Financial Performance - The company's operating revenue for 2024 was ¥782,737,166.86, a decrease of 49.56% compared to ¥1,551,943,228.60 in 2023[18]. - The net profit attributable to shareholders for 2024 was -¥185,864,848.19, showing an improvement of 50.12% from -¥372,593,261.90 in 2023[18]. - The net cash flow from operating activities increased by 13.69% to ¥30,403,904.30 in 2024, compared to ¥26,743,871.71 in 2023[18]. - The basic and diluted earnings per share for 2024 were both -¥0.49, a 50.51% improvement from -¥0.99 in 2023[18]. - Total assets at the end of 2024 were ¥3,480,854,188.34, a decrease of 14.43% from ¥4,067,725,163.63 at the end of 2023[18]. - The net assets attributable to shareholders decreased by 82.81% to ¥40,623,856.17 at the end of 2024, down from ¥236,341,485.04 at the end of 2023[18]. - The company reported a significant reduction in net profit after deducting non-recurring gains and losses, which was -¥255,038,932.57 in 2024 compared to -¥447,086,046.73 in 2023, a decrease of 42.96%[18]. - The company reported a net loss for the year, continuing to face operational challenges despite efforts to stabilize operations and secure funding[44]. Revenue Breakdown - The decoration business accounted for ¥648,356,717.34, or 82.83% of total revenue, down 54.05% from ¥1,410,932,879.93 in the previous year[45]. - The photovoltaic business saw a slight increase in revenue to ¥100,514,620.74, up 3.15% from ¥97,446,806.97 in 2023, representing 12.84% of total revenue[45]. - The company’s revenue after deducting certain amounts was ¥767,818,798.87 in 2024, compared to ¥1,540,172,265.15 in 2023[19]. - The company's total revenue for Q1 2024 was approximately CNY 222.08 million, showing a decline in subsequent quarters with Q2 at CNY 190.12 million, Q3 at CNY 176.01 million, and Q4 at CNY 194.52 million[23]. Operational Challenges - The company highlighted ongoing risks and uncertainties regarding its ability to continue as a going concern, as noted in the audit report[18]. - The company has a significant unfinished project amounting to ¥4,473,575,560.05, with ¥2,507,285,179.56 recognized in revenue and ¥1,966,290,380.49 remaining[50]. - The company is undergoing a restructuring process initiated by creditors due to an inability to repay debts, with a restructuring application filed on February 17, 2025[159]. - The company faces market competition risks due to a large number of players in the construction decoration industry, and it will take measures to strengthen its competitive advantage[83]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for the year[5]. - The company plans to optimize its business structure and promote technological innovation and transformation upgrades in the future[81]. - The company aims to establish a modern management system and enhance risk prevention awareness to support high-quality development[81]. - The company is actively developing integrated photovoltaic building technologies, combining photovoltaic systems with construction and decoration services to create systematic solutions[38]. Research and Development - R&D investment fell by 53.41% from ¥49,163,239.74 in 2023 to ¥22,904,003.82 in 2024, with the R&D expenditure as a percentage of revenue decreasing from 3.17% to 2.93%[67]. - The company is committed to integrating green low-carbon technologies into its construction processes, aiming to lead the industry towards sustainable practices[66]. - The company aims to establish an indoor pollutant prediction model to enhance its competitive position in the decoration and construction market[61]. - The company is developing modular prefabricated ceiling systems to address traditional construction challenges, aiming for a lightweight, standardized approach[66]. Governance and Management - The company has established a sound corporate governance structure, with a clear separation of powers among the shareholders' meeting, board of directors, and supervisory board[95]. - The company has maintained independence from its controlling shareholder in terms of assets, business, personnel, and financial matters, ensuring autonomous operational capabilities[93]. - The company has a complete and independent personnel management system, with all employees under formal labor contracts[93]. - The company actively engages with investors through various channels, ensuring timely and transparent communication[91]. Environmental and Social Responsibility - The company actively adheres to national environmental laws and regulations, integrating green development principles into its strategic decisions[144]. - The company has not engaged in poverty alleviation or rural revitalization efforts during the reporting period[145]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[144]. Market Position and Future Outlook - The company ranks among the top ten in the architectural decoration industry and has been recognized as a high-tech enterprise in China[30]. - The photovoltaic building market is expected to grow significantly, driven by technological innovation and policy support, with a focus on achieving carbon neutrality[33]. - The company plans to continue expanding its market presence and developing new products and technologies[120].

Financial Performance - The company's operating revenue for 2024 was ¥210,529,976.66, a decrease of 12.73% compared to ¥241,244,111.79 in 2023[6]. - The net profit attributable to shareholders for 2024 was -¥99,869,954.23, representing a decline of 113.76% from -¥46,720,689.86 in 2023[6]. - The cash flow from operating activities for 2024 was -¥84,812,942.62, a significant decrease of 145.74% compared to -¥34,512,950.15 in 2023[6]. - The total assets at the end of 2024 were ¥962,921,879.35, down 13.82% from ¥1,117,402,497.63 at the end of 2023[6]. - The company reported a basic earnings per share of -¥0.5376 for 2024, a decline of 113.76% from -¥0.2515 in 2023[6]. - The company's total revenue for the reporting period was CNY 190,962,163.80, a decrease of 7.40% compared to the previous year[33]. - The main business revenue was ¥198,983,469.72, accounting for 94.52% of total revenue, down 10.43% from ¥222,165,185.89 in 2023[50]. - Beer sales generated ¥169,796,542.46, representing 80.65% of total revenue, with a decline of 4.85% from ¥178,445,785.52 in 2023[50]. - The total production of beer and beverages was 64,605 KL, a year-on-year decrease of 1.7%, while sales volume dropped by 8.7% to 59,766 KL[48][53]. Market and Industry Trends - The beer production in China for 2024 was 35.213 million kiloliters, a slight decrease of 0.6% year-on-year, indicating a downward trend in the industry[30]. - The competitive landscape in the beer industry is intensifying, with major brands like Tsingtao and Snow Beer maintaining a dominant market position[31]. - The company faced increased market competition, leading to a decline in brand influence and market share, particularly among younger consumers[48]. - The sales revenue from high-end products decreased by 16.93% year-on-year, indicating challenges in the premium segment[35]. Operational Strategies - The company is focusing on product innovation and market expansion to adapt to changing consumer preferences towards higher quality and diversified beer products[30]. - The company plans to enhance its marketing efforts and expand its sales channels to improve brand recognition and market coverage[45]. - The company aims to optimize production and sales coordination to improve operational efficiency, targeting seasonal product launches to meet consumer demand[45]. - The company has upgraded its digital sales management system to cloud-based, enabling real-time data analysis and decision support[48]. Financial Management and Cash Flow - Operating cash inflow decreased by 30.39% to ¥255,434,943.66, mainly due to a reduction in cash received from sales of goods and services compared to the previous year[64]. - Investment cash inflow increased by 22.96% to ¥94,530,218.03, attributed to the net increase in maturity of term deposits over one year[64]. - Financing cash inflow surged by 621.87% to ¥202,123,654.90, reflecting significant bank financing activities not present in the previous year[64]. - The company reported a net cash outflow from operating activities of ¥84,812,942.62, a 145.74% increase in losses compared to the previous year[64]. Governance and Compliance - The company has conducted two shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[88]. - The company maintains independence from its controlling shareholder, ensuring separation in business, personnel, assets, institutions, and finance[89]. - The board of directors consists of independent directors accounting for no less than one-third of the total board members, with five board meetings held during the reporting period[90]. - The supervisory board has conducted five meetings, reviewing 11 proposals, ensuring compliance and oversight of financial matters[91]. - The company emphasizes transparent information disclosure, adhering to legal requirements and ensuring timely and accurate communication with investors[94]. Environmental Compliance - The company has obtained various environmental permits, including a pollution discharge permit valid for five years from October 20, 2022[149]. - The company was recognized as a B-level enterprise in environmental protection standards certification in 2022, valid for three years[149]. - The company is listed as a key industry enterprise for clean production audits in Lanzhou as of 2024[149]. - The company has implemented measures to control emissions of nitrogen oxides and sulfur dioxide, with specific limits set for each pollutant[152]. Legal Matters - The company is involved in a significant litigation case regarding the forced liquidation of its indirect controlling shareholder, Gansu Xinsheng Industrial Trade Co., Ltd.[181]. - The company is currently engaged in a contract dispute with Xin Yuan, with a court hearing scheduled for March 15, 2023[182]. - The company is monitoring the developments of its significant lawsuits and their potential impact on future operations[182]. - The company reported a total litigation amount of 896,800 yuan during the reporting period, which did not meet the disclosure standards for significant litigation[184]. Management and Leadership Changes - The company has undergone significant management changes, with multiple directors and executives resigning on December 16, 2024, including the chairman and several board members[102]. - New appointments include Tan Yuexin as chairman and Guo Lili as president, effective December 16, 2024[104]. - The company is expanding its management team with new board members and executives, indicating a strategic shift in leadership[102]. - The overall management transition may lead to new strategies being implemented in the upcoming fiscal periods[102].

Financial Performance - The company's operating revenue for Q1 2025 was ¥100,110,799.34, a decrease of 0.46% compared to ¥100,575,702.29 in the same period last year[3] - The net profit attributable to shareholders was -¥11,899,583.20, representing a significant decline of 960.04% from -¥1,122,560.52 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥10,770,642.19, down 682.74% from ¥1,848,275.03 in the previous year[3] - Net profit for the current period was a loss of ¥11,179,695.86, compared to a profit of ¥371,857.08 in the previous period[16] - The company reported a comprehensive loss of ¥11,163,598.24, compared to a comprehensive income of ¥405,781.67 in the previous period[17] Cash Flow - The net cash flow from operating activities increased by 32.49% to ¥11,453,424.33, compared to ¥8,644,488.81 in the same period last year[3] - Operating cash inflow totaled ¥99,223,217.11, down 32.8% from ¥147,729,200.68 in the previous period[19] - Cash outflow from operating activities decreased to ¥87,769,792.78, down 37.0% from ¥139,084,711.87 in the previous period[20] - Cash flow from investment activities generated a net inflow of ¥1,894,591.35, compared to a net outflow of ¥415,900.00 in the previous period[20] - Cash outflow for investment activities decreased significantly to ¥47,400.00 from ¥587,700.00 in the previous period[20] - Cash flow from financing activities resulted in a net outflow of ¥23,274,399.69, worsening from a net outflow of ¥5,302,864.12 in the previous period[20] - The impact of exchange rate changes on cash and cash equivalents was a negative ¥15,959.86, compared to a negative ¥957,811.59 in the previous period[20] - The ending balance of cash and cash equivalents was ¥48,843,904.51, down from ¥14,923,877.12 in the previous period[20] - The company reported a significant increase in cash received from operating activities related to other business activities, totaling ¥22,234,418.93, up from ¥9,580,238.57[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥923,256,475.22, a decrease of 1.78% from ¥939,983,853.40 at the end of the previous year[3] - Total liabilities decreased slightly to ¥949,549,360.56 from ¥955,113,140.50, a reduction of 0.59%[13] - The company's equity attributable to shareholders decreased by 14.54% to ¥69,904,815.75 from ¥81,796,189.16 at the end of the previous year[3] - The company's equity attributable to shareholders decreased to ¥69,904,815.75 from ¥81,796,189.16, a decline of 14.56%[13] Operating Costs and Expenses - Total operating costs increased to ¥108,545,441.39, up 4.83% from ¥103,667,185.25 in the previous period[15] - Research and development expenses increased to ¥2,259,822.81, up 17.06% from ¥1,929,948.31 in the previous period[16] - Employee compensation payments decreased to ¥20,745,329.84, down 12.7% from ¥23,773,401.07 in the previous period[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 34,311[8] - Basic and diluted earnings per share were both -0.0135, compared to -0.0013 in the previous period[17] Other Income - The company reported a significant increase in other operating income by 162.92%, primarily due to arbitration compensation received[6] Return on Assets - The weighted average return on net assets was -15.69%, down 17.27% from 1.58% in the previous year[3]

Financial Performance - The company's operating revenue for 2024 was ¥416,031,777.19, a decrease of 36.67% compared to ¥656,893,837.84 in 2023[17]. - The net profit attributable to shareholders for 2024 was ¥152,304,308.31, representing a significant increase of 164.51% from a loss of ¥215,144,077.22 in 2023[17]. - The net cash flow from operating activities for 2024 was -¥5,550,958.03, a decline of 115.83% compared to ¥35,063,943.44 in 2023[17]. - Basic earnings per share for 2024 were ¥0.1731, a recovery from a loss of ¥0.2445 in 2023, marking an increase of 164.49%[17]. - Total assets at the end of 2024 were ¥939,983,853.40, down 11.35% from ¥1,060,346,384.15 at the end of 2023[17]. - The net assets attributable to shareholders increased to ¥81,796,189.16, a rise of 216.10% from a negative net asset of -¥49,494,383.93 in 2023[17]. - The revenue after deducting unrelated business income for 2024 was ¥411,270,408.86, slightly down from ¥415,018,671.17 in 2023[20]. - The company reported a net profit attributable to shareholders of -¥1,122,560.52 in Q1 2024, -¥31,929,272.43 in Q2, -¥15,766,895.78 in Q3, and a positive net profit of ¥201,123,037.04 in Q4[24]. - The pharmaceutical segment accounted for ¥391,273,715.21, representing 94.05% of total revenue, with a year-on-year decline of 37.86%[47]. - The gross margin for the pharmaceutical segment was 61.77%, down 9.79% from the previous year[48]. Challenges and Risks - The company has faced significant challenges, including a substantial decrease in revenue and cash flow, which may impact future operations[4]. - The audit report indicated a going concern uncertainty, highlighting the need for careful financial management moving forward[4]. - The company has experienced uncertainty regarding its ability to continue as a going concern, as indicated by negative net profits over the last three accounting years[20]. - The company triggered a default on its "16 Jingfeng 01" bonds, with an overdue principal of ¥29,463.92 million as of December 31, 2023, and a required additional provision for default penalties of ¥20,956,400[20]. - The restructuring process carries significant uncertainty, and if successful, it could optimize the company's capital structure and improve its operational sustainability[81]. Strategic Focus and Operations - The company is focusing on risk management and operational planning to navigate potential future challenges[4]. - The company plans to adopt new accounting policies effective January 1, 2024, regarding data resources, which will not have a significant impact on its financial statements[20]. - The company aims to maintain its core competitiveness by providing high-quality products and services while continuously improving its operational efficiency[36]. - The company is actively expanding its market presence in private hospitals and county-level medical markets, expecting stable sales growth[43]. - The company is focusing on enhancing its marketing strategies and deepening collaborations with grassroots medical institutions to increase market share[43]. Research and Development - The company has a robust R&D pipeline, with products in various therapeutic areas, including cardiovascular, oncology, and pain management[43]. - The R&D model emphasizes self-research and collaborative development, with a focus on innovative drugs and timely market entry[35]. - The company aims to diversify its product pipeline, focusing on a mix of innovative drugs, generics, and traditional Chinese medicine[42]. - The company has successfully won exclusive bids for sodium hyaluronate injection in multiple provincial procurement alliances, demonstrating strong market influence in orthopedics[39]. Governance and Management - The company has maintained an independent governance structure, ensuring no interference from the controlling shareholder in decision-making processes[89]. - The company has established a value management system and is focused on enhancing investor communication and governance practices[87]. - The management team effectively oversees daily operations without exceeding their authority, ensuring the protection of the company's and shareholders' interests[91]. - The board of directors operates in compliance with legal requirements, with a clear structure and effective supervision of management actions[90]. - The company is undergoing significant management changes with multiple resignations and new appointments in 2024[97]. Environmental Compliance - The company strictly adheres to environmental protection laws and regulations, ensuring compliance with various national and local standards[129]. - Guizhou Jingfeng received a wastewater discharge permit on May 25, 2023, valid until May 24, 2028[130]. - Guizhou Jingfeng's wastewater discharge includes COD at 18 mg/L, below the limit of 60 mg/L, with a total discharge of 1.70371 tons[132]. - Guizhou Jingfeng's comprehensive wastewater treatment station has a processing capacity of 1,000 tons per day, operational since 2011, achieving compliant discharge[133]. Legal Matters - The company is involved in multiple significant lawsuits, including a dispute with Wuyi Huijun Investment Partnership amounting to 51.85 million yuan, currently in the execution phase[153]. - The company has faced a first-instance judgment rejecting all claims in a lawsuit against Anquan and others, with a disputed amount of 30.43 million yuan[153]. - The company has several other lawsuits in various stages, with a total amount of 18.93 million yuan involved, none of which are expected to have a significant impact on the company[154]. Shareholder and Equity Structure - The largest shareholder, Ye Xiangwu, holds 13.86% of the total shares, amounting to 121,902,286 shares, with 119,130,000 shares pledged[186]. - The second largest shareholder, China Great Wall Asset Management Co., Ltd., holds 12.92% of the total shares, totaling 113,680,665 shares[186]. - The company has not experienced any changes in its controlling shareholder during the reporting period[188]. - The total number of shareholders at the end of the reporting period is not specified, but significant changes in shareholding structure were not reported[184]. Debt and Financial Obligations - The company has issued a bond of 800 million yuan, with 505.36 million yuan repaid by the end of 2023, and 294.64 million yuan overdue, with the latest extension agreed until June 30, 2024[148]. - The company has committed to pay CNY 295 million in principal and interest for the bonds by July 1, 2024[156]. - The total approved guarantee amount for subsidiaries at the end of the reporting period is 26,800 million, with an actual guarantee balance of 26,151 million[173].

Financial Performance - The company's operating revenue for Q1 2025 was ¥47,671,749.66, a decrease of 11.49% compared to ¥53,857,331.57 in the same period last year[5] - Net profit attributable to shareholders was ¥7,232,654.82, a significant increase of 934.62% from a loss of ¥866,577.33 in the previous year[5] - Basic and diluted earnings per share were both ¥0.0389, up 927.66% from -¥0.0047 in the previous year[5] - Operating profit for the current period is ¥2,518,751.08, a significant improvement from a loss of ¥5,419,431.21 in the previous period[25] - Net profit for the current period is ¥2,327,868.97, recovering from a net loss of ¥8,277,849.97 in the previous period[26] - The net profit attributable to the parent company is ¥7,232,654.82, compared to a loss of ¥866,577.33 in the previous period[26] Cash Flow - The net cash flow from operating activities was -¥19,407,299.38, representing a decline of 2,328.15% compared to -¥799,264.38 in the same period last year[5] - Cash inflow from operating activities totaled ¥54,548,668.94, down from ¥60,559,637.53 in the previous period[27] - Total cash outflow from operating activities amounted to ¥73,955,968.32, up from ¥61,358,901.91, reflecting increased operational expenses[28] - The net cash flow from investing activities was ¥509,144.43, a decrease from ¥13,512,600.58, suggesting reduced investment returns[28] - Cash outflow for financing activities totaled ¥1,073,000.49, compared to ¥34,883.33 previously, indicating higher debt repayment and dividend distribution[28] - The net increase in cash and cash equivalents was -¥19,971,155.44, contrasting with a positive increase of ¥12,678,452.87 in the prior period[28] - The ending balance of cash and cash equivalents stood at ¥100,083,707.63, down from ¥120,054,863.07, reflecting a decrease in liquidity[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥968,011,429.84, an increase of 0.53% from ¥962,921,879.35 at the end of the previous year[5] - Total current assets as of March 31, 2025, amounted to CNY 362,714,901.70, an increase from CNY 353,027,858.25 at the beginning of the period, reflecting a growth of approximately 2%[20] - Total liabilities increased to ¥158,529,171.66 from ¥155,767,490.13, reflecting a growth of 1.6%[22] - Total equity increased to ¥809,482,258.18 from ¥807,154,389.22, showing a slight growth of 0.3%[22] - The company's long-term equity investments decreased to CNY 10,929,354.92 from CNY 12,064,110.99, a decline of approximately 9.4%[21] - The total non-current assets amounted to CNY 605,296,528.14, down from CNY 609,894,021.10, indicating a decrease of about 0.9%[21] Operational Metrics - The company's weighted average return on equity was 1.48%, compared to -0.15% in the same period last year, indicating a recovery in profitability[5] - Financial expenses decreased compared to the previous year, mainly due to reduced deposit interest[11] - The company reported an increase in asset impairment losses, primarily due to the write-off of inventory impairment provisions[13] - Accounts receivable increased due to higher receivables from malt sales, while prepayments rose due to advance payments for malt purchases and equipment[9] - Inventory decreased to CNY 103,450,786.17 from CNY 108,673,182.60, reflecting a decline of about 4.1%[21] - The company's total current liabilities included accounts payable of CNY 40,374,854.71, down from CNY 42,132,870.31, a decrease of about 4.2%[20] Other Considerations - Non-recurring gains and losses totaled ¥12,928,226.38, primarily driven by fair value changes in financial assets[6] - Cash paid for purchasing goods and services increased to ¥38,648,170.84 from ¥25,575,512.14, indicating a rise of 51.1%[27] - Cash paid for taxes increased to ¥14,046,262.33 from ¥8,942,445.85, highlighting a rise in tax obligations[28] - Cash paid to employees was ¥16,433,173.36, slightly up from ¥16,034,220.30, indicating stable payroll expenses[28] - The company’s first quarter report was not audited, which may affect the reliability of the financial data presented[30]

Financial Performance - The company's operating revenue for 2024 decreased compared to 2023 due to inventory destocking and a decline in terminal sales volume [5]. - The company's operating revenue for 2024 was ¥472,817,734.83, a decrease of 36.07% compared to ¥739,569,815.25 in 2023 [23]. - The net profit attributable to shareholders for 2024 was -¥216,208,517.94, representing a significant decline of 1,975.20% from ¥11,529,863.15 in 2023 [23]. - The cash flow from operating activities for 2024 was ¥71,459,925.62, showing a slight increase of 1.08% from ¥70,693,705.92 in 2023 [23]. - The total assets at the end of 2024 were ¥1,975,850,549.69, down 8.76% from ¥2,165,626,241.76 at the end of 2023 [23]. - The basic earnings per share for 2024 was -¥0.4737, a decrease of 1,950.39% compared to ¥0.0256 in 2023 [23]. - The company reported a negative net profit for the last three accounting years, indicating ongoing uncertainty regarding its ability to continue as a going concern [23]. - Revenue after deducting non-operating income for 2024 was ¥457,667,622.31, compared to ¥727,732,362.19 in 2023, reflecting a significant decline [24]. - The company experienced a net loss of -¥93,477,729.25 in Q4 2024, with quarterly revenues showing fluctuations throughout the year [26]. - Children's medicine revenue reached ¥315,305,726.10, accounting for 66.69% of total revenue, with a year-on-year decrease of 35.25% [91]. - Adult medicine revenue was ¥80,522,755.11, representing 17.03% of total revenue, down 44.08% year-on-year [91]. - Medical device revenue increased by 20.03% year-on-year to ¥2,318,673.52, making up 0.49% of total revenue [91]. - Domestic revenue was ¥471,074,949.36, comprising 99.63% of total revenue, with a decline of 36.21% compared to the previous year [91]. - Total sales volume in the pharmaceutical sector decreased by 39.84% to 43,012,651 units, while production volume fell by 63.40% to 25,090,023 units [93]. - The gross profit margin for the pharmaceutical industry was 59.01%, down 4.11% year-on-year, with total revenue of ¥424,603,801.64 [92]. - Sales expenses increased by 23.39% to ¥262,699,679.67, while management expenses decreased by 16.50% to ¥116,627,969.25 [102]. Market and Industry Trends - The company has increased sales investment to enhance market share and expand marketing channels in response to intensified competition in the pharmaceutical market [5]. - The pharmaceutical industry continues to present new opportunities despite challenges, driven by factors such as economic growth and increasing healthcare demands [35]. - The Chinese government has implemented numerous favorable policies to support the development of traditional Chinese medicine (TCM), enhancing the industry's growth potential [36]. - In 2024, the National Health Commission plans to expand the application of TCM in health care for the elderly, addressing chronic diseases and promoting long-term growth opportunities in the TCM sector [36]. - The National Medical Products Administration has increased the number of pediatric drugs approved for market, with 23 new drug varieties added to the encouragement list in 2024, building on a previous total of 129 [39]. - The company anticipates intensified competition in the pharmaceutical industry, particularly in the children's medicine market, due to increasing capital influx [144]. Research and Development - The company has over 30 years of experience in the research, production, and sales of pediatric medicines, establishing a comprehensive product portfolio in the children's medication sector [41]. - The company has developed several core products, including Levosetirizine Granules and Itraconazole Dispersible Tablets, which occupy a significant market share in their respective fields [41]. - The company has established a research institute focused on pediatric medicine, with a high-education R&D team and collaborations with various pharmaceutical institutions [45]. - The company has developed 59 patents in China, including 56 for inventions and utility models, and 3 design patents, with one invention patent currently under application [49]. - The company has several R&D projects in clinical research aimed at enriching its product line, including Ibuprofen Deoxycorticosterone Tablets and Children's Dextromethorphan Hydrobromide Film [104]. - The company has received regulatory approvals for multiple products, including the Cephalosporin and Carbocisteine Syrup, enhancing its product offerings [105]. - R&D investment amounted to ¥26,378,873.07 in 2024, representing 5.58% of operating revenue, an increase from 3.38% in 2023 [106]. - The number of R&D personnel decreased by 15.32% from 111 in 2023 to 94 in 2024 [106]. Corporate Governance - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective operation of the board and protection of shareholder rights [151]. - The company held its annual general meeting, ensuring equal rights for all shareholders, particularly minority shareholders, to participate and vote on significant matters [152]. - The board consists of 9 members, including 4 independent directors, meeting the legal requirements for governance structure [153]. - The company has set up specialized committees within the board, with independent directors holding a majority in most committees, ensuring professional oversight [153]. - The company has not faced any unresolved governance issues or regulatory actions from authorities [151]. - The company is committed to enhancing its market value through a value enhancement plan, although specific details were not disclosed [148]. - The company has implemented a "Quality and Return Improvement" action plan, but details on its execution were not provided [149]. - The company is actively engaging with investors through various communication channels, including remote meetings and investor relations platforms [147]. - The company confirmed its independence from controlling shareholders in terms of assets, personnel, and operations, ensuring no conflicts of interest [158]. - The company has not engaged in any related party transactions or non-compliance issues during the reporting period [157]. Operational Efficiency - The company emphasizes internal management optimization, focusing on cost control and efficiency improvements to enhance operational performance [58]. - The company has implemented a centralized supply chain management system to optimize procurement and ensure timely supply of quality materials [53]. - The company has integrated product resources across its production bases to reduce costs and improve production efficiency [60]. - The company aims to enhance production efficiency and reduce costs by utilizing external production capabilities and technology transfers [133]. - The decision to halt the drug research center project was influenced by the strategic shift to relocate R&D to the Guangdong base, optimizing resource allocation [134]. Community Engagement and Social Responsibility - The company engaged in community support activities, including donating 5,300 books and 327 sets of school uniforms to a primary school in Guizhou Province [86]. - The company conducted disaster recovery efforts following Typhoon "Mojia," ensuring a swift return to normal operations at the Hainan production base [82]. Employee Relations - The company organized a skill competition to enhance employee professional skills and improve work quality and efficiency [83]. - The company has implemented an employee stock incentive plan, with 80 employees receiving a total of 5,124,411 restricted shares, set to be listed on October 14, 2024 [82]. - The company faces human resource risks due to intense competition for talent and aims to enhance employee retention through competitive compensation and stock incentives [146]. Environmental Compliance - The company emphasizes the importance of environmental protection and compliance with regulations in its operational strategies [145]. - The company emphasizes environmental protection and plans to increase investment in environmental facilities to comply with stricter regulations, which may impact operating profits [146].

Financial Performance - The company reported a revenue of 599.83 million yuan, a decrease of 19.36% compared to the same period last year[4]. - The net profit attributable to shareholders was -228.43 million yuan, with a net profit of -229.35 million yuan after deducting non-recurring gains and losses[4]. - The net cash flow from operating activities was 98.67 million yuan, indicating stable operational performance despite the negative net profit[4]. - The company's operating revenue for 2024 was ¥599,825,845.99, a decrease of 19.36% compared to ¥743,869,749.92 in 2023[19]. - The net profit attributable to shareholders for 2024 was -¥228,434,241.24, representing a decline of 802.49% from ¥32,517,752.63 in 2023[19]. - The net cash flow from operating activities decreased by 37.64% to ¥98,666,246.84 in 2024, down from ¥158,210,954.59 in 2023[19]. - The total assets at the end of 2024 increased by 8.50% to ¥2,234,266,441.08, compared to ¥2,059,287,322.85 at the end of 2023[19]. - The company reported a basic earnings per share of -¥0.5656 for 2024, a decrease of 769.35% from ¥0.0845 in 2023[19]. Business Strategy and Focus - The company plans to focus on core products and gradually shut down low-efficiency business lines, aiming to enhance business scale and profitability[5]. - The company emphasizes technological innovation and market application in core areas such as multiphase metering and downhole testing instruments[5]. - The company has laid a foundation for its development strategy of "improving quality and efficiency, focusing on core" through stock issuance to specific targets[5]. - The company aims to enhance quality and efficiency while focusing on core business strategies[57]. - The company plans to close production lines related to oilfield special vehicles and environmental equipment as part of its strategy to focus on core business areas[62]. Market and Competitive Environment - The company is positioned in a highly concentrated oil and gas equipment service market, with increasing competition focusing on technology and customer needs[31]. - The company faces multi-dimensional competitive pressures in regional market penetration, emphasizing the importance of technological innovation and diversified services[31]. - The company faces intense competition in the oil and gas equipment service industry, necessitating increased focus on technological innovation and service quality to maintain market share[42]. - The domestic oil and gas equipment service market saw a decline in both sales prices and order volumes in 2024, posing challenges for market share and business growth[104]. Research and Development - The company has a strong emphasis on R&D, with 140 R&D personnel, accounting for 15.82% of total employees, and has undertaken several national-level research projects[44]. - The company has established a solid sales system and quality management framework, ensuring compliance with international standards[44]. - The company has developed a new underwater multiphase flow meter (SMPFM-5000), recognized as a high-tech achievement transformation project in Shanghai for 2024[46]. - The company is conducting research on smart layered water injection technology, utilizing big data and intelligent technology to improve oil recovery rates and optimize production processes[74]. - The company has implemented a reward system for R&D achievements to motivate technical personnel and accelerate the transformation of research results[178]. Corporate Governance and Management - The company adheres to legal and regulatory requirements to enhance its corporate governance structure, ensuring effective decision-making and accountability[114]. - The board of directors consists of 9 members, including 3 independent directors, meeting legal requirements[116]. - The company has established a performance evaluation and incentive mechanism to support high-quality development[119]. - The company operates independently from its controlling shareholder in terms of assets, personnel, finance, and business[120]. - The company has a complete and independent asset ownership structure, with no shared assets with the controlling shareholder[124]. Employee and Talent Management - The company’s workforce includes 459 employees with a bachelor's degree or higher, representing 51.86% of total staff, reflecting its commitment to talent development[45]. - The company has implemented a long-term incentive plan for 2023, granting reserved restricted stock to key employees to enhance motivation and retention[162]. - The training plan for 2024 focuses on improving employee skills and knowledge, aligning with the company's strategic goals[163]. - The employee compensation policy emphasizes performance-based incentives, aligning with the company's strategic development needs[161]. Environmental and Social Responsibility - The company is committed to environmental protection, focusing on low-carbon operation equipment development and reducing carbon emissions in its production processes[193]. - The company emphasizes the integration of social responsibility with its development strategy, focusing on governance and investor rights protection[187]. - The company has implemented measures to reduce carbon emissions, although specific effects were not detailed in the report[186]. Future Outlook and Risks - Future plans and performance forecasts are subject to risks, and investors should maintain adequate risk awareness[5]. - The company faces risks related to overseas operations and trade, particularly due to rising tariffs and geopolitical uncertainties[103]. - The company is exploring various methods to adjust production plans and reduce operational costs in response to international economic conditions and oil price fluctuations[106]. - The company aims to transition to Industry 4.0 with the introduction of new digital products and smart technologies[75].

Financial Performance - The company's operating revenue for Q1 2025 was ¥112,416,086.22, representing a 7.33% increase compared to ¥104,742,326.30 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥9,691,696.26, which is an improvement of 79.16% from a loss of ¥46,504,959.09 in the previous year[5] - Basic earnings per share improved by 79.38%, resulting in a loss of ¥0.0213 per share, compared to a loss of ¥0.1033 per share in the previous year[5] - The company reported a net loss of CNY 274,559,275.70, compared to a loss of CNY 264,867,579.44 in the previous period[15] - Net profit for the current period was -¥10,256,142.69, compared to -¥47,334,078.33 in the previous period, indicating a substantial improvement[18] Cash Flow and Assets - The net cash flow from operating activities increased by 228.66%, reaching ¥40,513,137.97, compared to a negative cash flow of ¥31,488,693.26 in the same period last year[5] - Cash flow from operating activities generated a net inflow of ¥40,513,137.97, contrasting with a net outflow of -¥31,488,693.26 in the previous period[21] - Cash and cash equivalents at the end of the period totaled ¥92,968,241.64, down from ¥114,288,937.74 at the end of the previous period[21] - Total assets at the end of the reporting period were ¥2,012,881,330.78, reflecting a 1.87% increase from ¥1,975,850,549.69 at the end of the previous year[5] - The company's total liabilities reached CNY 857,821,623.56, up from CNY 810,531,600.56, indicating a growth in financial obligations[15] Expenses and Cost Management - Total operating costs decreased to ¥126,233,165.07, down 17.87% from ¥153,590,745.48 in the previous period[17] - Sales expenses were reduced to ¥33,568,194.79, a decrease of 44.66% compared to ¥60,621,744.14 in the previous period[17] - Research and development expenses decreased to ¥2,848,491.65, down 38.67% from ¥4,640,407.51 in the previous period[18] - The increase in net profit attributable to shareholders was primarily due to a reduction in sales expenses, leading to a smaller loss[7] Shareholder and Equity Information - The equity attributable to shareholders decreased by 0.85%, amounting to ¥1,130,227,617.53 compared to ¥1,139,922,413.01 at the end of the previous year[5] - The top shareholder, Hainan Hongshi Investment Co., Ltd., holds 27.25% of the shares, with 95,900,000 shares pledged[10] Government Support and Strategic Initiatives - The company received government subsidies totaling ¥698,403.39 during the reporting period, contributing to its financial performance[6] - The company has successfully completed the registration of its expanded business scope, indicating strategic growth initiatives[12] - The company received CNY 1,000,000 in land compensation and paid CNY 46,213,401.6 for land use change, reflecting ongoing asset management strategies[12] - The company is actively involved in digital transformation projects, which have been recognized by local government initiatives[12] - The company has initiated a health project aimed at improving women's health, demonstrating its commitment to social responsibility[12] Inventory and Receivables - Accounts receivable decreased to CNY 55,223,350.21 from CNY 68,444,816.20, a reduction of about 19.3%[13] - Inventory levels decreased to CNY 175,431,076.57 from CNY 187,328,641.20, showing a decline of approximately 6.4%[14] Non-Recurring Losses - The company reported a significant reduction in non-recurring losses, with a total of ¥1,019,778.64 recognized in the current period[6]

Financial Performance - The company's revenue for Q1 2025 was ¥77,681,536.19, representing an increase of 18.66% compared to ¥65,467,445.11 in the same period last year[5]. - The net loss attributable to shareholders was ¥18,577,850.15, a 12.26% improvement from a loss of ¥21,174,829.07 in the previous year[5]. - The net cash flow from operating activities was ¥45,356,437.02, reflecting a 5.59% increase from ¥42,955,200.71 in the prior year[5]. - Basic and diluted earnings per share improved by 31.78%, from -¥0.0538 to -¥0.0367[5]. - The total operating revenue for the current period is CNY 77,681,536.19, an increase of approximately 18.5% compared to CNY 65,467,445.11 in the previous period[31]. - The net profit for the current period is -18,711,236.11, compared to -21,253,177.75 in the previous period, showing an improvement of approximately 12%[32]. - The total comprehensive income for the current period is -18,759,669.50, compared to -22,543,957.56 in the previous period, indicating a reduction in losses of about 17%[33]. - The company's operating profit (loss) improved to -18,236,126.43 from -22,050,446.67, reflecting a positive change of approximately 17%[32]. Assets and Liabilities - Total assets decreased by 4.31% to ¥2,138,048,375.86 from ¥2,234,266,441.08 at the end of the previous year[5]. - The total liabilities decreased to CNY 832,500,852.99 from CNY 909,959,248.71, showing a reduction of approximately 8.5%[28]. - The total equity attributable to shareholders of the parent company is CNY 1,290,970,574.06, down from CNY 1,309,588,896.35[29]. - Cash and cash equivalents decreased to CNY 257,577,739.48 from CNY 624,242,145.23, a decline of approximately 58.7%[27]. Cash Flow - The net cash outflow from investing activities surged by 4592.91%, from -¥7,913,472.98 to -¥371,371,907.47, due to increased cash management investments[11]. - Cash flow from operating activities generated a net amount of 45,356,437.02, up from 42,955,200.71 in the previous period, reflecting an increase of approximately 6%[34]. - The company reported cash inflows from investment activities totaling 100,948,286.88, while cash outflows amounted to 472,320,194.35, resulting in a net cash flow from investment activities of -371,371,907.47[35]. - Cash flow from financing activities resulted in a net outflow of -40,134,447.89, compared to -34,795,693.62 in the previous period, indicating a worsening of approximately 15%[35]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,030[13]. - Shandong New Journey Energy Co., Ltd. holds 26.31% of shares, totaling 134,260,979 shares, with 9,940,000 shares pledged[13]. - The largest individual shareholder, Dou Jianwen, owns 10.10% of shares, amounting to 51,552,608 shares[13]. - The total number of restricted shares at the beginning of the period for Shandong New Journey Energy Co., Ltd. is 114,260,979, with no shares released during the period[15]. - Dou Jianwen has 38,664,456 restricted shares, which are subject to a lock-up period[15]. - The company has completed the repurchase and cancellation of 86,818 restricted shares, with a total payment of RMB 276,443.82[24]. - The total number of shares held by the top ten unrestricted shareholders includes 12,888,152 shares held by Dou Jianwen[13]. - The total number of shares held by the top ten shareholders remains stable with no new restrictions added during the reporting period[15]. Management Changes - The company has appointed Mr. Du Qinjie as the new chairman, effective from January 8, 2025[18]. - The company has appointed Mr. Zhang Lei as vice president, effective immediately after the board meeting on February 25, 2025[19]. - The company has received a resignation from non-independent director Ms. Peng Duan, effective immediately[17]. - The company has undergone a change in its continuous supervision sponsor representative due to personnel changes at the sponsoring institution[21]. Operational Costs and Expenses - The total operating costs for the current period amount to CNY 102,842,543.46, up from CNY 90,867,818.10, reflecting an increase of about 13.5%[31]. - The operating cost includes CNY 49,590,808.84 in operating expenses, which is an increase from CNY 43,477,598.61, representing a growth of approximately 14.5%[31]. - Research and development expenses for the current period are CNY 8,169,081.32, compared to CNY 6,641,015.66 in the previous period, indicating a rise of about 23%[31]. - The company incurred credit impairment losses of 4,377,391.37, compared to 1,779,291.85 in the previous period, indicating a significant increase in credit losses[32]. Shareholding Plans - The company plans to increase shareholding by the chairman's spouse and the vice president, with a minimum investment of CNY 10 million and a maximum of CNY 20 million, starting from March 17, 2025[25]. - The company has a plan for gradual release of locked shares for executives, with 25% becoming tradable each year[16]. - The company has implemented a lock-up period for departing executives, with shares locked until May 15, 2025[16].

Financial Performance - The company's revenue for Q1 2025 reached ¥815,250,934.46, representing a 45.74% increase compared to ¥559,387,242.18 in the same period last year[5] - Net profit attributable to shareholders surged to ¥111,000,644.56, a remarkable increase of 2,623.82% from ¥4,075,180.68 year-on-year[5] - Basic and diluted earnings per share both increased to ¥0.18, reflecting a 1,700.00% rise from ¥0.01 in the prior year[5] - The net profit for the current period is 109,419,287.69, compared to 3,664,550.22 in the previous period, representing a significant increase[22] - The total comprehensive income for the current period is 112,587,767.91, while the previous period recorded a loss of 16,168,704.79[23] Cash Flow - The net cash flow from operating activities improved significantly to ¥121,041,749.81, compared to a negative cash flow of ¥240,292,559.38 in the previous year, marking a 150.37% change[5] - Cash flow from operating activities generated a net cash inflow of 121,041,749.81, compared to a net outflow of 240,292,559.38 in the previous period[24] - Cash received from sales of goods and services amounted to 961,015,030.13, significantly higher than 454,125,992.36 in the previous period[24] - Cash flow from investing activities resulted in a net outflow of 143,913,764.17, compared to a net outflow of 56,845,534.90 in the previous period[25] - Cash flow from financing activities generated a net inflow of 298,301,355.37, compared to 150,402,226.08 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,764,371,702.25, up 6.99% from ¥7,257,174,293.72 at the end of the previous year[5] - Current assets totaled ¥5,464,350,348.62, up from ¥5,094,195,202.72, indicating a growth of 7.3%[19] - The company's cash and cash equivalents increased to ¥1,294,565,460.05 from ¥1,016,649,294.95, marking a rise of 27.4%[19] - Total liabilities rose to ¥3,925,846,677.27, compared to ¥3,610,549,044.94, an increase of 8.7%[20] Operating Costs and Expenses - The company’s gross profit margin was impacted by a 51.66% increase in operating costs, which rose to ¥385,191,498.66 from ¥253,983,367.13[10] - Total operating costs amounted to ¥791,909,576.32, up 47.5% from ¥536,429,167.27 in the prior period[21] - The company incurred a total operating expense of 918,142,330.74, compared to 733,149,634.76 in the previous period[24] - The company reported a tax expense of 6,159,563.87 for the current period, compared to 2,719,152.23 in the previous period[22] Research and Development - The company reported a significant increase in research and development expenses, totaling ¥253,209,663.08, which is a 40.45% increase from ¥180,280,387.19[10] - Research and development expenses increased to ¥253,209,663.08, representing a rise of 40.5% from ¥180,280,387.19 year-over-year[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 83,042[12] - Zhao Yi holds 22.45% of shares, totaling 141,562,196 shares, with 22,420,000 shares pledged[12] - The top 10 shareholders include Hangzhou Changchuan Investment Management Partnership with 5.96% (37,558,565 shares) and Zhong Fenghao with 5.19% (32,691,608 shares)[12] - The total number of restricted shares at the end of the period is 144,905,179, with 565,440 shares released during the period[16] - Zhao Yi's restricted shares remain at 106,171,647, with a lock-up period until January 1, 2026[15] - The company plans to transfer 31,161,565 shares (5.00% of total shares) to Hangzhou Zhonghu Private Fund Management Co., Ltd.[13] - The company has no preferred shareholders or changes in restricted shares during the reporting period[14] - The total number of shares held by the top 10 unrestricted shareholders is 37,558,565[12] - The company has no shareholders participating in margin financing or securities lending[13] - The total number of restricted shares held by executives is 156,118,891, with 11,779,152 shares newly restricted[16] Future Outlook - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[21]