Financial Performance - The company's operating revenue for Q1 2025 was ¥382,163,519.62, a decrease of 17.14% compared to ¥461,207,228.41 in the same period last year[5] - Net profit attributable to shareholders increased by 210.40% to ¥13,411,806.32 from ¥4,320,750.05 year-on-year[5] - Basic and diluted earnings per share rose by 210.59% to ¥0.0264 from ¥0.0085 in the same period last year[5] - Net profit for the current period was ¥1,863,803.09, compared to a net profit of ¥329,481.77 in the previous period, representing a significant increase[19] - The company reported a profit attributable to the parent company's shareholders of ¥13,411,806.32, up from ¥4,320,750.05 in the previous period[19] Cash Flow - The net cash flow from operating activities improved by 133.72%, reaching ¥14,143,174.26, compared to a negative cash flow of ¥41,947,707.02 in the previous year[5] - Operating cash flow for the period was ¥14,143,174.26, a significant improvement from a negative cash flow of ¥41,947,707.02 in the previous period[20] - Total cash inflow from operating activities reached ¥1,195,600,356.56, compared to ¥1,000,282,754.68 in the prior period, indicating a growth of approximately 19.5%[20] - Cash outflow from operating activities was ¥1,181,457,182.30, up from ¥1,042,230,461.70, reflecting an increase of about 13.3%[20] - Investment activities generated a net cash inflow of ¥27,406,952.97, a recovery from a net outflow of ¥94,189,192.57 in the previous period[20] - Net cash flow from financing activities was negative at ¥42,767,607.58, a decline from a positive cash flow of ¥235,031,637.82 in the previous period[21] Assets and Liabilities - Total assets decreased by 6.25% to ¥2,691,056,820.83 from ¥2,870,383,241.08 at the end of the previous year[5] - Total liabilities decreased to ¥1,427,548,452.02, down from ¥1,615,422,999.13, a reduction of 11.6%[17] - The total equity attributable to the parent company increased to ¥990,240,555.03 from ¥968,987,066.24, an increase of 2.6%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,224[11] - The largest shareholder, Quzhou Baoxin Central Technology Development Partnership, holds 8.95% of shares, totaling 45,695,259 shares, with 45,500,000 shares pledged[11] - The second-largest shareholder, Hunan Xiangcai New Materials Partnership, holds 6.48% of shares, totaling 33,093,100 shares[11] Investment and Expenses - Investment income for the period was reported at ¥30,053,533.02, reflecting a substantial increase due to the completion of the transfer of a subsidiary[9] - Research and development expenses were ¥6,971,779.64, slightly up from ¥6,425,355.06 in the previous period[18] - Cash paid for purchasing goods and services was ¥1,080,536,315.69, an increase from ¥957,229,443.43 in the prior period, reflecting a growth of approximately 12.9%[20] Current and Non-Current Assets - The company’s cash and cash equivalents increased to ¥169,521,362.77 from ¥159,157,672.08, reflecting a growth of approximately 8.5%[15] - Total current assets decreased to ¥1,858,767,610.41 from ¥2,024,405,763.79, a decline of about 8.2%[15] - The total non-current assets include fixed assets valued at ¥553,947,720.77, down from ¥568,712,852.45, a decrease of approximately 2.6%[15]

Financial Performance - The company's operating revenue for 2024 was approximately ¥842 million, a decrease of 9.73% compared to ¥933 million in 2023[23]. - The net profit attributable to shareholders for 2024 was a loss of approximately ¥153 million, representing a decline of 266.95% from a profit of ¥92 million in 2023[23]. - The net cash flow from operating activities for 2024 was a negative ¥121 million, a decrease of 468.42% compared to a positive cash flow of ¥33 million in 2023[23]. - The total assets at the end of 2024 were approximately ¥1.129 billion, down 16.09% from ¥1.345 billion at the end of 2023[23]. - The net assets attributable to shareholders decreased by 28.83% to approximately ¥408 million at the end of 2024 from ¥573 million at the end of 2023[23]. - The basic earnings per share for 2024 was -¥0.2134, a decline of 234.89% from ¥0.1582 in 2023[23]. - The weighted average return on equity for 2024 was -30.40%, a decrease of 93.89% from 63.49% in 2023[23]. Business Expansion and Strategy - The company has expanded its business to include sports event management in addition to its traditional plastic pipe business[20]. - The company is positioned to capitalize on the increasing market concentration as smaller competitors exit the market due to financial pressures, enhancing its competitive advantage[37]. - The company anticipates continued growth in demand for plastic pipes in municipal, agricultural, and construction sectors, supported by new special bonds and national debt issuance for infrastructure projects[37]. - The company has identified a significant opportunity for market expansion through technological innovation and management optimization, aiming to enhance its market share in the plastic pipe industry[37]. - The company has initiated a market expansion plan for North China, Northeast China, and East China in 2024, which involves upfront costs for channel network establishment and customer development subsidies[44]. Industry Insights - The plastic pipe industry in China is projected to maintain strong growth, driven by government policies and increasing market demand, with a reported industry revenue of CNY 30,338.60 billion in 2024, a year-on-year increase of 4.8%[34]. - The industry profit margin slightly decreased by 0.1% year-on-year, totaling CNY 1,704.30 billion in 2024, indicating stable market conditions despite rising costs[34]. - The government has initiated a "60,000 km underground pipeline renovation plan," which is expected to significantly boost demand for plastic pipes, mandating that plastic pipes account for no less than 50% of new pipeline installations[36]. Research and Development - The company reported a research and development investment of 29.36 million yuan, accounting for 3.49% of its revenue, with 224 R&D personnel representing 16.34% of total employees[47]. - The company has developed over 5,000 specifications across more than 10 product categories, including PE, PP, and PVC series, widely used in municipal and construction water supply, agricultural applications, and industrial fluid transport[42]. - The company has completed the small-scale trial and is in the batch production phase for a new type of PVC-C pipe, aiming to exceed national standards[67]. - The company is developing a new type of high-modulus, high-impact resistance PVC pipe, with project completion expected soon[68]. - The company plans to introduce an automated injection molding production system to enhance production efficiency and product quality[70]. Financial Management - The company has a remaining balance of 5,655.80 million in unused raised funds as of December 31, 2024[89]. - The company aims to strengthen financial management and control operating costs through improved financial management systems[99]. - The company has established a macroeconomic monitoring mechanism to dynamically assess the impact of policy adjustments on the industry[103]. - The financial management system is sound, and the financial condition is good, with the 2024 financial report reflecting the company's financial status and operating results accurately[173]. Governance and Compliance - The company adheres to legal regulations and maintains transparency in information disclosure, ensuring all shareholders have equal access to information[135]. - The company has established a dedicated audit department with 3 full-time auditors to oversee economic operations and internal controls[138]. - The company operates independently from its controlling shareholders in terms of assets, personnel, finance, and business, ensuring no competition with related entities[140]. - The company has a clear asset relationship with its controlling shareholders, with no disputes over property rights[140]. - The company has established a comprehensive internal control system that is effectively executed, as confirmed by the supervisory board[177]. Employee and Management Structure - The total number of employees at the end of the reporting period is 1,371, with 501 in the parent company and 870 in major subsidiaries[181]. - The company has a total of 96,397 hours of outsourced labor, with total payments amounting to ¥2,542,529[185]. - The company has implemented a stock incentive plan, granting 27.648 million restricted shares to 31 incentive recipients, including directors and key personnel[193]. - The company has a diverse board with members holding various professional backgrounds, including finance, law, and management[146][147]. - The management team has extensive experience in their respective fields, contributing to the company's strategic direction[151]. Shareholder Engagement - The company has held multiple shareholder meetings, with participation rates of 11.23% for the first temporary meeting, 35.59% for the annual meeting, and 27.86% for the second temporary meeting[142]. - The company has a dedicated investor relations management team to enhance communication with investors through various platforms[137]. - The company has appointed a board secretary responsible for managing investor relations and facilitating communication[137]. Risk Management - The company is focused on risk management, particularly regarding macroeconomic changes and the potential impact on market demand for plastic pipes[102]. - The company is addressing the risk of rising raw material prices by implementing a commodity price warning system and linking product pricing to raw material costs[105].

Financial Performance - The company's revenue for Q1 2025 was ¥796,152,158.94, representing a decrease of 16.49% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥25,651,871.15, down 9.35% year-on-year[5]. - Basic and diluted earnings per share were both ¥0.0076, reflecting an 8.43% decrease from the previous year[5]. - Total operating revenue decreased to ¥796,152,158.94 from ¥953,406,293.16, representing a decline of approximately 16.5% year-over-year[18]. - Net profit for the period was ¥24,568,864.12, down from ¥30,278,299.46, reflecting a decrease of approximately 18.5% year-over-year[19]. - The net profit attributable to the parent company was ¥25,651,871.15, compared to ¥28,298,589.87, a decline of about 9.2% year-over-year[19]. Cash Flow - The net cash flow from operating activities was negative at -¥37,994,893.16, a decline of 295.69% compared to the previous year[5]. - The net cash flow from operating activities was -37,994,893.16, compared to 19,415,797.80 in the previous period, indicating a decline in operational cash generation[21]. - Total cash inflow from financing activities was 905,404,638.47, up from 525,764,043.63, reflecting increased borrowing and investment receipts[22]. - The net cash flow from financing activities was 265,867,299.41, a significant improvement from -28,626,219.91 in the previous period, indicating better financing conditions[22]. - The net cash flow from investing activities was -281,232,018.53, compared to -85,999,556.27 previously, showing a significant increase in cash outflows for investments[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,697,480,188.77, an increase of 0.30% from the end of the previous year[5]. - The company's total assets amount to approximately 6.70 billion RMB, with a slight decrease from 6.68 billion RMB at the beginning of the period[15]. - Total liabilities amounted to ¥4,625,175,397.49, slightly down from ¥4,636,462,586.44, a decrease of approximately 0.2%[17]. - Total equity increased to ¥2,072,304,791.28 from ¥2,040,729,633.97, reflecting an increase of about 1.5%[17]. Research and Development - The company's R&D expenses increased by 30.52% to ¥4,398,653.82 due to higher external R&D spending[9]. - Research and development expenses rose to ¥4,398,653.82 from ¥3,370,011.31, an increase of approximately 30.4% year-over-year[18]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 66,333[12]. - The largest shareholder, Beijing New Mileage Health Industry Group Co., Ltd., holds 24.38% of shares, totaling 825,927,323 shares[12]. - The top ten shareholders include various investment funds and individuals, with significant holdings and some shares under pledge or freeze[12][13]. Operational Metrics - Cash received from sales of goods and services was ¥716,100,676.97, down from ¥890,867,731.57, indicating a decrease of about 19.6% year-over-year[20]. - Cash outflows for operating activities totaled 767,237,059.59, compared to 887,874,207.46 in the previous period, showing a reduction in operational expenses[21]. - Cash inflow from other operating activities was 13,141,489.46, compared to 16,422,273.69 previously, indicating a decline in miscellaneous operational cash receipts[21]. - The company reported a credit impairment loss of ¥4,123,361.88, compared to a loss of ¥9,800,623.67 in the previous period, indicating an improvement in credit quality[18].

Financial Performance - The company's revenue for Q1 2025 reached ¥73,382,892.89, representing a 134.74% increase compared to ¥31,260,880.54 in the same period last year[4] - Net profit attributable to shareholders was ¥18,582,878.68, a significant increase of 280.20% from ¥4,887,678.76 year-on-year[4] - The basic earnings per share rose to ¥0.2913, up 280.29% from ¥0.0766 in the previous year[4] - Operating profit for the current period was ¥20,300,602.32, up from ¥5,538,788.59, representing a growth of 267%[25] - Net profit attributable to the parent company was ¥18,582,878.68, compared to ¥4,887,678.76 in the previous period, marking an increase of 279%[25] - Basic and diluted earnings per share both improved to ¥0.2913 from ¥0.0766, reflecting a growth of 280%[26] Cash Flow - The net cash flow from operating activities was -¥8,698,950.02, a decline of 101.41% compared to -¥4,319,031.10 in the same period last year[15] - Cash flow from operating activities showed a net outflow of ¥8,698,950.02, worsening from a net outflow of ¥4,319,031.10 in the previous period[27] - The net cash flow from investing activities surged by 1,689.99% to ¥200,911,859.63, primarily due to a reduction in purchases of bank wealth management products[15] - Cash flow from investing activities generated a net inflow of ¥200,911,859.63, a substantial increase from ¥11,224,190.54 in the previous period[28] - The cash and cash equivalents at the end of the period totaled ¥317,848,231.04, a significant increase from ¥146,541,454.32 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥774,054,258.03, a decrease of 2.28% from ¥792,142,257.20 at the end of the previous year[5] - Total current assets decreased from 671,246,026.68 CNY to 656,660,399.62 CNY, a decline of approximately 2.6%[20] - Total liabilities decreased from 158,044,621.97 CNY to 121,335,771.63 CNY, a reduction of approximately 23.2%[21] - Non-current assets decreased from 120,896,230.52 CNY to 117,393,858.41 CNY, a decline of approximately 2.1%[21] - Total assets decreased from 792,142,257.20 CNY to 774,054,258.03 CNY, a decline of approximately 2.3%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,210[17] - The largest shareholder, Ge Wenyue, holds 22.48% of shares, totaling 14,339,200 shares[17] Research and Development - The company's R&D expenses increased by 32.96% to ¥4,616,812.98, driven by higher salaries and materials for R&D personnel[14] Other Financial Metrics - The weighted average return on equity improved to 2.89%, up from 0.74% in the previous year[5] - The company reported a decrease in total operating costs to ¥54,613,006.28 from ¥30,756,050.92, resulting in improved profit margins[24] - Other comprehensive income after tax was ¥19,498.09, compared to a loss of ¥13,243.06 in the previous period, indicating a recovery in this area[25] Future Outlook and Strategy - The company has not disclosed any new strategies or product developments in the current reporting period[19] - Future outlook and performance guidance are not detailed in the available content[29][30] - No information on new products, technologies, market expansion, or mergers and acquisitions is present[29][30] - The company has not disclosed any new strategies in the provided documents[29][30] Accounting Standards - The new accounting standards will be implemented starting in 2025[29] - The company is preparing for the first-time execution of financial statement adjustments related to the new accounting standards[29] Additional Information - The first quarter report is unaudited[30] - The board of directors meeting was held on April 29, 2025[30] - There are no specific performance summaries or user data provided in the documents[29][30] - The financial report does not include specific numerical data or percentages[29][30] - The documents do not mention any significant changes in user data or market trends[29][30]

Financial Performance - In 2024, the company's total operating revenue decreased by 34.52%, with a total profit drop of 128.59% and a net profit attributable to shareholders down by 110.56%[5]. - The net profit excluding non-recurring gains and losses fell by 212.98%, indicating significant financial distress[5]. - The company reported an operating income below 100 million RMB, leading to a risk warning for potential delisting due to the impact of order revenue recognition[5]. - The company's operating revenue for 2024 was ¥81,605,885.57, a decrease of 34.52% compared to ¥124,627,815.87 in 2023[21]. - The net profit attributable to shareholders for 2024 was -¥1,646,201.09, representing a decline of 110.56% from ¥15,583,091.37 in 2023[20]. - The net profit after deducting non-recurring gains and losses was -¥11,446,519.73 in 2024, down 212.98% from ¥10,131,265.09 in 2023[20]. - The gross profit margin was 23.47%, down 13.28% year-on-year[51]. - The company experienced a 62.96% decrease in sales volume, with only 10 units sold compared to 27 units in the previous year[57]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to ¥79,992,333.68 in 2024, compared to -¥3,995,523.15 in 2023, marking a 2,102.05% increase[20]. - Total assets at the end of 2024 reached ¥792,142,257.20, an increase of 9.42% from ¥723,960,803.05 at the end of 2023[20]. - The company's total liabilities decreased by 4.02% from the previous year, with net assets attributable to shareholders at ¥634,169,234.91 at the end of 2024[20]. - Operating cash inflow for 2024 reached ¥234,377,853.96, a 66.69% increase compared to ¥140,605,733.45 in 2023[66]. - The company's cash and cash equivalents decreased by 3.55% to ¥147,893,598.90 at the end of 2024, down from ¥160,868,990.72 at the beginning of the year[71]. Research and Development - The company has obtained 47 patent certificates, including 18 invention patents and 29 utility model patents, showcasing its strong R&D capabilities[45]. - Research and development expenses rose by 11.75% to ¥16,165,876.07, attributed to increased salaries for R&D personnel[62]. - The company's R&D investment for 2024 amounted to ¥16,165,876.07, representing 19.81% of operating revenue, a significant increase from 11.61% in 2023[66]. - The total number of R&D personnel increased by 8.33% to 26 in 2024, with a notable rise in the number of employees under 30 years old, increasing from 1 to 7[66]. Market and Industry Outlook - The membrane industry in China is projected to grow at an annual rate of 10% to 12%, with total industry output expected to reach ¥500 billion to ¥600 billion by 2026[30]. - The global industrial wastewater treatment market is experiencing rapid growth due to increasing industrial wastewater discharge and heightened environmental awareness[34]. - The company is focusing on improving the recovery rate of valuable salts from fly ash wastewater, which has high economic value and meets reuse standards[64]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring transparency and protecting shareholder interests[100]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance requirements[101]. - The company has implemented an internal audit system to enhance operational management and risk control[102]. - The company has a complete and independent financial management system, fulfilling its tax obligations as an independent taxpayer[105]. Shareholder and Management Information - The company held its annual shareholder meeting on May 15, 2024, with a participation rate of 50.12%[108]. - The company plans to distribute a cash dividend of RMB 3.60 per 10 shares, totaling RMB 22,962,047.76, based on a total share capital of 63,783,466 shares as of December 31, 2023[133]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 5.9932 million yuan[118]. - The company has a total of 98 employees who received compensation during the reporting period, reflecting a stable employment situation[130]. Risks and Challenges - The company faces risks from intensified market competition and will maintain investment in technology R&D to strengthen its core competitiveness[94]. - The accounts receivable risk is increasing due to a growing number of new clients, and the company will manage client credit ratings to mitigate this risk[96]. - The company is in the pilot stage of developing a zero discharge and resource utilization process for wastewater in the coal-to-olefins industry, which is expected to create significant economic benefits[64]. Future Plans and Strategies - The company plans to continue promoting the construction of its R&D projects while carefully evaluating the situation regarding expected returns[84]. - The company aims to assist industrial enterprises in achieving clean production and green transformation, benefiting both economic and environmental outcomes[38]. - The company aims to expand its international business by participating in overseas industry exhibitions and targeting markets in Southeast Asia, South Asia, Africa, and Europe[93].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a growth of 15% year-over-year[17]. - The company has set a future revenue guidance of 1.5 billion RMB for the next fiscal year, indicating an expected growth rate of 25%[17]. - The company's operating revenue for 2024 was ¥5,244,586,481.99, a decrease of 2.92% compared to ¥5,402,431,392.47 in 2023[23]. - The net profit attributable to shareholders for 2024 was -¥3,057,514,008.93, representing a 94.47% increase in losses compared to -¥1,572,189,861.43 in 2023[23]. - The cash flow from operating activities for 2024 was ¥973,326,446.23, an increase of 3.85% from ¥937,250,068.48 in 2023[23]. - The basic earnings per share for 2024 was -¥2.231, a decline of 87.95% from -¥1.187 in 2023[23]. - The total assets at the end of 2024 were ¥20,721,867,109.74, down 12.95% from ¥23,805,214,178.57 at the end of 2023[23]. - The net assets attributable to shareholders decreased by 58.83% to ¥2,401,590,666.68 at the end of 2024 from ¥5,833,546,900.66 at the end of 2023[23]. - The company reported a significant increase in non-operating losses, totaling -¥715,562,914.16 in 2024 compared to -¥71,873,823.39 in 2023[31]. Market Expansion and Strategy - User data indicates that the active customer base has expanded to 3 million, marking a 20% increase compared to the previous year[17]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next three years[17]. - A strategic acquisition of a local waste management firm is underway, expected to enhance service capabilities and increase market penetration by 15%[17]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 500 million yuan for potential deals[7]. - The company plans to enhance its participation in environmental protection initiatives, focusing on low-carbon technology and solid waste management[35]. - The company aims to enhance project operation quality and optimize existing assets in the sanitation sector for 2024[40]. - The company is focusing on technology-driven development and promoting the application of innovative technologies in its projects[44]. Research and Development - The company is investing 200 million RMB in R&D for innovative environmental solutions, aiming for a 40% increase in efficiency[17]. - The company holds a total of 134 invention patents, 195 utility model patents, and 95 software copyrights as of the end of 2024[45]. - The company is continuing to develop near-zero emissions technology for waste incineration, which is expected to enhance its waste management capabilities[62]. - The company's R&D investment accounted for 1.38% of operating revenue, up from 1.34% the previous year[62]. Governance and Compliance - The company has established a comprehensive information disclosure system to ensure transparency and compliance with regulations[97]. - The board includes three independent directors, constituting one-third of the total board members, aligning with legal requirements[96]. - The company actively engages with investors through various communication channels to maintain good relationships[98]. - The company is committed to maintaining transparency and accountability in its operations[123]. - The company received an administrative regulatory measure from Hubei Securities Regulatory Bureau on December 19, 2023, due to compliance issues involving multiple executives[115]. - Shenzhen Stock Exchange issued a disciplinary decision on September 30, 2024, citing 51 instances of dishonesty related to the company's public bond issuance from March 4, 2022, to November 23, 2023[116]. Environmental Compliance - The company complied with various environmental protection laws and regulations, including the Environmental Protection Law of the People's Republic of China[145]. - The company reported a total emission of 54.11 tons of particulate matter, with a concentration of 30/20 mg/m³, which is within the regulatory limits[146]. - The total emission of nitrogen oxides was 411.73 tons, with a concentration of 300/250 mg/m³, also compliant with pollution control standards[146]. - The company has not exceeded the total emission limits for any pollutants reported, indicating effective pollution control measures[146]. - The company is actively monitoring and managing emissions to ensure compliance with local and national environmental regulations[146]. Employee and Management Changes - The company confirmed that there were no changes in the number of employees, maintaining a total of 6,104[103]. - The company is undergoing a leadership transition with multiple resignations and nominations within the board and supervisory roles[105]. - The company has maintained a stable management team with no changes in shareholding among directors and executives[102]. - The company reported a total number of employees at the end of the reporting period is 42,617, with 101 in the parent company and 42,516 in major subsidiaries[129]. Financial Management and Risks - The company has identified key risks including regulatory changes and market competition, with strategies in place to mitigate these risks[5]. - The company aims to maintain stable debt and control risks by actively seeking support from government and banks, avoiding large principal reductions, and restructuring debts through negotiation and court mediation[194]. - The company plans to dispose of low-efficiency assets and enhance collection efforts to broaden sources of funds for debt repayment, aiming to mitigate financial risks[195]. - The company received a qualified audit opinion due to the inability to obtain sufficient appropriate audit evidence regarding the accounts payable[192]. Community Engagement and Social Responsibility - The company has actively participated in social responsibility initiatives, employing nearly 1,000 impoverished individuals and spending approximately 12.8 million CNY on labor costs[182]. - The company provided 70,000 CNY worth of materials to local communities as part of its public welfare efforts[182]. - The company organized disaster relief efforts in response to severe typhoon damage, deploying multiple vehicles and personnel to assist affected areas[183].

Financial Performance - The company's operating revenue for Q1 2025 was ¥7,191,685.68, a decrease of 97.93% compared to ¥347,269,258.59 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥4,877,965.69, an improvement of 98.31% from a loss of ¥287,998,437.80 in the previous year[4] - The total operating revenue for the current period is ¥7,191,685.68, a significant decrease from ¥347,269,258.59 in the previous period, representing a decline of approximately 98.9%[21] - The net profit for the current period is -¥4,877,965.69, compared to -¥303,304,746.09 in the previous period, showing an improvement of approximately 98.4%[22] - The total comprehensive income for the current period is -¥4,877,965.69, compared to -¥303,304,746.09 in the previous period, indicating a significant improvement[23] Cash Flow - The net cash flow from operating activities was -¥28,821,275.35, which is a 55.02% improvement compared to -¥64,072,293.08 in the same period last year[4] - Cash flow from operating activities for the current period is -¥28,821,275.35, an improvement from -¥64,072,293.08 in the previous period[24] - The cash inflow from operating activities totaled ¥40,153,095.85, down from ¥670,953,832.84 in the previous period, a decrease of approximately 94%[24] - Net cash flow from investment activities was -$19,016,582.09, with total cash inflows of $24,152,000.00 and outflows of $43,168,582.09[25] - Cash flow from financing activities generated a net inflow of $304,559,764.17, with total cash inflows of $1,080,337,246.86 and outflows of $775,777,482.69[25] Assets and Liabilities - Total assets decreased by 10.18% to ¥1,943,015,621.67 from ¥2,163,263,530.83 at the end of the previous year[4] - Current assets decreased to CNY 644,178,716.47 from CNY 872,606,602.27, primarily due to a reduction in cash and cash equivalents[17] - The total liabilities amount to ¥409,434,310.58, compared to ¥624,804,254.05 in the previous period, reflecting a decrease of about 34.4%[19] - Total current liabilities decreased to CNY 409,434,310.58 from CNY 624,804,254.05, showing improved liquidity management[18] Borrowings and Receivables - Accounts receivable increased by 37.96% compared to the beginning of the year, indicating a portion of sales revenue has not yet been collected[7] - Short-term borrowings increased by 107.02% compared to the beginning of the year, reflecting an increase in short-term loans from financial institutions[7] - Short-term borrowings rose to CNY 6,008,642.51 from CNY 2,902,513.46, reflecting increased financing needs[18] - Accounts receivable increased to CNY 14,347,690.32 from CNY 10,399,558.95, indicating a rise in outstanding payments[17] Expenses - The total operating costs for Q1 2025 were ¥11,932,742.69, down 98.41% from ¥749,699,454.73 in the previous year[9] - The company reported a significant reduction in management expenses, which fell by 93.38% to ¥6,462,071.28 from ¥97,563,860.62 year-on-year[9] - Research and development expenses for the current period are ¥168,824.36, significantly reduced from ¥19,522,014.94 in the previous period, indicating a decrease of approximately 99.1%[21] - The company reported a financial expense of -¥107,415.21, compared to ¥240,216,722.75 in the previous period, showing a reduction of about 100%[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 66,852[13] - The total equity attributable to shareholders of the parent company is ¥1,533,581,311.09, slightly down from ¥1,538,459,276.78 in the previous period[19] Strategic Initiatives - The company is exploring new strategies for market expansion and product development, although specific details were not disclosed in the conference call[16] Accounting Standards - The first quarter report for 2025 was not audited[26] - The company will implement new accounting standards starting in 2025[26]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,115,290,750.70, a decrease of 9.04% compared to ¥1,226,182,070.39 in the same period last year[7]. - The net loss attributable to shareholders was ¥132,659,379.28, representing a 57.00% increase in losses from ¥84,494,835.42 year-on-year[7]. - Basic and diluted earnings per share were both -¥0.114, a decline of 93.22% from -¥0.059 in the same period last year[7]. - The total loss for the period was ¥108,838,522.80, an increase of 88.87% compared to a loss of ¥57,626,536.60 in the same period last year[11]. - The total comprehensive income attributable to the parent company was -132,658,946.91 CNY, compared to -84,491,490.99 CNY in the previous period, indicating a decline of approximately 56.5%[22]. Cash Flow and Investments - The net cash flow from operating activities increased by 29.61% to ¥113,167,747.48, compared to ¥87,317,151.60 in the previous year[7]. - The net cash flow from investing activities was -27,471,633.61 CNY, an improvement from -51,745,165.92 CNY in the previous period, showing a reduction in cash outflow by approximately 47.1%[24]. - Cash flow from financing activities resulted in a net outflow of -141,083,446.22 CNY, compared to -213,116,579.07 CNY in the previous period, indicating a decrease in cash outflow by about 33.8%[24]. - The company reported a total cash inflow from operating activities of 1,206,365,701.23 CNY, down from 1,221,791,442.41 CNY, indicating a decrease of approximately 1.3%[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥20,481,122,818.23, down 1.16% from ¥20,721,867,109.74 at the end of the previous year[7]. - Total liabilities decreased slightly to CNY 15,779,389,363.47 from CNY 15,825,323,103.09, a decrease of approximately 0.29%[18]. - The company's retained earnings showed a negative balance of CNY -7,825,285,418.36, worsening from CNY -7,608,534,039.08[18]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 76,424[13]. - The largest shareholder, Zhuhai Qidi Investment, holds 82,818,938 shares, representing 5.81% of total shares[13]. - The second largest shareholder, Tianfu Qingyuan Holdings, owns 71,084,278 shares, accounting for 4.99%[13]. - The company has a total of 10 million shares held by individual shareholder Shu Jun, which is 0.70% of total shares[14]. Operational Metrics - Non-operating income decreased by 79.90% to ¥501,181.52, down from ¥2,493,087.49 in the previous year[11]. - Cash paid for the acquisition of fixed assets decreased by 27.49% to ¥33,344,475.59 from ¥45,984,386.73 in the previous year[11]. - Accounts receivable increased to ¥4,289,325,187.30 from ¥4,254,139,576.63, reflecting a growth of about 0.82%[16]. - The company has reported a decrease in other receivables to ¥519,734,342.47 from ¥537,972,747.55, a decline of approximately 3.38%[16]. Research and Development - Research and development expenses were CNY 15,739,945.10, compared to CNY 15,595,005.79 in the previous period, reflecting a marginal increase of about 0.93%[21]. - The company has not disclosed any new product or technology developments during the reporting period[14]. Legal and Regulatory - The company is involved in ongoing litigation, with updates provided in recent announcements[14]. - There are no significant changes in the top 10 shareholders' participation in margin trading or securities lending[14].

Financial Performance - The company's operating revenue for 2024 was ¥680,718,761.43, a decrease of 49.79% compared to ¥1,355,728,301.12 in 2023[21]. - The net profit attributable to shareholders for 2024 was -¥195,378,136.23, representing a decline of 715.45% from ¥31,745,830.83 in 2023[21]. - The cash flow from operating activities for 2024 was -¥301,852,671.59, a decrease of 58.88% compared to -¥189,991,360.41 in 2023[21]. - The total assets at the end of 2024 were ¥1,898,412,950.52, down 30.13% from ¥2,717,252,025.59 at the end of 2023[21]. - The company's main business revenue after deducting non-core business income was ¥539,995,255.77 in 2024, compared to ¥850,032,585.93 in 2023[22]. - The company reported a basic earnings per share of -¥0.08 for 2024, a decrease of 900.00% from ¥0.01 in 2023[21]. - The company's total revenue for 2024 was approximately ¥680.72 million, representing a 49.79% decrease compared to ¥1.36 billion in 2023[49]. - Revenue from the wholesale and retail sector accounted for 79.33% of total revenue in 2024, down from 62.70% in 2023, with a decrease of 36.47% in this segment[49]. - Men's clothing revenue was ¥314.67 million, making up 46.23% of total revenue, a decline of 39.08% from ¥516.51 million in 2023[49]. Market Position and Strategy - The company holds a strong market position in the domestic leisure apparel retail sector, but faces increasing competition from both domestic and international brands[5]. - The company is focusing on enhancing brand competitiveness and influence to mitigate risks from industry competition[36]. - The company is implementing a "trendy outdoor" brand upgrade strategy and a "5.0 new retail" strategy to enhance consumer experience and market competitiveness[47]. - The company plans to open multiple experience stores nationwide in the second half of 2024 as part of its "5.0 new retail" strategy[47]. - The company plans to leverage big data to analyze consumer behavior and preferences for better product development[37]. - The company is committed to product innovation as a core driver for growth in the competitive apparel market[32]. Risk Management - The leisure apparel industry is significantly affected by macroeconomic fluctuations, posing risks to the company's main business development and profitability[4]. - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and plans[4]. - The company faced significant risks from macroeconomic fluctuations, which could impact its main business development and profitability[35]. - The company has recognized the importance of risk management and has established a comprehensive management system for both direct and franchise channels[46]. Governance and Management - The company has established independent financial accounting departments and a standardized financial management system[110]. - The company operates independently from its controlling shareholders and has no shared bank accounts with them[110]. - The board of directors and senior management are independent and not involved in other positions within the controlling shareholder's enterprises[110]. - The company has a structured governance framework including a board of directors, supervisory board, and management team[110]. - The company has maintained a consistent governance structure to ensure operational independence and financial integrity[110]. - The company has established a strong governance structure with independent directors and a dedicated supervisory board[119]. Shareholder Engagement - The company held its first temporary shareholders' meeting of 2024 on January 15, with an investor participation rate of 43.23%[111]. - The second temporary shareholders' meeting of 2024 took place on January 22, with a participation rate of 43.19%[111]. - The annual shareholders' meeting for 2023 was held on May 22, achieving a participation rate of 42.50%[111]. - The third temporary shareholders' meeting of 2024 occurred on July 18, with a participation rate of 42.60%[111]. - The fourth temporary shareholders' meeting of 2024 was conducted on December 5, with a participation rate of 43.26%[111]. Employee and Talent Management - The total number of employees at the end of the reporting period is 891, with 307 in the parent company and 584 in major subsidiaries[136]. - The professional composition includes 605 sales personnel, 81 technical personnel, 43 financial personnel, and 125 administrative personnel[136]. - The company emphasizes a "fair, open, and transparent" compensation performance system, focusing on performance results and establishing a reasonable profit-sharing mechanism[137]. - The management trainee program selects hundreds of outstanding graduates from top domestic universities each year for focused training and rotation over 2-3 years[138]. - The high-potential talent program aims to cultivate internal employees with development potential, focusing resources on their growth[138]. Financial Disclosures and Compliance - The company’s financial disclosures were found to be inaccurate, leading to regulatory warnings for key executives[123]. - The company’s financial assistance practices were not disclosed in a timely manner, violating disclosure regulations[122]. - The company’s annual report for 2023 was released on April 30, 2024, detailing the financial discrepancies[123]. - The company has not encountered any major defects in internal control during the reporting period[144]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[148]. Legal and Regulatory Matters - The company is involved in a lawsuit concerning a rental contract dispute with Shanghai Hongding Investment Management, with a claim amount of 11.9148 million yuan[162]. - The company has no significant litigation or arbitration matters pending as of the reporting period[161]. - The company reported a debt of 797 million yuan related to guarantees provided, with ongoing legal actions to recover losses[164]. - The total assets of Qianxiahu Development Company, involved in the lawsuit, exceeded 1.4 billion yuan as of December 31, 2023[164]. Inventory and Supply Chain Management - The company has established a strong supply chain management capability, integrating business flow, information flow, logistics, and capital flow[42]. - The company reported a significant reduction in inventory, with a year-over-year decrease of 35.15%, reflecting a strategic shift in product procurement[55]. - The inventory turnover days for finished apparel products were 370 days, with a total inventory balance of approximately 639.59 million, showing a year-on-year decrease of 24.41%[74]. - The inventory structure indicates that 92.10% of the inventory consists of finished apparel, with a total inventory value of approximately 431.50 million and a provision for inventory depreciation of approximately 137.28 million, resulting in a depreciation provision ratio of 31.81%[77]. Future Outlook - The company plans to continue expanding its market presence while focusing on the development of new products and technologies[60]. - The company is focusing on improving product competitiveness and enhancing consumer experience through digital applications and organizational transformation[102]. - In 2024, the company plans to enhance brand marketing and invest in new retail capabilities, which may initially affect profit margins but is aimed at long-term growth[102].

Financial Performance - The company's revenue for Q1 2025 was ¥143,053,736.81, a decrease of 48.74% compared to ¥279,079,355.93 in the same period last year[5] - Net profit attributable to shareholders was ¥6,389,305.19, down 90.62% from ¥68,105,028.85 year-on-year[5] - Basic and diluted earnings per share dropped to ¥0.00, a 100% decrease from ¥0.03 in the same period last year[5] - Total operating revenue for the current period is CNY 143,053,736.81, compared to CNY 279,079,355.93 in the previous period, representing a decrease of approximately 48.7%[17] - Net profit for the current period is CNY 6,389,305.19, a decrease of approximately 6.5% from CNY 68,105,028.85 in the previous period[18] - The company reported a total comprehensive income of CNY 9,369,797.68 for the current period, compared to CNY 68,105,028.85 in the previous period[18] Cash Flow and Liquidity - The net cash flow from operating activities improved by 42.69%, reaching -¥76,809,579.35 compared to -¥134,031,398.45 in the previous year[5] - The company's cash and cash equivalents decreased by 53.70% to ¥29,474,649.19, primarily due to cash payments related to operating activities[7] - Cash and cash equivalents at the end of the period stand at CNY 11,809,436.16, down from CNY 272,698,557.56[21] - The company generated CNY 155,690,100.36 in cash inflows from operating activities, compared to CNY 282,127,366.43 in the previous period, a decrease of about 44.8%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,853,667,564.99, a decrease of 2.36% from ¥1,898,412,950.52 at the end of the previous year[5] - The company's total assets decreased from CNY 1,898,412,950.52 to CNY 1,853,667,564.99, a decline of about 2.4%[14] - Total current assets decreased from CNY 653,396,197.09 to CNY 617,517,576.74, a decline of about 5.5%[13] - Total liabilities decreased from CNY 1,618,184,973.44 to CNY 1,565,929,655.22, a reduction of approximately 3.2%[14] - Short-term borrowings slightly decreased from CNY 344,269,744.33 to CNY 342,430,418.71, a reduction of about 0.5%[14] Equity and Retained Earnings - The company's total equity increased from CNY 280,227,977.08 to CNY 287,737,909.77, reflecting a growth of approximately 2%[14] - The company's retained earnings showed a slight improvement, moving from CNY -3,210,003,054.67 to CNY -3,203,613,749.48[14] Operating Costs and Expenses - Total operating costs for the current period are CNY 138,451,124.28, down from CNY 282,087,397.61, indicating a reduction of about 51.0%[17] - Research and development expenses decreased by 56.31% to ¥3,664,815.60, mainly due to reduced labor costs during the reporting period[7] - The company incurred research and development expenses of CNY 3,664,815.60, down from CNY 8,389,038.12, reflecting a decrease of approximately 56.3%[17] Other Financial Metrics - The weighted average return on equity fell to 2.27%, down 11.77% from 14.04% in the previous year[5] - Accounts receivable increased from CNY 107,273,228.37 to CNY 108,981,278.45, reflecting a growth of about 1.6%[13] - Inventory decreased from CNY 329,976,622.22 to CNY 317,188,698.37, a reduction of approximately 3.9%[13] - Prepayments increased by 147.94% to ¥17,011,069.69, mainly due to new prepayments to suppliers during the reporting period[7] - Other income surged by 3485.25% to ¥8,756,315.07, attributed to an increase in uncollectible supplier payments[7]