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].

Financial Performance - The company's revenue for Q1 2025 was ¥481,062,255.86, representing a 4.18% increase compared to ¥461,742,142.82 in the same period last year[5] - Net profit attributable to shareholders was ¥8,302,991.89, a significant turnaround from a loss of ¥20,739,140.36, marking a 140.04% improvement[5] - The net profit after deducting non-recurring gains and losses was ¥3,921,601.23, compared to a loss of ¥21,319,168.47, reflecting an increase of 118.39%[5] - The basic earnings per share increased to ¥0.03 from a loss of ¥0.08, showing a 137.50% improvement[5] - Total operating revenue for the current period reached ¥481,062,255.86, an increase of 4.3% compared to ¥461,742,142.82 in the previous period[19] - Net profit for the current period was ¥8,302,991.89, a significant recovery from a net loss of ¥20,739,140.36 in the previous period[20] - Earnings per share improved to ¥0.03 from a loss of ¥0.08 in the previous period[21] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,057,230,909.25, a slight decrease of 0.22% from ¥2,061,697,688.87 at the end of the previous year[5] - Non-current liabilities decreased from ¥397,999,437.46 to ¥225,132,766.50, a reduction of approximately 43.4%[19] - Total liabilities decreased from ¥1,297,122,784.21 to ¥1,100,492,347.94, a reduction of approximately 15.2%[19] - The company's equity attributable to shareholders rose by 25.13% to ¥956,738,561.31 from ¥764,574,904.66 at the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥956,738,561.31 from ¥764,574,904.66, representing a growth of 25.2%[17] Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of ¥103,925,889.41 compared to a net inflow of ¥5,388,614.05 in the previous year, representing a decrease of 2,028.62%[11] - Operating cash flow for the period was negative at -¥103,925,889.41, a significant decline from the previous period's positive cash flow of ¥5,388,614.05, indicating a decrease of approximately 1,932%[22] - Total cash inflow from operating activities was ¥383,499,056.37, slightly up from ¥378,105,810.23 in the previous period, reflecting a growth of about 0.4%[22] - Cash outflow from operating activities increased to ¥487,424,945.78 from ¥372,717,196.18, marking an increase of approximately 30.7%[22] - Investment activities generated a net cash flow of -¥11,121,204.55, worsening from -¥7,664,111.53 in the previous period, indicating a decline of about 45.5%[23] - Cash inflow from financing activities rose to ¥305,199,759.49, up from ¥243,094,000.00, representing an increase of approximately 25.6%[23] - Net cash flow from financing activities improved to ¥80,885,334.23 from ¥30,260,298.69, a growth of about 167.1%[23] - The ending cash and cash equivalents balance decreased to ¥35,369,687.68 from ¥66,772,173.59, a decline of approximately 47.0%[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 23,950[13] - The largest shareholder, Chen Qifeng, holds 16.76% of shares, totaling 51,836,400 shares, with 38,877,300 shares pledged[13] - The top ten shareholders collectively hold significant stakes, with the largest non-individual shareholder being Chaozhou Qilong Trading Co., Ltd. at 8.52%[13] - The company has no preferred shareholders or significant changes in shareholder structure reported[14] Operational Metrics - The company experienced a 39.66% decrease in employee compensation payable, reflecting the payment of last year's bonuses[10] - Accounts receivable increased to ¥354,457,938.52 from ¥299,872,980.82, representing a growth of approximately 18.2%[15] - Inventory decreased slightly to ¥702,746,799.57 from ¥717,692,006.36, a decline of about 2.1%[15] - Total current assets increased marginally to ¥1,275,219,813.77 from ¥1,271,920,476.30, indicating a growth of approximately 0.3%[15] - Non-current assets include fixed assets valued at ¥605,662,435.41, down from ¥622,174,526.29, a decrease of about 2.6%[15] - The company has a total of 88,365,946.16 in receivables financing, up from 75,394,212.21, reflecting an increase of approximately 17.5%[15] Research and Development - Research and development expenses were ¥14,750,912.11, down from ¥15,663,236.56, indicating a decrease of 5.8%[19] - The company has not reported any new strategies or major product developments during this period[14] - The company did not report any new product or technology developments, market expansions, or mergers and acquisitions during this period[24] Other Income - The company reported a 150.48% increase in other income, amounting to ¥4,872,358.69, primarily due to VAT tax deductions[11] - The company reported an investment income of ¥713,784.00, compared to no income in the previous period[19] - The company received ¥5,901,835.05 in tax refunds, an increase from ¥5,087,757.97 in the previous period, reflecting a growth of about 16.0%[22] Operating Costs - Total operating costs decreased to ¥476,887,627.23 from ¥484,340,080.77, reflecting a reduction of 1.0%[19]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2024, representing a year-over-year increase of 15% compared to 2023 [14]. - The company's operating revenue for 2024 reached ¥1,518,297,595.38, representing a 6.52% increase compared to ¥1,425,372,878.83 in 2023 [6]. - Net profit attributable to shareholders was ¥45,337,107.70, a significant increase of 59.62% from ¥28,402,659.49 in the previous year [6]. - The net profit after deducting non-recurring gains and losses was ¥43,768,986.11, up 137.71% from ¥18,412,520.41 in 2023 [6]. - Basic earnings per share rose to ¥0.04, a 33.33% increase from ¥0.03 in the previous year [6]. - The company achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 6.52%, and a net profit attributable to shareholders of 45.34 million yuan, up 59.62% year-on-year [71]. - The revenue from the tobacco industry segment, specifically the provincial tobacco industry company, accounted for ¥900,914,255.91, which is 59.34% of total revenue, with a year-on-year growth of 7.52% [83]. - The new tobacco products segment generated revenue of ¥9,145,568.35, marking a significant increase of 40.55% from ¥6,506,870.27 in the previous year [83]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025 [14]. - Future guidance estimates a revenue growth of 20% for 2025, driven by new product launches and market expansion strategies [14]. - The company is actively expanding its customer market, including the South American fruit packaging market, and has achieved positive results in Southeast Asia and Eastern Europe [43]. - The company plans to expand its market presence through new product development and strategic acquisitions [90]. - Market expansion plans include entering three new international markets by the end of 2024, aiming for a 25% increase in market share [186]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $300 million earmarked for potential targets [186]. Research and Development - The company has invested 200 million RMB in R&D for new product development, focusing on innovative materials and technologies [14]. - The company is committed to increasing R&D investment in innovative technologies and materials, aiming to transition from domestic leadership to international advancement in product offerings [138]. - The company is actively developing new products, including eco-friendly laser paper and waterproof laser film, to attract more customers [100]. - The company is expanding its industrial hemp business, with a focus on overseas markets and product applications, leveraging the global legalization trend [77]. - The company is enhancing its digital marketing efforts to strengthen brand recognition and reach quality customers in the B2B sector [72]. Sustainability and Environmental Practices - The company is focusing on sustainable practices, with a goal to reduce carbon emissions by 15% over the next three years [14]. - The company has launched a new line of eco-friendly packaging products, expected to contribute 10% to total revenue in 2025 [14]. - The company emphasizes sustainable practices, developing biodegradable packaging solutions and achieving certifications for compostable products [58]. - The company plans to focus on green and environmentally friendly packaging, aligning with national policies such as "plastic restriction" and "paper instead of plastic" to enhance production and consumption structure [129]. - The company will focus on developing eco-friendly packaging materials to meet stringent environmental regulations and consumer expectations, enhancing its competitive position [139]. Corporate Governance and Management - The company held 2 shareholder meetings during the reporting period, including one annual and one extraordinary meeting, ensuring equal voting rights for all shareholders, especially minority shareholders [157]. - The board of directors consists of members elected according to legal procedures, with independent directors fulfilling their duties without influence from major shareholders [158]. - The company has established a fair performance evaluation and incentive mechanism to enhance the motivation and creativity of senior management [162]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance, ensuring no interference in decision-making [161]. - The company has a dedicated financial accounting department and operates an independent accounting system, ensuring independent financial decision-making [170]. Challenges and Risks - The company acknowledges the risks associated with the industrial hemp industry, which is subject to strict regulatory oversight [151]. - The company faces market competition risks due to the presence of numerous competitors in economically developed regions, despite having strong cost control capabilities [145]. - The company is closely monitoring changes in new tobacco policies, which could significantly impact its operations [149]. Product Development and Innovation - The company has completed the research and development of high-precision UV molding technology, enhancing product capabilities and market competitiveness [99]. - A new high-barrier packaging material has been developed, improving barrier performance and positioning the company for future market applications [99]. - The company is actively developing a new type of CBD electronic cigarette with preheating functionality, aimed at improving product performance and expanding its product line [99]. - The company has developed a water-soluble CBD product with a CBD content of 7%-10%, addressing industry challenges related to CBD solubility [101]. - The company is working on a new adaptive electronic cigarette product with temperature detection and automatic adjustment features, aimed at improving product performance [99]. Financial Management - The company reported a significant increase in financial income, with financial expenses showing a decrease of 326.75% due to increased interest income and exchange gains [97]. - The company’s total financial liabilities remained at ¥0.00, indicating no outstanding debts [113]. - The company reported a restricted cash balance of ¥148,790,618.92, which includes bank acceptance bill guarantees and performance guarantees [115]. - The company’s investment in securities showed a significant loss, with a total of ¥9,480 million in trading losses reported [118]. Executive Changes - The company acknowledged the departure of several key executives, including the president and multiple vice presidents, due to term expirations [175]. - The company has appointed a new president, Wang Zhenglin, effective June 2024, who has a background in VR/AR and e-commerce [176]. - The company has a new independent director, Li Jian, who brings extensive experience in investment management and regulatory affairs [178].

Financial Performance - The company's revenue for Q1 2025 was ¥325,125,420.25, a decrease of 11.03% compared to ¥365,447,516.43 in the same period last year[4] - Net profit attributable to shareholders was ¥13,327,913.29, down 31.89% from ¥19,568,422.76 year-on-year[4] - Basic and diluted earnings per share were both ¥0.0126, reflecting a decline of 31.89% from ¥0.0185[4] - Total operating revenue for the current period is CNY 325,125,420.25, a decrease from CNY 365,447,516.43 in the previous period[19] - Net profit for the current period is CNY 19,521,517.35, compared to CNY 26,868,150.38 in the previous period, reflecting a decline of approximately 27.4%[20] - The net profit attributable to the parent company is CNY 13,327,913.29, down from CNY 19,568,422.76, indicating a decrease of about 32.2%[20] - Total operating costs for the current period are CNY 294,994,556.79, down from CNY 339,675,003.30 in the previous period[19] Cash Flow - The net cash flow from operating activities decreased by 66.17% to ¥15,309,021.94, compared to ¥45,248,608.51 in the previous year[4] - Operating cash flow for the current period is ¥15,309,021.94, a decrease of 66.1% from ¥45,248,608.51 in the previous period[21] - Net cash flow from financing activities increased by 209.44% to ¥27,983,871.35, attributed to obtaining long-term loans[9] - Cash inflow from financing activities is ¥47,000,000.00, compared to ¥2,500,000.00 in the previous period, indicating a substantial increase[22] - Net cash flow from financing activities is ¥27,983,871.35, a turnaround from -¥25,569,542.17 in the previous period[22] Assets and Liabilities - Total assets increased by 0.75% to ¥2,816,646,557.41 from ¥2,795,780,646.47 at the end of the previous year[4] - Total liabilities are CNY 726,831,229.83, compared to CNY 712,173,382.83 in the previous period, showing an increase of approximately 2.7%[18] - The total equity attributable to the parent company is CNY 1,906,114,921.58, up from CNY 1,892,104,559.86[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,057[11] - The largest shareholder, Shunhao Investment Group, holds 20.10% of the shares, totaling 213,013,150 shares[11] - The company has initiated a share repurchase plan with a total fund of no less than RMB 50 million and not exceeding RMB 100 million, with a maximum repurchase price of RMB 4.55 per share[13] - As of April 7, 2025, the company has repurchased 10,650,000 shares, representing 1.0047% of the total share capital, at a total transaction amount of RMB 32,056,500[14] Investment Activities - The company reported a significant increase in trading financial assets by 260.63% due to the purchase of bank wealth management products[8] - Total cash inflow from investment activities is ¥317,908,691.03, significantly up from ¥134,501,552.29 in the previous period[21] - Net cash flow from investment activities is -¥119,496,584.91, worsening from -¥88,374,389.95 in the previous period[21] - Cash paid for investments is ¥432,506,958.47, up from ¥220,075,869.62 in the previous period, indicating increased investment activity[21] Other Financial Metrics - The company recorded a government subsidy of ¥988,594.42, which is closely related to its normal business operations[5] - Research and development expenses for the current period are CNY 12,582,250.20, slightly up from CNY 12,000,150.94 in the previous period[19] - Other comprehensive income after tax for the current period is CNY 686,546.59, compared to CNY 408,656.43 in the previous period[20] - The company's cash and cash equivalents decreased from RMB 858,089,975.56 to RMB 770,499,873.67, a decline of approximately 10.2%[16] - The total current assets increased from RMB 1,663,173,354.32 to RMB 1,704,662,490.36, an increase of about 2.4%[16] - The company's inventory increased from RMB 297,050,493.16 to RMB 305,947,702.39, reflecting a growth of approximately 3.0%[16] - Long-term equity investments decreased slightly from RMB 250,189,631.35 to RMB 247,820,490.37, a decrease of about 0.5%[16] - The company’s goodwill remains stable at RMB 48,986,961.22, unchanged from the previous period[16]

Financial Performance - The company's operating revenue for 2024 was ¥333,330,280.33, a decrease of 3.69% compared to ¥346,106,530.05 in 2023[21] - The net profit attributable to shareholders for 2024 was a loss of ¥439,433,948.13, representing a 25.80% increase in losses from ¥349,309,644.16 in 2023[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥410,060,141.00, which is 41.51% worse than the loss of ¥289,768,468.85 in 2023[21] - The total profit for the period was -¥625,067,615.87, representing a decline of 41.30% year-over-year[41] - The net profit attributable to shareholders was -¥439,433,948.13, down 25.80% from the same period last year[41] - The company reported a net loss of ¥445.91 million for the year 2023, with equity attributable to shareholders of the parent company at -¥280.67 million[137] - The company has faced significant financial deterioration, with negative net profits for several consecutive years[137] - As of December 31, 2023, the company's total equity was -¥807.13 million, indicating ongoing financial instability[137] Assets and Liabilities - The total assets at the end of 2024 were ¥1,444,512,507.38, a decrease of 24.52% from ¥1,913,801,546.81 at the end of 2023[21] - The company's net assets attributable to shareholders at the end of 2024 were negative at ¥-776,519,451.36, a decline of 176.66% from ¥-280,671,891.27 at the end of 2023[21] - The company reported total assets of 1.445 billion and total liabilities of 2.948 billion, resulting in a debt-to-asset ratio of 204.08%[74] - Short-term borrowings amounted to 612,096,046 yuan, representing 42.37% of total liabilities, an increase from 38.01%[60] - Long-term borrowings were recorded at 676,059,729.74 yuan, which is 46.80% of total liabilities, up from 35.34%[60] Cash Flow - The cash flow from operating activities for 2024 was a net outflow of ¥36,031,399.80, which is 7.44% worse than the outflow of ¥33,535,035.85 in 2023[21] - Cash inflow from operating activities decreased by 9.64% to ¥265,549,005.63, while cash outflow decreased by 7.89% to ¥301,580,405.43[54] - Net cash flow from investment activities improved by 65.21%, primarily due to increased cash from investment income[54] - Cash flow from financing activities decreased by 32.77% to ¥45,369,606.28, attributed to reduced cash from borrowings[54][55] Legal and Compliance Issues - The audit report for 2024 issued by Beijing Dehao International CPA indicates an inability to express an opinion, highlighting significant risks to the company's ability to continue as a going concern[5] - The company faced severe liquidity issues, leading to overdue loans and multiple lawsuits, which significantly impacted its operations[5] - The company is facing multiple lawsuits due to overdue debts, leading to the freezing of several bank accounts and assets, which may result in judicial auctions of shares[75] - The company is currently in litigation with multiple parties, including Guoyao Holdings and Zhongmin Investment, with ongoing cases in Shanghai and Jilin[152] - The company is actively managing its legal risks and has engaged in mediation to resolve disputes amicably[152] Business Operations and Strategy - The company is engaged in the pharmaceutical industry, focusing on the production of traditional Chinese medicine and modern pharmaceuticals[31] - The pharmaceutical sector is increasingly important due to the growing demand driven by an aging population and rising healthcare needs[30] - The company is focusing on developing new products, including a low oil absorption white carbon black to meet customer needs and enhance market competitiveness[52][53] - The company is actively involved in the sale of health foods and cosmetics, diversifying its revenue streams[70] - The company is focusing on research and development in fine chemical products and silicon materials, aiming to enhance its product offerings[71] Shareholder and Governance - The company has a board of 5 directors, including 2 independent directors, complying with legal and regulatory requirements[85] - The company has a supervisory board consisting of 3 supervisors, including 1 employee representative, also in compliance with legal and regulatory requirements[86] - The total remuneration paid to the board of directors, supervisors, and senior management in 2024 amounted to 4.2577 million CNY[105] - The company has established a performance evaluation and incentive mechanism linking management compensation to operational performance and key management indicators[85] - The company ensures strict compliance with information disclosure regulations, providing timely and accurate information to stakeholders[86] Future Outlook - The company has outlined a future outlook with a projected revenue growth target of 36.93% for the upcoming fiscal year[93] - The company plans to enhance its research and development efforts, focusing on innovative solutions to meet market demands[93] - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market presence, targeting a completion date by Q4 2025[101] - The company plans to enhance its digital marketing efforts, aiming for a 30% increase in online sales channels by the end of 2025[101] Employee and Training - The total number of employees at the end of the reporting period is 900, with 471 in production, 135 in sales, 90 in technical roles, 28 in finance, and 176 in administration[115] - The company conducts weekly training sessions for employees on production skills and safety knowledge[116] Environmental and Social Responsibility - The company emphasizes environmental protection and social responsibility in its operations, aiming for a balance between economic and social benefits[130] - The company respects and protects the rights of stakeholders, balancing the interests of shareholders, employees, and society[86]

Financial Performance - The company's operating revenue for Q1 2025 was ¥63,743,551.35, a decrease of 15.53% compared to ¥75,460,849.87 in the same period last year[5] - The net loss attributable to shareholders was ¥45,174,602.67, representing a 10.58% increase from a loss of ¥40,853,954.75 in the previous year[5] - Basic and diluted earnings per share were both -¥0.0678, reflecting a decrease of 10.60% from -¥0.0613 in the same quarter last year[5] - Operating profit for the current period is -¥52,695,244.21, compared to -¥50,350,649.71 in the previous period, indicating a slight increase in losses[24] - Net profit for the current period is -¥62,769,455.79, compared to -¥60,502,670.21 in the previous period, reflecting a worsening of approximately 3.8%[24] - The total comprehensive loss amounted to -62,769,455.79 CNY, slightly higher than the previous period's loss of -60,502,670.21 CNY, reflecting an increase of about 3.8%[25] Cash Flow and Liquidity - The net cash flow from operating activities was -¥10,598,571.43, a significant decline of 1,087.19% compared to a positive cash flow of ¥1,073,613.47 in the prior year[5] - Cash inflows from operating activities totaled 50,142,889.64 CNY, down from 78,413,126.79 CNY in the previous period, a decline of about 36.0%[27] - Cash and cash equivalents decreased from ¥24,509,161.98 to ¥15,756,568.83, a decline of about 35.5%[20] - Cash and cash equivalents at the end of the period were 7,789,702.73 CNY, significantly lower than 26,700,040.88 CNY at the end of the previous period, a decrease of approximately 70.8%[29] - The net cash flow from financing activities was 1,857,433.37 CNY, down from 3,021,352.18 CNY in the previous period, indicating a decline of about 38.5%[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,428,970,156.95, down 1.08% from ¥1,444,512,507.38 at the end of the previous year[5] - Total liabilities increased from ¥2,947,890,187.24 to ¥2,996,904,097.04, an increase of about 1.7%[21] - The company has a negative retained earnings of -¥3,060,755,075.42, worsening from -¥3,015,580,472.75 in the previous period[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 28,056, with the top ten shareholders holding a combined total of 38,364,481 shares[10] - The top ten shareholders hold a total of 9,487,015 shares, representing 0.83% of the total shares outstanding[11] - The company has not disclosed any changes in the participation of major shareholders in margin financing or securities lending activities[12] - The company has not identified any related party relationships among the top ten shareholders[11] - The company has a total of 4,605,450 restricted shares held by other shareholders, with 2,550 shares released during the period[14] - As of March 31, 2025, the company reported a significant increase in restricted shares, totaling 21,913,249 shares, up from 12,768,750 shares[14] Operational Challenges - The company reported a significant decrease in cash received from sales, totaling ¥37,979,527.05, down 44.29% from ¥68,171,452.73 in the previous year[9] - Sales expenses increased by 64.20% to ¥10,976,344.75, primarily due to increased sales promotion efforts during the reporting period[9] - The company recorded a government subsidy of ¥128,842.82, a decrease of 57.99% from ¥306,713.63 in the previous year[9] - The company faces a significant delisting risk as its stock price has been below 1 RMB for twenty consecutive trading days, leading to a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing[17] - The company has initiated a bankruptcy reorganization process to alleviate historical debt pressure and restore profitability, with the court approving the pre-reorganization on November 27, 2023[15] - The company is actively working with local government to manage its financial restructuring and improve its operational capabilities[15] Future Outlook - The company has not provided any guidance on future performance or new product developments in the recent conference call[15]

Financial Performance - The company's operating revenue for 2024 was ¥8,818,335,256.03, a decrease of 2.52% compared to ¥9,046,517,603.44 in 2023[25]. - The net profit attributable to shareholders for 2024 was ¥593,467,183.44, representing a significant decline of 408.85% from a profit of ¥116,629,439.10 in 2023[25]. - The net cash flow from operating activities for 2024 was -¥867,783,142.92, a decrease of 179.68% compared to ¥1,097,674,896.47 in 2023[25]. - The total assets at the end of 2024 were ¥16,415,456,855.91, down 8.16% from ¥17,259,750,622 in 2023[24]. - The net assets attributable to shareholders decreased by 15.60% to ¥5,373,836,896.59 in 2024 from ¥6,367,223,476.17 in 2023[24]. - The basic earnings per share for 2024 was -¥0.37, a decline of 428.57% from -¥0.07 in 2023[25]. - The company reported a significant increase in non-recurring gains and losses, totaling ¥42,904,848.64 in 2024 compared to ¥173,381,731.49 in 2023[31]. - The company experienced a negative net profit for all four quarters of 2024, with the fourth quarter showing a loss of -¥294,420,606.60[29]. - The revenue after deducting non-recurring items for 2024 was ¥8,682,961,239.00, compared to ¥8,912,994,723.86 in 2023[25]. - The company indicated uncertainty regarding its ability to continue as a going concern, as the net profit for the last year was negative[25]. Business Restructuring - The company underwent a significant asset restructuring in 2015, acquiring North Ming Software, which expanded its business from textiles to software and information technology services[21]. - In November 2024, the company completed an asset swap, divesting its textile business and focusing solely on software and information technology services[22]. - The company has transitioned its main business focus from software and textiles to solely software, following an asset swap that included the divestment of its textile operations[39]. - The textile segment reported a revenue of 1.443 billion yuan in 2024, a decrease of 28.95%, with a net loss of 603 million yuan, marking a 153.66% increase in losses year-on-year[38]. Software and IT Services - In 2024, the company's software segment achieved revenue of 7.376 billion yuan, an increase of 5.13% year-on-year, but net profit decreased by 92.19% to 0.09 billion yuan due to intense market competition and tightened government budgets[36]. - The software industry in China reported a revenue of 1.37276 trillion yuan in 2024, a year-on-year growth of 10.0%, with total profits reaching 169.53 billion yuan, up 8.7%[35]. - The information technology service revenue was 921.9 billion yuan, growing by 11.0% year-on-year, accounting for 67.2% of the total industry revenue[35]. - The company’s software business includes system integration and industry solutions, with a focus on sectors such as finance, government, and smart manufacturing[40]. - The company is actively developing innovative solutions in smart city applications, with projects implemented in multiple provinces including Guangdong and Hebei[41]. Research and Development - The company has established multiple research centers and partnerships with universities to enhance its technological capabilities and promote data resource integration and sharing[52]. - As of the end of 2024, the company has obtained 749 software copyrights, 32 invention patents, and 2 utility model patents, contributing to over 700 leading software products in the domestic market[54]. - The company has reported a significant increase in R&D investment aimed at improving its operational capabilities and technological advancements[86]. - The number of R&D personnel decreased by 31.08% from 1,763 in 2023 to 1,215 in 2024, with the proportion of R&D personnel increasing from 45.15% to 56.30%[97]. - R&D investment amount fell by 30.01% from ¥351,521,477.10 in 2023 to ¥246,017,843.72 in 2024, with the proportion of R&D investment to operating income decreasing from 3.89% to 2.79%[98]. Market Strategy and Partnerships - The company has established strategic partnerships with industry leaders like Huawei and Hikvision to expand its market share in digital government and digital economy projects[36]. - The company plans to focus on expanding its market presence in the internet and operator sectors to drive future growth[64]. - The company aims to strengthen strategic partnerships with leading international firms like Huawei and enhance collaboration with government ministries and state-owned enterprises to capture sales opportunities[134]. - The company is exploring potential mergers and acquisitions to bolster its competitive position and diversify its product portfolio[157]. Compliance and Governance - The company has a robust independent governance structure, ensuring operational independence from its controlling shareholder[142]. - The company has implemented independent financial management practices, including separate accounting systems and bank accounts, to maintain financial autonomy[147]. - The company faced regulatory measures from the Hebei Securities Regulatory Bureau for failing to disclose the economic compensation contract as required by law[165]. - The company has committed to rectifying its information disclosure practices to prevent future violations[165]. - The board has proposed a budget report for the 2024 fiscal year, which includes financial forecasts and strategic initiatives[169]. Employee and Management Changes - The company experienced a management change with the resignation of Chairman Wu Ning on February 26, 2024, due to organizational adjustments[153]. - Vice President Liu Hui retired on July 8, 2024, leading to a vacancy in the executive team[154]. - The company has seen a total of five senior management changes within the reporting period, indicating a significant turnover[155]. - The total number of employees at the end of the reporting period is 2,158, with 3,735 employees receiving salaries during the period[179]. Environmental and Social Responsibility - The company has not faced any administrative penalties for environmental issues during the reporting period and adheres to environmental protection laws[195]. - The company has achieved compliance with national pollution discharge standards, with all wastewater and emissions meeting regulatory requirements[196]. - The company actively participates in community activities and has made donations to various educational and disaster relief funds, fulfilling its corporate social responsibility[197].

Financial Performance - The company's revenue for Q1 2025 was ¥344,468,125.63, a decrease of 68.25% compared to ¥1,085,069,936.25 in the same period last year[5]. - The net loss attributable to shareholders was ¥96,066,594.05, representing a decline of 276.66% from a profit of ¥54,380,631.98 in the previous year[5]. - The basic and diluted earnings per share were both -¥0.0603, down 226.15% from ¥0.0478 in the previous year[5]. - The net profit for the period was a loss of ¥101,962,167.31, compared to a net profit of ¥51,653,203.35 in the previous period[20]. - The total comprehensive income for the period was a loss of ¥101,568,727.67, compared to a comprehensive income of ¥43,146,285.60 in the previous period[20]. Cash Flow and Operating Activities - The net cash flow from operating activities improved to ¥274,609,247.01, a significant increase of 148.81% compared to -¥562,603,894.97 in the same period last year[5]. - The company reported a significant increase in cash flow from operating activities, with a net cash flow of ¥274,609,247.01, compared to a negative cash flow of ¥562,603,894.97 in the previous period[21]. - Sales revenue from goods and services received cash of ¥926,831,549.14, up from ¥497,122,914.33 in the previous period[21]. - The company reported a net cash outflow from financing activities of ¥65,472,137.57, compared to a net outflow of ¥18,678,350.78 in the previous period[23]. - The company received cash from financing activities amounting to ¥586,219,843.78, down from ¥1,053,059,559.92 in the previous period[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥28,381,117,165.78, an increase of 0.95% from ¥28,114,894,246.68 at the end of the previous year[5]. - The total current assets were RMB 21.82 billion, compared to RMB 21.53 billion at the beginning of the period, reflecting a growth of approximately 1.34%[15]. - The total liabilities increased to RMB 18.15 billion from RMB 17.79 billion, indicating a rise of about 2.06%[16]. Shareholder Information - The company had a total of 43,426 common shareholders at the end of the reporting period[9]. - The largest shareholder, Fuxing Group Holdings, held 20.56% of the shares, amounting to 327,500,107 shares, with 116,020,000 shares pledged[9]. Non-Recurring Gains and Losses - Non-recurring gains and losses totaled ¥4,979,440.85, primarily from government subsidies and asset disposals[6]. - The company does not have any other non-recurring gains and losses beyond those reported[8]. Fund Management - The company approved the use of up to RMB 200 million of idle raised funds to temporarily supplement working capital for project development, with a repayment deadline of 12 months from the board's approval date[11]. - As of December 31, 2024, the company had supplemented working capital amounting to RMB 147.59 million, and by January 9, 2025, all idle raised funds and interest were returned to the designated account[11]. - The company agreed to continue using up to RMB 145.8 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months from the board's approval[12].

Financial Performance - The company's operating revenue for 2024 was ¥8,757,272,650.93, representing a 58.99% increase compared to ¥5,508,056,880.14 in 2023[19]. - The net profit attributable to shareholders for 2024 was -¥2,600,741,832.37, a significant decrease of 3,905.99% from ¥68,332,802.34 in 2023[19]. - The cash flow from operating activities for 2024 was -¥43,635,122.31, down 105.27% from ¥828,752,482.53 in 2023[19]. - The basic earnings per share for 2024 was -¥1.64, a decline of 3,380.00% from ¥0.05 in 2023[19]. - Total assets at the end of 2024 were ¥28,114,894,246.68, a decrease of 23.84% from ¥36,914,018,921.59 at the end of 2023[19]. - The net assets attributable to shareholders at the end of 2024 were ¥9,432,360,579.33, down 22.01% from ¥12,094,791,607.85 at the end of 2023[19]. Dividend and Shareholder Policies - The company plans not to distribute cash dividends or issue bonus shares for the year[5]. - The company has a cash dividend policy that ensures a minimum of 10% of the net profit attributable to the parent company is distributed as dividends, subject to certain conditions[102]. - The company plans to distribute a cash dividend of 0.10 yuan per 10 shares, totaling 11,362,227.16 yuan, and will also increase capital stock by 454,489,086 shares through capital reserve conversion[138]. - The company has repurchased 11,602,772 shares for a total amount of 30 million yuan from February 6, 2024, to September 30, 2024, to enhance market confidence and shareholder value[106]. Strategic Focus and Market Position - The company has indicated that it will focus on risk management and strategic adjustments in response to current financial challenges[19]. - The company plans to focus on the real estate market recovery, with government initiatives aimed at stabilizing the market and promoting housing demand[38]. - The company aims to optimize urban space and land use, focusing on revitalizing existing properties and improving housing conditions[38]. - The company is actively involved in urban renewal projects, including village renovations and dilapidated housing improvements, to leverage national strategic opportunities[34]. - The company plans to enhance its product structure and optimize land reserves through a differentiated development strategy[41]. Operational Efficiency and Cost Management - The company focused on cost control and inventory turnover to enhance operational efficiency amid market pressures[32]. - The financial strategy emphasized maintaining cash flow stability and optimizing asset utilization during the policy window period[33]. - The cost of real estate accounted for 87.42% of total operating costs, up from 72.17% in the previous year, reflecting a significant increase in cost concentration[55]. - Total sales expenses increased by 28.39% to ¥279,899,977.79, primarily due to higher settlement income[58]. Risk Management - The company faces policy risks due to the high correlation of the real estate industry with national economic policies, which may impact profitability and debt repayment capabilities[90]. - Market risks include potential declines in consumer purchasing power and demand due to economic downturns, affecting sales performance[91]. - Financial risks are present due to the capital-intensive nature of the real estate industry, which may lead to funding pressures and repayment risks in a volatile market environment[94]. - The company is actively addressing various risks, including natural disasters and public health emergencies, by enhancing macro policy tracking and optimizing debt structure[97]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance structure, complying with relevant laws and regulations, with no significant discrepancies noted[111][112]. - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, institutions, and finance, ensuring autonomous operational capabilities[113]. - The company is committed to improving the quality of information disclosure to ensure transparency and maintain shareholder rights[104]. - The company has not engaged in any related party transactions that would compromise its independence from controlling shareholders[113]. Environmental Responsibility - The company has a valid environmental protection permit effective from June 29, 2020, to June 28, 2025[149]. - The company plans to utilize a 3×75th circulating fluidized bed boiler and a 9MW back-pressure steam turbine generator for efficient and low-pollution energy generation[151]. - The company is actively reducing reliance on traditional energy sources through the integration of photovoltaic technology into its manufacturing processes, aiming to lower energy consumption and environmental pollution[156]. - The company has implemented ISO 14001 environmental management system to ensure compliance with energy-saving and environmental protection standards[159]. Employee and Talent Development - The company aims to enhance talent development by recruiting high-end professionals and improving internal growth mechanisms to boost overall employee efficiency[137]. - The employee training program focuses on talent cultivation and development, emphasizing the importance of human capital for sustainable growth[137]. - The total number of employees at the end of the reporting period is 2,272, with 1,555 in production, 137 in sales, 159 in technology, 102 in finance, and 319 in administration[135].

Financial Performance - The company's operating revenue for Q1 2025 was ¥162,303,221.51, representing a 98.05% increase compared to ¥81,950,836.60 in the same period last year[5]. - The net profit attributable to shareholders decreased by 33.15% to ¥1,607,052.69 from ¥2,403,801.38 year-on-year[5]. - Operating income rose by 33.56% to 158,358,635.51, attributed to growth in the supply chain business[9]. - The net profit for the current period is CNY 3,425,211.84, a decrease of 15.6% compared to CNY 4,057,129.94 in the previous period[18]. - The total profit for the current period is CNY 3,529,542.44, down from CNY 6,309,545.64, representing a decline of 44.4%[18]. - Operating profit decreased to CNY 3,411,551.91 from CNY 6,311,180.76, a drop of 45.9%[18]. - Total operating revenue for the current period reached ¥163,497,552.85, a significant increase from ¥83,816,880.22 in the previous period, representing a growth of approximately 95%[17]. - Total operating costs amounted to ¥155,635,507.92, up from ¥77,687,455.82, indicating an increase of about 100%[17]. Cash Flow and Liquidity - The net cash flow from operating activities turned negative at -¥9,047,699.62, a decline of 1,380.20% compared to ¥706,743.29 in the previous year[5]. - Cash received from operating activities increased by 36.05% to 97,783,186.38, driven by higher collection of goods payments in the supply chain services[9]. - Cash paid for purchasing goods and services increased by 33.84% to 149,175,649.63, reflecting higher costs in the supply chain business[9]. - The company's cash and cash equivalents decreased to ¥430,837,790.86 from ¥450,571,721.98, reflecting a decline of approximately 4%[14]. - The cash and cash equivalents at the end of the period stand at CNY 400,276,047.56, down from CNY 527,551,104.18[20]. - The company incurred a total cash outflow of CNY 265,580,438.66 from operating activities, compared to CNY 191,094,084.50 previously[20]. Assets and Liabilities - Total assets increased by 7.79% to ¥1,630,610,839.03 from ¥1,512,749,562.36 at the end of the previous year[5]. - Total liabilities rose to ¥501,938,877.29 from ¥387,651,698.64, an increase of about 29.4%[16]. - The company's total equity increased slightly to ¥1,128,671,961.74 from ¥1,125,097,863.72, showing a marginal growth of about 0.2%[16]. - Accounts receivable increased significantly by 706.36% to ¥10,911,483.59, primarily due to an increase in supply chain business[8]. - Accounts receivable decreased to ¥8,309,058.77 from ¥9,708,816.35, a reduction of about 14.4%[14]. - The accounts payable surged by 23,036.30% to ¥124,936,000.00, attributed to the increase in supply chain business[8]. Income and Expenses - The company's basic earnings per share remained unchanged at ¥0.01, with a diluted earnings per share also at ¥0.01[5]. - The company's weighted average return on equity decreased to 0.18% from 0.26% year-on-year[5]. - Tax expenses decreased by 95.37% to 104,330.60, mainly due to an increase in deferred tax assets compared to the previous year[9]. - Research and development expenses for the current period were ¥2,071,268.04, compared to ¥2,479,972.78 in the previous period, indicating a decrease of approximately 16.4%[17]. - Investment income decreased by 35.09% to -1,626,713.64, primarily due to reduced losses from joint ventures compared to the same period last year[9]. - Credit impairment losses increased by 320.57% to -7,871,449.73, mainly due to higher bad debt provisions in the supply chain business[9]. - Other income increased by 347.28% to ¥301,324.42, mainly due to an increase in government subsidies compared to the previous year[8]. - The company reported a government subsidy of ¥273,057.30, which is closely related to its normal business operations[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,145[11]. - The largest shareholder, Zhejiang Wangsheng Investment Management Co., Ltd., holds 44.77% of shares, totaling 113,152,511 shares[12]. Mergers and Acquisitions - The company has not executed any significant mergers or acquisitions during the reporting period[21].