广州通达汽车电气股份有限公司2025 年第一季度报告 证券代码：603390 证券简称：通达电气 广州通达汽车电气股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 1 / 11 √适用 □不适用 | 项目名称 | 变动比例（%） | 主要原因 | | --- | --- | --- | | 营业收入 | 50.85 | 主要系下游客户销售订单增加所致 | | 归属于上市公司股东的净利润 | 59.21 | 主要系下游客户销售订单增加，营业收入 | | 归属于上市公司股东的扣除非经 | 33.84 | 增加所致 | | 常性损益的净利润 ...

Financial Performance - The company's operating revenue for 2024 was CNY 2,514,331,815.74, a decrease of 10.08% compared to 2023[20]. - Net profit attributable to shareholders was CNY 8,165,199.49, a significant recovery from a loss of CNY 34,686,272.87 in 2023[20]. - The basic earnings per share for 2024 was CNY 0.04, compared to a loss of CNY 0.17 in 2023[21]. - The weighted average return on equity increased to 0.76% in 2024, up 3.89 percentage points from -3.13% in 2023[21]. - Cash flow from operating activities decreased by 49.04% to CNY 101,170,466.11, primarily due to an increase in inventory[20][23]. - The total assets at the end of 2024 were CNY 2,177,193,848.09, a slight decrease of 0.77% from 2023[20]. - The company reported a significant decrease in net cash flow from financing activities, down 78.18% to CNY 20,743,829.24, attributed to increased repayments of bank loans[111]. - The company's total revenue from main business activities was ¥2,505,040,556.68, with a year-on-year decrease of 10.12%[134]. - The company reported a total revenue of 163,585.92 million and a net profit of 1,093.51 million[138]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares, totaling 20,000,000.00 yuan (including tax) based on a total share capital of 200 million shares as of December 31, 2024[5]. - The total number of shares held by current directors and senior management at the end of the reporting period is 21,882,333 shares, unchanged from the beginning of the year[185]. - The total pre-tax remuneration for directors and senior management during the reporting period amounts to 850.87 million yuan[185]. - The company plans to implement a shareholder return plan for the next three years (2024-2026)[196]. Market and Product Development - The company reported a significant increase in export business, contributing to the overall revenue growth despite domestic challenges[21]. - The company exported 770,000 tons of chicken in 2024, marking a 39% year-on-year increase, the highest in history[33]. - Chicken product exports reached 23,200 tons, a 23.4% increase year-on-year, with European market exports growing by 101% to 8,300 tons[34]. - In 2024, the company launched nine new products, further diversifying its product matrix and strengthening its market position[39]. - The company aims to enhance product differentiation and innovation in the pre-prepared dishes sector to meet diverse consumer needs[144]. - The company plans to develop new products in seafood, other meats, plant proteins, and functional foods to increase competitiveness in the food sector[149]. Research and Development - Research and development expenses increased by 22.66% to CNY 11,118,486.76 due to enhanced investment in R&D and recruitment of talent[111]. - The company operates three R&D centers located in Yantai, Qingdao, and Shanghai, with plans to establish more regional centers nationwide[98]. - The company has established a research and development arm to innovate and improve its product lines, which is crucial for maintaining competitive advantage[188]. - The company plans to invest 50 million RMB in R&D for new technologies aimed at improving production efficiency[190]. Operational Efficiency and Cost Management - The company reduced the cost of broiler chicken farming by 13% year-on-year through benchmarking and procurement strategies, resulting in over 5 million yuan in savings on feed raw material procurement[36]. - The company aims to reduce operational costs by 5% through improved logistics and supply chain management[187]. - The company is implementing a cost reduction and efficiency improvement plan in line with government directives, focusing on utilizing various preferential policies[48]. - The gross margin improved to 40%, up from 35% in the previous quarter, reflecting better cost management[186]. Compliance and Governance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm[4]. - The company has established a complete self-inspection and control system to ensure food safety and product quality throughout the entire production chain[108]. - The company has established an independent financial accounting department and a separate accounting system, ensuring compliance with accounting laws and independent financial decision-making[181]. - The company has a structured governance framework in place, complying with relevant laws and regulations to ensure effective management and oversight[179]. Environmental and Safety Initiatives - The company supports the new regulations on pre-prepared food safety issued by six national departments, aiming to enhance food safety standards and contribute to high-quality industry development[46]. - The company is upgrading its wastewater treatment facilities in response to the new pollution discharge management regulations, ensuring compliance with advanced industry standards[47]. - The company has implemented a comprehensive environmental management system to mitigate risks associated with waste and pollution, including online monitoring of wastewater treatment[172]. Strategic Outlook - The company plans to continue strengthening internal management and expanding both domestic and international markets to enhance profitability[21]. - The company is focusing on both domestic and international market development, with a strategy to expand into Europe, the Middle East, and Southeast Asia while consolidating its position in Japan[147]. - The company aims to achieve significant growth in performance and scale through strategic investments and government support in the prepared food sector[150]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and expand its product portfolio[188].

Financial Performance - The company has not achieved profitability since its listing[3]. - The company achieved operating revenue of 50,425.72 million RMB, which is a slight decrease of 0.28% compared to the previous year[24]. - The net profit attributable to shareholders was -62,534.71 million RMB, a decline of 29,590.73 million RMB year-on-year[24]. - The basic and diluted earnings per share were both -1.56 RMB, down 0.74 RMB from the same period last year[24]. - The weighted average return on equity was -19.29%, a decrease of 10.45 percentage points compared to the previous year[22]. - The company's net assets attributable to shareholders decreased by 17.26% to 293,639.71 million RMB compared to the beginning of the year[24]. - The total assets decreased by 14.95% to 349,748.34 million RMB compared to the beginning of the year[24]. - The cash flow from operating activities was -33,501.01 million RMB, indicating a negative cash flow situation[24]. - The company reported a significant increase in the revenue share of information technology chips, which contributed to the overall cost structure change[121]. - The company reported a net profit margin of 12% for Q3 2023, an improvement from 10% in the previous quarter[163]. Research and Development - The company is investing heavily in R&D, allocating 15% of its annual revenue to develop next-generation chips and technologies[15]. - Research and development expenses accounted for 105.34% of operating revenue, an increase of 1.87 percentage points year-on-year[22]. - R&D expenses totaled 531 million RMB, constituting 105.34% of the company's revenue during the reporting period, indicating a high level of investment in innovation[102]. - The company has developed the LongArch instruction system and has full control over CPU IP core source code, enhancing its independence from foreign technology[57]. - The company has made significant advancements in high-performance CPU and GPU design capabilities, enhancing its competitive edge in the market[87]. - The company has established a complete basic software technology system based on the Loongson architecture, including operating systems and key software modules[88]. - The company has developed multiple product solutions based on the Loongson series chips, including PC, server, and cloud terminal products, achieving significant shipment status[19]. - The company is committed to independent R&D, forming a unique CPU ecosystem that is independent of X86 and ARM architectures[87]. Market Expansion and Strategy - For the upcoming fiscal year, Loongson Technology projects a revenue growth target of 30%, driven by new product launches and market expansion strategies[15]. - Loongson Technology plans to enter new markets, including Europe and Southeast Asia, aiming for a 20% market share in these regions by 2025[15]. - The company is actively expanding into new industries such as energy, transportation, and manufacturing, showing positive growth trends despite challenges in the traditional industrial control market[37]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 500 million RMB allocated for potential deals[166]. - The company plans to focus on the recovery of the electronic government market in the second half of 2024 to drive revenue growth[110]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has declared that there are no violations of decision-making procedures regarding external guarantees[7]. - The company emphasizes the importance of risk factors as outlined in the management discussion and analysis section[3]. - The company has established a transparent performance evaluation and incentive mechanism for its board members and senior management to attract and retain talent[157]. - The company ensures compliance with legal regulations in its governance structure, maintaining independence from its controlling shareholders[158]. Sustainability and ESG - Loongson Technology is committed to sustainability, with plans to reduce its carbon footprint by 50% by 2030 through energy-efficient technologies[15]. - The company is committed to ESG management, achieving a BBB rating from Shanghai Huazheng Index Information Service Co., Ltd. for the year[190]. - The company emphasizes energy-saving and efficiency improvement through its office management practices[193]. - The company promotes a culture of green and low-carbon practices among its employees[193]. Talent and Workforce - The total number of employees in the parent company and major subsidiaries is 940, with 641 in R&D roles, representing approximately 68% of the workforce[178]. - The company has a total of 63 employees with doctoral degrees and 320 with master's degrees, highlighting a strong educational background among its workforce[178]. - The number of R&D personnel increased to 641, accounting for 68.19% of the total workforce, with an average salary of 50.07 thousand RMB[86]. - The average salary of R&D personnel increased from 49.13 thousand RMB to 50.07 thousand RMB year-on-year[86]. Financial Management - The company plans not to distribute cash dividends for the fiscal year 2024 and will not increase capital reserves or issue bonus shares[5]. - The company has established a comprehensive salary management system, combining fixed and variable compensation to ensure employee rights and incentives[179]. - The total pre-tax remuneration for the reporting period received by the board members and senior management amounted to CNY 1,055.28 million[161]. - The company has recognized impairment provisions for assets, impacting net profit and increasing losses during the reporting period[94]. Audit and Compliance - The company received a standard unqualified audit report from Zhongxinghua Accounting Firm[4]. - The company received a standard unqualified opinion in the internal control audit report for 2024, confirming the effectiveness of its internal controls[188]. - The company has not identified any significant internal control deficiencies during the reporting period[187]. - No penalties from securities regulatory agencies were reported in the last three years[169].

Financial Performance - The company's operating revenue for Q1 2025 was ¥680,023,089.55, a decrease of 23.07% compared to ¥883,915,482.34 in the same period last year[4]. - Net profit attributable to shareholders was ¥115,776,770.77, down 33.07% from ¥172,974,407.05 year-on-year[4]. - The net profit excluding non-recurring gains and losses was ¥116,335,191.08, reflecting a decline of 31.41% compared to ¥169,611,457.73 in the previous year[4]. - Basic and diluted earnings per share were both ¥0.19, representing a decrease of 34.48% from ¥0.29 in the same period last year[4]. - Operating profit for Q1 2025 was ¥122,688,161.04, down 34.49% from ¥187,197,400.35 in Q1 2024[18]. - Net profit for Q1 2025 was ¥115,776,770.77, a decline of 33.06% from ¥172,974,407.05 in Q1 2024[19]. - The company reported a tax expense of ¥6,284,835.71 for Q1 2025, compared to ¥18,437,379.17 in Q1 2024[18]. - Other comprehensive income after tax for Q1 2025 was -¥6,391,597.06, compared to -¥1,761,017.59 in Q1 2024[19]. Cash Flow and Assets - The net cash flow from operating activities was ¥29,427,018.52, down 17.13% from ¥35,511,369.28 in the previous year[4]. - Cash flow from operating activities for Q1 2025 was ¥29,427,018.52, compared to ¥35,511,369.28 in Q1 2024[22]. - Cash flow from investing activities for Q1 2025 was ¥99,158,716.81, a significant improvement from -¥214,254,454.79 in Q1 2024[23]. - Cash and cash equivalents stood at RMB 3,076,257,950.50, showing a slight increase from RMB 3,071,813,662.90[13]. - Cash and cash equivalents at the end of Q1 2025 increased to ¥2,829,436,475.92 from ¥2,674,743,761.30 at the end of Q1 2024[23]. - Total assets at the end of the reporting period were ¥9,696,230,776.32, a slight decrease of 0.75% from ¥9,769,475,574.60 at the end of the previous year[5]. - The company's total current assets were RMB 8,132,866,577.16, compared to RMB 8,181,765,916.56 at the end of 2024, indicating a decrease of approximately 0.6%[13]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,334[10]. - The largest shareholder, Cao Ji, holds 43.51% of the shares, totaling 262,663,234 shares[10]. - The company has not reported any significant changes in its major shareholders or their shareholding status during the reporting period[11]. Expenses and Liabilities - Research and development expenses totaled ¥60,032,256.55, an increase of 14.26% from ¥52,538,171.03 year-on-year, accounting for 8.83% of operating revenue[5]. - Total operating costs for Q1 2025 were ¥614,367,274.56, down 8.95% from ¥674,883,611.13 in Q1 2024[18]. - The total liabilities decreased from RMB 4,604,677,483.71 to RMB 4,457,060,496.54, reflecting a reduction of about 3.2%[15]. - The total current liabilities were RMB 4,409,197,747.44, down from RMB 4,564,766,213.29, reflecting a decrease of about 3.4%[15]. Asset Composition - Accounts receivable decreased from RMB 1,814,808,970.22 to RMB 1,694,942,653.73, a decline of about 6.6%[13]. - Inventory levels were reported at RMB 2,872,924,947.36, down from RMB 2,913,112,944.10, indicating a decrease of approximately 1.4%[13]. - The company reported a significant increase in other receivables from RMB 28,593,110.97 to RMB 66,278,199.65, which is an increase of approximately 132.5%[13]. - The company's equity attributable to shareholders increased from RMB 5,164,798,090.89 to RMB 5,239,170,279.78, representing an increase of approximately 1.4%[15].

Financial Performance - The company's revenue for Q1 2025 reached ¥1,263,995,067.89, representing a year-on-year increase of 10.16% compared to ¥1,147,462,366.23 in the same period last year[4] - Net profit attributable to shareholders was ¥104,923,877.98, up 15.64% from ¥90,735,881.42 in the previous year[4] - Basic and diluted earnings per share increased to ¥0.31, reflecting a growth of 14.81% from ¥0.27[4] - The total operating revenue for Q1 2025 reached ¥1,263,995,067.89, an increase of 10.1% compared to ¥1,147,462,366.23 in Q1 2024[17] - The net profit for Q1 2025 was CNY 104,923,877.98, representing an increase of 15.1% compared to CNY 90,735,881.42 in Q1 2024[18] - The total comprehensive income for Q1 2025 was CNY 105,458,899.13, compared to CNY 90,750,801.43 in Q1 2024, indicating a growth of 16.2%[18] Cash Flow and Operating Activities - The net cash flow from operating activities improved significantly to -¥38,611,783.74, compared to -¥177,401,401.40 in the same period last year, indicating a substantial recovery[4] - The cash flow from operating activities for Q1 2025 was negative at CNY -38,611,783.74, an improvement from CNY -177,401,401.40 in Q1 2024[20] - The cash flow from investing activities for Q1 2025 was negative at CNY -17,023,037.76, compared to a positive CNY 158,908,781.68 in Q1 2024[21] - The cash flow from financing activities for Q1 2025 was positive at CNY 4,652,734.51, contrasting with a negative CNY -46,710,619.51 in Q1 2024[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,129,685,212.60, a 3.87% increase from ¥6,864,016,889.81 at the end of the previous year[5] - The total liabilities increased to ¥3,597,348,468.55 from ¥3,440,203,095.45, indicating a rise of 4.6%[15] - Total assets as of March 31, 2025, were ¥7,129,685,212.60, up from ¥6,864,016,889.81 at the end of 2024, reflecting a growth of 3.9%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period was 12,006[9] - The top shareholder, Zhang Aiying, holds 127,253,000 shares, representing 37.4% of the total shares, with a portion pledged[9] Profitability Metrics - The weighted average return on equity was 3.02%, up from 2.65% in the previous year, indicating improved profitability[5] - The gross profit for Q1 2025 was ¥142,466,339.14, compared to ¥136,414,578.54 in Q1 2024, indicating a growth of 4.0%[17] Expenses - The total operating costs for Q1 2025 were ¥1,123,528,728.75, up from ¥1,011,047,787.69 in Q1 2024, reflecting a year-over-year increase of 11.1%[17] - Research and development expenses for Q1 2025 amounted to ¥35,452,640.18, down 31.3% from ¥51,639,315.65 in Q1 2024[17] Other Financial Metrics - Non-recurring gains and losses totaled ¥9,454,247.54, with government subsidies contributing ¥5,285,970.94[6] - The company reported a decrease in asset impairment losses to CNY -4,338,184.11 in Q1 2025 from CNY -2,655,580.38 in Q1 2024[18] - The company's cash and cash equivalents decreased to ¥1,267,042,571.86 as of March 31, 2025, from ¥1,347,387,470.11 at the end of 2024, a decline of 5.9%[13] - Accounts receivable increased significantly to ¥1,168,344,166.43 from ¥873,216,631.07, representing a growth of 33.8%[13] - Inventory levels rose to ¥989,512,326.23, compared to ¥933,415,210.00 at the end of 2024, marking an increase of 6.0%[14]

Financial Performance - The company's operating revenue for 2024 was approximately ¥2.98 billion, a decrease of 24.18% compared to ¥3.93 billion in 2023[25]. - Net profit attributable to shareholders for 2024 was approximately ¥326.34 million, down 59.67% from ¥809.09 million in 2023[25]. - The basic earnings per share for 2024 was ¥0.54, reflecting a 60% decrease from ¥1.35 in 2023[26]. - The company's total assets decreased by 4.45% to approximately ¥9.77 billion in 2024 from ¥10.22 billion in 2023[25]. - The net cash flow from operating activities for 2024 was approximately ¥169.27 million, a decline of 21.26% compared to ¥214.97 million in 2023[25]. - The weighted average return on equity for 2024 was 6.35%, down 11.16 percentage points from 17.51% in 2023[26]. - The company reported a net profit of approximately ¥172.97 million in the first quarter of 2024, but a loss of approximately ¥49.51 million in the fourth quarter[28]. - The total cash dividend for the year is projected to be 136 million CNY, accounting for 41.81% of the net profit attributable to shareholders for 2024[7]. Research and Development - Research and development expenses accounted for 8.63% of operating revenue in 2024, an increase of 2.44 percentage points from 6.19% in 2023[26]. - The company has a total of 1,101 R&D personnel, accounting for 28.58% of the total workforce, with R&D expenses amounting to CNY 257,146,092.32[39]. - The company obtained 73 invention patents and 64 utility model patents in 2024, bringing the total to 400 patents, including 112 invention patents[39]. - The total R&D investment for the year was approximately ¥257.15 million, an increase of 5.58% compared to the previous year, with R&D expenses accounting for 8.63% of operating revenue, up by 2.44 percentage points[90]. - The company is focusing on high-temperature and high-pressure integrated systems for battery production, with a pressure range of 0.3-50T and a temperature range of RT to +80℃[102]. Market and Industry Trends - The global lithium battery market is expected to see significant growth in overseas demand, driven by expansion strategies from major automotive manufacturers and battery giants[36]. - The lithium battery production and testing equipment industry is in a technology maturity and industry consolidation phase, with significant growth driven by the rise of electric vehicles and energy storage markets[48][49]. - The lithium-ion battery industry is experiencing rapid capacity expansion, but may face a downturn as market maturity increases and government subsidies for low-performance electric vehicles decline[120]. - The company is actively expanding its overseas market presence, with a notable increase in new overseas orders in 2024[36]. - The company is focusing on expanding its market presence by enhancing its product offerings and pursuing new technology developments[96]. Strategic Initiatives - The company aims to become a global leader in lithium battery smart factory solutions, focusing on smart manufacturing and customer-oriented innovation[35]. - The company is committed to continuous innovation in its R&D mechanisms, ensuring a robust pipeline of new products and technologies[104]. - The company is focusing on digitalization and smart manufacturing, enhancing operational efficiency through a comprehensive digital platform and big data analytics[82]. - The company has established a full lifecycle service model, improving customer satisfaction and loyalty through real-time monitoring and technical support[77]. - The company plans to implement a "quality improvement and efficiency enhancement" action plan for 2024[182]. Governance and Management - The company has established a governance structure that includes a board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[166]. - The company has maintained stable shareholding structures with no significant changes in the ownership of key executives[175]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 4.1942 million RMB[180]. - The company has a structured approach to determining remuneration based on specific management roles and performance assessments[179]. - The company has revised its internal governance systems to comply with new regulations, enhancing the professionalism and effectiveness of its board of directors[167]. Risks and Challenges - The company faces risks related to technological and product substitution, particularly from advancements in fuel cell technology[113]. - The company is exposed to foreign exchange risks, particularly with sales denominated in USD and EUR, which could impact competitiveness and financial performance if the RMB appreciates[116]. - The company faces risks from macroeconomic fluctuations and international trade changes, which could adversely affect its operations[122]. - The company has a significant reliance on the lithium-ion battery sector, which is subject to fluctuations in demand and production capacity utilization rates among domestic manufacturers[115]. - The company faces risks from high customer concentration, with major clients including well-known lithium-ion battery manufacturers, which could adversely affect performance if any key client experiences financial difficulties[116].

Financial Performance - The company's revenue for Q1 2025 was ¥2,003,633,077.50, representing a 5.90% increase compared to ¥1,892,057,814.82 in the same period last year[5] - The net loss attributable to shareholders was ¥167,109,754.82, an improvement of 9.51% from a loss of ¥184,679,966.25 in the previous year[5] - The company reported a basic and diluted earnings per share of -¥0.60, improving by 9.09% from -¥0.66 in the same quarter last year[5] - Operating profit for the current period was reported at -¥232,367,343.44, slightly improved from -¥244,874,666.98 in the previous period[25] - Net profit totalled -¥232,688,572.81, compared to -¥245,205,117.21 in the prior period, indicating a narrowing loss[25] - The net loss for the current period is approximately ¥201.54 million, an improvement from a net loss of ¥212.61 million in the previous period, representing a decrease of about 5.04%[26] - The net profit attributable to the parent company is approximately ¥167.11 million, compared to ¥184.68 million in the previous period, showing a reduction of about 9.55%[26] - Total comprehensive loss for the current period is approximately ¥199.67 million, improved from a loss of ¥287.13 million in the previous period, indicating a decrease of about 30.49%[26] Cash Flow - The net cash flow from operating activities was -¥920,601,348.87, a decline of 28.26% compared to -¥717,743,066.60 in the prior year[13] - Operating cash inflow for the current period is approximately ¥813.96 million, an increase from ¥622.13 million in the previous period, reflecting a growth of about 30.83%[29] - The net cash flow from operating activities is approximately -¥920.60 million, worsening from -¥717.74 million in the previous period[29] - Cash flow from investing activities shows a net outflow of approximately -¥126.12 million, a significant decline from a net inflow of ¥754.61 million in the previous period[30] - Cash flow from financing activities has a net inflow of approximately ¥513.03 million, compared to a net outflow of -¥409.29 million in the previous period, indicating a turnaround[30] Assets and Liabilities - Total assets decreased by 1.81% to ¥17,485,676,118.43 from ¥17,808,896,717.39 at the end of the previous year[5] - The company's total liabilities decreased by 31.80% to ¥1,197,920,258.79 from ¥1,756,565,924.61 at the beginning of the year[9] - Total liabilities decreased to ¥10,790,251,408.89 from ¥10,925,390,850.87, a decline of 1.2%[24] - Total equity decreased to ¥6,695,424,709.54 from ¥6,883,505,866.52, a decrease of 2.7%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 45,744[15] - The largest shareholder, Kong Lingyong, holds 12.97% of shares, totaling 36,346,579 shares[15] - The company has a total of 2,807,600 shares held in the repurchase special account, accounting for 1.00% of the total share capital[16] - The top ten shareholders hold a significant portion of shares, with the top three alone accounting for 26.85%[15] - The company has not received any disclosures regarding related party relationships among its top shareholders[16] Research and Development - The company's R&D expenses for the quarter were ¥53,024,380.04, down 57.78% from ¥125,588,096.78 in the previous year[10] Investments and Capital - Investment income surged to ¥6,281,449.02, a significant increase of 9272.52% compared to ¥67,019.83 in the same period last year[10] - The company plans to jointly invest €285 million in a project with Amsterdam Fertilizers to produce lithium iron phosphate[19] - The company has approved a capital increase of RMB 146.54 million for its subsidiary, Shenzhen Defang Chuangyu New Energy Technology Co., Ltd.[20] - The registered capital of Defang Chuangyu will increase from RMB 784.02 million to RMB 847.85 million after the capital increase[20] - A further capital increase of RMB 150 million for Defang Chuangyu has been approved, raising its registered capital to RMB 913.19 million[21] - The company has introduced strategic investors for its subsidiary, enhancing its capital structure and growth potential[20]

Financial Performance - The company achieved operating revenue of 7.613 billion RMB, but reported a net loss attributable to shareholders of 1.338 billion RMB[4]. - The company's operating revenue for 2024 was ¥7.61 billion, a decrease of 55.15% compared to ¥16.97 billion in 2023[24]. - The net profit attributable to shareholders for 2024 was -¥1.34 billion, an improvement of 18.25% from -¥1.64 billion in 2023[24]. - The cash flow from operating activities for 2024 was ¥143.08 million, down 97.61% from ¥5.99 billion in 2023[24]. - The total assets at the end of 2024 were ¥17.81 billion, a decrease of 14.11% from ¥20.73 billion at the end of 2023[24]. - Revenue for the reporting period reached 7.613 billion yuan, with a net profit attributable to shareholders of -1.338 billion yuan, indicating a narrowing of losses compared to the previous year[75]. - The gross profit margin for lithium-ion battery cathode materials business decreased by 4.60%, with operating revenue down 56.48% and operating costs down 54.35% year-on-year[88]. - The company reported a significant increase in inventory of phosphate-based cathode materials, rising by 119.86% to 14,124.75 tons compared to 6,424.50 tons in 2023[90]. Production and Sales - The company's main product, phosphate-based cathode materials, produced 236,600 tons, an increase of 15.31% year-on-year, while sales reached 225,700 tons, up 5.52% year-on-year[4]. - The production of lithium iron phosphate materials accounted for nearly 74% of the total cathode material shipments in 2024, with a total shipment volume of 335,000 tons, reflecting a 35% year-on-year increase[41]. - The sales volume of cutting-edge materials such as manganese iron phosphate and lithium supplementation enhancers is increasing, accelerating their industrial application[5]. - The lithium battery output in the energy storage sector surpassed 335 GWh in 2024, marking a year-on-year increase of 64%[38]. - The export of lithium iron phosphate cathode materials reached 3,285.21 tons in 2024, representing a significant year-on-year growth of 182.61%[41]. Research and Development - The company invested 248 million yuan in R&D during the reporting period, focusing on key areas to enhance its technological capabilities[76]. - The company applied for 225 new patents during the reporting period, including 219 invention patents and 6 utility model patents, and received 41 new authorized patents[76]. - The company is developing a high-safety, low-cost lithium iron phosphate material, which is currently in the research phase[97]. - The company is working on a three-dimensional ordered porous lithium iron phosphate material to enhance conductivity and performance, currently in the pilot production stage[97]. - The company aims to enhance its product offerings and market competitiveness through ongoing R&D projects, including high-performance lithium battery materials[99]. Market Trends and Strategy - The rapid growth of the new energy vehicle industry has created more development opportunities for the company, driven by supportive government policies[61]. - The global energy transition is driving rapid growth in the energy storage market, as countries aim for carbon neutrality and need solutions for power fluctuations from renewable energy sources[62]. - The demand for lithium-ion batteries is increasing, with a significant growth in the energy storage market, driven by favorable policies and a shift towards lithium-ion batteries over lead-acid batteries due to their lower pollution and better performance in achieving carbon neutrality[63]. - The company is actively pursuing a strategy of market expansion and product differentiation to enhance its competitive edge in the rapidly evolving industry landscape[81]. - The company plans to enhance its supply chain management and adjust procurement strategies dynamically based on market analysis to mitigate raw material price volatility[141]. Sustainability and Corporate Governance - The company plans to focus on green manufacturing, conducting energy-saving and emission-reduction technology research to create a sustainable development model[6]. - The company is committed to sustainable development by integrating energy-saving and emission-reduction technologies into its operations[75]. - The company's ESG rating improved from "BBB" to "A," and it received the 2024 ESG Golden Dawn Award and the 2024 ESG Value Transmission Award[84]. - The company has established a governance structure that complies with relevant laws and regulations, enhancing operational standards[149]. - The company respects and protects the rights of stakeholders, emphasizing social responsibility and balanced interests among shareholders, employees, and society[160]. Management and Organizational Structure - The company has established a comprehensive internal control system to ensure effective governance and risk management[159]. - The board of directors consists of 7 members, including 3 independent directors, meeting regulatory requirements[153]. - The company has established specialized committees under the board to provide professional opinions for decision-making[154]. - The company has maintained independence from major shareholders, ensuring no interference in decision-making[151]. - The company has a dedicated audit committee to oversee internal and external audit communications and ensure the integrity of financial information[159]. Future Outlook - Future performance guidance indicates a positive outlook, with expectations for revenue growth driven by new product launches and market expansion initiatives[176]. - The company aims to become a global leader in new energy material solutions, focusing on phosphate-based cathode materials and a diversified business layout[131]. - The lithium battery industry is expected to maintain rapid growth due to the "dual carbon" policy and increasing market demand, prompting the company to enhance its core capabilities[132]. - The company plans to strengthen R&D innovation, focusing on high-performance products and expanding its product matrix to include new cathode and anode materials[133].

Financial Performance - The company's total revenue for 2024 was CNY 837,363,661.28, a decrease of 0.51% compared to CNY 841,696,265.90 in 2023[23]. - The net profit attributable to shareholders of the listed company for 2024 was CNY -97,696,232.97, representing a decline of 41.65% from CNY -68,968,768.20 in 2023[23]. - The net cash flow from operating activities was CNY -18,353,343.84, a significant decrease of 112.85% compared to CNY 142,839,737.14 in 2023[24]. - The total operating revenue for 2024 was CNY 837,363,661.28, down 0.51% compared to the previous year[33]. - The company faced a total profit loss of CNY -92,079,450.97, a decrease of 42.51% year-on-year[33]. - The basic earnings per share for 2024 was CNY -0.31, a decline of 40.91% compared to the previous year[25]. - The total profit for the period was CNY -92,079,450.97, down 42.51% year-on-year, while the net profit attributable to the parent company was CNY -97,696,232.97, a decline of 41.65%[59]. - The company's cash flow from operating activities showed a net outflow of CNY -18,353,343.84, a significant decrease compared to the previous year's inflow of CNY 142,839,737.14[60]. Assets and Liabilities - The total assets at the end of 2024 amounted to CNY 2,699,868,160.30, an increase of 4.37% from CNY 2,586,852,581.79 at the end of 2023[24]. - The net assets attributable to shareholders of the listed company decreased by 10.78% to CNY 810,906,606.50 from CNY 908,866,304.49 in 2023[24]. - Total assets increased by 4.37% year-on-year to CNY 2,699,868,160.30, while total liabilities rose by 12.90% to CNY 1,884,279,798.31[59]. Business Operations - The revenue from core business activities, after excluding non-core income, was CNY 756,590,877.09, an increase of 8.68% from CNY 696,177,545.67 in 2023[23]. - The company reported a total passenger volume of 19.55 million, a decrease of 1% year-on-year[33]. - In 2024, the new passenger transport segment achieved a revenue of CNY 171.18 million, a year-on-year increase of 16%[35]. - The customized passenger transport business generated a revenue of CNY 50.72 million, reflecting a significant growth of 54% year-on-year[35]. - The company’s rental car business reached a revenue of CNY 94.69 million, nearing the CNY 100 million mark[35]. - The property leasing segment achieved a revenue of CNY 63.37 million, marking a 4% increase year-on-year[37]. - The company operated 515 urban-rural buses, generating a revenue of CNY 53.04 million, which is a 3% increase year-on-year[35]. - The school bus service expanded to cover 7 cities, with a revenue of CNY 44.60 million, up 12% year-on-year[35]. - The company achieved road passenger transport revenue of CNY 355.27 million, with public transport accounting for 72.38% and responsibility operation accounting for 27.62%[43]. Strategic Initiatives - The company plans not to distribute cash dividends or issue new shares for the 2024 fiscal year due to negative retained earnings[7]. - The company plans to enhance its digital transformation efforts, including the development of a new data management platform[34]. - The company is actively pursuing new projects, including the second phase of the Haikou terminal and the Qionghai expansion project[36]. - The company has identified and developed plans to revitalize 16 idle assets, potentially generating an annual rental income of CNY 5.21 million[36]. - The company is focusing on developing a "one-stop" smart travel service system, integrating travel services, tourism distribution, and automotive services[116]. - The company is exploring the application of autonomous driving in various scenarios, including airport lines and city connections[120]. - The company is committed to enhancing its digital platform "Haiqi Xing" to improve market recognition and promote new passenger transport services[122]. - The company is actively pursuing mergers and acquisitions to enhance its asset base and drive growth in travel integration projects[123]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, ensuring clear responsibilities among its decision-making bodies[134]. - The company held a shareholders' meeting to ensure all shareholders, especially minority shareholders, fully exercised their voting rights[135]. - The board of directors is responsible for decision-making and internal control, ensuring compliance with the company's articles of association and relevant regulations[135]. - The company has established a comprehensive investor relations management system to communicate effectively with investors through various channels[136]. - The company has implemented measures to enhance insider information management and prevent insider trading, ensuring fair information disclosure[136]. - The company is actively managing its board composition in response to personnel changes[146]. - The company continues to focus on strategic investments and operational efficiency amid leadership transitions[145]. - The company is committed to maintaining stability and continuity in its operations during this period of change[145]. Risks and Challenges - The company has acknowledged the risks associated with its future development and has detailed these in the management discussion and analysis section of the report[9]. - The company is facing competition from high-speed rail and aviation, but maintains a competitive edge in the road passenger transport market due to its flexibility and extensive coverage[113]. - The company faces operational risks due to competition from new transportation modes like high-speed rail and ride-hailing services, which are impacting traditional passenger transport[128]. - The company is addressing cost risks associated with new policies and increasing operational costs due to safety and quality service standards[130]. - The company is enhancing contract management and collection efforts to mitigate accounts receivable recovery risks as its business scales[131]. Environmental and Social Responsibility - The company has increased the use of clean energy vehicles, deploying a total of 412 clean energy vehicles in 2024, which includes 409 pure electric vehicles and 3 LNG gas vehicles[189]. - The company is actively promoting the use of new energy vehicles to reduce carbon emissions and environmental pollution[189]. - The company dispatched 43 personnel for poverty alleviation and rural revitalization, investing a total of 4.766 million yuan in support funds[192]. - The company has published its 2024 Social Responsibility Report, which is available on the Shanghai Stock Exchange website[190]. Future Outlook - The company aims to achieve a revenue of 70 million yuan in 2025, with a vehicle scale of 500-600 units and an average occupancy rate of over 65%[118]. - The company plans to expand its B2C car rental business to over 1,000 vehicles and establish more than 20 rental outlets by 2025[119]. - The company targets to complete property leasing income of over 65 million yuan in 2025 through asset development and optimization[121]. - The company intends to reduce cost expenses by over 5% year-on-year by controlling administrative, labor, and vehicle costs[122].

Financial Performance - The company's operating revenue for Q1 2025 was ¥400,239,850.36, representing a year-on-year increase of 7.95% compared to ¥370,769,500.02 in the same period last year[4] - The net profit attributable to shareholders of the listed company was -¥30,937,381.55, a significant decline from a profit of ¥848,719.50 in the previous year[4] - The net cash flow from operating activities was -¥26,227,873.04, down from ¥4,135,828.47 in the same period last year[4] - The basic and diluted earnings per share were both -¥0.13, compared to ¥0.00 in the previous year[5] - The weighted average return on equity decreased to -2.41% from 0.07% in the previous year, a decline of 2.48 percentage points[5] - Operating profit for Q1 2025 was a loss of ¥30,910,688.72, compared to a profit of ¥852,962.12 in Q1 2024[19] - Net profit for Q1 2025 was a loss of ¥30,937,381.55, while Q1 2024 reported a net profit of ¥848,719.50[19] - The total comprehensive income attributable to the parent company is -29,716,232.51 RMB, down from 686,960.13 RMB year-over-year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,369,229,337.41, a slight increase of 0.43% from ¥2,359,182,592.77 at the end of the previous year[5] - The equity attributable to shareholders of the listed company decreased by 2.29% to ¥1,267,310,980.34 from ¥1,297,027,212.85 at the end of the previous year[5] - Total liabilities increased to ¥1,101,918,357.07 as of March 31, 2025, compared to ¥1,062,155,379.92 as of December 31, 2024[16] - Total assets amounted to ¥2,369,229,337.41 as of March 31, 2025, slightly up from ¥2,359,182,592.77 as of December 31, 2024[16] Cash Flow - Cash and cash equivalents decreased to ¥142,004,949.13 as of March 31, 2025, from ¥158,919,962.60 as of December 31, 2024[14] - Cash flow from operating activities for Q1 2025 is -26,227,873.04 RMB, a decrease from 4,135,828.47 RMB in Q1 2024[22] - Cash inflow from investment activities is 72,519,381.40 RMB, compared to 112,955,110.96 RMB in the previous year[23] - Cash flow from financing activities shows a net outflow of -2,443,197.86 RMB, contrasting with a net inflow of 133,087,604.62 RMB in the same period last year[23] - The total cash and cash equivalents at the end of the period is 100,372,035.63 RMB, down from 196,725,223.35 RMB year-over-year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,676[10] Operational Challenges - The decline in net profit was mainly attributed to additional relocation costs and increased temporary inventory expenses related to the North American factory relocation[8] - The company reported a financial expense of ¥1,372,438.05 in Q1 2025, significantly higher than ¥354,848.36 in Q1 2024[19] Accounting Changes - The company plans to implement new accounting standards starting January 1, 2024, affecting the profit and loss statement[20]