Group 1 - The National Speed Skating Hall, known as the "Ice Ribbon," is the world's first venue to use carbon dioxide transcritical refrigeration technology, showcasing a perfect combination of ice and steel [1] - The key material connecting the venue's steel structure is a 1.2 mm diameter flux-cored welding wire supplied by General Welding Technology Co., Ltd. in Rizhao, Shandong [1] - This welding wire has been used in significant projects such as the Beijing Daxing International Airport dome, the Yellow River Grand Bridge, and the manufacturing of domestic aircraft carriers [1][6] Group 2 - General Welding produces 450,000 tons of welding materials annually, with flux-cored welding wire being a significant portion, enhancing weld strength and pressure resistance [3] - The company has developed a unique powder formula for the welding wire, achieving a balance between rigidity and flexibility through extensive experimentation [3][6] - The company operates a highly automated production facility, with 80% of the processes completed by robots, resulting in near-zero error rates and ensuring product consistency [1][8] Group 3 - The company is recognized as an "invisible champion" in large-scale national engineering projects, with its welding wire being crucial in aerospace, shipbuilding, and bridge construction [6] - Established less than six years ago, the company has achieved a "zero inventory" operation model, with products being ordered immediately after production [8] - Rizhao's Lanjun District is transforming from a steel production hub to a welding material and high-end equipment manufacturing center, supported by local steel resources [11]

Core Points - The company, Sichuan Atlantic Welding Materials Co., Ltd., has issued a correction announcement regarding its 2023 and 2024 annual reports, stating that there were individual data errors in the reports [1][2] - The corrections do not involve adjustments to the financial statements and do not affect the company's financial condition, operating results, or cash flow for the respective years [1] Summary of Corrections - For the 2023 annual report, corrections were made in the section discussing major operating conditions, specifically in the analysis of revenue and costs, focusing on the breakdown of main business by region [1] - For the 2024 annual report, similar corrections were made in the same section regarding the analysis of revenue and costs, again focusing on the breakdown of main business by region [1] Additional Information - The company expressed apologies for any inconvenience caused to investors and committed to enhancing the review process of disclosure documents to improve the quality of information disclosure in the future [2]

Core Viewpoint - The company reported a significant increase in revenue for 2024, but net profit declined due to strategic investments and rising raw material costs [1][3]. Financial Performance - In 2024, the company's total revenue reached 1.212 billion yuan, a year-on-year increase of 25.75% [1]. - Gross profit was 215 million yuan, while net profit attributable to shareholders was 89 million yuan, reflecting a year-on-year decrease of 12.53% [1]. - The first quarter of 2025 saw revenue of 309 million yuan, a 43.17% increase year-on-year, with net profit of 21.76 million yuan, a slight increase of 0.70% [1][4]. Strategic Investments - The decline in net profit for 2024 was attributed to strategic investments in overseas market expansion, high-end talent acquisition, R&D innovation, and management optimization, totaling approximately 72.66 million yuan [2]. - These investments are expected to lay a solid foundation for sustainable development and enhance market competitiveness in the long term [2]. Raw Material Cost Impact - The company faced pressure from rising raw material costs, particularly for tin and copper, which affected profit margins [3]. - The pricing mechanism for products, particularly tin paste, has a lag effect, meaning that fluctuations in raw material prices do not immediately reflect in product pricing, leading to cost pressures [2][3]. Future Outlook - The company is increasing R&D in new fields such as semiconductor packaging materials, although new products have not yet generated significant revenue [3]. - The initial high costs of overseas market development have led to delayed benefits, despite revenue growth from these channels [3]. - The proposed dividend plan of 8 yuan per 10 shares, along with a capital increase of 4.5 shares for every 10 shares, indicates strong cash flow but contrasts with the decline in net profit [4].

Core Viewpoint - The company seeks shareholder approval to authorize the board to issue shares through a simplified process to specific investors, with a total financing amount not exceeding RMB 300 million, which is capped at 20% of the net assets as of the end of the previous year [1][5]. Summary by Sections Authorization Overview - The board proposes to the shareholders to authorize the board to issue shares through a simplified process, with a total financing amount not exceeding RMB 300 million and not exceeding 20% of the net assets as of the end of the previous year [1]. Specifics of the Authorization - The shares to be issued are domestic listed ordinary shares (A shares) with a par value of RMB 1.00 each [2]. - The issuance will be a non-public offering to no more than 35 specific investors, including legal entities and individuals, with cash subscriptions only [2]. - The pricing will be based on the average trading price over the 20 trading days prior to the pricing date, adjusted for any corporate actions [3]. Issuance Details - The issuance will commence after shareholder approval and will be executed at an appropriate time determined by the board [4]. - The funds raised will be used for projects related to the company's main business [4]. - There will be a lock-up period of six months for the newly issued shares, with specific conditions for certain investors extending to eighteen months [4]. Decision-Making Process - The board has already approved the proposal during its meeting on April 2, 2025, and will submit it for shareholder approval at the 2024 annual general meeting [5].

Fundraising Overview - The company raised a total of RMB 369.16 million by issuing 22 million shares at a price of RMB 16.78 per share, with funds received on August 14, 2020 [1] - The company has utilized RMB 57.13 million in 2020, RMB 53.23 million in 2021, RMB 63.32 million in 2022, and RMB 65.06 million in 2023, with a remaining balance of RMB 8.55 million from various projects to supplement working capital [1][2] Fund Management - The company established a dedicated account for fundraising management, signing a tripartite supervision agreement with banks and the sponsor to ensure proper use of funds [1] - As of December 31, 2024, the total balance in the fundraising accounts was RMB 19.93 million, which has since been transferred to the company's own funds [1][2] Project Implementation - The company completed the "Annual Production of 4,000 Tons of New Green Brazing Materials Intelligent Manufacturing Construction Project" by December 31, 2024, with surplus funds permanently supplementing working capital [1][2] - The company has also approved the completion of the "Existing Brazing Materials Production Line Technical Transformation Project" and the "New Connection Materials and Process R&D Center Construction Project," reallocating surplus funds to working capital [1][2][3] Cash Management - The company has utilized idle fundraising to temporarily supplement working capital, with approvals for amounts up to RMB 12 million, RMB 11 million, and RMB 8 million for cash management in various meetings [5][6][7] - The company has ensured that cash management does not affect the progress of fundraising investment projects [5][6][7] Project Adjustments - The company has adjusted the implementation location for the "Annual Production of 4,000 Tons of New Green Brazing Materials Intelligent Manufacturing Construction Project" to optimize automation and production efficiency [1][2] - The company has reported delays in project timelines due to equipment procurement issues and has extended the expected completion dates for certain projects [8] Compliance and Reporting - The company has received positive verification reports from the accounting firm regarding the management and use of fundraising, confirming compliance with relevant regulations [1][2] - The sponsor has also issued a report affirming that the company has adhered to fundraising management regulations and has not misused funds [1][2]

Core Viewpoint - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares to shareholders, totaling approximately 89.76 million RMB, which represents 153.58% of the net profit attributable to shareholders for the year 2024 [1][2][3] Profit Distribution Plan - The proposed cash dividend distribution is based on the total share capital registered on the equity distribution date, with the specific date to be announced later [1] - The total cash dividend to be distributed amounts to 89,760,483.10 RMB (including tax), which is 153.58% of the net profit attributable to shareholders for the year 2024 [2] - The company's retained earnings as of December 31, 2024, are reported to be 554,724,292.10 RMB [2] Decision-Making Process - The company's board of directors approved the profit distribution plan during the 85th meeting of the fifth board on March 26, 2025, and it will be submitted for approval at the 2024 annual shareholders' meeting [2][3] - The supervisory board also reviewed and approved the profit distribution plan, affirming that it aligns with the company's profit distribution policy and shareholder return plan [3] Risk Assessment - The company does not foresee any risk warnings as per the Shanghai Stock Exchange listing rules, indicating that the proposed dividend distribution will not significantly impact the company's operational cash flow or long-term development [2][3]