Financial Performance - The company's revenue for Q1 2025 reached ¥13,535.59 million, representing a 64.53% increase compared to ¥8,226.75 million in the same period last year[4] - The net profit attributable to shareholders was -¥3,020.37 million, worsening from -¥2,406.97 million year-on-year[4] - The basic and diluted earnings per share were both -¥0.0717, compared to -¥0.0567 in the same period last year[4] - The weighted average return on equity was -2.04%, compared to -1.50% in the previous year[4] - Total operating revenue for Q1 2025 reached RMB 135.36 million, a significant increase of 64.5% compared to RMB 82.27 million in Q1 2024[18] - Net loss for Q1 2025 was RMB 30.20 million, compared to a net loss of RMB 24.07 million in Q1 2024, reflecting an increase in losses of 25.5%[19] - The total comprehensive loss for Q1 2025 was RMB 29.61 million, compared to RMB 24.77 million in Q1 2024, indicating a worsening of comprehensive losses by 19.5%[19] Cash Flow and Liquidity - The net cash flow from operating activities was -¥2,254.64 million, an improvement from -¥3,127.36 million in the previous year[4] - Operating cash flow for Q1 2025 showed a net outflow of RMB 22.55 million, an improvement from a net outflow of RMB 31.27 million in Q1 2024[22] - Cash and cash equivalents decreased to RMB 482,649,011.58 from RMB 585,736,176.77, reflecting a decline of approximately 17.6%[15] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 482.65 million, down from RMB 884.24 million at the end of Q1 2024[23] - The company reported a significant increase in investment cash inflow, totaling RMB 1.29 billion in Q1 2025, compared to RMB 200.14 million in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥161,058.07 million, a decrease of 2.51% from ¥165,198.50 million at the end of the previous year[6] - The company's current assets totaled RMB 1,443,815,384.26, slightly down from RMB 1,463,977,541.95 in the previous period[15] - The company's total liabilities increased to RMB 158,625,260.46 from RMB 142,446,265.59, representing a rise of about 11.4%[17] - The equity attributable to the parent company decreased to RMB 1,451,955,409.94 from RMB 1,509,538,738.81, indicating a decline of approximately 3.8%[17] - The total non-current liabilities decreased to RMB 15,822,440.19 from RMB 17,444,301.96, a reduction of about 9.3%[17] Research and Development - Research and development expenses totaled ¥2,466.27 million, accounting for 18.22% of revenue, down from 30.55% in the previous year, a decrease of 12.33 percentage points[6] - The company incurred research and development expenses of RMB 24.66 million in Q1 2025, slightly down from RMB 25.13 million in Q1 2024[18] Other Financial Metrics - The company reported non-recurring gains of ¥287.47 million, including government subsidies of ¥22.45 million and fair value changes of financial assets of ¥268.64 million[9] - The increase in revenue was primarily driven by a significant growth in product sales, particularly Wi-Fi 7 technology[9] - The company's retained earnings showed a negative balance of RMB 211,089,912.51, worsening from a negative RMB 180,886,187.73 in the previous period[17] - Accounts receivable stood at RMB 194,224,651.18, slightly down from RMB 199,196,632.05, a decrease of about 2.5%[15] - The company’s inventory decreased to RMB 315,307,531.73 from RMB 333,004,888.13, reflecting a decline of approximately 5.3%[15] - The company experienced a foreign exchange loss of RMB 165,154.04 in Q1 2025, compared to a gain of RMB 169,709.80 in Q1 2024[23] - The company reported a short-term loan of RMB 51,000,000.00, up from RMB 30,000,000.00, marking a 70% increase[16]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 10,238,532,492.43, representing a 9.76% increase compared to CNY 9,328,480,253.19 in the same period last year[4] - Net profit attributable to shareholders decreased by 16.34% to CNY 420,372,768.45 from CNY 502,489,763.96 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 43.74% to CNY 214,436,213.82, compared to CNY 149,187,420.85 in the previous year[4] - Total revenue for Q1 2025 reached ¥10,238,532,492.43, an increase of 9.76% compared to ¥9,328,480,253.19 in Q1 2024[22] - Net profit for Q1 2025 was ¥427,823,363.63, a decrease of 15.71% from ¥507,635,879.23 in Q1 2024[23] - Total comprehensive income for the first quarter of 2025 was CNY 417,807,870.38, a decrease from CNY 507,635,879.23 in the same period of 2024, representing a decline of approximately 17.6%[24] Cash Flow - The net cash flow from operating activities was negative at CNY -1,386,420,546.01, a decrease of 167.65% from CNY 2,049,507,867.62 in the same period last year[4] - Cash inflows from operating activities totaled CNY 11,439,254,273.08 in Q1 2025, compared to CNY 12,608,511,188.09 in Q1 2024, indicating a decline of about 9.3%[27] - Cash outflows from operating activities increased to CNY 12,825,674,819.09 in Q1 2025, up from CNY 10,559,003,320.47 in Q1 2024, marking an increase of approximately 21.5%[27] - Cash inflows from investing activities were CNY 2,658,856,413.26 in Q1 2025, significantly higher than CNY 1,014,224,797.66 in Q1 2024, representing an increase of about 162.2%[27] - Net cash flow from investing activities was negative CNY 2,443,562,138.63 in Q1 2025, worsening from negative CNY 911,697,620.16 in Q1 2024[27] - Cash inflows from financing activities totaled CNY 5,152,744,097.48 in Q1 2025, down from CNY 7,559,934,944.53 in Q1 2024, indicating a decrease of approximately 31.8%[29] - Net cash flow from financing activities was CNY 1,451,775,237.97 in Q1 2025, compared to CNY 2,896,106,488.99 in Q1 2024, reflecting a decline of about 50.1%[29] - The ending balance of cash and cash equivalents as of the end of Q1 2025 was CNY 4,866,601,890.70, down from CNY 10,342,307,439.38 at the end of Q1 2024, a decrease of approximately 53.0%[29] Assets and Liabilities - Total assets increased by 6.35% to CNY 47,098,070,662.28 from CNY 44,287,963,941.96 at the end of the previous year[5] - Current liabilities rose to ¥27,107,099,780.11 in 2025, compared to ¥24,845,252,125.45 in 2024, marking an increase of 9.09%[18] - The total equity attributable to shareholders increased to ¥16,290,096,421.67 in 2025 from ¥15,889,109,096.95 in 2024, reflecting a growth of 2.53%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,926[11] - The largest shareholder, Tianneng Holding Group Co., Ltd., holds 796,000,000 shares, accounting for 81.88% of total shares[12] - The company plans to repurchase shares using between RMB 50 million and RMB 100 million, with a maximum price of RMB 41.17 per share[13] - As of March 18, 2025, the company has repurchased 2,241,999 shares, representing 0.23% of total share capital, at an average price of RMB 24.54 per share[14] Research and Development - Research and development expenses totaled CNY 421,063,279.36, up 5.32% from CNY 399,776,596.10, accounting for 4.11% of operating revenue[5] - Research and development expenses for Q1 2025 were ¥421,063,279.36, compared to ¥399,776,596.10 in Q1 2024, indicating a year-over-year increase of 5.34%[23] Earnings Per Share - The basic and diluted earnings per share decreased by 17.31% to CNY 0.43 from CNY 0.52 year-on-year[4] - Basic and diluted earnings per share for the first quarter of 2025 were CNY 0.43, down from CNY 0.52 in the first quarter of 2024, reflecting a decrease of 17.3%[24] Investment Income - The company reported a decrease in investment income, with a loss of ¥6,976,069.62 in Q1 2025 compared to a gain of ¥12,525,627.93 in Q1 2024[23]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 34,154,581.83, representing an increase of 8.67% compared to CNY 31,430,905.16 in the same period last year[4] - Net profit attributable to shareholders was CNY 4,700,627.54, up 4.67% from CNY 4,490,859.15 year-on-year[4] - Total operating revenue for Q1 2025 reached ¥34,154,581.83, an increase of 8.7% compared to ¥31,430,905.16 in Q1 2024[14] - Net profit for Q1 2025 was ¥4,234,436.62, slightly down by 2.1% from ¥4,327,043.14 in Q1 2024[15] - The total comprehensive income attributable to the parent company for Q1 2025 was ¥4,700,627.54, compared to ¥4,490,859.15 in Q1 2024, reflecting an increase of 4.7%[15] - Basic and diluted earnings per share remained stable at ¥0.04 for both Q1 2025 and Q1 2024[16] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -2,486,533.14, a decline of 134.64% compared to CNY 7,177,812.51 in the previous year[4] - Cash flow from operating activities showed a net outflow of ¥2,486,533.14 in Q1 2025, compared to a net inflow of ¥7,177,812.51 in Q1 2024[17] - Cash and cash equivalents decreased to RMB 222,354,537.59 from RMB 264,792,816.90, reflecting a decline of 16.0%[12] - Cash and cash equivalents at the end of Q1 2025 were ¥221,326,452.79, down from ¥285,102,651.26 at the end of Q1 2024[18] - The company reported a total cash inflow from investment activities of ¥216,640,195.88 in Q1 2025, significantly higher than ¥20,043,537.86 in Q1 2024[18] Research and Development - Research and development (R&D) expenses totaled CNY 9,358,832.69, down 23.02% from CNY 12,157,390.44, with R&D expenses accounting for 27.40% of operating revenue, a decrease of 11.28 percentage points[5] - Research and development expenses decreased to ¥9,358,832.69 in Q1 2025 from ¥12,157,390.44 in Q1 2024, a reduction of 23.0%[14] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,132,604,943.67, a decrease of 1.11% from CNY 1,145,338,277.30 at the end of the previous year[5] - The company's total assets as of March 31, 2025, were RMB 1,132,604,943.67, down from RMB 1,145,338,277.30[12] - Total liabilities decreased to RMB 227,499,795.41 from RMB 244,467,565.66, a reduction of 6.9%[13] - The total equity attributable to shareholders increased to RMB 895,427,861.62 from RMB 891,695,374.18, a slight increase of 0.4%[13] - The non-current assets increased to RMB 638,248,690.63 from RMB 602,737,763.94, an increase of 5.9%[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 4,773[8] Other Financial Metrics - The weighted average return on equity was 0.53%, unchanged from the previous year[5] - The company recognized non-recurring gains of CNY 394,080.02 after accounting for tax effects and minority interests[6] - Short-term borrowings remained stable at RMB 35,000,000.00[13] - The company’s accounts payable decreased to RMB 127,816,023.21 from RMB 151,067,691.28, a decline of 15.4%[13] - Accounts receivable decreased by 17.4% to RMB 151,878,027.77 from RMB 183,900,034.93[12] - The company reported a significant increase in prepayments, which rose to RMB 23,599,952.46 from RMB 2,790,351.48, indicating a growth of 746.5%[12]

Financial Performance - The company's operating revenue for Q1 2025 was ¥164,215,216.85, a decrease of 25.52% compared to ¥220,477,849.18 in the same period last year[3] - Net profit attributable to shareholders was ¥9,973,484.46, down 81.35% from ¥53,477,035.70 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥6,677,492.06, reflecting an 86.80% decline from ¥50,568,607.60 in the previous year[3] - Net profit for Q1 2025 was ¥8.91 million, down 83.4% from ¥53.76 million in Q1 2024[18] - Basic and diluted earnings per share for Q1 2025 were both ¥0.08, down from ¥0.40 in Q1 2024[18] Cash Flow - The net cash flow from operating activities was -¥7,058,806.73, a significant decrease of 123.68% compared to ¥29,807,363.33 in the same period last year[3] - Cash flow from operating activities showed a net outflow of ¥7.06 million in Q1 2025, compared to a net inflow of ¥29.81 million in Q1 2024[20] - The company experienced a net cash outflow from financing activities of ¥497.10 million in Q1 2025, compared to a net outflow of ¥372.51 million in Q1 2024[22] Research and Development - Research and development expenses totaled ¥43,967,622.64, an increase of 52.57% from ¥28,818,551.99 year-on-year, representing 26.77% of operating revenue[4] - Research and development expenses increased significantly to ¥43.97 million in Q1 2025, up 53.0% from ¥28.82 million in Q1 2024[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,445,129,850.67, a slight decrease of 0.85% from ¥1,457,482,636.73 at the end of the previous year[4] - The company's current assets totaled CNY 1,238,949,160.18, slightly down from CNY 1,247,801,386.75 in the previous period[13] - Total liabilities decreased to CNY 101,456,266.65 from CNY 122,770,665.80, representing a reduction of approximately 17.4%[15] - The company's equity attributable to shareholders increased to CNY 1,275,234,541.33 from CNY 1,265,205,242.07, showing a growth of about 0.8%[15] Inventory and Receivables - The company reported a total of 149,405,462.45 in inventory, which is a slight increase from 146,689,100.60[13] - The company's accounts receivable increased to CNY 160,044,233.74 from CNY 174,711,534.13, indicating a decrease of about 8.4%[13] Market Conditions - The company experienced a significant decline in sales and gross margin due to weak external market demand and increased competition, leading to a substantial reduction in profits[7] Other Comprehensive Income - Other comprehensive income after tax for Q1 2025 was ¥55.81 million, compared to a loss of ¥139.35 million in Q1 2024[18]

Financial Performance - The company achieved operating revenue of RMB 522.79 million in 2024, representing a year-on-year growth of 25.98%[3]. - The net profit for the year was a loss of RMB 76.13 million, a significant decline of 867.30% compared to the previous year[3]. - The company will not distribute profits or dividends for the 2024 fiscal year due to the negative net profit[5]. - The net cash flow from operating activities for 2024 was -¥169,442,261.02, compared to -¥982,316.66 in 2023, indicating a worsening cash flow situation[26]. - The total assets as of the end of 2024 were ¥1,651,985,004.40, down 3.22% from ¥1,706,985,461.01 at the end of 2023[26]. - The net profit attributable to shareholders of the listed company for 2024 was -¥76,127,407.96, a significant decrease of 867.30% from ¥9,921,406.66 in 2023[26]. - The company's comprehensive gross margin for 2024 was 21.77%[111]. - The weighted average return on equity decreased by 5.77 percentage points to -4.83%[28]. - The net profit excluding non-recurring gains and losses for Q4 2024 was -55.49 million CNY, reflecting ongoing financial challenges[32]. Research and Development - Research and development expenses increased by 71.00% year-on-year, accounting for 20.59% of total operating revenue[3]. - The company is in a high-investment phase for research and development, which is expected to drive future growth despite current losses[3]. - The company's R&D investment was approximately 107.65 million RMB, accounting for 20.59% of operating revenue[40]. - The company is investing $10 million in new technology development focused on semiconductor advancements[13]. - The company has established a complete technical R&D system based on various materials and processes, enhancing its innovation capabilities in RF front-end chip design[96]. - The company’s R&D personnel increased by 18.52% to 96 individuals, contributing to its enhanced research capabilities[82]. - The company has developed core technologies such as high-integration adaptive RF power amplifier technology[97]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by the end of 2024[13]. - A strategic acquisition of a local tech firm was announced, expected to enhance the company's R&D capabilities and add $30 million in annual revenue[13]. - The company is exploring strategic acquisitions to bolster its market position, with a focus on companies in the AI and IoT sectors[110]. - The company is actively expanding its overseas market presence, with Wi-Fi 7 products already being adopted by several operators and end customers in Europe and Southeast Asia[58]. - The company has established long-term cooperative relationships with major domestic and international clients, contributing to rapid business growth and sustainable development[99]. Product Development and Innovation - New product launches included a next-generation communication device, projected to contribute an additional $50 million in revenue over the next year[13]. - The company successfully launched multiple Wi-Fi 7 FEM, IoT, V2X series chips, and products in the low-altitude economy sector, enhancing its product line and market share[41]. - The company has developed a complete product line for Wi-Fi FEM, including Wi-Fi 5, Wi-Fi 6, and Wi-Fi 7, with performance metrics comparable to leading international competitors[80]. - The company is focusing on high-performance, high-linearity, and high-reliability Wi-Fi RF front-end chips and modules, with ongoing R&D investments to enhance product capabilities[58]. - The company is also developing IoT FEM products to cater to the growing demand in the Internet of Things market, integrating multiple communication protocols[63]. Legal and Compliance Issues - The company is currently facing significant legal expenses related to patent litigation and investigations, contributing to the financial losses[3]. - The company has established a robust compliance management system to ensure legal and regulatory adherence, which is crucial for sustainable development[53]. - The management expenses surged by 148.23% to ¥78,298,559.04, largely due to increased litigation and legal fees[127]. Risks and Challenges - The company has outlined various risks and countermeasures in its management discussion section of the report[3]. - The company faces significant competition from international firms like Skyworks and Qorvo, which dominate market share[105]. - There is a significant risk of market demand fluctuations due to macroeconomic factors such as global inflation and trade environments, which could adversely affect sales growth[120]. - The company’s ability to compete may be hindered by the increasing number of domestic competitors and potential pricing strategies that could impact profit margins[119]. Shareholder and Investor Relations - The board of directors has approved the decision to not issue new shares or distribute capital reserves as dividends for 2024[5]. - The company has implemented a stock repurchase plan to enhance shareholder value and boost investor confidence, with the second round of repurchases utilizing both self-funding and special loan funds[54]. - The company has repurchased over 30 million RMB worth of its shares for employee stock ownership plans, emphasizing talent development and team building[51].

Financial Performance - The company reported a net loss of CNY 1.377 billion for 2024, with a net profit attributable to shareholders of CNY -1.379 billion, and a net profit of CNY -1.612 billion after deducting non-recurring gains and losses [3]. - Revenue for 2024 was CNY 4.349 billion, representing a year-on-year decline of 32.49% [4]. - Cumulative undistributed profits reached CNY -4.303 billion as of December 31, 2024 [3]. - The company's operating revenue for 2024 was approximately RMB 4.35 billion, a decrease of 32.49% compared to RMB 6.44 billion in 2023 [23]. - The net profit attributable to shareholders for 2024 was a loss of approximately RMB 1.38 billion, compared to a profit of RMB 71.75 million in 2023, representing a decrease of 2,022.46% [23]. - The company's total assets decreased by 8.60% to approximately RMB 14.87 billion at the end of 2024, down from RMB 16.27 billion at the end of 2023 [23]. - The net assets attributable to shareholders decreased by 13.72% to approximately RMB 8.77 billion at the end of 2024, compared to RMB 10.16 billion at the end of 2023 [23]. - The basic earnings per share for 2024 was -RMB 2.02, a decrease of 2,120.00% from RMB 0.10 in 2023 [24]. - The weighted average return on net assets for 2024 was -14.55%, a decrease of 15.26 percentage points from 0.71% in 2023 [24]. Cash Flow and Management - The company emphasized a "cash flow first" strategy, achieving the best operating cash flow since its listing, despite significant losses [3]. - The net cash flow from operating activities improved to a negative RMB 341.66 million in 2024, compared to a negative RMB 777.87 million in 2023 [23]. - The cash collection ratio for the year was 109.40%, an increase of 26.04 percentage points year-on-year, with average sales collection per employee rising to CNY 628,500, up 9.46% [37]. - The company faces risks related to significant performance declines, financial strain from high R&D costs, and potential cash flow issues due to increasing accounts receivable [4][5][7]. - The company emphasized cash flow management to improve project payment quality amid declining revenue and gross margins [25]. Research and Development - The company is focusing on R&D in core cybersecurity technologies and has begun to implement AI in its product lines to enhance efficiency [3]. - The R&D expenditure as a percentage of operating revenue increased to 32.45% in 2024, up by 9.39 percentage points from 23.06% in 2023 [24]. - The total R&D investment for the year was approximately ¥1.41 billion, a decrease of 4.99% compared to the previous year, while the proportion of R&D investment to operating income increased by 9.39 percentage points to 32.45% [125][126]. - The company has developed eight core R&D platforms to enhance efficiency and reduce development costs, addressing issues of high costs and long cycles [142]. - The company has launched AI-assisted programming tools, such as "Qi Anxin CodeGen," which have become essential for R&D personnel [142]. Market Challenges and Strategies - The company acknowledges the uncertainty of returning to profitability in the short term due to ongoing investments in R&D and services [3]. - The company faces challenges due to macroeconomic fluctuations, leading to a reduction in IT budgets and delays in new cybersecurity project implementations [25]. - The company is committed to investing in product development, market promotion, and sales to mitigate risks associated with declining revenue and profitability [4]. - The company plans to avoid cash dividends, stock bonuses, or capital reserve transfers for the 2024 profit distribution [9]. - The company aims to enhance cash flow and expense management while targeting steady revenue growth and maintaining leadership in the cybersecurity industry by focusing on core products and customers, improving distributor effectiveness, and expanding into overseas markets [45]. Product Development and Innovation - The company has integrated its product line into four major platforms: cloud and big data security, endpoint security, boundary security, and security operations, focusing on practical application, AI integration, platform development, and service-oriented products [39]. - The company has implemented AI technologies across its product lines, with an 80% usage rate of AI code assistants among R&D personnel by the end of Q1 2025 [40]. - The company plans to launch the "AI+ Code Guardian" product in February 2025, marking a significant advancement in AI-driven security development in the financial sector [40]. - The company has developed a comprehensive security technology framework based on the "endogenous security" concept, achieving numerous core security capabilities across new IT scenarios, including endpoint security detection and response, next-generation security engines, and advanced threat detection [84]. - The company has launched multiple new products in 2024, including the Industrial Security Isolation and Information Exchange System V1.0, which supports deep parsing of industrial protocols and is suitable for various industrial sectors [117]. Competitive Position and Recognition - The company has achieved recognition as the top competitor in the Chinese cybersecurity industry for four consecutive years and has received multiple awards for its contributions to technology and innovation [42]. - The company has been ranked first in the "Top 50 Competitiveness of China's Cybersecurity Industry" for four consecutive years by CCIA [60]. - The company has maintained its position as the number one provider in the endpoint security software market for seven consecutive years, and in the security analysis and intelligence market for five consecutive years [60]. - The company was recognized as a representative vendor in the field of attack surface management (ASM) by Gartner in July 2024 [65]. - The company achieved significant recognition in 2023, being named the top cybersecurity enterprise in China and receiving multiple awards for its innovative products and contributions to the industry [73]. Future Outlook - The company anticipates continued growth driven by the ongoing digital transformation and the increasing adoption of Generative AI (GenAI) in cybersecurity, reshaping defense strategies [74]. - Future guidance indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion efforts [136]. - The company aims to achieve steady year-on-year growth in revenue and profit in 2025, while significantly improving operating cash flow [198]. - The company is focusing on expanding its market presence through innovative product development and strategic partnerships [129]. - The company is targeting the expansion of its global business to achieve growth in international markets [197].

Financial Performance - The company's operating revenue for Q1 2025 was ¥686,081,196.14, a decrease of 2.65% compared to ¥704,746,571.12 in the same period last year[4] - Total revenue for Q1 2025 was ¥686,081,196.14, a decrease of 2.37% from ¥704,746,571.12 in Q1 2024[19] - Operating profit for Q1 2025 was -¥424,136,602.67, an improvement from -¥490,494,499.29 in Q1 2024[20] - Net loss for Q1 2025 was -¥419,565,315.90, compared to a net loss of -¥482,720,108.04 in Q1 2024, indicating a reduction in losses[21] - Basic and diluted earnings per share for Q1 2025 were both -¥0.61, an improvement from -¥0.70 in Q1 2024[21] Expenses and Costs - Research and development expenses totaled ¥281,253,635.06, down 25.66% from ¥378,333,877.13, with R&D expenses as a percentage of operating revenue decreasing by 12.69 percentage points to 40.99%[5] - Total operating costs for Q1 2025 were ¥1,096,057,391.28, down 11.69% from ¥1,241,553,929.03 in Q1 2024[20] - Research and development expenses for Q1 2025 were ¥281,253,635.06, down 25.69% from ¥378,333,877.13 in Q1 2024[20] Cash Flow - The net cash flow from operating activities was negative at ¥763,794,623.61, worsening from a negative cash flow of ¥577,499,259.79 in the previous year[4] - In Q1 2025, the cash inflow from operating activities was CNY 725,297,456.32, a decrease of 28% compared to CNY 1,005,847,336.11 in Q1 2024[23] - The net cash flow from financing activities was CNY 256,529,051.36, a significant improvement compared to -CNY 454,116,774.45 in Q1 2024[24] - The total cash and cash equivalents at the end of Q1 2025 were CNY 1,028,947,776.85, compared to CNY 868,564,248.01 at the end of Q1 2024, reflecting a year-over-year increase of 18%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,421,573,793.05, a decrease of 3.00% from ¥14,867,115,344.60 at the end of the previous year[5] - Total liabilities decreased slightly to ¥6,054,399,783.38 in Q1 2025 from ¥6,075,549,202.90 in Q1 2024[16] - The company's total equity decreased to ¥8,367,174,009.67 in Q1 2025 from ¥8,791,566,141.70 in Q1 2024, a decline of 4.82%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 27,279[10] - The top shareholder, Qi Xiangdong, holds 149,561,640 shares, accounting for 21.83% of the total shares[11] - Ningbo Meishan Free Trade Port Area Mingluo Investment Management Partnership holds 121,962,240 shares, representing 17.80% of the total shares[11] Other Notable Points - The company recognized non-recurring gains and losses totaling -¥7,331,739.53 for the period[7] - The company expects to maintain stable tax refund policies related to software products, which are closely tied to product sales[8] - The decrease in cash flow from operating activities was primarily due to a reduction in cash received from sales and services[9] - The company has not reported any significant changes in shareholder participation in financing or securities lending activities[12] - There are no new strategies or significant operational changes reported for the current period[13] - The company has not disclosed any new product developments or technological advancements in the latest earnings call[13]

Financial Performance - The company's operating revenue for Q1 2025 was ¥337,775,516.09, representing a 54.23% increase compared to ¥219,014,289.15 in the same period last year[3]. - Net profit attributable to shareholders was ¥35,878,705.93, up 27.94% from ¥28,042,771.41 year-on-year[3]. - The net profit after deducting non-recurring gains and losses increased by 59.40%, reaching ¥31,620,979.66 compared to ¥19,837,590.04 in the previous year[3]. - Basic and diluted earnings per share were both ¥0.21, reflecting a 23.53% increase from ¥0.17 in the same period last year[4]. - Total operating revenue for Q1 2025 reached ¥337,775,516.09, a significant increase of 54.1% compared to ¥219,014,289.15 in Q1 2024[14]. - Net profit for Q1 2025 was ¥35,878,705.93, representing a 28.1% increase from ¥28,042,771.41 in Q1 2024[15]. - The company reported a total profit of ¥37,981,003.65 for Q1 2025, up from ¥33,225,875.41 in Q1 2024, marking a growth of 22.5%[15]. Cash Flow and Assets - The net cash flow from operating activities was negative at -¥183,570,856.15, compared to -¥87,527,093.12 in the previous year, indicating increased cash outflows due to business growth[3][6]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥183,570,856.15, worsening from a net outflow of ¥87,527,093.12 in Q1 2024[17]. - Cash flow from investing activities for Q1 2025 was a net inflow of ¥39,773,063.82, compared to a net outflow of ¥454,137,579.95 in Q1 2024[18]. - The company's cash and cash equivalents decreased to RMB 398,392,675.09 from RMB 525,092,329.49, representing a decline of about 24.1%[10]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥393,392,675.09, down from ¥717,498,650.83 at the end of Q1 2024[18]. - Total assets at the end of the reporting period were ¥4,134,036,553.59, a 2.21% increase from ¥4,044,557,850.71 at the end of the previous year[4]. - As of March 31, 2025, the total current assets amounted to RMB 3,897,275,798.06, an increase from RMB 3,822,975,519.90 as of December 31, 2024, reflecting a growth of approximately 1.94%[11]. Liabilities and Equity - Total liabilities as of March 31, 2025, were RMB 2,023,858,273.07, compared to RMB 1,970,289,174.60 at the end of 2024, reflecting an increase of approximately 2.7%[12]. - The total equity attributable to shareholders increased to RMB 2,110,178,280.52 from RMB 2,074,268,676.11, representing a growth of approximately 1.73%[12]. - The company reported a total current liability of RMB 1,913,130,624.20, up from RMB 1,868,119,643.01, which is an increase of about 2.4%[12]. Research and Development - Research and development expenses totaled ¥31,838,927.34, a 42.34% increase from ¥22,367,450.92 in the same period last year[4]. - The proportion of R&D expenses to operating revenue decreased to 9.43% from 10.21% year-on-year, a reduction of 0.78 percentage points[4]. - Research and development expenses for Q1 2025 were ¥31,838,927.34, an increase of 42.5% from ¥22,367,450.92 in Q1 2024[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,193[8]. - The company has not reported any significant changes in the shareholder structure or any related party transactions during the reporting period[9]. Market and Strategy - The company attributed revenue growth to strong demand in the semiconductor equipment market and its competitive product advantages[6]. - There are no significant new strategies or product developments mentioned in the current report[10].

Financial Performance - The company's operating revenue for Q1 2025 was ¥209.17 million, a decrease of 29.35% compared to ¥296.08 million in the same period last year[4] - Net profit attributable to shareholders was ¥5.52 million, down 90.33% from ¥57.05 million year-on-year[4] - The net cash flow from operating activities was -¥52.58 million, a decline of 133.81% compared to -¥22.49 million in the previous year[4] - Total operating revenue for Q1 2025 was ¥209.17 million, a decrease of 29.3% compared to ¥296.08 million in Q1 2024[18] - Net profit for Q1 2025 was ¥1.86 million, a significant decline of 96.5% from ¥53.39 million in Q1 2024[19] - The company reported a net cash outflow from operating activities of ¥52.58 million in Q1 2025, compared to an outflow of ¥22.49 million in Q1 2024[22] - Basic earnings per share for Q1 2025 were ¥0.04, down from ¥0.54 in Q1 2024[19] Research and Development - Research and development (R&D) expenses totaled ¥9.80 million, an increase of 25.27% from ¥7.82 million year-on-year[4] - The proportion of R&D expenses to operating revenue rose to 4.68%, up 2.04 percentage points from 2.64% in the previous year[5] - Research and development expenses increased to ¥9.80 million in Q1 2025, up 25.3% from ¥7.82 million in Q1 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥3.23 billion, a slight increase of 0.35% from ¥3.22 billion at the end of the previous year[5] - The company's total current assets as of March 31, 2025, amount to ¥2,185,790,601.82, an increase from ¥2,168,021,166.00 at the end of 2024[14] - The total assets of the company are ¥3,230,806,444.01, slightly up from ¥3,219,540,808.87[15] - The total liabilities increased to ¥827.61 million in Q1 2025, compared to ¥817.42 million in Q1 2024[16] - Current liabilities total ¥558,753,866.90, a decrease from ¥568,365,987.80[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,435[11] - The largest shareholder, China Pharmaceutical Industrial Research Institute, holds 29,076,360 shares, accounting for 20.62% of total shares[11] Cash Flow and Liquidity - The company's cash and cash equivalents stand at ¥1,314,529,327.56, down from ¥1,369,560,001.57[14] - The net cash flow from investing activities was -705,993.51, indicating a significant outflow compared to the previous period's outflow of -37,560,397.66[23] - The net cash flow from financing activities was -1,716,004.99, a decrease from -2,064,970.49 in the prior period[23] - The total net increase in cash and cash equivalents was -55,030,674.01, compared to -62,114,379.74 in the previous period[23] - The ending balance of cash and cash equivalents was 1,314,529,327.56, down from 1,369,560,001.57 at the beginning of the period[23] - The company reported cash outflows related to financing activities, including dividend payments of 2,925.00 and other financing-related cash payments of 1,713,079.99[23] - The cash outflow from investment activities totaled 12,548,590.44, reflecting ongoing investment commitments[23] - The company’s cash and cash equivalents decreased significantly, highlighting potential liquidity concerns moving forward[23] - The financial results indicate a need for strategic adjustments in investment and financing activities to improve cash flow[23] Market Presence and Strategy - The number of new orders for core business (IND and NDA) increased by 18.37% year-on-year, indicating growth in the company's market presence[5] - The company is focusing on expanding its international market presence, with significant growth in new orders from overseas markets during the reporting period[5] - The company is actively investing in innovative drug development, with notable growth in contract amounts across various emerging fields[5] Impairment and Other Losses - The company recorded a credit impairment loss of ¥3.18 million in Q1 2025, compared to a loss of ¥1.68 million in Q1 2024[18] - Other comprehensive income after tax for Q1 2025 was a loss of ¥81,326.82, with no prior year comparison available[19] Accounting Practices - The company did not apply new accounting standards starting from 2025, indicating stability in financial reporting practices[23]

Financial Performance - The company's operating revenue for 2024 reached RMB 1,564,932,497.13, representing a 1.35% increase compared to RMB 1,544,081,894.61 in 2023[24]. - The net profit attributable to shareholders of the listed company for 2024 was RMB -26,211,631.60, a decrease of 161.94% from RMB 42,318,630.74 in 2023[25]. - The net cash flow from operating activities for 2024 was RMB -156,880,149.19, an improvement from RMB -360,852,743.85 in 2023[25]. - The company's total assets increased by 8.66% to RMB 2,876,111,923.70 at the end of 2024, compared to RMB 2,646,866,461.26 at the end of 2023[25]. - The basic earnings per share for 2024 was RMB -0.22, a decline of 162.86% from RMB 0.35 in 2023[26]. - The company's gross profit margins for 2022, 2023, and 2024 are 5.58%, 10.70%, and 9.52%, respectively, indicating significant fluctuations primarily due to production scale and precious metal price volatility[84]. - The company's revenue for 2022, 2023, and 2024 is reported at 447 million, 1.544 billion, and 1.565 billion RMB, respectively, showing a substantial increase in revenue over the years[84]. Shareholder Actions - The company implemented a share buyback program in 2024, with a total repurchase amount of ¥33,000,622.63, which accounted for 125.90% of the net profit attributable to shareholders for the year[7]. - The board of directors decided not to distribute cash dividends, issue bonus shares, or increase capital reserves for the year 2024, citing significant capital expenditure plans as the reason[7]. - The company has not proposed any cash dividend distribution plan despite having positive distributable profits for shareholders[178]. Governance and Compliance - The company's board and supervisory board members were all present at the board meeting, ensuring governance compliance[6]. - The company has completed the election of the fourth board of directors and supervisory board, optimizing 69 internal regulations to enhance management effectiveness[40]. - The report indicates that there are no significant differences in corporate governance compared to regulations set by the China Securities Regulatory Commission[134]. - The company is committed to maintaining compliance with corporate governance standards and has not encountered any significant legal or regulatory issues[134]. - The company has established five specialized committees under the board of directors to provide professional advice on major decisions[134]. Risk Management - The company reported no significant risks that could materially affect its operations during the reporting period[5]. - The company has detailed risk factors outlined in the management discussion and analysis section of the report[5]. - The company faces risks related to the rapid upgrade of emission standards, which may require continuous development of higher-performance catalysts to meet new requirements[77]. - The company is at risk of losing core technical personnel, which could impact its technological innovation and competitive advantage in the environmental catalyst industry[79]. - The company is exposed to significant risks from the high cost and price volatility of platinum group metals, which constitute a large portion of its main business costs[82]. Research and Development - Research and development expenses accounted for 7.01% of operating revenue in 2024, up from 5.63% in 2023, indicating a focus on innovation[26]. - R&D investment reached ¥10,969.34 million, a year-on-year increase of 26.13%[38]. - The company has developed a comprehensive research and development model, focusing on independent R&D while collaborating with academic institutions to drive innovation and maintain competitive advantages[49]. - The company is actively engaged in the research and development of sodium-ion batteries and new power batteries, aiming to establish a complete technical closed-loop system for energy storage[74]. - The company has established a strong technical advantage in environmental catalysts through nearly 20 years of technological accumulation, creating a complete technical chain that includes rare earth oxygen storage material synthesis and high-temperature material preparation[73]. Market Trends and Expansion - The global hydrogen fuel cell market is projected to reach $7.417 billion in 2024 and $40.2 billion by 2031, with a CAGR of 27.7% from 2025 to 2031, indicating strong demand for high-performance catalysts[51]. - In 2024, China's new energy storage market is expected to see an addition of 109.8 GWh, with cumulative installed capacity surpassing pumped storage, reflecting a positive market trend[52]. - The company is actively expanding into the energy storage sector, providing solutions for various applications, including smart microgrids and household energy storage systems[44]. - The company is positioned as a leading domestic manufacturer in the environmental catalyst sector, having developed core technologies to break foreign monopolies in catalyst technology[43]. Environmental and Social Responsibility - The company actively integrates ESG management into its daily operations, focusing on environmental protection and social responsibility[183]. - The company has received an ESG rating of A- from Zhong Chengxin Green Finance[186]. - The company invested 182.61 million yuan in environmental protection funds during the reporting period[187]. - The total greenhouse gas emissions for the company amounted to 18,097.96 tons of CO2 equivalent, with emissions from fossil fuel combustion at 2,294.87 tons, and emissions from purchased electricity at 15,657.39 tons[200]. - The company has established a wastewater treatment plant with a design capacity of 160 m³/d, ensuring that 100% of wastewater discharged meets municipal standards[189]. Strategic Initiatives - The company is committed to digital transformation and optimizing management processes, including the integration of MES and ERP systems for improved operational efficiency[131]. - The company plans to expand its market presence in the internal combustion engine exhaust purification catalyst sector, focusing on high-performance and cost-effective products, while increasing brand awareness and market share[126]. - The company will enhance its talent development plan to build a management talent pool and improve human resource systems to support strategic goals[131]. - The company is exploring potential acquisitions to enhance its market position, with a budget of $100 million allocated for this purpose[143]. Operational Efficiency - The company aims to improve production efficiency and product quality through enhanced internal operations management and the application of intelligent technologies, ensuring product quality while increasing output and reducing costs[40]. - The company has implemented new strategies to improve customer retention, aiming for an increase of I% in customer loyalty metrics[144]. - Operational costs have been optimized, resulting in a reduction of H% in expenses compared to the previous year[144].