Group 1: Company Achievements and Strategies - In 2024, the company implemented the "One River Clear Water into the Yellow River" project, contributing to national ecological strategies [2] - The company signed a clean drinking water project in East Timor, supporting the Belt and Road Initiative [2] - The company achieved a breakthrough in the domestic seawater desalination market, leveraging dual-membrane technology [4] Group 2: Financial Performance and Projections - In 2024, the company reported a net profit drop of over 90%, with a dividend per share decrease of over 90% [5] - The company’s dividend payout ratio increased from 15% in 2022 to over 24% in 2024, aiming to enhance investor returns [5] - The total order amount for 2024 reached 11.51% growth, totaling 117.14 billion CNY, despite a decrease in the number of orders [7] Group 3: Market Expansion and Innovation - The company is focusing on technological innovation and market expansion to enhance core competitiveness [3] - The company is actively exploring new markets, including Malaysia, Mauritania, and Namibia, while exporting products to Dubai, Mexico, Russia, and Italy [6] - The company is enhancing its product offerings, including the development of anaerobic reactors and AI-driven precise dosing systems [3] Group 4: Operational Challenges and Responses - The company faced challenges with a significant drop in net cash flow, which was -2.38 billion CNY at the end of last year [8] - The company plans to improve cash flow by actively collecting debts and reducing costs [8] - The company is addressing management efficiency by implementing budget control measures, resulting in a reduction of management expenses by 57 million CNY [8]

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange has been implemented for over a year, with 452 companies participating and focusing on enhancing core business awareness, innovation capabilities, and investor returns [1][2]. Group 1: Company Performance - Companies practicing the "Quality Return Dual Improvement" initiative have shown significant performance growth in 2024, with Changying Precision reporting a revenue of approximately 16.934 billion yuan and a net profit of about 772 million yuan, reflecting increases of 23.28% and 800.24% respectively [1]. - Zhongji Xuchuang achieved a revenue of 23.862 billion yuan and a net profit of approximately 5.171 billion yuan, with year-on-year increases of 122.64% and 137.93% respectively [1]. Group 2: Investor Returns - 452 companies have proposed practical measures to enhance investor returns, including increased cash dividends and share buybacks, with Ningde Times announcing a total cash dividend of 25.372 billion yuan for 2024 and BYD declaring a cash dividend of 12.077 billion yuan [2]. - 132 companies have responded to the new "National Nine Articles" by arranging for quarterly and mid-term dividends, with Ping An Bank implementing a mid-term dividend of 4.774 billion yuan, achieving a payout ratio of 18.4% [2]. Group 3: Market Response - Since the launch of the initiative, 232 companies have conducted share buybacks totaling 32.138 billion yuan, with Kailaiying planning to repurchase shares worth between 600 million and 1.2 billion yuan [2][3]. - Major shareholders and management have shown confidence in future company development through share purchases, with Rongsheng Petrochemical's controlling shareholder increasing holdings by 1.188 billion yuan from January to July 2024 and planning further purchases [3]. Group 4: Market Capitalization - The 452 participating companies represent a total market capitalization of 16.43 trillion yuan, accounting for nearly 50% of the Shenzhen market's total market value, with 334 companies having a market cap exceeding 10 billion yuan [4]. - The market capitalization change of these companies has outperformed the overall Shenzhen market, indicating strong market recognition of the "Quality Return Dual Improvement" concept [4]. Group 5: Innovation and R&D - Companies involved in the initiative have significantly increased their R&D investment as a percentage of revenue, with 18 companies, including iFlytek and Goldwind Technology, winning national science and technology progress awards, representing 45% of the total awarded companies in the Shenzhen market [5]. - The Shenzhen Stock Exchange aims to continue promoting the quality and investment value of listed companies through the "Quality Return Dual Improvement" initiative [5].

Company Overview - The company, Jiujiang Defu Technology Co., Ltd., specializes in the research, production, and sales of high-performance electrolytic copper foil, categorized into lithium battery copper foil and electronic circuit copper foil [1][2]. Financial Highlights - The company raised a total of RMB 1,890.8461 million through its initial public offering, with a net amount of RMB 1,764.4075 million after deducting issuance costs [25]. - As of December 31, 2024, the company had invested RMB 1,666.7636 million of the raised funds, leaving a balance of RMB 117.0479 million [25][26]. Shareholder Meeting - The company will hold its 2024 Annual General Meeting on May 9, 2025, with both on-site and online voting options available for shareholders [5][6][7]. Profit Distribution - The board of directors proposed not to distribute cash dividends, issue bonus shares, or increase capital reserves for the year 2024, aiming to ensure sustainable development [58][100]. Fund Management - The company has established a management system for the raised funds, ensuring compliance with relevant laws and regulations, and has signed regulatory agreements with banks and sponsors [27][28]. Project Updates - The company has completed the "28,000 tons/year high-end electrolytic copper foil construction project" and plans to use the remaining funds for the "50,000 tons/year high-end copper foil project" and to permanently supplement working capital [36][37].

Core Viewpoint - The company is committed to enhancing investor confidence and maintaining sustainable development through its "Quality and Return Improvement" action plan, aligning with national policies to boost capital market activity and company quality [1][6]. Financial Performance - The company's net profit reached 429 million RMB, a year-on-year increase of 6.49% compared to 2023 [2]. - Revenue from industrial power supply business was 603 million RMB, reflecting a 13.11% year-on-year growth [2]. - Revenue from electric vehicle charging and swapping equipment business was 1.216 billion RMB, showing a significant year-on-year increase of 43.04% [2]. Research and Development - The company maintains a strong focus on R&D, investing approximately 9% of sales revenue annually, with 2024 R&D expenses amounting to 257 million RMB, which is 8.46% of total revenue [3]. - As of December 31, 2024, the company holds 284 authorized patents and software copyrights [3]. - The company has received multiple accolades, including being recognized as a national high-tech enterprise and ranking among the top 500 global renewable energy companies [3]. Shareholder Returns - The company plans to distribute a cash dividend of 5.00 RMB per 10 shares, totaling 155.17 million RMB, which represents 36.17% of the net profit for 2024 [4]. - Over the past three years, total cash dividends amounted to 303 million RMB, accounting for 28.69% of the cumulative net profit [4]. - The company has distributed a total of 404 million RMB in dividends since its IPO, exceeding the total raised funds by 122.80% [4]. Investor Relations - The company emphasizes investor communication and aims to build market confidence through various channels, including on-site research, strategy meetings, and online platforms [5]. - The company is committed to fulfilling its responsibilities as a listed entity and actively participates in social responsibility initiatives, supporting various charitable projects [5]. Future Outlook - The company will continue to focus on its core business, enhance technical capabilities, and strive for high-quality development while implementing the "Quality and Return Improvement" action plan [6]. - The company aims to strengthen investor confidence through transparent information disclosure and effective management practices [6].