Liaoning Chunguang Intelligent Equipment Group Co., Ltd. (hereinafter referred to as “Chunguang Intelligent”) responded to the annual report inquiry letter issued by the exchange on June 17, revealing the company’s operating conditions and development prospects.
Chunguang Intelligence is a supplier of highly flexible intelligent packaging equipment integrating R&D, production and sales. It has been focusing on the food and pharmaceutical fields.
Its main products include food and pharmaceutical liquid filling equipment, strip bag packaging equipment, aluminum-plastic packaging equipment, fully automatic cartoning and fully automatic cartoning equipment, and highly flexible intelligent packaging linkage production lines.
The annual report shows that Chunguang Intelligent achieved operating income of 130 million yuan in 2025, a year-on-year increase of 65.74%; the net profit attributable to shareholders of the listed company and the net profit after deducting non-recurring gains and losses attributable to shareholders of the listed company were 1.2395 million yuan and 1.315 million yuan respectively, both of which completed losses.
In 2025, Chunguang Intelligent’s gross profit margin reached 28.73%, an increase of 13.33 percentage points from the previous year.
However, from a quarterly perspective, although Chunguang Intelligent achieved profitability in the first two quarters of 2025, in the second half of 2025, Chunguang Intelligent suffered losses for two consecutive quarters, and the loss in the fourth quarter expanded quarter-on-quarter.
Regarding the reasons and rationality for two consecutive quarters of losses in the second half of 2025 and the expansion of losses in the fourth quarter, as well as questions about whether there are inter-temporal recognition of income and carryover of costs and expenses, Chunguang Intelligent’s reply letter explained that the performance changes are due to the income of the automation equipment industry
It is business reasonable to confirm the combined effect of seasonal fluctuations, differences in order delivery structure and rigid expenditures of fixed costs; at the same time, the company’s revenue recognition strictly follows accounting standards, and the collection of costs and expenses is strictly matched with revenue recognition. There is no inter-temporal recognition of revenue and carryover of costs and expenses.
In addition, although Chunguang Intelligent’s revenue and profits have both achieved positive growth in 2025, the company’s net cash flow generated from operating activities during the same period has turned from positive to negative year-on-year.
-20.4479 million yuan.
Regarding the exchange’s questions about cash flow, Chunguang Intelligent explained that the decrease in net cash flow generated from operating activities was mainly due to the increase in purchases and tax payments. This change was mainly affected by the expansion of the current business scale, stocking and settlement cycles, and was a periodic and operating cash outflow fluctuation.
The reply letter shows that Chunguang Intelligent has sufficient reserves of orders on hand.
As of the end of 2025, the domestic order amount of Chunguang Intelligent on hand was 73.7201 million yuan.
Among them, follow-up cooperation projects with multiple core customers have entered the communication stage. Customer stickiness is strong and orders are sustainable.
Overseas, in 2025, Chunguang Intelligent successfully landed a large order from a company in Vietnam.
At present, Chunguang Intelligent is also conducting in-depth communication with the customer on subsequent equipment procurement, equipment upgrades and second-phase project cooperation, and is expected to form continuous order contributions.
At the same time, Chunguang Intelligent has reserved multiple potential customer projects in Southeast Asia and the Middle East through third-party intermediary channels, and some orders have entered the business negotiation stage.
Overseas market expansion has moved from the “first order breakthrough” to the “continuous increase in volume” stage.
In the reply letter, regarding the external industry situation, Chunguang Intelligence judged that the industry trend is improving and downstream demand has long-term support.
Professional technicians who have been engaged in the field of pharmaceutical production for a long time said that in recent years, the pharmaceutical industry has been advancing around the national strategic orientation of high-end, intelligent, and green. The new version of the Pharmacopoeia has put forward stricter requirements for the quality of pharmaceutical packaging materials, and local governments have also built supporting pharmaceutical packaging quality evaluation laboratories, further forcing the comprehensive iterative upgrade of packaging equipment and technology.
According to investment consultants, as the downstream pharmaceutical and food industries continue to expand and improve quality, they will also bring stable support to the demand for packaging equipment. Companies with customized solution capabilities and stronger technology research and development capabilities will have prominent competitive advantages and will usher in long-term dividends.
At the same time, with the continuous breakthroughs in technology and the gradual breaking of monopolies, outstanding domestic packaging equipment companies are also accelerating their internationalization.
