Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.36 CNY, reflecting a potential upside from the current price of 3.48 CNY [7][4]. Core Insights - The company reported a revenue of 1.476 billion CNY for 2024, a year-on-year decrease of 10.87%. However, the net profit attributable to the parent company significantly improved, reaching 91 million CNY, a 137.99% increase year-on-year [1]. - The clean air materials segment generated 540 million CNY in revenue for 2024, down 2.17% year-on-year, while the efficient energy materials segment saw a revenue increase of 19.11% to 780 million CNY, driven by growth in green building and home appliance applications [2]. - The company achieved a gross margin of 21.96% in 2024, a slight increase of 0.04 percentage points year-on-year, with a notable improvement in cash flow, reaching 224 million CNY, a significant year-on-year increase [3]. Financial Performance Summary - For 2024, the company reported a revenue of 1.476 billion CNY, with a projected growth rate of 6.99% for 2025 and 8.40% for 2026 [6]. - The net profit attributable to the parent company is expected to be 1.0 billion CNY in 2025, with a growth rate of 13.21% [6]. - The company maintained a high dividend payout ratio of 78.8% in 2024, distributing 71.52 million CNY in cash dividends [4].

Core Viewpoint - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decrease of 10.87%, while net profit attributable to shareholders was 90.7528 million yuan, an increase of 137.99% [1] Group 1: Financial Performance - The decline in revenue was primarily due to the exclusion of Youyuan Environment from the consolidated scope, with a year-on-year revenue growth of 11.53% on a comparable basis [1] - In Q1 2025, the company reported a revenue of 324 million yuan, a year-on-year decrease of 4.59%, and a net profit of 33.56 million yuan, an increase of 3.69% [1] - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with gross margins for clean air and energy-efficient businesses at 31.99% and 13.74%, respectively [3] Group 2: Business Segments - In 2024, the clean air business and energy-efficient business generated revenues of 666 million yuan and 776 million yuan, with year-on-year changes of -32.04% and +19.11%, respectively [2] - The revenue from dust-free air conditioning products decreased by 70.20% due to the sale of Youyuan Environment, but on a comparable basis, it increased by 39.67% [2] - In Q1 2025, the clean air materials revenue decreased by 11.5%, while the energy-efficient materials revenue decreased by 5.11% [2] Group 3: Cost Management and Cash Flow - The company maintained good control over operating expenses, with a period expense ratio of 15.99% in 2024, a decrease of 0.8 percentage points year-on-year [3] - Operating net cash flow for 2024 was 224 million yuan, an increase of 222 million yuan year-on-year, primarily due to the collection of receivables [3] - The company's asset-liability ratio at the end of 2024 was 28.3%, an increase of 1.6 percentage points year-on-year [3] Group 4: Profit Forecast and Valuation - The company expects continued improvement in profitability, with EPS forecasts for 2025-2027 at 0.13, 0.17, and 0.19 yuan, respectively, indicating a CAGR of 28.3% [4] - The target price for the company is set at 4.04 yuan, with a PEG ratio of 1.1x for 2025, reflecting ongoing business transformation and associated uncertainties [4]

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 4.04 RMB [7][8]. Core Views - The company achieved a revenue of 1.476 billion RMB in 2024, a year-on-year decrease of 10.87%, while the net profit attributable to the parent company was 90.75 million RMB, reflecting a significant year-on-year increase of 137.99% [1]. - The decline in revenue is primarily attributed to the exclusion of Youyuan Environment from the consolidated scope, but on a comparable basis, revenue actually increased by 11.53% year-on-year [1]. - The company is actively expanding into new markets and applications, with a focus on innovation and product development, which is expected to sustain demand in emerging sectors and home decoration consumption [1][2]. Summary by Sections Revenue and Profitability - In 2024, the clean air business and energy-efficient business generated revenues of 666.5 million RMB and 776 million RMB, respectively, with a year-on-year change of -32.04% and +19.11% [2]. - The first quarter of 2025 saw revenues of 324 million RMB, a decrease of 4.59% year-on-year, while net profit was 33.56 million RMB, an increase of 3.69% year-on-year [1]. Cost Management and Cash Flow - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with the clean air and energy-efficient business gross margins at 31.99% and 13.74%, respectively [3]. - The operating cash flow for 2024 was 224 million RMB, a significant increase of 222 million RMB year-on-year, primarily due to the collection of receivables [3]. Profit Forecast and Valuation - The company’s earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 0.13 RMB, 0.17 RMB, and 0.19 RMB, respectively, indicating a compound annual growth rate (CAGR) of 28.3% from 2025 to 2027 [4]. - The target price is set at 4.04 RMB, based on a PEG ratio of 1.1x for 2025, reflecting the ongoing business transformation and associated uncertainties [4].

Group 1 - The company reported a revenue of 1.476 billion yuan for 2024, a year-on-year decrease of 10.87%, but a growth of 12.90% when excluding the impact of Suzhou Youyuan Environmental Technology Co., Ltd. not being included in the consolidation [1] - The net profit attributable to shareholders reached 90.7528 million yuan, a significant increase of 137.99% year-on-year [1] - Revenue from efficient energy-saving materials grew by 19.11% compared to the previous year, while revenue from dust-free air conditioning products decreased by 70.20% due to the exclusion of Youyuan Environmental; however, excluding this impact, revenue from dust-free air conditioning products increased by 39.67% [1] Group 2 - In 2025, the company will further focus on its core business areas: "clean air materials," "efficient energy-saving materials," and "dust-free air conditioning products" to strengthen its market position [2] - The company has achieved breakthroughs in domestic production for high-efficiency air filter paper and glass microfiber, particularly in nuclear power station applications [2] - The company plans to enhance research and development investment in core technologies and promote innovation in materials such as ultra-fine glass fiber and PTFE membrane materials [2] - The company aims to automate and digitize its production systems to reduce overall operating costs and improve production efficiency and flexibility [2]

Group 1 - Yilida plans to repurchase shares worth 30 to 50 million yuan for employee stock ownership plans, with a maximum price of 6.5 yuan per share [1] - Yinglian shares two major shareholders plan to reduce their holdings by up to 5% [1][2] - Zhongbing Hongjian reports a net loss of 327 million yuan for 2024, with a revenue decline of 25.29% [2][3] Group 2 - Zhongke Electric reports a net profit increase of 626.56% for 2024, with a revenue growth of 13.72% [3][4] - Yong'an Futures reports a net profit decline of 21.07% for 2024, with a revenue decrease of 8.76% [5][6] - Yongjie New Materials reports a net profit increase of 34.28% for 2024, with a revenue growth of 24.71% [7][8] Group 3 - Xibu Securities reports a net profit increase of 20.38% for 2024, despite a revenue decline of 2.64% [9][10] - Jinying Heavy Industry reports a net profit decline of 35.54% for 2024, with a slight revenue increase of 1.13% [10][11] - Haineng Industry reports a net profit decline of 40.45% for 2024, despite a revenue growth of 16.26% [12][13] Group 4 - Penghui Energy reports a net loss of 252 million yuan for 2024, with a revenue increase of 14.83% [14][15] - Weiming Pharmaceutical reports a net loss of 137 million yuan for 2024, with a revenue decline of 16.14% [16][17] - Huachang Technology reports a net profit increase of 184.26% for 2024, with a revenue growth of 6.74% [18][19] Group 5 - Ancar Detection reports a net loss of 213 million yuan for 2024, with a revenue decline of 3.05% [20][21] - Saiwei Intelligent reports a net loss of 507 million yuan for 2024, with a significant revenue decline of 68.03% [22][23] - Qinglong Pipe Industry reports a net profit increase of 976.43% for 2024, with a revenue growth of 36.71% [24][25] Group 6 - Huayin Electric reports a net loss of 113 million yuan for 2024, with a revenue decline of 16.00% [26][27] - Zhongqi New Materials reports a net profit decline of 61.59% for 2024, with a revenue decrease of 22.88% [28][29] - Guangzheng Eye Hospital reports a net loss of 175 million yuan for 2024, with a revenue decline of 16.94% [30][31] Group 7 - Zhenlan Instrument reports a net profit increase of 2.16% for 2024, with a revenue growth of 11.63% [32][33] - Zaiseng Technology reports a net profit increase of 137.99% for 2024, despite a revenue decline of 10.87% [34][35] - Haitai High-tech reports a net profit increase of 51.34% for 2024, with a revenue growth of 25.26% [36][37] Group 8 - Runze Technology reports a net profit increase of 1.62% for 2024, with a revenue growth of 0.32% [38][39]

Core Viewpoint - The company reported a revenue of 1.476 billion RMB for 2024, a year-on-year decrease of 10.87%, but a 12.90% increase when excluding the impact of a subsidiary [1] - The net profit attributable to shareholders reached 90.75 million RMB, a year-on-year increase of 137.99% [1] - The company plans to distribute a cash dividend of 0.1 RMB per share, totaling 10.22 million RMB, reflecting a commitment to return value to investors [1] Financial Performance - Revenue for 2024 was 1.476 billion RMB, down 10.87% year-on-year, but up 12.90% when excluding the subsidiary [1] - Net profit attributable to shareholders was 90.75 million RMB, up 137.99% year-on-year [1] - Basic earnings per share were 0.0888 RMB [1] - The total cash dividend for the year, including previously distributed dividends, amounted to 71.52 million RMB, representing 78.80% of the net profit [1] Strategic Initiatives - The company is focusing on "structural adjustment, improving quality, and expanding market" as part of its strategic direction [1] - A digital equipment department was established to achieve comprehensive digital upgrades, with smart upgrades to clean air conditioning and purification equipment nearly completed [2] - The company is transitioning from the materials market to the consumer market, enhancing domestic market penetration while maintaining export business [2] Product Development and Innovation - The company has developed over 200 customized clean air conditioning projects, covering various application scenarios [2] - It has established partnerships with 76 companies across 25 provinces and major developed regions [2] - The company invested 91.1 million RMB in R&D, maintaining over 6% of revenue for three consecutive years, and obtained 17 new patents during the reporting period [3] Market Trends and Outlook - The demand for energy-saving and environmentally friendly products is increasing due to global awareness and domestic policies promoting upgrades [1] - The company aims to strengthen its core material advantages and reduce reliance on exports while expanding its domestic market for clean air conditioning products [3]

Core Viewpoint - The company, Chongqing Zai Sheng Technology Co., Ltd., has developed a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders Action Plan" for 2025, focusing on enhancing operational efficiency, core competitiveness, and ensuring sustainable development while prioritizing investor interests [1]. Group 1: Focus on Core Business - The company aims to strengthen its core business by focusing on three main categories: "Clean Air Materials," "High-Efficiency Energy-Saving Materials," and "Dust-Free Air Conditioning Products" [1]. - The company has achieved breakthroughs in domestic production of high-efficiency air filter paper and other materials for nuclear power plants, and plans to increase R&D investment in core technologies [1]. Group 2: Digital Transformation and Smart Systems - The company will continue to promote automation and smart systems in production management, aiming to reduce operational costs through digital transformation [2]. - Advanced information technology and automation equipment will be integrated to enhance production efficiency and flexibility while lowering energy consumption and waste rates [2]. Group 3: Brand Development and User Engagement - The company will explore the "On-Site as the First Salesperson" concept to enhance brand image through user interactions and feedback [3]. - A 1,600 square meter passive house certified by Germany's PHI will be established to showcase the company's green energy-saving products [3]. Group 4: Innovation and R&D - Innovation and R&D are identified as core drivers of high-quality development, with a focus on high-end filtration materials and product upgrades [4]. - The company will strengthen collaborations with renowned research institutions and enhance its patent strategy to foster a cycle of "R&D - Transformation - Revenue - Reinvestment" [5]. Group 5: Talent Development - The company will deepen talent training and team building to create a high-quality, professional elite team [6]. - A diverse training system will be established to meet various employee learning needs, enhancing professional skills and innovation capabilities [6]. Group 6: Corporate Governance and Internal Control - The company will optimize its organizational structure to create a more efficient management framework [7]. - Internal risk control systems will be improved to enhance governance levels and ensure compliance with regulations [10][11]. Group 7: Shareholder Returns - The company emphasizes long-term and sustainable shareholder returns, planning to implement a stable profit distribution policy and explore multiple dividend mechanisms [8]. - The company will focus on balancing operational quality, performance growth, and shareholder returns [8]. Group 8: Investor Communication - The company prioritizes investor communication, aiming to enhance the quality of information disclosure and protect investor rights [9]. - Various channels will be utilized to maintain high-frequency and high-quality communication with investors [9]. Group 9: Fund Management - The company has established a specialized account for managing raised funds, ensuring compliance with relevant regulations [49][50]. - The company has utilized part of the idle raised funds for cash management, ensuring that it does not affect the normal operation of fundraising projects [62][63].

重庆再升科技股份有限公司 章程 重庆再升科技股份有限公司 章 程 （2025年4月修订） | | | 重庆再升科技股份有限公司 章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司于2011年3月30日由重庆再升科技发展有限公司以整体变更发起设立的方式 设立；在重庆市工商行政管理局注册登记，取得营业执照，统一社会信用代码： 915001126635648352。 第三条 公司于2015年1月4日经中国证券监督管理委员会核准，首次向社会公 众发行人民币普通股 1,700 万股，于 2015 年 1 月 22 日在上海证券交易所上市。 第四条 公司注册名称：重庆再升科技股份有限公司。 公司的英文名称：Chongqing Zaisheng Technology Corp., Ltd。 第五条 公司住所：重庆市渝北区回兴街道婵衣路1号，邮政编码：401120。 ...

重庆再升科技股份有限公司 对外担保管理制度 （2025年4月修订） 重庆再升科技股份有限公司 对外担保管理制度 | 第一章 | | | | | --- | --- | --- | --- | | 第二章 | | | | | 第三章 | | | | | 第四章 | | | | | 第五章 | | | | | 第六章 | | | | | 第七章 | | | | | 第八 | 章 | 9 | 附 则 | 重庆再升科技股份有限公司 对外担保管理制度 重庆再升科技股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范公司对外担保行为，控制对外担保风险，维护公司财产安全和 投资者的合法权益，根据《中华人民共和国公司法》（以下简称"公司法"）、 《中华人民共和国证券法》、《中华人民共和国民法典》、《上市公司监管指引第 8 号--上市公司资金往来、对外担保的监管要求》、《上海证券交易所股票上市规 则》及《重庆再升科技股份有限公司章程》等规定，制定本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股子 公司的担保。 第三条 公司对外担保应当遵循合法、审慎、互利、安全的原则，严格控制担 保风险。 第 ...