江苏吴中医药发展股份有限公司2025 年第一季度报告 证券代码：600200 证券简称：江苏吴中 江苏吴中医药发展股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员除独立董事陈亮、孙文基弃权外保证季度报告 内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律 责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 1 / 12 江苏吴中医药发展股份有限公司2025 年第一季度报告 | 基本每股收益（元/股） | -0.099 | 0.007 | -1,514.29 | | --- | --- | --- | --- | | 稀释每股收益（元/股） | -0.099 | 0.007 | -1,514.29 | | 加权平均净资产收益率（%） | -3.93 | 0.29 | 减少 4.22 个百分 | | ...

Financial Performance - In 2024, Jiangsu Wuzhong achieved a consolidated net profit of ¥70,483,471.07, while the parent company's net profit was ¥39,864,975.54[7]. - The parent company reported an initial undistributed profit of -¥910,780,011.15 at the beginning of the year, ending with -¥870,915,035.61, resulting in no profit distribution for 2024[7]. - The company's operating revenue for 2024 was approximately ¥1.60 billion, a decrease of 28.64% compared to ¥2.24 billion in 2023[29]. - The net profit attributable to shareholders was ¥70.48 million, recovering from a loss of ¥71.95 million in the previous year[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥51.27 million, compared to a loss of ¥98.88 million in 2023[29]. - The weighted average return on equity increased to 3.95%, up by 8.01 percentage points from -4.06% in 2023[29]. - The total assets decreased by 8.14% to approximately ¥3.97 billion from ¥4.33 billion in 2023[29]. - The company achieved operating revenue of CNY 1,598.51 million, a decrease of 28.64% compared to the previous year, with main business revenue down by 28.97%[97]. - Gross profit reached CNY 772.58 million, an increase of 42.12% year-on-year, with main business gross profit up by 43.46%[97]. - The company reported a significant increase in other income, up 296.29% to CNY 18.40 million, primarily due to government subsidies[98]. Legal and Regulatory Issues - The company is facing legal challenges, including a lawsuit against its wholly-owned subsidiary for alleged involvement in tax fraud, with the first court hearing held on April 22, 2025[12]. - The company is under scrutiny from the China Securities Regulatory Commission due to the overdue debts and potential legal implications[12]. - Jiangsu Wuzhong's financial report received an audit opinion of "unable to express" from Zhongxing Caiguanghua Accounting Firm, indicating potential concerns regarding financial accuracy[6]. Research and Development - The company has established a strict project management system for R&D, enhancing progress, quality, and procedural improvements to ensure the integrity and authenticity of R&D data[44]. - The company is actively exploring equity cooperation models and CDMO partnerships to address raw material supply constraints and expand its production capabilities[45]. - The company achieved a 100% pass rate in inspections by various drug regulatory authorities, ensuring stable production and quality management[47]. - The company is leveraging AI-driven protein design technology to shorten the development cycle of recombinant collagen, enhancing its R&D capabilities in this field[53]. - Total R&D investment amounted to ¥91,580,022.07, representing 5.73% of total operating revenue[107]. - The number of R&D personnel is 128, making up 11.7% of the total workforce[108]. - Research and development expenses increased by 55.63% to CNY 61.12 million, reflecting a focus on enhancing internal R&D capabilities[98]. Market and Product Development - The company reported a significant increase in sales from its medical beauty sector, particularly the AestheFill product, which started sales in April 2024[28]. - The company’s AestheFill product, a high-end injection for aesthetic medicine, received market approval in January 2024, with a sales team of 55 people covering 537 medical institutions by the end of 2024[50]. - AestheFill holds a nearly 30% market share in the aesthetic regenerative injection market in Taiwan, with a higher price range than similar products[49]. - The company is focusing on non-surgical aesthetic biotechnology and expanding its product pipeline in the dermal filler market, which is experiencing rapid growth due to increasing consumer acceptance[62]. - The company is actively developing new products, with three Class II medical devices receiving registration certificates from Jiangsu Provincial Drug Administration by December 2024[94]. - The company is pursuing a dual-driven strategy of self-research and external investment to expand its medical beauty product portfolio[96]. Financial Management and Governance - The company has established a comprehensive investor relations management system, enhancing communication with investors through multiple channels[182]. - The company held 9 board meetings during the reporting period, with all resolutions passed[181]. - The total pre-tax remuneration for the board members and senior management amounted to 637.54 million CNY[189]. - The company has been proactive in addressing investor feedback and suggestions to strengthen trust and transparency[182]. - The company has scheduled additional extraordinary shareholder meetings to address various governance and operational matters throughout 2024[184][188]. - The company is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[192]. Industry Trends and Challenges - The pharmaceutical industry is experiencing significant challenges, with overall valuation and performance declining due to factors such as trade tensions and increased competition, yet it shows resilience through innovation and policy support[156]. - The medical beauty industry is entering a "strong regulation" era, with new policies aimed at protecting consumer rights and ensuring industry standards[79]. - The overall pharmaceutical market is expected to maintain steady growth driven by factors such as aging population and increasing income levels, supported by ongoing healthcare reforms[158]. - The light medical beauty sector is projected to grow at a CAGR of 17.5% from 2021 to 2030, significantly outpacing the surgical segment's 10.4% growth rate[159].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 441,747,594.34, representing a 33.58% increase compared to CNY 330,692,031.09 in the same period last year[3] - The net profit attributable to shareholders was a loss of CNY 24,109,516.43, compared to a loss of CNY 21,336,209.99 in the previous year, indicating a worsening performance[3] - The net cash flow from operating activities was a negative CNY 226,166,599.44, an improvement from a negative CNY 296,315,736.44 in the same period last year[3] - Total operating revenue for Q1 2025 reached ¥441.75 million, a 33.7% increase from ¥330.69 million in Q1 2024[18] - Net loss for Q1 2025 was ¥28.20 million, compared to a net loss of ¥23.04 million in Q1 2024, representing a 22.4% increase in losses[18] - The company reported a total comprehensive loss of ¥28.20 million for Q1 2025, compared to a loss of ¥23.04 million in Q1 2024[18] - The company's basic and diluted earnings per share remained at -¥0.02 for both Q1 2025 and Q1 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,427,194,207.34, a 1.44% increase from CNY 13,236,759,689.68 at the end of the previous year[4] - Current assets totaled CNY 9,781,886,301.89, up from CNY 9,566,330,110.29 as of December 31, 2024, reflecting a growth of approximately 2.25%[15] - Total liabilities increased to CNY 5,369,907,850.53 from CNY 5,154,302,082.66, indicating a rise of about 4.17%[16] - The company's total equity decreased slightly to CNY 8,057,286,356.81 from CNY 8,082,457,607.02, a decline of approximately 0.31%[16] Cash Flow and Expenses - The company's cash and cash equivalents decreased to CNY 1,490,364,626.72 from CNY 1,758,118,223.20, a decline of approximately 15.25%[15] - Research and development expenses increased to ¥18.55 million in Q1 2025, up 58.2% from ¥11.74 million in Q1 2024[18] - The company incurred a financial expense of ¥3.69 million in Q1 2025, slightly down from ¥3.96 million in Q1 2024[18] - The company’s cash flow from financing activities showed a net outflow of ¥30.54 million in Q1 2025, an improvement from a net outflow of ¥38.92 million in Q1 2024[22] Equity and Shareholding Changes - The equity attributable to shareholders decreased by 0.34% to CNY 6,319,431,974.54 from CNY 6,340,935,472.84 at the end of the previous year[4] - The company has agreed to participate in a shareholding restructuring of its subsidiary Tianjin Aerospace Zhongwei Data System Technology Co., Ltd.[11] - The company is involved in a share transfer of equity in Titanium Technology, with a significant stake being acquired by China National Investment High-tech Industry Investment Co., Ltd.[11] - Aerospace Hengxing Technology transferred 10% equity in Aerospace Zhongwei and acquired 20% equity from Tianjin Zhongwei, completing the merger process by October 8, 2024[12] - Aerospace Hengxing Technology transferred 36.1286% equity in Aerospace Hengxing Space Technology Application Co., Ltd. to China Satellite, making it a wholly-owned subsidiary by March 28, 2025[12] - China Satellite transferred 40% equity in Dalian Aerospace Beidou Technology Co., Ltd. through Beijing Property Exchange, completing the transaction and receiving all transfer payments[13] Operational Insights - The increase in operating revenue was primarily driven by an increase in the delivery volume of aerospace components for commercial space projects[6] - The weighted average return on net assets was -0.38%, slightly down from -0.34% in the previous year[4] - The company is in the process of completing the merger of Aerospace Zhongwei, which is expected to enhance its operational capabilities and market position[12]

Financial Performance - In 2024, the company achieved a total operating revenue of RMB 1,197,907,358.39, representing a 6.77% increase compared to RMB 1,122,000,967.58 in 2023[21] - The net profit attributable to shareholders of the listed company for 2024 was RMB 6,141,232.57, a significant recovery from a loss of RMB 457,186,658.98 in 2023[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 71,940,630.86, improving from a loss of RMB 508,518,269.79 in the previous year[21] - The net cash flow from operating activities for 2024 was RMB 186,357,056.06, down 17.07% from RMB 224,719,888.78 in 2023[21] - As of the end of 2024, the total assets of the company were RMB 4,357,229,363.94, a slight increase of 0.77% from RMB 4,324,064,526.46 at the end of 2023[21] - The net assets attributable to shareholders of the listed company increased by 1.53% to RMB 1,211,234,633.36 from RMB 1,193,026,868.65 in 2023[21] - The company reported a cumulative distributable profit of -RMB 1,477,867,089.18 as of December 31, 2024, indicating no profit distribution for the year[6] - The company plans to not distribute profits or increase capital reserves for the fiscal year 2024, pending approval at the annual shareholders' meeting[6] Market and Sales Performance - The company achieved operating revenue of 1.198 billion yuan, a growth rate of 6.77%, significantly outperforming the industry average of 2.8%[30] - The mineral water segment saw sales of 1.12 million tons, with a growth rate of 12.09%, nearly double the national beverage product growth rate of 6.3%[31] - The compound annual growth rate (CAGR) for mineral water sales over the last four years was 14.4%, significantly exceeding the national beverage CAGR of 3.6%[31] - In the core market of Jilin Province, the company maintained the highest market share with a CAGR of nearly 10% over the last four years[31] - Sales growth rates in the Liaoning and Heilongjiang markets were 25.96% and 101.13%, respectively, while the Beijing market saw a remarkable growth rate of 96.02%[31] Profitability and Efficiency - The company reported a weighted average return on equity of 0.51%, an increase of 32.67 percentage points from the previous year[22] - The basic earnings per share improved to 0.01 yuan, compared to a loss of 0.64 yuan per share in the previous year[22] - The company recorded a net profit margin of 0.51% for the year, reflecting a significant turnaround from the previous year's negative performance[22] - The gross profit margin for the main business decreased by 0.48 percentage points to 31.98%[55] Strategic Initiatives and Future Outlook - The company’s future outlook includes a focus on market expansion and potential new product development, although specific details were not disclosed in the report[7] - The company plans to enhance its core market advantage in Jilin while expanding into Liaoning and Heilongjiang, increasing marketing investments to boost sales channels[94] - The company will initiate a 200,000-ton capacity expansion project in its core plant, expected to be operational in the first half of 2025[94] - The company is focused on leveraging e-commerce and national trade platforms to enhance market penetration across China[94] - The company aims to achieve operating revenue of 1.23 billion yuan and operating costs of 840 million yuan in 2025[93] Governance and Management - The company maintained effective governance by updating its governance documents in line with the new Company Law and conducting regular training for board members, holding 16 board meetings and 3 shareholder meetings in 2024[37] - The company has established a comprehensive internal control system to ensure compliance with laws and regulations[107] - The company has independent and complete assets under its control, ensuring no illegal occupation of funds or assets by controlling parties[111] - The company has established an independent financial accounting department and management system[168] - The company has committed to avoiding any business activities that may compete with its subsidiaries, ensuring no direct or indirect competition[115] Environmental and Social Responsibility - The company invested 4,023,000 CNY in environmental protection during the reporting period[154] - The company reduced carbon emissions by 24.049 tons through various carbon reduction measures, including updating production equipment and innovating production processes[157] - The company is actively involved in the "Cangyuan Wa Autonomous County Rural Revitalization Demonstration Project," covering an area of approximately 1.1 million square meters[158] - The project includes various facilities such as a fish farming park, specialty commercial facilities, and a lotus processing plant, aimed at promoting rural economic revitalization[158] - The company has committed to using green electricity to optimize its energy structure and reduce diesel consumption[159] Related Party Transactions and Financial Management - The total amount of related party transactions for the reporting period reached CNY 221,391,107.96, accounting for 10.13% of the company's expected total related party transactions[179] - The company provided guarantees totaling CNY 2,450 million to its subsidiaries during the reporting period[184] - The company has entrusted CNY 47,700 million in structured deposits from raised funds, with no overdue amounts[186] - The company has invested CNY 16,500 million in a bank wealth management product with an expected annual yield of 1.15% to 2.7%[187] Risk Management - The company has not reported any risk findings during the supervisory period, indicating a stable operational environment[138] - The company will continue to monitor macroeconomic trends and manage risks related to raw material prices and logistics costs[102] - The company has faced significant risks as detailed in the management discussion and analysis section of the report, which investors should be aware of[9]

Financial Performance - The company's operating revenue for the third quarter was ¥52,684,422.78, a decrease of 48.23% compared to the same period last year[4] - The net profit attributable to shareholders was -¥21,074,438.64, representing a decline of 484.95% year-on-year[4] - The basic earnings per share for the third quarter was -¥0.06, a decrease of 400.00% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 was CNY 257,421,589.13, a decrease of 20.1% compared to CNY 322,022,176.36 in the same period of 2023[19] - Net profit for the first three quarters of 2024 was a loss of CNY 48,992,214.79, compared to a loss of CNY 10,800,034.96 in the same period of 2023[20] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥61,606,335.50, compared to -¥120,016,302.55 in the same period last year[4] - The net cash flow from operating activities was negative CNY 61,606,335.50, slightly worse than the negative CNY 58,016,302.55 in the previous year[23] - Cash inflow from investment activities totaled CNY 268,859,881.60, while cash outflow was CNY 277,637,154.35, resulting in a net cash flow of negative CNY 8,777,272.75[23] - The net increase in cash and cash equivalents was -$107.38 million, compared to -$70.90 million previously, reflecting a worsening liquidity position[25] - The ending balance of cash and cash equivalents was $58.99 million, significantly lower than $130.78 million at the end of the previous period[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥878,906,337.38, a decrease of 16.36% from the end of the previous year[5] - The total current assets decreased from ¥876,963,879.46 to ¥686,391,031.73, a reduction of about 21.7%[16] - The total liabilities decreased from ¥458,783,954.64 to ¥337,264,202.56, a decline of approximately 26.5%[17] - The company's total equity attributable to shareholders decreased to CNY 511,738,752.11 from CNY 560,294,829.01[18] - The total liabilities and equity amounted to CNY 878,906,337.38, down from CNY 1,050,792,762.15 in the previous year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,315[12] - Hubei Meierya Group Co., Ltd. holds 20.39% of shares, totaling 73,388,738 shares[12] Operational Challenges - The company reported a significant decline in revenue due to the disposal of equity in Qinghai Zhongyou Health Huijia Pharmaceutical Co., Ltd., which affected the consolidation scope[9] - The decrease in net profit was attributed to reduced export orders in the apparel segment and losses from coal trading due to unreceived subsidies[9] - The company is currently facing challenges in its apparel business due to reduced export orders and is adjusting its strategies accordingly[10] Other Financial Metrics - Non-recurring gains and losses included a government subsidy of ¥339,708.00 and a fair value change of financial assets resulting in a gain of ¥686,519.51[7] - The company's cash and cash equivalents decreased from ¥173,464,257.41 to ¥60,427,222.56, a decline of approximately 65.2%[15] - The company's inventory decreased from ¥255,190,556.44 to ¥219,671,468.97, a reduction of about 13.9%[16] - The company's accounts receivable decreased from ¥50,454,073.11 to ¥40,679,336.38, a decline of approximately 19.4%[15] - The total non-current assets increased from ¥173,828,882.69 to ¥192,515,305.65, an increase of about 10.7%[16] - Total operating costs decreased to CNY 298,124,273.75, down 14.6% from CNY 348,937,270.29 year-over-year[19] - Interest expenses decreased to CNY 6,679,745.25 from CNY 9,985,042.67 year-over-year, reflecting a reduction in financial costs[20]

证券代码：600167 证券简称：联美控股 联美量子股份有限公司2025 年第一季度报告 联美量子股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人苏壮强、主管会计工作负责人周泽明及会计机构负责人（会计主管人员）刘东保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | 营业收入 | 1,698,416,238.80 | 1,716,669,395.59 | -1.06 | | 归属于上市公司股东的净利润 | 618,094,108.13 | 564,173, ...

Financial Performance - The company's operating revenue for 2024 reached ¥3,351,544,852.36, representing an increase of 11.58% compared to ¥3,003,665,037.13 in 2023[37]. - The net profit attributable to shareholders of the parent company decreased by 86.64% to ¥61,758,528.82 in 2024 from ¥462,311,824.44 in 2023[37]. - The net cash flow from operating activities significantly improved by 148.41% to ¥3,966,085,021.16 in 2024, compared to ¥1,596,585,837.80 in 2023[37]. - Total assets increased by 13.06% to ¥58,509,106,573.87 at the end of 2024, up from ¥51,750,270,958.21 at the end of 2023[37]. - The total liabilities rose by 17.21% to ¥37,402,700,620.66 in 2024, compared to ¥31,909,616,574.55 in 2023[37]. - Basic earnings per share dropped by 85.71% to ¥0.03 in 2024 from ¥0.21 in 2023[38]. - The weighted average return on equity decreased by 2.05 percentage points to 0.31% in 2024, down from 2.36% in 2023[38]. - The company's net capital at the end of 2024 was ¥12,973,244,555.78, a decrease from ¥13,623,285,951.34 at the end of the previous year[39]. - The risk coverage ratio decreased to 259.67% in 2024 from 275.60% in 2023[40]. - The liquidity coverage ratio fell to 537.36% in 2024, down from 641.92% in 2023[40]. Shareholder Returns - The company completed a cash buyback of shares amounting to RMB 414,516,118.25, which is included in the dividend payout ratio, exceeding 30% of the net profit attributable to shareholders in 2024[7]. - The company will not distribute any other cash dividends or issue bonus shares in 2024, considering industry development and future needs[7]. - The total amount of shares repurchased in 2023 was 2.22 billion RMB, which, when included in cash dividends, exceeds 30% of the net profit attributable to shareholders[169]. - The cumulative cash dividends over the last three years amounted to 0 RMB, while the total repurchase and cancellation amount was 414.52 million RMB[174]. - The average annual net profit over the last three years was approximately 301.15 million RMB, resulting in a cash dividend ratio of 137.65%[174]. - The net profit attributable to shareholders for the most recent fiscal year was 61.76 million RMB, with retained earnings at the end of the year amounting to 107.21 million RMB[174]. Corporate Governance - The company received a standard unqualified audit report from Beijing Dehao International Accounting Firm[6]. - The board of directors and senior management confirmed the accuracy and completeness of the annual report[4]. - The company has a governance structure that includes a board of directors, supervisory board, and various committees to ensure effective decision-making and operational efficiency[33]. - The company has established an audit committee that held 5 meetings during the reporting period, reviewing key financial reports and internal control evaluations[155]. - The company has a total of 6,219 employees, with 20 in the parent company and 6,199 in major subsidiaries[158]. - The company has a diverse workforce, with 3,185 technical personnel and 1,195 brokerage business personnel[158]. - The company has a remuneration policy that focuses on fairness and competitiveness, with targeted incentives for key positions[159]. - The company’s board of directors has undergone personnel changes, including the election of Zang Hui as a non-independent director in January 2024[149]. - The company’s supervisory board elected Yang Fan as an employee supervisor in April 2024[149]. - The total remuneration for directors and supervisors is determined by the shareholders' meeting, while senior management remuneration is decided by the board of directors[147]. Risk Management - The company is subject to potential risks related to comprehensive risk management and compliance, as discussed in the management analysis section[9]. - The company has established a comprehensive risk management system aligned with its business strategy, enhancing risk control capabilities[114]. - A multi-tiered risk management organizational structure has been implemented, ensuring effective oversight and accountability across all levels[114]. - The company employs a dynamic risk control indicator monitoring system, focusing on market risk management through quantitative assessment methods[116]. - The company has established a systematic internal control system and long-term supervision mechanism to enhance the effectiveness of internal control management[179]. - The internal control audit report for 2024 received a standard unqualified opinion, indicating no significant deficiencies in internal control execution[180]. Business Development - The company aims to transform into a new digital asset management institution within two years, focusing on digital technology infrastructure and AI application development[50]. - The new digital network infrastructure has connected 210,000 enterprises and 608,000 local residents, promoting digital equity and resource sharing[53]. - The company has developed a provincial tourism model and service AI agent, which integrates various data sources to enhance tourism services in Guizhou[54]. - The company is actively supporting local government debt restructuring, with investments in Guizhou debt assets included in the debt relief policy support range[49]. - The company has expanded its business focus to include securities financial services and new digital network construction operations[31]. - The company is committed to accelerating the deployment of AI applications and enhancing its digital technology profitability[110]. - The company plans to enhance its organizational collaboration capabilities and service capacity for the real economy through digital transformation[110]. - The company will focus on the construction and ecological operation of new digital networks in Guizhou and other regions[110]. Strategic Initiatives - The company plans to enhance its digital marketing efforts, aiming for a 25% increase in customer engagement[143]. - The company is considering strategic acquisitions to bolster its market position, with a target of acquiring two companies by the end of 2024[141]. - The company is exploring potential acquisitions to enhance its product offerings and market reach, with a budget of 500 million yuan allocated for this purpose[143]. - The company plans to issue domestic debt financing instruments through its subsidiary Huachuang Securities as part of its strategic initiatives[139]. - The company is focusing on expanding its market presence and exploring new strategic partnerships as part of its growth strategy[139]. Compliance and Legal Matters - The company has not faced any penalties from securities regulatory authorities in the past three years[150]. - The company is currently involved in a major litigation case related to a share transfer dispute with Huachuang Securities and Beijing Jiayu Investment Co., Ltd[200]. - The company will strictly adhere to legal and regulatory requirements regarding related party transactions, ensuring fair and equitable treatment for minority shareholders[194]. - The commitments made by the actual controllers and shareholders are valid until December 13, 2023[194]. Social Responsibility - The company invested a total of 858.62 million yuan in various charitable donations and public welfare projects during the reporting period[186]. - The company supported rural revitalization projects with a total investment of 158.69 million yuan, focusing on financial, intellectual, and public assistance[187]. - The company helped enterprises in poverty-stricken counties raise 4.643 billion yuan through services such as corporate bond issuance and asset restructuring[188]. - The company implemented consumption assistance amounting to 952,700 yuan to promote rural industry revitalization and support stable income for impoverished populations[191]. - The company has actively promoted green development practices, including digital transformation and resource conservation measures[184]. Future Outlook - The company provided an optimistic outlook for Q4 2023, projecting revenue to exceed 1.8 billion, indicating a potential growth of 20%[141]. - Future guidance indicates a commitment to sustainable practices, aiming for a 50% reduction in carbon emissions by 2025[141]. - By 2025, the company plans to strengthen corporate governance and improve information disclosure quality in response to regulatory requirements[108].

Financial Performance - The company's operating revenue for 2024 was CNY 3,509,422,779.68, representing a 2.87% increase compared to CNY 3,411,556,338.33 in 2023[26]. - The net profit attributable to shareholders for 2024 was CNY 659,018,257.36, a decrease of 23.29% from CNY 859,049,334.35 in 2023[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 679,876,459.54, down 19.21% from CNY 841,490,335.94 in 2023[26]. - The net cash flow from operating activities for 2024 was CNY 1,298,577,096.20, a decline of 13.81% compared to CNY 1,506,688,062.59 in 2023[26]. - The total assets at the end of 2024 were CNY 17,218,878,051.29, a decrease of 2.42% from CNY 17,645,782,304.71 at the end of 2023[26]. - The net assets attributable to shareholders at the end of 2024 were CNY 10,787,100,614.46, down 2.25% from CNY 11,035,324,920.54 at the end of 2023[26]. Profit Distribution - The company plans to distribute a cash dividend of CNY 2.0 per 10 shares, totaling CNY 444,906,198.60, which accounts for 67.51% of the audited net profit for 2024[6]. - The total amount of profit distribution for 2024, including share repurchase and special dividends, was CNY 906,800,056.93, exceeding 100% of the net profit attributable to shareholders[8]. - The company repurchased 37,448,570 shares for a total amount of CNY 194,950,139.17 during 2024[7]. - The company did not conduct any stock issuance or capital reserve transfer to increase share capital in 2024[8]. Revenue and Cost Analysis - Operating revenue increased by 2.87% year-on-year to CNY 3,509,422,779.68, driven by higher heating and advertising income[54]. - Operating costs rose by 4.87% year-on-year to CNY 2,339,011,181.46, primarily due to increased depreciation and advertising media resource costs[54]. - Management expenses decreased by 8.38% year-on-year to CNY 136,192,835.46, mainly due to reduced personnel compensation[55]. - Financial expenses decreased by 31.01% year-on-year to CNY -121,169,624.14, attributed to lower bank interest income[55]. - Investment income fell by 33.12% year-on-year to CNY 8,548,260.53, mainly due to reduced net profit from the associated company[55]. - Credit impairment losses increased by 239.69% year-on-year to CNY -67,154,626.26, due to provisions related to financing and extended collection periods[55]. Operational Efficiency - The company maintained a stable cash flow and strong profitability through cost reduction and refined management practices[37]. - The weighted average return on net assets decreased to 5.97%, down 2.00 percentage points from the previous year[27]. - Basic earnings per share fell by 22.69% to CNY 0.2935, compared to CNY 0.3796 in the previous year[27]. - The company achieved a steam sales performance of 341,848 tons, fulfilling 34% of the committed sales target[151]. Technological Innovation and Environmental Initiatives - The company continues to focus on technological innovation and green transformation in its core business of clean heating[36]. - The company is exploring hydrogen energy development and distributed energy storage systems, aiming to implement new energy technologies in public buildings and industrial parks[42]. - The company has developed 74 authorized patents in the thermal supply field, including 16 invention patents and 52 utility model patents, with 6 ongoing research projects as of the end of 2024[48]. - The flue gas waste heat recovery project is expected to recover approximately 445,700 GJ of waste heat, save about 117,600 tons of water, and reduce coal consumption by approximately 37,200 tons, resulting in a total reduction of 50,400 tons of CO2 emissions during the 2024-2025 heating season[48]. Governance and Compliance - The company strictly adheres to the information disclosure management system, ensuring that all disclosures are truthful, accurate, timely, and complete[99]. - The company has implemented a confidentiality protocol for insider information, requiring signatories to confidentiality agreements and maintaining a registry of insiders[100]. - The company has a governance structure that complies with legal and regulatory requirements, with no significant discrepancies noted[100]. - The company is committed to fair treatment of all shareholders, ensuring equal access to information[99]. Market Position and Strategic Development - The company is strategically positioned in Shenyang, a core city in Northeast China, with significant market potential in emerging districts like Hunnan and Shenfu New District[51]. - The company is actively promoting regional project expansion and improving service quality to enhance user growth in serviced areas[37]. - The company aims to enhance its clean heating business in line with national carbon neutrality strategies, focusing on technological innovation and comprehensive energy services[86]. - The company is focused on achieving sustainable, high-quality development by promoting green, smart, and efficient energy solutions across its core products: cooling, heating, electricity, and gas[91]. Environmental Compliance and Impact - The company is committed to strict compliance with national and local environmental discharge standards[136]. - The company has reported no instances of exceeding emission limits for pollutants during the reporting period[132]. - The company has established environmental protection mechanisms and is classified as a key pollutant discharge unit[130]. - The company has implemented effective pollution control facilities that are operational and compliant with environmental regulations[136]. Shareholder and Management Structure - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 4.0134 million yuan[107]. - The company has a structured governance framework with independent directors ensuring compliance and oversight[105]. - The leadership team has been involved in various strategic initiatives aimed at growth and innovation[104]. - The company has seen significant leadership continuity with key personnel holding positions for several years, indicating stability in management[105].

Financial Performance - The company's operating revenue for 2024 reached ¥78.58 billion, an increase of 5.01% compared to ¥74.84 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥3.61 billion, representing a growth of 22.21% from ¥2.96 billion in 2023[23]. - The net cash flow from operating activities decreased by 71.26% to ¥5.24 billion, down from ¥18.21 billion in 2023[23]. - The total assets of the company at the end of 2024 were ¥181.98 billion, a 2.33% increase from ¥177.83 billion at the end of 2023[23]. - The net assets attributable to shareholders increased by 5.28% to ¥50.90 billion, compared to ¥48.35 billion at the end of 2023[23]. - The basic earnings per share for 2024 was 0.81 yuan, an increase of 22.73% compared to 0.66 yuan in 2023[24]. - The company achieved a net profit attributable to shareholders of 3.614 billion yuan in 2024, up from 2.957 billion yuan in the same period last year, representing a year-on-year increase of 21.93%[24]. - The company reported a weighted average return on equity of 7.28% for 2024, up from 6.29% in 2023, an increase of 0.99 percentage points[24]. - The gross profit margin for the main business was 9.94%, up by 0.43 percentage points year-on-year[67]. Cash Flow and Investments - The net cash flow from operating activities was 5.235 billion yuan, a decrease from 18.213 billion yuan in the same period last year, primarily due to increased cash payments for goods and services[25]. - The company's cash and cash equivalents at the end of the period included a capital reserve balance of 1.74127 billion yuan, primarily from government funding for defense projects[25]. - The net cash flow from investment activities was 100,479.70 million RMB, an increase of 1,224,851.39 million RMB year-on-year[83]. - The net cash flow from financing activities was -924,759.33 million RMB, a decrease of 729,621.56 million RMB compared to the previous year[84]. - As of the end of the reporting period, cash and cash equivalents decreased by 303,851.71 million RMB compared to an increase of 474,758.09 million RMB in the previous year[82]. Research and Development - The company filed 1,674 patent applications in 2024, including 1,481 invention patents, and received 383 authorized patents, of which 250 were invention patents[39]. - The company reported a significant increase in R&D expenses, which rose by 15.01% to RMB 361.03 million, reflecting a commitment to innovation[62]. - The total number of R&D personnel was 4,446, making up 29.67% of the company's total workforce[79]. - The company's R&D investment accounted for 4.59% of its operating revenue[78]. - The company is leveraging its extensive talent pool and innovation centers to enhance its R&D capabilities and drive high-end product development[57]. Market and Industry Trends - The global new shipbuilding market is experiencing a prosperous and active trend, driven by fleet renewal and the green transformation of shipping[48]. - China's shipbuilding completion volume reached 50.76 million deadweight tons, a year-on-year increase of 9.63%[50]. - New ship orders amounted to 134.97 million deadweight tons, up 62.38% year-on-year, with a hand-held order volume of 245.47 million deadweight tons, increasing by 48.88%[50]. - The international market share of green ship orders reached 80.50% by deadweight tonnage, indicating a continuous optimization of new ship order structure[50]. - The Clarksons new ship price index has seen continuous growth for five consecutive years, while ship steel prices have shown a downward trend[50]. Corporate Governance and Compliance - The company is committed to maintaining compliance with laws and regulations regarding insider trading and information management[134]. - The company emphasizes the importance of risk prevention, particularly in relation to market environment risks and timely delivery of ships[127][129]. - The company is focused on maintaining high-quality information disclosure and enhancing corporate governance mechanisms[124]. - The company received an A-level evaluation for information disclosure from the Shanghai Stock Exchange, having disclosed 102 high-quality announcements throughout the year[43]. - The independent directors confirmed that the transaction complies with relevant laws and regulations, ensuring fairness and protecting the interests of minority shareholders[108]. Strategic Initiatives and Future Plans - The company plans to focus on high-quality development and major asset restructuring to achieve its "14th Five-Year Plan" goals[34]. - The company is actively promoting a major asset restructuring project to absorb and merge with China Shipbuilding Industry Corporation[44]. - The company aims to enhance its core technology and achieve independent control over key technologies, focusing on the development of autonomous insulation systems for B-type cabins[80]. - The company is committed to completing major asset restructuring projects to enhance international operational capabilities and management levels[122]. - The company aims to achieve an annual revenue of 80.5 billion yuan in 2025[119]. Environmental Responsibility - The company has established an environmental protection mechanism and invested RMB 13,044,460 in environmental protection during the reporting period[184]. - The total nitrogen emissions reported were 21.239 mg/L, equivalent to 3.6602 tons[188]. - The chemical oxygen demand (COD) was recorded at 63.44 mg/L, amounting to 6.92 tons[188]. - The company remains compliant with environmental regulations regarding noise and solid waste disposal[191]. - External high bridge shipbuilding has established 4 organic waste gas discharge outlets, with pre-treatment using paint mist filtration and RTO catalytic combustion, ensuring no exceedance of emissions by the end of 2024[195].

证券代码：600172 证券简称：黄河旋风 河南黄河旋风股份有限公司2025 年第一季度报告 河南黄河旋风股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比上年同 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 期增减变动幅度 | | | | | (%) | | 营业收入 | 319,887,881.20 | 328,476,335.51 | -2.61 | | 归属于上市公司股东的净利 润 | -167,411,096.39 | -10 ...