Core Viewpoint - The company has successfully turned a profit by selling real estate, but it faces scrutiny from the Shenzhen Stock Exchange regarding its financial disclosures and the sustainability of its revenue growth [1][3]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 124 million yuan, an increase of 10.79% year-on-year, and a net profit attributable to shareholders of 14.77 million yuan, marking a reduction in losses by 455.96% [1]. - The company's main revenue sources include 116 million yuan from motor vehicle testing equipment, up 12.40% year-on-year, and 6.20 million yuan from environmental monitoring equipment, down 5.81% [1][2]. Group 2: Market Drivers - The increase in revenue and the turnaround to profitability are attributed to three main factors: heightened market demand for motor vehicle emission testing equipment due to regulatory focus, the release of new national standards for electric vehicle safety testing, and the sale of real estate assets [2]. - The company sold its property and land use rights in Foshan for 52.57 million yuan, which positively contributed to its profits [2]. Group 3: Regulatory Scrutiny - The Shenzhen Stock Exchange has raised questions about the company's net profit figures, noting that the net profit attributable to shareholders was 15 million yuan, while the net profit excluding non-recurring items was a loss of 16 million yuan, a decrease of 57.71% year-on-year [3]. - The exchange has requested the company to clarify its revenue growth prospects and the rationale behind its real estate transactions, including whether these transactions have commercial substance and if they involve related-party transactions to adjust profits [3]. Group 4: Strategic Developments - In 2024, the company acquired Guangzhou Jingu Intelligent Measurement Technology Co., Ltd. and Nanchang Weike Lian Information Technology Co., Ltd., enhancing its software development capabilities and expanding its business scale [4].

Core Viewpoint - The company is required to provide detailed explanations regarding its revenue recognition, cash flow trends, and the impact of recent asset sales on its financial performance, particularly focusing on the sustainability of its operations and compliance with regulatory guidelines. Group 1: Revenue and Profitability - The company must explain the growth prospects of its revenue, considering industry conditions, main business developments, and changes in market share, with a focus on whether there is a realistic possibility of revenue falling below 100 million [2] - The company reported a gross margin of 38.26% for its main business of vehicle inspection equipment, an increase of 0.87 percentage points, with revenue growth of 12.40% and cost growth of 10.84% [3] - The company needs to clarify the reasons for the rapid growth in production and sales of vehicle inspection equipment not aligning with revenue and gross margin increases [3] Group 2: Cash Flow Analysis - The company’s net cash flow from operating activities has decreased for three consecutive years, with figures of 29.39 million, 10.99 million, and 4.97 million respectively [4] - The company is required to explain the reasons for the continuous decline in cash flow and its inconsistency with revenue and net profit trends [5] - The company must assess whether the declining cash flow trend is likely to continue and outline any measures taken or planned to address this issue [5] Group 3: Asset Transactions - The company sold assets to a related party for 52.57 million, and it must detail the internal review process and disclosure obligations related to this transaction [6] - The company is required to explain the rationale and necessity of the asset sale, ensuring it has commercial substance and does not manipulate profits [6] - The company must provide information on the pricing basis and fairness of the transaction, as well as the impact of this sale on the 2024 net profit [7]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 124.32 million yuan, an increase of 10.79% compared to the previous year [1] - The net profit attributable to shareholders was 14.77 million yuan, a significant improvement of 455.96% year-on-year [1] - The net profit excluding non-recurring gains and losses was -15.68 million yuan, a decrease of 57.71% compared to the previous year [1] Group 2: Future Growth Points - Future growth drivers include the implementation of the "Safety Performance Testing Regulations for New Energy Vehicles" and the recovery of the traditional vehicle inspection industry [1] - Continuous strengthening of supervision and enforcement in the vehicle emission inspection sector will sustain market demand for related products [1] - The company is focusing on expanding its overseas market business to meet customer needs [2] Group 3: Industry Overview - The overall performance of the vehicle inspection industry has faced challenges due to reduced demand for related products following policy changes [2] - The joint issuance of guidelines by various government departments has led to a decrease in mandatory vehicle inspection frequency and quantity [2] - Despite short-term demand reduction, the industry is expected to enter a new development phase as the impact of policy adjustments diminishes and new energy vehicle inspections are gradually implemented [2]