[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) [Important Notice and Risk Disclosure](index=2&type=section&id=重要提示与风险披露) Management confirms the report's accuracy, cautions on macroeconomic, policy, and accounts receivable risks, and states no profit distribution is planned - The company faces five major operating risks: - **Large-scale system solution implementation risks**: High project complexity and long implementation cycles may lead to delays due to planning flaws, technical failures, or changing client demands - **Major customer loss risks**: High customer concentration among large and medium-sized medical institutions means client loss would significantly impact sustainable development - **Management control and gross margin fluctuation risks**: Expanding business scope demands higher project management control, while overall solution business may reduce comprehensive gross margin - **Technology and talent loss risks**: As a technology-intensive industry, the stability of the core technical team is crucial, with risks of talent outflow and core technology leakage - **National policy and macroeconomic environment change risks**: National healthcare informatization policies offer industry opportunities, but significant policy or macroeconomic changes could introduce operational uncertainties[5](index=5&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[13](index=13&type=chunk) [Definitions](index=8&type=section&id=释义) This section defines key terms, including company entities, industry-specific systems like HIS and CIS, the 'Digital Hospital Overall Solution,' and specifies the reporting period as H1 2025 [Company Profile and Key Financial Indicators](index=10&type=section&id=第二节%20公司简介和主要财务指标) [Company Profile](index=10&type=section&id=公司简介) Zhejiang Horen Technology Co., Ltd. (stock code: 300550), listed on the Shenzhen Stock Exchange, is represented by Zhao Chenhui, with no changes in registered address, office address, or information disclosure locations during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Horen Technology | | Stock Code | 300550 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 浙江和仁科技股份有限公司 | | Legal Representative | Zhao Chenhui | [Key Accounting Data and Financial Indicators](index=11&type=section&id=主要会计数据和财务指标) In H1 2025, despite nearly flat revenue, the company significantly narrowed its net loss and improved operating cash flow, indicating an overall improvement in financial performance Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (million yuan) | 158.88 | 160.46 | -0.99% | | Net Profit Attributable to Shareholders (million yuan) | -3.52 | -14.33 | 75.44% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (million yuan) | -4.41 | -15.98 | 72.38% | | Net Cash Flow from Operating Activities (million yuan) | -64.99 | -96.29 | 32.50% | | Basic Earnings Per Share (yuan/share) | -0.01 | -0.05 | 80.00% | | Weighted Average Return on Net Assets | -0.32% | -1.34% | 1.02% | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period (billion yuan) | End of Prior Year (billion yuan) | Change from Beginning of Year | | :--- | :--- | :--- | :--- | | Total Assets | 1.44 | 1.46 | -1.56% | | Net Assets Attributable to Shareholders | 1.10 | 1.11 | -0.91% | - During the reporting period, the company's total non-recurring gains and losses amounted to **0.89 million yuan**, primarily from fair value changes in financial assets and government subsidies[33](index=33&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=第三节%20管理层讨论与分析) [Main Business Activities During the Reporting Period](index=13&type=section&id=报告期内公司从事的主要业务) The company's core business involves R&D, sales, implementation, and service of medical information and digital scenario application systems, offering overall solutions to healthcare institutions, driven by national policies and AI advancements - The company's main business is divided into two segments: **Medical Information Systems** (including hospital clinical information systems centered on electronic medical records and city-level smart healthcare solutions) and **Digital Scenario Application Systems** (extensions of clinical information systems in various medical service scenarios, such as smart outpatient and smart surgery)[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - The company's products support **domestic operating systems and databases** and feature **modular component assembly**, enhancing productization, meeting personalized needs, and reducing development costs[42](index=42&type=chunk)[43](index=43&type=chunk) - During the reporting period, the National Health Commission issued policies like the **'Smart Healthcare Grading Evaluation Method and Standards (2025 Edition)'** and **'Tier-3 Hospital Review Standards (2025 Edition)'**, emphasizing data interoperability, AI applications, and medical quality, providing clear guidance and market drivers for industry development[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) [Analysis of Core Competencies](index=17&type=section&id=核心竞争力分析) The company's core competencies include comprehensive solution capabilities based on proprietary clinical products, advanced technology, continuous innovation, full lifecycle services, premium client resources, and an experienced management and talent team - The company provides **top-down designed, hospital-wide smart hospital overall solutions** centered on clinical data interoperability, occupying a core position in medical informatization construction[58](index=58&type=chunk)[59](index=59&type=chunk) - The company's new-generation hospital information system is one of China's **largest core business systems based on HTML5 and cloud computing technology**, supporting cloud deployment, group hospital applications, and integrating HIS with EMR[62](index=62&type=chunk) - The company has established **long-term partnerships with top-tier large medical institutions** in military systems and multiple regions like Zhejiang, Jiangsu, Jiangxi, and Shaanxi, accumulating extensive successful cases and implementation experience[64](index=64&type=chunk) [Analysis of Main Business Operations](index=19&type=section&id=主营业务分析) During the reporting period, operating revenue slightly decreased, but a significant drop in operating costs boosted gross margin, while R&D investment substantially increased; medical information systems dominated revenue with improved gross margin, and regional performance varied, with strong growth in Central China Key Financial Data Year-on-Year Changes | Item | Current Period (million yuan) | Prior Period (million yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Cost | 89.92 | 112.59 | -20.14% | - | | Financial Expenses | -2.15 | -3.09 | 30.51% | Primarily due to decreased interest income | | R&D Investment | 31.72 | 23.63 | 34.27% | Primarily due to increased R&D investment in this period | | Net Cash Flow from Investing Activities | -40.74 | 9.98 | -508.22% | Primarily due to increased purchase of wealth management products | | Net Cash Flow from Financing Activities | -33.56 | -0.95 | -3,431.93% | Primarily due to decreased loans compared to the prior period | Operating Revenue by Product or Service (million yuan) | Product/Service | Operating Revenue (million yuan) | Operating Cost (million yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Scenario-based Application Systems | 34.05 | 27.18 | 20.18% | -29.01% | -32.01% | 3.53% | | Medical Information Systems | 89.12 | 44.99 | 49.51% | 0.45% | -26.70% | 18.70% | Operating Revenue by Region (million yuan) | Region | Operating Revenue (million yuan) | YoY Change in Operating Revenue | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Northwest Region | 81.77 | -11.10% | 53.98% | 26.81% | | East China Region | 37.73 | -39.49% | 41.60% | 8.08% | | Central China Region | 26.93 | 1,699.45% | 11.22% | -29.08% | [Analysis of Assets and Liabilities](index=21&type=section&id=资产及负债状况分析) At period-end, total assets decreased, with a notable shift in asset structure as cash declined and contract assets rose, while short-term borrowings decreased, and some cash remained restricted due to guarantees and litigation Significant Changes in Asset Composition | Item | Proportion of Total Assets at Period End | Proportion of Total Assets at Beginning of Year | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 28.05% | 37.08% | -9.03% | | Accounts Receivable | 22.08% | 20.66% | 1.42% | | Contract Assets | 25.59% | 20.71% | 4.88% | | Short-term Borrowings | 4.87% | 6.57% | -1.70% | - As of the end of the reporting period, **4.62 million yuan** of the company's cash and cash equivalents were restricted, primarily for bill deposits, letter of guarantee deposits, migrant worker wage guarantees, and litigation-frozen funds[81](index=81&type=chunk)[491](index=491&type=chunk) [Analysis of Investment Activities](index=22&type=section&id=投资状况分析) During the reporting period, the company's investment increased, primarily in wealth management products using own funds, with no significant equity, non-equity, or derivative investments Overview of Entrusted Wealth Management (million yuan) | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management Occurred (million yuan) | Unmatured Balance (million yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 60 | 30 | [Analysis of Major Holding and Participating Companies](index=24&type=section&id=主要控股参股公司分析) The company established new subsidiaries and deregistered others to expand digital hospital business and enhance operational efficiency, with its main subsidiary, Zhejiang Meihe Institute, reporting a net loss - To accelerate digital hospital business expansion and market layout, the company established **Horen Health Technology Hong Kong Co., Ltd., Nanjing Horen Digital Medical Technology Co., Ltd., Wenzhou Shukangjian Technology Industry Development Co., Ltd., and Wenzhou Shujian Technology Co., Ltd.**[93](index=93&type=chunk)[134](index=134&type=chunk) - Due to business strategy adjustments, the company deregistered **Shanghai Horkangyi Technology Co., Ltd.** and established and then deregistered **Zhejiang Hezhong Renxin Technology Co., Ltd.**, neither of which had a substantial impact on operations or performance[93](index=93&type=chunk)[134](index=134&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=第四节%20公司治理、环境和社会) [Corporate Governance and Social Responsibility](index=27&type=section&id=公司治理与社会责任) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, no profit distribution or equity incentive plans, and the company actively fulfilled its social responsibilities by protecting stakeholder rights - There were **no changes in the company's directors, supervisors, and senior management** during the reporting period[103](index=103&type=chunk) - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the half-year period[104](index=104&type=chunk) - The company actively fulfills its social responsibilities, focusing on **protecting the rights and interests of shareholders, employees, suppliers, and customers**[106](index=106&type=chunk)[107](index=107&type=chunk) [Significant Matters](index=29&type=section&id=第五节%20重要事项) [Litigation and Major Contracts](index=29&type=section&id=诉讼与重大合同) While no major litigation occurred, several other significant cases, including arbitration with PLA General Hospital and a lawsuit with Xi'an Construction Group, are ongoing; the company is also executing major smart hospital projects with Xinjiang TCM Hospital, Xi'an Honghui Hospital, and Xi'an Children's Hospital Other Litigation Matters (Partial) | Litigant | Amount Involved (million yuan) | Litigation Progress | | :--- | :--- | :--- | | Zhejiang Horen Technology vs. PLA General Hospital | 22.26 | Arbitration filed, not yet heard | | Zhejiang Horen Technology vs. Xi'an Construction Engineering Group Co., Ltd. et al. | 16.06 | Case filed, under normal trial | | Shanxi Zhijie Software Engineering Co., Ltd. vs. Zhejiang Horen Technology | 3.34 | Second instance judgment rendered, appeal dismissed, original judgment upheld | | Zhejiang Horen Technology vs. Nantong Yilian E-commerce Co., Ltd. | 2.79 | First instance judgment supported plaintiff, defendant appealed, second instance under trial | Performance of Major Daily Operating Contracts (Partial) | Client Name | Contract Content | Total Contract Amount (million yuan) | Overall Progress | | :--- | :--- | :--- | :--- | | Xinjiang Uygur Autonomous Region Hospital of Traditional Chinese Medicine | Smart Hospital Informatization Project | 148.16 | 42.03% | | Xi'an Honghui Hospital | Multi-campus Integrated 'Smart Hospital' Scenario Application Project | 165.87 | 96.87% | | China Construction Eighth Engineering Division Second Construction Co., Ltd. | Xi'an Children's Hospital Jingkai Campus Project Intelligent Engineering | 148.91 | 66.05% | | PLA General Hospital | Subcontract for Low-Voltage Intelligent Engineering of Outpatient and Emergency Comprehensive Building | 141.41 | Accepted but not yet settled | [Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) [Share Changes and Shareholder Information](index=36&type=section&id=股份变动与股东情况) At period-end, the company's total share capital and shareholder count remained stable, with the top three shareholders identified, and the controlling shareholder's shares, along with its concerted parties, partially pledged - During the reporting period, the company's **total share capital remained unchanged at 262,560,141 shares**[137](index=137&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Tongce Medical Co., Ltd. | 19.01% | 49,920,315 | | Hangzhou Panyuan Investment Co., Ltd. | 15.33% | 40,260,815 | | Xiamen Silicon Valley Shaohua I Investment Partnership | 10.01% | 26,273,850 | | Hangzhou Panhong Investment Management Partnership | 5.42% | 14,240,800 | - Of the shares held by controlling shareholder Hangzhou Panyuan Investment Co., Ltd., **22,282,825 shares are pledged**, representing **55.35%** of its holdings; its concerted party, Hangzhou Panhong Investment Management Partnership (Limited Partnership), has **9,500,000 shares pledged**[139](index=139&type=chunk)[669](index=669&type=chunk) [Bond-Related Information](index=41&type=section&id=第七节%20债券相关情况) [Bond Status](index=41&type=section&id=债券情况) The company had no bond-related information during the reporting period [Financial Report](index=42&type=section&id=第八节%20财务报告) [Financial Statements](index=42&type=section&id=财务报表) This unaudited semi-annual financial report presents the consolidated balance sheet, income statement, and cash flow statement, detailing the company's assets, liabilities, equity, revenue, costs, and cash flows for the period Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (billion yuan) | Beginning-of-Period Balance (billion yuan) | | :--- | :--- | :--- | | Total Assets | 1.44 | 1.46 | | Total Liabilities | 0.33 | 0.34 | | Total Equity Attributable to Parent Company Owners | 1.10 | 1.11 | Consolidated Income Statement Summary (H1 2025) | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 158.88 | 160.46 | | Total Operating Costs | 150.64 | 168.68 | | Net Profit | -3.68 | -14.56 | | Net Profit Attributable to Parent Company Shareholders | -3.52 | -14.33 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -64.99 | -96.29 | | Net Cash Flow from Investing Activities | -40.74 | 9.98 | | Net Cash Flow from Financing Activities | -33.56 | -0.95 | | Net Increase in Cash and Cash Equivalents | -139.30 | -87.26 | [Notes to Financial Statements](index=60&type=section&id=财务报表附注) The notes detail the company's background, financial statement preparation basis, and significant accounting policies, including revenue recognition, R&D capitalization, and financial instrument impairment, with no major policy changes and tax benefits as a key software enterprise - The company's revenue recognition policy for **digital scenario application system implementation business** is based on the input method according to the progress of performance; for **medical information system software sales and development**, revenue is recognized when the customer confirms and the right to receive payment is obtained[313](index=313&type=chunk)[315](index=315&type=chunk) - R&D expenditure capitalization policy: The company begins capitalization after completing the project design, meeting expected requirements, and passing project approval, ceasing capitalization and transferring to intangible assets upon completion of development into standardized products ready for delivery[296](index=296&type=chunk) - The company enjoys tax incentives, including **immediate refund of VAT exceeding 3% for software products** and a **temporary 10% corporate income tax rate for 2025** as a key software enterprise within national planning[360](index=360&type=chunk)

Group 1 - The stock price of HeRen Technology is 13.40 yuan as of August 15, 2025, with an increase of 0.16 yuan, representing a rise of 1.21% from the previous trading day [1] - The opening price for the day was 13.25 yuan, with a highest point of 13.51 yuan and a lowest point of 13.20 yuan, resulting in a trading volume of 64,100 hands and a transaction amount of 86 million yuan [1] - HeRen Technology operates in the software development industry, focusing on smart healthcare, providing comprehensive hospital information solutions [1] Group 2 - The company's business includes clinical data centers and hospital information system integration, aiming for the standardization and interconnectivity of medical data [1] - HeRen Technology stated on its interactive platform that the clinical data center is a core module of its smart hospital solution, enabling data interconnectivity through an integrated platform with various hospital information systems [1] - On August 15, the net outflow of main funds was 12.32 million yuan, with a cumulative net outflow of 21.01 million yuan over the past five days [1]

Core Viewpoint - The company, HeRen Technology, emphasizes its clinical data center as a core module of its smart hospital solution, integrating various hospital information systems for real-time data connectivity [2]. Group 1: Technology Application in Data Centers - The clinical data center is a key component of the company's overall smart hospital solution [2]. - The company integrates its platform with multiple hospital information systems, including HIS, PACS, RIS, and LIS, to achieve real-time, bidirectional data communication [2]. - Data from various systems is collected, fused, and standardized to form a unified clinical data center, which supports various data applications across the hospital [2].

Core Viewpoint - The company emphasizes its role in the data center sector as a core module of its smart hospital solutions, focusing on real-time data integration and interoperability with various hospital information systems [1] Group 1: Data Center Technology Application - The clinical data center is a key component of the company's overall smart hospital solution [1] - The company integrates its platform with multiple hospital information systems, including HIS, PACS, RIS, and LIS, to achieve real-time, bidirectional data connectivity [1] - Data from various systems is collected, fused, and standardized to form a unified clinical data center, supporting various data applications from this centralized hub [1]

Core Viewpoint - The stock of HeRen Technology (300550) has shown a decline in both price and key financial metrics, indicating potential challenges in the company's performance and market position [1][3]. Financial Performance - As of August 13, 2025, HeRen Technology's stock closed at 13.45 yuan, down 1.54% with a trading volume of 66,400 shares and a turnover of 89.48 million yuan [1]. - The company's Q1 2025 report revealed a main revenue of 78.40 million yuan, a year-on-year decrease of 13.99%, and a net profit attributable to shareholders of -3.84 million yuan, a significant decline of 645.0% year-on-year [3]. - The company's gross profit margin stands at 32.76%, which is below the industry average of 44.48% [3]. Market Position - HeRen Technology's total market capitalization is 3.531 billion yuan, significantly lower than the software development industry average of 13.01 billion yuan, ranking 150 out of 194 companies in the sector [3]. - The company's net assets are reported at 1.116 billion yuan, also below the industry average of 2.468 billion yuan, ranking 116 out of 194 [3]. Investment Flow - On August 13, 2025, the net outflow of main funds was 6.89 million yuan, accounting for 7.7% of the total turnover, while retail investors saw a net outflow of 3.12 million yuan, representing 3.49% of the total turnover [1][2]. - Over the past five days, the stock has experienced fluctuating fund flows, with notable net inflows from retail investors on certain days, indicating mixed investor sentiment [2].

Group 1 - The core stock price of HeRen Technology as of August 12, 2025, is 13.66 yuan, reflecting a decline of 1.09% from the previous trading day [1] - The trading volume on that day was 0.56 billion yuan, with a turnover rate of 1.56% [1] - HeRen Technology operates in the software development industry, focusing on areas such as internet healthcare and blockchain [1] Group 2 - The company specializes in medical information technology, integrating clinical and management data to build a unified data center, aiding hospitals in digital transformation [1] - HeRen Technology reported significant delivery results for its data center products, which support clinical diagnosis in real-time, deeply analyze operational data, and provide data support for research, contributing to high-quality hospital development [1] Group 3 - On August 12, the net outflow of main funds was 12.12 million yuan, with a cumulative net outflow of 35.37 million yuan over the past five days [1]

证券日报网讯 和仁科技8月12日在互动平台回答投资者提问时表示，公司数据中心产品交付效果显著： 实时支撑临床诊疗，保障数据及时可用；深度挖掘运营数据，为管理决策提供精准依据；整合科研相关 数据，加速研究进程。通过整合临床、管理等数据，依托技术保障数据完整、准确、安全，构建全院统 一数据中心，全方位助力医院高质量发展。 （编辑 袁冠琳） ...

天眼查商业履历信息显示，浙江和仁科技股份有限公司，成立于2010年，位于杭州市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本26256.0141万人民币，实缴资本6000万人民币。公司法 定代表人为赵晨晖。 通过天眼查大数据分析，浙江和仁科技股份有限公司共对外投资了26家企业，参与招投标项目1015次， 知识产权方面有商标信息154条，专利信息17条，此外企业还拥有行政许可115个。 金融界消息 截至2025年8月12日收盘，和仁科技（300550）报收于13.66元，下跌1.09%，换手率 1.56%，成交量4.10万手，成交金额5608.29万元。 资金流向方面，今日主力资金净流出1212.02万元，占比成交额21.61%。其中，超大单净流出755.12万 元、占成交额13.46%，大单净流出456.90万元、占成交额8.15%，中单净流出流入252.57万元、占成交 额4.5%，小单净流入959.45万元、占成交额17.11%。 和仁科技最新一期业绩显示，截至2025一季报，公司营业总收入7839.61万元、同比减少13.99%，归属 净利润384.41万元，同比减少645.00%，扣非净 ...

Core Viewpoint - HeRen Technology (300550) has experienced a decline in stock price and financial performance, indicating potential challenges in the software development industry, particularly in the medical information systems sector [1][2]. Financial Performance - As of August 8, 2025, HeRen Technology's stock closed at 13.48 yuan, down 2.53% with a trading volume of 62,800 hands and a transaction value of 84.87 million yuan [1]. - The company's Q1 2025 report shows a main revenue of 78.40 million yuan, a year-on-year decrease of 13.99%, and a net profit of -3.84 million yuan, a significant decline of 645.0% year-on-year [2]. - The company's gross profit margin stands at 32.76%, which is below the industry average of 44.48% [2]. Market Position - HeRen Technology's total market capitalization is 3.539 billion yuan, significantly lower than the software development industry average of 12.616 billion yuan, ranking 147th out of 194 companies [2]. - The company has a negative price-to-earnings ratio of -230.18, contrasting with the industry average of 70.97 [2]. - The company's return on equity (ROE) is -0.35%, indicating underperformance compared to the industry average of -1.07% [2]. Funding Flow - On August 8, 2025, the net outflow of main funds was 13.04 million yuan, accounting for 15.36% of the total transaction value, while retail investors saw a net inflow of 2.52 million yuan, representing 2.97% of the total transaction value [1].

Core Viewpoint - He Ren Technology has been penalized for the improper use of idle raised funds, leading to a warning letter from the Zhejiang Securities Regulatory Bureau, which will impact the company's future financing and mergers [1][2]. Group 1: Violation Details - He Ren Technology used 400.91 million yuan of idle raised funds for cash management, exceeding the board-approved limit of 250 million yuan [2]. - The company failed to conduct necessary internal review procedures and did not disclose the violation in a timely manner, only addressing it nearly 11 months later [2][4]. - The violations include exceeding the board's authorization, failing to submit significant fund operations for board review, and not disclosing important matters within two trading days [3][4]. Group 2: Consequences of the Warning Letter - The warning letter serves as a regulatory "yellow card," affecting He Ren Technology and its executives in future financing, mergers, and other significant matters [5]. - The company and its executives will face increased scrutiny from regulatory bodies, which may require additional disclosures or extended review periods for future transactions [5]. - The executives involved, including the chairman and CFO, may experience long-term impacts on their professional reputations and career opportunities in the capital market [5]. Group 3: Historical Context - He Ren Technology has a history of regulatory issues, having been criticized by the Shenzhen Stock Exchange in 2023 for failing to timely announce a significant annual loss of over 83.3 million yuan [6]. - The company reported a net loss of 38.44 million yuan in Q1 2025, which is an increase in losses compared to the previous year [6].