Financial Performance - The company's operating revenue for Q1 2025 was ¥2,536,386,897.59, representing a year-on-year increase of 5.13% compared to ¥2,412,701,599.30 in the same period last year[4] - Net profit attributable to shareholders decreased by 38.80% to ¥276,543,001.67 from ¥451,845,572.59 in the previous year[4] - Basic and diluted earnings per share decreased by 38.71% to ¥0.19 from ¥0.31 in the previous year[4] - Net profit for Q1 2025 was ¥360,107,991.88, a decrease of 44.4% from ¥647,257,944.06 in Q1 2024[19] - Operating profit for Q1 2025 was ¥456,087,675.13, down 41.5% from ¥780,675,513.73 in Q1 2024[19] Cash Flow - The net cash flow from operating activities fell by 46.15%, amounting to ¥703,649,965.19, down from ¥1,306,748,430.96 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was ¥703,649,965.19, a decline of 46.1% compared to ¥1,306,748,430.96 in Q1 2024[23] - The net cash flow from financing activities for Q1 2025 was ¥18,108,057.78, a significant improvement compared to a net outflow of ¥1,235,865,886.38 in Q1 2024[23] Assets and Liabilities - Total assets increased by 2.49% to ¥29,163,359,472.62 from ¥28,455,977,030.37 at the end of the previous year[4] - The company's total liabilities stood at RMB 13,626,200,944.28, up from RMB 13,432,798,776.86, marking an increase of about 1.44%[15] - The company's total current liabilities were RMB 4,523,689,431.31, showing a marginal decrease from RMB 4,531,140,781.12, a reduction of about 0.16%[15] - The company's total liabilities increased to CNY 1,239,209,121.61 as of March 31, 2025, compared to CNY 1,235,704,219.60 at the end of 2024[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 39,611[9] - The largest shareholder, Beijing Energy Group Co., Ltd., holds 63.31% of the shares, totaling 911,613,544 shares[9] Inventory and Receivables - The company's inventory decreased to RMB 186,961,758.00 from RMB 224,998,116.12, showing a decline of about 16.88%[13] - Accounts receivable rose significantly to RMB 186,682,775.56 from RMB 94,965,629.66, indicating an increase of approximately 96.59%[13] Costs and Expenses - Total operating costs rose significantly to ¥2,084,819,940.53 in Q1 2025, up 27.5% from ¥1,633,890,669.52 in Q1 2024[18] - The company incurred sales expenses of ¥32,115,530.35 in Q1 2025, a decrease of 18.5% from ¥39,407,304.09 in Q1 2024[19] - Management expenses decreased to CNY 39,684,149.22 in the first quarter of 2025 from CNY 45,427,968.73 in the first quarter of 2024[28] Non-Recurring Items - The company reported a non-recurring gain of ¥3,179,978.13, which includes a loss from non-current asset disposal of ¥4,967,877.74[7] Cash and Cash Equivalents - The company's cash and cash equivalents increased to RMB 4,718,959,772.06 from RMB 4,163,578,591.59, representing a growth of about 13.33%[13] - Cash and cash equivalents at the end of Q1 2025 totaled ¥4,405,997,714.46, down from ¥4,645,115,761.15 at the end of Q1 2024[23] Other Financial Metrics - The weighted average return on equity decreased by 1.66 percentage points to 2.28% from 3.94% in the previous year[4] - The total non-current assets amounted to RMB 23,570,306,252.79, a slight decrease from RMB 23,664,405,235.69, indicating a decline of approximately 0.40%[14] - The company's long-term borrowings increased to RMB 5,688,320,000.00 from RMB 5,553,320,000.00, reflecting an increase of about 2.39%[15] - The total equity of the company as of March 31, 2025, was CNY 9,537,865,975.21, a slight decrease from CNY 9,562,108,039.09 at the end of 2024[27] Accounting Standards - The company did not apply new accounting standards starting from 2025[32]

Financial Performance - The company's revenue for 2024 reached ¥958,126,136.62, representing a 71.53% increase compared to ¥558,570,814.06 in 2023[22]. - The net profit attributable to shareholders decreased by 32.12% to ¥17,279,483.78 in 2024 from ¥25,457,149.46 in 2023[22]. - The net profit after deducting non-recurring gains and losses increased by 63.81% to ¥12,717,698.58 in 2024 from ¥7,763,682.75 in 2023[22]. - The net cash flow from operating activities dropped by 79.49% to ¥13,616,943.72 in 2024 from ¥66,390,283.89 in 2023[22]. - Basic earnings per share decreased by 30.00% to ¥0.14 in 2024 from ¥0.20 in 2023[23]. - Total assets increased by 23.19% to ¥1,245,836,206.72 at the end of 2024 from ¥1,011,330,809.52 at the end of 2023[23]. - The net assets attributable to shareholders decreased by 1.96% to ¥602,041,472.69 at the end of 2024 from ¥614,087,905.40 at the end of 2023[23]. - The company reported a diluted earnings per share of ¥0.14 in 2024, down from ¥0.20 in 2023, indicating a decline in profitability[23]. - The company achieved a total operating revenue of 958.13 million yuan in 2024, an increase of 71.53% compared to the previous year[49]. - The net profit attributable to shareholders of the listed company was 17.28 million yuan, a decrease of 32.12% year-on-year[49]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.8 RMB per 10 shares to all shareholders, based on a total of 126,431,804 shares[4]. - The company has not proposed any bonus shares for the current financial year, indicating a focus on cash dividends[4]. - The company distributed cash dividends of 1 RMB per 10 shares, totaling 12,643,180.40 RMB (including tax) based on a total share capital of 126,431,804 shares for the fiscal year 2023[166]. - The company approved a cash dividend distribution plan of 0.8 RMB per 10 shares, totaling 12,643,180.40 RMB (including tax) for the fiscal year 2023[171]. - The company will ensure that the cash dividend plan is approved at the shareholders' meeting, adhering to legal regulations and company articles[195]. Governance and Compliance - The board of directors has confirmed that all members attended the meeting to review the annual report, ensuring accountability for the report's accuracy and completeness[3]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible personnel, including the CEO and accounting head[3]. - The company has a comprehensive governance structure, including a board of directors and a supervisory board, to oversee its operations[4]. - The company ensures independent operation from its controlling shareholder, maintaining autonomy in business and financial decisions[121]. - The company conducts shareholder meetings with a combination of on-site and online voting, ensuring minority shareholders' rights are respected[120]. - The company has established a robust audit committee to ensure compliance with regulatory standards and internal governance[160]. - The company has implemented a "Quality and Return Dual Improvement" action plan[117]. - The company has a complete and independent business system, capable of conducting operations without reliance on controlling shareholders[126]. - The company actively engages with stakeholders to balance the interests of shareholders, employees, and society, promoting sustainable development[124]. Risk Management and Future Outlook - The company emphasizes that forward-looking statements regarding future plans are subject to uncertainties and depend on various factors, including market conditions[4]. - The company has outlined potential risks and countermeasures in the management discussion and analysis section of the report[4]. - The report includes a detailed description of the company's future development outlook and associated risks[4]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[23]. - The company acknowledges risks related to rapid industry changes, raw material price fluctuations, and the challenges of integrating acquired entities[115]. Research and Development - The company has a strong focus on R&D, with its subsidiaries recognized as high-tech enterprises and possessing leading core technologies in the industry[46]. - The company has applied for 50 patents related to core technologies and has a strong technical accumulation in the industry[39]. - The R&D investment amounted to ¥46,433,168.39 in 2024, representing 4.85% of operating revenue, a decrease from 7.70% in 2023[81]. - The number of R&D personnel increased by 20.90% to 162 in 2024, with a significant rise in the number of personnel under 30 years old, which increased by 138.89%[81]. - The company is focusing on expanding its product range in the new energy sector, including waterproof products for photovoltaic and energy storage applications[80]. Market and Industry Trends - The company is positioned to benefit from the stable growth of downstream industries such as telecommunications, electricity, and automotive, which are critical for its product applications[31]. - The production and sales of new energy vehicles in China reached 12.888 million and 12.866 million units in 2024, representing a year-on-year increase of 34.4% and 35.5% respectively[35]. - The company’s polymer materials business is significantly influenced by raw material prices, which directly affect production costs and product sales prices[31]. - The company is actively pursuing technology innovation and market expansion in the thermal management systems sector, particularly for new energy vehicles and AI applications[54]. Employee and Talent Management - The company emphasizes a strong talent management system to attract and retain skilled professionals, enhancing its competitive advantage[47]. - The company has a comprehensive training system in place to enhance employee skills and align with organizational development needs[165]. - The company has implemented a performance-based compensation system to motivate employees and align with strategic goals[164]. - The company has 14 employees with master's degrees or higher, and 114 with bachelor's degrees, indicating a diverse educational background among staff[162]. Environmental and Social Responsibility - The report includes a section dedicated to environmental and social responsibility, highlighting the company's commitment to sustainable practices[5]. - The company has committed to sustainable development and environmental protection in its operations[182]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[181]. - The company conducts regular health check-ups for employees and promotes a healthy work-life balance through various activities[184]. Strategic Initiatives - The company plans to invest 90 million yuan in a new project for large-area cooling liquid cold plates to meet the demand from major clients like CATL[58]. - The company plans to adopt a dual-driven model of collaborative manufacturing and independent production and sales by 2025 to enhance sustainable growth[60]. - The company aims to enhance operational management capabilities and optimize procurement strategies to reduce raw material costs while ensuring timely product delivery[113]. - The company is pursuing an acquisition of Dongguan Zhaoke Electronic Materials Technology Co., Ltd., which is expected to enhance resource allocation and operational synergy upon completion[114].

Financial Performance - The company's revenue for Q1 2025 reached ¥252,303,104.42, an increase of 86.39% compared to ¥135,364,616.53 in the same period last year[5]. - Net profit attributable to shareholders was ¥10,076,941.42, representing a significant increase of 839.66% from ¥1,072,404.17 year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥7,613,206.23, up 1,371.38% from ¥517,419.08 in the previous year[5]. - Basic and diluted earnings per share both increased to ¥0.08, a 700.00% rise from ¥0.01 in the previous year[5]. - Total revenue for Q1 2025 reached ¥11,864,135.55, a significant increase of 2025.94% compared to ¥558,066.63 in Q1 2024, driven by rapid growth in the new energy vehicle battery cooling plate business and overseas communication services[11]. - Net profit for Q1 2025 was ¥10,391,308.29, marking a remarkable increase of 3083.06% from a loss of ¥348,344.04 in Q1 2024, attributed to improved profitability in key business segments[11]. - The company reported a significant increase in total profit before tax, which rose to ¥11,864,135.55, reflecting strong operational performance in the new energy sector[11]. - Operating profit for the current period was ¥12,057,212.66, compared to ¥562,924.57 in the previous period, indicating a substantial improvement[25]. - The company reported a total comprehensive income of ¥10,402,942.87, compared to a loss of ¥300,364.72 in the previous period, showcasing a strong recovery[25]. Cash Flow - The company's operating cash flow improved to ¥7,944,521.53, a turnaround from a negative cash flow of -¥4,839,240.26 in the same quarter last year, marking a 264.17% increase[5]. - Cash flow from operating activities generated ¥7,944,521.53 in Q1 2025, a turnaround from a negative cash flow of ¥4,839,240.26 in Q1 2024, reflecting a 264.17% increase[11]. - Investment activities generated a net cash flow of ¥23,512,789.69 in Q1 2025, a 306.88% increase from a negative cash flow of ¥11,365,698.03 in Q1 2024, due to reduced equipment payments and cash recovery from large deposits[11]. - The net increase in cash and cash equivalents for Q1 2025 was ¥25,998,758.11, representing a 232.37% increase from ¥7,822,346.73 in Q1 2024[11]. - Cash inflow from operating activities totaled ¥208,296,108.06, compared to ¥150,253,939.14 in the prior period, reflecting a growth of approximately 38.6%[28]. - Cash outflow from operating activities was ¥200,351,586.53, up from ¥155,093,179.40, indicating an increase of about 29.1%[28]. - Investment activities generated a net cash flow of ¥23,512,789.69, a recovery from the previous period's net cash flow of -¥11,365,698.03[29]. - Cash inflow from investment activities amounted to ¥32,517,704.12, compared to ¥28,136,692.88 in the prior period, marking an increase of approximately 15.9%[29]. - Cash outflow from investment activities decreased to ¥9,004,914.43 from ¥39,502,390.91, a reduction of about 77.2%[29]. - Financing activities resulted in a net cash flow of -¥5,448,598.34, down from ¥23,942,917.43 in the previous period[29]. - Total cash and cash equivalents at the end of the period were ¥141,734,230.52, a decrease from ¥166,005,070.57 in the prior period[29]. - The company received ¥36,810,000.00 in cash from borrowings, down from ¥79,870,000.00 in the previous period, reflecting a decrease of approximately 54.0%[29]. - The company reported a cash inflow of ¥1,293,155.36 from tax refunds, significantly higher than the previous period's ¥12,463.13[28]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥1,238,739,231.15, a slight decrease of 0.57% from ¥1,245,836,206.72 at the end of the previous year[5]. - Total liabilities decreased from ¥582,515,237.29 to ¥565,015,318.85, a reduction of approximately 3.0%[24]. - The equity attributable to shareholders of the parent company increased from ¥602,041,472.69 to ¥612,130,048.69, reflecting a growth of about 1.8%[24]. - The company’s total current assets amounted to ¥712,205,564.25, slightly down from ¥718,441,074.59, indicating a decrease of approximately 0.3%[22]. - The company’s fixed assets decreased to ¥144,891,708.89 from ¥147,917,648.39, a reduction of about 2%[22]. - The company’s long-term equity investments remained stable at ¥20,733,437.13, slightly down from ¥20,829,660.51[22]. - The company’s inventory decreased to ¥141,707,210.94 from ¥146,559,489.89, reflecting a decline of approximately 3.3%[22]. - Accounts receivable decreased to ¥292,276,165.42 from ¥339,688,942.65, a decline of about 14%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,112, with no preferred shareholders having restored voting rights[13]. - The top shareholder, Shenzhen Kechuang Xinhua Technology Co., Ltd., holds 17.48% of shares, amounting to 22,100,000 shares, with 17,506,500 shares pledged[13]. - The second-largest shareholder, Zhou Dong, owns 6.59% of shares, totaling 8,325,620 shares, with 6,920,000 shares pledged[13]. - The controlling shareholder and related parties pledged a total of 24,426,500 shares, accounting for 19.32% of the total share capital[18]. Government and Regulatory Matters - The company received government subsidies amounting to ¥3,259,813.62, which positively impacted its financial performance[6]. - The company received administrative regulatory measures from the Shenzhen Securities Regulatory Bureau, emphasizing the need for improved compliance and internal controls[19]. Future Plans - The company plans to continue expanding its new energy vehicle battery cooling plate business and overseas communication services to sustain growth momentum[11]. - The company plans to provide a guarantee of up to ¥90 million for its subsidiaries to support their daily operations and business development[19]. Research and Development - Research and development expenses rose to ¥11,466,883.83 from ¥9,961,671.52, an increase of approximately 15.1%[24].

Financial Performance - The company reported a revenue of ¥685,172,711.11 for Q1 2025, representing a year-on-year increase of 15.40% compared to ¥593,713,825.36 in the same period last year[5]. - Net profit attributable to shareholders decreased by 13.74% to ¥24,767,635.73 from ¥28,711,530.39 in the previous year[5]. - The company reported a basic earnings per share of ¥0.09, down 18.18% from ¥0.11 in the same period last year[5]. - Net profit for the current period was ¥22,812,567.43, a decrease of 27.8% from ¥31,533,311.08 in the previous period[24]. - The total comprehensive income for the current period was ¥22,810,166.29, compared to ¥31,533,272.48 in the previous period, a decline of 27.8%[25]. Cash Flow and Assets - The net cash flow from operating activities improved significantly, reaching ¥96,284,785.54, a 166.00% increase from a negative cash flow of ¥145,882,860.47 in the same period last year[5]. - Cash inflow from operating activities was ¥829,997,679.56, compared to ¥716,995,405.04 in the previous period, representing a growth of 15.7%[27]. - The net cash flow from operating activities was $96,284,785.54, a significant improvement compared to a net outflow of $145,882,860.47 in the previous period[28]. - The total assets of the company decreased by 8.11% to ¥2,222,018,049.04 from ¥2,418,225,621.54 at the end of the previous year[5]. - Current assets total 1,796,257,496.04 RMB, a decrease from 1,984,683,550.94 RMB at the beginning of the period[20]. - Cash and cash equivalents at the end of the reporting period are 549,846,401.05 RMB, down from 612,433,254.76 RMB[19]. Liabilities and Equity - The total liabilities increased to ¥1,061,799,169.53, compared to ¥828,537,878.87 in the previous period, reflecting a growth of 28.1%[21]. - The total equity attributable to shareholders of the parent company rose to ¥1,376,452,708.49, up from ¥1,337,443,922.03, marking an increase of 2.9%[21]. - The largest shareholder, Yuanlong Yatu (Beijing) Investment Co., Ltd., holds 32.46% of shares, amounting to 85,027,553 shares, with 7,640,000 shares pledged[15]. Business Operations and Strategy - The company's marketing services, including promotional products and new media marketing, generated a total revenue of ¥664 million, a 13.03% increase year-on-year, despite a 19.60% decline in gross profit[8][9]. - The licensed souvenir business achieved revenue of ¥19,119,500, marking a substantial growth of 267.07% year-on-year, primarily driven by the Harbin Winter Games[8]. - The company is expanding its "Big IP + Technology" strategy, focusing on the development of cultural and creative products and channel expansion, with significant sales momentum in new product lines[10]. - The company has secured exclusive licensing rights for the 2025 Harbin Winter Games and is actively developing products for the Chengdu World Games and the Greater Bay Area Games[11]. - The company is exploring new models for scene-based IP operations, including VR immersive experiences and digital IP operations, to enhance its market presence[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 43,555[15]. - The employee stock ownership plan has acquired a total of 884,600 shares, representing 0.3377% of the total share capital, with a total transaction amount of 13,515,385.00 RMB at an average price of 15.28 RMB per share[17]. - The company plans to continue its employee stock ownership plan as approved in the recent board meetings[16]. Research and Development - Research and development expenses decreased to ¥22,732,552.43 from ¥26,829,105.01, a reduction of 15.3%[24]. Audit Information - The company did not undergo an audit for the first quarter report[29].

Financial Performance - The company's operating revenue for 2024 was CNY 2,790,183,357.93, representing a 3.65% increase compared to CNY 2,692,016,491.79 in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of CNY 184,082,578.00, a significant decline of 878.18% from a profit of CNY 23,655,644.63 in 2023[21]. - The net cash flow from operating activities increased dramatically to CNY 247,307,163.92, up 5,833.45% from CNY 4,168,015.78 in 2023[21]. - The total assets at the end of 2024 were CNY 2,418,225,621.54, down 8.77% from CNY 2,650,550,267.75 at the end of 2023[21]. - The net assets attributable to shareholders decreased by 13.86% to CNY 1,337,443,922.03 at the end of 2024, compared to CNY 1,552,635,207.37 at the end of 2023[21]. - The company reported a basic and diluted earnings per share of -CNY 0.71 for 2024, a decrease of 745.45% from CNY 0.11 in 2023[21]. - The marketing business segment generated 2.71 billion yuan in revenue, with a year-on-year increase of 5.44%[53]. - In 2024, the company's promotional services revenue reached CNY 1.77 billion, a year-on-year increase of 11.92%, with a gross profit of CNY 219 million, remaining stable year-on-year[54]. - The new media marketing business generated CNY 940 million in revenue, a decline of 4.93% year-on-year, with a gross profit margin of 16.49%[54]. Business Strategy and Market Position - The company aims to leverage its "Big IP + Technology" strategy to drive business innovation and create new growth points[41]. - The company is positioned to benefit from supportive policies aimed at cultural industry innovation and development, as emphasized in the "14th Five-Year Plan" for cultural industry development[31]. - The company focuses on a 2B2C business model, primarily selling to B-end enterprises while ultimately serving C-end consumers[34]. - The integration of physical gifts into marketing strategies is expected to strengthen consumer engagement and brand loyalty[35]. - The company has established a complete integrated industrial chain in the "IP cultural and creative" sector, covering IP resources, content creation, and sales channels[39]. - The company has signed contracts with multiple well-known IPs, including Universal Pictures and NBA, to develop and sell related cultural products[40]. - The company is actively involved in the production and sale of licensed commemorative products for major events, enhancing its market presence[39]. - The company aims to enhance its B-end marketing core competitiveness by integrating IP operation capabilities with comprehensive marketing services, focusing on AI technology applications and WEB3 marketing tools[101]. - The company is targeting the C-end market by leveraging its strengths in creative design and product development, aiming to expand its IP cultural and creative business[102]. Risk Management and Governance - The company emphasizes that forward-looking statements do not constitute substantial commitments to investors, highlighting the uncertainty influenced by market conditions and business operations[4]. - The company has detailed the major risks and countermeasures it will face in the future, as outlined in the "Management Discussion and Analysis" section of the report[4]. - The company faces uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the past three years[21]. - The company is addressing intensified market competition by increasing investments in IP resources, creative design, and IT capabilities to maintain market leadership[110]. - The company is cautious about new business development, monitoring market demand to control investment risks and uncertainties[112]. - The company maintains independence from its controlling shareholders in operations, assets, and financial matters, ensuring a self-sufficient business model[120]. - The company has established an independent financial department with a complete accounting system and financial management policies[121]. - The company has a clear separation of operational and office spaces from controlling shareholders, ensuring no mixed operations[122]. Corporate Social Responsibility - The company has actively engaged in social responsibility, including cash donations totaling 30,300 RMB to Shenzhen Charity Association in July 2024[179]. - In November 2024, the company donated cash and materials worth 60,000 RMB to Beijing Tianyun Hearing and Speech Rehabilitation Center[180]. - The company contributed 240,000 RMB to Dongrun Public Welfare Fund in November 2024, supporting community initiatives[180]. - The company has implemented measures to enhance environmental protection, focusing on increasing the use of recyclable materials in its operations[178]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[176]. Employee and Management Structure - The total number of employees at the end of the reporting period was 728, with 418 in the parent company and 310 in major subsidiaries[150]. - The company conducted a total of 25 training sessions during the year, accumulating 138 hours of training, including 10 sessions for new employees[152]. - The company has a structured remuneration decision process based on industry salary levels, regional development, and individual performance[136]. - The total remuneration paid to directors, supervisors, and senior management for the year 2024 amounted to 8.5984 million yuan[136]. - The highest individual remuneration was received by the Chairman and General Manager, Sun Zhen, totaling 1.0389 million yuan[137]. - The company has seen a consistent ranking in industry analyst evaluations, with its team achieving first place in the New Fortune rankings in 2014 and 2015[135]. - The management team includes experienced professionals with extensive backgrounds in finance and capital markets, contributing to strategic decision-making[135]. Financial Reporting and Compliance - The company's financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management[4]. - The company has maintained effective internal control over financial reporting as of December 31, 2024, according to the internal control audit report[173]. - There were no significant defects identified in both financial and non-financial reporting internal controls[172]. - The company reported a total asset coverage of 100% in the internal control evaluation, indicating comprehensive evaluation scope[171]. - The company appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP for the 2024 financial report audit, with a total audit fee of RMB 1.2 million, including RMB 900,000 for financial statement audit and RMB 300,000 for internal control audit[192]. Shareholder and Board Activities - The company held 4 shareholder meetings during the reporting period, reviewing 17 proposals, ensuring compliance with legal requirements[116]. - The board of directors held 11 meetings, reviewing 75 proposals, ensuring effective governance and decision-making[117]. - The supervisory board conducted 10 meetings, reviewing 35 proposals, maintaining oversight of financial and operational compliance[118]. - The company has held two shareholder meetings in 2024, with participation rates of 43.05% and 43.11% respectively[123]. - The company is set to appoint new independent directors and general manager candidates in the upcoming board elections[146].

Financial Performance - The net profit attributable to shareholders for the year 2024 is CNY 2,268,375,062.69, with the parent company achieving a net profit of CNY 3,074,515,638.66[5] - The total distributable profit for the parent company at the end of 2024 is CNY 4,816,783,378.24, after accounting for the cash dividend of CNY 1,367,894,736.60 to be distributed at CNY 6.90 per 10 shares[5] - The cash dividend payout ratio for the year is 60.30% of the net profit attributable to shareholders[5] - In 2024, the company achieved operating revenue of CNY 29.56 billion, a decrease of 20.90% compared to 2023[21] - The net profit attributable to shareholders was CNY 2.27 billion, down 46.75% from the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 2.44 billion, a decline of 44.56% year-on-year[21] - The company’s basic earnings per share were CNY 1.14, reflecting a decrease of 46.98% from 2023[22] - The weighted average return on equity was 14.12%, down 14.39 percentage points from the previous year[22] - The company reported total revenue of 29.561 billion RMB, a decline of 20.90% compared to the previous year, primarily due to falling coal prices and reduced production and sales volumes[66][69] Production and Sales - Coal production for the period was 32.98 million tons, a decrease of 15.40% year-on-year[32] - The company achieved a total coal production of 32.98 million tons, a year-on-year decrease of 15.40%, with self-produced coal sales of 26.73 million tons, down 23.31%[56] - The average selling price of coal was 645.85 RMB per ton, reflecting a significant decline in the second half of the year due to market trends[56] - The company reported a revenue of 17.266 billion RMB from coal production, a year-on-year decrease of 27.45%[56] - In 2024, the company sold 10.1982 million tons of imported coal, contributing to a total trade coal sales of 18.9963 million tons[33] - The coal production business generated revenue of 17.266 billion RMB, accounting for 58.41% of total revenue, down 27.45% year-on-year[69] Assets and Liabilities - Total assets at the end of 2024 were CNY 40.38 billion, a slight decrease of 0.58% from the previous year[21] - The net assets attributable to shareholders increased by 5.19% to CNY 16.49 billion compared to the end of 2023[21] - The company’s asset-liability ratio at the end of the period was 50.52%, an increase of 1.07 percentage points from the beginning of the year[30] - The company’s debt-to-asset ratio was 50.52%, an increase of 1.07 percentage points from the beginning of the year[66] Research and Development - Research and development expenses increased by 27.45% to 492.95 million RMB, reflecting a rise in R&D projects[68] - The company invested CNY 493 million in R&D, accounting for 2.99% of the net assets attributable to the parent company and 1.67% of the annual revenue[87] - The number of R&D personnel increased to 1,635, representing 11.48% of the total workforce[86] - The company has optimized its R&D personnel structure and increased collaboration with universities and research institutions[88] Safety and Environmental Management - The company focused on safety and environmental management, enhancing risk prevention and control measures[30] - The company has implemented a comprehensive safety management system, focusing on risk prevention and control, which has led to new advancements in safety measures[101] - The company has made progress in environmental protection measures, as detailed in the report's section on "Environment and Social Responsibility"[104] - The company has implemented pollution prevention facilities, including wastewater treatment plants with a daily capacity of 3,000 m³ for mine wastewater and 500 m³ for domestic wastewater[186] - The company has established a wastewater treatment station with a daily processing capacity of 4,200 m³ for mine water, with treated water partially used for underground firefighting and washing coal production[191] Governance and Compliance - The company has established a governance structure that includes a board of directors, supervisory board, and management team to ensure clear responsibilities and effective oversight[128] - The board consists of 11 members, including 4 independent directors, ensuring compliance with regulations and promoting fair decision-making processes[129] - The company emphasizes compliance with legal regulations and has strengthened its legal management system, including contract management and litigation oversight[134] - The company has implemented a system for insider information management to ensure fair disclosure and protect sensitive information[135] Future Outlook and Strategic Plans - The company plans to accelerate green and low-carbon development, emphasizing pollution prevention and ecological protection[113] - The coal production target for 2025 is set at no less than 35 million tons[112] - The company aims to enhance safety and environmental responsibility, focusing on zero accidents and improving safety management measures[113] - The company will deepen its core business focus, enhancing competitiveness through optimized resource allocation and production efficiency[114] Employee Management and Training - The company has a competitive salary policy that aligns employee compensation with company performance and industry standards[161] - A total of 78,105 training sessions were completed, including 40,955 for safety production and 10,814 for management personnel[162] - The company has a structured training plan aimed at enhancing employee skills and operational efficiency for 2025[163]

Financial Performance - The company reported a net profit attributable to shareholders of -48,584,665.39 RMB for the year 2024, compared to -187,866,826.53 RMB in 2023, indicating an improvement [7]. - Operating revenue for 2024 was 1,229,601,153.40 RMB, representing a 27.32% increase from 965,732,916.48 RMB in 2023 [25]. - The net cash flow from operating activities decreased by 28.51% to 174,024,377.07 RMB in 2024 from 243,419,956.93 RMB in 2023 [25]. - The company's total assets increased by 16.47% to 1,693,707,991.79 RMB at the end of 2024, up from 1,454,164,886.62 RMB at the end of 2023 [25]. - The basic earnings per share for 2024 was -0.18 RMB, an improvement from -0.69 RMB in 2023 [26]. - The company’s net assets attributable to shareholders decreased by 65.16% to 44,798,462.10 RMB at the end of 2024, compared to 128,577,956.73 RMB at the end of 2023 [25]. - The company did not propose any cash dividends or stock bonuses for the year 2024 [7]. - The weighted average return on equity was -46.59% for 2024, an increase of 30.61 percentage points from -77.20% in 2023 [26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -67.94 million RMB, a year-on-year reduction in loss of 90.24 million RMB [39]. - The company reported a significant increase in financial expenses by 162.97% to RMB 20,797,404.48, primarily due to increased leasing liabilities [68]. Operational Developments - The company continues to implement a dual-curve strategic framework focusing on K12 education and B2B2C business expansion [40]. - The company has enhanced its product quality and teaching standards, implementing new management regulations for teachers [41]. - The company has optimized its campus operations and is planning new campus openings based on capacity needs [41]. - The company has implemented a new campus classification management regulation to enhance management capabilities and improve the success rate of new campuses [42]. - In 2024, the company aims to strengthen its organizational capabilities and talent development by establishing an executive committee system across independent business units [43]. - The company plans to increase the proportion of four types of talent in its teaching staff by focusing on recruiting graduates from top universities [44]. - The company has introduced a 2024 employee stock ownership plan to enhance employee engagement and share the company's growth benefits [45]. - By the end of 2024, the company will focus on five major technology empowerment initiatives to improve operational efficiency and management capabilities [46]. - The company has established a robust talent development system, implementing standardized recruitment processes and a four-tier talent cultivation system to support rapid business growth [64]. Market Trends and Opportunities - The Chinese vocational education market is projected to grow from 871.9 billion yuan in 2022 to 1,268.1 billion yuan by 2027, with a CAGR of 7.8% [51]. - The non-academic vocational training segment is expected to grow at a CAGR of 12.6% from 2022 to 2027, outpacing the overall market growth [51]. - The company recognizes the increasing demand for personalized education and the importance of AI technology in transforming the education sector [49]. - The company is actively expanding its adult education division to tap into the growing silver economy [43]. - The adult learning market in China reached a size of 576.2 billion yuan in 2022, projected to exceed 1.04 trillion yuan by 2027, with a compound annual growth rate (CAGR) of 12.6% [54]. - The online adult learning market experienced a CAGR of 25.4% from 2018 to 2022, expected to reach 242.4 billion yuan by 2027, outpacing traditional offline adult learning [54]. - The company has developed a comprehensive product matrix covering all age groups from early childhood to adults, focusing on quality education and vocational training [55]. - The company is focused on maintaining its independent brand and market operations without reliance on the controlling shareholder [129]. Governance and Compliance - The company has implemented a series of regulatory rules to enhance corporate governance, including the revised "Shanghai Stock Exchange Listing Rules" and "Guidelines for Self-Regulation of Listed Companies" to protect investor rights [123]. - The board of directors consists of 11 members, with 4 independent directors, ensuring compliance with legal requirements and promoting fair decision-making [125]. - The company has maintained a transparent information disclosure process, adhering to the "Shanghai Stock Exchange Listing Rules" and ensuring timely and accurate communication with stakeholders [127]. - The company has established a robust internal control system, regularly evaluating its effectiveness and addressing any identified deficiencies [128]. - The company has not experienced any incidents of major shareholders infringing on the rights of minority shareholders during the reporting period [124]. - The company has actively engaged in investor relations management, utilizing various channels to enhance communication and understanding with investors [127]. - The company has continuously published its "Social Responsibility Report" for six consecutive years, demonstrating its commitment to stakeholder interests [126]. Strategic Initiatives - The company aims to achieve sustainable profit growth by enhancing product and organizational capabilities, focusing on quality development across four major education sectors: quality education, vocational education, international and basic education, and adult education [107]. - The vocational education sector will emphasize the construction of industry colleges and deepen the integration of education and industry, creating a three-in-one vocational education ecosystem with "academic education + vocational training + education services" [108]. - The company plans to expand its international and basic education business by focusing on regions like the Yangtze River Delta and the Pearl River Delta, enhancing its overseas study services, and increasing student enrollment through partnerships with overseas schools [110]. - The company will implement a localized product teaching system and enhance teaching quality through precise stratified teaching and a focus on product-driven business development [111]. - The company will enhance its operational management by issuing a "Campus Operation Management Manual" to improve student experience and teaching service quality [113]. - The company will invest in smart technology and AI to improve operational efficiency and innovate educational service models, focusing on five key projects for technological empowerment [114]. Risks and Challenges - The company faces increased market competition as many competitors are also transitioning into related educational fields, necessitating a strong focus on research and innovation capabilities [118]. - The company recognizes potential operational management risks due to recent business adjustments and will enhance internal management to improve risk identification and response capabilities [119]. - The company will continue to monitor regulatory changes closely to ensure compliance, especially in light of the "double reduction policy" affecting traditional subject training [117]. Shareholder and Financial Management - The company has approved a share repurchase plan through centralized bidding [145]. - The company plans to expand its employee stock ownership plan in 2024, with related proposals submitted for shareholder approval [145]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 11.0885 million yuan [142]. - The company’s independent directors have not changed their shareholdings during the reporting period, and their remuneration totals 11.90 million yuan each [133][134]. - The company has authorized a total of up to ¥500 million for cash management, including investments in low-risk financial products [199]. - The company has invested ¥12 million in bank wealth management products, with an outstanding balance of ¥500,000 [199]. - The cash management authorization is valid until a new resolution is approved by the authorized body [199].

Financial Performance - The company's operating revenue for 2024 was CNY 5,198,004,939.43, a decrease of 22.69% compared to CNY 6,723,270,236.69 in 2023[20] - The net profit attributable to shareholders for 2024 was a loss of CNY 412,638,703.09, worsening by 77.29% from a loss of CNY 232,746,401.01 in 2023[20] - The total profit for the period was -304 million yuan, a year-on-year decrease of 2617.56%[44] - The net profit attributable to the parent company was -413 million yuan, a year-on-year decrease of 77.29%[44] - The basic earnings per share for 2024 was -CNY 0.48, a decline of 54.84% from -CNY 0.31 in 2023[21] - The weighted average return on equity for 2024 was -18.94%, a decrease of 9.18 percentage points from -9.76% in 2023[21] Cash Flow and Assets - The net cash flow from operating activities improved to CNY 626,243,362.22, a significant increase of 226.59% compared to a negative cash flow of CNY 494,705,509.23 in 2023[20] - The total assets at the end of 2024 were CNY 8,549,525,576.42, down 7.63% from CNY 9,256,071,550.12 in 2023[20] - The net assets attributable to shareholders decreased by 8.67% to CNY 2,081,243,364.43 from CNY 2,278,765,366.22 in 2023[20] - Cash and cash equivalents increased by 32.56% to CNY 2,578,925,721.96, primarily due to increased net cash inflow from operating activities[63] Revenue Breakdown - Revenue from self-developed software products was 1.719 billion yuan, a year-on-year increase of 5.01%, with an average gross margin of 77.38%[45] - Revenue from industry solutions was 2.205 billion yuan, a year-on-year decrease of 36.09%, with an average gross margin of 2.25%[45] - Revenue from service-oriented business was 1.240 billion yuan, a year-on-year decrease of 22.49%, with an average gross margin of 43.25%[45] Research and Development - Total R&D expenditure reached CNY 1,579,977,031.03, accounting for 30.40% of operating revenue[57][58] - The company has a total of 3,200 R&D personnel, representing 38.34% of the total workforce[59] - The company plans to increase capital in its subsidiary, Qilin Software, and participate in the share purchase[98] Corporate Governance - The company has made one change to its registered capital and revised its articles of association during the reporting period, enhancing corporate governance practices[93] - The company has established specialized committees within the board, including an Audit Committee and a Strategic Committee, to enhance oversight and strategic direction[114] - The company has approved a plan for share repurchase through centralized bidding[96] Shareholder Returns - The company has outlined a three-year shareholder return plan from 2024 to 2026[96] - The company’s cash dividend policy prioritizes cash dividends, with a minimum distribution of 10% of the distributable profit in profitable years[126] - The cumulative cash dividend amount over the last three accounting years is CNY 13,895,624.76[129] Market and Strategic Initiatives - The company is focusing on digital transformation solutions for government, enterprises, and society, leveraging its experience in information technology[33] - The company is actively promoting the expansion of its tax enterprise service business and developing new technologies in financial regulation[34] - The company is exploring acquisition opportunities in the tech sector, with a budget of $100 million allocated for potential deals[104] Risks and Challenges - The company faced significant risks as outlined in the annual report, which investors are advised to consider[7] - There is a shortage of technical experts in core technologies such as basic software, artificial intelligence, and big data, which hinders the rapid formation of the company's core technical strength[90] - The company faces risks from the continuous emergence of new technologies and business models impacting the software and information services industry[90] Social Responsibility - The company donated a total of 7 million yuan to the Open Atom Open Source Foundation as part of its social responsibility initiatives[139] - A total of 173.76 million yuan was invested in poverty alleviation and rural revitalization projects, including 80 million yuan in direct assistance funds[140] Related Party Transactions - The company reported a significant related party transaction with China Electronics Corporation and its subsidiaries, with a projected amount of 50,000,000 RMB and an actual amount of 30,548,870 RMB for 2024[149] - The company has engaged in various related party transactions, including sales and procurement, with a total of 8,043,990 RMB from China Electronics Corporation[151] Employee and Management Changes - The company has undergone several changes in its board and management, with new appointments and re-elections scheduled for January 16, 2024[107][108] - The total number of employees in the parent company is 3,782, while the main subsidiaries employ 4,564, resulting in a total of 8,346 employees[123]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 309,117,608.28, representing a 10.78% increase compared to CNY 279,032,431.56 in the same period last year[6]. - Net profit attributable to shareholders was CNY 13,320,765.04, up 22.93% from CNY 10,836,168.09 year-on-year[6]. - The basic earnings per share increased by 20.00% to CNY 0.0480 from CNY 0.0400 in the previous year[6]. - The weighted average return on equity rose to 23.33%, an increase of 13.97 percentage points compared to 9.36% in the same period last year[6]. - Total operating costs increased to ¥300,839,906.85 from ¥265,294,101.31, representing a growth of approximately 13.4% year-over-year[24]. - Net profit for the first quarter of 2025 was ¥14,131,704.69, up from ¥13,008,703.75, indicating a year-over-year increase of about 8.6%[25]. - Total comprehensive income for the first quarter was ¥16,073,001.10, up from ¥12,332,890.90, representing a growth of approximately 30%[26]. - The company reported a significant increase in other income, which rose to ¥2,370,765.24 from ¥603,385.19, a growth of about 292%[24]. - Investment income for Q1 2025 was CNY 3,048,501.87, a substantial increase from CNY 140,928.90 in Q1 2024, reflecting a growth of about 2,058.57%[36]. Assets and Liabilities - Total assets decreased by 7.34% to CNY 1,569,352,770.29 from CNY 1,693,707,991.79 at the end of the previous year[6]. - As of March 31, 2025, total assets amounted to ¥1,569,352,770.29, a decrease from ¥1,693,707,991.79 as of December 31, 2024[20]. - The company's cash and cash equivalents decreased to ¥421,204,827.05 from ¥605,010,213.72, reflecting a decline of 30.3%[16]. - Total current liabilities decreased to ¥1,017,941,029.48 from ¥1,163,536,437.65, a reduction of 12.5%[19]. - The company’s total liabilities decreased to ¥1,415,089,415.60 from ¥1,564,860,048.79, a reduction of 9.5%[19]. - The total liabilities rose to CNY 1,001,535,977.20 compared to CNY 897,844,987.65, indicating an increase of about 11.51%[32]. - The company’s total equity decreased to CNY 512,877,988.56 from CNY 528,217,288.70, a decline of about 2.91%[33]. Cash Flow - The net cash flow from operating activities was negative at CNY -83,604,122.22, compared to CNY -8,453,566.46 in the same period last year, indicating a significant decline[6]. - Cash flow from operating activities showed a net outflow of ¥83,604,122.22, compared to a smaller outflow of ¥8,453,566.46 in the previous year[28]. - The cash inflow from operating activities decreased to CNY 378,433.75 from CNY 2,616,842.77, indicating a decline of approximately 85.5%[38]. - Operating cash flow for Q1 2025 was CNY -20,166,234.60, compared to CNY -19,588,995.96 in Q1 2024, showing a decrease of about 2.94%[39]. - Net cash flow from financing activities amounted to $118,634,904.76, an increase from $88,771,192.51[40]. - The net increase in cash and cash equivalents was $95,367,725.78, compared to $10,326,695.11 in the previous period[40]. - The ending balance of cash and cash equivalents reached $101,207,603.73, up from $22,452,200.34[40]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,872[12]. - The proportion of shares held by the top 10 shareholders is 23.79%, totaling 68,156,380 shares as of March 31, 2025[14]. - Shareholders' equity attributable to the company increased by 54.92% to CNY 69,402,934.14 from CNY 44,798,462.10 at the end of the previous year[6]. - Shareholders' equity increased to ¥154,263,354.69 from ¥128,847,943.00, representing a growth of 19.7%[20]. Expenses - The company reported a non-recurring loss of CNY -174,463.85, after accounting for tax effects and minority interests[8]. - Research and development expenses decreased to ¥476,807.45 from ¥3,044,242.69, indicating a reduction of approximately 84.4%[24]. - The company reported a significant increase in management expenses, which rose to CNY 24,178,112.67 from CNY 17,477,965.93, marking an increase of approximately 38.36%[35]. Other Information - The company has not reported any new product launches or technological advancements in the current quarter[34].

Financial Performance - The company's operating revenue for Q1 2025 was ¥38,159,176.65, representing an increase of 85.84% compared to ¥20,533,677.14 in the same period last year[4] - The net profit attributable to shareholders decreased by 81.72% to ¥801,063.01 from ¥4,382,814.76 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 91.33% to ¥356,646.46 from ¥4,114,862.40 in the previous year[4] - Basic and diluted earnings per share decreased by 87.5% to ¥0.001 from ¥0.008 year-on-year[4] - Total operating revenue for Q1 2025 reached ¥38,159,176.65, a significant increase of 85.6% compared to ¥20,533,677.14 in Q1 2024[17] - The net profit for Q1 2025 was ¥650,698.42, a decrease of 85.2% from ¥4,382,819.84 in Q1 2024[18] - Total comprehensive income for the first quarter of 2025 was CNY 801,063.01, compared to CNY 4,382,814.76 in the same period of 2024, indicating a significant decrease[19] - The company’s total comprehensive income for Q1 2025 was CNY 599,476.18, a decrease of 86.4% from CNY 4,414,887.18 in Q1 2024[28] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥2,692,105.39, a decline of 120.59% compared to ¥13,073,882.72 in the same period last year[4] - Net cash flow from operating activities for Q1 2025 was -CNY 2,692,105.39, a decline from CNY 13,073,882.72 in Q1 2024[21] - The company incurred cash outflows from operating activities totaling CNY 25,432,188.39 in Q1 2025, compared to CNY 11,598,122.17 in Q1 2024[21] - The company experienced a significant drop in cash inflows from operating activities, totaling CNY 15,850,913.95 in Q1 2025 compared to CNY 24,661,528.54 in Q1 2024[30] - Cash and cash equivalents at the end of Q1 2025 stood at CNY 519,008,375.55, down from CNY 561,301,938.30 at the end of Q1 2024[21] - The total cash and cash equivalents at the end of Q1 2025 were CNY 503,625,793.65, down from CNY 540,622,869.98 at the end of Q1 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥899,944,142.08, an increase of 1.67% from ¥885,127,023.62 at the end of the previous year[5] - Current assets totaled ¥691,079,912.72 as of March 31, 2025, down from ¥712,085,882.56 at the end of 2024, indicating a decrease of 2.0%[12] - The total liabilities increased to ¥116,209,437.38 as of March 31, 2025, compared to ¥100,714,705.35 at the end of 2024, marking a rise of 15.3%[14] - The company's total assets as of March 31, 2025, amounted to ¥899,944,142.08, compared to ¥885,127,023.62 at the end of 2024[13] - The company reported a total asset value of CNY 782,304,568.40 as of March 31, 2025, slightly down from CNY 784,824,183.24 at the end of 2024[25] - Total liabilities decreased to CNY 12,323,541.58 as of March 31, 2025, compared to CNY 14,114,320.61 at the end of 2024[25] - The company's total equity as of March 31, 2025, was CNY 769,981,026.82, a slight decrease from CNY 770,709,862.63 at the end of 2024[26] Business Operations - The company expanded its business into the passenger vehicle parts sector, contributing to the increase in operating revenue[7] - The company completed a share buyback of 3,962,400 shares, accounting for 0.70% of the total share capital, to reduce registered capital[10] - Total operating costs for Q1 2025 were ¥38,334,390.14, up from ¥16,187,257.88 in Q1 2024, reflecting a growth of 136.5%[17] - Research and development expenses for Q1 2025 were ¥3,634,466.62, an increase of 26.7% from ¥2,870,360.34 in Q1 2024[18] - The company reported a decrease in accounts payable to ¥62,543,298.20 as of March 31, 2025, from ¥71,474,560.49 at the end of 2024, a decline of 12.5%[14] - The company incurred a financial expense of CNY -1,630,593.62 in Q1 2025, compared to CNY -3,171,506.17 in Q1 2024[27] - The company reported a decrease in sales expenses to CNY 1,021,091.51 in Q1 2025 from CNY 832,346.46 in Q1 2024[27]