Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on April 29, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman and General Manager, Mr. Zhao Hongliang, and the Secretary of the Board, Mr. He Jun [3] Group 2: Company Performance and Strategy - The company has a low debt-to-asset ratio and sufficient production capacity to meet market demand without immediate external financing needs [4] - The company is exploring flexible marketing strategies for its high-value ultra-high pressure sterilization equipment, including installment payments and leasing options [5] Group 3: Product Development and Market Position - The company is actively working on replacing imported products in the shield tunneling machine market and is narrowing performance gaps with international competitors [6] - In 2024, the company completed trials for 43 types of nuclear power hoses, with plans for domestic production to replace imports [7] Group 4: Sales and Revenue Insights - In Q1 2025, sales of hydraulic hoses and assemblies increased significantly due to a recovery in the domestic engineering machinery market, with major clients including SANY and XCMG [8] - The acid fracturing hose business has seen record sales in Q1 2025, continuing the positive trend from Q4 2024 [9] Group 5: Financial Performance Analysis - The company's revenue for 2024 remained stable compared to 2023, but net profit declined by approximately 20% due to a decrease in high-margin product sales [10] - The company has become a primary supplier for China National Petroleum Corporation, with ongoing efforts to expand the domestic market for acid fracturing hoses [11] Group 6: Product Specifications and Manufacturing - The 300L ultra-high pressure sterilization equipment is fully domestically produced, with no reliance on imported key components [12]

Group 1: Investor Relations Activities - The company held a performance briefing for the 2024 annual report on April 29, 2025, via online communication [4] - Participants included the chairman, general manager, board secretary, financial officer, and sponsor representative [4] Group 2: Market Expansion and Product Certification - The company has obtained the EU export certification for its products, which requires compliance with the European Pharmacopoeia (CEP) and on-site inspections [5] - The company aims to enhance its competitiveness in the EU market by improving production quality and collaborating with EU clients [5] Group 3: Revenue Composition and Market Share - The company's revenue is primarily derived from pharmaceutical raw materials, food additives, cosmetics, and health products [6] - The European market accounts for approximately 40% of exports, while the US, Japan, Australia, and Canada account for about 60% [6] - The NHDC product has captured over 27% of the company's main business revenue in the domestic food additive market [6] Group 4: Growth Drivers and Strategic Focus - Future growth in the plant extract industry is driven by increasing consumer health awareness and advancements in extraction technology [8] - The company plans to deepen its focus on both domestic and international markets, particularly in food additives and pharmaceutical raw materials [9] Group 5: Financial Performance and Profit Margins - The company's revenue increased by 27.78% year-on-year in 2024, attributed to the successful implementation of its strategic plan [7] - The overall gross margin for products increased in 2024, but is expected to decline in 2025 due to rising costs and market competition [10] Group 6: Production and R&D Updates - The company is currently optimizing production processes and has completed 11 R&D projects in 2024 [15] - The new production lines are expected to be fully operational by mid-2025, which will enhance production capacity [14] Group 7: Market Trends and Future Outlook - The company anticipates a gradual recovery in gross margins as production lines stabilize and international trade conditions improve [12][13] - The market for Vitamin P products is expected to grow significantly due to rising health consciousness and expanding application areas [17]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on April 29, 2025, from 15:00 to 16:30 [3] - Participants included the company's chairman, general manager, financial officer, and sponsor representative [3] Group 2: Financial Performance - The company's net profit attributable to shareholders for the period was CNY 42.1076 million, representing a year-on-year increase of 15.69% [4] - The company aims to enhance profitability through deepening business, variety, and regional layout [4] Group 3: Business Development and Strategy - Future profit growth will be driven by collaborative planting, upstream seed production advantages, and market competitiveness of products like cherry tomatoes and sweet corn [4] - The company is actively preparing for new business models such as land trusteeship and cooperative planting, with pilot projects expected to launch in 2025 [4][5] Group 4: Research and Development - R&D expenses increased by 34.20% in 2024, reflecting the company's commitment to maintaining core market competitiveness [7] - The company has a structured R&D plan to ensure new products are introduced annually, balancing long-term strategies with short-term benefits [7] Group 5: Market Expansion - The company plans to leverage its acquisition of Qinhong in Jiuquan to enhance its market presence in the northwest region, which has shown significant revenue growth [6][10] - Strategies include increasing investments in seed production resources and expanding local market outreach for pesticide and fertilizer products [10]

Group 1: Financial Performance - In Q4 2024, the company reported revenue of 96.61 million yuan and a net loss of 1.82 million yuan, primarily due to significant expenses including the termination of the 2022 equity incentive plan and high consulting fees [4] - In Q1 2025, the company achieved revenue of 87.61 million yuan and a net profit of 7.22 million yuan, with a 30% increase in orders from major clients and a nearly 175% growth in cross-border e-commerce sales amounting to approximately 15.90 million yuan [5] Group 2: Research and Development - The company focuses on bamboo-based new materials, exploring applications in daily goods, industrial products, and construction materials [6] - Nearing the end of development, the bamboo orthogonal composite board offers advantages over birch wood, including lower adhesive usage and reduced swelling [6] - The company is also developing ultra-thin, high-hardness bamboo fiber materials, which are expected to outperform carbon fiber in strength and density, targeting emerging fields such as low-altitude economy and deep-sea equipment [6] Group 3: Client Development - The company primarily focuses on exports but is also developing domestic high-quality clients, collaborating with major domestic companies like Supor and Lege [7] - Ongoing business negotiations are in place to explore the industrial application of bamboo-based new materials in emerging sectors [7]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 26,015.77 million CNY, a year-on-year increase of 3,133.50 million CNY, representing a growth rate of 13.69% [4] - The total profit for 2024 was 5,052.31 million CNY, up 15.45% compared to the previous year [4] - The net profit attributable to shareholders was 4,457.91 million CNY, reflecting a growth of 14.28% year-on-year [4] - For Q1 2025, the company reported a revenue of 7,251.82 million CNY, a 19.02% increase from the same period last year [5] - The total profit for Q1 2025 was 1,280.52 million CNY, showing a year-on-year growth of 16.86% [5] - The net profit attributable to shareholders in Q1 2025 was 1,100.66 million CNY, up 18.02% year-on-year [5] Group 2: Asset and Equity Growth - As of the end of 2024, the company's total assets were 53,985.59 million CNY, with equity attributable to the parent company at 45,076.95 million CNY [4] - By the end of Q1 2025, total assets increased to 55,565.65 million CNY, a 2.93% rise from the end of 2024 [5] - Equity attributable to the parent company reached 46,201.71 million CNY by the end of Q1 2025, marking a 2.50% increase from the end of 2024 [5] Group 3: Market and Product Development - The company experienced significant growth in overseas sales, with export revenue increasing by 34.11%, surpassing 50% of total revenue for the first time [4] - In Q1 2025, the fastest-growing sector was high-end home appliances, contributing significantly to revenue growth [6] - The company is actively developing new projects, including a domestic data center cooling system harness and fan cover components, with the former already in mass production [7]

Group 1: Financial Performance - The company's Q1 performance showed slight fluctuations in key financial indicators compared to the same period last year, with a recovery starting in March 2025 [4] - Inventory increased to 139 million CNY due to a rise in orders and early project investments, reflecting enhanced downstream demand [5] - The gross profit margin improved in Q1, attributed to the recovery of defense business and ongoing cost efficiency initiatives [8] Group 2: Strategic Development - The company is actively involved in the low-altitude economy, particularly in the industrial drone sector, and aims to enhance its core competitiveness in this area [6] - Despite the termination of a specific stock issuance project, the company will maintain its investment in the commercial aerospace sector, leveraging existing facilities and resources [7] - The subsidiary, Xi'an Test Technology Co., Ltd., is expected to expand its third-party testing business, contributing to new profit growth [10]

Group 1: Impact of Tariffs and Market Conditions - The company's indirect exports to the U.S. are primarily from the sofa home market and sports, with limited revenue impact due to tariffs [1] - Nike and Apple, major clients, have minimal impact on the company as their products sold in the U.S. are mainly produced outside China [2][3] - The overall impact of U.S. tariffs on consumer electronics is limited due to existing exemptions and the competitive landscape [2] Group 2: Business Performance and Market Trends - In Q1 2025, the company experienced growth in functional shoe materials and automotive interior products, while the sofa home category saw a decline [2] - The company maintains a stable order flow and positive outlook for future development [2] Group 3: Supplier Selection Criteria - Brand clients prioritize comprehensive supplier capabilities, including quality, innovation, service, and environmental responsibility during the selection process [3] Group 4: Production and Customization - The company operates in a fast-fashion industry, focusing on personalized products with quick delivery, making long-term order predictions challenging [3] Group 5: Future Growth and Dividend Plans - Future growth will stem from customer upgrades, product upgrades (with water-based products increasing from 18% to 22%), and management improvements [4] - The company has maintained a stable dividend policy, with cash dividends accounting for 96.05% of the average net profit over the last three years [4] Group 6: Profitability and Margin Stability - The company's gross margin was 26.81% in Q1 2025, indicating a return to normal operating conditions after previous fluctuations due to external factors [5] - The company emphasizes profit maximization over merely achieving the highest gross margin [5]

Financial Performance - In 2024, the company achieved a revenue of 4.709 billion CNY, a year-on-year increase of 14.77% [1] - The net profit attributable to shareholders was 114 million CNY, with seed sales and volumes steadily increasing [1] - In Q1 2025, revenue reached 835 million CNY, up 24.13% compared to the same period last year, with a net profit of 2.197 million CNY [1] Rice Business - Rice seed sales revenue was 1.858 billion CNY, a growth of 5.67% [2] - The company operates in 17 provinces, establishing a comprehensive sales network [2] - A patented method for hybrid rice seed production has been authorized, enhancing production efficiency and reducing costs [2] Corn Business - Corn seed sales revenue reached 589 million CNY, with a year-on-year growth of 20.43% and a gross margin of 33.15% [3] - The company has developed 19 hybrid corn varieties approved at the national level and 13 at the provincial level [3] - The company aims to rank among the top three in corn seed sales by the end of the 14th Five-Year Plan [3] International Market Development - In 2024, overseas sales of various agricultural seeds reached 19.3735 million kg, a 74.80% increase year-on-year, generating 492 million CNY in revenue, up 72.39% [4] - The company has successfully registered 24 hybrid rice and corn varieties in Southeast Asia and Africa [4] - International breeding collaborations are being pursued to enhance global competitiveness [4] Audit Opinions - The company believes the book value of receivables from liquor grain sales is accurate, and the methods for revenue recognition and bad debt provision are reasonable [5] - Measures will be taken to recover receivables within the next two years [5] - Strategies are in place to ensure the sale of corn seed inventory over the next two years [5]

Group 1: Retail Business Performance - The retail business sales revenue in Q1 2025 decreased year-on-year due to a high base in 2024 and overall weak market demand [2] - The company emphasizes a "three high" positioning to stabilize the pricing system, impacting some market sales [2] - The demand for retail business is closely linked to economic conditions, with rigid demand less affected while improvement demand is suppressed [2] Group 2: Industry Competition - The plastic pipe industry remains highly competitive, with intensified competition among brand enterprises and difficulties for small and medium-sized companies [2] - Industry concentration is continuously increasing as weaker players are eliminated [2] Group 3: Business Development and Strategy - The waterproof business saw a slight decline in sales revenue, but brand influence is gradually increasing, with a good growth in service households [3] - The water purification business is in a phase of adjustment and optimization, focusing on organizational change and product innovation [3] - The company will enhance integration with acquired companies to improve operational quality [3] Group 4: Pricing and Market Strategy - The retail business stabilizes pricing through product and service enhancement, while engineering business pricing is market-driven [3] - The company maintains a stable and transparent dividend policy, considering various factors for profit distribution [3] Group 5: Market Potential and Sales Channels - The company’s market share varies across regions, influenced by local consumption habits and economic development [3] - The main sales channels for retail business include home decoration companies, project managers, and self-purchasing by homeowners, with a growing share from home decoration companies in first and second-tier cities [4]

Group 1: External Environment - The global economic growth is insufficient, with rising unilateralism and protectionism, leading to increased uncertainty in international trade and geopolitical conflicts [3] - The domestic economy is stable overall, but faces challenges such as insufficient effective demand, weak consumption, and investment [3] Group 2: Company Performance Overview - In 2024, the company achieved revenue of 6.267 billion CNY, a decrease of 1.75% year-on-year, and a net profit of 0.953 billion CNY, down 33.49% [4] - The decline in profit is attributed to increased marketing expenses (116.71 million CNY), reduced investment income from joint ventures (166.94 million CNY), and increased goodwill impairment (73.97 million CNY) [4] Group 3: Key Initiatives for 2024 - Focus on retail business to strengthen market presence and adapt to changes [5] - Enhance risk control and quality in engineering business [5] - Accelerate internationalization and improve brand image [5] Group 4: Highlights and Shortcomings of the Annual Report - Sales revenue remained relatively stable despite market challenges, with retail business showing resilience [6] - The company maintained a high return on equity compared to peers, and effectively controlled accounts receivable and cash flow [6] - Shortcomings include a decline in market prices and gross margins, slow transformation in engineering business, and ongoing adjustments in the water purification business model [6] Group 5: 2025 Development Plan - The company aims for a revenue target of 6.580 billion CNY in 2025, with a cost control target of around 5.350 billion CNY [8] - Strategic focus on sustainable development and high-quality growth, with an emphasis on retail and engineering business improvements [8] Group 6: Market and Competitive Landscape - The company’s PPR business maintained stable gross margins through product upgrades and service combinations [9] - The competitive landscape remains intense due to the influx of engineering competitors into the retail market and ongoing price wars [11] Group 7: Future Outlook and Challenges - The company acknowledges the difficulty in achieving a 5% revenue growth target in 2025 due to a challenging external environment [9] - Plans to control sales expenses while maintaining necessary investments in brand promotion and market development [12]