光峰科技: 2025年第一季度报告（英文版）
来源：证券之星
2025-07-05 00:11:26
Appotronics Corporation Limited The First Quarter Report in 2025
Stock Code: 688007 Stock Short Name: Appotronics
Appotronics Corporation Limited
The First Quarter Report in 2025
The Board of Directors and all the directors of the Company warrant that the
information contained in this Report is free from any misrepresentation, misleading
statement or material omission, and agree to assume the liability for the truth,
accuracy and completeness of this Report according to the law.
Important Note
The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the
Company hereby warrant that the information contained in this Quarter Report is true, accurate
and complete and this Report is free from any misrepresentation, misleading statement or major
omission, and agree to assume joint and several liability for this Quarter Report.
The Principal of the Company, Person in Charge of the Accounting Work and Person in Charge
of the Accounting Body (Chief Accountant) warrant the information presented in the financial
statements in this Quarter Report is true, accurate and complete.
Whether the financial statements of the 1st quarter have been audited
□ Yes √ No
本报告为深圳光峰科技股份有限公司自愿披露的《2025 年第一季度报告（英文版）》，对本
报告的中英文版本理解上发生歧义时，以中文版本为准。
This is 2025 First Quarter Report (English version) voluntarily disclosed by Appotronics
Corporation Limited. In the event of any discrepancy between the English and Chinese versions of this
Report, the Chinese version shall prevail.
Appotronics Corporation Limited The First Quarter Report in 2025
I. Major Financial Data
(I) Main accounting data and financial indicators
In RMB
Change on a
Item Current period Prior period
year-on-year basis (%)
Operating revenue 461,382,026.25 445,039,193.21 3.67
Net profit attributable to
shareholders of the listed -21,359,576.96 44,543,331.11 -147.95
company
Net profit attributable to
shareholders of the listed
-23,974,913.50 622,945.86 -3,948.64
company after deduction of
non-recurring profit or loss
Net cash flow from operating
activities
Basic earnings per share
-0.05 0.10 -150.00
(RMB/share)
Diluted earnings per share
-0.05 0.10 -150.00
(RMB/share)
Weighted average return on net
-0.78 1.57 -2.35 percentage points
assets (%)
Total R&D investments 63,015,830.26 54,022,432.44 16.65
Proportion of R&D investments
to operating revenue (%)
At the end of Changes at the end of
the current At the end of the reporting period
reporting the prior year from the end of the
period prior year (%)
Total assets 4,091,205,356.58 4,255,663,351.00 -3.86
Owners’ equity attributable to
shareholders of the listed 2,719,899,594.77 2,740,047,895.12 -0.74
company
(II) Items and amounts of non-recurring profit or loss
√ Applicable □ N/A
Appotronics Corporation Limited The First Quarter Report in 2025
In RMB
Amount for the
Item of non-recurring profit or loss Description
current period
Gain or loss on disposal of non-current assets, including write-off
of provision for asset impairment
Government grants recognized in profit or loss for the current
period (excluding government grants that are closely related to
the business of the Company and are provided in accordance
with established standards with continuous effects on the profit
or loss of the Company according to the provisions of national
policies)
Profit or loss on changes in the fair value of financial assets and
financial liabilities held by non-financial enterprises and profit or
loss on the disposal of financial assets and financial liabilities, 783,124.94
other than those used in the effective hedging activities related to
normal operating business of the Company
Profit or loss from entrusting others to invest or manage assets 596,598.66
Net profit or loss of subsidiaries from the beginning of the period
up to the business combination date recognized as a result of 185,274.09
business combination involving entities under common control
Other non-operating revenue and expenses 50,461.54
Other profits or losses items meeting the definition of
non-recurring profit or loss
Less: Effect of income taxes 375,024.46
Effects attributable to minority interests (net of tax) 173,572.13
Total 2,615,336.54
It is required to specify the reason for defining items not illustrated in the Information Disclosure and
Presentation Rules for Companies Making Public Offering of Securities No. 1 - Non-recurring Profit or
Loss as non-recurring profit or loss items of significant amounts, and reasons for defining non-recurring
profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies
Making Public Offering of Securities No. 1 - Non-recurring Profit or Loss as recurring profit or loss
items.
□ Applicable √ N/A
(III) Description of and reasons for changes in the main accounting data and financial indicators
√ Applicable □ N/A
Project % Change Main reason
Primarily due to the decrease in the gross
profits and increase in R&D expenses caused
Net profit attributable to
by the changes in the income structure in the
shareholders of the listed -147.95
current period, the selling and holding of
company
shares in Gabrielle and the gains on changes in
fair values in the same period of the prior year.
Appotronics Corporation Limited The First Quarter Report in 2025
Primarily due to the small base number in the
Net profit attributable to
same period of the prior year, and the decrease
shareholders of the listed
-3,948.64 in the gross profits and increase in R&D
company after deduction of
expenses caused by the changes in the income
non-recurring profit or loss
structure in the current period.
Primarily due to the increase in receivables
Net cash flow from operating
activities
period.
Primarily due to the decrease in the net profit
Basic earnings per share
-150.00 attributable to shareholders of the listed
(RMB/share)
company during the reporting period.
Primarily due to the decrease in the net profit
Diluted earnings per share
-150.00 attributable to shareholders of the listed
(RMB/share)
company during the reporting period.
In the first quarter of 2025, we insisted on the strategy of “core technologies + core components +
application scenarios” and maintained the R&D investments in upstream core components and
cutting-edge fields with a focus on the layout of and expansion to innovative fields including AR/AI,
robots, automotive optics, etc. During the reporting period, our operating revenue was RMB 461 million,
increased by 3.67% year on year; where the automotive optics business achieved the operating revenue
of RMB 78.78 million, up by 64.03% year on year. The operating conditions of the Company during the
reporting period include:
Automotive optics business
Since the beginning of 2025, we have acquired 3 high-quality nominations from domestic and
overseas well-known automobile manufacturers, and received continuous orders from Seres for
automotive projection giant screen systems to be used on AITO M8 and M9 models. In the first quarter
of 2025, our automotive optics business achieved the operating revenue of RMB 78.78 million, up by
In April 2025, we officially released the “Lingjing” smart automotive optics system on the
Shanghai International Automobile Industry Exhibition 2025 (Auto Shanghai 2025). This system can
achieve discretionary projection for the whole vehicle and smart interaction through AI speech control,
so as to create a new mode of automotive optics featuring “full projection in the vehicle with
discretionary projection” and improve the optical features and user experiences of the vehicle in all
Appotronics Corporation Limited The First Quarter Report in 2025
aspects. During the Auto Shanghai 2025, we declared a strategic cooperation with Valeo, a global leader
in automotive lighting systems and software, and jointly released a new generation of automotive
lighting solutions integrating Appotronics’s ALL-in-ONE universal colorful laser headlights. This
innovative solution not only enhances the adaptive driving beam (ADB) function of vehicles to greatly
improve safety on road, but also meets drivers’ increasing needs for comfortable lighting and
entertainment functions, so as to provide a safer, smarter, and more personalized driving experiences for
the global market.
Dedicated display business
In the World Expo 2025 (Expo 2025) in Osaka started in April 2025, our products were successfully
used in the pavilions of China, Cambodia, and Gabon. Nearly a hundred of laser large venue projection
devices broke through the boundaries of physical exhibition and implemented tens of light and shadow
presentation tasks, which facilitate the presentation of the culture of the countries in a more vivid
manner by making use of technologies, hence showcasing the scientific strength and brand image of
China by opening the global laser market with our technologies and products. The recognition and use of
our products by three major national pavilions at the Expo 2025 indicate the successful expansion of our
large venue business to the overseas market relying on its product quality and technology accumulation.
Innovative applications
We always pay attention to emerging application scenarios in the laser industry and actively explore
product layouts and application scenarios for combination with our technologies, so as to continuously
expand and extend the boundaries for application scenarios of laser technologies. At the International
Consumer Electronics Show (CES 2025), we released a split-type optical fiber light engine, which is the
first of its kind in the industry. This product achieved innovation for laser light engines in aspects of
technology, product form, and application scenario, and can achieve unprecedented flexibility.
Meanwhile, we released an ultra-small fully colorful AR light engine solution with the volume of only
which can meet the lightweight requirements of AR glasses.
At the Hong Kong Electronics Fair (Spring Edition), we released a new laser engraver product to
the industry for the first time. The laser engraver is both a breakthrough achieved by the Company in
upstream core components and the first innovative product we developed in the industrial field. Thanks
Appotronics Corporation Limited The First Quarter Report in 2025
to the precision laser processing technologies, the laser engraver we released has obvious advantages in
improving production efficiency and ensuring product quality, so that it can meet high-precision
manufacturing requirements for use in scenarios including creative fabrication, part processing,
industrial labeling, etc. The new products and new technologies we exhibited this time are highly
practical, and are expected to be implemented in more scenarios. We will continue our innovation of
application scenarios for laser, so as to expand the application boundaries of our products.
（1）Non-recurring profit or loss: During the reporting period, our non-recurring profit or loss
reduced by RMB 41.3050 million. On a comparable basis, our non-recurring profit or loss for the first
quarter of 2024 was higher, primarily due to the investment incomes from our investment in Gabrielle
and gains or losses on changes in fair values in the first quarter of 2024;
（2）Businesses: During the reporting period, at the request of overseas customers, we postponed
the shipment of partial orders of overseas cinema light sources, which reduced the operating revenue and
profit for the first quarter on a year-on-year basis; despite the increase in the proportion of the
automotive optics business, due to the characteristics of the automotive part industry, the gross profit
margin of the automotive optics business is lower than that of the cinema and dedicated display
businesses. In summary, our business structure is at the stage of transformation, and the overall gross
profit margin may decrease to a certain extent;
（3）Expenses: During the reporting period, we enhanced R&D investments - the R&D expenses
increased by nearly RMB 9.00 million compared with the same period of the prior year.
II. Shareholder Information
(I) Table of total number of ordinary shareholders and preferred shareholders with resumed voting
right as well as shareholding status of top 10 shareholders
Unit: Share
Total number of preferred
Total number of ordinary shareholders shareholders whose voting right
as of the end of the reporting period has been restituted as of the end of
the reporting period (if any)
Shares held by top 10 shareholders (excluding shares lent out under the refinancing arrangement)
Appotronics Corporation Limited The First Quarter Report in 2025
Number of Shares
Number non-tradable pledged,
Shareh of shares held, marked, or
Nature of Number of olding non-trad including the frozen
Shareholder
shareholder shares held ratio able shares lent
Status
(%) shares out under the Num
of
held refinancing ber
shares
arrangement
Domestic
Shenzhen Appotronics non-state
Holdings Limited owned
corporation
Shenzhen Yuanshi Laser Domestic
Industrial Investment non-state
Consulting Partnership owned
(LP) corporation
Domestic
Nantong Strait
non-state
Appotronics Investment 18,381,208 4.00 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Appotronics
non-state
Daye Investment 17,056,167 3.71 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Appotronics
non-state
Hongye Investment 13,601,344 2.96 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Appotronics
non-state
Chengye Consulting 10,394,846 2.26 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Jinleijing
non-state
Investment Limited 9,892,706 2.15 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
LUO Xiaobin natural 8,979,004 1.95 0 0 None 0
person
Hong Kong Securities
Foreign
Clearing Company 7,475,665 1.63 0 0 None 0
corporation
Limited
Appotronics Corporation Limited The First Quarter Report in 2025
Bank of China Co., Ltd. -
Stable Income Bond
Others 6,866,571 1.50 0 0 None 0
Securities Investment
Fund of E Fund
Shares held by top 10 holders of tradable shares (excluding shares lent out under the refinancing
arrangement)
Type and number of shares
Shareholder Number of tradable shares held Type of Number
shares
RMB-denomi
Shenzhen Appotronics Holdings Limited 79,762,679 nated ordinary 79,762,679
share
RMB-denomi
Shenzhen Yuanshi Laser Industrial
Investment Consulting Partnership (LP)
share
RMB-denomi
Nantong Strait Appotronics Investment
Partnership (LP)
share
RMB-denomi
Shenzhen Appotronics Daye Investment
Partnership (LP)
share
RMB-denomi
Shenzhen Appotronics Hongye
Investment Partnership (LP)
share
RMB-denomi
Shenzhen Appotronics Chengye
Consulting Partnership (LP)
share
RMB-denomi
Shenzhen Jinleijing Investment Limited
Partnership (LP)
share
RMB-denomi
LUO Xiaobin 8,979,004 nated ordinary 8,979,004
share
RMB-denomi
Hong Kong Securities Clearing Company
Limited
share
Bank of China Co., Ltd. - Stable Income RMB-denomi
Bond Securities Investment Fund of E 6,866,571 nated ordinary 6,866,571
Fund share
Appotronics Corporation Limited The First Quarter Report in 2025
of the Company constituted person acting in concert: Shenzhen
Appotronics Holdings Co., Ltd., Shenzhen Yuanshi Laser Industrial
Investment Consulting Partnership (LP), Shenzhen Appotronics Daye
Investment Partnership (LP), Shenzhen Appotronics Hongye
Affiliates or concert parties among the
Investment Partnership (LP), Shenzhen Appotronics Chengye
shareholders stated above
Consulting Partnership (LP), and Shenzhen Jinleijing Investment
Limited Partnership (LP).
or concert parties as defined in the Administrative Measures for the
Acquisition of the Listed Companies among other shareholders.
Description of margin trading, short
selling, and refinancing involving top
N/A
non-restricted shares (if any)
Lending of shares in refinancing businesses by shareholders holding over 5% shares, top 10 shareholders,
and top 10 holders of tradable shares
□ Applicable √ N/A
Change from the prior period due to lending/payback in refinancing businesses by top 10 shareholders
and top 10 holders of tradable shares
□ Applicable √ N/A
III. Other Events
Other important information about the business operation of the Company during the reporting period
requesting the attention of investors
□ Applicable √ N/A
IV. Quarterly Financial Statements
(I) Type of audit opinions
□ Applicable √ N/A
(II) Financial statements
Consolidated Balance Sheet
March 31, 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
Item March 31, 2025 December 31, 2024
Current Assets:
Appotronics Corporation Limited The First Quarter Report in 2025
Cash and bank balances 1,169,391,687.61 1,654,769,306.21
Balances with clearing agencies
Placements with banks and other financial
institutions
Held-for-trading financial assets 665,719,864.14 179,936,739.21
Derivative financial assets
Notes receivable 3,336,885.44 4,749,524.13
Accounts receivable 211,836,897.65 310,195,322.17
Receivables financing 19,189,555.03 12,552,177.09
Prepayments 28,642,754.32 31,091,853.76
Premiums receivable
Amounts receivable under reinsurance
contracts
Reinsurance contract reserves receivable
Other receivables 39,810,718.96 45,104,401.76
Where: Interests receivable
Dividends receivable 14,212,836.00 14,233,032.00
Financial assets purchased under resale
agreements
Inventories 480,357,456.50 595,519,245.19
Where: Data resources
Contract assets 2,508,524.31 1,741,984.19
Held-for-sale assets
Non-current assets due within one year 55,152,472.68 54,729,347.74
Other current assets 68,817,383.78 65,416,667.70
Total current assets 2,744,764,200.42 2,955,806,569.15
Non-current Assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables 38,061,954.60 37,190,876.33
Long-term equity investment 5,822,086.82 6,242,039.74
Investment in other equity instruments 7,075,419.38 7,075,419.38
Other non-current financial assets 83,880,808.01 84,000,000.04
Investment properties
Fixed assets 639,136,843.25 272,101,764.36
Construction in progress 95,643,581.17 406,450,625.01
Productive biological assets
Oil and gas assets
Right-of-use assets 91,274,546.36 108,676,133.66
Intangible assets 268,845,441.09 272,019,178.23
Where: Data resources
Development expenditure
Appotronics Corporation Limited The First Quarter Report in 2025
Where: Data resources
Goodwill
Long-term unamortized expenses 1,246,038.43 1,638,295.71
Deferred tax assets 97,581,772.18 90,057,468.25
Other non-current assets 17,872,664.87 14,404,981.14
Total non-current assets 1,346,441,156.16 1,299,856,781.85
Total assets 4,091,205,356.58 4,255,663,351.00
Current Liabilities:
Short-term borrowings 126,830,365.55 86,796,568.44
Loans from the central bank
Taking from banks and other financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 160,075,016.99 184,786,728.04
Accounts payable 254,966,909.43 351,760,010.32
Advance from customers 89,239,185.59 91,209,867.92
Contract liabilities 41,981,297.61 43,722,313.68
Financial assets sold under repurchase
agreements
Customer deposits and deposits from
banks and other financial institutions
Funds from securities trading agency
Funds from underwriting securities agency
Employee benefits payable 28,753,068.10 59,921,145.44
Taxes payable 27,997,363.58 25,262,217.19
Other payables 69,393,730.08 73,987,139.27
Where: Interests payable
Dividends payable
Fees and commissions payable
Amounts payable under reinsurance
contracts
Held-for-sale liabilities
Non-current liabilities due within one year 204,344,687.54 216,244,559.49
Other current liabilities 66,083,387.13 63,559,833.08
Total current liabilities 1,069,665,011.60 1,197,250,382.87
Non-current Liabilities:
Insurance contract reserves
Long-term borrowings 278,867,657.19 282,083,548.67
Bonds payable
Where: Preferred shares
Perpetual bonds
Lease liabilities 59,399,597.33 71,996,166.91
Appotronics Corporation Limited The First Quarter Report in 2025
Long-term payables
Long-term employee benefits payable
Provisions 36,924,947.29 30,299,456.94
Deferred income 2,000,562.66 2,245,051.44
Deferred tax liabilities 1,921,091.47 1,908,071.13
Other non-current liabilities
Total non-current liabilities 379,113,855.94 388,532,295.09
Total liabilities 1,448,778,867.54 1,585,782,677.96
Owners’ Equity (Shareholders’ Equity):
Paid-in capital (or share capital) 459,291,145.00 459,291,145.00
Other equity instruments
Where: Preferred shares
Perpetual bonds
Capital reserve 1,555,546,613.51 1,554,154,511.33
Less: Treasury shares 29,891,962.32 29,891,962.32
Other comprehensive income 8,450,591.43 8,631,417.00
Special reserve
Surplus reserve 103,160,084.90 103,160,084.90
General risk reserve
Undistributed profit 623,343,122.25 644,702,699.21
Total owners’ (or shareholders’) equity
attributable to owners of the parent 2,719,899,594.77 2,740,047,895.12
company
Minority interests -77,473,105.73 -70,167,222.08
Total owners’ (or shareholders’) equity 2,642,426,489.04 2,669,880,673.04
Total liabilities and owners’ (or
shareholders’) equity
Principal of the Company: LI Yi Person in Charge of the Accounting Work: WANG Yingxia
Person in Charge of the Accounting Body: WANG Yingxia
Consolidated Income Statement
January to March 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
Item First quarter of 2025 First quarter of 2024
I. Total operating revenue 461,382,026.25 445,039,193.21
Where: Operating revenue 461,382,026.25 445,039,193.21
Interest income
Premiums earned
Fee and commission income
II. Total operating costs 485,731,424.15 436,256,932.50
Appotronics Corporation Limited The First Quarter Report in 2025
Where: Operating costs 345,083,519.38 305,903,493.15
Interest expenses
Fee and commission expenses
Surrenders
Claims and policyholder benefits (net of
amounts recoverable from reinsurers)
Net withdrawal of insurance contract
reserves
Insurance policyholder dividends
Expenses for reinsurance accepted
Taxes and surcharges 2,757,883.51 1,543,505.22
Selling expenses 38,636,068.43 38,848,722.23
Administrative expenses 35,880,897.77 39,231,871.63
R&D expenses 63,015,830.26 54,022,432.44
Financial expenses 357,224.80 -3,293,092.17
Where: Interest expense 4,040,777.00 4,712,870.30
Interest income 5,806,131.65 8,393,771.91
Add: Other incomes 6,839,682.12 10,334,146.75
Investment income (loss is indicated by
-508,740.55 15,035,443.71
“-”)
Where: Income from investments in
-419,952.92 -254,854.31
associates and joint ventures
Gains from derecognition of
financial assets measured at amortized cost
Foreign exchange gains (loss is indicated
by “-”)
Gains from net exposure hedges (loss is
indicated by “-”)
Gains from changes in fair values (loss is
indicated by “-”)
Losses of credit impairment (loss is
indicated by “-”)
Impairment losses of assets (loss is
-12,280,962.90 -4,251,644.39
indicated by “-”)
Gains from disposal of assets (loss is
indicated by “-”)
III. Operating profit (loss is indicated by “-”) -25,314,423.65 54,595,615.97
Add: Non-operating revenue 180,945.64 15,252.07
Less: Non-operating expenses 180,852.02 367,856.76
IV. Total profits (total losses are indicated by “-”) -25,314,330.03 54,243,011.28
Less: Income tax expenses -950,840.50 12,901,079.19
V. Net profits (net losses are indicated by “-”) -24,363,489.53 41,341,932.09
(I) Categorized by the continuity of operation
Appotronics Corporation Limited The First Quarter Report in 2025
-24,363,489.53 41,341,932.09
losses are indicated by "-")
(net losses are indicated by “-”)
(II) Categorized by the ownership
the parent company (net losses are indicated by -21,359,576.96 44,543,331.11
“-”)
-3,003,912.57 -3,201,399.02
shareholders (net losses are indicated by “-”)
VI. Other comprehensive income, net of tax -113,660.21 423,343.93
(I) Other comprehensive income that can be
attributable to owners of the parent company, net -180,825.57 318,931.77
of tax
be reclassified subsequently to profit or loss
(1) Changes from remeasurement of defined
benefit plans
(2) Other comprehensive income that cannot be
reclassified to profit or loss under the equity
method
(3) Changes in fair value of investments in other
equity instruments
(4) Changes in fair value of enterprises’ own
credit risks
reclassified to profit or loss
(1) Other comprehensive income that will be
reclassified to profit or loss under the equity
method
(2) Changes in fair value of other debt
investments
(3) Amount of financial assets reclassified to
other comprehensive income
(4) Provision for credit impairment of other
debt investments
(5) Reserve for cash flow hedges
(6) Exchange differences on translation of -180,825.57 318,931.77
financial statements denominated in foreign
currencies
(7) Others
(II) Other comprehensive income that can be
attributable to minority shareholders, net of tax
Appotronics Corporation Limited The First Quarter Report in 2025
VII. Total comprehensive income -24,477,149.74 41,765,276.02
(I) Total comprehensive income that can be
-21,540,402.53 44,862,262.88
attributable to owners of the parent company
(II) Total comprehensive income that can be
-2,936,747.21 -3,096,986.86
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share (RMB/share) -0.05 0.10
(II) Diluted earnings per share (RMB/share) -0.05 0.10
In the event of business combinations involving entities under common control, the net profits realized
prior to the combination by the party being absorbed is: RMB 0, and the net profits realized in the last
period by the party being absorbed is: RMB 0.
Principal of the Company: LI Yi Person in Charge of the Accounting Work: WANG Yingxia
Person in Charge of the Accounting Body: WANG Yingxia
Consolidated Cash Flow Statement
January to March 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
Item First quarter of 2025 First quarter of 2024
I. Cash Flows from Operating Activities:
Cash receipts from the sale of goods and the 603,948,334.40 458,063,284.69
rendering of services
Net increase in customer deposits and deposits
from banks and other financial institutions
Net increase in loans from the central bank
Net increase in taking from banks and other
financial institutions
Cash receipts from premiums under direct
insurance contracts
Net cash receipts from reinsurance business
Net cash receipts from policyholders’ deposits
and investment contract liabilities
Cash receipts from interest, fees and
commissions
Net increase in taking from banks
Net increase in financial assets sold under
repurchase arrangements
Net cash received from securities trading
agencies
Receipts of tax refunds 7,726,367.13 3,613,547.07
Other cash receipts related to operating 10,750,106.30 17,358,037.32
activities
Appotronics Corporation Limited The First Quarter Report in 2025
Subtotal of cash inflows from operating 622,424,807.83 479,034,869.08
activities
Cash payments for goods purchased and 341,011,825.30 247,377,326.75
services received
Net increase in loans and advances to
customers
Net increase in balance with the central bank
and due from banks and other financial
institutions
Cash payments for claims and policyholders'
benefits under direct insurance contracts
Net increase in placements with banks and
other financial institutions
Cash payments for interest, fees and
commissions
Cash payments for insurance policyholder
dividends
Cash payments to and on behalf of employees 129,727,139.26 135,358,112.47
Payments of various types of taxes 22,032,544.43 17,746,847.25
Other cash payments related to operating 65,525,926.16 66,327,789.65
activities
Subtotal of cash outflows from operating 558,297,435.15 466,810,076.12
activities
Net cash flow from operating activities 64,127,372.68 12,224,792.96
II. Cash Flows from Investing Activities:
Cash receipts from disposals and recovery of 262,000,000.00 316,950,000.00
investments
Cash receipts from investment income 596,598.66 15,474,786.27
Net cash receipts from disposals of fixed
assets, intangible assets and other long-term 43,545.13
assets
Net cash receipts from disposals of subsidiaries
and other business units
Other cash receipts related to investing
activities
Subtotal of cash inflows from investing
activities
Cash payments to acquire or construct fixed
assets, intangible assets and other long-term 90,403,931.06 24,423,820.06
assets
Cash payments to acquire investments 777,000,000.00 335,000,001.00
Net increase in pledged loans receivables
Net cash payments for acquisitions of
Appotronics Corporation Limited The First Quarter Report in 2025
subsidiaries and other business units
Other cash payments related to investing 1,361,661.36
activities
Subtotal of cash outflows from investing
activities
Net cash flows from investment activities -604,807,332.40 -28,317,151.02
III. Cash Flows from Financing Activities:
Cash receipts from capital contributions 7,327,467.64
Where: Cash receipts from capital
contributions from minority shareholders of
subsidiaries
Cash receipts from borrowings 78,603,095.90 41,923,143.29
Other cash receipts related to financing -
activities
Subtotal of cash inflows from financing
activities
Cash repayments of borrowings 42,800,000.00 73,550,000.00
Cash payments for distribution of dividends or
profits or settlement of interest expenses
Where: Payments for distribution of dividends
or profits to minority shareholders of 323,762.05
subsidiaries
Other cash payments related to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flows from financing activities 23,665,664.05 -81,501,909.91
IV. Effect of Foreign Exchange Rate Changes
-1,024,105.48 652,614.64
on Cash and Cash Equivalents
V. Net Increase in Cash and Cash Equivalents -518,038,401.15 -96,941,653.34
Add: Opening balance of cash and cash 1,326,535,771.86 1,297,848,895.75
equivalents
VI. Closing Balance of Cash and Cash 808,497,370.71 1,200,907,242.41
Equivalents
Principal of the Company: LI Yi Person in Charge of the Accounting Body: WANG Yingxia
Person in Charge of the Accounting Body: WANG Yingxia
(III) Description of adjustments in opening balances of line items in financial statements of the
year due to initial adoption of new accounting standards or interpretations of standards since
□ Applicable √ N/A
Appotronics Corporation Limited The First Quarter Report in 2025
Be it hereby announced.
Board of Directors of Appotronics Corporation Limited
April 30, 2025
Stock Code: 688007 Stock Short Name: Appotronics
Appotronics Corporation Limited
The First Quarter Report in 2025
The Board of Directors and all the directors of the Company warrant that the
information contained in this Report is free from any misrepresentation, misleading
statement or material omission, and agree to assume the liability for the truth,
accuracy and completeness of this Report according to the law.
Important Note
The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the
Company hereby warrant that the information contained in this Quarter Report is true, accurate
and complete and this Report is free from any misrepresentation, misleading statement or major
omission, and agree to assume joint and several liability for this Quarter Report.
The Principal of the Company, Person in Charge of the Accounting Work and Person in Charge
of the Accounting Body (Chief Accountant) warrant the information presented in the financial
statements in this Quarter Report is true, accurate and complete.
Whether the financial statements of the 1st quarter have been audited
□ Yes √ No
本报告为深圳光峰科技股份有限公司自愿披露的《2025 年第一季度报告（英文版）》，对本
报告的中英文版本理解上发生歧义时，以中文版本为准。
This is 2025 First Quarter Report (English version) voluntarily disclosed by Appotronics
Corporation Limited. In the event of any discrepancy between the English and Chinese versions of this
Report, the Chinese version shall prevail.
Appotronics Corporation Limited The First Quarter Report in 2025
I. Major Financial Data
(I) Main accounting data and financial indicators
In RMB
Change on a
Item Current period Prior period
year-on-year basis (%)
Operating revenue 461,382,026.25 445,039,193.21 3.67
Net profit attributable to
shareholders of the listed -21,359,576.96 44,543,331.11 -147.95
company
Net profit attributable to
shareholders of the listed
-23,974,913.50 622,945.86 -3,948.64
company after deduction of
non-recurring profit or loss
Net cash flow from operating
activities
Basic earnings per share
-0.05 0.10 -150.00
(RMB/share)
Diluted earnings per share
-0.05 0.10 -150.00
(RMB/share)
Weighted average return on net
-0.78 1.57 -2.35 percentage points
assets (%)
Total R&D investments 63,015,830.26 54,022,432.44 16.65
Proportion of R&D investments
to operating revenue (%)
At the end of Changes at the end of
the current At the end of the reporting period
reporting the prior year from the end of the
period prior year (%)
Total assets 4,091,205,356.58 4,255,663,351.00 -3.86
Owners’ equity attributable to
shareholders of the listed 2,719,899,594.77 2,740,047,895.12 -0.74
company
(II) Items and amounts of non-recurring profit or loss
√ Applicable □ N/A
Appotronics Corporation Limited The First Quarter Report in 2025
In RMB
Amount for the
Item of non-recurring profit or loss Description
current period
Gain or loss on disposal of non-current assets, including write-off
of provision for asset impairment
Government grants recognized in profit or loss for the current
period (excluding government grants that are closely related to
the business of the Company and are provided in accordance
with established standards with continuous effects on the profit
or loss of the Company according to the provisions of national
policies)
Profit or loss on changes in the fair value of financial assets and
financial liabilities held by non-financial enterprises and profit or
loss on the disposal of financial assets and financial liabilities, 783,124.94
other than those used in the effective hedging activities related to
normal operating business of the Company
Profit or loss from entrusting others to invest or manage assets 596,598.66
Net profit or loss of subsidiaries from the beginning of the period
up to the business combination date recognized as a result of 185,274.09
business combination involving entities under common control
Other non-operating revenue and expenses 50,461.54
Other profits or losses items meeting the definition of
non-recurring profit or loss
Less: Effect of income taxes 375,024.46
Effects attributable to minority interests (net of tax) 173,572.13
Total 2,615,336.54
It is required to specify the reason for defining items not illustrated in the Information Disclosure and
Presentation Rules for Companies Making Public Offering of Securities No. 1 - Non-recurring Profit or
Loss as non-recurring profit or loss items of significant amounts, and reasons for defining non-recurring
profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies
Making Public Offering of Securities No. 1 - Non-recurring Profit or Loss as recurring profit or loss
items.
□ Applicable √ N/A
(III) Description of and reasons for changes in the main accounting data and financial indicators
√ Applicable □ N/A
Project % Change Main reason
Primarily due to the decrease in the gross
profits and increase in R&D expenses caused
Net profit attributable to
by the changes in the income structure in the
shareholders of the listed -147.95
current period, the selling and holding of
company
shares in Gabrielle and the gains on changes in
fair values in the same period of the prior year.
Appotronics Corporation Limited The First Quarter Report in 2025
Primarily due to the small base number in the
Net profit attributable to
same period of the prior year, and the decrease
shareholders of the listed
-3,948.64 in the gross profits and increase in R&D
company after deduction of
expenses caused by the changes in the income
non-recurring profit or loss
structure in the current period.
Primarily due to the increase in receivables
Net cash flow from operating
activities
period.
Primarily due to the decrease in the net profit
Basic earnings per share
-150.00 attributable to shareholders of the listed
(RMB/share)
company during the reporting period.
Primarily due to the decrease in the net profit
Diluted earnings per share
-150.00 attributable to shareholders of the listed
(RMB/share)
company during the reporting period.
In the first quarter of 2025, we insisted on the strategy of “core technologies + core components +
application scenarios” and maintained the R&D investments in upstream core components and
cutting-edge fields with a focus on the layout of and expansion to innovative fields including AR/AI,
robots, automotive optics, etc. During the reporting period, our operating revenue was RMB 461 million,
increased by 3.67% year on year; where the automotive optics business achieved the operating revenue
of RMB 78.78 million, up by 64.03% year on year. The operating conditions of the Company during the
reporting period include:
Automotive optics business
Since the beginning of 2025, we have acquired 3 high-quality nominations from domestic and
overseas well-known automobile manufacturers, and received continuous orders from Seres for
automotive projection giant screen systems to be used on AITO M8 and M9 models. In the first quarter
of 2025, our automotive optics business achieved the operating revenue of RMB 78.78 million, up by
In April 2025, we officially released the “Lingjing” smart automotive optics system on the
Shanghai International Automobile Industry Exhibition 2025 (Auto Shanghai 2025). This system can
achieve discretionary projection for the whole vehicle and smart interaction through AI speech control,
so as to create a new mode of automotive optics featuring “full projection in the vehicle with
discretionary projection” and improve the optical features and user experiences of the vehicle in all
Appotronics Corporation Limited The First Quarter Report in 2025
aspects. During the Auto Shanghai 2025, we declared a strategic cooperation with Valeo, a global leader
in automotive lighting systems and software, and jointly released a new generation of automotive
lighting solutions integrating Appotronics’s ALL-in-ONE universal colorful laser headlights. This
innovative solution not only enhances the adaptive driving beam (ADB) function of vehicles to greatly
improve safety on road, but also meets drivers’ increasing needs for comfortable lighting and
entertainment functions, so as to provide a safer, smarter, and more personalized driving experiences for
the global market.
Dedicated display business
In the World Expo 2025 (Expo 2025) in Osaka started in April 2025, our products were successfully
used in the pavilions of China, Cambodia, and Gabon. Nearly a hundred of laser large venue projection
devices broke through the boundaries of physical exhibition and implemented tens of light and shadow
presentation tasks, which facilitate the presentation of the culture of the countries in a more vivid
manner by making use of technologies, hence showcasing the scientific strength and brand image of
China by opening the global laser market with our technologies and products. The recognition and use of
our products by three major national pavilions at the Expo 2025 indicate the successful expansion of our
large venue business to the overseas market relying on its product quality and technology accumulation.
Innovative applications
We always pay attention to emerging application scenarios in the laser industry and actively explore
product layouts and application scenarios for combination with our technologies, so as to continuously
expand and extend the boundaries for application scenarios of laser technologies. At the International
Consumer Electronics Show (CES 2025), we released a split-type optical fiber light engine, which is the
first of its kind in the industry. This product achieved innovation for laser light engines in aspects of
technology, product form, and application scenario, and can achieve unprecedented flexibility.
Meanwhile, we released an ultra-small fully colorful AR light engine solution with the volume of only
which can meet the lightweight requirements of AR glasses.
At the Hong Kong Electronics Fair (Spring Edition), we released a new laser engraver product to
the industry for the first time. The laser engraver is both a breakthrough achieved by the Company in
upstream core components and the first innovative product we developed in the industrial field. Thanks
Appotronics Corporation Limited The First Quarter Report in 2025
to the precision laser processing technologies, the laser engraver we released has obvious advantages in
improving production efficiency and ensuring product quality, so that it can meet high-precision
manufacturing requirements for use in scenarios including creative fabrication, part processing,
industrial labeling, etc. The new products and new technologies we exhibited this time are highly
practical, and are expected to be implemented in more scenarios. We will continue our innovation of
application scenarios for laser, so as to expand the application boundaries of our products.
（1）Non-recurring profit or loss: During the reporting period, our non-recurring profit or loss
reduced by RMB 41.3050 million. On a comparable basis, our non-recurring profit or loss for the first
quarter of 2024 was higher, primarily due to the investment incomes from our investment in Gabrielle
and gains or losses on changes in fair values in the first quarter of 2024;
（2）Businesses: During the reporting period, at the request of overseas customers, we postponed
the shipment of partial orders of overseas cinema light sources, which reduced the operating revenue and
profit for the first quarter on a year-on-year basis; despite the increase in the proportion of the
automotive optics business, due to the characteristics of the automotive part industry, the gross profit
margin of the automotive optics business is lower than that of the cinema and dedicated display
businesses. In summary, our business structure is at the stage of transformation, and the overall gross
profit margin may decrease to a certain extent;
（3）Expenses: During the reporting period, we enhanced R&D investments - the R&D expenses
increased by nearly RMB 9.00 million compared with the same period of the prior year.
II. Shareholder Information
(I) Table of total number of ordinary shareholders and preferred shareholders with resumed voting
right as well as shareholding status of top 10 shareholders
Unit: Share
Total number of preferred
Total number of ordinary shareholders shareholders whose voting right
as of the end of the reporting period has been restituted as of the end of
the reporting period (if any)
Shares held by top 10 shareholders (excluding shares lent out under the refinancing arrangement)
Appotronics Corporation Limited The First Quarter Report in 2025
Number of Shares
Number non-tradable pledged,
Shareh of shares held, marked, or
Nature of Number of olding non-trad including the frozen
Shareholder
shareholder shares held ratio able shares lent
Status
(%) shares out under the Num
of
held refinancing ber
shares
arrangement
Domestic
Shenzhen Appotronics non-state
Holdings Limited owned
corporation
Shenzhen Yuanshi Laser Domestic
Industrial Investment non-state
Consulting Partnership owned
(LP) corporation
Domestic
Nantong Strait
non-state
Appotronics Investment 18,381,208 4.00 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Appotronics
non-state
Daye Investment 17,056,167 3.71 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Appotronics
non-state
Hongye Investment 13,601,344 2.96 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Appotronics
non-state
Chengye Consulting 10,394,846 2.26 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
Shenzhen Jinleijing
non-state
Investment Limited 9,892,706 2.15 0 0 None 0
owned
Partnership (LP)
corporation
Domestic
LUO Xiaobin natural 8,979,004 1.95 0 0 None 0
person
Hong Kong Securities
Foreign
Clearing Company 7,475,665 1.63 0 0 None 0
corporation
Limited
Appotronics Corporation Limited The First Quarter Report in 2025
Bank of China Co., Ltd. -
Stable Income Bond
Others 6,866,571 1.50 0 0 None 0
Securities Investment
Fund of E Fund
Shares held by top 10 holders of tradable shares (excluding shares lent out under the refinancing
arrangement)
Type and number of shares
Shareholder Number of tradable shares held Type of Number
shares
RMB-denomi
Shenzhen Appotronics Holdings Limited 79,762,679 nated ordinary 79,762,679
share
RMB-denomi
Shenzhen Yuanshi Laser Industrial
Investment Consulting Partnership (LP)
share
RMB-denomi
Nantong Strait Appotronics Investment
Partnership (LP)
share
RMB-denomi
Shenzhen Appotronics Daye Investment
Partnership (LP)
share
RMB-denomi
Shenzhen Appotronics Hongye
Investment Partnership (LP)
share
RMB-denomi
Shenzhen Appotronics Chengye
Consulting Partnership (LP)
share
RMB-denomi
Shenzhen Jinleijing Investment Limited
Partnership (LP)
share
RMB-denomi
LUO Xiaobin 8,979,004 nated ordinary 8,979,004
share
RMB-denomi
Hong Kong Securities Clearing Company
Limited
share
Bank of China Co., Ltd. - Stable Income RMB-denomi
Bond Securities Investment Fund of E 6,866,571 nated ordinary 6,866,571
Fund share
Appotronics Corporation Limited The First Quarter Report in 2025
of the Company constituted person acting in concert: Shenzhen
Appotronics Holdings Co., Ltd., Shenzhen Yuanshi Laser Industrial
Investment Consulting Partnership (LP), Shenzhen Appotronics Daye
Investment Partnership (LP), Shenzhen Appotronics Hongye
Affiliates or concert parties among the
Investment Partnership (LP), Shenzhen Appotronics Chengye
shareholders stated above
Consulting Partnership (LP), and Shenzhen Jinleijing Investment
Limited Partnership (LP).
or concert parties as defined in the Administrative Measures for the
Acquisition of the Listed Companies among other shareholders.
Description of margin trading, short
selling, and refinancing involving top
N/A
non-restricted shares (if any)
Lending of shares in refinancing businesses by shareholders holding over 5% shares, top 10 shareholders,
and top 10 holders of tradable shares
□ Applicable √ N/A
Change from the prior period due to lending/payback in refinancing businesses by top 10 shareholders
and top 10 holders of tradable shares
□ Applicable √ N/A
III. Other Events
Other important information about the business operation of the Company during the reporting period
requesting the attention of investors
□ Applicable √ N/A
IV. Quarterly Financial Statements
(I) Type of audit opinions
□ Applicable √ N/A
(II) Financial statements
Consolidated Balance Sheet
March 31, 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
Item March 31, 2025 December 31, 2024
Current Assets:
Appotronics Corporation Limited The First Quarter Report in 2025
Cash and bank balances 1,169,391,687.61 1,654,769,306.21
Balances with clearing agencies
Placements with banks and other financial
institutions
Held-for-trading financial assets 665,719,864.14 179,936,739.21
Derivative financial assets
Notes receivable 3,336,885.44 4,749,524.13
Accounts receivable 211,836,897.65 310,195,322.17
Receivables financing 19,189,555.03 12,552,177.09
Prepayments 28,642,754.32 31,091,853.76
Premiums receivable
Amounts receivable under reinsurance
contracts
Reinsurance contract reserves receivable
Other receivables 39,810,718.96 45,104,401.76
Where: Interests receivable
Dividends receivable 14,212,836.00 14,233,032.00
Financial assets purchased under resale
agreements
Inventories 480,357,456.50 595,519,245.19
Where: Data resources
Contract assets 2,508,524.31 1,741,984.19
Held-for-sale assets
Non-current assets due within one year 55,152,472.68 54,729,347.74
Other current assets 68,817,383.78 65,416,667.70
Total current assets 2,744,764,200.42 2,955,806,569.15
Non-current Assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables 38,061,954.60 37,190,876.33
Long-term equity investment 5,822,086.82 6,242,039.74
Investment in other equity instruments 7,075,419.38 7,075,419.38
Other non-current financial assets 83,880,808.01 84,000,000.04
Investment properties
Fixed assets 639,136,843.25 272,101,764.36
Construction in progress 95,643,581.17 406,450,625.01
Productive biological assets
Oil and gas assets
Right-of-use assets 91,274,546.36 108,676,133.66
Intangible assets 268,845,441.09 272,019,178.23
Where: Data resources
Development expenditure
Appotronics Corporation Limited The First Quarter Report in 2025
Where: Data resources
Goodwill
Long-term unamortized expenses 1,246,038.43 1,638,295.71
Deferred tax assets 97,581,772.18 90,057,468.25
Other non-current assets 17,872,664.87 14,404,981.14
Total non-current assets 1,346,441,156.16 1,299,856,781.85
Total assets 4,091,205,356.58 4,255,663,351.00
Current Liabilities:
Short-term borrowings 126,830,365.55 86,796,568.44
Loans from the central bank
Taking from banks and other financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 160,075,016.99 184,786,728.04
Accounts payable 254,966,909.43 351,760,010.32
Advance from customers 89,239,185.59 91,209,867.92
Contract liabilities 41,981,297.61 43,722,313.68
Financial assets sold under repurchase
agreements
Customer deposits and deposits from
banks and other financial institutions
Funds from securities trading agency
Funds from underwriting securities agency
Employee benefits payable 28,753,068.10 59,921,145.44
Taxes payable 27,997,363.58 25,262,217.19
Other payables 69,393,730.08 73,987,139.27
Where: Interests payable
Dividends payable
Fees and commissions payable
Amounts payable under reinsurance
contracts
Held-for-sale liabilities
Non-current liabilities due within one year 204,344,687.54 216,244,559.49
Other current liabilities 66,083,387.13 63,559,833.08
Total current liabilities 1,069,665,011.60 1,197,250,382.87
Non-current Liabilities:
Insurance contract reserves
Long-term borrowings 278,867,657.19 282,083,548.67
Bonds payable
Where: Preferred shares
Perpetual bonds
Lease liabilities 59,399,597.33 71,996,166.91
Appotronics Corporation Limited The First Quarter Report in 2025
Long-term payables
Long-term employee benefits payable
Provisions 36,924,947.29 30,299,456.94
Deferred income 2,000,562.66 2,245,051.44
Deferred tax liabilities 1,921,091.47 1,908,071.13
Other non-current liabilities
Total non-current liabilities 379,113,855.94 388,532,295.09
Total liabilities 1,448,778,867.54 1,585,782,677.96
Owners’ Equity (Shareholders’ Equity):
Paid-in capital (or share capital) 459,291,145.00 459,291,145.00
Other equity instruments
Where: Preferred shares
Perpetual bonds
Capital reserve 1,555,546,613.51 1,554,154,511.33
Less: Treasury shares 29,891,962.32 29,891,962.32
Other comprehensive income 8,450,591.43 8,631,417.00
Special reserve
Surplus reserve 103,160,084.90 103,160,084.90
General risk reserve
Undistributed profit 623,343,122.25 644,702,699.21
Total owners’ (or shareholders’) equity
attributable to owners of the parent 2,719,899,594.77 2,740,047,895.12
company
Minority interests -77,473,105.73 -70,167,222.08
Total owners’ (or shareholders’) equity 2,642,426,489.04 2,669,880,673.04
Total liabilities and owners’ (or
shareholders’) equity
Principal of the Company: LI Yi Person in Charge of the Accounting Work: WANG Yingxia
Person in Charge of the Accounting Body: WANG Yingxia
Consolidated Income Statement
January to March 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
Item First quarter of 2025 First quarter of 2024
I. Total operating revenue 461,382,026.25 445,039,193.21
Where: Operating revenue 461,382,026.25 445,039,193.21
Interest income
Premiums earned
Fee and commission income
II. Total operating costs 485,731,424.15 436,256,932.50
Appotronics Corporation Limited The First Quarter Report in 2025
Where: Operating costs 345,083,519.38 305,903,493.15
Interest expenses
Fee and commission expenses
Surrenders
Claims and policyholder benefits (net of
amounts recoverable from reinsurers)
Net withdrawal of insurance contract
reserves
Insurance policyholder dividends
Expenses for reinsurance accepted
Taxes and surcharges 2,757,883.51 1,543,505.22
Selling expenses 38,636,068.43 38,848,722.23
Administrative expenses 35,880,897.77 39,231,871.63
R&D expenses 63,015,830.26 54,022,432.44
Financial expenses 357,224.80 -3,293,092.17
Where: Interest expense 4,040,777.00 4,712,870.30
Interest income 5,806,131.65 8,393,771.91
Add: Other incomes 6,839,682.12 10,334,146.75
Investment income (loss is indicated by
-508,740.55 15,035,443.71
“-”)
Where: Income from investments in
-419,952.92 -254,854.31
associates and joint ventures
Gains from derecognition of
financial assets measured at amortized cost
Foreign exchange gains (loss is indicated
by “-”)
Gains from net exposure hedges (loss is
indicated by “-”)
Gains from changes in fair values (loss is
indicated by “-”)
Losses of credit impairment (loss is
indicated by “-”)
Impairment losses of assets (loss is
-12,280,962.90 -4,251,644.39
indicated by “-”)
Gains from disposal of assets (loss is
indicated by “-”)
III. Operating profit (loss is indicated by “-”) -25,314,423.65 54,595,615.97
Add: Non-operating revenue 180,945.64 15,252.07
Less: Non-operating expenses 180,852.02 367,856.76
IV. Total profits (total losses are indicated by “-”) -25,314,330.03 54,243,011.28
Less: Income tax expenses -950,840.50 12,901,079.19
V. Net profits (net losses are indicated by “-”) -24,363,489.53 41,341,932.09
(I) Categorized by the continuity of operation
Appotronics Corporation Limited The First Quarter Report in 2025
-24,363,489.53 41,341,932.09
losses are indicated by "-")
(net losses are indicated by “-”)
(II) Categorized by the ownership
the parent company (net losses are indicated by -21,359,576.96 44,543,331.11
“-”)
-3,003,912.57 -3,201,399.02
shareholders (net losses are indicated by “-”)
VI. Other comprehensive income, net of tax -113,660.21 423,343.93
(I) Other comprehensive income that can be
attributable to owners of the parent company, net -180,825.57 318,931.77
of tax
be reclassified subsequently to profit or loss
(1) Changes from remeasurement of defined
benefit plans
(2) Other comprehensive income that cannot be
reclassified to profit or loss under the equity
method
(3) Changes in fair value of investments in other
equity instruments
(4) Changes in fair value of enterprises’ own
credit risks
reclassified to profit or loss
(1) Other comprehensive income that will be
reclassified to profit or loss under the equity
method
(2) Changes in fair value of other debt
investments
(3) Amount of financial assets reclassified to
other comprehensive income
(4) Provision for credit impairment of other
debt investments
(5) Reserve for cash flow hedges
(6) Exchange differences on translation of -180,825.57 318,931.77
financial statements denominated in foreign
currencies
(7) Others
(II) Other comprehensive income that can be
attributable to minority shareholders, net of tax
Appotronics Corporation Limited The First Quarter Report in 2025
VII. Total comprehensive income -24,477,149.74 41,765,276.02
(I) Total comprehensive income that can be
-21,540,402.53 44,862,262.88
attributable to owners of the parent company
(II) Total comprehensive income that can be
-2,936,747.21 -3,096,986.86
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share (RMB/share) -0.05 0.10
(II) Diluted earnings per share (RMB/share) -0.05 0.10
In the event of business combinations involving entities under common control, the net profits realized
prior to the combination by the party being absorbed is: RMB 0, and the net profits realized in the last
period by the party being absorbed is: RMB 0.
Principal of the Company: LI Yi Person in Charge of the Accounting Work: WANG Yingxia
Person in Charge of the Accounting Body: WANG Yingxia
Consolidated Cash Flow Statement
January to March 2025
Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
Item First quarter of 2025 First quarter of 2024
I. Cash Flows from Operating Activities:
Cash receipts from the sale of goods and the 603,948,334.40 458,063,284.69
rendering of services
Net increase in customer deposits and deposits
from banks and other financial institutions
Net increase in loans from the central bank
Net increase in taking from banks and other
financial institutions
Cash receipts from premiums under direct
insurance contracts
Net cash receipts from reinsurance business
Net cash receipts from policyholders’ deposits
and investment contract liabilities
Cash receipts from interest, fees and
commissions
Net increase in taking from banks
Net increase in financial assets sold under
repurchase arrangements
Net cash received from securities trading
agencies
Receipts of tax refunds 7,726,367.13 3,613,547.07
Other cash receipts related to operating 10,750,106.30 17,358,037.32
activities
Appotronics Corporation Limited The First Quarter Report in 2025
Subtotal of cash inflows from operating 622,424,807.83 479,034,869.08
activities
Cash payments for goods purchased and 341,011,825.30 247,377,326.75
services received
Net increase in loans and advances to
customers
Net increase in balance with the central bank
and due from banks and other financial
institutions
Cash payments for claims and policyholders'
benefits under direct insurance contracts
Net increase in placements with banks and
other financial institutions
Cash payments for interest, fees and
commissions
Cash payments for insurance policyholder
dividends
Cash payments to and on behalf of employees 129,727,139.26 135,358,112.47
Payments of various types of taxes 22,032,544.43 17,746,847.25
Other cash payments related to operating 65,525,926.16 66,327,789.65
activities
Subtotal of cash outflows from operating 558,297,435.15 466,810,076.12
activities
Net cash flow from operating activities 64,127,372.68 12,224,792.96
II. Cash Flows from Investing Activities:
Cash receipts from disposals and recovery of 262,000,000.00 316,950,000.00
investments
Cash receipts from investment income 596,598.66 15,474,786.27
Net cash receipts from disposals of fixed
assets, intangible assets and other long-term 43,545.13
assets
Net cash receipts from disposals of subsidiaries
and other business units
Other cash receipts related to investing
activities
Subtotal of cash inflows from investing
activities
Cash payments to acquire or construct fixed
assets, intangible assets and other long-term 90,403,931.06 24,423,820.06
assets
Cash payments to acquire investments 777,000,000.00 335,000,001.00
Net increase in pledged loans receivables
Net cash payments for acquisitions of
Appotronics Corporation Limited The First Quarter Report in 2025
subsidiaries and other business units
Other cash payments related to investing 1,361,661.36
activities
Subtotal of cash outflows from investing
activities
Net cash flows from investment activities -604,807,332.40 -28,317,151.02
III. Cash Flows from Financing Activities:
Cash receipts from capital contributions 7,327,467.64
Where: Cash receipts from capital
contributions from minority shareholders of
subsidiaries
Cash receipts from borrowings 78,603,095.90 41,923,143.29
Other cash receipts related to financing -
activities
Subtotal of cash inflows from financing
activities
Cash repayments of borrowings 42,800,000.00 73,550,000.00
Cash payments for distribution of dividends or
profits or settlement of interest expenses
Where: Payments for distribution of dividends
or profits to minority shareholders of 323,762.05
subsidiaries
Other cash payments related to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flows from financing activities 23,665,664.05 -81,501,909.91
IV. Effect of Foreign Exchange Rate Changes
-1,024,105.48 652,614.64
on Cash and Cash Equivalents
V. Net Increase in Cash and Cash Equivalents -518,038,401.15 -96,941,653.34
Add: Opening balance of cash and cash 1,326,535,771.86 1,297,848,895.75
equivalents
VI. Closing Balance of Cash and Cash 808,497,370.71 1,200,907,242.41
Equivalents
Principal of the Company: LI Yi Person in Charge of the Accounting Body: WANG Yingxia
Person in Charge of the Accounting Body: WANG Yingxia
(III) Description of adjustments in opening balances of line items in financial statements of the
year due to initial adoption of new accounting standards or interpretations of standards since
□ Applicable √ N/A
Appotronics Corporation Limited The First Quarter Report in 2025
Be it hereby announced.
Board of Directors of Appotronics Corporation Limited
April 30, 2025
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