Financial Performance - Company reported total revenue of 297 million yuan for Q1 2025, a year-on-year increase of 20.7% [1] - Net profit attributable to shareholders reached 1.08 million yuan, up 163.14% year-on-year [1] - Gross margin improved by 3.42% to 16.42%, while net margin increased by 102.52% to 0.03% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 28.03 million yuan, accounting for 9.42% of revenue, a decrease of 18.39% year-on-year [1] - The company’s cash flow per share was 0.1 yuan, down 60.64% year-on-year [1] Balance Sheet and Debt - The company’s monetary funds decreased by 19.03% to 159 million yuan, while accounts receivable increased by 43.26% to 426 million yuan [1] - Interest-bearing liabilities rose by 8.08% to 796 million yuan, with a debt-to-asset ratio of 31% [4] Business Model and Strategy - The company relies heavily on equity financing, with a cumulative financing total of 677 million yuan since its IPO and a dividend payout of 42.51 million yuan, resulting in a dividend-to-financing ratio of 0.06 [3] - The company is expanding its presence in the electric vehicle sector, having successfully launched its 1 millionth automotive-grade dual-sided cooling encapsulation module [5] Future Outlook - Analysts expect the company’s performance in 2025 to reach 39 million yuan, with an average earnings per share of 0.18 yuan [4]