Financial Performance - JinkoSolar reported a negative distributable profit for the fiscal year 2024, leading to no profit distribution or capital reserve transfer to shareholders[5]. - The company's operating revenue for 2024 was approximately ¥92.47 billion, a decrease of 22.08% compared to ¥118.68 billion in 2023[22]. - Net profit attributable to shareholders was ¥98.93 million, down 98.67% from ¥7.44 billion in the previous year[22]. - The net cash flow from operating activities decreased by 68.30%, from ¥24.82 billion in 2023 to ¥7.87 billion in 2024[25]. - Basic earnings per share dropped to ¥0.01, a decline of 98.65% compared to ¥0.74 in 2023[23]. - The weighted average return on equity fell to 0.30%, a decrease of 23.89 percentage points from 24.19% in 2023[24]. - The total assets decreased by 8.33% from ¥132.12 billion in 2023 to ¥121.11 billion in 2024[22]. - The company reported a significant decline in sales revenue due to intensified competition and falling prices in the photovoltaic market[25]. - The company experienced a net loss in the fourth quarter, with a net profit of -¥1.12 billion attributable to shareholders[27]. - The company's revenue for 2024 was 92.471 billion RMB, a decrease of 22.08% year-on-year, while net profit attributable to shareholders was 99 million RMB, down 98.67%[36]. Market Position and Strategy - Jinko Solar reported a revenue of RMB 10.5 billion for the last quarter, representing a year-over-year increase of 25%[21]. - The company shipped 5.2 GW of solar modules in the last quarter, a 30% increase compared to the same period last year[21]. - Jinko Solar expects to achieve a revenue target of RMB 45 billion for the full year 2024, indicating a growth of 20% from 2023[21]. - The company is exploring potential acquisitions in the European market to enhance its market presence and distribution channels[21]. - The company has established partnerships with three major utility companies to expand its project pipeline in North America[21]. - The company is focusing on developing customized solutions for zero-carbon parks and integrated solar-storage systems to enhance its market presence[41]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its offerings[174]. - The company plans to expand its market presence and is focusing on new product development to drive future growth[174]. Research and Development - Jinko Solar is investing RMB 1 billion in R&D for new solar technologies, aiming to improve conversion efficiency by 2% over the next two years[21]. - The total R&D expenditure for the year was approximately ¥4.41 billion, a decrease of 36.12% compared to the previous year's ¥6.90 billion[70]. - The company filed 796 new invention patents and obtained 387 patents during the reporting period, bringing the total number of valid patents to 3,010[68]. - The company is focusing on the commercialization of perovskite solar cells, achieving an efficiency of 21.68% and a record efficiency of 34.22% for tandem cells[73]. - The company has established a research laboratory dedicated to the development of next-generation high-efficiency battery components, ensuring a strong technological reserve[73]. - The company is committed to continuous optimization of its solar cell technology, with a focus on achieving industry-leading performance metrics[73]. - The company is actively participating in various international academic conferences, including the SNEC and IEEE PVSC, to stay updated on photovoltaic technology developments[67]. Governance and Risk Management - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[7]. - JinkoSolar's financial report received a standard unqualified audit opinion from Tianjian Accounting Firm[4]. - The company has no special arrangements for corporate governance that would affect the annual report's accuracy and completeness[8]. - The company has implemented a comprehensive risk management strategy to address global policy risks and market uncertainties[79]. - The company has established an industry-leading integrated production capacity of approximately 100GW by the end of 2024, focusing on N-type TOPCon battery technology for efficiency and cost reduction[43]. - The company has maintained a transparent information disclosure system, with no incidents of information leakage or insider trading reported[168]. Operational Efficiency - The company is enhancing its financial risk management and operational efficiency to navigate the cyclical fluctuations in the photovoltaic industry[40]. - The company has implemented a dual sales model, utilizing direct sales for large projects and distribution for smaller commercial and residential markets, optimizing service processes and quality management[51]. - The company is focusing on the development of dual-sided modules, which enhance energy generation and reduce internal losses, thereby improving overall competitiveness[74]. - The company has adjusted its R&D project investments based on strategic planning and technological needs, leading to changes in ongoing project funding[75]. Sustainability and Environmental Impact - The company has established nine "zero-carbon factories" certified by TÜV Rheinland, promoting a significant reduction in the carbon footprint of photovoltaic components[81]. - The company is committed to sustainability initiatives, aligning with global trends and consumer preferences[174]. - The company aims to enhance the ecological impact of photovoltaic systems through integrated design and lifecycle assessment technologies[74]. Future Outlook - Future guidance indicates a positive outlook with expected revenue growth driven by increased user adoption and market expansion strategies[174]. - The company plans to issue global depositary receipts and list them on the Frankfurt Stock Exchange, indicating a strategy for market expansion[170]. - The company aims for an annual shipment target of 85-100GW in 2025, reinforcing its market leadership position[164]. - The global photovoltaic market is expected to see a 17% year-on-year growth in new installations, reaching approximately 698GW in 2025[154].

Financial Performance - The company's revenue for Q1 2025 was CNY 13.84 billion, a decrease of 40.03% compared to CNY 23.08 billion in the same period last year[6]. - The net profit attributable to shareholders was a loss of CNY 1.39 billion, down 218.20% from a profit of CNY 1.18 billion year-on-year[6]. - The net cash flow from operating activities was a negative CNY 2.62 billion, a decline of 323.43% compared to CNY 1.17 billion in the previous year[6]. - Total operating revenue for Q1 2025 was CNY 13.84 billion, a decrease of 40.2% compared to CNY 23.08 billion in Q1 2024[20]. - The net profit for Q1 2025 was a loss of CNY 1.45 billion, compared to a profit of CNY 1.18 billion in Q1 2024[21]. - The company's operating profit for Q1 2025 was a loss of CNY 2.08 billion, compared to a profit of CNY 1.47 billion in Q1 2024[21]. - The company reported a total comprehensive loss of CNY 1.46 billion for Q1 2025, compared to a comprehensive income of CNY 1.18 billion in Q1 2024[22]. Earnings Per Share - The basic earnings per share were CNY -0.14, a decline of 216.67% from CNY 0.12 in the previous year[6]. - The diluted earnings per share were CNY -0.14, down 227.27% from CNY 0.11 year-on-year[7]. - Basic earnings per share for Q1 2025 were CNY -0.14, compared to CNY 0.12 in Q1 2024[22]. Research and Development - Research and development expenses totaled CNY 495.90 million, a decrease of 63.17% from CNY 1.35 billion in the same period last year[7]. - Research and development expenses in Q1 2025 were CNY 128.78 million, a decrease of 57.6% from CNY 303.72 million in Q1 2024[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 119.03 billion, a decrease of 1.72% from CNY 121.11 billion at the end of the previous year[7]. - The total liabilities as of the end of the reporting period were CNY 86.56 billion, slightly down from CNY 87.19 billion in the previous period[19]. - The total equity attributable to shareholders was CNY 30.92 billion, a decrease from CNY 32.31 billion in the previous period[19]. - The total current assets as of March 31, 2025, amounted to RMB 66,886,217,910.95, a decrease from RMB 68,790,452,676.93 at the end of 2024[17]. - The total assets as of March 31, 2025, were RMB 119,032,648,312.30, down from RMB 121,109,877,893.38 at the end of 2024[17]. Cash Flow - In Q1 2025, the net cash flow from operating activities was -$2.62 billion, a significant decline compared to $1.17 billion in Q1 2024, indicating a negative cash flow trend[23]. - Total cash inflow from operating activities in Q1 2025 was $16.51 billion, down 25.6% from $22.18 billion in Q1 2024[23]. - Cash outflow from operating activities increased to $19.13 billion in Q1 2025, compared to $21.01 billion in Q1 2024, reflecting higher operational costs[23]. - Cash flow from investing activities showed a net outflow of -$573.37 million in Q1 2025, an improvement from -$2.39 billion in Q1 2024[24]. - Cash inflow from financing activities in Q1 2025 was $10.93 billion, up 52.5% from $7.17 billion in Q1 2024, indicating increased borrowing[24]. - The net cash flow from financing activities improved to $3.75 billion in Q1 2025, compared to a net outflow of -$3.27 billion in Q1 2024[24]. - The ending cash and cash equivalents balance increased to $24.55 billion in Q1 2025, compared to $12.73 billion in Q1 2024, showing a strong liquidity position[24]. - Cash received from the disposal of fixed assets was $62.09 million in Q1 2025, significantly higher than $16.52 million in Q1 2024, indicating asset monetization efforts[24]. - The company received $10.52 billion in borrowings in Q1 2025, a notable increase from $6.95 billion in Q1 2024, reflecting a strategy to enhance liquidity[24]. - The company reported a cash inflow of $415.13 million from other financing activities in Q1 2025, compared to $225.34 million in Q1 2024, indicating diversified funding sources[24]. Market and Industry Context - The company attributed the decline in revenue and profit primarily to the decrease in photovoltaic module prices[9]. - The company has faced pressure on profit levels due to low prices across the photovoltaic industry chain and changes in overseas trade policies[13]. - The company is actively responding to industry demand and policy changes while optimizing market strategies and supply chain management[13]. - The company is committed to maintaining its industry-leading position through continuous technology upgrades and product competitiveness[14]. - The total shipment volume for Q1 2025 was 19,130 MW, with module shipments at 17,504 MW, representing a year-over-year decrease of 12.68%[14]. - As of the end of the reporting period, the cumulative global shipment of photovoltaic modules exceeded 320 GW[14]. - The average efficiency of mass-produced high-efficiency N-type TOPCon cells reached over 26.6%[14]. - The company expects module shipments for Q2 2025 to be between 20 GW and 25 GW[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 73,561[10].

Financial Performance - The company achieved total revenue of 129.47 million yuan in 2024, representing a year-on-year growth of 13.32%[5]. - The company reported a net loss attributable to shareholders of 201.38 million yuan in 2024, a reduction in loss by 127.58 million yuan compared to the previous year[13]. - The net cash flow from operating activities improved, with a net outflow of CNY 172.52 million, a reduction of CNY 9.47 million from the previous year, due to cost reduction and efficiency enhancement efforts[36]. - The basic earnings per share for 2024 was -CNY 0.54, an improvement from -CNY 0.88 in 2023[34]. - The company achieved a revenue of RMB 129.47 million in the reporting period, but reported a net loss of RMB 201.38 million attributable to shareholders[142]. - The company reported a significant non-recurring gain of CNY 125.93 million, primarily from the disposal of a 70% stake in Qianyan Jianling and government subsidies[39]. - The quarterly revenue for Q4 2024 was CNY 37.83 million, contributing to the overall annual growth[38]. - The company has set a performance guidance of achieving RMB 600 million in revenue for the next quarter, reflecting a 20% growth target[32]. Research and Development - Research and development expenses for 2024 amounted to 137.21 million yuan, primarily focused on post-marketing studies of Aikening® and advancing pipeline product development[13]. - The company has established a value-driven R&D management system to prioritize innovative projects with significant clinical advantages[9]. - The company is committed to strengthening its new drug R&D and production capabilities to maintain competitiveness in the pharmaceutical industry[45]. - The company is focusing on optimizing its R&D pipeline, with new projects currently in early development stages[127]. - The total R&D expenditure for the year was ¥137,205,648.06, a decrease of 35.95% compared to the previous year[126]. - The company’s R&D investment accounted for 105.97% of its revenue during the reporting period, significantly higher than the industry average[191]. - The R&D investment for small nucleic acid drugs was 26.65 million RMB, accounting for 20.59% of operating revenue, with no applicable year-on-year comparison[195]. - The company has established a comprehensive patent management system to protect its innovative products, creating a patent moat in the long-acting HIV drug and small nucleic acid drug fields[138]. Product Development and Pipeline - The core product, Aikening®, has seen sales exceed 100 million yuan for two consecutive years since 2023, indicating successful commercialization[14]. - Aikening® is currently undergoing Phase II clinical trials for two additional indications, which have been approved by the National Medical Products Administration[14]. - The company is advancing the clinical development of FB7013, a candidate drug for IgA nephropathy, which is in the preclinical research stage and has First-in-Class potential[8]. - The company is focusing on developing long-acting HIV drugs and new small nucleic acid drugs, with a pipeline that includes innovative and high-end generic drugs to meet market demands[55][56]. - The company is actively developing multiple new drugs, including FB1002 for HIV treatment and FB2001 for COVID-19, with clinical trials progressing as planned[24]. - The company is exploring the application of Aikening® in post-exposure prophylaxis, with successful implementations in private clinics in cities like Shanghai, Nanjing, and Guangzhou[52]. - The company is developing high-end generic drugs in the chronic disease treatment field, including FB4001 for osteoporosis and FB3002 for musculoskeletal pain, to strengthen its competitive advantage[135]. Market Strategy and Expansion - The company aims to enhance operational efficiency and marketing network construction to drive high-quality development and value growth in 2025[10]. - Frontier Biotechnologies aims to expand its market presence, targeting a 15% increase in market share over the next fiscal year[32]. - The company is focusing on building a comprehensive long-acting anti-HIV product matrix while also exploring opportunities in the chronic disease market with small nucleic acid drugs and high-end generics[14]. - The company has expanded its product coverage to over 300 HIV treatment hospitals and 200 DTP pharmacies across 30 provinces and municipalities in China, with the product included in the national medical insurance directory for 2024[47]. - The company is committed to increasing R&D investment and advancing the development of small nucleic acid products across various therapeutic areas[90]. - The company employs a dual sales model, utilizing both distributor and direct supply methods to enhance market reach and patient access[95][96]. Regulatory and Compliance - The company is exposed to regulatory risks in the pharmaceutical industry, which could hinder market expansion or increase compliance costs if strategic adjustments are not made in response to policy changes[149]. - The company has successfully renewed the inclusion of Aikening® in the National Medical Insurance Directory, maintaining the original payment standards and scope, which supports further commercialization in local markets[47]. - The company has submitted an ANDA for the osteoporosis treatment FB4001 to the FDA, which is currently under review, aiming for commercialization in the U.S. by 2025[62]. Financial Position and Risks - Total assets decreased by 15.33% year-on-year to CNY 1.81 billion, while equity attributable to shareholders decreased by 15.00% to CNY 1.14 billion, mainly due to the sale of a 70% stake in Qianyan Jianling[36]. - The company faces significant risks related to the rapid technological changes in the pharmaceutical industry, which could affect its business operations and financial status if competitors develop superior products[145]. - The company is still heavily reliant on Aikening® for revenue, and any significant changes in the HIV drug market could adversely impact its business performance[146]. - The company is facing risks related to potential significant declines in performance or losses, particularly if the market performance of Aikening® does not meet expectations[144].

Financial Performance - The company's operating revenue for Q1 2025 was ¥54,903,476.57, a decrease of 22.72% compared to ¥71,046,221.35 in the same period last year[4] - Net profit attributable to shareholders was ¥46,494,495.17, down 7.37% from ¥50,192,583.10 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥26,424,953.02, reflecting a significant decline of 37.00% compared to ¥41,944,349.94 in the previous year[4] - The net cash flow from operating activities decreased by 35.48% to ¥7,003,028.12 from ¥10,853,625.56 in the same period last year[4] - Total revenue for Q1 2025 was CNY 54,903,476.57, a decrease of 22.5% compared to CNY 71,046,221.35 in Q1 2024[17] - Operating profit for Q1 2025 was approximately $51.19 million, compared to $56.08 million in Q1 2024, indicating a decrease of about 8.3%[18] - Total comprehensive income for Q1 2025 was approximately $46.36 million, down from $50.21 million in Q1 2024, reflecting a decrease of about 7.4%[19] - Basic and diluted earnings per share for Q1 2025 were both $0.25, compared to $0.27 in Q1 2024, a decrease of about 7.4%[19] Operating Costs and Expenses - Total operating costs for Q1 2025 were CNY 29,089,906.84, slightly increased from CNY 28,993,281.89 in Q1 2024[17] - Operating costs in Q1 2025 included CNY 10,217,143.85 for cost of goods sold, down 23.8% from CNY 13,375,178.63 in Q1 2024[17] - Research and development expenses totaled ¥19,072,897.24, accounting for 34.74% of operating revenue, an increase of 7.27 percentage points from 27.47% year-on-year[4] - R&D expenses for Q1 2025 were approximately $19.07 million, a slight decrease from $19.52 million in Q1 2024, reflecting a reduction of about 2.3%[18] - The company reported a decrease in financial expenses, with interest expenses of approximately $4.93 thousand in Q1 2025, down from $677.61 thousand in Q1 2024[18] Cash Flow and Investments - Cash flow from operating activities for Q1 2025 was approximately $7.00 million, down from $10.85 million in Q1 2024, a decline of about 35.5%[21] - Cash flow from investing activities generated a net inflow of approximately $121.77 million in Q1 2025, compared to a net outflow of approximately $395.75 million in Q1 2024[22] - Cash and cash equivalents as of March 31, 2025, were CNY 663,236,081.97, up from CNY 512,196,672.91 at the end of 2024[14] - Cash and cash equivalents at the end of Q1 2025 were approximately $663.24 million, an increase from $452.21 million at the end of Q1 2024[22] - The company received approximately $1.25 billion from investment recoveries in Q1 2025, significantly higher than $595.68 million in Q1 2024, indicating a substantial increase[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,859,800,304.36, representing a 1.01% increase from ¥3,821,078,755.50 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to CNY 3,859,800,304.36, compared to CNY 3,821,078,755.50 at the end of 2024[16] - Total liabilities decreased to CNY 200,364,763.22 as of March 31, 2025, from CNY 208,003,524.27 at the end of 2024[16] - Shareholders' equity increased to CNY 3,659,435,541.14 as of March 31, 2025, compared to CNY 3,613,075,231.23 at the end of 2024[16] - The company reported a decrease in accounts receivable from CNY 45,212,808.81 in 2024 to CNY 29,712,389.21 in Q1 2025[14] - The company’s inventory remained stable at CNY 722,867.26 as of March 31, 2025[14] - The company’s long-term equity investments increased slightly to CNY 642,260,123.48 from CNY 635,922,563.15[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,243[10] - The largest shareholder, Huang Shan, holds 68.23% of the shares, totaling 124,823,913 shares[11] Investment Income - The company reported a significant increase of 179.04% in investment income, primarily due to gains from the disposal of trading financial assets[9]

Financial Performance - The company's operating revenue for Q1 2025 was ¥100,319,737, representing a decrease of 29.03% compared to ¥141,354,613.98 in the same period last year[4]. - The net profit attributable to shareholders was -¥52,216,961.76, worsening from -¥30,419,309.12 year-on-year[4]. - Net loss for Q1 2025 was ¥54,612,109.54, compared to a net loss of ¥33,286,123.36 in Q1 2024, representing a 64.1% increase in losses[20]. - Operating profit for Q1 2025 was -¥64,493,676.77, worsening from -¥34,027,134.32 in Q1 2024[18]. - Total operating revenue for Q1 2025 was ¥100,319,737, a decrease of 29.1% compared to ¥141,354,613 in Q1 2024[18]. - Total operating costs for Q1 2025 were ¥160,705,831.87, down 4.3% from ¥167,574,798.71 in Q1 2024[18]. - Basic earnings per share for Q1 2025 were -¥0.4351, compared to -¥0.2535 in Q1 2024[20]. Cash Flow and Assets - The net cash flow from operating activities was -¥12,445,734.30, an improvement from -¥28,496,821.18 in the previous year[4]. - Cash flow from operating activities for Q1 2025 was -¥12,445,734.30, an improvement from -¥28,496,821.18 in Q1 2024[23]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥34,452,589.44, down from ¥38,102,392.02 at the end of Q1 2024[24]. - The company's cash and cash equivalents decreased to CNY 39,123,170.99 from CNY 48,500,593.22, a decline of about 19.05%[14]. - The company's current assets totaled CNY 329,232,536.20, down from CNY 382,201,451.20, indicating a decrease of about 13.87%[14]. Research and Development - Research and development expenses totaled ¥23,705,173.25, accounting for 23.63% of operating revenue, an increase of 5.55 percentage points year-on-year[6]. - Research and development expenses for Q1 2025 were ¥23,705,173.25, a decrease of 7.2% from ¥25,561,588.25 in Q1 2024[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,917[10]. - The top five shareholders held a combined 42.25% of the company's shares, with the largest shareholder owning 11.10%[10]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,457,607,204.65, down 4.83% from ¥1,531,650,235.44 at the end of the previous year[6]. - The company's total liabilities were CNY 1,312,004,362.39, slightly down from CNY 1,332,925,327.24, reflecting a decrease of approximately 1.57%[16]. - The company's total equity attributable to shareholders decreased to CNY 172,113,287.87 from CNY 222,913,009.96, a decline of approximately 22.73%[16]. - The company's long-term borrowings remained stable at CNY 519,515,804.21, showing minimal change from CNY 519,717,689.44[16]. - The company's short-term loan of CNY 359,485,785.63 increased from CNY 347,257,854.63, indicating a rise of about 3.54%[16]. Future Outlook - The company expects significant improvement in operating revenue in Q2 2025, driven by enhanced production capacity in the electronic ceramics business[8]. Other Information - The company reported non-recurring gains of ¥2,323,889.77 during the period, primarily from government subsidies and asset disposals[7]. - The company experienced a credit impairment loss of ¥2,880,397.83 in Q1 2025, compared to a gain of ¥542,001.38 in Q1 2024[18]. - The company has not reported any significant new product developments or market expansions during the reporting period[12].

Financial Performance - The company's revenue for Q1 2025 was CNY 28,328,182.53, representing a 14.93% increase compared to CNY 24,648,130.00 in the same period last year[3]. - Total operating revenue for Q1 2025 was CNY 28,328,182.53, an increase of 14.3% compared to CNY 24,648,130.00 in Q1 2024[14]. - The net profit attributable to shareholders was a loss of CNY 44,121,517.41, an improvement from a loss of CNY 55,706,177.98 year-over-year[3]. - Net loss for Q1 2025 was CNY 44,121,517.41, an improvement from a net loss of CNY 55,706,177.98 in Q1 2024, representing a 20.5% reduction in losses[15]. - The company reported a total comprehensive loss of CNY 44,099,957.95 for Q1 2025, an improvement from CNY 55,705,964.26 in Q1 2024[15]. Research and Development - R&D expenses totaled CNY 16,803,233.38, a significant decrease of 50.68% from CNY 34,071,674.17 in the previous year, with R&D investment accounting for 59.32% of revenue, down 78.91 percentage points[3]. - Research and development expenses significantly decreased to CNY 16,803,233.38 from CNY 34,071,674.17, a decline of 50.7%[14]. Cash Flow and Assets - The net cash flow from operating activities was -CNY 48,669,328.08, compared to -CNY 43,749,418.44 in the previous year[3]. - Cash flow from operating activities showed a net outflow of CNY 48,669,328.08, compared to a net outflow of CNY 43,749,418.44 in the same period last year[16]. - The company's total current assets decreased from CNY 1,222.62 million as of December 31, 2024, to CNY 1,130.07 million as of March 31, 2025[11]. - The company's cash and cash equivalents decreased from CNY 248.98 million to CNY 221.97 million during the same period[11]. - Cash and cash equivalents at the end of Q1 2025 were CNY 218,010,949.55, down from CNY 526,400,496.91 at the beginning of the period[18]. - The company's total assets at the end of the reporting period were CNY 1,723,742,799.34, a decrease of 4.88% from CNY 1,812,138,179.73 at the end of the previous year[4]. - The company's total assets decreased from CNY 1,812.14 million to CNY 1,723.74 million during the same period[12]. - The company's total liabilities decreased from CNY 670.83 million to CNY 626.53 million from December 31, 2024, to March 31, 2025[13]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,392[7]. - The largest shareholder, Jianmu Pharmaceutical Co., Ltd., holds 70,638,750 shares, representing 18.86% of the total shares[8]. Operational Highlights - The company has seen a significant increase in accounts payable, which rose by 96.80%, indicating increased operational activity[5]. - In Q1 2025, the company achieved revenue of CNY 28.33 million, a year-on-year increase of 14.93%, primarily driven by the sales growth of its core product, Aikening®[9]. - The company has focused on three outpatient groups: high viral load patients, those with suboptimal antiviral treatment, and patients with incomplete immune reconstitution, enhancing clinical application in outpatient settings to boost sales[9]. - As of March 2025, the company has successfully introduced the antiviral drug Veklury® in 29 provinces across the country, generating stable revenue[10]. - The company continues to advance its diversified business strategy, focusing on enhancing the clinical promotion of Aikening® in both inpatient and outpatient settings[9]. Investment Activities - Investment activities generated a net cash inflow of CNY 62,384,367.43, contrasting with a net cash outflow of CNY 307,550,372.78 in Q1 2024[17]. Earnings and Returns - The weighted average return on equity was -3.94%, an improvement from -4.24% in the same period last year[3]. - Basic and diluted earnings per share improved to CNY -0.12 from CNY -0.15 year-over-year[15]. - The company's net loss increased from CNY 1.96 billion to CNY 2.00 billion in retained earnings[13]. Operating Costs - Total operating costs decreased to CNY 74,909,155.77 from CNY 86,698,546.20, a reduction of 13.6% year-over-year[14].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥197,651,861.61, representing a 44.46% increase compared to ¥136,823,208.53 in the same period last year[5] - Net profit attributable to shareholders was ¥61,931,236.61, a significant increase of 164.23% from ¥23,438,331.42 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥50,842,098.63, up 59.73% from ¥31,829,980.34 in the previous year[6] - Basic and diluted earnings per share were both ¥0.46, reflecting a 170.59% increase compared to ¥0.17 in the same period last year[6] - The total comprehensive income for Q1 2025 was CNY 61.99 million, compared to CNY 23.23 million in Q1 2024, reflecting an increase of approximately 166.9%[19] Cash Flow and Investments - The net cash flow from operating activities was ¥22,077,510.27, a remarkable increase of 374.99% from a negative cash flow of -¥8,028,380.20 in the previous year[6] - Investment activities resulted in a net cash outflow of CNY 123.62 million in Q1 2025, compared to a net inflow of CNY 37.38 million in Q1 2024[24] - The company received CNY 255.72 million in cash from sales and services in Q1 2025, compared to CNY 126.48 million in Q1 2024, representing an increase of about 102.2%[23] Research and Development - Total R&D investment amounted to ¥51,313,554.34, which is a 47.51% increase from ¥34,785,458.24 year-on-year, accounting for 25.96% of operating revenue[6] - The company continues to focus on increasing R&D personnel and salaries, contributing to the growth in R&D investment[9] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,873,633,957.75, a 1.72% increase from ¥3,808,080,455.23 at the end of the previous year[6] - Current assets as of March 31, 2025, totaled RMB 2,990,721,220.61, slightly up from RMB 2,934,292,569.32 as of December 31, 2024[13] - Total liabilities as of March 31, 2025, were RMB 238,034,201.42, a slight increase from RMB 237,799,660.03[15] - Non-current assets totaled RMB 882,912,737.14, up from RMB 873,787,885.91, indicating a growth of 1.4%[14] Shareholder Information - Shareholders' equity attributable to the parent company was ¥3,635,599,756.33, up 1.83% from ¥3,570,280,795.20 at the end of the previous year[6] - Shareholders' equity increased to RMB 3,635,599,756.33 from RMB 3,570,280,795.20, reflecting a growth of 1.8%[15] - The company reported no significant changes in the top 10 shareholders or their participation in margin trading[11] Operational Status - There are no other important reminders regarding the company's operational status during the reporting period[12] - The company adjusted its financial statements for Q1 2024, increasing operating costs by CNY 1.75 million and decreasing sales expenses by the same amount due to new accounting standards[20]

Financial Performance - The company's revenue for Q1 2025 was CNY 137,160,578.06, representing a year-over-year increase of 20.02% compared to CNY 114,282,281.78 in the same period last year[4]. - The net loss attributable to shareholders for the period was CNY 11,545,431.51, a significant improvement from a loss of CNY 170,095,866.61 in the previous year[4]. - Total operating revenue for Q1 2025 was ¥137,160,578.06, an increase of 20.00% compared to ¥114,282,281.78 in Q1 2024[18]. - Net profit for Q1 2025 was a loss of ¥11,545,431.51, an improvement from a loss of ¥174,882,984.28 in Q1 2024[19]. - The total comprehensive loss for Q1 2025 was ¥11,549,283.95, an improvement from a loss of ¥174,560,182.55 in Q1 2024[19]. Cash Flow - The net cash flow from operating activities was a net outflow of CNY 13,801,882.53, which is an improvement of CNY 94,393,791.82 compared to the previous year's outflow[7]. - Cash flow from operating activities showed a net outflow of ¥13,801,882.53 in Q1 2025, compared to a net outflow of ¥108,195,674.35 in Q1 2024[21]. - Cash flow from investing activities resulted in a net outflow of ¥437,359,085.65 in Q1 2025, contrasting with a net inflow of ¥275,011,228.44 in Q1 2024[22]. - Cash and cash equivalents at the end of Q1 2025 were ¥1,055,668,836.98, down from ¥2,374,907,374.57 at the end of Q1 2024[22]. Research and Development - Research and development (R&D) expenses totaled CNY 88,924,234.66, a decrease of 28.48% from CNY 124,328,450.39 in the same period last year, with R&D expenses accounting for 64.83% of revenue, down 43.96 percentage points[4][7]. - Research and development expenses were ¥72,712,590.56 in Q1 2025, down 25.00% from ¥96,745,611.33 in Q1 2024[18]. - The company continues to focus on enhancing R&D efficiency and integrating resources across different pipelines to drive future growth[7]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 7,820,387,409.65, a decrease of 1.73% from CNY 7,958,132,235.38 at the end of the previous year[5]. - The company's current assets totaled CNY 4,134,286,329.53, down from CNY 4,282,490,715.65, indicating a decrease of about 3.45%[13]. - The company's total liabilities were CNY 2,921,615,159.54, down from CNY 3,048,260,581.65, showing a reduction of around 4.17%[15]. - The total equity attributable to the owners of the parent company was CNY 4,898,772,250.11, slightly decreasing from CNY 4,909,871,653.73, a change of about 0.23%[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 17,828[9]. - The company has not reported any significant changes in its major shareholders or their participation in margin trading activities[11]. Profitability Metrics - The weighted average return on equity improved by 3.04 percentage points to -0.24% from -3.28% in the previous year[4]. - The company's gross profit margin improved by 23.14 percentage points due to optimized production capacity and cost control measures[7]. - The company's inventory increased to CNY 322,559,055.80 from CNY 283,414,610.09, marking an increase of approximately 13.80%[13]. - The company's short-term borrowings decreased to CNY 213,622,195.45 from CNY 377,348,417.32, a reduction of about 43.45%[15]. - The company's long-term borrowings increased to CNY 1,114,926,712.74 from CNY 1,098,538,320.81, reflecting an increase of approximately 1.49%[15].

Financial Performance - The company achieved a sales revenue of 360 million RMB, representing a year-on-year growth of 294.24% compared to 2023[3]. - The company's revenue for 2024 reached ¥359,900,621.06, representing a 294.24% increase compared to ¥91,288,640.00 in 2023[24]. - The net profit attributable to shareholders for 2024 was -¥845,956,285.93, an improvement from -¥1,107,713,253.26 in 2023[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 was -¥898,889,978.56, compared to -¥1,160,727,128.66 in 2023[24]. - The net cash flow from operating activities for 2024 was -¥650,525,464.27, an improvement from -¥967,882,951.13 in 2023[24]. - The total assets as of the end of 2024 were ¥1,718,737,884.05, a 14.86% increase from ¥1,496,378,567.44 at the end of 2023[24]. - The net assets attributable to shareholders decreased by 77.17% to ¥193,755,800.40 at the end of 2024 from ¥848,627,415.80 at the end of 2023[24]. - The company reported a net profit attributable to shareholders of -224.23 million yuan in Q1 2024, with a total of -287.50 million yuan in Q4 2024[29]. - The net cash flow from operating activities was negative, totaling -126.07 million yuan in Q1 2024 and -187.22 million yuan in Q4 2024[29]. - The company reported a significant increase in production and sales volume of anti-tumor drugs, with sales volume rising by 302.3% year-on-year[101]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[163]. Research and Development - R&D expenses reached 724 million RMB during the reporting period, reflecting the company's ongoing investment in clinical trials[5]. - The company is focused on innovative drug research and development in the fields of malignant tumors and autoimmune diseases[3]. - The company has established a product pipeline with seven globally competitive products, including two in global registration clinical trials[38]. - The company invested CNY 724 million in R&D during the reporting period, with ongoing clinical trials for Shuwozhe® and DZD8586 progressing efficiently[42]. - The company has made significant progress in R&D, with a focus on addressing unmet needs in drug development, particularly in oncology[64]. - The company has established a comprehensive R&D platform covering all stages from drug discovery to clinical development, enhancing its core competitiveness in the pharmaceutical industry[76]. - The company has a total of 267 R&D personnel, accounting for 31.34% of the total workforce, with an average salary of 76.53 thousand RMB[75]. - The company has received 73 new intellectual property rights this year, bringing the total to 336[67]. - The company has developed new technologies and models to address drug resistance in targeted therapies, including next-generation TKIs and immune checkpoint inhibitors[64]. - The company is focusing on maintaining a strong R&D investment strategy to support the development of innovative therapies[125]. Product Development and Approvals - The self-developed Class I new drug, Gorizhe® (generic name: Golixitinib capsules), was approved for marketing in China, being the world's first and only highly selective JAK1 inhibitor for r/r PTCL[4]. - The commercialized products Shuwozhe® (generic name: Shuwotini tablets) and Gorizhe® were included in the National Medical Insurance Drug List for 2024[4]. - The FDA accepted the New Drug Application for Shuwozhe® and granted it priority review status for specific NSCLC patients[4]. - The company’s leading product, Gao Ruizhe®, received approval for market launch in June 2024, addressing a significant unmet clinical need in the treatment of r/r PTCL[38]. - Shuwozhe® has submitted a New Drug Application (NDA) to the FDA for the treatment of EGFR Exon20ins NSCLC, receiving priority review status based on positive results from the global clinical study "WU-KONG1B" and has been recognized as a breakthrough therapy in both China and the U.S.[40]. - Both Shuwozhe® and Gao Ruizhe® have been included in the national medical insurance drug list, effective January 1, 2025, which is expected to accelerate commercialization[41]. Market Strategy and Expansion - The company plans to expand its commercialization team and increase promotional efforts to capture a larger market share[5]. - The company is focused on expanding its market presence and developing new products and technologies[18]. - The company is actively communicating with overseas drug regulatory agencies to accelerate the overseas market entry of its products[54]. - The company aims to fill unmet clinical needs with innovative therapies in oncology and immune diseases, focusing on first-in-class drug development[38]. - The company is currently not profitable, primarily due to significant R&D investments and the early stage of commercialization, with a cumulative loss expected to increase[78]. - The company is exploring potential mergers and acquisitions to further enhance its market position, as indicated by the strategic share allocations for senior management[156]. Governance and Management - The company is committed to enhancing its governance structure by establishing specialized committees under the board, including a strategy committee and an audit committee[149]. - The board of directors consists of 7 members, including 4 independent directors, and has held 6 meetings during the reporting period, ensuring effective governance[149]. - The supervisory board comprises 3 members, with 2 employee supervisors, and has convened 5 meetings, fulfilling its supervisory responsibilities[150]. - The company has implemented a competitive compensation system and transparent promotion pathways to attract and retain talent[143]. - The company emphasizes a "shareholder-centric" development philosophy, aiming to improve internal management efficiency and enhance the quality of the listed company[146]. - The financial director has a strong background in investment banking and has held key positions in major financial institutions, which may improve the company's financial strategies[158]. Risks and Challenges - The company has outlined various risk factors in its annual report that may impact its operations[6]. - The approval process for new drugs is uncertain, and delays could adversely affect the company's business operations[84]. - The company is exposed to risks from market competition, particularly from larger multinational and domestic companies with more extensive commercialization experience[88]. - The company faces risks related to the quality control of drug production, which could significantly impact its market reputation and operational performance[87]. - The company relies on external financing for operational funding, and any shortfall could pressure its financial situation and delay R&D projects[90]. Employee and Training Initiatives - The workforce has grown to 852 employees, a 46.64% increase year-over-year, reflecting the company's commitment to talent development and enhancing core competitiveness[43]. - Over 350 employees participated in various training programs in 2024, achieving a satisfaction rate of 95%[185]. - More than 90% of middle and senior management have completed the "Excellence Management Advancement Program," enhancing management skills and team efficiency[184]. - The company has a comprehensive training system covering compliance, safety, and professional skills, ensuring 100% coverage of occupational health and safety training[184].

Financial Performance - The company's operating revenue for Q1 2025 was ¥40,684,805.73, a decrease of 9.22% compared to ¥44,815,148.38 in the same period last year[4] - Net profit attributable to shareholders decreased by 67.04% to ¥1,220,931.14 from ¥3,703,907.82 year-on-year[4] - Basic and diluted earnings per share decreased by 66.67% to ¥0.03 from ¥0.09 year-on-year[4] - The company reported a total comprehensive income of CNY 1,166,514.79 for Q1 2025, compared to CNY 3,772,583.60 in Q1 2024, a decline of 69.0%[20] Cash Flow - The net cash flow from operating activities fell by 134.97%, resulting in a negative cash flow of ¥2,844,554.71 compared to a positive cash flow of ¥8,135,229.74 in the previous year[4][8] - The company reported a net cash flow from financing activities of -703,907.44, resulting in a total outflow of 12,233,123.04[24] - Cash inflow from investment activities was CNY 476,509,753.77 in Q1 2025, significantly higher than CNY 50,736,511.42 in Q1 2024[22] - Cash and cash equivalents increased to RMB 328,927,414.04 from RMB 261,582,058.68, representing a growth of about 25.7%[13] Expenses and Costs - Total operating costs increased to CNY 44,161,459.69 in Q1 2025, up from CNY 43,739,944.96 in Q1 2024, representing a rise of 1.0%[18] - The company incurred a total operating expense of CNY 44,979,046.54 in Q1 2025, compared to CNY 47,559,475.95 in Q1 2024, indicating a decrease of 5.3%[22] - Research and development expenses totaled ¥8,247,774.22, representing 20.27% of operating revenue, down from 22.71% in the previous year[5] - Research and development expenses were CNY 8,247,774.22 in Q1 2025, down from CNY 10,176,017.01 in Q1 2024, a reduction of 19.0%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥986,629,392.53, a decrease of 0.78% from ¥994,358,320.65 at the end of the previous year[5] - The total liabilities amounted to CNY 73,204,918.58, a decrease from CNY 82,478,947.62 in the previous period[16] - The total current liabilities decreased to RMB 65,294,940.62 from RMB 74,415,169.08, indicating a reduction of approximately 12.3%[15] - The company held trading financial assets of RMB 442,709,777.78, down from RMB 510,959,655.56, a decrease of approximately 13.3%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 3,250[10] - The largest shareholder, Ji Jinliang, holds 7,858,357 shares, representing 19.65% of the total shares[10] - The company repurchased 1,291,428 shares, representing 3.23% of the total share capital[12] Strategic Changes - The company attributed the decline in revenue and profit primarily to a change in the VAT calculation method for in vitro diagnostic reagent products, effective January 1, 2025[7] - The company has not disclosed any significant new strategies or product developments during the reporting period[12] - The company will first implement new accounting standards starting from 2025[24]