1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The company's performance has shown significant growth, with its 2024 annual revenue reaching 4.465 billion yuan, a year - on - year increase of 19.15%, and net profit attributable to shareholders of 394 million yuan, a year - on - year increase of 68.89%. In Q1 2025, revenue was 1.101 billion yuan, a year - on - year increase of 25.41%, and net profit attributable to shareholders was 91 million yuan, a year - on - year increase of 62.13% [25]. - The company's global strategic layout effectively reduces the impact of trade policy changes. The current tariff adjustment has a controllable impact on the company, and relevant orders will be transferred to the Cambodian factory [26][29]. - The company's overseas construction projects are advancing rapidly. The second production line of the Canadian factory is planned to be completed in the second half of 2025, and the second US factory will be completed in 2026 [30]. - The company's self - owned brand business has achieved remarkable growth, expanding its global market coverage to 73 countries in 2024. It will continue to expand potential markets such as Southeast Asia and the Middle East and Africa [31]. - The company will maintain investment in self - owned brand development, focusing on the accuracy and effectiveness of investment, and adjust resource allocation according to market changes [32]. - The company has established a sound exchange - rate risk management mechanism to deal with exchange - rate fluctuations [33]. - The company decides not to exercise the early redemption right of "Zhongchong Convertible Bond 2" and will not exercise it again within 12 months if the conditional redemption clause is triggered [33]. - In the domestic pet food market, although foreign brands have an advantage, domestic brands are rising, and the market concentration is gradually increasing [34][38]. - The company's global supply chain and business layout enhance its risk - resistance ability, and its dependence on a single customer or business is lower than the industry average [38][39]. - The company attaches great importance to investor returns, with an expected total cash dividend of 146.93835645 million yuan in 2024, accounting for 37.31% of the 2024 annual net profit attributable to the mother [40]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Zhongchong Co., Ltd., belonging to the agricultural, livestock, and fishery industry. The reception time was May 15, 2025 [16]. 3.2 Detailed Research Institutions - The reception object is all investors participating online in the 2025 Shandong - area listed companies' online collective investor reception day, with the type being "other" [19]. 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - **Performance Introduction**: In 2024, the company's annual revenue was 4.465 billion yuan, a year - on - year increase of 19.15%, and net profit attributable to shareholders was 394 million yuan, a year - on - year increase of 68.89%. In Q1 2025, revenue was 1.101 billion yuan, a year - on - year increase of 25.41%, and net profit attributable to shareholders was 91 million yuan, a year - on - year increase of 62.13% [25]. - **Tariff Impact**: The company's global strategic layout forms a sound tariff response system. The current tariff adjustment only affects the company's domestic exports to the US, which accounts for a low proportion of the overall revenue, and the impact is controllable [26][29]. - **Overseas Construction Projects**: The expansion of the Canadian factory's production capacity and the construction of the second US factory are accelerating. The second production line of the Canadian factory is planned to be completed in the second half of 2025, and the second US factory will be completed in 2026 [30]. - **Overseas Self - owned Brand Development Strategy**: In 2024, the company's self - owned brand business grew significantly, expanding its global market coverage to 73 countries. It will continue to expand potential markets such as Southeast Asia and the Middle East and Africa [31]. - **Sales Expense Investment**: The company will maintain investment in self - owned brand development, focusing on the accuracy and effectiveness of investment, and adjust resource allocation according to market changes [32]. - **Exchange - rate Impact**: The company's overseas business is mainly settled in US dollars and some other foreign currencies. Exchange - rate fluctuations will have a certain impact on the company, but it has established a sound exchange - rate risk management mechanism [33]. - **Convertible Bond Plan**: The company decides not to exercise the early redemption right of "Zhongchong Convertible Bond 2" and will not exercise it again within 12 months if the conditional redemption clause is triggered [33]. - **Domestic Pet Food Market Pattern**: In the domestic pet food market, foreign brands have an advantage, but domestic brands are rising, and the market concentration is gradually increasing [34][38]. - **Risk - resistance Ability**: The company's global supply chain and business layout enhance its risk - resistance ability, and its dependence on a single customer or business is lower than the industry average [38][39]. - **Investor Returns**: The company attaches great importance to investor returns, with an expected total cash dividend of 146.93835645 million yuan in 2024, accounting for 37.31% of the 2024 annual net profit attributable to the mother [40].

Group 1: Report General Information - The research object is Langxin Technology, belonging to the Internet service industry, and the reception time was May 15, 2025. The listed company's reception staff included the host, Langxin Group's director and general manager Zheng Xinbiao, director and deputy general manager Peng Zhiping, secretary of the board and deputy general manager Wang Shenyong, chief financial officer Lu Qingfang, and independent director Lin Le [16] Group 2: Research Institution Details - Langxin Technology's 2024 annual performance briefing was conducted remotely online, targeting all investors [19] Group 3: Core Views and Industry Outlook - In 2024, due to the divestment and restructuring of non - core businesses, the company's revenue was 4.479 billion yuan, a year - on - year decrease of 5.24%, and the net profit attributable to shareholders of the listed company was - 250 million yuan. However, the energy - related core business maintained stable operations, with an operating net cash flow of about 554 million yuan [24] - Future profit growth will be driven by the new round of investment in power energy from the construction of new power systems and AI technology applications. The company's energy digitalization business is building a new growth curve [24] - In the energy Internet field, based on the "user - scenario - market" business dual - flywheel strategy, the company will expand the scale of power user connections in multiple scenarios, achieving continuous growth in value [25] - The power energy industry is experiencing profound changes. With the advancement of the "dual - carbon" strategy, the construction of new power systems and the integration of digital and intelligent technologies, especially the breakthroughs in AI, will bring significant opportunities for the industry [28] - Langxin Group, as a leading technology enterprise in the power energy field, focuses on the dual - wheel development strategy of energy digitalization and energy Internet, aiming to become an AI - driven leading technology energy enterprise [28]

Group 1: Report Basic Information - The research object is Shanghai Ganglian, and the industry is Internet services. The reception time is May 15, 2025. The listed company's reception staff includes the chairman, general manager, independent director, and secretary of the board and chief financial officer [17] Group 2: Core Views - The company promotes the digital transformation and upgrading of the bulk commodity industry through industrial data services and steel trading services, and the management is confident in the company's future development [24] - In 2025, the industrial data service business will deepen services, integrate multi - dimensional data, rely on AI and Ganglian EBC products, expand application scenarios, and accelerate international layout; the steel trading service will increase revenue by expanding the consignment business scale and extending the Gangyin ecological service [24] - The company will continue to increase R & D investment in artificial intelligence and big data technology to enhance data processing and analysis capabilities [24] - The company uses AI technology, process digital reconstruction, and product innovation for cost - reduction and efficiency - improvement, and the "Xiaogang" digital intelligent assistant has achieved results [25] - In 2025, the company will strengthen quality and standardization construction in industrial data services, innovate in steel trading services, and expand overseas markets with Singapore as the hub [26] - The company's revenue decline in 2024 was affected by the steel industry's operating situation, and the 2025 performance should be followed in the regular reports [26] Group 3: Summary by Directory 01. Research Basic Situation - The research object is Shanghai Ganglian in the Internet service industry, received on May 15, 2025, by the chairman, general manager, independent director, and secretary of the board and chief financial officer [17] 02. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Information - The company responded to investors' questions, covering aspects such as 2025 growth points, cost - reduction and efficiency - improvement,股权激励 plans, 2025 business highlights, reasons for 2024 revenue decline, and 2025 budgeted revenue growth [24][25][26]

Group 1: Report Overview - The research is about Shandong Mining Machinery in the special equipment industry, and the research date is May 15, 2025 [1][2][17] Group 2: Research Details 1. Basic Research Information - The research object is Shandong Mining Machinery, belonging to the special equipment industry. The reception time is May 15, 2025, and the reception staff are the secretary of the board Qin Decai and the securities representative Zhang Lili [17] 2. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 3. Investor Questions and Company Responses - **Globalization Strategy**: The company uses its advantages, forms professional teams, participates in foreign industry exhibitions, and invites customers to visit. It has entered foreign markets and promoted business development through project radiation and word - of - mouth. It will seek cooperation in the whole industry chain and broader fields [24] - **Industry Outlook**: With the deepening of coal reform, the coal - machine manufacturing industry will combine modern information technologies such as big data, artificial intelligence, and the Internet of Things with products, enhancing competitiveness [24] - **Intelligent Bulk Material Conveying Equipment Business**: The business has developed rapidly. In 2024, the operating income was 291 million yuan, a year - on - year increase of 32.49%. The products have high intelligence and automation, and have entered the international market [24][25] - **Company Business**: Shandong Mining Machinery is a diversified group company mainly engaged in coal - machine production and sales, along with businesses such as intelligent bulk material conveying equipment, building materials machinery, packaging and printing machinery, and precision machining [25] - **Progress in Intelligent Products in 2024**: The self - developed electro - hydraulic control system achieved multiple sales. Many new products were developed and upgraded. Wireless sensors and controllers were developed, and relevant licenses and certifications were obtained [25][26] - **New Profit Growth Points**: The company will implement the "Five - Transformation Strategy", deepen the "Accessories Strategy", increase R & D investment, carry out technological innovation, and seek the integration of capital and industry [26]

Group 1: General Information - The research was conducted on Yizumi, a company in the special equipment industry, on May 15, 2025 [1][8] - Participating research institutions include Debon Securities Asset Management, Huatai Securities Asset Management, Danshuiquan, Harvest Fund, Sigma AM, etc [2] - The company was received by Secretary of the Board Xiao Deyin and Assistant to the Securities Affairs He Wenjie [8] Group 2: Investment Highlights 2024 Injection Molding Machine Sales - In 2024, the injection molding machine industry developed steadily, with an expanding market scale and continuous technological innovation. The company's injection molding machine sales revenue reached 3.5552039 billion yuan, a year - on - year increase of 28.80%, accounting for 70.22% of the total sales [15] Overseas Market - The company adheres to a global strategy, with over 40 overseas distributors and business covering more than 90 countries and regions. In 2024, the export revenue was 1.394559 billion yuan, a year - on - year increase of 27.45% [15][16] - The company has established factories in India, a R & D center in Germany, service centers in Brazil and Vietnam, etc. It will further expand overseas market share [16][17][21] Production Capacity - Domestically, the company has multiple production bases in Guangdong and Jiangsu, and plans to build an East China production base in Nanxun, Zhejiang [17] - Overseas, there are production facilities in the US, India, and Mexico. A supply chain management center has been established to ensure supply chain stability [17][18] Product Competitiveness - The company emphasizes R & D, with R & D expenses in 2024 reaching 245.8621 million yuan, a year - on - year increase of 15.78%, accounting for 4.86% of total revenue [18] - It uses a direct sales model and a YFO service system, and is transforming from a host provider to a system solution provider [19] Automation and Intelligence - The company provides intelligent manufacturing solutions for customers, integrating industrial IoT, network security, big data, etc. It has invested in smart factories and is planning more advanced facilities [19][20] Downstream Industries - The largest downstream industry is the automotive industry. The 3C, home appliance, and daily necessities industries are also developing well, which makes the company confident about 2025 [20] Impact of US Tariff Policy - In 2024, the company's US market revenue accounted for less than 3% of total revenue, so the direct impact of US tariff policy is small [20]

九识（苏州）智能科技有限公司创 投报告 主要产品/项⽬：- 更新时间：2025/05/14 九识（苏州）智能科技有限公司 存续（在营、开业、在册） 股权投资 法定代表⼈： 崔霄 成⽴⽇期： 2021-08-10 统⼀社会信⽤代码： 91320594MA26R5BM7D 简介： 城配⾃动驾驶产品研发及应⽤服务商 主要产品/项⽬： - 官⽹链接： - 公司简称： - 融资信息(4) | 融资⽇期 | 融资轮次 | 融资⾦额 | 投资机构 | 新闻链接 | | --- | --- | --- | --- | --- | | 2022-08-15 | 股权投资 | 30000000美元 | | 京东物流⽆⼈⻋⻣⼲出⾛，在苏州 单⻜创业，已获3000万美元投资 | | | | | 美团 百度⻛投 | | | | | | Unicorn | 九识智能完成近1亿美元A轮融 | | 2024-02-27 | A轮 | 近100000000美元融资 | 闲庭基⾦ | | | | | | 索道投资 | 资，引领城配智能⻋产业发展 | | | | | 蓝湖资本 | | | | | | 建发集团 | | | 2024-11-11 | ...

Group 1: Research Basic Information - The research object is Wanliyang, belonging to the automotive parts industry, with a reception time of May 13, 2025. The listed company's reception staff includes the Financial Controller, Board Secretary Zhang Leigang, and Strategic Center Director Xu Wanhong [16] Group 2: Detailed Research Institutions - The research institutions include Yinshi Finance, Shaanxi Olympus, Taihu County People's Government, Guoyuan Securities, Hangzhou Added - value Investment, and Mingde Capital, along with their corresponding types and related personnel [17] Group 3: Main Content Company Business Scope - The company's business includes automotive parts and new energy storage business. The automotive parts business involves R & D, production, and sales of automotive transmission and drive system products, non - highway transmission/drive system products, and parts export business. The new energy storage business includes power generation - side energy storage power stations, grid - side independent energy storage power stations, user - side energy storage power stations, and power trading [22][23][24] Shareholding of Top Ten Shareholders - Anhui Guoyuan Trust Co., Ltd. - Guoyuan Trust - Anrui No. 1 Single Fund Trust and China Resources Shenzhen International Trust Co., Ltd. - China Resources Trust · Huaying No. 16 Single Fund Trust are trust products established by Anhui Chery Automobile Sales Co., Ltd., a wholly - owned subsidiary of Chery Automobile Co., Ltd., as the sole trustee, and are affiliated parties and concerted actioners of Chery Automobile Co., Ltd. [25] Robot Parts Business - The company has established an industrialization team for robot reducer products, aiming to enrich product models, promote industrialization, and increase market share [27] Heavy - Truck Transmission Business - The company has developed a full range of heavy - truck transmission products and is conducting vehicle - model installation tests and calibration work. As the supporting vehicle models are gradually mass - produced, production and sales will increase [28] Light - Truck Transmission Business - In addition to the stable development of existing light - truck manual products, the company is actively developing electrified products. Currently, the production and sales demand for light - truck transmission products is strong [29] Passenger - Car Transmission Business - In 2024, the direct export sales of the company's passenger - car transmission products increased significantly year - on - year. The company will continue to develop overseas customers and promote the growth of overseas business revenue. It is also developing pure - electric passenger - car EV reducers and related products [30] New Energy Storage Business - The company's grid - side independent energy storage power stations in Zhaoqing, Guangdong and Yiwu, Zhejiang have been put into operation. The company is promoting new project development in Guangdong, Hainan, and Zhejiang, and developing market - oriented operation and maintenance services for energy storage power stations [31] Core Competitiveness - The company has been deeply involved in the automotive parts industry for nearly 30 years, with a full range of products, comprehensive capabilities, a complete supply chain and sales network, strong large - scale manufacturing and quality control capabilities, and continuously enhanced market competitiveness and sustainable development capabilities [32]

Group 1: Research Basic Information - The research object is GuaiBao Pet, and the reception time is May 13, 2025. The listed company's reception staff includes the Chief Financial Officer Yuan Xue, the Board Secretary Wang Peng, the Independent Director Zhai Yueling, and the Sponsoring Representatives Chen Fenghua and Sun Xiyun [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the online performance briefing of GuaiBao Pet in 2024 via online and telephone, and the type is others [19] Group 3: Main Content Company's Operating Performance in 2024 - In 2024, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to the parent company of 625 million yuan, a year-on-year increase of 45.68%. The self-owned brand business revenue was 3.545 billion yuan, a year-on-year increase of 29.14% [23] Company's Performance in Q1 2025 - In Q1 2025, the company achieved an operating income of 1.48 billion yuan, a year-on-year increase of 34.82%, and a net profit attributable to shareholders of the listed company of 204 million yuan, a year-on-year increase of 37.68% [23] Company's Dividend Plan - In 2024, the company conducted two dividends, with a cumulative cash dividend of over 200 million yuan, accounting for 32.02% of the company's net profit attributable to the parent company in 2024. The Second Board Meeting of the Ninth Session has reviewed and approved the proposal to authorize the board to formulate the mid - year dividend matters for 2025 [23] Thailand Factory's Situation - The original factory in Thailand is currently at full capacity. The new factory project in Thailand will cost about 200 million yuan and is expected to be put into production in June this year, doubling the production capacity in Thailand. The company is also planning to build a research and development center in Thailand, and the budget for this part is being calculated [23][25] Company's Internal Optimization - The company will focus on two aspects: accelerating digital transformation to improve operational efficiency and implementing continuous incubation of strategic organizational capabilities and talent echelons and optimizing the incentive mechanism [25]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The company is optimistic about the future profitability growth, with expected steady revenue growth, scale - effect enhancement through product platformization, and cost control by increasing raw material self - production ratio [36]. - The automotive parts industry is closely related to vehicle production and sales. In 2024, the European, Chinese, and North American automotive markets had different trends, and the A - share automotive parts industry showed growth [42]. - The company's global production layout helps it avoid over - reliance on a single country or market, and its advantage is emerging under the background of US tariff increases [28]. - Solid - state batteries are in the stage of accelerated industrialization, and it is expected that a critical turning point will be reached in the next few years [43]. 3. Summary According to the Table of Contents 3.1 Basic Research Situation - The research object is Del股份, belonging to the automotive parts industry. The reception time is May 8, 2025, and the listed company's reception personnel include the chairman, general manager, board secretary, financial director, independent director, and sponsorship representative [16]. 3.2 Detailed Research Institutions - The research institutions are investors participating in the company's 2024 annual report online performance briefing [19]. 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data 3.4.1 Solid - state Battery Progress - The company has built a solid - state battery sample trial - production line in Shanghai and is conducting various technical tests. It can customize solutions for customers according to different application scenarios and technical requirements. The follow - up pilot line and mass - production line bases will be advanced based on customer development verification and market demand [23][25][26]. - The company's solid - state battery Shanghai trial - production line and the R & D in Japan are carried out collaboratively [42]. - As of the first quarter of this year, the solid - state battery sample trial - production line has been built, and it is expected that a critical turning point will be reached in the next few years [43]. 3.4.2 Business Cooperation - In August 2024, the company signed a "Solid - state Battery Strategic Cooperation Agreement" with Jiangxi Jiangling Group New Energy Vehicle Co., Ltd., and is in continuous technical docking [27][40]. - The company is open to cooperation with downstream customers in various fields such as new energy vehicles, robots, and energy storage [38][51][53]. 3.4.3 Financial and Operating Conditions - In 2024, the company achieved an operating income of 4.513 billion yuan, a year - on - year increase of 4.98%, and a net profit attributable to the parent of 32.42 million yuan, a year - on - year increase of 151.73% [30][35][42]. - As of March 31, 2025, the total number of the company's shareholders was 29,076 [30]. - In 2025, the company's first - quarter operating income was 1.22 billion yuan, with a gross profit margin of 19.74% and a net profit attributable to the parent of 22.74 million yuan, with a net profit margin of 1.86% [53]. 3.4.4 Product and Market Analysis - The company's solid - state battery sample has an energy density of 260Wh/kg, high safety, simple process, and cost advantages [59]. - The company's battery flame - retardant materials have been supplied to new - energy vehicle models of vehicle manufacturers, but not to Xiaomi cars [63]. - The company's automotive electronic products include electronic control and body electronic products, with an operating income of 68 million yuan in 2024, accounting for 1.52% of the total operating income [61][62]. 3.4.5 Company Strategy and Future Plans - The company adheres to the strategy of "focusing on the automotive industry", with a wide product layout. In the next stage, it will increase R & D investment, strengthen market expansion, and improve management efficiency [55][56]. - The company will continue to focus on new - energy vehicle - related product R & D and market promotion, including consolidating the market position of new - energy drive unit cooling and lubrication electronic pumps, and accelerating the development of solid - state batteries [56].