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]

Financial Performance - The company's operating revenue for Q1 2025 was ¥127,629,923.02, a decrease of 8.68% compared to ¥139,754,164.12 in the same period last year[4] - Net profit attributable to shareholders decreased by 32.64% to ¥9,148,544.93 from ¥13,582,262.18 year-on-year[4] - Basic and diluted earnings per share fell by 32.64% to ¥0.019164 from ¥0.028452 in the same period last year[5] - The net profit after deducting non-recurring gains and losses dropped by 40.01% to ¥7,964,846.27 from ¥13,277,113.30 year-on-year[4] - The net profit for Q1 2025 was CNY 11,559,552.54, a decrease of 24.3% compared to CNY 15,251,064.93 in Q1 2024[21] - The total comprehensive income for Q1 2025 was CNY 11,553,199.49, compared to CNY 15,184,187.54 in Q1 2024, indicating a decline of 23.9%[22] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥19,815,340.50, a decline of 188.76% compared to ¥22,324,611.19 in the previous year[5] - The cash flow from operating activities for Q1 2025 was negative at CNY -19,815,340.50, compared to a positive CNY 22,324,611.19 in Q1 2024[24] - Cash and cash equivalents as of March 31, 2025, were CNY 329,584,497.65, a decrease from CNY 358,075,539.61 on December 31, 2024[15] - The cash and cash equivalents at the end of Q1 2025 were CNY 327,805,337.35, a decrease from CNY 251,154,019.39 at the end of Q1 2024[26] - The investment activities generated a net cash outflow of CNY -22,084,826.54 in Q1 2025, contrasting with a net inflow of CNY 80,623,968.83 in Q1 2024[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,252,650,276.89, a slight decrease of 0.42% from ¥2,262,080,851.53 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to CNY 2,252,650,276.89, slightly down from CNY 2,262,080,851.53 at the end of 2024[17] - Total liabilities as of March 31, 2025, were CNY 456,479,440.43, compared to CNY 479,761,025.22 on December 31, 2024[17] - The company reported a decrease in accounts payable from CNY 121,303,659.60 on December 31, 2024, to CNY 95,711,213.60 on March 31, 2025[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 36,192[10] - The largest shareholder, Shanghai Shentong Metro Group Co., Ltd., holds 58.43% of the shares[10] Government Subsidies - The company received government subsidies amounting to ¥1,588,835.07, primarily related to photovoltaic subsidies[7] Research and Development - Research and development expenses increased to CNY 708,573.01 in Q1 2025, up 40.9% from CNY 502,566.73 in Q1 2024[21] Other Activities - The company plans to acquire a 15% stake in Shanghai Metro Electronic Technology Co., Ltd. from Shanghai Baoxin Software Co., Ltd.[12] - The company is involved in ongoing litigation against Shanghai Shiji Financing Leasing Co., Ltd., with a favorable ruling received on December 31, 2024[12] - Long-term equity investments as of March 31, 2025, were CNY 95,001,249.28, an increase from CNY 93,519,050.32 on December 31, 2024[15] - The company incurred financial expenses of CNY 305,622.03 in Q1 2025, significantly lower than CNY 2,514,918.70 in Q1 2024[21] - The company’s tax expenses for Q1 2025 were CNY 4,509,550.53, slightly down from CNY 4,690,714.47 in Q1 2024[21]

Financial Performance - The company's revenue for Q1 2025 was CNY 651,502,983.92, representing a 10.17% increase compared to CNY 591,386,056.41 in the same period last year[4] - Net profit attributable to shareholders decreased by 49.15% to CNY 109,164,049.37 from CNY 214,676,914.76 year-on-year[4] - The basic and diluted earnings per share were both CNY 0.06, down 45.45% from CNY 0.11 in the previous year[4] - Net profit for Q1 2025 was ¥106.70 million, a decrease of 50.25% compared to ¥214.66 million in Q1 2024[21] - Total operating revenue for Q1 2025 reached ¥651.50 million, a 10.14% increase from ¥591.39 million in Q1 2024[20] Cash Flow - The net cash flow from operating activities was CNY 98,975,496.92, a decline of 35.43% compared to CNY 153,275,829.45 in the same period last year[4] - Operating cash flow for Q1 2025 was ¥98.98 million, down 35.38% from ¥153.28 million in Q1 2024[24] - The net cash flow from investing activities was -$117.22 million, compared to -$139.44 million in the previous period, indicating an improvement of approximately 15.9%[25] - The net cash flow from financing activities was $119.73 million, a significant increase from -$45.04 million in the prior period, reflecting a turnaround in financing operations[25] - The overall net increase in cash and cash equivalents was $101.49 million, contrasting with a decrease of $30.93 million in the previous period[25] Assets and Liabilities - Total assets increased by 2.30% to CNY 7,548,393,331.08 from CNY 7,378,510,669.69 at the end of the previous year[5] - Current assets reached CNY 2,097,221,781.28, compared to CNY 2,006,316,039.41 at the end of 2024, indicating an increase of about 4.67%[15] - The company's total liability was ¥1,036.61 million, an increase from ¥978.08 million in the previous period[18] - Total current liabilities rose to CNY 725,291,575.09 from CNY 665,442,834.24, reflecting an increase of about 9.00%[16] Expenses - Total operating costs increased to ¥565.67 million in Q1 2025, up 50.38% from ¥376.19 million in Q1 2024[20] - Research and development expenses rose to ¥37.63 million in Q1 2025, an increase of 39.36% from ¥27.02 million in Q1 2024[20] - Sales expenses for Q1 2025 were ¥251.64 million, up 37.59% from ¥182.84 million in Q1 2024[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 93,072[9] - The company reported a total of 599,749,787 shares held by Dongbao Industrial Group, accounting for 30.62% of total shares[12] - The top ten shareholders collectively hold a significant portion of the company's shares, with no shareholder participating in margin trading or securities lending[12] Other Financial Metrics - The weighted average return on equity decreased by 1.23 percentage points to 1.70% from 2.93% at the end of the previous year[5] - Non-recurring gains and losses amounted to a net loss of CNY 809,961.36, influenced by various factors including government subsidies and other operational losses[7] - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[26]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,673,699,598.01, a decrease of 6.95% compared to CNY 1,798,732,648.44 in the same period last year[4] - Net profit attributable to shareholders increased by 16.77% to CNY 78,597,649.89 from CNY 67,307,574.42 year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 64,656,985.97, up 21.14% from CNY 53,371,705.45 in the same period last year[4] - Net profit for Q1 2025 increased to CNY 82,348,970.57, compared to CNY 70,966,706.12 in Q1 2024, representing a growth of 15.88%[18] - Total comprehensive income amounted to CNY 81,042,801.40, an increase from CNY 70,966,706.12 in the previous year, representing a growth of approximately 14.4%[19] Cash Flow - The net cash flow from operating activities decreased significantly by 83.50%, amounting to CNY 26,871,193.66 compared to CNY 162,849,287.26 in the previous year[4] - The net cash flow from operating activities for Q1 2025 was CNY 26,871,193.66, a significant decrease from CNY 162,849,287.26 in Q1 2024[22] - Cash inflow from operating activities totaled CNY 1,280,615,436.19, compared to CNY 1,322,433,200.60 in the same period last year, reflecting a decline of about 3.2%[22] - Cash outflow from operating activities was CNY 1,253,744,242.53, up from CNY 1,159,583,913.34, indicating an increase of approximately 8.1%[22] - The net cash flow from financing activities was negative CNY 4,003,435.49, an improvement from negative CNY 58,395,522.27 in the previous year[23] - The company experienced a cash outflow of CNY 605,003,435.49 from financing activities, compared to CNY 328,516,673.91 in Q1 2024, indicating an increase of about 84.2%[23] - The cash flow from investment activities was negative CNY 68,002,277.49, an improvement from negative CNY 94,536,998.13 in the same period last year[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,135,906,979.71, reflecting a slight increase of 0.42% from CNY 9,097,984,876.42 at the end of the previous year[5] - The company's total assets amounted to CNY 9,135,906,979.71, an increase from CNY 9,097,984,876.42 in the previous period[14] - Current liabilities totaled CNY 3,259,579,625.77, up from CNY 3,060,932,068.62, indicating an increase of 6.49%[14] - Non-current liabilities decreased to CNY 1,733,613,899.56 from CNY 1,975,482,433.06, a reduction of 12.26%[15] - The company's total equity rose to CNY 4,142,713,454.38, compared to CNY 4,061,570,374.74, marking an increase of 2.00%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 127,650[9] - The largest shareholder, Hualu Holding Group Co., Ltd., holds 20.6% of the shares, totaling 185,896,620 shares[9] Expenses - Total operating costs for Q1 2025 were CNY 1,603,575,969.64, down from CNY 1,738,362,575.97 in Q1 2024, reflecting a reduction of 7.73%[17] - Research and development expenses for Q1 2025 were CNY 68,836,886.27, down from CNY 80,658,203.12 in Q1 2024, a decrease of 14.66%[18] - The company reported a decrease in sales expenses to CNY 117,380,480.29 from CNY 201,910,852.00, a significant reduction of 41.76%[18] Earnings Per Share - The company reported a basic and diluted earnings per share of CNY 0.09, compared to CNY 0.08 in the previous year, marking a 12.5% increase[19] Government Subsidies - The company received government subsidies amounting to CNY 14,796,766.41, which are closely related to its normal business operations[6] Product Development - The company did not report any significant new product developments or market expansion strategies during this quarter[11]

Financial Performance - The company's operating revenue for Q1 2025 was ¥891,764,438.56, a decrease of 37.98% compared to ¥1,437,775,429.95 in the same period last year[4] - The net profit attributable to shareholders was -¥125,133,008.15, compared to -¥6,353,117.41 in the previous year, indicating a significant loss[4] - The net cash flow from operating activities was -¥299,667,428.95, worsening from -¥74,387,649.98 year-on-year[4] - The basic and diluted earnings per share were both -¥0.19, compared to -¥0.01 in the same period last year[4] - Net profit for Q1 2025 was a loss of ¥138,300,821.29, compared to a profit of ¥1,209,435.57 in Q1 2024[20] - The company reported a significant increase in financial expenses, totaling ¥24,826,585.52 in Q1 2025, up from ¥20,700,660.74 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,423,319,825.81, an increase of 0.96% from ¥12,305,210,394.10 at the end of the previous year[5] - The total liabilities increased to ¥8,187,473,253.39 in the latest reporting period, compared to ¥7,931,063,000.39 previously[16] - Non-current liabilities rose to ¥3,234,941,050.14, up from ¥2,829,365,698.22, indicating a growth of 14.3%[16] - The company's total equity decreased to ¥4,235,846,572.42 from ¥4,374,147,393.71, reflecting a decline of 3.2%[16] Cash Flow - The company reported a significant increase in cash and cash equivalents, rising by 157.33% to ¥361,207,402.36[8] - Cash inflow from operating activities in Q1 2025 was ¥581,487,984.45, a decrease of 53.8% from ¥1,259,920,736.97 in Q1 2024[23] - The net cash flow from financing activities was $664.39 million, compared to $218.47 million previously, reflecting improved financing conditions[24] - Cash inflow from financing activities reached $1.33 billion, a substantial increase from $560 million in the prior period[24] - The total cash and cash equivalents at the end of the period stood at $354.22 million, up from $263.33 million year-over-year[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,353[10] - The largest shareholder, Hong Kong Central Clearing Limited, holds 248,238,789 shares, representing 38.45% of total shares[10] Operational Changes - Research and development expenses decreased by 51.31% to ¥26,540,643.42, reflecting reduced project initiatives[8] - The company experienced a substantial increase in tax expenses, which rose by 33.67% to ¥10,148,270.33 due to increased asset scale[8] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[11] - There are no other important reminders regarding the company's operational situation during the reporting period[12] - The company has established relationships among major shareholders, indicating potential coordinated actions[11] Current Assets - Accounts receivable rose to ¥1,154,538,206.31 from ¥1,027,209,026.78, an increase of 12.4%[14] - Total current assets increased to ¥3,567,993,339.12 from ¥3,301,715,036.17, reflecting a growth of 8.1%[14] - Fixed assets increased to ¥5,439,139,368.82 from ¥4,646,259,534.90, a rise of 17.0%[14] - Total assets amounted to ¥12,423,319,825.81, up from ¥12,305,210,394.10, indicating a growth of 1.0%[14]

Financial Performance - The company's operating revenue for Q1 2025 was ¥707,089,559.18, representing a year-on-year increase of 0.79% compared to ¥701,539,732.40 in the same period last year[5] - Net profit attributable to shareholders increased by 62.47% to ¥51,547,797.24 from ¥31,726,930.78 in the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 51.09% to ¥39,597,275.01 from ¥26,208,269.39[5] - Basic earnings per share increased by 63.82% to ¥0.0960 from ¥0.0586 in the same period last year[5] - Net profit for Q1 2025 was ¥50.56 million, representing a 37.7% increase from ¥36.71 million in Q1 2024[14] - Basic earnings per share for Q1 2025 were ¥0.096, compared to ¥0.0586 in Q1 2024, an increase of 63.5%[15] - The company reported a significant increase in investment income to ¥8.19 million in Q1 2025, compared to ¥4.97 million in Q1 2024, reflecting a growth of 64.5%[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,443,218,235.85, a decrease of 5.36% from ¥4,694,727,550.99 at the end of the previous year[6] - The company's total assets decreased to ¥4.44 billion as of March 31, 2025, down from ¥4.69 billion at the end of 2024, a decline of 5.3%[12] - Total liabilities decreased to ¥1.78 billion as of March 31, 2025, down from ¥2.08 billion at the end of 2024, a reduction of 14.5%[12] - The total equity attributable to shareholders increased to ¥2.49 billion as of March 31, 2025, up from ¥2.44 billion at the end of 2024, an increase of 2.5%[12] Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of ¥70,289,100.24 compared to a net outflow of ¥103,521,695.20 in the previous year, indicating better collection of receivables[5] - In Q1 2025, the cash inflow from operating activities was CNY 813,558,368.91, an increase of 24% compared to CNY 655,758,378.76 in Q1 2024[16] - The net cash flow from operating activities was -CNY 70,289,100.24, an improvement from -CNY 103,521,695.20 in the same period last year[16] - The cash inflow from sales of goods and services was CNY 799,949,773.67, reflecting a strong performance compared to CNY 642,716,321.80 in the previous year[16] - The total cash outflow from operating activities was CNY 883,847,469.15, an increase from CNY 759,280,073.96 in Q1 2024[16] - The company's cash and cash equivalents decreased to ¥739.60 million from ¥1.35 billion, a decline of 45.0%[12] - The cash inflow from investment activities totaled CNY 597,434,456.75, up from CNY 541,327,512.67 in Q1 2024[16] - The net cash flow from investment activities was -CNY 534,222,127.75, significantly worse than -CNY 49,927,883.28 in Q1 2024[16] - The company experienced a net decrease in cash and cash equivalents of -CNY 605,265,235.33 in Q1 2025, compared to -CNY 153,447,061.05 in Q1 2024[16] - The cash and cash equivalents at the end of Q1 2025 were CNY 727,021,228.51, compared to CNY 516,553,741.37 at the end of Q1 2024[16] - Total cash outflow from financing activities was CNY 756,446.57, with no cash inflow reported[16] Strategic Moves - The company plans to repurchase and cancel 3,750,000 restricted shares held by a shareholder, indicating a strategic move to manage equity structure[10] - Non-recurring gains and losses amounted to ¥11,950,522.23, primarily due to government subsidies and the reversal of bad debt provisions[7] Research and Development - R&D expenses increased to ¥35.22 million in Q1 2025, compared to ¥28.98 million in Q1 2024, reflecting a growth of 21.5%[14] Accounting Standards - The company has not adopted new accounting standards for the year 2025[17]

Financial Performance - The net profit attributable to the parent company for 2024 is CNY 161.93 million, with a total distributable profit of CNY 2.68 billion after accounting for retained earnings and dividends [4]. - The proposed dividend distribution is CNY 0.7 per 10 shares, totaling CNY 52.11 million in cash dividends to shareholders [4]. - The company has a retained earnings balance of CNY 1.08 billion as of the end of 2024 [4]. - The company's operating revenue for 2024 was CNY 83,964,171.47, representing a 4.57% increase compared to CNY 80,292,818.47 in 2023 [21]. - Investment income decreased by 70.53% to CNY 124,326,036.19 in 2024 from CNY 421,820,407.93 in 2023 [21]. - Fair value changes resulted in a profit of CNY 311,126,901.45, a 100.16% increase from CNY 155,437,110.83 in 2023 [21]. - The net profit attributable to shareholders was CNY 161,933,157.61, down 36.29% from CNY 254,176,239.43 in 2023 [21]. - The net cash flow from operating activities was negative at CNY -110,306,014.70, an improvement from CNY -137,568,835.51 in 2023 [21]. - Total assets increased by 2.96% to CNY 8,974,147,453.89 at the end of 2024 from CNY 8,715,836,000.12 at the end of 2023 [21]. - The net assets attributable to shareholders rose to CNY 4,697,377,654.42, a 1.97% increase from CNY 4,606,528,255.93 in 2023 [21]. - Basic earnings per share decreased by 35.29% to CNY 0.22 in 2024 from CNY 0.34 in 2023 [22]. - The weighted average return on equity fell by 2.08 percentage points to 3.48% in 2024 compared to 5.56% in 2023 [22]. Risk Management and Compliance - There are no significant risks identified that could adversely affect the company's future development strategy or ongoing operations [6]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [5]. - The company has not identified any violations in decision-making procedures regarding external guarantees [5]. - The company has established a comprehensive compliance management system, enhancing its decision-making legal framework through various compliance guidelines [42]. - The company is committed to improving information disclosure quality, ensuring that disclosures are accurate, complete, and timely [92]. - The company adheres to regulatory requirements for corporate governance, aligning with the standards set by the China Securities Regulatory Commission [91]. - The company plans to continue refining its internal control systems to enhance operational standards and ensure sustainable development [92]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations [104]. Investment Strategy and Activities - The company plans to focus on market expansion and new product development in the upcoming fiscal year [21]. - The company is exploring potential mergers and acquisitions to enhance its market position [21]. - The company established 58 funds and investment platforms with a total subscription scale of CNY 21.898 billion, of which CNY 14.513 billion has been received [29]. - During the reporting period, the company completed 25 primary investment projects with a total investment of CNY 707 million across various sectors [29]. - The company has a total of 212 investment projects, with 86.8% of them being fair value estimation projects [37]. - The investment amount distribution by industry shows that 22.92% is in biomedicine and medical devices, 19.70% in high-end equipment manufacturing, and 10.96% in software and information technology services [38]. - The company is actively adjusting its organizational structure to focus on "hard technology" enterprises that meet national key needs and provide long-term funding support [40]. - The company has enhanced its investment quality by focusing on disruptive innovation and projects that address "bottleneck" technologies [41]. - The company aims to enhance post-investment services by establishing a dedicated post-investment officer mechanism to track project progress and operational conditions [42]. - The company is increasing its focus on sectors such as life sciences diagnostics, integrated circuits, and new energy vehicles to deepen industry understanding and align with market trends [87]. Governance and Management - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 8.6351 million yuan [96]. - Wang Xudong, the Chairman, received a total pre-tax remuneration of 837,700 yuan [96]. - Ge Xiaohong, the General Manager, received a total pre-tax remuneration of 1,129,500 yuan [96]. - The company has a total of 20 directors and senior management members, with no shareholding changes reported [95]. - The board of directors includes members with extensive experience in finance and management, contributing to strategic decision-making [99]. - The company has established specialized committees, including the Compensation and Assessment Committee, to enhance governance and accountability [108]. - The company has appointed new directors and management, including Ge Xiaohong as General Manager and Li Xue as Deputy General Manager, following shareholder elections [103]. - The company held 12 board meetings in the year, with all directors participating in the majority of meetings, reflecting strong engagement in governance [106]. Environmental and Social Responsibility - Environmental protection investments during the reporting period amounted to 172,500 RMB [130]. - The company reduced carbon emissions by 211.41 tons through the implementation of carbon reduction measures in production processes [134]. - The company has a robust emergency response system for environmental incidents, complying with relevant laws and regulations [131]. - The company has committed to regular environmental monitoring and compliance with local government requirements [133]. - The company plans to disclose its ESG report on April 30, 2025, detailing its social responsibility efforts [135]. Financial Instruments and Debt Management - The company issued a total of 5.00 billion RMB in bonds in 2019, with an interest rate of 5.00% and a maturity date of April 3, 2029 [172]. - The company has consistently paid interest on its bonds as scheduled, including payments for the periods from April 3, 2023, to April 2, 2024, and from January 17, 2023, to January 16, 2024 [174]. - The total balance of the bonds issued by the company remains at 5.00 billion RMB for the 2019 issue, 5.00 billion RMB for the 2020 issue, 6.00 billion RMB for the 2022 issue, and 4.00 billion RMB for the 2024 issue [177]. - The company's interest-bearing debt increased from 29.4 billion RMB at the beginning of the reporting period to 32.93 billion RMB at the end, representing a year-on-year change of 12.0% [183]. - The total interest-bearing debt structure shows that 91% is from corporate credit bonds, while 9% is from bank loans [184]. - The company has complied with the usage of raised funds according to the prospectus, with no violations reported [179].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,001,472,089.45, representing a year-on-year increase of 0.36% compared to CNY 1,994,277,143.09 in the same period last year[4] - Net profit attributable to shareholders was CNY 50,425,845.08, reflecting a growth of 6.41% from CNY 47,389,486.18 in the previous year[4] - The net profit after deducting non-recurring gains and losses was CNY 48,756,702.04, which is a 4.00% increase from CNY 46,883,155.04 year-on-year[4] - The basic earnings per share increased to CNY 0.0735, up by 6.83% from CNY 0.0688 in the same period last year[5] - The company reported a total comprehensive income of ¥45,670,473.12 for Q1 2025, down from ¥51,857,132.20 in Q1 2024, reflecting a decrease of approximately 12.0%[22] - The company reported a net profit of -1,705,494.02 yuan for the first quarter of 2025, compared to a net profit of 5,878,174.32 yuan in the same period of 2024, indicating a significant decline in profitability[32] - The total profit for the first quarter of 2025 was -1,840,260.93 yuan, compared to a profit of 5,901,274.97 yuan in the first quarter of 2024, showing a drastic decrease[32] Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,271,657,133.37, a decrease of 5.58% from CNY 11,938,269,698.39 at the end of the previous year[5] - The company's total assets decreased to CNY 4,727,910,924.41 from CNY 4,879,968,940.57[30] - The total liabilities decreased to CNY 1,416,369,179.91 from CNY 1,575,226,763.48, indicating a reduction in financial obligations[30] - The company reported a total current liabilities of RMB 517,218,461.48, up from RMB 458,480,341.00, reflecting an increase in short-term debt obligations[15] Cash Flow - The net cash flow from operating activities was negative at CNY -1,129,684,521.39, compared to CNY -925,807,564.43 in the same period last year, indicating a significant decline[4] - Cash inflow from operating activities in Q1 2025 totaled ¥2,198,957,355.92, a decrease from ¥2,248,266,802.56 in Q1 2024, representing a decline of approximately 2.2%[25] - The total cash and cash equivalents at the end of the period were CNY 861,329,062.68, down from CNY 1,737,525,829.77 at the end of the previous period[27] - The company incurred a credit impairment loss of -1,005,651.98 yuan in the first quarter of 2025, compared to a gain of 36,974.30 yuan in the same period of 2024[32] Shareholder Engagement and Equity - The equity attributable to shareholders was CNY 4,896,580,378.74, showing a slight increase of 1.21% from CNY 4,838,060,231.21 at the end of the previous year[5] - The total equity attributable to shareholders increased to ¥4,896,580,378.74 from ¥4,838,060,231.21, reflecting a growth of approximately 1.2%[17] - The company plans to increase its A-share holdings by no less than RMB 200 million and no more than RMB 400 million within 12 months, representing up to 2% of the total share capital[11] - As of April 18, 2025, the company has cumulatively repurchased 7,263,978 A-shares, accounting for approximately 1.06% of the total share capital, with a total transaction amount of RMB 171,483,167.32[12] Research and Development - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[11] - Research and development expenses for Q1 2025 were ¥105,328,079.30, slightly up from ¥103,562,908.09 in Q1 2024, indicating an increase of about 1.7%[20] - Research and development expenses for Q1 2025 were CNY 11,152,202.86, compared to CNY 11,869,523.15 in Q1 2024, showing a decrease of 6.03%[31] Operating Costs - Total operating costs for Q1 2025 were ¥1,946,935,262.86, compared to ¥1,927,993,503.97 in Q1 2024, indicating an increase of about 1.0%[20] - The operating costs for Q1 2025 were CNY 199,902,711.78, up from CNY 193,338,699.99 in Q1 2024, reflecting a year-over-year increase of 3.00%[31] - The company’s operating expenses in the first quarter of 2025 amounted to 429,740,157.78 yuan, slightly higher than 419,313,985.40 yuan in the first quarter of 2024[34]