Financial Performance - The company's operating revenue for 2024 was CNY 1,253,152,389.59, a decrease of 16.68% compared to CNY 1,503,936,973.00 in 2023[22]. - The net profit attributable to shareholders of the listed company was a loss of CNY 131,323,615.46, an improvement from a loss of CNY 195,379,236.43 in the previous year[22]. - The net cash flow from operating activities was CNY 205,019,979.73, down 19.08% from CNY 253,376,466.49 in 2023[22]. - The total assets at the end of 2024 were CNY 3,030,808,196.36, a decrease of 16.73% from CNY 3,639,736,542.92 in 2023[22]. - The net assets attributable to shareholders of the listed company decreased by 14.05% to CNY 659,474,800.42 from CNY 767,256,709.84 in 2023[22]. - The basic earnings per share for 2024 was -CNY 0.51, an improvement from -CNY 0.77 in 2023[23]. - The weighted average return on net assets was -18.72%, compared to -22.59% in the previous year[23]. - The company reported a decrease in costs and expenses, contributing to the improvement in net profit compared to the previous year[24]. Revenue Breakdown - Revenue from scenic area operation management accounted for 52% of total revenue, with a year-on-year decrease of 32.57%[39]. - Hotel and catering management business contributed 22% to total revenue, with a decrease of 10.60% year-on-year[40]. - Travel service business revenue represented 8% of total revenue, showing a significant increase of 54.01% year-on-year[40]. - The tourism and performance ticket sales revenue decreased by CNY 45 million, representing a 1% decline, leading to a rebranding of related subsidiaries to enhance product and market growth[33]. Strategic Initiatives - The company aims to position itself as a "tourism destination integrated operator," focusing on the synergy between tourism management, performance, and hospitality services[34]. - The company initiated state-owned enterprise reforms, with a reform plan approved in December 2024[36]. - The company has expanded its strategic management and project management efforts, including new collaborations in cities like Tianjin, Haikou, and Datong[43]. - The company aims to integrate tourism destination operations, focusing on a "1+3" business model that includes scenic area operations, performing arts, hotel catering, and travel services[80]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, urging investors to be aware of investment risks[8]. - The company faces three main types of risks: safety risks related to personnel and property, operational risks due to economic environment changes, and investment risks concerning financial and market feasibility[84]. - The company aims to improve its risk control system to mitigate economic, reputational, and public opinion risks[83]. Governance and Compliance - The company has held six shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[89]. - The company is committed to enhancing investor relations management, with a plan approved for 2024 to strengthen communication with investors[86]. - The company has implemented a strict insider information management system to ensure fair information disclosure during performance reporting periods[87]. - The company has established a governance structure to enhance management efficiency and strengthen risk control over subsidiaries[124]. Legal Matters - The company is involved in a lawsuit regarding a construction contract dispute, with a claim amount of 18.64 million yuan[154]. - The company is also facing a lawsuit for service fees amounting to 2.41 million yuan, with a ruling already in effect[154]. - The total amount involved in the ongoing lawsuits reflects significant financial implications for the company[154]. - The company is actively managing its legal risks and financial liabilities arising from these disputes[154]. Future Outlook - The company expects to achieve approximately 1 billion CNY in revenue for the fiscal year 2025, with cost control around 770 million CNY and period expenses around 220 million CNY[83]. - Future guidance indicates a focus on enhancing operational efficiency and increasing market share in the cultural tourism sector[159]. - The company plans to expand its market presence through strategic partnerships and new product offerings[159]. Internal Controls and Audit - The internal control audit will also be conducted by Sigma Accounting Firm, with a fee of 455,000 RMB[150]. - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2024[188]. - The company has implemented key internal controls related to revenue recognition to mitigate inherent risks[192]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders increased to 41,690 from 37,383 at the end of the previous month, representing a growth of approximately 11.9%[172]. - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., holds 114,511,121 shares, accounting for 44.90% of the total shares[174]. - The company reported no changes in its total share capital and structure during the reporting period[171].

Financial Performance - The company's operating revenue for Q1 2025 was ¥35,597,979,193.59, a decrease of 30.97% compared to ¥51,567,755,124.46 in the same period last year[6]. - The net profit attributable to shareholders of the listed company was -¥247,164,302.88, representing a decline of 401.30% from ¥82,032,393.66 year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥155,836,215.55, down 172.08% from ¥216,213,332.86 in the previous year[6]. - The basic earnings per share decreased by 300.00% to -¥0.02 from ¥0.01 in the same period last year[6]. - The weighted average return on equity fell by 0.49 percentage points to -0.39% from 0.10% year-on-year[6]. - Total revenue for Q1 2025 was ¥35.69 billion, a decrease of 30.9% compared to ¥51.61 billion in Q1 2024[27]. - Operating profit for Q1 2025 was a loss of ¥247.43 million, compared to a profit of ¥751.39 million in Q1 2024[27]. - The net profit for Q1 2025 was -502,272,809.45 RMB, compared to a net profit of 128,100,500.23 RMB in Q1 2024, indicating a significant decline[28]. - Total comprehensive income for Q1 2025 was -663,163,875.92 RMB, compared to 171,690,575.08 RMB in Q1 2024, reflecting a substantial decrease[28]. - The company’s basic and diluted earnings per share for Q1 2025 were both -0.02 RMB, compared to 0.01 RMB in Q1 2024, indicating a negative performance[28]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,057,102,274,215.87, a decrease of 3.89% from ¥1,099,908,116,815.35 at the end of the previous year[6]. - Current assets totaled ¥867.13 billion as of March 31, 2025, compared to ¥912.06 billion at the end of 2024, reflecting a decrease of 4.9%[24]. - Total liabilities decreased to ¥937.99 billion as of March 31, 2025, from ¥980.71 billion at the end of 2024, a reduction of 4.4%[24]. - Cash and cash equivalents were ¥21.73 billion as of March 31, 2025, down from ¥25.86 billion at the end of 2024, a decline of 16.3%[22]. - The company’s total equity as of March 31, 2025, was ¥119.12 billion, slightly down from ¥119.20 billion at the end of 2024[24]. - The company’s long-term investments totaled ¥38.79 billion as of March 31, 2025, compared to ¥39.38 billion at the end of 2024[23]. - Total liabilities as of March 31, 2025, were not specified, but the company continues to manage its financial obligations amid declining profits[32]. Cash Flow - The net cash flow from operating activities was -¥2,658,167,606.80, a decline of 9.92% compared to -¥2,418,217,581.39 in the same period last year[6]. - Cash flow from operating activities for Q1 2025 was -2,658,167,606.80 RMB, compared to -2,418,217,581.39 RMB in Q1 2024, showing a worsening cash flow situation[30]. - The company reported operating cash inflows of 60,677,411,005.12 RMB in Q1 2025, a decrease from 86,038,485,275.87 RMB in Q1 2024[30]. - The company’s investment activities generated a net cash inflow of 166,405,451.03 RMB in Q1 2025, down from 546,922,876.04 RMB in Q1 2024[31]. - The company’s financing activities resulted in a net cash outflow of -29,816,479.20 RMB in Q1 2025, compared to -704,264,613.59 RMB in Q1 2024, indicating improved cash management[31]. Shareholder Information - The company reported a total of 125,813 common shareholders at the end of the reporting period[9]. - The top three shareholders held a combined total of 25.88%, 25.82%, and 20.55% of shares respectively, indicating significant ownership concentration[9]. Sector Performance - In Q1 2025, the company achieved a total revenue of 35.6 billion RMB, with the real estate sector contributing 7.4 billion RMB and the infrastructure sector contributing 21.4 billion RMB, indicating overall stability in fundamentals[12]. - The company completed a de-stocking amount of 12.14 billion RMB and achieved cash collection of 10.34 billion RMB in the real estate sector during Q1 2025[13]. - The infrastructure sector generated a revenue of 21.4 billion RMB in Q1 2025, with new contracts signed totaling 41.9 billion RMB[15]. - The energy sector saw coal sales of 4.2 million tons in Q1 2025, representing a year-on-year growth of 58%[16]. - The company signed a total of 12.71 million tons of medium and long-term coal contracts, a 57% increase year-on-year, with total coal purchase and sales contracts exceeding 15 million tons[16]. Strategic Initiatives - The company is actively pursuing new business avenues, including a strategic focus on the tourism sector with the launch of the "336" inbound tourism strategy[17]. - The company is enhancing its financial management by completing key bank credit renewals and focusing on debt management to stabilize financing[19]. - The company is implementing a significant reduction in management costs and personnel salaries, leading to a substantial decrease in overall expenses[12]. - The company is advancing its digital financial transformation and expanding its supply chain finance business in the oil sector[18]. - The company is committed to improving product quality by innovating residential offerings in response to new market conditions[14]. Research and Development - Research and development expenses for Q1 2025 were ¥152.29 million, a decrease of 24.4% from ¥201.39 million in Q1 2024[27]. Miscellaneous - The company has not yet disclosed any new product developments or market expansion strategies during the conference call[41]. - The company is not applying new accounting standards for the year 2025[41].

Financial Performance - The company's operating revenue for the first quarter was CNY 640,498,499.74, representing a decrease of 8.85% compared to the same period last year[2]. - The net profit attributable to shareholders was a loss of CNY 80,624,990.05, an improvement of 27.20% from a loss of CNY 110,749,176.65 in the previous year[2]. - Basic and diluted earnings per share were both CNY -0.10, showing a 23.08% improvement from CNY -0.13 in the same period last year[2]. - Total comprehensive income increased by 57.88%, reflecting a focus on core business and cost efficiency[7]. - The net profit for the subsidiary Qilin Software reached CNY 76,000,000, with a year-on-year growth of 20.98%[7]. - Total operating revenue for Q1 2025 was ¥640,498,499.74, a decrease of 8.86% compared to ¥702,706,014.87 in Q1 2024[19]. - Net loss for Q1 2025 was ¥48,620,522.96, compared to a net loss of ¥113,759,872.68 in Q1 2024, indicating an improvement[20]. - Operating profit for Q1 2025 was -¥49,765,077.12, an improvement from -¥121,430,671.85 in Q1 2024[19]. - The company reported a total comprehensive loss of ¥47,859,423.22 for Q1 2025, compared to a loss of ¥113,624,220.64 in Q1 2024[20]. Cash Flow and Assets - The net cash flow from operating activities was a negative CNY 731,599,327.99, which is a 16.55% improvement compared to the previous year's negative CNY 876,696,034.24[2]. - The company's cash and cash equivalents were reported at approximately 2.41 billion RMB, down from 2.58 billion RMB in the previous period[14]. - The ending cash and cash equivalents balance as of Q1 2025 was 2,384,068,382.90 RMB, compared to 1,333,077,158.65 RMB at the end of Q1 2024, reflecting a year-over-year increase of about 79%[22]. - Total cash inflow from operating activities in Q1 2025 was 1,027,726,244.64 RMB, compared to 973,036,367.95 RMB in Q1 2024, reflecting a year-over-year increase of approximately 5.2%[21]. - Cash outflow from operating activities decreased to 1,759,325,572.63 RMB in Q1 2025 from 1,849,732,402.19 RMB in Q1 2024, showing a reduction of about 4.9%[21]. - The net cash flow from investing activities was 68,631,884.45 RMB in Q1 2025, down from 154,108,218.52 RMB in Q1 2024, indicating a significant decrease of approximately 55.5%[22]. - Cash inflow from financing activities increased to 1,110,000,000.00 RMB in Q1 2025, compared to 419,732,000.00 RMB in Q1 2024, representing a substantial increase of about 164.5%[22]. - The net cash flow from financing activities was 497,707,284.53 RMB in Q1 2025, up from 118,136,568.26 RMB in Q1 2024, marking an increase of approximately 321.5%[22]. Expenses and Liabilities - The company's R&D expenses decreased by 44.43%, primarily due to the exclusion of certain subsidiaries from the consolidation scope[7]. - Total operating costs for Q1 2025 were ¥749,663,229.58, down 18.83% from ¥923,672,704.28 in Q1 2024[19]. - Research and development expenses decreased to ¥183,921,010.89 in Q1 2025 from ¥330,966,210.61 in Q1 2024, a reduction of 44.5%[19]. - Total liabilities were ¥5,363,274,859.62, down from ¥5,462,050,962.13[16]. - Shareholders' equity decreased to ¥3,041,334,798.47 from ¥3,087,474,614.29[16]. Assets and Inventory - Total assets at the end of the reporting period were CNY 8,404,609,658.09, a decrease of 1.70% from CNY 8,549,525,576.42 at the end of the previous year[2]. - The company reported inventory of approximately 1.09 billion RMB, an increase from 1.02 billion RMB in the previous period[14]. - Accounts receivable increased to approximately 1.49 billion RMB from 1.47 billion RMB, indicating a slight growth in receivables[14]. - The total amount of other receivables decreased to approximately 243.31 million RMB from 296.75 million RMB[14]. Share Issuance and Government Support - The company plans to issue up to 90,130,689 ordinary shares at a price of 22.19 RMB per share, raising no more than 2 billion RMB[12]. - The company received government subsidies amounting to CNY 1,853,326.16, which are closely related to its normal business operations[4]. Miscellaneous - The company has not identified any related party relationships among its major shareholders, except for the relationship between China Electronics and its subsidiary[11]. - The company is currently undergoing a review process for its share issuance application with the Shanghai Stock Exchange[12]. - The company has not experienced any changes in the participation of major shareholders in margin trading and securities lending activities[11].

Financial Performance - The company's operating revenue for 2024 was approximately RMB 240.64 billion, a decrease of 33.20% compared to RMB 360.25 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was a loss of approximately RMB 15.55 billion, representing a 62.75% increase in loss compared to a loss of RMB 9.56 billion in 2023[22]. - The basic earnings per share for 2024 was -RMB 1.11, a decline of 63.24% from -RMB 0.68 in 2023[22]. - The weighted average return on equity for 2024 was -21.55%, a decrease of 10.37 percentage points from -11.18% in 2023[22]. - The net cash flow from operating activities for 2024 was -RMB 3.34 billion, a decline of 60.45% compared to -RMB 2.08 billion in 2023[22]. - The total assets at the end of 2024 were approximately RMB 1,099.91 billion, a decrease of 7.87% from RMB 1,193.92 billion at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were approximately RMB 64.02 billion, a decrease of 20.31% from RMB 80.34 billion at the end of 2023[22]. - The company reported a significant decline in both revenue and net profit, indicating ongoing financial challenges[22]. - The company’s government subsidies related to normal operations amounted to 461.41 million RMB in 2024, down from 572.26 million RMB in 2023[26]. - The company reported a net loss from non-recurring items totaling 1.87 billion RMB in 2024, compared to a gain of 682.08 million RMB in 2023[26]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for the 2024 fiscal year[6]. - The company has highlighted major risks in its future development strategy, which investors should consider[8]. - The company actively pursued new projects in healthcare by establishing a medical industry group and collaborating with leading firms[31]. - The company implemented a comprehensive reform plan to optimize its organizational structure and stabilize its core workforce[35]. - The company is exploring partnerships to boost its market share by 50% in underperforming areas[44]. - The company is focusing on market expansion with multiple projects in various districts, indicating a strategic growth approach[66]. Project Development - The company delivered a total of 14.02 million square meters of property, ranking among the industry leaders[33]. - The company completed asset disposal amounting to 63.9 billion RMB, significantly improving cash flow and asset value[32]. - The company has multiple ongoing projects, with total investments in residential and commercial properties exceeding 1.8 billion and 859 million respectively[65]. - The company is focusing on both residential and commercial sectors, with ongoing projects in various provinces, which diversifies its market risk and enhances growth opportunities[99]. - The company has ongoing residential projects in Anqing, Bozhou, and Chizhou, with total investment amounts of approximately $369.12 million, $330.99 million, and $89.79 million respectively[94]. - The company is expanding its presence in Sydney with the Lachlan River project, which has a total investment of approximately $435.42 million[95]. - The company is actively pursuing new strategies for market expansion, particularly in the residential and commercial sectors[100]. Market Trends - The real estate market saw a 12.9% decline in sales area, with total sales amounting to 967.5 billion yuan, down 17.1% year-on-year[41]. - The digital economy in 2024 continued to grow rapidly, with significant advancements in blockchain technology and digital currency applications, particularly in inclusive finance[45]. - The total retail sales of consumer goods in 2024 reached 4.87895 trillion yuan, reflecting a year-on-year growth of 3.5%[46]. - The automotive market saw production and sales of passenger vehicles reach 27.477 million and 27.563 million units, respectively, with year-on-year growth of 5.2% and 5.8%[49]. - The carbon trading market in China expanded significantly in 2024, with increased trading volume in the construction sector's carbon credits[45]. Financial Management - The company focused on improving cash flow management, achieving a stable cash flow safety net through various collection strategies[38]. - The company reported a net cash flow from financing activities of -¥2.13 billion, a significant improvement of 87.15% compared to -¥16.57 billion in the previous year[70]. - The cash flow from investment activities was -¥1.38 billion, a decline of 114.65% compared to -¥641.48 million in the previous year[70]. - The company’s financial assets increased by 10.14 billion RMB, with total financial assets reaching 31.24 billion RMB by the end of the period[28]. - The company’s management expenses, sales expenses, and personnel costs saw a significant year-on-year decrease, contributing to cost control efforts[31]. Revenue Generation - The company achieved an annual operating revenue of 107.2 billion yuan, demonstrating resilience in a challenging market environment[34]. - A total of 1.5 billion yuan in new contracts were signed, focusing on key projects such as affordable housing and urban renewal[35]. - The company has reported a significant increase in user data, with a growth rate of 90% in certain regions, particularly in Malaysia[60]. - The company reported a total revenue of CNY 2.36 billion from the Smart Financial City project in Lanzhou, reflecting a 0.5% increase year-over-year[44]. - The total revenue for the residential projects in Guangxi reached approximately 1,567,005.49 million, with a significant portion attributed to the Guangxi University Town project[86]. Investment and Acquisitions - The company has identified strategic acquisition opportunities in the Northeast region, aiming for a 70% increase in operational efficiency[69]. - The company is exploring potential mergers and acquisitions to enhance its market position, particularly in high-growth regions[114]. - The strategic acquisition of land in key urban areas is expected to enhance the company's market position, with an estimated value of 200,000.00 million in new properties[132]. - The company is involved in strategic partnerships, such as the equity cooperation project in Langfang, which has a total investment of 199,916.36, aimed at enhancing operational efficiency[97]. Future Outlook - Future outlook indicates a projected revenue growth of 51% in Sichuan Province due to new technology implementations[102]. - The overall performance guidance for the next quarter suggests a 100% operational capacity across all regions[92]. - The company aims to increase its market share by 10% through targeted marketing strategies and enhanced customer engagement initiatives[132]. - The company plans to enhance its research and development capabilities, targeting a 65% improvement in product innovation[84]. - The company has outlined future guidance with a focus on increasing project completions, aiming for a completion rate of over 80% in the next fiscal year[114].

Financial Performance - The company's operating revenue for 2024 reached CNY 9,137,696,926.90, representing an increase of 8.30% compared to CNY 8,437,025,400.96 in 2023[23]. - The net profit attributable to shareholders of the listed company was CNY 1,036,570,441.48, a slight decrease of 0.33% from CNY 1,039,973,821.44 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 1,026,348,815.93, showing a marginal increase of 0.25% from CNY 1,023,756,490.47 in 2023[24]. - The basic earnings per share for 2024 remained at CNY 0.72, unchanged from 2023, but decreased from CNY 0.93 in 2022[25]. - The weighted average return on equity decreased to 8.96% in 2024 from 9.62% in 2023, a decline of 0.66 percentage points[25]. - The company’s operating revenue increased by 700 million RMB, representing an 8.3% growth year-on-year, while net profit attributable to shareholders was 1.037 billion RMB, a slight decrease of 0.33%[49]. - The company reported a total R&D expenditure of 342.36 million RMB, representing 3.75% of operating revenue[61]. Cash Flow and Assets - The net cash flow from operating activities was CNY 3,401,024,922.98, down by 6.95% compared to CNY 3,655,131,227.21 in the previous year[24]. - The total assets at the end of 2024 were CNY 28,455,977,030.37, a decrease of 4.88% from CNY 29,917,331,224.99 at the end of 2023[24]. - The company's cash flow from operating activities was negative in Q4 2024, amounting to CNY -73.21 million, indicating significant operational challenges[27][28]. - Current assets decreased from ¥6,152,596,938.32 in 2023 to ¥4,791,571,794.68 in 2024, a decline of approximately 22.1%[198]. - Cash and cash equivalents decreased from ¥5,210,941,712.41 in 2023 to ¥4,163,578,591.59 in 2024, a decrease of about 20.1%[198]. - Total liabilities decreased by 12.58% to 13.43 billion RMB, with current liabilities at 4.53 billion RMB, representing 15.92% of total assets[66]. Production and Sales - Coal production reached 18.07 million tons in 2024, an increase of 1.01 million tons year-on-year, exceeding budget expectations[32]. - The total production of self-produced coal was 1,806.95 million tons, reflecting a year-on-year increase of 5.90%, while sales volume reached 1,809.62 million tons, up 6.12%[55]. - The average selling price of self-produced coal decreased by CNY 21.48 per ton in Q4 2024, contributing to a revenue decline of CNY 34.2 million compared to the average of the previous three quarters[28]. - The company achieved a coal production of 18.07 million tons and sales of 18.10 million tons, marking a historical record[70]. Governance and Compliance - The company completed a total of 15 board meetings in 2024, reviewing 227 agenda items to ensure effective governance[32]. - Eleven new regulations were established to enhance corporate governance and compliance with regulatory requirements[41]. - The company’s board and supervisory committee adhered to legal and regulatory requirements, ensuring compliance in operations and financial oversight[85]. - The company has established a compliance management committee to oversee legal and regulatory adherence[102]. Environmental and Social Responsibility - The company has implemented green development strategies, including ecological restoration projects covering 65,700 square meters and reducing carbon emissions by 30,000 tons annually[43]. - The company invested approximately 23,600.49 million yuan in environmental protection during the reporting period[130]. - The company has established a comprehensive environmental protection work plan and strictly supervises its implementation[144]. - Total donations for social responsibility amounted to 8.34 million CNY, with 8.17 million CNY in cash donations[148]. Strategic Initiatives - The company aims to extend its industrial chain into new energy sectors, promoting high-quality development in the coal industry[46]. - The company plans to focus on core coal operations while expanding logistics and coal chemical businesses, and will pursue strategic acquisitions of quality coal mine projects[78]. - The company is exploring market expansion opportunities, particularly in emerging markets[90]. - The company plans to establish a sales company in Inner Mongolia as part of its strategic expansion[107]. Risks and Challenges - The company has not faced any significant risks that could materially affect its future development, as discussed in the management analysis section[11]. - The company anticipates that coal prices will decline due to supply and demand factors, impacting revenue and profitability[77]. - The company faces uncertainties in coal mine project acquisitions due to high valuations in the current market[81]. - The company has identified safety production risks and is enhancing its safety management systems to mitigate potential impacts on operations[80]. Legal Matters - The company is involved in significant litigation, including a lawsuit against Shanxi Zhongbo for 1.0852 billion RMB due to breach of contract, with the first-instance judgment rejecting the plaintiff's claims[155]. - The company has reported a total of 79.27 million RMB in compensation payments to 777 investors due to investment losses[157]. - The company has confirmed that there are no significant changes in accounting policies or estimates that would impact financial reporting[154].

Financial Performance - The company's operating revenue for 2024 was ¥1,977,439,058.81, a decrease of 22.54% compared to ¥2,552,770,352.14 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥96,956,971.85, representing a 10.00% increase from ¥88,145,803.49 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥84,603,925.04, up 20.76% from ¥70,059,307.83 in 2023[6]. - The net cash flow from operating activities increased by 77.26% to ¥87,905,532.53 from ¥49,591,627.60 in 2023[6]. - The total assets at the end of 2024 were ¥3,007,990,249.44, an increase of 2.83% from ¥2,925,323,127.58 at the end of 2023[6]. - The net assets attributable to shareholders at the end of 2024 were ¥2,803,670,335.39, a 3.41% increase from ¥2,711,267,028.34 at the end of 2023[6]. - The company's total operating income for 2024 was 197,743.91 million yuan, a decline of 22.54% year-on-year[36]. - The operating cost for the company was 179,767.41 million yuan, down 23.99% year-on-year[36]. - The total revenue from refined oil was 1,507,231,888.77 yuan, down 17.30% compared to the previous year[38]. - The comprehensive gross profit margin for refined oil increased by 1.51 percentage points to 8.76%[31]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of 0.75 RMB per 10 shares to all shareholders, based on a total of 528,000,000 shares[3]. - The proposed cash dividend for the fiscal year 2024 is RMB 0.75 per 10 shares, amounting to RMB 39.6 million, pending shareholder approval[104]. - The total distributable profit for the reporting period was RMB 384.32 million, with cash dividends accounting for 100% of the profit distribution[102]. - The company approved a cash dividend plan for the fiscal year 2023, distributing RMB 0.55 per 10 shares, totaling RMB 29.04 million to shareholders[100]. - The cash dividend distribution was executed on August 19, 2024, as per the approved plan[100]. Business Operations and Changes - The company has undergone several changes in its main business operations since its listing, with the latest change occurring on November 20, 2013[16]. - The company operates in various sectors, including power investment, finished oil, and liquefied petroleum gas[15]. - The company operates 12 gas stations in Shenzhen, Dongguan, and Huizhou, making it a major distributor of refined oil products in the region[25]. - The company is involved in various businesses including refined oil wholesale and retail, land and property leasing, and securities investment[29]. - The company aims to develop new energy projects and establish comprehensive energy supply service stations[63]. - The company plans to enhance its main business operations, including upgrading gas stations and expanding into the Greater Bay Area[62]. Governance and Management - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[3]. - The company is restructuring its governance framework to ensure compliance and effective decision-making[63]. - The company is enhancing its compliance management system and risk management mechanisms to ensure timely compliance and improve integrated management efficiency[64]. - The company has established an independent financial and auditing department, maintaining a separate accounting system and financial management practices[70]. - The company held its annual general meeting with a participation rate of 55.63% on June 25, 2024, to discuss key resolutions[72]. - The company announced a leadership change with Lin Weibin elected as Chairman and Ren Wei as Vice Chairman effective June 25, 2024[74]. - The company reported a significant management turnover, with multiple board members and supervisors stepping down due to term expiration on June 25, 2024[74]. - The company is focusing on expanding its investment operations, with key personnel having backgrounds in capital management and investment operations[75][76]. - The company is committed to maintaining a diverse board with a mix of experienced professionals from various sectors[79]. Compliance and Internal Controls - The company has established a comprehensive internal control system, with no significant deficiencies identified in financial reporting as of the evaluation report date[107]. - The internal control audit report indicates that the company maintained effective financial reporting controls as of December 31, 2024, with a standard unqualified opinion[110]. - The company has a history of compliance with regulatory requirements, as indicated by the absence of penalties in the last three years[84]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[112]. - The company emphasizes the importance of information disclosure, ensuring accurate and timely reporting of its operational and financial status[115]. Employee and Social Responsibility - The company has taken measures to enhance employee welfare, including medical insurance and annual health check-ups[115]. - The company has actively engaged in social responsibility initiatives, achieving a consumption assistance of 400,000 yuan during the reporting period[116]. - The total number of employees at the end of the reporting period is 328, with 51 from the parent company and 277 from major subsidiaries[96]. - The professional composition includes 42 finance personnel, 74 administrative staff, and 9 sales personnel[96]. - The educational background of employees shows 1 with a doctorate, 11 with a master's degree, and 82 with a bachelor's degree[97]. Shareholder Information - The report indicates that there were no changes in the shareholding structure due to lending or returning shares in the margin trading business[152]. - The total number of ordinary shareholders at the end of the reporting period was 19,079, a decrease from 20,396 in the previous month[150]. - The largest shareholder, Shenzhen Guangju Investment Holdings Group Co., Ltd., holds 55.54% of the shares, totaling 293,270,377 shares[150]. - The top 10 shareholders include several state-owned and private entities, with the top five holding a combined total of 364,000,000 shares[150]. - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[152].

Financial Performance - The company's operating revenue for 2024 was CNY 6,512,734,471.7, a decrease of 36.88% compared to CNY 10,318,312,851 in 2023[14]. - The net profit attributable to shareholders was a loss of CNY 724,515,582.24, representing a decline of 153.57% from a profit of CNY 1,352,379,242.8 in the previous year[14]. - Basic earnings per share were -CNY 0.4337, down 153.58% from CNY 0.8095 in 2023[14]. - Total assets at the end of 2024 were CNY 13,319,171,088, a decrease of 21.56% from CNY 16,979,326,536 in 2023[14]. - The net assets attributable to shareholders decreased by 10.71% to CNY 10,223,487,732 from CNY 11,449,722,316 in 2023[14]. - The company did not distribute any cash dividends or bonus shares for the year 2024[5]. - The company faced significant challenges leading to a substantial decline in both revenue and profit margins compared to previous years[14]. - The management highlighted the need for strategic adjustments to address the current market conditions and improve financial performance moving forward[5]. Cash Flow and Investment - The net cash flow from operating activities increased by 293.04% to CNY 611,013,171.11, compared to CNY 155,457,433.79 in 2023[14]. - The cash flow from operating activities in Q4 2024 was CNY 288.38 million, showing a recovery compared to previous quarters[23]. - The net cash flow from investment activities rose by 279.27% to CNY 1.61 billion, attributed to increased redemption of financial products and reduced investment payments[194]. - The company's investment activities cash outflow decreased by 45.00% to CNY 2.54 billion in 2024, compared to CNY 4.63 billion in 2023[194]. Research and Development - The company is committed to enhancing its research and development efforts to innovate new products and technologies in the pharmaceutical sector[5]. - The company has developed 17 patented traditional Chinese medicines covering 8 major clinical disease systems, with a leading position in the cardiovascular and respiratory disease treatment fields[39]. - The company has received over 400 traditional Chinese medicine invention patents and has won multiple national and provincial scientific and technological awards, including 1 first-class and 4 second-class national scientific and technological progress awards[39]. - The company is focusing on R&D in key disease areas such as cardiovascular, respiratory, and endocrine systems, with multiple projects at various stages of development[130]. - The company has developed over 10 national patent new drugs, covering major diseases such as cardiovascular, respiratory, tumors, diabetes, and neurological disorders, establishing a solid foundation for future growth[110]. Market Position and Strategy - The company is focusing on enhancing its product offerings and expanding its market presence in response to the evolving healthcare landscape in China[34]. - The company has established a comprehensive health industry system integrating medicine, health, and wellness, launching a series of health products including cardiovascular health and anti-aging products[42]. - The company has established a nationwide professional promotion network through partnerships with pharmaceutical distribution enterprises[91]. - The company has formed strategic partnerships with major e-commerce platforms like JD Health and Alibaba Health to enhance its B2B/B2C sales channels[161]. - The company aims to become a leading brand in innovative traditional Chinese medicine and health products through effective media strategies and marketing campaigns[159]. Product Development and Clinical Research - The company has received clinical approval for new drug applications, including Chai Huang Li Dan capsules and Lianhua Yuping granules[130]. - The company is actively conducting ongoing evidence-based medical research on its marketed products, further enhancing their clinical value[116]. - The company has completed multiple post-marketing clinical studies for its products, establishing a solid evidence base for clinical promotion[116]. - The company’s products have undergone randomized, double-blind, multi-center evidence-based medical research, with some results published in international authoritative journals, significantly impacting the medical community[110]. Regulatory and Compliance - The company has obtained 13 ANDA products approved by the US FDA, with one currently under review, and has established agency cooperation with several large US sales companies to continuously enter the US market[146]. - The biopharmaceutical segment aims to achieve compliance with EU and US GMP standards, with successful certification of two factories in Shijiazhuang and Miyun[144]. - The company has registered 14 national standard varieties for formula granules, expanding its prescription field[190]. Awards and Recognition - The company received the 2023 Traditional Chinese Medicine R&D Breakthrough Award in January 2024[173]. - The company was recognized as one of the Top 100 Innovative Pharmaceutical Enterprises in China in September 2024[173]. - The company has received multiple honors, including being listed among China's top 100 innovative brands and top 10 in the pharmaceutical health industry brand value rankings[125]. Challenges and Future Outlook - The company has faced uncertainties regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three accounting years[22]. - The company is actively seeking partnerships in the European market while preparing multiple products for registration[146]. - The company aims to become a large multinational pharmaceutical enterprise with independent intellectual property rights through the development of innovative drugs and international registrations[152].

Financial Performance - The company's operating revenue for 2024 was CNY 344,024,989.64, a decrease of 6.50% compared to CNY 367,930,680.96 in 2023[18]. - The net profit attributable to shareholders for 2024 was CNY 28,153,350.06, a significant increase of 110.12% from a loss of CNY 278,199,885.41 in 2023[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 6,065,164.45, up 104.81% from a loss of CNY 126,126,587.90 in 2023[18]. - The net cash flow from operating activities reached CNY 31,351,942.60, a remarkable increase of 11,482.51% compared to a negative cash flow of CNY 275,439.53 in 2023[18]. - Basic earnings per share for 2024 were CNY 0.0490, compared to a loss of CNY 0.4800 in 2023, reflecting a 110.21% improvement[18]. - Total assets at the end of 2024 were CNY 1,171,609,274.01, a decrease of 1.25% from CNY 1,186,485,248.55 at the end of 2023[18]. - The company's weighted average return on equity for 2024 was 3.84%, a significant recovery from -32.36% in 2023[18]. - The company reported a total profit of ¥22.09 billion in 2024, a significant recovery from a loss of ¥152.07 billion in 2023[24]. Revenue Breakdown - The revenue from paper products and related services accounted for 66.25% of total revenue, amounting to CNY 227.91 million, down 1.03% from the previous year[48]. - The revenue from the anti-counterfeiting traceability system and related services was CNY 104.27 million, representing 30.31% of total revenue, a decrease of 4.34% year-on-year[48]. - The company's total revenue for the reporting period was CNY 344.02 million, a decrease of 6.50% compared to CNY 367.93 million in the previous year[47]. Market Trends and Projections - The global label printing market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2029, with the number of printed labels expected to increase from 1.34 trillion to 1.66 trillion A4 sheets[26]. - The digital printing industry in China achieved a total output value of ¥160.5 billion in 2023, reflecting a year-on-year growth of 17.5%[26]. - The domestic retail sales of consumer goods are expected to reach ¥487.90 billion in 2024, with a year-on-year growth of 3.5%[28]. - The global thermal paper market is projected to reach $4.95 billion in 2024, with a CAGR of 5.3% from 2024 to 2029[28]. Strategic Initiatives - The company plans to integrate anti-counterfeiting traceability with intellectual property protection, creating a comprehensive service platform for brand protection[47]. - The company has established a comprehensive copyright service platform utilizing AI, blockchain, and big data technologies[40]. - The company is actively developing personalized adhesive labels and other products to meet market trends and enhance competitiveness[39]. - The company plans to expand its market presence and enhance product offerings, focusing on new technologies and services[56]. Research and Development - R&D expenses decreased by 16.50% to ¥10,616,567.45 in 2024 from ¥12,714,797.68 in 2023[61]. - The company is investing in protective systems and traceability technologies to enhance its service offerings[83]. - The company is developing a smart temperature-changing printing technology to meet the growing demand for intelligent textiles, enhancing its competitiveness in the market[65]. Cash Flow and Fund Management - Operating cash inflow for 2024 was CNY 462,839,638.81, an increase of 3.75% compared to CNY 446,131,939.66 in 2023[66]. - Cash outflow from financing activities increased by 175.03%, resulting in a net cash outflow of CNY 3,825,260.61 compared to a net inflow of CNY 5,098,323.71 in 2023[66]. - The company reported a total investment of CNY 0.00 during the reporting period, compared to CNY 4,000,000.00 in the same period last year, indicating a 100% decrease[74]. Governance and Compliance - The company has maintained compliance with relevant laws and regulations in its governance practices[124]. - The company’s cash dividend policy is compliant with regulations and ensures the protection of minority shareholders' rights[131]. - The company has established a clear framework for determining the remuneration of directors and senior management[119]. Legal and Regulatory Matters - The company is currently facing a major lawsuit that could impact its financial performance, with potential penalties amounting to 30 million yuan[162]. - The company is currently involved in a lawsuit regarding arbitration matters, with ongoing updates expected[165]. - The company has committed to maintaining compliance with regulatory requirements to mitigate risks associated with ongoing litigation[162]. Employee and Talent Management - The company has established a comprehensive training system to support employee growth and development across various levels and functions[129]. - The employee contract signing rate reached 100%, ensuring that employees' labor rights are protected[147]. - The company emphasizes talent development and retention through internal training and stock incentives to support sustainable growth[91]. Future Outlook - The company aims to achieve a target revenue growth of 10% in the upcoming fiscal year[163]. - The company has provided guidance for Q2 2023, expecting revenue to be between $1.25 billion and $1.30 billion, indicating a potential growth of 2% to 6%[3]. - The company anticipates fluctuations in revenue due to external market pressures and legal uncertainties[166].

Financial Performance - The company's revenue for Q1 2025 was ¥2,358,232,707.77, a decrease of 6.52% compared to ¥2,522,632,691.84 in the same period last year[4] - Net profit attributable to shareholders increased by 7.25% to ¥325,953,296.25 from ¥303,927,918.74 year-on-year[4] - Basic and diluted earnings per share rose by 7.26% to ¥0.1951 from ¥0.1819 in the same quarter last year[4] - Total operating revenue for the current period is ¥2,358,232,707.77, a decrease of 6.5% from ¥2,522,632,691.84 in the previous period[18] - Net profit attributable to the parent company increased to ¥325,953,296.25, up 7.0% from ¥303,927,918.74 in the previous period[20] - The total comprehensive income for the current period is ¥324,101,020.55, compared to ¥301,886,529.06 in the previous period[20] Cash Flow - The net cash flow from operating activities surged by 190.67% to ¥340,097,107.41, compared to ¥117,005,271.96 in the previous year[4] - Cash generated from operating activities increased to ¥2,035,275,225.73, up from ¥1,936,876,740.92 in the previous period[22] - Cash inflow from operating activities totaled $2,180,849,648.91, compared to $1,991,079,544.74 in the previous year, reflecting a year-over-year increase[23] - Cash outflow from operating activities was $1,840,752,541.50, slightly decreased from $1,874,074,272.78[23] - The company reported a net exchange loss of ¥54,894.21 in other comprehensive income, compared to a loss of ¥33,169.55 in the previous period[20] - The impact of exchange rate changes on cash and cash equivalents was positive, contributing $81,373.65 to the total[23] Assets and Liabilities - Total assets increased by 2.81% to ¥13,694,088,012.80 from ¥13,319,171,088.28 at the end of the previous year[4] - The company's equity attributable to shareholders grew by 3.19% to ¥10,549,386,134.31 from ¥10,223,487,732.27 at the end of last year[4] - Total liabilities increased to ¥3,167,894,326.54, compared to ¥3,117,078,422.57 in the previous period[16] - Non-current liabilities decreased slightly to ¥506,741,246.93 from ¥510,389,530.41 in the previous period[16] - The total liabilities include accounts payable of ¥1,766,550,464.18, down from ¥1,846,575,493.59, a decrease of approximately 4.3%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 185,292[11] - The largest shareholder, Yiling Pharmaceutical Technology Co., Ltd., holds 31.53% of shares, totaling 526,775,963 shares[11] - The second-largest shareholder, Wu Xiangjun, holds 20.81% with 347,728,119 shares, of which 260,796,089 shares are pledged[11] Inventory and Receivables - Accounts receivable increased by 31.17% to ¥1,607,442,791.61, primarily due to increased sales volume[8] - Inventory decreased to ¥1,385,508,236.24 from ¥1,746,380,345.14, reflecting a decline of approximately 20.7%[15] - Accounts receivable rose to ¥1,607,442,791.61 from ¥1,225,430,236.42, indicating an increase of about 31.1%[15] Investment Activities - The company experienced a 356.62% decline in cash flow from investing activities, resulting in a net outflow of ¥198,379,807.59, primarily due to reduced redemptions of financial products[9] - Total cash inflow from investment activities decreased to $280,127,334.14 from $1,481,130,024.34, indicating a decline in investment returns[23] - Cash received from investment recoveries was $280,000,000.00, a significant drop from $1,467,775,784.74 in the previous year[23] - Cash paid for investments was $439,800,000.00, down from $1,341,000,000.00, indicating reduced capital expenditures[23] Operational Insights - The company has ongoing development expenditures of ¥270,129,783.30, up from ¥262,797,369.23, showing an increase of about 2.4%[15] - The company has not reported any new product launches or significant market expansion strategies in the current quarter[13] - The company's cash flow management reflects a strategic focus on improving operational efficiency while navigating investment challenges[23]

Financial Performance - The company's revenue for Q1 2025 reached ¥628,483,116.38, representing a 27.18% increase compared to ¥494,171,420.48 in the same period last year[4] - Net profit attributable to shareholders was ¥54,135,208.79, up 7.34% from ¥50,434,076.41 year-on-year[4] - Basic and diluted earnings per share increased by 5.26% to ¥0.2000 from ¥0.1900[4] - Total operating revenue for the current period reached ¥628,483,116.38, a significant increase of 27.1% compared to ¥494,171,420.48 in the previous period[17] - Net profit rose to ¥53,839,779.57, up from ¥48,337,153.31, reflecting an increase of 3.1%[18] - The company reported a total comprehensive income of ¥53,839,423.00, compared to ¥48,266,142.34, indicating a growth of 11.9%[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥89,081,182.62, a significant decline of 719.08% compared to ¥14,389,360.62 in the previous year[4] - Cash flow from operating activities showed a net outflow of ¥89,081,182.62, compared to a net inflow of ¥14,389,360.62 in the previous period[22] - Cash flow from investing activities resulted in a net outflow of ¥60,477,951.35, an improvement from a net outflow of ¥139,921,030.18 year-over-year[22] - Cash flow from financing activities generated a net inflow of ¥154,640,907.12, compared to ¥31,688,826.03 in the previous period, marking a significant increase[22] - The company’s cash and cash equivalents at the end of the period totaled ¥441,794,073.91, an increase from ¥367,255,962.93[22] - Cash and cash equivalents increased to ¥515,429,485.73 from ¥506,809,667.09, reflecting a growth of 2.4%[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,384,524,809.31, a slight increase of 0.46% from ¥5,359,779,989.17 at the end of the previous year[4] - Current assets totaled ¥3,520,714,663.47, slightly down from ¥3,525,525,010.13 at the beginning of the period, indicating a decrease of 0.14%[15] - Total liabilities decreased to ¥2,780,356,315.93 from ¥2,812,850,448.61, a reduction of 1.15%[16] - Total equity increased to ¥2,604,168,493.38 from ¥2,546,929,540.56, showing a growth of 2.2%[16] - Long-term borrowings rose to ¥427,286,187.68 from ¥349,319,600.23, an increase of 22.3%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,598[8] - The largest shareholder, Cui Yingqi, holds 20.70% of the shares, amounting to 55,080,000 shares[8] - Shareholders' equity attributable to the parent company rose by 2.27% to ¥2,591,111,988.38 from ¥2,533,577,606.34[4] Operational Highlights - The company did not report any new product developments or strategic acquisitions during this quarter[4] - The company plans to focus on market expansion and new product development in the upcoming quarters[13] - Management indicated that they are exploring potential mergers and acquisitions to enhance market position[13] - Total operating costs increased to ¥606,072,990.18 from ¥473,995,683.74, representing a 27.8% increase year-over-year[18] - Research and development expenses increased to ¥35,089,929.64 from ¥28,949,849.73, reflecting a 21.3% rise[18] Accounts Receivable and Inventory - Accounts receivable decreased to ¥1,702,668,685.17 from ¥1,708,161,895.70, a decline of 0.3%[14] - Inventory rose to ¥886,714,542.32 from ¥863,411,923.99, marking an increase of 2.7%[14]