Financial Performance - The company achieved a revenue of 83.939 billion yuan, a remarkable year-on-year increase of 113.06% [1][2] - The net profit attributable to shareholders reached 1.889 billion yuan, reflecting a growth of 46.30% [1][2] - The net profit after deducting non-recurring gains and losses was 1.509 billion yuan, up 47.95%, indicating stable core profitability [2] Cash Flow Concerns - The net cash flow from operating activities was -1.522 billion yuan, a significant decline of 246.20% compared to a positive 1.041 billion yuan in the same period last year [3] - The drastic contrast between revenue growth and cash flow deterioration suggests potential issues such as increased accounts receivable or inventory buildup [3] Asset Growth - Total assets reached 94.986 billion yuan, growing by 24.50% since the beginning of the year, indicating improved asset turnover efficiency [4] - The net assets attributable to shareholders were 23.593 billion yuan, with a growth of 4.65%, which is notably lower than revenue and profit growth [4] Shareholding Structure - The controlling shareholder, Shanghai Aoqin Information Technology Co., Ltd., holds 31.63% of the shares, with the actual controller Qiu Wensheng maintaining stable control [5] - The establishment of multiple employee stock ownership platforms helps incentivize core employees but adds complexity to the shareholding structure [5] Industry Outlook - As a leading ODM in smart terminals, the company's significant growth is likely driven by the recovery in demand for consumer electronics such as smartphones and tablets, as well as the rapid development of emerging applications like AI terminals and IoT devices [7] - The company’s decision not to distribute mid-term dividends reflects a cautious approach towards cash flow management amid current conditions [7]