Group 1 - The core point of the article is that Dongli Source (SH 600405) held its ninth board meeting on November 7, 2025, to discuss the authorization of the general manager's investment approval rights [1] - For the year 2024, the revenue composition of Dongli Source is as follows: data communication accounts for 35.2%, power supply for 23.65%, comprehensive energy saving for 15.02%, new energy for 12.7%, and new energy vehicle components for 9.91% [1] - As of the report date, Dongli Source has a market capitalization of 3.6 billion yuan [1]

Core Points - The company is holding its 2024 Annual General Meeting (AGM) to ensure the protection of shareholders' rights and maintain order during the meeting [2][3] - The AGM will include voting on various proposals, including a special resolution, and will utilize both on-site and online voting methods [3][4] - The company reported a 39.05% increase in revenue compared to the previous year, indicating a positive operational performance [5] - The board of directors has emphasized the importance of governance and compliance, having revised several internal regulations to enhance operational efficiency [6][7] - The independent directors have actively participated in meetings and provided objective opinions on significant matters, ensuring the protection of minority shareholders' interests [8][10] Meeting Procedures - The AGM will require all attendees to register beforehand and will only allow authorized personnel to enter [2][3] - Voting will be conducted through a named ballot system, with each share representing one vote [3][4] - The results of the voting will be announced after the meeting, combining both on-site and online votes [4] Board Activities - The board held 10 meetings in 2024, reviewing 53 proposals related to financial reports, profit distribution, and other significant matters [7] - The board has established specialized committees to enhance decision-making processes and ensure compliance with regulations [9] Independent Directors - Independent directors have maintained their independence and actively engaged in the company's governance, focusing on protecting the interests of all shareholders, especially minority ones [8][10][31] - They have scrutinized significant transactions and provided independent opinions on matters such as stock incentive plans and financial audits [27][35] Financial Performance - The company has consistently implemented a cash dividend policy since its listing in 2001, with total dividends amounting to a significant sum [11] - The financial reports have been audited without reservations, confirming the accuracy of the company's financial statements [17]

Financial Performance - In 2024, the company achieved a revenue of CNY 4.034 billion, representing a year-on-year growth of 10.06% [2] - The net profit attributable to shareholders reached CNY 1.25 billion, with a remarkable year-on-year increase of 280.73% [2] - As of the end of Q1 2024, the company reported a revenue of CNY 0.852 billion, showing a year-on-year growth of 19.35% [2] Business Segment Performance - The terminal business, including PC and education office products, generated CNY 2.597 billion in revenue for 2024, up 3.65% year-on-year [3] - The infrastructure segment, covering servers and data communication, reported a revenue of CNY 0.631 billion, down 7.73% year-on-year, primarily due to intensified price competition [3] - The AI industrial IoT segment achieved a revenue of CNY 0.151 billion, with a significant year-on-year growth of 47.88% [3] - The newly added intelligent computing business generated CNY 0.3 billion in revenue, with a net profit of CNY 0.174 billion [3] Asset Management - As of the end of 2024, accounts receivable and inventory amounted to CNY 1.729 billion, an increase of 10.20% compared to the previous year [5] - The provision for bad debts and inventory write-downs totaled CNY 0.123 billion, reflecting a year-on-year increase of 36.71% [5] - The company plans to enhance management of accounts receivable and inventory in 2025, with a focus on reducing credit impairment losses [6] Cost Control and Efficiency - The company reported a decrease in credit asset impairment provisions by 37.54% in 2024, attributed to improved customer payment rates [5] - The operating expenses have shown a declining trend over the past three years, with a reduction of 0.78% from 2022 and 1.02% from 2023 [7] - Cost control measures in R&D have led to reduced material waste and optimized project management, contributing to lower R&D expenses [7] Market Outlook and Strategy - The company anticipates stable demand for intelligent computing services, with a robust order backlog and ongoing revenue recognition [4] - The impact of external uncertainties, such as tariffs, is currently limited, with overseas revenue accounting for only 8.33% of total income in 2024 [7] - The company maintains a diversified procurement strategy to mitigate risks associated with supply chain disruptions [7]