深圳市鼎阳科技股份有限公司 2025 年年度报告 公司代码：688112 公司简称：鼎阳科技 深圳市鼎阳科技股份有限公司 2025 年年度报告 1 / 216 深圳市鼎阳科技股份有限公司 2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节 "管理层讨论与分析"第四点之风险因素。 四、公司全体董事出席董事会会议。 五、 致同会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人秦轲、主管会计工作负责人刘厚军及会计机构负责人（会计主管人员）连肇华 声明：保证年度报告中财务报告的真实、准确、完整。 七、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每10股派发现金红利6.60元（含税）。截至2025年12月31日，公司总股本 159,596,883股，以此计算合计拟派发现金红利105, ...

内蒙古福瑞医疗科技股份有限公司 2025 年年度报告全文 内蒙古福瑞医疗科技股份有限公司 2025 年年度报告 2026-005 【2026 年 03 月】 1 内蒙古福瑞医疗科技股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人王冠一、主管会计工作负责人沈治国及会计机构负责人(会计 主管人员)张兴宽声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司年度报告中涉及未来的计划等前瞻性陈述，均不构成公司对投资者 的实质性承诺。投资者及相关人士均应当对此保持足够的风险认识，并应当 理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十一、公司未来发展的 展望"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 264,975,900 为基数， 向全体股东每 10 股派发现金红利 1 ...

中华企业股份有限公司2025 年年度报告 公司代码：600675 公司简称：中华企业 中华企业股份有限公司 2025 年年度报告 1 / 252 中华企业股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司全体董事出席董事会会议。 三、 众华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人李钟、主管会计工作负责人顾昕及会计机构负责人（会计主管人员）孙婷声明： 保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年度拟以实施权益分派股权登记日登记的总股本为基数分配利润，拟以未分配利润 向全体股东每10股派发现金红利人民币0.059元（含税）。截至2025年12月31日，公司总股本为 6,046,135,331股,以此计算合计拟派发现金红利35,672,198.46元（含税）。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性 ...

海南矿业股份有限公司2025 年年度报告 公司代码：601969 公司简称：海南矿业 海南矿业股份有限公司 2025 年年度报告 二〇二六年三月二十五日 1 / 266 海南矿业股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以截至董事会审议利润分配方案日公司总股本1,991,931,751股扣除公司回购专用证券 账户中股份数5,544,865股后的股本1,986,386,886股为基数，向全体股东每10股派发现金红利0.80 元（含税），合计拟派发现金红利 158,910,950.88 元（含税）。如在本次利润分配方案经公司董 事会审议通过之日起至实施权益分派股权登记日期间，因发行股份购买资产、股权激励授予股份 回购注销等致使公司享有利润分配权的股本总额发生变动的，公司将维持按每 10 股派发现金红利 0.80 元（含税）不变，相应调整分配总额。根据公司 2025 年 4 月 16 日召开的 202 ...

中海油能源发展股份有限公司2025 年年度报告 公司代码：600968 公司简称：海油发展 中海油能源发展股份有限公司 2025 年年度报告 1 / 260 中海油能源发展股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 张伟 | 公务原因 | 宗文龙 | 三、中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人周天育、主管会计工作负责人种晓洁及会计机构负责人（会计主管人员）郭振 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以2025年末总股本10,165,104,199股为基数，向全体股东每10股派发现金红利1.47元（ 含税），不进行资本公积转增股本，不送红股。本次共需派发现金股利约 ...

天津港股份有限公司2025 年年度报告 公司代码：600717 公司简称：天津港 天津港股份有限公司 2025 年年度报告 1 / 216 天津港股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，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。 二、未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事长 | 刘庆顺 | 工作原因 | 陈雪剑 | | 独立董事 | 张玉利 | 工作原因 | 侯欣一 | 三、 信永中和会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审 计报告。 四、 公司负责人刘庆顺、主管会计工作负责人方胜及会计机构负责人（会计主管人 员）苏静声明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以2025年末股本总额2,894,001,038股为基数，按照归属于上市公司普通股股东的净 利润计算，向全体股东每10股派发现 ...

中国电信股份有限公司 2025 年年度报告 公司代码：601728 公司简称：中国电信 中国电信股份有限公司 2025 年年度报告 中国电信股份有限公司 2025 年年度报告 重要提示 六、 前瞻性陈述的风险声明 一、 本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、 公司全体董事出席董事会会议。 三、 毕马威华振会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人柯瑞文、主管会计工作负责人李英辉及会计机构负责人（会计主管人员）何建权 声明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据前期股东大会审议批准，自2024年起，公司三年内以现金方式分配的利润逐步提升至当 年股东应占利润的75%以上。综合考虑公司现金流、股东现金回报等实际情况，建议本次利润分 配以实施权益分派股权登记日登记的总股本为基数，每股派发股息人民币0.0908元（含税），截至 2025年12月31日，公司总股本91,507,138,699股，以 ...

Financial Performance - The company reported a net profit attributable to shareholders of -4,896,659,848.32 RMB for 2025, a decrease of 4,009.26% compared to the previous year[6]. - Total revenue for 2025 was 36,373,297,352.63 RMB, down 22.49% from 46,924,472,425.21 RMB in 2024[22]. - The basic earnings per share for 2025 was -1.265 RMB, a decline of 4,053.13% compared to 0.032 RMB in 2024[22]. - The company's total assets decreased by 4.80% to 114,892,315,996.66 RMB at the end of 2025, down from 120,691,503,016.36 RMB in 2024[23]. - The net cash flow from operating activities for 2025 was 2,450,520,175.11 RMB, a decrease of 42.38% from 4,253,159,614.40 RMB in 2024[23]. - The weighted average return on equity for 2025 was -14.968%, a decrease of 15.32 percentage points from 0.348% in 2024[22]. - The net profit attributable to shareholders decreased by 5.022 billion RMB, a staggering decline of 4,009.26% year-on-year, with basic and diluted earnings per share dropping by 1.297 RMB, a decrease of 4,053.13%[24]. - The company reported a total loss of -5,666,388,892.99 RMB for the year, compared to a profit of 316,115,505.31 RMB in 2024[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 1.990 billion RMB, a decline of 94.38% year-on-year, with basic earnings per share dropping by 0.514 RMB, a decrease of 94.31%[24]. Operational Challenges - The company's operating revenue for the reporting period decreased by 10.551 billion RMB, a decline of 22.49% year-on-year, primarily due to macroeconomic downturns and increased volatility in international gold prices affecting the consumption sector[24]. - The company faced a significant increase in asset impairment provisions for certain real estate projects, contributing to the overall decline in profitability[24]. - The company plans to focus on restructuring and improving operational efficiency in response to the challenging market conditions[24]. - The company recorded a net profit attributable to shareholders of -550.567 million RMB in the third quarter and -4.409 billion RMB in the fourth quarter, indicating severe financial distress[26]. Revenue and Sales Trends - The company's total operating revenue for the year was 36.373 billion RMB, down from 46.924 billion RMB in the previous year, reflecting a significant decrease[31]. - The jewelry fashion segment reported operating revenue of RMB 22.73 billion, a decrease of 24.16% year-on-year[71]. - The revenue from the jewelry fashion segment decreased significantly, primarily due to structural adjustments in the consumer industry and fluctuations in international gold prices[73]. - The sales volume of gold decreased by 42.04% year-on-year, totaling 40,409.50 kg, while inventory decreased by 40.61%[74]. - The company achieved sales revenue of RMB 4.773 billion with a sales area of 366,900 square meters during the reporting period[100]. Strategic Initiatives - The company plans to focus on integrating its membership operation system across online and offline platforms to enhance its competitive advantage in the family consumption ecosystem[63]. - The company is committed to embracing consumer trends and enhancing its competitive advantages in various business segments, including jewelry, cultural dining, and real estate[35]. - The company is actively integrating resources in real estate development and property management to improve operational quality and decision-making efficiency[39]. - The company is enhancing its product offerings in the jewelry fashion sector by focusing on cultural, design, craftsmanship, quality, service, and experience[36]. - The company is exploring potential acquisitions to further enhance its market position, with a focus on brands that align with its growth strategy in health and wellness[107]. Market Expansion and New Openings - The company plans to open multiple new locations across major cities, including Beijing, Shanghai, and Hangzhou, with projected revenues ranging from 106.05 million to 235 million for each store[112]. - The company is expanding its presence internationally, with new stores planned in Paris and New York, including a store on the Champs-Élysées[110]. - The company is targeting a significant increase in user engagement through these new store openings, aiming for a 15% growth in customer footfall by the end of 2025[107]. - The company is expanding its presence in the health sector with a new store in Nanjing, investing 22.00 million, and another in Shanghai with an investment of 36.47 million, both expected to open in 2025[107]. - The company is also focusing on the food and beverage sector, with multiple new locations set to open in Shanghai, including the 老饭店活力城 and 老饭店印象城 stores[110]. Governance and Management Changes - The company has appointed Huang Zhen as the new president and Zhang Jian as the executive president on June 30, 2025[156]. - The company will no longer have a supervisory board, with its functions transferred to the audit and finance committee of the board of directors[156]. - The company has a clear plan for future governance improvements, ensuring compliance with legal and regulatory standards[151]. - The company has maintained a stable governance structure with no significant regulatory issues reported[151]. - The company has implemented a governance structure that ensures clear responsibilities, effective checks and balances, and scientific decision-making, complying with relevant laws and regulations[151]. Employee Engagement and Compensation - The company has implemented a diverse compensation management system, linking employee income to annual performance and operational goals[184]. - The company emphasizes a performance culture and aims to enhance employee loyalty through various benefits and training programs[184][185]. - The total compensation for all directors and senior management at the end of the reporting period was 45.9872 million yuan[169]. - The company has seen stock cancellations amounting to 802,750 units in the 2023 incentive plan[155]. - The company is committed to enhancing employee motivation through stock ownership plans[193].

Financial Performance - The net profit attributable to the parent company for 2025 was -74,308,656.41 RMB, a decrease of 305.78% compared to the previous year[5]. - Total operating revenue for 2025 reached 3,792,896,089.46 RMB, representing an increase of 11.25% from 2024[22]. - The total profit for 2025 was -73,327,905.71 RMB, a significant decrease from the profit of 36,479,613.08 RMB in 2024[22]. - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of -87,203,616.71 RMB for 2025[22]. - Basic earnings per share for 2025 is -0.0318 CNY, a decrease of 278.65% compared to 0.0178 CNY in 2024[24]. - Diluted earnings per share for 2025 is -0.0318 CNY, reflecting the same percentage decrease of 278.65% from 2024[24]. - The weighted average return on equity for 2025 is -5.07%, down 15.79 percentage points from 10.72% in 2024[24]. - The net cash flow from operating activities was -323,088,441.85 RMB, a decline of 228.69% compared to the previous year[22]. - The company's accumulated undistributed profits as of the end of 2025 were -5,596,099,874.66 RMB, indicating a negative balance[6]. - The company plans not to distribute profits or increase capital reserves due to the negative accumulated profits[5]. Assets and Equity - The total assets as of the end of 2025 amounted to 3,621,432,353.16 RMB, an increase of 59.10% from the end of 2024[22]. - The total equity attributable to shareholders at the end of 2025 was 3,151,128,685.65 RMB, an increase of 708.30% from the end of 2024[22]. - The debt-to-asset ratio decreased from 82.87% at the beginning of the year to 12.99%[63]. - The company raised 2.853 billion yuan through a stock issuance to a specific entity, improving its overall financial condition[63]. Operational Challenges - The company experienced a decline in profits in the phosphoric chemical business due to rising sulfur prices and high phosphate rock prices, with product price increases not keeping pace with cost increases[37]. - The company faces challenges in the zinc smelting business due to rising raw material costs and a significant decline in profitability[41]. - The company reported a significant increase in raw material costs, with the chemical industry raw material costs at approximately ¥1.54 billion, accounting for 86.93% of total costs[92]. - The company anticipates a temporary loss in 2025 due to industry cyclicality but is implementing strategies to improve overall operational performance and core competitiveness[73]. Production and Capacity - The phosphoric chemical segment has an annual production capacity of 420,000 tons, including 170,000 tons for industrial-grade monoammonium phosphate and 300,000 tons for compound fertilizers[36]. - The synthetic ammonia production capacity of the natural gas chemical business is 200,000 tons per year, but the sales price of liquid ammonia decreased by 337 yuan/ton, a drop of 12.22%[38]. - The zinc smelting segment has an annual production capacity of 100,000 tons for electrolytic zinc and 100,000 tons for zinc alloys, with significant fluctuations in zinc prices impacting profitability[40]. - The company achieved a revenue of 3.793 billion yuan, representing a year-on-year growth of 11.25%[63]. - Zinc production capacity is 100,000 tons/year, with actual production of 60,800 tons in 2025, while phosphate product capacity is 420,000 tons/year, with actual production of 360,300 tons[81]. Research and Development - Research and development expenses surged by 925.92% to ¥14,930,114.47, reflecting increased investment in R&D projects[82]. - The company has increased its R&D focus on projects such as zinc electrolysis efficiency improvement and new fertilizer product development[99]. - The number of R&D personnel is 103, accounting for 4.2% of the total workforce[100]. - The company has established strategic partnerships with multiple research institutions to enhance product structure and sustainable development[79]. Market and Industry Trends - The phosphate fertilizer industry is transitioning towards green transformation, digital applications, and industrial chain collaboration, with a focus on sustainable development and resource utilization[114]. - The market demand for high-efficiency fertilizers, such as water-soluble and controlled-release phosphate fertilizers, is increasing, while traditional fertilizer growth stabilizes due to "reducing fertilizer and increasing efficiency" policies[115]. - The global ammonia synthesis market is experiencing steady growth, driven by agricultural and industrial demand, with developing countries like India and Brazil showing rapid agricultural demand growth[120]. - The comprehensive utilization rate of phosphogypsum is below 50%, indicating significant room for improvement and pressure from new regulations set to take effect on July 1, 2025[121]. Strategic Initiatives - The company is focusing on optimizing internal resource allocation and enhancing the synergy of its core businesses[63]. - The company aims to enhance product competitiveness by optimizing performance and strengthening brand recognition, particularly for high-value industrial-grade monoammonium phosphate[69]. - The company plans to deepen core market development and expand its business footprint, leveraging its strong financial position for future growth[76]. - The company intends to expand its market presence beyond current regions, targeting areas in Sichuan, Yunnan, Xinjiang, and exploring overseas markets[197]. Safety and Environmental Commitment - The company achieved zero accidents in safety production during the reporting period, emphasizing its commitment to safety management[72]. - The company is committed to green development by strictly adhering to environmental regulations and promoting comprehensive utilization of phosphogypsum[72]. - The company is focusing on green and low-carbon transformation in response to national policies, which will shape the future of the phosphate chemical industry[111].

Financial Performance - The company's operating revenue for 2025 reached ¥31,011,744,510.27, representing a 10.97% increase compared to ¥27,947,164,515.93 in 2024[16] - Net profit attributable to shareholders for 2025 was ¥4,062,891,412.10, a significant increase of 31.10% from ¥3,099,165,128.06 in 2024[16] - The net profit after deducting non-recurring gains and losses was ¥3,958,316,943.01, up 26.95% from ¥3,117,935,212.81 in the previous year[16] - The basic earnings per share for 2025 was ¥1.03, reflecting a 22.62% increase from ¥0.84 in 2024[16] - Total assets at the end of 2025 amounted to ¥49,406,130,603.74, a 35.90% increase from ¥36,354,748,426.21 at the end of 2024[16] - The net assets attributable to shareholders increased by 64.52% to ¥31,748,926,577.96 from ¥19,297,769,106.48 in 2024[16] - Cash flow from operating activities for 2025 was ¥5,090,762,717.98, a 16.58% increase compared to ¥4,366,630,948.36 in 2024[16] - The company reported a net profit of ¥4,160,719,759.29 after deducting the impact of share-based payments, which is a 30.27% increase from ¥3,194,038,418.86 in 2024[17] - The company achieved a revenue of 31.01 billion yuan in 2025, representing a year-on-year growth of 10.97%, with a net profit of 4.06 billion yuan, up 31.10%[46] Revenue Breakdown - The revenue from the refrigeration and air conditioning parts business was 18.58 billion yuan, an increase of 12.22% year-on-year, while the automotive parts business revenue reached 12.43 billion yuan, growing by 9.14%[52] - Domestic sales accounted for 57.04% of total revenue at 17.69 billion yuan, with a year-on-year increase of 14.51%, while international sales were 13.32 billion yuan, up 6.58%[52] Market Trends - In 2025, global sales of new energy vehicles are projected to reach 22.62 million units, representing a 29.04% increase from 2024, with China accounting for 72.9% of this total[36] - The domestic market for household air conditioners in China is expected to see a slight decline in total production and sales to 198.39 million units, with domestic sales at 105.21 million units, reflecting a 0.7% year-on-year growth[33] - The central air conditioning industry in China has a sales scale of 138.68 billion yuan, with domestic sales down 7.4% to 112.55 billion yuan, while exports grew by 12.7% to 26.14 billion yuan[34] Research and Development - The company is focused on R&D in heat management technology, with a strategic emphasis on high-performance products for both new energy and traditional vehicles[27] - The company has established six R&D centers and holds 4,680 authorized patents, including 2,560 invention patents, enhancing its competitive edge in technology[39] - Research and development expenses increased by 1.65% year-on-year to ¥1,374,071,324.05, reflecting the company's ongoing focus on core and emerging business areas[63] - The number of R&D personnel increased to 3,671 in 2025, up by 2.60% from 3,578 in 2024, with a notable rise in the proportion of personnel holding master's degrees or higher to 21.41%[66] Operational Efficiency - The company has implemented lean production principles across its global manufacturing system, establishing eight production bases to benefit from economies of scale and improve production efficiency[40] - The company has developed a comprehensive quality management system, achieving international certifications such as ISO 9001 and IATF 16949, ensuring high-quality product delivery[41] - The company is investing in AI technology and digital transformation to enhance product development and operational efficiency, including the introduction of digital employees[47] Governance and Compliance - The company has established a robust governance structure and internal control mechanisms to ensure effective decision-making and oversight[120] - The board of directors is composed of diverse members with professional backgrounds and industry experience, adhering to legal and regulatory requirements[100] - The company has implemented strict risk management measures for derivative investments to mitigate commodity price and exchange rate risks[83] - The company has committed to fulfilling its obligations regarding information disclosure and internal decision-making processes[164] Shareholder Relations - The company plans to distribute a cash dividend of ¥2.80 per 10 shares, based on a total share capital of 4,199,662,914 shares[4] - The cash dividend per 10 shares is set at 2.80 CNY (including tax), with a total cash dividend amounting to approximately 1.18 billion CNY, representing 100% of the distributable profit[141] - The company has established a market value management system to protect investor rights and enhance investment value, approved by the board on March 25, 2025[95] Future Outlook - The company provided a positive outlook for Q4 2023, projecting a revenue growth of 10% to 1.65 billion RMB[122] - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[122] - The company has outlined a strategic goal to achieve a 10% reduction in production costs through automation by 2025[123] - Future guidance estimates revenue growth of 18% for the next fiscal year, projecting total revenue of CNY 6.1 billion[123] Employee Management - The total number of employees at the end of the reporting period is 19,090, with 3,740 in the parent company and 15,350 in major subsidiaries[137] - The company has established a comprehensive compensation system that includes standard wages, benefits, bonuses, and long-term incentives, ensuring competitiveness in the market[138] - The company has a talent development strategy focusing on internal training and moderate external recruitment, ensuring alignment with its strategic goals[139] Risk Management - Major risks include fluctuations in raw material prices, rising labor costs, and trade and exchange rate risks, with strategies in place to mitigate these impacts[92] - The company has identified and addressed significant internal control deficiencies, ensuring that operational results are accurate and compliant[153]