Financial Performance - The company's operating revenue for Q1 2025 was ¥40,624,818.43, a decrease of 70.21% compared to ¥111,835,236.68 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥8,028,308.26, representing a decline of 143.66% from a profit of ¥3,766,508.55 in the previous year[4] - The basic and diluted earnings per share were both -¥0.0293, down 143.73% from ¥0.0137 in the same period last year[5] - Net loss for Q1 2025 was ¥8,101,509.23, compared to a net profit of ¥21,423,835.82 in Q1 2024, indicating a significant decline in profitability[22] - Total operating revenue for Q1 2025 was ¥40,624,818.43, a decrease of 70.2% compared to ¥136,374,970.14 in Q1 2024[20] Research and Development - The total R&D investment amounted to ¥24,882,149.56, an increase of 50.68% compared to ¥16,512,853.64 in the previous year[5] - R&D investment accounted for 61.25% of operating revenue, an increase of 49.14 percentage points from 14.77% in the previous year[5] - Research and development expenses for Q1 2025 were ¥10,420,828.81, up 53.5% from ¥6,826,875.34 in Q1 2024, reflecting increased investment in innovation[20] Cash Flow and Liquidity - The net cash flow from operating activities was ¥99,338,104.85, an increase of 169.48% compared to ¥36,863,557.07 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was ¥99,338,104.85, an increase from ¥36,863,557.07 in Q1 2024[24] - Cash inflow from operating activities totaled ¥137,643,739.54 in Q1 2025, compared to ¥129,273,393.29 in Q1 2024, indicating improved cash generation[24] - The company's cash and cash equivalents increased to ¥550,365,903.94 from ¥490,270,275.37, representing an increase of approximately 12.0%[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,212,138,325.93, a decrease of 0.84% from ¥1,222,438,490.23 at the end of the previous year[5] - The equity attributable to shareholders was ¥928,563,813.61, down 0.86% from ¥936,592,121.87 at the end of the previous year[5] - Total liabilities as of the reporting date were ¥341,933,959.48, slightly down from ¥344,132,614.55 in the previous period[20] - The company’s total liabilities increased to ¥1,212,138,325.93, reflecting a stable financial position[16] Market Conditions - The decline in revenue and profit was primarily due to lower market demand for antiviral products and price reductions in response to market competition[8] - The company identified a need to adjust revenue recognition for certain products, resulting in a reduction of ¥24,539,700 in 2023 revenue and an increase in Q1 2024 revenue by the same amount[5] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,843[11] - The largest shareholder, Hunan Pharmaceutical Development Investment Group Co., Ltd., holds 78,400,000 shares, accounting for 28.57% of total shares[12] - The number of shares held in the company's repurchase account is 1,570,586, accounting for 0.57% of the total share capital of 274,400,000 shares[12] - The company has not disclosed any significant changes in shareholder relationships or actions among the top shareholders[13] Financial Reporting - The company did not apply new accounting standards starting from 2025[25] - The company’s financial reporting is overseen by Zhang Shixi, Li Liang, and Chen Xiaoning[26]

Market Expansion and Acquisitions - In 2024, the company accelerated the construction of production and research bases in multiple locations, including the US, enhancing its local market presence through acquisitions such as Confirm and Hualong Agricultural[3]. - The company established a large-scale POCT production base in the US, with dozens of automated production lines to support local orders[3]. - The acquisition of Confirm in the US facilitated the establishment of local retail channels, while the acquisition of Laihe in Hangzhou complemented the company's product offerings in infectious disease testing[49]. - New subsidiaries were established in Germany and the Philippines to enhance market presence in Europe and Southeast Asia[50]. - The company is considering strategic acquisitions to enhance its product portfolio and expand its capabilities[26]. - The company has completed the acquisition of an animal vaccine business module, diversifying its operations into the animal health sector alongside human diagnostics[55]. - The company has initiated three acquisition projects, resulting in increased sales and management expenses[155]. Financial Performance - The company's net profit attributable to shareholders for the year 2024 is reported as -RMB 529,022,760.88, indicating a negative performance[17]. - The net profit attributable to shareholders for 2024 was approximately -¥529.02 million, a decrease of 33.06% from -¥397.58 million in 2023[36]. - The company has repurchased a total of 8.4036 million shares in 2024, with a total repurchase amount of RMB 277 million, which is 52.35% of the absolute value of the net profit attributable to shareholders[18]. - No cash dividends or capital reserve transfers to increase share capital will be distributed for the year 2024 due to the negative net profit[17]. - The company's operating revenue for 2024 was approximately ¥827.92 million, representing a 0.95% increase compared to ¥820.16 million in 2023[36]. - The net cash flow from operating activities improved significantly to -¥348.33 million in 2024, a 78.83% increase compared to -¥1.65 billion in 2023[36]. - The gross profit margin has decreased by 12.04% year-on-year, primarily due to changes in product sales structure and market factors[157]. Research and Development - Research and development expenses accounted for 35.09% of operating revenue in 2024, an increase of 3.28 percentage points from 31.81% in 2023[37]. - The company is investing in research and development, particularly in immunodiagnostic and molecular diagnostic technologies, to innovate and improve product offerings[58]. - The company has developed a comprehensive core technology portfolio, including platforms for POCT, molecular diagnostics, and flow fluorescence, with over 1,000 products in its pipeline[109]. - The company has achieved breakthroughs in zoonotic disease detection products, contributing to the safety and health of livestock farming in China[117]. - The company has made significant investments in R&D, focusing on rapid nucleic acid detection technologies and portable PCR devices, improving efficiency in molecular diagnostics[113]. Product Development and Innovation - The company reported a significant increase in revenue, achieving a total of $150 million, representing a 25% year-over-year growth[26]. - New product launches are expected to contribute an additional $20 million in revenue over the next six months[26]. - The company is focusing on expanding its product line in oncology diagnostics, with tests for various tumor markers such as AFP and PSA[59]. - The company has launched new technologies for infectious disease testing, including nucleic acid detection for multiple viruses[59]. - The introduction of molecular diagnostic products has expanded to include quantitative detection for HBV, HCV, and HIV-1, enhancing the company's testing portfolio[59]. Market Trends and Industry Insights - The global in vitro diagnostic (IVD) market is projected to reach approximately $109.2 billion by 2024, with an annual growth rate of 4.3% expected to reach $135.1 billion by 2029[72]. - The domestic IVD market is experiencing rapid growth, driven by policies supporting domestic enterprises and the acceleration of domestic substitution, with significant potential for future expansion[72]. - The trend towards home testing (POCT) is expanding, particularly in the context of infectious and chronic diseases, as consumer confidence in home testing increases[65]. - The integration of AI and automation in IVD devices is becoming a focal point for leading companies, enhancing diagnostic efficiency and accuracy[67]. - The industry is witnessing increased market concentration, with leading companies rapidly expanding through mergers and acquisitions, while smaller firms face heightened survival pressures[68]. Operational Efficiency and Cost Management - The company aims to reduce unit product costs and optimize expense ratios in 2025, targeting improvements in production efficiency and cost management[9]. - Cost management strategies have resulted in a 10% reduction in operational expenses, improving overall profitability[26]. - A focus on enhancing operational efficiency is expected to reduce costs by approximately 10% over the next fiscal year[58]. - The company is actively addressing potential tariff impacts from US trade policies by optimizing its market layout and reducing product costs[11]. Compliance and Legal Matters - The company is engaged in legal proceedings related to a lawsuit filed against it in the US, with professional legal teams managing the situation[12]. - The company has received a standard unqualified audit report from the accounting firm[16]. - There are no violations of decision-making procedures regarding external guarantees[21]. Strategic Partnerships and Collaborations - A new partnership with a leading healthcare provider is expected to enhance service delivery and increase customer satisfaction[26]. - The company has established strategic partnerships with major clients such as McKesson, Walmart, and Siemens Healthineers, enhancing its market reach[127].

Financial Performance - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the 2024 profit distribution plan[7]. - The company has not achieved profitability since its listing[5]. - A standard unqualified audit report was issued by Tianjian Accounting Firm for the company[6]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 25% year-over-year growth[15]. - The company achieved a revenue of CNY 6,695,185,057.35 in 2024, representing an 86.46% increase compared to CNY 3,590,752,218.29 in 2023[28]. - The net profit attributable to shareholders reached CNY 161,233,370.29, a significant turnaround from a loss of CNY 624,358,861.94 in the previous year[28]. - The company reported a net cash flow from operating activities of CNY 531,797,602.00, recovering from a negative cash flow of CNY 1,966,435,419.15 in 2023[28]. - The basic earnings per share improved to CNY 0.37 in 2024, compared to a loss of CNY 1.45 in 2023[29]. - The weighted average return on equity increased to 7.37% in 2024, up from -28.99% in the previous year, marking a significant recovery[29]. Operational Risks and Governance - The company has detailed various operational risks and corresponding countermeasures in the report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has not violated decision-making procedures for external guarantees[10]. - The board of directors fully attended the board meeting[6]. - The company has no special arrangements for corporate governance[10]. - The company has a risk statement regarding forward-looking statements in the report[8]. - The company’s future plans and development strategies do not constitute substantial commitments to investors[8]. Market Expansion and Product Development - User data showed a 15% increase in active users, reaching 5 million by the end of the quarter[15]. - The company provided a positive outlook for the next quarter, projecting revenue growth of 20% to $1.44 billion[15]. - New product launches included a next-generation semiconductor technology expected to enhance performance by 30%[16]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[16]. - A strategic acquisition of a smaller tech firm was completed, expected to contribute an additional $200 million in annual revenue[16]. - Research and development expenses increased by 18%, totaling $150 million, to support innovation initiatives[16]. - The company plans to invest $500 million in new manufacturing facilities to boost production capacity by 40%[16]. - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[16]. Customer Satisfaction and Product Performance - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the previous quarter[15]. - The company’s smart wearable storage product revenue was approximately 800 million RMB, showing significant growth year-on-year[47]. - The company has established a strong competitive position in the AI edge storage market through differentiated product offerings and partnerships with leading clients like Meta and Xiaomi[46][47]. - The company’s SSD products are now key supplies for major PC manufacturers, including Lenovo, Acer, and HP, solidifying its market share in the PC sector[45]. Research and Development - Investment in R&D has increased by 30%, focusing on the development of next-generation storage technologies[20]. - R&D investment for 2024 totaled 447.4321 million RMB, an increase of 197.4516 million RMB, representing a growth rate of 78.99%[44][48]. - The company has developed its first domestic main control chip SP1800, enhancing its market competitiveness in storage solutions[191]. - The company is focusing on integrating storage and computing technologies to overcome challenges posed by "storage wall" and "power wall" in AI applications[189]. - The company has achieved significant breakthroughs in AI mobile, AI PC, and smart wearable sectors, launching products like UFS3.1 and DDR5 memory[193]. Future Outlook and Market Trends - The company has set revenue targets of 5 billion, 6.5 billion, and 8 billion for 2024, 2025, and 2026 respectively, with market capitalization targets of 20 billion, 25 billion, and 30 billion[56]. - The global semiconductor market is projected to reach $627.6 billion in 2024, with a year-on-year growth of 19.1%[135]. - The storage market is expected to grow to $167.05 billion in 2024, representing an 81% increase and accounting for 26.6% of the total semiconductor market[135]. - The global AI smartphone shipments are projected to reach 230 million units in 2024, accounting for 18% of total smartphone shipments, with a year-on-year growth of 82.7% expected in 2025[137]. - The global AI glasses market is expected to see explosive growth in 2024, with shipments reaching 1.52 million units, a 533% increase, and projected to grow to 12.8 million units by 2025[158]. Technological Innovations - The company is developing advanced packaging technology for high-performance chips, targeting applications in AI, edge computing, and smart devices[187]. - The company has advanced packaging capabilities including 16-layer stacking and ultra-thin die production, reaching international standards[191]. - The company is innovating small-sized, low-power, high-performance storage chips, such as ultra-small eMMC, suitable for wearable devices[172]. - The company has received the "2021 China IC Design Achievement Award for Best Storage Device," highlighting its competitive edge in high-capacity, high-reliability storage solutions[172].

证券代码：688246 证券简称：嘉和美康 公告编号：2025-034 嘉和美康（北京）科技股份有限公司 2024 年度业绩快报暨业绩预告更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 嘉和美康（北京）科技股份有限公司（以下简称"公司"）分别于 2025 年 1 月 18 日和 2025 年 2 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了 《嘉和美康 2024 年年度业绩预告》（公告编号：2025-012）和《嘉和美康 2024 年度业绩快报公告》（公告编号：2025-017）。现对相关内容修正如下，具体以公 司披露的 2024 年年度报告为准，提请投资者注意投资风险。 | 项目 | 本报告期 | | | 上年同期 | 修正后较上年同 期的增减变动幅 | | --- | --- | --- | --- | --- | --- | | | 修正前（业绩预 | 修正前（业绩快 | 修正后 | | 度（%） | | | 告） | 报） | | | | | 营业总收入 | 不适用 | 60,0 ...

证券代码：688189 证券简称：南新制药 湖南南新制药股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比上 | | | 年初至报告期末 | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 年同期增减变 | | 年初至报告期末 | 比上年同期增减 | | | | 动幅度(%) | | | 变动幅度(%) | | 营业收入 | 35,783,445.19 | | -25.93 | 251,110,585.69 | -55.32 | ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥101,199,221.48, representing a decrease of 17.43% compared to ¥122,559,648.25 in the same period last year[4] - The net profit attributable to shareholders was -¥17,433,344.55, worsening from -¥11,850,583.19 year-over-year[4] - The net cash flow from operating activities was -¥94,058,756.82, slightly improved from -¥96,963,002.49 in the previous year[4] - Total revenue for Q1 2025 was CNY 101,199,221.48, a decrease of 17.4% compared to CNY 122,559,648.25 in Q1 2024[18] - Net loss for Q1 2025 was CNY 25,433,828.07, compared to a net loss of CNY 16,002,665.06 in Q1 2024, representing an increase in loss of 58.9%[19] - The total comprehensive income for the first quarter of 2025 was -25,433,828.07 RMB, compared to -16,002,665.06 RMB in the first quarter of 2024, indicating a decline[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,417,566,990.38, down 2.80% from ¥2,487,288,265.92 at the end of the previous year[5] - The company's total assets decreased to CNY 2,417,566,990.38 from CNY 2,487,288,265.92, a decline of 2.8%[17] - Total liabilities decreased to CNY 922,834,172.17 from CNY 967,121,619.64, a reduction of 4.6%[16] - The company's total equity decreased to CNY 1,494,732,818.21 from CNY 1,520,166,646.28, a decline of 1.7%[17] Cash Flow - The cash flow from operating activities showed a significant decline, impacting liquidity and operational flexibility[19] - Cash inflow from operating activities totaled 121,181,325.80 RMB in Q1 2025, down from 130,917,730.32 RMB in Q1 2024[21] - The net cash flow from investing activities was -10,332,107.19 RMB in Q1 2025, an improvement from -55,200,335.12 RMB in Q1 2024[22] - Total cash outflow from operating activities was 215,240,082.62 RMB in Q1 2025, compared to 227,880,732.81 RMB in Q1 2024[22] - The company received 77,476,300.00 RMB from financing activities in Q1 2025, down from 106,381,513.11 RMB in Q1 2024[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 5,860[9] - The top shareholder, Xia Jun, holds 24,750,839 shares, representing 17.99% of total shares[10] - The second-largest shareholder, Guoshou Chengda (Shanghai) Health Industry Equity Investment Center, holds 16,812,069 shares, accounting for 12.22%[10] - The company has a total of 9,861,786 shares held by Hongyun Jiukang Data Technology (Beijing) Co., Ltd., which is 7.17% of total shares[10] - The total number of shares held by the top 10 shareholders includes significant stakes from various investment funds, indicating strong institutional interest[11] Research and Development - Research and development expenses totaled ¥47,758,469.77, a decrease of 20.10% from ¥59,773,809.35, accounting for 47.19% of operating revenue[5] - Research and development expenses for Q1 2025 were CNY 34,429,266.72, up 7.3% from CNY 32,077,752.04 in Q1 2024[18] Management and Strategy - The company has committed to ensuring the accuracy and completeness of its financial information, with management taking legal responsibility for the report[2] - The company has not disclosed any significant new strategies or product developments during the earnings call[13] - The company plans to focus on enhancing data resources and technology development to drive future growth[18] - The company is exploring market expansion opportunities and potential mergers and acquisitions to strengthen its market position[19] Earnings Per Share - The diluted earnings per share for the period was -¥0.13, compared to -¥0.09 in the same period last year[5] - The company reported a basic and diluted earnings per share of -0.13 RMB for Q1 2025, compared to -0.09 RMB in Q1 2024[20] Other Information - The company reported non-recurring gains and losses totaling ¥526,350.33 for the period[7] - The company did not report any net profit from the merged entity prior to the merger, with previous net profit also reported as 0 RMB[20] - The company has not adopted new accounting standards or interpretations for the year 2025[23] - There are no other important reminders regarding the company's operational situation during the reporting period[13]

Financial Performance - The company's operating revenue for Q1 2025 was ¥80,013,897, representing a decrease of 72.59% compared to the same period last year, which had revenue of ¥393,598,192.62[3] - The net profit attributable to shareholders of the listed company was -¥56,008,733.21, a decline of 46.01% from the previous year's net profit of -¥41,542,437.74[3] - Basic and diluted earnings per share were both -¥0.34, reflecting a 90.88% increase in loss per share compared to -¥0.26 in the same period last year[4] - Total revenue for Q1 2025 was ¥80,013,897, a decrease of 72.5% compared to ¥291,922,468 in Q1 2024[19] - Net loss for Q1 2025 was ¥56,008,733, compared to a net loss of ¥103,733,061 in Q1 2024, representing a 46% improvement[21] - Basic and diluted earnings per share for Q1 2025 were both -¥0.34, compared to -¥3.73 in Q1 2024[21] Assets and Liabilities - Total assets decreased by 27.99% to ¥2,814,468,526.84 from ¥4,121,015,721.20 at the end of the previous year[4] - Total current assets as of March 31, 2025, amount to approximately CNY 1.53 billion, a decrease from CNY 1.58 billion as of December 31, 2024[13][14] - Total liabilities as of the latest reporting period were ¥849,314,208, a slight decrease from ¥857,266,714 in the previous period[16] - Total equity attributable to shareholders of the listed company decreased by 27.41% to ¥1,965,154,318.43 from ¥2,919,736,128.60 at the end of the previous year[4] - Total equity attributable to shareholders was ¥1,965,154,318, down from ¥2,031,167,879 in the previous period[16] Cash Flow - The company reported a net cash flow from operating activities of -¥117,616,820.60, which is a 4.56% increase in cash outflow compared to -¥112,486,228.40 in the previous year[4] - Cash inflow from operating activities in Q1 2025 was ¥223,842,489, a decrease of 50.7% from ¥454,286,306 in Q1 2024[22] - The net cash flow from operating activities was -$117.62 million, compared to -$112.49 million in the previous period, indicating a slight deterioration in cash generation from operations[23] - Total cash outflow from operating activities amounted to $341.46 million, down from $566.77 million, reflecting a significant reduction in operational cash expenses[23] - The ending cash and cash equivalents balance was $310.31 million, down from $591.44 million, indicating a decrease in liquidity[24] - The net increase in cash and cash equivalents was -$37.36 million, compared to -$419.76 million in the previous period, indicating a substantial improvement in cash flow management[24] Research and Development - The company's R&D investment totaled ¥15,345,383.93, accounting for 19.18% of operating revenue, an increase of 12.99 percentage points compared to 4.59% in the previous year[4] - Research and development expenses for Q1 2025 were ¥15,345,384, a decrease of 15.3% from ¥18,081,156 in Q1 2024[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,535[10] - The largest shareholder, Zhuji Zhaoyuan Investment Co., Ltd., holds 2,400,000 shares, representing 15.09% of total shares[10] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[12] - There are no significant changes in the relationships among the top shareholders, with some identified as acting in concert[11] Government Subsidies and Other Income - The company received government subsidies amounting to ¥4,681,808, which are closely related to its normal business operations[7] - The company reported a total of ¥3,680,571.24 in non-recurring gains and losses for the period, after accounting for tax effects[8] Inventory and Receivables - Accounts receivable decreased significantly from CNY 228.16 million to CNY 91.93 million[14] - Inventory increased to CNY 647.19 million from CNY 583.80 million, indicating a rise of approximately 10.87%[14] - Total cash received from customers in Q1 2025 was ¥193,284,307, a decline of 56% compared to ¥438,056,448 in Q1 2024[22] Operational Costs - Total operating costs for Q1 2025 were ¥47,973,461, down 84.7% from ¥312,414,324 in Q1 2024[19] - Cash outflow for employee compensation increased to $22.85 million from $15.35 million, reflecting higher personnel costs[23] - Tax payments rose significantly to $37.26 million from $6.45 million, indicating increased tax liabilities[23] - Other cash outflows related to operating activities decreased to $61.43 million from $85.31 million, showing improved cost management[23]

2023 年年度报告 公司代码：688189 公司简称：南新制药 湖南南新制药股份有限公司 2023 年年度报告 1 / 258 2023 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 敬请参阅本报告"第三节 管理层讨论与分析"之"四、风险因素"相关内容，提请投资者 注意投资风险。 四、公司全体董事出席董事会会议。 五、 大华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人张世喜、主管会计工作负责人李亮及会计机构负责人（会计主管人员）陈小宁 声明：保证年度报告中财务报告的真实、准确、完整。 七、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2023年度利润分配方案为：拟不派发现金红利，不送红股，不以公积金转增股本。 上述利润分配方案已经公司第二届董事会第八次会议、第二届监事会第六次会议审议通过， 此方案尚需提交公司2023年年度股东大会审议。 八、 是否存 ...

Financial Performance - The company reported a profit distribution plan for 2024, proposing no cash dividends, no bonus shares, and no capital reserve conversion into shares [5]. - The company has not achieved profitability since its listing [3]. - The company reported a revenue of CNY 263.28 million for 2024, a decrease of 63.44% compared to the previous year [24]. - The net profit attributable to shareholders was a loss of CNY 356.90 million, significantly worsening from a profit of CNY 3.75 million in 2023 [24]. - Basic and diluted earnings per share for 2024 were both CNY -1.3007, reflecting a substantial decline from CNY 0.0137 in 2023 [22]. - The net cash flow from operating activities was CNY 1.39 million, a decline of 99.35% compared to the previous year [23]. - Total assets decreased by 28.90% to CNY 1.22 billion at the end of 2024, down from CNY 1.72 billion in 2023 [23]. - The weighted average return on equity was -31.87% for 2024, a significant drop from -0.83% in 2023 [22]. - The gross margin decreased to 54.59%, down 29.89 percentage points year-on-year [86]. - The total profit for the period was -388.64 million yuan, with a net profit attributable to shareholders of -356.90 million yuan [70]. Research and Development - The company’s R&D expenditure accounted for 43.81% of its revenue, an increase of 30.87 percentage points year-on-year [22]. - The company’s R&D investment totaled 115.34 million RMB, accounting for 43.81% of operating revenue, an increase of 30.87 percentage points from the previous year [37]. - The total R&D investment for the year reached ¥115,337,991.94, an increase of 23.77% compared to the previous year [56]. - The company has cumulatively obtained 23 authorized patents and 4 software copyrights as of December 31, 2024 [37]. - The company is focusing on continuous cost reduction and efficiency improvement while streamlining its organizational structure [37]. - The company is conducting Phase II clinical trials for the acid-suppressing drug, with smooth participant enrollment, aiming to delay kidney fibrosis and improve kidney function in diabetic nephropathy treatment [39]. - The company has established a research and development system combining innovative and generic drugs, with a product lineup of 38 chemical drug varieties and 58 formulation production approvals [49]. - The company has launched the first domestic anti-influenza innovative drug, Palivizumab Sodium Injection, and is conducting Phase III clinical trials for a modified new drug, Palivizumab Inhalation Solution [50]. - The company has successfully developed products like Acetaminophen Mannitol Injection using its soft bag infusion technology, which offers advantages over traditional glass bottle infusions [54]. - The company is actively pursuing a diversified approach to international market expansion, including independent clinical development and licensing out [52]. Market and Competition - The company adjusted its sales strategy and reduced prices for core products due to increased market competition and policy changes [24]. - The company experienced a significant decline in sales due to fewer flu cases in the second, third, and fourth quarters of 2024 [24]. - The company is responding to increased market competition and price pressures due to policy changes and intensified market competition in the pharmaceutical sector [35]. - The company is preparing to submit applications for several generic drugs, including Acetaminophen Mannitol injection [115]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential deals [153]. Governance and Compliance - The audit report issued by Da Hua Certified Public Accountants is a standard unqualified opinion [4]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report [3]. - The company has not violated decision-making procedures for external guarantees [7]. - The company has not disclosed any special governance arrangements [8]. - The company has not faced any issues regarding independence from its controlling shareholders [143]. - The company has established a comprehensive internal control system to ensure compliance and enhance operational efficiency [185]. - The company has implemented a strict information disclosure management system to ensure transparency and fairness in communications with investors [142]. - The company has not reported any violations of laws or regulations by its directors or senior management [142]. Environmental and Social Responsibility - The company emphasizes ESG principles in its operations, focusing on climate change, resource management, and social responsibility [188]. - The company invested ¥1,447,300 in environmental protection during the reporting period [191]. - The company has established an environmental protection mechanism and has not experienced any environmental pollution incidents or administrative penalties [192]. - The company has a comprehensive wastewater treatment facility with a processing capacity of 600 tons per day, operational since March 2017 [197]. - The company is committed to reducing pollutant emissions and enhancing energy efficiency through clean production practices [189]. Employee and Management - The company has a total of 366 employees, with 247 in production, 33 in sales, 42 in technology, 10 in finance, and 34 in administration [173]. - The total compensation for key personnel during the reporting period amounted to 519.61 million yuan [147]. - The company has maintained a consistent shareholding structure with no changes in the number of shares held by key personnel throughout the year [147]. - The company is focused on ensuring a smooth transition as key personnel retire and new members are integrated into the team [148]. - The company is committed to adhering to legal retirement age regulations for its employees [148].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 154,333.40 million, a decrease of 10.62% compared to CNY 172,664.23 million in the same period last year[4]. - The net profit attributable to shareholders was CNY -19,749.75 million, representing a decline of 217.87% from CNY 16,756.23 million year-on-year[4]. - Total revenue for Q1 2025 was CNY 1,543,333,997.02, a decrease of 10.6% compared to CNY 1,726,642,291.89 in Q1 2024[23]. - Net loss for Q1 2025 was CNY 205,520,597.44, compared to a net profit of CNY 157,072,617.09 in Q1 2024[24]. - Basic and diluted earnings per share for Q1 2025 were both CNY -0.46, compared to CNY 0.39 in Q1 2024[25]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY -14,342.28 million, a significant decrease of 128.34% compared to CNY 50,616.25 million in the previous year[4]. - In Q1 2025, the net cash flow from operating activities was -143,422,806.51, a significant decline compared to 506,162,485.73 in Q1 2024[28]. - Cash generated from operating activities was CNY 1,991,648,484.74 in Q1 2025, up from CNY 1,737,189,993.51 in Q1 2024[27]. - The cash and cash equivalents at the end of Q1 2025 reached 1,283,560,842.51, compared to 457,748,285.16 at the end of Q1 2024, reflecting a net increase of 872,419,014.91[29]. - Cash outflow from investing activities in Q1 2025 was 265,073,949.35, significantly higher than 96,964,443.23 in Q1 2024, indicating increased investment efforts[28]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 937,973.20 million, an increase of 17.82% from CNY 796,095.61 million at the end of the previous year[5]. - Total assets increased to CNY 9,379,732,045.30 as of the end of the reporting period, compared to CNY 7,960,956,058.14 in the previous year[21]. - Total liabilities rose to CNY 7,073,789,746.51, up from CNY 5,530,187,818.32 year-over-year[21]. - The equity attributable to shareholders decreased to CNY 2,292,747,079.93 from CNY 2,411,868,990.29 year-over-year[21]. Research and Development - Research and development expenses increased by 25.82% to CNY 12,293.77 million, accounting for 7.97% of operating revenue, up from 5.66%[4][5]. - Research and development expenses rose to CNY 122,937,725.03 in Q1 2025, an increase of 25.8% from CNY 97,707,500.94 in Q1 2024[24]. Market Outlook - The company anticipates a recovery in storage prices starting from Q2 2025, which is expected to improve operating performance[6]. - Revenue from AI glasses is projected to exceed CNY 1.06 billion in 2024, with an expected year-on-year growth of over 500% in 2025[6]. Operational Challenges - The gross profit margin declined by 22.75 percentage points year-on-year due to significant decreases in product sales prices[6]. - The cash flow from operating activities showed a negative trend, with outflows exceeding inflows, highlighting potential operational challenges[28]. Shareholder and Financing Activities - The company has not reported any significant changes in its shareholder structure or financing activities during the reporting period[15]. - Total cash inflow from financing activities in Q1 2025 was 2,275,555,067.09, up from 959,071,474.71 in Q1 2024, indicating strong financing support[29]. - The company paid 33,964,589.99 in cash for dividends and interest in Q1 2025, compared to 22,443,474.07 in Q1 2024, indicating an increase in shareholder returns[29].