Financial Performance - In 2020, the net profit attributable to shareholders of the parent company was CNY 1,374,071,306.07, with the parent company achieving a net profit of CNY 1,271,136,437.87[5] - The proposed cash dividend distribution for 2020 is CNY 206,291,331.62, which translates to a cash dividend of CNY 1.10 per 10 shares, accounting for 15.01% of the net profit attributable to shareholders[5] - The company's operating revenue for 2020 reached ¥22,456,987,361.30, representing a 114.02% increase compared to ¥10,493,157,033.56 in 2019[24] - The net profit attributable to shareholders for 2020 was ¥1,374,071,306.07, a 92.84% increase from ¥712,563,192.87 in 2019[24] - The total assets at the end of 2020 amounted to ¥51,627,844,863.52, which is a 48.80% increase from ¥34,695,611,037.01 in 2019[24] - The basic earnings per share for 2020 was ¥0.95, up 79.25% from ¥0.53 in 2019[25] - The weighted average return on equity increased to 15.71% in 2020, up from 12.05% in 2019, reflecting an increase of 3.66 percentage points[25] - The cash flow from operating activities for 2020 was ¥3,630,754,067.75, a decrease of 36.91% compared to ¥5,755,264,200.02 in 2019[24] - The company's net assets attributable to shareholders at the end of 2020 were ¥14,762,198,540.30, a 119.66% increase from ¥6,720,578,615.80 in 2019[24] Shareholder and Dividend Policies - The company has set a cash dividend policy that mandates a minimum of 10% of distributable profits to be distributed as cash dividends, with higher percentages based on the company's development stage and capital expenditure plans[139] - The company plans to distribute cash dividends of no less than 10% of the distributable profits each year for the first three years post-IPO, after statutory reserves are deducted[143] - The cash dividend for 2018 was 0.58 RMB per 10 shares, for 2019 it was 0.78 RMB per 10 shares, and for 2020 it is proposed to be 1.10 RMB per 10 shares[148] - The company will provide online voting options for shareholders during the approval process of the cash dividend plans[146] - The board of directors is responsible for proposing mid-term cash distributions based on the company's financial status[143] - The company emphasizes communication with minority shareholders to gather their opinions before finalizing dividend proposals[144] Operational Strategy and Market Position - The company maintained a 10% market share in China's new wind power installations in 2020, ranking among the top three domestically for six consecutive years[58] - The company secured new orders totaling 4.31 GW in 2020, with 1.27 GW specifically from offshore wind power[61] - The company has developed a comprehensive range of wind turbine products, including onshore models from 1.5 MW to 6.0 MW and offshore models from 5.5 MW to 15 MW, adapting to various environmental conditions[35] - The company operates a "rolling development" model for power plants, emphasizing a light asset operation strategy that includes development, construction, and transfer of projects[36] - The company has established a solid customer base, including major state-owned power groups such as Huaneng and China Datang, focusing on high-end equipment manufacturing and smart management of renewable energy power plants[34] Technological Innovation and R&D - The company has a strong focus on technological innovation, with a compact direct-drive technology that boasts an efficiency of 98.5% for the gearbox and 98.3% for the generator[64] - The company has developed the MySE 11MW-203 offshore wind turbine, which is currently the largest offshore wind turbine in China[61] - The company is advancing floating wind turbine technology, with successful prototype development and testing underway for deep-sea applications[71] - The total R&D expenditure reached ¥741,183,353.48, accounting for 3.30% of total revenue, with a significant increase in R&D personnel to 1,713[109] - The company has established a global R&D platform with "one headquarters and five centers" to enhance talent reserves and strategic implementation capabilities[130] Risk Management and Compliance - The company faces risks related to a potential decline in wind turbine demand due to the exit of national subsidies and increasing market competition, which may affect profitability[131] - The company has committed to promptly obtaining property ownership certificates to avoid any operational disruptions or penalties[181] - The company has confirmed that there are no unresolved significant lawsuits or administrative penalties that could impact its operations[181] - The company has not reported any instances of failing to meet profit forecasts during the reporting period, indicating stable performance[183] Environmental and Social Responsibility - The company has invested in various renewable energy projects in remote areas, contributing to local development through targeted poverty alleviation strategies[200] - The company has continuously engaged in employment and education poverty alleviation efforts, as well as directed donations to charitable organizations[200] Financial Management and Capital Structure - The company completed a refinancing plan that raised a total of 5.80 billion yuan, providing crucial financial support for its offshore wind power technology and product advantages[90] - The company implemented a "cost reduction and efficiency enhancement" strategy, achieving a decrease in the expense ratio to 11.00%, down 6.91 percentage points year-on-year[89] - The company reported a significant increase in financial expenses by 44.52% to ¥385,575,479.82, primarily due to increased interest expenses[108] Corporate Governance and Shareholder Relations - The company extended the lock-up period for shares held by directors and senior management to 42 months from the date of listing[151] - The controlling shareholders, including Nengtou Group and others, are prohibited from engaging in competitive activities for two years after the lock-up period[151] - The company will not engage in any related transactions with Longyuan Power Electronics from January 1, 2019, onwards[152] - The company has committed to not transferring shares or engaging in any activities that may harm the company's interests, ensuring compliance with regulations and protecting shareholder rights[180]

Financial Performance - Net profit attributable to shareholders rose by 81.61% to CNY 932.77 million year-on-year[4] - Operating revenue surged by 109.79% to CNY 15.13 billion for the first nine months of the year[4] - Basic earnings per share increased by 78.95% to CNY 0.68[5] - Diluted earnings per share rose by 71.05% to CNY 0.65[5] - The weighted average return on equity improved by 3.65 percentage points to 12.54%[5] - The company expects a significant increase in net profit for 2020 compared to the previous year, driven by a substantial growth in market demand in the wind power industry[19] - The net profit for Q3 2020 was ¥389,913,241.81, compared to ¥173,503,452.32 in Q3 2019, marking an increase of approximately 124.9%[32] - The total profit for Q3 2020 was approximately ¥438,706,608.59 for Q3 2020, compared to ¥212,140,826.14 in Q3 2019, which is an increase of approximately 106.5%[31] Cash Flow - Net cash flow from operating activities increased by 254.38% to CNY 3.29 billion compared to the same period last year[4] - The company reported a net cash flow from operating activities of RMB 3,291,642,751.03, a 254% increase from RMB 928,853,967.19, attributed to increased sales collections[16] - The net cash flow generated from operating activities in Q3 2020 was ¥3.29 billion, a substantial increase from ¥928.85 million in Q3 2019, marking a growth of 253.5%[40] - The net cash flow from investing activities was -2,765,683,388.92 RMB, a decrease of 128% compared to the previous period, primarily due to investments in infrastructure and power station projects[17] - The net cash flow from financing activities was -984,928,730.39 RMB, a decrease of 136% compared to the previous period, mainly due to increased loan repayments this period compared to the previous year's public offering[17] Assets and Liabilities - Total assets increased by 19.57% to CNY 41.49 billion compared to the end of the previous year[4] - Total liabilities increased by 65% to RMB 4,506,932,952.44 from RMB 2,728,682,840.82, mainly due to procurement activities[13] - The company's total equity increased to 8,342,526,527.17 RMB from 7,091,971,591.32 RMB in the previous year[24] - Total liabilities reached 33,143,305,860.24 RMB, up from 27,603,639,445.69 RMB in the previous year[24] - The total current liabilities were reported at ¥17,922,584,717.77, reflecting an increase of ¥681,587,694.16 compared to the previous period[51] Inventory and Receivables - Accounts receivable decreased by 53% to RMB 2,252,265,419.54 from RMB 4,751,530,667.67, primarily due to customer repayments[12] - Inventory increased by 145% to RMB 6,877,100,631.81 from RMB 2,811,417,105.44, driven by procurement for industry demand[12] - Accounts receivable decreased to ¥2,151,523,466.10 from ¥3,904,312,951.55, reflecting improved collection efforts[26] - Inventory levels increased significantly to ¥3,260,938,386.74, compared to ¥1,723,846,915.32 in the previous year, indicating potential growth in sales[26] Research and Development - Research and development expenses rose by 45% to RMB 311,160,161.76 from RMB 214,774,311.43, reflecting increased investment in large wind turbine development[15] - Research and development expenses for Q3 2020 amounted to ¥83,477,363.17, up from ¥38,198,423.13 in Q3 2019, reflecting a year-over-year increase of about 118.8%[35] Shareholder Information - The total number of shareholders at the end of the reporting period was 40,806[8] - The largest shareholder held 15.05% of the shares, amounting to 211,320,031 shares[8] - As of October 27, 2020, the actual amount received from shareholders was 5,803,112,316.26 RMB, with a net amount raised of 5,772,047,272.19 RMB after deducting issuance costs[18] Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings[11] - The company is focusing on expanding its market presence and developing new technologies to drive future growth[29]