加120.7%。該增加主要由於隨著我們的業務擴張及所產生的上市開支，行政人員數目增加所致

103、。研發開支我們的研發開支（研發）主要包括員工成本。2024年的研發開支為人民幣13.7百萬元，較2023年的人民幣8.0百萬元增加71.3%。該增加主要由於研發僱員人數增加導致僱員薪酬開支增加。Gross Profit and Gross MarginOur gross profit represents our revenue less our cost of sales,and our gross profit margin represents our gross profit as a percentage of our revenue.Gross profit was RMB268.

104、5 million in 2024,representing an increase of 48.3%from RMB181.1 million in 2023,primarily attributable to the increase in our revenue from direct sales via self-owned stores and JV stores,as well as the growing proportion of this revenue in our total revenue.Our gross margin improved from 25.1%in 2

105、023 to 31.1%in 2024,primarily due to the higher proportion of our direct sales of RVs through self-owned stores and JV stores,attributable to the relatively higher retail prices compared to the wholesale prices for dealers.Other Income/(Loss)Our other income/(loss)primarily consists of foreign excha

106、nge gain/(loss).Our other loss was of RMB15.4 million in 2024 compared to other income RMB14.5 million in 2023,primarily attributable to the fluctuation of the Australian dollar exchange rate against the Renminbi,resulting in a foreign exchange loss.Selling and Distribution ExpensesOur selling and d

107、istribution expenses primarily consist of staff costs and advertising and promotion expenses.Selling and distribution expenses were RMB84.0 million in 2024,representing an increase of 102.4%from RMB41.5 million in 2023.This increase was primarily due to(i)the increased marketing campaigns and promot

108、ional activities,and(ii)the increased number of sales personnel in line with our business expansion.Administrative ExpensesOur administrative expenses primarily consist of staff costs,listing expenses,professional services and office expenses.Administrative expenses were RMB79.9 million in 2024 repr

109、esenting an increase of 120.7%from RMB36.2 million in 2023.This increase was primarily due to the increased number of administrative personnel in line with our business expansion and the listing expenses incurred.Research and Development ExpensesOur research and development expenses(the“R&D”)primari

110、ly consist of staff costs.R&D expenses were RMB13.7 million in 2024,representing an increase of 71.3%from RMB8.0 million in 2023.The increase was primarily driven by an increased number of R&D employees resulting in higher employee compensation expenses.15新吉奧房車有限公司2024 年報MANAGEMENT DISCUSSION AND AN

111、ALYSIS管理層討論與分析貿易應收款項減值虧損（撥備）撥回 我們的貿易應收款項減值虧損（撥備）撥回指貿易應收款項減值撥備或撥回。我們於2024年錄得貿易應收款項減值虧損撥備人民幣1.7百萬元，而於2023年則錄得貿易應收款項減值虧損撥回人民幣34千元，與貿易應收款項的趨勢相符。財務成本我們的財務成本由2023年的人民幣2.3百萬元增加人民幣10.1百萬元或439.1%至2024年的人民幣12.4百萬元，乃主要由於向融資合作夥伴借款的利息支出增加，與我們的業務增長相符。所得稅我們的所得稅由2023年的人民幣28.9百萬元減少人民幣12.9百萬元或44.6%至2024年的人民幣16.0百萬元，與

112、我們的利潤減少一致。報告期內利潤由於上述因素，我們的年內利潤由2023年的人民幣78.8百萬元減少人民幣33.3百萬元至2024年的人民幣45.5百萬元。流動資金及資本資源截至2024年12月31日，我們的流動負債淨額為人民幣6.0百萬元，主要由於(i)貿易及其他應付款項人民幣314.8百萬元，較截至2023年12月31日的人民幣240.7百萬元增加人民幣74.1百萬元及(ii)貸款及借款人民幣89.0百萬元，較截至2023年12月31日的人民幣31.2百萬元增加人民幣57.8百萬元，(iii)存貨人民幣228.1百萬元，較截至2023年12月31日的人民幣242.8百萬元減少人民幣14.7百

113、萬元，部分被(iv)受限制現金人民幣103.1百萬元，較截至2023年12月31日的人民幣4.9百萬元增加人民幣98.2百萬元，(v)貿易及其他應收款項人民幣54.4百萬元，較截至2023年12月31日的人民幣46.1百萬元增加人民幣8.3百萬元，及(vi)現金及現金等價物人民幣29.3百萬元，較截至2023年12月31日的人民幣14.3百萬元增加人民幣15.0百萬元所抵銷。(Provision)/reversal of impairment loss on trade receivablesOur(provision)/reversal of impairment loss on trade

114、 receivables represents provisions or reversals of impairment of trade receivables.We recorded a provision of impairment loss on trade receivables of RMB1.7 million in 2024,as compared to a reversal of impairment loss on trade receivables of RMB34 thousand in 2023,in line with the trend in trade rec

115、eivables.Finance CostsOur finance costs increased by RMB10.1 million,or 439.1%,from RMB2.3 million in 2023 to RMB12.4 million in 2024,primarily due to the increase in interest expense on borrowings from the Financing Partner,in line with our business growth.Income TaxOur income tax decreased by RMB1

116、2.9 million,or 44.6%,from RMB28.9 million in 2023 to RMB16.0 million in 2024,in line with our decreased profit.Profit of the Reporting PeriodAs a result of above factors,our profit for the year decreased by RMB33.3 million from RMB78.8 million in 2023 to RMB45.5 million in 2024.Liquidity and Capital

117、 ResourcesAs of December 31,2024,we had net current liabilities of RMB6.0 million,primarily due to(i)trade and other payables of RMB314.8 million,representing an increase of RMB74.1 million compared to RMB240.7 million as of December 31,2023,and(ii)loans and borrowings of RMB89.0 million,representin

118、g an increase of RMB57.8 million compared to RMB31.2 million as of December 31,2023,(iii)inventories of RMB228.1 million,representing a decrease of RMB14.7 million compared to RMB242.8 million as of December 31,2023,partially offset by(iv)restricted cash of RMB103.1 million,representing an increase

119、of RMB98.2 million compared to RMB4.9 million as of December 31,2023,(v)trade and other receivables of RMB54.4 million,representing an increase of RMB8.3 million compared to RMB46.1 million as of December 31,2023,and(vi)cash and cash equivalents of RMB29.3 million,representing an increase of RMB15.0

120、 million compared to RMB14.3 million as of December 31,2023.16New Gonow Recreational Vehicles Inc.Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析貸款及借款截至2024年及2023年12月31日，我們的貸款及借款總額分別為人民幣89.4百萬元及人民幣31.6百萬元。截至2024年12月31日，我們的貸款及借款總額主要包括(i)融資合作夥伴向經營我們自營店及合營店的附屬公司提供的有抵押貸款及借款人民幣64.2百萬元；(ii)由商

121、業銀行提供的短期無抵押銀行貸款人民幣19.3百萬元；及(iii)由商業銀行提供的有抵押短期銀行貸款人民幣5.5百萬元。資產負債率我們使用資產負債率監控資本。截至2024年12月31日，本集團的資產負債率為正值，其按債務淨額除以資本加債務淨額計算。債務淨額包括貸款及借款、貿易及其他應付款項及租賃負債，減現金及現金等價物、受限制現金。資本包括本公司權益股東應佔權益。庫存政策我們的政策為定期監控流動資金需求，以確保我們維持足夠的現金儲備，並從主要金融機構獲得充足的承諾融資額度，以滿足我們短期及長期的流動資金需求。受限制現金及抵押資產截至2024年12月31日，我們的銀行存款人民幣103.1百萬元被限

122、制用於租賃按金及已抵押作為貸款及借款以及應付票據的擔保。有關重大投資及資本資產的未來計劃截至2024年12月31日，本集團並無有關重大投資及收購資本資產的特定計劃。資本承擔及資本開支截至2024年12月31日，我們並無重大資本承擔。我們的資本開支主要包括於2024年支付購買廠房及設備，2024年的資本開支為人民幣8.0百萬元。Loans and BorrowingsAs of December 31,2024 and 2023,we had total loans and borrowings of RMB89.4 million and RMB31.6 million,respectivel

123、y.Our total loans and borrowings as of December 31,2024 primarily comprise(i)the secured loans and borrowings of RMB64.2 million provided by the Financing Partner to the subsidiaries,which operate our self-owned stores and JV stores,(ii)short-term unsecured bank loans of RMB19.3 million provided by

124、a commercial bank,and(iii)secured short-term bank loans provided by a commercial bank of RMB5.5 million.Gearing RatioWe monitored capital using gearing ratio.As of December 31,2024,the Groups gearing ratio was positive value,which is calculated as net debt divided by the capital plus net debt.Net de

125、bt includes loans and borrowings,trade and other payables and lease liabilities,less cash and cash equivalents,restricted cash.Capital includes equity attributable to equity shareholders of the Company.Treasury PolicyOur policy is to regularly monitor liquidity requirements,and to ensure that we mai

126、ntain sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet our liquidity requirements in the short and longer term.Restricted Cash and Pledge of AssetsAs of December 31,2024,our bank deposits of RMB103.1 million were restricted for the purpose

127、s of leasing deposits and pledged as guarantees of loans and borrowings and bills payable.Future Plans for Material Investments and Capital AssetsAs of December 31,2024,the Group has no specific plan for material investments and acquisition of capital assets.Capital Commitments and Capital Expenditu

128、reAs of December 31,2024,we had no material capital commitment.Our capital expenditures primarily consisted of payment for purchases of plant and equipment in 2024,which was amounted to RMB8.0 million in 2024.17新吉奧房車有限公司2024 年報MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析或然負債及擔保截至2024年12月31日，經銷商展銷融資（定義

129、見綜合財務報表附註26(b)）項下已發出擔保最高金額為人民幣24.8百萬元。此外，本集團與繆先生同一控制下的若干關聯方（統稱為本集團公司）參與了一項資產池計劃（定義見綜合財務報表附註28(b)），根據該計劃，本集團公司存入資產池的所有合資格質押資產均用作向一家商業銀行提供擔保，該商業銀行向本集團公司提供多種銀行信貸（該計劃）。截至2024年12月31日，本集團以資產池中總金額為人民幣90.2百萬元的現金向本集團公司獲取的銀行額度提供擔保。截至2024年12月31日，本集團根據該計劃提取銀行貸款人民幣5.5百萬元及發行應付銀行票據人民幣52.0百萬元。除上文所披露者外，本公司並無任何其他重大或然

130、負債及擔保。附屬公司、聯營公司及合營企業的重要投資、重大收購及出售截至2024年12月31日止年度，本公司並無進行任何附屬公司、聯營公司及合營企業的重大收購或出售。截至2024年12月31日止年度，本公司並無任何重大投資（包括對其價值佔截至2024年12月31日本集團總資產5%或以上的投資對象公司的任何投資）。面對的外匯風險本集團主要以人民幣進行業務經營，通過在澳洲及新西蘭銷售產品而收取澳元及新西蘭元（在較小範圍內）。我們並無進行對沖交易以防範日後人民幣兌澳元或新西蘭元匯率的不確定性。本集團管理層致力維持對外幣風險的密切監察，並在有需要時實施策略性對沖機制，以減低重大貨幣風險。Continge

131、nt Liabilities and GuaranteesAs of December 31,2024,the maximum amounts of guarantee issued under Dealer Floor Plan Financing(as described in Note 26(b)to the consolidated financial statements)was RMB24.8 million.In addition,the Group joined an Assets Pool Plan(as described in Note 28(b)to the conso

132、lidated financial statements)with certain related parties under the same control of Mr.Miao,which collectively as Group companies,under which all qualified pledged assets placed in the assets pool from the Group companies are used as guarantees to a commercial bank as it grants a variety of banking

133、facility to the Group companies(the“Plan”).As of 31 December 2024,the Group pledged cash with total amount of RMB90.2 million in the assets pool as guarantee shared by the Group companies.As of 31 December 2024,the Group drew down bank loans of RMB5.5 million and issued bank note payable of RMB52.0

134、million under such Plan.Save as the foregoing,our Company did not have any material contingent liabilities and guarantees.Significant Investment,Material Acquisition and Disposal of Subsidiaries,Associates and Joint VenturesFor the year ended December 31,2024,our Company did not have any material ac

135、quisitions or disposals of subsidiaries,associates and joint ventures.For the year ended December 31,2024,our Company did not have any significant investments(including any investment in an investee company with a value of 5%or more of the Groups total assets as of December 31,2024).Foreign Exchange

136、 Risk ExposureThe Group primarily operates in Renminbi while receiving Australian dollars and,to a small extent,New Zealand dollars through selling its products in Australia and New Zealand.We do not engage in hedging transactions to protect against uncertainty in future exchange rates between Renmi

137、nbi and Australian dollars or New Zealand dollars.The Groups management is dedicated to maintaining vigilant oversight of foreign currency exposures,implementing strategic hedging mechanisms when warranted to mitigate significant currency risks.18New Gonow Recreational Vehicles Inc.Annual Report 202

138、4MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析非香港財務報告準則計量為補充我們根據香港財務報告準則呈列的年度業績，我們亦採用並非香港財務報告準則所規定或據此呈列的經調整淨利潤作為額外財務計量。我們認為，此項非香港財務報告準則計量可消除項目的潛在影響，有助於比較不同年度及不同公司間的經營表現。我們相信，此項計量提供有用信息，供投資者及其他人士以與管理層相同方式了解及評估我們的綜合經營業績。然而，我們呈列的經調整淨利潤未必與其他公司所呈列類似名目的計量可比。將此項非香港財務報告準則計量用作分析工具存在局限性，閣下不應視其為獨立於我們根據香港財務報告準則所呈報

139、經營業績或財務狀況的計量，亦不應視其為有關經營業績或財務狀況的替代分析。我們將經調整淨利潤定義為加回上市開支調整的期內淨利潤。表載列所呈列年內經調整淨利潤（非香港財務報告準則計量）與年內淨利潤（為根據香港財務報告準則計算及呈列的最具直接可比性的財務計量）的對賬：附註：(1)上市開支與本公司的本次全球發售有關。(2)非香港財務報告準則計量。Non-HKFRS MeasuresTo supplement our annual results,which are presented in accordance with HKFRSs,we also use adjusted net profit a

140、s an additional financial measure,which is not required by,or presented in accordance with HKFRSs.We believe this non-HKFRS measure facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of items.We believe this measure provides use

141、ful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.However,our presentation of adjusted net profit may not be comparable to similarly titled measures presented by other companies.The use of thi

142、s non-HKFRS measure has limitations as an analytical tool,and you should not consider it in isolation from,or as a substitute for an analysis of,our results of operations or financial condition as reported under HKFRSs.We define adjusted net profit as net profit for the period adjusted by adding bac

143、k listing expenses.The following table reconciles our adjusted net profit for the years presented(non-HKFRS measures)to the most directly comparable financial measure calculated and presented in accordance with HKFRSs,which is net profit for the year:For the year ended 31 December截至12月31日止年度20242023

144、2024年2023年RMB000RMB000人民幣千元人民幣千元Reconciliation of net profit to adjusted net profit:淨利潤與經調整淨利潤的 對賬：Net profit for the year年內淨利潤45,48978,768Add:加：Listing Expense(1)上市開支(1)27,444Adjusted net profit(2)經調整淨利潤(2)72,93378,768Note:(1)Listing expenses relate to this Global Offering of the Company.(2)A non-H

145、KFRS measure.19新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告The Board is pleased to present this Directors Report together with the audited consolidated financial statements of the Group for the year ended December 31,2024.GENERAL INFORMATION ABOUT THE COMPANYList of DirectorsDuring the Reporting Period and

146、 up to the date of this annual report,the members of the Board of the Company are set out below:Executive DirectorsMr.MIAO Xuezhong(Chief Executive Officer and Chairman of the Board)Mr.LIU Tao(Chief Financial Officer)(appointed on May 22,2024 and with effective from December 31,2024)Ms.Liu Qin (appo

147、inted on May 22,2024 and with effective from December 31,2024)Mr.Andrew Robert CRANK (appointed on May 22,2024 and with effective from December 31,2024)Independent Non-executive DirectorsMs.HE Jie (appointed on May 22,2024 and with effective from December 31,2024)Mr.YU Mingyang (appointed on May 22,

148、2024 and with effective from December 31,2024)Ms.NG Weng Sin (appointed on May 22,2024 and with effective from December 31,2024)For their respective biographical details,please refer to the section headed“Directors and Senior Management Biographical Details of Directors”of this annual report.董事會欣然提呈

149、本董事會報告連同本集團截至2024年12月31日止年度的經審核綜合財務報表。有關本公司的一般資料董事名單於報告期內及直至本年報日期，本公司董事會成員載列如下：執行董事繆雪中先生（首席執行官兼董事會主席）劉濤先生（首席財務官）（於2024年5月22日獲委任並自2024年12月31日起生效）劉芹女士 （於2024年5月22日獲委任並自2024年12月31日起生效）Andrew Robert CRANK先生 （於2024年5月22日獲委任並自2024年12月31日起生效）獨立非執行董事何潔女士 （於2024年5月22日獲委任並自2024年12月31日起生效）余明陽先生 （於2024年5月22日獲委任

150、並自2024年12月31日起生效）吳永蒨女士 （於2024年5月22日獲委任並自2024年12月31日起生效）有關彼等各自的履歷詳情，請參閱本年報 董事及高級管理層 董事履歷詳情 一節。20New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告主要業務我們是於澳洲和新西蘭擁有廣泛業務網絡的房車公司，設計、開發、製造及銷售定製拖掛式房車。憑藉我們的產品研發、製造、銷售及經銷能力，我們從構思到所有權設計房車車主用戶體驗的每一個方面。在設計及製造房車時，我們注重於舒適性、安全性及功能性，為房車車主創造一個

151、可滿足其身心休憩需求的移動住宅。我們的能力橫跨整個房車行業價值鏈，包括遠見卓識的設計、精細化的製造、本地化銷售及經銷以及具輔助性的售後服務。我們以致力定製化服務為使命，從外觀美學到室內佈局及功能等各方面為車主提供按單定製服務，個性化定製房車。這使我們能夠打造出反映不同房車車主個性化需求的房車，並提供從概念化、設計挑選、定製、交付到各種售後服務的卓越、端到端車主體驗。業務回顧公司條例 附表5所規定本集團公允的業務回顧（包括本集團財務表現分析及有關本集團未來業務可能發展的指標），載於本年報 業務回顧 及 管理層討論與分析 章節。該等討論為本集團業務回顧之部分。主要風險及不確定因素我們的業務和營運受

152、到下列主要風險及不確定因素的影響。我們的業務取決於獨立第三方授權經銷商的表現。第三方經銷商流失或第三方經銷商合併及或集中增加可能會對我們的業務產生重大不利影響。倘我們的生產活動遭受嚴重中斷，以致我們無法通過提高其餘生產工廠的產能來彌補該等中斷，則我們的業務、財務狀況、經營業績及前景可能會受到重大不利影響。Principal ActivitiesWe are a recreational vehicle(RV)enterprise with an extensive presence in Australasia that designs,develops,manufactures and se

153、lls bespoke towable RVs.With our capabilities in product research and development,manufacturing and sales and distribution,we design every aspect of our RV owners user experience from conceptualization to ownership.We design and manufacture our RVs with emphasis on comfortability,safety and function

154、ality,creating mobile homes that can address RV owners needs for both extra physical and mental space.Our capabilities span the entire RV industry value chain,encompassing visionary design,refined manufacturing,localized sales and distribution,and auxiliary after-sales services.We pride ourselves on

155、 our commitment to customization,offering a made-to-order service for our owners to personalize various aspects of their RV,from exterior esthetics to interior layout and features.This enables us to create RVs that reflect individualized demands of different RV owners and deliver superior end-to-end

156、 owner experiences from conceptualization,design selection,customization,and delivery to various after-sales services.Business ReviewA fair review of the business of the Group as required by Schedule 5 to the Companies Ordinance,including an analysis of the Groups financial performance and an indica

157、tion of likely future developments in the Groups business,is set out in the sections headed“Business Review”and“Management Discussion and Analysis”of this annual report.These discussions form part of the Groups business review.Principal Risks and UncertaintiesOur business and operation are subject t

158、o the following principal risks and uncertainties.Our business depends on the performance of independent third-party authorized dealers.The loss of our third-party dealers or an increase in third-party dealer consolidations and/or concentration could have a material negative effect on our business.I

159、f we suffer substantial interruptions to our production activities to the extent that we are not able to compensate such interruptions by increasing the production capacity of our remaining production facilities,our business,financial condition,results of operations and prospects could be materially

160、 and adversely affected.21新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告 我們面臨與供應鏈相關的風險。倘我們遭遇任何供應延遲或中斷，或倘供應品質量不符合要求的標準，則我們的業務、財務狀況、經營業績及前景可能會受到重大不利影響。然而，上述並非全面詳盡列舉。投資者在作出任何股份投資前務須自行判斷或諮詢彼等各自的投資顧問。與控股股東的合約除本年報所披露者外，截至2024年12月31日止年度，本公司或其任何附屬公司與其控股股東並無訂立任何重大合約。詳情請參閱本年報 持續關連交易 及綜合財務報表附註28(b)。業績及利潤分配本集團截至2024年12月

161、31日止年度的業績載於綜合全面利潤表。本公司目前並無任何股息政策。董事會日後可能會在考慮我們的經營業績、財務狀況、現金需求及可動用性以及其當時認為相關的其他因素後宣派股息。末期股息於2024年，本公司及現時組成本集團的公司概無派付或宣派股息（2023年：無）。股息本公司目前並無任何股息政策。董事會日後可能會在考慮我們的經營業績、財務狀況、現金需求及可動用性以及其當時認為相關的其他因素後宣派股息。宣派及派付的任何股息均將受我們的章程文件及適用法律所規限。股東須於股東大會上批準任何股息宣派，且股息不得超過董事會建議的金額。此外，董事可不時派付董事會根據我們的利潤及整體財務需求而認為合理的中期股息，

162、或按其認為適當的金額及日期派付特別股息。我們僅可從合法可供分派的利潤及儲備中宣派或派付股息。我們未來的股息宣派可能或未必反映我們過往的股息宣派，且將由董事會全權決定。We face risks associated with our supply chain.If we experience any delay or interrupted supply,or if the quality of the supplies does not meet the required standards,our business,financial condition,results of operat

163、ions and prospects could be materially and adversely affected.However,the above is not an exhaustive list.Investors are advised to make their own judgment or consult their own investment advisors before making any investment in the Shares.Contracts with the Controlling ShareholdersSave as disclosed

164、in this annual report,no contract of significance was entered into between the Company,or any of its subsidiaries,and its Controlling Shareholders during the year ended December 31,2024.See“Continuing Connected Transactions”and Note 28(b)to the consolidated financial statements in this annual report

165、 for details.Results and AppropriationsThe results of the Group for the year ended December 31,2024 are set out in the consolidated statement of comprehensive profit.Our Company currently does not have any dividend policy.Our Board of Directors may declare dividends in the future after taking into a

166、ccount our results of operations,financial condition,cash requirements and availability and other factors as it may deem relevant at such time.FINAL DIVIDENDNo dividends were paid or declared by the Company and the companies now comprising the Group during the year of 2024(2023:nil).DIVIDEND POLICYO

167、ur Company currently does not have any dividend policy.Our Board of Directors may declare dividends in the future after taking into account our results of operations,financial condition,cash requirements and availability and other factors as it may deem relevant at such time.Any declaration and paym

168、ent of dividends will be subject to our constitutional documents and applicable laws.Our shareholders at a general meeting must approve any declaration of dividends,which must not exceed the amount recommended by our Board of Directors.In addition,our Directors may from time to time pay such interim

169、 dividends as our Board of Directors considers to be justified by our profits and overall financial requirements,or special dividends of such amounts and on such dates as they think appropriate.No dividend shall be declared or payable except out of our profits and reserves lawfully available for dis

170、tribution.Our future declaration of dividends may or may not reflect our historical declarations of dividends and will be at the absolute discretion of our Board of Directors.22New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告廠房及設備本集團廠房及設備於報告期內的變動詳情載於綜合財務報表附註11。股本本公司股本於報告期內

171、的變動詳情載於綜合財務報表附註25(c)?？煞峙蓛浣刂?024年12月31日，本公司並無任何可分派儲備。本公司儲備於報告期內的變動詳情載於綜合財務報表附註25(a)。貸款及借款本集團截至2024年12月31日的貸款及借款詳情載於綜合財務報表附註20。發行債權證於報告期內及直至本年報日期，本集團並無發行任何債權證。公眾持股量根據本公司公開可得資料及據董事所知，截至本年報日期，本公司維持上市規則規定的充足公眾持股量百分比。購買、贖回或出售上市證券自上市日期起至本年報日期期間，本公司及其任何附屬公司概無購買、出售或贖回本公司的任何上市證券（包括出售庫存股份（定義見上市規則）。截至2024年12月3

172、1日，本公司並無持有任何庫存股份（定義見上市規則）。優先購買權公司章程中並無有關優先購買權的條文，規定本公司須按比例向現有股東發售新股份。Plant and EquipmentDetails of movements in the plant and equipment of the Group during the Reporting Period are set out in Note 11 to the consolidated financial statements.Share CapitalDetails of movements in the share capital of t

173、he Company during the Reporting Period are set out in Note 25(c)to the consolidated financial statements.Distributable ReservesAs of December 31,2024,the Company did not have any distributable reserves.Details of the movements in the reserves of the Company during the Reporting Period are set out in

174、 Note 25(a)to the consolidated financial statements.Loans and BorrowingsParticulars of loans and borrowings of the Group as of December 31,2024 are set out in Note 20 to the consolidated financial statements.Issuance of DebenturesDuring the Reporting Period and up to the date of this annual report,t

175、he Group has not issued any debentures.Public FloatBased on the information that is publicly available to the Company and within the knowledge of the Directors,as of the date of this annual report,the Company maintained the sufficient percentage of public float required under the Listing Rules.Purch

176、ase,Redemption or Sale of Listed SecuritiesNeither the Company nor any of its subsidiaries purchased,sold or redeemed any of the Companys listed securities(including sales of treasury shares(as defined in the Listing Rules)during the period from the Listing Date to the date of this annual report.As

177、of December 31,2024,the Company did not hold any treasury shares(as defined in the Listing Rules).Pre-Emptive RightsThere are no provisions for pre-emptive rights under the Articles of Association which would oblige the Company to offer new Shares on a pro-rata basis to the existing Shareholders.23新

178、吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告稅務寬免本公司並不知悉股東因持有本公司證券而可享有的稅務寬免。倘股東對購買、持有、處置、買賣或行使有關股份的任何權利（包括任何享有稅務寬免的權利）的稅務影響有任何疑問，彼等應諮詢專家意見。與僱員、客戶及供應商的重要關係 有關與僱員、客戶及供應商關係的詳情，請參閱本年報 主要客戶及供應商、僱員、培訓及薪酬政策 及 環境、社會及管治報告 章節。主要客戶及供應商於報告期內，來自本集團五大客戶的收入約佔本集團總收入的41.6%，來自最大客戶的收入約佔本集團總收入的20.7%。於報告期內，來自本集團五大供應商的採購額約佔本集團總採購

179、額的19.7%，來自最大供應商的採購額約佔本集團總採購額的6.2%。董事、彼等的緊密聯繫人或就董事所知擁有本公司已發行股本5%以上的任何股東於報告期內概無於本集團任何五大客戶及供應商的股本中擁有任何權益。管理合約於報告期內，本公司並無簽訂或存有任何有關本公司全部或任何重大部分業務的管理及行政合約。環保政策及表現有關詳情載於本公司於與本年報相同日期發佈的環境、社會及管治報告（環境、社會及管治報告）。Tax ReliefThe Company is not aware of any tax relief available to the Shareholders by reason of thei

180、r holding of the Companys securities.If the Shareholders are unsure about the taxation implications of purchasing,holdings,disposing of,dealing in,or the exercise of any rights(including entitlements to any relief of taxation)in relation to,the Shares,they are advised to consult an expert.KEY RELATI

181、ONSHIPS WITH ITS EMPLOYEES,CUSTOMERS AND SUPPLIERSFor details of relationship with the employees,customers and suppliers,please refer to“Major Customers and Suppliers”,“Employees,Training and Remuneration Policies”and the section headed“Environmental,Social and Governance Report”in this annual repor

182、t.Major Customers and SuppliersFor the Reporting Period,revenue generated from the five largest customers of the Group accounted for approximately 41.6%of the Groups total revenue,and the revenue generated from the largest customer accounted for approximately 20.7%of the Groups total revenue.For the

183、 Reporting Period,purchase amounts from the five largest suppliers of the Group accounted for approximately 19.7%of the Groups total purchase,and the purchase amounts from the largest supplier accounted for approximately 6.2%of the Groups total purchase.None of the Directors,their close associates o

184、r any Shareholders who to the knowledge of the Directors own more than 5%of the Companys issued share capital had an interest in the share capital of any of the Groups five largest customers and suppliers during the Reporting Period.Management ContractsNo contract concerning the management and admin

185、istration of the whole or any substantial part of the business of the Company was entered into or existed during the Reporting Period.Environmental Policies and PerformanceDetails of such are set out in the environmental,social and governance report of the Company(the“Environmental,Social and Govern

186、ance Report”)published on the same date as this annual report.24New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告法律程序及合規於報告期內，本公司並無涉及任何重大法律、仲裁或行政程序，亦並非針對其的任何重大法律、仲裁或行政程序的一方，從而可能個別或共同對其業務、財務狀況及經營業績產生重大不利影響。於報告期內，本公司已於所有重大方面遵守與其業務有關的法律及法規，未涉及董事認為個別或共同會對其整體業務有重大不利影響的任何不合規事件。捐款

187、我們向香港交易所慈善基金有限公司慷慨捐贈3.0百萬港元。詳情請參閱 環境、社會及管治報告社區投資。企業管治有關本公司企業管治的詳情，請參閱本年報第52至72頁的企業管治報告。股權掛鈎協議除董事會報告 首次公開發售前購股權計劃章節披露者外，本公司於報告期內並無訂立或截至本年報日期並無存續將會或可能導致本公司發行股份或要求本公司訂立任何將會或可能導致本公司發行股份的協議的股權掛鈎協議。董事、高級管理層及五名最高薪酬人士的酬金 為符合上市規則附錄C1所載企業管治守則（企業管治守則），本公司已設立薪酬委員會，以制定薪酬政策。Legal Proceedings and ComplianceDuring

188、the Reporting Period,the Company had not been and was not a party to any material legal,arbitral or administrative proceedings against it that could,individually or in the aggregate,have a material adverse effect on its business,financial condition and results of operations.During the Reporting Peri

189、od,the Company had complied with the applicable laws and regulations in relation to its business in all material respects and was not involved in any non-compliance incidents which the Directors believe would,individually,or in aggregate,have a material adverse effect on its business as a whole.Dona

190、tionsWe have made a generous donation of HKD3.0 million to the HKEX Foundation Limited.See“Environmental,Social and Governance Report Community Investment”for details.Corporate GovernanceFor details regarding the Companys corporate governance,please refer to the Corporate Governance Report on pages

191、52 to 72 of this annual report.Equity-Linked AgreementsSave as disclosed in the sections headed“Pre-IPO Share Option Scheme”of the Directors Report,no equity-linked agreements that will or may result in the Company issuing shares,or that require the Company to enter into any agreements that will or

192、may result in the Company issuing shares,were entered into by the Company during the Reporting Period or subsisted as of the date of this annual report.EMOLUMENTS OF DIRECTORS,SENIOR MANAGEMENT AND THE FIVE HIGHEST PAID INDIVIDUALSIn compliance with the Corporate Governance Code as set out in Append

193、ix C1 to the Listing Rules(the“Corporate Governance Code”),the Company has established the Remuneration Committee to formulate remuneration policies.25新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告董事及本公司高級管理層成員以薪金及花紅及購股權（倘適用）的形式收取酬金及薪酬，金額由董事會經薪酬委員會建議後（倘適用）釐定。本公司亦補償彼等向本公司提供服務或履行與本公司營運有關的職責時產生的必要合理費用。審閱及釐定董事及本

194、公司高級管理層成員的特定薪酬待遇時，董事會及薪酬委員會考慮可資比較公司支付的薪金、投入時間、所承擔的責任、本集團內其他崗位的僱傭情況及績效掛鈎薪酬的可取性等因素。本公司向執行董事及高級管理層成員（亦為僱員）以薪金、花紅、社會保險計劃、住房公積金計劃、其他福利及購股權（倘適用）的形式提供酬金。獨立非執行董事按其職責收取酬金。截至2024年12月31日止年度，付予董事的薪酬總額約為人民幣4.8百萬元。截至2024年12月31日止年度，付予五名最高薪酬人士的薪酬總額約為人民幣6.5百萬元。於報告期內，本公司概無付予董事或五名最高薪酬人士任何薪酬，作為邀請加入或於加入本公司後的獎勵或離職補償。此外，於

195、報告期內，概無董事放棄或同意放棄任何薪酬。董事的服務合約及委任函執行董事執行董事繆先生、劉濤先生、劉芹女士及Andrew Robert CRANK先生各自已於2024年5月22日與本公司訂立服務合約。服務合約的初始期限為三年，自上市日期起生效。服務合約可根據章程及適用法律、規則及法規予以續期。獨立非執行董事獨立非執行董事何潔女士、余明陽先生及吳永蒨女士各自已於2024年12月31日（即招股章程日期）與本公司訂立委任函。委任函的初始期限為三年，自上市日期起生效。委任函可根據章程及適用法律、規則及法規予以續期。The compensation and remuneration of the Dir

196、ectors and members of the senior management of the Company are determined by the Board upon recommendation from the Remuneration Committee as appropriate in the form of salaries and bonuses,and options(if applicable).The Company also reimburses them for expenses which are necessary and reasonably in

197、curred in providing services to the Company or discharging their duties in relation to the operations of the Company.When reviewing and determining the specific remuneration packages for our Directors and members of the senior management of the Company,the Board and the Remuneration Committee take i

198、nto account factors such as salaries paid by comparable companies,time commitment,level of responsibilities,employment elsewhere in our Group and desirability of performance-based remuneration.Our Company offers executive Directors and senior management members,who are also employees,compensation in

199、 the form of salaries,bonuses,social security plans,housing provident fund plans,other benefits,and options(if applicable).The independent non-executive Directors receive compensation based on their responsibilities.The aggregate amounts of remuneration paid to the Directors for the year ended Decem

200、ber 31,2024 were approximately RMB4.8 million.The aggregate amounts of remuneration paid to the five highest paid individuals for the year ended December 31,2024 were RMB6.5 million.No remuneration was paid by the Company to the Directors or the five highest paid individuals as inducement to join or

201、 upon joining the Company or as a compensation for loss of office during the Reporting Period.Furthermore,none of the Directors had waived or agreed to waive any remuneration during the Reporting Period.Directors Service Contracts and Appointment LettersExecutive DirectorsEach of Mr.Miao,Mr.Liu Tao,

202、Ms.Liu Qin and Mr.Andrew Robert Crank,being our executive Directors,has entered into a service contract with our Company on May 22,2024.The service contract is for an initial term of three years commencing from the Listing Date.The service contract may be renewed in accordance with the Articles and

203、the applicable laws,rules and regulations.Independent Non-executive DirectorsEach of,Ms.HE Jie,Mr.YU Mingyang and Ms.NG Weng Sin,being our independent non-executive Directors,has entered into a letter of appointment with our Company on December 31,2024,being the date of the Prospectus.Each letter of

204、 appointment is for an initial term of three years commencing from the Listing Date.The letters of appointment may be renewed in accordance with the Articles and the applicable laws,rules and regulations.26New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告董事於重大交易、安排或合約的權益 除本

205、年報披露者外，概無董事或與彼等有關的實體於報告期內或期末存續的任何交易、合約或安排中擁有就本集團整體業務而言屬重大的重大權益。董事收購股份或債權證的權利除董事會報告 首次公開發售前購股權計劃一節披露者外，於報告期內任何時間，本公司或其附屬公司概無訂立任何安排，致使董事可透過收購本公司或任何其他法團之股份或債權證而獲得利益，且董事或其配偶或未滿18歲的子女並無獲授認購本公司或任何其他法團之股本或債務證券的任何權利或已行使任何此類權利。董事於競爭業務的權益於報告期內，概無董事於任何直接或間接與本公司的業務構成競爭或可能構成競爭的任何業務中擁有任何根據上市規則第8.10(2)條須予披露的權益。獲準彌

206、償條文根據公司章程，在適用法律法規的限制下，各董事、核數師或本公司其他高級職員有權從本公司的資產中獲得彌償，以彌償其作為董事、核數師或本公司其他高級職員在判決勝訴或無罪的任何民事或刑事訴訟中進行抗辯而招致或蒙受的一切損失或法律責任。有關獲準彌償條文現正生效並已自上市日期起及直至本年報日期生效。本公司已投購責任保險，為董事及其他高級職員提供適當保障。持續關連交易於報告期內，我們已訂立以下持續關連交易：Directors Interests in Transactions,Arrangements or Contracts of SignificanceSave as disclosed in t

207、his annual report,none of the Directors or entities connected with them was materially interested in any transaction,contract or arrangement subsisting during or at the end of the Reporting Period which was significant in relation to the business of the Group taken as a whole.Directors Rights to Acq

208、uire Shares or DebenturesSave as disclosed in the section headed“Pre-IPO Share Option Scheme”of the Directors Report,neither the Company nor its subsidiaries were a party to any arrangement that would enable the Directors to acquire benefits by means of acquisition of Shares in,or debentures of,the

209、Company or any other body corporate,and none of the Directors or any of their spouses or children under the age of 18 were granted any right to subscribe for the equity or debt securities of the Company or any other body corporate or had exercised any such right at any time during the Reporting Peri

210、od.Directors Interests in Competing BusinessDuring the Reporting Period,none of the Directors had any interest in any business which competes,or is likely to compete,directly or indirectly,with the Companys business,and requires disclosure under Rule 8.10(2)of the Listing Rules.Permitted Indemnity P

211、rovisionPursuant to the Articles of Association and subject to the applicable laws and regulations,every Director,auditor or other officer of the Company shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities incurred or sustained by him as a Director,

212、auditor or other officer of the Company in defending any proceedings,whether civil or criminal,in which judgment is given in his favour,or in which he is acquitted.Such permitted indemnity provision is currently in force and has been in force since the Listing Date and up to the date of this annual

213、report.The Company has taken out liability insurance to provide appropriate coverage for the Directors and other senior staff.CONTINUING CONNECTED TRANSACTIONSDuring the Reporting Period,we have entered into the following continuing connected transactions:27新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告房車零部件

214、採購框架協議主要條款於2024年12月18日，興隆翠與商丘吉順訂立房車零部件採購框架協議（房車零部件採購框架協議），據此，興隆翠同意向商丘吉順採購若干房車零部件（主要包括門窗），用於生產本集團的房車。房車零部件採購框架協議自上市日期起為期三年，且經雙方同意後可予續期，惟須遵守上市規則第14A章及所有其他適用法律及法規的規定。由於商丘吉順為本集團執行董事、董事會主席及首席執行官以及控股股東之一繆先生的30%受控公司，該交易構成上市規則項下本集團的一項持續關連交易。年度上限及年度上限基準根據房車零部件採購框架協議，截至2026年12月31日止三個年度交易金額的建議年度上限分別約為人民幣15.0百萬

215、元、人民幣19.0百萬元及人民幣19.9百萬元。截至2024年12月31日止年度，房車零部件採購框架協議項下的實際交易金額為人民幣14.0百萬元。Green RV經銷商協議主要條款於2024年5月14日，Regent公司與Green RV訂立經銷商協議（經日期為2024年12月19日的補充協議修訂）（統稱 Green RV經銷商協議），據此，Green RV同意作為Regent公司的非獨家經銷商，而Regent公司同意向Green RV供應房車及房車相關產品及商品（房車及房車零部件），以供於澳洲銷售及經銷，自上市日期起為期一年，且經雙方同意後可予續期一年，惟須遵守上市規則第14A章及所有其他適

216、用法律及法規的規定。因此，倘續簽，則Green RV經銷商協議的期限預計合計為兩年。由於Green RV為我們附屬公司Leisure Lion的主要股東，以及Leisure Lion董事Carl Green先生的30%受控公司，該交易構成上市規則項下本集團的一項持續關連交易。RV Parts Purchase Framework AgreementPrincipal TermsOn December 18,2024,Xing Longtree entered into a RV Parts Purchase Framework Agreement(the“RV Parts Purchase F

217、ramework Agreement”)with Shangqiu Jishun,pursuant to which Xing Longtree agreed to procure from Shangqiu Jishun certain RV parts,including primarily doors and windows,for the purpose of manufacturing our Groups RVs.The RV Parts Purchase Framework Agreement will be valid for a term of three year comm

218、encing from the Listing Date,which may be renewed as the parties may mutually agree,subject to compliance with the requirements under Chapter 14A of the Listing Rules and all other applicable laws and regulations.As Shangqiu Jishun is a 30%-controlled company of Mr.Miao,our executive Director,our ch

219、airman of our Board and the chief executive officer of our Group,and one of our Controlling Shareholder,this transaction constituted a continuing connected transaction of our Group under the Listing Rules.Annual Caps and Basis for Annual CapsThe proposed annual caps for the transaction amounts under

220、 the RV Parts Purchase Framework Agreement for the three years ended December 31,2026 are approximately RMB15.0 million,RMB19.0 million and RMB19.9 million,respectively.For the year ended December 31,2024,the actual transaction amount under the RV Parts Purchase Framework Agreement was RMB14.0 milli

221、on.Green RV Dealership AgreementPrincipal TermsOn May 14,2024,Regent Company entered into a dealership agreement,as amended by a supplemental agreement dated December 19,2024(together,the“Green RV Dealership Agreement”)with Green RV,pursuant to which Green RV agreed to act as a non-exclusive dealer

222、of Regent Company and Regent Company agreed to supply RVs and RVs associated products and merchandise(the“RVs and RV Parts”)to Green RV for sale and distribution in Australia,for a term of one year commencing from the Listing Date,which may be renewed for another one year term as the parties may mut

223、ually agree,subject to compliance with the requirements under Chapter 14A of the Listing Rules and all other applicable laws and regulations.The term of the Green RV Dealership Agreement is therefore expected to last two years in total if the renewal is made.As Green RV is a substantial shareholder

224、of our subsidiary,Leisure Lion,and is a 30%-controlled company of Mr.Carl Green,a director of Leisure Lion,this transaction constituted a continuing connected transaction of our Group under the Listing Rules.28New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告年度上限及年度上限的基準截至2

225、024年12月31日止年度及截至2025年12月31日止年度，Green RV經銷商協議項下交易金額的建議年度上限分別為46.0百萬澳元（相當於人民幣222.0百萬元）及50.83百萬澳元（相當於人民幣245.4百萬元）。截至2024年12月31日止年度，Green RV經銷商協議項下的實際交易金額為38.1百萬澳元（相當於人民幣179.1百萬元附註）。獨立非執行董事作出的年度審閱獨立非執行董事已確認，上述持續關連交易乃由本集團：(i)於其日常及一般業務過程中；(ii)按正常商業條款或更優條款；及(iii)根據規管該等交易的相關協議（包括當中所載的定價原則及指引）及按屬公平合理並符合本公司及股

226、東整體利益的條款而訂立。綜合財務報表附註28所披露的若干關聯方交易，構成上市規則第14A章所界定的關連交易或持續關連交易，並符合上市規則第14A章的披露規定。除本年報所披露者外，於報告期內，本公司概無根據上市規則第14A章項下有關關連交易及持續關連交易的披露條文而須予披露的其他關聯方交易。附註：僅供說明之用，根據2024年的平均匯率，人民幣金額按人民幣4.7015元兌1.00澳元的匯率兌換為澳元。概不表示人民幣金額應該、可以或可能按該匯率兌換為澳元，反之亦然。Annual Caps and Basis for Annual CapsThe proposed annual caps for th

227、e transaction amounts under the Green RV Dealership Agreement is A$46.0 million(equivalent to RMB222.0 million)for the year ending December 31,2024 and A$50.83 million(equivalent to RMB245.4 million)for the year ending December 31,2025,respectively.For the year ended December 31,2024,the actual tran

228、saction amount under the Green RV Dealership Agreement was A$38.1 million(equivalent to RMB179.1 millionNote).Annual Review by the Independent Non-executive DirectorsThe independent non-executive Directors have confirmed that the above continuing connected transactions were entered into by the Group

229、:(i)in the ordinary and usual course of its business;(ii)on normal commercial terms or better;and(iii)in accordance with the relevant agreements(including the pricing principle and guidelines set out therein)governing them and on terms that were fair and reasonable and in the interests of the Compan

230、y and the Shareholders as a whole.Certain related party transactions as disclosed in Note 28 to the consolidated financial statements constituted connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules and are in compliance with the disclosure requi

231、rements under Chapter 14A of the Listing Rules.Save as disclosed in this annual report,during the Reporting Period,the Company had no other related party transactions which fell to be disclosed in accordance with the provisions under Chapter 14A of the Listing Rules in relation to the disclosure of

232、connected transactions and continuing connected transactions.Note:For the purpose of illustration only,translations from Renminbi amounts to Australian dollars were made at the rate of RMB4.7015 to A$1.00,based on the average exchange rate of 2024.No representation is made that the Renminbi amounts

233、should have been,could have been or may be converted to Australian,or vice versa,at that rate.29新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告本公司獨立核數師的確認核數師已根據香港鑒證業務準則第3000號（經修訂）歷史財務資料核數或審閱以外的鑒證業務，並參照香港會計師公會頒佈的實務說明第740號 關於香港上市規則所述持續關連交易的核數師函件，執行有關持續關連交易的相關程序。核數師已向董事會提供無保留意見函，其中包含本集團根據上市規則第14A.56條在上一段落中披露關於持續

234、關連交易的審查結果及結論。核數師已在致董事會的函件中確認，對於在截至2024年12月31日止年度內訂立的上述持續關連交易：(i)核數師並未注意到有任何情況致使核數師認為所披露的持續關連交易未得到董事會批準；(ii)就需由本集團提供商品或服務的交易而言，核數師並未注意到有任何情況致使核數師認為所披露的持續關連交易沒有在所有重大方面均符合本集團定價政策的規定；(iii)核數師並未注意到有任何情況致使核數師認為所披露的持續關連交易沒有在所有重大方面均根據管轄此等交易的相關協議訂立；及(iv)就所披露的各項持續關連交易的合計金額而言，核數師並未注意到有任何情況致使核數師認為所披露的持續關連交易已超過本

235、公司設定的年度上限。Confirmations from the Independent AuditorThe Auditor has performed the relevant procedures regarding the Continuing Connected Transactions in accordance with Hong Kong Standard on Assurance Engagements 3000(Revised)“Assurance Engagements Other Than Audits or Reviews of Historical Financia

236、l Information”and with reference to Practice Note 740“Auditors Letter on Continuing Connected Transactions under the Hong Kong Listing Rules”issued by Hong Kong Institute of Certified Public Accountants.The Auditor has provided an unqualified letter to the Board containing findings and conclusions i

237、n respect of the continuing connected transactions disclosed by the Group in the paragraph above in accordance with Rule 14A.56 of the Listing Rules.The Auditor has confirmed in a letter to the Board that,with respect to the aforesaid continuing connected transactions entered into in the year ended

238、December 31,2024:(i)nothing has come to the Auditors attention that causes the Auditor to believe that the disclosed continuing connected transactions have not been approved by the Board;(ii)for transactions involving the provision of goods or services by the Group,nothing has come to the Auditors a

239、ttention that causes the Auditor to believe that the disclosed continuing connected transactions were not,in all material respects,in accordance with the pricing policies of the Group;(iii)nothing has come to the Auditors attention that causes the Auditor to believe that the disclosed continuing con

240、nected transactions were not entered into,in all material respects,in accordance with the relevant agreements governing such transactions;and(iv)with respect to the aggregate amount of each of the disclosed continuing connected transactions,nothing has come to the Auditors attention that causes the

241、Auditor to believe that the disclosed continuing connected transactions have exceeded the annual caps as set by the Company.30New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告僱員、培訓及薪酬政策 截至2024年12月31日，本集團共有722名僱員，其中506名位於中國，而216名位於澳洲。下表載列截至2024年12月31日本集團按職能劃分的僱員人數：我們認為，維持穩定及

242、積極進取的員工隊伍是我們業務成功的關鍵。我們認為，僱員的專業知識水平及技能對於我們持續成功發揮重要作用，因此我們定期提供各項培訓計劃投資於員工培訓。我們在公開市場招募人員，並根據市場狀況、我們的業務需要及擴張計劃制定招聘政策。我們採取綜合評估標準並考慮經驗、技能及勝任能力等多項因素甄選候選人。我們通過面試及適當的能力測試評估候選人的資歷及適合性。我們根據職位為僱員提供不同的薪酬待遇。整體而言，僱員的薪酬架構包括薪資、福利及花紅。薪酬計劃旨在根據僱員的表現支付薪酬，並按照具體的客觀標準予以衡量。我們按照中國法律法規的規定為中國僱員維持標準的僱員福利計劃，包括住房公積金、養老保險、醫療保險、工傷保

243、險、失業保險及生育保險。於澳洲，我們根據澳洲法律法規的要求，為僱員作出標準的養老金供款，為僱員提供休假權利，並投購必要的保險（包括工傷賠償保險）。EMPLOYEES,TRAINING AND REMUNERATION POLICIESAs of December 31,2024,the Group had 722 employees,comprising 506 employees based in China and 216 employees based in Australia.The following table sets forth the breakdown of the Gro

244、ups employees by function as of December 31,2024:FunctionNumber of Employees%of Total職能僱員人數佔總僱員百分比Production and Supply Chain生產及供應鏈51070.6Sales and Marketing銷售及營銷517.1General and Administration support一般及行政支持10214.1Production and Development and Technology產品開發及技術598.2Total總計722100We believe that mai

245、ntaining a stable and motivated employee force is critical to the success of our business.We invest in staff training through various training programs on a regular basis as we believe the level of professional knowledge and skill of our employees plays an important role in our continued success.We

246、recruit personnel from the open market,and we formulate our recruitment policy based on market conditions,our business demand and expansion plans.We adopt comprehensive assessment criteria when selecting candidates,taking into account a number of factors such as experience,skills,and competencies.We

247、 assess the credentials and suitability of candidates through interviews and aptitude tests as appropriate.We offer our employees different remuneration packages based on their positions.Generally,the remuneration structure of our employees includes salary,benefits and bonus.Our compensation program

248、s are designed to remunerate our employees based on their performance,measured against specified objective criteria.We maintain standard employee benefit plans for our employees based in China as required by PRC laws and regulations,including housing fund contribution,pension insurance,medical insur

249、ance,workplace injury insurance,unemployment insurance,and maternity insurance.In Australia,we make standard superannuation contributions for employees,provide employees with leave entitlements,and maintain necessary insurances(including workers compensation insurance)as required under Australian la

250、ws and regulations.31新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告為表揚主要員工的貢獻及激勵他們進一步推動本公司的發展，本公司採納首次公開發售前購股權計劃。詳情請參閱本年報 首次公開發售前購股權計劃。董事及最高行政人員於本公司的權益披露董事或本公司最高行政人員於本公司或其相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份及債權證中擁有根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的權益或淡倉（包括彼等根據證券及期貨條例的有關條文被當作或視為擁有的權益或淡倉），或根據證券及期貨條例第352條須登記於該條所述登記冊的權益或淡倉，或

251、根據上市規則附錄C3所載之上市發行人董事進行證券交易的標準守則須知會本公司及聯交所的權益或淡倉如下：於本公司股份的權益：附註：(1)所有上述權益均為好倉。To recognize the contributions of key employees and motivate them to further promote the development of the Company,the Company adopted the Pre-IPO Share Option Scheme.For details,please refer to“PRE-IPO SHARE OPTION SCHEME

252、”in this annual report.Disclosure of Interests of Directors and chief executive of our CompanyThe interest or short position of our Directors or chief executives of our Company in the Shares,underlying shares and debentures of our Company or its associated corporations(within the meaning of Part XV

253、of the SFO)which were required to be notified to our Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interest or short positions which they were taken or deemed to have under such provisions of the SFO)or which were required,pursuant to section 352 of the

254、 SFO,to be entered in the register referred to therein,or which were required,pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules,to be notified to our Company and the Stock Exchange were as follows:Interest in the Shar

255、es of our Company:Name of Director or chief executiveNature of interest(1)Number of SharesApproximate percentage of shareholding of the Companys total share capital董事或最高 行政人員姓名權益性質(1)股份數目佔本公司 股本總額的股權 概約百分比Mr.MiaoInterest in controlled corporations(2)714,049,20074.38%繆先生受控法團權益(2)Settlor of a discreti

256、onary trust(2)全權信託的委託人(2)Mr.Liu TaoBeneficial owner(3)2,143,8000.22%劉濤先生實益擁有人(3)Ms.Liu QinBeneficial owner(4)2,143,8000.22%劉芹女士實益擁有人(4)Mr.Andrew Robert CrankBeneficial owner(5)446,4000.05%Andrew Robert Crank先生實益擁有人(5)Notes:(1)All interests stated are long positions.32New Gonow Recreational Vehicles

257、Inc.Annual Report 2024DIRECTORS REPORT董事會報告(2)Snowy Limited由M.X.Z Holdings擁有1%的權益，而M.X.Z Holdings為繆先生的全資公司。因此，根據 證 券 及 期 貨 條 例，繆 先 生 被 視 為 於Snowy Limited擁有權益的股份中擁有權益。Snowy Limited由Miao Wanyi Holdings擁有99%的權益。Miao Wanyi Holdings為一家於英屬處女群島註冊成立並由Miao Wanyi Trust全資擁有的公司，該信託已告成立，由繆先生作為委託人。Dedao Trust Lim

258、ited為Miao Wanyi Trust的信託人，WDH Holdings及MWY Holdings為Miao Wanyi Trust的受益人。(3)劉濤先生已獲本公司根據首次公開發售前購股權計劃授予297,750份購股權，佔緊隨資本化發行及全球發售後尚未行使購股權相關的2,143,800股股份。(4)劉芹女士已獲本公司根據首次公開發售前購股權計劃授予297,750份購股權，佔緊隨資本化發行及全球發售後尚未行使購股權相關的2,143,800股股份。(5)Andrew Robert CRANK先生已獲本公司根據首次公開發售前購股權計劃授予62,000份購股權，佔緊隨資本化發行及全球發售後尚未行

259、使購股權相關的446,400股股份。除本節披露者外，概無董事或本公司最高行政人員於本公司或其任何相聯法團（定義見證券及期貨條例）的股份、相關股份或債權證中擁有根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的任何權益或淡倉，或根據證券及期貨條例第352條須記入該條所述登記冊內的任何權益或淡倉，或根據上市發行人董事進行證券交易的標準守則須知會本公司及香港聯交所的任何權益或淡倉。(2)Snowy Limited is held by M.X.Z Holdings as to 1%,and M.X.Z Holdings is in turn a wholly-owned company o

260、f Mr.Miao.Hence,Mr.Miao is deemed to be interested in the Shares held by Snowy Limited under the SFO.Snowy Limited is also held by Miao Wanyi Holdings as to 99%.Miao Wanyi Holdings is a company incorporated in the BVI and is held as to 100%by Miao Wanyi Trust,which was established by Mr.Miao as the

261、settlor.Dedao Trust Limited is the trustee of the Miao Wanyi Trust,and WDH Holdings and MWY Holdings are the beneficiaries of the Miao Wanyi Trust.(3)Mr.Liu Tao was granted 297,750 options by our Company pursuant to the Pre-IPO Share Option Scheme which represented 2,143,800 Shares underlying the ou

262、tstanding options immediately following the Capitalization Issue and the Global Offering.(4)Ms.Liu Qin was granted 297,750 options by our Company pursuant to the Pre-IPO Share Option Scheme which represented 2,143,800 Shares underlying the outstanding options immediately following the Capitalization

263、 Issue and the Global Offering.(5)Mr.Andrew Robert Crank was granted 62,000 options by our Company pursuant to the Pre-IPO Share Option Scheme which represented 446,400 Shares underlying the outstanding options immediately following the Capitalization Issue and the Global Offering.Save as disclosed

264、herein,none of our Directors or the chief executive of our Company has any interest or short position in the Shares,underlying shares or debentures of our Company or any of its associated corporation(within the meaning of the SFO)which will have to be notified to our Company and the Stock Exchange p

265、ursuant to Divisions 7 and 8 of Part XV of the SFO or which will be required,pursuant to section 352 of the SFO,to be entered in the register referred to therein,or which will be required to be notified to our Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transac

266、tions by Directors of Listed Issuers.33新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告主要股東權益的披露就董事所知，以下人士於股份或相關股份中擁有、或視作或當作擁有已記入根據證券及期貨條例第336條須登記於所存置的登記冊內的權益及或淡倉：附註：(1)所有上述權益均為好倉。(2)繆先生為王女士之配偶。根據證券及期貨條例，王女士被視為於繆先生擁有權益的股份中擁有權益。(3)Snowy Limited由M.X.Z Holdings擁有1%的權益，而M.X.Z Holdings為繆先生的全資公司。因此，根據 證 券 及 期 貨 條 例，

267、繆 先 生 被 視 為 於Snowy Limited持有的股份中擁有權益。Snowy Limited由Miao Wanyi Holdings擁有99%的權益。Miao Wanyi Holdings為一家於英屬處女群島註冊成立並由Miao Wanyi Trust全資擁有的公司，該信託已告成立，由繆先生作為委託人。Dedao Trust Limited為Miao Wanyi Trust的信託人，而WDH Holdings及MWY Holdings為Miao Wanyi Trust的受益人。Disclosure of interests of substantial shareholdersSo f

268、ar as our Directors are aware,the following persons had,or be deemed,or taken to have an interest and/or short position in the Shares or underlying Shares which were recorded in the register required to be kept under the section 336 of the SFO:Name of ShareholderNature of interestNumber of Shares he

269、ldApproximate percentage of shareholding in the total Share capital of our Company股東姓名名稱權益性質所持股份數目佔本公司 股本總額的股權 概約百分比Mr.MiaoFounder of a discretionary trust who can influence how the trustee exercises his discretion(3)714,049,20074.38%繆先生全權信託創立人，可影響受託人行使其 酌情權的方式(3)Ms.Wang DanhongInterest of spouse(2)

270、714,049,20074.38%王丹紅女士配偶權益(2)Miao Wanyi Holdings(3)Interest in controlled corporation(3)714,049,20074.38%Miao Wanyi Holdings(3)受控法團權益(3)Snowy M.Holding Limited(3)Beneficial owner714,049,20074.38%Snowy M.Holding Limited(3)實益擁有人Dedao Trust LimitedTrustee714,049,20074.38%Dedao Trust Limited受託人Notes:(1)

271、All interests stated are long positions.(2)Mr.Miao is the spouse of Ms.Wang.By virtue of the SFO,Ms.Wang is deemed to be interested in the Shares in which Mr.Miao is interested in.(3)Snowy Limited is held by M.X.Z Holdings as to 1%,and M.X.Z Holdings is in turn a wholly-owned company of Mr.Miao.Henc

272、e,Mr.Miao is deemed to be interested in the Shares held by Snowy Limited under the SFO.Snowy Limited is held by Miao Wanyi Holdings as to 99%.Miao Wanyi Holdings is a company incorporated in the BVI and is held as to 100%by Miao Wanyi Trust,which was established by Mr.Miao as the settlor.Dedao Trust

273、 Limited is the trustee of the Miao Wanyi Trust,and WDH Holdings and MWY Holdings are the beneficiaries of the Miao Wanyi Trust.34New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告除本節所披露者外，董事並不知悉任何人士於股份或相關股份中擁有根據證券及期貨條例第XV部第2及第3分部的條文須向本公司及聯交所披露或根據證券及期貨條例第366條規定須登記於本公司所存置的登記冊

274、內的權益或淡倉。首次公開發售前購股權計劃本公司於2024年5月24日以董事會決議案之方式採用首次公開發售前購股權計劃（計劃），旨在吸引並挽留對本公司的成功作出貢獻的優秀人員，並向該等人員提供激勵，與股東價值增加直接掛鈎。由於首次公開發售前購股權計劃不涉及本公司授出任何獎勵以於上市後認購新股份，因此其條款不受上市規則第17章的條文所規限。上市後，將不會根據首次公開發售前購股權計劃進一步授出獎勵或其他類型獎勵。與5,950,800股股份（經資本化發行擴大）有關的全部826,500份購股權（資本化發行前）已根據首次公開發售前購股權計劃授予本集團六名董事、高級管理層及其他僱員。於上市後，不得根據首次公

275、開發售前購股權計劃進一步授出購股權。儘管NRV Benefit Limited已成為相關股份的合法登記持有人，惟其須放棄根據相關信託契據行使該等股份附帶的投票權。因此，在歸屬及相關承授人行使與NRV Benefit Limited所持股份相關的相關購股權之前，NRV Benefit Limited所持有股份附帶的投票權將不會行使。以下為計劃主要條款概要：目的。計劃的目的是使本公司能夠吸引及挽留為本公司的成功做出貢獻的優秀人員，並向董事會選定的本公司或任何附屬公司的任何高級職員、董事、員工或顧問（合資格接受者）提供激勵，使其能夠接受根據下文管理一節所述的董事會授權授出的購股權（參與者），購股權與

276、股東價值增加直接掛鈎，因此符合本公司全體股東的利益。Save as disclosed herein,our Directors are not aware of any person who had an interest or short position in the Shares or underlying Shares which will be required to be disclosed to our Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of t

277、he SFO or recorded in the register required to be kept by the Company pursuant to section 336 of the SFO.PRE-IPO SHARE OPTION SCHEMEThe Pre-IPO Share Option Scheme(the“Plan”)was adopted by our Company by way of resolutions of the Board on May 24,2024,for the purpose of attracting and retaining highl

278、y qualified personnel who will contribute to the Companys success,and providing incentives to such personnel that are linked directly to increase in shareholder value.The terms of the Pre-IPO Share Option Scheme are not subject to the provisions of Chapter 17 of the Listing Rules as it does not invo

279、lve any grant of awards by our Company to subscribe for new Shares after the Listing.After Listing,no further awards or other type of awards would be granted pursuant to the Pre-IPO Share Option scheme.All 826,500(before Capitalization Issue)options associated with 5,950,800 Shares(as enlarged by th

280、e Capitalization Issue)were granted to six Directors,senior management and other employees of the Group under the Pre-IPO Share Option Scheme.No further options may be granted under the Pre-IPO Share Option Scheme after the Listing.While the NRV Benefit Limited is the legal registered holder of the

281、relevant Shares,it shall abstain from exercising the voting rights attached to such Shares pursuant to the relevant trust deed.Hence,the voting rights attached to the Shares held by NRV Benefit Limited will not be exercised until the relevant options associated with such Shares are vested and exerci

282、sed by the relevant grantees.The below is a summary of the principal terms of the Plan:Purpose.The purpose of the Plan is to enable our Company to attract and retain highly qualified personnel who will contribute to our Companys success and to provide incentives to any officer,director,employee or c

283、onsultant of our Company or of any of subsidiary(the“Eligible Recipient”)selected by the Board to receive grants of share options pursuant to the Boards authority in Section Administration below(the“Participants”),that are linked directly to increases in shareholder value and will therefore inure to

284、 the benefit of all shareholders of our Company.35新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告管理。計劃由董事會管理。根據計劃的條款，董事會有權力及權限：(a)選擇合資格接受者作為參與者；(b)釐定是否向參與者授出購買計劃項下保留發行股份的購股權（購股權）及範圍；(c)釐定根據計劃授出的各項獎勵（獎勵）所涵蓋的股份數量；(d)釐定根據計劃授出的各項獎勵的條款及條件（惟該等條款及條件不得與計劃的條款不符）；(e)釐定條款及條件（惟該等條款及條件不得與計劃的條款不符），規管根據計劃授出購股權書面證明文件；及(f)根據計

285、劃的規定及本公司與參與者簽署的規定獎勵條款及條件的書面協議（購股權協議），釐定購買購股權。在當時生效的章程條文的規限下，董事會有權全權酌情於其不時認為適當時採納、更改及廢除規管計劃的管理規則、指引及慣例、詮釋計劃及根據計劃（及任何相關購股權協議）發行的任何獎勵的條款及條文，並以其他方式監督計劃的管理。董事會根據計劃的條文作出的所有決定均為最終及不可推翻的決定，對所有人士（包括本公司及參與者）均具約束力。計劃標的股份。根據計劃保留的普通股總股數為5,950,800股（於資本化發行後）（獎勵數目上限）。Administration.The Plan shall be administered by

286、 the Board.Pursuant to the terms of the Plan,the Board shall have the power and authority:(a)to select those Eligible Recipients who shall be Participants;(b)to determine whether and to what extent options to purchase the Shares reserved for issuance under the Plan are to be granted(the“Options”)her

287、eunder to Participants;(c)to determine the number of the Shares to be covered by each award under the Plan(the“Award”)granted hereunder;(d)to determine the terms and conditions,not inconsistent with the terms of the Plan,of each Award granted hereunder;(e)to determine the terms and conditions,not in

288、consistent with the terms of the Plan,which shall govern all written instruments evidencing Options granted hereunder;and(f)to determine the purchase of the Options according to the provisions of the Plan and the signed written agreement between our Company and the Participant setting forth the term

289、s and conditions of the Award(the“Stock Option Agreement”).Subject to provisions of the then effective Articles,the Board shall have the authority,in its sole discretion,to adopt,alter and repeal such administrative rules,guidelines and practices governing the Plan as it shall from time to time deem

290、 advisable;to interpret the terms and provisions of the Plan and any Award issued under the Plan(and any Stock Option Agreement relating thereto);and to otherwise supervise the administration of the Plan.All decisions made by the Board pursuant to the provisions of the Plan shall be final,conclusive

291、 and binding on all persons,including our Company and the Participants.Shares Subject to Plan.The total number of shares of Ordinary Shares reserved under the Plan shall be 5,950,800 Shares(subsequent to the Capitalization Issue)(the“Cap Award Number”).36New Gonow Recreational Vehicles Inc.Annual Re

292、port 2024DIRECTORS REPORT董事會報告倘購股權到期或因其他原因終止而未獲行使，則於全球發售前或董事會釐定的其他較早日期（最後授出日期）前，根據計劃授出的未來獎勵將再次發行該等股份。倘參與者因行使購股權而抵押任何股份作為債務擔保，並於清償債務後將該等股份退還至本公司，則於最後授出日期前，根據計劃授出的未來獎勵將再次發行該等股份。於最後授出日期前未授出的購股權所對應的股份數量將自獎勵數目上限中扣除。購股權行使價。根據計劃，既定參與者的購股權行使價為本公司全球發售中提供予基石投資者價格的70%。歸屬。購股權應按由董事會設定並載於購股權協議中的歸屬時間、條款及條件歸屬，惟購股權應

293、按購股權總數的百分之二十五(25%)分四期等額歸屬。第一個歸屬開始日期與上市日期一致，標誌著初始部分歸屬的開始。隨後三個歸屬日期將於上市日期後每十二個月進行一次，每次分期將增加購股權總數的百分之二十五(25%)。加速歸屬。儘管計劃中有任何相反規定，倘本公司發生控制權變更（定義見下文），則參與者未根據計劃歸屬的購股權將悉數歸屬，以便該等已歸屬購股權於緊接本公司為訂約方的以下任一批準交易生效日之前歸屬：(i)與任何人士或多人合併或併入，包括出售本公司股份，且本公司現有股東不擁有本公司合併總投票權的百分之五十(50%)以上，或(ii)出售、轉讓或以其他方式處置本公司全部或實質上全部資產（控制權變更）

294、，成為可行使且不得沒收?？尚惺剐?。除 加速歸屬 一段及 特別調整或退出機制 一段另有規定外，任何購股權均不得於全球發售前的任何時間或於違反適用法律的情況下行使。To the extent that an Option expires or is otherwise terminated without being exercised,such Shares shall again be available for issuance in connection with future Awards granted under the Plan prior to the Global Offeri

295、ng or other earlier date that the Board determines(the“Latest Granting Date”).If any Shares have been pledged as collateral for indebtedness incurred by a Participant in connection with the exercise of an Option and such Shares are returned to our Company in satisfaction of such indebtedness,such Sh

296、ares shall again be available for issuance in connection with future Awards granted under the Plan prior to the Latest Granting Date.The number of Shares underlying the Options that are not granted by the Latest Granting Date will be deducted from the Cap Award Number.Option Exercise Price.The Exerc

297、ise Price for the given Participant under Plan is discounted to 70%of the price offered to the cornerstone investor in the Companys Global Offering.Vesting.The Options shall become vested at such time or times and subject to such terms and conditions as shall be determined by the Board and reflected

298、 in the Stock Option Agreement,provided that the Options shall be vested four equal installments of twenty-five percent(25%)each of the aggregate number of Options.The first vesting commencement date,marking the start of the vesting for the initial portion,aligns with the Listing Date.The subsequent

299、 three vesting dates will occur every twelve months following the Listing Date,with each installment representing an additional twenty-five percent(25%)of the total Options.Acceleration of Vesting.Notwithstanding anything to the contrary contained in this Plan,if a Change in Control(as defined below

300、)of our Company occurs,the Options of the Participant not vested under the Plan shall vest in full so that such vested Options shall,immediately prior to the effective date of either of the following approved transactions to which our Company is a party:(i)a merger or consolidation with or into any

301、person or persons,including the sale of shares of our Company,in which the existing shareholders of our Company do not possess more than fifty percent(50%)of the total combined voting power of the company,or(ii)the sale,transfer or other disposition of all or substantially all of our Companys assets

302、(the“Change in Control”),become exercisable and non-forfeitable.Exercisability.Except as otherwise provided in paragraph headed“Acceleration of Vesting”and paragraph headed“Special adjustment or exit mechanism”,no Option may be exercised at any time prior to the Global Offering or in violation of ap

303、plicable laws.37新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告行使方式。參與者將來需要行使購股權時，本公司將及時通知付款安排。倘參與者未於規定期限內行使該等購股權，則與此次行使機會相關的部分購股權將被視為無效或註銷。不得轉讓購股權。除非根據遺產及遺產分配法或董事會另行允許，參與者不得出售、轉讓、抵押或出讓任何購股權，於參與者終生所有購股權只能由參與者行使。特別調整或退出機制。參與者在本公司或本公司的附屬公司（參與者以僱員、顧問或董事身份為其提供服務）（服務接受方）工作期間終止僱傭或服務，或申請退出計劃，將對授予參與者的購股權產生以下影響：(i)因故解

304、聘。倘參與者因故被服務接受方終止僱傭或服務，參與者的購股權將於僱傭或服務終止時終止，不論購股權當時是否歸屬、可行使或已行使；就計劃而言，因故 是指涉及以下一項或多項內容的任何行為：(i)參與者未經授權披露本公司或本公司附屬公司的任何商業機密或機密資料，包括但不限於計劃的任何條款及條件以及計劃項下的任何獎勵；(ii)任何參與者實施的行為構成與本公司或其附屬公司的競爭，或誘使任何客戶或供應商違反與本公司或其附屬公司的合約；(iii)參與損害本公司或其附屬公司的利益或聲譽；(iv)本公司或其附屬公司因參與者的深思熟慮或重大過失而遭受重大損失或損害；或(v)參與者犯下任何重罪。Method of Ex

305、ercise.When the Participant will be required to exercise Options in the future,Company will timely notify the payment arrangement.If the Participant does not excise such Options within the prescribed period,the portion of the Options pertaining to this exercise opportunity will be considered void or

306、 canceled.Non-Transferability of Options.Except under the laws of descent and distribution or otherwise permitted by the Board,the Participant shall not be permitted to sell,transfer,pledge or assign any Option,and all Options shall be exercisable,during the Participants lifetime,only by the Partici

307、pant.Special adjustment or exit mechanism.Termination of employment or service,or application to withdraw from Plan while still working in our Company or subsidiary of our Company to which a Participant provides services as an Employee,Consultant or as a Director(the“Service Recipient”),shall have t

308、he following effects on Options granted to the Participants:(i)Dismissal for Cause.If a Participants employment by or service to the Service Recipient is terminated by the Service Recipient for Cause,the Participants Options will terminate upon such termination of employment or service,whether or no

309、t the Option is then vested,exercisable or exercised;For purposes of this Plan,the“Cause”shall mean any act involving one or more of the following:(i)the Participants unauthorized disclosure of any trade secret or confidential information of our Company or its subsidiary of our Company,including wit

310、hout limitation,any term and condition of the Plan and any Award under the Plan;(ii)the commission of an act by any Participant which constitutes competition with our Company or its a of our Company or which induces any customer or supplier to breach a contract with our Company or a subsidiary of ou

311、r Company;(iii)the Participants damage of the interests or reputation of our Company or its Subsidiary;(iv)our Company or a subsidiary of our Companys suffering from material loss or damage due to the Participants deliberation or gross negligence;or(v)the commission of any felony by the Participant.

312、38New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告(ii)其他終止僱傭或服務的情況，或仍於服務接受方工作時申請退出計劃的情況。倘參與者因服務接受方解聘以外的任何原因而終止受僱於服務接受方或為服務接受方服務，或參與者在服務接受方工作期間申請退出計劃：a.倘該等購股權尚未歸屬，則在參與者終止僱傭或服務時，該等購股權將終止並被沒收。購股權終止的股份將歸還計劃。b.倘該等購股權已歸屬，則該等購股權將由參與者擁有，惟不得於本公司上市日期起前六個月內行使。沒收購股權。倘出現以下任何情況，本公司可立即沒收

313、任何尚未行使部分的購股權：(a)根據計劃或購股權協議的其他條款及條件；或(b)倘參與者向董事會提交書面聲明，明確放棄其購股權。修訂及終止。在不違反章程規定的情況下，董事會可修訂、變更或終止計劃，但未經參與者同意，任何修訂、變更或終止均不得損害參與者根據之前授予的任何獎勵所享有的權利。董事會可對之前授予的任何獎勵的條款進行修改，不論為前瞻性修改或追溯性修改，惟根據計劃 計劃標的股份 一段的規定，未經參與者同意，任何該修訂不得損害參與者的權利。(ii)Other Terminations of Employment or Service,or application to withdraw fro

314、m Plan while still working in Service Recipient.If a Participants employment by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient,or a Participant apply to withdraw from Plan while still working in Service Recipient:a.If such Options were

315、 not vested,such options shall terminate and be forfeited upon the Participants termination of employment or service.The Shares subject to the terminated portion of the Option shall revert to the Plan.b.If such Options were vested,such Options shall be owned by the Participant,but shall not be exerc

316、ised during within the first six months from our Companys listing date.Forfeiture of the Options.Any unexercised portion of the Options can be immediately forfeited by our Company under one of the following conditions:(a)Pursuant to other terms and conditions of this Plan or of the Stock Option Agre

317、ement;or(b)If a Participant expressly waives his or her Option by submitting a written declaration to the Board.Amendment and Termination.Subject to provisions of the Articles,the Board may amend,alter or discontinue the Plan,but no amendment,alteration,or discontinuation shall be made that would im

318、pair the rights of a Participant under any Award theretofore granted without such Participants consent.The Board may amend the terms of any Award theretofore granted,prospectively or retroactively,but,subject to paragraph headed“Shares Subject to Plan”of this Plan,no such amendment shall impair the

319、rights of any Participant without his or her consent.39新吉奧房車有限公司2024 年報DIRECTORS REPORT董事會報告根據首次公開發售前購股權計劃授出的尚未行使購股權。根據首次公開發售前購股權計劃授出的尚未行使購股權相關股份數目為5,950,800股股份（經資本化發行擴大），佔本公司總股本約0.62%。附註：(1)購股權數目指資本化發行前與購股權相關的股份數目。(2)接納購股權概無支付代價。股份數目指緊隨資本化發行後本公司股本中經擴大的股份數目。(3)根據首次公開發售前購股權計劃授出的購股權將按已授出購股權總數的25%分四期等額

320、歸屬。第一期將於上市日期歸屬，其後每期將於上市日期後每12個月歸屬一次。(4)根據首次公開發售前購股權計劃授出的購股權可於任何交易日歸屬後行使，惟概無購股權可於上市日期後首六個月內行使，即使該等購股權已歸屬。Outstanding Share Options Granted under the Pre-IPO Share Option Scheme.The number of underlying Shares pursuant to the outstanding share options granted under the Pre-IPO Share Option Scheme amou

321、nted to 5,950,800 Shares(as enlarged by the Capitalization Issue),representing approximately 0.62%of the total share capital of our Company.Numberof options as of January 1,2024Note 1Number of optionsNumber ofShares underlying the outstanding optionsNote 2Approximate%of issued shares immediately aft

322、er completion of the Capitalization Issue and the Global OfferingNamePositionDate of grantVesting periodExercise periodExercise price per ShareFair value per option at the date of grantGranted during the Reporting PeriodNote 1Exercised during the Reporting PeriodNote 1Forfeited during the Reporting

323、PeriodNote 1截至2024年 1月1日的 購股權數目 附註 1購股權數目尚未行使 購股權相關 的股份 數目附註 2緊隨資本化 發行及全球 發售完成後 已發行股份的 概約百分比名稱職務授予日期歸屬期行使期每股行使價於授予日期 每份購股權 的公平值於報告期內 授予附註 1於報告期內 行使附註 1於報告期內 沒收附註 1(RMB)（人民幣元）Directors and senior management董事及高級管理層Liu TaoExecutive Director and chief financial officer of our GroupJuly 1,2024Note 3Note

324、 413.1253.367297,7502,143,8000.223%劉濤本集團執行董事兼首席財務官2024年7月1日附註3附註4Liu QinExecutive Director and general manager of our GroupJuly 1,2024Note 3Note 413.1253.367297,7502,143,8000.223%劉芹本集團執行董事兼總經理2024年7月1日附註3附註4Andrew Robert CrankExecutive Director and general manager of our GroupJuly 1,2024Note 3Note 4

325、13.1253.36762,000446,4000.047%Andrew Robert Crank本集團執行董事兼總經理2024年7月1日附註3附註4Other employees其他僱員Andy HEFinance manager of Regent RVJuly 1,2024Note 3Note 413.1253.36757,000410,4000.043%何其駿Regent RV之財務經理2024年7月1日附註3附註4YI ShanzhenTechnology managerJuly 1,2024Note 3Note 413.1253.36757,000410,4000.043%易善臻技

326、術經理2024年7月1日附註3附註4LI LuyanProcurement deputy managerJuly 1,2024Note 3Note 413.1253.36755,000396,0000.041%李陸晏採購副部長2024年7月1日附註3附註45,950,8000.62%Notes:(1)The number of options represents the number of Shares underlying the options prior to the Capitalization Issue.(2)There is no consideration paid for

327、the acceptance of the options.The number of Shares represents the number of Shares enlarged in the share capital of the Company immediately after the Capitalization Issue.(3)The options granted under the Pre-IPO Share Option Scheme will be vested in four equal installments of 25%of the aggregate num

328、ber of options granted.The first installment will be vested on the Listing Date,and each subsequent installment will be vested every 12 months following the Listing Date.(4)The options granted under the Pre-IPO Share Option Scheme can be exercised after vesting on any trading day but no options may

329、be exercised within the first six months after the Listing Date,even if such options have vested.40New Gonow Recreational Vehicles Inc.Annual Report 2024DIRECTORS REPORT董事會報告所得款項用途全球發售本公司股份於2025年1月13日在聯交所上市，全球發售所得款項淨額約為253.4百萬港元，將用於招股章程所載用途：約63.3%，或160.4百萬港元，將用於建立新生產基地及升級現有生產工廠。隨著我們擴大在澳洲和新西蘭的市場份額，並首

330、次進入歐洲及加拿大新市場，該戰略性生產擴張預計為我們提供所需的基礎設施，以支持我們未來的長期增長，並滿足海外客戶不斷增長的需求；(i)約60.0%或152.0百萬港元將用於建設位於中國浙江的新生產基地，包括：a.約8.3%，或21.1百 萬 港元，將用於購買浙江建立新生產基地的土地使用權，總用地面積超過100,000平方米；b.約23.3%，或59.1百 萬 港元，將用於生產基地的工廠建設；c.約15.0%，或38.1百 萬 港元，將用於生產基地配套倉庫、辦公樓及員工宿舍的建設；d.約13.3%，或33.7百 萬 港元，將用於購買製造設備及系統，以營運我們的新生產工廠。USE OF PROCE

331、EDSThe Global OfferingWith the Shares of the Company listed on the Stock Exchange on January 13,2025,the net proceeds from the Global Offering were approximately HK$253.4 million,which will be utilized for the purposes as set out in our Prospectus.:Approximately 63.3%,or HK$160.4 million,will be all

332、ocated to construct a new production base and upgrade our existing production facilities.This strategic production expansion is expected to provide us with the infrastructure needed to support our future growth in the long run and to meet the growing demand from overseas customers as we widen our ma

333、rket share in Australasia and make maiden entrance into new markets in Europe and Canada;(i)approximately 60.0%,or HK$152.0 million,will be used to construct our new production base in Zhejiang,China,including:a.approximately 8.3%,or HK$21.1 million,to be used for the purchase of land use rights for our new production base in Zhejiang,with a total site area of more than 100,000 sq.m.;b.approximate