CONTENTS Enabling a Smarter, Better World | Efficient Traffic Management | 17 | | --- | --- | | Guarantee of Safe Mobility | 29 | | Low-carbon and Eco-friendly | | | Solutions | 32 | | Smart and Livable Communities | 34 | | Industry-wide Digital and Intelligent | | | Collaboration | 35 | Creating a Highland for Industrial Innovation | Consolidating the Foundation for | | | --- | --- | | Scientific Research | 39 | | Promoting the Development of the | | | Industry | 46 | Enabling Employees to Grow and Achieve ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,608,725,534.78, representing a 1.83% increase compared to ¥1,579,763,554.22 in the same period last year[5]. - Net profit attributable to shareholders increased by 481.99% to ¥220,978,179.61, up from a loss of ¥57,848,977.03 in the previous year[5][9]. - Basic earnings per share rose by 450.00% to ¥0.14, compared to a loss of ¥0.04 per share in the same period last year[5][10]. - The net profit for the current period is CNY 226,152,486.85, compared to a net loss of CNY 60,244,656.28 in the previous period, indicating a significant turnaround[21]. - Operating profit for the current period is CNY 299,673,750.43, compared to an operating loss of CNY 93,363,649.38 in the previous period[21]. - Total revenue from operating activities is CNY 1,959,220,795.85, an increase from CNY 1,885,274,319.89 in the previous period[23]. - The total comprehensive income for the current period is CNY 241,437,501.06, compared to a loss of CNY 52,913,119.41 in the previous period[22]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 17.19%, amounting to -¥448,252,126.30, compared to -¥541,293,614.62 in the previous year[5]. - The cash flow from operating activities shows a net outflow of CNY 448,252,126.30, improving from a net outflow of CNY 541,293,614.62 in the previous period[24]. - Investment activities resulted in a net cash outflow of CNY 134,839,127.19, compared to a net outflow of CNY 46,949,571.73 in the previous period[24]. - The company’s cash and cash equivalents at the end of the period stand at CNY 2,895,660,088.03, down from CNY 3,731,332,978.39 at the end of the previous period[24]. - Cash and cash equivalents decreased to ¥2,981,346,961.28 from ¥3,727,084,326.13, representing a decline of approximately 20%[16]. Assets and Liabilities - Total assets decreased by 4.15% to ¥17,742,954,703.20 from ¥18,511,875,423.07 at the end of the previous year[5]. - Total liabilities decreased to ¥5,792,451,019.35 from ¥6,806,166,209.00, reflecting a reduction of approximately 14.8%[18]. - The company's equity attributable to shareholders increased to ¥11,433,592,396.58 from ¥11,193,972,234.04, an increase of about 2.1%[18]. - Accounts receivable decreased to ¥3,537,571,123.30 from ¥3,752,033,391.40, a reduction of about 5.7%[16]. - Inventory decreased to ¥2,383,216,313.15 from ¥2,469,011,262.41, showing a decline of approximately 3.5%[17]. - Long-term equity investments decreased slightly to ¥443,957,365.47 from ¥456,340,415.52, a decline of approximately 2.7%[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 81,122[13]. - Major shareholders included Xia Shudong with 15.17% and Hangzhou Haoyue Enterprise Management Co., Ltd. with 14.11% of shares[13]. Non-Recurring Items - The company reported non-recurring gains totaling ¥242,861,542.33, which included government subsidies and other income[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 243.41% to -¥21,883,362.72, primarily due to credit impairment losses and foreign exchange fluctuations[5][9]. Research and Development - Research and development expenses increased to CNY 247,551,210.99 from CNY 236,316,869.60 in the previous period, reflecting ongoing investment in innovation[21]. Profitability Metrics - The weighted average return on equity was 1.95%, up from -0.46% in the same period last year, indicating improved profitability[5]. - The company reported a net profit margin improvement, with net profit increasing from the previous period, although specific figures were not disclosed in the provided content[20]. Audit Status - The company has not undergone an audit for the first quarter report[26].

证券代码：002373 证券简称：千方科技 公告编号：2025-021 北京千方科技股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 19 日（星期一）下午 15:00。 （2）网络投票时间：2025 年 5 月 19 日。 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 19 日的交 易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00。 通过深圳证券交易所互联网投票系统投票的开始时间为 2025 年 5 月 19 日上 午 9:15，结束时间为 2025 年 5 月 19 日下午 3:00。 5、会议的召开方式：现场投票与网络投票相结合的方式。 （1）现场投票：股东本人出席现场会 ...

证券代码：002373 证券简称：千方科技 公告编号：2025-022 北京千方科技股份有限公司 第六届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京千方科技股份有限公司第六届监事会第九次会议于 2025 年 4 月 21 日以 邮件形式发出会议通知，于 2025 年 4 月 25 日上午 11:30 在北京市海淀区东北旺西 路 8 号中关村软件园 27 号院千方大厦 B 座 5 层会议室以现场表决方式召开。会议 应出席监事 3 名，实际出席监事 3 名，会议由监事会主席孙大勇先生召集并主持， 会议的召开符合《公司法》和《公司章程》的规定。会议审议并通过了如下决议： 1、经与会监事签字并加盖监事会印章的公司第六届监事会第九次会议决议。 特此公告。 二、监事会会议审议情况 北京千方科技股份有限公司监事会 1、审议通过了《北京千方科技股份有限公司 2025 年第一季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为董事会编制和审核的北京千方科技股份有限公司 2025 年 第一季度报 ...

证券代码：002373 证券简称：千方科技 公告编号：2025-019 北京千方科技股份有限公司 2、审议通过了《关于召开 2024 年年度股东大会的议案》。 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京千方科技股份有限公司第六届董事会第十次会议于 2025 年 4 月 21 日以 邮件形式发出会议通知，于 2025 年 4 月 25 日上午 10：30 以通讯表决方式召开。 会议应出席董事 9 名，实际出席董事 9 名。会议由董事长夏曙东先生召集并主持， 公司监事和部分高管人员列席，会议的召开符合《公司法》和《公司章程》的规定。 会议审议并通过了如下决议： 二、董事会会议审议情况 1、审议通过了《北京千方科技股份有限公司 2025 年第一季度报告》； 表决结果：9 票同意，0 票反对，0 票弃权。 《北京千方科技股份有限公司 2025 年第一季度报告》于同日刊登在《中国证 券报》、《上海证券报》、《证券日报》、《证券时报》及巨潮资讯网（www.cninfo.com.cn）。 本议案已经公司审计委 ...

Financial Performance - The company reported a basic earnings per share of 0.1400 yuan for Q1 2025, a significant increase of 450% compared to a loss of 0.0400 yuan in Q1 2024 [1] - Net profit for Q1 2025 reached 2.21 billion yuan, a remarkable increase of 481.03% from a net loss of 0.58 billion yuan in Q1 2024 [1] - Operating revenue for Q1 2025 was 16.09 billion yuan, showing a slight increase of 1.84% from 15.8 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.95% in Q1 2025, compared to a negative 0.46% in Q1 2024, marking a 523.91% change [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 53,220.65 million shares, accounting for 38.63% of the circulating shares, with an increase of 481.19 million shares from the previous period [1] - The largest shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., holds 22,299.39 million shares, representing 16.19% of the total share capital, with no change [2] - Beijing Qianfang Group Co., Ltd. and Xia Shudong also maintained their holdings at 8,927.56 million shares (6.48%) and 5,992.32 million shares (4.35%) respectively [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

Investment Rating - The investment rating for China TransInfo Technology is "Sell" with a target price of Rmb5.1, indicating an expected share price return of -38.0% and a total expected return of -37.6% [4][8]. Core Insights - In 4Q24, revenue decreased by 28% year-over-year to Rmb1.8 billion, which was 40% and 25% below CitiE and BBGe estimates respectively [2][6]. - The gross margin for 4Q24 fell by 5.4 percentage points year-over-year to 32.1%, which was 6.1 percentage points below CitiE but 4.5 percentage points above BBGe [2][6]. - Operating expenses increased by 3% year-over-year to Rmb796 million, leading to an operating loss of Rmb206 million compared to an operating profit of Rmb179 million in 4Q23 [2][6]. - The overall net loss for 4Q24 was Rmb1.2 billion, aligning with previous guidance [2][6]. - For FY24, revenue declined by 7% year-over-year, with net losses also at Rmb1.2 billion compared to a net profit of Rmb542 million in FY23 [2][6]. Segment Breakdown - In the second half of 2024, revenue from intelligent transportation fell by 54% year-over-year to Rmb798 million, while the overall FY24 revenue for this segment decreased by 26% year-over-year to Rmb2.2 billion [3]. - The gross margin for the intelligent transportation segment narrowed by 12 percentage points year-over-year to 19.5% in 2H24, and the FY24 gross margin decreased by 7.3 percentage points to 21.1% [3]. - Conversely, revenue from intelligent IoT increased by 7% year-over-year to Rmb2.9 billion in 2H24, with an overall FY24 revenue growth of 5% year-over-year to Rmb5.1 billion [3].

Summary of Q1 2025 Conference Call for Qianfang Technology Company Overview - **Company**: Qianfang Technology - **Industry**: Intelligent Transportation and Data Solutions Key Points and Arguments - **2024 Performance and Strategy**: Qianfang Technology reported a decline in overall performance for 2024, influenced by industry conditions and strategic adjustments. However, the company maintained positive operating cash flow exceeding 100 million [3][5][21] - **Focus on Core Competencies**: The company has chosen to abandon low-quality integration projects to mitigate accounts receivable risks and concentrate resources on core capabilities, particularly the integration of data and artificial intelligence [3][5] - **Digital and Intelligent Development**: Future strategies include enhancing digitalization, connectivity, intelligence, and new energy initiatives, leveraging big data and AI to improve transportation services and operational efficiency [3][5] - **International Market Expansion**: Qianfang Technology is actively expanding into international markets, establishing a joint venture with Xiong'an Group for vehicle networking and collaborating with Shandong Electric Power Construction to advance optoelectronic integration [3][5] - **Significant Progress in Intelligent Transportation**: The company has made notable advancements in intelligent transportation, including the establishment of the Xiong'an Qianfang Vehicle Networking Company and collaboration with Shandong Electric Power Construction on optoelectronic solutions [6][10] - **Video Data Processing Innovations**: Qianfang Technology has upgraded its video industry models, launching streaming and DDC integrated machines, and has over 1,000 partnerships with large models to enhance efficiency and service channels [7][10] - **Overseas Business Growth**: The company reported approximately 10% growth in overseas business last year, with plans to intensify international market efforts in 2025 [8][11] - **Traffic Big Data Applications**: The company is leveraging traffic big data to empower the digital transformation of road networks, collaborating with DeepSeek and Tongyi Qianwen for traffic flow analysis applications [9][10] - **Investment in Smart Transportation R&D**: Qianfang Technology is focusing on product development, particularly integrating large model technology, and has released a DC integrated machine for traffic command centers [10][15] - **Challenges in Car-Road Cloud Projects**: The initial 20 pilot cities for car-road cloud projects have faced delays due to funding issues, but progress continues with ongoing collaborations and project developments [12][13] - **Future Investment Plans**: The company is poised to invest in digital transformation projects, with significant funding allocated by the government for road network upgrades over the next three years [14][15] - **Cooperation with China Communications Construction Company**: The partnership focuses on big data applications, integrating truck and road network data to enhance user services [18] - **Joint Venture with Xiong'an New Area**: The joint venture is progressing well, with plans to expand beyond the Xiong'an region and engage in strategic collaborations in the Beijing vehicle-road integration market [19] - **Order Situation and Outlook**: The current order situation is stable, with expectations for improvement as new projects, including the Xiong'an smart networking project, are tendered [20] Additional Important Insights - **Emphasis on Product Capability**: The company aims to enhance product capabilities and explore new directions, particularly in overseas markets, to improve profitability [21] - **Market Dynamics**: The competitive landscape in overseas markets is intense, but the potential for higher returns is acknowledged [17][16] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Qianfang Technology's strategic focus and market positioning in the intelligent transportation sector.

Core Insights - The company reported a revenue of 7,249,136,140.37 CNY for the fiscal year 2024, representing a decrease of 6.99% compared to 2023. The net profit attributable to shareholders turned negative at -1,192,543,351.64 CNY, indicating a significant loss compared to the previous year [2] - The adjusted net profit, excluding non-recurring gains and losses, was -1,095,896,965.29 CNY, reflecting a 495.75% decrease from the previous year's adjusted net profit [2] Business Segment Performance - The security subsidiary, Yushi Technology, achieved a revenue of 5,481,908,199.84 CNY, with an operating profit of 318,791,540.36 CNY and a net profit of 314,609,570.73 CNY for 2024 [3] Product and Technology Highlights - The company has developed a comprehensive product matrix, offering a full range of inverter and energy storage battery products for households and small to medium-sized businesses. Key products include single-phase hybrid inverters (3-12KW) and three-phase hybrid inverters (5-50KW), which support various system integrations [3] - The energy storage systems have capacities ranging from 5KWh to 240KWh, with high-end stacked batteries featuring a 40% improvement in space utilization due to a slim design [3] - The company achieved significant technical performance breakthroughs, with PV conversion efficiency and system efficiency both at 98%, surpassing industry averages. The system features seamless switching and a 4ms off-grid switching speed to ensure continuous power supply [4] - An intelligent cloud platform and mobile app allow users to monitor and manage their energy storage systems, optimizing charging and discharging strategies based on dynamic electricity pricing, potentially saving 15%-30% on electricity costs [4] - The energy storage systems incorporate advanced safety features, including aerosol protection and multiple software safeguards, ensuring system safety. The all-in-one and modular stacking technology facilitates easy installation and supports remote upgrades and maintenance [4]

公募基金方面本期较上一季度持股减少的公募基金共计2个，包括南方中证500ETF、嘉实中证软件服务 ETF联接A，持股减少占比小幅下跌。本期较上一季度新披露的公募基金共计208个，主要包括易方达中 证人工智能主题ETF、华夏中证500指数增强A、诺安创新驱动混合A、嘉实中证软件服务ETF、华夏中 证500ETF等。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.20%。 2025年4月19日，千方科技(002373.SZ)发布2024年年度报告。截至2025年4月18日，共有218个机构投资 者披露持有千方科技A股股份，合计持股量达5.18亿股，占千方科技总股本的32.76%。其中，前十大机 构投资者包括杭州灏月企业管理有限公司、北京千方集团有限公司、建信(北京)投资基金管理有限责任 公司-芜湖建信鼎信投资管理中心(有限合伙)、北京电信投资有限公司、香港中央结算有限公司、衢州久 虎投资合伙企业(有限合伙)、建信信托有限责任公司-建信信托-智能物流6号集合资金信托计划、中国农 业银行股份有限公司-中证500交易型开放式指数证券投资基金、北京千方科技股份有限公司- ...