Financial Performance - The company's operating revenue for Q1 2025 was ¥24,967,910.36, a decrease of 29.84% compared to ¥35,587,640.86 in the same period last year[4] - The net loss attributable to shareholders for Q1 2025 was ¥4,012,385.41, which is an increase of 8.10% from a loss of ¥3,711,622.50 in the previous year[4] - The company’s investment income for Q1 2025 showed a significant decline of 373.19%, resulting in a loss of ¥148,081.54 compared to a profit of ¥54,204.30 in the same period last year[9] - Net profit for the current period was a loss of ¥4,350,062.27, compared to a loss of ¥4,072,659.98 in the previous period, indicating a worsening of 6.8%[23] - The total comprehensive income for the period was -4,350,062.27, compared to -4,072,659.98 in the previous period, indicating a decline[24] - Basic and diluted earnings per share were both -0.0201, compared to -0.0186 in the previous period[24] Cash Flow - The net cash flow from operating activities increased significantly by 396.22%, reaching ¥13,940,486.32 compared to ¥2,809,353.12 in Q1 2024[4] - The net cash flow from financing activities increased dramatically by 4719.10%, amounting to ¥9,422,970.00, attributed to new subsidiary investments from minority shareholders[11] - The net cash flow from investing activities was -9,833,318.04, an improvement from -29,104,026.10 in the previous period[27] - The total cash inflow from financing activities was 9,555,000.00, with a net cash flow of 9,422,970.00 after outflows[27] - The cash received from other operating activities was 23,319,822.80, significantly higher than 4,656,677.47 in the previous period[26] - The total cash outflow from operating activities was 45,544,253.96, down from 52,187,461.41 in the previous period[27] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥589,646,122.18, a decrease of 1.45% from ¥598,309,271.44 at the end of the previous year[5] - Total liabilities decreased to ¥65,508,404.74 from ¥79,376,491.73, a decline of 17.5%[21] - Non-current assets increased to ¥164,206,239.89 from ¥159,771,849.28, reflecting a growth of 2.7%[21] - Accounts receivable decreased to ¥231,175,007.23 from ¥240,826,262.16, a decline of 4.2%[19] - Cash and cash equivalents increased to ¥91,451,630.54 from ¥80,028,676.54, representing a growth of 14.1%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,704[13] - The largest shareholder, Wu Shichun, holds 7.44% of the shares, totaling 14,875,071 shares[13] - The second-largest shareholder, Jia Qing, holds 6.28% of the shares, totaling 12,550,600 shares, which are currently frozen[13] - The company’s controlling shareholder, Huasheng Yuncheng, has had 10,226,212 shares auctioned, representing 5.11% of the total share capital[16] - Wu Shichun acquired 14,875,071 shares in a judicial auction for 150,304,350 RMB[17] - The company has a total of 2,015,137 shares under lock-up due to executive restrictions[15] - The company has not disclosed any relationships or concerted actions among the top shareholders[14] - The company’s stock has been subject to judicial freezing, affecting Jia Qing's holdings, which represent 6.28% of the total share capital[17] Government Support and Certifications - The company received government subsidies amounting to ¥366,100.80 during the quarter, which positively impacted its operating results[6] - The company received a high-tech enterprise certification valid for three years, issued on November 19, 2024[17] Operational Efficiency - Total operating costs decreased to ¥34,159,216.92 from ¥40,846,711.64, reflecting a reduction of 16.5%[22] - The company reported a significant increase in cash flow from operating activities, indicating improved liquidity management[22] - The company experienced a 71.62% decrease in receivables financing, down to ¥2,325,403.97, primarily due to a reduction in the scale of receivable notes[8] - Research and development expenses were ¥3,718,453.50, slightly down from ¥3,998,942.45, a decrease of 7.0%[23]

Financial Performance - The company reported a net profit of RMB 317,645,097.68 for 2024, with a proposed cash dividend of RMB 11.00 per 10 shares, totaling RMB 162,973,874.80[6]. - The company's operating revenue for 2024 reached ¥9.28 billion, a 2.23% increase from ¥9.08 billion in 2023[21]. - Net profit attributable to shareholders decreased by 69.08% to ¥128.13 million in 2024 from ¥414.41 million in 2023[21]. - Basic earnings per share dropped to ¥0.83 in 2024, down 69.14% from ¥2.69 in 2023[22]. - The weighted average return on equity fell to 4.53% in 2024, a decrease of 10.69 percentage points from 15.22% in 2023[22]. - Operating cash flow net amount decreased by 50.32% to ¥508.98 million in 2024 from ¥1.02 billion in 2023[21]. - The total assets increased by 6.78% to ¥10.62 billion at the end of 2024 from ¥9.95 billion at the end of 2023[21]. - The company reported a significant increase in tax and additional fees by 48.97% to ¥53,388,258.15, driven by internal tax adjustments and compliance measures[84]. - The company's total revenue for the period reached approximately ¥9.28 billion, with a gross profit margin of 35.80%, reflecting a year-on-year increase of 2.23% in revenue and a decrease of 0.08% in gross profit margin[88]. - The company reported a total operating cost of 5.959 billion yuan, an increase of 2.35% compared to the previous year[94]. Risk Management - The company has not identified any significant risks that could materially affect its operations during the reporting period[10]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[10]. - The company has not faced any violations in decision-making procedures regarding external guarantees[10]. - The company has outlined potential risks in its management discussion and analysis section, which investors should review[10]. - The company is aware of industry policy risks and is actively improving internal compliance management to adapt to regulatory changes[141]. Strategic Developments - The company plans to slow down store expansion and control costs to adapt to policy changes and industry competition[28]. - The company aims to shift from merely meeting customer needs to stimulating demand through professional pharmaceutical services and health management[38]. - The company plans to leverage its store network to deepen omnichannel services and capture market share in both existing and new growth areas[38]. - The company is adjusting its short-term strategies to improve existing store performance and operational efficiency, while slowing down new store expansions[45]. - The company is committed to high-quality innovation and aims to strengthen operational efficiency and product competitiveness through strategic partnerships with pharmaceutical manufacturers[139]. Market Trends - The overall growth of the pharmaceutical health industry is slowing, with healthcare spending experiencing its first unusually low growth in years[38]. - The total scale of the health service industry in China is projected to expand from 9 trillion yuan in 2022 to 16 trillion yuan by 2030, indicating significant growth potential[40]. - The health industry is projected to grow from CNY 3.8 trillion in 2015 to CNY 16 trillion by 2030, driven by aging population and chronic disease trends[127]. - The retail pharmacy sector is expected to enhance professional pharmaceutical service capabilities to meet regulatory requirements and improve customer health safety[131]. Operational Efficiency - The company is investing in refined operational management, efficient logistics systems, and continuous optimization of information systems to ensure performance improvement[47]. - The company has implemented a comprehensive information system based on SAP/ERP, enhancing procurement, warehousing, and sales management[59]. - The logistics system has achieved high service levels with efficient sorting, delivery accuracy, and low cost rates, supporting rapid store expansion[58]. - The company is enhancing its digital operations and exploring the application of AI models to improve supply chain efficiency and operational management[149]. Shareholder Engagement - The company held 3 annual general meetings and 2 temporary general meetings during the reporting period, ensuring equal treatment of all shareholders and protecting the rights of minority shareholders[158]. - The company has implemented measures to protect the interests of all shareholders, particularly minority shareholders, during decision-making processes[158]. - The total equity increased to 18,468,648, with a capital reserve conversion of 3,862,405[160]. - The company plans to implement a stock incentive plan for 2024, including a draft for the employee stock ownership plan[168]. Community Engagement - The company conducted 53 "Health Home Community Activities" and 2,297 health promotion events across 53 regions, enhancing brand trust and member development[56]. - The company has established a stable and high-quality membership system with over 26 million effective members, with member consumption accounting for nearly 70%[71]. - The company has established 49 training bases to enhance the management and professional skills of its workforce[78]. Future Outlook - Future guidance indicates a projected revenue growth of 20% for the upcoming fiscal year, driven by new product launches and market expansion strategies[161]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million yuan allocated for this purpose[165]. - The company aims to improve operational efficiency, targeting a 5% reduction in costs by the end of the fiscal year[165].

Financial Performance - The net profit attributable to shareholders for 2024 was -116,923,668.92 CNY, indicating a loss for the year[6]. - The parent company reported a net profit of -46,726,300.90 CNY for 2024[6]. - The total distributable profit available for shareholders at the end of the year was 385,215,701.15 CNY[6]. - The company plans not to distribute profits or increase capital reserves for 2024 due to the negative net profit[6]. - The company's operating revenue for 2024 was CNY 1,057,970,468.05, a decrease of 33.83% compared to CNY 1,598,954,368.66 in 2023[24]. - The net profit attributable to shareholders was a loss of CNY 116,923,668.92 in 2024, a decline of 171.56% from a profit of CNY 163,388,406.11 in 2023[24]. - The basic earnings per share for 2024 was -CNY 0.46, down 171.88% from CNY 0.64 in 2023[25]. - The weighted average return on equity decreased to -7.12% in 2024, down 16.65 percentage points from 9.53% in 2023[25]. - The company reported a net cash flow from operating activities of CNY 183,507,995.51, a decrease of 7.28% compared to CNY 197,906,081.37 in 2023[24]. - The total assets at the end of 2024 were CNY 4,631,949,979.13, a decrease of 5.47% from CNY 4,900,110,478.97 at the end of 2023[24]. Operational Challenges - The company faced significant challenges in the infrastructure construction service sector, with a gross profit decline of approximately CNY 240 million due to changes in the economic and market environment[25]. - The company implemented strategic adjustments, including slowing down or suspending certain projects to reduce capital outlay risks, resulting in a noticeable decrease in the number of new projects won in 2024[26]. - The company recorded an impairment loss of CNY 44,321,800.00 related to goodwill due to the significant decline in performance during the reporting period[26]. - The company increased its impairment provision for assets by 71.9353 million yuan due to deteriorating customer payment capabilities[36]. Strategic Initiatives - The company won the "2023 Excellent Supplier Partner" award from Moutai Group and secured a major project for the renovation of the Moutai wastewater treatment plant system[37]. - The company established a strategic cooperation framework with Wujiang Water Group to enhance collaboration in smart networks and AI[38]. - The company is focusing on technology advantages and has developed a series of technical products, including the Smart-IES environmental management platform[38]. - The company plans to merge regional companies to enhance organizational efficiency and streamline management[39]. - The company aims to accelerate the collection of receivables and improve project turnover rates to ensure healthy operations[40]. - The company is enhancing its R&D capabilities in microbial technology for industrial wastewater treatment and sludge processing[41]. Revenue and Cost Analysis - The company's operating costs decreased by 24.90% to 801.8 million RMB due to the decline in operating revenue[51]. - Research and development expenses decreased by 31.42% to 38.1 million RMB as the company slowed down its R&D investment[51]. - The company's revenue from urban sewage treatment was 50,398.77 million, a decrease of 19.81% compared to the previous year, with a gross margin of 26.31%[55]. - Revenue from industrial park and industrial wastewater treatment was 43,058.10 million, down 24.56% year-on-year, with a gross margin of 32.46%[55]. - The gross margin for the operation service segment was 35.34%, with revenue of 61,382.47 million, showing a slight increase of 0.41% year-on-year[55]. Governance and Compliance - The company strictly adheres to the Company Law and Securities Law, ensuring a well-structured governance system and effective internal controls[101]. - The board of directors operates with a clear division of responsibilities, supported by four specialized committees, enhancing decision-making processes[102]. - The company maintains independence from its major shareholder, ensuring no interference in operational decisions and compliance with legal regulations[103]. - Information disclosure is executed in a timely and accurate manner, ensuring transparency and fairness for all shareholders[103]. - The company has established a robust investor relations management system, facilitating effective communication with investors[103]. Shareholder Relations - The company plans to implement a shareholder return plan for the next three years (2023-2025) to enhance shareholder value[104]. - The company has approved the issuance of shares to specific investors to dilute immediate returns and fill the gap in return measures[104]. - The company has conducted annual reports and financial statements for 2023, ensuring compliance with regulatory requirements[106]. - The total compensation for executives amounted to 62.43 million CNY, with Zhang Yifei, the Chairman, receiving 1.636 million CNY[108]. - The company reported no changes in shareholdings for executives during the year, maintaining a total of 6,242,800 shares[109]. Environmental Management - The company has established a comprehensive environmental governance service model, including urban sewage treatment and industrial wastewater treatment[49]. - The company has implemented pollution prevention facilities that are operational and stable[153]. - The company has conducted environmental impact assessments for its projects, which have passed regulatory approvals[154]. - The company has developed emergency response plans for environmental incidents, detailing management and operational protocols[155]. - The company has initiated carbon reduction measures since 2016, focusing on sustainable water quality and energy self-sufficiency, achieving 50% self-supply of electricity at the Suixian Third Sewage Treatment Plant[158]. Future Outlook - The company is exploring new development paths in response to the evolving environmental industry landscape, which is shifting from pollution control to comprehensive water management[86]. - The company aims to enhance operational efficiency and technology integration in wastewater treatment facilities, focusing on smart upgrades and service improvements[91]. - The company plans to invest in AI technology to improve operational efficiency and business innovation, establishing a dedicated AI leadership role[93]. - The company will continue to focus on the Yangtze River Delta region, enhancing wastewater treatment efficiency through innovative practices and technology integration[92].

Financial Performance - The company achieved a net profit attributable to shareholders of the parent company of ¥91,288,576.22 for the year ending December 31, 2024, with cumulative undistributed profits amounting to ¥121,286,261.94[7]. - The company's operating revenue for 2024 was CNY 3,226,719,950.18, a decrease of 5.76% compared to 2023[25]. - Net profit attributable to shareholders increased by 32.77% to CNY 91,288,576.22 in 2024[27]. - The net profit after deducting non-recurring gains and losses fell by 485.72% to CNY -252,028,086.27, largely due to unfulfilled performance commitments[27]. - The company reported a net loss of 60,243,750, indicating a significant downturn in financial performance[128]. - The company reported a decrease in net profit margin by 2.52% compared to the previous year, indicating challenges in maintaining profitability[96]. Dividends and Profit Distribution - A cash dividend of ¥0.20 per share (including tax) is proposed, totaling approximately ¥22,702,386 (including tax) based on the current total share capital of 1,135,119,300 shares[7]. - The company plans to maintain the distribution ratio per share unchanged, adjusting the total distribution amount accordingly if there are changes in total share capital before the equity registration date[7]. - The cash dividend amount for 2023 represents 24.87% of the net profit attributable to shareholders, which was CNY 91,288,576.22[163]. - Over the last three fiscal years, the cumulative cash dividend amount (including tax) was CNY 91,236,688, with an average net profit of CNY 64,098,334.25, resulting in a cash dividend ratio of 142.34%[165]. Assets and Liabilities - Total assets increased by 2.71% to CNY 7,995,301,969.74 as of the end of 2024[25]. - The total liabilities increased by 8.02% to approximately $5.09 billion from $4.71 billion[78]. - The company has significant assets under restriction totaling approximately $1.22 billion, primarily due to bank guarantees and loan collateral[79]. - Cash and cash equivalents amounted to 1,916.97 million yuan, up 56.92% due to increased net cash flow from operations[77]. Operational Efficiency and R&D - The company has increased its R&D expenses by 57.64% to CNY 111,942,370, reflecting a commitment to innovation[57]. - The company is investing in research and development to improve existing products and introduce new offerings[129]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency[131]. - The company has a comprehensive production capacity of 400,000 tons per year, ensuring timely completion of production tasks and maintaining product quality[52]. Market Expansion and Strategy - The company is focusing on optimizing its business structure and enhancing market development and technological innovation capabilities[35]. - The company plans to expand its investment in new projects, including the construction of a factory in Cambodia[77]. - The company is actively pursuing strategic partnerships and potential acquisitions to enhance its technological capabilities and market reach[96]. - Market expansion plans include entering two new international markets by the end of 2024[130]. Environmental and Social Responsibility - The company invested CNY 7.48 million in environmental protection during the reporting period[170]. - The company has established a wastewater treatment plant and installed online monitoring facilities to ensure wastewater meets discharge standards[174]. - The company has implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 64,957.51 tons through clean energy generation, specifically photovoltaic power[182]. - Total donations and investments in public welfare projects amounted to 920,000 RMB, benefiting an unspecified number of individuals[182]. Governance and Compliance - The board of directors has established and strictly implemented rules and systems to ensure legal, scientific, and efficient decision-making, with independent directors constituting one-third of the board[119]. - The company has committed to maintaining independence in assets, personnel, finance, organization, and business operations following the change of controlling shareholder to Tangshan Industrial Holding Group[121]. - The company has established effective internal control systems, ensuring orderly and efficient business operations throughout the reporting period[167]. - The company has not reported any major asset restructuring or integration during the reporting period[95]. Risks and Challenges - The company faces market competition risks due to low industry entry barriers and increasing competition from new entrants[112]. - The company is sensitive to raw material price fluctuations, which significantly impact production costs and profit margins[113]. - The company may face risks from reduced national investment in power grid construction, which could impact domestic business performance[112]. - Future policy changes regarding solar energy could significantly impact the company's operational performance[116].

Financial Performance - The company's operating revenue for 2024 was CNY 5,257,845,773.27, a decrease of 14.04% compared to CNY 6,116,473,047.40 in 2023[29]. - The net profit attributable to shareholders for 2024 was CNY 385,416,653.25, down 35.23% from CNY 595,066,026.42 in 2023[29]. - The basic earnings per share for 2024 decreased by 34.74% to CNY 0.8896 from CNY 1.3631 in 2023[30]. - The total assets at the end of 2024 were CNY 6,714,801,159.91, reflecting a 5.14% increase from CNY 6,386,807,157.10 at the end of 2023[29]. - The net cash flow from operating activities for 2024 was CNY 490,691,242.73, a decline of 35.13% compared to CNY 756,402,281.12 in 2023[29]. - The company reported a weighted average return on equity of 11.61% for 2024, down from 19.19% in 2023, a decrease of 7.58 percentage points[30]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 339,514,614.80, a decrease of 38.06% from CNY 548,137,238.03 in 2023[29]. - The company achieved a quarterly revenue of CNY 1,582,666,970.17 in Q4 2024, showing a sequential increase from previous quarters[32]. - The net profit attributable to shareholders in Q4 2024 was CNY 119,239,368.89, indicating a recovery trend compared to earlier quarters in the year[32]. Market Challenges and Opportunities - In 2024, the company faced significant challenges due to a downturn in the real estate market, leading to a shift from "incremental expansion" to "stock market cultivation" in the custom home furnishing industry[3]. - The overall real estate market in 2024 is experiencing a downturn, affecting consumer confidence and housing transactions[37]. - In 2025, the company anticipates growth opportunities from the stock housing market and national subsidies, emphasizing the need for integrated home solutions and refined management[7]. - The company recognizes the importance of long-termism in overcoming cyclical challenges and aims for sustainable growth[8]. - The demand for old housing renovations is expected to grow, with policies promoting home upgrades and a focus on the second-hand housing market, which will become a major source of demand for customized furniture[85]. Strategic Initiatives - The company initiated an internal transformation starting in May 2024, focusing on governance, management, and organizational improvements, marking its first major transformation since going public[3]. - The company is actively exploring new business areas such as old renovation, smart home solutions, and integrated home systems, with a focus on product innovation and environmental standards[6]. - The company is committed to a strategic focus on integrated home solutions, product leadership, and digital-driven services to navigate market challenges[7]. - The company aims to enhance operational efficiency through digital strategies, including the U+ urban operation model and a marketing platform to improve order fulfillment[6]. - The company is focusing on a comprehensive home integration strategy, evolving from a single product approach to a full-space solution[41]. Product and Service Development - The company aims to enhance customer experience by integrating design, installation, and after-sales service into a one-stop solution[42]. - The company launched its 10th generation whole-house showroom, focusing on five major living scenarios, enhancing personalized whole-house solutions[43]. - The company introduced the "130 Whole-House Same-Module Design System," improving design efficiency and standardizing the supply chain and installation processes[45]. - The company officially released window and door products in 2024, expanding its product range and enhancing customer experience with immersive showroom designs[46]. - The company has developed capabilities to provide products and services around whole-house spaces, encompassing nine major categories and four aesthetic styles[96]. Digital Transformation and Innovation - The company has implemented a PLM system to integrate design and sales processes, enhancing product development efficiency and customer satisfaction[58]. - The company has integrated advanced technologies such as big data, AI, and IoT in its 4.0 smart factory, enhancing production efficiency and reducing energy consumption and carbon emissions[64]. - The company has established a comprehensive marketing cloud platform to improve customer acquisition and operational efficiency through data integration[67]. - The company has implemented a digital lean supply chain system, enhancing supplier management and operational efficiency through improved information flow and collaboration[70]. - The company is leveraging AI and big data analytics in collaboration with universities to enhance its technological capabilities[144]. Sustainability and Environmental Commitment - The company received FSC-COC certification and GreenRate™ green level A certification for its commitment to environmental sustainability[61]. - The company has achieved ISO 50001:2018 certification for its energy management system, reflecting significant progress in energy efficiency and carbon reduction efforts[63]. - The company is focusing on sustainable practices by adopting renewable and low-formaldehyde materials, such as bamboo fiber and straw boards[89]. - The company has been recognized as a "National Green Supply Chain Management Enterprise" and has obtained FSC certification, emphasizing its commitment to green manufacturing[118]. - The company's products meet the new national standard ENF (≤0.025mg/m3) for environmental performance, ensuring consumer safety[122]. Brand and Market Positioning - The company has maintained an A-level rating for information disclosure for two consecutive years, demonstrating its commitment to transparency and governance[78]. - The company has been awarded the "Outstanding Influence Brand" at the 2024 NetEase Home Annual Awards, highlighting its strong brand impact and innovation in the home furnishing sector[73]. - The company ranked 137.51 billion in brand value on the "China Brand 500" list, reflecting its strong market position and consumer recognition[75]. - The company signed Jay Chou as a brand ambassador and will continue to enhance its market advantage with the signing of Asian sprint star Su Bingtian in 2024[111]. - The company is transitioning from a cabinet brand to a whole-house customization brand, enhancing brand visibility through strategic partnerships with celebrities and innovative marketing campaigns since 2015[99]. Operational Efficiency and Cost Management - The company has established a dynamic supply chain model, integrating internal and external resources to enhance efficiency and responsiveness to market demands[105]. - The company aims to achieve high-quality growth through a synergistic approach to brand value, marketing effectiveness, and sales conversion, focusing on global brand development[110]. - The company is committed to a systematic approach to cost reduction, focusing on explicit, implicit, and systemic cost reductions[200]. - The establishment and application of a data platform will enhance data management and processing efficiency, maximizing the value of enterprise data[199]. - The company plans to strengthen R&D target cost management and control SKU numbers to optimize product lifecycle management[200].

Financial Performance - The company achieved a net profit attributable to shareholders of 717,680,156.76 RMB for the year 2024, with the parent company reporting a net profit of 977,003,103.42 RMB[7]. - The company's operating revenue for 2024 was approximately 11.70 billion RMB, a decrease of 11.95% compared to 2023[23]. - Net profit attributable to shareholders for 2024 was approximately 717.68 million RMB, down 65.79% year-over-year[23]. - Basic earnings per share for 2024 were 0.4843 RMB, reflecting a decline of 65.71% from the previous year[25]. - The company achieved a profit total of 827 million RMB in 2024, a decrease of 74.31% compared to the previous year[30]. - The weighted average return on equity for 2024 was 4.50%, down 8.55 percentage points from 2023[25]. - The company's total assets at the end of 2024 were approximately 29.86 billion RMB, a decrease of 3.49% from the previous year[24]. - The net cash flow from operating activities for 2024 was approximately 1.90 billion RMB, down 28.79% year-over-year[23]. Dividend Distribution - The board approved a cash dividend distribution of 1.5 RMB per 10 shares, totaling 220,986,003.15 RMB, which represents 30.79% of the net profit attributable to shareholders for 2024[7]. - The company has not proposed any stock dividends or capital reserve transfers for the year[7]. - The company has established a cash dividend policy that prioritizes cash distributions, with a minimum of 30% of the net profit allocated for dividends when profitable[116]. - The total cash dividends distributed over the last three accounting years amounted to 2,477,226,003.15 RMB, with an average annual net profit of 2,012,945,697.71 RMB, resulting in a cash dividend ratio of 128.03%[118]. Operational Performance - The company produced 13.86 million tons of coal in 2024, a slight increase of 0.38% year-over-year, while coal sales decreased by 3.22%[30]. - Coal production for 2024 is projected at 13.86 million tons, a slight increase of 0.38% from 2023's 13.80 million tons[42]. - Coal sales volume decreased by 3.22% to 12.57 million tons in 2024, down from 12.99 million tons in 2023[42]. - The average selling price of coal dropped by 14.67% to CNY 630.70 per ton in 2024, compared to CNY 739.13 per ton in 2023[42]. - Total sales revenue for coal products fell by 17.42% to CNY 7.93 billion in 2024, down from CNY 9.60 billion in 2023[42]. - Urea production decreased by 1.69% to 0.95 million tons in 2024, while sales volume fell by 4.34% to 0.93 million tons[42]. Environmental Initiatives - The company invested 82 million RMB in environmental protection initiatives, focusing on pollution prevention and control[31]. - The company has made significant progress in pollution prevention facilities, including the removal of coal-fired boilers and the adoption of clean gas boilers[158]. - The company has implemented a closed pipeline system for wastewater transport to treatment facilities, enhancing environmental compliance[128]. - The company is committed to maintaining compliance with the Shanxi Province pollution discharge standards, ensuring sustainable operations[131]. - The company has reported a total wastewater reuse rate of 100%, with no discharge into the environment[138]. - The company achieved stable compliance with pollutant discharge standards for wastewater and exhaust gases[150]. Risk Management - The company has outlined potential risks related to safety production, environmental protection, and market changes in its management discussion and analysis section[9]. - The company faces significant market risks due to the cyclical nature of its main products, particularly coal, which is closely tied to macroeconomic conditions and subject to price fluctuations[82]. - Environmental risks are heightened due to stricter regulations on pollution, and the company plans to increase investments in environmental protection projects to ensure compliance[83]. Corporate Governance - The company has a total of 12 board members and supervisors, with 5 of them being independent directors[92]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 6.0966 million CNY[92]. - The company has implemented a strict assessment process for executive compensation, which includes signing target responsibility agreements at the beginning of the year[98]. - The company has established a performance management system that links executive evaluations to the company's operational performance[98]. Future Outlook - The company aims to achieve a coal production target of 14.5 million tons, urea production of 803,400 tons, and caprolactam production of 110,000 tons in 2025, with a revenue goal of 11.4 billion yuan and a profit target of 850 million yuan[81]. - The coal industry is expected to see stable demand growth, with improved operational conditions anticipated by 2025 due to macroeconomic stimulus policies[79]. - The urea market is projected to have an additional 6 million tons of supply by 2025, with stable demand growth expected in the agricultural sector[79].

Dividend Distribution - The company plans to distribute a cash dividend of 0.40 CNY per 10 shares, totaling approximately 14,066,879.36 CNY for the 2024 fiscal year, which represents 96.13% of the net profit attributable to shareholders[4]. - The total cash dividends distributed for the 2024 fiscal year, including the mid-year distribution, will amount to 24,617,488.88 CNY[4]. - The company has completed the mid-year cash dividend distribution of 10,550,609.52 CNY, which was approved at the 2023 annual shareholders' meeting[4]. Financial Performance - The company reported a revenue of 1.2 billion CNY for the fiscal year 2024, representing a 15% increase compared to the previous year[16]. - The company's operating revenue for 2024 reached ¥665,675,804.64, representing a year-on-year increase of 16.62% compared to ¥570,796,613.42 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥25,607,959.94, up 10.52% from ¥23,171,294.18 in 2023[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 50.70% to ¥16,303,656.95 from ¥10,818,438.05 in 2023[26]. - The basic earnings per share for 2024 remained at ¥0.07, unchanged from 2023, while diluted earnings per share also stayed at ¥0.07[27]. Risk Management - The company has disclosed potential risk factors in its operations, which investors should be aware of[8]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[8]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[3]. - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[3]. - The company has established internal control measures for subsidiaries to ensure compliance and promote healthy development[182]. Research and Development - The board has approved a budget of 200 million CNY for R&D initiatives in the upcoming fiscal year[16]. - R&D investment amounted to 58.29 million yuan, with 34 new projects initiated and 36 projects completed during the reporting period[39]. - The company maintains a strong focus on R&D, with a team of 194 researchers, including 14 senior engineers, to drive innovation and product development[75]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[16]. - The company is implementing a new ERP system to streamline operations and improve data analytics capabilities[16]. - The company is actively developing new products in mobile healthcare, including various mobile medical vehicles and services[54]. Customer and Sales Insights - User data indicates a growth in active users by 25%, reaching 500,000 users by the end of 2024[16]. - The company’s top five customers accounted for 50.33% of total sales, indicating a moderate reliance on a few key clients[91]. - The company’s main business experiences seasonal fluctuations, with the first half being a sales off-season and the second half, particularly Q4, being a peak season[130]. Environmental and Social Responsibility - The company invested 32.36 million yuan in environmental protection during the reporting period[187]. - The company reduced carbon emissions by 740.56 tons through various measures, including the implementation of a photovoltaic power generation project[192]. - The company made a total donation of 10.24 million yuan for public welfare projects[193]. Governance and Management - The company held a total of 9 board meetings during the year, with 6 conducted via communication and 3 combining on-site and communication methods[157]. - The total remuneration for all listed directors and supervisors amounted to 8,442,300 RMB, with a slight decrease of 523,800 shares in total holdings[140]. - The company appointed new independent directors, including Guo Xiangdong, Lü Weirong, and Yan Yajun, following the expiration of the previous independent directors' terms[147].

Financial Performance - The company reported a significant loss for the fiscal year, with specific reasons and improvement measures detailed in the management discussion section[4]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company's operating revenue for 2024 was CNY 1,797,491,094.52, representing a 3.13% increase compared to CNY 1,742,945,953.02 in 2023[22]. - The net profit attributable to shareholders was a loss of CNY 267,170,910.35 in 2024, which is a 19.27% increase in loss from CNY 224,007,511.01 in 2023[22]. - The cash flow from operating activities showed a net outflow of CNY 323,722,459.50, a significant decline of 78.48% from CNY -181,375,998.95 in the previous year[22]. - The total assets at the end of 2024 were CNY 3,219,162,137.93, down 18.11% from CNY 3,931,061,272.55 at the end of 2023[22]. - The net assets attributable to shareholders decreased by 32.44% to CNY 785,885,586.07 in 2024 from CNY 1,163,262,525.58 in 2023[22]. - The basic and diluted earnings per share for 2024 were both CNY -0.2082, reflecting a 4.89% increase in loss compared to CNY -0.1985 in 2023[22]. - The company reported a total of CNY 150,304,699.53 in non-recurring gains and losses for 2024, compared to CNY 109,278,919.94 in 2023[28]. - The company experienced a significant increase in non-recurring gains from the disposal of non-current assets, amounting to CNY 56,950,045.89 in 2024, compared to CNY 1,138,861.45 in 2023[28]. Market and Industry Trends - The global commercial display market is projected to grow from $56.71 billion in 2024 to $79.51 billion by 2029, driven by digital transformation and smart city initiatives[32]. - Global tablet shipments are expected to reach 39.9 million units in Q4 2024, with an annual total of 147.6 million units, reflecting a year-on-year growth of 9.2%[33]. - The Chinese PC monitor market is forecasted to see total shipments of 27.05 million units in 2024, representing a year-on-year increase of 3.3%[34]. - The Chinese TV market is projected to have retail sales of 30.86 million units in 2024, with a slight decline of 1.8%, but retail revenue is expected to grow by 15.7%[35]. - The global smartphone market is anticipated to grow by 7% in 2024, reaching total shipments of 1.22 billion units, with China's market expected to see a 4% increase to 285 million units[36]. - AI-enabled smartphones are projected to account for 16% of global smartphone shipments in 2024, with a compound annual growth rate of 63% from 2023 to 2028[37]. - The global wearable device market is expected to see a shipment of 190 million units in 2024, with China's market growing by 19.3% to 61.16 million units[38]. - The Chinese lithium battery market is projected to see a shipment of 1,545.1 GWh in 2024, with a year-on-year growth of 28.5%, and China's share is expected to be 78.6%[40]. - The smart manufacturing equipment market in China is expected to grow from 3.2 trillion yuan in 2023 to 3.4 trillion yuan in 2024, with growth rates of 19.4% and 6.3% respectively[39]. Business Strategy and Operations - The company is focusing on expanding its market presence and developing new technologies, particularly in the fields of lithium batteries and advanced materials[4]. - The company has optimized its business structure by divesting from power equipment maintenance and installation services, focusing on consumer electronics and new energy sectors[44]. - The main products include lithium battery components, which enhance the safety performance of new energy vehicles by preventing thermal runaway[44]. - The company is developing new products such as graphene heating films for automotive seats, which offer high efficiency and safety[45]. - The company is focusing on optimizing the supply chain and reducing costs for graphene heating products, which are currently limited to high-end vehicle applications[54]. - The company plans to enhance its automation production lines and improve product testing integration to ensure quality and reliability while reducing costs[58]. - The company aims to expand its product line by introducing new materials and enhancing customer offerings, particularly in the automotive sector[87]. - The company is focusing on improving its cash flow management due to the significant discrepancies between operating cash flow and net profit[90]. Research and Development - The company’s R&D investment amounted to ¥75,619,606.17 in 2024, representing 4.21% of operating revenue, a decrease from 4.59% in 2023[87]. - The company is developing a multi-functional testing fixture for smartphone screens, aiming to enhance revenue opportunities in the smartphone testing field[85]. - A new VR virtual image distance testing system has been completed, improving testing accuracy and providing revenue opportunities in the VR device testing sector[86]. - The company is advancing a high-performance graphene heat dissipation film, targeting applications in smartphones and electric vehicles, which presents new material revenue opportunities[86]. - The company is developing a fluorine-free lithium battery binder, with small-scale trial production underway, aimed at providing new revenue opportunities in the new energy sector[86]. Corporate Governance and Management - The company has appointed Zhongshun Zhonghuan Accounting Firm as its auditor for the reporting period[21]. - The company’s management team has been strengthened through elections and external recruitment, ensuring a solid foundation for long-term development[63]. - The board of directors consists of 1 internal director, 2 external directors, and 2 independent directors, complying with regulatory requirements[139]. - The company has established a fair and effective performance evaluation and incentive mechanism for senior management[140]. - The company ensures timely and accurate information disclosure, with a designated board secretary responsible for investor relations[140]. - The company has a diverse board with members holding various professional backgrounds, including finance and law[148]. - The company is focused on maintaining stability in its leadership to support ongoing business operations[146]. Environmental and Social Responsibility - The company has implemented various pollution control measures, including a waste gas treatment facility with a capacity of 10,000 m³/h[186]. - The company has established a wastewater treatment station with a processing capacity of 500 tons per day[186]. - The company utilizes an automatic online monitoring system for wastewater and waste gas discharge, ensuring real-time data upload to regulatory platforms[187]. - The company has filed an emergency response plan for environmental incidents with the Tai Xing Ecological Environment Bureau on June 16, 2022, which includes an environmental risk assessment report and emergency resource investigation report[188]. - Environmental governance expenditures include CNY 120,000 for air pollution control, CNY 96,100 for wastewater treatment, CNY 175,100 for hazardous waste disposal, and CNY 6,308.9 for environmental protection tax[188]. Future Outlook and Goals - The company aims to achieve a sales revenue of CNY 2.7 billion (27,000.00 million) in 2025, focusing on consumer electronics, new energy, and chemical materials businesses[126]. - The company plans to control sales costs within CNY 2.23 billion (223,000.00 million) for 2025[126]. - The total expenses for 2025, including taxes, sales, management, R&D, and financial expenses, are projected to be CNY 450 million (45,000.00 million)[127]. - The company intends to secure bank loans totaling CNY 1.5 billion (150,000.00 million) in 2025 to support its operational goals[127]. - The company will enhance management efficiency by optimizing organizational structure and human resource allocation, aiming for improved operational decision-making efficiency[122].

Financial Performance - The company reported a loss during the reporting period due to management costs and relocation expenses associated with the factory move in Jiangxi, impacting net profit[6]. - The company's operating revenue for 2024 was ¥3,074,892,613.74, a decrease of 5.57% compared to ¥3,256,298,292.39 in 2023[25]. - The net profit attributable to shareholders for 2024 was -¥95,519,105.52, representing a decline of 466.74% from ¥26,045,504.47 in 2023[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥96,148,816.96, down 782.28% from ¥14,092,275.89 in 2023[25]. - The net cash flow from operating activities decreased by 49.98% to ¥80,808,691.95 in 2024 from ¥161,556,065.37 in 2023[25]. - The total assets at the end of 2024 were ¥2,183,671,118.39, a decrease of 6.43% from ¥2,333,753,743.62 at the end of 2023[25]. - The net assets attributable to shareholders decreased by 10.37% to ¥957,018,560.85 at the end of 2024 from ¥1,067,720,080.68 at the end of 2023[25]. - The basic earnings per share for 2024 was -¥0.53, a decline of 478.57% from ¥0.14 in 2023[25]. - The diluted earnings per share for 2024 was also -¥0.53, reflecting the same percentage decline as basic earnings per share[25]. - The weighted average return on net assets for 2024 was -9.38%, a decrease of 11.86% from 2.48% in 2023[25]. - The company reported a significant drop in both revenue and profit, indicating potential challenges in market performance and operational efficiency[25]. Strategic Focus and Priorities - In 2025, the company will concentrate on three strategic priorities: deepening quality customer resources, optimizing product and resource allocation, and strengthening cost control[6]. - The company emphasizes a strategy focused on major clients and actively adjusts product structure to meet customer needs[6]. - The company aims to provide integrated solutions for high-end engineering plastic products, which are increasingly replacing traditional materials in various applications[37]. - The company aims to expand its market share in 2024 by enhancing sales channels and increasing R&D efforts to improve product performance[52]. - The company plans to focus on high-end chemical materials and electronic materials, aiming to provide solutions for 10 industries and 10,000 SMEs[111]. - The company will implement a dual-driven development model focusing on chemical and electronic materials to ensure supply chain stability[113]. Market and Industry Insights - The chemical new materials industry is recognized as one of the fastest-growing high-tech industries globally, with increasing demand driven by strategic emerging industries[34]. - The composite materials sector is expanding, with applications in drones, new energy vehicles, and semiconductors, indicating a growing market for engineering plastics[36]. - The electronic materials sector is crucial for the new generation of information technology, with a steady growth in demand for semiconductor materials and display packaging[38]. - The domestic market for high-end composite material boards and rods is largely dominated by foreign companies, presenting an opportunity for the company to capture market share[49]. Operational Efficiency and Risk Management - The company will continue to enhance operational efficiency and market competitiveness to create sustainable value returns for investors[6]. - The company has established a comprehensive risk management strategy for accounts receivable, including credit insurance and a big data monitoring system to minimize bad debt risks[122]. - The company will implement strict inventory management practices and conduct regular impairment tests to address potential inventory devaluation risks[123]. - The company aims to lower liquidity risks by improving cash flow management and optimizing financing channels to ensure operational stability[126]. Research and Development - The company has established a robust R&D center, resulting in the acquisition of 8 invention patents and 29 utility model patents, enhancing its product development capabilities[54]. - The company plans to increase R&D in self-modified materials, targeting PEEK and other high-performance materials by 2025[114]. - The company achieved a cumulative investment of RMB 30 million in the committed projects[102]. Corporate Governance and Management - The company has established a complete and independent corporate governance structure, ensuring compliance with relevant laws and regulations[138]. - The board of directors consists of seven members, including three independent directors, complying with legal and regulatory requirements[131]. - The company has implemented a robust investor relations management system to enhance communication with investors[135]. - The company held a total of 24 board meetings during the reporting period, with significant decisions documented in various announcements[158]. Employee and Talent Management - The company has established a competitive salary system to attract and retain talent, linking performance with strategic goals[169]. - The company emphasizes training for all employees, focusing on leadership, professional skills, and comprehensive quality improvement[170]. - The total number of employees at the end of the reporting period is 386, with 126 in the parent company and 260 in major subsidiaries[168]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainable development, focusing on energy-saving and environmentally friendly projects in its business and R&D directions[188]. - The company has established a charity foundation with an original fund of 2 million yuan, contributing 40,000 yuan to support education in impoverished areas during the reporting period[190]. - The company respects the rights of all stakeholders, including creditors, suppliers, and customers, integrating social responsibility into its business development[191]. Future Outlook and Commitments - The company anticipates potential market demand fluctuations in consumer electronics, smart home appliances, and other sectors due to macroeconomic conditions, which could impact operational performance[119]. - The company has committed to fulfilling the obligations of the public offering process and ensuring the accuracy of its disclosure documents[196]. - The company will disclose the reasons for any failure to meet commitments within five working days[195].

Shareholder and Management Changes - The company reported a significant change in its controlling shareholder, with Zhonghe Agricultural Credit becoming the new controlling entity as of April 2, 2024, following the completion of share transfer from HNA Commercial Holdings[16]. - The company’s board of directors and supervisory board were re-elected during the second temporary shareholder meeting[100]. - The company announced the election of new board members, including Chairman Zhu Yandong and President Wang Rengang, effective April 26, 2024[103]. - The company reported a significant leadership change with the departure of several key executives, including former Chairman Shang Duoxu and former President Wang Huai, due to term expiration[103]. - The new management team includes experienced professionals with backgrounds in commerce and finance, enhancing the company's strategic direction[104][105][106]. - The company is focusing on expanding its market presence and enhancing operational efficiency under the new leadership[104]. - The financial management will be overseen by newly appointed CFO Li Li, who has extensive experience in financial planning and management[109]. - The company’s management team remains stable, with all current directors and supervisors retaining their positions[102]. Financial Performance - The company's operating revenue for 2024 was ¥1,423,677,808.26, representing a 1.73% increase compared to ¥1,399,414,982.80 in 2023[18]. - The net profit attributable to shareholders improved to -¥1,323,676,521.11 in 2024, a 47.48% reduction from -¥2,520,136,130.07 in 2023[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥776,203,514.83, showing a 51.09% improvement from -¥1,586,913,119.87 in the previous year[18]. - The total assets increased by 7.33% to ¥30,315,817,100.89 at the end of 2024, up from ¥28,244,259,398.35 at the end of 2023[19]. - The net assets attributable to shareholders rose by 37.55% to ¥15,417,222,647.51 in 2024, compared to ¥11,208,371,531.77 in 2023[19]. - The company reported a significant decline in cash generated from operating activities, which was -¥522,947,713.11 in 2024, compared to ¥136,202,892.91 in 2023, marking a 483.95% decrease[18]. - The company’s total operating costs decreased by 3.59% to CNY 1,200,672,504.41[50]. - The gross profit margin for the supermarket business was 25.83%, a slight decrease of 0.16% year-on-year[47]. Business Operations and Strategy - The company’s main business remains wholesale and retail, with no changes reported during the reporting period[15]. - The company aims to leverage the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area as strategic focal points for growth in 2024[28]. - The company plans to focus on high-end consumption, instant retail, and community services as part of its new business strategy[28]. - The company’s commercial operations focus on a "joint venture + leasing" model, with a significant reduction in vacancy rates: 8.7% in key enterprise Minsheng Department Store and 18% in Wuhu Yuejia[29]. - The wholesale distribution revenue of the Shun Kelong segment increased by 19.9% in 2024, driven by a digital and AI-enhanced operational model[30]. - Online retail revenue surged by 105.47% as the company expanded its retail and wholesale business, particularly in the South China region[31]. - The company is focusing on optimizing its asset structure and reducing debt through strategic asset sales[76]. - The company plans to enhance its competitive edge through strategic partnerships and potential acquisitions in the future[104]. Corporate Governance and Compliance - The company has established a governance structure that includes a board of directors with specialized committees to enhance decision-making and oversight[95]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations[96]. - The company has committed to avoiding new competition with its controlling shareholder through management agreements and has outlined plans to address potential conflicts[98][99]. - The board actively monitored the company's operational and financial conditions, ensuring compliance with relevant laws and regulations[119]. - The company has maintained effective internal control systems, focusing on risk prevention and compliance management[130]. - Internal control measures have been optimized, with updates to processes in areas such as asset management, financial management, and procurement management[131]. Environmental and Social Responsibility - The company actively engaged in environmental protection initiatives, including waste management and energy conservation measures, to reduce carbon emissions[138]. - The company is not classified as a key pollutant discharge unit and has not faced any administrative penalties related to environmental issues during the reporting period[137]. - The company organized 17 public welfare activities in 2024, with volunteer participation exceeding 1,000 individuals[146]. - The company emphasizes social responsibility, focusing on investor, employee, supplier, and consumer rights protection in its operations[141][142][143]. Future Outlook and Projections - The company plans to implement a dual-driven strategy of "real economy + capital" to optimize its business operations across commercial logistics and trade sectors[84]. - The company is expected to implement new strategies for market expansion and product development in the upcoming fiscal year[104]. - The company has set a performance guidance for 2024, projecting a revenue increase of 15% compared to 2023[199]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions to enhance its market presence[199]. - The company is focusing on enhancing its digital platform, with an investment of 50 million allocated for technology upgrades and user experience improvements[200].