Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) scheduled for June 19, 2025, focusing on maintaining shareholder rights and ensuring orderly proceedings [1][2][3]. Meeting Procedures - The AGM will include registration for shareholders, voting procedures, and a structured agenda to ensure efficient discussions and decision-making [2][4]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots allocated for each [2][4]. Financial Performance - The company reported a net profit of 74.7272 million yuan for the year 2024, representing a year-on-year increase of 411.28%, successfully meeting its annual targets [7]. - The company’s total revenue for 2024 is projected to reach 1.349 trillion yuan, with a growth rate of 5% compared to the previous year, maintaining its position as the second-largest economy globally [6][7]. Business Strategy - The company is focusing on high-end complete equipment and power electronics as its core business, while also expanding into emerging sectors such as data centers and green energy solutions [8][9]. - The company aims to enhance its competitive edge in traditional industries like oil and petrochemicals, while also exploring new markets and international collaborations [8][9][10]. Research and Development - The company invested 48.2009 million yuan in R&D in 2024, marking a 2.34% increase from the previous year, and filed 21 new patents [9][10]. - New product developments include advanced medium-voltage switchgear and low-voltage variable frequency cabinets, designed to meet diverse application needs [10][11]. Sustainability Initiatives - The company is committed to green manufacturing and sustainable development, having received certifications for its low-carbon products and green supply chain management [12][13]. - The company’s ESG report for 2024 received positive evaluations, reflecting its dedication to environmental, social, and governance standards [12][14]. Governance and Compliance - The company emphasizes strong corporate governance, with the board and supervisory committee actively overseeing operations and ensuring compliance with legal regulations [19][23]. - The independent directors have been actively involved in reviewing company operations and ensuring that shareholder interests, particularly those of minority shareholders, are protected [25][32].

Group 1 - The company reported a significant increase in total revenue and profit for 2024, with total revenue reaching 1.037 billion and a year-on-year growth of 37.01%. The net profit attributable to shareholders was 74.72 million, reflecting a year-on-year increase of 411.28% [2] - The fourth quarter showed a total revenue of 301 million, a year-on-year growth of 50.87%, and a net profit of 26.77 million, which is a year-on-year increase of 1887.93% [2] Group 2 - Despite the growth in revenue and profit, the gross margin decreased from 27.82% in 2023 to 27.82% in 2024, showing a year-on-year decline of 9.26%. However, the net profit margin increased from 9.05% in 2023 to 9.05% in 2024, reflecting a year-on-year growth of 81.65% [3] - The ratio of operating expenses (selling, administrative, and financial expenses) to revenue decreased from 18.78% in 2023 to 13.97% in 2024, indicating effective cost control [3] Group 3 - The company has a high level of accounts receivable, with accounts receivable amounting to 440 million, which is 588.87% of the net profit attributable to shareholders. This represents a year-on-year increase of 26.72% [4] - The net cash flow from operating activities decreased by 2.24% year-on-year, indicating some pressure in accounts receivable management and cash flow turnover [4] Group 4 - The main business revenue primarily comes from complete sets of equipment and power electronic products, generating 743 million, which accounts for 71.67% of total revenue, with a gross margin of 24.98%. Component products generated 264 million, accounting for 25.48% of total revenue, with a gross margin of 35.26% [5] - Revenue from foreign markets reached 361 million, accounting for 34.86% of total revenue, with a gross margin of 31.67% [5] Group 5 - As of the end of 2024, the company had cash and cash equivalents of 843 million, a decrease of 27.83% from 1.168 billion in 2023. Interest-bearing debt was reduced from 30.38 million in 2023 to no record in 2024, indicating that the company has repaid all short-term borrowings [6] Group 6 - Overall, the company achieved significant revenue and profit growth in 2024, particularly in net profit attributable to shareholders and non-recurring net profit. However, the high proportion of accounts receivable and the decrease in cash flow suggest that the company needs to strengthen accounts receivable management and cash flow turnover for future stability [7]