Dividend and Shareholder Matters - The company reported no interim dividend distribution for the six months ending June 30, 2024, consistent with the previous year[3]. - The company has not proposed any capital reserve transfer to increase share capital for the reporting period[3]. - No profit distribution or capital reserve transfer is planned for the first half of 2024, with no dividends or stock bonuses proposed[146]. - In 2023, the company distributed a cash dividend of CNY 0.55 per share, totaling CNY 1,199,423,679.30 based on a total share capital of 2,180,770,326 shares[147]. Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,756,892,301.30, a decrease of 8.92% compared to the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 773,857,169.47, down 16.72% year-on-year[25]. - Basic earnings per share for the first half of 2024 were CNY 0.312, a decrease of 18.75% from CNY 0.384 in the same period last year[26]. - The company's total assets at the end of the reporting period were CNY 65,869,267,280.47, down 2.43% from the previous year[25]. - The net assets attributable to shareholders of the listed company decreased by 3.04% to CNY 21,677,428,177.53 compared to the end of the previous year[25]. - The company reported a total of CNY 919,554 thousand invested in various projects during the reporting period[129]. Revenue Breakdown - Revenue from toll road operations was approximately RMB 2.434 billion, accounting for 64.78% of total revenue[45]. - Revenue from clean energy and solid waste resource processing was about RMB 735 million, representing 19.56% of total revenue[45]. - The revenue from clean energy generation fell by 13.22%, attributed to increased curtailment rates and reduced wind resources affecting power generation income[88]. - The revenue from kitchen waste treatment increased by 9.51%, driven by operational income growth from the Lande Environmental project and the Shaoyang project[88]. Operational Developments - Jade Emperor Limited reported a significant increase in revenue, reaching approximately 1.2 billion RMB, representing a 15% year-over-year growth[12]. - The user base for the logistics financial services increased by 20%, now serving over 500,000 active users[12]. - The company is expanding its market presence by entering three new provinces, aiming to increase market share by 10% in the next year[12]. - The company is investing 100 million RMB in technology upgrades to improve service delivery and customer satisfaction[12]. - The ongoing infrastructure projects are expected to enhance transportation capacity by 40% upon completion[12]. Risk Management - The report includes a risk statement indicating that actual future results may differ significantly from forward-looking statements due to known and unknown risks[4]. - The report emphasizes the importance of risk awareness when interpreting forward-looking statements[4]. - The financial report for the first half of 2024 has not been audited, but management has assured its authenticity and completeness[2]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[2]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[5]. - There were no violations of decision-making procedures regarding external guarantees[5]. - The company is committed to high-level information disclosure and maintaining investor relations to support its high-quality development[140]. Environmental and Social Responsibility - The company emphasizes clean and low-carbon development, focusing on energy conservation and the use of renewable energy sources[158]. - The company has committed to supporting rural revitalization, with a total of 1.6505 million yuan spent on purchasing assistance products for impoverished areas, achieving 58.94% of the annual budget target[159]. - The company adheres to environmental regulations and has implemented measures to minimize pollution during construction, including dust and noise control[156]. Debt and Financing - The company plans to issue up to approximately 654 million A-shares, raising a total of no more than 4.9 billion RMB for investment in external projects and debt repayment[55]. - The company has a total of 7,049 employees, including 1,827 management and professional staff[196]. - The company maintained a bank credit limit of approximately 699.02 billion RMB, with 427.30 billion RMB unused at the end of the reporting period[126]. Legal and Compliance Matters - The company confirmed that there are no ongoing investigations or penalties related to illegal activities such as land hoarding or price manipulation[162]. - The company has established measures to ensure immediate returns are not diluted, with commitments to fulfill these measures[163]. - The company has implemented a securities trading code to ensure compliance among directors and senior management during the reporting period[154].

深 圳 高 速 公 路 集 团 股 份 有 限 公 司 Shenzhen Expressway Corporation Limited 2024 年第三次临时股东大会及 2024 年第一次 A 股类别股东会议 会议资料 现场会议时间： 2024 年 9 月 20 日（星期五）10:00 开始 现场会议地点： 深圳市南山区深南大道 9968 号汉京金融中心 46 楼 深圳高速公路集团股份有限公司会议室 网络投票平台： 上海证券交易所股东大会网络投票系统（A 股股东） 会议资料目录 页码 | 一、 | 会议须知 | 1 | | --- | --- | --- | | 二、 | 会议议程 | 3 | | 三、 | 投票表格填写说明 | 5 | | 四、 | 网络投票说明 | 8 | | 五、 | 会议议案 | | | | 特别决议案 | | | | 1、 关于延长向特定对象发行 A 股股票股东大会 | | | | 决议有效期及授权有效期的议案 | 9 | | | 普通决议案 | | | | 关于公司 2、 2024 年-2026 年股东回报规划的议案 | 11 | | | 3、 逐项审议关于机荷高速改扩建项目主体工 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2024-063 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 深圳高速公路集团股份有限公司 关于召开 2024 年第三次临时股东大会及 2024 年第一 次 A 股类别股东会议的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 深圳高速公路集团股份有限公司（"本公司"或"公司"）谨定于2024年9 月20日（星期五）召开本公司2024年第三次临时股东大会及2024年第一次A股类 别股东会议（"会议"、 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、召开时间：2024 年 8 月 26 日（星期一） | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2024-062 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 深圳高速公路集团股份有限公司 2024 年半年度业绩说明会预告公告 2、召开方式：现场和网络相结合方式 3、欢迎投资者通过电话、传真或电子邮件联系本公司，向本公司提出所关 注的问题，本公司将在说明会上就投资者普遍关注的问题进行回答。 一、说明 ...

简要说明： 上表中路费收入为不含税收入。 谨慎性陈述 董事会谨此提醒投资者，上述数据未经审计。由于完成路费收入的数据拆分、 确认需要履行一定的程序，以及在联网收费的环境下部分路段的路费收入在月度 结算和披露时须以预估方式记录，因此该等数据与定期报告披露的数据可能存在 差异。此外，本公司在披露当月预估数据时还会就上月预估数和上月实际结算数 的差异进行调整，导致个别数据可能会出现一定程度的异常。因此，本公告之路 费收入仅作为阶段性数据供投资者参考，投资者请审慎使用该等数据。 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2024-061 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | | 债券代码：241019 | 债券简称：24 | ...

1 7-3-1 北京国枫律师事务所 关于深圳高速公路集团股份有限公司 申请向特定对象发行 A 股股票的 补充法律意见书之一 国枫律证字[2024] AN050-7 号 致: 深圳高速公路集团股份有限公司（发行人） 根据本所与发行人签订的《法律服务协议》,本所接受发行人的委托,担任 发行人本次发行的专项法律顾问。 本所律师已根据《公司法》《证券法》《注册管理办法》《证券法律业务管理 办法》《证券法律业务执业规则》等相关法律、法规、规章、规范性文件及发行 人的实际情况,按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对发 行人提供的文件和有关事实进行了查验,并就发行人本次发行事宜出具了《北京 国枫律师事务所关于深圳高速公路集团股份有限公司申请向特定对象发行 A 股 股票的法律意见书》(以下简称"法律意见书")和《北京国枫律师事务所关于深 圳高速公路集团股份有限公司申请向特定对象发行 A 股股票的律师工作报告》 (以下简称"律师工作报告")。 根据"上证上审(再融资)[2024]143 号"《关于深圳高速公路集团股份有限 公司向特定对象发行股票申请文件的审核问询函》(以下简称"问询函")及发行 人的要求,本所律 ...

A 股简称：深高速 股票代码：600548 H 股简称：深圳高速公路股份 股票代码：00548 关于深圳高速公路集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年七月 上海证券交易所： 深圳高速公路集团股份有限公司（以下简称"发行人"、"公司"或"深高 速"）于 2024 年 6 月 7 日收到上海证券交易所（以下简称"上交所"）出具的 《关于深圳高速公路集团股份有限公司向特定对象发行股票申请文件的审核问 询函》（上证上审（再融资）〔2024〕143 号），中信证券股份有限公司（以下 简称"中信证券"或"保荐人"）作为公司本次向特定对象发行股票的保荐人（主 承销商），会同发行人及发行人律师北京国枫律师事务所（以下简称"发行人律 师"）和申报会计师德勤华永会计师事务所（特殊普通合伙）（以下简称"申报 会计师"）等相关方，本着勤勉尽责、诚实守信的原则，就审核问询函所列示的 问题逐项进行了核查、落实和认真讨论，现回复如下，请予审核。 本审核问询函回复中的字体代表以下含义： | 审核问询函所列问题 | 黑体（加粗 ...

Financial Performance - The company reported a total revenue of RMB 5.2 billion for the fiscal year 2023, representing a year-on-year increase of 12%[1]. - The company reported a net profit of RMB 1.5 billion, a 15% increase compared to the previous fiscal year[1]. - The company's operating revenue for 2023 was RMB 9,295,304,371.69, a decrease of 0.82% compared to RMB 9,372,582,546.59 in 2022[41]. - Net profit attributable to shareholders for 2023 was RMB 2,327,197,196.81, representing a 15.41% increase from RMB 2,016,496,533.08 in 2022[41]. - The average return on equity increased to 11.99% in 2023, up by 2.06 percentage points from 9.93% in 2022[41]. - The company reported a significant increase of 82.38% in net profit after deducting non-recurring gains and losses, reaching RMB 2,240,100,027.08 in 2023[41]. - The company proposed a final cash dividend of RMB 0.55 per share, totaling approximately RMB 1.20 billion, which represents 56.03% of the net profit attributable to ordinary shareholders[56]. - The company achieved a net profit attributable to shareholders of 2,327,197 thousand yuan in 2023, representing a year-on-year increase of 15.41% compared to 2,016,497 thousand yuan in 2022[118]. Revenue Sources - Revenue from toll fees amounted to approximately CNY 5.375 billion, accounting for 57.82% of total revenue[77]. - Revenue from clean energy and solid waste resource processing businesses reached approximately CNY 1.618 billion, representing 17.41% of total revenue[77]. - The average daily toll revenue for the Meiguan Expressway in 2023 was RMB 427.4 thousand, up from RMB 373.2 thousand in 2022[47]. - The average daily toll revenue for the Guangshen Expressway in 2023 was RMB 7,923.8 thousand, up from RMB 6,186.4 thousand in 2022[47]. Traffic and Operations - User traffic on the expressways increased by 15% compared to the previous year, with an average daily traffic volume reaching 1.2 million vehicles[1]. - The average daily traffic volume and toll revenue for various toll road projects in 2023 showed significant growth, with the Guangdong-Shenzhen region's average daily traffic volume increasing by 19.1% for Meiguan Expressway and toll revenue rising by 14.5%[81]. - The Outer Ring Project in the Guangdong province experienced a 26.9% increase in average daily traffic volume and a 25.0% increase in toll revenue, reflecting its importance in the regional transportation network[84]. - The overall toll revenue in the Shenzhen region increased by over 18% during the reporting period, driven by the recovery of logistics and public travel demand[84]. Strategic Initiatives - The company has set a target for revenue growth of 10% for the next fiscal year, driven by ongoing infrastructure projects and increased traffic[1]. - New technology initiatives include the implementation of smart toll collection systems, expected to reduce wait times by 30%[1]. - The company plans to expand its market presence by entering two new provinces in 2024, aiming to increase its operational network by 20%[1]. - A strategic acquisition of a logistics company is in progress, projected to enhance operational efficiency and contribute an additional RMB 300 million in revenue annually[1]. Environmental and Infrastructure Projects - The company has allocated RMB 200 million for research and development of environmentally friendly road construction materials in the upcoming year[1]. - The company is actively involved in the development of the Shenzhen Bay Area, with a focus on infrastructure and investment projects[20]. - The company is engaged in the investment, construction, and management of toll roads and large environmental protection businesses, including solid waste resource treatment and clean energy generation[38]. - The company is focusing on solid waste resource treatment and clean energy generation, aligning with national policies supporting ecological civilization construction[71]. Financial Stability and Management - The gross profit margin improved to 45%, up from 42% in the previous year, reflecting better cost management and operational efficiencies[1]. - The debt-to-asset ratio improved to 58.53% in 2023 from 60.46% in 2022, indicating better financial stability[50]. - The company has a comprehensive management experience and resources to support project development and management, road maintenance, engineering management, and industrial finance services[38]. - The company has established a compliance risk identification and early warning mechanism to strengthen compliance management across key areas such as investment and procurement[78]. Future Outlook - Future outlook remains positive, with management expressing confidence in achieving a compound annual growth rate (CAGR) of 8% over the next five years[1]. - The company plans to continue expanding its toll road network and enhance operational efficiency through cost management strategies[125]. - The company is focusing on enhancing its core toll road business through digitalization and smart management practices[57]. - The company anticipates economic uncertainties in 2024, including geopolitical tensions and fluctuations in interest and exchange rates, which may impact traffic volume and waste processing[185].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,037,983,716.92, representing a year-on-year increase of 7.06%[4] - The net profit attributable to shareholders was CNY 470,958,969.66, reflecting a growth of 6.42% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.95% to CNY 402,349,586.96[4] - The basic earnings per share for the period was CNY 0.195, an increase of 7.03% compared to the previous year[5] - The net profit for Q1 2024 was CNY 512,669,617.76, an increase of 9.0% compared to CNY 468,505,606.61 in Q1 2023[27] - The company reported a net profit margin improvement, with net profits increasing from ¥9,112,002,127.97 to ¥9,536,449,986.51, a rise of 4.7%[26] - Total comprehensive income for Q1 2024 was CNY 474,681,285.95, a decrease of 33.0% from CNY 708,832,729.06 in Q1 2023[28] Cash Flow and Assets - The net cash flow from operating activities was CNY 760,626,644.48, showing a decline of 24.97% year-on-year[4][7] - Cash and cash equivalents at the end of Q1 2024 totaled CNY 3,235,689,796.04, a decrease from CNY 3,538,404,110.36 at the end of Q1 2023[31] - The cash flow from operating activities was CNY 760,626,644.48, down 25.0% from CNY 1,013,802,070.16 in Q1 2023[29] - The company recorded a net cash inflow from investing activities of CNY 672,220,430.43, compared to a net outflow of CNY 297,860,123.80 in Q1 2023[31] - The total assets at the end of the reporting period were CNY 67,418,095,506.62, a slight decrease of 0.13% from the end of the previous year[5] - Current assets totaled ¥8,239,401,070.84, up from ¥6,951,774,466.08, reflecting a growth of 18.5%[25] - Total liabilities decreased to ¥39,006,447,901.50 from ¥39,508,787,105.65, a reduction of approximately 1.3%[26] - Non-current assets totaled ¥59,178,694,435.78, down from ¥60,555,694,624.69, indicating a decline of 2.3%[25] Revenue from Operations - The total revenue from operating activities was CNY 1,806,666,227.25, down 18.5% from CNY 2,216,994,727.44 in the same period last year[29] - Total revenue for Q1 2024 reached ¥2,037,983,716.92, an increase of 7.1% compared to ¥1,903,638,574.41 in Q1 2023[26] - Operating costs for Q1 2024 were ¥1,708,887,872.93, compared to ¥1,525,339,731.31 in Q1 2023, representing an increase of 12.0%[26] Shareholder Information - The company had a total of 18,715 shareholders at the end of the reporting period, with the top 10 shareholders holding significant stakes[9][10] - The equity attributable to shareholders increased by 1.77% to CNY 22,754,220,927.07 compared to the end of the previous year[5] Investments and Financial Activities - The company plans to issue up to 654 million A-shares, raising a total of up to RMB 4.9 billion for investment in the Outer Ring project and debt repayment[22] - The company completed the issuance of the Yifangda Deep Expressway REIT, raising a total of RMB 2.0475 billion, with a subscription ratio of 40% from the company[22] - The company invested RMB 150 million in low-risk financial products, generating a return of RMB 1,794.02 thousand during the reporting period[22] - Investment income increased significantly to CNY 366,047,458.02, compared to CNY 205,830,603.52 in Q1 2023, marking a growth of 77.5%[27] Traffic and Operational Metrics - The average daily mixed traffic volume for the Meiguan Expressway in Q1 2024 was 154, generating a toll revenue of RMB 402,000[14] - The average daily mixed traffic volume for the Jihua East Section was 292, with toll revenue of RMB 1,717,000 in Q1 2024[14] - The average daily mixed traffic volume for the Jihua West Section was 203, resulting in toll revenue of RMB 1,380,000 in Q1 2024[14] - The total organic waste processing volume for the Guizhou project was 38.89 thousand tons, generating operational revenue of RMB 21,266.43 thousand in Q1 2024[17] - The total organic waste processing volume for the Nanning project was 44.29 thousand tons, with operational revenue of RMB 23,056.32 thousand in Q1 2024[17] - The total wind power generation for the Baotou South Wind project was 152,329.61 MWh, resulting in revenue of RMB 46,563.58 thousand in Q1 2024[19] - The total wind power generation for the Xinjiang Mule project was 145,265.46 MWh, generating revenue of RMB 65,458.73 thousand in Q1 2024[19] Financial Expenses and Tax - The financial expenses for Q1 2024 were CNY 284,657,515.82, an increase from CNY 259,934,364.18 in Q1 2023[27] - The company’s tax expenses for Q1 2024 were CNY 125,027,351.60, slightly up from CNY 122,256,164.51 in Q1 2023[27]

Financial Performance - Operating revenue for the first quarter of 2024 was RMB 2.04 billion, representing a year-on-year increase of 7.06%[6] - Net profit attributable to shareholders reached RMB 471 million, up 6.42% from the same period last year[6] - Basic and diluted earnings per share for the first quarter were both RMB 0.195, reflecting a growth of 7.03%[6] - Total operating revenue for Q1 2024 reached RMB 2,037,983,716.92, a 7.06% increase from RMB 1,903,638,574.41 in Q1 2023[25] - Net profit for Q1 2024 was RMB 512,669,617.76, up 9.43% from RMB 468,505,606.61 in Q1 2023[25] - Operating profit for Q1 2024 was RMB 634,811,192.70, representing a 7.17% increase compared to RMB 592,266,796.17 in Q1 2023[25] - Total operating costs for Q1 2024 were RMB 1,708,887,872.93, up 12.01% from RMB 1,525,339,731.31 in Q1 2023[25] - Investment income for Q1 2024 was RMB 366,047,458.02, a significant increase from RMB 205,830,603.52 in Q1 2023[25] - Total comprehensive income for Q1 2024 was RMB 474,681,285.95, down from RMB 708,832,729.06 in Q1 2023[26] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 67.42 billion, a decrease of 0.13% from December 31, 2023[4] - The company's total liabilities decreased to approximately 39.01 billion RMB as of March 31, 2024, from approximately 39.51 billion RMB at the end of December 2023, a reduction of about 1.3%[24] - The company's long-term investments increased to approximately 19.74 billion RMB as of March 31, 2024, compared to approximately 18.72 billion RMB at the end of December 2023, reflecting a growth of about 5.4%[23] - The company's total equity of approximately 28.41 billion RMB as of March 31, 2024, compared to approximately 27.99 billion RMB at the end of December 2023, an increase of about 1.5%[24] - The total current assets reached approximately 8.24 billion RMB, up from approximately 6.95 billion RMB at the end of December 2023, indicating an increase of about 18.5%[23] Cash Flow - Net cash flow from operating activities was RMB 761 million, down 24.97% year-on-year due to delayed freight compensation and other factors[5][10] - Cash flow from operating activities in Q1 2024 was RMB 760,626,644.48, down 25% from RMB 1,013,802,070.16 in Q1 2023[27] - Cash flow from investing activities generated RMB 672,220,430.43 in Q1 2024, a significant improvement from a negative RMB 297,860,123.80 in Q1 2023[27] - The company's cash and cash equivalents increased to approximately 3.36 billion RMB as of March 31, 2024, compared to approximately 2.15 billion RMB at the end of December 2023, representing a growth of about 56%[23] - The company reported a decrease in cash and cash equivalents at the end of Q1 2024 to RMB 3,235,689,796.04 from RMB 3,538,404,110.36 at the end of Q1 2023[27] Shareholder Information - The total number of shareholders as of the reporting period was 18,715, with 18,471 being A-share shareholders[11] - The largest shareholder, HKSCC Nominees Limited, held 33.46% of the shares, followed by Shenzhen Xintong Industrial Development Co., Ltd. with 30.03%[12] Project and Operational Highlights - The average daily mixed traffic volume for the Meiguan Expressway in Shenzhen was 154,000 vehicles, generating a daily toll revenue of RMB 402,000 for Q1 2024[14] - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway was 584,000 vehicles, with a daily toll revenue of RMB 7,540,000 for Q1 2024[15] - The total organic waste processing volume for the Guizhou project was 38.89 thousand tons, resulting in an operating revenue of RMB 21,266.43 thousand for Q1 2024[17] - The total operating revenue from the organic waste projects amounted to RMB 153,855.61 thousand, with a total processing volume of 331.93 thousand tons for Q1 2024[18] - The wind power project in Baotou generated 152,329.61 MWh of electricity, contributing RMB 46,563.58 thousand in revenue for Q1 2024[19] - The Xinjiang project produced 145,265.46 MWh of electricity, resulting in revenue of RMB 65,458.73 thousand for Q1 2024[19] - The average daily toll revenue for the Qinglian Expressway was RMB 2,059,000 with a traffic volume of 55,000 vehicles for Q1 2024[15] - The average daily toll revenue for the Longda Expressway was RMB 406,000 with a traffic volume of 159,000 vehicles for Q1 2024[14] Strategic Initiatives - The company plans to issue up to approximately 654 million A-shares, raising a total of up to 4.9 billion RMB for investment in external projects and repayment of interest-bearing debts[21] - The public REIT "Yifangda Shen Gaoshu REIT" raised a total of 2.0475 billion RMB, with a final sale price of 6.825 RMB per share, and the company participated in a strategic placement of 120 million shares, accounting for 40% of the total[21] - The company completed the acquisition of 100% equity in Zhangshu Gaochuan New Energy Co., Ltd. on December 1, 2023, which will be included in the consolidated financial statements[20] - The company reduced its stake in the Yichang project from 100% to 40% as of March 21, 2024, and will no longer consolidate its financial statements[16] Inventory and Borrowings - The company’s inventory decreased slightly to approximately 1.34 billion RMB as of March 31, 2024, from approximately 1.36 billion RMB at the end of December 2023, a decline of about 1.3%[23] - The company’s short-term borrowings increased to approximately 11.32 billion RMB as of March 31, 2024, compared to approximately 11.11 billion RMB at the end of December 2023, an increase of about 1.9%[24] - The company has invested 150 million RMB in low-risk financial products during the reporting period, generating a return of approximately 1.79 million RMB[21]