Financial Performance - The company's operating revenue for Q1 2025 was ¥46,659,687.74, representing a 53.40% increase compared to ¥30,417,260.02 in the same period last year[5] - The net profit attributable to shareholders was -¥1,211,289.68, a decrease of 313.61% from a profit of ¥567,044.44 in the previous year[5] - The net cash flow from operating activities was -¥9,779,980.43, a significant decline of 3,041.20% compared to -¥311,345.01 in the same period last year[5] - The basic and diluted earnings per share were both -¥0.0011, down 320.00% from ¥0.0005 in the previous year[5] - The company reported a total current liability of 108,055,190.47 RMB, an increase from 89,970,629.90 RMB, indicating a rise in contract liabilities[21] - The total liabilities increased to ¥423,271,389.27 from ¥396,151,056.22, showing an increase of about 6.9%[23] - The total equity attributable to shareholders decreased slightly to ¥289,726,510.88 from ¥289,900,272.39, a decline of approximately 0.1%[23] - The total comprehensive income for the current period was a loss of ¥1,811,536.37, contrasting with a gain of ¥844,491.11 in the previous period[27] Cash Flow and Liquidity - The company's cash and cash equivalents decreased to 81,404,720.74 RMB from 102,342,142.76 RMB, reflecting a decline of approximately 20.1%[21] - The net cash inflow from operating activities was ¥71,767,265.71, up from ¥38,291,542.50 in the previous period, reflecting a growth of approximately 87.5%[28] - The net cash flow from operating activities was -$9,779,980.43, compared to -$311,345.01 in the previous period, indicating a significant decline in operational cash generation[29] - The cash and cash equivalents at the end of the period were $50,858,661.58, down from $79,905,851.58, showing a decrease in liquidity[29] Investments and Subsidiaries - The company plans to invest approximately RMB 13.8 million in Guangdong Ruijiang Cloud Computing Co., holding 26.87% equity post-investment[13] - The company’s subsidiary Shenzhen Zhuoyu Automation Technology Co., Ltd. signed a procurement contract worth RMB 22.28 million with Ruipu Lanjun Energy Co., Ltd.[13] - The company’s subsidiary Guangdong Star Cloud Data Co., Ltd. intends to invest RMB 30.6 million to establish a joint venture with Guangdong Zhongjian Pulian Technology Co., Ltd.[14] Debt and Legal Obligations - The company is involved in a debt restructuring agreement with Shanghai Nongnongguo Information Technology Co., Ltd., agreeing to repay RMB 3.5793 million[15] - The company is required to pay RMB 6.67218 million plus interest to Shanghai Nongnongguo as per a court ruling[15] - The company is also obligated to pay RMB 8.00808 million plus interest to Hubei Zhongmeng Ecological Agriculture Technology Co., Ltd. following a court ruling[15] - The company faces a court ruling to pay RMB 21.91974 million plus interest to Shanghai Hengjiu Supply Chain Management Co., Ltd.[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 78,466[10] - The company’s major shareholders include Jiadexuan Capital Management Co., Ltd. with 80.26 million shares, accounting for 7.21% of total shares[11] - The company’s actual controller is Dai Junwei, who holds 7.21% of the shares[11] - The company’s top ten shareholders collectively hold significant stakes, with the largest shareholder holding 80.26 million shares[11] Operational Challenges and Risks - The company is facing a delisting risk due to negative net profit and total profit for the fiscal year 2024, with revenue falling below 300 million RMB[19] - The company plans to actively improve its operational and financial conditions to lift the delisting risk warning[19] - The company is undergoing a comprehensive safety inspection following a fire incident in a rented building, which is currently under evaluation for damages[17] - The company is enhancing its safety management practices to prevent future incidents after the fire accident[17] Financial Management and Future Plans - The company has committed to repurchase 919 units of 120KW DC charging piles at market value, which may increase financial pressure if executed[17] - The actual controller and chairman has pledged to buy back shares of subsidiaries if their net profits are negative, with a minimum transaction price of 8 million RMB for Star Quantum and 10 million RMB for Yuan Sheng Information[18] - The company did not undergo an audit for the first quarter report, which may affect the perception of financial reliability[30] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[31]

Revenue and Profitability - The company's revenue for Q1 2025 was ¥84,882,325.93, a decrease of 21.69% compared to ¥108,388,716.66 in the same period last year[5] - Net profit attributable to shareholders was ¥3,299,636.48, representing an increase of 111.42% from a loss of ¥28,890,349.21 in the previous year[5] - Basic earnings per share improved to ¥0.0055 from -¥0.0471, marking an increase of 111.68%[5] - Total operating revenue for the current period was CNY 84,882,325.93, a decrease of 21.7% compared to CNY 108,388,716.66 in the previous period[16] - Net profit for the current period was CNY 3,305,929.61, a significant recovery from a net loss of CNY 29,474,694.47 in the previous period[17] - The company reported a basic and diluted earnings per share of CNY 0.0055, compared to a loss per share of CNY 0.0471 in the previous period[17] Cash Flow and Liquidity - The net cash flow from operating activities was -¥231,424,452.11, a decline of 73.45% compared to -¥133,423,216.72 in the same period last year[5] - Cash inflow from operating activities totaled CNY 179,308,482.46, down from CNY 424,610,279.40 in the previous period, indicating a decline of 57.8%[18] - The net cash flow from operating activities was -231,424,452.11, compared to -133,423,216.72 in the previous period, indicating a decline in operational cash flow[19] - Cash outflows from operating activities totaled 410,732,934.57, down from 558,033,496.12 year-over-year[19] - The ending cash and cash equivalents balance was 269,304,544.81, compared to 58,517,704.21 at the end of the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,405,601,593.47, up 3.50% from ¥6,188,923,983.53 at the end of the previous year[5] - Total liabilities rose to CNY 6,155,470,468.94 from CNY 5,943,006,993.53, an increase of 3.6%[15] - The company's total equity increased to CNY 250,131,124.53 from CNY 245,916,990.00, reflecting a growth of 1.8%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,671[11] - The largest shareholder, Foshan Construction Development Group Co., Ltd., holds 38.12% of shares, totaling 230,002,970 shares[11] - The company has no preferred shareholders as of the reporting period[11] - The top ten shareholders include a mix of state-owned and private entities, with significant share pledges noted for some individuals[11] Operating Performance - Total operating costs decreased to CNY 141,675,155.98 from CNY 164,680,865.70, reflecting a reduction of 14.0%[16] - Research and development expenses were CNY 3,422,706.73, up from CNY 3,049,931.25, indicating an increase of 12.2%[16] Other Income and Investments - Investment income surged by 5841.21%, attributed to increased returns from joint ventures[9] - Other operating income increased by 2357.03%, mainly due to the write-off of receivables[9] - The company reported a significant increase in government subsidies amounting to ¥5,055,394.16, contributing positively to the financial results[7] - The company reported a significant increase in other income to CNY 5,055,394.16 from a loss of CNY 3,867,433.60 in the previous period[16] Changes in Assets - Accounts receivable increased by 152.56%, primarily due to an increase in bank acceptance bill collections[8] - Prepayments rose by 239.50%, mainly due to advance payments for photovoltaic power station construction[8] - Accounts receivable decreased to ¥924,931,058.68 from ¥963,743,941.53, a decline of about 4.0%[13] - Inventory increased to ¥407,360,435.72 from ¥343,952,617.21, representing a growth of approximately 18.4%[13] - Total current assets rose to ¥3,060,366,051.32 from ¥2,921,754,146.37, an increase of about 4.8%[13] - Long-term receivables slightly increased to ¥1,089,986,853.49 from ¥1,089,009,331.47, a marginal growth of 0.09%[13] - Fixed assets increased to ¥357,609,934.86 from ¥299,086,937.95, reflecting a growth of approximately 19.5%[13]

Financial Performance - The company's operating revenue for 2024 reached RMB 57,819,279,281.44, representing a 1.95% increase compared to RMB 56,711,862,469.69 in 2023[27] - The net profit attributable to shareholders for 2024 was RMB 6,643,033,266.19, showing a slight decrease of 0.92% from RMB 6,704,936,953.85 in 2023[27] - The net cash flow from operating activities increased by 15.93% to RMB 24,657,128,874.02 in 2024, up from RMB 21,268,122,590.08 in 2023[27] - The total assets of the company as of the end of 2024 were RMB 296,536,685,805.74, a 6.91% increase from RMB 277,363,021,076.32 at the end of 2023[27] - The net assets attributable to shareholders increased by 4.94% to RMB 61,986,777,913.35 at the end of 2024, compared to RMB 59,066,528,950.49 at the end of 2023[27] - Basic earnings per share were 0.8669 yuan, down 0.97% year-on-year[43] - The total liabilities increased by 12.22 billion RMB to 187.46 billion RMB, resulting in a debt-to-asset ratio of 63.22%[80] - The gross profit margin for electricity sales increased by 2.09 percentage points to 40.61% due to increased power generation and lower coal prices[85] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.4565 per share for the 2024 fiscal year, totaling approximately RMB 3,654,051,630.60, which accounts for about 55% of the net profit attributable to shareholders[8] - The company aims to maintain a cash dividend distribution of at least 55% of the annual distributable profit for the years 2024 to 2026[175] - Over the last three years, the company has cumulatively distributed cash dividends amounting to approximately 9.39 billion CNY, which is 161.68% of the average annual net profit during that period[178] - The company has not proposed any cash profit distribution plan for the reporting period, as it is not applicable[175] Operational Highlights - The company generated 172.072 billion kWh of electricity, representing a year-on-year increase of 6.24%[43] - The on-grid electricity volume was 167.722 billion kWh, up 6.40% year-on-year[43] - The company has a total installed capacity of 44.6347 million kW, an increase of 3.6871 million kW year-on-year[43] - Clean energy installed capacity accounted for 70.42% of total capacity, an increase of 1.11 percentage points year-on-year[43] - The company reported a total electricity consumption of 9.85 trillion kWh in 2024, representing a year-on-year growth of 6.8%[58] - The total electricity generated and connected to the grid was 1,677.22 billion kWh, representing a year-on-year increase of 6.40%[112] Investment and Development - The company plans to accelerate the development of integrated water, wind, and solar projects in various regions, achieving significant progress in several key projects[44] - The company raised 7 billion yuan through a stock issuance to enhance its asset structure and support sustainable development[46] - The company plans to invest 45.6 billion in equity investments and 307 billion in construction in 2025[132] - The company aims to raise 130 billion through domestic financing and 157.3 billion equivalent in foreign currency through international debt financing in 2025[133] Environmental and Social Responsibility - The company invested approximately 745.80 million CNY in environmental protection during the reporting period[187] - The company has achieved compliance with environmental standards across its major power plants, with all reported emissions meeting the requirements of their respective permits[188] - The company has implemented carbon reduction measures, achieving a reduction of 681,063 tons of CO2 equivalent emissions[197] - Total investment in public welfare projects amounted to 6.0979 million yuan, benefiting 46,000 people[200] Governance and Compliance - The company has established a comprehensive internal control system to enhance its governance and operational efficiency, with 297 effective regulations covering all business areas as of December 31, 2024[181] - The company has maintained independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring self-responsibility for profits and risks[146] - The company has not faced any penalties from securities regulatory agencies in the past three years[157] - The company completed 4 periodic report disclosures and 75 temporary announcements, maintaining an A-level rating for information disclosure from the Shanghai Stock Exchange for eight consecutive years[145] Strategic Initiatives - The company is focusing on optimizing its asset structure and improving investment returns while pursuing clean energy development[131] - The company is exploring potential mergers and acquisitions to enhance its market position and operational efficiency[104] - The company is actively expanding its renewable energy portfolio, with a focus on hydropower, wind, and solar projects[107] - The company has established strong international partnerships along the Belt and Road Initiative, enhancing its project development capabilities[77] Risk Management - The company has acknowledged potential risks that may impact its operations and development, as detailed in the management discussion section[8] - The company faces risks from market fluctuations, fuel price volatility, and competition in the renewable energy sector, with strategies in place to mitigate these risks[134][135][136] - The company operates a high proportion of hydropower, with plants located in Sichuan, Yunnan, and Gansu, making it vulnerable to extreme weather and unstable water inflow, which can significantly impact power generation[139] Human Resources - The total number of employees in the parent company is 147, while the main subsidiaries employ 10,593, resulting in a total of 10,740 employees[166] - The company has a training coverage rate of 98.44% in 2024, with an average training duration of 125.67 hours per employee[169]

Financial Performance - Operating revenue for Q1 2025 was CNY 13.12 billion, a decrease of 6.99% compared to CNY 14.11 billion in the same period last year[4] - Net profit attributable to shareholders was CNY 2.08 billion, an increase of 2.10% from CNY 2.04 billion year-on-year[4] - Basic earnings per share for Q1 2025 was CNY 0.2676, a slight increase of 0.19% from CNY 0.2671 in the same period last year[4] - Operating profit for Q1 2025 increased to ¥4,490,285,779.41, compared to ¥4,324,000,453.30 in Q1 2024, reflecting a growth of 3.84%[13] - Net profit for Q1 2025 was ¥4,492,349,019.01, up from ¥4,320,924,760.61 in Q1 2024, indicating an increase of 3.97%[13] - The net profit for Q1 2025 was CNY 3,876,886,791.95, an increase from CNY 3,714,132,255.45 in Q1 2024, representing a growth of approximately 4.4%[14] - The net profit attributable to shareholders of the parent company was CNY 2,078,173,518.71, compared to CNY 2,035,488,978.93 in the previous year, reflecting a growth of about 2.1%[14] - The total comprehensive income for Q1 2025 was CNY 3,859,039,342.26, up from CNY 3,696,380,662.40 in Q1 2024, indicating an increase of around 4.4%[14] Cash Flow and Liquidity - Net cash flow from operating activities increased by 12.67% to CNY 7.28 billion, up from CNY 6.46 billion in the previous year[4] - Operating cash flow for Q1 2025 was CNY 7,275,274,686.36, compared to CNY 6,457,133,258.22 in Q1 2024, marking a rise of approximately 12.7%[17] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 19,010,535,703.00, significantly higher than CNY 12,006,210,659.82 at the end of Q1 2024, showing an increase of about 58.3%[18] - The company reported cash inflows from financing activities of CNY 18,713,300,950.90 in Q1 2025, compared to CNY 7,783,801,396.68 in Q1 2024, representing a substantial increase of approximately 140.5%[18] - The net cash flow from investing activities was negative at CNY -568,618,329.51 for Q1 2025, an improvement from CNY -5,151,609,228.06 in Q1 2024[18] - The total cash outflow from financing activities was CNY 16,529,942,171.07 in Q1 2025, compared to CNY 8,159,523,469.22 in Q1 2024, indicating an increase of approximately 102.3%[18] Assets and Equity - Total assets at the end of Q1 2025 reached CNY 309.98 billion, reflecting a growth of 4.53% from CNY 296.54 billion at the end of the previous year[4] - Shareholders' equity attributable to the parent company increased by 14.66% to CNY 71.07 billion, compared to CNY 61.99 billion at the end of the last year[4] - The total assets as of the latest reporting period amounted to ¥309,980,825,535.14, an increase from ¥296,536,685,805.74[10] - The total equity attributable to shareholders rose to ¥71,073,229,969.47, up from ¥61,986,777,913.35, representing an increase of 14.00%[10] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 107,698[6] - The largest shareholder, State Development Investment Corporation, holds 47.79% of the shares[6] Expenses - Total operating costs for Q1 2025 were ¥8,797,117,757.99, down 11.77% from ¥9,973,222,234.51 in Q1 2024[13] - Research and development expenses rose significantly to ¥12,029,412.74 in Q1 2025, compared to ¥4,368,723.86 in Q1 2024, marking an increase of 175.57%[13] Return on Equity - The weighted average return on equity decreased by 0.23 percentage points to 3.43% from 3.66% year-on-year[4]

Financial Performance - The company's operating revenue for Q1 2025 was ¥11,626,947.04, representing a 64.25% increase compared to ¥7,079,013.49 in the same period last year[2]. - The net profit attributable to shareholders decreased by 75.01% to ¥6,100,039.69 from ¥24,411,349.14 year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 54.09% to ¥8,279,016.70 from ¥18,033,692.36 in the previous year[2]. - The basic and diluted earnings per share decreased by 75.05% to ¥0.0258 from ¥0.1034 year-on-year[2]. - The company reported a net loss for Q1 2025, with total costs exceeding total revenue[23]. - The total comprehensive income for the first quarter of 2025 was CNY 2,533,606.47, significantly lower than CNY 27,149,216.09 in the first quarter of 2024[27]. - The net profit for the first quarter of 2025 was CNY 5,885,479.89, a decrease of 75.7% compared to CNY 24,161,969.14 in the same period of 2024[25]. Revenue and Costs - Total operating revenue for Q1 2025 reached CNY 11,626,947.04, a significant increase from CNY 7,079,013.49 in Q1 2024, representing a growth of approximately 64.3%[23]. - Total operating costs for Q1 2025 were CNY 17,220,130.06, compared to CNY 12,132,353.52 in Q1 2024, indicating an increase of about 41.9%[23]. - Operating costs included CNY 11,072,198.56 in operating expenses for Q1 2025, up from CNY 6,661,303.50 in Q1 2024, reflecting a rise of approximately 66.3%[23]. - The total revenue from sales of goods and services received in the first quarter of 2025 was CNY 12,979,879.47, an increase of 80.3% from CNY 7,202,354.48 in the first quarter of 2024[29]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,041,534,324.94, a slight decrease of 0.27% from ¥1,038,967,341.66 at the end of the previous year[4]. - Current assets totaled CNY 239,396,516.03 as of March 31, 2025, down from CNY 250,970,201.43 at the end of the previous period[16]. - Non-current assets amounted to CNY 802,137,808.91, an increase from CNY 793,423,625.26 in the previous period[18]. - Total liabilities decreased to CNY 55,216,225.94 from CNY 59,460,750.85[20]. - Shareholders' equity totaled CNY 986,318,099.00, up from CNY 984,933,075.84[20]. Cash Flow - The cash flow from operating activities showed a net outflow of ¥16,459,719.14, compared to a net outflow of ¥5,028,695.36 in the same period last year, indicating increased cash outflows for procurement[2][9]. - The operating cash flow for the first quarter of 2025 was negative CNY 16,459,719.14, worsening from negative CNY 5,028,695.36 in the first quarter of 2024[31]. - The investment activities generated a net cash flow of CNY 61,879,145.96 in the first quarter of 2025, compared to negative CNY 31,505,200.31 in the same period of 2024[31]. - The cash and cash equivalents at the end of the first quarter of 2025 were CNY 80,048,034.16, an increase from CNY 71,595,260.65 at the end of the first quarter of 2024[33]. Management and Investments - The company reported a significant increase in management expenses, totaling CNY 5,474,895.97 in the first quarter of 2025, compared to CNY 5,114,841.18 in the same period of 2024[25]. - The company experienced a decrease in investment income, reporting CNY 14,589,004.16 in the first quarter of 2025, down from CNY 22,908,043.78 in the first quarter of 2024[25]. - The company reported non-recurring gains of ¥591,358.21 primarily from equity method investment income from its associate, Xinjiang Zhonghe[7]. Product Development and Market Strategy - The company has not disclosed any new product developments, market expansions, or mergers and acquisitions in this report[12]. - The company has not disclosed any new product developments or market expansion strategies during this reporting period[14].

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,164,858,155.55, a decrease of 1.71% compared to ¥6,272,295,886.18 in the same period last year[4] - The net profit attributable to shareholders was ¥7,511,371.77, representing a significant decline of 95.15% from ¥154,854,528.80 year-on-year[4] - The basic earnings per share dropped by 95.18% to ¥0.0028 from ¥0.0581 year-on-year[4] - Net profit for Q1 2025 was ¥35,129,600.57, a significant decline of 81.1% from ¥185,796,641.69 in Q1 2024[19] - Total profit for Q1 2025 was ¥70,297,487.08, a decrease of 67.8% from ¥218,144,023.47 in Q1 2024[19] - The company's total revenue for Q1 2025 was CNY 2,611,903,470.76, a decrease of 27.2% compared to CNY 3,584,153,486.36 in Q1 2024[30] - The net profit for Q1 2025 was CNY 40,446,336.08, down 25.7% from CNY 54,422,775.93 in Q1 2024[30] Cash Flow and Liquidity - The net cash flow from operating activities increased by 168.54%, reaching ¥2,063,115,227.25, compared to a negative cash flow of ¥3,009,892,150.92 in the previous year[4] - Cash flow from operating activities for Q1 2025 was ¥2,063,115,227.25, a recovery from a negative cash flow of ¥3,009,892,150.92 in Q1 2024[22] - The company reported a significant increase in sales cash inflow to ¥15,122,815,624.49 in Q1 2025, compared to ¥6,764,319,733.42 in Q1 2024[22] - The company incurred a net cash outflow from financing activities of ¥5,883,073,171.56 in Q1 2025, compared to a net outflow of ¥1,421,279,638.80 in Q1 2024[23] - The company's cash and cash equivalents were CNY 747,805,365.41 as of March 31, 2025, down from CNY 1,111,766,562.25 on December 31, 2024[26] - The company reported a significant decrease in cash and cash equivalents from CNY 7.73 billion to CNY 3.22 billion, highlighting liquidity concerns[13] - The total cash and cash equivalents at the end of Q1 2025 were approximately $747.81 million, a decrease from $1.43 billion at the end of Q1 2024[35] Assets and Liabilities - The company's total assets decreased by 2.68% to ¥112,812,044,875.41 from ¥115,913,298,911.68 at the end of the previous year[4] - As of March 31, 2025, the total assets of China Aviation Engine Group Co., Ltd. amounted to CNY 112.81 billion, a decrease from CNY 115.91 billion as of December 31, 2024[12] - The company's current assets decreased to CNY 80.60 billion from CNY 83.90 billion, primarily due to a reduction in cash and cash equivalents[13] - Total liabilities decreased to CNY 65.06 billion from CNY 70.40 billion, reflecting a reduction in short-term borrowings[15] - The total liabilities decreased from CNY 18,163,414,040.39 on December 31, 2024, to CNY 17,169,757,022.83 on March 31, 2025[27] Research and Development - Research and development expenses increased by 76.14%, indicating a rise in investment in R&D activities[6] - Research and development expenses rose to ¥79,488,949.10 in Q1 2025, an increase of 76% compared to ¥45,129,453.71 in Q1 2024[18] - The company's R&D expenses for Q1 2025 were CNY 6,054,157.81, indicating ongoing investment in innovation[30] Financial Expenses - The financial expenses surged by 97.32%, primarily due to an increase in interest expenses from interest-bearing liabilities[6] - The company reported a financial expense of CNY 36,672,577.58 in Q1 2025, significantly higher than CNY 5,158,743.27 in Q1 2024, primarily due to increased interest expenses[30] Inventory and Receivables - Accounts receivable stood at CNY 35.05 billion, slightly down from CNY 35.72 billion, indicating a stable collection period[13] - Inventory increased significantly to CNY 37.25 billion from CNY 31.70 billion, suggesting potential overstocking or increased production[13] - The company's inventory increased to CNY 8,612,573,859.29 as of March 31, 2025, from CNY 8,409,707,894.18 as of December 31, 2024[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 140,870[8] - The company has not reported any significant changes in its shareholder structure or major financing activities during the reporting period[10] Other Observations - There are no new product launches or technological advancements mentioned in the current report, focusing instead on financial metrics[11]

Financial Performance - The total operating income for Q1 2025 was RMB 3,475,467 thousand, representing a 2.22% increase compared to RMB 3,400,099 thousand in Q1 2024[5]. - The net profit attributable to shareholders for Q1 2025 was RMB 1,015,591 thousand, up 4.98% from RMB 967,445 thousand in Q1 2024[5]. - The net investment income for Q1 2025 was CNY 851,299 thousand, representing a significant increase of 197.96% compared to CNY 285,709 thousand in Q1 2024[26]. - The total profit before tax for the group was RMB 1,205,583 thousand, compared to RMB 1,153,513 thousand in the same period last year, marking a growth of about 4.5%[49]. - The net profit attributable to shareholders of the bank was RMB 1,015,591 thousand, up from RMB 967,445 thousand year-over-year, indicating an increase of approximately 5.5%[49]. Assets and Liabilities - The total assets as of March 31, 2025, reached RMB 706,530,887 thousand, reflecting a 4.46% increase from RMB 676,365,240 thousand at the end of 2024[8]. - The total liabilities increased by 4.83% to RMB 650,020,645 thousand from RMB 620,070,469 thousand at the end of 2024[8]. - The bank's total equity as of March 31, 2025, was RMB 56,510,242 thousand, compared to RMB 56,294,771 thousand at the end of 2024, reflecting a slight increase of approximately 0.4%[45]. - The total amount of loans classified into five categories as of March 31, 2025, was CNY 400,235,539 thousand, reflecting a 3.24% increase from CNY 387,690,452 thousand as of December 31, 2024[23]. - The bank's loans and advances amounted to RMB 387,532,813 thousand, an increase from RMB 376,048,659 thousand as of December 31, 2024, showing a growth of about 3.9%[41]. Cash Flow - The net cash flow from operating activities was RMB (138,256) thousand, a decline of 35.09% compared to RMB (102,343) thousand in Q1 2024[5]. - The group reported a significant increase in net cash inflow from operating activities, totaling RMB 37,018,278 thousand, compared to RMB 22,661,715 thousand in the previous year, which is an increase of approximately 63.2%[53]. - The net cash inflow from financing activities was RMB 2,558,647 thousand for the three months ended March 31, 2025, a significant increase from RMB 294,666 thousand in the same period of 2024[59]. - The group reported a net cash outflow from investment activities of RMB 5,476,423 thousand for the three months ended March 31, 2025, compared to RMB 3,534,432 thousand for the same period in 2024, representing an increase of about 55%[57]. - The total cash and cash equivalents decreased by RMB 3,056,118 thousand during the three months ended March 31, 2025, compared to a decrease of RMB 3,339,816 thousand in the same period of 2024[61]. Shareholder Information - The total number of ordinary shareholders was 107,101, with 107,052 being A-share shareholders[29]. - The top 10 shareholders held a total of 3,500,000,000 shares, with the largest shareholder being Hong Kong Central Clearing Limited, holding 2,020,295,224 H shares[31]. - The bank's equity attributable to shareholders increased to RMB 54,660,173 thousand from RMB 54,445,031 thousand, marking a growth of about 0.4%[45]. Ratios and Capital Adequacy - The weighted average return on equity (ROE) for Q1 2025 was 9.12%, an increase of 0.14 percentage points from 8.98% in Q1 2024[6]. - The capital adequacy ratio stood at 12.01% as of March 31, 2025, slightly down from 12.06% at the end of 2024[13]. - The bank's core tier 1 capital adequacy ratio slightly decreased to 8.73% as of March 31, 2025, from 8.76% at the end of 2024[24]. - The liquidity coverage ratio was 260.65%, significantly above the regulatory requirement of 100%[13]. - As of March 31, 2025, the qualified high-quality liquid assets amounted to CNY 87,477,578 thousand, with a liquidity coverage ratio of 260.65%[21]. Other Comprehensive Income - The bank's other comprehensive income showed a significant decrease, with a value of CNY (88,661) thousand compared to CNY 711,788 thousand at the end of 2024[27]. - The group experienced a decrease in other comprehensive income, with a net amount of RMB (800,449) thousand, compared to RMB 292,744 thousand in the previous year[51].

Financial Performance - The company's operating revenue for 2024 reached ¥36,010,992,321.46, representing a 12.79% increase compared to ¥31,928,483,054.02 in 2023[21] - The net profit attributable to shareholders for 2024 was ¥12,242,884,323.77, a 17.29% increase from ¥10,438,114,410.47 in 2023[21] - The net cash flow from operating activities increased by 68.47% to ¥12,172,323,337.21 in 2024, up from ¥7,225,083,460.39 in 2023[21] - The total assets of the company as of the end of 2024 were ¥53,495,197,888.51, a 21.32% increase from ¥44,095,837,995.19 at the end of 2023[21] - The net assets attributable to shareholders increased by 24.85% to ¥34,753,830,416.04 at the end of 2024, compared to ¥27,836,907,912.57 at the end of 2023[21] - Basic earnings per share for 2024 were ¥10.0354, reflecting a 17.20% increase from ¥8.5627 in 2023[22] - The weighted average return on equity for 2024 was 39.68%, down 3.38 percentage points from 43.06% in 2023[22] Cash Dividends - The company plans to distribute a cash dividend of ¥36.00 per 10 shares, totaling approximately ¥4,391,871,199.20 based on the total share capital of 1,219,964,222 shares[5] - The company reported a retained earnings balance of ¥17,730,506,904.26 after the dividend distribution[5] - The total cash dividend for 2024, including mid-term distributions, is 7,392,983,185.32 RMB, representing 60.39% of the net profit attributable to ordinary shareholders[134] Operational Highlights - In Q1 2024, the company reported operating revenue of ¥15.34 billion, with a net profit attributable to shareholders of ¥6.26 billion[24] - The net cash flow from operating activities in Q1 2024 was ¥7.04 billion, indicating strong cash generation capabilities[24] - The company achieved a net profit of ¥2.94 billion in Q3 2024, reflecting a significant increase compared to Q2 2024's net profit of ¥2.15 billion[24] - The production volume of liquor increased by 7.25% to 240,543.43 thousand liters, while sales volume rose by 7.20% to 220,602.70 thousand liters[52] Market Expansion and Development - The company expanded its market presence internationally, achieving over 50% growth in liquor export revenue year-on-year[36] - The company has optimized its domestic market layout, achieving steady growth in key regions such as the Yangtze River Delta and Pearl River Delta[35] - The company organized over 700 promotional events internationally, significantly increasing its brand presence in 11 new countries[36] - The company plans to invest CNY 910,181.50 million in the expansion of original liquor production capacity and storage, aiming for an annual production capacity of 51,000 tons[82] Research and Development - Research and development expenses rose significantly by 67.60% to ¥147,795,963.97, compared to ¥88,182,472.58 in the prior year[48] - The total R&D expenditure accounted for 0.41% of the operating revenue, indicating a focus on innovation[58] - The company has 528 R&D personnel, accounting for 3.86% of the total workforce[59] - The company established the "Shanxi Province Ecological Brewing Technology Innovation Center" to enhance research and innovation capabilities, achieving a historic high in invention patents[37] Risk Management and Compliance - There are no significant risks that could materially affect the company's operations reported for the year[7] - The company has implemented a comprehensive risk management system, ensuring robust control over various operational risks[41] - The company maintains a transparent information disclosure process, ensuring timely and accurate communication with investors through various channels[103] Sustainability Initiatives - The company has implemented a clean production process by replacing coal-fired boilers with natural gas boilers, significantly reducing emissions[145] - The company has achieved a green electricity usage ratio of 30% as part of its carbon peak action plan[154] - The company has initiated a carbon reduction action plan, focusing on low-carbon brewing and energy-saving innovations[154] Corporate Governance - The company held 2 shareholder meetings and 18 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[101][102] - The company has appointed a new securities affairs representative, enhancing its governance structure[114] - The audit committee convened six meetings, reviewing the 2023 annual financial statements and the first draft of the 2024 semi-annual report[122][123] Employee Development - The company introduced 2 PhDs and recruited 208 external talents to strengthen its workforce, enhancing overall talent quality[42] - The company emphasizes talent development and training, aligning with its overall development strategy and the 14th Five-Year Plan for employee education and training[128] - The professional composition of employees includes 9,001 production personnel, 1,422 sales personnel, 528 technical personnel, 221 financial personnel, 258 administrative personnel, and 2,501 management support personnel[125]

Financial Performance - The company's operating revenue for Q1 2025 was ¥902,749,134.95, a decrease of 9.39% compared to ¥996,317,448.34 in the same period last year[3] - Net profit attributable to shareholders was ¥87,515,630.39, representing an increase of 16.97% from ¥74,816,494.87 year-on-year[3] - Basic and diluted earnings per share increased to ¥0.14, up 16.67% from ¥0.12 in the same period last year[3] - The net profit for Q1 2025 was CNY 90,740,060.30, an increase of 11.8% compared to CNY 81,700,879.58 in Q1 2024[15] - The total comprehensive income of CNY 90,740,060.30 for Q1 2025, compared to CNY 81,700,879.58 in Q1 2024, reflecting an increase of 11.8%[16] - The operating profit for Q1 2025 reached CNY 112,733,827.42, compared to CNY 88,865,322.45 in Q1 2024, marking a growth of 27%[15] - The total revenue from sales of goods and services in Q1 2025 was CNY 1,304,896,862.30, up from CNY 1,109,095,326.45 in Q1 2024, representing an increase of 17.6%[18] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥13,099,118.55, compared to a negative cash flow of ¥281,229,155.77 in the previous year[3] - The cash flow from operating activities in Q1 2025 was CNY 13,099,118.55, a significant recovery from a negative cash flow of CNY -281,229,155.77 in Q1 2024[19] - Cash and cash equivalents increased to CNY 2,693,308,002.65 as of March 31, 2025, up from CNY 2,474,030,479.93 at the end of 2024[10] - The total cash and cash equivalents at the end of Q1 2025 amounted to CNY 2,534,496,256.28, up from CNY 2,131,229,572.98 at the end of Q1 2024, indicating a growth of 18.9%[20] - The cash flow from financing activities in Q1 2025 was CNY 199,162,897.55, compared to CNY 267,573,060.35 in Q1 2024, indicating a decrease of 25.5%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,524,768,594.32, reflecting a growth of 2.97% from ¥12,163,233,742.06 at the end of the previous year[3] - Total assets reached CNY 12,524,768,594.32 as of March 31, 2025, compared to CNY 12,163,233,742.06 at the end of 2024, indicating growth[12] - Total liabilities increased to CNY 8,224,422,755.33 as of March 31, 2025, from CNY 7,953,627,963.37 at the end of 2024[11] - The company reported a significant increase in short-term borrowings to CNY 1,861,980,000.00 as of March 31, 2025, compared to CNY 1,695,643,166.67 at the end of 2024[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 36,644[6] - The largest shareholder, Shanghai Tongyang Industrial Co., Ltd., holds 23.38% of the shares, totaling 146,051,849 shares[6] - Shareholders' equity attributable to shareholders increased by 2.15% to ¥4,164,063,435.42 from ¥4,076,547,805.03 at the end of the last year[3] - The company's equity attributable to shareholders rose to CNY 4,164,063,435.42 as of March 31, 2025, compared to CNY 4,076,547,805.03 at the end of 2024[12] Expenses and Investments - Total operating costs for Q1 2025 were CNY 816,488,373.65, down 12.19% from CNY 929,989,689.31 in Q1 2024[14] - Research and development expenses for Q1 2025 were CNY 12,656,641.67, a decrease from CNY 15,208,861.51 in Q1 2024[14] - The company incurred interest expenses of CNY 4,677,129.49 in Q1 2025, slightly down from CNY 4,723,430.39 in Q1 2024[15] - The investment income for Q1 2025 was CNY 21,302,425.07, an increase from CNY 18,186,285.70 in Q1 2024, showing a growth of 11.6%[15] Non-Recurring Items - Non-recurring gains and losses amounted to ¥1,868,914.56, primarily from the disposal of non-current assets and government subsidies[7] Return on Equity - The weighted average return on equity rose to 2.12%, an increase of 0.18 percentage points compared to 1.94% in the previous year[3]

Financial Performance - Total operating revenue for Q1 2025 reached ¥16.55 billion, a 9.93% increase compared to ¥15.05 billion in the same period last year[5] - Net profit attributable to shareholders was ¥1.15 billion, reflecting a 27.39% increase from ¥905.75 million year-on-year[5] - Basic earnings per share increased to ¥0.37, up 27.59% from ¥0.29 in the previous year[6] - Operating profit for Q1 2025 was ¥1.41 billion, up 24.92% from ¥1.13 billion in Q1 2024[24] - Net profit for Q1 2025 was ¥1.23 billion, representing a 24.66% increase compared to ¥985.39 million in Q1 2024[24] - The company reported a total comprehensive income of ¥1.23 billion for Q1 2025, compared to ¥970 million in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥148.83 billion, a 4.80% increase from ¥142.01 billion at the end of the previous year[6] - Total liabilities as of March 31, 2025, were RMB 93.026 billion, up from RMB 88.913 billion at the end of 2024, representing an increase of approximately 4.5%[18] - The total assets of the company reached RMB 148.829 billion as of March 31, 2025, compared to RMB 142.009 billion at the end of 2024, marking an increase of approximately 4.93%[18] - Total liabilities rose to ¥104.39 billion as of March 31, 2025, compared to ¥98.87 billion at the end of 2024, marking a 5.15% increase[19] Cash Flow - The net cash flow from operating activities was negative at -¥3.29 billion, a significant decrease from ¥1.24 billion in the same period last year, representing a change of -365.42%[5][10] - Cash flow from operating activities showed a net outflow of ¥3.29 billion in Q1 2025, contrasting with a net inflow of ¥1.24 billion in Q1 2024[26] - Cash flow from operating activities in Q1 2025 was negative at CNY -627,983,283.40, but improved from a larger negative cash flow of CNY -1,883,839,011.08 in Q1 2024[34] - The company generated CNY 1,800,379,153.86 in cash inflows from operating activities in Q1 2025, a significant increase from CNY 786,576,511.52 in Q1 2024[34] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 103,003, with the largest shareholder holding 55.79% of the shares[11] Research and Development - Research and development expenses increased to ¥706 million in Q1 2025, up 15.23% from ¥613 million in Q1 2024[21] - The company's R&D expenses in Q1 2025 were CNY 21,363,074.88, down from CNY 30,044,940.38 in Q1 2024, indicating a 29% reduction[31] Production and Orders - In Q1 2025, the company produced 17.9094 million kilowatts of power generation equipment, including 695,000 kilowatts from hydropower units, 1,390.3 million kilowatts from steam turbine units, and 331.14 million kilowatts from wind power units[14] - The company secured new effective orders worth RMB 35.881 billion in Q1 2025, with clean and efficient energy equipment accounting for 44.56%, renewable energy equipment for 26.84%, engineering and international supply chain industry for 10.43%, modern manufacturing services for 8.44%, and emerging growth industries for 9.73%[14] Equity - The company's total equity increased to ¥44.44 billion as of March 31, 2025, up from ¥43.14 billion at the end of 2024, reflecting a 3.02% growth[19] - The company’s total equity as of March 31, 2025, was CNY 25,237,448,234.91, slightly up from CNY 25,193,964,482.17 at the end of 2024[31] Borrowings - Long-term borrowings increased by 61.11% to ¥13.62 billion, primarily due to new loans obtained from external banks[9] - The company's long-term borrowings increased to RMB 3.492 billion as of March 31, 2025, compared to RMB 2.167 billion at the end of 2024, showing a significant rise of about 61.00%[18] Inventory and Accounts Receivable - The company's inventory stood at RMB 24.562 billion as of March 31, 2025, up from RMB 21.685 billion at the end of 2024, reflecting a growth of about 13.00%[17] - The company’s accounts receivable increased to RMB 13.617 billion as of March 31, 2025, compared to RMB 12.545 billion at the end of 2024, representing a growth of about 8.53%[17]