香港交易及結算有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而 産生或因依賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份編號：00042） 截 至 二 零 二 三 年 六 月 三 十 日 止 六個 月 之 未 經 審 計 業 績 公 告 東北電氣發展股份有限公司（「本公司」）董事會（「董事會」）及董事（「董事 」）謹此宣佈本公司及其附屬公司（「本集團」）截至二零二三年六月三十日止之 未經審計中期業績。 第一節 重 要 提 示 1.1 公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真 實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連 帶的法律責任。 1.2 公司董事長蘇偉國、主管會計工作負責人黨釗釗及會計機構負責人(會計主管人 員)李玲聲明：保證本半年度報告中財務報告的真實、準確、完整。 ...

Financial Performance - In 2022, the company's revenue was RMB 161,003,000, an increase of 34.8% compared to RMB 119,485,000 in 2021[11] - The company reported a loss before tax of RMB 25,515,000 in 2022, compared to a profit of RMB 17,466,000 in 2021[11] - The company reported a net profit attributable to shareholders of approximately RMB -25.14 million for the year[17] - The basic loss per share was RMB 0.03 in 2022, compared to a profit of RMB 0.02 per share in 2021[11] - The gross profit for the year was RMB 92.22 million, an increase of RMB 23.4 million, with a growth rate of 34% compared to the previous year[18] - The company achieved operating revenue of RMB 161 million, an increase of RMB 41.52 million, representing a growth of 34.75% compared to the previous year[18] Assets and Liabilities - Total assets decreased to RMB 181,481,000 in 2022 from RMB 197,239,000 in 2021, reflecting a decline of 8.8%[11] - Total liabilities increased to RMB 374,511,000 in 2022, up from RMB 364,776,000 in 2021, indicating a rise of 3.0%[11] - The company's equity attributable to shareholders was negative at RMB 193,030,000 in 2022, compared to negative RMB 167,537,000 in 2021[11] - The company's current liabilities amounted to RMB 306.05 million, while non-current liabilities were RMB 68.47 million[34] - As of December 31, 2022, the company's net current liabilities and total liabilities were RMB 201,237,000 and RMB 193,030,000 respectively, indicating significant uncertainty regarding the company's ability to continue as a going concern[93] Financial Ratios - The company's current ratio decreased to 34.25% in 2022 from 41.95% in 2021, indicating a decline in short-term financial health[11] - The debt-to-asset ratio increased to 206.36% in 2022 from 184.94% in 2021, reflecting higher leverage[11] - As of December 31, 2022, the company's debt-to-asset ratio was 206%, up from 185% in 2021[44] Operational Challenges - The company faced significant operational pressure due to the ongoing impact of the COVID-19 pandemic and structural adjustments in the power industry[15] - The company anticipates challenges in 2023 due to a slowdown in domestic economic growth and structural adjustments impacting the traditional power industry, particularly thermal power[50] - The company faces increasing market competition in its core businesses, which may negatively impact average profit levels; it aims to enhance innovation and operational efficiency to mitigate this risk[62] Strategic Initiatives - The company is actively working on issuing new H-shares to attract strategic investors, with a subscription agreement signed on July 27, 2022[24] - The company plans to enhance its brand strategy and optimize resource allocation while accelerating the issuance of H-shares to improve development quality and efficiency[53] - The company aims to strengthen cash flow management by enhancing receivables collection and seeking external funding support[56] - A joint venture has been established with Beijing Chuqihou Brand Management Co., Ltd. to create a new business growth point in tourism services[56] - The company plans to enhance its financial sustainability and profitability by utilizing various financing methods in 2023, aiming to improve its capital structure and reduce financial costs[60] Employee and Governance - The total remuneration for all directors during the term of the 10th Board is capped at RMB 6 million (after tax) per fiscal year[111] - The total remuneration for all supervisors during the term of the 10th Supervisory Board is capped at RMB 800,000 (after tax) per fiscal year[111] - The company has a total of 36,031 common shareholders as of the reporting period[138] - The board of directors consists of 9 members, including 3 independent directors, all of whom have participated in relevant training[182] - The independent directors attended all board meetings and shareholder meetings, with no absences reported for the board meetings[194] Market and Product Development - The company is investing in R&D, allocating 8% of its revenue towards new technology development[160] - New product launches are expected to contribute an additional $50 million in revenue in the upcoming fiscal year[160] - Market expansion plans include entering two new international markets by Q3 2023[160] - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million allocated for potential deals[160] Safety and Compliance - The company maintained a zero accident rate in safety management throughout the year[20] - The company is committed to ensuring production safety and has implemented measures to enhance emergency response capabilities[97] - The company is committed to environmental protection and sustainable development, adhering to relevant laws and regulations[135]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份編號：00042） 截至 2022 年 12 月 31 日 止年度之全年業績公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.49(1)條及附錄16第45段規定作出。 財務摘要 2022年全年，本公司及其附屬公司綜合營業額約為人民幣1.61億元，較2021年度增加約人民幣 4,152萬元。 本公司股權持有人應占收益為人民幣-2,514萬元。 本公司股權持有人應占每股利潤為人民幣-2.88分。 董事會已議決不宣派2022年末期股息。 ...

Financial Performance - The company's total revenue for the reporting period was RMB 28,446,337.20, representing a decrease of 24.82% compared to the same period last year[14]. - The net profit attributable to shareholders of the listed company was RMB -11,819,705.03, showing a slight increase in loss compared to RMB -11,818,431.23 in the previous year[14]. - The net cash flow from operating activities was RMB -8,835,387.64, a significant decline from RMB 61,702,699.13 in the same period last year[14]. - Revenue for the first half of the year was RMB 28,446 million, a decrease of 24% compared to RMB 37,839 million in the same period last year[19]. - The pre-tax loss was RMB 11,853 million, slightly higher than the loss of RMB 11,594 million in the previous year[19]. - The company reported a net loss attributable to shareholders of RMB 11,820 million, slightly higher than the loss of RMB 11,818 million in the previous year[19]. - The company's revenue for the reporting period was RMB 28.45 million, a decrease of 24.82% compared to RMB 37.84 million in the same period last year[43]. - The net loss attributable to shareholders was RMB 11.82 million, with a loss per share of RMB 0.0135[43]. - The company reported a loss before tax of RMB 11,853,000, compared to a loss of RMB 11,594,000 in the previous year, indicating a slight increase in losses[153]. - The company reported a total comprehensive loss of RMB (11,539) thousand for the first half of 2021, compared to a loss of RMB (11,707) thousand in the same period of 2020, indicating a slight improvement[168]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 143,979,973.17, down 8.60% from RMB 157,525,808.79 at the end of the previous year[14]. - Total assets at the end of the reporting period were RMB 143,980 million, down from RMB 157,896 million at the end of the previous year, representing a decrease of 8.8%[21]. - The company's total liabilities to total assets ratio increased to 236.49% as of June 30, 2021, compared to 217% in 2020[101]. - The total liabilities were RMB 196,517,000, an increase from RMB 185,229,000 at the end of 2020[160]. - The company's total liabilities increased to CNY 234,700,124.38 as of June 30, 2021, compared to CNY 233,578,711.56 at the end of 2020[192]. - Total liabilities slightly decreased from CNY 342.76 billion to CNY 340.50 billion, a reduction of about 0.7%[180]. - The company's total current liabilities decreased from CNY 229.65 billion to CNY 219.52 billion, a decrease of approximately 4.4%[180]. - The company's cash and cash equivalents decreased to RMB 7,957,501.63, representing 5.53% of total assets, down from 8.20% the previous year, a decrease of 2.67%[77]. - The company's cash and cash equivalents decreased to RMB 3,709 thousand from RMB 4,678 thousand, reflecting a decline of about 20.7%[168]. - The company's total assets decreased from CNY 157.53 billion on December 31, 2020, to CNY 143.98 billion on June 30, 2021, representing a decline of approximately 8.6%[176]. Shareholder Information - The net assets attributable to shareholders of the listed company were RMB -198,674,376.15, compared to RMB -187,420,368.40 at the end of the previous year[14]. - The number of shareholders at the end of the reporting period was 48,805, with the largest shareholder holding 29.44% of the shares[27]. - The largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., held 257,097,899 shares, representing 29.53% of the total shares[32]. - Shareholders' equity showed a negative balance of RMB 196,517 million, worsening from a negative RMB 185,229 million year-on-year[21]. - The company's total equity attributable to shareholders as of June 30, 2021, was RMB (1,060,789) thousand, compared to RMB (941,138) thousand at the end of 2020, reflecting a worsening of approximately 12.7%[172]. Operational Strategies and Challenges - The company plans not to distribute cash dividends or issue bonus shares[4]. - The company has not disclosed any new product developments or market expansion strategies during this reporting period[19]. - The company faced challenges in order fulfillment and cash collection due to the pandemic but managed to increase order volume through new product development[48]. - The company is actively addressing risks associated with the ongoing COVID-19 pandemic by implementing strict prevention measures[53]. - The company plans to enhance operational efficiency and core competitiveness to reverse the current loss situation[58]. - The company aims to expand its hotel-related business to increase revenue and profit, thereby enhancing its sustainable profitability[58]. - The company is facing significant market competition, which has negatively impacted the average profit level in the industry[56]. - The company is actively adjusting its business structure to accelerate the transition to modern service industries, enhancing its core competitiveness[114]. Audit and Compliance - The company’s financial report has been reviewed and confirmed by the audit committee[4]. - The company has established an audit committee under the board of directors in accordance with the listing rules[139]. - The company has confirmed compliance with the standard code for securities trading by directors during the reporting period[137]. Research and Development - The company invested ¥728,861.03 in R&D, marking a 100% increase due to expenditures related to the closed bus subsidiary[65]. - Research and development expenses for the first half of 2021 were CNY 728,861.03, reflecting ongoing investment in innovation[197]. Legal Matters - The company is facing a lawsuit regarding employee placement fees, which is currently under judicial review[119]. - The court ruled that Shenyang High Voltage Switch Co., Ltd. must pay 28.53 million RMB plus interest to the State-owned Assets Supervision and Administration Commission of Shenyang City within 15 days of the judgment becoming effective[120].

Financial Performance - The company's consolidated revenue for the six months ended June 30, 2022, was RMB 36.4 million[4]. - The profit attributable to equity holders of the company was RMB -17.77 million, resulting in a loss per share of RMB -0.0205[4]. - Operating revenue for the current period reached CNY 36,398,794.86, representing a 27.96% increase compared to the same period last year[30]. - Net profit attributable to shareholders was CNY -17,771,697.62, a 50.36% decline from CNY -11,819,705.03 in the previous year[30]. - The company's revenue for the reporting period was RMB 36.4 million, an increase of 28% compared to RMB 28.45 million in the same period last year[75]. - The net loss attributable to shareholders was RMB 17.77 million, with a loss per share of RMB 0.0205[75]. - The company reported a net loss of ¥17,880,458.74 for the first half of 2022, worsening from a loss of ¥11,853,553.23 in the same period of 2021[193]. - The total comprehensive income for the first half of 2022 was -16,589,098.86 CNY, worsening from -11,572,089.60 CNY year-over-year[200]. - The company continues to face challenges in maintaining profitability, as indicated by the increased net loss year-over-year[196]. Financial Position - Total assets decreased by 5.57% to CNY 183,602,625.72 from CNY 194,427,879.43 at the end of the previous year[33]. - Total liabilities increased by 1.59% to CNY 367,727,760.81 from CNY 361,963,915.66 at the end of the previous year[33]. - The company's equity attributable to shareholders showed a decline, with a total of CNY -186,185,382.16 as of June 30, 2022, compared to CNY -169,697,083.93 at the end of 2021[173]. - The company has a negative equity of RMB -186,185,382.16 as of June 30, 2022, indicating a debt-to-asset ratio of 200.28%[120]. - The total assets as of June 30, 2022, amounted to ¥307,070,039.42, a decrease from ¥310,074,996.63 at the end of 2021[187]. - Total liabilities decreased to ¥200,933,624.46 as of June 30, 2022, down from ¥202,136,402.48 at the end of 2021, reflecting a reduction of approximately 0.6%[183]. Cash Flow - The company reported a net cash flow from operating activities of CNY -10,708,561.48, which is a 21.20% increase in outflow compared to CNY -8,835,387.64 in the previous year[35]. - The cash inflow from sales of goods and services surged by 263.51% to ¥87,463,461.05, accounting for 240.29% of operating revenue[93]. - The company's cash and cash equivalents decreased by 11.26% to ¥16,545,067.01, accounting for 9.01% of total assets[89]. - The company's cash and cash equivalents decreased to ¥7,393.51 from ¥18,629.59, indicating a decline of about 60.3%[176]. Corporate Governance - The board of directors confirmed that the financial report is true, accurate, and complete, with no false records or major omissions[4]. - The report was reviewed and approved by the board meeting held on August 30, 2022[4]. - The company did not declare any interim dividends for the six months ending June 30, 2022[76]. - The company plans not to distribute cash dividends or issue bonus shares for the fiscal year[127]. Shareholder Information - The total number of shares before the change was 873,370,000, with 99.31% being unrestricted shares[51]. - The number of shareholders holding more than 5% of ordinary shares was 37,355, with the largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holding 29.54%[54]. - The largest shareholder, Beijing Haihongyuan Investment Management Co., Ltd., holds 9.33% of the shares, totaling 81,494,850 shares[54]. - The company confirmed that the public shareholding is sufficient as of June 30, 2022[56]. Operational Highlights - The company has developed five new products, including fully insulated busbars and smart bus dehumidification systems, resulting in over RMB 10 million in revenue from new products[78]. - The company secured a contract worth RMB 14.27 million for a closed busbar project in the Hami region, marking its entry into the pumped storage power market[79]. - The company has been recognized as a high-tech enterprise in Liaoning Province, enhancing its competitive edge in the market[78]. - The company maintains a strong production capacity and advanced manufacturing capabilities in the power transmission and transformation equipment sector[79]. - The company expanded its hotel business by adding 6 new hotels, contributing to steady revenue growth[94]. Strategic Initiatives - The company is actively pursuing strategic transformation to mitigate risks associated with its A-share market exit and to ensure sustainable development[83]. - The management aims to improve operational efficiency and core competitiveness to reverse the current loss situation[84]. - The company is focusing on enhancing its operational efficiency to address the ongoing financial challenges[200]. Legal and Compliance - Fushun Electric Porcelain has filed a lawsuit against Northeast Electric for joint liability regarding a debt of RMB 11,258,221.34 due to a contract dispute[131]. - Northeast Electric incurred a loss of RMB 170.46 million due to a court ruling that did not recognize a payment as fulfilling a judgment, leading to a claim for the return of the amount[133]. - The company reported no significant post-balance sheet events as of the reporting date[158]. - The audit committee confirmed the financial accounting principles and methods adopted for the half-year results ending June 30, 2022[157].

Regulatory Actions - The chairman of Northeast Electric Development Co., Ltd. received a warning and a fine of 200,000 yuan from the China Securities Regulatory Commission due to information disclosure violations during his tenure at HNA Infrastructure[1]. - The penalty is unrelated to Northeast Electric's operations and will not impact its daily business activities[1]. Information Disclosure - The company emphasizes that all information will be disclosed on designated platforms, including the National Equities Exchange and Quotations and the Hong Kong Stock Exchange[1].

Financial Performance - The company's total revenue for 2021 was RMB 83,700,725, an increase of RMB 3,709,837.66 compared to 2020[13]. - The profit attributable to shareholders was RMB 17,630,000, translating to earnings per share of RMB 0.02[16][17]. - The company's operating revenue for 2021 was CNY 83,701,000, representing a 4.64% increase compared to CNY 79,991,000 in 2020[40]. - The net profit attributable to shareholders for 2021 was CNY 17,629,000, a decrease of 72.45% from CNY 63,977,000 in 2020[40]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -40,114,000, compared to CNY -144,024,000 in 2020[40]. - The net cash flow from operating activities for 2021 was CNY 5,434,000, a significant recovery from CNY -76,154,000 in 2020[40]. - The total assets at the end of 2021 were CNY 194,428,000, an increase of 23.43% from CNY 157,526,000 at the end of 2020[40]. - The net assets attributable to shareholders at the end of 2021 were CNY -169,697,000, showing an improvement from CNY -187,420,000 at the end of 2020[40]. - The basic earnings per share for 2021 were CNY 0.02, down 71.43% from CNY 0.07 in 2020[40]. - The company reported a total revenue of CNY 14,828,244.46 in Q1 2021, with a net profit attributable to shareholders of CNY -2,970,061.29[44]. - In Q3 2021, the company achieved a net profit attributable to shareholders of CNY 35,678,874.89, indicating a strong performance in that quarter[44]. Corporate Governance and Compliance - The board of directors confirmed that all members attended the meeting to discuss and approve the annual report[10]. - The financial report was audited by both domestic and international auditing firms, with no reservations noted[10]. - The report was reviewed and confirmed by the audit committee prior to approval by the board[10]. - The company is committed to ensuring the accuracy and completeness of the financial report, with key personnel assuming legal responsibility[9]. - The company emphasizes that forward-looking statements do not constitute a commitment to investors, highlighting potential risks[11]. - The company has outlined its future development strategies and potential risks in the board report[11]. - The company will implement strict internal control measures to mitigate operational risks and ensure compliance with regulatory standards[89]. Strategic Initiatives and Future Plans - The company plans not to distribute cash dividends or issue bonus shares, pending approval at the 2021 annual general meeting[12]. - The company is actively seeking strategic investors to enhance its ongoing operational capabilities and avoid the risk of delisting from the A-share main board[70]. - The company’s A-share stock is at risk of being delisted due to negative net profit after deducting non-recurring gains and losses for three consecutive years, along with a negative net asset value[75]. - The company plans to introduce new businesses and enhance its product offerings to create new economic growth points and improve overall performance[79]. - In 2022, the company plans to actively seek strategic investors to raise funds for acquiring new business assets, focusing on optimizing resource allocation and enhancing operational efficiency[79]. - The company aims to strengthen cash flow management by enhancing receivables collection and securing external funding, with a borrowing limit of up to 50 million yuan from a strategic partner[83]. - The company will explore new markets and adjust its product structure to increase the proportion of higher-margin products, such as insulation pipe busbars, in sales revenue[89]. - The company will utilize various financing methods, including capital market operations, to enhance its financial resources and support sustainable development[91]. Operational Challenges and Responses - The company faced significant operational pressure due to the ongoing impact of the COVID-19 pandemic and structural adjustments in the macroeconomic environment[56]. - The company implemented strict pandemic prevention measures to ensure safe production and stable operations[57]. - The company has established a special debt collection task force to accelerate cash flow and ensure daily operational funding needs[63]. - The company has implemented comprehensive corporate governance and risk control measures to enhance team collaboration and operational efficiency[64]. - The company anticipates a slowdown in domestic economic growth and power demand due to macroeconomic conditions, which may negatively impact future performance[78]. Research and Development - Since 2018, the company has invested no less than 5% of its annual revenue in R&D, resulting in the acquisition of 15 new utility model patents and multiple new product innovations[63]. - The company’s R&D expenses decreased by 13.72% to ¥2,158,871[154]. - R&D investment amounted to ¥2,158,870.95 in 2021, a decrease of 13.72% from ¥2,502,192.76 in 2020[158]. - R&D expenditure accounted for 2.58% of operating revenue in 2021, down from 3.13% in 2020, representing a decline of 0.55%[158]. Market and Revenue Insights - Revenue from closed bus production and sales decreased by 15.93% to ¥40,991,226, accounting for 48.97% of total revenue[134]. - Revenue from the hotel and catering industry increased by 30.47% to ¥40,498,372, representing 48.38% of total revenue[134]. - The gross profit margin for closed bus production and sales improved by 2.98 percentage points to 9.75%[134]. - The gross profit margin for the hotel and catering industry increased by 1.14 percentage points to 80.84%[134]. - The company experienced a significant increase in revenue from the central region, which grew by 90.58% to ¥11,733,314[130]. Financial Position and Liabilities - As of December 31, 2021, the company's current liabilities amounted to RMB 294.39 million, and non-current liabilities were RMB 70.39 million[107]. - The company's cash and cash equivalents were approximately RMB 18.65 million as of December 31, 2021, compared to RMB 12.91 million in 2020[111]. - The asset-liability ratio of the group was 185% as of December 31, 2021, down from 217% in 2020[120]. - The company has no short-term borrowings as of the report date[104]. - The top five suppliers accounted for 32.77% of the total annual purchases, totaling RMB 16.60 million[123]. - The largest customer accounted for 10.36% of the total annual sales, with total sales to the top five customers amounting to RMB 16.73 million, representing 14.01% of total sales[124]. Subsidiary Performance and Investments - The total revenue for Hainan Yitang Hotel Management Co., Ltd. was approximately ¥42.22 million, with a net profit of ¥6.67 million[179]. - The company reported a total loss of ¥50.89 million for Chongqing HNA Hotel Investment Co., Ltd. during the reporting period[195]. - The company’s subsidiaries reported significant losses, with total liabilities exceeding assets in multiple cases, indicating financial distress[180]. - The investment in HNA Tianjin Center Development Co., Ltd. has a fair value of zero due to asset pledges exceeding market value, resulting in no recoverable amount[180]. - The investment in Chongqing HNA Hotel Investment Co., Ltd. also has a fair value of zero, with no dividends received during the reporting period[195].

Financial Performance - The company's operating revenue for the first quarter of 2022 was RMB 12,518,233.17, a decrease of 15.58% compared to RMB 14,828,244.46 in the same period last year[9] - The net profit attributable to shareholders of the listed company was a loss of RMB 19,749,124.65, compared to a loss of RMB 2,970,061.29 in the previous year, indicating a significant decline[9] - The company reported a comprehensive loss of -21,110,533.03, compared to -2,792,584.42 in the previous period, indicating a significant deterioration in overall financial performance[38] - Basic and diluted earnings per share were both -0.0226, compared to -0.0034 in the previous period, highlighting a decline in profitability per share[38] Cash Flow - The net cash flow from operating activities was a negative RMB 5,039,833.48, an improvement from a negative RMB 7,430,407.71 in the same period last year[9] - Cash inflow from operating activities amounted to $41,708,434.86, a significant increase from $15,008,278.61 in the previous period[39] - Total cash outflow from operating activities was $48,790,028.67, compared to $18,045,809.49 in the prior period, resulting in a net cash flow from operating activities of -$5,039,833.48, an improvement from -$7,430,407.71[41] - The ending cash and cash equivalents balance was $13,602,160.06, down from $18,645,415.83 at the beginning of the period, reflecting a decrease in liquidity[43] - The company reported a net increase in cash and cash equivalents of -$5,043,255.77, compared to -$5,426,175.26 in the previous period, indicating ongoing cash management challenges[43] Assets and Liabilities - Total assets at the end of the reporting period were RMB 182,216,412.79, down 6.28% from RMB 194,427,879.43 at the end of the previous year[9] - Total liabilities amounted to 370,862,982.05, up from 361,963,915.66, representing a growth of 2.5%[31] - Current liabilities totaled 300,954,697.52, an increase from 291,574,330.72, marking a rise of 3.8%[31] - Non-current liabilities decreased slightly to 69,908,284.53 from 70,389,584.94, a decline of 0.7%[31] - The total equity attributable to shareholders of the parent company was -190,659,843.18, worsening from -169,697,083.93 in the previous period[33] Expenses - The company's sales expenses increased by 35.52% to RMB 5,532,956.20 due to the expansion of hotel operations[13] - Management expenses surged by 282.62% to RMB 14,892,998.93, attributed to fixed costs and the impact of expanded hotel operations[13] - Cash paid to employees rose by 180.66% to RMB 14,055,304.54, driven by the expansion of hotel operations[13] - Research and development expenses for the current period were 839,992.99, reflecting ongoing investment in innovation[34] Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,524, with the top 10 shareholders holding a combined 40.35% of shares[16] - Hong Kong Central Clearing Limited holds 29.44% of shares, amounting to 257,119,899 shares[18] - Beijing Haihongyuan Investment Management Co., Ltd. holds 9.33% of shares, totaling 81,494,850 shares[18] Corporate Governance - The board of directors consists of five executive directors and three independent non-executive directors, ensuring a diverse governance structure[46] - The company has not conducted any repurchase transactions among the top 10 common shareholders during the reporting period[22] - The indirect controlling shareholder and actual controller of the company have changed due to the completion of a restructuring plan[26] Compliance and Reporting - The company has not undergone an audit for the first quarter report, which may affect stakeholder confidence in the financial statements[45] - The company has not applied new financial instrument standards or new revenue recognition standards, indicating a potential area for future compliance and reporting adjustments[44] Other Financial Metrics - The company reported no non-recurring gains or losses during the reporting period[15] - The company experienced a 100% decrease in cash recovered from the disposal of fixed assets, with no proceeds from land disposals in the current period[15] - Total operating costs increased significantly to 33,174,628.16, up from 18,224,544.27, reflecting a rise of 82.2%[34] - Net profit for the current period was -19,896,898.43, compared to -2,977,592.60 in the previous period, indicating a substantial increase in losses[36] - The company's A-shares were terminated from listing on April 20, 2022, due to a negative net profit and operating revenue below 100 million RMB for the fiscal year 2021[23]

Financial Performance - The company's total revenue for the year was RMB 79.991 million, a decrease of RMB 22.35 million compared to 2019[14]. - The profit attributable to shareholders was RMB 63.977 million, resulting in earnings per share of RMB 0.07[17][18]. - The company's operating revenue for 2020 was CNY 79,991,000, a decrease of 21.84% compared to CNY 102,341,000 in 2019[36]. - Net profit attributable to shareholders was CNY 63,977,000, a significant recovery from a loss of CNY 40,166,000 in 2019[36]. - The company reported a total revenue of CNY 19,959,624.69 in Q4 2020, with a net profit of negative CNY 99,671,199.52[41]. - The company achieved operating revenue of approximately RMB 79.99 million, a decrease of 21.84% compared to the previous year, which is a reduction of about RMB 22.35 million[122]. - The net profit attributable to shareholders of the listed company was approximately RMB 63.98 million[122]. Assets and Liabilities - Total assets at the end of 2020 were CNY 157,526,000, down 66.98% from CNY 477,041,000 at the end of 2019[36]. - The company's net assets attributable to shareholders were negative CNY 187,420,000, compared to negative CNY 56,590,000 in 2019[36]. - As of December 31, 2020, the company's current liabilities amounted to RMB 230.02 million, while non-current liabilities were RMB 113.11 million, resulting in total liabilities significantly exceeding total assets[102]. - The company's asset-liability ratio as of December 31, 2020, was 217%, compared to 111% in 2019, indicating a substantial increase in financial leverage[115]. - The total liabilities were reported at 343.13 million RMB, down from 528.49 million RMB in 2019[49]. Cash Flow - The net cash flow from operating activities was negative CNY 76,154,000, compared to a positive CNY 3,337,000 in the previous year[36]. - Operating cash inflow decreased by 33.56% to 90,465,760.84 yuan, while cash outflow increased by 25.44% to 166,619,858.02 yuan, resulting in a net cash flow from operating activities of -76,154,097.18 yuan, a decline of 2,382.24%[154]. - Cash and cash equivalents increased by 547.20% compared to the previous year, despite a net decrease of 65,991,857.94 yuan[154]. Dividends and Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares, pending approval at the annual general meeting[13]. - The company plans not to distribute cash dividends or issue bonus shares for the fiscal year[95]. Audit and Compliance - The financial reports were audited and confirmed by both domestic and international auditing firms, with no reservations noted[11]. - The board of directors and senior management have guaranteed the accuracy and completeness of the annual report[10]. - The company's financial statements were prepared in accordance with both Chinese and international accounting standards[11]. Future Outlook and Strategy - The company has outlined potential risks and measures in the "Future Development Outlook" section of the board report[12]. - The company has not made any substantial commitments regarding future plans or strategies, advising investors to be aware of investment risks[12]. - The company anticipates a slowdown in domestic electricity demand growth and investment due to macroeconomic conditions, which may negatively impact future performance[72]. - In 2021, the company plans to optimize its industrial layout and deepen reforms to enhance operational efficiency and core competitiveness[77]. - The company aims to leverage capital market financing channels to support business transformation and enhance core competitiveness[80]. - The company plans to explore hotel management business opportunities through its subsidiary, Hainan Yitang Hotel Management Co., Ltd., to expand its business scope[83]. - The company aims to strictly control expenses and improve profitability levels in its main business[83]. - The company is focused on improving its internal control systems to mitigate operational risks and protect shareholder interests[84]. - The company will actively seek government support policies to address the ongoing impacts of the pandemic on its hotel management operations[88]. Research and Development - The company invested at least 5% of its revenue in R&D, resulting in the acquisition of 15 new utility model patents[58]. - Research and development expenses increased by 144.82% to ¥2,502,192.76 due to increased investment in new product development[146]. - Research and development (R&D) investment increased by 150.22% to 2,502,192.76 yuan, accounting for 3.13% of operating income, up from 0.98% in the previous year[150]. - The number of R&D personnel remained at 12, but their proportion of total staff increased from 7.40% to 10.00%[150]. Operational Performance - The hotel and catering business revenue decreased by 49% due to the ongoing impact of the COVID-19 pandemic[55]. - The company implemented cost control measures, achieving savings of over one million RMB in various expenses[56]. - The company achieved a non-current asset disposal gain of 32.74 million RMB, primarily from the sale of a factory[45]. - Revenue from closed bus production and sales increased by 18.84% to ¥48,756,932.40, accounting for 60.95% of total revenue[124]. - Revenue from the hotel and catering industry decreased by 49.38% to ¥31,039,468.36, representing 38.80% of total revenue[124]. - The gross profit margin for closed bus production and sales was 6.77%, down 54.61% year-over-year[127]. Investments and Acquisitions - The company acquired a 30% stake in Chongqing HNA Hotel for CNY 48,900,000, with the hotel's net asset valuation at CNY 163,338,600 as of December 31, 2019[63]. - The company reported a significant investment loss of 48,900,000 yuan from a 30% equity stake in Chongqing HNA Hotel, and a credit impairment loss of 71,765,302.96 yuan related to deposits with HNA Financial Company[159]. - The company confirmed the sale of assets related to the government acquisition of its subsidiary, Fuxin Closed Busbar Co., Ltd.[177]. - The company has chosen to invest in the upstream and downstream hotel industry to enhance its operational capabilities and align with its business transformation strategy[195]. Related Party Transactions - The company reported a related party transaction with its major shareholder, incurring interest expenses of RMB 17,000 in 2020, compared to zero in 2019[198]. - The estimated market value of the office space provided by the major shareholder for the company's daily operations was RMB 1,149,000 in 2020, a significant increase from zero in 2019[198].

Financial Performance - The company's total revenue for the reporting period was RMB 37,838,750.59, a decrease of 16.22% compared to RMB 45,163,758.53 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was RMB -11,818,431.23, compared to RMB -3,924,330.74 in the previous year[19]. - The basic earnings per share were RMB -0.0135, compared to RMB -0.0045 in the previous year[19]. - The company reported a net loss attributable to shareholders of RMB 11,818 million, compared to a loss of RMB 3,924 million in the same period last year[26]. - The net loss attributable to the company's equity holders for the six months ended June 30, 2020, was RMB 67,768 thousand, compared to a net loss of RMB 56,590 thousand for the same period in 2019, indicating an increase in loss of approximately 19.4%[170]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB -13,119,309.96[19]. - The company reported a loss before tax of RMB 11,594,000, compared to a loss of RMB 3,389,000 in the previous year, indicating a significant increase in losses[164]. - The net loss for the period was RMB 11,874,000, compared to a net loss of RMB 3,909,000 in the same period last year, reflecting a worsening financial performance[164]. Cash Flow and Liquidity - The net cash flow from operating activities was RMB 61,702,699.13, a significant improvement from RMB -2,091,919.29 in the same period last year[19]. - The company reported a net cash inflow from operating activities of RMB 4,852 thousand for the six months ended June 30, 2020, compared to a net cash outflow of RMB 3,254 thousand for the same period in 2019, marking a turnaround in operational cash flow[176]. - The company has increased its cash and cash equivalents to RMB 81,839,967.09, accounting for 17.24% of total assets, down from 26.06% in the previous year due to the acquisition of a 30% stake in a hotel[91]. - Cash and cash equivalents decreased significantly to RMB 4,678 thousand as of June 30, 2020, down from RMB 63,918 thousand at the end of the previous year, reflecting a decline of approximately 92.7%[176]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 474,674,913.01, reflecting a decrease of 0.50% from RMB 477,041,464.23 at the end of the previous year[19]. - Total liabilities increased to RMB 537,015 million from RMB 528,494 million, reflecting a rise in financial obligations[29]. - The company's total liabilities as of June 30, 2020, were RMB 112,101 thousand, slightly down from RMB 113,210 thousand as of December 31, 2019, reflecting a decrease of about 1.0%[169]. - The company's total equity attributable to equity holders decreased to RMB (67,768) thousand as of June 30, 2020, from RMB (56,590) thousand at the end of 2019, indicating a worsening equity position[170]. - Current liabilities exceeded current assets by ¥231,083,200.33 as of December 31, 2019, indicating potential liquidity issues[129]. Shareholder Information - The number of shareholders holding more than 5% of ordinary shares was 10, with a total of 55,036 ordinary shares held at the end of the reporting period[37]. - The largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., held 257,097,899 shares, representing 29.44% of the total shares[37]. Operational Challenges - The company faced significant operational challenges due to the COVID-19 pandemic, impacting both its hotel management and power equipment manufacturing sectors[57]. - The company has not reported any significant new product developments or market expansions during this period[26]. - The company is actively optimizing its industrial layout and strengthening management in response to the challenging business environment[57]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company plans to enhance operational efficiency and core competitiveness to reverse the current loss situation and protect shareholder interests[73]. - The company aims to actively seek related business opportunities to facilitate its strategic transformation in the modern service industry[72]. - The company decided to terminate the non-public issuance of H shares due to the expiration of the subscription agreement with HNA Hotel Group, and has applied to withdraw the application documents from the China Securities Regulatory Commission[64]. Legal and Compliance Issues - The company is involved in a lawsuit regarding a labor settlement fee dispute, with a court ruling requiring the company to pay RMB 24.99 million and a penalty of RMB 1.25 million[64]. - The company has established an audit committee under the board of directors in compliance with listing rules[150]. - The company strictly adheres to corporate governance codes and has not deviated from the prescribed guidelines, except for the temporary dual role of the chairman and CEO[147].