Financial Performance - The company's operating revenue for Q1 2025 was CNY 705,373,882.71, representing a decrease of 8.25% compared to CNY 768,761,706.03 in the same period last year[4] - Net profit attributable to shareholders was CNY 69,909,924.40, down 28.69% from CNY 98,032,891.24 year-on-year[4] - Basic and diluted earnings per share decreased by 31.82%, from CNY 0.32 to CNY 0.15[4] - The net profit attributable to the parent company was 69,909,924.40, a decrease from 98,032,891.24 in the previous period, representing a decline of approximately 29.0%[15] - The total comprehensive income attributable to the parent company was 69,870,463.74, down from 98,035,931.10, indicating a decrease of about 29.0%[15] Cash Flow - The net cash flow from operating activities improved by 52.84%, reaching CNY -172,748,811.98 compared to CNY -366,315,283.24 in the previous year[4] - Cash inflows from operating activities totaled 563,241,716.18, an increase from 425,968,674.28, representing a growth of about 32.3%[17] - Cash outflows from operating activities were 735,990,528.16, a decrease from 792,283,957.52, indicating a reduction of approximately 7.1%[17] - The net cash flow from investing activities was -710,049,502.65, worsening from -350,222,708.14, indicating an increase in cash outflows[18] - The net cash flow from financing activities was -38,756,038.12, a decrease from 59,661,816.68, reflecting a significant change in financing strategy[18] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,491,970,932.34, a decrease of 0.86% from CNY 4,530,962,246.66 at the end of the previous year[4] - Total current assets amounted to ¥4,177,236,472.55, a slight decrease of 0.79% from ¥4,210,357,477.06 at the beginning of the period[11] - Total liabilities decreased to ¥2,732,020,145.25, down 3.83% from ¥2,840,881,923.31 at the beginning of the period[13] - Total equity attributable to shareholders increased to ¥1,759,950,787.09, up 4.12% from ¥1,690,080,323.35 at the beginning of the period[13] Expenses - Total operating costs decreased to ¥636,801,307.75, down 4.83% from ¥653,891,494.61 in the previous period[14] - Research and development expenses were ¥30,778,290.11, a decline of 19.73% compared to ¥38,353,935.62 in the previous period[14] - Sales expenses decreased by 36.23%, totaling CNY 12,236,620.00, primarily due to reduced employee incentive compensation[7] - Tax expenses decreased by 39.63% to 7,309,411.18, due to a reduction in taxable income[8] - Cash paid for various taxes increased by 254.24% to 104,405,959.40, mainly due to higher VAT and additional taxes[8] Receivables and Cash Equivalents - The company's cash and cash equivalents decreased by 66.09%, from CNY 1,382,662,327.05 to CNY 468,876,133.42, primarily due to the presence of unexpired bank wealth management products[7] - Accounts receivable financing increased significantly by 349.72%, from CNY 94,369,698.48 to CNY 424,394,787.10, attributed to an increase in bank acceptance bills received from customers[7] - Accounts receivable decreased to ¥652,420,758.61, down 13.87% from ¥757,126,548.43 at the beginning of the period[11] - The ending cash and cash equivalents balance was 411,586,090.64, down from 578,929,590.35, representing a decline of approximately 29.0%[18] Other Income and Charges - Government subsidies recognized during the period increased by 35.78%, amounting to CNY 6,339,973.58 compared to CNY 4,669,463.08 in the previous year[7] - Investment income decreased by 100.00% due to unredeemed bank wealth management products during the reporting period[8] - Fair value changes resulted in an income of 1,968,759.17, compared to 0.00 in the previous year[8] - Credit impairment losses decreased by 82.32% to -1,316,599.40, attributed to a reduction in accounts receivable[8] - Other operating income surged by 4116.10% to 124,000.04, reflecting a significant increase compared to the previous year[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,330[9] - The largest shareholder, Shao Jianwei, holds 34.83% of shares, with 72,500,000 shares pledged[9] Audit Information - The company did not undergo an audit for the first quarter report[19]

Financial Performance - The company's operating revenue for 2024 reached ¥888,165,246.91, representing a 13.81% increase compared to ¥780,383,700.00 in 2023[20]. - Net profit attributable to shareholders for 2024 was ¥150,491,664.18, a 2.40% increase from ¥146,959,201.90 in 2023[20]. - The net cash flow from operating activities for 2024 was ¥150,098,058.16, up 7.14% from ¥140,091,445.87 in 2023[20]. - The total assets at the end of 2024 amounted to ¥2,287,843,452.73, an increase of 77.12% from ¥1,291,720,904.45 at the end of 2023[20]. - The net assets attributable to shareholders at the end of 2024 were ¥1,988,525,265.46, reflecting an 85.65% increase from ¥1,071,142,657.12 at the end of 2023[20]. - The basic earnings per share for 2024 decreased by 12.06% to ¥2.26 from ¥2.57 in 2023[20]. - The company reported a quarterly revenue of ¥247,035,522.11 in Q4 2024, contributing to a total annual revenue growth[22]. - The company achieved a revenue growth with overseas revenue share increasing from 44.5% in 2021 to 61.85% in 2024, with a compound annual growth rate of 138.7% for the overseas local operation team[54]. - The company reported a long-term effective classification for its dental zirconia ceramic materials, indicating a focus on high-quality dental restorations[86]. Dividends and Capital Reserves - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (including tax) to all shareholders, based on a total of 76,117,527 shares[3]. - The company will also increase capital reserves by converting 4 shares for every 10 shares held by shareholders[3]. Governance and Management - The financial report has been confirmed as true, accurate, and complete by the company's responsible persons and accounting heads[3]. - All board members attended the meeting to review the annual report, ensuring collective responsibility for its content[3]. - The company has a comprehensive governance structure in place, as outlined in the corporate governance section of the report[5]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in forward-looking statements[3]. - The company has established a performance evaluation and incentive mechanism, linking management compensation to operational performance metrics[155]. - The board of directors consists of 9 members, including 3 independent directors with expertise in accounting, law, and industry background, complying with legal requirements[151]. - The company maintains a fully independent financial accounting system, with separate bank accounts and no shared accounts with the controlling shareholder[163]. - The company has a complete and independent business system, including R&D, production, and sales capabilities, without reliance on the controlling shareholder[166]. - The company has established an audit committee under the board to oversee internal and external audits, ensuring compliance and effectiveness[158]. Research and Development - R&D investment reached 47.36 million yuan, representing an 18.21% year-on-year increase, with a total of 153 valid patents held by the company as of December 31, 2024[58]. - R&D investment amounted to ¥47,361,902.27 in 2024, representing 5.33% of operating revenue[79]. - The company is developing a new dental zirconia material that can be sintered in 30 to 60 minutes, enhancing production efficiency[77]. - The company is working on a digital cloud system for dental management to improve customer service efficiency and satisfaction[77]. - The company is focusing on innovative materials, such as zirconia and glass ceramics, for dental restorations, which are currently in various stages of registration[81]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[28]. - The company has actively expanded into emerging markets such as Southeast Asia, the Middle East, and Australia, further increasing market share[54]. - The company aims to reduce the bonding failure rate of zirconia veneers through a new surface treatment agent[78]. - The company is exploring acquisition opportunities, targeting firms with complementary technologies valued at approximately $100 million[177]. - The company plans to pursue external investments and acquisitions to enhance its industry position and integrate cutting-edge technologies globally[126]. Product Development and Innovation - The company has developed a product ecosystem covering dental restoration, implants, orthodontics, and prevention, enhancing customer satisfaction and loyalty[56]. - The company is committed to continuous technological innovation and product upgrades to maintain its leading position in the industry amidst competitive pressures[37]. - The company has introduced a new line of porcelain powders suitable for customized denture crowns, targeting adults over 18 years old[82]. - The company has registered new products, including dental films and CAD/CAM materials, with registration valid until 2029[83]. - The company is focusing on expanding its product offerings in the dental sector, particularly in the area of ceramic restorations[83]. Financial Management and Cash Flow - Operating cash inflow for 2024 reached ¥930,987,237.26, a year-on-year increase of 10.48% compared to ¥842,665,047.90 in 2023[95]. - Financing cash inflow for 2024 was ¥794,007,249.81, marking a significant increase due to funds raised from the IPO[95]. - The net increase in cash and cash equivalents for 2024 was ¥132,304,919.96, down 57.04% from ¥307,965,654.67 in 2023[95]. - The company has confirmed that all projects are on schedule and have not encountered significant changes in feasibility[117]. Shareholder Engagement and Communication - The company conducted multiple investor communication activities in July 2024, including phone meetings and on-site research with various institutional investors[143][144][145]. - The company ensures equal treatment of all shareholders and upholds the rights of minority shareholders during shareholder meetings[149]. - The company continues to engage with shareholders through regular meetings and transparent communication[167]. Employee and Talent Management - The total number of employees at the end of the reporting period is 959, with 782 from the parent company and 177 from major subsidiaries[195]. - The company plans to strengthen its talent pool by focusing on recruiting high-end marketing and international management talents[134]. - The educational background of employees shows 127 with master's degrees or above, 439 with bachelor's degrees, and 393 with associate degrees or below[196]. Compliance and Risk Management - The company has obtained necessary certifications for its products in major international markets, including FDA and CE certifications, to mitigate compliance risks[138]. - The company will actively monitor international market policies to address potential tariff impacts on exports to the U.S.[141]. - The company has not reported any significant changes in its operational strategy during the reporting period[170].

Financial Performance - The company's operating revenue for 2024 was CNY 2,367,454,005.91, a decrease of 22.51% compared to 2023[24]. - Net profit attributable to shareholders for 2024 was CNY 276,431,055.56, down 28.80% from 2023[24]. - Basic earnings per share for 2024 adjusted to CNY 0.61, a decline of 29.89% compared to the adjusted CNY 0.87 in 2023[24]. - The total assets at the end of 2024 were CNY 4,530,962,246.66, reflecting an 11.68% decrease from the end of 2023[24]. - The net cash flow from operating activities for 2024 was CNY 196,778,544.33, a significant drop of 67.38% compared to 2023[24]. - The company's operating cash flow was a net inflow of 19,677.85 million yuan, indicating a strong liquidity position[62]. - The company reported a total of CNY 20,657,848.61 in non-recurring gains and losses for 2024, compared to CNY 14,375,212.30 in 2023[29]. - The company's total assets showed no significant changes in the proportion of cash and cash equivalents, which remained at 30.52%[94]. - The company reported a significant increase in user data, with a growth rate of 28% year-over-year in active users[156]. Revenue and Orders - In 2024, the company achieved new orders of 253,850.01 million yuan, a year-on-year increase of 7.25%[57]. - The company reported operating revenue of 236,745.40 million yuan, a year-on-year decrease of 22.51%[60]. - The company has 42.10 billion yuan in unconfirmed revenue orders as of the end of the reporting period[58]. - The overseas market orders reached 5.18 billion yuan, accounting for 20.40% of total orders, with a year-on-year growth of 172.36%[58]. - Revenue from the computer application service industry accounted for 99.98% of total revenue, with a decrease of 22.51% year-over-year[70]. - The company secured new orders worth CNY 2.539 billion, a year-on-year increase of 7.25%, with overseas market orders reaching CNY 518 million, accounting for 20.40% of total orders, up 172.36% year-on-year[125]. Profitability and Margins - The company's comprehensive gross profit margins for 2022, 2023, and 2024 were 26.60%, 27.39%, and 26.77% respectively, indicating fluctuations influenced by raw material prices and project competition[4]. - The gross profit margin and net profit margin remained stable despite the revenue decline[60]. - The gross margin for the system integration solutions was 23.34%, down from the previous year's 24.17%[73]. - The company's net profit attributable to shareholders for Q1 2024 was ¥98,032,891.24, compared to ¥92,311,296.87 in Q1 2023, reflecting a growth of 6.5%[71]. Accounts Receivable and Cash Flow Management - Accounts receivable (including contract assets) at the end of 2022, 2023, and 2024 were 1,973.47 million, 1,808.28 million, and 1,569.13 million RMB, representing 42.27%, 35.25%, and 34.63% of total assets respectively[6]. - The company has a significant portion of its accounts receivable tied to a phased payment model, with 60%-75% of contract amounts typically collected upon revenue recognition[6]. - The company acknowledges the risk of extended payment periods due to client audit processes and budget constraints, which may affect cash flow[6]. - The company will strengthen accounts receivable management and implement tracking mechanisms to optimize the collection process and reduce bad debt risks[122]. Strategic Initiatives and Market Expansion - The company is actively exploring new strategies and market expansions to mitigate risks associated with revenue and profit margin fluctuations[4]. - The company is focusing on expanding its business into various downstream industries while maintaining a strong presence in tobacco, new energy, and petrochemical sectors[120]. - The company aims to build a comprehensive global business system, leveraging its multi-industry strategy to capture structural market opportunities[126]. - The company plans to expand its overseas market presence to seize greater development opportunities while maintaining a robust domestic supply chain[117]. Research and Development - The company is investing $10 million in R&D for new technologies aimed at enhancing product features and user experience[5]. - The company plans to continue investing in R&D to enhance its technological capabilities and develop intelligent decision support systems using AI models[127]. - R&D expenditure amounted to ¥146,126,904.78 in 2024, representing 6.17% of operating revenue, an increase from 5.63% in 2023[88]. - The number of R&D personnel decreased by 19.16% from 522 in 2023 to 422 in 2024, while the proportion of R&D personnel increased slightly to 53.69%[87]. Governance and Compliance - The company has adjusted its board structure, reducing the number of directors from 7 to 6, with independent directors now making up 50% of the board[135]. - The company held 1 annual and 2 temporary shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting minority shareholders' rights[136]. - The company has implemented a governance structure that complies with relevant laws and regulations, ensuring effective internal control mechanisms are in place[135]. - The company emphasizes maintaining transparent communication with investors through various channels, including performance briefings and roadshows[130]. Employee Management and Compensation - The company has a dedicated human resources management department, ensuring independence in personnel and salary management from shareholders[145]. - The company has implemented a compensation policy that links individual salaries to personal performance and overall company economic benefits[180]. - The total remuneration for directors, supervisors, and senior management amounted to CNY 1,569.61 million during the reporting period[169]. - The company has established a multi-layered welfare system to enhance employee satisfaction and retention[180]. Future Outlook - The company aims to achieve a revenue growth target of 15% for the upcoming fiscal year, supported by new product launches and market strategies[156]. - The company aims to enhance its comprehensive competitiveness and lead high-quality industry development by focusing on quality delivery, new technology leadership, productization, internationalization, and standardized management in its 2025 operational plan[116][117].

Financial Performance - The company's operating revenue for 2024 was ¥894,438,047.12, a decrease of 3.84% compared to ¥930,202,002.98 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥33,106,580.89, down 52.08% from ¥69,089,650.14 in 2023[6]. - The net cash flow from operating activities decreased by 70.12% to ¥91,957,739.97 in 2024 from ¥307,728,584.80 in 2023[6]. - The total assets at the end of 2024 increased by 19.24% to ¥3,831,238,021.11 from ¥3,213,127,649.21 at the end of 2023[24]. - The net assets attributable to shareholders rose by 28.39% to ¥3,222,898,183.70 at the end of 2024 compared to ¥2,510,336,590.35 at the end of 2023[24]. - The basic earnings per share for 2024 was ¥0.04, a decline of 60.00% from ¥0.10 in 2023[6]. - The weighted average return on equity for 2024 was 1.09%, down from 2.76% in 2023[6]. - The company reported a significant drop in quarterly net profit in Q4 2024, with a loss of ¥17,872,559.90 compared to profits in previous quarters[27]. - The company reported a total investment of CNY 244.2 million in the smart manufacturing sector during the reporting period, with a cumulative actual investment of CNY 1,025.26 million as of the end of the reporting period[88]. - The company achieved operating revenue of 894.44 million yuan in 2024, a decrease of 3.84% compared to 2023[50]. - The net profit for 2024 was 311.46 million yuan, reflecting a significant decline of 54.65% year-on-year[50]. Market and Industry Conditions - The company is experiencing increased competition in the rubber V-belt industry, with a trend towards higher brand and operational standards among suppliers[34]. - The domestic rubber V-belt market is dominated by private enterprises and foreign-invested companies, leading to a competitive landscape that emphasizes innovation and quality[35]. - The rubber V-belt industry is experiencing stable growth, with increased competition in the mid-to-low-end market and a focus on high-performance products[104]. - The company aims to increase the market concentration in the rubber V-belt industry, targeting that the top 10 companies will account for 95% of the sales revenue[37]. Research and Development - The company currently holds 44 invention and utility model patents in the rubber V-belt sector, indicating a strong focus on R&D and innovation[42]. - The company is committed to enhancing its R&D capabilities and has established a provincial-level enterprise technology center and a provincial-level postdoctoral workstation[44]. - The company plans to enhance its R&D efforts to improve product competitiveness and meet market demands, aiming for a long-term strategic goal centered on rubber V-belt production[106]. - The company has developed several new products, including a specialized V-belt for snowplows and a low-cost top rubber formula, enhancing product competitiveness[66][68]. - The company will continue to invest in R&D to maintain technological and quality leadership in the rubber V-belt market[112]. Corporate Governance and Management - The company adheres to legal requirements for corporate governance, ensuring equal rights for all shareholders, especially minority shareholders[118]. - The company maintains good independence from its controlling shareholders in terms of assets, personnel, finance, and operations[120]. - The company has a complete financial accounting system and independently manages its bank accounts and tax registrations[121]. - The company has a commitment to maintaining a strong independent board structure with the recent appointments of independent directors[126]. - The company’s board of directors includes members with diverse professional backgrounds, enhancing governance and strategic decision-making[129]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management amounted to CNY 3.53 million[136]. - The company strictly follows its established remuneration policies based on market standards and performance evaluations[133]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of 0.3 RMB per 10 shares to all shareholders, with no stock bonus, based on the total share capital on the equity registration date in 2024[5]. - The total cash dividend amount for the reporting period is approximately ¥27.06 million, which accounts for 100% of the total profit distribution[151]. - The company has established a three-year shareholder return plan (2022-2024) to ensure stable and reasonable returns for investors, with a cash dividend policy that aligns with regulatory guidelines[150]. Environmental and Social Responsibility - The company has a valid pollution discharge permit from August 21, 2023, to August 20, 2028[165]. - The company has implemented measures to reduce carbon emissions, including exploring new energy-saving processes and increasing green areas[168]. - The company actively engages in social welfare activities, including donations of clothing and books, to fulfill its corporate social responsibility[171]. - The company has established an emergency response mechanism for environmental incidents to minimize pollution and ensure public safety[165]. Financial Management and Fundraising - The company reported a total investment of CNY 244.2 million in the smart manufacturing sector during the reporting period, with a cumulative actual investment of CNY 1,025.26 million as of the end of the reporting period[88]. - The total amount of funds raised by the company was RMB 724,999,999.46, with a net amount of RMB 703,382,687.90 after deducting issuance expenses of RMB 21,617,311.56[93]. - The company has a remaining balance of 1,878.68 million in raised funds that have not yet been utilized[94]. - The company plans to adjust the investment amounts for the raised funds based on the actual situation of the stock issuance[93]. Operational Efficiency and Strategy - The company is actively pursuing a smart manufacturing transformation with a new production facility aimed at an annual output of 500 million A meters of rubber transmission belts[49]. - The company plans to strengthen its brand influence and competitiveness in both domestic and international markets, focusing on green and sustainable production practices[38]. - The company will focus on cost reduction and efficiency improvement while expanding its global market presence and optimizing customer experience[112]. - The company has established a comprehensive quality control management system, achieving certifications such as ISO9001 and IATF16949[46]. Risk Management - The report emphasizes the importance of understanding the risks associated with forward-looking statements and the differences between plans, forecasts, and commitments[5]. - The company faces risks from macroeconomic instability, market competition, raw material price fluctuations, and operational management challenges[112][113].

Financial Performance - The company's revenue for Q1 2025 reached ¥183,961,255.92, representing a 34.80% increase compared to ¥136,468,644.11 in the same period last year[6] - Net profit attributable to shareholders was ¥19,613,036.88, a significant increase of 256.54% from ¥5,500,936.95 year-on-year[6] - The net profit after deducting non-recurring gains and losses was ¥27,050,546.88, up 187.74% from ¥9,401,187.98 in the previous year[6] - Basic earnings per share increased to ¥0.0253, reflecting a growth of 321.67% compared to ¥0.006 in the same period last year[6] - Total operating revenue for the current period reached ¥183,961,255.92, a 35% increase from ¥136,468,644.11 in the previous period[18] - Net profit for the current period was ¥19,403,633.54, compared to ¥5,251,540.66 in the previous period, representing a significant increase[20] - The total comprehensive income for the current period was ¥19,403,633.54, compared to ¥5,251,540.66 in the previous period, reflecting overall improved performance[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,036,562,647.89, a 5.36% increase from ¥3,831,238,021.11 at the end of the previous year[6] - The total assets of the company as of March 31, 2025, amounted to CNY 4,036,562,647.89, an increase from CNY 3,831,238,021.11 at the beginning of the period[15] - Current assets totaled CNY 1,813,458,450.41, compared to CNY 1,752,180,996.09 at the start of the period, reflecting a growth in liquidity[15] - Total liabilities increased to CNY 787,308,046.70 from CNY 604,196,727.57, reflecting a rise in financial obligations[16] - The company's short-term borrowings rose to CNY 69,365,047.31 from CNY 60,306,734.29, indicating increased reliance on debt financing[16] - Non-current assets totaled CNY 2,223,104,197.48, up from CNY 2,079,057,025.02, showing growth in long-term investments[16] - The company has a significant amount of fixed assets valued at CNY 851,312,773.13, up from CNY 622,724,000.57, indicating investment in long-term operational capacity[16] Cash Flow - The net cash flow from operating activities was negative at -¥82,752,866.55, worsening by 178.13% compared to -¥29,753,111.62 in the same period last year[6] - Cash flow from operating activities showed a net outflow of ¥82,752,866.55, worsening from a net outflow of ¥29,753,111.62 in the previous period[20] - Investment activities cash outflow totaled $76,092,590.64, compared to $157,164,328.16 in the previous period, resulting in a net cash flow from investment activities of -$75,459,790.64, down from -$157,145,629.00[21] - Financing activities cash inflow amounted to $130,375,082.58, while the total cash inflow from financing activities was $761,704,981.63[21] - The net cash flow from financing activities was $108,651,927.16, a decrease from $751,579,069.42 in the previous period[21] - The net increase in cash and cash equivalents was -$43,087,973.81, contrasting with an increase of $563,097,679.82 in the prior period[21] - The ending balance of cash and cash equivalents was $997,518,303.17, down from $1,453,179,441.24[21] Shareholder Information - The company reported a total of 44,167 common shareholders at the end of the reporting period[12] - The top shareholder, Jin Yuzhong, holds 13.47% of the shares, amounting to 121,552,000 shares[12] - Wu Qiongying, another major shareholder, holds 10.76% of the shares, with 97,075,940 shares, of which 72,806,955 shares are pledged[12] Operational Insights - Research and development expenses increased to ¥10,474,143.03, up from ¥6,014,867.43 in the previous period, indicating a focus on innovation[18] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20] Other Financial Metrics - The weighted average return on equity was 0.28%, an increase of 0.10% from 0.18% year-on-year[6] - The company reported a foreign exchange loss of ¥6,895,953.17, slightly improved from a loss of ¥7,370,064.69 in the previous period[19] - The company did not undergo an audit for the first quarter report[22]

Financial Performance - The company's operating revenue for 2024 was ¥5,911,740,005.99, a decrease of 13.98% compared to ¥6,872,366,227.32 in 2023 [6]. - The net profit attributable to shareholders for 2024 was -¥85,392,026.49, representing a decline of 307.55% from ¥41,143,558.44 in 2023 [6]. - The basic earnings per share for 2024 was -¥0.12, a decrease of 300.00% compared to ¥0.06 in 2023 [6]. - The company's net assets attributable to shareholders decreased by 5.60% to ¥2,576,819,825.21 at the end of 2024 from ¥2,729,715,295.68 at the end of 2023 [6]. - The total sales amount from the top five customers was ¥242,915,103.08, accounting for 4.11% of the annual total sales [67]. - The sales revenue from feed products was 5.67 billion yuan, accounting for 95.97% of total revenue, down 13.93% year-on-year [59]. - The company reported a net cash flow from operating activities of 519.40 million yuan, an increase of 8.47% year-on-year [55]. - The company achieved a net increase in cash and cash equivalents of ¥128,596,134.98, a 292.50% increase compared to ¥32,762,941.34 in 2023 [78]. Shareholder Information - The company reported a total of 700 million shares, with a proposed cash dividend of 0 per 10 shares, indicating no cash distribution or stock bonus for shareholders [4]. - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares, totaling 34,473,931.60 CNY for the year 2023 [170]. - The total number of shares for the dividend distribution is based on 689,474,932 shares after excluding repurchased shares [170]. - The company will not distribute cash dividends or implement any other forms of distribution for the fiscal year 2024 due to reported losses [174]. - The company has implemented a share repurchase program amounting to 67,666,788.16 CNY, which is considered equivalent to cash dividends for the year 2024 [175]. Business Operations - The company has not made any changes to its main business since its listing, maintaining its focus on feed production [16]. - The company operates under the stock code 001313 on the Shenzhen Stock Exchange, reinforcing its presence in the market [13]. - The company has established over 30 subsidiaries across major aquaculture regions in China and Vietnam, with 70% of its revenue generated from the South China region [30]. - The company has implemented a "three highs and three lows" technical strategy, which emphasizes high quality, health, and growth while reducing protein, waste, and feed conversion ratio, leading to significant industry advancements [30]. - The company has launched an online store on five major e-commerce platforms, including Douyin and Taobao, to expand its sales channels and promote its premium aquatic products [52]. Market Trends and Industry Insights - The total output value of the national feed industry in 2024 was ¥12,620.8 billion, a decrease of 10.0% compared to the previous year [27]. - The total production of industrial feed in 2024 was 31,503.1 million tons, down 2.1% from the previous year [27]. - The production of aquatic feed in 2024 was 2,262.0 million tons, representing a decline of 3.5% compared to the previous year [27]. - The company is a leading player in the aquatic feed industry, focusing on special aquatic feed, with approximately 70% of its sales coming from this segment [30]. - The company anticipates continued growth in the aquaculture feed industry, driven by government support for high-quality development and modernization of aquaculture practices [103]. Research and Development - The company has a stable R&D team with 9 PhDs and 53 Masters, enhancing its technical capabilities in aquatic animal nutrition and feed technology [43]. - The company is developing a new shrimp breeding system aimed at improving growth and disease resistance, which is currently in progress [72]. - The company is working on breeding high-quality South American white shrimp with superior economic traits, which is ongoing [72]. - The company aims to improve the quality of aquaculture through innovative feed additives and premixes, enhancing its market competitiveness [73]. - R&D investment dropped significantly by 47.60% from ¥131,690,821.58 in 2023 to ¥69,011,393.15 in 2024, representing 1.17% of operating revenue [76]. Corporate Governance - The company maintains a strict governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities among shareholders, the board, and management [126]. - The company operates independently from its controlling shareholders in terms of assets, personnel, finance, and business, ensuring a complete operational system [127]. - The company has established an independent financial department with dedicated personnel and a separate accounting system, ensuring no interference from controlling shareholders [130]. - The company has a structured approach to governance, adhering to the rules set forth in its Articles of Association and Company Law [153]. - The company has established a market value management system to enhance investment value and protect investor interests, approved on February 10, 2025 [123]. Social Responsibility and Sustainability - The company is committed to sustainable development, aligning its mission with the growing demand for healthy and safe aquatic products [34]. - The company has donated a total of 330,200 CNY in cash and materials for social welfare and poverty alleviation in 2023, fulfilling its social responsibility [198]. - Since 2015, the company has established over 50 "Yuehai Villages" across multiple provinces, contributing to rural revitalization and helping farmers increase their income [199]. - The company emphasizes sustainable development and social responsibility, balancing shareholder interests with environmental protection [192]. - The company employs a comprehensive approach to manage waste gases, dust, and noise, ensuring compliance with national and local environmental standards [188][189][190].

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,536,810,796.36, a decrease of 17.03% compared to ¥1,852,261,462.25 in the same period last year[5] - Net profit attributable to shareholders increased by 452.32% to ¥82,464,357.86 from ¥14,930,491.80 year-on-year[5] - The net profit after deducting non-recurring gains and losses surged by 786.72% to ¥68,604,316.94 from ¥7,736,844.18 in the previous year[5] - Basic and diluted earnings per share rose by 450.00% to ¥0.0715 from ¥0.013 in the same quarter last year[5] - The net profit for Q1 2025 was ¥58,214,600.00, a substantial increase of 741.42% compared to the previous year[12] - Net profit increased significantly to ¥58,214,648.70 from ¥6,918,610.57, marking an increase of approximately 740%[30] - Earnings per share rose to ¥0.0715 from ¥0.013, reflecting a substantial improvement in profitability[30] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 180.61% to -¥543,253,527.15, compared to ¥673,952,519.82 in the previous year[5] - The net cash flow from operating activities was -543,253,527.15, compared to 673,952,519.82 in the previous period, indicating a significant decline[32] - Cash outflow for operating activities totaled 1,907,814,423.45, significantly higher than 817,985,712.97 in the previous period, indicating increased operational expenses[32] - The ending balance of cash and cash equivalents was 1,650,166,094.28, down from 3,666,505,333.93, reflecting a decrease in liquidity[33] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,069,859,918.99, a slight increase of 0.09% from ¥14,057,649,304.08 at the end of the previous year[5] - The company's total assets amounted to approximately RMB 14.07 billion, showing a slight increase from RMB 14.06 billion at the beginning of the period[23] - The company's current assets totaled approximately RMB 7.53 billion, a decrease from RMB 7.59 billion at the beginning of the period, primarily due to changes in cash and cash equivalents[24] - The total liabilities decreased to ¥3,164,250,971.62 from ¥3,260,277,892.31, a reduction of approximately 3%[28] - Total equity increased to ¥10,905,608,947.37 from ¥10,797,371,411.77, showing an increase of about 1%[28] Investments and Shareholder Information - The company plans to raise up to RMB 1.5 billion through a private placement for the construction of a 50,000-ton battery-grade lithium hydroxide and 11,000-ton lithium chloride project[18] - The company has received approval from the China Securities Regulatory Commission for a private placement of up to 28.7 million new shares[18] - The actual number of shares issued in the private placement was 107,066,381 shares, raising approximately RMB 1.5 billion[18] - Major shareholder Zheng Rong holds 10.20% of shares, totaling 117,519,340 shares[15] - The top ten shareholders include China Life Insurance Company with 1.35% of shares, totaling 15,546,339 shares[15] - The company has a total of 29,379,835 unrestricted shares held by major shareholder Zheng Rong[16] - The company is focused on enhancing its market position through strategic investments in lithium-related projects[18] Research and Development - Research and development expenses increased to ¥15,114,083.86 from ¥11,878,500.18, an increase of approximately 27%[29] Tax and Other Income - The company experienced a 380.67% increase in taxes and surcharges, amounting to an additional ¥25,440,800.00, due to increased sales from its subsidiary[10] - The company reported an investment income of ¥11,605,880.74 compared to a loss of ¥8,586,992.79 in the previous period[29] - Other comprehensive income after tax increased to ¥15,695,480.30 from ¥8,944,664.15, reflecting a growth of approximately 75%[30] Share Repurchase Plans - As of October 31, 2022, the company repurchased 10,000,054 shares at a total cost of approximately RMB 264.29 million, representing 0.87% of the total share capital, with a maximum price of RMB 26.95 per share[20] - The company plans to repurchase shares in 2024 with a total fund of no less than RMB 100 million and no more than RMB 200 million, focusing on enhancing investor confidence and maintaining shareholder interests[22] Inventory and Receivables - The company's inventory increased to approximately RMB 1.84 billion from RMB 1.65 billion, indicating a growth of about 12%[25] - The company’s accounts receivable rose to approximately RMB 1.08 billion from RMB 938.94 million, indicating an increase of about 15%[25]

Financial Performance - The company achieved operating revenue of CNY 5.18 billion in Q1 2025, representing a year-on-year increase of 29.11%[5] - Net profit attributable to shareholders reached CNY 578.82 million, a significant increase of 124.27% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 542.35 million, up 116.59% year-on-year[5] - The basic earnings per share increased to CNY 0.05, reflecting a growth of 97.93% compared to CNY 0.02 in the previous year[5] - Total operating revenue for the current period reached ¥5,182,028,061, a significant increase of 29.1% compared to ¥4,013,614,132 in the previous period[22] - Net profit for the current period was ¥578,761,911, representing a 124.5% increase from ¥258,024,216 in the previous period[23] - Basic earnings per share increased to ¥0.05 from ¥0.02, reflecting a 150% growth[23] Asset and Liability Management - The total assets at the end of the reporting period were CNY 28.57 billion, an increase of 3.44% from the end of the previous year[5] - The company reported a total asset of CNY 28,567,581,047 as of March 31, 2025, an increase from CNY 27,618,399,131 at the beginning of the period, reflecting a growth of approximately 3.44%[20] - The company's total liabilities decreased to CNY 2,928,987,953 from CNY 3,008,525,171, indicating a reduction of about 2.65%[21] - The company’s total equity rose to CNY 12,208,881,225, up from CNY 12,010,704,725, reflecting an increase of approximately 1.65%[21] - The total equity attributable to shareholders of the parent company rose to ¥25,632,736,980, an increase of 4.2% from ¥24,603,636,501[22] - The company’s total liabilities to total assets ratio improved, indicating a stronger financial leverage position[21] Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY 525.72 million, a decrease of 12.59% compared to the previous year[5] - Operating cash flow net amount was ¥525,717,189, a decrease of 12.6% from ¥601,470,386 in the previous period[24] - The company reported a net cash outflow from investing activities of ¥1,248,602,258, compared to a net outflow of ¥202,101,153 in the previous period[25] - Cash and cash equivalents stood at CNY 5,671,818,238, down from CNY 5,997,965,786, representing a decline of approximately 5.43%[20] - The company’s cash and cash equivalents at the end of the period were ¥5,629,578,324, down from ¥5,872,358,847 at the end of the previous period[25] Segment Performance - The gross profit from the air cargo segment was CNY 607.97 million, with a gross margin of 16.92%, up 4.82 percentage points year-on-year[9] - The comprehensive logistics solutions segment saw a gross profit of CNY 215.70 million, with a gross margin of 17.43%, an increase of 8.38 percentage points year-on-year[11] - The company’s total operating costs were ¥4,536,382,793, which is a 21.1% increase from ¥3,746,607,159 in the previous period[22] Other Financial Metrics - The company received government subsidies amounting to CNY 47.72 million, primarily related to routes and cargo[12] - The company’s inventory increased to CNY 7,814,366 from CNY 4,558,156, showing a significant rise of approximately 71.67%[20] - Accounts receivable increased to CNY 3,059,662,202 from CNY 2,819,442,218, marking an increase of about 8.51%[20] - The company’s long-term investments slightly decreased to CNY 27,342,438 from CNY 27,620,408, a decline of about 1.01%[20] - The company reported a decrease in short-term borrowings, maintaining a stable financial position[21] - The company plans to exercise the overallotment option, issuing an additional 198,176,500 shares, increasing the total share capital[19] - The company recorded other comprehensive income after tax of -¥1,752,685, compared to ¥1,143,650 in the previous period[23]

Financial Performance - The company's revenue for 2024 was CNY 7,715,676,240.38, a decrease of 35.14% compared to CNY 11,895,256,904.92 in 2023[22]. - Net profit attributable to shareholders increased significantly to CNY 257,114,987.03, up 539.36% from CNY 40,214,723.47 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 163,981,420.38, a 176.55% increase from a loss of CNY 214,207,963.02 in 2023[22]. - Operating cash flow net amount reached CNY 943,716,955.53, reflecting a 13.60% increase from CNY 830,758,171.23 in 2023[22]. - Basic earnings per share rose to CNY 0.2231, a 539.26% increase compared to CNY 0.0349 in the previous year[22]. - The total operating revenue for 2024 is CNY 7,715,676,240.3, representing a decrease of 35.14% compared to CNY 11,895,256,904 in 2023[115]. - The lithium business revenue decreased by 50.40% to CNY 4,116,052,844.8, accounting for 53.35% of total revenue in 2024[115]. - The civil explosives business revenue decreased by 3.95% to CNY 3,262,639,458.0, representing 42.29% of total revenue[115]. - The transportation business revenue increased by 68.13% to CNY 336,983,937.54, accounting for 4.37% of total revenue[115]. Dividend and Shareholder Information - The profit distribution plan approved by the board is to distribute a cash dividend of 0.4 yuan (including tax) for every 10 shares based on a total of 1,152,562,520 shares[3]. - The company ensures the accuracy and completeness of the annual report, with all board members present for the meeting[3]. - The annual report is set to be released on April 28, 2025, detailing the company's financial performance for 2024[1]. Asset and Liability Management - Total assets at the end of 2024 were CNY 14,057,649,304.08, a decrease of 3.78% from CNY 14,609,154,982.39 at the end of 2023[22]. - The company's net assets attributable to shareholders increased slightly to CNY 10,424,373,011.51, up 0.83% from CNY 10,339,070,204.04 in 2023[22]. - The company maintains a low debt-to-asset ratio, ensuring sustainable development[112]. Industry Trends and Market Conditions - The company has seen a significant increase in the lithium industry due to supportive government policies, with a focus on enhancing innovation and global collaboration[32]. - The government plans to increase subsidies for the scrapping of old vehicles, raising the subsidy for scrapping old electric vehicles to 20,000 yuan[32]. - The company anticipates a 25% increase in energy equipment investment by 2027 compared to 2023, driven by new policies[32]. - The lithium industry is currently in a downward cycle with oversupply, leading to continuous pressure on lithium carbonate prices and widespread losses among companies[175]. - The company faces risks from macroeconomic instability and industry cyclicality, impacting its global expansion strategy and profitability in the lithium sector[186]. Production and Sales Performance - The company reported a quarterly revenue of CNY 1,852,261,462.25 in Q1, CNY 2,083,562,912.89 in Q2, CNY 1,988,620,484.57 in Q3, and CNY 1,791,231,380.67 in Q4[26]. - The company reported a net profit of 93,133,566.65 in 2024, a decrease of 63.4% compared to 254,422,686.49 in 2023[29]. - The company recorded a gain from the disposal of non-current assets of 7,934,585.77 in 2024, compared to a loss of 1,269,985.88 in 2023[28]. - The effective hedging business generated a profit of 48,115,274.87 in 2024, a substantial increase from 6,505,280.24 in 2023[28]. - In 2024, the company's lithium product sales reached 48,036 tons, representing a year-on-year increase of 63.40%[91]. - The company achieved a revenue of 7.716 billion yuan, a year-on-year decrease of 35.14%, while net profit attributable to shareholders rose to 257 million yuan, an increase of 539.36%[95]. Research and Development - The company obtained 65 patent authorizations, including 13 invention patents and 52 utility model patents, bringing the total to 693 patents by the end of 2024[99]. - Research and development expenses decreased by 52.42% from ¥153,653,077.39 in 2023 to ¥73,103,493.55 in 2024 due to the completion of certain R&D projects[138]. - The number of R&D personnel increased by 1.30% to 781 in 2024 from 771 in 2023[141]. - The company aims to achieve a lithium recovery rate of ≥90% from waste liquid in its lithium battery material recovery process[doc id='139']. Safety and Compliance - The company has established a comprehensive safety management system, ensuring effective implementation of safety responsibilities across all levels[123]. - The safety management framework includes a core safety management system and various safety regulations to enhance operational safety[123]. - The company has not experienced any major safety incidents during the reporting period, maintaining a stable safety situation[126]. - Safety management is a priority, with the company implementing strict safety protocols and investing in smart manufacturing to reduce risks associated with hazardous materials[192]. Strategic Initiatives - The company is actively participating in the development of new energy vehicles, with policies encouraging the establishment of R&D centers overseas to enhance innovation capabilities[32]. - The company plans to actively participate in industry mergers and acquisitions to expand its scale and maintain its competitive position in the civil explosives market[177]. - The company aims to enhance human resource management, focusing on talent development and optimizing HR systems to improve efficiency[183]. - A digital transformation initiative will be implemented to strengthen information management and enhance cybersecurity measures[184].

Business Focus and Structure - The company reported a significant change in its main business focus, shifting from "pharmaceutical health + pesticide chemicals" to "pesticide chemicals + photovoltaic new energy" after acquiring 51% of Anhui Xuhe Technology New Energy Co., Ltd. in October 2023[20]. - The company has undergone significant changes in its business structure, including the completion of a major asset restructuring involving the acquisition of Fangzhou Pharmaceutical in 2015[20]. - The company has entered the photovoltaic new energy sector through the acquisition of Xuhe Technology, establishing a dual business model of "agriculture + new energy" for future growth[97]. Financial Performance - The company's operating revenue for 2024 was CNY 1,793,141,048.95, representing a 2.96% increase compared to CNY 1,741,628,407.17 in 2023[22]. - The net profit attributable to shareholders for 2024 was a loss of CNY 252,500,773.62, an improvement of 24.01% from a loss of CNY 332,260,445.98 in 2023[22]. - The net cash flow from operating activities for 2024 was CNY 106,181,646.18, a significant increase of 127.70% compared to a negative cash flow of CNY 383,302,095.05 in 2023[22]. - The total assets at the end of 2024 were CNY 3,418,834,199.38, a slight increase of 0.57% from CNY 3,399,589,930.03 at the end of 2023[22]. - The net assets attributable to shareholders increased by 29.01% to CNY 32,536,860.02 at the end of 2024, up from CNY 25,221,286.52 at the end of 2023[22]. - The company reported a basic earnings per share of -CNY 0.6849 for 2024, which is a 23.14% improvement from -CNY 0.8911 in 2023[22]. Market and Industry Trends - The agricultural chemical industry showed a stable growth trend with a 22.2% year-on-year increase in the production of chemical pesticide raw materials in China for 2024[30]. - The company is navigating challenges from geopolitical conflicts and inflation pressures while maintaining a stable operational outlook[30]. - The photovoltaic market is transitioning from policy-driven to demand-driven, with a stable growth outlook for clean energy globally[39]. - The global photovoltaic market is expected to maintain a long-term growth trend, supported by stable policies and increasing demand in emerging markets[39]. Research and Development - The company is focusing on enhancing its core competitiveness through technological innovation and brand building in response to increasing industry uncertainties[30]. - The company is engaged in the research and development of efficient, low-toxicity pesticides, with competitive advantages in early market entry and established production technologies[43]. - The company has a robust R&D system, with over 100 patent applications filed during the reporting period, including 4 invention patents and 25 utility model patents granted[53]. - R&D investment surged to ¥68,680,051.26 in 2024, marking a 350.18% increase from ¥15,256,020.56 in 2023, representing 3.83% of operating revenue[75]. Environmental and Safety Compliance - The company is committed to environmental governance as a prerequisite for development, emphasizing the reduction of various pollutants[160]. - The company has implemented continuous upgrades in technology and equipment to reduce pollutant emissions, focusing on both source control and end-of-pipe treatment[160]. - The company has established a safety management department with 19 dedicated personnel, including 7 registered safety engineers[172]. - The company has completed 47 emergency drills in the reporting period, with no safety production accidents occurring[175]. Corporate Governance and Shareholder Relations - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective shareholder communication and rights[103]. - The company’s board includes independent directors, ensuring governance and oversight[113]. - The company plans to optimize the remuneration structure and strengthen incentive mechanisms to protect the interests of the company and all shareholders[124]. - The company has made commitments to maintain the legitimate rights and interests of all shareholders and will not engage in unfair benefit transfers[180]. Strategic Initiatives and Future Outlook - The company plans to enhance product diversity and competitiveness through the development of new technologies and products, including the TNP bifacial passivated solar cell[75]. - The company aims to increase the annual production capacity of its core product, with a target of 7,000 tons of a specific pesticide by optimizing production scheduling and enhancing operational standards[97]. - The company plans to continue optimizing channel resource allocation and enhancing marketing capabilities for its formulation products to prepare for market recovery[58]. - The company is focusing on market expansion, targeting new regions that could potentially increase market share by DD%[120].