Core Points - Altec (SZ300825) reported a transition from profit to loss in its 2024 annual report, with a net profit attributable to shareholders of -132.85 million yuan, a decrease of 469.37% year-on-year [1] - The company's operating revenue for 2024 was 971 million yuan, reflecting a year-on-year increase of 13.17% [1] - The company experienced a significant decline in net profit after deducting non-recurring gains and losses, amounting to -140.22 million yuan, a drop of 1824.27% compared to the previous year [1] Financial Performance - The gross profit margin for Altec in 2024 was 20.65%, down 12.45% year-on-year, while the net profit margin was -15.72%, a decrease of 19.07% from the previous year [2] - Total operating expenses for the year reached 297 million yuan, an increase of 64.83 million yuan compared to the previous year, with an expense ratio of 30.63%, up 3.52% year-on-year [2] - Sales expenses decreased by 32.69%, while management expenses increased by 4.53%, R&D expenses surged by 164.96%, and financial expenses rose by 48.74% [2] Employee Information - As of the end of 2024, Altec had a total of 2,315 employees, a reduction of 217 employees or 8.57% compared to the previous year [6] - The number of employees at the parent company was 844, while the number at major subsidiaries was 1,471 [4] Executive Compensation - Total compensation for the board of directors, supervisors, and senior management in 2024 amounted to 8.5779 million yuan, with the vice chairman receiving the highest salary of 2.6009 million yuan, nearly double that of the chairman [8] - The vice chairman's compensation accounted for 30.32% of the total executive remuneration [8]

Core Viewpoint - Altec's Q1 2025 financial report shows a mixed performance with a revenue increase but significant declines in net profit and cash flow [1][2]. Financial Performance - Altec's operating revenue for Q1 2025 was 268.51 million yuan, a year-on-year increase of 6.51% [1]. - The net profit attributable to shareholders was 12.39 million yuan, down 40.23% compared to the same period last year [1]. - The net profit after deducting non-recurring gains and losses was 10.51 million yuan, a decrease of 51.05% year-on-year [1]. - Basic earnings per share were 0.0252 yuan, reflecting a 40.14% decline from the previous year [1]. - The net cash flow from operating activities was 25.99 million yuan, down 31.60% year-on-year [1]. Profitability Metrics - The gross margin for Q1 2025 was 25.07%, a decrease of 6.62% year-on-year but an increase of 25.76% quarter-on-quarter [2]. - The net profit margin was 4.01%, down 3.55% year-on-year but up 45.93% from the previous quarter [2]. Expense Analysis - Total period expenses were 51.08 million yuan, a decrease of 0.43 million yuan compared to the same period last year [2]. - The expense ratio was 19.02%, down 2.96% year-on-year [2]. - Sales expenses increased by 2.94% year-on-year, while management expenses decreased by 29.77% [2]. - R&D expenses rose by 75.75% year-on-year, and financial expenses increased by 16.36% [2]. Leadership Compensation - Altec's chairman, Xuan Qiwu, received a salary of 1.352 million yuan in 2024, a 19.96% increase from 1.127 million yuan in the previous year [4]. Company Overview - Altec, established in May 2007 and listed in March 2020, specializes in the design of fuel and new energy vehicles and related technical services [4].