Financial Performance - The company's revenue for Q1 2022 was ¥208,323,639.50, a decrease of 35.49% compared to ¥322,926,150.90 in the same period last year[4] - Net profit attributable to shareholders was ¥4,872,137.89, down 7.39% from ¥5,260,687.68 year-on-year[4] - The basic earnings per share decreased by 8.33% to ¥0.011 from ¥0.012 in the same period last year[4] - Total operating revenue for Q1 2022 was CNY 208,323,639.50, a decrease of 35.6% compared to CNY 322,926,150.90 in the same period last year[20] - Net profit for Q1 2022 was CNY 10,342,172.13, a decline of 25.5% compared to CNY 13,902,290.15 in Q1 2021[22] - The company reported a total comprehensive income of CNY 5,571,764.40, down from CNY 10,425,990.41 year-over-year[22] Cash Flow - The net cash flow from operating activities was -¥213,373,703.15, a significant decrease from ¥162,194,085.72 in the previous year[4] - Cash received from sales of goods and services was CNY 180,583,614.87, compared to CNY 314,301,709.28 in the previous period[24] - The net cash flow from operating activities was -213,373,703.15 CNY, compared to a positive 162,194,085.72 CNY in the same period last year[25] - Total cash inflow from investing activities was 2,028,853.72 CNY, while cash outflow was 221,064,833.46 CNY, resulting in a net cash flow of -219,035,979.74 CNY[25] - Cash inflow from financing activities amounted to 988,210,456.79 CNY, with cash outflow of 532,776,458.41 CNY, leading to a net cash flow of 455,433,998.38 CNY[26] - The company received 300,447,500.00 CNY from borrowings during the quarter[26] - The company paid 264,719,010.23 CNY in debt repayments during the quarter[26] - The company paid 887,302,008.35 CNY in other cash outflows related to operating activities, compared to 61,629,444.19 CNY last year[25] Assets and Liabilities - Total assets increased by 8.87% to ¥4,780,488,482.40 from ¥4,391,040,626.33 at the end of the previous year[4] - The company's total liabilities increased to CNY 2,790,779,251.98 from CNY 2,385,573,817.96, reflecting a growth of 17.0%[21] - The total number of common shareholders at the end of the reporting period is 26,738[13] - The largest shareholder, Xihu Electronics Group Co., Ltd., holds 31.20% of shares, totaling 141,602,941 shares[13] - The total liabilities increased, with accounts payable at ¥150,435,215.95, down from ¥177,638,891.60, showing a decrease of about 15.3%[17] Shareholder Equity - The company's equity attributable to shareholders rose by 1.83% to ¥1,846,333,977.08 compared to ¥1,813,132,880.67 at the end of the previous year[4] - The total equity attributable to shareholders of the parent company was CNY 1,846,333,977.08, slightly up from CNY 1,846,232,246.92[21] Operational Highlights - The company is focusing on market expansion and new product development as part of its future strategy[14] - The company announced the transfer of a 49% stake in its subsidiary, indicating strategic restructuring efforts[14] Other Financial Metrics - The weighted average return on equity decreased by 0.03 percentage points to 0.26% from 0.29% year-on-year[4] - Research and development expenses for Q1 2022 were CNY 3,274,551.25, a decrease from CNY 4,509,336.01 in the same period last year[21] - The company incurred a credit impairment loss of CNY 14,148,184.58, compared to a gain of CNY 10,887,618.98 in the previous year[21] - Non-recurring gains and losses totaled ¥319,969.62, with significant contributions from government subsidies and other income[6] - The company reported a 475.53% increase in notes receivable, primarily due to an increase in the use of notes for settlement[8] - The company experienced a 63.97% increase in short-term borrowings, attributed to increased financing activities during the period[8] Audit and Reporting - The company did not conduct an audit for the first quarter report[27] - The report was released by the company's board on April 28, 2023[28]

Financial Performance - The company's revenue for Q3 2022 was ¥202,171,271.01, representing a decrease of 55.14% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of ¥13,426,911.39, a decline of 271.61% year-on-year[5] - Operating revenue for the first nine months of 2022 was CNY 619,599,426.25, a decrease of 56.77% compared to CNY 1,433,164,640.16 in the same period of 2021[10] - Total operating revenue for Q3 2022 was ¥619,599,426.25, a decrease of 56.7% compared to ¥1,433,164,640.16 in the same period last year[22] - Net profit for Q3 2022 was ¥18,515,132.12, a decline of 76.7% compared to ¥79,122,461.15 in Q3 2021[24] - Total comprehensive income for the third quarter was CNY 15,067,980.88, a decrease from CNY 69,648,281.74 in the same period last year[25] Cash Flow - The cash flow from operating activities showed a negative net amount of ¥334,829,952.34, a decrease of 507.17% compared to the previous year[5] - Net cash flow from operating activities was negative CNY 334,829,952.34, a decline of 507.17% from a positive CNY 82,233,593.20 in the same period last year[10] - Cash flow from investing activities was negative CNY 310,488,664.68, a decrease of 246.60% compared to CNY 211,795,552.66 in the previous year, primarily due to increased cash outflows for external investments[10] - Cash flow from financing activities increased by 376.21% to CNY 695,197,087.99 from a negative CNY 251,689,311.87 in the same period last year, mainly due to increased cash received from financing[10] - Cash inflow from operating activities totaled CNY 2,081,455,457.60, an increase from CNY 1,731,982,870.92 year-over-year[28] - Cash outflow from operating activities was CNY 2,416,285,409.94, up from CNY 1,649,749,277.72 in the previous year[28] - Cash flow from investing activities resulted in a net outflow of CNY 310,488,664.68, compared to a net inflow of CNY 211,795,552.66 last year[28] - Cash flow from financing activities generated a net inflow of CNY 695,197,087.99, reversing from a net outflow of CNY 251,689,311.87 in the previous year[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,043,851,994.61, an increase of 15.43% from the end of the previous year[5] - The company's total assets increased to ¥5,043,851,994.61, up from ¥4,369,711,283.98 in the previous year, reflecting a growth of 15.4%[20] - Current liabilities rose to ¥2,649,999,459.74, an increase of 30% from ¥2,041,033,282.05 year-over-year[20] - The total liabilities reached ¥3,065,639,735.47, up 28.5% from ¥2,385,573,817.96 in the previous year[21] - The total equity attributable to shareholders of the parent company was ¥1,852,085,427.29, slightly up from ¥1,846,232,246.92 year-over-year[21] Investments and Income - The company reported a significant increase in accounts receivable financing, which rose by 1,285.39% to ¥41,000,000.00[9] - The company received government subsidies amounting to ¥6,599,469.75 year-to-date, contributing to non-operating income[6] - The company's long-term equity investments increased by 32.47% to ¥1,165,354,951.27[9] - The company experienced a 651.17% increase in notes receivable, reaching ¥447,953,850.82[9] - The deferred income increased by 99.97% to ¥24,300,107.76, primarily due to government subsidies received[9] - Investment income dropped by 130.41% to a loss of CNY 14,837,000.11, compared to a loss of CNY 6,439,252.48 in the previous year, mainly due to decreased net profits from joint ventures[10] - The company reported a significant increase in other income, which rose by 181.79% to CNY 7,898,805.23, attributed to an increase in contract breach penalties received[10] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 53,680, with the largest shareholder, Xihu Electronics Group Co., Ltd., holding 29.49% of the shares[13] - The company announced a reduction in the shareholding of its controlling shareholder, Xihu Electronics Group, by more than 1% during the reporting period[15] Research and Development - Research and development expenses for Q3 2022 were ¥12,211,911.40, a decrease of 12.9% compared to ¥14,015,949.37 in Q3 2021[24] Earnings Per Share - The basic earnings per share were -¥0.0296, down 272.09% year-on-year[5] - Basic and diluted earnings per share were both CNY 0.0205, down from CNY 0.0837 in the previous year[25]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥417,428,155.24, a decrease of 57.51% compared to ¥982,456,400.58 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥22,727,243.00, down 24.68% from ¥30,174,755.29 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥17,158,576.81, a decline of 33.18% compared to ¥25,677,420.76 in the same period last year[22]. - The net cash flow from operating activities was -¥62,767,938.87, significantly reduced from -¥44,130,780.89 in the previous year[22]. - Basic earnings per share were ¥0.0501, down 24.32% from ¥0.0662 in the same period last year[22]. - The weighted average return on net assets was 1.23%, a decrease of 0.42 percentage points from 1.65% in the previous year[22]. - The company's total revenue for the first half of 2022 was 3,308.5 million yuan, with a year-on-year growth of 35.45%[83]. - The total profit for the first half of 2022 was ¥44,996,553.68, a decrease of 54.8% compared to ¥99,645,080.90 in the same period of 2021[161]. - The total comprehensive income for the first half of 2022 was ¥26,419,238.10, down from ¥62,858,823.34 in the first half of 2021[161]. - The company reported a net profit margin improvement, with undistributed profits increasing to CNY 415,334,704.94 from CNY 392,607,461.94, reflecting a growth of approximately 5.8%[155]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,093,304,107.69, an increase of 16.56% from ¥4,369,711,283.98 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company were ¥1,863,413,089.54, a slight increase of 0.93% from ¥1,846,232,246.92 at the end of the previous year[22]. - The company's total assets included cash and cash equivalents of ¥1,203,252,409.82, which increased by 10.22 percentage points in proportion to total assets[53]. - Current liabilities rose to CNY 2,677,070,069.30, compared to CNY 2,041,033,282.05, marking an increase of about 31.2%[155]. - Total liabilities reached CNY 3,103,740,591.33, up from CNY 2,385,573,817.96, representing a growth of around 30.1%[155]. Cash Flow - The net cash flow from financing activities increased substantially to ¥729,421,279.77 from -¥92,786,793.98, primarily due to increased financing received[48]. - The net cash flow from investing activities significantly decreased to -¥210,533,133.04 from ¥31,468,521.35, mainly due to increased cash payments for investments[47]. - The ending balance of cash and cash equivalents increased to 1,011,156,392.53 CNY in the first half of 2022, compared to 396,587,087.57 CNY in the same period of 2021, indicating a growth of approximately 154%[168]. Investments and R&D - The total investment amount for the reporting period was CNY 209,543,000, representing a 104.43% increase compared to CNY 102,500,000 in the same period last year[59]. - Research and development expenses decreased by 37.16% to ¥7,032,893.48, attributed to increased R&D output during the period[47]. - The company aims to increase its R&D investment by 30% in the upcoming fiscal year to support new technology initiatives[176]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company is actively involved in the development of new energy charging and swapping equipment, continuously optimizing its R&D efforts[32]. - The company plans to launch the Wenhong Jinz座 and Shuyuan projects in the second half of 2022, aiming for asset liquidation[41]. - The company is focusing on the integration of real estate and electronic information businesses to enhance its development strategy[40]. - The company plans to expand its market presence and invest in new product development to drive future growth[171]. Risks and Challenges - The company is facing policy risks that could impact its business development across various sectors, and it plans to adjust its operational strategies accordingly[89]. - The company has identified competition risks from new market entrants and aims to enhance its core competitive advantages to mitigate these risks[89]. - The company is actively monitoring natural and social risks that could affect project timelines and revenue recognition, implementing emergency management systems to address these challenges[89]. Legal Matters - The company is involved in a lawsuit with Zhejiang Shuyuan Trade Co., Ltd. regarding a contract dispute, with the amount in question being 30,400.7 thousand yuan[109]. - The company has received a judgment from the Hangzhou Intermediate People's Court, which dismissed the appeal from Zhejiang Shuyuan Trade Co., Ltd.[109]. - The company is also involved in a bankruptcy reorganization case concerning Zhenjiang Copper Industry Co., Ltd., with the court proceedings ongoing[110]. Corporate Governance - The annual shareholders meeting was held on May 27, 2022, with an investor participation rate of 51.23%[92]. - There were no stock incentive plans or employee stock ownership plans implemented during the reporting period[95]. - The company emphasizes integrity as a core value and adheres to national laws and regulations in its operations[101].

Group 1: Company Overview - The main business areas of the company include smart communities, smart transportation, and some real estate operations [2] - The company has made good progress in the smart transportation sector, with existing market operations [2] Group 2: Government and Reform Insights - The Hangzhou government has not yet issued guidance on state-owned enterprise reforms [2] - Discussions on mixed ownership reform and major asset restructuring are primarily shareholder-level matters [2] Group 3: Business Growth and Services - The trend for smart city business growth is positive this year, but absolute values still require further effort [2] - The company provides hardware terminal services and software product sales in the smart city sector [2] Group 4: Incentive Plans - The company plans to provide updates on equity incentive progress within one year as per previous announcements [2]

Group 1: Real Estate Business Strategy - The company plans to continue acquiring land in the next one to two years, maintaining a conservative approach in the real estate sector [2] - The company has collateralized its own land, minimizing risk in real estate investments [2] - There are currently limited commercial properties available in Hangzhou, indicating low risk in the real estate market [2] Group 2: Smart Security and IoT Business - The smart security business, primarily focused on intelligent access control, generates annual sales of approximately 70 to 80 million [2] - The gross margin for the smart security service is around 6.26%, with expectations for improvement as project sizes increase [2] - The company is exploring opportunities in the IoT sector, which is still in its early stages and presents potential for growth [3] Group 3: Strategic Investments and Corporate Structure - The company is in a transitional phase, having divested from television manufacturing and is currently cleaning up existing business operations [3] - There are plans to introduce strategic investors, although this process is influenced by various factors beyond the company's control [3] - The company holds a 7.02% stake in Sanwan Dongjie, indicating a strategic relationship [3]

Group 1: Business Development - The company has divested its television business and is focusing on smart economy sectors, including vehicle networking, IoT, smart communities, and smart transportation [2] - The company successfully operates the largest public rental housing project and has developed a multi-level security collaborative management system for smart public rental housing in Hangzhou [2] - The real estate business is stable, with a significant volume of guaranteed housing, contributing positively to overall revenue [2] Group 2: Technology and Product Applications - The company has developed automotive electronics and vehicle networking applications, with mobile terminals used in various public transportation routes in Hangzhou [3] - The company is producing its own mobile terminals for audio-visual and network integration [3] Group 3: Corporate Governance and Incentives - The company plans to finalize its proposed equity incentive plan within one year after the release of the state-owned enterprise reform plan and implementation details in Hangzhou [3] - Discussions on state-owned enterprise reform and mixed ownership reform are primarily shareholder-level matters [3]

Group 1: Company Overview - The company, founded in 1999, has a registered capital of 2.94 billion CNY and is involved in diverse sectors including electronic equipment manufacturing, system integration services, real estate development, and commodity trading [1] - The company is recognized as a high-tech enterprise in Zhejiang Province and is a core enterprise of the Xihu Electronic Group, with several subsidiaries [1] Group 2: Smart Transportation Business - The primary focus is on automotive electronics, having developed the V-smart intelligent vehicle networking system for public transport [1] - The company has independently developed various automotive electronic products, including intelligent onboard terminals and monitoring systems, which are utilized in Hangzhou and other domestic automotive manufacturers [1] Group 3: Real Estate Business - The real estate sector is developing steadily, with a significant proportion of affordable housing [2] - The company plans to actively seek new land parcels and construction projects while leveraging its first-level real estate development qualifications [2] Group 4: Stock Issuance and Incentives - The company is currently progressing with a non-public issuance of A-shares [2] - Plans for stock incentives are in progress, with a strategy to be determined within a year after the release of the state-owned enterprise reform plan in Hangzhou [2]

Group 1: Company Strategy and Business Development - The company aims to further develop its automotive electronics and smart community businesses [1] - The smart community project has been growing steadily, with significant market response following media coverage [1] - The proportion of public rental housing projects is continuously increasing, although sales may fluctuate at certain points [1] Group 2: Financial Performance and Debt Management - The company's debt ratio is considered reasonable, primarily due to its involvement in real estate projects [1] - The company has raised 270 million in funds, which are being invested in automotive electronics and smart community projects, indicating strong debt repayment capability [1] Group 3: Market Position and Future Plans - There are currently no plans for acquisitions or mergers to strengthen the company [2] - The company cannot predict stock price trends [2] - The company is involved in charging pile modules as part of its business [2]

Financial Performance - The company's revenue for Q3 2022 reached ¥597,654,061.26, representing a 32.60% increase year-over-year[5] - The net profit attributable to shareholders was a loss of ¥13,426,911.39, a decrease of 271.61% compared to the same period last year[5] - The basic earnings per share (EPS) was -¥0.0296, down 272.09% from the previous year[5] - The total operating revenue for Q3 2022 was CNY 1,819,376,716.85, an increase of 26.9% compared to CNY 1,433,164,640.16 in the same period last year[23] - The net profit for Q3 2022 was CNY 18,515,132.12, a decrease of 76.7% compared to CNY 79,122,461.15 in Q3 2021[24] - The total comprehensive income for Q3 2022 was CNY 15,067,980.88, a decrease from CNY 69,648,281.74 in the same period last year[25] Assets and Liabilities - Total assets increased to ¥5,043,851,994.61, reflecting a growth of 15.43% compared to the end of the previous year[5] - The company's total assets reached CNY 5,043,851,994.61, an increase of 15.4% from CNY 4,369,711,283.98 at the end of the previous year[20] - The total liabilities increased to CNY 3,065,639,735.47, up 28.5% from CNY 2,385,573,817.96 year-over-year[21] - The total equity attributable to shareholders of the parent company was CNY 1,852,085,427.29, slightly up from CNY 1,846,232,246.92 year-over-year[21] Cash Flow - The cash flow from operating activities showed a negative net amount of -¥334,829,952.34, a decline of 507.17% year-to-date[5] - The net cash flow from operating activities for the first nine months of 2022 was -¥334,829,952.34, a decrease of 507.17% compared to ¥82,233,593.20 in the same period of 2021, attributed to increased cash payments for goods and services[10] - The net cash flow from financing activities increased by 376.21% to ¥695,197,087.99 from -¥251,689,311.87 year-on-year, primarily due to increased cash received from financing[10] - The company's cash and cash equivalents at the end of September 2022 amounted to ¥816,622,313.16, reflecting a significant increase from ¥585,428,430.74 at the beginning of the year[18] - The net cash flow from financing activities was CNY 695,197,087.99, compared to a negative CNY -251,689,311.87 in the same quarter last year[29] Expenses - Operating costs for the first nine months of 2022 increased by 38.13% to ¥1,645,427,957.05 compared to ¥1,191,237,882.84 in the same period of 2021, primarily due to increased revenue[10] - The total operating costs for Q3 2022 amounted to CNY 1,763,624,119.82, up 35% from CNY 1,308,017,147.96 year-over-year[23] - Research and development expenses for Q3 2022 were CNY 12,211,911.40, down from CNY 14,015,949.37 in Q3 2021[24] Investments and Financing - Long-term equity investments increased by 32.47% to ¥1,165,354,951.27, indicating growth in equity stakes[9] - Short-term borrowings surged by 127.81% to ¥1,628,017,326.36, primarily due to increased financing activities[9] - The company received government subsidies amounting to ¥6,599,469.75 year-to-date, contributing to non-operating income[6] - The company reported a total cash inflow from financing activities of CNY 1,698,876,633.24, significantly higher than CNY 432,327,045.24 in Q3 2021[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 53,680, with the largest shareholder, Xihu Electronics Group Co., Ltd., holding 29.49% of the shares[13] Other Financial Metrics - The company reported a significant increase in accounts receivable, which rose by 651.17% to ¥447,953,850.82[9] - The company experienced a 176.67% increase in credit impairment losses, totaling -¥17,999,856.31, due to increased provisions for impairment[10] - The net profit attributable to minority shareholders decreased by 77.59% to ¥9,214,800.51, primarily due to reduced net profit from non-wholly-owned subsidiaries[10] - The company reported a 181.79% increase in non-operating income to ¥7,898,805.23, primarily due to increased contract breach compensation received[10]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,221,722,655.59, representing a 24.35% increase compared to ¥982,456,400.58 in the same period last year[22]. - The net profit attributable to shareholders decreased by 24.68% to ¥22,727,243.00 from ¥30,174,755.29 year-on-year[22]. - The net profit after deducting non-recurring gains and losses fell by 33.18% to ¥17,158,576.81 compared to ¥25,677,420.76 in the previous year[22]. - Basic earnings per share decreased by 24.32% to ¥0.0501 from ¥0.0662 year-on-year[22]. - The company's revenue for the current period reached ¥1,221,722,655.59, representing a year-on-year increase of 24.35% compared to ¥982,456,400.58 in the same period last year[47]. - The net profit for the first half of 2022 was ¥31,965,638.48, a decrease of 53.2% compared to ¥68,450,897.35 in the first half of 2021[160]. - The net profit attributable to the parent company was 3.84 million yuan, with a profit distribution of 7.76 million yuan[173]. - The company reported a total comprehensive income of approximately -¥440,762.92 in the first half of 2022, compared to -¥4,214,688.56 in the same period of 2021[164]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at -¥62,767,938.87, a significant decrease from -¥44,130,780.89 in the same period last year[22]. - The net cash flow from financing activities saw a substantial increase to ¥729,421,279.77, compared to -¥92,786,793.98 in the same period last year[47]. - The company's cash and cash equivalents increased by ¥456,143,043.74, a significant improvement from -¥105,455,096.77 in the previous year[48]. - The total liabilities rose to ¥3,103,740,591.33, up 29.9% from ¥2,385,573,817.96 at the beginning of the year[153]. - The company's total assets reached ¥5,093,304,107.69, reflecting a growth of 16.6% compared to ¥4,369,711,283.98 on January 1, 2022[153]. - The company's total cash and cash equivalents increased by CNY 351,224,134.73 during the first half of 2022, compared to a decrease of CNY -98,274,364.71 in the same period of 2021[170]. Operational Highlights - The company maintained a stable occupancy rate of over 90% in its operated technology parks despite significant pandemic impacts[36]. - The company introduced new products in the smart transportation sector, including an upgraded intelligent rearview mirror and a bilingual system for public transport in Tonglu[33]. - The company expanded its smart community services, upgrading its three-level access control system for public rental housing projects[34]. - The company achieved a small batch production of 1,000 units for its smart washing machine terminal and launched 5G mobile phone communication shell products[35]. - The company focused on enhancing its core customer relationships, leading to a healthy and rapid development of its trading business, covering electronic products, energy chemicals, and metals[36]. Investment and Development - The investment amount for the reporting period was CNY 209,543,000.00, representing a significant increase of 104.43% compared to CNY 102,500,000.00 in the same period last year[58]. - The company has achieved a cumulative investment of 2,233.43 million CNY in the smart community construction project[82]. - The company has allocated 10,000 million CNY for the 5G industry pilot park upgrade and research center construction, with an actual investment of 39.56 million CNY, which is 10.75% of the planned amount[82]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[174]. Risk Management and Compliance - The report highlights potential risks and challenges the company may face in its future operations[7]. - The company is actively monitoring macro policy changes to minimize potential impacts on its business operations[88]. - There were no significant environmental issues or administrative penalties reported during the reporting period[96]. - The company emphasizes integrity as a core value, ensuring compliance with national laws and regulations[99]. Shareholder and Governance - The largest shareholder, Xihu Electronics Group Co., Ltd., holds 31.20% of the shares, amounting to 141,602,941 shares[137]. - The company reported a total of 49,361 common shareholders at the end of the reporting period[137]. - The report indicates no changes in the controlling shareholder during the reporting period[140]. - The company has not conducted any repurchase transactions among the top 10 shareholders during the reporting period[138]. Research and Development - The company has developed a strong R&D team, achieving multiple technological innovations in smart community and smart transportation sectors[43]. - Research and development expenses decreased by 37.16% to ¥7,032,893.48, attributed to increased R&D output during the period[47]. - The R&D expenses for the first half of 2022 were 22.9 million yuan, indicating a focus on innovation and technology advancement[173]. Future Outlook - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[174]. - The management provided a positive outlook for the second half of 2022, expecting continued revenue growth driven by increased demand in key markets[174].