Financial Performance - In 2024, the company reported a revenue of 458.96 million yuan, a decrease of 14.71% compared to 2023 [2] - The net profit attributable to shareholders was -179.38 million yuan, a decline of 1107.32% from the previous year's profit of 17.81 million yuan [2] - The net profit excluding non-recurring gains and losses was -108.96 million yuan, worsening by 135.84% from -46.20 million yuan in 2023 [2] - The net cash flow from operating activities was -99.30 million yuan, a significant drop of 171.39% from 139.10 million yuan in the previous year [2] Q1 2025 Performance - In Q1 2025, the company achieved a revenue of 57.55 million yuan, down 60.05% year-on-year [3] - The net profit attributable to shareholders for Q1 2025 was -22.40 million yuan, compared to a profit of 5.36 million yuan in the same period last year, marking a decline of 517.82% [3] - The net profit excluding non-recurring gains and losses for Q1 2025 was -16.18 million yuan, a decrease of 325.85% from 7.17 million yuan in Q1 2024 [3] - The net cash flow from operating activities in Q1 2025 was 19.92 million yuan, an increase of 170.66% compared to 7.36 million yuan in Q1 2024 [3] Company Background - The company was listed on the Shenzhen Stock Exchange on October 28, 2019, with an initial offering price of 23.66 yuan per share [4] - The stock reached a peak price of 45.35 yuan just four trading days after listing but has since been in a downward trend and is currently below its initial offering price [3] - The total funds raised during the IPO amounted to 889 million yuan, with a net amount of 801 million yuan after deducting issuance costs [4] - The funds were allocated for various projects, including 650 million yuan for operational capital, 55.52 million yuan for LED lighting R&D, and 42.01 million yuan for remote monitoring systems [4]