Financial Performance - The company's revenue for Q1 2025 was CNY 252.28 million, a decrease of 24.71% compared to CNY 335.06 million in the same period last year[3]. - The net loss attributable to shareholders was CNY 67.36 million, compared to a loss of CNY 19.38 million in the previous year, representing an increase in loss of 247.63%[3][8]. - The weighted average return on equity was -4.23%, compared to -1.09% in the previous year, indicating a decline in profitability[3][8]. - Operating profit for Q1 2025 was a loss of CNY 98.23 million, compared to a loss of CNY 28.30 million in Q1 2024[18]. - Net profit for Q1 2025 was a loss of CNY 83.90 million, compared to a loss of CNY 20.24 million in Q1 2024[19]. - Total operating costs for Q1 2025 were CNY 353.08 million, down 7% from CNY 379.60 million in Q1 2024[18]. - Cash received from sales and services in Q1 2025 was CNY 280.53 million, down from CNY 347.06 million in Q1 2024[20]. - The company's equity attributable to shareholders decreased from CNY 1.61 billion to CNY 1.58 billion[15]. Cash Flow and Assets - The net cash flow from operating activities was negative CNY 73.78 million, worsening from a negative CNY 7.36 million in the same period last year[3][8]. - Total cash inflow from investment activities was $662.31 million, up from $131.17 million year-over-year[21]. - The net cash flow from investment activities was -$104.45 million, compared to -$9.08 million in the previous period[21]. - Cash inflow from financing activities was $110.70 million, down from $238.77 million year-over-year[21]. - The total cash and cash equivalents at the end of the period were $660.03 million, down from $684.88 million[21]. - The total assets at the end of the reporting period were CNY 3.56 billion, a decrease of 2.29% from CNY 3.64 billion at the end of the previous year[3]. - Total current assets as of March 31, 2025, amount to ¥2,461,305,258.02, a decrease from ¥2,579,694,356.02 as of December 31, 2024[13]. - Cash and cash equivalents are reported at ¥664,416,281.41, down from ¥787,649,177.22[13]. - Accounts receivable decreased to ¥853,901,384.57 from ¥935,813,863.81[13]. - Inventory increased to ¥281,218,268.16 from ¥260,602,894.87[13]. - The company has a total of 202,099,951.39 in long-term equity investments as of March 31, 2025[13]. Research and Development - R&D investment totaled CNY 41.16 million, an increase of 77.57% year-over-year, accounting for 16.32% of revenue, up 9.40 percentage points from the previous year[3][8]. - Research and development expenses increased to CNY 40.82 million in Q1 2025, compared to CNY 23.01 million in Q1 2024, reflecting a 77.5% increase[18]. - The company achieved a significant milestone in its general technology platform for intelligent robots by the end of February 2025, marking a step towards embodied intelligence[6][7]. - The company plans to maintain its strategic focus on embodied intelligence and expand its market presence despite short-term performance fluctuations[7]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 33,857[10]. - The largest shareholder, Wuhu Yuanhong Industrial Robot Investment Co., Ltd., holds 84,000,000 shares, accounting for 16.10% of total shares[10]. - The second largest shareholder, Wuhu Yuanda Venture Capital Co., Ltd., holds 65,818,276 shares, representing 12.61%[10]. - The company has not reported any significant changes in shareholder relationships or actions regarding share lending[11]. Other Information - Government subsidies recognized in the current period decreased compared to the previous year, impacting the overall financial performance[8]. - No new strategies or product developments were mentioned in the conference call[12]. - The basic and diluted earnings per share for Q1 2025 were both CNY -0.13, compared to CNY -0.04 in Q1 2024[19]. - The company will not apply new accounting standards starting from 2025[22].

Financial Performance - The company's operating revenue for 2024 was CNY 30,341.47 million, a slight increase of 0.64% compared to CNY 30,148.71 million in 2023[24]. - The net profit attributable to shareholders for 2024 was CNY -4,474.01 million, representing a significant decrease of 241.95% from CNY 3,151.87 million in 2023[24]. - The net cash flow from operating activities increased dramatically to CNY 8,936.20 million, up 2,434.71% from CNY 352.55 million in 2023[24]. - The basic earnings per share for 2024 was CNY -0.11, a decrease of 237.5% from CNY 0.08 in 2023[25]. - The weighted average return on equity decreased to -3.07% in 2024, down 5.19 percentage points from 2.12% in 2023[25]. - The company achieved operating revenue of 303.41 million yuan, a year-on-year increase of 0.64%[148]. - The net profit attributable to shareholders was -44.74 million yuan, a year-on-year decrease of 241.95%[148]. - Operating costs increased by 37.16% to 120.61 million yuan compared to the previous year[149]. - Research and development expenses rose by 10.84% to 49.36 million yuan, reflecting an expansion of the R&D team[149]. - The gross margin for the main business decreased by 10.7 percentage points to 60.12%[152]. Research and Development - Research and development expenses accounted for 28.34% of operating revenue in 2024, an increase of 4.94 percentage points from 23.4% in 2023[25]. - The company invested 85.99 million yuan in R&D in 2024, with 28 national patents filed and 2 new veterinary drug registration certificates obtained[36]. - The company has established five major technology platforms: inactivated vaccine technology, synthetic peptide vaccine technology, virus-like particle vaccine technology, nucleic acid (mRNA) technology, and in vitro diagnostic technology[113]. - The company has increased R&D investment, with total R&D expenditures reaching ¥85,992,438.63, a 21.88% increase from the previous year, and R&D expenditures as a percentage of revenue rising to 28.34%[105]. - The company has applied for 28 new patents this year, including 8 invention patents, bringing the total number of patents to 146, with 85 granted[103]. - The company is focusing its R&D resources on key projects to enhance its competitive edge in disease prevention products[185]. - The company is actively working on new product launches and market expansion, but market promotion of new products has been affected by a complex market environment[136]. Product Development and Innovation - The company has developed proprietary technologies such as i-Molsta for vaccine antigen stabilization and i-Nada for efficient vaccine adjuvant technology, showcasing innovation in product development[14]. - The company is advancing the development of new vaccine projects, including circular RNA vaccines and genetically engineered subunit vaccines, to enhance its competitive edge in the market[26]. - The company is focusing on the development of multivalent vaccines and gene-engineered vaccines to reduce the number of vaccinations required for immunized animals, thereby alleviating the burden on farmers[84]. - The company has established a virus-like particle (VLP) vaccine technology platform that supports the development of multi-valent vaccines, having completed rapid construction and scale-up production technology for major categories of VLPs, including foot-and-mouth disease virus and rotavirus[96]. - The mRNA vaccine technology platform has made key progress, with the completion of core technology platforms for mRNA design and production, enabling the company to produce core raw materials independently, which is crucial for efficient vaccine development and cost control[98]. - The company is actively researching and developing new adjuvants, particularly water-based adjuvants, to enhance vaccine efficacy and safety[86]. - The company has successfully developed and optimized the process for the inactivated vaccine for bovine nodular dermatitis, which shows improved immunization effects[92]. Market and Sales Strategy - The company is focusing on large-scale breeding groups and provincial pig farms to enhance brand influence and product recognition[60]. - The company is enhancing its marketing system to focus on large-scale breeding groups, integrating marketing, R&D, and service functions to improve customer satisfaction[42]. - The company is actively expanding into the pet market, developing high-quality biological products to meet increasing demand[66]. - The company is implementing a "three-step overseas expansion model" targeting Southeast Asia, Central Asia, South America, and Africa to meet the demand for animal vaccines[46]. - The company is expanding its ruminant vaccine portfolio, with key breakthroughs in the development of vaccines for bovine viral diarrhea and ovine cysticercosis[38]. - The company is actively expanding its overseas market by leveraging advanced biopharmaceutical technology platforms and capital operation tools, focusing on human innovative drugs[46]. Governance and Compliance - The company has a standard unqualified audit report from Rongcheng Accounting Firm, ensuring the accuracy and completeness of its financial statements[6]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties, reflecting good governance practices[9]. - The company has strict compliance with GMP regulations, but potential risks exist regarding the renewal of necessary production licenses and permits[137]. - The company maintains a controllable biosecurity risk status, having passed the biosecurity level three acceptance, but must adhere to strict management to avoid potential biosecurity hazards[138]. - The company is committed to environmental protection but faces risks related to stricter national environmental standards that could impact its operations and reputation[140]. Risks and Challenges - The company has identified significant risk factors in its management discussion, which investors are advised to review carefully[5]. - The company is facing risks of significant performance decline due to intensified competition in the animal health industry, leading to decreased product prices and increased operational costs[132]. - The company faces risks related to accounts receivable collection due to reliance on government procurement and market sales[142]. - The company is at risk of losing tax benefits if it fails to maintain its status as a high-tech enterprise, which currently allows a reduced corporate income tax rate of 15%[143].

Financial Performance - The company's revenue for Q1 2025 reached ¥606,125,018.69, representing a 20.05% increase compared to ¥504,874,103.59 in the same period last year[6] - Net profit attributable to shareholders was ¥62,384,400.02, a significant increase of 272.28% from ¥16,757,351.46 year-on-year[6] - The basic earnings per share rose to ¥0.30, reflecting a 275.00% increase compared to ¥0.08 in the previous year[6] - Total operating revenue for Q1 2025 reached ¥606,125,018.69, an increase of 19.99% compared to ¥504,874,103.59 in Q1 2024[24] - Net profit for Q1 2025 was ¥61,178,293.66, a significant increase from ¥16,536,169.84 in Q1 2024, representing a growth of 269.36%[25] - Operating profit for Q1 2025 was ¥74,892,596.81, compared to ¥16,593,800.36 in Q1 2024, marking a growth of 351.36%[25] - The total comprehensive income for Q1 2025 was ¥61,378,679.20, compared to ¥16,883,201.98 in Q1 2024, showing a substantial increase[25] Cash Flow - The net cash flow from operating activities was negative at -¥32,501,676.43, a decline of 214.74% compared to a positive cash flow of ¥28,325,486.01 in the previous year[6] - Cash inflow from operating activities for Q1 2025 was CNY 581,435,370.72, up from CNY 474,799,584.50 in Q1 2024, indicating a growth of 22.4%[26] - The company reported a total cash outflow from operating activities of CNY 613,937,047.15 in Q1 2025, compared to CNY 446,474,098.49 in Q1 2024, which is an increase of 37.5%[26] - Net cash flow from investing activities for Q1 2025 was CNY 63,037,040.70, a significant recovery from negative CNY 119,512,265.14 in Q1 2024[27] - Cash inflow from financing activities for Q1 2025 was CNY 291,805,529.86, compared to CNY 165,645,972.06 in Q1 2024, reflecting a growth of 76.1%[27] - Net cash flow from financing activities for Q1 2025 was CNY 154,932,904.10, up from CNY 59,978,595.17 in Q1 2024, indicating a 158.5% increase[27] Assets and Liabilities - Total assets increased to ¥5,713,528,895.22, up 3.79% from ¥5,504,945,895.27 at the end of the previous year[7] - Total liabilities rose to ¥2,740,169,269.08, compared to ¥2,600,690,964.34 in the previous period, reflecting an increase of 5.36%[22] - Shareholders' equity attributable to shareholders rose to ¥2,948,187,946.51, an increase of 2.44% from ¥2,877,877,144.94 at the end of the previous year[7] - The company's equity attributable to shareholders reached ¥2,948,187,946.51, up from ¥2,877,877,144.94, indicating a growth of 2.45%[22] Research and Development - Research and development expenses totaled ¥53,713,674.32, accounting for 8.86% of revenue, down from 10.62% in the same period last year[7] - Research and development expenses for Q1 2025 were ¥53,713,674.32, slightly up from ¥53,593,858.98 in Q1 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,516[12] - The company approved a stock incentive plan to grant 3,000,000 restricted shares, representing 1.42% of the total share capital, with an initial grant of 2,400,000 shares at a price of RMB 21.62 per share[16][17] Other Financial Metrics - The company reported accounts receivable of RMB 596,903,010.64, an increase from RMB 522,072,402.52, showing a growth of approximately 14.26%[20] - The company’s trading financial assets decreased to RMB 300,150,068.49 from RMB 449,150,068.49, a decline of about 33.24%[20] - The company’s other receivables stood at RMB 28,438,140.36, slightly down from RMB 30,565,123.45, indicating a decrease of approximately 7.00%[20] - The company’s prepayments increased to RMB 16,958,773.48 from RMB 13,183,434.60, reflecting a growth of about 28.00%[20] - The company’s contract assets rose to RMB 43,226,751.19 from RMB 38,101,088.08, marking an increase of approximately 13.00%[20] Governance - The board of directors was restructured, reducing the number of members from 9 to 7, enhancing governance structure and strategic alignment[15] - The company did not apply new accounting standards for the year 2025[28] - The board of directors announced the financial results on April 30, 2025[29]

Financial Performance - The company's operating revenue for Q1 2025 was ¥528,146,308.54, representing a 60.42% increase compared to ¥329,235,593.08 in the same period last year[4]. - The net profit attributable to shareholders was -¥113,407,581.30, an improvement from -¥209,131,930.45 year-on-year[4]. - The net cash flow from operating activities was ¥24,818,625.83, a significant recovery from -¥41,650,213.82 in the previous year[4]. - Total revenue for Q1 2025 reached ¥528,146,308.54, a significant increase of 60.4% compared to ¥329,235,593.08 in Q1 2024[19]. - Net loss for Q1 2025 was ¥115,082,483.63, compared to a net loss of ¥209,713,389.43 in Q1 2024, indicating an improvement[20]. - The company reported a net loss attributable to the parent company of ¥117,410,601.87 for the current period, compared to a loss of ¥218,900,307.69 in the previous period, reflecting a reduction in losses by about 46.3%[21]. - The total comprehensive income for the period was -¥119,085,504.20, compared to -¥219,481,766.67 in the previous period, showing an improvement of about 45.6%[21]. Research and Development - Research and development expenses totaled ¥190,780,031.18, up 36.18% from ¥140,095,881.26, accounting for 36.12% of operating revenue[5]. - R&D expenses in Q1 2025 amounted to ¥190,780,031.18, an increase of 36.1% from ¥140,095,881.26 in Q1 2024[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,068,365,195.55, a decrease of 3.23% from ¥4,204,325,263.41 at the end of the previous year[5]. - Total liabilities decreased to ¥2,046,163,590.08 as of March 31, 2025, from ¥2,080,966,813.32 as of December 31, 2024[17]. - The company’s total equity decreased to ¥2,022,201,605.47 as of March 31, 2025, from ¥2,123,358,450.09 as of December 31, 2024[17]. Cash Flow - The net cash flow from operating activities for Q1 2025 was ¥24,818,625.83, a significant improvement compared to a net outflow of ¥41,650,213.82 in Q1 2024[24]. - Total cash inflow from operating activities reached ¥625,617,559.74 in Q1 2025, up from ¥360,016,540.58 in the same period last year, indicating a growth of approximately 73.8%[25]. - The company incurred a net cash outflow from investing activities of ¥193,816,664.06 in Q1 2025, compared to a larger outflow of ¥225,192,449.27 in Q1 2024, indicating a decrease in investment expenditures[25]. - Cash inflow from financing activities was ¥534,950,000.00 in Q1 2025, compared to ¥259,993,343.50 in Q1 2024, marking an increase of approximately 105.5%[26]. - The company paid ¥532,420,458.00 in debt repayments during Q1 2025, which is significantly higher than the ¥154,993,343.50 paid in Q1 2024[26]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 12,108[10]. - JoulWatt Technology Inc. Limited holds 30.18% of shares, totaling 134,857,188 shares[10]. - Hubble Technology Venture Capital Co., Ltd. holds 3.03% of shares, totaling 13,543,308 shares[11]. - The top 10 shareholders did not participate in margin trading or stock lending activities[12]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance international strategy and financing capabilities[13]. Cash and Equivalents - The company reported a decrease in cash and cash equivalents to ¥1,014,340,671.94 as of March 31, 2025, from ¥1,194,198,108.57 as of December 31, 2024[15]. - Cash and cash equivalents at the end of Q1 2025 stood at ¥994,340,671.94, down from ¥1,620,258,824.27 at the end of Q1 2024, representing a decrease of approximately 38.5%[26]. - The company received ¥10,070,001.57 in tax refunds during Q1 2025, a notable increase from ¥677.48 in Q1 2024[25].

Revenue Performance - The company's revenue for Q1 2025 was CNY 130,068,084.45, representing an increase of 11.22% compared to CNY 116,944,746.57 in the same period last year[4] - Total revenue for Q1 2025 reached RMB 130,068,084.45, an increase of 11.5% compared to RMB 116,944,746.57 in Q1 2024[16] - Total revenue for Q1 2025 was CNY 114,657,397.34, a slight increase of 1.05% compared to CNY 113,465,118.54 in Q1 2024[25] Profitability - The net profit attributable to shareholders was a loss of CNY 7,584,467.18, a significant decline of 2,340.63% from a profit of CNY 338,496.61 in the previous year[4] - The net profit for Q1 2025 was -6,932,743.04 RMB, compared to a net profit of 826,314.47 RMB in Q1 2024, indicating a significant decline[17] - Operating profit for Q1 2025 was a loss of CNY 6,075,605.42, compared to a loss of CNY 4,822,791.06 in Q1 2024, indicating a deterioration in operational performance[25] - Net profit for Q1 2025 was a loss of CNY 4,061,518.00, compared to a loss of CNY 2,567,677.64 in Q1 2024, reflecting increased financial challenges[25] Cash Flow - The net cash flow from operating activities was CNY 43,360,699.49, a decrease of 22.00% from CNY 55,589,403.47 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was CNY 72,677,678.64, an increase of 7.4% from CNY 67,557,030.33 in Q1 2024[27] - The cash flow from operating activities for Q1 2025 was 43,360,699.49 RMB, a decrease of 22% compared to 55,589,403.47 RMB in Q1 2024[19] Research and Development - Research and development expenses totaled CNY 18,476,008.72, accounting for 14.20% of revenue, down from 16.68% in the previous year, indicating a decrease of 2.48 percentage points[4] - Research and development expenses for Q1 2025 were RMB 18,476,008.72, slightly down from RMB 19,501,750.11 in Q1 2024, indicating a decrease of 5.2%[16] - Research and development expenses for Q1 2025 were CNY 8,947,255.92, a decrease of 16.2% from CNY 10,679,002.48 in Q1 2024, indicating a potential shift in focus[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,564,478,515.20, a decrease of 1.09% from CNY 2,592,747,635.77 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to RMB 2,564,478,515.20, a slight decrease from RMB 2,592,747,635.77 at the end of 2024[16] - Total liabilities decreased to RMB 1,437,579,172.24 from RMB 1,471,124,200.91, showing a reduction of 2.3%[15] - The total liabilities decreased to CNY 947,422,930.61 in Q1 2025 from CNY 957,650,186.67 in Q1 2024, showing a reduction in overall debt levels[25] Shareholder Equity - The company's equity attributable to shareholders increased to RMB 1,111,398,547.76 from RMB 1,106,774,363.80, reflecting a marginal growth of 0.5%[15] - The company's total equity increased to CNY 1,140,130,350.19 in Q1 2025 from CNY 1,131,983,214.53 in Q1 2024, indicating a strengthening of the financial position[25] Investment Activities - The company incurred a total investment cash outflow of 294,095,694.04 RMB in Q1 2025, significantly higher than 134,183,777.17 RMB in Q1 2024[20] - The company reported a net cash outflow from investing activities of CNY 73,950,650.16 in Q1 2025, reflecting ongoing investments despite losses[28] Other Financial Metrics - The weighted average return on net assets was -0.69%, a decrease of 0.72 percentage points compared to 0.03% in the previous year[4] - Basic earnings per share were -0.04 CNY, a decline of 2,338.53% from 0.00 CNY in the same period last year[4] - Diluted earnings per share were -0.03 CNY, a decrease of 2,031.96% compared to 0.00 CNY in the previous year[4] - The company reported a total comprehensive income of -6,932,745.56 RMB for Q1 2025, compared to 826,305.14 RMB in Q1 2024[18]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 688,989,400.70, a year-on-year increase of 0.30% and a quarter-on-quarter increase of 37.30%[3]. - Net profit attributable to shareholders decreased by 19.88% year-on-year to CNY 110,258,240.35, while the net profit excluding non-recurring gains and losses fell by 25.38% to CNY 99,168,300.25[3]. - Total revenue for Q1 2025 reached ¥688,989,400.70, a slight increase from ¥686,909,061.52 in Q1 2024, representing a growth of approximately 0.31%[21]. - Net profit for Q1 2025 was ¥116,197,969.19, compared to ¥141,852,238.97 in Q1 2024, reflecting a decrease of approximately 18.1%[22]. - The total comprehensive income for Q1 2025 was ¥116,655,247.96, down from ¥141,864,993.51 in Q1 2024, reflecting a decrease of about 17.73%[22]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.35, down from CNY 0.44 in Q1 2024, indicating a decrease of approximately 20.45% year-over-year[23]. Cash Flow - The net cash flow from operating activities dropped significantly by 51.79% to CNY 37,219,201.54 compared to the previous year[3][13]. - Cash inflow from operating activities for Q1 2025 was CNY 580,704,504.07, compared to CNY 560,317,919.65 in Q1 2024, reflecting an increase of about 3.46%[24]. - Net cash flow from operating activities decreased to CNY 37,219,201.54 in Q1 2025, down 51.74% from CNY 77,204,996.82 in Q1 2024[24]. - The company reported a total cash outflow from operating activities of CNY 543,485,302.53 in Q1 2025, compared to CNY 483,112,922.83 in Q1 2024, reflecting an increase of about 12.49%[24]. - Cash inflow from investment activities for Q1 2025 was CNY 1,109,537,955.23, significantly higher than CNY 384,384,067.11 in Q1 2024, marking an increase of approximately 188.06%[25]. - Net cash flow from investment activities improved to CNY 82,434,530.50 in Q1 2025, compared to a negative CNY 7,529,404.95 in Q1 2024[25]. - Cash inflow from financing activities totaled CNY 194,362,611.12 in Q1 2025, a substantial increase from CNY 5,170,000.00 in Q1 2024[25]. - The net increase in cash and cash equivalents for Q1 2025 was CNY 102,689,591.57, compared to CNY 50,425,150.14 in Q1 2024, indicating a growth of approximately 103.67%[25]. - The ending balance of cash and cash equivalents as of Q1 2025 was CNY 637,393,622.25, down from CNY 1,307,071,714.34 in Q1 2024[25]. Market Performance - The life sciences segment generated revenue of CNY 354 million, up 1.06% year-on-year and 53.28% quarter-on-quarter[5]. - Domestic market revenue was CNY 482 million, down 3.35% year-on-year but up 54.98% quarter-on-quarter, indicating resilience in a challenging market[6]. - Overseas market revenue reached CNY 204 million, showing a year-on-year growth of 9.88% and a quarter-on-quarter increase of 8.99%[7]. - The market share of the company's biological safety cabinet products has risen to the second brand in the domestic market during Q1 2025[7]. Research and Development - Research and development expenses totaled CNY 80,452,189.16, representing 11.68% of operating revenue, an increase of 0.43 percentage points year-on-year[4]. - Research and development expenses for Q1 2025 were ¥80,452,189.16, compared to ¥77,257,984.27 in Q1 2024, indicating a growth of about 2.85%[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,793[15]. - The largest shareholder, Qingdao Haier Biomedical Co., Ltd., holds 100,591,463 shares, accounting for 31.64% of the total shares[15]. - The second largest shareholder, Qingdao Haizhi Huiying Equity Investment Management Co., Ltd., holds 32,103,659 shares, representing 10.10% of the total shares[15]. - The company has no changes in the top 10 shareholders due to securities lending activities[17]. Assets and Liabilities - Total current assets as of March 31, 2025, amount to ¥2,314,000,000, a decrease from ¥2,400,000,000 as of December 31, 2024[18]. - Cash and cash equivalents decreased to ¥831,055,160.95 from ¥901,227,075.69[18]. - Accounts receivable increased to ¥431,897,441.94 from ¥323,845,820.79, indicating a growth of approximately 33.5%[18]. - Inventory decreased to ¥303,739,515.42 from ¥334,744,974.95, a decline of about 9.3%[18]. - The company's total assets amounted to ¥5,830,440,601.44, slightly up from ¥5,787,468,795.01 in the previous year[21]. - Total liabilities decreased to ¥1,121,639,324.69 from ¥1,169,332,762.22, showing a reduction of about 4.08%[20]. - The equity attributable to shareholders increased to ¥4,456,255,374.10 from ¥4,371,550,511.01, marking an increase of approximately 1.94%[20]. Operational Conditions - The company has not reported any significant changes in operational conditions during the reporting period[17]. - The company has not disclosed any new strategies or product developments in the current reporting period[17]. - The company did not report any net profit from the merged entity prior to the merger, with previous periods also showing zero net profit[23].

Financial Performance - The net profit attributable to shareholders for Q1 2025 was a loss of ¥7,590,124.74, representing a significant decline of 787.59% year-over-year[10] - Operating revenue for Q1 2025 was ¥8,833,426.32, down 79.48% from ¥43,040,490.24 in the same period last year[10] - The company's cash flow from operating activities showed a net outflow of ¥4,852,776.39, a decrease of 106.95% compared to the previous year[10] - Total operating revenue for Q1 2025 was CNY 8,833,426.32, compared to CNY 43,040,490.24 in Q1 2024, indicating a significant decline[41] - Net profit for Q1 2025 was a loss of CNY 7,590,124.74, compared to a loss of CNY 855,140.23 in Q1 2024, reflecting a worsening financial position[42] - The company reported a total comprehensive loss of -7,531,310.51 CNY for Q1 2025, compared to -855,259.32 CNY in Q1 2024, underscoring the financial difficulties faced[44] Assets and Liabilities - Total assets as of March 31, 2025, amounted to ¥897,075,974.09, reflecting a slight increase of 0.34% compared to the end of 2024[10] - The total liabilities to assets ratio for the consolidated entity was 30.42%, up from 29.34% at the end of 2024[10] - Total liabilities reached ¥272,887,931.41, up from ¥262,277,906.79, indicating an increase of about 4%[37] - Current liabilities rose to CNY 285,788,926.51 from CNY 278,891,855.41, showing an increase in short-term financial commitments[40] - The company's equity attributable to shareholders decreased to ¥624,188,042.68 from ¥631,778,167.42, a decline of approximately 1.2%[37] Cash Flow - Cash flow from operating activities for Q1 2025 was -4,852,776.39 CNY, a sharp decline from 69,792,422.59 CNY in Q1 2024, highlighting cash flow challenges[46] - Cash flow from investing activities for Q1 2025 was -50,998,394.28 CNY, compared to -110,170,374.45 CNY in Q1 2024, showing reduced investment outflows[46] - Cash flow from financing activities for Q1 2025 was 5,850,771.59 CNY, contrasting with -13,704,584.36 CNY in Q1 2024, indicating improved financing conditions[46] - The ending cash and cash equivalents balance for Q1 2025 was 87,015,979.61 CNY, down from 239,801,418.68 CNY in Q1 2024, reflecting liquidity pressures[46] Shareholder Information - The total number of restricted shares is 51,275,250, accounting for 38.73% of the total share capital of 132,376,125[18] - The largest shareholder, Zhang Zhen, holds 60,636,000 shares, representing 45.81% of the total shares, with 45,477,000 of these being restricted shares[19] - The total number of shareholders holding more than 5% of shares is 10, with a combined holding of 86,215,400 shares, which is 65.69% of the total shares[20] - There are no reported pledges or judicial freezes on shares held by shareholders with more than 5% ownership[21] Operational Efficiency - The company has conducted a self-inspection and made accounting adjustments due to internal control deficiencies in asset and project management[28] - The company has no ongoing litigation or arbitration matters during the reporting period[23] - The company has no reported cases of shareholder or related party occupation or transfer of company funds, assets, or other resources during the reporting period[25] Investment and Expenses - Research and development expenses for Q1 2025 were CNY 7,978,126.60, down from CNY 10,321,572.65 in Q1 2024, indicating a reduction in investment in innovation[41] - The company plans to invest 51,000,000 yuan in short-term financial products as part of its external investment strategy[29] - The company reported a financial expense of CNY -2,903,679.70 in Q1 2025, compared to CNY 1,907,417.35 in Q1 2024, reflecting improved financial management[41]

Corporate Governance and Meetings - The company held its first extraordinary general meeting on January 26, 2024, approving multiple proposals including amendments to the articles of association and profit distribution management system [4]. - The company’s board secretary is Ni Chengbiao, and the contact information is provided for investor inquiries [14]. - The board of directors held six meetings during the reporting period, addressing significant matters such as the annual report and profit distribution plan [152]. - The company held five shareholder meetings in 2024, utilizing both on-site and online voting methods [169]. - The company has maintained effective communication with its auditing firm, ensuring compliance with relevant regulations and standards [83]. - The independent directors attended all board meetings and shareholder meetings, with their suggestions being accepted [161]. - The supervisory committee reported no objections regarding the annual supervision matters, indicating effective oversight [163]. - The company has established a robust governance mechanism to ensure all shareholders, especially minority shareholders, can exercise their rights effectively [148]. Financial Performance - The total revenue for 2024 was CNY 180,417,281.43, a decrease of 19.79% compared to CNY 224,933,420.70 in 2023 [25]. - The net profit attributable to shareholders for 2024 was CNY 13,958,547.66, down 22.25% from CNY 17,952,154.55 in 2023 [25]. - The gross profit margin increased to 26.82% in 2024 from 22.18% in 2023 [25]. - The total assets decreased by 11.64% to CNY 358,950,442.43 in 2024 from CNY 406,216,416.01 in 2023 [24]. - The total liabilities decreased by 32.16% to CNY 113,727,199.15 in 2024 from CNY 167,628,754.61 in 2023 [24]. - The cash flow from operating activities increased by 88.39% to CNY 43,797,192.27 in 2024 from CNY 23,247,717.74 in 2023 [24]. - The weighted average return on equity based on net profit attributable to shareholders was 5.79% in 2024, down from 7.72% in 2023 [25]. - The inventory turnover rate decreased to 2.91 in 2024 from 4.01 in 2023 [24]. Profit Distribution and Share Capital - On May 30, 2024, the company implemented a profit distribution plan, increasing the total share capital from 72,250,000 shares to 101,150,000 shares by issuing 4 new shares for every 10 shares held and distributing 1 RMB in cash per share [4]. - The company’s total share capital after the profit distribution is 101,150,000 shares, with no preferred shares issued [17]. - The company revised its profit distribution policy, ensuring that cash dividends will not be less than 10% of the distributable profit for the year, with a total cash dividend amounting to 7,225,000 RMB, representing 40.25% of the 2023 net profit [125]. - The annual equity distribution plan for 2023 includes a cash dividend of 1.00 RMB for every 10 shares and a capital reserve conversion of 4 shares for every 10 shares [125]. - The company has committed to a cash dividend policy where the total cash dividends over the last three years will not be less than 30% of the average annual net profit [125]. Research and Development - The company holds 63 patents as of December 31, 2024, and is recognized as a "specialized, refined, distinctive, and innovative" enterprise [34]. - Research and development expenses rose by 11.37% to ¥8,453,487.74, compared to ¥7,590,785.55 in 2023 [43]. - R&D expenditure amounted to ¥8,453,487.74, representing 4.69% of operating revenue, up from 3.37% in the previous period [72]. - Significant R&D projects completed include the development of a low-voltage energy storage system for electrified railways, aimed at improving grid performance and reducing electricity costs [76]. - The company plans to enhance product safety and performance through ongoing R&D initiatives, including the development of a new type of dry transformer [76]. Risk Management - The company has not identified any major risks of delisting or significant changes in major risks during the reporting period [10]. - The company has identified high customer concentration as a risk, with major clients including railway and power grid companies, and plans to enhance market promotion efforts [92]. - The company has not encountered any significant uncertainties affecting its future operational strategies during the reporting period [91]. Employee and Management - The company has implemented a comprehensive labor contract system and provided social insurance for all employees, including pension and medical insurance [140]. - The total number of R&D personnel increased from 31 to 34, with R&D personnel accounting for 30.09% of total employees [73]. - The company’s management compensation for 2024 will be determined based on industry standards, company performance, and individual responsibilities [137]. - The company is committed to continuous employee training to enhance professional skills and management capabilities [140]. Legal and Compliance - The company has not faced any major lawsuits or arbitration cases that remain unresolved during the reporting period [98]. - The company has not engaged in any significant asset acquisitions or disposals during the reporting period [101]. - The company has established a system for disclosing information, adhering to principles of authenticity, accuracy, completeness, and timeliness [170]. - The audit report issued by Zhongxi Accounting Firm confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2024 [173]. Future Outlook - Future outlook indicates continued market expansion and potential new product launches [10]. - The company plans to actively develop and promote energy storage equipment and expand its intelligent substation cloud platform business [90]. - The domestic power distribution industry is expected to benefit from increasing electricity demand and government infrastructure investments, providing growth opportunities [87].

Financial Performance - Operating revenue for the first quarter of 2025 reached CNY 11,759,217.16, representing a significant increase of 180.25% year-over-year[11] - Net profit attributable to shareholders for the first quarter of 2025 was a loss of CNY 2,675,522.31, a decline of 431.11% compared to the same period last year[11] - The company reported a total comprehensive income of -¥2,275,518.95 for Q1 2025, compared to ¥1,812,845.94 in Q1 2024, reflecting a substantial decline[42] - The net profit for Q1 2025 was a loss of ¥2,275,518.95, compared to a net profit of ¥1,812,845.94 in Q1 2024, indicating a decline in profitability[41] - Basic and diluted earnings per share for Q1 2025 were both -¥0.03, compared to ¥0.01 in Q1 2024[40] Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 11,351,613.64, a decrease of 767.99% year-over-year[11] - The net cash flow from operating activities for Q1 2025 was negative at -¥11,351,613.64, compared to -¥1,307,802.31 in Q1 2024, showing a worsening cash flow situation[43] - The cash inflow from operating activities totaled ¥24,124,572.78 in Q1 2025, slightly up from ¥23,702,145.00 in Q1 2024, showing a marginal improvement[43] - Cash and cash equivalents decreased by 37.27% to CNY 99,740,270.63 due to investments in short-term low-risk financial products[12] - The total cash and cash equivalents at the end of Q1 2025 were ¥95,627,247.85, down from ¥132,492,935.82 at the end of Q1 2024, a decrease of approximately 28%[43] Assets and Liabilities - Total assets as of March 31, 2025, were CNY 271,577,014.77, a decrease of 0.18% compared to the end of 2024[11] - Total liabilities as of March 31, 2025, were CNY 32,843,353.36, up from CNY 30,661,896.67 at the end of 2024, indicating an increase of approximately 7.12%[34] - The company's equity decreased from CNY 241,409,183.72 to CNY 238,733,661.41, a decline of about 0.70%[34] - Current assets totaled CNY 201,147,518.77, compared to CNY 202,914,844.59 at the end of 2024, indicating a decrease of approximately 0.87%[32] - Total liabilities decreased to ¥26,472,343.63 from ¥27,448,362.32, indicating a reduction in financial obligations[37] Investments and Expenses - Total operating costs for Q1 2025 were ¥16,512,097.75, up from ¥13,490,042.27 in Q1 2024, reflecting a rise in expenses[38] - Research and development expenses for Q1 2025 were ¥6,080,548.20, compared to ¥5,438,823.06 in Q1 2024, highlighting an increase in investment in innovation[38] - The company incurred total operating expenses of ¥35,476,186.42 in Q1 2025, compared to ¥25,009,947.31 in Q1 2024, marking an increase of about 41.9%[43] Shareholder Information - The total number of unrestricted shares increased from 66,328,421 to 66,648,421, representing a rise from 62.47% to 62.77% of total shares[19] - Major shareholder Xu Yifa holds 43,378,037 shares, accounting for 40.85% of total shares, with 32,533,528 being unrestricted[20] - The total share capital remained unchanged at 106,182,400 shares, with 9,127 shareholders[19] Legal Matters - The company initiated legal proceedings against Yichang Chengfa Kangyang Industry Investment Co., Ltd. for unpaid goods totaling 5,334,725.00[25] - The company also filed a lawsuit against Wuhan Jinmao Engineering Technology Co., Ltd. for the return of unjust enrichment amounting to 5,214,627.00[26] Other Financial Metrics - Non-recurring gains totaled 587,942.58, significantly impacting the financial results[17] - The company reported a credit impairment loss of ¥493,360.88 for Q1 2025, compared to ¥2,844,726.63 in the previous year, indicating improved asset quality[39] - The company recorded a fair value change gain of ¥134,711.27 in Q1 2025, contributing positively to the financial results[39]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 115,296,526.87, a decrease of 10.9% compared to CNY 129,406,701.97 in the same period last year[4]. - Net profit attributable to shareholders decreased by 51.52% to CNY 34,029,618.77 from CNY 70,190,798.47 year-on-year[4]. - The net profit after deducting non-recurring gains and losses increased by 15.95% to CNY 22,760,297.27 compared to CNY 19,629,646.53 in the previous year[4]. - Net profit for Q1 2025 was CNY 34,227,418.43, down 51.3% from CNY 70,334,720.12 in Q1 2024[19]. - Earnings per share for Q1 2025 was CNY 0.27, compared to CNY 0.55 in Q1 2024[20]. - The company reported a decrease in comprehensive income to CNY 32,331,616.02 in Q1 2025 from CNY 70,370,450.36 in Q1 2024[20]. Cash Flow - The net cash flow from operating activities was negative at CNY -11,098,782.01, compared to a positive CNY 1,008,618.28 in the same period last year[4]. - Net cash flow from operating activities was -$11.1 million, a decrease from $1.0 million in the previous period[23]. - Cash paid for operating activities totaled $138.6 million, compared to $166.1 million last year[23]. - Cash received from sales in Q1 2025 was CNY 103,961,347.43, a decrease from CNY 110,735,727.41 in Q1 2024[22]. - The company reported a net increase in cash and cash equivalents of -$31.8 million, compared to an increase of $321.7 million last year[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,844,995,156.61, reflecting a 1.31% increase from CNY 5,769,310,895.27 at the end of the previous year[5]. - Current assets totaled RMB 4,847,904,481.23, compared to RMB 4,769,982,927.28 at the end of 2024, reflecting a growth of approximately 1.6%[13]. - Total liabilities reached RMB 612,876,253.81, compared to RMB 569,523,608.49 at the end of 2024, marking an increase of about 7.6%[14]. - The company's non-current assets totaled RMB 997,090,675.38, slightly down from RMB 999,327,967.99[14]. - The company's total equity attributable to shareholders was CNY 5,235,733,004.95, reflecting a slight increase from CNY 5,203,599,188.59[15]. Research and Development - Research and development expenses totaled CNY 25,058,704.57, representing an increase of 26.3% from CNY 19,840,217.39 year-on-year[4]. - Research and development expenses rose to CNY 25,058,704.57 in Q1 2025, an increase of 26.5% from CNY 19,840,217.39 in Q1 2024[19]. Non-Recurring Items - The company reported non-recurring gains of CNY 11,269,321.50 after tax, primarily due to government subsidies and other non-operating income[7]. - Other income decreased significantly to CNY 1,725,120.33 in Q1 2025 from CNY 13,159,386.79 in Q1 2024[19]. Inventory and Receivables - The company reported a significant increase in inventory, which stood at RMB 143,539,795.97, compared to RMB 147,167,029.08 previously[13]. - Accounts receivable increased to RMB 283,512,930.50, up from RMB 203,690,596.91, representing a significant rise of approximately 39.2%[13]. Other Information - The total number of ordinary shareholders at the end of the reporting period was 5,935[9]. - The company has not disclosed any new product launches or technological advancements during this reporting period[12]. - There are no significant mergers or acquisitions reported in the current financial period[12].