Financial Performance - The company's operating revenue for Q1 2025 was ¥997,273,453.71, a decrease of 13.80% compared to ¥1,156,910,899.09 in the same period last year[4] - The net profit attributable to shareholders was ¥556,801.90, a significant recovery from a loss of ¥45,230,033.74 in the previous year[4] - The basic earnings per share improved to ¥0.0006 from a loss of ¥0.0476 in the previous year[4] - Net profit for Q1 2025 was ¥796,842.36, a significant recovery from a net loss of ¥43,928,255.72 in Q1 2024[31] - The company reported a gross profit margin of approximately 2.83% in Q1 2025, compared to a negative margin in Q1 2024[30] - The company achieved a profit before tax of ¥6,744,709.88 in Q1 2025, compared to a loss before tax of ¥42,290,882.72 in Q1 2024[31] Cash Flow and Liquidity - The net cash flow from operating activities was -¥28,578,534.35, down from ¥46,480,873.29 in the same period last year, indicating a decline in cash inflow[4] - In Q1 2025, cash inflow from operating activities was $806.4 million, a decrease of 25.8% compared to $1,086.6 million in Q1 2024[35] - Cash outflow from operating activities in Q1 2025 was $835.0 million, down from $1,040.1 million in Q1 2024, resulting in a net cash flow from operating activities of -$28.6 million[36] - The ending cash and cash equivalents balance for Q1 2025 was $620.6 million, down from $727.0 million in Q1 2024[37] - The company reported a significant decrease in cash received from sales of goods and services, totaling $800.4 million in Q1 2025, compared to $1,066.5 million in Q1 2024[35] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,523,296,497.09, reflecting a 1.53% increase from ¥7,410,225,779.82 at the end of the previous year[5] - Total liabilities increased to ¥3,954,165,091.77 in the latest reporting period, up from ¥3,890,109,007.43[27] - The total equity attributable to shareholders rose to ¥3,524,251,969.49, compared to ¥3,475,502,273.28 in the previous year[27] Legal and Regulatory Issues - The company has provided a guarantee of 100 million RMB for Shandong Huaxing Machinery Co., Ltd. and its subsidiaries, with the loan being overdue[14] - The company has accumulated compensation of 108,402,689.88 RMB related to overdue loans from its former subsidiary Bo Hai Microfinance[14] - The company’s former subsidiary Bo Hai Microfinance has initiated legal proceedings to recover 70 million RMB in loans from Shandong Hengda Precision Template Technology Co., Ltd., which remains unresolved[15] - The company has received a court ruling requiring the repayment of 10.4 million RMB plus interest from Yao Yang Trading Co., Ltd., which remains unpaid[16] - The company has initiated legal actions to recover CNY 1,948.81 million in overdue payments from a partner, with the case currently under litigation[21] - A former executive was ordered to compensate the company CNY 6.66 million for losses incurred due to misconduct during their tenure[17] - The company is pursuing arbitration against a supplier for the return of CNY 2.66 million in prepaid funds and additional service fees totaling CNY 397,400[20] - The company is preparing to file for arbitration with the China International Economic and Trade Arbitration Commission regarding a contractual dispute[21] Subsidiary Performance - The company’s financial statements for its German subsidiary BTAH will be prepared on a non-going concern basis due to its bankruptcy application[12] - BTAH is under temporary management as per the ruling of the Halle (Saale) District Court, and it will no longer be included in the company’s consolidated financial statements[13] - The company has reported that the financial impact of BTAH's bankruptcy will be reflected in the 2024 consolidated financial statements[12] - The company has engaged Ernst & Young to assess the assets of its German subsidiary under liquidation assumptions[12] Operational Challenges - The company faced challenges due to U.S.-China trade tensions and a decline in market demand, impacting cash flow and sales[7] - The company has faced challenges in collecting overdue accounts, with potential risks of non-recovery highlighted in ongoing legal disputes[21] Investment and Development - The company's construction in progress increased by 36.92% due to the pre-acceptance status of assets at its subsidiary[7] - Research and development expenses for Q1 2025 were ¥22,559,342.22, slightly down from ¥24,230,066.62 in Q1 2024[30]

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,910,854,202.78, a decrease of 12.60% compared to ¥7,906,827,273.59 in the same period last year[4] - Net profit attributable to shareholders increased by 14.71% to ¥954,491,421.38 from ¥832,099,109.39 year-on-year[4] - Net profit for Q1 2025 reached ¥1,130,798,886.99, representing an increase of 12.2% from ¥1,007,461,018.33 in Q1 2024[22] - Basic and diluted earnings per share rose by 15.00% to ¥0.23 from ¥0.20 in the same period last year[5] - Earnings per share for Q1 2025 was ¥0.23, up from ¥0.20 in Q1 2024[22] Cash Flow - The net cash flow from operating activities surged by 131.45% to ¥2,246,627,833.40, compared to ¥970,684,493.67 in the previous year[4] - Cash and cash equivalents at the end of Q1 2025 totaled ¥4,571,869,989.48, compared to ¥3,355,176,723.95 at the end of Q1 2024[27] - The cash flow from operating activities for the first quarter of 2025 was CNY 388,710,698.85, slightly higher than CNY 382,615,785.28 in the first quarter of 2024[37] - The company experienced a net decrease in cash and cash equivalents of -52,515,971.52, compared to a decrease of -646,620,241.16 in the previous period[38] Assets and Liabilities - Total assets at the end of the reporting period were ¥86,183,887,415.37, reflecting a 2.58% increase from ¥84,016,482,012.66 at the end of the previous year[5] - The total liabilities as of March 31, 2025, were RMB 57.54 billion, compared to RMB 56.90 billion at the end of 2024, indicating a rise of about 1.13%[17] - The company's total liabilities as of March 31, 2025, were CNY 3,600,142,347.00, compared to CNY 3,598,357,543.13 at the end of 2024[31] Shareholder Information - The total number of shareholders as of March 31, 2025, was 43,628, with 42,490 A-share shareholders and 1,138 H-share shareholders[9] - The top shareholder, Hebei Construction Investment Group Co., Ltd., holds 48.95% of the shares, totaling 2,058,841,253 shares[10] Equity and Retained Earnings - Shareholders' equity attributable to the parent company increased by 4.51% to ¥22,671,686,328.50 from ¥21,693,349,600.74[5] - The total equity attributable to shareholders increased to RMB 22.67 billion from RMB 21.69 billion, showing a growth of approximately 4.53%[17] - The company's retained earnings rose to RMB 10.49 billion from RMB 9.54 billion, reflecting an increase of about 9.95%[17] Research and Development - The company reported a decrease in research and development expenses to ¥51,005,868.08 in Q1 2025 from ¥70,901,010.67 in Q1 2024, a reduction of 28.3%[21] - Research and development expenses for the first quarter of 2025 were CNY 6,091,529.80, a decrease from CNY 6,989,352.46 in the first quarter of 2024[33] Government Subsidies - The company recognized government subsidies related to normal business operations amounting to ¥136,033,280.24, classified as recurring gains[8] Investment Activities - Investment activities generated a net cash outflow of ¥1,589,562,903.71 in Q1 2025, compared to a net outflow of ¥1,031,124,289.73 in Q1 2024[27] - The company reported investment income of CNY 40,071,297.44 in the first quarter of 2025, up from CNY 22,676,734.07 in the same period last year[33] Accounting Standards - The company will not apply new accounting standards starting from 2025, maintaining its current reporting practices[38]

宝胜科技创新股份有限公司2025 年第一季度报告 证券代码：600973 证券简称：宝胜股份 宝胜科技创新股份有限公司 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。 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 | 12,049,225,566.66 | 10,043,079,939.25 | 19.98 | | 归属于上市公司股东的净利 | 22,647,639.88 | 20,528,226.26 | 10.32 | | 润 | | | | | 归属于上市公司股东的扣除 | 17 ...

Financial Performance - Total operating revenue for Q1 2025 was CNY 6,953,167,892.62, a decrease of 6.27% compared to CNY 7,418,287,826.14 in the same period last year[4] - Net profit attributable to shareholders was a loss of CNY 42,970,900.68, representing a decline of 196.27% from a profit of CNY 44,636,018.06 in the previous year[4] - Basic and diluted earnings per share were both CNY -0.02, a decrease of 200% compared to CNY 0.02 in the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -51,326,376.33, a decline of 330.39% from CNY 22,278,176.76 in the previous year[4] - Net profit for Q1 2025 was a loss of ¥41,463,460.91, compared to a profit of ¥46,064,176.90 in Q1 2024[21] - The net profit for Q1 2025 was a loss of ¥47,562,002.34, compared to a loss of ¥13,310,576.56 in Q1 2024, indicating a significant decline in profitability[31] Cash Flow - Net cash flow from operating activities was CNY -1,735,982,269.39, compared to CNY -1,547,350,656.27 in the same period last year[4] - In Q1 2025, the net cash flow from operating activities was -1,735,982,269.39 RMB, compared to -1,547,350,656.27 RMB in Q1 2024, indicating a decline in operational cash flow[25] - Total cash inflow from operating activities in Q1 2025 was 9,338,236,593.75 RMB, down from 13,300,730,696.51 RMB in Q1 2024, reflecting a decrease of approximately 29.5%[25] - Cash outflow from operating activities in Q1 2025 was 11,074,218,863.14 RMB, compared to 14,848,081,352.78 RMB in Q1 2024, a reduction of about 25.5%[25] - The net cash flow from financing activities in Q1 2025 was 164,450,143.45 RMB, compared to 351,984,212.85 RMB in Q1 2024, indicating a decline of approximately 53.3%[25] - The company reported a cash inflow from financing activities of 3,373,716,504.52 RMB in Q1 2025, down from 5,157,148,300.00 RMB in Q1 2024, a decrease of about 34.5%[25] - The cash outflow from investing activities in Q1 2025 was 71,517,771.48 RMB, significantly lower than 171,652,249.97 RMB in Q1 2024, indicating a reduction of approximately 58.3%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 83,525,610,348.83, a decrease of 4.38% from CNY 87,347,361,847.01 at the end of the previous year[5] - The company's total assets amounted to CNY 83,525,610,348.83, a decrease from CNY 87,347,361,847.01 as of December 31, 2024[16] - The company's cash and cash equivalents were CNY 3,965,377,413.33 as of March 31, 2025, down from CNY 5,572,772,122.69 at the end of 2024[15] - Accounts receivable stood at CNY 21,230,951,927.88, a slight decrease from CNY 21,872,378,985.75 as of December 31, 2024[15] - The company's inventory increased to CNY 8,550,209,963.10 as of March 31, 2025, compared to CNY 8,284,606,759.27 at the end of 2024[15] - Current liabilities totaled CNY 52,000,000,000.00 as of March 31, 2025, reflecting a decrease from the previous period[16] - The company's total liabilities decreased to ¥75,603,373,885.00 in Q1 2025 from ¥79,396,098,743.56 in Q1 2024, a reduction of 4.5%[18] - The company's total liabilities were ¥21,859,292,194.17 as of Q1 2025, a decrease from ¥23,502,542,553.18 in Q1 2024[29] Shareholder Information - The total number of common shareholders at the end of the reporting period was 49,630[9] - The largest shareholder, Chongqing Construction Investment Holding Co., Ltd., held 44.40% of the shares, with 422,160,000 shares pledged[9] Contracts and Investments - The new contract amount signed by the company and its subsidiaries in Q1 2025 was CNY 1,616,911.87 million, representing an increase of approximately 2.13% compared to the same period last year[12] - The company has activated the conditional redemption clause for its convertible bonds due to stock price conditions, allowing bondholders to redeem at CNY 100.69 per bond[12] - The company’s long-term equity investments increased to CNY 969,583,624.37 as of March 31, 2025, compared to CNY 901,319,833.39 at the end of 2024[16] - The company’s non-current assets totaled CNY 19,320,704,042.55 as of March 31, 2025, an increase from CNY 19,016,942,586.21 at the end of 2024[16] - The company incurred financial expenses of ¥78,692,138.59 in Q1 2025, up from ¥59,459,474.15 in Q1 2024, reflecting increased borrowing costs[30] - The company’s investment activities generated a net cash inflow of ¥44,619,337.15 in Q1 2025, compared to a net outflow of ¥74,579,961.45 in Q1 2024[34] Research and Development - Research and development expenses for Q1 2025 were ¥21,198,998.07, down 43.5% from ¥37,526,537.54 in Q1 2024[20] - The company’s research and development expenses for Q1 2025 were ¥5,234,666.23, slightly down from ¥5,564,889.81 in Q1 2024, indicating a focus on cost management[30]

Financial Performance - The company's operating revenue for Q1 2025 was ¥433,972,834.36, a decrease of 14.56% compared to ¥507,918,735.17 in the same period last year[4] - The net profit attributable to shareholders was -¥241,945,959.42, reflecting a slight increase in loss of 1.44% from -¥238,508,551.70 year-on-year[4] - The basic and diluted earnings per share were both -¥0.1925, a decrease of 1.48% from -¥0.1897 in the same period last year[4] - Operating profit for Q1 2025 was -¥291,255,897.52, compared to -¥274,714,924.95 in Q1 2024[18] - Net loss for Q1 2025 was ¥241,945,959.42, slightly higher than the net loss of ¥238,508,551.70 in Q1 2024[19] Cash Flow - The net cash flow from operating activities improved significantly to ¥55,868,601.65, compared to a negative cash flow of -¥3,992,479.22 in the previous year, marking a 1,499.35% increase[4] - Cash flow from operating activities for Q1 2025 was ¥55,868,601.65, a significant improvement from -¥3,992,479.22 in Q1 2024[21] - Cash flow from investing activities for Q1 2025 was -¥73,847,954.98, compared to -¥143,223,380.29 in Q1 2024[22] - Cash flow from financing activities for Q1 2025 was -¥591,449,685.69, a decrease from ¥856,446,236.85 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,974,862,604.29, down 5.92% from ¥16,979,742,427.50 at the end of the previous year[4] - Total current assets decreased to ¥6,056,310,032.94, down 13.12% from ¥6,970,952,539.37[15] - Total liabilities decreased to ¥11,937,915,419.17, a reduction of 6.03% from ¥12,702,518,380.81[16] - Short-term borrowings decreased to ¥1,639,595,717.23, down 19.25% from ¥2,029,421,907.61[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 38,066[8] - The largest shareholder, Shaanxi Coal and Chemical Industry Group Co., Ltd., holds 371,842,572 shares, accounting for 29.58% of total shares[8] Other Income and Expenses - Non-recurring gains and losses for the period totaled ¥4,391,893.40 after tax adjustments[5] - The company recognized a government subsidy of ¥4,514,079.44 during the period, which is closely related to its normal business operations[5] - The company experienced a significant reduction in cash payments for goods and services, contributing to the positive cash flow from operating activities[6] - Interest income decreased by 68.62%, totaling ¥602,011.78[10] - The company reported a 284.25% increase in advance receipts, amounting to ¥1,431,458.69[10] - The company experienced a 410.13% increase in other income, amounting to ¥4,358,335.21[10] - The company reported a 292.88% increase in asset disposal income, totaling ¥590,028.33[10] - The company’s deferred income increased by 67.67%, reaching ¥18,207,987.72[10] Equity - Shareholders' equity attributable to the company was ¥4,036,947,185.12, a decrease of 5.62% from ¥4,277,224,046.69 at the end of the previous year[4] - The net loss for undistributed profits increased by 35.51%, reaching -¥923,263,152.46[10] - The company reported a net loss of ¥923,263,152.46 in retained earnings, worsening from a loss of ¥681,317,193.04[16] Cash and Cash Equivalents - The company’s cash and cash equivalents decreased by 43.73% from the previous period, totaling ¥747,551,607.54[10] - Cash and cash equivalents decreased to ¥747,551,607.54 from ¥1,328,549,874.01, representing a decline of 43.58%[15] - The company reported a total cash and cash equivalents balance of ¥669,335,768.26 at the end of Q1 2025, down from ¥1,696,226,294.09 at the end of Q1 2024[22]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 7.63 billion, a decrease of 3.47% compared to CNY 7.90 billion in the same period last year[4]. - Net profit attributable to shareholders was CNY 2.45 billion, an increase of 1.16% from CNY 2.42 billion year-on-year[4]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2.08 billion, down 13.87% from CNY 2.42 billion in the previous year[4]. - Total operating revenue for Q1 2025 was CNY 7,628,320,608.76, a decrease of 3.45% from CNY 7,902,142,296.56 in Q1 2024[20]. - Net profit for Q1 2025 was CNY 2,716,166,897.39, a decrease of 5.94% compared to CNY 2,887,909,389.23 in Q1 2024[21]. - The company achieved a total comprehensive income of CNY 2,726,947,488.47 in Q1 2025, compared to CNY 2,883,337,200.08 in Q1 2024[21]. Cash Flow - The net cash flow from operating activities was CNY 4.14 billion, a decline of 6.20% compared to CNY 4.42 billion in the same period last year[6]. - Cash flow from operating activities for Q1 2025 was CNY 4,144,365,410.51, down from CNY 4,418,491,575.20 in Q1 2024[22]. - The net cash flow from operating activities for Q1 2025 was -CNY 41,680,872.16, an improvement from -CNY 50,011,809.56 in Q1 2024[32]. - The net cash flow from investing activities for Q1 2025 was -CNY 596,589,541.88, compared to -CNY 1,681,561,721.46 in Q1 2024, indicating a reduced outflow[32]. - The net cash flow from financing activities for Q1 2025 was CNY 104,576,582.62, a decrease from CNY 4,078,876,126.60 in Q1 2024[32]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 360.53 billion, an increase of 1.03% from CNY 356.87 billion at the end of the previous year[6]. - The total assets of the company as of March 31, 2025, were CNY 360,531,072,744.10, compared to CNY 356,871,426,700.32 at the end of 2024, marking an increase of approximately 1.9%[16]. - The total liabilities as of the end of the reporting period were CNY 253,357,608,720.07, slightly up from CNY 253,224,899,472.07[20]. - The total liabilities increased slightly to 56,178,532,642.82 RMB from 55,987,609,922.79 RMB, indicating a stable leverage position[27]. Equity - Shareholders' equity attributable to the parent company was CNY 89.25 billion, up 2.92% from CNY 86.72 billion at the end of the previous year[6]. - Total equity increased to CNY 107,173,464,024.03 from CNY 103,646,527,228.25 year-over-year[20]. - The company's total equity rose to 57,070,594,767.64 RMB, compared to 56,428,812,173.20 RMB, reflecting a solid equity growth[27]. Operating Costs and Expenses - Total operating costs increased to CNY 5,309,643,127.77, up 12.34% from CNY 4,725,570,693.49 in the previous year[20]. - The company reported a decrease in research and development expenses to CNY 1,733,917.54 from CNY 3,496,449.82 in the previous year[20]. Investment and Financing - Investment income for Q1 2025 was CNY 736,468,132.03, significantly higher than CNY 164,269,113.35 in Q1 2024[20]. - The company received CNY 2,013,520,689.00 from investment recoveries in Q1 2025, an increase from CNY 1,490,449,427.75 in Q1 2024[32]. - The cash inflow from financing activities was 13,896,761,091.29 RMB, down from 16,279,847,009.33 RMB, suggesting a reduction in new financing[23]. - The cash outflow for financing activities totaled 13,415,305,145.84 RMB, compared to 12,116,741,167.49 RMB, indicating increased cash distribution to stakeholders[23]. Market Conditions - The decrease in operating revenue was attributed to a decline in comprehensive electricity prices and market consumption in certain regions[9]. - The company has not disclosed any new product developments or market expansion strategies during this reporting period[14].

Financial Performance - The net profit attributable to shareholders for 2024 is -436.29 million RMB, a decrease of 1,260.52% compared to the previous year[6]. - The total operating revenue for 2024 is 27.28 billion RMB, down 38.99% from 44.71 billion RMB in 2023[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is -650.90 million RMB, compared to -101.36 million RMB in 2023[25]. - The operating income for 2024 is 27.26 billion RMB, a decrease of 39.00% from 44.70 billion RMB in 2023[25]. - Basic and diluted earnings per share for 2024 were both -0.24 yuan, a significant decrease from -0.002 yuan in 2023[26]. - The weighted average return on equity decreased to -5.24% in 2024 from 0.429% in 2023, a decline of 5.67 percentage points[26]. - The total profit amounted to a loss of CNY 0.395 billion, a year-on-year decrease of approximately 384.38%[62]. - Net profit attributable to the parent company was a loss of CNY 0.436 billion, a year-on-year decrease of approximately 1260.52%[62]. Cash Flow and Assets - The net cash flow from operating activities increased by 33.05% to 357.61 million RMB compared to 268.78 million RMB in 2023[25]. - The total assets at the end of 2024 are 87.35 billion RMB, a slight increase of 0.41% from 86.99 billion RMB in 2023[25]. - The net assets attributable to shareholders decreased by 7.52% to 7.80 billion RMB at the end of 2024[25]. - The asset-liability ratio increased to 90.90%, up by 0.97 percentage points year-on-year[62]. Operational Challenges - The company faced challenges due to a slowdown in infrastructure investment and project payment delays, impacting revenue and profit[27]. - The company reported a significant decline in profit indicators due to a noticeable drop in revenue[27]. - The company is facing liquidity pressure due to the "triangle debt" issue among local governments, investment platforms, and enterprises, which is impacting effective demand[46]. - The company has identified various risk factors that may affect its future development[10]. Strategic Initiatives - The company plans to ensure stable operations and promote future development despite the current losses[6]. - The company is committed to advancing its strategic goals despite the competitive and challenging market environment[36]. - The company aims to enhance its core competitiveness and market penetration in mid-to-high-end products through technological innovation and organizational integration[48]. - The company plans to enhance its marketing capabilities by adding 9 new and upgraded general contracting qualifications and 3 new specialized contracting qualifications[39]. Project Contracts and Investments - The company signed 781 new engineering project contracts with a total contract value of 57.368 billion yuan in 2024[36]. - The total contract amount for engineering projects signed by the company increased by 1.82% year-on-year, despite market challenges[39]. - The company signed external project contracts worth 298.18 billion yuan, representing a year-on-year growth of 16.69%[39]. - The company invested 0.75 billion yuan in R&D for 2024, resulting in the addition of 1 high-tech enterprise and 1 technology enterprise[40]. Environmental and Social Responsibility - The company invested CNY 0.98 billion in environmental protection during the reporting period[167]. - The company has established an environmental management system in line with ISO 14001 standards to enhance environmental responsibility[170]. - The company has committed to long-term promises to avoid competition with its subsidiaries and ensure fair market practices[178]. - The company has conducted skill training for over 20 villagers, enhancing their employability and supporting local economic development[176]. Governance and Compliance - The company has established a comprehensive governance structure that complies with relevant regulations, ensuring effective checks and balances[122]. - The company has published 4 periodic reports and 161 temporary announcements during the reporting period, enhancing transparency[124]. - The company has maintained compliance with legal requirements in the election of board members and the operation of the supervisory board[123]. - The company has a clear structure for the roles and responsibilities of its management team, ensuring effective governance[132]. Legal Disputes - The company is involved in multiple construction contract disputes, with announcements made on various dates including October 24, 2018, and February 1, 2019[187][188]. - The company has ongoing litigation related to construction contracts with several entities, including Guizhou Yongsheng and Hainan Meilong Investment, with disclosures made on April 25, 2020, and August 21, 2020[188]. - The company has faced disputes involving significant construction projects, such as the Xuan Cheng Jia Yuan and the Tian Qian Real Estate Development, with announcements made in 2020[188]. - The company is actively managing its legal challenges, which may impact its financial performance and strategic direction[187][188].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 106,854 million, a decrease of 4.1% compared to RMB 111,468 million in the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 36,563 million, down 7.9% from RMB 39,719 million year-on-year[4] - The net cash flow from operating activities was RMB 57,274 million, reflecting a decline of 4.5% from RMB 59,978 million in the previous year[4] - The company's oil and gas sales revenue for Q1 2025 was approximately RMB 882.7 billion, a decrease of 1.9% compared to the previous year, primarily due to falling oil prices[16] - Net profit for Q1 2025 was RMB 36,601 million, down 7.1% from RMB 39,726 million in Q1 2024[24] - The total comprehensive income for Q1 2025 was RMB 36,229 million, down from RMB 39,877 million in Q1 2024, indicating a decline of 6.6%[24] Asset and Liability Overview - The total assets at the end of the reporting period were RMB 1,102,706 million, an increase of 4.4% from RMB 1,056,281 million at the end of the previous year[5] - The company's total assets as of March 31, 2025, amounted to RMB 1,102.7 billion, compared to RMB 1,056.3 billion at the end of 2024[20] - The total liabilities as of March 31, 2025, were RMB 316.9 billion, an increase from RMB 306.8 billion at the end of 2024[21] Production and Exploration - In Q1 2025, the company's total net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year[15] - The company achieved 2 new discoveries and successfully evaluated 14 oil and gas structures in Q1 2025, indicating strong exploration prospects[15] Pricing and Costs - The average realized price for crude oil was USD 72.65 per barrel, down 7.7% from USD 78.75 per barrel in the same period last year[10] - The average realized oil price in Q1 2025 was $72.65 per barrel, a decrease of 7.7% year-on-year, while the average realized gas price was $7.78 per thousand cubic feet, an increase of 1.2%[16] - The company reported a cost per barrel of $27.03, a decrease of 2.0% year-on-year[16] - Total operating costs decreased to RMB 56,530 million in Q1 2025 from RMB 59,520 million in Q1 2024, reflecting a reduction of 5.0%[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 233,407, with the largest shareholder holding 60.54% of the shares[11] - The company's basic and diluted earnings per share for Q1 2025 were both RMB 0.77, compared to RMB 0.84 in Q1 2024, representing a decline of 8.3%[24] Cash Flow and Investments - Cash flow from operating activities for Q1 2025 was RMB 57,274 million, a decrease of 4.5% from RMB 59,978 million in Q1 2024[28] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 101,403 million, down from RMB 158,407 million at the end of Q1 2024[28] - Investment activities resulted in a net cash outflow of RMB 35,408 million in Q1 2025, compared to RMB 33,884 million in Q1 2024[28] - The company reported an investment loss of RMB 637 million in Q1 2025, contrasting with a gain of RMB 577 million in Q1 2024[23] Capital Expenditures - Capital expenditures totaled RMB 27,713 million, a decrease of 4.5% from RMB 29,014 million year-on-year[10] - Capital expenditures for Q1 2025 were approximately RMB 277.1 billion, a decrease of 4.5% year-on-year due to reduced exploration and adjustment work[16] Non-recurring Items - Non-recurring losses amounted to RMB 464 million, primarily due to asset disposal losses of RMB 704 million[7]

Financial Performance - The company's operating revenue for 2024 reached CNY 1,881,583,687.74, representing a year-on-year increase of 10.98% compared to CNY 1,695,371,321.03 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 431,114,551.03, which is a 21.80% increase from CNY 353,952,704.05 in 2023[23]. - The net cash flow from operating activities for 2024 was CNY 701,960,626.85, up 14.47% from CNY 613,228,861.26 in 2023[23]. - The total assets at the end of 2024 amounted to CNY 5,759,673,023.51, reflecting a 6.03% increase from CNY 5,432,040,364.07 at the end of 2023[23]. - The basic earnings per share for 2024 was CNY 1.0340, which is a 21.80% increase compared to CNY 0.8489 in 2023[24]. - The weighted average return on equity for 2024 was 10.01%, an increase of 1.13 percentage points from 8.88% in 2023[24]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 335,674,291.30 for 2024, which is an 11.05% increase from CNY 302,281,316.54 in 2023[23]. Operational Highlights - In 2024, the company achieved a passenger throughput of 27.91 million, a year-on-year increase of 15.8% compared to 2023, setting a historical record[32]. - The company completed 191,400 flight operations in 2024, representing a 7.8% increase from 2023[32]. - The cargo and mail throughput reached 375,700 tons, up 19.5% year-on-year, with international cargo and mail accounting for 231,200 tons[32]. - The company launched the new "Yue Fei Xiang" service brand, upgrading 14 service products, with two services receiving international brand certification[32]. - The company established an AI comprehensive airport management base and a smart airport laboratory, enhancing digital transformation efforts[32]. Cash Flow and Investments - The net cash flow from investment activities was negative at CNY -504,754,363.60, worsening from CNY -417,065,085.67 in the previous year[196]. - Cash inflow from investment activities amounted to CNY 4,834,721,087.35, a rise from CNY 4,104,808,299.37 in 2023, reflecting a growth of 17.8%[196]. - The cash outflow for investment activities totaled CNY 5,339,475,450.95, compared to CNY 4,521,873,385.04 in 2023, marking an increase of 18.1%[196]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 3.2 per 10 shares based on the total share capital of 416,934,000 shares as of December 31, 2024[6]. - The company declared a cash dividend of CNY 2.6 per 10 shares, totaling CNY 108,402,840, which represents 30.63% of the net profit attributable to ordinary shareholders[110]. - Over the last three accounting years, the cumulative cash dividend amounted to CNY 176,601,330, with an average net profit of CNY 174,591,180.85, resulting in a cash dividend ratio of 101.15%[112]. Governance and Management - The company maintains independence from its controlling shareholder in terms of assets, personnel, and financial management, ensuring compliance with governance regulations[82]. - The company has a diverse management team with extensive experience in various sectors, enhancing its operational capabilities[87]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 4,095,100 CNY[86]. - The company is focused on maintaining a strong governance structure with independent directors and employee representatives on the board[88]. Environmental and Social Responsibility - The company has not established an environmental protection mechanism and reported zero investment in environmental protection funds during the reporting period[118]. - The company reduced carbon emissions by 613 tons through measures such as photovoltaic power generation and the promotion of electric vehicles[122]. - The company has actively engaged in social responsibility initiatives, including community support and partnerships with local organizations[123]. - The company invested over 2 million RMB in poverty alleviation and rural revitalization projects during the reporting period[125]. Market Outlook - The company is positioned to benefit from the recovery of the aviation market, with global passenger demand expected to grow by 10.4% in 2024[34]. - The company anticipates continued growth in the aviation sector, with passenger throughput expected to increase by 15.9% in 2024[64]. - The company aims to achieve a total transport turnover of 161 billion ton-kilometers and a passenger transport volume of 780 million by 2025, representing year-on-year growth of approximately 8.4% and 6.8% respectively[70].

Financial Performance - The company's revenue for Q1 2025 was ¥456,472,025.37, a decrease of 2.99% compared to ¥470,539,191.09 in the same period last year[5] - The net loss attributable to shareholders was ¥46,425,425.30, showing a slight improvement of 0.53% from a loss of ¥46,671,017.96 in the previous year[5] - The basic and diluted earnings per share were both -¥0.0412, showing a slight improvement of 0.48% from -¥0.0414 in the same period last year[5] - Net profit for the current period is a loss of ¥51,243,856.61, compared to a loss of ¥50,328,950.85 in the previous period, indicating a worsening performance[20] - Other comprehensive income after tax for the current period is a loss of ¥403,868.15, compared to a loss of ¥171,086.54 in the previous period[20] - The total comprehensive income for the current period is a loss of ¥51,647,724.76, compared to a loss of ¥50,500,037.39 in the previous period[20] Cash Flow - The net cash flow from operating activities increased by 19.89% to ¥73,253,595.67, compared to ¥61,099,336.53 in the same period last year[5] - Cash flow from operating activities generated a net cash inflow of ¥73,253,595.67, an increase from ¥61,099,336.53 in the previous period[21] - Cash flow from investing activities resulted in a net outflow of ¥16,563,500.14, an improvement from a net outflow of ¥32,698,753.74 in the previous period[22] - Cash flow from financing activities showed a net outflow of ¥46,206,523.94, worsening from a net outflow of ¥27,403,970.55 in the previous period[22] - The ending cash and cash equivalents balance is ¥50,928,091.84, down from ¥84,220,474.92 in the previous period[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,735,332,136.85, down 3.37% from ¥4,900,336,833.07 at the end of the previous year[5] - Current assets decreased from CNY 2,104,741,080.47 to CNY 1,965,418,691.74, reflecting a decline of approximately 6.6%[16] - The company's cash and cash equivalents decreased from CNY 381,121,364.88 to CNY 366,333,209.61, a reduction of about 3.5%[16] - Total liabilities decreased from CNY 4,827,743,075.56 to CNY 4,714,099,379.82, indicating a decline of approximately 2.4%[17] - The company's short-term borrowings decreased from CNY 1,763,352,900.05 to CNY 1,715,363,376.01, a reduction of about 2.7%[17] Shareholder Equity - The equity attributable to shareholders decreased significantly by 95.70% to ¥2,092,337.52 from ¥48,634,906.69 at the end of the previous year[5] - The total equity attributable to shareholders decreased from CNY 48,634,906.69 to CNY 2,092,337.52, a significant decline of approximately 95.7%[18] - The number of ordinary shareholders at the end of the reporting period was 159,663, with the largest shareholder holding 26.91% of the shares[11] Impairments and Gains - The company reported a significant increase in credit impairment losses by 2557.86% to ¥18,694,033.19, primarily due to the reversal of bad debt provisions[9] - The company recorded a gain from asset disposal of ¥1,272,040.41, an increase of 319.73% compared to ¥303,058.95 in the previous year[9] Inventory and Receivables - The company reported a significant increase in inventory from CNY 448,855,560.23 to CNY 462,772,723.84, an increase of about 3%[16] - The accounts receivable decreased from CNY 660,313,627.23 to CNY 532,145,259.05, a decline of approximately 19.4%[16] Legal Proceedings and Future Outlook - The company has initiated legal proceedings regarding a 100% equity transfer payment dispute, which may impact future financial performance[14] - The company has not disclosed any new product developments or market expansion strategies during the reporting period[14]