Financial Performance - The company reported a basic earnings per share of 0.3400 yuan for Q1 2025, representing a 54.55% increase compared to 0.2200 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 1.75 billion yuan, up 56.25% from 1.12 billion yuan in Q1 2024 [1] - Operating revenue decreased by 7.48% to 4.33 billion yuan in Q1 2025 from 4.68 billion yuan in Q1 2024 [1] - The return on equity increased to 4.33% in Q1 2025 from 3.05% in Q1 2024, marking a 41.97% rise [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 24,534.99 million shares, accounting for 49.05% of the circulating shares, with an increase of 1,404.4 thousand shares compared to the previous period [1] - The largest shareholder, Hangzhou Juhua Group Co., Ltd., holds 10,998.62 million shares, representing 21.99% of the total share capital [2] - Hong Jun holds 1,959.33 million shares, accounting for 3.92% of the total, while Hong Kong Central Clearing Limited increased its holdings by 197.04 thousand shares to 1,871.84 million shares [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

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。 杭州炬华科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第五届董事会第十七次会议，审议通过了《公司 2025 年第一季度报告》。为使投 资者全面了解公司的经营成果、财务状况及未来发展规划，公司《2025 年第一 季度报告》已于 2025 年 4 月 29 日在中国证券监督管理委员会指定的创业板信息 披露网站（http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 杭州炬华科技股份有限公司董事会 2025 年 4 月 29 日 证券代码：300360 证券简称：炬华科技 公告编号：2025-019 杭州炬华科技股份有限公司 2025 年第一季度报告披露提示性公告 ...

证券代码：300360 证券简称：炬华科技 公告编号：2025-021 杭州炬华科技股份有限公司 第五届监事会第十三次会议决议公告 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 杭州炬华科技股份有限公司（以下简称"公司"）第五届监事会第十三次会 议于 2025 年 4 月 24 日以书面及通讯方式发出通知，并于 2025 年 4 月 28 日以现 场表决的方式在公司会议室召开。会议由丁国茂先生主持，应出席监事 3 人，实 际出席监事 3 人，符合国家有关法律、法规及公司章程的规定。 二、监事会会议审议情况 经全体监事一致同意，形成决议如下： 1、审议《公司 2025 年第一季度报告》 经审核，监事会认为董事会编制和审议公司 2025 年第一季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《 2025 年第一季度报告》详见 2025 年 4 月 29 日巨潮资讯网 （www.cninfo.com.cn）。 议案表决结果：3 票同意， ...

证券代码：300360 证券简称：炬华科技 公告编号：2025-020 杭州炬华科技股份有限公司 第五届董事会第十七次会议决议公告 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 杭州炬华科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日以现 场表决与通讯表决相结合的方式在公司会议室召开了第五届董事会第十七次会 议。会议通知已于 4 月 24 日以通讯方式发出。 会议应到董事 9 人，参加现场表决的董事 6 人，参加通讯表决的董事 3 人。 本次会议由董事长杨光先生召集和主持，公司监事会成员及高级管理人员列席了 会议，符合《公司法》及《公司章程》的有关规定。 1、审议《公司 2025 年第一季度报告》 关于《公司 2025 年第一季度报告》详见 2025 年 4 月 29 日巨潮资讯网 （www.cninfo.com.cn）。 本议案已经公司第五届董事会审计委员会第十次会议审议通过，并同意提交 董事会审议。 议案表决结果：9 票同意，0 票反对，0 票弃权。 三、备查文件 1、杭州炬华科技股份有限公司第五届审计委员会 ...

Financial Performance - The company's revenue for Q1 2025 was ¥432,973,958.46, a decrease of 7.40% compared to ¥467,586,401.06 in the same period last year[5] - Net profit attributable to shareholders increased by 56.05% to ¥174,849,197.82 from ¥112,047,493.22 year-on-year[5] - Basic and diluted earnings per share rose by 54.55% to ¥0.34 from ¥0.22 in the same period last year[5] - Net profit for the current period is ¥176,089,144.32, an increase of 62.1% compared to ¥108,984,659.35 in the previous period[16] - Earnings per share (EPS) for the current period is ¥0.34, up from ¥0.22 in the previous period[17] - The company reported a total comprehensive income of ¥176,782,401.26, an increase from ¥107,950,548.98 in the previous period[17] Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of ¥9,391,311.35, a 78.05% reduction from a net outflow of ¥42,787,987.11 in the previous year[5] - The net cash flow from financing activities was ¥2,673,833.31, a significant increase of 218.59% compared to a net outflow of ¥2,254,596.20 in the previous year[9] - Cash flow from operating activities shows a net outflow of ¥9,391,311.35, an improvement from a net outflow of ¥42,787,987.11 in the previous period[18] - The cash inflow from financing activities was $2,886,482.31, while cash outflow totaled $212,649.00, resulting in a net cash flow of $2,673,833.31, contrasting with a net outflow of -$2,254,596.20 in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,863,272,687.45, reflecting a 1.17% increase from ¥4,806,884,880.38 at the end of the previous year[5] - Total assets amount to ¥4,863,272,687.45, compared to ¥4,806,884,880.38 in the previous period[14] - Total liabilities decreased to ¥698,219,260.63 from ¥818,613,854.82 in the previous period[14] - Current liabilities decreased to ¥658,235,599.61 from ¥777,730,820.51, indicating a reduction of about 15.3%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 27,350[10] - The largest shareholder, Hangzhou Juhua Group Co., Ltd., holds 21.39% of shares, totaling 109,986,235 shares[10] - There are no changes in the shareholding structure of the top 10 shareholders due to margin trading activities[10] - The company has no preferred shareholders as indicated in the report[11] Research and Development - Research and development expenses increased by 30.13% to ¥22,026,577.93, indicating a continued commitment to innovation[9] Government Support - The company received government subsidies amounting to ¥26,545,059.37, which positively impacted the financial results[6] Investment Activities - The net cash flow from investing activities was -$168,992,247.39, compared to -$48,182,882.45 in the previous period, indicating a significant increase in cash outflow for investments[19] - The company reported a total cash outflow from investment activities of $233,415,805.51, significantly higher than $83,827,142.72 in the prior period[19] Accounting and Audit - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[20] - The company has not adopted the new accounting standards starting from 2025, which may influence future financial reporting[20]

Core Viewpoint - The company, Juhua Technology, is focusing on expanding its overseas market presence and enhancing its product offerings in smart metering and IoT solutions while maintaining a strong emphasis on research and development. Group 1: Business Overview - The company has diversified its business beyond electric meters, including smart metering and collection systems, smart water meters, electric vehicle charging equipment, and IoT cloud platforms [2][28]. - The company plans to increase its overseas market investments, targeting regions such as Europe, Africa, Central Asia, and Southeast Asia [6][17]. Group 2: Financial Performance - In 2024, the company's main revenue reached 2.029 billion yuan, a year-on-year increase of 14.54%, while the net profit attributable to shareholders was 666 million yuan, up 9.45% [28]. - The company will disclose its Q1 2025 report on April 29, 2025, which is anticipated to reflect the impact of existing contracts worth approximately 1.576 billion yuan [3][10]. Group 3: Research and Development - The R&D expenses for 2024 are projected to increase by 12.74%, focusing on future factories, smart manufacturing, and new technologies in smart metering [4][19]. - The company aims to leverage AI technology in smart meter data analysis to enhance operational efficiency and user experience [11]. Group 4: Market Strategy - The company acknowledges a low current revenue contribution from overseas markets and plans to enhance its market penetration and product quality in Europe [7][17]. - The company is addressing customer concentration risks by diversifying its client base and increasing investments in overseas markets and smart flow measurement systems [8][24]. Group 5: Profitability and Margins - The company's gross margin has improved to 47.55%, attributed to better cost control and lean management practices [9][28]. - The decline in net profit in Q4 is linked to year-end bonuses, increased R&D expenses, and asset impairments [25].

Business Overview - The company has diversified its business beyond electric meters, including smart metering and collection systems (AMI), smart water meters, electric vehicle charging equipment, and IoT cloud platforms [1] - The overseas business currently accounts for a low percentage of total revenue, with plans to increase investment in international markets [6] Financial Performance - The company will disclose its Q1 2025 report on April 29, 2025 [2] - R&D expenses for 2024 increased by 12.74% compared to the previous year [3] - The company reported a contract amount of ¥1,576,256,826.39 at the end of the reporting period [9] Market Strategy - The company aims to expand its presence in the European, African, Central Asian, and Southeast Asian markets [5][16] - The company is focusing on reducing reliance on major clients like the State Grid by diversifying its customer base [7] Profitability and Cost Management - The increase in gross margin is attributed to improved cost control and lean management practices [8] - The company is implementing multiple measures to enhance core competitiveness, including product R&D and cost management [23] Future Outlook - The company is exploring new growth opportunities in domestic markets, particularly in smart metering and related systems [12] - There are no current plans for semiconductor-related business, but the company is monitoring developments in that area [13] Shareholder Returns - The board will consider share buybacks based on market conditions and company performance [4][17] - The company emphasizes the importance of maintaining sufficient cash reserves for operational stability and growth [21]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.48 RMB [7][9]. Core Insights - The company achieved a revenue of 2.03 billion RMB in 2024, representing a year-on-year growth of 14.54%, and a net profit of 665 million RMB, up 9.45% year-on-year. The growth is driven by the peak replacement cycle of smart electric meters and the upgrade of distribution network requirements [1][2]. - The gross margin for 2024 is reported at 47.55%, an increase of 2.72 percentage points year-on-year, while the net profit margin stands at 33.03%, a decrease of 1.34 percentage points due to reduced fair value gains [2][3]. - The company is successfully expanding its overseas market, with revenue from international operations reaching 203 million RMB in 2024, a significant increase of 56.04%, accounting for 10% of total revenue [4][5]. Revenue and Profitability - The main revenue source, smart metering and collection systems, generated 1.641 billion RMB in 2024, growing 14.31% year-on-year, with a gross margin of 51.15% [3]. - The Internet of Things (IoT) sensors and accessories segment saw a remarkable revenue increase of 48.85% year-on-year, reaching 167 million RMB, with a gross margin of 33.12% [3]. - The company expects the replacement cycle for new smart meters to continue until 2026, driven by the demand for controllable and measurable resources [3]. Financial Forecast and Valuation - The forecasted net profit for 2025-2027 is 794 million RMB, 899 million RMB, and 989 million RMB, with year-on-year growth rates of 19.49%, 13.21%, and 9.95% respectively [5][6]. - The report assigns a price-to-earnings (PE) ratio of 12 for 2025, reflecting the company's strong overseas market performance and growth potential [5][6].

公募基金方面本期较上一季度持股减少的公募基金共计1个，即华安宏利混合A，持股减少占比达 0.77%。本期较上一季度新披露的公募基金共计207个，主要包括中信证券卓越成长A、富国中证价值 ETF、广发多因子混合、睿远稳益增强30天持有债券A、大摩领先优势混合等。本期较上一季未再披露 的公募基金共计6个，主要包括前海开源公用事业股票、前海开源新经济混合A、前海开源新兴产业混 合A、华安产业趋势混合A、华安品质领先混合A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1.01%。 2025年4月21日，炬华科技(300360.SZ)发布2024年年度报告。截至2025年4月20日，共有211个机构投资 者披露持有炬华科技A股股份，合计持股量达1.41亿股，占炬华科技总股本的27.47%。其中，前十大机 构投资者包括杭州炬华集团有限公司、香港中央结算有限公司、中信证券-中信银行-中信证券卓越成长 两年持有期混合型集合资产管理计划、富国中证价值ETF、广发多因子混合、睿远稳益增强30天持有债 券A、大摩领先优势混合、鹏华成长智选混合A、华夏中证红利质量ETF、中证20 ...

杭州炬华科技股份有限公司于近日发布2024年年报，各项财务数据呈现出不同程度的变化。其中，研发 费用增长26.89%，筹资活动产生的现金流量净额减少348.47%，这些显著变动值得投资者关注。以下将 对该公司年报进行详细解读。 营收稳健增长，盈利水平提升 营业收入：稳步增长，业务拓展成效显著 2024年，杭州炬华科技营业收入为2,028,816,521.03元，相较于2023年的1,771,339,675.53元，增长了 14.54%。这一增长表明公司在市场拓展方面取得了积极成效。从业务板块来看，智慧计量与采集系统 收入为1,641,424,178.43元，占比80.92%，同比增长14.31%，依然是公司的核心收入来源。物联网传感 器及配件业务增长显著，收入达到166,632,688.20元，同比增长48.85%，反映出公司在该领域的布局和 发展初见成效。 净利润与扣非净利润：均实现增长，盈利能力增强 归属于上市公司股东的净利润为664,660,434.13元，较2023年的607,292,587.78元增长9.45%；扣除非经 常性损益的净利润为645,358,301.20元，同比增长22.89%。扣非净 ...