Financial Performance - The company reported a total revenue of 160 million yuan for Q1 2025, a decrease of 20.99% year-on-year [1] - The net profit attributable to the parent company was -85.51 million yuan, down 56.33% year-on-year [1] - The gross margin was -9.08%, a decline of 263.45% compared to the previous year [1] - The net margin was -52.68%, a decrease of 95.71% year-on-year [1] - The company’s accounts receivable accounted for 67.49% of the latest annual revenue [1] Key Financial Metrics - Total revenue for Q1 2024 was 202 million yuan, compared to 160 million yuan in Q1 2025 [1] - The company’s cash and cash equivalents decreased by 38.85% to 171 million yuan [1] - The total interest-bearing debt was 338 million yuan, down 19.91% [1] - Earnings per share for Q1 2025 was -0.42 yuan, a decline of 61.54% year-on-year [1] - The company’s net asset per share was 24.95 yuan, down 42.32% [1] Business Model and Strategy - The company relies heavily on capital expenditure and equity financing for its performance, necessitating careful evaluation of capital projects [3] - The company has developed a carbon materials industrialization platform focusing on diverse applications and advanced carbon-based composite materials [5] - The company is actively promoting its carbon-based composite materials in various fields, including photovoltaics, semiconductors, transportation, hydrogen energy, and batteries [5] Fund Holdings - The largest fund holding in the company is the Guotai Golden Eagle Growth Mixed Fund, with 2.3081 million shares newly entered into the top ten holdings [4] - Other funds that have newly entered the top ten holdings include Zhongyin Income Mixed A and Guotai Research Advantage Mixed A [4]