*ST金时: 关于对深圳证券交易所2024年年报问询函的回复

Core Viewpoint - The company has experienced significant revenue growth in its energy storage business but has not achieved corresponding profit increases, leading to larger losses in 2024 and Q1 2025 [1][2][9]. Group 1: Revenue and Profit Analysis - In 2024, the company generated revenue of 376 million yuan from its energy storage business, a year-on-year increase of 1,008.39%, while the net profit attributable to shareholders was -63 million yuan, indicating a further loss compared to the previous year [1][3]. - The first quarter of 2025 saw revenue drop to 40 million yuan, with a net profit of -13 million yuan, reflecting a significant decline from the previous quarter [1][2]. - The company attributes the lack of profit growth despite increased revenue to several factors, including the early-stage nature of its energy storage business, high operational costs, and the need for substantial investment in market development and technology [8][9]. Group 2: Seasonal Revenue Patterns - The majority of the company's revenue in 2024 was concentrated in the fourth quarter due to the timing of contract signings and project deliveries, which were delayed until the end of the year [10][12]. - The first quarter of 2025 experienced a significant revenue decline, which is consistent with seasonal trends in the energy storage industry, where Q1 is typically a slow period [10][12]. - The company confirmed that there were no instances of revenue being recognized across periods, adhering to accounting standards and industry practices [10][15]. Group 3: Business Model Stability - The company has established a stable business model in its energy storage operations, with diverse applications and a solid order backlog of approximately 332.3 million yuan, along with an additional 308 million yuan in potential orders [16][19]. - The production capacity has been enhanced with the establishment of multiple production lines, enabling the company to meet growing demand in the energy storage sector [16][19]. - The company has developed a robust supply chain and strategic partnerships with leading industry players, which helps in cost control and enhances bargaining power [16][19]. Group 4: Future Outlook - The energy storage business is expected to continue growing, supported by a strong order pipeline and increasing market demand for energy solutions [22]. - The company is focused on ongoing research and development to keep pace with technological advancements, which may create new revenue opportunities through product upgrades and new customer acquisitions [22]. - The combination of a solid customer base and a diverse order structure is anticipated to provide stable cash flow and mitigate market risks [22].