广东塔牌集团股份有限公司 2025 年年度报告 2026 年 3 月 广东塔牌集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、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。 公司负责人赖宏飞、主管会计工作负责人刘青及会计机构负责人（会计主管人员）古 艳芬声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司存在市场变 化、行业周期变动以及原材料价格波动等风险，本报告中第三节"管理层讨论与分析"第 十一小节"公司未来发展的展望"之"（四）可能面对的风险"中描述了公司未来经营中 可能面临的风险以及应对措施，敬请广大投资者注意查阅。 公司 经本次董事 会审议通过 的利润分配预 案为：以届 时实施分配 时总股 本 1,174,150,508 股扣除回购专户上回购股份为基数，向全体股东每 10 股派发现金红利 4.80 元（含税），不送红股，不以公积金转增股本。 1 | 第一节 重 ...

Financial Performance - The net loss attributable to shareholders for the year 2025 was RMB 1,432,595 thousand under Chinese accounting standards, and RMB 1,612,325 thousand under International Financial Reporting Standards[3]. - Total revenue for 2025 was RMB 75,563.19 million, a decrease of 13.28% compared to RMB 87,132.82 million in 2024[23]. - Net loss attributable to shareholders for 2025 was RMB 1,432.60 million, a decline of 552.64% from a profit of RMB 316.50 million in 2024[23]. - Operating cash flow for 2025 was RMB 1,993.33 million, down 74.25% from RMB 7,740.45 million in 2024[23]. - Total assets at the end of 2025 were RMB 39,881.81 million, a decrease of 4.52% from RMB 41,769.34 million at the end of 2024[23]. - Basic loss per share for 2025 was RMB (0.136), a significant drop from RMB 0.030 in 2024[23]. - The company's net assets attributable to shareholders decreased by 7.62% to RMB 23,132.31 million at the end of 2025 from RMB 25,040.25 million at the end of 2024[23]. - The asset-liability ratio increased to 41.74% in 2025, up 1.94 percentage points from 39.80% in 2024[23]. - The company reported a total operating loss of RMB 2.03 billion in 2025, compared to an operating profit of RMB 49.18 million in 2024[55]. - The net loss attributable to shareholders for 2025 was RMB 1.61 billion, compared to a profit of RMB 310.98 million in 2024[55]. Dividend and Capital Management - The board of directors proposed not to distribute dividends for the year and will not increase capital from reserves[3]. - The company has confirmed that there are no unremedied losses affecting dividend distribution[4]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[10]. - There are no violations of decision-making procedures regarding external guarantees[10]. Audit and Compliance - The financial statements for the year ended December 31, 2025, were audited by KPMG Huazhen and KPMG, both issuing standard unqualified audit opinions[9]. - The company has ensured the authenticity, accuracy, and completeness of the annual report, with all directors present at the board meeting to approve it[9]. - The report is prepared in both Chinese and English, with the Chinese version prevailing in case of discrepancies[11]. - The company has not experienced significant changes in accounting policies or financial reporting compared to the previous reporting period[122]. Revenue and Sales Performance - The company's total sales revenue for 2025 was RMB 64.01 billion, a decrease of 13.83% compared to RMB 74.28 billion in 2024[57]. - Sales revenue from refining products in 2025 was RMB 40.05 billion, down 18.87% from RMB 49.37 billion in 2024, primarily due to an 8.31% decrease in product prices and a 9.62% drop in sales volume[57]. - The sales revenue from chemical products was RMB 16.97 billion in 2025, a decline of 2.35% from RMB 17.38 billion in 2024, with its proportion of total sales revenue increasing by 3.11% to 26.51%[58]. - Sales revenue from petrochemical product trading was RMB 6.37 billion, down 7.83% from RMB 6.91 billion in 2024, while its share of total sales revenue increased by 0.64% to 9.94%[59]. Cost and Expense Management - The total sales cost and expenses for 2025 were RMB 66.04 billion, a decrease of 11.03% from RMB 74.23 billion in 2024[61]. - The sales cost for 2025 was RMB 65.83 billion, down 11.18% from RMB 74.12 billion in 2024, mainly due to lower crude oil prices and reduced processing volumes[62]. - The company's sales and management expenses increased slightly to RMB 239 million in 2025, up 1.70% from RMB 235 million in 2024[63]. - Other business income decreased by 23.01% to RMB 8.7 million in 2025, primarily due to reduced rental income from investment properties[64]. Production and Operational Efficiency - The company processed a total of 12.6125 million tons of crude oil in 2025, a year-on-year decrease of 5.49%[39]. - The company achieved a product sales rate of 99.59% and a receivables turnover rate of 99.79%[39]. - The operating costs for 2025 were RMB 63.58 billion, down 11.74% from RMB 72.05 billion in 2024, mainly due to a decline in crude oil prices and petrochemical product sales[97]. - The company achieved a crude oil processing unit cost reduction of 9.57%, leading to an 8.28% decrease in operating costs[161]. Research and Development - The company's research and development expenses for 2025 were RMB 0.215 billion, an increase from RMB 0.174 billion in 2024[80]. - Research and development expenses for the period amounted to RMB 214.79 million, representing 0.28% of total revenue[101]. - The company has successfully implemented a project for 30,000 tons/year carbon fiber production, with two production lines completed[44]. - The company has developed new high-value-added products, including 60K carbon fiber, which has entered industrial trial production[45]. Market and Industry Trends - The petrochemical market is subject to cyclical fluctuations, with significant sensitivity to macroeconomic conditions, which may adversely affect the company's operating performance[133]. - The petrochemical industry is expected to achieve an average annual growth of over 5% in added value from 2025 to 2026, driven by technological innovation and market expansion[142]. - The company is actively pursuing market expansion strategies and deepening customer collaboration to develop differentiated products[130]. Environmental and Safety Initiatives - The company will focus on safety and environmental protection as a primary task, implementing measures to achieve dynamic elimination of hazards[128]. - The company will implement a "no waste" initiative and focus on pollution prevention as part of its environmental strategy[128]. - The average concentration of VOCs at the boundary decreased by 8.20% to 59.8 micrograms per cubic meter[42]. - The company has no major safety production accidents or environmental violations during the reporting period[171][172]. Related Party Transactions - The company engaged in related party transactions with Sinopec Group and Sinopec Co., with a total transaction amount of RMB 48.55 billion for raw material procurement, accounting for 76.03% of similar transactions[190]. - The company reported a transaction amount of RMB 56.37 billion for the sale of petroleum and petrochemical products, representing 74.65% of similar transactions[190]. - The company confirmed that all related party transactions were conducted at fair market prices and within the annual maximum limits set for 2025[192]. Future Outlook and Plans - The company plans to process a total of 12 million tons of crude oil and produce 7.45 million tons of refined oil, 671,300 tons of ethylene, and 534,300 tons of paraxylene in 2026[128]. - The company aims to achieve a GDP growth target of 4.5%-5% for 2026, despite external pressures from geopolitical conflicts affecting global oil prices[126]. - The company plans to enhance its market price assessment and optimize energy usage to maximize material allocation efficiency, adhering to a cost leadership strategy[130]. - The company plans to invest approximately RMB 19.604 billion for comprehensive technological transformation and quality upgrades while maintaining its crude oil processing capacity[178].

Financial Performance - The total operating revenue for 2025 was CNY 490.57 million, an increase of 12.21% compared to the previous year[4] - The operating profit was CNY -42.51 million, a decrease of 151.18% year-over-year[4] - The net profit attributable to shareholders was CNY -48.01 million, representing a decrease of 149.21% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -69.69 million, down 70.47% year-over-year[4] - The basic earnings per share were CNY -0.16, a decline of 166.67% compared to the previous year[4] - The weighted average return on net assets was -4.64%, a decrease of 2.84% year-over-year[4] Assets and Equity - The total assets at the end of the reporting period were CNY 1,240.03 million, a decrease of 2.81% from the beginning of the period[4] - The equity attributable to shareholders decreased to CNY 1,015.48 million, down 4.11% from the beginning of the period[4] Reasons for Decline - The main reasons for the decline in net profit included rising raw material prices and increased management and R&D expenses[7] Earnings Forecast - There were no discrepancies between the reported performance and the previously announced earnings forecast[8]

Financial Performance - The company's operating revenue for 2025 was ¥775,686,202.33, a decrease of 2.50% compared to ¥795,597,751.21 in 2024[14] - The net profit attributable to shareholders for 2025 was -¥134,705,331.86, worsening from -¥87,804,417.25 in 2024[14] - The net cash flow from operating activities decreased by 85.93% to ¥26,037,754.68 from ¥185,030,045.99 in the previous year[14] - The total assets at the end of 2025 were ¥2,574,716,709.40, down 9.84% from ¥2,855,799,671.54 at the end of 2024[14] - The net assets attributable to shareholders decreased by 6.37% to ¥1,755,889,329.58 from ¥1,875,295,205.29 in 2024[14] - The basic earnings per share for 2025 was -¥0.1276, compared to -¥0.0832 in 2024[14] - The company plans not to distribute cash dividends for 2025 due to an undistributed profit of -¥480,115,968.77[4] - The company reported a weighted average return on equity of -7.42% for 2025, down from -4.31% in 2024[14] Revenue Breakdown - Revenue from the pharmaceutical manufacturing sector was ¥590.72 million, accounting for 76.15% of total revenue, down 11.70% from ¥668.99 million in 2024[43] - The pharmaceutical distribution segment saw revenue increase by 46.41% to ¥152.16 million, up from ¥103.92 million in 2024[43] - Service revenue surged by 98.23% to ¥19.08 million, compared to ¥9.63 million in the previous year[43] Research and Development - The company achieved significant R&D milestones, obtaining 5 drug registration certificates and 3 products passing consistency evaluations during the reporting period[38] - The innovative anti-cancer drug "Nano Carbon Iron Suspension Injection" has entered Phase II clinical trials, marking a significant advancement in the company's R&D efforts[38] - Research and development expenses for 2025 amount to ¥105,132,187.21, which is 13.55% of the operating revenue[56] - The number of R&D personnel decreased by 6.76% from 74 in 2024 to 69 in 2025[56] - The company has a diverse R&D project portfolio, with several projects currently in the approval stage, indicating a focus on innovation[56] Market Strategy - The company continues to focus on its flagship product, Kanalin, maintaining its leading position in the market while introducing new products[27] - The company is actively expanding its generic drug business by accelerating the development of high-quality generic products[27] - The company is enhancing its market presence by optimizing product structure and increasing promotional efforts for key products[24] - The company plans to enhance its market presence by expanding its product offerings and improving operational efficiency, focusing on strategic core markets[37] Risk Management - The company faces risks related to industry policies, drug price reductions, product quality, and technology development, which are detailed in the risk section of the report[4] - The company is focusing on risk management and legal compliance to mitigate potential risks[42] - The company is closely monitoring industry policy trends and adjusting its operational strategies to mitigate risks associated with drug price reductions and bidding failures[89] Compliance and Governance - The audit committee is compliant with legal requirements and oversees the company's major matters and financial status[98] - The company adheres to strict information disclosure practices, ensuring transparency and fairness for all shareholders[98] - The company has no significant discrepancies between its governance practices and regulatory requirements[99] - The company has established a comprehensive human resources management system, ensuring independent personnel management[101] Employee and Management Structure - The total number of employees at the end of the reporting period was 973, with 433 in the parent company and 540 in major subsidiaries[130] - The professional composition includes 306 production personnel, 91 sales personnel, 226 technical personnel, 52 financial personnel, and 298 administrative personnel[130] - The management team has over 20 years of industry experience, enabling effective strategy formulation and execution in response to market changes[36] Future Outlook - The company provided an optimistic outlook, projecting a revenue growth of 30% for the next quarter, aiming for $650 million[3] - Future guidance indicates a focus on sustainability initiatives, with a commitment to reduce carbon emissions by 25% over the next five years[10] - The company aims to enhance governance and risk control systems to ensure stable operational development, focusing on cost reduction and efficiency improvement[88] Shareholder Information - The total share capital base is 1,055,911,205 shares with no cash dividends distributed during the reporting period[136] - The total distributable profit for the year was reported as 0.00 yuan, indicating no available profits for distribution[136] - The largest shareholder, Guangxi Wuzhou Zhongheng Group Co., Ltd., holds 247,426,064 shares, representing 23.43% of total shares[197] Legal and Regulatory Matters - The company has not engaged in any violations regarding external guarantees during the reporting period[157] - The company has not faced any delisting situations following the annual report disclosure[161] - The company reported no penalties or rectifications during the reporting period[164]

Financial Performance Expectations - The company expects a net profit of between 900 and 1,330 million CNY for the year 2025, representing a decline of 42.18% to 60.88% compared to the previous year[5]. - The net profit after deducting non-recurring losses is projected to be between 285 and 420 million CNY, reflecting a decrease of 56.05% to 70.18% year-over-year[5]. Operational Challenges - The decline in performance is primarily due to significant operational pressure in the bridge steel structure engineering sector, exacerbated by delayed payments for completed projects and intensified market competition[7]. - The company anticipates a year-over-year decrease in operating revenue due to a reduction in the amount of contracts secured, influenced by careful consideration of project profitability and payment conditions[7]. - Fixed cost allocation pressure has intensified due to unsaturated production capacity, further squeezing profit margins[8]. Strategic Initiatives - The company plans to enhance product competitiveness and operational efficiency through ongoing cost reduction and efficiency improvement initiatives[8]. Financial Reporting - The financial data presented is preliminary and has not been audited by an external accounting firm[9]. - Detailed financial data will be disclosed in the company's 2025 annual report, urging investors to make cautious decisions and be aware of investment risks[9].

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 39,158,333.60 for the fiscal year 2025, with the parent company reporting a net profit of RMB 10,270,666.22[6]. - As of December 31, 2025, the parent company reported accumulated undistributed losses of RMB -172,466,319.41, which affects the company's ability to distribute dividends[7]. - The company plans not to distribute profits for the fiscal year 2025 due to the negative retained earnings situation[6]. - The audit report issued by Zhonghui Certified Public Accountants confirmed the financial statements' accuracy and completeness[5]. - The company has indicated that it does not meet the conditions for cash dividends as per relevant laws and regulations[7]. - The board of directors has approved the profit distribution proposal, which is subject to the shareholders' meeting approval[6]. - The company's operating revenue for 2025 was CNY 301,479,183.07, a decrease of 35.04% compared to CNY 464,068,949.17 in 2024[25]. - The total profit for 2025 was CNY 45,398,852.10, a significant recovery from a loss of CNY 253,734,189.17 in 2024[25]. - The net profit attributable to shareholders for 2025 was CNY 39,158,333.60, compared to a loss of CNY 279,474,697.74 in 2024[25]. - The net cash flow from operating activities for 2025 was CNY 65,406,223.10, a recovery from a negative cash flow of CNY 11,392,562.88 in 2024[26]. - The company's total assets decreased by 60.73% to CNY 1,242,566,212.00 in 2025 from CNY 3,164,052,059.39 in 2024[26]. - The net assets attributable to shareholders increased by 4.41% to CNY 834,926,743.82 in 2025 from CNY 799,632,758.97 in 2024[26]. - The basic earnings per share for 2025 was CNY 0.13, a recovery from a loss of CNY 0.92 in 2024[27]. - The weighted average return on net assets for 2025 was 4.78%, an increase of 33.36 percentage points from -28.58% in 2024[27]. Business Operations and Strategy - The company has highlighted potential risks in its operations, which are detailed in the management discussion and analysis section[10]. - There are no non-operational fund occupations by controlling shareholders or related parties reported[9]. - The company has not violated decision-making procedures for external guarantees[10]. - The company emphasizes the uncertainty of future plans and statements, advising investors to be aware of investment risks[8]. - The company aims to enhance its market position through new product development and strategic expansions in the healthcare technology sector[18]. - The company has established a comprehensive business layout in clinical medical management information systems and entered the assisted reproductive medical services sector through the acquisition of Mary Hospital in 2019[37]. - The core products include DoCare series clinical management information systems and overall solutions for clinical informationization, focusing on digital hospitals and patient-centered care[38]. - The company has covered over 2,400 medical institutions across 32 provinces, including approximately 1,200 tertiary hospitals, establishing a strong brand presence in the clinical informationization market[40]. - The company has established a comprehensive procurement and logistics system for medical equipment, pharmaceuticals, diagnostic reagents, and related consumables[45]. - The company employs a "nanny-style" patient reception model, where each patient is followed throughout their treatment cycle by a primary physician, enhancing treatment quality and success rates[47]. Market Trends and Growth - The medical informationization market in China is expected to grow at a compound annual growth rate (CAGR) of 15.2%, reaching a market size of over 200 billion yuan by 2027[52]. - The IDC predicts that the market for medical software system solutions in China will reach 39.75 billion yuan by 2029, with a CAGR of approximately 11.5%[52]. - The company is actively responding to industry challenges by deepening technological innovation and market expansion[58]. - The company’s focus on integrating AI with existing products aims to strengthen its competitive advantage in the medical informationization sector[58]. - The company’s efforts align with national policies promoting healthcare digitalization and the integration of AI in medical services[58]. Product Development and Innovation - The company successfully launched the new generation anesthesia clinical information system V8.0, which has been widely recognized in the market and serves as a core growth engine for the company's anesthesia information business[60]. - The company's emergency rescue products have developed a new cloud-based audio and video solution, integrating patient vital signs and medical history for real-time emergency treatment of critical patients[61]. - The company won the bid for the "Digital Intelligent Construction Project of the Southern Sichuan Medical Center - Smart Operating Room System" with a contract amount of 11 million yuan, enhancing operational efficiency and safety in surgical procedures[61]. - The company secured a contract for the "Integrated Renovation Project of the Digital Operating Room at Hebei Medical University First Hospital" with a bid amount of 15 million yuan, aimed at improving surgical workflow and patient satisfaction[62]. - The company launched the Youmai Care Companion Robot v1.0, featuring emotional companionship and vital sign monitoring capabilities, although large-scale delivery is not expected until December 31, 2025[63]. - The company obtained 6 authorized invention patents and 88 new software copyrights during the reporting period, reflecting its commitment to innovation[63]. - The company has developed a broad-spectrum medical device data collection platform, enhancing its competitive advantage in the clinical medical management information system market[65]. - The company is developing a localized specialized large model for clinical decision-making and data security, focusing on training and model integration[59]. Financial Management and Governance - The company is committed to high-quality management and shareholder returns, focusing on core business operations[157]. - The company emphasizes the importance of investor relations, holding 3 performance briefings to enhance communication[160]. - The governance structure includes a board of directors with 5 members, including 2 independent directors, ensuring diverse expertise[159]. - The company has established a comprehensive information disclosure system to ensure timely and accurate reporting[160]. - The company plans to cancel the supervisory board and transfer its responsibilities to the audit committee by December 29, 2025[160]. - The company reported a decrease in shares held by the Vice Chairman, from 20,857,003 to 18,380,403, representing a reduction of 2,476,600 shares[165]. - The total compensation for the Chairman was reported as 0 million yuan, while the Vice Chairman received 130.80 million yuan[165]. - The total number of shares held by the Deputy General Manager decreased from 57,000 to 42,800, a reduction of 14,200 shares[165]. - The total compensation for the Deputy General Manager was reported as 189.77 million yuan[165]. - The company is in the process of preparing for a new board of directors election, which will be postponed to ensure continuity and stability[167]. Employee and Talent Management - The company emphasizes talent development through systematic training programs, combining in-person and online courses to enhance employee skills[192]. - The compensation policy is designed to align employee performance with company goals, ensuring fair and market-oriented salary structures[191]. - The company has established a dynamic adjustment mechanism for salaries based on market principles, enhancing employee responsibility and efficiency[191]. - The company’s total number of employees in the parent company is 266, while the main subsidiaries have 366 employees, resulting in a total of 632 employees[189]. - The professional composition includes 182 production personnel, 77 sales personnel, 147 technical personnel, 12 financial personnel, 55 administrative personnel, 25 management personnel, and 134 medical service personnel[190]. - The educational background of employees shows 30 with a graduate degree, 323 with a bachelor's degree, and 279 with education below a bachelor's degree, totaling 632[190]. Future Outlook and Strategic Initiatives - The company is focused on the development of new products and technologies to enhance its competitive edge in the medical technology sector[167]. - The company plans to implement an "AI + management" strategy to improve management efficiency and reduce operational risks by utilizing large models and intelligent agent technologies[139]. - The company will strengthen project management systems to enhance project execution quality and reduce risks, while optimizing sales processes to improve customer experience and satisfaction[140]. - The company is committed to improving its cash flow situation, with a focus on reducing operational costs and increasing efficiency in its business operations[116]. - The company anticipates continued growth in its core business segments, supported by ongoing investments in technology and infrastructure[113].

Financial Performance - The company achieved operating revenue of CNY 1,972.19 million in 2025, a 53.46% increase compared to the previous year[24]. - Net profit attributable to shareholders of the parent company was CNY 55.21 million, reflecting a 1.26% growth year-over-year[24]. - The net profit after deducting non-recurring gains and losses reached CNY 46.11 million, up 19.68% from the previous year[24]. - The company's cash flow from operating activities was CNY 11.43 million, a significant decrease of 78.82% compared to the previous year, primarily due to an increase in accounts receivable[25]. - The total assets increased to CNY 4,271.37 million, representing a 19.51% growth from the previous year[22]. - Basic earnings per share decreased to CNY 0.22, down 15.38% from CNY 0.26 in the previous year[23]. - The R&D expenditure as a percentage of operating revenue was 7.63%, down from 9.53% in the previous year[23]. - The company reported a significant revenue growth of 72.80% in its 3C precision metal components business, achieving CNY 137.01 million[24]. - The company recognized asset impairment losses totaling CNY 7.54 million during the year, impacting overall performance[24]. - The company achieved a total operating revenue of 1,972.19 million RMB in 2025, representing a 53.46% increase compared to 2024[110]. - Operating costs amounted to 1,534.18 million RMB, reflecting a 57.93% increase year-over-year[110]. - The gross profit margin for the 3C precision metal components was 29.98%, with a year-over-year decrease of 2.02%[112]. - The revenue from 3C precision metal components reached 1,370.14 million RMB, showing a year-on-year growth of 72.80%[113]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 28,793,321.50, which represents 52.15% of the net profit attributable to shareholders for the fiscal year 2025[6]. - The proposed profit distribution plan for 2025 includes a cash dividend of RMB 1.00 per 10 shares, totaling RMB 28,793,321.50, which represents 52.15% of the net profit attributable to shareholders[191]. - The cumulative cash dividend amount (including tax) over the last three fiscal years is CNY 106,398,217.10[195]. - The average annual net profit over the last three fiscal years is CNY 66,076,878.90, resulting in a cash dividend ratio of 217.74%[195]. Research and Development - The company has increased its R&D expenditure to 150.52 million yuan, a year-on-year growth of 22.94%, and has introduced 87 new R&D personnel, a 17.37% increase[78]. - The company’s R&D efforts led to significant breakthroughs, with 103 patent applications filed during the year, including 29 invention patents[69]. - The company applied for 544 intellectual property rights during the reporting period, including 29 invention patents and 514 utility model patents, with a total of 337 rights granted[86][87]. - R&D investment totaled approximately ¥150.52 million, representing a 22.94% increase from the previous year, with R&D expenses accounting for 7.63% of revenue[89]. - The company has a professional R&D team of nearly 600 personnel, led by experienced core technical staff with over 40 years in precision metal processing[84]. Market Trends and Opportunities - The global consumer electronics market is projected to reach $1.2 trillion by 2025, with stable demand for precision metal components[45]. - The global TWS earphone shipment is expected to reach 363 million units in 2025, a year-on-year growth of 4.2%[46]. - The wearable device shipment is forecasted to exceed 510 million units globally by 2025, with a growth rate of 8.3%[45]. - The automotive precision metal components include products like sunroof beams and battery copper bars, which are essential for various automotive functions[36]. - The automotive industry is experiencing a growing demand for precision metal components due to trends towards lightweight and electric vehicles[49]. - The global humanoid robot market saw a shipment of approximately 18,000 units in 2025, with market revenue reaching about $440 million, reflecting a year-on-year growth of approximately 508%[53]. - The market for dexterous hands, a key component of humanoid robots, is projected to exceed $300 million in China by 2026, achieving over 150% growth[60]. Governance and Compliance - The company has established a robust governance structure in compliance with legal regulations, ensuring investor rights and promoting sustainable development[157]. - The company held one annual general meeting and three extraordinary shareholder meetings during the reporting period, ensuring that all shareholders, especially minority shareholders, could exercise their voting rights[158]. - The company held 10 board meetings during the reporting period, with a board consisting of 7 members, including 3 independent directors, complying with relevant laws and regulations[159]. - The company will optimize its governance structure starting in 2025, eliminating the supervisory board and transferring its powers to the audit committee[160]. - The company has established a dedicated department for information disclosure, ensuring accurate and complete information is provided to all shareholders[161]. - The actual controller serves as both the chairman and CEO, enhancing decision-making efficiency and aligning operational strategies with company goals[162]. - The company has implemented strict compliance with regulatory requirements and continues to optimize its governance structure to protect shareholder rights[165]. Operational Efficiency and Production - The company has achieved a 30% increase in capacity and improved yield rates from 90% to 95% through comprehensive cost reduction and efficiency enhancement measures[75]. - The average production cycle has been shortened by 12% and the defect rate has decreased by 15% due to the optimization of the MES system and digital management[76]. - The company has achieved a 99.6% yield rate for key structural components in the new energy vehicle sector, with a 40% reduction in production cycle time[79]. - The company has successfully developed a proprietary injection molding process for electric tools, allowing for flexible switching between multiple specifications and structures within a single production system[93]. - The automated production and assembly testing technology for precision components has reduced manual labor input by 80% on a single production line[93]. Financial Position and Risks - The company has not reported any unremedied losses for the parent company, indicating a stable financial position[7]. - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants, ensuring the accuracy of its financial statements[5]. - The company has outlined potential risks in its annual report, which investors should review for informed decision-making[3]. - The company faces risks related to core technology personnel turnover and potential leaks, which could adversely affect operations[101]. - The company is exposed to inventory devaluation risks due to high stock levels relative to demand, which could lead to financial losses[99]. Employee and Management - The total remuneration for all directors and senior management at the end of the reporting period amounted to RMB 6.73 million[176]. - The total remuneration for core technical personnel at the end of the reporting period amounted to RMB 1.84 million[176]. - The company has established a fair and reasonable salary distribution system to motivate employees and adjust salary standards based on performance[188]. - The company emphasizes talent development and plans to continue recruiting excellent technical and management personnel in 2026[189]. - The company has a strategy to retain experienced staff, as seen in the long tenures of several executives[168].

Financial Performance - The company's operating revenue for 2025 reached ¥917,999,960.70, representing a 70.66% increase compared to ¥537,899,353.73 in 2024[19] - Net profit attributable to shareholders surged to ¥200,034,978.00, a remarkable increase of 1,138.28% from ¥16,154,211.77 in the previous year[19] - The net profit after deducting non-recurring gains and losses was ¥195,291,006.56, up 3,072.30% from ¥6,156,135.22 in 2024[19] - The cash flow from operating activities amounted to ¥378,434,028.51, reflecting a 105.10% increase from ¥184,515,302.06 in 2024[19] - Basic earnings per share rose to ¥0.60, marking a 1,100.00% increase from ¥0.05 in the previous year[19] - Total assets at the end of 2025 were ¥3,858,733,411.36, a decrease of 4.52% from ¥4,041,340,662.72 at the end of 2024[19] - The net assets attributable to shareholders increased by 7.77% to ¥2,690,374,757.15 from ¥2,496,442,683.84 in 2024[19] Revenue Breakdown - The aerospace manufacturing sector contributed CNY 613.61 million, accounting for 66.84% of total revenue, with a year-on-year growth of 96.21%[77] - The testing services sector generated CNY 251.59 million, making up 27.41% of total revenue, with a year-on-year increase of 20.06%[77] - The company reported a significant increase in quarterly revenues, with Q4 2025 revenue reaching ¥267,597,888.96[23] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥1.3 per 10 shares, totaling approximately ¥43,850,000.00 based on 331,853,600 shares[5] - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 43,140,968 yuan, which represents 21.57% of the net profit attributable to shareholders for the year 2025[155] - The total distributable profit for the company is 1,310,194,867.09 yuan, with the cash dividend amounting to 100% of the profit distribution[157] Research and Development - R&D expenses rose by 32.84% to ¥76,521,927.71 in 2025, driven by new project undertakings and changes in existing project phases[85] - The company is advancing multiple R&D projects, including the RD01 aircraft wheel and tire assembly, with completion expected in April 2025[86] - The RD37 J/LYT-3 wheel temperature monitoring system is set for evaluation in March 2025, aimed at enhancing technical competitiveness[86] - The company plans to complete the performance verification of the RD190A brake wheel by December 2025, which is expected to improve market competitiveness[86] - The RD105 aircraft brake system control unit is scheduled for inertial platform testing in November 2025, focusing on safety and performance[87] - The company aims to enhance its technical capabilities through ongoing R&D projects, which are critical for maintaining and improving market competitiveness[86] Market Position and Strategy - The company has transitioned from being a parts supplier to a system supplier and overall solution provider, enhancing its competitiveness in the aerospace and defense sectors[28] - The company operates in the aerospace and defense sector, producing high-end braking systems for aircraft and armored vehicles, with significant growth potential in the military aircraft market due to modernization efforts[55][56] - The civil aviation sector is experiencing robust growth, with the Chinese civil aviation fleet expected to expand from 998 aircraft in 2006 to 4,574 by 2025, driven by increasing passenger and cargo demand[57] - The company anticipates that the Chinese market will receive 9,323 aircraft over the next twenty years, valued at approximately USD 1.4 trillion, indicating substantial opportunities in the aviation equipment sector[57] - The company has established a strong position in the military market, benefiting from high barriers to entry due to stringent qualification requirements and long-term relationships with military clients[64] Governance and Management - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring the protection of investor interests[119] - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations[120] - The company held its annual shareholders' meeting on June 13, 2025, to elect the fourth board of directors[123] - Zhang Tianchuang was elected as the new chairman and appointed as the general manager on June 13, 2025[124] - The company has a diverse management team with expertise in engineering, finance, and law, enhancing its strategic decision-making capabilities[129] Internal Control and Compliance - The company has established a comprehensive internal control system, including governance structures and decision-making procedures, to ensure efficient operations and compliance with regulations[160] - The internal audit department is responsible for supervising the company's operational and financial safety, providing constructive feedback on identified issues[163] - The company has implemented strict authorization and approval procedures for cash management, ensuring proper oversight and accountability in financial transactions[171] - The internal control evaluation report indicates that 93.48% of the total assets and 94.32% of the total revenue of the evaluated units are included in the company's consolidated financial statements[180] Employee and Talent Management - The total number of employees at the end of the reporting period is 980, with 663 in production, 59 in sales, 154 in technical roles, 27 in finance, and 77 in administration[152] - The company has established a comprehensive salary management system and incentive mechanisms to attract and retain talent, aligning employee career development with corporate growth[153] - The company has a training program that focuses on key positions and talents, providing diverse training courses to enhance employee skills and performance[154] Future Outlook - The company anticipates a recovery in industry conditions as delayed orders from the 14th Five-Year Plan are gradually released, with a positive outlook for the 15th Five-Year Plan starting in 2026[71] - The company plans to strengthen its military product base and follow up on the production and research of various military products in 2026[104] - The company aims to expand its civil aviation market, focusing on the development of landing gear systems for domestic large aircraft like C919[106]

Financial Performance - The company achieved a net profit of ¥172,382,174.65, with a proposed cash dividend of ¥6.00 per 10 shares, totaling ¥96,000,000.00, which represents 83.54% of the net profit for the year[7]. - Operating revenue for 2025 was ¥322,823,424.05, a decrease of 10.12% compared to ¥359,183,006.38 in 2024[25]. - The total profit for the year was ¥198,806,765.20, showing a slight increase of 0.41% from ¥197,985,697.90 in the previous year[25]. - The net asset attributable to shareholders was ¥1,371,661,643.91, a decrease of 0.26% from ¥1,375,279,469.26 in 2024[25]. - The company reported a net cash flow from operating activities of ¥194,725,179.13, down 15.38% from ¥230,109,952.63 in 2024[25]. - The diluted earnings per share for 2025 was ¥1.08, a slight increase from ¥1.07 in 2024[27]. - The basic earnings per share after deducting non-recurring gains and losses was ¥0.66, a decrease of 31.96% from ¥0.97 in 2024[27]. - The weighted average return on equity was 12.82%, down from 13.00% in the previous year[27]. - The company faced a decline in net profit due to decreased steam sales prices and lower demand from surrounding heating users[27]. - Total assets at the end of 2025 were ¥1,537,091,589.08, a decrease of 2.13% from ¥1,570,542,003.81 in 2024[25]. Quarterly Performance - In Q1 2025, the company's operating revenue was approximately CNY 77.27 million, with a net profit attributable to shareholders of CNY 33.42 million[29]. - In Q2 2025, the operating revenue increased to approximately CNY 79.79 million, while the net profit attributable to shareholders decreased to CNY 29.74 million[29]. - The third quarter of 2025 saw a significant increase in net profit attributable to shareholders, reaching CNY 61.25 million, despite a slight decrease in operating revenue to CNY 77.93 million[29]. - The fourth quarter of 2025 reported the highest operating revenue at approximately CNY 87.83 million, with a net profit attributable to shareholders of CNY 47.97 million[29]. - The cash flow from operating activities in Q4 2025 was CNY 88.24 million, indicating strong operational cash generation[29]. Government and Market Conditions - Government subsidies recognized in 2025 amounted to CNY 487,455.63, contributing positively to the financial results[32]. - The fair value gains from financial assets in 2025 were CNY 79.21 million, reflecting a strong performance in financial investments[36]. - The pricing mechanism for steam and electricity is linked to market conditions, ensuring competitive pricing for customers[37]. - The company operates as the only regional cogeneration enterprise in the Yuyao coastal new city, providing centralized heating to local industrial parks, primarily through a "sales-based heating, heating-based electricity" production model[38]. - The company’s electricity production is fully integrated into the Ningbo power grid, with pricing regulated by the National Development and Reform Commission[39]. Operational Efficiency and Technology - The company is focused on improving efficiency and environmental standards in cogeneration technology, with advancements in combustion technology and ultra-low emissions[46]. - The company utilizes real-time monitoring systems to adjust steam supply based on customer demand, ensuring efficient operation and resource allocation[38]. - The company has established a comprehensive digital management system, achieving full-process digitalization in production and operations[61]. - The company has completed multiple major technical upgrades, enhancing actual production capacity and extending the operational lifespan of equipment[58]. Investment and Future Plans - The company plans to utilize up to CNY 300 million of its own funds for securities investment, aiming for better investment returns in 2024[64]. - The company is committed to providing clean, efficient, stable, and reliable comprehensive energy services in line with the national "dual carbon" strategy[55]. - The company is focused on the collaborative development of computing power and electricity, with a goal of having over 80% of green electricity in new data center projects by 2025[112]. - The company aims to enhance its capacity in waste disposal and power generation, focusing on providing clean, efficient, and reliable energy services[114]. Corporate Governance and Compliance - The company has established a robust internal control mechanism to prevent risks associated with concentrated power and responsibilities[133]. - The company has implemented measures to ensure the independence of its operations, including clear separation from the controlling shareholder's business[130]. - The company has not disclosed any significant internal control deficiencies during the reporting period, indicating effective internal governance[168]. - The company emphasizes safety and compliance, implementing rigorous safety management practices to prevent major accidents and environmental violations[118]. Shareholder and Management Information - The company has maintained a stable shareholding structure with no changes in the number of shares held by key executives during the reporting period[137]. - Total compensation for all directors and senior management at the end of the reporting period amounted to 3.9405 million yuan[142]. - The company’s board consists of 5 members, including 2 independent directors, meeting legal and charter requirements[127]. - The company has a total of 223 employees, with 151 in production, 7 in sales, 29 in technical roles, 9 in finance, and 27 in administration[156]. Related Party Transactions - The company ensures that all related party transactions are conducted at fair market prices and comply with regulatory requirements[173]. - The company has established a framework to manage related party transactions through written contracts[173]. - Total expected related party transactions amount to CNY 8,000,000, with actual transactions reaching CNY 8,060,577.36[185]. Social Responsibility - Total investment in social responsibility projects amounted to 50,000 CNY[170]. - The entire investment was allocated to financial contributions, with no material donations reported[170].

Revenue Projections - The company expects to achieve an annual revenue of between 360 million and 430 million CNY for 2025, representing a year-on-year growth of 29.96% to 55.23%[5]. - The revenue after excluding non-core business income is projected to be between 320 million and 380 million CNY[5]. - The company's main revenue for the year was 258.29 million CNY, with 29.98% of sales to end customers[18]. - Sales to non-end customers accounted for 70.02% of total revenue, indicating a significant reliance on intermediary clients[18]. - The toy segment's main revenue was 48.22 million CNY, with only 12% of sales to end customers[20]. Customer and Sales Performance - The company has identified significant revenue contributions from its top ten customers in the photovoltaic sector, with sales figures and gross margin changes detailed in the report[8]. - The largest customer, Yueda Tong (Jiangsu) Technology Development Co., Ltd., has a sales scale of 200 million CNY, with a projected sales amount of 10.44 million CNY for 2025[9]. - The company is facing challenges with several customers showing significant declines in sales compared to the previous year, with some experiencing over 67% decrease in sales[9]. - The company achieved a year-on-year sales increase of over 50% from three clients in the toy sector, including Shenzhen Wanmuxin Trading Co., Ltd. and Guangdong Hemow Line Culture Co., Ltd.[14]. - Major customers in Q4 included Yueda Tong (Jiangsu) Technology Development Co., with a transaction amount of CNY 70.95 million, accounting for 53.51% of Q4 sales[49]. Compliance and Audit Issues - As of the date of the inquiry response, the balance of improperly used raised funds amounts to 645.67 million CNY, which may lead to a non-standard audit opinion and potential delisting risk[3]. - The annual audit work is still ongoing, and the auditor has not yet issued an opinion on the financial statements[4]. - The final conclusions regarding the financial statements will be based on the audited annual report data[4]. - The company is currently addressing compliance issues related to the use of raised funds, which may impact the auditor's opinion on internal controls[3]. - The company plans to strictly adhere to the Shanghai Stock Exchange regulations for comprehensive verification and standard deduction of 2025 revenue, with final figures to be based on audited annual report data[44]. Procurement and Supplier Relationships - The top ten suppliers for the photovoltaic business included Jiangsu Lilang New Energy, with a procurement amount of 66.56 million CNY in 2025, reflecting a 13.70% increase from 2024[21]. - The procurement amount from GCL-Poly Energy Holdings was 43.59 million CNY in 2025, a 159.13% increase compared to the previous year[21]. - The company has established long-term cooperative relationships with suppliers, ensuring procurement amounts are aligned with their operational scales[22]. - The company is actively expanding its supplier base to meet the growing demand for materials, particularly in the toy segment, where procurement from new suppliers is expected to increase significantly[31]. - The procurement amount from Jiangsu Lilang New Energy Co., Ltd. and others resulted in negative balances due to prepayment models, affecting the year-end financial statements[26]. Financial Challenges and Risks - The company faced a risk of delisting due to structural overcapacity in the photovoltaic industry and low product prices, with operating profits and net cash flows from operating activities failing to turn profitable[45]. - The company anticipates a net loss of CNY 930 million to CNY 660 million for 2025, primarily due to asset impairment provisions[80]. - The company reported a total of CNY 291.23 million in misused raised funds, with CNY 254.43 million being judicially deducted and CNY 100 million used for liquidity, leaving a balance of CNY 645.67 million in misused funds[77]. - The company is currently assessing the impact of ongoing litigation on its ability to continue as a going concern[81]. - The company has recognized a substantial impairment provision for long-term assets based on independent third-party evaluations, ensuring compliance with accounting standards[89]. Inventory and Asset Management - The company reported a total inventory value of 1,685.92 million for 2024, with a significant portion being raw materials and work-in-progress[87]. - The impairment provisions for inventory are calculated using the "gross margin method," ensuring a conservative estimate of future selling prices[87]. - The company has recognized an impairment loss of 11,597.56 million for the 10GWTOPCon photovoltaic cell production base project, reflecting an impairment ratio of approximately 8.31% due to market and funding challenges[95]. - The company plans to continue monitoring market demand and adjust inventory valuations accordingly, reflecting a proactive approach to inventory management[88]. - The company has identified significant impairment indicators for fixed assets and construction projects, leading to timely recognition of impairment losses[89]. Legal and Litigation Matters - The company has reported 140 new litigation and arbitration cases from December 20, 2024, to December 19, 2025, with a total amount involved of CNY 923 million, representing 123.98% of the company's audited net assets as of 2024[80]. - The company has made provisions for estimated liabilities of approximately 344.91 million CNY based on preliminary assessments of high litigation risks in several cases[99]. - The company continues to evaluate the potential financial impact of ongoing litigation and adjust its financial reporting accordingly[100]. - The total amount paid for certain cases that have been lost or enforced by the judiciary is RMB 348 million[101]. - The company has a high litigation risk assessment for several cases, leading to significant provisions being made in financial statements[99].