Financial Performance - The company's operating revenue for 2024 reached ¥3,641,525,979, representing a 105.15% increase compared to ¥1,775,054,850 in 2023[17]. - Net profit attributable to shareholders was ¥458,433,340, a significant increase of 915.14% from ¥45,159,576 in the previous year[17]. - The basic earnings per share rose to ¥0.73, marking a 942.86% increase from ¥0.07 in 2023[17]. - The total assets at the end of 2024 amounted to ¥7,257,174,293, reflecting a 22.97% growth from ¥5,901,584,370 in 2023[17]. - The weighted average return on equity increased to 14.65%, up from 1.79% in the previous year[17]. - The net cash flow from operating activities was ¥625,571,646, a 184.07% increase compared to the previous year's negative cash flow[17]. - The net profit after deducting non-recurring gains and losses was ¥414,146,340, compared to a loss in the previous year[17]. - The company's total revenue for Q4 2023 reached ¥1,106,127,184, showing a steady increase from previous quarters[20]. - The net profit attributable to shareholders for Q4 2023 was ¥101,034,519, a decline compared to earlier quarters[20]. - The company reported a net profit of ¥4,075,180.68 in Q1 2023, which increased to ¥210,805,253.80 in Q2 before declining in subsequent quarters[20]. Research and Development - The company invested 102,465 million yuan in R&D, accounting for 28.14% of its operating revenue[56]. - The company has accumulated over 1,000 domestic and international patents and has been recognized as a high-tech enterprise and software enterprise, enhancing its competitive edge in the semiconductor testing equipment market[33]. - The company has a strong R&D team and has invested significantly in R&D, leading to the development of high-performance integrated circuit testing machines and automated equipment[30]. - The R&D department focuses on product innovation and has a collaborative structure involving multiple departments to enhance product development[44]. - The company is focusing on the development of digital testing machines and probe stations to enhance its product offerings[126]. Market Strategy and Expansion - The company is focusing on expanding its market presence and enhancing its product development capabilities[17]. - The company aims to enhance its core competitiveness by focusing on R&D for probe stations and digital testing machines to break the monopoly of foreign semiconductor equipment manufacturers[34]. - The company is actively pursuing international market expansion, which has significantly improved the resilience of its global supply chain[63]. - The domestic demand for self-branded testing equipment is expected to grow significantly, providing ample market share growth opportunities for the company[31]. - The company has strengthened its customer-centric approach, enhancing brand value and expanding its market share both domestically and internationally[65]. Product Development - The C9D series gravity sorting machine is a new product developed by the company, featuring high speed, high precision, and modular design[39]. - The EXIS 250/300 turret sorting machine supports up to 24 nozzle stations and includes advanced visual systems for defect detection[39]. - The HEXA AOI device offers true 3D measurement capabilities with a maximum detection capacity of 100*100mm, supporting various product types[39]. - The NanoX-6000 automatic measurement system is designed for critical semiconductor process measurements, including CD openings and line widths[39]. - The NanoX-8000 3D optical profiler is developed for PCB substrate critical dimension measurements, focusing on surface roughness and profile analysis[40]. Financial Management and Governance - The company has established a comprehensive quality management system, achieving GB/T19001-2016/ISO9001:2015 certification[57]. - The company has implemented a matrix salary system linking individual performance with company revenue[166]. - The company has established a complete governance structure, ensuring that shareholder meetings and board decisions are made independently according to laws and regulations[194]. - The company has committed to ensuring the independence of its operations, assets, and financials from any controlled entities[192]. - The company has a clear policy to avoid any illegal occupation of its assets and funds by related parties[190]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥1 per 10 shares, based on a total of 626,783,502 shares[4]. - The company has accumulated cash dividends of approximately 242 million RMB since its listing in 2017, reflecting its commitment to shareholder returns[127]. - The company plans to distribute profits for the 2023 fiscal year, details of which were discussed[156]. - The company has proposed to consider core employees for stock incentive plans to enhance stability[162]. - The company has approved a proposal to provide collateral for bank loan applications during the board meeting on January 5, 2024[155]. Operational Efficiency - The company reported a net profit margin of 12%, reflecting improved operational efficiency[148]. - Operating margin improved to 25%, up from 22% year-over-year, reflecting better cost management[199]. - The company has maintained effective internal communication and governance structures throughout its operations[175]. - The company emphasizes the importance of transparent and effective information disclosure, adhering to principles of authenticity, accuracy, completeness, timeliness, and fairness[129]. - The company has established a fair evaluation system for suppliers, ensuring competitive procurement practices[184]. Social Responsibility and Compliance - The company actively engages in social responsibility initiatives, including timely tax payments and participation in public welfare activities[186]. - The company adheres to labor laws and maintains competitive compensation and benefits to enhance employee satisfaction and retention[184]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[189]. - The company ensures complete independence in personnel management, with all high-level management appointments made through legal procedures without interference[193]. - The company has committed to transparency in disclosing related transactions and will not harm the legal rights of its shareholders[190].

Financial Performance - The company's revenue for Q1 2025 was ¥155,540,602.86, a decrease of 7.22% compared to ¥167,640,473.83 in the same period last year[5] - Net profit attributable to shareholders was ¥15,388,505.58, down 86.53% from ¥114,271,230.06 year-on-year[5] - The net cash flow from operating activities was ¥16,568,698.10, a decline of 48.93% from ¥32,444,041.56 in the previous year[5] - Basic and diluted earnings per share were both ¥0.06, representing an 87.50% decrease from ¥0.48 in the same period last year[5] - The weighted average return on equity decreased by 7.99 percentage points to 1.21% from 9.20% year-on-year[5] - Total operating revenue for the current period was CNY 155,540,602.86, a decrease of 7.5% from CNY 167,640,473.83 in the previous period[17] - Net profit for the current period was CNY 15,388,505.58, a decline of 86.4% compared to CNY 113,330,709.50 in the previous period[18] - The net profit attributable to the parent company was CNY 15,388,505.58, compared to CNY 114,271,230.06 in the previous period[19] - The basic and diluted earnings per share were both CNY 0.06, down from CNY 0.4800 in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,533,468,765.58, down 2.53% from ¥1,573,258,967.71 at the end of the previous year[5] - The company's total assets decreased to CNY 1,533,468,765.58 from CNY 1,573,258,967.71, reflecting a reduction of 2.5%[15] - Current liabilities decreased to CNY 225,983,835.49, down 20.4% from CNY 283,674,624.49 in the previous period[15] - The total equity attributable to shareholders increased to CNY 1,276,729,031.51 from CNY 1,261,344,646.39, a rise of 1.2%[15] Cash Flow - Cash flow from operating activities generated a net amount of CNY 16,568,698.10, a decrease from CNY 32,444,041.56 in the previous period[22] - Total cash inflow from operating activities was CNY 185,328,424.06, while total cash outflow was CNY 168,759,725.96[22] - Cash flow from investing activities resulted in a net inflow of CNY 100,549,654.30, compared to a net outflow of CNY 174,430,395.02 in the previous period[22] - The net increase in cash and cash equivalents was CNY 96,426,144.86, contrasting with a decrease of CNY 193,651,229.31 in the previous period[23] - The ending balance of cash and cash equivalents was CNY 346,922,645.81, down from CNY 421,270,036.23 in the previous period[23] - The company received CNY 240,000,000.00 related to investment activities, significantly higher than CNY 60,000,000.00 in the previous period[22] Shareholder Information - The company reported a total of 46,949 common shareholders at the end of the reporting period[10] - The top three shareholders held a combined 34.96% of the shares, with the largest shareholder holding 14.93%[10] Expenses and Losses - Total operating costs decreased to CNY 124,918,050.97, down 9.1% from CNY 137,486,158.94 in the previous period[18] - The company recognized a total of non-recurring losses amounting to ¥13,523,625.64 during the reporting period[6] - Research and development expenses were CNY 7,265,992.43, slightly down from CNY 7,832,338.73 in the previous period[18] - The company reported a significant investment loss of CNY 12,825,945.54 compared to a gain of CNY 125,989,911.13 in the previous period[18] - Payments for purchasing goods and services amounted to CNY 64,995,208.81, compared to CNY 68,288,961.86 in the previous period[22] - The company reported a tax payment of CNY 39,213,438.85, which increased from CNY 9,842,841.78 in the previous period[22]

Financial Performance - The company's operating revenue for 2024 was CNY 708,568,290.18, a decrease of 5.14% compared to CNY 746,932,161.34 in 2023[21] - The net profit attributable to shareholders for 2024 was CNY 88,632,897.83, down 20.71% from CNY 111,781,250.66 in the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 58,256,448.65, a decline of 39.78% from CNY 96,746,357.58 in 2023[21] - The basic earnings per share for 2024 was CNY 0.37, a decrease of 21.28% compared to CNY 0.47 in 2023[21] - Total assets at the end of 2024 amounted to CNY 1,573,258,967.71, reflecting an 8.79% decrease from CNY 1,724,802,457.06 at the end of 2023[21] - The net assets attributable to shareholders increased by 6.47% to CNY 1,261,344,646.39 at the end of 2024, compared to CNY 1,184,684,460.56 at the end of 2023[21] - Cash flow from operating activities for 2024 was CNY 159,980,398.49, down 7.80% from CNY 173,520,409.40 in 2023[21] - The company reported a weighted average return on equity of 7.25% for 2024, down from 9.86% in 2023[21] - The company achieved a total revenue of 708.57 million yuan, a decrease of 5.14% compared to the same period last year[67] - Domestic revenue was 403.71 million yuan, down 14.14% year-on-year, while overseas revenue reached 304.86 million yuan, an increase of 10.15%[67] - Net profit attributable to shareholders was 88.63 million yuan, a decline of 20.71% year-on-year, with a net profit excluding non-recurring gains and losses of 58.26 million yuan, down 39.78%[69] Operational Developments - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares to all shareholders, based on a total of 240,000,000 shares[5] - The company has acknowledged potential risks and has detailed its response strategies in the management discussion section of the report[5] - The company has established a digital governance system to enhance operational efficiency and control rising labor costs[54] - The company has developed the "Kute AI Agent" enterprise-level operating system to improve C2M (Customer to Manufacturer) capabilities and optimize inventory management[55] - The company has implemented a demand-driven large-scale personalized customization model, effectively avoiding inventory buildup risks[63] - The company has formed a strategic partnership with Huawei Cloud to further develop the "Kute AI Agent" system, aiming for digital transformation across industries[56] - The company has successfully replicated its C2M capabilities across different clothing categories and over 50 industries, demonstrating its flexible and personalized manufacturing capabilities[59] Market Trends and Challenges - The total retail sales of clothing in China for 2024 reached CNY 1.0716 trillion, with a year-on-year growth of only 0.1%, reflecting a slowdown in consumer spending[31] - The overall industry faces challenges such as increased competition and changing consumer demands, but there are opportunities for growth supported by government policies aimed at boosting consumption[32] - The company faces risks from intensified market competition and demand fluctuations, but it has a strong market position and plans to expand its product offerings to mitigate these risks[52][53] Research and Development - The company is committed to continuous R&D investment in C2M industrial internet technologies to drive digital transformation in traditional industries[34] - The company has established a comprehensive R&D center to meet diverse customer needs and has developed an "AI customization data brain" for enhanced design capabilities[51] - Research and development expenditure amounted to ¥55,990,690.49, representing 7.90% of operating revenue, an increase from 5.77% in the previous year[100] - The number of R&D personnel decreased by 14.42% to 267, with a notable drop in the proportion of personnel holding bachelor's degrees, down 44.58%[100] Governance and Compliance - The company has established a transparent performance evaluation and incentive mechanism for its directors and senior management[141] - The company strictly adhered to information disclosure regulations, ensuring timely and accurate communication of significant information to shareholders[141] - The supervisory board confirmed the independence and quality of the auditing services provided by the appointed auditing firm[140] - The company actively engaged with investors through various platforms, enhancing communication and protecting the interests of all shareholders[141] - The company maintained independence from its controlling shareholder in terms of operations, personnel, assets, and finances, ensuring a complete and independent business operation[143] Sustainability and Social Responsibility - The company has implemented sustainable practices by increasing the use of eco-friendly materials in its clothing production, aligning with the United Nations Sustainable Development Goals[187] - The company is committed to deepening green and low-carbon development paths, aiming for high-quality and sustainable growth[187] - The company has not faced any administrative penalties for environmental issues during the reporting period[186] - The company has not experienced any environmental accidents[188] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 1.8 billion yuan[132] - New product launches are expected to contribute an additional 300 million yuan in revenue, with a focus on smart home devices[132] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[132] - By 2025, the company aims to enhance its C2M industry internet platform and focus on smart enterprise development supported by advanced technologies[128]

Financial Performance - The company's revenue for Q1 2025 was ¥306,804,938.19, a decrease of 15.41% compared to ¥362,716,626.90 in the same period last year[5]. - The net loss attributable to shareholders was ¥17,605,247.31, representing a 79.79% increase in losses from ¥9,792,070.04 in the previous year[5]. - The net loss for the current period was ¥20,268,691.79, compared to a net loss of ¥10,772,059.77 in the previous period, indicating a worsening of 88.5%[20]. - The operating profit (loss) for the current period was -¥18,609,409.72, compared to -¥9,506,103.34 in the previous period, showing an increase in loss of 96.5%[20]. - The company reported a total comprehensive loss of ¥20,268,691.79 for the current period, compared to a loss of ¥10,772,059.77 in the previous period[21]. Cash Flow - The net cash flow from operating activities was -¥38,516,308.17, a decline of 105.98% compared to -¥18,699,177.84 in the previous year[10]. - Cash inflow from operating activities was ¥342,008,810.10, slightly down from ¥346,322,712.93 in the previous period[22]. - The net cash flow from financing activities increased to ¥55,967,061.29 from ¥7,474,544.93, showing improved financing conditions[23]. - The total cash and cash equivalents at the end of the period were ¥70,889,330.62, up from ¥48,297,393.87, indicating a positive cash position[23]. - The net increase in cash and cash equivalents was ¥4,657,419.39, contrasting with a significant decrease of -¥83,150,581.31 in the prior period, indicating a recovery in cash flow[23]. Assets and Liabilities - Total assets increased by 3.64% to ¥2,280,865,258.02 from ¥2,200,717,300.62 at the end of the previous year[5]. - Total liabilities increased to ¥1,131,774,582.86 from ¥1,034,380,925.12, representing a growth of about 9.4%[16]. - The total liabilities increased to ¥1,555,693,126.85 from ¥1,456,829,733.88, marking an increase of 6.8%[20]. - Total equity attributable to shareholders decreased by 2.21% to ¥711,201,240.94 from ¥727,253,232.03 at the end of the previous year[5]. - Total equity decreased to ¥725,172,131.17 from ¥743,887,566.74, reflecting a decline of 2.5%[20]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,017[12]. - The largest shareholder, Shenzhen Baoming Investment Co., Ltd., holds 30.25% of shares, totaling 55,068,000 shares, with 6,535,973 shares frozen[12]. Inventory and Expenses - The company experienced a 33.55% increase in inventory, rising to ¥103,000,537.82 from ¥77,124,625.11 due to increased sales order preparations[9]. - Total operating costs decreased to ¥327,221,349.13 from ¥372,345,776.59, reflecting a reduction of 12.1%[19]. - Research and development expenses increased to ¥23,590,877.31 from ¥20,913,605.96, representing a rise of 8.1%[20]. Financial Activities - The company recorded a 155.54% increase in asset disposal gains, totaling ¥862,541.75 compared to a loss of -¥1,553,146.02 in the previous year[9]. - Cash outflow from investing activities totaled ¥14,708,940.64, significantly down from ¥72,400,052.89 in the prior period, reflecting reduced investment expenditures[23]. - The company incurred a cash outflow of ¥68,700,000.00 for debt repayment, down from ¥148,300,000.00, suggesting a strategy to manage debt levels[23]. Other Financial Metrics - The company's basic and diluted earnings per share were both -¥0.10, a 100% decrease from -¥0.05 in the same period last year[5]. - The company has no preferred shareholders or significant changes in the top 10 shareholders participating in margin trading[14]. - There are no new strategies or significant mergers and acquisitions reported during this period[14].

Business Scope and Strategy - The company reported a change in its main business scope as of December 21, 2023, expanding to include new material technology research and development, emerging energy technology research, and the manufacturing and sales of new film materials and electronic special materials [20]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves [5]. - The company emphasizes that future operational plans and targets do not represent profit forecasts and are subject to market condition uncertainties [4]. - The company is engaged in the research and production of new flat panel display devices and lithium battery materials, indicating a focus on innovation and market expansion [31]. - The company aims to accelerate the electrification of urban public transport, supporting the replacement of old energy buses and power batteries [35]. - The company plans to enhance the recycling and resource utilization of used power batteries in the new energy vehicle sector [35]. - The company is focusing on improving battery energy density and reducing thermal runaway risks in lithium-ion and lead-acid batteries [35]. - The company aims to enhance its market share in the small and medium-sized backlight source market, focusing on key customers in the automotive sector [150]. - The company will actively promote the construction of key projects to prepare for new product expansion based on market demand [155]. - The company plans to enhance its product structure and improve integration capabilities along the display industry chain [147]. Financial Performance - The company's operating revenue for 2024 reached ¥1,523,236,467.18, representing a 15.34% increase compared to ¥1,320,636,750.51 in 2023 [21]. - The net profit attributable to shareholders improved to -¥76,350,191.15 in 2024, a 38.35% reduction in losses from -¥123,852,365.86 in 2023 [21]. - The cash flow from operating activities turned positive at ¥101,614,129.71, a significant increase of 223.37% from -¥82,366,800.02 in the previous year [21]. - The basic and diluted earnings per share improved to -¥0.43, a 37.68% increase compared to -¥0.69 in 2023 [21]. - The company reported a quarterly revenue of ¥442,128,649.56 in Q4 2024, with a notable recovery in net profit losses to -¥2,895,854.42 [26]. - Non-operating income for 2024 totaled ¥8,395,316.59, significantly higher than ¥1,963,701.52 in 2023, primarily due to government subsidies [28]. - The company reported a total revenue of 224.4 million in the latest financial period, representing a significant increase from 125.7 million in the previous period, marking an increase of approximately 78% [186]. - The company achieved a net profit of 3,461,747 yuan from its subsidiary Huizhou Bao Ming, contributing significantly to overall performance [146]. Market Trends and Industry Support - The Chinese government is actively supporting the flat panel display industry through various policies, aiming to enhance the development of new display technologies such as quantum dot and holographic displays [33]. - The Guangdong provincial government plans to develop the ultra-high-definition video industry, targeting over 1 trillion yuan in revenue and establishing more than 3 industrial clusters by 2025 [33]. - The National Development and Reform Commission has included OLED, Mini LED, and Micro LED technologies in the encouraged development projects for the flat panel display sector [34]. - The lithium battery industry is recognized as a key sector for national support, with policies aimed at fostering a favorable environment for its growth [34]. - The government aims to enhance the competitiveness of the information technology industry by promoting innovations in artificial intelligence, advanced communication, and new display technologies [34]. - The government aims for new energy vehicles to account for 20% of total vehicle sales by 2025, with a long-term goal of achieving international competitiveness in core technologies by 2035 [36]. - The global sales of new energy vehicles are expected to reach 18.236 million units in 2024, reflecting a year-on-year growth of 24.4% [63]. - The Chinese new energy vehicle sales are projected to reach 12.87 million units in 2024, representing a year-on-year growth of 35.5% [54]. Research and Development - The company has a total of 176 patents, including 22 invention patents and 154 utility model patents, enhancing its technological innovation capabilities [99]. - The company is actively investing in the research and development of lithium battery composite copper foil products, aiming to create new performance growth points for the future [100]. - The company’s R&D expenses increased by 21.22% year-on-year to 10,179.05 million yuan, reflecting its commitment to innovation [110]. - The company has established strategic partnerships with leading manufacturers in the display module industry, ensuring stable customer resources [105]. - The company has a complete research and development system, allowing for independent innovation and product development [176]. Governance and Management - The company has established a strong governance structure with independent directors overseeing key decisions, ensuring transparency and accountability [191]. - The management team consists of experienced professionals with backgrounds in various sectors, including finance, engineering, and technology, which supports the company's strategic initiatives [189]. - The company has a structured governance framework with clear roles for directors and supervisors, enhancing accountability [199]. - The company has implemented a value management system approved by the board in April 2025, which will be disclosed alongside the 2024 annual report [163]. - The company emphasizes the importance of information disclosure, ensuring all shareholders have equal access to information through designated media and communication channels [172]. Operational Efficiency and Market Position - The company is currently focusing on expanding its market presence and exploring potential mergers and acquisitions to drive growth [187]. - The company aims to enhance its operational efficiency through strategic partnerships and collaborations within the industry [187]. - The company is committed to maintaining a robust financial position while pursuing innovative strategies to adapt to market changes [187]. - The company has established effective control measures for investment management, including decision-making, supervision, and post-evaluation to mitigate investment risks [160]. - The company has a transparent performance evaluation and incentive mechanism for directors and senior management to ensure the achievement of strategic and operational goals [173].

Financial Performance - The company's operating revenue for 2024 reached ¥291,290,951.17, representing a 68.93% increase compared to ¥172,431,105.99 in 2023[18]. - The net profit attributable to shareholders for 2024 was -¥46,114,722.88, a decrease of 34.82% from -¥53,182,006.08 in 2022[18]. - The net cash flow from operating activities improved by 53.74%, amounting to -¥71,527,640.76 in 2024 compared to -¥154,633,305.78 in 2023[18]. - The basic earnings per share for 2024 was -¥0.1330, a decline of 34.89% from -¥0.1533 in 2022[19]. - Total assets decreased by 4.55% to ¥512,559,807.82 at the end of 2024, down from ¥580,058,168.47 in 2022[19]. - The net assets attributable to shareholders fell by 14.61% to ¥269,521,384.58 at the end of 2024, compared to ¥349,840,896.52 in 2022[19]. - The company reported a significant adjustment in prepayments of ¥86,280,902.20 due to funds being occupied and subsequently repaid in 2024[20]. - The company adjusted its revenue by ¥39,854,657.37 due to the net method accounting for transactions involving suppliers and customers being the same entity[21]. - The company experienced a net loss in all three recent fiscal years, indicating ongoing uncertainty in its ability to continue as a going concern[21]. - The quarterly operating revenue showed a decline in Q4 2023 to ¥29,627,420.72, down from ¥101,892,137.58 in Q1 2023[25]. Business Operations and Strategy - The company established a subsidiary, Wuxi Donghexin, in August 2023, marking a shift in focus towards manufacturing and sales of metal materials and packaging containers[16]. - The company’s main business has transitioned from electronic information and audio-visual command systems to metal materials manufacturing and sales[16]. - The company is expanding its business into the metal products sector, focusing on the research, manufacturing, and sales of metal packaging materials[34]. - The company utilizes a "sales-driven production" model to optimize production based on customer orders, enhancing efficiency[40]. - The company aims to increase its market share in the high-margin tinplate business by developing more downstream customers and exploring overseas markets[42]. - The company plans to focus on market demand, technological innovation, and customer satisfaction while expanding into new business areas, particularly in metal manufacturing[87]. - The company aims to develop a dual industry structure of "communication and metal product manufacturing" to drive future growth[87]. - The company plans to expand into the metal products manufacturing business, with a focus on high-margin products such as tinplate and chrome-coated rolls, aiming to enhance overall gross margin and competitiveness[88]. Research and Development - The company holds 13 authorized patents and 86 software copyrights, indicating a strong focus on R&D and innovation[45]. - The company has established a stable R&D team capable of continuous innovation and product development[45]. - The company completed the development of 3 types of weapon equipment headgear, achieving a full set of simulation training solutions[69]. - The project for the development of a simulator management system has been successfully completed, enhancing technical capabilities and market space[69]. - The project for the development of a defense system for small unmanned aerial vehicles is nearing completion, with a focus on cost reduction and performance optimization[70]. - R&D investment amount for 2024 is ¥7,716,193.45, a decrease of 46.01% compared to ¥14,291,335.70 in 2023[71]. - R&D investment as a percentage of operating revenue is 2.65%, down from 8.29% in the previous year, a decline of 5.64%[71]. - The number of R&D personnel increased to 39 in 2024 from 36 in 2023, representing an 8.33% growth[71]. - The proportion of R&D personnel in the company rose to 48.15% in 2024 from 34.29% in 2023, an increase of 13.86%[71]. Governance and Compliance - The company is committed to enhancing its governance structure and maintaining independent operations from its controlling shareholder, ensuring compliance with relevant regulations[99]. - The board of directors consists of seven members, including three independent directors, complying with legal and regulatory requirements[102]. - The supervisory board is composed of three members, with two being employee representatives, adhering to legal and regulatory standards[104]. - The company has established an independent internal audit department responsible for auditing major transactions and ensuring compliance with internal control systems[105]. - The company has implemented a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[106]. - The company ensures timely and accurate information disclosure, maintaining communication with investors through various channels[107]. - The company respects the rights of stakeholders and actively engages in social responsibilities such as environmental protection and tax compliance[108]. - The company operates independently from its controlling shareholders in terms of business, personnel, assets, and finance, ensuring no competition with related parties[112][113][114][115]. Risks and Challenges - The company anticipates potential market risks due to increasing competition from other capable enterprises in the defense technology sector, which may impact market expansion[89]. - The company is addressing accounts receivable recovery risks, as the long settlement cycles in the military industry may affect cash flow; it plans to optimize financial management and strengthen customer relationships[89]. - The company recognizes the risk of rapid technological changes in the military industry and is committed to continuous R&D investment to meet user demands[90]. - The company faces intensified competition in the metal products sector due to industry expansion and consolidation trends[92]. - The company is adopting a "sales-driven production" strategy to mitigate the impact of market price fluctuations in the metal products market[93]. Internal Control and Audit - The company reported significant internal control deficiencies during the audit process, which investors should be aware of[3]. - The company’s financial report has been audited by a firm that issued a disclaimer of opinion, highlighting potential issues in financial reporting[3]. - Significant internal control deficiencies were identified, particularly related to related party transactions, with ongoing corrective measures being implemented[152]. - The internal control audit report issued a negative opinion, stating that the company failed to maintain effective financial reporting internal controls as of December 31, 2024[157]. - The company had a related party fund occupation balance of CNY 197.03 million as of December 31, 2024, due to prepayment for raw material purchases[157]. - The company failed to identify and disclose related party transactions and issues related to inventory management, leading to significant internal control defects[158]. Shareholder and Investor Relations - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[4]. - The company has not proposed any cash dividend distribution plan during the reporting period despite having positive distributable profits[148]. - The company actively participates in investor education activities and maintains communication mechanisms to protect investor rights[162]. - The company adheres to regulations regarding cash dividends and aims to share development results with investors[163]. Employee and Management Changes - The company has seen a significant turnover in its management team, with multiple high-level resignations in the past year[120]. - The company announced the resignation of several key personnel, including independent director Wang Yuhang and supervisor Jia Zilong, effective January 13, 2025, due to personal reasons[121]. - Vice President Li Jifang was dismissed on February 21, 2025, and financial director Dai Ming was dismissed on September 30, 2024, both for personal reasons[121]. - The company has appointed new independent directors, enhancing governance and oversight capabilities[119]. - The company is undergoing significant management changes, which may impact its strategic direction and operational efficiency moving forward[121]. Environmental and Social Responsibility - The company is committed to energy conservation and environmental protection, implementing measures to reduce production costs through the use of energy-saving products[166]. - The company emphasizes employee rights protection, adhering to labor laws and providing annual health check-ups for all employees[165]. - The company has not engaged in any poverty alleviation work during the reporting period[167].

Financial Performance - The company's revenue for Q1 2025 was ¥22,497,720.21, a decrease of 77.92% compared to ¥101,892,137.58 in the same period last year[5] - The net loss attributable to shareholders was ¥6,339,407.68, representing a 57.48% increase in loss from ¥4,025,451.27 year-on-year[5] - Basic and diluted earnings per share were both -¥0.0183, a decrease of 57.76% from -¥0.0116 in the same period last year[5] - Total operating revenue for the current period was ¥22,497,720.21, a decrease of 78.0% compared to ¥101,892,137.58 in the previous period[22] - The net loss for the current period was ¥7,525,845.53, compared to a net loss of ¥4,025,451.27 in the previous period, representing an increase in loss of 87.5%[23] - Basic and diluted earnings per share were both -0.0183 CNY, compared to -0.0116 CNY in the previous period[24] Cash Flow and Assets - The net cash flow from operating activities was -¥41,676,326.18, a 2.58% increase in outflow compared to -¥40,627,185.68 in the previous year[5] - Cash inflow from operating activities totaled 26,570,224.60 CNY, a decrease of 86.7% from 199,622,145.30 CNY in the previous period[24] - Cash outflow from operating activities was 68,246,550.78 CNY, down from 240,249,330.98 CNY, resulting in a net cash flow from operating activities of -41,676,326.18 CNY[24] - Cash flow from investing activities resulted in a net outflow of -285,506.83 CNY, compared to a net inflow of 25,855,119.48 CNY in the previous period[25] - Cash flow from financing activities showed a net outflow of -229,163.39 CNY, compared to -7,300,202.17 CNY in the previous period[25] - The net decrease in cash and cash equivalents was -42,190,996.40 CNY, compared to -22,054,907.02 CNY in the previous period[25] - The ending balance of cash and cash equivalents was 19,842,466.15 CNY, down from 36,537,619.44 CNY in the previous period[25] - Total assets decreased by 3.76% to ¥493,305,710.14 from ¥512,559,807.82 at the end of the previous year[5] - Current assets totaled ¥448,756,224.03, down 4.0% from ¥467,523,163.24 at the beginning of the period[19] - Cash and cash equivalents decreased significantly to ¥20,910,343.01 from ¥64,801,339.41, a drop of 67.7%[19] - Total liabilities decreased to ¥175,603,685.68 from ¥187,331,937.83, a reduction of 6.2%[20] - The equity attributable to shareholders of the parent company decreased to ¥263,181,976.90 from ¥269,521,384.58, a decline of 2.4%[20] Operating Costs and Expenses - Operating costs decreased by 76.60% year-on-year, correlating with the significant drop in revenue[8] - Total operating costs amounted to ¥32,136,925.36, down 69.9% from ¥106,924,517.26 in the previous period[22] - Research and development expenses decreased by 67.33% compared to the previous year, reflecting reduced investment in this area[8] - Other income decreased by 98.26% year-on-year, mainly due to a reduction in government subsidies received[8] Shareholder Information - The top shareholder, Du Fang, holds 15.00% of the shares, with 39,024,300 shares pledged[11] - Shanghai Donghe Xinxin Materials Group Co., Ltd. holds 5.22% of the shares, totaling 18,094,600 shares[11] - The top ten shareholders include several individuals and institutions, with the largest holding being 52,032,400 shares[11] - The company has a significant number of shares under pledge, totaling 43,968,650 shares[11] - The company has not reported any changes in the lending of shares through margin trading for the top ten shareholders[11] Management Changes - The company appointed Sun Peng as an independent director and chair of the audit committee, effective from January 13, 2025[13] - The company has seen a change in management, with Wu Wei appointed as vice president following the resignation of Li Jifang[15] - The company has no preferred shareholders or significant changes in preferred shareholder structure[12] Joint Ventures and Investments - The company has established a joint venture, Tianjin Donghexin, with an investment of RMB 100 million, where the company contributes RMB 75 million for a 75% stake[16][17] - The company has completed the registration of Tianjin Donghexin and obtained its business license[17] Accounting and Reporting - The first quarter report was not audited[26] - The company will implement new accounting standards starting from 2025[26]

Financial Performance - The company's operating revenue for 2024 was CNY 607,428,715.28, representing a 0.65% increase compared to CNY 603,482,324.26 in 2023[20]. - The net profit attributable to shareholders for 2024 was CNY 9,955,517.10, a significant improvement of 149.76% from a loss of CNY 20,005,848.52 in 2023[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,394,222.70, up 118.97% from a loss of CNY 28,438,223.13 in the previous year[20]. - The basic earnings per share for 2024 was CNY 0.0253, compared to a loss of CNY 0.0509 in 2023, marking a 149.71% increase[20]. - The total assets at the end of 2024 were CNY 813,109,225.42, reflecting a 4.16% increase from CNY 780,617,924.39 at the end of 2023[20]. - The net assets attributable to shareholders increased by 13.27% to CNY 70,046,596.74 at the end of 2024, up from CNY 61,841,859.24 in 2023[20]. - The company reported a negative net cash flow from operating activities of CNY -5,043,796.47 in 2024, a decline of 128.70% from CNY 17,574,983.04 in 2023[20]. - The weighted average return on net assets for 2024 was 14.97%, a recovery from -40.03% in 2023[20]. - The total operating costs for 2024 were 524,368.44 million, a decrease of 5.09% compared to 552,475.89 million in 2023[56]. - The company’s overall financial structure improved, achieving a turnaround from loss to profit, providing a solid foundation for future growth[43]. Revenue and Sector Performance - Total revenue for the fourth quarter reached ¥182,608,751.59, showing a steady increase from previous quarters[24]. - The net profit attributable to shareholders for the fourth quarter was -¥855,382.22, indicating a loss compared to profits in earlier quarters[24]. - The revenue from the bio-cellulose substrate sector reached CNY 45.22 million, a significant year-on-year increase of 4,042.77%[47]. - The agricultural sector's revenue was CNY 61.92 million, reflecting a year-on-year decline of 38.80%[46]. - The company’s revenue from the power sector was CNY 237.24 million, a year-on-year increase of 4.35%[47]. - The smart private network sector signed sales contracts totaling approximately CNY 348 million during the reporting period[43]. - The smart transportation sector signed sales contracts totaling approximately CNY 278 million during the reporting period[44]. Investments and Future Plans - The company reported a significant increase in investment in smart grid technology, with total investments in the sector expected to reach approximately ¥3 trillion during the 14th Five-Year Plan[29]. - The renewable energy generation capacity is projected to grow, with a 19% year-on-year increase in renewable energy generation expected in 2024, reaching 3.46 trillion kWh[30]. - The company plans to enhance its smart network services by integrating digital solutions in the power and transportation sectors, aiming for steady business growth[91]. - The company expects a net profit of no less than 18 million yuan from its biocellulose substrate business in 2025, indicating strong growth potential[93]. - The company plans to focus on the smart private network sector, particularly in the renewable energy market, as part of its strategy to align with national carbon reduction goals[87]. Research and Development - The company is developing a command and control system software based on GIS to enhance its capabilities in the intelligent transportation sector[64]. - The company is focusing on high-yield bacterial cellulose production technology, leveraging microbial screening techniques to identify high-yield strains[65]. - The company is committed to continuous innovation in biocellulose production technology to meet the growing market demand and support sustainable development[89]. - R&D investment decreased by 19.06% to ¥7,454,587.50 in 2024 from ¥9,209,614.91 in 2023, representing 1.23% of operating revenue[68]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring transparency and accountability in its operations[103][104]. - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[106]. - The company has established effective internal governance structures, including a board of directors and supervisory board, operating independently from the controlling shareholder[108]. - The company has committed to fulfilling information disclosure obligations and handling related approval procedures in accordance with laws and regulations[157]. Employee and Corporate Culture - The total number of employees at the end of the reporting period was 212, with 25 in the parent company and 187 in major subsidiaries[135]. - The company aims to enhance employee skills and corporate culture through a diversified training program in 2024[137][138]. - The company emphasizes corporate culture, promoting values of integrity, progress, innovation, and sharing, while organizing outdoor training and cultural activities to enhance employee cohesion[149]. Legal and Regulatory Matters - The company has received a warning and a fine of 2 million RMB from the China Securities Regulatory Commission for information disclosure violations[173]. - The actual controller of the company, Wang Yongbin, has also been fined 600,000 RMB for similar violations[173]. - The company is currently involved in a lawsuit with a claim amounting to 14.29 million RMB, which is still under trial[171]. - Another ongoing litigation involves a claim of 18.85 million RMB, with the case currently in the trial phase[172].

Financial Performance - The company's operating revenue for Q1 2025 was ¥104,953,421.29, representing a 26.00% increase compared to ¥83,293,235.75 in the same period last year[5] - Net profit attributable to shareholders reached ¥3,415,360.16, a significant increase of 113.19% from ¥1,601,995.22 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥3,327,377.40, up 897.20% from ¥333,670.57 in the previous year[5] - The company reported a 34.91% increase in operating costs, totaling ¥90,655,214.94, primarily due to increased revenue from smart transportation business[10] - Total operating revenue for the current period reached ¥104,953,421.29, a 26.1% increase from ¥83,293,235.75 in the previous period[19] - Total operating costs increased to ¥105,771,527.44, up 33.3% from ¥79,295,730.90 in the previous period[19] - Net profit for the current period was ¥5,093,735.30, representing a 17.9% increase compared to ¥4,321,582.02 in the previous period[20] - Operating profit rose to ¥8,072,609.23, an increase of 27.0% from ¥6,354,189.89 in the previous period[20] Cash Flow - The net cash flow from operating activities surged to ¥45,874,114.30, marking a 1,155.08% increase from ¥3,655,061.38 in the same quarter last year[5] - Cash flow from operating activities generated a net amount of ¥45,874,114.30, significantly up from ¥3,655,061.38 in the previous period[21] - Cash flow from investing activities resulted in a net outflow of ¥32,160,639.72, compared to a net inflow of ¥1,796,290.03 in the previous period[21] - Cash flow from financing activities showed a net outflow of ¥21,504,497.67, worsening from a net outflow of ¥952,489.02 in the previous period[22] - The total cash and cash equivalents at the end of the period stood at ¥126,555,375.55, slightly up from ¥123,237,628.07 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥794,198,928.87, a decrease of 2.33% from ¥813,109,225.42 at the end of the previous year[5] - Current assets totaled CNY 657,740,784.31, down from CNY 673,255,495.02, indicating a decrease of about 2.3%[16] - Cash and cash equivalents decreased to CNY 145,866,473.76 from CNY 165,401,776.68, representing a decline of approximately 11.8%[16] - Accounts receivable decreased to CNY 208,945,992.75 from CNY 282,248,675.84, a reduction of about 26%[16] - Total liabilities decreased to CNY 680,099,289.14 from CNY 704,457,765.44, reflecting a decline of about 3.4%[17] - The company reported a decrease in total current liabilities to CNY 671,518,237.37 from CNY 695,525,220.85, a reduction of about 3.4%[17] - The total non-current assets amounted to CNY 136,458,144.56, down from CNY 139,853,730.40, indicating a decrease of about 2.8%[17] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 5.38% to ¥73,816,401.35 from ¥70,046,596.74 at the end of the previous year[5] - The total equity attributable to the parent company increased to CNY 73,816,401.35 from CNY 70,046,596.74, an increase of approximately 3.9%[18] - The company's retained earnings showed a slight improvement, moving from CNY -785,439,235.18 to CNY -782,023,875.02[17] - The weighted average return on equity improved to 4.76%, up from 2.56% in the previous year[5] Inventory and Contract Liabilities - Inventory increased by 31.38% to ¥171,755,730.25 due to additional stock from newly awarded projects[8] - Inventory increased to CNY 171,755,730.25 from CNY 130,727,320.17, showing an increase of approximately 31.4%[16] - Contract liabilities rose by 32.78% to ¥93,952,822.68, reflecting an increase in customer prepayments[9] Audit Information - The company did not undergo an audit for the first quarter report[23]

Revenue and Profitability - The company's revenue for Q1 2025 reached ¥80,739,298.82, representing a significant increase of 761.04% compared to ¥9,376,954.42 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥14,599,962.98, which is a decline of 158.72% from a loss of ¥5,643,083.59 in the previous year[5] - The operating profit for the current period was reported at -¥14,187,513.80, compared to -¥6,168,116.44 in the previous period, reflecting a deeper loss[18] - The net profit for the current period was -¥14,683,743.68, worsening from -¥5,680,012.50 in the prior period, indicating a decline in profitability[19] - Basic and diluted earnings per share were both -0.1, compared to -0.04 in the previous period[20] Cash Flow - The cash flow from operating activities improved to ¥25,975,387.23, a 209.95% increase from a negative cash flow of ¥23,625,097.94 in the same period last year[5] - Net cash flow from operating activities was 25,975,387.23 yuan, a significant improvement from -23,625,097.94 yuan in the previous period[22] - Cash inflow from operating activities totaled 54,963,016.84 yuan, compared to 7,375,286.48 yuan in the previous period[21] - Cash outflow from operating activities was 28,987,629.61 yuan, down from 31,000,384.42 yuan in the previous period[22] - Net cash flow from investing activities was 25,542,385.29 yuan, with no cash outflow recorded for investments[22] - Net cash flow from financing activities was -28,523,622.37 yuan, compared to -11,558,004.16 yuan in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,333,490,073.85, down 3.20% from ¥1,377,642,987.08 at the end of the previous year[5] - Current liabilities decreased to ¥435,100,107.17 from ¥463,702,725.04, showing a decline of about 6.2%[15] - Cash and cash equivalents at the end of the period were ¥51,246,310.30, down from ¥53,796,307.32, a decline of about 4.7%[14] - Accounts receivable increased significantly to ¥40,425,813.38 from ¥5,075,108.98, representing an increase of approximately 696.5%[14] - Inventory decreased to ¥505,386,283.03 from ¥581,593,865.89, a reduction of about 13.1%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,672[10] - The largest shareholder, Shengshida Investment Co., Ltd., holds 40.91% of the shares, amounting to 60,069,786 shares, with a significant portion pledged[10] - The equity attributable to shareholders decreased by 1.99% to ¥719,172,832.95 from ¥733,772,795.92 at the end of the previous year[5] - The total equity attributable to shareholders decreased to ¥719,172,832.95 from ¥733,772,795.92, a decrease of approximately 2.0%[15] Government Subsidies and Non-Recurring Items - The company received government subsidies amounting to ¥88,350.42, which are closely related to its normal business operations[7] - There were no other non-recurring profit and loss items reported during the period[8] Audit Information - The company did not undergo an audit for the first quarter report[24]