Financial Performance - The company's operating revenue for 2025 was ¥337,111,460.67, a decrease of 1.75% compared to ¥343,131,529.40 in 2024[18] - The net profit attributable to shareholders was a loss of ¥64,364,642.64, representing a decline of 198.86% from a profit of ¥65,107,870.90 in the previous year[18] - The net profit after deducting non-recurring gains and losses was a loss of ¥83,659,351.37, down 256.33% from a profit of ¥53,513,817.46 in 2024[18] - The net cash flow from operating activities was ¥125,220,301.82, a decrease of 59.52% compared to ¥309,326,817.10 in 2024[18] - The basic earnings per share were -¥0.1589, a decline of 198.82% from ¥0.1608 in the previous year[18] - Total assets at the end of 2025 were ¥2,224,045,394.16, an increase of 5.95% from ¥2,099,053,070.92 at the end of 2024[18] - The net assets attributable to shareholders decreased by 4.53% to ¥1,606,765,842.43 from ¥1,683,078,923.24 in 2024[18] Dividend and Profit Distribution - The company plans not to distribute cash dividends or issue bonus shares for the year[5] - The company has not made any cash dividend distribution during the reporting period, despite having a positive profit available for distribution of approximately CNY 549.49 million[132] - The company plans to retain undistributed profits to fund fixed asset investment projects and enhance liquidity, rather than distribute dividends[132] Operational Challenges and Risks - The company reported a significant uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[18] - The petrochemical storage industry is experiencing a structural transformation, with traditional storage facing challenges from the rise of electric vehicles, leading to a rental rate drop to 68%[29] - The petrochemical storage industry is facing dual challenges of long-term energy transition and short-term external disturbances, leading to a structural downturn in traditional demand[98] - Geopolitical conflicts in the Middle East are causing increased volatility in global energy supply chains, impacting oil prices and creating operational uncertainties for companies reliant on imports[99] - The industry is experiencing heightened competition, with a shift towards high-quality development and a focus on high-value-added and high-tech segments[100] Revenue Breakdown - Main business revenue for the reporting period was CNY 287.99 million, a year-on-year decrease of 3.32%[38] - Revenue from warehousing services was CNY 162.28 million, accounting for 48.14% of total revenue, with a slight increase of 0.41% year-on-year[42] - Revenue from loading and unloading services decreased by 4.97% to CNY 114.73 million, representing 34.03% of total revenue[42] Cash Flow and Financing - Cash flow from financing activities increased by 176.73% to CNY 42.80 million, primarily due to increased bank financing[39] - Net cash flow from operating activities decreased by 59.52% to ¥125,220,301.82, primarily due to increased cash outflows related to factoring business payments[64] - The net increase in cash and cash equivalents skyrocketed by 1,771.63% to ¥167,494,038.47, attributed to various factors including increased government subsidies and bank investment redemptions[65] Research and Development - The number of R&D personnel decreased by 6.90% from 87 in 2024 to 81 in 2025, with the proportion of R&D personnel in total staff dropping from 11.37% to 11.08%[62] - R&D expenditure fell by 15.63% from ¥15,863,105.60 in 2024 to ¥13,384,306.99 in 2025, representing 3.97% of operating revenue, down from 4.62%[62] - The company is developing a safety assessment device for vertical petrochemical storage tanks to enhance safety management and reduce accidents[51] - A new high-concentration industrial wastewater pretreatment technology is being developed to improve wastewater treatment capabilities and meet environmental standards[51] Governance and Management - The company maintains a strong governance structure in compliance with relevant laws and regulations, ensuring operational independence and effective internal controls[111] - The company operates independently from its controlling shareholders in terms of business, personnel, assets, and finances, with no reliance on related party transactions for revenue[112] - The company has established a complete governance structure, including a shareholders' meeting and board of directors, ensuring independent decision-making[113] - The current board of directors and senior management team includes experienced professionals, with a total of 9,553,700 shares held collectively[115] Employee and Talent Management - The total number of employees at the end of the reporting period was 731, with 235 from the parent company and 496 from major subsidiaries[127] - The company has established training programs focusing on management strategy, technical qualifications, and safety training for various staff levels[129] - The company emphasizes "talent as the core competitiveness," implementing a market-oriented compensation system and dual career development paths to ensure reasonable salary growth for employees[145] Environmental and Social Responsibility - The company is committed to sustainable development, integrating social responsibility into its operational strategy[141] - The company promotes a "green port" concept, focusing on circular economy practices and reducing environmental impact through energy-efficient operations[144] - The company has not initiated any poverty alleviation or rural revitalization plans and has no future plans in this regard[148] Subsidiaries and Investments - The company's subsidiary, Yangzhou Hengji Daxin International Chemical Storage Co., Ltd., has total assets of ¥651.88 million and net assets of ¥614.40 million as of December 31, 2025[95] - The subsidiary Zhuhai Hengqin New Area Hengxuda Commercial Factoring Co., Ltd. reported total assets of ¥424.90 million but a negative net asset of ¥28.84 million, with a net profit of -¥135.82 million[96] - The company has secured a credit line of 80,000,000.00 CNY from China Bank, backed by fixed assets valued at 17,513,128.72 CNY and land use rights valued at 9,330,927.12 CNY[77] Legal and Compliance - The company has not faced any objections from directors regarding company matters during the reporting period[124] - The company has no significant related transactions during the reporting period[161] - The company has no major contracts or leasing situations during the reporting period[168]

Financial Performance - The company expects a net loss attributable to shareholders between 37 million and 43 million yuan for the year 2025, compared to a loss of 15.73 million yuan in the same period last year [4]. - The projected net loss after deducting non-recurring gains and losses is estimated to be between 39 million and 45 million yuan, compared to a loss of 16.98 million yuan last year [4]. - Operating revenue is anticipated to be between 330 million and 360 million yuan, slightly down from 341.62 million yuan in the previous year [4]. - This earnings forecast is based on preliminary estimates and the final financial data will be disclosed in the 2025 annual report [8]. - The board of directors has approved this earnings forecast prior to its release [9]. Cost Factors - The company attributes the increased losses to reduced workload in the coiled tubing business and rising operational costs due to market expansion efforts [6]. - Increased drilling costs are expected due to adjustments in development plans and the transfer of drilling teams to new market areas [6]. - Management expenses have risen due to the initiation of a specific stock issuance process, leading to higher intermediary costs and increased verification workload [7]. - The company is undergoing a professional integration and restructuring of engineering construction-related businesses into subsidiaries, which has led to increased labor and operational costs [6]. Communication and Compliance - The company has communicated with its accounting firm regarding the financial data, and there are no discrepancies reported [5].

Financial Performance - The company achieved total revenue of RMB 893,777.70 million, an increase of 16.42% compared to the same period last year[3] - The total profit amounted to RMB -22,354.83 million, a reduction in losses by RMB 50,886.83 million year-on-year[5] - The net profit attributable to shareholders was RMB -17,253.01 million, a decrease in losses by RMB 47,243.79 million compared to the previous year[5] - The basic earnings per share were RMB -0.26, an improvement from RMB -1.11 in the same period last year[3] - The net profit excluding non-recurring gains and losses was RMB -3,931.31 million, a reduction in losses by RMB 65,957.46 million compared to the previous year[5] Assets and Equity - The total assets at the end of the reporting period were RMB 1,867,184.68 million, reflecting a growth of 16.30% from the beginning of the period[5] - The equity attributable to shareholders decreased by 10.79% to RMB 282,785.42 million compared to the beginning of the period[5] - The company issued 20,000,000 new H shares, increasing the total share capital to RMB 68,507.89 million, a growth of 3.01%[4] Profitability Dynamics - The increase in demand for power batteries and energy storage batteries improved the supply-demand dynamics, leading to a significant recovery in profitability[5] - The company reported a weighted average return on net assets of -6.10%, an increase of 15.09 percentage points year-on-year[3]

Financial Performance - The net profit attributable to shareholders for the year 2025 is CNY 13.08 million, with undistributed profits at CNY 74.97 million[6]. - The proposed cash dividend is CNY 0.35 per 10 shares, totaling CNY 6.72 million, which represents 51.39% of the net profit attributable to shareholders[6]. - The company's operating revenue for 2025 was approximately ¥2.41 billion, representing a 4.20% increase compared to ¥2.31 billion in 2024[24]. - The total profit for 2025 decreased by 62.68% to ¥15.52 million from ¥41.59 million in 2024[24]. - The net profit attributable to shareholders for 2025 was ¥13.08 million, down 58.34% from ¥31.39 million in 2024[24]. - The net cash flow from operating activities for 2025 was ¥343.77 million, a decrease of 19.67% compared to ¥427.92 million in 2024[24]. - The basic earnings per share for 2025 was ¥0.068, a decline of 58.54% from ¥0.164 in 2024[25]. - The weighted average return on equity for 2025 was 2.96%, down from 7.52% in 2024[25]. - The gross profit margin for the main business was 20.27%, a decrease of 0.20 percentage points compared to the previous year[108]. - The company reported a total R&D expenditure of ¥47,570,648.58, accounting for 1.97% of total revenue[124]. Corporate Governance - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[10]. - The company has not faced any violations in decision-making procedures regarding external guarantees[10]. - The company’s board of directors has approved the profit distribution and capital reserve conversion plan, pending shareholder meeting approval[8]. - The company held 1 annual general meeting and 5 extraordinary general meetings, passing a total of 40 resolutions during the reporting period[189]. - The company’s board of directors consists of 9 members, including 3 independent directors, ensuring a diverse professional background across various fields[191]. - A total of 13 board meetings were held, with 99 resolutions passed, and 14 specialized committee meetings with 27 resolutions approved during the reporting period[192]. - The company has optimized its governance structure by abolishing the supervisory board and integrating its functions into the audit committee[195]. - The company has implemented a comprehensive risk management system focusing on financial, internal control, and compliance areas[195]. - The company has maintained a strict adherence to legal and regulatory requirements in its information disclosure practices, ensuring timely and accurate communication with stakeholders[199]. Research and Development - The company launched a new generation of brake fluid products compatible with both new energy and traditional fuel vehicles[37]. - The company has upgraded its agricultural machinery oil products to meet low-carbon standards, gaining market recognition[40]. - The company introduced specialized cooling and lubrication products for new energy vehicles, including dedicated oils for heavy-duty trucks and electric vehicles[45]. - The company achieved multiple international certifications for its food-grade oils, enhancing its product offerings in the food processing sector[42]. - The company launched a series of specialized products for hybrid vehicles, including fully synthetic engine oil and transmission fluids, aimed at enhancing performance and compatibility[47]. - The company developed thermal management fluids for supercharging stations, which have completed validation with leading enterprises and are currently being marketed[52]. - The company has initiated 29 R&D projects in 2025, including 9 self-research projects and 20 outsourced projects[128]. - The company’s T-lab lubricants laboratory has been recognized by CNAS and can accurately test 196 key parameters of lubricants and cooling products, contributing to over 400 product certifications[94]. - The company’s AI R&D system, FluidMind™, utilizes a database of 280,000 formula data points to enhance R&D efficiency significantly[95]. Market Trends and Strategy - The global demand for lubricants is shifting towards low-carbon solutions, driven by policies aimed at achieving net-zero emissions, with significant growth expected in the lubricant industry[58]. - The Chinese new energy vehicle market is projected to grow significantly, with production and sales expected to reach 16.63 million and 16.49 million units respectively by 2025, marking a year-on-year increase of 29% and 28.2%[60]. - The company is adapting its product offerings to meet the increasing demands for high-performance lubricants in electric vehicles, focusing on properties such as high-temperature stability and insulation[61]. - The rapid development of liquid cooling technology in energy storage and renewable energy sectors is creating new growth opportunities for the company’s cooling products[62]. - The company is focusing on expanding its overseas operations through strategic factory exports and overseas factory operations to tap into global growth[180]. - The company is enhancing its safety production measures to prevent accidents and ensure stable operations in the chemical industry[185]. Sustainability Initiatives - The company is actively participating in global sustainability initiatives, including the UNGC, to enhance its market influence and brand image[76]. - The company has implemented a low-carbon strategy, utilizing 1.28 million kWh of solar energy in 2025, resulting in a reduction of approximately 730 tons of CO2 emissions[87]. - 73% of the company's products have met low-carbon standards, with all products certified for carbon footprint verification under ISO14067:2018[89]. - The company has established partnerships with major clients in the automotive and industrial sectors, including collaborations with BAIC Group and Geely for electric vehicle lubricants[84]. - The company has initiated a "Lubrication Carbon Reduction Alliance" to promote low-carbon transformation across the entire industry chain[77]. - The company has established a low-carbon supply chain alliance in 2024, attracting over 100 leading suppliers and adding more than 4,000 new terminal stores to promote low-carbon concepts[90]. - The company has actively participated in environmental protection initiatives and established low-carbon standards in the industry[197]. Financial Management - The company has reduced financial expenses by 52.77% after repaying 354 million yuan of bank acquisition loans, with a remaining balance of 174.08 million yuan[75]. - The company maintains strong relationships with financial institutions, ensuring a stable funding chain to support its investment needs and optimize financing costs[99]. - The company reported a significant decrease in financial expenses by 52.77% due to the repayment of shareholder loans and lower interest rates[105]. - The company plans to use the funds raised from a 40 million RMB investment to support the new energy lubricant project and enhance working capital[170]. Production and Operations - The production capacity for lubricating oil and antifreeze is designed at 300,000 tons per year, with a current utilization rate of 66%[155]. - The company has expanded its production capabilities by adding new product lines, including propylene glycol-based coolants and immersion cooling oils[156]. - The company reported a revenue of 239,789.86 million RMB in the manufacturing sector, with a gross profit margin of 20.27%, reflecting a year-on-year increase of 4.01% in revenue and 4.27% in cost[160]. - The company utilized a procurement strategy of small batch purchases during high raw material prices and large batch purchases during low prices to mitigate risks associated with price volatility[158]. - The procurement volume of oil products was 174,269.62 tons, with a price decrease of 2.48% year-on-year, impacting the company's operating costs significantly[157]. Employee and Workforce - As of December 31, 2025, the total number of employees in the company and its subsidiaries is 911, with 104 engaged in R&D activities, accounting for 11.42% of the total workforce[127]. - The number of R&D personnel is 104, representing 11.42% of the total workforce[125].

Financial Performance - The company's operating revenue for 2025 was CNY 3,770,059,098, a decrease of 3.63% compared to 2024[15] - The net profit attributable to shareholders for 2025 was CNY 1,202,295,738, down 4.76% from the previous year[15] - The basic earnings per share for 2025 was CNY 1.25, reflecting a decline of 4.76% compared to 2024[16] - The total assets as of December 31, 2025, were CNY 1,145,357,000, a decrease from CNY 1,232,432,000 in 2024[27] - The company's total liabilities decreased to CNY 170,074,000 in 2025 from CNY 266,628,000 in 2024[27] - The net cash flow from operating activities for 2025 was CNY 1,575,080,047, down 12.32% from 2024[45] - The net assets attributable to shareholders of the listed company increased by 0.98% to CNY 9,747,365,058 by the end of 2025, compared to CNY 9,653,080,107 at the end of 2024[46] - Total assets decreased by 7.07% to CNY 11,453,565,313 at the end of 2025, down from CNY 12,324,321,965 at the end of 2024[46] - Basic earnings per share decreased by 4.76% to CNY 1.19 in 2025, compared to CNY 1.25 in 2024[48] - The weighted average return on net assets decreased by 0.71 percentage points to 12.64% in 2025, down from 13.35% in 2024[48] Dividend Distribution - The company plans to distribute a cash dividend of CNY 10.7 per 10 shares, totaling CNY 1,077,792,311, which represents 90% of the net profit attributable to shareholders[7] - The total cash dividend amount (including tax) for the most recent fiscal year is CNY 1,077,792,311, which represents 89.64% of the net profit attributable to ordinary shareholders of the listed company[186] - The cumulative cash dividend amount (including tax) over the last three fiscal years is CNY 3,495,270,393, with an average annual net profit of CNY 1,241,295,380, resulting in a cash dividend ratio of 282%[188] - The retained earnings at the end of the most recent fiscal year for the parent company amount to CNY 6,269,941,049[188] - The company plans to distribute at least 30% of its net profit as dividends to shareholders annually, maintaining a stable and continuous profit distribution policy[176] Market Conditions - The overall rental market for commercial properties in Beijing faced pressure, with a notable decline in demand for office space and increased competition in the retail sector[60] - The high-end hotel industry experienced a dual decline in occupancy rates and average room prices, influenced by reduced business travel budgets and fewer corporate receptions[63] - The company anticipates that the office market in Beijing will continue to face downward pressure on rental rates and occupancy due to increased supply and competition[113] - The commercial retail property market in Beijing is expected to experience further differentiation, with overall rental rates under pressure but a potential narrowing of declines[114] Operational Strategy - The company maintained core performance indicators above market averages despite a year-on-year decline in overall performance compared to 2024[63] - The company plans to leverage its advantages in location, brand, and management to enhance its competitive position in the market[67] - The company will focus on stabilizing income by retaining key tenants and exploring innovative business models to adapt to market changes[120] - The company will implement flexible measures to ensure stable rental income from core clients across various segments, including office spaces and shopping malls[120] - The company is committed to enhancing its ESG management and service quality, aiming to increase the proportion of green leasing and attract high-end international clients[121] Governance and Compliance - The company has established a comprehensive corporate governance structure, ensuring clear responsibilities among the shareholders, board of directors, and management team[128] - The company has not identified any issues affecting its independence from its controlling shareholder in terms of assets, personnel, finance, and business[130] - The company has maintained strict adherence to insider information regulations, with no reported violations during the reporting period[128] - The management team is responsible for daily operations and reports directly to the board of directors[128] - The company has a clear plan for future governance and compliance, aligning with national laws and regulations[128] Human Resources - The total number of employees in the parent company and major subsidiaries is 1,754, with 625 technical personnel and 101 sales personnel[170][171] - The company has established a training program that combines internal and external training to enhance employee skills and improve overall workforce quality[173][174] - The total remuneration paid to directors and senior management during the reporting period amounted to 26.28 million yuan[151] - The remuneration for directors and senior management is determined based on the company's operational performance and market salary levels[151] Risk Management - The company conducts regular risk assessments across departments to identify and manage operational risks[194] - The internal audit department is responsible for supervising the implementation of internal control systems and ensuring the authenticity and completeness of financial information[193] - Deloitte provided a "standard unqualified opinion" on the company's internal control audit report[197] Future Outlook - In 2026, the company expects to achieve revenue of CNY 3.61 billion, with total costs and expenses of CNY 1.81 billion, and a total profit of CNY 1.45 billion[119] - The company expects cash inflows from operating activities to be approximately CNY 3.61 billion in 2026, totaling CNY 6.85 billion to meet funding needs[125] - The company will maintain daily operational funding needs of approximately CNY 2.12 billion and capital expenditures of about CNY 0.08 billion for 2026[125]

Financial Performance - The estimated net profit attributable to shareholders for Q1 2026 is expected to be approximately 202 million CNY, representing a year-on-year increase of 12.57% to 27.06% compared to 179.44 million CNY in the same period last year[2] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 169 million CNY, with a year-on-year growth of 5.12% to 19.43% compared to 160.76 million CNY last year[2] - The basic earnings per share is projected to be 0.1056 CNY, compared to 0.0938 CNY in the same period last year[2] - The company's operating revenue for Q1 2026 is expected to reach approximately 4.04 billion CNY, reflecting a year-on-year growth of around 15%[4] Reasons for Profit Increase - The primary reason for the increase in net profit is attributed to the growth in gross profit from material handling equipment, which has driven the overall gross profit of the company[4] Audit and Disclosure - The performance forecast has not been audited by registered accountants, but there is no disagreement between the company and the accounting firm regarding this forecast[3] - The financial data will be detailed in the Q1 2026 report, and the company will adhere to relevant laws and regulations for timely information disclosure[5]

Dividend Distribution - The company plans to distribute a cash dividend of 3.47 CNY per 10 shares, totaling approximately 537 million CNY, which represents 30.56% of the net profit attributable to shareholders for the year[5]. - The company has no unfulfilled losses that would affect dividend distribution[6]. - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profit to be distributed as cash dividends each year, with a cumulative distribution of at least 40% over the last three years[138]. - The cash dividend amount distributed was RMB 537,015,226.61, representing 30.56% of the net profit attributable to ordinary shareholders[141]. - Over the last three accounting years, the cumulative cash dividend amount was RMB 1,531,728,245.55, with a cash dividend ratio of 96.10%[143]. Financial Performance - The company's operating revenue for 2025 reached CNY 17,202,480,686, representing a year-on-year increase of 21.98% compared to CNY 14,102,498,333 in 2024[24]. - The total profit for 2025 was CNY 2,688,640,048, which is a 9.94% increase from CNY 2,445,478,864 in 2024[24]. - The net profit attributable to shareholders for 2025 was CNY 1,757,527,714, marking a 7.76% increase from CNY 1,631,016,448 in 2024[24]. - The net cash flow from operating activities for 2025 was CNY 2,968,662,719, a significant increase of 32.85% compared to CNY 2,234,580,038 in 2024[24]. - The basic earnings per share for 2025 was CNY 1.20, reflecting a 7.14% increase from CNY 1.12 in 2024[25]. - The diluted earnings per share for 2025 also stood at CNY 1.20, an 8.11% increase from CNY 1.11 in 2024[25]. - The total assets at the end of 2025 were CNY 23,364,096,633, which is a 13.06% increase from CNY 20,664,486,793 in 2024[24]. - The net assets attributable to shareholders at the end of 2025 were CNY 12,630,510,893, a 32.89% increase from CNY 9,504,175,370 in 2024[24]. Corporate Governance - The company has received a standard unqualified audit report from Beijing Dehao International Accounting Firm[4]. - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[3]. - All directors attended the board meeting to approve the annual report[4]. - The company has revised its governance structure to enhance compliance and transparency, including updates to its articles of association and various internal regulations[105]. - The board of directors consists of nine members, including three independent directors, ensuring compliance with regulatory requirements and promoting fair decision-making[109]. - The company adheres to strict information disclosure principles, ensuring transparency and fairness in its communications with investors[111]. - A robust internal control system has been established to align with the company's business characteristics and development needs[112]. - The company has established an effective internal control system that covers all aspects of its operations, ensuring strict implementation of internal control measures to mitigate operational and management risks[113]. Risk Management - The company faces risks related to industry competition, macroeconomic fluctuations, trade tensions, and raw material price volatility[99][100]. - The company emphasizes the importance of retaining skilled technical personnel for long-term development, particularly in high-end relay production, which requires specialized knowledge and extensive training[101]. - The company faces financial risks due to fluctuations in foreign exchange rates, which can impact operating performance and product pricing in overseas markets[102]. - The company has established a comprehensive foreign exchange management system to mitigate currency risk and optimize currency conversion timing[102]. Research and Development - The company reported a significant focus on the development of new products and technologies, particularly in the fields of 5G communication and smart home applications[13]. - The company has established specialized research teams for various segments within the industrial field, ensuring targeted market analysis and service delivery[13]. - The company invested 1.17 billion yuan in technological upgrades during the reporting period, a 26.4% increase compared to the previous year[59]. - The company launched over 400 new product development projects, with nearly 47% classified as "5+" product projects, and has applied for a total of 1,159 patents[59]. - Research and development expenses rose to ¥913,617,653.27, a 16.40% increase compared to the previous year[69]. - The number of R&D personnel reached 2,527, which constitutes 13.90% of the total workforce[81]. Market Position - The global demand for electromagnetic relays is projected to reach approximately 12.11 billion units in 2025, with a year-on-year growth of 4.2%[48]. - The market size for electromagnetic relays is expected to be around 59.59 billion yuan in 2025, reflecting a year-on-year increase of 9.9%[48]. - The company holds the largest global market share in electromagnetic relays, ranking first worldwide[49]. - The company’s revenue from new energy control modules reached 380 million yuan, doubling year-on-year[52]. - The company’s capacitor products saw a revenue increase of 64% driven by automotive applications[54]. - The company ranked 4th in the "2025 Top 100 Backbone Enterprises of China's Electronic Components" and improved its position by 2 places in the "Top 100 Brand Value of Fujian" list[51]. Operational Efficiency - The average annual sales collection per employee is a key internal management metric, reflecting the company's operational efficiency[14]. - The company has a production capacity exceeding 3 billion relays annually, with a shipment volume of over 3.3 billion relays[36]. - The company operates 50 subsidiaries globally, employing over 18,000 people, and has established a comprehensive supply chain for relay and electrical products[36]. - The company has 9 overseas sales offices and 7 global logistics centers, enabling it to export products to over 120 countries and regions[36]. - The company’s overall customer complaint rate for relays decreased to below 0.04 ppm, maintaining industry-leading product quality[51]. Employee Management - The company has trained 96 corporate leaders through its management training program, achieving a 90% training ratio for leaders from its eastern and western bases[60]. - The company emphasizes a performance-based compensation structure, linking employee earnings closely to company performance[135]. - The company has established a comprehensive training system to enhance employee skills and career development, focusing on various training needs[136]. - The total actual compensation for all directors and senior management at the end of the reporting period was 9.614 million yuan[124]. - The independent directors receive an annual allowance of 120,000 yuan, paid monthly, while senior management's fixed salary is also paid monthly, with variable compensation based on performance evaluations[123]. Shareholder Relations - The company has committed to resolving any competition issues with the controlling shareholder and has outlined progress and future plans in its report[115]. - The company has disclosed its 2024 Sustainable Development Report, highlighting its commitment to social responsibility[147]. - The company has a long-term strategy to maintain operational integrity and avoid conflicts of interest with its controlling shareholders[154]. - The company will ensure that any transactions with related parties are conducted at fair market prices[158]. - The company will disclose any potential related party transactions in accordance with the Shanghai Stock Exchange listing rules[158]. Strategic Initiatives - The "75+" strategy aims to enhance the company's leadership in relays and expand its product categories, including switches, connectors, capacitors, fuses, and current sensors[14]. - The company plans to continue implementing the "75+" strategy, focusing on maintaining leadership in the relay sector and accelerating the development of five additional product categories[96]. - The company aims to enhance its supply chain management and innovation capabilities to ensure high-quality production and efficiency[97]. - The company is committed to expanding its overseas manufacturing presence to improve its international operations and risk resilience[98].

Financial Performance - The company achieved an operating income of 25.064 billion yuan, representing a year-on-year growth of 3.45%[4] - The net profit attributable to shareholders reached 1.31 billion yuan, indicating stable and healthy development[4] - The company's operating revenue for 2025 reached ¥25.06 billion, an increase of 3.45% compared to ¥24.23 billion in 2024[27] - Total profit for 2025 was ¥1.71 billion, a decrease of 6.18% from ¥1.82 billion in 2024[27] - Net profit attributable to shareholders was ¥1.31 billion, down 6.12% from ¥1.40 billion in 2024[27] - The net cash flow from operating activities was ¥2.28 billion, slightly decreased by 0.32% compared to ¥2.29 billion in 2024[27] - The company's total assets increased by 8.97% to ¥18.07 billion at the end of 2025, up from ¥16.59 billion at the end of 2024[28] - The net assets attributable to shareholders rose by 4.24% to ¥9.29 billion at the end of 2025, compared to ¥8.91 billion at the end of 2024[28] - Basic earnings per share for 2025 were ¥1.43, a decrease of 5.65% from ¥1.52 in 2024[29] - The weighted average return on equity was 14.56%, down 2.08 percentage points from 16.64% in 2024[29] Product and Market Development - The independent brand Jiuwu Zawushi has surpassed 860 stores nationwide, with membership exceeding 10 million, enhancing consumer experience[4] - The company launched several successful products, including the switch pen and the Meeboki, focusing on both functional and emotional value[4] - The company is focusing on the integration of creative value and service advantages in the stationery and office supplies market, with a comprehensive supply chain management system[37] - The new retail model, including the "Jiumu Zawush" and "Mingguang Life Hall," targets specific consumer demographics, enhancing brand exposure and product sales[39] - The company is adapting to changing consumer demands for personalized and high-end stationery products, driven by the trends of branding and creativity in the market[41] - The stationery market is expected to see a shift from functional products to value-driven consumption, with increasing demand for high-end and creative products[51] - The company is leveraging its unique brand, supply chain, and research advantages to maintain a strong growth momentum in the competitive landscape[46] - The company is focusing on expanding its market presence through strategic mergers and acquisitions to strengthen its position in niche categories[44] Digital Transformation and Innovation - The company is advancing its digital transformation, focusing on data-driven decision-making and operational efficiency across various departments, including finance and supply chain[72] - The company emphasizes digital tools to improve channel operation efficiency, utilizing apps for real-time sales data and enhancing retail service capabilities[64] - The company is leveraging AI technology to enhance its electronic trading systems and logistics management, aiming to build a differentiated digital competitive advantage[148] - The company is focusing on enhancing its marketing strategies to adapt to the evolving retail landscape, leveraging both online and offline channels[136] Corporate Governance and Management - The company maintains a governance structure that complies with relevant laws and regulations, ensuring high-quality development and protecting investor rights[154] - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements[155] - The company has established independent operations in assets, personnel, finance, and business, ensuring no conflicts of interest with the controlling shareholder[156] - The company has implemented measures to maintain the independence of its operations, including separate business and management structures from the controlling shareholder[156] - The company emphasizes transparency in information disclosure, adhering to principles of accuracy and timeliness[156] - The company has established specialized committees within the board to enhance decision-making processes and governance[155] Social Responsibility and Community Engagement - The company invested a total of CNY 1,091,000 in social responsibility initiatives, benefiting 921,000 individuals[196] - The company actively participated in poverty alleviation and rural revitalization projects, with a total investment of CNY 632,000, benefiting 811,000 individuals[198] - The company launched the "Beautiful Time and Beautiful Class" rural aesthetic education program, reaching 960 rural primary schools and 110 community children's service stations[198] - The company has engaged in various public welfare projects, including the "Golden Seed Project" for educational support and care for children with autism[197] Future Outlook and Strategic Goals - The company aims to achieve a revenue of 27.8 billion yuan by 2026, representing an 11% year-on-year growth, primarily through enhancing traditional core business and expanding new business segments[143] - The company plans to focus on product innovation and development, increasing R&D investment to improve product quality and sales contribution, while responding to market trends towards branding, creativity, and personalization[143] - The company is committed to sustainable development, focusing on sustainable products, climate change response, and sustainable supply chains, aligning with its vision of "writing a sustainable business future"[142]

Financial Performance - The company's operating revenue for 2025 reached ¥3,459,318,084, representing a 16.48% increase compared to ¥2,969,770,566.54 in 2024[22] - The total profit for 2025 was ¥295,731,444.58, a decrease of 22.31% from ¥380,656,508.96 in 2024[22] - The net profit attributable to shareholders for 2025 was ¥247,239,140.99, down 27.63% from ¥341,628,707.73 in 2024[22] - The basic earnings per share for 2025 was ¥0.62, a decline of 27.06% compared to ¥0.85 in 2024[23] - The total assets at the end of 2025 were ¥4,613,454,827.03, reflecting an 8.87% decrease from ¥5,062,564,094.81 at the end of 2024[22] - The net cash flow from operating activities for 2025 was ¥273,876,402.32, which is an 8.87% decrease from ¥300,526,858.35 in 2024[22] - The weighted average return on equity for 2025 was 7.28%, down 2.80 percentage points from 10.08% in 2024[23] - The company's net assets attributable to shareholders at the end of 2025 were ¥3,331,157,901.88, a slight decrease of 1.46% from ¥3,380,406,892.85 at the end of 2024[22] Revenue and Sales - The company achieved a total revenue of 3.459 billion RMB in the reporting period, representing a year-on-year increase of 16.48%[35] - The "Marubi" brand generated revenue of 2.547 billion RMB, up 23.94% year-on-year, while the "Lianhuo" brand's revenue remained stable at 906 million RMB[35] - The online channel generated revenue of 3.059 billion yuan, accounting for 88.56% of total revenue, with a year-on-year growth of 20.42%[47] - The offline channel reported revenue of 395 million yuan, representing 11.44% of total revenue, with a year-on-year decline of 7.46%[47] Expenses and Costs - Sales expenses rose to 2.057 billion RMB, a 25.8% increase year-on-year, primarily due to high online traffic and promotion costs[35] - Management expenses increased to 161 million RMB, up 48.36% year-on-year, mainly due to depreciation and amortization costs associated with the completion of the Marubi building[35] - The cost of goods sold increased to ¥889,519,268.27, up 13.89% compared to ¥781,028,905.06 in the previous year, primarily due to the growth in operating revenue[62] - Total cost for the period reached CNY 879,807,522.48, an increase of 12.70% compared to CNY 780,636,097.52 in the previous year[68] Research and Development - Research and development expenses amounted to 85.3716 million RMB, reflecting a year-on-year growth of 16.08% as the company continues to invest in R&D[35] - The company achieved significant progress in the field of recombinant functional proteins, successfully developing 13 new recombinant proteins and advancing them to pilot testing[39] - The company has enriched its proprietary raw material library with 13 new self-developed raw materials, enhancing its innovation capabilities[40] - The company applied for 92 new patents during the reporting period, bringing the total to 686, with 388 patents granted, including 273 invention patents[42] Market Position and Strategy - The company operates in the chemical raw materials and chemical products manufacturing industry, with a focus on cosmetics[32] - The cosmetics sector's retail sales in China reached 465.3 billion RMB in 2025, growing by 5.1% year-on-year[34] - The company’s market position in the domestic cosmetics market remains strong, with the main brand "MARUBI" recognized as a leading brand in the mid-to-high-end segment[85] - The company plans to expand its market presence and enhance its product offerings in response to evolving industry regulations and consumer demands[82] Marketing and Brand Development - The company’s marketing activities achieved over 1.8 billion exposures through various campaigns, enhancing brand visibility and credibility[45] - The company launched the "Marubi Little Gold Needle Super Mask," which quickly topped the Douyin mask ranking, driven by effective marketing strategies[45] - The marketing strategy emphasizes innovative campaigns that combine scientific communication, emotional resonance, and cultural empowerment to strengthen brand trust[110] Corporate Governance - The company has established a sound governance structure, ensuring clear responsibilities and decision-making processes among its various levels of management[117] - The company received a Wind ESG AA rating, reflecting its commitment to sustainable development practices[121] - The company actively engages in investor relations, holding regular performance briefings after each financial report release[121] - The company has established a dedicated committee structure within the board, including audit, compensation, and nomination committees, with independent directors in key roles[119] Employee Development and Compensation - The company has established a dual career development pathway for employees, focusing on "collaborative ability" and "innovation literacy" to enhance organizational capabilities[58] - The company has trained over 130 managers through various development programs during the reporting period[58] - The company has a comprehensive compensation and benefits system, ensuring employee rights and sharing the results of corporate development[140] Stock and Financial Management - The company plans to implement stock price stabilization measures, including profit distribution or capital increase, stock buybacks, and stock purchases by major shareholders[161] - The company will announce a stock buyback plan within 10 trading days after triggering the stock price stabilization measures, detailing the number of shares, price range, and funding sources[162] - The company will implement stock buyback measures a maximum of twice within a single accounting year[161] Compliance and Legal Matters - The company has not faced any delisting risks or bankruptcy restructuring issues during the reporting period[173] - The company has taken proactive measures to address any issues raised by regulatory bodies, demonstrating a commitment to governance and compliance[173] - The company has maintained transparency in disclosing all related party transactions, with no undisclosed transactions reported[169]

Financial Performance - The company achieved operating revenue of CNY 316,379.26 million in 2025, a year-on-year increase of 57.81%[26]. - The total profit for the period was CNY 16,740,000.85, a decrease of 71.71% compared to the previous year[26]. - Net profit attributable to shareholders was CNY 84,728.78 million, reflecting a significant increase of 106.12% year-on-year[26]. - Basic earnings per share reached CNY 0.35, up 105.88% from the previous year[25]. - The company reported a net cash flow from operating activities of CNY 682,594.67 million, a decrease of 3.13% compared to the previous year[24]. - The company’s operating revenue for the current year is 316,379.26 million RMB, an increase from 200,479.30 million RMB in the previous year, representing a growth of 57.8%[35]. - The net profit after deducting the impact of share-based payments is 107,038,171.02 RMB, reflecting a significant increase of 75.80% compared to 60,886,123.6 RMB in the previous year[38]. - The company reported a non-recurring gain of 94,716.03 million RMB, up from 69,238.68 million RMB in the previous year, indicating a growth of 36.9%[32]. - The company achieved a revenue of 316,379.26 million yuan in 2025, representing a year-on-year increase of 57.81%[63]. - The net profit attributable to shareholders reached 8,472.88 million yuan, up 106.12% year-on-year[63]. Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 1.24 per 10 shares (including tax), totaling RMB 29,680,730.40 (including tax) based on a share capital of 239,360,729 shares after excluding repurchased shares[7]. - The company has not proposed any capital reserve transfer to increase share capital, focusing solely on cash dividends for this period[7]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[6]. - The company has not reported any unremedied losses for the parent company, indicating a stable financial position[8]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties, indicating sound governance practices[10]. - The company has not violated decision-making procedures for external guarantees, further reflecting its compliance with regulations[10]. - The company has not reported any instances where more than half of the board members could not guarantee the authenticity of the annual report[10]. Operational Risks and Governance - The company has outlined various operational risks in its report, advising investors to pay attention to investment risks[5]. - The company has not disclosed any special arrangements for corporate governance, suggesting a straightforward governance structure[9]. - The company has established a board secretary system to manage shareholder meetings, document preservation, and investor relations, ensuring compliance with legal and regulatory requirements[171]. - The board of directors has set up specialized committees, including the audit, nomination, and compensation committees, with independent directors holding a majority[172]. - The independent directors have actively participated in decision-making processes, contributing to improved corporate governance[171]. Research and Development - Research and development expenses accounted for 10.11% of operating revenue, a decrease of 7.11 percentage points from the previous year[25]. - The company has accumulated 132 invention patents, 658 utility model patents, 95 design patents, and 78 software copyrights as of December 31, 2025[44]. - The company is focusing on research and development to enhance product performance and safety, utilizing advanced technologies such as AI for system optimization[79]. - The company aims to maintain a high level of R&D investment to keep pace with rapid technological advancements in the electrochemical energy storage industry[96]. - The company is committed to developing new technologies and products to meet market demands[182]. Market Position and Expansion - The company is a leading provider of energy storage systems, focusing on the research, production, and sales of lithium iron phosphate battery cells, modules, battery management systems, and integrated energy storage systems[43]. - The company is actively engaged in market expansion and new product development to enhance its competitive position in the energy storage sector[43]. - The global energy storage market is projected to grow significantly, with an expected 106 GW of new installations in 2025, representing a 43% year-on-year increase[53]. - The company has established a strong presence in the international market, particularly in Europe and emerging markets, with a focus on "product + service" models[64]. - The company is actively expanding its product offerings to include energy management systems and cloud platforms, providing comprehensive solutions for various energy storage applications[76]. Supply Chain and Production - The company employs a composite procurement model based on framework agreements and production planning to optimize material acquisition[47]. - The company has developed an integrated supply chain quality management system, ensuring strict quality control for both in-house and outsourced components[49]. - The company has established operational entities and production bases in Europe, Australia, and North America, but faces unique risks due to differing legal and market environments[102]. - The company is vertically integrated in the energy storage supply chain, but faces risks related to raw material price fluctuations and supply shortages[101]. Financial Stability and Risks - The company’s total assets increased by 32.66% compared to the previous period, primarily due to the redemption of financial products[134]. - The company’s total liabilities increased by 81.27% to ¥326,232,870.16, reflecting a rise in non-current lease liabilities[136]. - The company reported a loss of ¥1,295,893.32 from foreign exchange hedging activities during the reporting period[150]. - The company is leveraging AI and digitalization to enhance operational efficiency and drive high-quality growth[63]. Employee and Management Structure - The company has a total of 3,171 employees, with 625 in the parent company and 2,546 in major subsidiaries[198]. - The employee composition includes 2,030 production personnel, 204 sales personnel, 652 technical personnel, 38 financial personnel, and 247 administrative personnel[198]. - The company implemented a 2025 restricted stock incentive plan aimed at binding key talents to long-term development, enhancing talent retention and sense of mission[199]. - The total remuneration for all directors and senior management at the end of the reporting period was CNY 14.42 million[185]. Strategic Focus and Future Outlook - The company aims to deepen its presence in mature markets like Europe while accelerating localization in emerging markets in Asia, Africa, and Latin America[159]. - The company plans to enhance its AI capabilities and integrate them into core business processes, aiming for measurable value creation through AI applications in key operational areas by 2026[163]. - The company will explore new business models such as energy management services and energy storage leasing to diversify its revenue streams and solidify its market leadership by 2026[161]. - The company is committed to achieving high-quality sustainable development, with a mission to provide energy storage services to millions, reinforcing its industry-leading position[160].