Corporate Governance and Leadership - The company held 1 meeting of the Nomination Committee during the reporting period, reviewing proposals including the appointment of Mr. Li Ming as President and Mr. Zheng Yanwen and Mr. Zhang Wengang as Vice Presidents[1] - The company's Nomination Committee operates in strict compliance with laws and regulations, providing relevant opinions based on the company's actual situation[1] - The Supervisory Committee had no objections to the supervision matters during the reporting period[1] - The company elected Pang Xinyuan as chairman and appointed Li Ming as president, along with other executive changes, effective from January 4, 2022[64] - Mr. Chen Jiancheng serves as Chairman of multiple subsidiaries including Zhejiang Wolong Shunyu Investment Co., Ltd. and Zhejiang Wolong Real Estate Investment Co., Ltd.[11] - Mr. Pang Xinyuan holds positions such as Executive Director and Manager of Wolong (Zhejiang) Enterprise Headquarters Management Co., Ltd. and Chairman of Wolong Electric (Shanghai) Central Research Institute Co., Ltd.[11] Financial Performance and Profit Distribution - The company did not propose a cash profit distribution plan despite having positive distributable profits, but no specific reasons or plans for the undistributed profits were disclosed[3] - The company's 2022 profit distribution plan proposes a cash dividend of RMB 1.5 per 10 shares (tax included) based on the total share capital minus shares held in the repurchase account[68] - The company's basic earnings per share (EPS) for 2022 was 0.6152 yuan, a decrease of 18.98% compared to 2021[106] - The diluted EPS for 2022 was 0.6145 yuan, a decrease of 18.89% compared to 2021[106] - The weighted average return on equity (ROE) for 2022 was 9.27%, a decrease of 3.24 percentage points compared to 2021[106] - The company's non-GAAP basic EPS for 2022 was 0.5716 yuan, an increase of 68.46% compared to 2021[106] - The non-GAAP weighted average ROE for 2022 was 8.62%, an increase of 3.03 percentage points compared to 2021[106] - Revenue for Q1-Q4 2023 was 3.53 billion, 3.67 billion, 4.06 billion, and 3.75 billion RMB respectively[109] - Net profit attributable to shareholders for Q1-Q4 2023 was 198 million, 300.56 million, 285.1 million, and 15.89 million RMB respectively[109] - Net cash flow from operating activities for Q1-Q4 2023 was 209.83 million, 235.9 million, 257.46 million, and 488.92 million RMB respectively[109] - Non-recurring gains and losses for 2021 included 450.38 million RMB from disposal of non-current assets and 93.78 million RMB from government subsidies[109] - The company achieved revenue of 14.998 billion yuan in 2022, up 7.14% year-on-year, with net profit attributable to shareholders of 800 million yuan, down 19.06%[135] - Operating cash flow decreased by 19.47% to 1.192 billion yuan in 2022 compared to 1.480 billion yuan in 2021[192] - Net profit attributable to the parent company's owners decreased by 19.06% to 800 million yuan in 2022[196] - Revenue increased by 7.14% to 14.998 billion yuan in 2022, with a year-on-year increase of 999 million yuan[197] - Industrial motors and drives segment revenue increased by 11.15% to 8.766 billion yuan, with a gross margin increase of 0.96 percentage points[198] - Electric transportation segment revenue increased by 45.04% to 968.81 million yuan, with a gross margin decrease of 1.75 percentage points[198] Senior Management and Compensation - The company conducts quarterly and annual performance evaluations of senior management based on their responsibilities and management objectives[9] - The company has a comprehensive system for monitoring and assessing the performance of senior management throughout the year[9] - The total number of shares held by directors and senior executives increased by 1,089,155 shares, primarily due to the employee stock ownership plan[13] - The total pre-tax compensation for directors and senior executives in the reporting period was 8.2453 million yuan[13] - The chairman, Pang Xinyuan, holds 814,559 shares, an increase of 192,061 shares due to the employee stock ownership plan[13] - The president, Li Ming, holds 1,274,259 shares, an increase of 685,294 shares due to the employee stock ownership plan[13] - The director, Wan Chuangqi, holds 923,621 shares, an increase of 211,800 shares due to the employee stock ownership plan[13] - The independent directors, Deng Chunhua, Chen Weihua, and Huang Sujian, each received a pre-tax compensation of 120,000 yuan[13] - The vice president, Zheng Yanwen, holds 150,000 shares with no change and received a pre-tax compensation of 909,300 yuan[13] - The vice president, Zhang Wengang, holds 140,000 shares with no change and received a pre-tax compensation of 554,000 yuan[13] - The chairman of the board of supervisors, Sun Huifang, received a pre-tax compensation of 202,600 yuan and is compensated by the company's related parties[13] - The total number of shares held by directors and senior executives at the end of the year was 25,655,695 shares[13] Environmental and Social Responsibility - The company conducted monthly third-party environmental emission index tests, with all data meeting standards, and installed an online monitoring system for sewage discharge, with data automatically uploaded to the environmental protection bureau's monitoring website[29] - The company invested a total of 2 million yuan in poverty alleviation and rural revitalization projects, with all funds allocated as cash[33] - The company emphasized green production, focusing on circular economy development, energy conservation, and emission reduction, ensuring pollutant discharge meets standards[41] - The company disclosed its 2022 Social Responsibility Report, highlighting its commitment to social responsibility and sustainable development[32] - The company conducted daily real-time monitoring of wastewater discharge through an online monitoring system, with data automatically uploaded to the environmental protection bureau's website[30] - The company's environmental protection efforts included regular maintenance and technical upgrades of pollution control equipment, enhancing waste treatment capabilities[29] - The company's annual self-monitoring plan included third-party environmental monitoring and internal monitoring, ensuring compliance with environmental regulations[30] Subsidiaries and Investments - The company transferred 100% equity of its wholly-owned subsidiary Shanghai Wolong Mining Co., Ltd. to Wolong Real Estate for a total transaction price of RMB 68 million[48] - The company, along with other investors, plans to invest RMB 435,373,330 in Longneng Power, with the company contributing RMB 199,999,968, of which RMB 40,816,320 will be registered as capital[48] - The company completed the transfer of 100% equity of Shanghai Wolong Mining Co., Ltd. to Wolong Real Estate for 68 million yuan[200] Guarantees and Financial Obligations - The company provided a total of RMB 69.9 million in guarantees during the reporting period, excluding guarantees for subsidiaries[59] - The total guarantee balance at the end of the reporting period, excluding guarantees for subsidiaries, was RMB 104.5 million[59] - The total guarantee amount, including guarantees for subsidiaries, was RMB 407.0455 million, accounting for 39.76% of the company's net assets[59] - The company provided guarantees totaling RMB 104.5 million for its controlling shareholder, Wolong Holding[59] - The company's total guarantee amount for entities with a debt-to-asset ratio exceeding 70% was RMB 220.3955 million[60] - The company's total guarantee amount for shareholders, actual controllers, and related parties was RMB 104.5 million[59] Share Structure and Capital - The company's total shares decreased by 563,460 shares, resulting in a total of 1,314,699,126 shares after the change[72] - The company's shares with limited sale conditions decreased by 3,504,000 shares, resulting in 6,408,000 shares after the change[72] - The company's shares without limited sale conditions increased by 2,940,540 shares, resulting in 1,308,291,126 shares after the change[72] Industry and Market Trends - In 2022, the global pump market size was 64 billion USD, with Asia-Pacific accounting for 37%[119] - The global air compressor and refrigeration compressor market size in 2022 was 55 billion USD and 16 billion USD respectively, expected to grow 4.75% in 2023[121] - Non-ferrous metal production is expected to increase from 67.74 million tons in 2022 to 70.11 million tons in 2023, a 3.5% growth[122] - Crude steel production in 2022 was 1.013 billion tons, down 2.10% year-on-year, while pig iron production was 864 million tons, down 0.80%, and steel production was 1.34 billion tons, down 0.80%[123] - China's apparent steel consumption in 2022 was 1.284 billion tons, down 5.5% year-on-year, with 2023 crude steel production forecasted at 1.0 billion tons and steel demand expected to drop to 910 million tons[123] - In 2022, China's crude oil production reached 205 million tons, up 2.9% year-on-year, while natural gas production was 217.79 billion cubic meters, up 6.4%[125] - China's petroleum and chemical industry revenue grew 14.4% in 2022, with refining sector revenue up 18.6% but profits down 87.6%, and chemical sector revenue up 10.1% with profits down 8.1%[126] - Global electric tool shipments in 2022 were 470 million units, down 19.3% year-on-year, with the market size declining 18.1% to $52.16 billion[141] - China's industrial coal production in 2022 reached 4.56 billion tons, up 10.5% year-on-year, with 2023 production expected to reach 4.75 billion tons, up 4.2%[145] - Global oil demand in 2023 is expected to reach 101.5 million barrels per day, exceeding pre-2020 levels, while natural gas demand is forecasted at 4.1 trillion cubic meters, up 0.7%[147] - Global renewable energy installed capacity reached 3,372 GW by the end of 2022, with a record 295 GW added during the year, accounting for 83% of new power capacity[149] - In 2022, Asia accounted for nearly half of the new renewable energy installations, with a total capacity of approximately 1,600GW. China led with 141GW of new installations, followed by Europe with 57.3GW and North America with 29.1GW[150] - Solar and wind energy dominated new installations, accounting for 90% of all new renewable energy capacity in 2022. Solar installations grew by 22%, while wind installations increased by 9%[150] - Global energy storage deployments reached 16GW in 2022, a 68% year-over-year increase. The Asia-Pacific region is expected to lead global growth, accounting for 44% of new storage capacity by 2030[150] - Global electric vehicle (EV) sales grew by 55% in 2022, reaching 10.1 million units. China was the largest market, accounting for 68% of global sales with 6.88 million units[151] - In 2022, China's new energy vehicle (NEV) production and sales reached 7.058 million and 6.887 million units, respectively, with market penetration reaching 25.6%. Pure electric vehicles accounted for 5.365 million units, while plug-in hybrids reached 1.518 million units[171] Business Strategy and Operations - The company is focusing on digital transformation and transitioning from a manufacturing-driven to a technology-driven enterprise[112] - The company's main businesses include motors and controls, photovoltaics and energy storage, and industrial internet[114] - The company's motor and control business is a core focus, with significant advancements in global manufacturing, sales networks, and technological innovation. The integration of overseas brands and domestic cost advantages has strengthened market competitiveness[156] - The company has established a comprehensive global marketing network, covering key markets in China, Asia-Pacific, Europe, and the Americas. The integration of online sales platforms and regional service bases has enhanced market competitiveness[157] - The company is focusing on digitalization, permanent magnet technology, and system solutions to build a sustainable development engine. Efforts are also being made to improve supply chain management and factory efficiency[153] - The company has enhanced manufacturing efficiency and market competitiveness through improved planning management and customer-centric service systems. Collaboration with external partners has driven market-oriented reforms[155] - The company expects the global energy storage market to grow at a CAGR of 23% from 2023 to 2030, with the Asia-Pacific region leading the growth, followed by EMEA and the Americas[150] - The company achieved steady growth in annual operating performance, focusing on the strategic goal of becoming the "Global Motor NO.1" and overcoming challenges such as economic downturn and global inflation[173] - The company accelerated the development of industries such as full electric drive, power quality management, and electrification in the transportation sector, while also expanding into photovoltaic and energy storage power station industries[173] - The company established R&D centers in China, Europe, and Japan, and a central research institute in Shanghai, focusing on leading technologies in motor and control fields, with significant achievements in domestic and international markets[178] - The company's R&D investment totaled 765.8 million yuan, accounting for 5.11% of total revenue, with 32.04% of R&D investment being capitalized[189] - The company's top five customers contributed 2.01 billion yuan in sales, accounting for 13.43% of total annual sales, with no related party sales[186] - The company's top five suppliers accounted for 1.4 billion yuan in procurement, representing 15.28% of total annual procurement, with no related party procurement[188] - The company's industrial motor and drive business had a total cost of 6.09 billion yuan, with raw materials accounting for 76.58% of the cost[184] - The company's daily-use motor and control business had a total cost of 2.66 billion yuan, with raw materials accounting for 85.71% of the cost[184] - The company's electric transportation business had a total cost of 797.5 million yuan, with raw materials accounting for 76.66% of the cost[184] - The company optimized performance management and evaluation models to enhance organizational vitality and support strategic goals, focusing on incentivizing strategic leaders, business breakers, and strivers[176] Financial Position and Liabilities - Overseas assets accounted for 27.56% of total assets, amounting to 6.462 billion yuan[193] - Long-term loans increased by 57.72% to 2.839 billion yuan in 2022, representing 12.11% of total assets[192] - Short-term loans decreased by 30.77% to 1.829 billion yuan in 2022, representing 7.80% of total assets[192] - R&D expenses increased by 11.75% to 575.15 million yuan in 2022[197] Auditing and Internal Control - The company's domestic accounting firm, ShineWing Certified Public Accountants, received a remuneration of 2.31 million yuan for auditing services[36] - The company's internal control audit was conducted by ShineWing Certified Public Accountants, with a remuneration of 800,000 yuan[36]

投资者可于 2023 年 05 月 10 日(星期三) 至 05 月 16 日(星期二)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 wolong600580@wolong.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 证券代码：600580 证券简称：卧龙电驱 公告编号：临2023-026 卧龙电气驱动集团股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）投资者可于 2023 年 05 月 10 日(星期三) 至 05 月 16 日(星期二)16:00 前登录上证路演中心网站首页，点击"提问预征集"栏目（http://roadshow.sseinf o.com/questionCollection.do），根据活动时间，选中本次活动或通过公 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥4,058,773,003.68, representing an increase of 8.71% compared to the same period last year[7]. - The net profit attributable to shareholders for Q3 2022 was ¥285,100,672.05, reflecting a growth of 13.76% year-over-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥264,822,496.73, which is an increase of 30.25% compared to the same period last year[7]. - The basic earnings per share for Q3 2022 was ¥0.2195, up by 13.91% year-over-year[10]. - The diluted earnings per share for Q3 2022 was ¥0.2188, reflecting a 13.60% increase compared to the same period last year[10]. - As of September 30, 2022, the total revenue for the first three quarters was CNY 11,250,720,345.50, an increase of 7.37% compared to CNY 10,477,651,183.10 in the same period of 2021[28]. - The net profit for the first three quarters of 2022 was CNY 843,653,773.26, representing a 17.3% increase from CNY 719,002,202.65 in the first three quarters of 2021[31]. - Total comprehensive income for the first three quarters of 2022 reached CNY 903,355,677.48, an increase of 23% compared to CNY 734,294,178.15 in the same period of 2021[33]. - Basic earnings per share for the first three quarters of 2022 was CNY 0.6033, up from CNY 0.5141 in the same period of 2021, reflecting a growth of 17.3%[33]. Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥23,428,380,262.47, which is a 6.43% increase from the end of the previous year[10]. - The total assets as of September 30, 2022, were CNY 23,428,380,262.47, compared to CNY 22,012,647,245.40 at the end of 2021, showing a growth of 6.4%[28]. - The total liabilities as of September 30, 2022, amounted to CNY 13,376,491,472.07, up from CNY 13,018,851,215.33 at the end of 2021[28]. - The total current liabilities decreased to 2,077,138,155.02 RMB from 2,641,540,305.70 RMB, a reduction of about 21.4%[23]. - The total owner's equity as of September 30, 2022, was CNY 10,051,888,790.40, compared to CNY 8,993,796,030.07 at the end of 2021, reflecting an increase of 11.8%[28]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥703,188,256.01, which decreased by 2.72% compared to the same period last year[10]. - Cash inflow from operating activities totaled CNY 9,763,142,025.46, an increase of 6.5% from CNY 9,164,796,090.32 in the first three quarters of 2021[36]. - Cash outflow for purchasing goods and services was CNY 5,948,134,576.98, compared to CNY 5,302,604,345.66 in the same period of 2021, indicating a rise of 12.2%[36]. - Cash flow from financing activities showed a net outflow of CNY 44,833,412.43, an improvement from a net outflow of CNY 337,870,194.42 in the same period of 2021[37]. - The company received CNY 4,603,536,635.14 in cash from financing activities, up from CNY 4,080,950,384.14 in the first three quarters of 2021, marking an increase of 12.8%[37]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 76,937[16]. - Zhejiang Wolong Shunyu Investment Co., Ltd. holds 422,798,480 shares, accounting for 32.15% of the total shares[16]. Operational Insights - The company attributed the increase in net profit to a decrease in material prices and an increase in gross profit margin during Q3 2022[11]. - Research and development expenses for the first three quarters of 2022 were CNY 386,432,522.31, up from CNY 357,288,245.93 in the same period of 2021, marking an increase of 8.2%[31]. - The company's total operating costs for the first three quarters were CNY 10,484,692,321.82, an increase of 6.9% from CNY 9,806,999,777.51 in the previous year[28]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[38].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 7,191,947,341.82, representing a 6.64% increase compared to CNY 6,744,171,763.23 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2022 was CNY 498,571,700.99, which is a 19.10% increase from CNY 418,609,104.52 in the previous year[18]. - Basic earnings per share for the first half of 2022 were CNY 0.3838, up 19.42% from CNY 0.3214 in the same period last year[19]. - The diluted earnings per share increased by 19.53% to CNY 0.3832 from CNY 0.3206 in the previous year[19]. - The company achieved operating revenue of 7.192 billion yuan in the reporting period, a year-on-year increase of 6.64%, and a net profit attributable to shareholders of 499 million yuan, up 19.10%[34]. - The total comprehensive income for the first half of 2022 was approximately 564.91 million, with a decrease of 28.57 million compared to the previous period[123]. Cash Flow and Assets - The net cash flow from operating activities decreased by 18.08% to CNY 445,728,552.81 from CNY 544,108,903.03 in the same period last year[18]. - The company's cash and cash equivalents increased to ¥2,587,818,098.08 from ¥2,338,495,816.66, reflecting a growth of approximately 10.6%[100]. - Cash inflow from operating activities increased to ¥6.28 billion, up 12.5% from ¥5.59 billion year-over-year[115]. - The ending balance of cash and cash equivalents increased to ¥2.31 billion, up from ¥1.93 billion at the end of the previous year[116]. - The total assets at the end of the reporting period were CNY 23,415,337,553.88, a 6.37% increase from CNY 22,012,647,245.40 at the end of the previous year[18]. - The company's total assets amounted to ¥16,000,000,000, reflecting a significant increase compared to the previous period[100]. Market and Sales Performance - The global air conditioning sales volume in the first half of 2022 was 88.49 million units, a year-on-year decline of 1.68%[30]. - In the first half of 2022, the overall washing machine sales volume was 31.905 million units, a year-on-year decline of 10.4%, with domestic sales at 18.542 million units (down 9.2%) and exports at 13.363 million units (down 14.2%)[31]. - The refrigerator market saw a retail revenue of 45.6 billion yuan in the first half of 2022, a year-on-year decrease of 3.4%, with production at 41.642 million units (down 6.2%) and exports at 31.26 million units (down 13.8%)[31]. - The small home appliance sector reported retail revenue of 26.38 billion yuan, a year-on-year decline of 4.9%, with retail volume at 111.36 million units (down 13.2%)[31]. - In the new energy vehicle market, production and sales reached 2.661 million and 2.6 million units respectively in the first half of 2022, both showing a year-on-year growth of 120% and achieving a market share of 21.6%[32]. Research and Development - The company’s R&D expenses increased by 8.44% to 254.49 million yuan, reflecting a commitment to technological innovation[38]. - The company aims to enhance its R&D capabilities by focusing on new technologies, materials, and processes to improve product competitiveness and ensure stable growth in its main business[27]. - The company plans to focus on high-efficiency, permanent magnet, electrification, and clean energy solutions, aiming to lead in the permanent magnet motor sector[35]. - Research and development investments have increased by 30%, focusing on innovative technologies in renewable energy[161]. Strategic Initiatives - The company is implementing a three-pronged strategy to boost OEM sales and expand distribution channels, aiming for sustainable sales growth[26]. - The company is actively building a global operational framework, which requires high-end management, sales, and technical talents with multinational operational capabilities[52]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $50 million allocated for this purpose[162]. - The company has initiated a strategic review for potential mergers and acquisitions to enhance its competitive position in the market[126]. Risk Management - The company has disclosed potential risks in the management discussion and analysis section of the report[6]. - The company faces risks related to macroeconomic conditions affecting downstream industries such as petrochemicals and power generation[51]. - The competitive landscape for micro and small motors is intense, with many domestic competitors due to lower industry entry barriers[51]. - The company is exposed to risks from exchange rate fluctuations and international trade environments, as its import and export businesses primarily settle in USD and EUR[52]. Environmental and Compliance - The company has implemented an environmental monitoring system for wastewater, with monthly third-party testing showing compliance with discharge standards[63]. - The company aims for a 100% compliance rate for waste gas and wastewater emissions, with specific targets for occupational health and safety[62]. - The company has successfully passed environmental evaluations for its projects, ensuring compliance with environmental protection standards[65]. - The company received a regulatory warning from the Shanghai Stock Exchange for failing to timely disclose related guarantee matters involving its controlling shareholder[75]. Shareholder and Capital Structure - The number of ordinary shareholders as of the end of the reporting period was 69,900[88]. - The largest shareholder, Zhejiang Wolong Shunyu Investment Co., Ltd., held 422,798,480 shares, representing 32.15% of the total shares[90]. - The company did not report any significant changes in share capital structure during the reporting period[87]. - The total amount of guarantees (including subsidiaries) was CNY 403,863,920, which accounts for 40.82% of the company's net assets[83].

Financial Performance - The company's operating revenue for Q1 2022 was ¥3,526,576,421.22, representing an increase of 18.02% compared to the same period last year[5] - The net profit attributable to shareholders was ¥198,013,111.42, reflecting a significant increase of 50.46% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥148,118,511.29, which is a 14.12% increase from the previous year[5] - The basic earnings per share (EPS) was ¥0.1524, up by 51.49% compared to the same period last year[5] - Total revenue for Q1 2022 reached CNY 2,824,893,097.83, an increase from CNY 2,445,138,996.60 in Q1 2021, representing a growth of approximately 15.5%[25] - Net profit for Q1 2022 was CNY 203,949,345.93, compared to CNY 141,685,002.74 in Q1 2021, reflecting a year-over-year increase of about 43.9%[22] - Operating profit for Q1 2022 was CNY 248,492,860.26, compared to CNY 188,695,683.73 in the same period last year, indicating a growth of around 31.7%[22] - The company reported a total comprehensive income of CNY 204,601,551.52 for Q1 2022, slightly down from CNY 210,865,014.28 in Q1 2021[23] - Basic earnings per share for Q1 2022 were CNY 0.1524, an increase from CNY 0.1006 in Q1 2021, representing a growth of approximately 51.5%[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥22,271,058,150.60, showing a slight increase of 1.17% from the end of the previous year[6] - The total assets as of March 31, 2022, amounted to RMB 22,271,058,150.60, up from RMB 22,012,647,245.40 at the end of 2021, reflecting a growth of 1.2%[19] - The total current assets increased to RMB 11,783,418,689.63 from RMB 11,610,050,860.17, representing a rise of 1.5%[18] - The total liabilities decreased slightly to RMB 12,989,953,468.64 from RMB 13,018,851,215.33, a decline of 0.2%[20] - The equity attributable to shareholders was ¥8,398,071,224.52, which increased by 2.40% compared to the previous year[6] - The equity attributable to shareholders increased to RMB 8,398,071,224.52 from RMB 8,201,361,442.12, reflecting a growth of 2.4%[20] - The long-term borrowings decreased to RMB 1,704,932,508.28 from RMB 1,800,124,000.80, a reduction of 5.4%[20] - The inventory decreased to RMB 2,962,264,205.42 from RMB 2,998,550,209.79, indicating a decline of 1.2%[18] Cash Flow - The net cash flow from operating activities was ¥209,828,925.99, down by 14.14% year-on-year[5] - The net cash inflow from operating activities was CNY 209,828,925.99, a decrease of 14.1% compared to CNY 244,387,420.13 in the previous year[26] - Total cash inflow from investment activities was CNY 246,511,236.01, compared to CNY 232,417,336.44 in the previous year, reflecting an increase of 6.5%[26] - The net cash outflow from investment activities was CNY -102,043,912.65, a significant decrease from CNY 110,848,463.14 in the previous year[26] - Cash inflow from financing activities totaled CNY 1,125,230,308.29, up from CNY 872,068,618.94, marking an increase of 29.0%[26] - The net cash flow from financing activities was CNY 3,635,782.10, a recovery from a net outflow of CNY -370,808,517.14 in the previous year[26] - The net increase in cash and cash equivalents was CNY 103,593,652.73, compared to a decrease of CNY -34,846,400.40 in the previous year[27] - The ending balance of cash and cash equivalents was CNY 2,162,306,020.12, an increase from CNY 1,942,716,651.73 in the previous year[27] - The total cash inflow from operating activities was CNY 3,370,987,344.72, compared to CNY 2,670,162,337.89 in the previous year, indicating a growth of 26.2%[26] Research and Development - Research and development expenses increased by 31.94%, indicating a rise in investment in innovation[7] - Research and development expenses increased to CNY 122,202,315.69 in Q1 2022, up from CNY 92,622,112.65 in Q1 2021, marking a rise of approximately 31.9%[22] Non-Recurring Gains and Losses - Non-recurring gains and losses totaled ¥49,894,600.13, with significant contributions from government subsidies and asset disposals[7]

Financial Performance - The company's operating revenue for 2021 was approximately ¥13.99 billion, representing an increase of 11.41% compared to ¥12.57 billion in 2020[23]. - Net profit attributable to shareholders was approximately ¥987.82 million, up 13.96% from ¥866.81 million in 2020[23]. - The net profit after deducting non-recurring gains and losses decreased by 34.39% to ¥440.61 million from ¥671.51 million in 2020[23]. - The net cash flow from operating activities increased by 20.90% to ¥1.48 billion compared to ¥1.22 billion in 2020[23]. - Basic earnings per share rose by 14.15% to ¥0.7593 from ¥0.6652 in 2020[24]. - The weighted average return on equity increased by 0.63 percentage points to 12.51% from 11.88% in 2020[24]. - Total assets at the end of 2021 were approximately ¥22.01 billion, a 5.74% increase from ¥20.82 billion at the end of 2020[23]. - The net assets attributable to shareholders increased by 7.55% to approximately ¥8.20 billion from ¥7.63 billion in 2020[23]. - The company achieved a total revenue of 1.78 billion CNY and a net profit of 81.87 million CNY for the reporting period[72]. - The total revenue for the company reached 22,545,823 million, with a year-on-year increase of 814.78%[94]. Dividend and Capital Management - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders based on the total share capital after deducting the shares held in the repurchase account[5]. - The company does not plan to increase capital reserves to share capital for the 2021 fiscal year[5]. - The company has not made any adjustments to its cash dividend policy during the reporting period, adhering strictly to its established regulations[120]. - The company completed the first phase of stock option grants, totaling 976,000 options, with the new total share capital reaching RMB 1,308,918,586[167]. Audit and Compliance - The company reported a standard unqualified audit opinion from the accounting firm Xin Yong Zhong He[4]. - The company’s financial report has been confirmed for its authenticity, accuracy, and completeness by the responsible persons[3]. - The company has established a robust internal control system to enhance governance and risk management, complying with relevant laws and regulations[81]. - The company’s governance practices are in compliance with legal and regulatory requirements, with no significant discrepancies noted[87]. - The audit committee convened 5 meetings during the reporting period, discussing the 2021 annual financial statements and related disclosures[111]. Risk Management - The company has detailed potential risks in the management discussion and analysis section of the report[7]. - The company faces macroeconomic risks that could impact downstream industries such as petrochemicals, coal, electricity, and cement, which are sensitive to national economic conditions and international growth rates[78]. - Raw material price fluctuations, particularly for copper and steel, significantly impact the company's operating performance, as these materials constitute a large portion of production costs[78]. - The company is exposed to exchange rate fluctuations and international trade environment risks, particularly with USD and EUR as primary settlement currencies for its import and export activities[78]. Market and Industry Trends - In 2021, the global air conditioning production reached 185 million units, with China producing 154 million units, accounting for 83.2% of the market share[35]. - The global washing machine sales volume in 2021 was 74.72 million units, a year-on-year increase of 6.2%, with domestic sales growing by 3.8%[35]. - The global pump market size was approximately 415.9 billion RMB in 2021, expected to reach 568 billion RMB by 2028, with a CAGR of 4.5% from 2022 to 2028[36]. - The global market size for air compressors and refrigeration compressors is projected to reach $53 billion and $15.4 billion respectively in 2021, totaling nearly $70 billion[37]. - The global sales of new energy vehicles reached 6.5 million units in 2021, with a year-on-year growth of 108%[41]. Strategic Initiatives - The company plans to accelerate the transition from "motor manufacturing" to providing motor power system solutions and full lifecycle service solutions, enhancing product and service value[31]. - The company is focusing on developing high-efficiency, low-carbon products in line with the dual-carbon economy trend, including innovations in electric motors for various transportation modes[31]. - The company aims to strengthen its digital transformation and lean management to improve operational efficiency[44]. - The company is committed to sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[98]. - The company has launched a new line of energy-efficient motors, projected to contribute an additional $100 million in revenue over the next two years[98]. Shareholder and Governance Changes - The company appointed Mr. Pang Xinyuan as the new chairman and Mr. Li Ming as the new president during the board meeting on January 4, 2022[99]. - The company reported a significant leadership change with the resignation of Mr. Chen Jiancheng as chairman and director, effective September 29, 2023[101]. - The chairman of the board, Pang Xinyuan, increased his shareholding from 250,640 to 622,498 shares, a growth of 148.5% during the reporting period[91]. - The CEO, Li Ming, acquired 588,965 shares through an employee stock ownership plan, marking a significant increase from zero shares at the beginning of the year[91]. Employee and Talent Management - The company has a total of 10,357 production staff, 765 sales personnel, and 1,583 technical staff among its employees[116]. - The company has implemented a stock option and restricted stock incentive plan, with the first phase of stock options granted in 2019[121]. - The company has a structured training program covering all employees, focusing on core competencies, general skills, and professional abilities[119]. - The company has established a performance-based compensation system to attract and retain core talent, emphasizing value contribution and market alignment[117]. Environmental Management - The company’s environmental management goals include achieving a 100% compliance rate for wastewater and a ≤5% downtime rate for environmental protection equipment[131]. - The company has committed to reducing carbon emissions, aiming for an annual production of 170 million kilowatts of high-efficiency energy-saving motors by 2023, achieving a 20% market share and saving 49 billion kilowatt-hours of electricity[138]. - The company emphasizes green production and has implemented effective measures to reduce emissions of waste gas, waste, and wastewater[138]. - The company has conducted monthly third-party environmental emission tests, with all results meeting compliance standards[131].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 3,733,479,419.87, representing a year-on-year increase of 13.28%[6] - The net profit attributable to shareholders for the same period was CNY 250,608,871.36, showing a decrease of 3.83% compared to the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 203,311,014.76, an increase of 3.39% year-on-year[6] - Total operating revenue for the first three quarters of 2021 reached ¥10,477,651,183.10, an increase of 13.4% compared to ¥9,240,267,582.92 in the same period of 2020[26] - Net profit for the third quarter of 2021 was ¥719,002,202.65, compared to ¥667,940,789.06 in the previous year, reflecting a growth of 7.7%[33] - The company reported a total comprehensive income of ¥734,294,178.15 for the third quarter, compared to ¥607,247,801.33 in the same period last year, an increase of 20.9%[35] Assets and Liabilities - The total assets at the end of the reporting period reached CNY 22,350,500,509.22, reflecting a growth of 7.37% from the end of the previous year[8] - As of September 30, 2021, the company's total assets reached approximately RMB 22.35 billion, an increase from RMB 20.82 billion as of December 31, 2020, representing a growth of about 7.3%[20] - Current liabilities totaled RMB 9.91 billion, up from RMB 8.81 billion, which is an increase of around 12.5%[23] - The total liabilities increased to ¥13,648,758,647.09 from ¥12,632,051,194.71, marking a rise of 8.0%[25] - Total assets amounted to approximately $20.82 billion, with a slight decrease from $20.85 billion[48] - Total liabilities were approximately $12.63 billion, slightly down from $12.67 billion[48] Equity and Earnings - The weighted average return on equity was 3.15%, a decrease of 0.42 percentage points compared to the same period last year[6] - The total equity attributable to shareholders at the end of the reporting period was CNY 7,993,375,530.41, an increase of 4.82% from the end of the previous year[8] - The total equity attributable to shareholders rose to ¥7,993,375,530.41, up from ¥7,625,779,095.45, representing a growth of 4.8%[25] - The company reported a basic earnings per share of CNY 0.1927, a decrease of 3.51% compared to the same period last year[6] - Earnings per share (EPS) for the third quarter were ¥0.5141, an increase from ¥0.4777 year-over-year[35] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 722,840,723.96, which decreased by 6.02% year-on-year[6] - The company experienced a 38.11% decrease in net cash flow from operating activities in the current reporting period, primarily due to an increase in bill guarantees[12] - The net cash flow from operating activities for the first three quarters of 2021 was CNY 722,840,723.96, a decrease of 6.0% compared to CNY 769,158,629.11 in the same period of 2020[40] - Total cash inflow from operating activities increased to CNY 9,164,796,090.32, up 8.9% from CNY 8,417,954,607.23 in the previous year[40] - Cash outflow from operating activities rose to CNY 8,441,955,366.36, compared to CNY 7,648,795,978.12 in 2020, reflecting a 10.4% increase[40] - The ending balance of cash and cash equivalents increased to CNY 2,374,642,416.10, up from CNY 1,920,240,618.28 at the end of the previous year[40] Investments and Expenditures - The company's long-term equity investments increased to RMB 1.25 billion from RMB 1.20 billion, showing a growth of about 4.0%[23] - The company's goodwill rose to RMB 1.44 billion, compared to RMB 1.39 billion, indicating an increase of approximately 3.6%[23] - Research and development expenses for the third quarter were ¥357,288,245.93, compared to ¥271,445,091.18 in the previous year, indicating a significant increase of 31.6%[29] - Development expenditures were approximately $119.59 million[45] Other Information - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[17] - There are no notable mergers or acquisitions reported in the current financial period[17] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[28] - The company received tax refunds amounting to CNY 120,163,647.80, an increase of 42.9% from CNY 84,015,407.84 in the same period of 2020[40] - The company paid CNY 1,463,382,152.54 to employees, which is an increase from CNY 1,339,542,750.38 in the same period last year[40] - The company adopted new leasing standards effective January 1, 2021, impacting financial reporting[48]

Financial Performance - Revenue for the first half of 2021 reached 6,744,171,763.23 RMB, a year-on-year increase of 13.45%[21] - Net profit attributable to shareholders of the listed company was 418,609,104.52 RMB, up 15.75% compared to the same period last year[21] - Net cash flow from operating activities increased by 13.27% to 544,108,903.03 RMB[21] - Revenue for the reporting period reached 6.744 billion yuan, a year-on-year increase of 13.45%[38] - Net profit attributable to the parent company was 419 million yuan, up 15.75% year-on-year[38] - Net cash flow from operating activities was 544.11 million yuan, an increase of 13.27% year-on-year[38] - Total assets increased by 4.20% to 21,690,312,500.55 RMB compared to the end of the previous year[21] - The weighted average return on equity (ROE) increased by 0.33 percentage points to 5.38%[21] - Non-recurring gains and losses amounted to 68,747,018.26 RMB, including gains from government subsidies and financial asset transactions[22][24] - R&D expenses increased by 31.59% to 234.69 million yuan, driven by the acceleration of integrated drive control projects[43] - Financial expenses surged by 67.09% to 197.35 million yuan, primarily due to exchange rate losses[43] - Financial expenses increased by 67.09% to 197,353,907.06 yuan, mainly due to exchange losses[44] - R&D expenses increased by 31.59% to 234,692,613.59 yuan, driven by accelerated investment in integrated drive control projects[44] - Investment income surged by 138.68% to 80,014,085.15 yuan, primarily due to the disposal of Hangzhou Research Institute equity[46] - Non-operating expenses rose by 114.49% to 42,429,055.05 yuan, mainly due to increased layoff costs at overseas subsidiaries[46] - Revenue for the first half of 2021 reached 1,767,078,208.37 RMB, a significant increase compared to 1,231,191,845.23 RMB in the same period of 2020[132] - Net profit attributable to the parent company's shareholders was 418,609,104.52 RMB, up from 361,664,085.69 RMB in the previous year[129] - Basic earnings per share (EPS) increased to 0.3214 RMB from 0.2780 RMB in the first half of 2020[130] - R&D expenses rose to 80,116,048.24 RMB, compared to 53,566,744.96 RMB in the same period last year[132] - Total comprehensive income for the first half of 2021 was 459,054,200.66 RMB, up from 357,418,497.90 RMB in 2020[130] - Operating profit grew to 579,156,705.66 RMB, compared to 448,187,387.93 RMB in the previous year[129] - Credit impairment losses increased to -32,211,185.22 RMB, compared to -18,485,864.75 RMB in the first half of 2020[129] - Income tax expenses rose to 97,754,350.85 RMB, up from 66,951,326.71 RMB in the same period last year[129] - Minority shareholders' share of profits increased to 27,396,277.55 RMB, compared to 20,949,041.66 RMB in 2020[129] - Other comprehensive income attributable to the parent company's shareholders was 17,145,899.97 RMB, a significant improvement from -24,532,764.32 RMB in the previous year[129] - Sales revenue from goods and services in H1 2021 was RMB 5,327,817,517.09, a decrease of 3.0% compared to RMB 5,492,629,914.06 in H1 2020[136] - Net cash flow from operating activities in H1 2021 was RMB 544,108,903.03, an increase of 13.3% compared to RMB 480,385,083.45 in H1 2020[137] - Net cash flow from investing activities in H1 2021 was RMB 273,650,871.32, a significant improvement from a negative RMB 347,986,776.22 in H1 2020[137] - Net cash flow from financing activities in H1 2021 was negative RMB 843,578,860.21, compared to positive RMB 399,248,579.04 in H1 2020[137] - Cash and cash equivalents at the end of H1 2021 decreased to RMB 1,930,006,706.78 from RMB 1,977,563,052.13 at the beginning of the period[138] - Parent company's sales revenue from goods and services in H1 2021 was RMB 1,282,866,035.83, an increase of 30.7% compared to RMB 981,353,073.58 in H1 2020[140] - Parent company's net cash flow from operating activities in H1 2021 was RMB 215,645,878.36, a significant improvement from negative RMB 21,584,486.20 in H1 2020[140] - Parent company's net cash flow from investing activities in H1 2021 was RMB 430,868,929.32, a significant improvement from negative RMB 33,157,184.08 in H1 2020[140] - Parent company's net cash flow from financing activities in H1 2021 was negative RMB 657,242,439.98, compared to positive RMB 311,679,174.38 in H1 2020[140] - Parent company's cash and cash equivalents at the end of H1 2021 decreased to RMB 460,841,080.47 from RMB 471,568,712.77 at the beginning of the period[141] - Total operating income for the first half of 2021 reached 6,744,171,763.23 RMB, an increase from 5,944,406,307.84 RMB in the same period last year[127] - Operating costs for the first half of 2021 were 6,317,645,802.20 RMB, compared to 5,615,431,455.67 RMB in the first half of 2020[127] - R&D expenses increased to 234,692,613.59 RMB in the first half of 2021, up from 178,357,409.26 RMB in the same period last year[127] - Total assets as of the end of the first half of 2021 were 13,292,443,766.79 RMB, slightly higher than 13,020,179,915.25 RMB at the end of the first half of 2020[126] - Long-term equity investments stood at 6,749,830,294.82 RMB as of the end of the first half of 2021, up from 6,533,491,969.46 RMB at the end of the first half of 2020[126] - Total liabilities decreased to 6,114,733,344.76 RMB in the first half of 2021 from 6,218,317,453.50 RMB in the first half of 2020[127] - Net profit attributable to shareholders increased to 3,101,391,561.76 RMB in the first half of 2021, compared to 2,614,297,081.21 RMB in the same period last year[127] - Short-term borrowings decreased to 1,213,664,245.60 RMB in the first half of 2021 from 1,584,850,098.33 RMB in the first half of 2020[126] - Investment income for the first half of 2021 was 80,014,085.15 RMB, a significant increase from 33,523,553.42 RMB in the same period last year[127] - Total non-current assets increased slightly to 9,038,576,450.57 RMB in the first half of 2021 from 8,965,277,724.27 RMB in the first half of 2020[126] Market Share and Industry Position - The company's global market share in high-voltage motors is approximately 11%, ranking second globally[32] - The global market share in low-voltage motors is about 6.5%, ranking fourth globally[33] - The company holds a 12% market share in air conditioning motors, ranking fifth domestically[33] - The company's market share in washing machine motors is 9%, ranking second domestically[33] Corporate Governance and Compliance - The company did not implement any profit distribution or capital reserve to share capital conversion for the first half of 2021[5] - The company has no non-operational fund occupation by controlling shareholders or related parties[7] - The company has no violations in decision-making procedures for external guarantees[7] - The company has no instances where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the semi-annual report[7] - The company has detailed potential risks in the management discussion and analysis section of the report[7] - The company's financial report is signed by the company's legal representative, the person in charge of accounting, and the accounting institution[10] - The company's financial report is audited by Ernst & Young Hua Ming LLP, with signing accountants Gao Junlei and Shi Yao[19] - The company's registered and office address is located at No. 1801, West Renmin Avenue, Shangyu District, Shaoxing City, Zhejiang Province[17] - The company's stock is listed on the Shanghai Stock Exchange under the ticker symbol 600580[18] - The company's semi-annual report is available on the Shanghai Stock Exchange website and the company's board office[18] Environmental and Social Responsibility - Subsidiary Wolong Lighthouse is listed as a key pollutant discharge unit by the Shaoxing Environmental Protection Bureau, with no major environmental issues reported during the period[74] - EHS goals include 100% compliance rate for waste gas and water discharge, and a shutdown rate of environmental protection equipment ≤5%[74] - Wastewater treatment involves partial reuse for cleaning and partial discharge into the municipal sewage network, with hazardous solid waste collected and transported by qualified units[74] - Monthly third-party environmental emission index tests are conducted, with all data meeting standards[75] - Environmental protection facilities are installed and operating normally, with emissions meeting the GB30484-2013 standard[76] - The environmental impact assessment for the project producing 420,000 high-power UPS power supplies, 400,000 communication sealed power supplies, and 400,000 sealed maintenance-free automotive batteries was approved in 2008[77] - An environmental emergency response plan has been established and filed with the local environmental protection bureau[78] - Online monitoring systems are installed for wastewater, with data automatically uploaded to the environmental protection bureau's website[80] - No environmental penalties were incurred during the reporting period[81] - The company and its subsidiaries strictly comply with national environmental laws and regulations, with no environmental violations or pollution accidents reported[81] Risk Factors - The company faces macroeconomic risks due to its involvement in industries such as petrochemicals, coal, power, and cement, which are sensitive to national and international economic conditions[58] - The company is exposed to market competition risks, particularly in the micro and small motor sectors, where the industry is fragmented and entry barriers are low[59] - Fluctuations in raw material prices, particularly copper and steel, pose a risk to the company's performance, although it has strong bargaining power and pricing strategies linked to raw material costs[60] - The company is affected by exchange rate fluctuations and international trade environment risks, with significant exposure to USD, EUR, and GBP exchange rate volatility[60] Shareholder and Equity Information - As of June 30, 2021, 91,066,034 shares were exchanged by holders of the exchangeable bonds, representing 6.92% of the total shares[61] - The company repurchased 16,300,500 shares, accounting for 1.24% of the total shares, with a total payment of 190.08 million yuan[64] - The total number of shares increased from 1,307,942,586 to 1,315,262,586 due to the exercise of stock options and the release of restricted shares[101][104] - The number of restricted shares increased by 5,111,000, reaching 6,434,000 shares, accounting for 0.49% of the total shares[101] - The company completed the exercise of 976,000 stock options on January 7, 2021, increasing the total shares from 1,307,942,586 to 1,308,918,586[102] - 90,000 restricted shares were repurchased and canceled on June 10, 2021, reducing the total shares from 1,308,918,586 to 1,308,828,586[102] - 1,233,000 restricted shares were released on June 24, 2021, and 6,434,000 stock options were exercised on July 6, 2021, increasing the total shares to 1,315,262,586[104] - The number of restricted shares held by core management, technical, and business personnel increased by 6,329,000, reaching 6,329,000 shares[104] - The total number of ordinary shareholders at the end of the reporting period was 61,874[104] - Zhejiang Wolong Shunyu Investment Co., Ltd. holds 422,798,480 shares, representing 32.15% of the total shares[107] - Hong Kong Securities Clearing Company Limited increased its holdings by 13,814,715 shares, reaching 30,191,051 shares, accounting for 2.30% of the total shares[107] - The top 10 shareholders hold a total of 599,648,380 shares, representing 45.58% of the total shares[107] - The company's share repurchase account held 13,264,800 shares, representing 1.01% of total shares as of the reporting period[109] - The top 10 shareholders collectively held 87,574,927 shares, with the largest shareholder holding 18,311,142 shares[109] - The company's chairman, Chen Jiancheng, holds a 48.93% stake in Wolong Holding Group Co., Ltd.[109] - The company's executives exercised stock options during the reporting period, with Gao Guanzhong exercising 60,000 shares and Zhang Hongxin exercising 45,000 shares[114] Financial Position and Assets - The company's monetary funds as of June 30, 2021, amounted to RMB 2,197,389,157.03, a slight decrease from RMB 2,209,619,583.98 at the end of 2020[121] - Accounts receivable increased to RMB 4,165,339,137.38 as of June 30, 2021, compared to RMB 3,390,194,107.19 at the end of 2020[121] - Inventory rose to RMB 3,029,433,766.81 as of June 30, 2021, up from RMB 2,723,728,179.17 at the end of 2020[121] - Total current assets reached RMB 11,905,280,967.81 as of June 30, 2021, compared to RMB 10,782,198,947.83 at the end of 2020[121] - Long-term equity investments increased to RMB 1,240,548,491.71 as of June 30, 2021, from RMB 1,201,993,973.62 at the end of 2020[121] - Fixed assets stood at RMB 4,082,024,803.67 as of June 30, 2021, slightly up from RMB 4,025,062,802.68 at the end of 2020[121] - Total assets increased to 21.69 billion RMB from 20.82 billion RMB, reflecting growth in the company's asset base[122] - Non-current assets decreased slightly to 9.79 billion RMB from 10.03 billion RMB, indicating a minor reduction in long-term investments[122] - Total liabilities rose to 13.06 billion RMB from 12.63 billion RMB, showing an increase in the company's debt obligations[123] - Owner's equity increased to 8.63 billion RMB from 8.18 billion RMB, demonstrating growth in shareholder value[123] - Short-term borrowings decreased to 1.93 billion RMB from 2.37 billion RMB, reflecting a reduction in short-term debt[122] - Accounts payable increased to 3.46 billion RMB from 3.04 billion RMB, indicating higher obligations to suppliers[122] - Development expenditure rose to 194.92 million RMB from 119.59 million RMB, highlighting increased investment in R&D[122] - Intangible assets decreased slightly to 1.28 billion RMB from 1.33 billion RMB, showing a minor reduction in non-physical assets[122] - Cash and cash equivalents remained stable at 582.60 million RMB, indicating consistent liquidity[125] - Accounts receivable increased to 854.67 million RMB from 713.73 million RMB, reflecting higher credit sales[125] Strategic Initiatives and Investments - The company's joint venture, Wolong ZF, has achieved mass production on its pure electric platform and is expanding production capacity in Serbia and Mexico[40] - The company plans to complete the digital transformation of its main domestic factories within three years, aiming to match the standards of leading German and Japanese companies[42] - The company is focusing on the development of high-efficiency motors, including IE4 and IE5 energy efficiency levels, to reduce carbon emissions[43] - The company's gross profit margin was impacted by rising raw material costs, with operating costs increasing by 14.83% to 5.069 billion yuan[43] - The penetration rate of integrated drive control products in home appliances exceeded 40%[40] - The company completed the sale of 100% equity in Hangzhou Research Institute for 415 million yuan[54] - The subsidiary Central Research Institute signed a strategic cooperation agreement with WoFei Changkong Technology (Chengdu) Co., Ltd. to collaborate on new energy drones and electric aircraft[97] - The company signed a strategic cooperation agreement with Xinjiang Goldwind Science & Technology Co., Ltd. to expand its green and low-carbon business in the wind power

Financial Performance - Net profit attributable to shareholders of the listed company was CNY 131,601,741.27, representing a 40.68% increase year-on-year[11]. - Operating income for the period was CNY 2,988,140,630.85, reflecting a 6.85% growth compared to the same period last year[11]. - The company reported a net profit excluding non-recurring gains and losses of CNY 129,795,901.69, up 55.80% year-on-year[11]. - Basic earnings per share rose to CNY 0.1006, marking a 40.50% increase from the previous year[11]. - The company reported a net profit of CNY 2,641,973,776.97, compared to CNY 2,614,297,081.21 in the previous period, reflecting a growth of 1.06%[25]. - Net profit for Q1 2021 reached CNY 141,685,002.74, a significant increase of 44.7% compared to CNY 97,824,926.47 in Q1 2020[27]. - The net profit attributable to shareholders of the parent company was CNY 131,601,741.27, compared to CNY 93,546,040.88 in the same period last year, marking a growth of 40.6%[28]. - Total comprehensive income for Q1 2021 amounted to CNY 210,865,014.28, compared to CNY 69,175,752.61 in Q1 2020, reflecting a substantial increase[28]. - The company recorded a total comprehensive income of CNY 27,675,827.59 in Q1 2021, compared to CNY 13,951,107.40 in Q1 2020, representing an increase of approximately 98.5%[30]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 244,387,420.13, a significant increase of 282.35% year-on-year[11]. - Cash flow from operating activities showed a net increase of CNY 244,387,420.13 in Q1 2021, compared to CNY 63,916,587.66 in Q1 2020, marking a substantial improvement[32]. - The cash and cash equivalents at the end of Q1 2021 were CNY 1,942,716,651.73, down from CNY 2,011,479,829.42 at the end of Q1 2020, indicating a decrease of about 3.4%[33]. - The cash inflow from investment activities in Q1 2021 was CNY 232,417,336.44, a significant increase from CNY 3,326,127.89 in Q1 2020[32]. - The net cash flow from investment activities was -46,685,071.23 RMB, compared to -48,747,693.27 RMB in the previous period, indicating a slight improvement[34]. - The net cash flow from financing activities was -245,722,924.63 RMB, contrasting with a positive flow of 333,892,870.99 RMB in the previous period[34]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 20,899,429,796.90, a 0.40% increase compared to the end of the previous year[11]. - Total liabilities amounted to CNY 12,603,154,919.57, a slight decrease from CNY 12,632,051,194.71 in the previous period, reflecting a 0.23% decline[22]. - The total equity attributable to shareholders increased to CNY 7,727,929,149.34 from CNY 7,625,779,095.45, representing a growth of 1.34%[22]. - Cash and cash equivalents decreased to CNY 435,305,998.94 from CNY 579,246,891.99, indicating a decline of 24.87%[22]. - Accounts receivable rose to CNY 753,812,938.35, up from CNY 713,733,516.37, marking an increase of 5.61%[24]. - Inventory increased to CNY 359,458,804.64 from CNY 307,802,343.34, reflecting a growth of 16.77%[24]. - Total current assets slightly increased to CNY 4,063,172,329.05 from CNY 4,054,902,190.98, a change of 0.20%[24]. - Long-term borrowings rose to CNY 1,532,817,200.57 from CNY 1,350,689,050.86, showing an increase of 13.49%[25]. - The total assets increased to ¥20,899,429,796.90 from ¥20,816,730,496.18, reflecting a stable growth[21]. - The total current assets reached 10,782,198,947.83 RMB, remaining unchanged from the previous period[36]. Shareholder Information - The total number of shareholders at the end of the reporting period was 73,755[12]. - Zhejiang Wolong Shunyu Investment Co., Ltd. held 32.30% of the shares, with 422,798,480 shares pledged[12]. Expenses and Costs - Total operating costs for Q1 2021 were CNY 2,825,215,386.99, up from CNY 2,699,949,671.13 in Q1 2020, reflecting a year-over-year increase of 4.6%[27]. - R&D expenses for Q1 2021 were CNY 92,622,112.65, up 18.0% from CNY 78,435,234.72 in Q1 2020, indicating a focus on innovation[27]. - The company’s financial expenses increased to CNY 82,631,924.65 in Q1 2021 from CNY 58,880,250.56 in Q1 2020, representing an increase of 40.4%[27]. - The company reported a decrease in sales expenses to CNY 149,286,621.06 in Q1 2021 from CNY 182,503,349.27 in Q1 2020, a reduction of 18.2%[27]. - Non-operating expenses surged by 263.95% to ¥21,536,038.03 primarily due to subsidiary restructuring costs[15]. Government and Regulatory - The company recognized government subsidies amounting to CNY 12,356,477.59 related to its normal business operations[11]. - Cash received from government subsidies rose by 45.20% to ¥176,186,751.61 compared to the previous year[15]. - Tax refunds received increased by 109.75% to ¥48,836,589.68, attributed to higher export tax rebates[15]. Share Buyback - The company initiated a share buyback program approved by the board and shareholders, with ongoing procedures as of the report date[16]. - Treasury stock increased significantly by 1719.77% to ¥105,691,833.84 as a result of share buybacks[15].

Financial Performance - The company's operating revenue for 2020 was CNY 12,565,044,632.81, representing a 1.20% increase from CNY 12,416,106,097.40 in 2019[23]. - Net profit attributable to shareholders decreased by 10.00% to CNY 866,806,336.55 in 2020 from CNY 963,065,792.65 in 2019[23]. - The net profit after deducting non-recurring gains and losses was CNY 671,509,952.66, a slight increase of 1.25% compared to CNY 663,241,611.12 in 2019[23]. - The net cash flow from operating activities increased by 2.39% to CNY 1,224,397,187.59 in 2020 from CNY 1,195,861,223.81 in 2019[23]. - The company's total assets grew by 5.65% to CNY 20,816,730,496.18 at the end of 2020, up from CNY 19,703,547,198.80 at the end of 2019[23]. - Basic earnings per share decreased by 10.84% to CNY 0.6652 in 2020 from CNY 0.7461 in 2019[23]. - The weighted average return on equity fell by 2.83 percentage points to 11.88% in 2020 from 14.71% in 2019[23]. - The company reported a total revenue of 22,745,017 million, with a net profit of 860.31 million, indicating a strong financial performance[187]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in Q3 2023, representing a 20% year-over-year growth[192]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares to all shareholders based on the total share capital after deducting the shares held in the repurchase account[8]. - The company distributed a cash dividend of RMB 1.5 per 10 shares, totaling RMB 196.34 million for the year 2020, which is 22.65% of the net profit attributable to shareholders[120]. - The total number of ordinary shareholders at the end of the reporting period was 62,814, down from 73,755 in the previous month[171]. - The company’s chairman, Chen Jiancheng, holds 48.93% of Wolong Holdings, which is the controlling shareholder[174]. Market Position and Strategy - The global high-voltage motor market was estimated at 3.976 billion USD in 2020, with the company holding an 11% market share, ranking second globally[39]. - The global low-voltage motor market was estimated at 12.8 billion USD in 2020, with the company holding a 6.5% market share, ranking fourth globally[39]. - The company aims to enhance its global presence and become the number one electric motor manufacturer, focusing on drive control, system integration, and lifecycle services[110]. - The company is focusing on digitalization and low-carbon initiatives, transitioning to providing complete motor system solutions[47]. - The company is actively working on building an international management team to support its globalization efforts[116]. Research and Development - The company is enhancing its research and development capabilities, with R&D expenses increasing by 8.01% to 401 million RMB[54]. - The company is investing heavily in R&D for new technologies, with an allocation of 5.50 million towards innovative projects[187]. - Research and development investments increased by 18%, focusing on advanced automation technologies[192]. - The company is investing heavily in R&D, with a budget increase of 30% to enhance technology development[200]. Risk Management - The company has detailed potential risks in the fourth section of the report, discussing future development risks and countermeasures[10]. - The company is facing risks from macroeconomic fluctuations, which could impact industries such as petrochemicals and coal, affecting overall business performance[112]. - The company emphasizes the importance of investment risk awareness in its forward-looking statements[9]. Environmental and Compliance - The company has established an emergency plan for environmental incidents and has registered it with the local environmental protection bureau[160]. - The company reported that it has not experienced any major environmental issues during the reporting period[154]. - The company has committed to developing high-efficiency and energy-saving technologies in its motor and drive products[109]. Future Outlook - Future outlook includes a projected revenue growth of 15% for the upcoming year, driven by new product launches and market expansion strategies[189]. - The company provided guidance for Q4 2023, expecting revenue to be between 1.6 billion and 1.7 billion, indicating a growth of 10% to 13%[192]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, with a budget of 964,061 million earmarked for this purpose[187]. - New product launches are expected to contribute an additional 300 million in revenue in 2024[199].