信宇人(688573) - 2024 Q4 - 年度财报(更正)

Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and its key financial performance over recent years Company Overview Shenzhen Xinyuren Technology Co., Ltd. (Xinyuren) is a company listed on the Shanghai Stock Exchange STAR Market, stock code 688573, primarily engaged in the R&D, production, and sales of high-end intelligent manufacturing equipment - The company's Chinese name is Shenzhen Xinyuren Technology Co., Ltd., stock abbreviation Xinyuren, listed on the SSE STAR Market, code 688573[14][17] Key Accounting Data and Financial Indicators for the Past Three Years In 2024, the company's operating revenue was 622 million yuan, a year-on-year increase of 4.75%; however, net profit attributable to shareholders turned from profit to loss, recording -63.264 million yuan, a significant year-on-year decrease of 208.41%, while total assets increased by 10.41% to 2.042 billion yuan 2022-2024 Key Accounting Data | Main Accounting Data | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 621,843,679.49 | 593,622,324.72 | 4.75 | 669,476,458.18 | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | -63,263,964.40 | 58,354,122.70 | -208.41 | 66,728,288.17 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses (Yuan) | -79,268,726.51 | 32,636,871.65 | -342.88 | 50,128,038.46 | | Net Cash Flow from Operating Activities (Yuan) | -93,847,832.20 | -126,543,961.37 | Not Applicable | -48,758,053.05 | | Total Assets (Yuan) | 2,042,235,895.46 | 1,849,704,133.85 | 10.41 | 1,320,642,246.45 | | Net Assets Attributable to Shareholders of Listed Company (Yuan) | 820,308,859.58 | 936,273,165.38 | -12.39 | 370,388,965.28 | 2022-2024 Key Financial Indicators | Main Financial Indicators | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.65 | 0.72 | -190.28 | 0.91 | | Weighted Average Return on Net Assets (%) | -7.18 | 10.26 | Decreased by 17.44 percentage points | 19.84 | | R&D Investment as % of Operating Revenue (%) | 11.45 | 11.20 | Increased by 0.25 percentage points | 7.62 | - Net profit attributable to parent company significantly declined to -63.264 million yuan during the reporting period, primarily due to a decrease in gross profit margin and higher impairment provisions for accounts receivable and inventory[21] 2024 Quarterly Key Financial Data The company's 2024 performance showed significant seasonality, with fourth-quarter operating revenue accounting for nearly 70% of the annual total and achieving quarterly profitability, reversing the losses of the first three quarters; however, operating cash flow remained negative in the second, third, and fourth quarters 2024 Quarterly Financial Data | Indicator (Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 52,838,542.99 | 106,028,458.14 | 31,093,861.99 | 431,882,816.37 | | Net Profit Attributable to Shareholders of Listed Company | -28,507,969.28 | -13,845,970.05 | -33,831,905.29 | 12,921,880.22 | | Net Cash Flow from Operating Activities | 91,386,278.55 | -116,706,025.07 | -18,786,616.98 | -49,741,468.70 | Non-recurring Gains and Losses Items and Amounts In 2024, the company's total non-recurring gains and losses were 16.0048 million yuan, a decrease from 25.7173 million yuan in 2023, primarily comprising debt restructuring gains of 8.5384 million yuan, government grants of 4.0977 million yuan, and reversal of impairment provisions for individually assessed accounts receivable of 3.6048 million yuan 2022-2024 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item (Yuan) | 2024 Amount | 2023 Amount | 2022 Amount | | :--- | :--- | :--- | :--- | | Government Grants Included in Current Profit/Loss | 4,097,730.45 | 21,110,261.13 | 15,913,945.70 | | Debt Restructuring Gains/Losses | 8,538,407.45 | 1,464,379.62 | - | | Reversal of Impairment Provisions for Individually Assessed Accounts Receivable | 3,604,781.47 | 7,010,100.00 | 3,723,473.80 | | Total | 16,004,762.11 | 25,717,251.05 | 16,600,249.71 | Management Discussion and Analysis This section provides an in-depth review of the company's operational performance, strategic initiatives, and future outlook Discussion and Analysis of Operations In 2024, facing structural overcapacity and intense market competition in the lithium battery industry, the company achieved 622 million yuan in operating revenue but turned to a net loss; it maintained R&D-driven innovation, with R&D investment reaching 11.45% of revenue, while actively exploring new growth areas like solid-state batteries and core components and advancing digital transformation - The company adheres to a "high-end equipment + process + new materials" R&D system, with 71.2122 million yuan in R&D investment in 2024, accounting for 11.45% of operating revenue, a year-on-year increase of 7.10%[27][28] - The company continues to focus on solid-state batteries from both dry electrode equipment and solid electrolyte perspectives, with a dry electrode prototype completed and active development in halide solid electrolytes[31] - The company actively explores second growth curves, strategically developing core components (e.g., extrusion dies, thickness gauges), new materials (Mini/Micro LED encapsulation black film, magnetic storage materials), and large cylindrical assembly lines[31][32][33] - The company established a Battery Intelligent Manufacturing Planning and Design Institute and won a 440 million yuan lithium battery industrial base equipment procurement and installation project to expand its full-line solutions[30] Description of Main Business, Operating Model, Industry Conditions, and R&D The company specializes in high-end intelligent manufacturing equipment, primarily lithium battery production equipment, expanding into photovoltaic and hydrogen fuel cell sectors, operating on a customized 'sales-driven procurement and production' model; the lithium battery industry faces structural overcapacity but sees growing demand for high-end equipment and new trends in solid-state batteries, perovskite photovoltaics, and hydrogen fuel cells, supported by the company's robust R&D system and 11.45% R&D investment in 2024 Main Business, Products, or Services The company's main business involves the R&D, production, and sales of high-end intelligent manufacturing equipment, covering lithium battery production equipment (drying, coating, calendering, slitting, cell assembly lines), optoelectronic equipment, hydrogen fuel cell equipment, and new materials (optical films, water vapor barrier films); it has established an 'high-end equipment + new materials + new processes' R&D system and received the National Science and Technology Progress Award Second Prize - The company's products include lithium battery drying equipment, coating equipment, calendering and slitting equipment, expanding into photovoltaic and hydrogen fuel cell fields, while actively developing supporting core components[36] - As of the end of the reporting period, the company held 304 authorized intellectual property rights, including 89 invention patents, and was a key contributor to the 2023 National Science and Technology Progress Award Second Prize[37] Main Operating Model The company primarily operates on a customized 'production-driven procurement' and 'sales-driven production' model, with a robust supplier management system for procurement, order-based production for non-standard products, standardized stocking for core SDC coating machines, direct sales through 'Iron Triangle' project teams, and a customer- and industry-trend-oriented R&D system from applied physics to product design - The company primarily adopts a 'sales-driven production' non-standardized customized production model, while also conducting standardized production and stocking for its core SDC coating machines[45] - Sales are conducted through a direct sales model, with 'Iron Triangle' project teams comprising marketing, technical, and project personnel directly engaging with customers[46][47] Industry Conditions The company operates in the special equipment manufacturing industry, benefiting from the new energy vehicle and energy storage markets; while the lithium battery industry faces structural overcapacity, demand for high-end automation equipment is growing, driving market consolidation; solid-state batteries, perovskite photovoltaics, and hydrogen fuel cells represent significant future technological trends, expected to spur new equipment upgrade demands, with the company holding a leading position in domestic lithium battery automation equipment and collaborating with top-tier manufacturers like CATL and BYD - Technological advancements in the lithium battery industry expand application areas, but automation levels still lag behind international leaders, increasing demand for high-end automation equipment and anticipating higher industry concentration[50][51] - Solid-state batteries are a crucial direction for lithium battery technological innovation, with global shipments projected to reach 643 GWh by 2030; China is adopting hybrid solid-liquid batteries as a transitional technology, with cumulative installed capacity reaching 2,154.7 MWh in the first half of 2024[56][57][59] - Perovskite solar cell technology is rapidly developing, with the market size expected to reach 95 billion yuan by 2030; hydrogen fuel cell system shipments are projected to grow to 7,253.2 MW by 2025[59][61] Core Technologies and R&D Progress The company prioritizes technological innovation, possessing 41 core technologies spanning drying, coating, and calendering processes; during the reporting period, it received the National Science and Technology Progress Award Second Prize and obtained 16 new invention patents, with R&D investment reaching 71.2122 million yuan, accounting for 11.45% of revenue; ongoing R&D projects include intelligent coating technology, solid-state battery cell manufacturing, and perovskite thin-film preparation, aiming to strengthen technological advantages and explore new markets R&D Investment Overview | Item | Current Year (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 71,212,209.42 | 66,491,311.82 | 7.10 | | Total R&D Investment as % of Operating Revenue (%) | 11.45 | 11.20 | Increased by 0.25 percentage points | - During the reporting period, the company filed 19 new invention patent applications and was granted 16; it also filed 32 new utility model patent applications and was granted 17[69][70] - The company's ongoing R&D projects include intelligent coating technology for new energy, high-speed wide-format calendering and slitting integrated machines for energy storage batteries, methods and equipment for large-area perovskite thin-film preparation, and solid-state battery cell manufacturing technology and equipment development[73][75][77] Analysis of Core Competencies During the Reporting Period The company's core competencies are rooted in five key advantages: technological innovation, product excellence, manufacturing processes, customer resources, and technical services, underpinned by an 'equipment + process + materials' R&D system, continuous product optimization, in-house key component R&D, deep collaboration with top-tier clients like CATL and BYD, and comprehensive technical support - Technological innovation advantage: Built a 'equipment, process, materials' integrated R&D system, possessing 304 intellectual property rights, including 89 invention patents[83][84] - Product advantage: Core products like SDC coating machines and drying systems are continuously optimized, with strategic expansion into solid-state electrolyte-related equipment, full-line solutions, and new materials, progressively enhancing the product matrix[85][86] - Customer resource advantage: Established deep collaborations with renowned lithium battery manufacturers such as CATL and BYD, and was awarded CATL's 'Excellent Supplier' title[88] Risk Factors The company faces multiple risks, including performance decline due to intensified market competition and gross profit margin erosion from structural overcapacity in the lithium battery industry, increased bad debt and asset impairment risks from slow accounts receivable collection and high inventory, core competency risks from rapid technological iteration, talent loss, and intellectual property infringement, and financial risks from declining gross profit and net income, difficult accounts receivable recovery, and three consecutive years of negative operating cash flow - Performance decline risk: Structural overcapacity in the lithium battery industry leads to intensified market competition and declining gross profit margins; simultaneously, difficult customer payments result in increased bad debt provisions for accounts receivable, and falling inventory prices lead to higher asset impairment losses[89] - Core competency risks: Facing R&D failure risks due to accelerating technological iterations like solid-state batteries, core talent loss risks, and intellectual property infringement risks[90] - Financial risks: Gross profit margin decreased to 20.33% in 2024 (from 26.88% in 2023), accounts receivable balance is substantial (511 million yuan), and net cash flow from operating activities has been negative for three consecutive years[93][94] Analysis of Main Business In 2024, the company's operating revenue grew by 4.75% to 622 million yuan, but operating costs increased by 14.15%, leading to a decline in gross profit margin; sales, administrative, and financial expenses all increased; while high-margin coating and drying equipment revenues significantly dropped, revenue from other lithium equipment and key components surged by 775.50%, albeit with lower gross margins, dragging down overall profitability; sales to the top five customers accounted for 86.33% of total annual sales, with the largest customer alone contributing 61.24%, indicating high customer concentration Key Profit Statement Items Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 621,843,679.49 | 593,622,324.72 | 4.75 | | Operating Cost | 495,436,487.25 | 434,030,872.87 | 14.15 | | Selling Expenses | 14,399,761.02 | 8,889,142.87 | 61.99 | | Financial Expenses | 8,606,575.81 | 4,126,455.49 | 108.57 | Main Business by Product | By Product | Operating Revenue (Yuan) | YoY Operating Revenue Change (%) | Gross Profit Margin (%) | YoY Gross Profit Margin Change | | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Drying Equipment | 167,434,136.11 | -32.01 | -0.06 | Decreased by 6.67 percentage points | | Lithium Battery Coating Equipment | 101,721,249.10 | -56.30 | 35.40 | Decreased by 7.56 percentage points | | Lithium Battery Calendering and Slitting Equipment | 58,722,622.23 | -17.09 | 39.45 | Increased by 0.99 percentage points | | Other Lithium Equipment and Key Components | 260,757,324.36 | 775.50 | 21.60 | Decreased by 13.47 percentage points | - Sales to the company's top five customers accounted for 86.33% of total annual sales, with the largest customer contributing 61.24%, indicating high customer concentration[110][112] Discussion and Analysis of the Company's Future Development The company's future strategy focuses on technology-driven development across new energy, new materials, and key components, with operational plans including strengthening core product competitiveness (e.g., SDC coating machines), providing integrated solutions through the Battery Intelligent Manufacturing Planning and Design Institute, increasing R&D investment for commercialization of cutting-edge technologies, accelerating industrialization of solid-state battery equipment and materials, advancing commercialization of core components, and accelerating digital transformation for cost reduction and efficiency improvement - The company's development strategy is based on a "technology tree" paradigm, focusing on three major industrial areas: new energy, new materials, and key components, to build a synergistic and evolving innovation ecosystem[137] - Key future operating plans include: strengthening SDC coating machine market penetration, building integrated battery intelligent manufacturing solutions, accelerating industrialization in the solid-state battery sector, and promoting the commercialization of core components[138][141] Corporate Governance This section details the company's governance structure, management team, and profit distribution policies Explanation of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and regulations, continuously optimizing its governance structure and internal control system, with its operations in shareholder meetings, board of directors, supervisory board, information disclosure, and investor relations management all compliant and without significant discrepancies - The company's corporate governance structure is sound, with standardized operations of the shareholder meeting, board of directors, and supervisory board, compliant information disclosure, and overall governance in line with relevant laws and regulations[144] Information on Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained stable, with no changes; Chairman Yang Zhiming and Director Zeng Fang, as controlling shareholders, collectively held over 39 million shares; the total remuneration for the senior management team was 4.9465 million yuan; the Chief Financial Officer changed, with Yu Deshan resigning and Chen Hu appointed Shareholdings and Remuneration of Selected Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Year-End | Total Pre-tax Remuneration from Company During Reporting Period (10k Yuan) | | :--- | :--- | :--- | :--- | | Yang Zhiming | Chairman, General Manager | 29,102,399 | 46 | | Zeng Fang | Director, Deputy General Manager | 10,585,382 | 34.5 | | Yu Deshan | Director, Board Secretary (Former CFO) | 0 | 94.72 | | Chen Hu | CFO | 0 | 15.75 | - During the reporting period, the company's Chief Financial Officer changed, with Yu Deshan resigning due to internal position adjustment, and the Board of Directors appointing Chen Hu as the new Chief Financial Officer[161] Profit Distribution or Capital Reserve Conversion Plan Given the company's negative net profit attributable to parent company shareholders in 2024, which does not meet the cash dividend conditions, the proposed 2024 profit distribution plan is: no cash dividends, no bonus shares, and no capital reserve conversion to share capital; this plan is subject to shareholder approval; the company completed its 2023 profit distribution in June 2024, distributing a cash dividend of 2 yuan (tax inclusive) per 10 shares - Due to a net loss attributable to parent company of -63.264 million yuan in 2024, the company does not meet cash dividend conditions, thus the 2024 profit distribution plan is a "three noes" scheme: no cash dividends, no bonus shares, and no conversion of capital reserves to share capital[5][179] - The company completed its 2023 profit distribution on June 25, 2024, distributing a cash dividend of 2 yuan (tax inclusive) per 10 shares to all shareholders, totaling 19.3665 million yuan[178] Environmental, Social Responsibility, and Other Corporate Governance (ESG) This section outlines the company's commitment and actions regarding environmental protection, social responsibility, and overall corporate governance Overall ESG Work and Environmental Information The company has integrated ESG principles into its corporate governance, focusing on environmental protection by developing energy-efficient equipment (e.g., SDC coating machine saving over 30% energy) and optimizing internal operations to reduce energy consumption and carbon emissions; it is not a key pollutant emitter, has no severe toxic or harmful substance discharges, and processes waste gas, noise, and wastewater according to standards, incurring no environmental penalties during the reporting period - The company actively practices ESG principles, fully integrating them into corporate governance, energy conservation, environmental protection, and social responsibility[187][188] - The company reduces carbon emissions through technological innovation; for example, the SDC coating machine can save customers over 30% energy, and tunnel baking ovens also reduce energy consumption through technological advancements[196] Social Responsibility Work The company actively fulfills its social responsibilities, excelling in technological innovation, protecting shareholder and creditor rights, safeguarding employee rights, supply chain management, and intellectual property protection; it emphasizes technological innovation, developing new products like the integrated slitting and calendering machine; for employee rights, it has established comprehensive compensation and incentive mechanisms, safety and health systems, and provides training opportunities; as of the reporting period, 43 employees held company shares through an employee stock ownership platform - The company prioritizes employee rights protection, improving compensation and incentive mechanisms, strengthening safety production education, and establishing an employee care fund; as of the end of the reporting period, 43 employees held shares[203][204] - The company has established a comprehensive supply chain management system, fostering honest cooperation with suppliers and customers for win-win development, and strictly adheres to IATF 16949 standards to ensure product safety[206][207] - The company has formulated the 'Intellectual Property Management System' and 'Intellectual Property Incentive Measures' to encourage employee innovation and enhance market competitiveness[208] Significant Matters This section details important events and commitments, including their fulfillment and impact on the company Fulfillment of Commitments During the reporting period, the company and related parties strictly fulfilled all commitments made during the initial public offering, including share lock-up, shareholding and reduction intentions, share price stabilization, information disclosure, avoidance of horizontal competition, and standardized related party transactions; notably, due to the company's share price falling below the offering price within six months of listing, the lock-up period for shares held by the controlling shareholders, actual controllers, and some directors was automatically extended by six months - The company, controlling shareholders, actual controllers, and other related parties strictly fulfilled all commitments made during the initial public offering within the reporting period[217] - Due to the company's share price falling below the offering price within six months of listing, triggering the share price stabilization commitment, the share lock-up period for controlling shareholders Yang Zhiming and Zeng Fang, shareholder Zhihuishu, and director Wang Jiayan was automatically extended by six months[220][222][226] Significant Contracts and Their Fulfillment During the reporting period, the company signed and fulfilled one particularly significant sales contract: in March 2024, the company entered into a 440 million yuan contract with Anhui Xinqiao Investment Development Co., Ltd. for a lithium battery industrial base equipment procurement and installation project, which was fully performed by the end of the reporting period Fulfillment of Significant Sales Contracts | Contract Subject | Counterparty | Total Contract Amount (Billion Yuan) | Amount Performed in Reporting Period (Billion Yuan) | Amount Pending Performance (Billion Yuan) | Normal Performance | | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Equipment | Anhui Xinqiao Investment Development Co., Ltd. | 0.44 | 0.44 | 0 | Yes | Explanation of Proceeds Utilization Progress The company's net proceeds from its initial public offering were 506 million yuan, with a committed investment of 462 million yuan; as of the end of the reporting period, cumulative investment reached 283 million yuan, representing 56.00% of the total; during the reporting period, some fundraising projects were extended due to technological breakthroughs, planning adjustments, and procurement cycles, with new implementation entities and locations added, but the investment direction and total amount remained unchanged Overall Utilization of Proceeds (10k Yuan) | Net Proceeds (1) | Committed Investment (2) | Cumulative Investment as of Reporting Period End (4) | Cumulative Investment Progress (%) (6)=(4)/(1) | | :--- | :--- | :--- | :--- | | 50,620.02 | 46,224.66 | 28,348.12 | 56.00 | - During the reporting period, due to factors such as slowing demand in the industrial chain, design optimization, and long procurement cycles for imported equipment, the company extended multiple fundraising projects, including the "Huizhou Xinyuren High-End Intelligent Equipment Production and Manufacturing Expansion Project"[308][313] Share Changes and Shareholder Information This section details changes in the company's share capital, information on its shareholders, and share repurchase activities Share Capital Changes During the reporting period, the company's total share capital remained unchanged at 97,754,388 shares; due to the lifting of restrictions on some initial public offering shares, the number of restricted shares decreased by 30,477,323, with a corresponding increase in unrestricted tradable shares; at period-end, restricted shares decreased from 79.86% to 48.68% of total shares - During the reporting period, due to the lifting of restrictions on some initial public offering shares and strategically placed shares, the proportion of the company's restricted shares decreased from 79.86% to 48.68%, while the proportion of unrestricted tradable shares correspondingly increased from 20.14% to 51.32%[316][317] Shareholder and Actual Controller Information As of the end of the reporting period, the company had 5,363 shareholders; among the top ten shareholders, actual controllers Yang Zhiming and Zeng Fang jointly held 40.60% of shares; other major shareholders included Shenzhen Guozhong SME Development Private Equity Investment Partnership and employee stock ownership platform Zhihuishu Investment; the company's controlling shareholders and actual controllers, Yang Zhiming and Zeng Fang, remained unchanged during the reporting period Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Proportion (%) | Nature | | :--- | :--- | :--- | :--- | | Yang Zhiming | 29,102,399 | 29.77 | Domestic Natural Person | | Zeng Fang | 10,585,382 | 10.83 | Domestic Natural Person | | Shenzhen Guozhong SME Development Private Equity Investment Partnership (Limited Partnership) | 4,887,622 | 5.00 | Other | | Shenzhen Zhihuishu Investment Partnership (Limited Partnership) | 4,850,382 | 4.96 | Other | | Minsheng Securities Xinyuren Strategic Placement No. 1 Collective Asset Management Plan | 2,443,859 | 2.50 | Other | - The company's controlling shareholders and actual controllers are Yang Zhiming and Zeng Fang, with no changes during the reporting period[337][338] Specific Implementation of Share Repurchases During the Reporting Period During the reporting period, the company implemented two share repurchase plans: the first aimed to repurchase shares worth 20 million to 40 million yuan for employee stock ownership plans or equity incentives, with 1,002,051 shares already repurchased; the second aimed to repurchase shares worth 25 million to 50 million yuan to maintain company value and shareholder interests, with 749,661 shares already repurchased - The company implemented two share repurchases: the first for employee stock ownership or equity incentives, with 1.002 million shares repurchased; the second for maintaining company value and shareholder interests, with 0.750 million shares repurchased[341][342] Financial Report This section presents the company's audited financial statements, including the audit opinion, consolidated financial data, and detailed notes Audit Report Zhengdan Zhiyuan (Shenzhen) Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, highlighting key audit matters including revenue recognition, impairment of accounts receivable, and provision for inventory obsolescence, which were emphasized due to significant management estimates and judgments involved - The auditing firm is Zhengdan Zhiyuan (Shenzhen) Certified Public Accountants, which issued a standard unqualified audit opinion[347] - Key audit matters include: * Revenue recognition: Due to its nature as a key performance indicator and inherent risk of management override * Impairment of accounts receivable: Due to the significant balance of accounts receivable and the significant accounting estimates and judgments involved in determining expected credit losses * Provision for inventory obsolescence: Due to the significant judgment and estimation required in determining the net realizable value of inventory[349][352][356] Consolidated Financial Statements As of the end of 2024, the company's total assets were 2.042 billion yuan, total liabilities 1.217 billion yuan, and equity attributable to parent company owners 820 million yuan; for 2024, the company achieved operating revenue of 622 million yuan, operating costs of 495 million yuan, and ultimately recorded a net loss attributable to parent company shareholders of 63.264 million yuan, with net cash flow from operating activities at -93.8478 million yuan, negative for the third consecutive year Key Items from Consolidated Balance Sheet (December 31, 2024) | Item (Yuan) | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Cash and Cash Equivalents | 174,567,372.97 | 310,667,572.11 | | Accounts Receivable | 510,975,319.44 | 450,773,979.88 | | Inventory | 382,079,417.24 | 332,542,190.75 | | Total Assets | 2,042,235,895.46 | 1,849,704,133.85 | | Short-term Borrowings | 160,147,493.21 | 62,138,652.78 | | Total Liabilities | 1,216,992,123.45 | 909,318,901.97 | | Equity Attributable to Parent Company Owners | 820,308,859.58 | 936,273,165.38 | Key Items from Consolidated Income Statement (2024) | Item (Yuan) | 2024 | 2023 | | :--- | :--- | :--- | | Total Operating Revenue | 621,843,679.49 | 593,622,324.72 | | Total Operating Cost | 637,255,384.52 | 554,730,547.40 | | Credit Impairment Losses | -67,205,734.67 | -17,510,837.57 | | Asset Impairment Losses | -17,777,815.83 | -700,686.26 | | Total Profit | -73,492,256.89 | 55,398,859.52 | | Net Profit Attributable to Parent Company Shareholders | -63,263,964.40 | 58,354,122.70 | Key Items from Consolidated Cash Flow Statement (2024) | Item (Yuan) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -93,847,832.20 | -126,543,961.37 | | Net Cash Flow from Investing Activities | -123,125,589.99 | -213,298,630.61 | | Net Cash Flow from Financing Activities | 83,022,909.62 | 516,506,118.23 | | Net Increase in Cash and Cash Equivalents | -133,822,654.84 | 177,011,100.75 | Notes to Financial Statements The notes to the financial statements detail the company's accounting policies and key financial data, indicating that since 2024, the company has adopted new accounting standards including Interpretations No. 17 and 18 of the Accounting Standards for Business Enterprises and the Provisional Regulations on Accounting Treatment for Data Resources; the notes provide detailed disclosures on the composition and changes of key items such as accounts receivable, inventory, construction in progress, borrowings, and revenue recognition, with accounts receivable at period-end totaling 650 million yuan (after 139 million yuan in bad debt provisions, net value 511 million yuan) and inventory at 404 million yuan (after 21.4451 million yuan in impairment provisions) - The company has adopted new regulations since 2024, including Interpretations No. 17 and 18 of the Accounting Standards for Business Enterprises and the 'Provisional Regulations on Accounting Treatment for Enterprise Data Resources' issued by the Ministry of Finance[558][559][560] - As of period-end, accounts receivable had a book balance of 650 million yuan, with 139 million yuan in bad debt provisions, resulting in a book value of 511 million yuan; accounts receivable aged 1-2 years accounted for a higher proportion[580][582] - As of period-end, inventory had a book balance of 404 million yuan, with 21.4451 million yuan in inventory impairment provisions; work-in-progress and finished goods accounted for a larger proportion[611][614]