交银国际研究 财务模型更新 资料来源：FactSet，公司资料，交银国际预测 收盘价 目标价 潜在涨幅 港元 3.95 港元 3.36↓ -14.9% 新能源 2024 年 9 月 2 日 凯盛新能 (1108 HK) 2 季度亏损加大，维持中性 我们下调了凯盛新能的盈利预测及估值。我们认为光伏玻璃价格将在较长时 间内维持低位，因此维持公司中性评级，考虑到玻璃价格跌幅超预期，基于 0.43 倍 2024 年市净率（相比龙头福莱特（6865 HK）目前的 0.97 倍折让约 55%，这一幅度为今年以来平均水平），下调目标价至 3.36 港元。 2 季度亏损加大，和龙头毛利率差距扩大：公司 2 季度归母净亏损 4843 万 元，相比 1 季度的 635 万元亏损加大，符合业绩预告，低于我们预期，收 入环比增长 7.2%，毛利率 5.9%，环比下降 2.3 个百分点，创出新低，并计 提 2606 万元存货减值。公司上半年光伏玻璃产/销量 1.96/1.94 亿平米，同 比增长 27%/31%，毛利率 6.9%，相比龙头 21%以上的毛利率，差距扩大。 公司 4 月点火洛阳 1200 吨产线，7 月冷修合肥 650 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨凯盛新能（1108.HK） [Table_Title] 价格回落，盈利阶段承压 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024 年上半年公司实现收入 29.79 亿，同比增长 7.2% ；归属净利润 -0.55 亿，同比下降 142.6% ； | | | 扣非业绩 -0.66 亿，同比下降 341.9% 。 | | | | | | 折合 Q2 单季实现收入 15.4 亿，同比增长 13.9% ；归属净利润 -0.48 亿，同比下降 141.6% ； 扣非业绩 -0.56 亿，同比下降 332.6% 。 | | 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SA ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,978,823,318.67, representing a 7.20% increase compared to CNY 2,778,818,294.04 in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 54,781,826.93, a decline of 142.55% from a profit of CNY 128,742,580.09 in the previous year[3]. - The net cash flow from operating activities was a negative CNY 18,666,750.36, compared to a negative CNY 384,739,037.08 in the same period last year[3]. - The total operating revenue for the first half of 2024 reached CNY 2,978,823,318.67, an increase of 7.2% compared to CNY 2,778,818,294.04 in the same period of 2023[17]. - The net loss for the first half of 2024 was CNY -47,988,135.24, a significant decline from a net profit of CNY 154,323,065.19 in the first half of 2023[18]. - The company's basic earnings per share for the first half of 2024 was CNY -0.08, down from CNY 0.20 in the first half of 2023[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,782,640,526.03, an increase of 2.86% from CNY 12,427,698,664.06 at the end of the previous year[3]. - The total liabilities reached CNY 7,777,382,286.98, up from CNY 7,374,452,289.77, marking an increase of about 5.5%[13]. - The total current liabilities rose to CNY 4,688,781,416.69 from CNY 4,154,613,359.37, indicating an increase of around 12.8%[13]. - The total equity attributable to the owners of the company decreased to CNY 4,572,369,639.62 from CNY 4,627,151,466.55, reflecting a decline of approximately 1.2%[13]. - The company's asset-liability ratio at the end of the reporting period was 60.84%, an increase of 1.50 percentage points from the end of 2023[74]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 33,059[4]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 249,168,789 shares, representing 38.59% of the total shares[7]. - The second largest shareholder, China Luoyang Float Glass Group Co., Ltd., holds 111,195,912 shares, representing a significant stake in the company[8]. Research and Development - Research and development expenses for the first half of 2024 were CNY 115,510,391.60, compared to CNY 107,234,562.42 in the same period of 2023, marking an increase of 7.5%[17]. - The company successfully developed a new 1.6mm anti-glare high-transparency photovoltaic glass product and launched it in the market[75]. - The company aims to enhance market expansion and product structure optimization as key strategies for growth in the second half of 2024[76]. Cash Flow - Total cash inflow from operating activities for the first half of 2024 was CNY 2,363,111,855.16, an increase of 9.0% compared to CNY 2,167,556,897.62 in the same period of 2023[22]. - Cash inflow from financing activities totaled CNY 1,644,751,691.49 in the first half of 2024, down 30.7% from CNY 2,374,071,620.92 in the same period of 2023[25]. - Cash flow from investing activities showed a net outflow of CNY -303,774,360.51 for the first half of 2024, compared to a net outflow of CNY -396,342,810.15 in the same period of 2023[21]. Market and Product Development - The company has not reported any new product developments or market expansion strategies in this earnings call[2]. - Future outlook and performance guidance were not explicitly detailed in the earnings call[2]. - The company has plans for market expansion and new product development, although specific figures and timelines were not disclosed in the conference call[11]. Operational Metrics - The company's photovoltaic glass production reached 196 million square meters, with sales of 194 million square meters, representing year-on-year growth of 27% and 31% respectively[75]. - The main business revenue from photovoltaic glass is CNY 2,954,116,003.29, up from CNY 2,643,523,297.53, indicating a growth of about 11.7%[49]. - The profit margin from the photovoltaic glass segment shows a loss of CNY 17,371,028.52, indicating challenges in profitability[43]. Compliance and Governance - The company strictly adheres to corporate governance codes to ensure compliance[96]. - The financial statements are prepared based on the going concern assumption according to the accounting standards issued by the Ministry of Finance of China[32].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨凯盛新能（ ） 1108.HK [Table_Title] 淡季盈利下降，产能持续扩张 Q1 报告要点 [公Ta司ble2_0S2u4m年mQar1y]实现收入14.38亿，同比增长0.8%；实现归属净利润亏损635万元，同比下 降151.04%；扣非归属净利润亏损926万元，同比下降419%。 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年4月30日 港元5.80 港元4.98↓ -14.1% 凯盛新能 (1108 HK) 1 季度业绩低于预期，和龙头毛利率差距扩大，下调目标价  1 季度业绩低于预期，和龙头毛利率差距扩大：公司2024年1季度收入 个股评级 14.4 亿元人民币（下同），同比/环比+0.8%/-22.9%，归母/扣非净亏损 中性 0.06/0.09亿元，同比下降151%/419%，2022年以来首次单季亏损，低于 我们预期，主要是由于毛利率、销量低于预期。公司1季度冷修850吨老 1年股价表现 产线，光伏玻璃产量环比小幅下降，同时由去年4季度的销大于产转为产 大于销，导致销量下降。根据卓创资讯，1季度2.0毫米光伏玻璃均价环 1108 HK 恒生指数 10% 比下跌9%，导致毛利率创出8.2%的多年新低，同比/环比下降1.7/3.6个百 0% 分点，和龙头福莱特的差距环比扩大1.6个百分点至13.3个百分点。销售/ -10% -20% 管理/研发/财务费用率0.4%/2.6%/3.8%/1.4%，同比-0.2/+0.1/-0.3/+0.2个百 -30% 分点 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,437,775,429.95, representing a year-on-year increase of 0.80% compared to RMB 1,426,425,959.62 in the same period last year[2] - The net profit attributable to shareholders was a loss of RMB 6,353,117.41, a decline of 151.04% from a profit of RMB 12,446,203.87 in the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 9,261,251.99, compared to a profit of RMB 2,899,850.66 in the same period last year, marking a decrease of 419.37%[2] - Total revenue for Q1 2024 was approximately CNY 1.44 billion, a slight increase of 0.9% compared to CNY 1.43 billion in Q1 2023[19] - Net profit for Q1 2024 was CNY 1.21 million, a significant decrease of 94.5% compared to CNY 21.79 million in Q1 2023[20] - The company's basic earnings per share for Q1 2024 was -CNY 0.0098, compared to CNY 0.0193 in Q1 2023[20] Assets and Liabilities - The total assets at the end of the reporting period were RMB 12,364,578,491.85, a decrease of 0.51% from RMB 12,427,698,664.06 at the end of the previous year[2] - The total liabilities decreased slightly to RMB 7,310,122,681.99 from RMB 7,374,452,289.77, a reduction of about 0.87%[16] - The company's short-term borrowings increased to RMB 917,962,482.38 from RMB 760,656,246.99, marking an increase of approximately 20.66%[15] - Non-current assets totaled RMB 8,136,591,308.50, a slight increase from RMB 8,113,333,811.14, reflecting a growth of about 0.29%[14] - The company's total equity increased slightly to approximately CNY 5.05 billion as of March 31, 2024, compared to CNY 5.05 billion as of December 31, 2023[17] Cash Flow - The cash flow from operating activities showed a net outflow of RMB 74,387,649.98, compared to a net outflow of RMB 204,756,028.87 in the previous year[5] - The company reported a net cash flow from operating activities of approximately -CNY 74.39 million in Q1 2024, an improvement from -CNY 204.76 million in Q1 2023[22] - Cash inflow from financing activities in Q1 2024 was approximately CNY 218.47 million, a decrease from CNY 765.41 million in Q1 2023[23] - The cash flow from financing activities decreased by 71.46% to RMB 218,465,452.70 from RMB 765,414,897.09, reflecting tighter control over financing needs[5] Inventory and Receivables - The company reported a significant decrease in accounts receivable, which dropped by 100% to RMB 0.00 from RMB 187,071,244.67[5] - Accounts receivable rose to RMB 1,371,495,421.79, up from RMB 1,290,872,150.78, indicating an increase of approximately 6.27%[13] - The company's inventory increased to RMB 813,781,497.71 from RMB 686,887,235.96, representing a rise of approximately 18.46%[13] Construction and Development - The construction in progress increased by 55.95% to RMB 2,764,436,946.12 from RMB 1,772,629,520.09, attributed to the completion of production line upgrades[5] - The company reported a significant increase in construction in progress, rising to RMB 2,764,436,946.12 from RMB 1,772,629,520.09, which is an increase of approximately 55.91%[14] Government Support and Expenses - The company received government subsidies amounting to RMB 3,253,243.41, which positively impacted its financial performance[3] - Research and development expenses for Q1 2024 were approximately CNY 54.51 million, down 6.3% from CNY 58.20 million in Q1 2023[19] Cash and Equivalents - The company's cash and cash equivalents increased to RMB 282,195,265.62 from RMB 273,462,436.65, representing a growth of about 3.67%[13] - Cash and cash equivalents increased by 34,171,418.77 in Q1 2024, compared to a decrease of 299,747,276.63 in Q1 2023[24] - The ending balance of cash and cash equivalents for Q1 2024 is 263,328,163.42, down from 785,295,092.74 in Q1 2023[24] - The impact of exchange rate changes on cash and cash equivalents was 729,400.08 in Q1 2024, compared to 180,364.62 in Q1 2023[24]

Financial Performance - The net profit attributable to shareholders for the year 2023 is RMB 394.72 million, with an undistributed profit at the beginning of the year of RMB -245.43 million, resulting in an undistributed profit at the end of 2023 of RMB 149.29 million[3]. - The company achieved a net profit of RMB 70.90 million in 2023, with an undistributed profit at the beginning of the year of RMB -727.57 million, leading to an undistributed profit at the end of 2023 of RMB -656.67 million[3]. - The company’s operating revenue for 2023 reached ¥6,595,249,704.60, representing a year-on-year increase of 31.12% compared to ¥5,030,111,246.27 in 2022[14]. - Net profit attributable to shareholders of the listed company was ¥394,720,559.20, a decrease of 3.50% from ¥409,038,651.70 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 88.38% to ¥191,660,805.24 from ¥101,741,061.75 in 2022[14]. - The total assets of the company at the end of 2023 were ¥12,427,698,664.06, up 17.62% from ¥10,565,902,910.42 at the end of 2022[15]. - The net assets attributable to shareholders of the listed company increased by 9.33% to ¥4,627,151,466.55 from ¥4,232,430,907.35 in 2022[15]. - The basic earnings per share for 2023 was ¥0.61, a decrease of 3.17% compared to ¥0.63 in 2022[16]. - The cash flow from operating activities for 2023 was ¥143,506,267.94, a significant recovery from a negative cash flow of ¥398,045,232.39 in 2022[14]. - The company reported a total profit of RMB 501,373,624.88 for 2023, which is an increase of 6.4% from RMB 470,266,646.75 in 2022[64]. Dividend and Profit Distribution - The board of directors does not recommend the distribution of dividends for the year ending December 31, 2023[3]. - The company plans not to conduct profit distribution or capital reserve transfer to increase share capital for the year 2023[3]. - During the reporting period, there were no profit distribution or capital reserve transfer plans[125]. Risk Management - There are no significant risks that could materially affect the company's production and operations during the reporting period[3]. - The company has detailed the potential risks and countermeasures in the "Management Discussion and Analysis" section of the report[3]. - The company anticipates that the new photovoltaic glass demand will continue to grow steadily due to the increasing installation capacity and the rising penetration rate of double-glass modules[71]. - The company plans to respond to industry risks by enhancing cost control and product innovation, as well as optimizing production line layout[74]. - The company is expected to see new engineering project risks related to funding, construction progress, and market operation during the initial production phase[74]. Research and Development - Research and development investment totaled RMB 262 million, accounting for 3.97% of operating income[22]. - The company launched 72 technical innovation projects and applied for 89 new patents during the year[22]. - Research and development expenses rose to CNY 251,522,948.01, a significant increase of 44.73% year-on-year, indicating continued investment in R&D[28]. - Total R&D investment accounted for 3.97% of operating revenue, with capitalized R&D expenses making up 10.09% of total R&D investment[45]. - The number of R&D personnel was 605, representing 15.92% of the total workforce[47]. Environmental Responsibility - The company invested approximately 52.5 million RMB in environmental protection during the reporting period[140]. - The company has established a mechanism for environmental protection and is listed as a key pollutant discharge unit by local environmental authorities[140]. - The company adheres to specific pollutant discharge standards, including particulate matter ≤50 mg/m³ for existing projects and ≤30 mg/m³ for new projects[143]. - The company’s wastewater discharge standards include a COD limit of ≤500 mg/L and a pH range of 6 to 9[143]. - The company has implemented a comprehensive pollution control strategy, including dry desulfurization and integrated dust removal systems[147]. - The company is committed to green development, focusing on low consumption, high efficiency, and reduced emissions in its growth strategy[162]. Corporate Governance - The board of directors consists of 11 members, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors[80]. - The company has established a robust internal control system to ensure compliance with laws and regulations, asset security, and the accuracy of financial reporting[85]. - The company has adopted and strictly adhered to the Corporate Governance Code, enhancing its governance structure and practices[79]. - The company emphasizes the protection of minority shareholders' rights through active communication and timely responses to investor inquiries[84]. - The company has implemented a registration system for insider information to prevent insider trading effectively[82]. Financial Audit and Compliance - The audit report issued by the accounting firm is a standard unqualified opinion[3]. - The company has engaged an external auditor to assess the effectiveness of its internal control over financial reporting[86]. - The internal control audit report issued a standard unqualified opinion[129]. - The company has confirmed compliance with disclosure regulations regarding related transactions as per the listing rules[195]. Employee and Management Structure - The company has a total of 3,801 employees, with 405 holding a bachelor's degree or higher[122]. - The company has established a two-tier training system to enhance employee skills and business capabilities, combining internal and external training methods[124]. - The company has a robust management team with extensive experience in finance, engineering, and project management, which is crucial for strategic decision-making[92]. Related Party Transactions - The company has established a framework agreement for continuous related transactions, with a maximum expected transaction amount of 70,000 million RMB for deposit services from China National Building Material Finance Company, with actual transactions of 37,639 million RMB[198]. - The auditor confirmed that all related party transactions were approved by the board and complied with the group's pricing policy[200]. - All ongoing related party transactions did not exceed the previously disclosed annual limits[200].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨凯盛新能（ ） 1108.HK [Table_Title] 销量高增，盈利改善 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]报：全年实现收入65.95亿，同比增长31.12%；实现归属净利润3.95亿， 同比下滑3.50%；扣非归属净利润1.92亿，同比增长88.38%。 折合Q4单季实现收入18.64亿，同比增长12.48%；实现归属净利润1.97亿，同比增长32.96%； 扣非归属净利润1.02亿，同比增长31.22%。 ...

Financial Performance - Operating revenue for the current period reached RMB 6,595,249,704.60, a 31.1% increase from RMB 5,030,111,246.27 in the previous period[9] - Net profit attributable to shareholders for the current period was RMB 394,720,559.20, a decrease of 3.9% compared to RMB 409,038,651.70 in the previous period[10] - Total profit for the current period was RMB 501,373,624.88, compared to RMB 470,266,646.75 in the previous period, reflecting a growth of 6.4%[9] - Basic earnings per share for the current period were 0.61, down from 0.63 in the previous period[10] - The company reported a net loss of RMB 149.29 million for the year, an improvement from a loss of RMB 245.43 million in the previous year[4] Assets and Liabilities - As of December 31, 2023, total assets amounted to RMB 12.43 billion, an increase from RMB 10.57 billion in 2022, reflecting a growth of approximately 17.7%[3] - Total liabilities increased to RMB 7.37 billion from RMB 5.95 billion, marking an increase of around 24.1%[4] - Current assets totaled RMB 4.31 billion, up from RMB 4.07 billion in the previous year, indicating a growth of about 6%[2] - The company's short-term borrowings decreased to RMB 760.66 million from RMB 1.10 billion, a reduction of approximately 30.8%[4] - The total equity attributable to shareholders rose to RMB 4.63 billion from RMB 4.23 billion, reflecting an increase of about 9.4%[4] Cash Flow - The company reported a net cash flow from operating activities of RMB 143,506,267.94, compared to a negative cash flow of RMB -398,045,232.39 in the previous period[14] - Cash inflow from operating activities totaled RMB 786,949,764.03, significantly higher than RMB 393,052,290.95 in the previous period[19] - Cash and cash equivalents decreased to RMB 273.46 million from RMB 689.02 million, a decline of approximately 60.3%[2] - The net increase in cash and cash equivalents was negative at RMB -250,946,887.58, compared to a positive increase of RMB 27,939,044.36 in the previous period[20] - Cash inflow from investment activities was RMB 291,823,603.05, down from RMB 820,149,869.57 in the previous period[19] Investments and Expenditures - The company has invested RMB 1.77 billion in construction projects, up from RMB 1.16 billion, indicating a growth of about 52.4%[3] - The company received production operation subsidies of CNY 189,765,712.13, which is an increase from CNY 150,578,933.70 in the previous period[51] - The company reported a significant increase in capital contributions from shareholders, amounting to -11,417,030.17 RMB[23] - The company’s construction in progress increased by 52.99% to RMB 1,772,629,520.09, reflecting higher investment in project development[92] - The company has initiated the commissioning of the photovoltaic battery packaging materials project in Yixing, marking a significant step in its production capabilities[73] Research and Development - Research and development expenses increased to RMB 251,522,948.01, up 44.7% from RMB 173,792,882.39 in the previous period[9] - The company launched 72 technical innovation projects and applied for 89 new patents in 2023, including 48 invention patents[75] - The number of R&D personnel was 605, representing 15.92% of the total workforce[89] - Research and development expenses totaled CNY 261,810,837.93, accounting for 3.97% of operating revenue[89] - The company is committed to enhancing its operational efficiency and exploring potential mergers and acquisitions to drive growth[47] Market and Industry - The company is engaged in the manufacturing and sales of new energy materials, including photovoltaic equipment and components, indicating a focus on renewable energy sectors[28] - The global photovoltaic installed capacity reached 444 GW in 2023, with a growth rate of 76%[104] - The global photovoltaic glass market size was approximately $8.6 billion in 2022, expected to grow to $53.2 billion by 2030, with a CAGR of 25.6%[105] - The domestic installed capacity of photovoltaic systems increased by 216.88 GW in 2023, a year-on-year increase of 148.12%[76] - China's photovoltaic industry is projected to add 190 to 220 GW of new installations in 2024[104] Corporate Governance - The company has adhered to corporate governance standards and regularly reviews its compliance with applicable rules[107] - The company’s independent auditor has agreed with the financial data for the fiscal year ending December 31, 2023[113] - The company will issue its annual report for 2023 at an appropriate time and publish it on the stock exchange website[113] - The company reported a total of RMB 2,654.39 million in related party transactions for the fiscal year 2023, well below the approved annual limit of RMB 9,028 million[111] - The company has experienced changes in its board composition, with several resignations and appointments in 2023[43][44] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[1] - The company aims to enhance core competitiveness and achieve coordinated growth in total profit, net profit, and net profit attributable to shareholders in 2024[106] - The company plans to optimize and enhance innovation-driven strategies to improve operational management quality in 2024[106] - The company is focused on optimizing and upgrading its core business towards new energy materials, officially changing its name to "Kaisong New Energy Co., Ltd." on February 16, 2023[73] - The company plans to expand its market presence and invest in new product development as part of its future strategy[47]

Financial Performance - Operating revenue for Q3 2023 reached CNY 1,952,438,461.05, an increase of 92.08% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2023 was CNY 69,116,674.24, representing a significant increase of 427.74% year-on-year[2] - Net profit attributable to shareholders excluding non-recurring gains and losses was CNY 62,463,153.40, up 7,139.24% compared to the same period last year[2] - Operating revenue for the period reached approximately CNY 4.19 billion, a 39.12% increase compared to the same period last year[7] - Net profit attributable to shareholders for the period was CNY 69.12 million, a significant increase of 427.74% compared to the same period last year[8] - Net profit for the first three quarters of 2023 was CNY 245,368,995.60, a decrease of 16.4% compared to CNY 293,488,749.69 in the same period of 2022[24] - The company reported a total comprehensive income of CNY 245,368,995.60 for the first three quarters of 2023, compared to CNY 293,488,749.69 in the same period of 2022[28] Cash Flow - Cash flow from operating activities for Q3 2023 was CNY 280,078,611.97, a recovery from a negative cash flow of CNY -104,660,425.11 in the previous period[2] - Cash flow from operating activities showed a net outflow of CNY 104.66 million, primarily due to increased cash received from sales of goods and services[9] - Cash inflow from operating activities totaled CNY 3,653,311,109.50, significantly higher than CNY 2,238,823,314.19 in the first three quarters of 2022[31] - Cash outflow from operating activities for the first three quarters of 2023 was approximately 3.76 billion, compared to 2.51 billion in the same period of 2022, indicating a year-over-year increase of 50%[32] - Net cash flow from operating activities was -104.66 million in 2023, an improvement from -270.30 million in 2022[32] Assets and Liabilities - Total assets as of the end of Q3 2023 amounted to CNY 11,666,972,771.50, reflecting a growth of 10.42% from the end of the previous year[2] - The company's total liabilities as of September 30, 2023, were RMB 6,833,174,874.76, compared to RMB 5,952,260,645.70 at the end of 2022, which is an increase of approximately 14.74%[21] - The company's current assets totaled RMB 4,736,257,782.67, up from RMB 4,069,864,365.45, indicating an increase of about 16.38% year-over-year[17] - The company's equity attributable to shareholders increased to CNY 4,430,290,161.68, a rise of 4.67% year-on-year[2] - The company's equity attributable to shareholders increased to RMB 4,430,290,161.68 from RMB 4,232,430,907.35, showing a growth of approximately 4.68%[22] Research and Development - Research and development expenses surged by 110.40% to CNY 19,446,399.52, indicating increased investment in innovation[6] - Research and development expenses for the period totaled CNY 175.1 million, reflecting a 40.10% year-on-year increase[7] - Research and development expenses rose to CNY 175,100,676.55, representing a 40.1% increase from CNY 124,981,364.98 in the previous year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,360[10] - The top ten shareholders held a combined 38.59% of the shares, with HKSCC NOMINEES LIMITED being the largest shareholder[11] Investment Income - The company reported a significant decline in investment income, with a loss of CNY 9.98 million compared to a gain of CNY 120.29 million in the previous year, marking a 108.29% decrease[7] - Investment income showed a loss of CNY 9,975,332.34, a significant decline from a profit of CNY 120,293,925.80 in the previous year[24] Inventory and Accounts Receivable - Accounts receivable increased by 56.41% to CNY 1,534,525,108.77 compared to the beginning of the year[6] - The company's inventory increased to RMB 794,383,574.55 from RMB 695,508,197.62, reflecting a growth of approximately 14.2%[17]