Financial Performance - The company's operating revenue for 2024 was CNY 1,239,041,362.91, representing a 1.10% increase compared to CNY 1,225,563,193.88 in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of CNY 117,619,169.86, a significant decline from a profit of CNY 12,302,269.67 in 2023[21]. - The net cash flow from operating activities for 2024 was CNY 250,749,049.30, showing a 1.57% increase from CNY 246,866,998.08 in 2023[21]. - The total net assets attributable to shareholders decreased by 4.72% to CNY 2,622,599,535.50 at the end of 2024, down from CNY 2,752,445,364.63 at the end of 2023[21]. - Basic earnings per share for 2024 is -0.10 CNY, a decrease of 1,100% compared to 0.01 CNY in 2023[23]. - The weighted average return on equity decreased to -4.37% in 2024 from 0.43% in 2023, a decline of 4.80 percentage points[23]. - The company reported a significant decline in net profit, with a loss of CNY 121,119,079.27 after deducting non-recurring gains and losses for 2024[21]. - The company achieved operating revenue of ¥1,239,041,362.91, a year-on-year increase of 1.1%, but reported a net profit attributable to shareholders of -¥117,619,169.86 due to a 62% increase in marketing expenses[31]. - The company reported a significant increase in domestic revenue, reaching 28,088.46 million RMB, up 15.92% year-on-year[79]. Revenue Breakdown - The company's revenue from online channels has increased, with sales from these channels accounting for nearly 30% of total revenue[23]. - Domestic wig business revenue reached ¥184,795,800, growing by 11.18% year-on-year, driven by online and offline channel integration and social media marketing efforts[31]. - E-commerce revenue in the domestic market reached ¥40,112,400, reflecting a significant growth of 63.27% year-on-year, supported by enhanced marketing on platforms like Douyin and Xiaohongshu[32]. - Revenue from the Americas market was ¥341,676,400, up 9.35% year-on-year, with a focus on high-end products and partnerships with key offline clients[33]. - The European market generated revenue of ¥113,794,300, marking a year-on-year increase of 16.31% despite weak market demand[33]. - Revenue from the African market declined by 17.80% year-on-year to ¥429,047,100 due to currency fluctuations and reduced consumer purchasing power[34]. - The company’s high-end craft wig products saw a remarkable revenue increase of 117.85% year-on-year, totaling ¥192,761,600[34]. - Chemical fiber wig revenue decreased by 33.35% year-on-year to ¥119,027,400, impacted by changes in terminal demand and intensified market competition[35]. Expenses and Costs - Sales expenses increased significantly by 61.87% to CNY 226.24 million, primarily due to enhanced promotional efforts for cross-border e-commerce channels[52]. - The total operating costs increased to ¥1,300,529,506.62 in 2024, up 8.0% from ¥1,204,034,308.98 in 2023[193]. - The company reported a significant increase in sales expenses to ¥165,200,279.65 in 2024 from ¥86,083,933.76 in 2023, reflecting a rise of 92%[196]. Investments and R&D - The total R&D expenditure amounted to ¥36,825,524.02, representing 2.97% of total revenue[66]. - The company has 546 R&D personnel, accounting for 6.71% of the total workforce[67]. - Research and development expenses for 2024 were ¥33,204,527.58, slightly decreased from ¥35,183,381.07 in 2023[196]. Corporate Governance - The company has established a clear and compliant corporate governance structure, ensuring effective operation and protection of shareholder rights[92][93]. - The company held 5 board meetings during the reporting period, ensuring compliance with the Articles of Association and relevant laws[94]. - The supervisory board operated in accordance with the Articles of Association and effectively supervised the legality and compliance of the financial activities of the company[95]. - The company has established a comprehensive information disclosure system, ensuring the accuracy, completeness, and timeliness of disclosures, with no incidents of information leakage or insider trading reported during the period[94]. Environmental Responsibility - The company invested 4.8069 million yuan in environmental protection during the reporting period[127]. - The company has been recognized as a "national green factory" and has received multiple awards for its environmental efforts[130]. - The company has established an environmental monitoring plan and conducts quarterly assessments through third-party agencies to ensure compliance with environmental standards[133]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[134]. Accounting and Restatements - The company corrected prior accounting errors using retrospective restatement, impacting the 2022 and 2023 consolidated financial statements[143]. - For the 2023 consolidated financial statements, cash and cash equivalents were restated from ¥917,645,641.01 to ¥607,905,641.01, a decrease of ¥309,740,000.00[143]. - Other receivables increased from ¥51,183,633.28 to ¥360,923,633.28 due to the same restatement, reflecting an increase of ¥309,740,000.00[143]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 77,406, an increase from 74,286 at the end of the previous month[156]. - The largest shareholder, Henan Ruibeka Holdings Co., Ltd., holds 321,538,217 shares, representing 28.40% of total shares, with a decrease of 60,000,000 shares during the reporting period[159]. - The second-largest shareholder, Xu Yumei, increased her holdings by 60,000,000 shares to a total of 60,000,000 shares, representing 5.30% of total shares[159]. Future Outlook - The company plans to expand its market presence in emerging markets, particularly in Asia and South America, as consumer demand trends towards younger and more diverse preferences[83]. - The global economic growth forecast for 2025 is adjusted to 3.3%, but remains below historical averages, posing challenges for the company's overseas business expansion[87][88]. - The company aims to enhance its market share and profitability by expanding into developed economies and targeting high-net-worth individuals, with a focus on customer needs and product competitiveness[86].

Financial Performance - The company's consolidated net profit attributable to shareholders for the year ended December 31, 2024, was -12,132,069.28 yuan, indicating a loss for the fiscal year [6]. - Due to the operating loss in 2024, the company plans not to distribute cash dividends or implement any form of profit distribution, including capital reserve transfers to increase share capital [6]. - The net profit attributable to shareholders for 2024 was -¥12,132,069.28, a significant decrease of 119.77% from ¥61,364,273.07 in 2023 [23]. - The net profit after deducting non-recurring gains and losses was -¥12,146,418.02, down 120.29% from ¥59,864,148.73 in 2023 [23]. - The basic earnings per share (EPS) decreased by 119.57% to -0.09 CNY in 2024 compared to 0.46 CNY in 2023 [25]. - The weighted average return on equity (ROE) fell to -0.76% in 2024 from 3.96% in 2023, indicating a substantial decrease in profitability [25]. - The company reported a net loss of 22,889,068.55 CNY in Q4 2024, following a net profit of 5,439,719.91 CNY in Q3 2024 [28]. Revenue and Growth - The company's operating revenue for 2024 reached ¥780,751,557.18, representing a 3.20% increase compared to ¥756,569,200.96 in 2023 [23]. - The revenue from core business activities, excluding non-operating income, was ¥780,262,922.97, reflecting a 3.13% increase from ¥756,565,763.79 in 2023 [23]. - The company achieved operating revenue of ¥780,751,557.18, a year-on-year increase of 3.2%, while net profit attributable to shareholders was -¥12,132,069.28, a decline of 119.77% compared to the previous year [36]. - The company expects significant growth in sales revenue and net profit in 2025 with the launch of POE and α-olefin facilities [52]. Assets and Liabilities - Total assets as of the end of 2024 were ¥4,080,087,430.68, a 99.90% increase from ¥2,041,093,933.92 in 2023 [24]. - The company's net assets attributable to shareholders decreased by 0.82% to ¥1,580,131,866.22 from ¥1,593,222,061.28 in 2023 [24]. - The operating cost increased by 12.89% to ¥671,999,230.46, primarily due to a significant increase in sales order volume [57]. - The company reported a total liability of 81,559,707.50, with a 2.00% increase in current liabilities due to new borrowings and stock repurchases [1]. Research and Development - The company has filed over 10 new invention patents in 2024, with some entering the substantive examination stage [37]. - Research and development expenses rose by 9.03% to ¥17,762,752.77, reflecting the company's commitment to innovation [57]. - The company initiated 10 R&D projects in 2024, including 4 for product performance optimization and 6 for new product development [73]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency [140]. Market Position and Strategy - The company is one of the few domestic providers of high-performance catalysts and chemical additives for the polymer materials industry, offering specialized and customized products [35]. - The company aims to leverage the POE domestic production wave to achieve significant growth in sectors like photovoltaic film and automotive lightweighting [37]. - The company is focusing on the domestic market for its high-performance catalysts and chemical additives, which have a high technical barrier and concentrated supplier competition [38]. - The company is actively managing raw material price fluctuation risks, aligning operational costs with market trends [107]. Governance and Compliance - The audit report issued by Tianjian Accounting Firm contains a qualified opinion, and the board has provided detailed explanations regarding this matter [5]. - The board of directors has confirmed that there are no violations of decision-making procedures in providing guarantees [9]. - The company has not faced any penalties from securities regulatory authorities in the past three years, indicating a clean compliance record [146]. - The company has established a profit distribution policy, with commitments effective from March 18, 2021 [195]. Environmental Responsibility - The company has implemented an annual environmental monitoring plan, ensuring compliance with national and local pollutant discharge standards [190]. - The company’s emissions of hydrogen chloride gas, non-methane total hydrocarbons, and particulate matter met the limits set by the "Pollutant Discharge Standards for Petrochemical Industry" (GB31571-2015) [187]. - The company has reported no instances of exceeding pollutant discharge standards during the reporting period [182]. - The company is committed to reducing energy consumption and emissions through production process optimization and the use of non-polluting alternative raw materials [121]. Shareholder Engagement - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profits to be distributed as cash dividends, with higher percentages based on the company's development stage [165]. - The strategic committee held three meetings to discuss capital increases and stock issuance proposals, reflecting ongoing strategic development efforts [158]. - The company emphasizes the importance of communication with minority shareholders regarding dividend policies and decisions [168]. - The company plans to grant 350,000 stock options and 1,395,000 restricted shares under the 2024 first phase stock option and restricted stock incentive plan [172].

Financial Performance - The company expects a net loss attributable to shareholders of -8.8461 million yuan for the year 2024, indicating a decline compared to a profit of 2.3363 million yuan in the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be -3.9883 million yuan for 2024, compared to 1.6618 million yuan in the previous year[3] - The company recorded a fair value loss of 8.5 million yuan, further reducing the net profit attributable to shareholders by 7.225 million yuan[6] Impairment Losses - The company plans to recognize an impairment loss of 10.095 million yuan on fixed assets due to lower-than-expected capacity utilization, which will reduce the net profit attributable to shareholders by 7.5713 million yuan[5] - The company has identified impairment indicators for its investment in Jin Feng Fu Company, leading to a fair value assessment of its 3.2254% equity stake[5] Earnings Information - The earnings per share for the previous year was 0.0179 yuan[4] Audit and Forecast - The company has communicated with its annual audit accounting firm regarding the cautious confirmation of the performance forecast[6] - The performance forecast is applicable to scenarios where net profit is negative[5] Investor Awareness - The company emphasizes the importance of investors being aware of investment risks[7] Announcement Details - The announcement was made by the board of directors on April 29, 2025[9]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 47,640,645.30, representing a 30.18% increase compared to CNY 36,596,637.78 in the same period last year[4] - Net profit attributable to shareholders for Q1 2025 reached CNY 5,410,246.22, a significant increase of 338.97% from CNY 1,232,476.88 in the previous year[4] - Basic earnings per share for Q1 2025 was CNY 0.0414, up 340.43% from CNY 0.0094 in the same period last year[5] - Total operating revenue for Q1 2025 reached ¥47,640,645.30, an increase of 30.3% compared to ¥36,596,637.78 in Q1 2024[19] - Net profit for Q1 2025 was ¥5,004,902.36, compared to ¥698,345.26 in Q1 2024, representing a significant increase of 617.5%[20] - The company's gross profit margin improved to approximately 12.5% in Q1 2025 from 1.8% in Q1 2024[19] - Total comprehensive income for the first quarter of 2025 was CNY 4,045,194.53, compared to CNY 869,006.60 in the same period of 2024, representing a significant increase[21] - Basic and diluted earnings per share for the first quarter of 2025 were CNY 0.0414, up from CNY 0.0094 in the first quarter of 2024, indicating a growth of 340.43%[21] Assets and Liabilities - Total assets as of March 31, 2025, were CNY 508,758,326.83, a slight increase of 0.12% from CNY 508,148,789.98 at the end of the previous year[5] - The equity attributable to shareholders increased to CNY 424,723,679.37, reflecting a 1.19% growth from CNY 419,723,129.40 at the end of the previous year[5] - Total liabilities decreased to ¥69,138,843.59 from ¥73,124,512.85, indicating a reduction of 5.4%[15] - The total assets as of the latest reporting period amounted to ¥508,758,326.83, a slight increase from ¥508,148,789.98[16] - The total liabilities amounted to ¥34,946,295.13, slightly down from ¥35,386,761.75 in the previous period[29] - Total equity increased to ¥397,153,832.32 from ¥393,556,552.92, indicating a positive growth in shareholder value[29] Cash Flow - The net cash flow from operating activities decreased by 68.14%, amounting to CNY 3,579,657.15 compared to CNY 11,235,313.54 in the previous year[4] - Cash flow from operating activities for Q1 2025 was CNY 3,579,657.15, a decrease of 68.06% compared to CNY 11,235,313.54 in Q1 2024[25] - Cash inflow from investment activities for Q1 2025 was CNY 2,408,824.31, compared to a cash outflow of CNY 5,115,414.27 in Q1 2024, marking a turnaround[25] - Cash outflow from financing activities in Q1 2025 totaled CNY 1,749,783.73, compared to CNY 707,327.10 in Q1 2024, representing an increase of 147.5%[26] - The net increase in cash and cash equivalents for Q1 2025 was CNY 4,672,097.08, compared to CNY 5,449,077.56 in Q1 2024, reflecting a decrease of 14.2%[26] - Cash and cash equivalents at the end of Q1 2025 increased to CNY 44,477,469.70 from CNY 39,257,887.07 at the end of Q1 2024, reflecting a growth of 5.5%[26] - Cash and cash equivalents at the end of Q1 2025 were ¥19,493,711.87, up from ¥12,110,811.28 at the end of Q1 2024, indicating strong liquidity[34] Operational Efficiency - The increase in operating revenue is attributed to a higher number of sales orders compared to the same period last year[8] - The company reported a decrease in accounts receivable to ¥53,286,441.31 from ¥46,145,694.11, indicating a rise of 15.5%[14] - The net cash flow from operating activities for Q1 2025 was ¥10,417,691.71, up from ¥5,906,040.41 in Q1 2024, reflecting improved operational efficiency[33] - Operating profit for Q1 2025 was ¥4,138,168.59, a significant recovery from a loss of ¥27,316.00 in Q1 2024[31] - The company experienced a credit impairment loss of ¥-373,182.50 in Q1 2025, a significant improvement from a gain of ¥1,062,570.89 in Q1 2024[31] Research and Development - Research and development expenses for Q1 2025 were ¥2,020,510.53, slightly up from ¥1,993,822.73 in Q1 2024[20] - The company reported a decrease in R&D expenses to ¥635,415.98 in Q1 2025 from ¥932,487.53 in Q1 2024, suggesting a potential shift in investment strategy[30] Government Support - The company received government subsidies amounting to CNY 639.31, which are closely related to its normal business operations[6] Market Activity - The company has not disclosed any new product developments, market expansions, or mergers and acquisitions in this report[12]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 642,974,880.57, representing a year-on-year increase of 1.87% compared to CNY 631,176,909.61 in the same period last year[4] - Net profit attributable to shareholders was CNY 52,072,577.35, reflecting a growth of 10.24% from CNY 47,234,231.52 in the previous year[4] - Basic earnings per share increased to CNY 0.33, up 10.00% from CNY 0.30 in the previous year[6] - The diluted earnings per share also rose to CNY 0.33, marking a 10.00% increase from CNY 0.30 in the same period last year[6] - Net profit for Q1 2025 reached RMB 53,737,333.73, representing a 10.4% increase from RMB 48,604,271.89 in Q1 2024[22] - The total profit for Q1 2025 was RMB 69,163,778.92, an increase from RMB 56,078,871.89 in Q1 2024[22] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -39,224,434.12, a significant decrease of 148.90% compared to CNY 80,214,248.68 in the same period last year[4] - The company reported a net cash outflow from operating activities of RMB -39,224,434.12 in Q1 2025, compared to a net inflow of RMB 80,214,248.68 in Q1 2024[24] - Cash and cash equivalents decreased to CNY 452,297,138.86 from CNY 589,742,268.83, representing a decline of approximately 23.4%[15] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 429,889,494.05, down from RMB 660,076,586.49 at the end of Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,922,375,534.80, down 1.19% from CNY 2,957,512,116.64 at the end of the previous year[6] - As of March 31, 2025, the company's total assets amounted to CNY 2,922,375,534.80, a decrease from CNY 2,957,512,116.64 as of December 31, 2024, reflecting a decline of approximately 1.2%[15] - The company's current assets totaled CNY 1,950,984,271.94, down from CNY 2,008,541,100.45, indicating a decrease of about 2.8%[15] - The company's total liabilities were CNY 1,181,264,102.80, down from CNY 1,265,046,083.29, reflecting a reduction of approximately 6.6%[17] Shareholder Information - The company reported a total of 10,741 common shareholders at the end of the reporting period[10] - The largest shareholder, 常熟势龙股权管理企业 (Limited Partnership), held 34.99% of the shares, totaling 55,409,200 shares[10] - Shareholders' equity attributable to the parent company increased by 2.88% to CNY 1,687,917,425.87 from CNY 1,640,666,207.09 at the end of the previous year[6] - The equity attributable to shareholders increased to CNY 1,687,917,425.87 from CNY 1,640,666,207.09, marking an increase of about 2.9%[17] Inventory and Costs - Total operating costs for Q1 2025 were RMB 578,410,431.92, up 1.9% from RMB 567,968,577.24 in Q1 2024[20] - Inventory levels rose slightly to CNY 430,790,476.52 from CNY 423,854,074.71, an increase of approximately 1.4%[15] Investment Activities - The company experienced a significant increase in investment cash outflows, totaling RMB 579,072,675.37 in Q1 2025, compared to RMB 256,069,171.84 in Q1 2024[25] - The company generated RMB 445,681,071.41 in cash inflows from investment activities in Q1 2025, compared to RMB 200,108,814.44 in Q1 2024[24] Other Comprehensive Income - Other comprehensive income after tax for Q1 2025 was RMB 47,506.56, a recovery from a loss of RMB -7,172,954.96 in Q1 2024[22]

Financial Performance - The company reported a significant decline in performance, with detailed reasons outlined in the "Management Discussion and Analysis" section of the report[3]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges[3]. - The net profit attributable to shareholders for 2024 decreased significantly to CNY 1,628,506.74, down 96.17% from CNY 42,508,631.53 in 2023[23]. - The net cash flow from operating activities for 2024 was negative CNY 63,386,705.83, a decline of 493.39% compared to negative CNY 10,682,187.62 in 2023[24]. - The company's operating revenue for 2024 was CNY 293,533,599, representing a 0.93% increase compared to CNY 290,833,046 in 2023[23]. - The basic earnings per share for 2024 dropped to CNY 0.02, a decrease of 96.97% from CNY 0.66 in 2023[25]. - The weighted average return on equity for 2024 was 0.16%, down 7.27 percentage points from 7.43% in 2023[25]. - The company faced increased bad debt provisions due to extended customer payment cycles, impacting profit levels during the reporting period[26]. - The increase in employee compensation expenses contributed to the negative cash flow from operating activities in 2024[26]. Audit and Governance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[5]. - The board of directors was fully present at the meeting, ensuring governance compliance[4]. - There are no violations of decision-making procedures regarding external guarantees reported[7]. - The company disclosed that all resolutions from the 2024 first extraordinary general meeting held on February 1, 2024, were approved without any dissenting votes[159]. - The company confirmed that there were no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[164]. - The company maintained transparency in information disclosure, ensuring that all major information was disclosed accurately and completely[158]. - The supervisory board conducted 6 meetings to oversee the company's operations and financial status, ensuring compliance with regulations[158]. - The board of directors held 9 meetings during the reporting period, ensuring adherence to legal and regulatory requirements[157]. Research and Development - Research and development expenses accounted for 25.21% of operating revenue in 2024, an increase of 6.06 percentage points from 19.15% in 2023[25]. - The company is focusing on key industries and strategic areas, increasing investment in new product development, particularly in cybersecurity and satellite internet security products[25]. - The company is actively expanding its market presence through new product offerings and enhanced technological capabilities[95]. - The company is focusing on new product development in areas such as network space mapping and satellite internet security, leading to an increase in R&D personnel[96]. - The company received 52 new intellectual property rights during the reporting period, bringing the total to 247, including 16 new invention patents[95]. - The cumulative R&D investment over the last three fiscal years is 73,988,744.40, representing 25.21% of cumulative operating revenue[197]. - The company plans to increase R&D investment in network information security, focusing on satellite internet and AI technologies[152]. Market and Product Strategy - The company achieved a stable operating revenue of RMB 29,353.36 million in 2024, representing a year-on-year growth of 0.93%[38]. - The company is strategically focused on the satellite internet security sector, enhancing its core capabilities through the acquisition of Tianyu Cloud Security[41]. - The company continues to invest in R&D to improve product competitiveness and expand its marketing network[39]. - The company aims to achieve digital transformation in management and optimize its organizational structure to enhance operational efficiency[40]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of 500 million RMB allocated for potential deals[169]. - The company plans to launch new products in Q2 2024, aiming for a 20% increase in market share[166]. - The company is actively pursuing market expansion strategies, particularly in the digital technology sector[166]. Risks and Challenges - The company has outlined various risks in its operations and corresponding countermeasures in the report[3]. - The company faced risks related to the seasonal nature of revenue, with a significant portion of income generated in the fourth quarter[115]. - The company is experiencing a shortage of cybersecurity professionals, which poses a risk to maintaining its technological competitiveness[114]. - Future risks include potential changes in tax policies affecting software companies, which could negatively impact profit levels[120]. - The demand for cybersecurity solutions is increasing as the complexity of international relations and digital conflicts rises, highlighting the importance of public safety in cybersecurity[56]. Employee and Compensation - The number of R&D personnel increased to 239, accounting for 38.8% of the total workforce, compared to 37.0% in the previous period[108]. - Total R&D personnel compensation amounted to 57.15 million RMB, up from 48.30 million RMB in the previous period[108]. - Total compensation for all directors, supervisors, and senior management at the end of the reporting period amounted to 526.21 million[172]. - Total compensation for core technical personnel at the end of the reporting period amounted to 269.07 million[172]. - The company emphasizes talent development and management skills training to support long-term employee growth[154]. Financial Guidance and Future Outlook - The company provided guidance for the next quarter, expecting revenue to grow by 20% to 1.44 billion RMB[169]. - Financial guidance for the next quarter projects a revenue growth of 12% compared to the previous quarter[166]. - The company plans to implement new marketing strategies, expecting a 15% increase in brand awareness within the next six months[169]. - The management team emphasized the importance of enhancing customer engagement, aiming for a 30% increase in customer satisfaction scores[169]. - The company aims to improve operational efficiency, targeting a reduction in costs by 10% over the next fiscal year[166]. Shareholder and Dividend Policy - The 2024 profit distribution plan includes no cash dividends, no capital reserve transfer to share capital, and no bonus shares[5]. - The company plans to distribute no cash dividends for the 2024 fiscal year, with a net profit of 1,628,506.74 RMB attributed to common shareholders[194]. - The company has established a cash dividend policy that aligns with legal requirements and aims to protect shareholder interests, particularly for minority investors[190]. - The company is currently in a rapid growth phase, leading to a negative net cash flow from operations, which justifies the decision not to distribute cash dividends[192].

Financial Performance - The company's operating revenue for 2024 was CNY 167,532,546.07, representing an increase of 8.35% compared to CNY 154,618,920.43 in 2023[21] - The net profit attributable to shareholders of the listed company for 2024 was a loss of CNY 8,846,090.64, a decrease of 478.64% from a profit of CNY 2,336,305.14 in 2023[21] - The net cash flow from operating activities for 2024 was CNY 28,688,978.13, down 5.14% from CNY 30,244,486.73 in 2023[21] - The total assets at the end of 2024 were CNY 508,148,789.98, a decrease of 3.83% from CNY 528,372,737.29 at the end of 2023[21] - The net assets attributable to shareholders of the listed company at the end of 2024 were CNY 419,723,129.40, a decrease of 4.37% from CNY 438,924,715.44 at the end of 2023[21] - Basic earnings per share for 2024 is -0.0677 yuan, a decrease of 478.21% compared to 2023[22] - Diluted earnings per share for 2024 is -0.0677 yuan, reflecting the same percentage decrease of 478.21% from the previous year[22] - The company reported a net cash flow from operating activities of 13,179,885.26 yuan in Q4 2024, indicating positive cash generation[23] - The company reported a total revenue of ¥63.55 million from domestic sales, which decreased by 9.34% year-on-year, while overseas sales increased by 22.18% to ¥102.33 million[46] - The company reported a significant increase in credit impairment losses, which rose to ¥5,978,557.24 in 2024 from ¥1,226,999.34 in 2023[191] Market and Industry Position - The company operates in the rubber and plastic products industry, specifically in the lightweight conveyor belt sector, which is crucial for various automated production processes[28] - The global lightweight conveyor belt market is dominated by major players like Ammega, Habasit, and Forbo-Siegling, which hold approximately 30% market share[31] - The company is in the process of expanding its overseas market presence, utilizing intermediaries to enhance market penetration and reduce service costs[30] - The company specializes in lightweight conveyor belts, primarily made from modified PVC, PE, TPU, and TPEE materials, with TPU offering superior strength and environmental safety compared to PVC[66] - The overall market for lightweight conveyor belts is expected to grow significantly due to increased demand from downstream industries such as food, electronics, and logistics[88] Research and Development - The company has a strong focus on R&D, with R&D expenses rising to 10.67 million yuan, a 6.68% increase from the previous year[42] - The total R&D expenditure for the period was ¥10.67 million, accounting for 6.37% of total revenue, indicating a focus on innovation and product development[52] - The company has been actively applying for patents and converting research results into product development to explore new profit growth points[40] - The company aims to innovate and launch new environmentally friendly products to meet market demand and reduce reliance on foreign components[89] Governance and Compliance - The company maintains independence from its controlling shareholder, with no instances of fund or asset occupation reported[99] - The company has established a management system for insider information, ensuring compliance with regulations and preventing insider trading[100] - The company has a robust governance structure, ensuring clear responsibilities and effective checks and balances among its governing bodies[98] - The company has committed to maintaining transparency in information disclosure, utilizing designated media for timely updates[100] Future Outlook and Strategy - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[104] - The company plans to solidify its core business and enhance profitability by focusing on new product development and market expansion, aiming to identify new profit growth points by 2025[140] - The company intends to acquire quality assets to expand emerging businesses, thereby diversifying operational risks and enhancing sustainable development capabilities[140] - Market expansion plans include entering three new international markets by the end of 2025, aiming for a 20% increase in global market share[104] Financial Management - The company has established a performance evaluation mechanism for senior management, linking their annual compensation to the completion of business objectives[128] - The company’s remuneration for directors and senior management is based on industry standards and company performance[107] - The total remuneration for directors, supervisors, and senior management amounted to 3.4167 million yuan[107] - The company has implemented cost-cutting measures, aiming to reduce operational expenses by 10% over the next two years[104] Shareholder Information - The total number of ordinary shareholders increased from 16,790 to 17,435 during the reporting period[153] - The largest shareholder, Tu Mulian, holds 33.75% of the shares, totaling 44,100,000 shares[156] - The second-largest shareholder, Cai Ruimei, holds 33.19% of the shares, totaling 43,365,000 shares[156] - The total number of shares held by directors and supervisors at the end of the reporting period remained at 88,172,700 shares, with a total pre-tax remuneration of 341.67 million yuan[102] Operational Efficiency - The company has established a quality standard system that exceeds national standards and has obtained ISO9001 and ISO14001 certifications[39] - The company emphasizes the integration of internal and external business chains to improve product quality and reduce production costs[37] - The company has developed unique production processes that meet diverse customer needs, enhancing its market share and customer loyalty[36] - The company operates seven subsidiaries, with total assets of CNY 16,935 million and net assets of CNY 16,184 million reported for Suzhou Yinuo[86]

Financial Performance - The company achieved a net profit attributable to shareholders of 245,268,103.62 yuan for the year 2024, with the parent company reporting a net profit of 68,224,630.20 yuan[6]. - The company's operating revenue for 2024 reached ¥3,012,120,345.55, representing a 9.47% increase compared to ¥2,751,659,082.03 in 2023[25]. - Net profit attributable to shareholders for 2024 was ¥245,268,103.62, a 16.78% increase from ¥210,030,907.16 in 2023[25]. - The net cash flow from operating activities significantly increased by 89.88% to ¥327,133,609.20 in 2024, compared to ¥172,287,487.15 in 2023[25]. - The total assets of the company at the end of 2024 were ¥2,957,512,116.64, an 8.81% increase from ¥2,718,151,550.58 at the end of 2023[25]. - Basic earnings per share for 2024 were ¥1.56, up 15.56% from ¥1.35 in 2023[26]. - The weighted average return on equity for 2024 was 15.68%, an increase of 0.49 percentage points from 15.19% in 2023[26]. - The company reported a net profit of ¥92,456,746.14 in Q4 2024, with total revenue of ¥775,953,616.02 for the same quarter[31]. Dividend Distribution - The total cash dividend for the year, including the interim distribution, amounted to 75,977,433.80 yuan, representing 30.98% of the net profit attributable to shareholders[6]. - The company plans to distribute a cash dividend of 4.10 yuan per 10 shares, totaling 64,929,828.35 yuan based on the total share capital of 158,365,435 shares[6]. - The company has implemented an interim profit distribution of 0.7 yuan per 10 shares, totaling 11,047,605.45 yuan[6]. - The cumulative cash dividend amount over the last three accounting years is 149,304,368.00 RMB, with an average net profit of 227,649,505.40 RMB, resulting in a cash dividend ratio of 65.59%[146]. - The company maintains a cash dividend policy that ensures at least 20% of distributable profits are allocated for dividends during its growth phase with significant capital expenditure plans[139]. Capital Structure and Shareholder Actions - The company intends to increase its total share capital to 190,038,522 shares through a capital reserve transfer of 2 shares for every 10 shares held[7]. - The company has approved the proposal for the appointment of a new Chief Financial Officer[123]. - The company plans to use part of its idle funds for cash management[122]. - The company will apply for a comprehensive credit line from the bank[122]. - The company has proposed to extend the investment projects funded by raised capital, reflecting adjustments in project timelines[111]. Market Expansion and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[25]. - The company successfully developed over 10 new energy vehicle battery pack lifting platforms, promoting them in the European and American markets[39]. - The company is actively expanding its product offerings in the new energy vehicle maintenance equipment sector[48]. - The company aims to expand its product offerings in the automotive maintenance equipment sector, leveraging the growing global automotive aftermarket, which is projected to reach a trillion-euro scale[88]. - The company plans to increase investment in R&D for new products targeting the electric vehicle maintenance market, capitalizing on the growth of electric vehicle ownership and age[88]. Risk Management and Compliance - The company has outlined various risk factors and countermeasures related to its future development strategies and operational goals[10]. - The company emphasizes the importance of understanding the risks associated with forward-looking statements regarding future plans and strategies[8]. - The company maintains a robust governance structure, ensuring compliance with legal regulations and protecting shareholder rights through regular meetings and transparent operations[106]. - The company emphasizes investor relations management, utilizing multiple channels for communication and feedback from shareholders[108]. - The company has committed to maintaining strict compliance with lock-up period requirements for shareholders[162]. Research and Development - The total R&D investment amounted to approximately 26.07 million, representing 0.87% of total revenue[71]. - The company has obtained over 380 domestic and international patents, indicating a strong focus on future technological reserves[54]. - The company has actively engaged in R&D for new energy vehicle maintenance tools in collaboration with several universities and research institutions[54]. - The management team is committed to improving operational efficiency, aiming for a 10% reduction in costs over the next fiscal year[113]. Employee and Management Structure - The company has a total of 2,609 employees, with 571 in the parent company and 2,328 in major subsidiaries[133]. - The professional composition includes 1,929 production personnel, 193 sales personnel, 165 technical personnel, 31 financial personnel, and 291 administrative personnel[134]. - The company has implemented a structured salary system to ensure internal equity and competitiveness, adjusting salaries based on organizational development strategies[135]. - The company actively conducts employee training to enhance overall employee quality and technical skills, distributing training materials across various departments[136]. Corporate Governance and Shareholder Meetings - The company has successfully held multiple shareholder meetings in 2024, with all proposed resolutions passed without any rejections[111]. - The company held 8 board meetings during the year, all conducted via communication methods[125]. - The audit committee convened 4 meetings, approving various reports including the 2023 annual report and internal control self-evaluation report[128]. - The remuneration committee held 3 meetings, discussing the remuneration of directors and senior management, as well as adjustments to the stock incentive plan[131]. Environmental and Social Responsibility - The company invested 4.2036 million yuan in environmental protection during the reporting period[157]. - The company has implemented carbon reduction measures, including the use of clean energy for power generation[158]. - The company has not disclosed a separate social responsibility or ESG report[158]. Strategic Partnerships and Acquisitions - The company has signed an agreement to acquire 60% of Suzhou Kejun New Materials Technology Co., Ltd., which specializes in tire repair tools, with the transaction expected to complete in the first half of 2025[94]. - The company is exploring partnerships with key industry players to enhance its supply chain and distribution networks[113]. - The company is actively pursuing mergers and acquisitions to bolster its competitive position in the automotive parts sector[113].

Financial Performance - The company's operating revenue for 2024 was CNY 1,207.01 million, a decrease of 6.19% compared to the same period in 2023[5]. - The net profit for the year was a loss of CNY 133.74 million, primarily due to intensified market competition affecting order volume and gross margin[5]. - The company's operating revenue for 2024 was ¥1,207,007,679.54, a decrease of 6.19% compared to ¥1,286,658,018.27 in 2023[19]. - The net profit attributable to shareholders for 2024 was -¥122,708,550.58, representing a decline of 132.33% from -¥52,817,561.14 in 2023[19]. - The cash flow from operating activities for 2024 was -¥25,498,157.31, a significant drop of 140.76% compared to ¥62,556,771.95 in 2023[19]. - The total assets at the end of 2024 amounted to ¥2,571,567,067.50, down 5.54% from ¥2,722,441,098.83 at the end of 2023[19]. - The basic earnings per share for 2024 was -¥0.5341, a decrease of 131.31% from -¥0.2309 in 2023[19]. - The company reported a net profit margin of -12.09% for 2024, worsening from -4.81% in 2023[19]. - The company's revenue from core business activities was ¥1,206,728,524.10 in 2024, compared to ¥1,286,487,735.33 in 2023[19]. - The company's total revenue for the reporting period was 120,700.77 million yuan, a year-on-year decrease of 6.19%[46]. - The net profit attributable to shareholders was -12,270.86 million yuan, representing a year-on-year decline of 132.33%[46]. Research and Development - The company increased its R&D expenses, which impacted net profit, as part of efforts to maintain competitive advantages in product innovation[5]. - Research and development expenses increased by 32.99% to ¥60,345,906.20, reflecting the company's investment in 5G communication and IoT technologies[110]. - R&D investment amounted to ¥96,826,628.07 in 2024, representing 8.02% of operating revenue, an increase from 6.65% in 2023[116]. - The company obtained 21 new patents during the reporting period, including 13 invention patents related to 5G communication, IoT, edge computing, and machine vision[117]. - The company is focusing on developing a new AI-driven adaptive intelligent construction platform for communication networks, enhancing project management efficiency and reducing costs[118]. Market Strategy and Growth - The company aims to expand its market presence and explore new strategies for growth[5]. - The company is expected to enhance its market position through strategic advancements in AI and 5G-A technology integration[29]. - The company plans to upgrade its products in 2024, emphasizing smart population management and smart security solutions[52]. - The company aims to enhance community safety and convenience through its AI-enabled smart community platform, which includes AI security systems and digital property management services[56]. - The company is committed to becoming an excellent digital technology ecosystem service provider by integrating software, hardware, and services[45]. - The company is actively expanding its market presence through strategic partnerships and collaborations in the technology sector[181]. Risks and Challenges - A provision for credit impairment of CNY 107.10 million was made, reflecting cautious accounting practices[5]. - The report indicates potential risks in the company's operations that investors should be aware of[6]. - The company is focusing on expanding into new business areas such as digital economy and artificial intelligence, but faces risks associated with high initial investments and team management[149]. - The company has faced regulatory scrutiny, which may impact its operations and market perception moving forward[182]. Governance and Compliance - The company emphasizes the importance of maintaining a robust governance structure and compliance with relevant regulations to protect shareholder interests[154]. - The company has established a complete and independent governance structure, ensuring compliance with relevant laws and regulations, and operates without interference from controlling shareholders[165]. - The company has a dedicated financial department, ensuring independent financial decision-making and compliance with accounting standards[166]. - The company has established multiple communication channels with investors, including a hotline and email, to facilitate feedback and protect investor rights[163]. Operational Efficiency - The company has successfully reduced operational costs by 10%, improving overall profit margins[178]. - The company reported a significant increase in labor costs for communication network construction and maintenance, amounting to ¥815,563,034, which is 82.04% of the total operating costs[106]. - The company has a robust market and channel advantage, having established operations in multiple provinces and overseas in Southeast Asia[85]. Future Initiatives - The company is developing a multi-modal flood intelligent forecasting system based on LSTM and spatio-temporal graph fusion, aiming to improve flood forecasting accuracy and achieve a 9-24 hour forecast precision with an NSE ≥ 85% and a deterministic coefficient ≥ 0.70[112]. - The company aims to enhance its technical research and development capabilities and manufacturing levels through these initiatives, laying a solid foundation for future product upgrades[112]. - The company plans to continue capital operations through mergers and acquisitions to enhance its profitability and operational efficiency in the digital economy sector[141]. Employee and Management Structure - The total number of employees at the end of the reporting period is 6,438, with 6,053 from the parent company and 385 from major subsidiaries[193]. - The professional composition includes 5,514 technical personnel, 612 R&D personnel, and 164 sales personnel[193]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 3.2378 million yuan[183]. - The company held a total of 6 board meetings during the reporting period, with all directors present at least once[186].

Financial Performance - The company reported a revenue of 1.2 billion RMB for the fiscal year 2024, representing a year-over-year increase of 15%[18]. - The company's operating revenue for 2024 reached ¥6,142,128,859.63, representing an increase of 8.65% compared to ¥5,653,054,431.61 in 2023[6]. - The net profit attributable to shareholders of the listed company was -¥3,484,615,733.86, a significant decline of 798.43% from -¥387,856,453.48 in the previous year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥196,655,683.85, up 101.67% from ¥97,513,302.69 in 2023[6]. - The company reported a basic and diluted earnings per share of -¥1.9164, a decline of 797.61% compared to -¥0.2135 in 2023[6]. - The cash flow from operating activities was ¥622,793,882.19, down 9.19% from ¥685,852,686.91 in the previous year[6]. - The company achieved operating revenue of 6.142 billion yuan, a year-on-year increase of 8.65%[83]. - The net profit attributable to shareholders was -3.485 billion yuan, a year-on-year decrease of 798.43%, while the net profit excluding non-recurring gains and losses was 197 million yuan, a year-on-year increase of 101.67%[83]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[18]. - Future guidance indicates an expected revenue growth of 10-15% for 2025, driven by new product offerings and market expansion[18]. - The company is actively pursuing strategic acquisitions to enhance its technology portfolio, with a budget of 500 million RMB for potential acquisitions[18]. - The company is experiencing a significant increase in demand for specialized communication equipment in various sectors, including public safety and emergency communication, driven by government policies and technological advancements[34]. - The company has successfully penetrated emerging markets in ASEAN, Africa, and Latin America with its modular intelligent dispatch platform, achieving initial deliveries for national command center projects in the Middle East[50]. - The company is actively pursuing international market expansion, particularly in countries along the "Belt and Road" initiative, to enhance customer satisfaction and collaboration[85]. Research and Development - The company has allocated 100 million RMB for R&D in advanced communication technologies, focusing on 5G and AI integration[18]. - The company has a strong focus on R&D, with over 40% of its workforce dedicated to research and development across multiple global centers[75]. - The company has applied for a total of 3,369 patents, with 2,120 patents granted, primarily consisting of invention patents[77]. - R&D investment increased by 6.02% to ¥886,008,248.33 in 2024, compared to ¥835,721,447.92 in 2023[116]. - The number of R&D personnel rose to 2,470 in 2024, reflecting a growth of 1.98% from 2,422 in 2023[116]. - The company has developed a new generation of AI-powered command and dispatch solutions, integrating big data, video, and AI technologies to enhance operational efficiency in public safety and emergency management[48]. Product Development and Launches - New product launches include a next-generation communication device expected to generate an additional 300 million RMB in revenue in 2025[18]. - The company has launched new products including the SC780 and SC880 body cameras for public safety, and the PDC580 and TPC560 for the railway industry, enhancing its product offerings in various sectors[45]. - The company has adopted a "2+3+1" product strategy, focusing on core businesses such as PDT/DMR and TETRA narrowband digital products, while expanding into growth areas like public-private integration and 4G/5G broadband[36]. - New product launches include the next-generation S series commercial walkie-talkies, which have been upgraded in appearance, communication, and functionality[90]. Financial Management and Costs - The cost of raw materials decreased by 18.14%, from 715,833.19 million in 2023 to 585,983.36 million in 2024, indicating improved cost management[107]. - Sales expenses decreased by 5.52%, from 833.23 million in 2023 to 787.20 million in 2024, indicating improved operational efficiency[112]. - Financial expenses surged by 53.98%, increasing from 71.04 million in 2023 to 109.39 million in 2024, primarily due to exchange rate fluctuations[112]. - The company reported a significant increase in labor costs, which rose by 8.42% from 114.25 million in 2023 to 123.87 million in 2024[107]. Governance and Compliance - The company maintains a strict governance structure, adhering to relevant laws and regulations, and ensuring transparency in its operations[169]. - The company has established a clear information disclosure system, ensuring timely and accurate communication with shareholders through designated media[179]. - The company has not reported any significant violations by the management team during the reporting period, indicating strong governance practices[176]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[172]. Risks and Challenges - The company faces potential risks related to market competition and regulatory changes, which could impact future performance[5]. - Supply chain shortages pose a risk due to the rapid evolution of semiconductor technology, prompting the company to seek alternative solutions[161]. - Currency fluctuations present a risk as overseas sales account for approximately 50% of total revenue, impacting procurement costs[164]. - The competitive landscape in the specialized communication industry is intensifying, with a trend towards consolidation among leading firms[162]. Customer Engagement and Marketing - The company has implemented a digital marketing strategy to enhance customer engagement and improve service delivery[71]. - The digital marketing transformation has significantly boosted revenue, with a notable increase in online sales through platforms like Douyin[90]. - The company is focusing on digital marketing effectiveness, enhancing its domestic and global marketing systems to drive steady business growth[86]. Future Outlook - Overall, the company remains optimistic about future growth, citing a strong pipeline of products and strategic initiatives[196]. - By 2025, the company aims to enhance its R&D capabilities and establish itself as a globally trusted provider of specialized communication solutions, with a focus on innovation and customer-driven product development[153]. - The company aims to reshape the industry landscape by promoting the development of public-private integration standards and solutions, facilitating seamless transitions across various communication networks[41].