Qingtao Energy's R&D investment and loss situation

Qingtao Energy invests heavily in research and development. From 2023 to 2025, its R&D expenditures were RMB 142 million, RMB 296 million, and RMB 377 million, respectively, accounting for 57.2%, 72.9%, and 40.0% of its revenue during the same period. However, these investments have not translated into profits, with net losses of RMB 853 million, RMB 999 million, and RMB 1.302 billion during the same period.