Financial Performance - In 2024, the company achieved a net profit of ¥256,519,822.43, an increase of 3.88% year-on-year, while the net profit attributable to shareholders decreased by 15.51% to ¥148,156,863.59 [1] - In Q1 2025, the net profit attributable to shareholders was ¥35,994,599.05, a growth of 34.39% year-on-year, with a non-GAAP net profit of ¥31,762,509.67, up 90.00% [1] - The company's operating revenue for 2024 was ¥368,609.85 million, a decline of 2.45% compared to the previous year [2] Market Position and Competition - The company maintains a strong market position in the civil explosives industry, leveraging advantages in scale, technology, and safety management [2] - Strategies to maintain market share include mergers and acquisitions, enhancing automation, optimizing production capacity, and expanding market reach [1][2] Industry Overview - The civil explosives industry saw stable profit growth in 2024, with a total revenue of ¥450.67 billion, a decrease of 9.33% year-on-year, while total profits increased by 13.04% to ¥96.39 billion [3] - The average price of ammonium nitrate, a key raw material, was ¥2,596 per ton, reflecting a downward trend [3] Core Competencies - The company possesses significant core competencies, including policy support, technological advantages, and a comprehensive product range [2] - R&D investments focus on smart production technologies and new product development in response to market demands [5][12] Future Growth Drivers - Future growth will be driven by optimizing production layouts and stabilizing profits from acquired subsidiaries [2] - The company aims to enhance its industry position through continued mergers and acquisitions, targeting a reduction in the number of production enterprises in the sector [2][9] Environmental Initiatives - In 2024, the company invested over ¥2,300 million in environmental protection projects, emphasizing sustainable development and compliance with environmental regulations [11][14] - The company has implemented various eco-friendly technologies and practices to minimize pollution and enhance resource utilization [11][14] Strategic Outlook - The company plans to expand its industrial chain and achieve a revenue target of ¥10 billion in net profit, focusing on innovation and high-quality development [13]