**"Pioneering Progress: PPSI's Financial Turnaround Signals Hope Amidst Ongoing Challenges

Financial Performance

At the end of 2024, Pioneer Electric (stock code: PPSI) recorded a total operating revenue of -RMB29.62 million, a significant improvement from -RMB22.17 million at the end of 2023. This change indicates an improvement in the company's performance in terms of operating revenue, albeit still in the negative range.

Key Financial Data

1. The total operating revenue in 2024 was -RMB29.62 million, a 93.34% improvement from -RMB22.17 million in 2023. This change reflects a significant progress in the company's revenue generation, albeit still in a loss-making state, but with a significantly reduced loss.

2. The sales cost decreased from -RMB13.99 million in 2023 to -RMB40.29 million in 2024, indicating positive results in cost control.

3. Non-current operating income increased to RMB35.204 million from RMB4.381 million in 2023, providing additional cash flow and improving the overall financial situation.

4. The potential recovery of market demand and changes in industry policies may have a positive impact on the company's revenue improvement.

Peer Comparison

1. Industry-wide analysis: The overall electrical industry may have experienced a certain recovery in 2024, especially in the demand for green energy and electrical equipment. Industry companies generally face challenges in rising costs, but many companies have successfully raised their revenue levels through technological innovation and efficiency improvement.

2. Peer evaluation analysis: Compared with peers, PPSI performed well in terms of revenue improvement, albeit still in a loss-making state, but with a smaller reduction in revenue compared to other companies in the industry, demonstrating its competitiveness and adaptability in the market.

Summary

Pioneer Electric's financial performance in 2024 shows significant improvement, although still in a loss-making state, but with a significantly reduced loss, indicating progress in revenue generation and cost control. The significant increase in non-current operating income also brought additional cash flow, helping to further improve the financial situation.

Opportunities

1. The E-Boost device sales and leasing business of Pioneer Electric grew by 130% year-on-year in the third quarter of 2024, with potential to continue driving revenue growth.

2. The company plans to launch a new product, Home E-Boost, and explore opportunities in vertical markets such as sports venues and airports, which may further expand its market share.

3. The collaboration with NOMAD Transportable Power Systems to launch a zero-emission mobile electric vehicle charging platform aligns with market demand for green energy, potentially bringing new revenue sources.

Risks

1. Although revenue has improved, the company remains in the negative range, and continued losses may affect its long-term sustainable development.

2. Intense competition in the industry, and the market performance and innovation capabilities of other companies may pose a threat to PPSI's market share.

3. The recovery of market demand is uncertain, and changes in industry policies may affect the company's future revenue and profitability.