PSR Tech(SH:688565)2025-04-24 13:35Financial Performance - The company plans not to distribute cash dividends or conduct capital reserve transfers for the fiscal year 2024[5]. - The company has not achieved profitability since its listing[3]. - A standard unqualified audit report was issued by Zhongxinghua Accounting Firm for the company[4]. - In 2024, the company's operating revenue reached CNY 373.79 million, an increase of 46.58% compared to the previous year, primarily due to the growth in completed projects[21]. - The net profit attributable to shareholders of the listed company was CNY 2.54 million, a significant increase of 102.89% year-on-year[24]. - The net cash flow from operating activities was CNY 56.74 million, up 625.37% compared to the previous year, mainly due to a reduction in cash payments related to operating activities[24]. - The company's total assets decreased by 9.10% year-on-year, amounting to CNY 910.67 million at the end of 2024[21]. - The net profit reported after deducting non-recurring gains and losses was CNY -27.64 million, a reduction in loss of CNY 60.84 million year-on-year[24]. - The gross profit margin improved year-on-year due to enhanced operational efficiency and cost control measures[24]. - The company received increased government subsidies during the reporting period, contributing to the improved financial performance[24]. Operational Risks and Governance - The company has detailed various operational risks and corresponding countermeasures in the report[3]. - There are no non-operational fund occupations by controlling shareholders or related parties[7]. - The company has confirmed that there are no violations in decision-making procedures for external guarantees[7]. - The board of directors has fully attended the board meeting[4]. - The company has not disclosed any special arrangements for corporate governance[6]. - The report includes a forward-looking statement risk declaration, indicating potential investment risks[6]. - The company has not reported any instances where more than half of the directors cannot guarantee the authenticity of the annual report[7]. Research and Development - The research and development expenditure accounted for 5.21% of operating revenue, a decrease of 5.41 percentage points compared to the previous year[23]. - The company has a research and development team comprising 22.99% of its workforce and holds 66 authorized patents, including 30 invention patents and 36 utility model patents[39]. - The company has established a provincial-level high-tech enterprise research and development center, enhancing its capabilities in water treatment technology[95]. - The company has developed advanced hydrogen fuel cell technology, including high-performance membrane electrodes and corrosion-resistant metal bipolar plates[141]. - The company has completed several patents related to ion regeneration equipment, enhancing the reliability and efficiency of its water treatment technology[111]. - The company has developed several fuel cell system prototypes with power outputs of 60kW, 112kW, 120kW, and 235kW, all of which have passed testing by the National New Energy Vehicle Quality Supervision and Inspection Center[70]. Market Position and Strategy - The company plans to expand its business in industrial water treatment, particularly in the thermal and nuclear power sectors, while also developing hydrogen fuel cell engine systems[36]. - The company is focusing on technological innovation and customer demand to maintain its leading position in the nuclear and thermal power water treatment market[36]. - The company aims to enhance its competitiveness and contribute to the construction of China's green low-carbon industrial system[37]. - The company has established itself as a leading supplier of condensate water treatment systems for nuclear power plants, with a total of 24 units supplied to operational nuclear power plants in China[96]. - The company is actively exploring upstream hydrogen production and storage, achieving progress in the alkaline water electrolysis industry, which is crucial for green hydrogen production[43]. - The company is committed to enhancing the efficiency and reliability of its energy systems through innovative research and development initiatives[132]. Customer and Supplier Dynamics - The company's top five customers account for a significant portion of its revenue, leading to a risk of customer concentration[151]. - The total sales revenue from the top five customers was 143.87 million RMB, accounting for 38.56% of the annual sales total[174]. - The top five suppliers contributed a total procurement amount of 41.30 million RMB, representing 18.91% of the annual procurement total[177]. - The company has established stable domestic and international supply channels, maintaining long-term cooperative relationships with key suppliers[83]. Environmental and Technological Innovations - The company is developing a heat-membrane coupling seawater desalination technology, successfully applied in a 100,000 tons/day project, which is a leading domestic scale[60]. - The company’s seawater desalination technology is crucial for addressing the water resource shortage in coastal areas, as highlighted in national development plans[55]. - The company has successfully integrated low-temperature multi-effect (MED) and reverse osmosis (RO) systems for seawater desalination, with a project capacity of 100,000 tons per day[140]. - The thermal membrane coupling technology reduces energy consumption and initial investment costs, with significant improvements in water quality and operational efficiency[115]. - The company is focusing on the development of seawater desalination technologies to address global freshwater shortages, utilizing both thermal and membrane methods[112]. Future Outlook and Challenges - The hydrogen energy industry is entering a market-driven development phase in 2024, presenting both opportunities and challenges[65]. - The company faces market competition risks, particularly in conventional desalination and wastewater treatment sectors, where competition is intense and market concentration is low[150]. - The company is exposed to risks from changes in macroeconomic conditions and industry policies that could affect project timelines and operational stability[159]. - The company faces risks related to the potential lack of market acceptance for its hydrogen fuel cell products and the need for ongoing investment in R&D[153]. - The company plans to continue focusing on expanding its market presence in key regions such as East China and Northwest China[168].