Key Highlights Key Highlights The board and management confirm no objections to the unaudited quarterly report, which has no undisclosed matters or non-standard audit opinions - The company's directors, supervisors, and senior management have no objections to the quarterly report content, and no directors were absent from the board meeting to review the report6 - No undisclosed matters existed during the reporting period, and the unaudited report received no non-standard audit opinions6 Company Profile Key Financial Data As of March 31, 2025, total assets grew 2.04%, but net assets attributable to shareholders declined 6.13%; operating revenue increased 9.84%, while net profit incurred a significant loss and operating cash flow turned negative 2025 Q1 Key Financial Data Overview | Indicator | Period End (March 31, 2025) | Prior Year End (Dec 31, 2024) | Change from Prior Year End % | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 1,458,469,680.09 | 1,429,334,090.90 | 2.04% | | Net Assets Attributable to Shareholders (CNY) | 381,353,244.69 | 406,242,713.30 | -6.13% | | Asset-Liability Ratio % (Consolidated) | 70.57% | 68.23% | - | | Indicator | Year-to-Date (Jan-Mar 2025) | Prior Year Period (Jan-Mar 2024) | YTD Change from Prior Year Period % | | Operating Revenue (CNY) | 120,961,134.16 | 110,128,162.49 | 9.84% | | Net Profit Attributable to Shareholders (CNY) | -26,222,306.97 | -7,878.83 | -332,719.81% | | Net Cash Flow from Operating Activities (CNY) | -38,370,319.58 | 20,711,951.65 | -285.26% | | Basic Earnings Per Share (CNY/share) | -0.24 | 0.00 | - | Reasons for Significant Financial Data Changes During the reporting period, cash increased 132.63% due to sales and equity incentive payments, while short-term borrowings rose 53.73% from bank loans; sales expenses decreased 34.34% due to cost control, but management, R&D, and financial expenses significantly increased, and asset impairment losses surged 4350.24% due to higher-than-planned production costs for aluminum-based lead-carbon energy storage batteries, leading to a substantial outflow in operating cash flow due to increased orders and raw material purchases Changes in Consolidated Balance Sheet Items Significant Changes in Consolidated Balance Sheet Items | Item | Period End (March 31, 2025) (CNY) | Change % | Explanation | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 26,120,734.97 | 132.63% | Increased sales receipts and employee equity incentive subscription payments | | Notes Receivable | 18,486,477.73 | -48.55% | Strengthened management of notes receivable, fewer notes received | | Short-term Borrowings | 152,200,300.41 | 53.73% | Increased bank loans obtained | | Employee Compensation Payable | 3,507,181.06 | -34.56% | Payment of prior year's accrued performance bonuses | | Other Payables | 31,719,079.49 | -41.02% | Decrease in intercompany payables | | Other Current Liabilities | 22,412,986.70 | 42.98% | Increase in deferred output VAT | | Long-term Payables | 3,934,199.22 | -45.62% | Decrease in finance lease balance | Changes in Consolidated Income Statement Items Significant Changes in Consolidated Income Statement Items | Item | YTD (Jan-Mar 2025) (CNY) | Change % | Explanation | | :--- | :--- | :--- | :--- | | Selling Expenses | 1,567,192.30 | -34.34% | Strengthened control over selling expenses | | Administrative Expenses | 8,890,462.80 | 77.39% | Increase in employee equity incentive amortization and intangible asset amortization | | R&D Expenses | 3,917,984.40 | 94.01% | Increased R&D investment | | Financial Expenses | 6,277,034.52 | 52.19% | Increased financing | | Other Income | 393,143.08 | -89.93% | Decrease in government subsidies | | Credit Impairment Losses | -174,725.56 | 117.72% | Increased provision for impairment of receivables | | Asset Impairment Losses | -13,350,448.50 | 4,350.24% | Increased inventory write-down due to higher-than-planned production costs for aluminum-based lead-carbon energy storage batteries | | Gains on Disposal of Assets | 0.00 | -100.00% | No asset disposals occurred | | Non-operating Income | 1,535.24 | 20,730.94% | Increased government subsidies unrelated to daily operations | | Non-operating Expenses | 162,489.64 | 48,801.42% | Increased late payment penalties | | Income Tax Expense | -4,920,160.06 | -364.24% | Recognition of deferred income tax expense on asset impairment losses | Changes in Consolidated Cash Flow Statement Items Significant Changes in Consolidated Cash Flow Statement Items | Item | YTD (Jan-Mar 2025) (CNY) | Change % | Explanation | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,370,319.58 | -285.26% | Increased raw material purchases due to numerous outstanding metallurgical electrode material orders and the commencement of aluminum-based lead-carbon energy storage battery production | | Net Cash Flow from Investing Activities | -38,208,531.45 | 57.73% | Decreased investment in project construction | | Net Cash Flow from Financing Activities | 91,591,509.29 | 52.50% | Increased financing | Common Share Capital Structure and Top Shareholders at Period End As of the reporting period end, the company's total share capital was 108,591,700 shares, with 75.66% unrestricted and 24.34% restricted; Chairman Guo Zhongcheng is the largest shareholder with 31.97% ownership, mostly restricted, and 12,722,600 shares pledged Common Share Capital Structure | Share Type | Number of Shares at Period End | Percentage % | | :--- | :--- | :--- | | Total Unrestricted Shares | 82,161,225 | 75.66% | | Total Restricted Shares | 26,430,475 | 24.34% | | Total Share Capital | 108,591,700 | - | | Number of Common Shareholders | 5,005 | - | Top Ten Shareholders' Shareholding | No. | Shareholder Name | Shareholder Nature | Shares Held at Period End | Shareholding % | Restricted Shares Held at Period End | Unrestricted Shares Held at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Guo Zhongcheng | Domestic Natural Person | 34,712,300 | 31.97% | 26,030,475 | 8,681,825 | | 2 | Kunming University of Science and Technology Asset Management Co., Ltd. | State-owned Legal Person | 6,110,000 | 5.63% | 0 | 6,110,000 | | 3 | Oriental Jinhai Investment (Sanya) Co., Ltd. | Domestic Non-state-owned Legal Person | 2,987,794 | 2.75% | 0 | 2,987,794 | | ... | ... | ... | ... | ... | ... | ... | | Total | - | - | 56,001,434 | 51.57% | 26,030,475 | 29,970,959 | - Chairman Guo Zhongcheng holds 12,722,600 pledged shares17 Significant Events Overview of Significant Events During the reporting period, the company had external guarantees, an equity incentive plan, and restricted assets, all of which underwent internal review and timely disclosure; there were no litigation, arbitration, external borrowings, related party fund occupation, major related party transactions, asset acquisitions/disposals, mergers, share repurchases, investigations, penalties, or dishonesty
昆工科技(831152) - 2025 Q1 - 季度财报