PSR Tech(SH:688565) Xin Lang Cai Jing·2025-04-24 21:03Core Viewpoint - Zhejiang Haiyan Liyuan Environmental Protection Technology Co., Ltd. (referred to as "Liyuan Technology") has shown significant financial improvements in its 2024 annual report, with notable increases in operating cash flow and revenue, while facing challenges in financing activities [1][8]. Financial Performance - Operating revenue for 2024 reached 373,786,224.06 yuan, a 46.58% increase from 255,012,203.33 yuan in the previous year, driven by an increase in completed projects [2]. - The net profit attributable to shareholders was 2,538,931.10 yuan, a turnaround from a loss of 87,842,523.16 yuan in the previous year, marking a 102.89% increase [3]. - The net profit excluding non-recurring items was -27,636,621.54 yuan, an improvement from -88,472,189.64 yuan, indicating a reduction in losses and gradual improvement in operational quality [4]. - Basic earnings per share improved to 0.02 yuan from -0.56 yuan, reflecting enhanced profitability [5]. - The diluted earnings per share excluding non-recurring items was -0.18 yuan, showing a narrowing of losses [6]. Cost Management - Sales expenses decreased by 12.90% to 15,261,961.42 yuan, management expenses fell by 8.73% to 22,143,731.23 yuan, and financial expenses dropped by 27.20% to 4,305,767.56 yuan, indicating effective cost control measures [6]. - Research and development expenses were 19,472,381.53 yuan, down 28.07% from the previous year, although the company continues to advance key R&D projects [6]. Cash Flow Analysis - The net cash flow from operating activities was 56,742,129.85 yuan, a 625.37% increase from 7,822,485.70 yuan, indicating strong cash generation capabilities [7]. - The net cash flow from investing activities improved to -4,886,255.40 yuan from -7,799,356.69 yuan, reflecting better control over investment expenditures [8]. - The net cash flow from financing activities was -29,754,527.01 yuan, a significant decline of 1338.05% from 2,403,329.92 yuan, highlighting increased pressure in financing activities due to higher short-term loan repayments [8]. R&D and Human Resources - The number of R&D personnel decreased to 43 from 56, with their proportion of total employees dropping to 22.99% from 25.57%, yet the company holds 66 authorized patents, including 30 invention patents [7].