Financial Performance - The company's operating revenue for 2024 reached ¥46.38 billion, a 70.62% increase compared to ¥27.19 billion in 2023[22]. - Net profit attributable to shareholders decreased by 17.21% to ¥501.13 million in 2024 from ¥605.32 million in 2023[22]. - The net cash flow from operating activities fell by 29.99% to ¥1.03 billion in 2024, down from ¥1.47 billion in 2023[22]. - The company's total assets increased by 32.80% to ¥26.35 billion at the end of 2024, compared to ¥19.84 billion at the end of 2023[22]. - Basic earnings per share decreased by 26.17% to ¥1.10 in 2024 from ¥1.49 in 2023[23]. - The weighted average return on equity dropped by 8.03 percentage points to 9.65% in 2024 from 17.68% in 2023[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥384.15 million, a 26.92% decrease from ¥525.64 million in 2023[22]. - The company's net assets attributable to shareholders increased by 46.42% to ¥5.60 billion at the end of 2024, up from ¥3.83 billion at the end of 2023[22]. - The company reported a total of ¥116.99 million in non-recurring gains for 2024, compared to ¥79.67 million in 2023[27]. Dividend Policy - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares, totaling RMB 232,548,272.00 based on a total share capital of 465,096,544 shares as of December 31, 2024[6]. - The cash dividend represents 46.40% of the net profit attributable to ordinary shareholders, which is RMB 501,132,204.25 for the reporting period[153]. - Over the last three accounting years, the cumulative cash dividend amount is RMB 465,096,544.00, with an average net profit of RMB 553,224,427.45, resulting in a cash dividend ratio of 84.07%[156]. - The company has maintained a clear and transparent cash dividend policy, complying with its articles of association and shareholder resolutions[151]. - The company has not proposed a cash profit distribution plan for the reporting period, as it is not applicable[152]. Governance and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm, ensuring the financial report's authenticity and completeness[5]. - The board of directors has confirmed that all members attended the board meeting, ensuring proper governance and decision-making processes[4]. - There are no non-operational fund occupations by controlling shareholders or related parties, indicating a stable financial environment[7]. - The company has not violated any decision-making procedures regarding external guarantees, reflecting adherence to regulatory standards[7]. - The company has not faced any issues with a majority of directors being unable to guarantee the authenticity of the annual report[7]. - The company is committed to maintaining the accuracy and completeness of its financial reports, as stated by its responsible executives[5]. - The company adheres to legal and regulatory requirements, ensuring effective governance and compliance with the relevant laws and regulations[115]. - The board of directors and management have maintained a stable governance structure, with all meetings and decisions executed in accordance with regulatory standards[115]. - The company has established specialized committees, including an audit committee and a strategic committee, to enhance governance[135]. Business Expansion and Strategy - The company plans to continue expanding its business segments and increasing sales scale to drive future growth[22]. - The company is expanding into the automotive electronics sector, securing over 10 clients including major brands like Xiaomi and NIO[43]. - Future strategies include enhancing R&D investment and global expansion, focusing on the "1+2+X" product strategy to drive innovation in AI technology[33]. - The company aims to enhance its manufacturing capabilities and efficiency in domestic production bases while expanding its global manufacturing network in Vietnam and India[100]. - The company will continue to strengthen its position in the smartphone and tablet markets, emphasizing high-end product breakthroughs and international market expansion[103]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[121]. Research and Development - The company has over 4,000 R&D personnel across five major centers, enhancing its capabilities in product design and development[52]. - Research and development expenses increased by 23.25% to 2.08 billion RMB, reflecting the company's commitment to innovation[59]. - The company is actively exploring AI technology applications to improve R&D efficiency and enhance user experience[54]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency[122]. Environmental, Social, and Governance (ESG) - The company is committed to ESG practices, achieving an AA rating in 2024 and being recognized as a national green factory[44]. - The company invested RMB 939.09 million in environmental protection during the reporting period[162]. - The company has established a comprehensive environmental management system and obtained ISO 14001 certification, demonstrating its commitment to environmental responsibility[171]. - The company has implemented air pollution control measures, including the use of filtration and activated carbon adsorption systems, with no exceedances in emissions for particulate matter (120 mg/m³) and non-methane total hydrocarbons (120 mg/m³)[166]. - The company has a proactive approach to pollution prevention, adhering to national and local environmental laws and regulations[171]. Market Outlook and Trends - In 2024, global smartphone shipments are expected to reach 1.24 billion units, representing a year-on-year growth of 6.4%[46]. - The tablet market is projected to see shipments of 147.6 million units in 2024, with a year-on-year increase of 9.2%, and Xiaomi's shipments are expected to reach 9.2 million units, up 73.1% from 2023[47]. - The global TWS earphone market is anticipated to reach 330 million units in 2024, showing a year-on-year growth of 13%, with Xiaomi and Huawei's shipments growing by 58% and 60% respectively[49]. - The global AI PC market is expected to account for 17% of total PC shipments in 2024, with further penetration anticipated in 2025[50]. - The Chinese automotive electronics market reached a scale of 1.07 trillion yuan in 2023, with a projected compound annual growth rate of over 15% until 2030[50]. Risk Management - The company has outlined potential risks in its future development discussions, emphasizing the importance of risk awareness for investors[7]. - The company has implemented a detailed foreign exchange management system to mitigate risks associated with currency fluctuations[93]. - The company emphasizes that any gains from stock reductions by board members in violation of their commitments will belong to the company[193]. Shareholder Commitments - The company commits to a lock-up period of 36 months post-IPO, during which no shares will be transferred or managed by others[181]. - Shareholders are restricted to selling no more than 25% of their total shares each year after the lock-up period[182]. - The company will not repurchase shares held by shareholders during the lock-up period[183]. - The controlling shareholder and actual controller promise to adhere to the stock price stability plan established by the shareholders' meeting, ensuring compliance with the repurchase obligations[195].

Financial Performance - The net profit attributable to the parent company for 2024 is -325,030,861.71 RMB, indicating a significant loss [5]. - The company's operating revenue for 2024 is reported at 145,839,584.29 RMB, which raises concerns regarding its financial stability [8]. - The company's revenue for 2024 was 145,839,584.29, a decrease of 46.79% compared to 2023's 274,086,337.82 [23]. - The net profit attributable to shareholders for 2024 was -325,030,861.71, representing a 100.95% decrease from -161,745,968.53 in 2023 [26]. - The basic earnings per share for 2024 was -1.00, a decline of 100.00% compared to -0.50 in 2023 [24]. - The total assets at the end of 2024 were 2,405,306,578.91, down 28.58% from 3,367,716,668.60 at the end of 2023 [23]. - The company reported a net cash flow from operating activities of -31,714,734.73, an improvement of 67.16% compared to -96,574,892.63 in the previous year [26]. - The weighted average return on equity for 2024 was -32.19%, a decrease of 19.28 percentage points from -12.91% in 2023 [24]. - The net profit after deducting non-recurring gains and losses for 2024 was -323,264,195.61, a decrease of 91.56% from -168,751,069.03 in 2023 [26]. - The company achieved operating revenue of 145.84 million, with a net profit attributable to shareholders of -325.03 million, indicating a significant decline in both revenue and profit compared to previous years [32]. Operational Challenges - The company faced challenges in revenue generation due to a decrease in new orders and slow implementation of existing orders [25]. - The decline in revenue and net profit is primarily attributed to the macroeconomic downturn affecting the industry, leading to reduced investment from local governments and real estate developers, resulting in intensified market competition [32]. - The company experienced increased difficulty in project payment collections, impacting cash flow and overall financial performance [26]. - The average payment cycle for municipal projects has extended due to increased financial pressure on local governments, impacting cash flow and project execution [31]. - The company's traditional EPC project payment capability has declined, leading to operational cash flow deterioration and potential bad debt risks [110]. - The company is currently under scrutiny due to its actual controller and major shareholder being in a state of enforcement due to ongoing litigation [190]. Strategic Adjustments - The company adjusted its engineering business structure in response to favorable real estate policies, aiming for revenue growth despite a decrease in overall revenue [25]. - The company adopted a cautious operational strategy, focusing on project profitability and risk balance due to slowed investment speeds from major stakeholders [33]. - In June 2024, the company transferred 51% equity of its subsidiary, Yuelong Mountain Resort, to enhance asset liquidity and reduce management risks, aligning with its strategic planning [34]. - The company plans to transfer 51% equity of Silicon Electronic due to liquidity challenges and the inability to meet performance commitments for 2024, with the transfer expected to reduce operational risks [35]. - The company aims to enhance operational efficiency by optimizing construction plans and accelerating project implementation to improve business performance [35]. - The company will adopt a cautious approach to new projects, implementing a "steady progress" model while managing cash flow risks [108]. Governance and Compliance - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance [4]. - The company has established strong relationships with local governments and investors in the East China region, enhancing its brand image and market competitiveness [50]. - The company has a structured compensation policy that includes fixed salaries, performance bonuses, and allowances, aimed at aligning employee performance with company goals [144]. - The company has implemented measures to optimize employee structure and enhance management efficiency while maintaining stability in the management team [183]. - The company has established a governance framework to enhance self-regulation and compliance awareness among its personnel [165]. - The company is committed to improving internal controls and governance structures to prevent future compliance issues and enhance operational efficiency [189]. Investor Relations - The company emphasizes the importance of investor awareness regarding potential risks associated with forward-looking statements [6]. - The company actively engages with investors through various platforms, ensuring timely and accurate information disclosure to maintain good investor relations [116]. - The company is committed to transparency, as evidenced by the detailed disclosure of meeting resolutions and governance practices [118]. - The company will disclose the status of commitments regarding share repurchase and compensation in periodic reports if not fulfilled in a timely manner [160]. Financial Management - The company plans to enhance its financing structure to alleviate cash flow pressure, particularly in a capital-intensive business environment [106]. - The company will negotiate with banks and suppliers to alleviate financial pressure and improve cash flow [182]. - The company aims to optimize its asset-liability structure to enhance financial stability and reduce debt levels [182]. - The company has committed to improving its compensation system to align with the performance of its return measures [165]. Legal and Regulatory Issues - The company received warnings from the China Securities Regulatory Commission for inaccurate disclosures in annual reports from 2020 to 2023, including revenue and profit figures [129]. - The company has been penalized for failing to disclose related party transactions and inaccuracies in financial data, leading to disciplinary actions from the Shanghai Stock Exchange [187][188]. - The company is addressing non-operational fund occupation issues and has urged major shareholders to return occupied funds by January 26, 2024 [162]. - The company has reported multiple errors in its 2023 annual report, including financial statement audit opinions and non-operational fund occupation situations [131].

Financial Performance - The company's operating revenue for 2024 reached ¥1,535,924,865.54, representing a 45.80% increase compared to ¥1,053,455,890.81 in 2023[21] - The net profit attributable to shareholders of the listed company was ¥157,319,887.64, up 53.80% from ¥102,288,669.81 in the previous year[21] - The net profit after deducting non-recurring gains and losses was ¥139,936,508.54, showing a significant increase from ¥97,028,849.73 in 2023[21] - The net cash flow from operating activities surged to ¥242,231,348.26, a remarkable increase of 703.57% compared to ¥30,144,341.82 in the previous year[21] - Basic earnings per share increased to 0.98 CNY, up 53.13% from the previous year[22] - Diluted earnings per share rose to 0.95 CNY, reflecting a 48.44% increase year-over-year[22] - Total assets reached 4,912,483,260 CNY, a 38.75% increase compared to the end of 2023[22] - Net assets attributable to shareholders increased by 5.69% to 2,192,814,280 CNY[22] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥2.5 per 10 shares, with a total of 164,417,309 shares eligible for the dividend[4] - The company has maintained a consistent profit distribution policy, ensuring compliance with its articles of association and addressing investor concerns[177] - The cash dividend policy is clear and aligns with the company's regulations, with no adjustments made during the reporting period[178] - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares (including tax), totaling RMB 41,104,327.25, which represents 38.46% of the distributable profit[181] Research and Development - The company has increased its R&D investment to develop more efficient, intelligent, and environmentally friendly conveyor machinery, integrating advanced technologies like IoT and AI[35] - R&D investment increased by 61.49% in 2024, with the number of R&D personnel growing by 84.55%, including a 222.22% increase in personnel with master's degrees or higher[64] - The company completed several R&D projects aimed at enhancing product intelligence and energy efficiency, which are expected to increase market share[83] - The company is focusing on developing new technologies such as intelligent monitoring systems for cable-stayed belt conveyors, enhancing its competitive edge in the market[83] Market and Industry Trends - The conveyor machinery industry in China is experiencing strong growth driven by industrialization and urbanization, with increasing demand for efficient and environmentally friendly equipment[32] - Future outlook indicates a stable growth trajectory for the conveyor machinery industry, with a shift towards high-end and intelligent manufacturing[33] - The industry’s revenue was 696.3 billion yuan, a decline of 3.7% year-on-year, while total profit decreased by 4.7% to 46.6 billion yuan[34] - The profit margin for the industry was 6.7%, down by 0.1 percentage points compared to the previous year, with the proportion of loss-making enterprises increasing by 3.6 percentage points[34] Corporate Governance and Management - The company is committed to improving its corporate governance structure and ensuring compliance with relevant laws and regulations to protect investor interests[134] - The company has established a value management system and is working on a valuation enhancement plan[132] - The company emphasizes investor relations management, utilizing multiple platforms for interaction and ensuring no leakage of undisclosed significant information[136] - The company has a structured decision-making process for compensation that aligns with its articles of association and relevant regulations[158] Environmental Compliance - The company complies with multiple environmental laws and standards, including the Comprehensive Emission Standard of Air Pollutants[196] - The company reported that its emissions of benzene are below 1 mg/m³ and toluene below 5 mg/m³, adhering to the relevant standards[197] - The company’s wastewater discharge meets the standards with COD levels below 500 mg/L and BOD below 400 mg/L[197] - The company employs a bag filter to treat particulate matter before discharge[200] Strategic Initiatives - The company aims to become a global leader in intelligent equipment and "mineral flow" digital integration solutions, focusing on industrial digital transformation and international market expansion[123] - The company plans to enhance its core competitiveness and profitability by integrating its industrial chain and leveraging technological advancements and policy benefits[123] - The company is actively pursuing mergers and acquisitions to enhance its technological capabilities and market reach[99] - The company is focusing on expanding its sales in the oil drilling equipment market, with a projected growth of 24%[99] Risk Management - The company is focused on risk management strategies to address market, supply chain, technology, financial, and policy/legal risks to ensure stable development[129] - Supply chain risks are highlighted, with potential price fluctuations in raw materials like steel and rubber affecting production costs and profitability[128] - Financial risks are noted, including potential cash flow issues from delayed sales collections and rising financing costs, which could strain the company's operations[128] Employee and Board Dynamics - The total number of employees at the end of the reporting period was 1,473, with 971 in the parent company and 502 in major subsidiaries[173] - The company has a dynamic mechanism for salary adjustments based on performance and job changes, promoting organizational vitality[175] - The company has a stock incentive plan in place for key executives, with 40,000 shares granted to multiple individuals, including Li Jian and He Yang[145] - The company experienced a personnel change with the resignation of several board members and executives, including the departure of Gong Xinrong as Vice President and Director on April 22, 2024[147]

Financial Performance - The company's operating revenue for 2024 was CNY 2,098,691,641.77, representing a 6.81% increase compared to CNY 1,964,874,054.92 in 2023[18]. - The net profit attributable to shareholders for 2024 was a loss of CNY 330,283,902.08, a decrease of 133.81% from a profit of CNY 976,899,513.92 in 2023[18]. - The net cash flow from operating activities for 2024 was a negative CNY 113,531,774.38, down 109.01% from CNY 1,259,369,206.85 in 2023[18]. - The total assets at the end of 2024 were CNY 5,727,163,852.25, an increase of 6.00% from CNY 5,402,953,931.94 at the end of 2023[18]. - The net assets attributable to shareholders at the end of 2024 were CNY 183,515,645.44, up 5.86% from CNY 173,353,055.51 at the end of 2023[18]. - The basic earnings per share for 2024 was -CNY 0.6199, a decline of 133.81% from CNY 1.8334 in 2023[18]. - The weighted average return on net assets for 2024 was -4,022.41%, a decrease of 4,137.66% from 115.25% in 2023[18]. - The company reported a significant increase in non-operating income, with CNY 84,985,037.35 in 2024 compared to CNY 14,831,789.58 in 2023[18]. - In 2024, the company achieved total operating revenue of CNY 2,098.69 million, with a net profit attributable to shareholders of CNY -330.28 million, and a net profit excluding non-recurring gains and losses of CNY -516.44 million[32]. Market Position and Operations - The heating market in Shenyang has expanded to a scale of 4.6 billion square meters, with an annual compound growth rate exceeding 5%[27]. - The company serves over 1 million heating users, with a heating area of 91.7 million square meters, maintaining a dominant market position in Shenyang[29]. - The company reported a significant government subsidy of CNY 214.25 million in 2024, which is crucial for its operational sustainability[24]. - The company has a strong competitive edge due to its extensive user resources and established brand reputation in the heating service market[30]. - The company is focusing on technological innovation and management improvement to enhance heating system efficiency and reliability[30]. - The company is benefiting from supportive government policies aimed at increasing heating loads and market share through asset integration and market consolidation[31]. Cost and Revenue Analysis - The main business revenue accounted for 99.65% of total operating revenue, with a year-on-year growth of 6.72%[33]. - Heating and gas supply generated CNY 1,959,248,652.33, which is 93.36% of total revenue, showing a growth of 4.31% from the previous year[33]. - The gross profit margin for heating services decreased by 11.57% year-on-year, with operating costs rising to CNY 2,238,003,563.99[35]. - Sales expenses increased by 21.30% to CNY 12,200,842.13 due to higher personnel costs[40]. - Financial expenses decreased by 21.85% to CNY 160,992,746.32, attributed to reduced bank and inter-company loans[40]. - The company’s cash flow from operating activities decreased due to a reduction in government subsidies and inter-company transactions[42]. - The total operating costs for 2024 were CNY 2,323,657,272.72, reflecting a decrease of 5.10% from CNY 2,448,473,936.39 in 2023[37]. Governance and Management - The company has established a governance structure that ensures clear responsibilities and coordination among its board, management, and shareholders[121]. - The board of directors has been functioning in accordance with legal requirements, ensuring sound decision-making processes[74]. - The supervisory board has been actively overseeing the company's operations, ensuring compliance with laws and regulations[74]. - The company maintains independence from its controlling shareholder in terms of operations, assets, and finances[76]. - The company has implemented a dedicated investor relations management system to facilitate communication with investors[75]. - The company has established independent financial management systems, ensuring no interference from the controlling shareholder[77]. - The company is undergoing internal restructuring, leading to changes in several key management positions[82]. - The management changes are part of a broader strategy to adapt to market conditions and improve operational efficiency[82]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[112]. - The company has completed environmental impact assessments for most projects and is in the process of obtaining necessary permits for some ongoing projects[112]. - The company has invested in upgrading pollution control facilities and promoting clean production to minimize pollutant emissions[115]. - The company has adopted targeted technical transformation measures to reduce carbon emissions and improve coal utilization efficiency[118]. - The company has implemented a comprehensive self-monitoring plan for pollution sources, including regular maintenance of online monitoring devices[116]. - The company has focused on optimizing the intelligent construction of its source and network systems to enhance heating quality and achieve energy-saving and environmental protection goals[118]. - The company has committed to social responsibility by participating in community welfare initiatives and supporting local economic development[125]. Legal and Regulatory Matters - The company has faced scrutiny from the China Securities Regulatory Commission for failing to disclose important legal proceedings in a timely manner[87]. - The company is involved in significant litigation, with a total amount of 14,998.06 million yuan in cumulative cases, of which 317 cases are pending[138]. - The company has been ordered to pay 3,000 million yuan to the plaintiff in a dispute with the Shenyang Dandong District Real Estate Bureau, with 2,000 million yuan already paid[137]. - The company has a pending obligation to pay 1,395 million yuan in a case involving the transfer of funds to avoid liability, which has been merged with another case for execution[137]. - The company has reported a total of 8,214.27 million yuan in pending execution cases, with a responsibility to pay 4,008.73 million yuan[138]. Investor Relations - The company engaged in multiple investor communications regarding future business development, with no materials provided during these discussions[65]. - Investor inquiries included topics on performance forecasts and subsequent accounting treatment, with no additional information shared[65]. - The company received inquiries about its performance outlook on several occasions, indicating investor interest in future growth prospects[65]. - The company did not provide any updates on new products or technologies during these discussions[65]. - The company has not provided any information regarding its 2023 annual performance during the investor calls[66]. - The company has not disclosed any insights on market expansion or new product developments during the calls[66]. Financial Audit and Reporting - The audit opinion for the financial report is a standard unqualified opinion, signed on April 27, 2025, by Pengsheng Accounting Firm[183]. - The management is responsible for preparing financial statements in accordance with accounting standards and maintaining necessary internal controls[192]. - The audit procedures included evaluating the appropriateness of accounting policies and estimates made by management[193]. - The internal control audit report was disclosed on April 29, 2025, with a standard unqualified opinion[109]. - The company has implemented measures to strengthen internal control and enhance compliance awareness among board members and management[110].

Financial Performance - The company achieved operating revenue of CNY 517.28 million in 2023, representing a 12.73% increase compared to the previous year[23]. - Net profit attributable to shareholders reached CNY 122.27 million, an 8.16% increase from the previous year[21]. - The basic earnings per share for 2023 was CNY 0.84, reflecting a 6.33% increase compared to 2022[22]. - The total assets of the company at the end of 2023 were CNY 2.21 billion, a 3.01% increase from the previous year[21]. - The net profit after deducting non-recurring gains and losses was 75.51 million RMB, showing a decline of 5.31% year-on-year[33]. - The overall gross profit margin was 56.46%, with a net profit attributable to shareholders of 122 million RMB, reflecting an 8.16% increase year-on-year[101]. - The net cash flow from operating activities was CNY 24.59 million, a 20.62% increase compared to the previous year[103]. - The revenue from the evaporation source business was CNY 199 million, accounting for 38.53% of the company's main business revenue during the reporting period[94]. Research and Development - The company's R&D investment as a percentage of operating revenue increased to 23.63%, up by 2.48 percentage points from the previous year[22]. - The company has added 93 new invention patents, bringing the total to 325, showcasing its strong R&D foundation and capabilities[35]. - Total R&D investment reached ¥122,228,774.92, an increase of 25.94% compared to the previous year, with a ratio of R&D investment to operating income at 23.63%[79]. - The company has established a comprehensive R&D system, including platforms for material design, theoretical simulation, device characterization, and patent analysis, enhancing its R&D capabilities[90]. - The company is currently developing high-performance light-emitting materials, with a total expected investment of ¥650.00 million and ongoing progress in achieving international advanced levels[82]. - The company has established overseas development institutions in Japan and South Korea to enhance its R&D capabilities[89]. Market and Product Development - The company is actively expanding its market presence in organic light-emitting materials, packaging materials, and PSPI materials, with stable supply achieved for several products[33]. - The global market for AMOLED smartphone panel shipments reached approximately 690 million units in 2023, a year-on-year increase of 16.1%[31]. - The penetration rate of OLED in smartphones increased from less than 30% in 2018 to 48% in 2023, with expectations to rise to 55% in 2024[31]. - The company is focusing on R&D for blue phosphorescent materials, aiming for mass production by 2025, which will enhance its competitive edge in the market[67]. - The company is developing high-efficiency electronic functional materials for OLED display panels, achieving performance metrics equivalent to or exceeding international standards[83]. Governance and Compliance - The company has received a standard unqualified audit report from Da Xin Certified Public Accountants[4]. - The board of directors has confirmed that all members attended the board meeting, ensuring the integrity of the annual report[4]. - The company has established a robust governance structure in compliance with the Company Law and Securities Law, ensuring independent operations from the controlling shareholder[155]. - The company maintains a transparent information disclosure policy, ensuring all investors have equal access to information[154]. - The company has not faced any penalties from securities regulatory authorities in the past three years[172]. Shareholder and Capital Management - The company plans to distribute a cash dividend of 8 CNY per 10 shares (including tax) and to increase capital by 4 shares for every 10 shares held, resulting in a total cash dividend of approximately 118.94 million CNY and a capital increase of 59.47 million shares[5]. - The company completed a capital reserve transfer of 41,064,486 shares to shareholders, enhancing shareholder value[23]. - The company has a clear cash dividend policy that complies with regulations and protects minority shareholders' rights[190]. - The company has implemented a capital reserve conversion to increase share capital, contributing to the increase in shareholdings of key personnel[160]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the risk factors section of the report[3]. - The company relies on imported core materials for some evaporation source products, which poses a risk if supply is disrupted[95][96]. - The OLED industry is experiencing increased competition, which may affect the company's operating performance and product pricing[98]. - The company's inventory value at the end of 2023 was CNY 238.92 million, showing a year-on-year increase, which may pose a risk of inventory depreciation if market conditions change[97]. - Accounts receivable increased to CNY 211.53 million by the end of 2023, reflecting the growth in sales scale but also posing a risk of bad debts if customer credit deteriorates[97].

Financial Performance - The company's operating revenue for 2024 reached ¥1,111,028,051.42, representing a 54.62% increase compared to ¥718,551,780.39 in 2023[22]. - Net profit attributable to shareholders increased by 116.96% to ¥79,448,094.71 from ¥36,619,184.77 in the previous year[24]. - The net profit after deducting non-recurring gains and losses surged by 725.85% to ¥73,363,526.27, up from ¥8,883,403.10 in 2023[22]. - Basic and diluted earnings per share rose by 110.00% to ¥0.21, compared to ¥0.10 in 2023[23]. - The weighted average return on equity increased by 2.96 percentage points to 5.49% from 2.53% in the previous year[23]. - Total assets grew by 13.26% to ¥2,393,850,645.06 from ¥2,113,676,027.08 in 2023[22]. - The net assets attributable to shareholders increased by 6.34% to ¥1,495,248,829.99 compared to ¥1,406,151,094.07 in 2023[22]. - The gross margin for the manufacturing sector improved by 5.50 percentage points, reaching 23.88%[78]. - The sales revenue from submersible pumps was 805,559,544.89 CNY, with a gross margin of 25.19%, reflecting a year-on-year increase of 6.30 percentage points[78]. Dividend Distribution - The company plans to distribute a cash dividend of 0.08 CNY per share, totaling approximately 31.24 million CNY, which represents 39.32% of the net profit attributable to shareholders for the year[6]. - The cash dividend amount for the current year is 31,237,706.96 RMB, which accounts for 39.32% of the net profit attributable to ordinary shareholders[174]. - The cumulative cash dividend amount over the last three accounting years is 58,553,100.55 RMB, with a cash dividend ratio of 103.39% based on the average annual net profit[177]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The company has not violated decision-making procedures for external guarantees[9]. - The company has not faced any issues with a majority of directors being unable to ensure the authenticity and completeness of the annual report[9]. - The board of directors consists of 7 members, including 3 independent directors, and adheres to governance regulations[134]. - The company emphasizes its commitment to corporate governance and transparency through regular updates and meetings with stakeholders[144]. - The company’s board and senior management pledged not to transfer benefits unfairly to other parties[200]. Market Expansion and Product Development - The company is focusing on expanding its market presence in North America and Europe through increased customer engagement and participation in international exhibitions[33]. - The company launched several new products, including the WQD sewage pump and QDX6-15-0.55PH265 high-lift clean water pump, enhancing efficiency and performance[36]. - The company plans to implement a five-year action plan centered around water pumps and cleaning tools, enhancing its comprehensive capabilities in R&D, production, and sales[118]. - The company aims to become a globally influential smart manufacturing brand, focusing on product technology advancement, energy saving, and sustainable development[116]. Research and Development - The total R&D expenditure for the period was CNY 27,096,220.45, accounting for 2.44% of operating revenue[87]. - The company has 91 R&D personnel, representing 8.22% of the total workforce[88]. - During the reporting period, the company developed 9 projects, successfully completed 7 results transformations, and applied for 25 patents, including 8 invention patents[89]. - The company has a strong focus on R&D, continuously launching new household pump products to meet market demands[65]. Environmental and Social Responsibility - The company invested 997,100 CNY in environmental protection during the reporting period[187]. - The company implemented carbon reduction measures, reducing CO2 equivalent emissions by 2,995.49 tons[189]. - The company donated a total of 250,000 CNY to the Ningbo Haishu District Charity Association[190]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[188]. Risk Management - The report includes a risk statement regarding forward-looking statements, cautioning investors about potential risks[7]. - The company has implemented measures to mitigate exchange rate risks, including settling transactions in RMB with key clients and engaging in forward foreign exchange contracts[131]. - The company anticipates global economic growth to remain at 2.8% in 2025, with potential risks from geopolitical uncertainties and market fluctuations[122]. Shareholder Engagement - The company actively engaged with investors, conducting multiple performance briefings and releasing a quality improvement action plan on June 19, 2024[39]. - The company held one annual and one temporary shareholders' meeting during the reporting period, ensuring compliance with legal requirements[133]. - The company’s management has committed to enhancing legal awareness to prevent future regulatory issues[152]. Internal Controls - The company has established a comprehensive internal control system that effectively safeguards shareholder interests[184]. - The company’s independent directors receive an annual allowance of 50,000 yuan, with travel and office expenses covered by the company[149]. - The company has established measures to avoid any competition with its controlling shareholders and related parties[200].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥704,342,018.65, representing a 64.62% increase compared to ¥427,850,250.45 in the same period last year[4] - Net profit attributable to shareholders decreased by 11.01% to ¥29,451,511.64 from ¥33,095,293.45 year-on-year[4] - Basic and diluted earnings per share decreased by 15.38% to ¥0.11 from ¥0.13 in the same period last year[4] - Net profit for Q1 2025 was ¥29,702,997.48, a decrease of 13.5% from ¥34,504,581.55 in Q1 2024[20] - Earnings per share for Q1 2025 were ¥0.11, down from ¥0.13 in Q1 2024[21] - The company reported a total comprehensive income of ¥28,563,779.38 for Q1 2025, down from ¥31,980,154.88 in Q1 2024[21] Cash Flow - The net cash flow from operating activities fell significantly by 62.79% to ¥192,421,323.51, down from ¥517,128,973.90 in the previous year[4] - Cash inflow from investment activities totaled 11,055,647.35, significantly down from 274,459,151.86, indicating a decline of 95.9%[24] - The net cash flow from financing activities was -145,693,242.57, contrasting with a positive cash flow of 226,969,572.36 in the prior period[25] - The total cash and cash equivalents at the end of the period amounted to 362,190,318.15, compared to 1,308,431,280.89 at the end of the previous period, reflecting a decrease of 72.3%[25] - The cash inflow from operating activities totaled 1,224,639,431.73, compared to 1,597,316,363.38 in the previous period, a decrease of 23.3%[24] - The cash paid for purchasing goods and services was 893,022,975.92, down from 965,329,268.56, reflecting a decrease of 7.5%[24] Assets and Liabilities - The company's total assets increased slightly by 1.01% to ¥5,992,201,631.05 compared to ¥5,932,482,789.59 at the end of the previous year[5] - Total current assets as of March 31, 2025, amounted to CNY 2,038,433,002.37, a decrease from CNY 2,057,011,431.15 as of December 31, 2024[14] - Total liabilities increased to CNY 2,453,278,486.32 from CNY 2,330,417,817.39[15] - Total liabilities as of the end of the reporting period were ¥4,294,093,489.73, slightly up from ¥4,270,307,491.60[16] - Total equity increased to ¥1,698,108,141.32 from ¥1,662,175,297.99, marking a growth of 2.2%[16] Research and Development - Research and development expenses increased by 33.41%, attributed to the development of new products[8] - Research and development expenses rose to ¥19,063,767.96 in Q1 2025, compared to ¥14,289,736.62 in Q1 2024, an increase of 33.3%[20] Shareholder Information - The total number of ordinary shares at the end of the reporting period was 42,797[11] - The largest shareholder, Shao Shuwei, holds 94,891,440 shares, accounting for 36.51% of total shares, with 42,000,000 shares pledged[11] Other Income and Expenses - The company reported a decrease in other income by 65.99%, reflecting a reduction in government subsidies received during the period[8] - Cash received from sales of goods and services in Q1 2025 was ¥1,177,688,606.77, a decrease of 25.6% compared to ¥1,583,140,329.42 in Q1 2024[23] - Deferred revenue decreased from ¥33,243,092.75 to ¥31,552,156.08, reflecting a decline of 5.1%[16]

Financial Performance - The net profit attributable to shareholders for the fiscal year 2024 is RMB 24.6164 million, with a distributable profit of RMB 359.9159 million as of the reporting period[6]. - The proposed cash dividend is RMB 0.50 per 10 shares (including tax), resulting in a total cash dividend distribution of RMB 12.9315 million, which represents 52.53% of the annual net profit attributable to shareholders[6]. - The company's operating revenue for 2024 reached ¥2,247,559,790.70, an increase of 18.72% compared to ¥1,893,119,459.75 in 2023[24]. - The net profit attributable to shareholders decreased by 38.77% to ¥24,616,404.40 in 2024 from ¥40,202,342.48 in 2023[24]. - The net profit after deducting non-recurring gains and losses fell by 71.10% to ¥5,889,127.08 in 2024 from ¥20,378,142.45 in 2023[25]. - The total assets increased by 63.26% to ¥5,932,482,789.59 at the end of 2024 from ¥3,633,829,687.11 at the end of 2023[24]. - The basic earnings per share decreased by 37.50% to ¥0.10 in 2024 from ¥0.16 in 2023[26]. - The weighted average return on net assets dropped to 1.50% in 2024, down from 2.47% in 2023, a decrease of 0.97 percentage points[26]. - The cash flow from operating activities showed a significant decline, with a net cash flow of ¥74,844,110.23 in 2024 compared to ¥732,405,001.47 in 2023, a decrease of 89.78%[25]. Revenue Breakdown - The AI computing power business generated revenue of CNY 455.20 million, with a net profit of CNY 142.31 million and a gross margin of 53.42%, an increase of 9.39 percentage points year-on-year[37]. - The manufacturing segment reported revenue of CNY 1,792.36 million, a decline of 4.74%, with a net loss of CNY 115.68 million and a gross margin of 8.65%, down 6.26 percentage points year-on-year[38]. - The sales of precision metal structural parts reached CNY 1,527.33 million, a decrease of 3.06%, while electronic components sales were CNY 154.60 million, down 11.55%[41]. - Revenue from AI computing power business (including leasing income) totaled 455.20 million yuan, a significant increase of 3,817% year-on-year[60]. - The overseas revenue grew by 138.01% to CNY 415,732,184.03, with a gross margin of 20.79%[64]. Investments and R&D - The company invested CNY 276.62 million in fixed assets and CNY 1,433.62 million in right-of-use assets during the reporting period[40]. - R&D expenses for the year 2024 amounted to 84.2584 million yuan, representing an 8.77% increase year-on-year, with R&D expenses accounting for 3.75% of operating revenue[43]. - The company initiated R&D projects with an expenditure of CNY 21.43 million, resulting in 12 new software copyrights in 2024[40]. - The company applied for 2 patents and received 11 new patent authorizations during the reporting period[43]. Corporate Governance and Compliance - The company has established a robust governance structure to ensure effective decision-making and risk management, enhancing long-term strategic implementation[108]. - The company strictly adheres to the election procedures for directors as per the Company Law and Articles of Association, ensuring compliance with legal requirements[109]. - The company has established an internal control system in accordance with regulatory requirements, continuously improving the execution of internal control norms[111]. - The company has fulfilled its information disclosure obligations accurately and timely, in line with the Shanghai Stock Exchange listing rules[109]. - The company has a dedicated department for investor relations management, enhancing communication with minority shareholders and ensuring their rights are protected[109]. Social Responsibility - The company has made social responsibility contributions, including 840,000 yuan for employee activities and 310,000 yuan for public welfare donations during the reporting period[44]. - The company invested 1.5581 million yuan in environmental protection during the reporting period[157]. - The company has established an environmental protection mechanism and complies with national and local environmental regulations[160]. - The company has not faced any significant environmental violations or penalties during the reporting period[160]. Future Outlook - The company plans to achieve simultaneous growth in revenue and profit in 2025, focusing on both AI computing power and manufacturing business adjustments[39]. - The company is exploring new market opportunities in sectors such as liquid cooling, renewable energy, high-end medical, and defense to drive revenue and profit growth[100]. - The company anticipates challenges from intensified market competition in the AI computing sector, which may lead to declining profit margins[103]. - The company plans to enhance its AI computing power business by developing innovative cooperation models for cloud leasing services while maintaining a manageable debt ratio[101]. Shareholder Engagement and Dividend Policy - The company has established a cash dividend policy, stating that it will distribute at least 30% of the average distributable profit over the last three years in cash when conditions are met[141]. - The company plans to distribute cash dividends amounting to CNY 12,931,500, which represents 52.53% of the net profit attributable to ordinary shareholders in the consolidated financial statements[147]. - The company actively engages with minority shareholders to gather their opinions and ensure their rights are protected during the dividend distribution process[144]. - The profit distribution policy is subject to regular review and must align with the company's operational conditions and long-term strategic goals[192].

Financial Performance - The company achieved operating revenue of CNY 3.05 billion in 2023, a year-on-year increase of 14.14%[30]. - Net profit attributable to shareholders reached CNY 902.26 million, up 7.36% compared to the previous year[30]. - Basic earnings per share increased to CNY 0.3288, reflecting a growth of 7.38% year-on-year[22]. - The weighted average return on equity rose to 8.18%, an increase of 0.29 percentage points from the previous year[22]. - Cash flow from operating activities amounted to CNY 2.10 billion, representing a 19.17% increase year-on-year[22]. - The company reported a significant increase in toll revenue, with a total of CNY 3.01 billion, up 14.11% year-on-year[30]. - The total operating cost was 1.51 billion RMB, reflecting a year-on-year growth of 12.85%[37]. - Net profit reached 1.15 billion RMB, up 8.29% compared to the previous year[37]. - The total revenue for the current period reached 194,326,300, with a year-on-year increase of 4.43% compared to 186,080,410 from the previous year[44]. Dividend and Profit Allocation - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares based on a total share capital of 2.7444 billion shares, subject to shareholder approval[4]. - The company has reported a 10% allocation of the net profit for the year to statutory surplus reserves[4]. - The total cash dividend amount accounted for 36.50% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was 902,256,084.22 RMB[108]. - The company implemented a cash dividend policy, distributing a total of 411,660,000 RMB in cash dividends based on 2,744,400,000 shares, at a rate of 1.5 RMB per 10 shares[103]. - The company plans to maintain a cash distribution of at least 30% of the annual distributable profit over the next three years, contingent on good financial and cash conditions[103]. Audit and Compliance - The company has received a standard unqualified audit report from Huaxing Accounting Firm[3]. - The company has confirmed that there are no instances where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[7]. - The company has not violated decision-making procedures for external guarantees[6]. - The company has established various specialized committees to oversee strategic planning, nominations, compensation, and auditing[70]. - The audit report confirms that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2023[157]. Governance and Management - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with governance requirements[69]. - The company has implemented a robust information disclosure system to maintain transparency and protect shareholder rights[72]. - The company has established various internal management systems to maintain control over its subsidiaries, ensuring compliance with governance and financial standards[111]. - The company has not faced any major changes in competition or business operations from its controlling shareholders[74]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[78]. Strategic Initiatives and Future Outlook - The company is focusing on enhancing service quality and operational efficiency through various measures, including optimizing service quality and cost reduction[31]. - The company is actively exploring expansion opportunities and improving sustainable development capabilities through project upgrades and financing[31]. - The company aims to leverage technological advancements in smart transportation to improve operational efficiency and service quality, aligning with national policy initiatives[58]. - Future outlook suggests a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[80]. - The company plans to enhance its operational management and focus on the main business of highway management, aiming to improve toll collection efficiency and service quality in 2024[60]. Risks and Challenges - The company acknowledges risks from macroeconomic fluctuations and industry policy changes, particularly regarding the expiration of toll road charges and the need for updated regulatory frameworks[63]. - The company faces a risk of traffic diversion due to the expanding highway network, which may impact existing routes[64]. - A special risk control team will be established to enhance investment decision-making and risk assessment processes[66]. - The company’s main business structure is heavily reliant on highway toll revenue, posing investment risks due to regulatory impacts[65]. Employee and Compensation - The total remuneration for the chairman, Fang Xiaodong, during the reporting period was 616,500 CNY[78]. - The total remuneration for the general manager, Zhong Yongyuan, during the reporting period was 155,500 CNY[78]. - The total remuneration for the independent director, Li Yun, during the reporting period was 36,000 CNY[78]. - The total remuneration for the employee supervisor, Li Wenhai, during the reporting period was 588,600 CNY[78]. - The company’s salary distribution policy considers operational performance and individual contributions, ensuring internal and external equity in compensation[101]. Investments and Assets - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding good investment returns[34]. - The company operates a total of 282 kilometers of highways, with no new highway mileage added during the reporting period[33]. - The company has not made any new equity investments during the reporting period[53]. - The total assets at the end of the current period were 1,149,023,312.52, with a notable increase in cash reserves[50]. - The company’s total assets for Fujian Province Fuquan Expressway Co., Ltd. reached RMB 7.94 billion, with a net asset of RMB 6.63 billion and a revenue of RMB 1.632 billion in 2023, resulting in a net profit of RMB 661 million[56]. Cash Flow and Financial Position - The company’s cash flow from operating activities was CNY 324,344,700, indicating positive cash generation despite losses[196]. - The company reported a net cash outflow from investing activities of ¥639,009,402.31, worsening from a net outflow of ¥233,290,166.75 in 2022[182]. - The total amount raised from bond issuance was CNY 100,000,000, with all funds utilized as planned[150]. - The company maintained a loan repayment rate of 100% and an interest payment rate of 100%[154]. - The company’s total liabilities decreased to ¥3,170,617,972.62 in 2023 from ¥3,422,601,377.98 in 2022, reflecting a reduction of about 7.3%[170].

Dividend Distribution - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (including tax), totaling 137,220,000 yuan, based on a total share capital of 2,744,400,000 shares as of December 31, 2024[4]. - The total undistributed profits carried forward to the next year amount to 2,649,303,146.97 yuan, in addition to the mid-year dividend of 0.5 yuan per 10 shares already implemented in December 2024, resulting in an annual total of 1 yuan per 10 shares[4]. - The company plans to distribute cash dividends of 1.2 RMB per 10 shares, totaling 329,328,000 RMB for the 2023 fiscal year[102]. - The cash dividend policy states that the company aims to distribute no less than 35% of the net profit attributable to shareholders in the coming three years (2024-2026) if financial conditions allow[102]. - The company has a cash dividend policy that emphasizes reasonable returns to investors, with a minimum of 30% of average distributable profits over three years to be distributed[102]. - The company’s net profit attributable to shareholders for the last fiscal year was 780,773,084.10 RMB, with cash dividends amounting to 35.15% of this profit[106]. Financial Performance - The company achieved operating revenue of CNY 3,025,880,245.40 in 2024, a decrease of 0.78% compared to 2023[22]. - Net profit attributable to shareholders was CNY 780,773,084.10, down 13.46% year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 792,581,778.80, reflecting a decline of 13.98% from the previous year[22]. - The company reported a net cash flow from operating activities of CNY 2,085,568,003.67, a slight decrease of 0.69% compared to 2023[23]. - The total assets increased to CNY 17,288,268,309.17, representing a growth of 3.19% year-on-year[23]. - Basic earnings per share were CNY 0.2845, down 13.47% from the previous year[24]. - The weighted average return on equity was 6.87%, a decrease of 1.31 percentage points compared to 2023[24]. - The company reported a net profit margin improvement, with operating costs decreasing while revenue remained stable[189]. - The net profit for 2024 was CNY 719,814,025.57, down 12% from CNY 817,783,051.20 in 2023[194]. - The total profit for 2024 was CNY 895,635,077.56, a decrease of 8.4% from CNY 977,757,914.87 in 2023[194]. Operational Challenges - The company faced challenges in freight logistics demand and limited passenger growth, impacting traffic volume and toll revenue[34]. - The company is focusing on enhancing service functions and optimizing project evaluations to improve operational efficiency[35]. - The company aims to enhance operational efficiency and service quality while reducing costs, focusing on the "speeding up and improving quality" initiative as part of its development strategy for the 14th Five-Year Plan[65]. - The company faces risks from macroeconomic fluctuations, which could limit demand for transportation services, and plans to mitigate this by focusing on its core highway operations and exploring ancillary economic opportunities[68]. - The company is also exposed to policy risks related to highway tolling regulations, particularly as many highways approach the end of their tolling periods, and it will closely monitor policy developments to adapt accordingly[68]. - The company recognizes the risk of dependency on toll revenue due to its single business structure and aims to diversify by exploring investments in related industries and value chains[69]. Governance and Compliance - The company has received a standard unqualified audit opinion from Huaxing Accounting Firm, ensuring the accuracy and completeness of the financial report[4]. - The company has established a robust governance structure, ensuring compliance with regulatory requirements and maintaining independence from its controlling shareholder[72]. - The company emphasizes the importance of risk assessment in investment decisions, forming a dedicated risk control team to enhance its investment decision-making process[70]. - The board consists of 11 members, including 4 independent directors, which exceeds one-third of the total board members[74]. - The company has established four specialized committees: strategy, nomination, compensation and assessment, and audit, all of which are functioning effectively[74]. - The company has implemented strict procedures for related party transactions, ensuring fairness and transparency[75]. - The company has established a comprehensive information disclosure system to maintain transparency and protect shareholder rights[75]. - The company has not experienced any insider information leaks during the reporting period, and insider information management is conducted in an orderly manner[76]. Investments and Assets - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding positive investment returns[38]. - The company’s investment in stocks increased to ¥881,360,000.00, reflecting a fair value gain of ¥135,700,000.00 during the reporting period[60]. - The total capitalized R&D investment for the period was ¥961,142.48, which is 100% of the total R&D expenditure, accounting for 0.03% of operating revenue[52]. - The company is focused on evaluating the impairment of highway assets, which are significant to its total assets[173]. - The company plans to invest in new product development and technology to enhance market competitiveness[189]. Cash Flow and Liquidity - The company reported a significant increase in cash reserves, with cash and cash equivalents reaching ¥1,995,529,098.57, a 73.67% increase from the previous period[56]. - The ending balance of cash and cash equivalents for 2024 reached CNY 1,995,529,098.57, up from CNY 1,149,023,312.52 in 2023[197]. - Operating cash inflow for 2024 was CNY 3,083,734,269.38, a slight increase from CNY 3,047,957,366.06 in 2023, reflecting a growth of approximately 1.0%[196]. - Net cash flow from operating activities for 2024 was CNY 2,085,568,003.67, down from CNY 2,100,093,096.81 in 2023, indicating a decrease of about 0.7%[196]. - Cash outflow from financing activities in 2024 totaled CNY 691,742,084.77, significantly lower than CNY 1,099,766,283.69 in 2023, showing a decrease of about 37.0%[197]. Shareholder Information - The total number of common shareholders increased to 71,559 from 67,386 in the previous month, representing a growth of approximately 3.2%[139]. - The top shareholder, Fujian Provincial Highway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of total shares[141]. - The second-largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, representing 17.75% of total shares[141]. - The total number of shares held by the top ten shareholders is significant, with the largest holding being 36.16% and the smallest in the top ten at 0.47%[142]. - The company does not have any strategic investors or general corporations that became top ten shareholders through new share placements[143]. Debt and Liabilities - The company has a total interest-bearing debt of 999 million RMB at the end of the reporting period, with a year-on-year increase of 0.14%[158]. - The company issued two types of corporate bonds in 2022, with a total balance of 999 million RMB, and a portion of 600 million RMB maturing between May and December 2025[159]. - The company’s debt structure includes 600 million RMB in corporate credit bonds, which account for 100% of the interest-bearing debt[158]. - The company’s current liabilities increased significantly, with non-current liabilities due within one year rising by 1688.01% to approximately 636.84 million RMB, primarily due to an increase in bonds maturing within one year[164]. - The total liabilities to assets ratio decreased by 0.81 percentage points to 18.11%, indicating a reduction in total liabilities[166].