Financial Performance - The company reported a net profit attributable to the parent company of approximately -10.75 million RMB for 2024, with a net profit of -40.52 million RMB after deducting non-recurring gains and losses, indicating a loss increase compared to the previous year[3]. - The company's operating revenue for 2024 reached ¥626,152,638.73, representing a 4.22% increase compared to ¥600,791,627.85 in 2023[21]. - The net profit attributable to shareholders for 2024 was ¥10,746,333.48, a significant decrease of 84.63% from ¥60,759,853.70 in 2022[20]. - The net cash flow from operating activities dropped by 95.08% to ¥5,495,036.01 in 2024, down from ¥111,721,254.00 in 2023[20]. - The total assets at the end of 2024 were ¥2,130,952,450.32, a decrease of 2.63% from ¥2,188,533,010.00 at the end of 2023[20]. - The company reported a basic earnings per share of -0.06 in 2024, a decline of 100% compared to -0.03 in 2023[20]. - The company reported a significant impairment loss of approximately -17.37 million, representing a decrease of 706.89%[118]. - The company’s cash flow from investing activities showed a net inflow of 55.45 million yuan, mainly from the redemption of bank wealth management products and time deposits[91]. - The company’s R&D investment accounted for 8.97% of operating revenue in 2024, down from 10.95% in 2023[111]. Business Segments - The company operates in three main business segments: AFC systems, ETC products, and thermal management systems, which are crucial for urban transportation and infrastructure development[31]. - The AFC business achieved operating revenue of 365 million yuan, with a net profit of approximately 40.51 million yuan, an increase from the previous year due to a higher proportion of export sales[87]. - The ETC business reported operating revenue of approximately 14.80 million yuan, a decrease of about 21% year-on-year, primarily due to the impact of the aftermarket and declining product gross margins[87]. - The revenue from the transportation equipment industry was 365.47 million yuan, accounting for 58.36% of total revenue, with a year-on-year increase of 2.43%[95]. - The revenue from the intelligent transportation industry was 147.87 million yuan, a decrease of 20.62% year-on-year, indicating a significant decline in this segment[95]. Market Trends and Opportunities - The smart transportation market is expected to exceed 400 billion yuan by 2025, with a growth rate of over 10% in segments like urban transportation and smart rail transit[36]. - The thermal management market for new energy vehicles in China is expected to grow to approximately 68.3 billion yuan by 2023, with a compound annual growth rate (CAGR) of about 93% from 2020 to 2023[44]. - The company aims to explore potential markets in cities like Zhengzhou, Chongqing, and Chengdu, while enhancing smart operations and emergency systems[39]. - The company plans to enhance its market presence in the rail transit sector, which is vital for urban development and economic growth[31]. Corporate Governance and Management - The company has a diverse board with members having extensive backgrounds in technology and management, contributing to strategic decision-making[163][165]. - The board consists of a mix of experienced professionals, including independent directors, to ensure compliance and strategic oversight[166]. - The company is focusing on internal restructuring to enhance operational efficiency and governance[161]. - The company ensures the independence of its assets, personnel, finances, institutions, and business from the controlling shareholder[152]. - The company has a complete and independent operational capability, with all assets owned and controlled solely by the company[153]. Risks and Challenges - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, primarily related to prior accounting errors[5]. - The company continues to face uncertainties regarding its ability to continue as a going concern, as indicated by recent audit reports[20]. - The company faces risks from high construction and operational costs in the rail transit sector, which may lead to funding constraints and reduced gross margins[136]. - A dispute among shareholders of Guochuang Thermal Management has significantly impacted daily operations, including employee stability and order fulfillment[139]. Research and Development - The company has developed over 29 invention patents, 22 utility model patents, 21 design patents, and 78 software copyrights related to various types of AFC terminal equipment and core modules[58]. - The company has a dedicated R&D team of approximately 102 professionals focused on core module and new product development, enhancing its innovation capabilities[58]. - The company plans to increase R&D investment in core modules and technologies related to rail and road transportation to enhance competitiveness in diversified markets[138]. Financial Management and Internal Controls - The company has established a comprehensive internal control system that effectively operates at all business process levels, ensuring compliance and asset security[196]. - There were no significant internal control deficiencies identified during the reporting period, with zero major or important deficiencies reported in both financial and non-financial areas[200]. - The company’s internal control audit report indicated that it maintained effective financial reporting internal controls as of December 31, 2024[200]. - The company plans to continue its financial management and internal control improvements as suggested by the board members[182].

Financial Performance - The company's revenue for Q1 2025 was CNY 1,085,398,753.80, representing a 5.19% increase compared to CNY 1,031,873,547.91 in the same period last year[5] - Net profit attributable to shareholders was CNY 41,883,041.40, up 4.67% from CNY 40,014,816.82 year-on-year[5] - The net profit after deducting non-recurring gains and losses decreased by 22.78% to CNY 41,180,695.27 from CNY 53,328,289.66 in the previous year[5] - Total operating revenue for the current period reached ¥1,085,398,753.80, an increase of 5.3% compared to ¥1,031,873,547.91 in the previous period[17] - Net profit for the current period was ¥5,203,098.62, a decrease of 31.9% from ¥7,648,884.59 in the previous period[18] - Total comprehensive income amounted to CNY 35,709,329.98, a decrease from CNY 39,800,247.50 in the previous period[19] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 4,175,865,450.39, a decrease of 1.77% from CNY 4,251,106,914.16 at the end of the previous year[5] - The company's total assets decreased to ¥4,175,865,450.39 from ¥4,251,106,914.16, reflecting a decline of 1.8%[16] - Current liabilities totaled ¥860,742,694.60, down 4.7% from ¥903,117,229.08 in the previous period[16] - Non-current liabilities decreased to ¥1,185,025,430.92 from ¥1,253,600,369.16, a reduction of 5.5%[16] - The company's total equity increased to ¥2,130,097,324.87 from ¥2,094,389,315.92, representing a growth of 1.7%[16] Cash Flow - The net cash flow from operating activities was CNY -14,794,603.74, showing a slight improvement of 0.58% from CNY -14,880,775.28 in the same period last year[5] - Cash inflow from operating activities was CNY 1,039,691,547.44, compared to CNY 1,011,182,104.28 in the previous period[21] - Cash outflow from operating activities totaled CNY 1,054,486,151.18, slightly up from CNY 1,026,062,879.56[22] - Cash inflow from investment activities was CNY 175,479,954.42, compared to CNY 116,515,401.24 in the previous period[22] - Net cash flow from investment activities was negative at CNY -2,292,606.21, an improvement from CNY -36,973,103.92[22] - Cash outflow from financing activities was CNY 15,250,732.38, down from CNY 156,343,509.10 in the previous period[22] - The ending cash and cash equivalents balance was CNY 391,614,417.74, compared to CNY 260,949,417.57 at the end of the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,339[9] - The largest shareholder, Hunan Yujia Investment Management Co., Ltd., held 24.70% of the shares, amounting to 95,904,214 shares[9] - The total number of shares held by the top 10 unrestricted shareholders includes 95,904,214 shares held by Hunan Yujia Investment Management Co., Ltd., accounting for a significant portion of the company's equity[10] - The total number of restricted shares held by executives remains at 30,988,270.0, with no new restrictions added during the period[12] - The company’s major shareholder, Dai Yuefeng, holds 29,314,958 shares, which are subject to lock-up restrictions until the end of the term[12] - The company has not reported any changes in the number of preferred shareholders or any new restrictions on shares during the period[11] Expenses and Financial Management - The company reported a significant increase in financial expenses by 63.66% to CNY 18,243,690.11, primarily due to fluctuations in exchange gains and interest expenses[7] - The company's financial performance indicates a focus on managing liquidity and accounts receivable effectively amid market conditions[14] - Research and development expenses rose to ¥20,855,561.94, an increase of 15.4% compared to ¥18,069,973.34 in the previous period[18] Other Information - The company received government subsidies amounting to CNY 981,635.06 during the reporting period[6] - There are no significant new strategies or product developments mentioned in the current report[13] - The company did not undergo an audit for the first quarter report[24]

Financial Performance - The company's revenue for Q1 2025 was CNY 360,274,965.61, representing a 5.76% increase compared to CNY 340,667,514.24 in the same period last year[5] - Net profit attributable to shareholders for Q1 2025 was CNY 15,802,312.47, up 9.32% from CNY 14,454,518.96 in Q1 2024[5] - Total operating revenue for the current period reached ¥360,274,965.61, an increase of 5.8% compared to ¥340,667,514.24 in the previous period[26] - Net profit for the current period was ¥13,559,107.84, representing an increase of 6.0% from ¥12,786,646.32 in the previous period[27] - The total comprehensive income for the current period is CNY 14,103,471.48, compared to CNY 12,914,628.92 in the previous period, representing an increase of approximately 9.2%[28] - Basic earnings per share for the current period is CNY 0.3307, up from CNY 0.3025 in the previous period, reflecting an increase of about 9.1%[28] Cash Flow - The net cash flow from operating activities improved to -CNY 46,102,243.82, a 36.80% increase compared to -CNY 72,949,785.86 in the previous year[5] - The company’s cash flow from investing activities improved significantly, with a net cash flow of -CNY 1,994,491.44, a 97.74% increase compared to -CNY 88,393,758.84 in the previous year[12] - Cash inflow from investment activities totaled CNY 116,455,886.76, compared to CNY 3,549,475.00 in the previous period, indicating a significant increase[32] - Cash outflow from investment activities is CNY 118,450,378.20, up from CNY 91,943,233.84 in the previous period[32] - Net cash flow from financing activities is CNY 48,402,806.46, down from CNY 66,246,802.84 in the previous period[32] - The ending cash and cash equivalents balance is CNY 221,567,627.69, compared to CNY 85,028,965.06 in the previous period, showing a substantial increase[32] - The company received CNY 7,655,944.03 in tax refunds during the current period, compared to CNY 0.00 in the previous period[31] - The company reported a net increase in cash flow from financing activities of CNY 127,018,906.84, compared to CNY 94,175,741.06 in the previous period[32] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 2,080,745,163.30, reflecting a 1.86% increase from CNY 2,042,769,091.27 at the end of the previous year[6] - Current liabilities totaled ¥705,615,874.13, slightly up from ¥700,358,405.64, indicating a 0.4% increase[23] - Non-current liabilities rose to ¥515,476,275.55 from ¥497,205,526.29, reflecting a growth of 3.0%[23] - The total equity attributable to shareholders increased to ¥887,460,212.54, compared to ¥870,769,153.63, a rise of 1.0%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 8,168[14] - The largest shareholder, Hao Yuan Zeng, holds 24.54% of shares, totaling 11,730,000 shares[14] - The number of shares held by the top ten shareholders accounts for a significant portion of the total shares, with the top two shareholders alone holding over 41%[14] - The company has a total of 24,705,792 shares under lock-up, with 16,992,857 shares released during the period[18] - The company plans to release a significant portion of locked shares by March 14, 2025, as they have met the 36-month holding requirement[17] Operational Metrics - The weighted average return on equity for Q1 2025 was 1.80%, slightly up from 1.78% in the same period last year[5] - The company reported a significant increase in accounts receivable financing, which rose by 40.33% to CNY 402,672,772.74 due to increased receivables[10] - The company experienced a 36.72% increase in taxes and surcharges, amounting to CNY 1,210,768.10, primarily due to higher property and land use taxes[11] - Investment income for Q1 2025 increased by 87.56% to CNY 216,932.71, attributed to higher returns from financial products and increased discounting fees on receivables[11] - The company reported a 69.45% increase in contract liabilities, reaching CNY 2,050,642.09, due to an increase in signed contracts awaiting performance[10] Research and Development - Research and development expenses for the current period were ¥12,147,039.66, up from ¥11,885,310.30, indicating a growth of 2.2%[26] - The company plans to expand its market presence and invest in new product development, although detailed figures and timelines were not provided in the earnings call[22] Audit and Compliance - The company has not undergone an audit for the first quarter report[33] - There are no new strategies or product developments mentioned in the current report[19]

Financial Performance - The company's operating revenue for 2024 reached ¥1,709,863,154.15, representing a 15.74% increase compared to ¥1,477,393,224.03 in 2023[16]. - The net profit attributable to shareholders for 2024 was ¥38,477,743.86, a 3.57% increase from ¥37,152,027.16 in 2023[16]. - The net cash flow from operating activities improved by 25.62%, from -¥26,632,309.58 in 2023 to -¥19,808,595.57 in 2024[16]. - Total assets increased by 21.77% to ¥2,042,769,091.27 at the end of 2024, up from ¥1,677,591,887.80 at the end of 2023[16]. - The company's basic earnings per share for 2024 was ¥0.8053, reflecting a 3.56% increase from ¥0.7776 in 2023[16]. - The company reported a quarterly revenue of ¥527,353,572.48 in Q4 2024, marking a significant increase compared to previous quarters[19]. - The revenue from modified PP was ¥895,221,023.60, accounting for 52.36% of total revenue, with a growth of 21.02% compared to the previous year[66]. - The gross profit margin for the modified plastics industry was 9.94%, a decrease of 0.90% compared to the previous year[69]. - The total sales volume for the modified plastics industry increased by 23.88% year-on-year, reaching 178,554.73 tons[70]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 4.1 RMB per 10 shares to all shareholders, based on a total of 47,780,000 shares[3]. - The proposed cash dividend is RMB 4.1 per 10 shares (including tax), totaling RMB 19,589,800.00, which represents 100% of the total profit distribution[163]. - The total distributable profit for 2024 is RMB 256,976,184.16, with retained earnings carried forward to the next fiscal year[163]. - The company did not issue any bonus shares or conduct capital reserve transfers during the profit distribution[163]. Research and Development - The company has been focusing on the development of modified plastics, which are crucial in meeting the evolving demands of various manufacturing sectors[26]. - The company holds 27 authorized patents for modified PP materials, with a strong R&D team consisting of 12 key technical personnel, 4 of whom have master's degrees[46]. - The company has developed a chemical foaming grade modified polypropylene material for automotive door trim, achieving a weight reduction ratio of approximately 7% compared to traditional products[56]. - The company is focusing on the development of self-lubricating wear-resistant materials and high thermal conductivity insulation materials to meet the demands of humanoid robots[60]. - The company has established a polymer materials R&D center and has been recognized as a provincial engineering technology center and a national key laboratory[49]. - The company is committed to transforming theoretical research results into practical applications to ensure its technology and products remain industry-leading[117]. Market and Industry Trends - The demand for modified plastics is expected to grow due to the economic recovery and increasing performance requirements for lightweight, environmentally friendly, and high-performance materials[28]. - In the automotive sector, modified plastics are projected to reduce vehicle weight and costs, contributing to energy-saving and emission reduction goals, with China's automotive production and sales expected to grow by 3.7% and 4.5% respectively in 2024[33]. - The production and sales of new energy vehicles in China are anticipated to increase significantly, with growth rates of 34.4% and 35.5% respectively, driving demand for high-performance modified plastics[33]. - The company has a strong market position in the modified plastics sector, providing high-performance solutions to major clients like Midea, Gree, and Toyota[38]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, including the installation of rooftop solar power stations, generating a total of 5.1546 million kWh in the reporting period[174]. - The company has completed the renewal of its wastewater discharge permit, ensuring compliance with environmental regulations[173]. - The company has signed contracts with hazardous waste disposal partners and has transferred solid waste as required[173]. - The company has actively promoted energy-saving awareness among employees and implemented a paperless office policy to conserve resources[174]. - The company has made donations totaling 408,000 RMB to various educational and charitable causes in 2024, including 300,000 RMB to Hubei University[180]. Governance and Compliance - The company maintains a governance structure compliant with relevant laws and regulations, ensuring equal treatment of all shareholders, particularly minority shareholders[125]. - The company has established independent operational capabilities, with clear boundaries between its assets and those of the controlling shareholder, ensuring no fund occupation or guarantees provided to the controlling shareholder[127]. - The company has a complete and independent financial accounting system, with independent financial personnel and bank accounts, ensuring financial decision-making autonomy[128]. - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, ensuring effective operation[166]. - There were no significant internal control deficiencies reported during the fiscal year[167]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[3]. - The company recognizes the risk of intensified industry competition and is committed to improving its operational management to maintain competitiveness[116]. - The company is actively monitoring customer credit status and adjusting credit policies to mitigate potential risks associated with accounts receivable[119]. - The company has implemented a series of risk control measures to optimize its collection policies and improve cash flow management[119]. Employee and Management - The company reported a total of 604 employees at the end of the reporting period, with 484 in the parent company and 120 in major subsidiaries[153]. - The employee composition includes 299 production personnel, 76 sales personnel, 121 technical personnel, 24 financial personnel, 54 administrative personnel, and 30 quality personnel[153]. - The company has established a differentiated incentive plan to enhance employee motivation and teamwork, based on job responsibilities and performance indicators[155]. - The company is led by a diverse team with extensive backgrounds in engineering, finance, and management, contributing to its strategic direction[135]. Future Strategies - The company plans to enhance R&D innovation and focus on emerging technologies, particularly in low-altitude economy, robotics, and new energy sectors[114]. - The company aims to optimize its production system by introducing advanced equipment and building automated production lines to improve efficiency and reduce costs[115]. - The company plans to accelerate the investment progress of fundraising projects, focusing on the construction of production bases in East and South China, which will enhance production capacity and management efficiency[195]. - The company aims to improve its internal control system and investment decision-making processes to effectively manage operational and management risks[195].

Revenue and Profit - The company's revenue for Q1 2025 was ¥291,431,981.62, representing a 24.24% increase compared to ¥234,578,228.78 in the same period last year[5] - Net profit attributable to shareholders decreased by 16.13% to ¥17,407,193.47 from ¥20,755,522.60 year-on-year[5] - Basic and diluted earnings per share both decreased by 16.76% to ¥0.0427 from ¥0.0513 year-on-year[5] - Net profit for the period was ¥17,535,681.05, a decrease of 6.1% compared to ¥18,670,983.11 in the previous period[26] - Total comprehensive income for the period was ¥17,641,929.24, compared to ¥18,670,983.11 in the previous period, showing a decline[27] Cash Flow - The net cash flow from operating activities improved significantly to ¥43,533,321.85, a 333.74% increase from a negative cash flow of ¥18,625,024.56 in the previous year[5] - Operating cash inflow totaled ¥373,400,573.17, an increase of 52.06% year-over-year, primarily due to increased cash received from sales of goods and services[11] - Net cash flow from operating activities reached ¥43,533,321.85, a significant improvement of 333.74% compared to the previous year, driven by business growth and increased cash receipts[11] - Cash inflow from financing activities decreased by 80.64% to ¥30,000,000.00, reflecting a reduction in new bank loans compared to the previous year[11] - Cash outflow from financing activities was ¥39,874,179.73, down 81.28% year-over-year, primarily due to reduced repayments of bank loans[11] - The net increase in cash and cash equivalents was ¥15,378,290.86, a decrease of 80.08% compared to the previous year, resulting from comprehensive activities in operations, investments, and financing[11] Assets and Liabilities - Total assets increased by 0.46% to ¥2,579,673,358.81 compared to ¥2,567,794,138.51 at the end of the previous year[5] - The total liabilities decreased slightly to ¥956,369,169.73 from ¥964,531,480.68, a reduction of 0.8%[23] - The company's equity attributable to shareholders rose to ¥1,620,177,051.02 from ¥1,602,617,229.00, indicating an increase of 1.1%[23] - The company's inventory at the end of the period was ¥1,050,456,384.07, slightly down from ¥1,060,450,571.91[22] - The company's short-term borrowings decreased to ¥204,152,166.67 from ¥230,194,722.22, a decline of 11.3%[23] Operating Costs and Expenses - Operating costs rose by 41.69% to ¥226,089,317.80, primarily due to increased costs associated with revenue growth[10] - Total operating costs increased to ¥282,423,286.71 from ¥212,862,226.09, representing a growth of approximately 32.6%[26] - Research and development expenses rose to ¥17,657,242.43, up from ¥16,781,762.74, reflecting a focus on innovation[26] - The company experienced a 503.62% increase in credit impairment losses, amounting to ¥8,830,255.37 compared to a loss of ¥2,187,780.05 in the previous year[10] - The company reported a decrease in financial income, with investment income dropping by 100.43% to -¥15,837.57 from ¥3,674,084.08 in the same period last year[10] Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,090, with no preferred shareholders[13] - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., holds 38.28% of shares, amounting to 156,060,066 shares, with 8,000,000 shares pledged[13] - The company’s repurchase account held 4,431,000 shares at the end of the reporting period, representing 1.09% of total shares[14] Investment Activities - Cash outflow from investment activities amounted to ¥140,229,852.28, up 77.07% year-over-year, mainly due to increased purchases of financial products[11] - Net cash flow from investment activities was -¥18,175,816.38, a decline of 111.80% year-over-year, as purchases of financial products exceeded redemptions[11] - Investment activities resulted in a net cash outflow of -¥18,175,816.38, a significant decrease from a net inflow of ¥154,005,114.50 in the previous period[29] - The company completed the acquisition of a 50% stake in Ruiyao Fluid Equipment Co., Ltd. for ¥1.21 million, with the total registered capital of Ruiyao Fluid remaining at ¥5 million[18]

Financial Performance - The company's operating revenue for 2024 was CNY 1,015,427,170, a decrease of 0.29% compared to CNY 1,018,368,760 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 26,352,774.70, representing a decline of 35.84% from CNY 41,070,719.30 in 2023[23]. - The net cash flow from operating activities for 2024 was CNY 19,838,644.50, down 45.65% from CNY 36,502,816.70 in 2023[23]. - The total assets at the end of 2024 were CNY 2,567,794,130, a decrease of 6.29% from CNY 2,740,253,540 at the end of 2023[23]. - The company's basic earnings per share for 2024 was CNY 0.07, a decrease of 30.00% compared to CNY 0.10 in 2023[23]. - The company reported a net profit of CNY -11,298,282.89 in Q4 2024, indicating a significant decline in profitability during that quarter[26]. - The net profit after deducting non-recurring gains and losses for Q4 2024 was CNY -16,650,388.44, highlighting ongoing financial challenges[26]. - The company's revenue for the reporting period was approximately ¥1,015.43 million, a slight decrease of 0.29% compared to ¥1,018.37 million in the previous year[58]. - The net profit attributable to the parent company was ¥26.35 million, representing a significant decline of 35.84% from ¥41.07 million in the previous year, primarily due to increased market competition and rising operating costs[59]. - The cash flow from operating activities decreased by 45.65% to ¥19.84 million, attributed to increased cash outflows for purchases and employee payments[59]. Market and Industry Trends - The market size of the Chinese food packaging machinery industry grew from CNY 12.02 billion in 2019 to CNY 43.37 billion in 2023, with a compound annual growth rate of 37.8%[33]. - The company expects the overall market size to reach CNY 115.85 billion by 2028, with a projected compound annual growth rate of 21.3% from 2024 to 2028[33]. - The packaging machinery industry in China is expected to continue growing due to improved infrastructure, rising consumer demand, and government policy support, with a significant market expansion anticipated[34]. - The government has implemented policies to promote technological innovation and industry development, aiming for a 25% increase in equipment investment by 2027 across various sectors[36]. Customer Concentration and Risks - The company's revenue from the top five customers accounted for a high percentage of total revenue in 2022, 2023, and 2024, indicating a risk of customer concentration[7]. - The top five customers accounted for 37.17% of total sales, with the largest customer contributing 13.85%[71]. - The company is actively expanding its customer base in industries such as beverages, healthcare, edible oils, daily chemicals, and food to mitigate customer concentration risk[105]. - The company faces risks from downstream industry fluctuations, particularly in the fast-moving consumer goods sector, which could impact operational performance[104]. Research and Development - The company developed 29 new technologies and 31 new products during the year, maintaining its technological leadership in the industry[53]. - The company’s R&D investment increased by 3.57% to ¥64.72 million, reflecting a commitment to innovation and technological advancement[59]. - The total R&D investment in 2024 accounted for 6.37% of operating revenue, up from 6.14% in 2023[75]. - The company plans to enhance R&D investment, focusing on high-speed, sterile, energy-saving, and environmentally friendly products to improve competitiveness[102][103]. - The company is committed to enhancing its competitive edge by deepening domestic market development and actively exploring international markets[194]. Product and Market Expansion - The company is expanding into the ready-to-drink beverage market through its "YOGBOX" brand, enhancing its business scope and consumer engagement[38]. - The company has secured multiple bulk orders for its unmanned retail equipment from clients in the dairy industry, indicating successful progress in its unmanned retail project[36]. - The company aims to enhance its market position in the beverage sector while consolidating its influence in the dairy industry, leveraging its competitive advantages in technology and cost[40]. - The company is focusing on strategic acquisitions, with a budget of 150 million earmarked for potential mergers in the next fiscal year[126]. - The company plans to expand its market presence in Asia, targeting a 20% increase in market share by 2027[126]. Corporate Governance and Management - The company has established a transparent performance evaluation and incentive mechanism for senior management[117]. - The company adheres to legal and regulatory requirements in its governance structure, ensuring transparency and fairness in operations[110]. - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, organization, and finance[120]. - The company has a structured performance assessment system that influences the remuneration of directors and senior management[136]. - The company has established a comprehensive performance evaluation and incentive mechanism for senior management to enhance management efficiency and reduce costs[161]. Dividend Policy - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[9]. - The company implemented a cash dividend policy, distributing 1.00 CNY per 10 shares, totaling 20,160,493.75 CNY for the 2023 fiscal year[154]. - The cash dividend for the first half of 2024 is set at 0.10 CNY per 10 shares, with a total expected distribution of 4,032,098.75 CNY[156]. - The company maintains a profit distribution policy that aligns with its growth stage and significant capital expenditure plans, ensuring a minimum cash dividend ratio of 20%[155]. Sustainability and Corporate Social Responsibility - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2027[126]. - The company is committed to environmental protection and occupational health and safety through ISO14001 and ISO45001 systems[171]. - The company emphasizes corporate social responsibility, integrating it into its development strategy and actively engaging with stakeholders[170]. Internal Controls and Compliance - No major internal control deficiencies were reported during the reporting period[164]. - The internal control audit report concluded that the company maintained effective financial reporting internal controls as of December 31, 2024, in accordance with relevant regulations[167]. - The company will continue to improve its internal control system and strengthen supervision to promote sustainable development[163].

Financial Performance - The company achieved operating revenue of 1,341.74 million RMB, a decrease of 15.73% compared to the same period last year, with main business revenue at 1,338.17 million RMB, down 15.27%[4] - Operating costs were 798.97 million RMB, a decline of 8.66% year-on-year, while main business costs were 797.00 million RMB, down 8.64%[4] - The net profit attributable to shareholders was -424.68 million RMB, a decrease of 727.88% compared to the previous year[4] - The company's operating revenue for 2024 was ¥1,341,741,650.04, a decrease of 15.73% compared to ¥1,592,143,388.62 in 2023[21] - The net profit attributable to shareholders for 2024 was -¥424,675,117.27, representing a decline of 727.88% from a profit of ¥67,636,077.76 in 2023[21] - The net cash flow from operating activities for 2024 was ¥103,318,439.31, showing a slight increase of 1.46% from ¥101,827,452.19 in 2023[21] - The total assets at the end of 2024 were ¥2,803,803,774.77, down 15.44% from ¥3,315,906,179.35 at the end of 2023[21] - The company's basic earnings per share for 2024 was -¥0.5654, a decrease of 728.22% compared to ¥0.0900 in 2023[21] - The weighted average return on equity for 2024 was -15.26%, a decline of 17.49% from 2.23% in 2023[21] - The company reported a net profit excluding non-recurring gains and losses of -¥204,528,170.69 for 2024, down 476.93% from ¥54,261,262.19 in 2023[21] Cash Flow and Investments - The net cash flow from operating activities was 103.32 million RMB, an increase of 1.46% year-on-year[5] - The company maintained cash reserves of 527.86 million RMB at the end of the reporting period, a growth of 19.57% from 441.48 million RMB in the previous year[8] - The net cash flow from investment activities was -¥252,746,527.97, a significant decline of 1344.50% compared to -¥17,497,218.42 last year, primarily due to higher purchases of structured deposits[63] - The net cash flow from financing activities improved by 57.66%, amounting to -¥37,792,415.58, compared to -¥89,266,277.36 in the previous year[63] - The total investment during the reporting period reached $409.4 million, a 1,463.43% increase compared to the previous year[117] Research and Development - The company is committed to enhancing its R&D capabilities, particularly in AI and financial technology, to maintain a competitive edge[8] - The company has increased its investment in the research and development of next-generation and innovative products, focusing on information technology application innovation and artificial intelligence[38] - R&D investment amounted to ¥435,140,638.36 in 2024, representing 32.43% of operating revenue, an increase from 27.96% in 2023[102] - The number of R&D personnel decreased by 3.05% from 2,295 in 2023 to 2,225 in 2024, while the proportion of R&D personnel increased from 37.93% to 40.74%[102] - The company has maintained a focus on product and technology development, implementing total control over R&D expenses while enhancing project management[103] Market Position and Strategy - The company serves over 400 financial institutions, showcasing its strong market competitiveness and the high demand for its solutions[36] - The asset management system business is facing challenges due to policy adjustments and market fluctuations, leading to a significant differentiation in revenue structure and overall slowdown in growth[37] - The company is committed to continuous innovation in financial custody, leveraging AI to improve service models and operational capabilities[41][49] - The company is focused on expanding its market share and competitive advantage through continuous product optimization and performance enhancement[95] - The company aims to enhance shareholder value by increasing R&D investment in artificial intelligence, big data, and cloud computing[129] Governance and Management - The company has a governance structure that complies with relevant laws and regulations, ensuring independent operation of its board and management[142] - The company has established a performance incentive and evaluation system for its executives, ensuring transparency and compliance with legal regulations[147] - The company is committed to maintaining a robust governance structure with independent directors to ensure accountability and transparency[166] - The company is focused on internal adjustments to enhance operational efficiency and management effectiveness[159] - The company is undergoing a restructuring process, with multiple personnel changes aimed at optimizing management[159] Risks and Challenges - The company acknowledges potential risks including technology innovation risks and market competition risks that may affect future development[10] - The company faces significant risks including technology innovation risk, talent risk, market competition risk, seasonal performance fluctuation risk, and bad debt risk from accounts receivable[133] - The company is actively monitoring risks and has reported no significant issues during the supervisory activities of the board[188] Employee and Compensation - The total number of employees at the end of the reporting period is 5,347, with 5,151 being technical personnel, accounting for 96.33% of the total workforce[189][191] - Employee compensation included in operating costs amounts to CNY 768.34 million, representing 96.17% of total operating costs[190] - The total remuneration for directors, supervisors, and senior management in 2024 amounted to 8.6435 million yuan[177] - The remuneration structure is based on the company's profitability and the performance of each director and senior management member[177] Product Development and Innovation - The company has launched the product decision analysis platform V1.0, which integrates product, investment, customer, market, and industry data for enhanced decision-making capabilities[93] - The company is focusing on integrating data sources and standardizing business processes to improve operational decision-making and risk monitoring[96] - The new generation asset custody system V5.0 integrates AI technology to improve monitoring efficiency and accuracy[101] - The company is enhancing its product offerings to meet regulatory requirements and improve the adaptability of its services in the market[99] Client Engagement and Services - The company has signed 5 new clients, bringing the total number of clients to over 200, while maintaining a leading market share in asset management services[39] - The company aims to enhance user experience through task-driven design and optimizing operational capabilities to meet diverse customer needs[81] - The company is targeting small to medium-sized industry clients with its new management platforms, aiming for rapid deployment and cost control[96]

Financial Performance - The company achieved operating revenue of CNY 74,433,609.63 in Q1 2025, representing a 10.97% increase compared to CNY 67,076,964.31 in the same period last year[5]. - The net profit attributable to shareholders was CNY -3,836,409.75, a decline of 290.10% from CNY -983,439.40 year-on-year[5]. - The overall gross margin for Q1 2025 was 19.18%, remaining stable compared to the same period last year[11]. - The company reported a 22.83% increase in domestic sales revenue compared to the previous year[11]. - Total operating revenue for the current period reached ¥74,433,609.63, an increase of approximately 11.5% compared to ¥67,076,964.31 in the previous period[19]. - The operating profit for the current period was a loss of ¥3,989,684.39, compared to a loss of ¥1,404,737.66 in the previous period, indicating a worsening performance[20]. - Net profit for the current period was a loss of ¥3,836,409.75, compared to a loss of ¥983,439.40 in the previous period, representing a significant decline[21]. - Basic and diluted earnings per share for the current period were both -¥0.03, compared to -¥0.01 in the previous period[21]. Cash Flow - The net cash flow from operating activities was CNY -26,668,331.72, a significant decrease of 944.23% compared to CNY 3,158,906.59 in the previous year[10]. - The net cash flow from operating activities was -$26.67 million, a decrease from $3.16 million in the previous period[24]. - Cash received from sales of goods and services was ¥72,340,307.00, down from ¥80,199,636.14 in the previous period[23]. - The company reported a total cash outflow from operating activities of $99.80 million, up from $79.42 million in the previous period[24]. - The net increase in cash and cash equivalents was CNY 773,032.55, a decrease of 93.46% compared to CNY 11,822,900.71 in the previous year[10]. - The ending balance of cash and cash equivalents was $86.65 million, up from $84.26 million in the previous period[25]. - The company received tax refunds amounting to $1.25 million during the reporting period[24]. - Cash paid for employee compensation was $33.53 million, an increase from $31.19 million in the previous period[24]. - Cash paid for various taxes was $4.77 million, compared to $2.62 million last year[24]. Assets and Liabilities - Total assets decreased by 4.09% to CNY 702,411,356.96 from CNY 732,383,214.73 at the end of the previous year[5]. - Current assets total 271,984,069.99 yuan, down from 297,528,046.65 yuan[17]. - The total non-current assets are 430,427,286.97 yuan, slightly down from 434,855,168.08 yuan[17]. - Total liabilities decreased from ¥133,629,077.96 to ¥107,493,629.94, a reduction of approximately 19.5%[20]. - The total liabilities include accounts payable of 25,542,671.45 yuan, down from 38,200,723.16 yuan[17]. - Total equity attributable to shareholders of the parent company was ¥594,917,727.02, slightly down from ¥598,754,136.77[20]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,431[13]. - The largest shareholder, Ruan Rongtao, holds 20.32% of the shares, totaling 30,486,966 shares[13]. Cost Management - The company continues to focus on cost management and operational efficiency to improve future profitability[20]. - The company’s financial expenses decreased by 79.63% to CNY 134,757.88 due to a reduction in loan scale[9]. - Total operating costs amounted to ¥77,058,873.76, up from ¥69,018,640.00, reflecting a rise of about 11.5%[20].

Revenue and Profitability - The company's revenue for Q1 2025 was ¥262,553,220.86, representing an increase of 8.50% compared to ¥241,988,943.50 in the same period last year[5]. - The net loss attributable to shareholders was ¥68,989,583.40, a 22.23% improvement from a loss of ¥88,709,008.25 in the previous year[5]. - Basic and diluted earnings per share improved to -¥0.0919, a 22.18% increase from -¥0.1181 in the same period last year[5]. - The net profit for the current period is -70,362,583.39, compared to -93,119,084.57 in the previous period, showing an improvement of approximately 24.4%[20]. - The total operating profit is -77,495,688.76, which is an improvement from -103,440,335.83 in the previous period[20]. - The total comprehensive income attributable to the parent company is -68,989,583.40, an improvement from -88,709,008.25 in the previous period[20]. Cash Flow - The net cash flow from operating activities was -¥218,867,468.04, showing a slight improvement of 2.03% from -¥223,395,491.70 year-on-year[5]. - Cash flow from operating activities shows a net outflow of -218,867,468.04, slightly better than -223,395,491.70 in the previous period[23]. - Cash flow from investment activities has a net inflow of 167,932,403.89, compared to a net outflow of -6,947,170.35 in the previous period, indicating a significant turnaround[24]. Assets and Liabilities - Total assets decreased by 3.33% to ¥2,710,517,056.44 from ¥2,803,803,774.77 at the end of the previous year[5]. - The total current assets decreased to ¥1,357,910,772.68 from ¥1,444,656,428.08, reflecting a decline of approximately 6%[16]. - The total non-current assets slightly decreased to ¥1,352,606,283.76 from ¥1,359,147,346.69, showing a marginal decline of about 0.5%[17]. - The total liabilities decreased to ¥238,568,468.44 from ¥261,492,603.38, indicating a reduction of approximately 8.7%[18]. - The total equity attributable to shareholders decreased to ¥2,495,798,691.01 from ¥2,564,788,274.41, reflecting a decline of about 2.7%[18]. - The cash and cash equivalents decreased to ¥205,114,580.71 from ¥257,180,982.15, a decline of approximately 20.2%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 139,219[10]. - The top shareholder, Tang Qiu, holds 10.47% of the shares, with 78,630,131 shares, of which 5,000,000 are frozen[11]. - The company reported a total of 73,080,800 shares held by Hang Seng Electronics Co., Ltd., representing a significant ownership stake[12]. - Tang Qiu holds 19,657,533 shares, while the Shanghai Tongyi Investment Management Co., Ltd. - Tongyi Furong 8 Private Securities Investment Fund holds 7,284,215 shares[12]. - The total number of shares held by the top 10 unrestricted shareholders amounts to 106,870,801 shares, with a total of 24,607,500 shares released from restrictions during the period[14]. - The company has a total of 82,263,301 restricted shares remaining at the end of the period, primarily due to executive share restrictions[14]. - The Shanghai Tongyi Investment Management Co., Ltd. - Tongyi Furong 11 Private Securities Investment Fund holds 6,636,800 shares, with an additional 3,406,800 shares held through margin trading accounts[13]. - The company has seen a significant increase in the number of shares held by major shareholders, indicating strong investor confidence[12]. - The total number of shares held by the top 10 unrestricted shareholders has increased, reflecting a positive trend in shareholder engagement[14]. - The company is actively managing its shareholding structure, with a focus on compliance with executive shareholding regulations[14]. - The financial report indicates a stable capital structure, with a focus on maintaining shareholder value through strategic share management[15]. - The company is committed to transparency in its shareholder communications, ensuring that all changes in shareholding are reported accurately[15]. Operating Costs and Expenses - Total operating costs decreased to ¥324,577,159.55 from ¥336,641,185.55, showing a reduction of about 3.5%[19]. - Research and development expenses were reported at ¥108,917,123.58, slightly down from ¥109,303,784.34, indicating a stable investment in innovation[19]. - The company paid 324,655,272.30 in cash to employees, a decrease from 337,181,826.96 in the previous period[23]. - The company reported a decrease in tax expenses to -7,061,327.28 from -10,014,794.79 in the previous period, indicating improved tax efficiency[20]. - Financial expenses rose by 106.91% to ¥43,377.75, attributed to a decrease in interest income compared to the previous year[9]. - The company reported a net loss in undistributed profits of ¥41,451,156.96 compared to a profit of ¥27,538,426.44 in the previous period[18]. - Accounts receivable increased to ¥895,889,262.85 from ¥780,794,446.80, representing an increase of about 14.7%[16].

Financial Performance - The company reported a loss during the reporting period due to asset impairment provisions and increased depreciation expenses from the completion of a new production facility for cosmetic packaging containers, which has reached a usable state [5]. - The company’s core business and financial indicators did not experience significant adverse changes during the reporting period [5]. - The company’s main financial indicators and core competitiveness remain stable despite the reported losses [5]. - The company's operating revenue for 2024 was ¥333,004,659.70, representing a 28.15% increase compared to ¥259,857,941.97 in 2023 [25]. - The net profit attributable to shareholders for 2024 was -¥22,647,508.76, a slight improvement of 5.14% from -¥23,874,906.99 in 2023 [25]. - The cash flow from operating activities increased by 112.01% to ¥42,708,601.10 in 2024, up from ¥20,144,239.74 in 2023 [25]. - The total assets at the end of 2024 were ¥732,383,214.73, a decrease of 14.08% from ¥852,355,845.49 at the end of 2023 [25]. - The company's basic and diluted earnings per share improved to -¥0.15 in 2024 from -¥0.16 in 2023, reflecting a 6.25% increase [25]. - The net profit after deducting non-recurring gains and losses was -¥31,879,299.67 for 2024, a 2.79% improvement from -¥32,794,006.53 in 2023 [25]. - The total revenue from core business operations for 2024 was ¥325,568,641.09, compared to ¥252,639,457.47 in 2023, indicating growth [26]. Strategic Focus and Future Outlook - The company plans to enhance profitability by focusing on R&D for new processes and products, improving existing product quality, and expanding its customer base through increased marketing efforts [6]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in its strategic planning and future outlook [8]. - The company is committed to optimizing business processes and enhancing internal control management to improve overall operational profitability [6]. - The company’s strategic focus includes continuous improvement in management levels and operational efficiency [6]. - The company’s future development outlook includes potential risks and corresponding countermeasures as detailed in the management discussion section [8]. Market and Product Development - The company has over 1,000 product specifications in cosmetic plastic packaging, primarily using materials such as PMMA, PETG, ABS, AS, and PP [43]. - Acrylic (PMMA) has become a major choice for high-end cosmetics packaging due to its excellent optical properties and high-end feel, comparable to glass [39]. - The cosmetic plastic packaging industry is less affected by economic cycles, with stable consumption patterns due to the diversification of cosmetic brands and an expanding consumer base [40]. - The company has been a supplier for well-known cosmetic brands such as Estée Lauder and Shanghai Jahwa, establishing a strong reputation in the industry [43]. - The company employs a make-to-order production model, ensuring efficient order delivery and maintaining low inventory levels [56]. - The company has invested in product design and technology development to enhance competitiveness against overseas rivals [42]. - The company’s main products include cream jars and lotion bottles, designed for various cosmetic applications [46]. - The company achieved operating revenue of 333.00 million yuan in 2024, an increase of 28.15% compared to the previous year [71]. Research and Development - The company has 78 patents, showcasing strong research and development capabilities [65]. - R&D investment for 2024 amounted to ¥13,356,889.10, representing 4.01% of operating revenue, a decrease from 4.91% in 2023 [87]. - The number of R&D personnel increased by 2.47% to 83, with the proportion of R&D staff to total employees slightly decreasing to 9.89% [87]. - The company completed the development of new product structures aimed at reducing production costs and extending packaging lifespan, enhancing market competitiveness [87]. Governance and Compliance - The company held its annual general meeting with a participation rate of 57.66% on May 28, 2024 [131]. - The board of directors consists of eight members, including three independent directors, ensuring compliance with governance standards [126]. - The company has established independent financial, personnel, and operational systems, ensuring no interference from the controlling shareholder [129]. - The company has a complete production, supply, and sales system for cosmetic containers, demonstrating its independent market operation capability [130]. - The company has revised its articles of association and governance policies to align with the latest regulatory requirements [125]. - The supervisory board consists of three members, including one employee representative, fulfilling legal requirements for oversight [127]. - The company has a dedicated financial department with an independent accounting system and bank accounts, ensuring financial autonomy [129]. - The company actively communicates with stakeholders to balance interests and promote sustainable development [128]. Environmental and Social Responsibility - The company has implemented various energy-saving measures, including the use of photovoltaic low-voltage distribution cabinets and solar panels, to reduce carbon emissions [176]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [176]. - The company emphasizes shareholder rights protection by adhering to legal regulations and enhancing communication with investors through various channels [178]. - Employee rights are prioritized, with a focus on providing a safe and healthy work environment and competitive benefits [178]. - The company is committed to environmental protection and sustainable development, promoting clean production and the use of new technologies [180]. - There were no significant environmental issues reported, and the company complied with all relevant environmental laws and regulations [177]. Shareholder and Investor Relations - The company will not distribute cash dividends for the fiscal year 2023, with a total distributable profit of ¥101,794,345.09, resulting in a cash dividend ratio of 0.00% [164]. - The company plans to revise its cash dividend management system and has approved a three-year shareholder return plan for 2024-2026 [164]. - The company has committed to compensating investors for any losses incurred due to unfulfilled commitments made in the IPO prospectus [188]. - The company prioritizes cash dividends over stock dividends in its profit distribution strategy [189]. - The company has a differentiated cash dividend policy, with a minimum cash dividend ratio of 80% for mature companies without significant capital expenditure plans [190]. Internal Control and Audit - The internal control evaluation for 2024 found no significant defects in financial and non-financial reporting controls [169]. - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, ensuring clear responsibilities among governance and management bodies [169]. - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the internal control audit report [173]. - There was one significant internal control deficiency identified in the financial reporting process, but no major deficiencies were reported [172]. - The company has engaged Zhonghui Certified Public Accountants for internal control audit services, with a fee of 150,000 RMB (including tax) [197]. Management and Leadership - The company has a strong management team with diverse backgrounds in finance, law, and operations, including Mr. Chang Haifeng, who has been the Executive Director and General Manager of Shanghai Kofeng Technology since January 2016 [139]. - The company has seen a stable leadership structure with independent directors like Mr. Chen Ruifeng and Mr. Wu Sihua, who bring expertise in finance and law to the board since November 2022 [140]. - The company is focused on enhancing its operational efficiency and market presence through strategic appointments and management restructuring [144]. - The management team is committed to driving growth and innovation, leveraging their extensive industry experience to explore new market opportunities [142].