Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 633,904,000, a decrease of 3.7% compared to RMB 657,987,000 for the same period in 2024[12]. - The net profit for the period was RMB 117,380,000, a significant increase of 377.9% from a loss of RMB 42,232,000 in the previous year[12]. - Adjusted EBITDA for the six months ended February 28, 2025, was RMB 281,188,000, reflecting a 12.8% increase from RMB 249,379,000 in 2024[12]. - Total revenue decreased by RMB 24,100,000 or 3.7% to RMB 633,900,000 for the six months ending February 28, 2025, primarily due to a decline in tuition and accommodation fees[41]. - Gross profit for the same period was RMB 328,123,000, slightly down from RMB 331,626,000, resulting in a gross margin of approximately 51.7%[72]. - The company recorded a profit before tax of RMB 146,600,000, compared to a loss of RMB 11,700,000 in the previous period, with a profit margin of 23.1%[50]. - The company reported a net loss of RMB 11,700,000 for the six months ended February 29, 2024, while for the same period in 2025, the pre-tax profit was RMB 146,638,000[4]. - The company incurred a total comprehensive expense of RMB 48,171,000 for the period, which included a loss of RMB 42,232,000[79]. Enrollment and Operations - The total number of enrolled students decreased by 8.1% to 8,709 from 9,475 in the previous year[16]. - The number of schools operated decreased to 28 from 31, representing a decline of 9.7%[16]. - The number of schools in China decreased to 20 from 22, a reduction of 9.1%[16]. - The company employed 256 IB-certified teachers as of February 28, 2025, down from 279 in the previous year[9]. - The number of kindergarten students in China decreased from 1,588 in 2024 to 1,225 in 2025, a decline of 363 students or 22.9%[32]. Revenue Segments - The overseas revenue segment saw a decline of 5.7%, dropping to RMB 396,550,000 from RMB 420,513,000[12]. - The China segment generated revenue of RMB 237,354,000, while the overseas segment contributed RMB 396,550,000 for the six months ended February 28, 2025[4]. Profitability Metrics - The gross profit margin improved to 51.8%, up from 50.4% in the previous year, indicating a 2.8% increase[12]. - The EBITDA margin increased to 44.2%, compared to 33.6% in the previous year, marking a 31.5% improvement[12]. - Other income and losses turned from a loss of RMB 55,500,000 to a profit of RMB 9,600,000, primarily due to the absence of losses from convertible bonds and a shift from foreign exchange losses to gains[46]. Cash Flow and Liquidity - Cash and bank balances increased to RMB 674,700,000 as of February 28, 2025, from RMB 564,800,000 as of August 31, 2024[54]. - For the six months ended February 28, 2025, the company reported a net cash inflow from operating activities of RMB 160,012,000, a decrease of 32.3% compared to RMB 236,371,000 for the same period in 2024[84]. - The company’s cash and cash equivalents increased by RMB 181,955,000, reaching RMB 674,708,000 at the end of the reporting period[84]. Strategic Initiatives - The group is adapting its operational structure to mitigate the impact of the updated Private Education Promotion Law, which restricts foreign investment in certain educational institutions[27]. - The group aims to enhance its brand recognition and accelerate business development in first-tier cities, particularly in the Greater Bay Area[20]. - The company plans to expand its catering services to universities, boarding schools, and corporate cafeterias, starting with public dining services launched in Shenzhen and Inner Mongolia in June 2023[36]. - The group plans to focus on developing high schools and overseas schools that are not affected by the "Implementation Rules" of the Private Education Promotion Law[93]. Shareholder Information - The company repurchased 48,070,000 shares at a total cost of RMB 12,734,000, with an average repurchase price of RMB 0.26 per share[80]. - The company canceled 23,730,000 shares during the reporting period[80]. - The average number of ordinary shares for calculating basic and diluted earnings per share was 2,962,599,000 for the six months ended February 28, 2025, slightly down from 2,971,011,000 for the same period in 2024[112]. Employee and Management - The company had 1,959 full-time employees as of February 28, 2025, down from 2,022 employees a year earlier[63]. - Total employee compensation for the six months was RMB 257,500,000, a decrease from RMB 267,500,000 in the previous year[63]. - Total remuneration for key management personnel for the six months ended February 28, 2025, was RMB 4,485,000, a decrease of approximately 6% from RMB 4,771,000 for the same period in 2024[135]. Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[144]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ended February 28, 2025[166].

Enrollment and Student Statistics - The total number of full-time students at the college for the 2024/2025 academic year is 19,313, a decrease of 0.8% from 19,463 in the 2023/2024 academic year[9]. - The number of new students enrolled for the 2024/2025 academic year is 5,256, down 6.8% from 5,639 in the previous year[10]. - The total enrollment capacity for the 2024/2025 academic year is 5,541, which is a decrease of 5.3% from 5,852 in the previous year[10]. - The enrollment plan for the 2024/2025 academic year is set at 5,541 students, a decrease of 311 students compared to the 2023/2024 academic year, with actual enrollment at 5,256 students[15]. - The employment rate for graduates in the 2023/2024 academic year is approximately 96.54%[8]. Financial Performance - The group's revenue for the period was approximately RMB 183.1 million, a decrease of about RMB 1.0 million or 0.5% compared to the previous period[27]. - Tuition revenue decreased to RMB 167.1 million, down RMB 1.0 million or 0.6%, primarily due to a reduction in student enrollment[27]. - The group's gross profit was approximately RMB 76.1 million, a decrease of about RMB 2.8 million or 3.6%, with a gross margin of 41.6%, down 1.3 percentage points from the previous period[29]. - The group recorded a profit of approximately RMB 51.8 million, a decrease of RMB 15.8 million or 23.5% compared to the previous period[40]. - For the six months ended February 28, 2025, the company reported revenue of RMB 183,057,000, a slight decrease of 0.54% compared to RMB 184,056,000 for the same period in 2024[76]. - Gross profit for the same period was RMB 76,088,000, down 3.6% from RMB 78,932,000 year-over-year[76]. - The company reported a profit of RMB 51,767,000 for the six months ended February 28, 2025, compared to RMB 67,626,000 for the same period in 2024, a decline of 23.5%[83]. - The total comprehensive income for the period was RMB 53,444,000, compared to RMB 66,344,000 for the same period last year, reflecting a decline of 19.4%[78]. Assets and Liabilities - As of February 28, 2025, the group's current assets net amount was approximately RMB 426.4 million, a decrease of RMB 129.1 million from the previous period[41]. - Cash and cash equivalents amounted to approximately RMB 595.7 million, a decrease of RMB 100.2 million from RMB 695.9 million as of August 31, 2024[43]. - Non-current assets increased to RMB 1,442,873,000 as of February 28, 2025, up from RMB 1,277,371,000 on August 31, 2024, representing a growth of 12.9%[79]. - Current assets decreased to RMB 622,520,000 from RMB 777,549,000, a decline of 20%[79]. - Total liabilities decreased from RMB 239,173,000 to RMB 196,172,000, a reduction of 18%[79]. Operational Developments - The college offers a total of 50 undergraduate programs, with three new programs added: Arts Education, Film Production, and Sports Economics and Management[7]. - The group plans to expand its operations through acquisitions and the construction of new facilities to increase student capacity and improve teaching and living environments[14]. - The group aims to enhance its curriculum offerings and continue providing practical training opportunities for students[14]. - The company plans to establish a degree-granting higher education institution in California, USA, to expand its overseas presence, focusing on business administration and marketing degrees[17]. - The application to operate a degree-granting institution in California was rejected on January 30, 2024, but the company is actively seeking new agents to resolve the issue, believing it will not significantly impact operations[18]. Employee and Administrative Costs - The group employs 753 full-time teachers and 511 part-time teachers as of February 28, 2025[7]. - Employee costs for the six months ended February 28, 2025, totaled approximately RMB 66.6 million, an increase of about RMB 2.7 million or 4.2% compared to the previous period[57]. - Administrative expenses increased to approximately RMB 29.7 million, an increase of RMB 5.6 million, primarily due to higher maintenance costs and increased office expenses[34]. - Employee benefits expenses increased to RMB 52,100,000 from RMB 46,108,000, reflecting an increase of 12.87%[94]. Cash Flow and Investments - Net cash flow from operating activities was RMB 33,546,000 for the six months ended February 28, 2025, down from RMB 69,357,000 in the same period last year, a decrease of 51.6%[83]. - The company recorded a net cash outflow from investing activities of RMB 116,673,000, compared to RMB 108,151,000 in the previous year, an increase of 7%[85]. - The group acquired assets at a cost of RMB 209,806,000 for the six months ended February 28, 2025, compared to RMB 89,869,000 for the same period in 2024[103]. - The group disposed of assets with a net book value of RMB 2,323, resulting in a loss of RMB 2,323 for the six months ended February 28, 2025, compared to a loss of RMB 17,573 in 2024[103]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions during the reporting period[67]. - The company has confirmed compliance with the standard code for securities transactions by directors throughout the reporting period[68]. - The company has achieved all conditions set forth in the resumption guidance and will resume trading on October 15, 2024[69]. - There have been no significant events occurring after February 28, 2025, up to the date of this interim report[70]. Market Position - The college's market share in the private higher education sector in Shanxi Province is 15.7%, ranking second among all private higher education institutions[13]. - The company holds a 15.7% market share in the private higher education sector in Shanxi Province for the 2023/2024 academic year, ranking second among private institutions based on full-time student enrollment[25].

Financial Performance - Lenovo Group reported a 21% year-over-year increase in revenue, reaching $6.9077 billion, marking the second-highest annual revenue in its history[4]. - The profit attributable to equity holders increased by 37% year-over-year, amounting to $1.384 billion[5]. - The group's revenue increased by 21% year-on-year to $69 billion, marking the second-highest record in its history[11]. - The net profit under non-Hong Kong Financial Reporting Standards grew by 36% to $1.4 billion, while the profit attributable to equity holders increased by 37% to $1.4 billion under Hong Kong Financial Reporting Standards[12]. - Total revenue for the fiscal year ending March 31, 2025, was approximately $69.08 billion, representing a 21% increase from the previous year[22]. - Net profit attributable to equity holders increased by $373 million to approximately $1.384 billion, with basic and diluted earnings per share rising to 11.30 cents and 10.62 cents, respectively[22]. - The reported operating profit for the year ended March 31, 2025, was $2,164,153 thousand, an increase from $2,005,784 thousand in the previous year, representing an 8% growth[39]. - Operating profit increased to $2,164,153 thousand in 2025, compared to $2,005,784 thousand in 2024, marking a 7.9% growth[51]. - Net profit for the year was $1,461,952 thousand, a significant increase of 32.6% from $1,102,312 thousand in 2024[52]. Revenue Growth by Segment - The Infrastructure Solutions Group saw a 63% year-over-year revenue growth, significantly reducing losses by $180 million and turning profitable in the second half of the year[5]. - The Smart Devices Group's revenue and profit increased by 13% and 14% year-over-year, driven by smartphone and AI PC product expansion[5]. - The Solutions Services Group achieved record revenue and profit for the fourth consecutive year, supported by strong market demand and strategic AI solutions[5]. - The infrastructure solutions business group achieved a revenue growth of 63%, driven by strong server orders and new customer acquisitions[11]. - The smart devices business group recorded a revenue growth of 13%, with a global market share increase of 1.2% to a record 25% in the personal computer market[13]. - The Solutions Services Group recorded a revenue increase of 13% and a profit increase of 15% year-on-year, with an operating profit margin growth of 42 basis points to 21.1%[17]. - Revenue from the Americas region was $23,297.448 million, a 18.5% increase from $19,615.992 million in the previous year[62]. - The Infrastructure Solutions Business Group reported revenue of $14,523.268 million, a significant increase from $8,921.929 million, although it incurred an operating loss of $68.501 million compared to a loss of $248.260 million last year[61]. Research and Development - Research and development expenses grew by 13% year-over-year, focusing on hybrid AI growth and innovation in infrastructure and AI applications[5]. - R&D expenses for the fiscal year were $2.288 billion, an increase of 12.8% compared to the previous year[24]. - Research and development expenses increased to $643,892 thousand from $531,740 thousand year-over-year[30]. Cash Flow and Financial Position - The company’s cash reserves included 68% in bank deposits and 32% in investment-grade money market funds as of March 31, 2025, compared to 90% and 10% respectively in 2024, indicating a shift in cash management strategy[42]. - The company’s net cash from operating activities was significantly impacted by interest and tax payments totaling $1,213,118 thousand in 2025[55]. - Operating cash flow for 2025 is $1,099,822 thousand, a decrease of 45.2% from $2,010,991 thousand in 2024[55]. - The company reported a significant reduction in short-term floating rate loans from $43,423,000 to $36,415,000, a decrease of approximately 16.5%[99]. - The company’s current liabilities related to convertible bonds increased to $2,287,535,000 in 2025 from $556,592,000 in 2024, marking a substantial rise of approximately 311.5%[98]. Dividends and Shareholder Returns - The company proposed a final dividend of 30.5 HK cents per share, up from 30.0 HK cents in the previous year[6]. - The company declared an interim dividend of 8.5 HKD cents per share, totaling $135,518 thousand, compared to $124,319 thousand in 2024, marking an increase of about 9.7%[75]. - The company paid dividends totaling $608,351 thousand in 2025, slightly up from $583,273 thousand in 2024[56]. Corporate Governance and Management - The company has been recognized for its commitment to corporate governance and sustainability, receiving an MSCI ESG rating of AAA for three consecutive years[10]. - John Lawson Thornton has been appointed as the Chief Independent Director effective February 21, 2025, with extensive powers and responsibilities, including leading performance evaluations of the Chairman and CEO[108]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the fiscal year ending March 31, 2025, although the roles of the Chairman and CEO are not separated[107]. Strategic Initiatives - The company plans to issue $2 billion in zero-coupon convertible bonds and establish a strategic partnership with ALAT, a company controlled by PIF[5]. - The Solutions Services Group's AI Fast Start service aims to accelerate AI implementation for enterprises, enhancing the company's competitive edge in the market[21]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[61].

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限 公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 新加坡證券交易所有限公司概不對本公告內作出的任何陳述、載列的任何報告或 發表的任何意見的正確性承擔任何責任。 WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED 威雅利電子（集團）有限公司 （於百慕達註冊成立的有限公司） （香港股份代號：854） （新加坡股份代號：BDR） 有關完成截至二零二四年十二月三十一日止九個月 末期業績審核過程之 更新公告 茲提述威雅利電子（集團）有限公司（「本公司」，連同其附屬公司統稱「本集團」或「我 們」）日期為二零二五年三月二十八日的公告（「二零二四年未經審核末期業績公 告」），內容有關本集團截至二零二四年十二月三十一日止九個月的未經審核財務 業績（「二零二四年末期業績」），該等業績乃根據新加坡證券交易所有限公司（「新 交所」）上市手冊第705(1)條刊發，惟並未根據港交所證券上市規則（「香港上市規 則」）第 ...

Wastewater Treatment Business - The wastewater treatment business revenue for 2024 increased by 74.35% compared to the previous year, driven by an increase in the number and scale of completed projects [5]. - In 2024, the company completed 9 wastewater treatment projects with a total contract value of approximately RMB 28,290,000, representing a growth of 90.98% from the previous year [5]. - As of the report date, there are 10 signed and ongoing wastewater treatment projects with a total contract value of approximately RMB 38,957,000, expected to be completed in 2025 or 2026 [6]. - The company anticipates revenues from wastewater treatment projects to be approximately HKD 28,936,000 in 2025 and HKD 72,802,000 in 2026 [6]. - The company has established long-term partnerships with major domestic water service groups and engineering groups, enhancing its market presence [4]. Energy Management Business - The energy management business is being actively promoted, with a focus on electric power trading and virtual power plants (VPP), aligning with national carbon neutrality strategies [9]. - The energy management business has achieved significant breakthroughs in regions such as Ningxia and Inner Mongolia, with the latter achieving revenue for the first time [9]. - The company plans to expand its energy management business, targeting operational goals in Ningxia and Inner Mongolia by 2025 [10]. - The company has signed investment agreements for a virtual power plant in the AI Port Computing Power Town, marking a significant step in its energy management strategy [9]. Technology Development - The company is developing sand loading technology, which complements existing magnetic coagulation technology and is expected to yield higher premiums [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TOPSPORTS INTERNATIONAL HOLDINGS LIMITED 滔搏國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：6110) 截至 2025 年 2 月 28 日止年度 全年業績公告 財務摘要 | | | 截至 | | | --- | --- | --- | --- | | | | 2 月 28 日止年度 | 2 月 29 日止年度 | | | | 2025 年 | 2024 年 | | 收入 | 人民幣百萬元 | 27,012.9 | 28,933.2 | | 毛利 | 人民幣百萬元 | 10,383.4 | 12,080.8 | | 經營利潤 | 人民幣百萬元 | 1,592.7 | 2,786.5 | | 本公司權益持有人應佔利潤 | 人民幣百萬元 | 1,286.0 | 2,213.0 | | 毛利率 | % | 38.4 | 41.8 | | 經營利潤率 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而B類普通股持有人則每股可投十票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表三股A類普通股）於美國納斯達克全球精選市場上市，股份代號為BZUN。 Baozun Inc. 寶尊電商有限公司* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9991） 2025年第一季度業績公告 我們謹此宣佈截至2025年3月31日止三個月（「2025年第一季度業績」）的未經審計財 務業績。2025年第一季度業績於香港聯合交易所有限公司網站 www.hkexnews.hk 及 我們的網站 www.baozun.com 可供查閱。 承董事會命 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 （於開曼群島註冊成立的有限公司） （香港交易所股份代號：9658；納斯達克股票代碼：HDL） 內幕消息 2025年第一季度未經審核財務業績公告 本公告由特海国际控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章《證券及期貨條例》第 XIVA部下的內幕消息條文（定義見上市規則）作出。 本公司欣然公佈本公司及其附屬公司截至2025年3月31日止三個月的未經審核財 務業績（「第一季度業績」）。本公告隨附本公司於2025年5月21日（美國東部時間） 就第一季度業績刊發的業績報告全文，其中部分內容可能構成本公司的內幕消息。 本公司股東及潛在投資者在買賣本公司證券時不應過分依賴第一季度業績並應謹 慎行事。 2025年第一季度業績摘要 1 按期內 ...

目錄 | 2 | 公司資料 | | --- | --- | | 3 | 股東日誌 | | 4 | 主要亮點 | | 6 | 五年財務摘要 | | 8 | 管理層討論及分析 | | 23 | 董事會 | | 26 | 企業管治報告書 | | 46 | 董事會報告書 | | 54 | 企業可持續發展報告 | | 134 | 獨立核數師報告書 | | | 財務報表 | | 138 | 綜合損益表 | | 139 | 綜合損益及其他全面收益表 | 140 綜合財務狀況表 142 綜合股東權益變動報表 143 綜合現金流動表 145 綜合財務報表附註 221 詞彙 公司資料 董事會 執行董事 魏愛國 （董事總經理） 黎玉光 （董事副總經理） 温育芳 非執行董事 藤田健二 （主席） 金華淑 獨立非執行董事 李澄明 盛慕嫻 土地順子 蔡炳中 公司秘書 洪敦信 核數師 德勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 股份過戶登記處 卓佳證券登記有限公司 香港 夏愨道16號 遠東金融中心17樓 主要往來銀行 Mizuho Bank, Ltd. 香港分行 MUFG Bank, Ltd. 香港分行 Sumitomo Mitsu ...

Financial Performance - Total revenue for Q1 2025 was RMB 15.81 billion (USD 2.18 billion), an increase of 141.5% year-over-year [8] - Vehicle sales revenue for Q1 2025 was RMB 14.37 billion (USD 1.98 billion), a 159.2% increase year-over-year [9] - Total revenue for Q1 2024 was RMB 6,548,096 thousand, with automotive sales contributing RMB 5,544,396 thousand, representing a significant portion of the revenue [35] - Total revenue for Q2 2025 is projected to be between RMB 17.5 billion and RMB 18.7 billion, reflecting a year-over-year increase of approximately 115.7% to 130.5% [21] Vehicle Deliveries - Total vehicle deliveries in Q1 2025 reached 94,008 units, a 330.8% increase compared to 21,821 units in Q1 2024 [7] - Total deliveries in April 2025 were 35,045 vehicles, with a cumulative total of 129,053 vehicles delivered in the year to date [14] - The company expects vehicle deliveries for Q2 2025 to be between 102,000 and 108,000, representing a year-over-year increase of approximately 237.7% to 257.5% [21] Profitability and Losses - The net loss for Q1 2025 was RMB 660 million (USD 90 million), a reduction of 51.5% compared to RMB 1.37 billion in Q1 2024 [9] - Operating loss for Q1 2025 was RMB 1.04 billion (USD 0.14 billion), compared to RMB 1.65 billion in Q1 2024 and RMB 1.56 billion in Q4 2024 [16] - The total comprehensive loss attributable to XPeng Inc. shareholders for Q1 2024 was RMB 1,341,206 thousand, highlighting ongoing challenges in profitability [37] - The net loss for Q1 2024 was RMB 1,367,890 thousand, slightly higher than RMB 1,329,973 thousand in Q4 2023, reflecting ongoing financial challenges [39] Margins and Expenses - The gross margin for Q1 2025 was 15.6%, up 2.7 percentage points from 12.9% in Q1 2024 [9] - The automotive gross margin for Q1 2025 was 10.5%, an increase of 5.0 percentage points from 5.5% in Q1 2024 [9] - R&D expenses for Q1 2025 were RMB 1.98 billion (USD 0.27 billion), a 46.7% increase from RMB 1.35 billion in Q1 2024, and a 1.3% decrease from RMB 2.01 billion in Q4 2024 [15] Cash and Assets - As of March 31, 2025, cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 45.28 billion (USD 6.24 billion) [6] - The total assets of XPeng Inc. increased to RMB 88,888,954 thousand as of March 31, 2025, up from RMB 82,706,105 thousand on December 31, 2024, reflecting a growth of about 7.1% [31] - The company’s total current assets reached RMB 52,011,480 thousand as of March 31, 2025, up from RMB 49,736,069 thousand on December 31, 2024, marking an increase of approximately 4.6% [31] Company Strategy and Future Outlook - Management expressed confidence in growth potential driven by new model launches, international expansion, and advancements in AI technology [10] - XPeng Inc. is focused on developing its full-stack intelligent driving technology and in-car smart operating system to enhance customer experience and drive future growth [23] - The company is focusing on expanding its market presence and enhancing product offerings, as indicated by the increase in R&D expenses [35] Inventory and Liabilities - The company’s inventory rose to RMB 5,968,952 thousand as of March 31, 2025, compared to RMB 5,562,922 thousand on December 31, 2024, indicating an increase of approximately 7.3% [31] - Total liabilities as of March 31, 2025, are projected to be RMB 58,183,893 thousand, an increase from RMB 51,431,317 thousand in 2024 [33] - The company has a significant amount of accounts payable, totaling RMB 26,983,343 thousand as of March 31, 2025, indicating ongoing operational commitments [33]