Financial Performance - Total operating revenue for Q1 2022 was RMB 271,784,844.81, a decrease of 14.2% compared to RMB 316,815,522.24 in Q1 2021[19] - Total operating costs for Q1 2022 were RMB 203,284,373.82, down 6.3% from RMB 217,002,874.45 in Q1 2021[19] - Basic earnings per share for Q1 2022 were RMB 0.0332, a decrease of 30.82% year-on-year[9] - Diluted earnings per share for Q1 2022 were RMB 0.0326, down 23.11% from the previous year[9] - The net profit attributable to shareholders for Q1 2022 was CNY 80,722,396.11, down 18.90% year-over-year[30] - The net profit after deducting non-recurring gains and losses for Q1 2022 was CNY 79,467,615.36, a decrease of 20.16% compared to Q1 2021[30] - The company reported a basic earnings per share decrease of 30.82% due to lower revenue and profit[31] - The net profit for the period was 80,933,035.13, a decrease from 99,531,014.82 in the previous period, representing a decline of approximately 18.5%[48] - The total revenue for the period was not explicitly stated, but the operating profit was reported at 90,580,423.24, down from 110,773,193.01, indicating a decrease of about 18.2%[48] Cash Flow - Net cash flow from operating activities was RMB 34,263,347.20, a decline of 53.49% compared to the previous period[9] - The cash flow from operating activities decreased by 53.49% due to increased costs and expenses during the period[31] - The cash flow from operating activities showed a net inflow of 34,263,347.20, down from 73,668,083.61, indicating a decline of approximately 53.5%[52] - The company experienced a net cash outflow from investing activities of 529,052,778.30, compared to 67,131,593.94 in the previous period[52] Assets and Liabilities - Total assets at the end of Q1 2022 were RMB 12,312,162,066.07, an increase of 2.34% from RMB 12,030,529,644.12 at the end of the previous year[9] - The total assets as of the reporting date were CNY 12,030,529,644.12, slightly down from CNY 12,050,125,357.47[25] - The total liabilities amounted to CNY 4,770,850,870.08, with current liabilities at CNY 1,498,422,048.32[25] - Total current assets amounted to RMB 2,653,741,842.83, with cash and cash equivalents at RMB 634,442,997.34[54] - Accounts receivable reached RMB 1,496,299,144.75, indicating a significant asset position[54] - Long-term equity investments were valued at RMB 2,212,293,046.30, reflecting the company's investment strategy[54] - Fixed assets totaled RMB 4,902,158,704.39, showing a stable asset base for operations[54] - Construction in progress was reported at RMB 1,419,009,829.71, indicating ongoing expansion efforts[54] - The total liabilities amounted to approximately 6.83 billion, up from 6.78 billion, indicating a slight increase[41] - Shareholders' equity rose to approximately 5.48 billion from 5.23 billion, representing an increase of about 4.8%[41] Strategic Developments - The company completed the registration of equity changes for strategic investors, enhancing its capital structure[14] - The company has successfully implemented a major asset restructuring, gaining control over the Ningbo Fund with a 99.9537% partnership share[14] - The company completed the transfer of shares to GLP Renewable Energy Investment I Limited, changing its controlling shareholder[35] - The company has not indicated any new product or technology developments in the current reporting period[36] Expense Management - The company reported a significant increase in management expenses, rising to 27,524,399.10 from 16,472,546.72, which is an increase of approximately 67.5%[48] - Financial expenses decreased to 63,771,918.75 from 71,865,129.56, a reduction of about 11.5%[48] - The company reported a significant reduction in employee compensation payable from 14.76 million to 2.16 million, a decrease of approximately 85.3%[40] Financial Adjustments - The company is adjusting its financial reporting in accordance with the Ministry of Finance's guidelines issued on December 30, 2021[56] - The board of directors of Ningxia Jiazhe New Energy Co., Ltd. is overseeing these financial adjustments and strategies[57]

2022 年第三季度报告 证券代码：601619 证券简称：嘉泽新能 公告编号：2022-101 债券代码：113039 债券简称：嘉泽转债 （修订版） 重要内容提示： 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财 务信息的真实、准确、完整。 □是 √否 主要会计数据和财务指标 1 / 13 注："本报告期"指本季度初至本季度末 3 个月期间，下同。 非经常性损益项目和金额 2 / 13 | --- | --- | --- | |-------------------------------------------------------------------------------|------------|----------------------------------------| | 合计 | 156,813.74 | 31,937,049.52 | | 将《公开发行证券的公司信息披露解释性公告第 项目界定为经常性损益项目的情况说明 | 1 | 号——非经常性损益》中列举的非经常性损益 | | --- | --- | --- | --- | |--------- ...

2022 年第三季度报告 单位：元 币种：人民币 证券代码：601619 证券简称：嘉泽新能 公告编号：2022-101 债券代码：113039 债券简称：嘉泽转债 宁夏嘉泽新能源股份有限公司 2022 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财 务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------|----------------|-----------------------------------------|------------------|---------------- ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2022, representing a year-on-year increase of 15%[22]. - The company's operating revenue for the first half of 2022 was RMB 753,734,489.09, representing a year-on-year increase of 5.87% compared to RMB 711,968,733.77 in the same period last year[28]. - The net profit attributable to shareholders for the first half of 2022 was RMB 340,460,188.27, a significant increase of 34.36% from RMB 253,396,114.70 in the previous year[28]. - The company's overall operating income for the first half of 2022 was 753.73 million CNY, reflecting a growth of 5.87% compared to the same period last year[48]. - The company's net profit for the first half of 2022 was approximately ¥346.47 million, an increase of 36.74% compared to ¥253.31 million in the same period of 2021[181]. - The company's total profit for the first half of 2022 was approximately ¥380.94 million, compared to ¥274.90 million in the same period of 2021, reflecting an increase of 38.49%[181]. Revenue and Growth - The total power generation during the reporting period was 1.8 million MWh, an increase of 20% year-on-year[22]. - The company has set a target of achieving a revenue growth of 20% for the full year 2022, supported by ongoing projects and market expansion[22]. - The company's revenue from renewable energy generation business was 701 million CNY, a decrease of 1.41% compared to the same period last year[39]. - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge in the renewable energy sector[33]. Assets and Liabilities - Total assets increased by 46.69% to RMB 17,648,004,263.06, compared to RMB 12,030,529,644.12 at the end of the previous year[28]. - The total assets at the end of the reporting period amounted to RMB 17,650,000,000, with accounts receivable increasing by 65.89% to RMB 2,482,219,007.41, attributed to the consolidation of non-controlling enterprises[58]. - The total liabilities increased significantly, with long-term payables rising by 81.53% to RMB 3,377,321,542.99, reflecting increased project financing[61]. - The total liabilities of the company as of June 30, 2022, amounted to 11.87 billion RMB, with a debt-to-asset ratio of 67.26%[155]. Cash Flow - The net cash flow from operating activities decreased by 43.42% to RMB 151,111,948.06, down from RMB 267,084,444.85 in the same period last year[28]. - Cash inflow from financing activities reached CNY 1.63 billion, a notable increase compared to CNY 373.79 million in the same period of 2021[199]. - The company reported a net cash outflow of CNY 33.16 million in the first half of 2022, compared to a net outflow of CNY 123.10 million in the same period of 2021[194]. Investments and Expenses - Research and development expenses increased by 25% to 50 million RMB, focusing on new energy technologies and efficiency improvements[22]. - Investment income surged by 153.94% to RMB 127,320,304.06, up from RMB 50,138,830.91, primarily due to the sale of a 25% stake in Ningxia Jialong[52]. - The company's financial expenses increased by 8.22% to RMB 176,033,411.58, compared to RMB 162,666,971.51 in the previous year[52]. Market Expansion and Strategy - The company plans to expand its market presence by entering two new provinces by the end of 2023, aiming for a 10% market share in these regions[22]. - The company has initiated a strategic partnership with a leading technology firm to enhance its renewable energy solutions, expected to launch by Q4 2023[22]. - The company has established multiple renewable energy industry investment funds in collaboration with well-known enterprises, enhancing its capital support for business expansion[42]. Risks and Challenges - The company is exposed to risks related to changes in supportive policies for renewable energy, which could impact future earnings[78]. - The company faces potential risks from wind and solar power curtailment due to grid stability issues, affecting overall generation capacity[82]. - The renewable energy sector faces a severe shortage of skilled management talent, which could negatively affect the company's future operations if key personnel leave[90]. Shareholder and Equity Information - The company has not disclosed any employee stock ownership plans or other incentive measures[106]. - The total amount of guarantees provided by the company, including those to subsidiaries, is RMB 5,708,135,745.34, which accounts for 98.80% of the company's net assets[122]. - The total number of shares after the change is 2,434,299,541, with 98.30% being unrestricted shares[128].

2022 年第一季度报告 单位：元 币种：人民币 证券代码：601619 证券简称：嘉泽新能 公告编号：2022-050 债券代码：113039 债券简称：嘉泽转债 宁夏嘉泽新能源股份有限公司 2022 年第一季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |-----------------------------------------------|----------------|-------|------------------------------------| | 项目 | 本报告期 | ...

Financial Performance - The net profit attributable to the parent company's shareholders for 2021 was approximately ¥751.8 million, representing a year-on-year increase of 32.38%[6] - The company's operating revenue for 2021 was CNY 1,422,609,105.71, representing a 40.62% increase compared to CNY 1,011,659,256.02 in 2020[28] - The net profit attributable to shareholders for 2021 was CNY 751,799,414.31, a significant increase of 279.59% from CNY 198,057,142.70 in 2020[28] - The net cash flow from operating activities for 2021 was CNY 539,644,627.58, which is a decrease of 16.85% compared to CNY 649,020,553.90 in 2020[28] - The total assets at the end of 2021 were CNY 12,030,529,644.12, a slight decrease of 1.62% from CNY 12,228,811,441.20 in 2020[30] - The basic earnings per share for 2021 increased to CNY 0.34, up 240.00% from CNY 0.10 in 2020[30] - The weighted average return on equity for 2021 was 17.16%, an increase of 11.43 percentage points from 5.73% in 2020[30] - The company's net assets attributable to shareholders at the end of 2021 were CNY 5,234,882,966.88, reflecting a 42.87% increase from CNY 3,664,011,848.79 at the end of 2020[28] Dividend Distribution - The company plans to distribute cash dividends totaling ¥243.4 million for 2021, which is 32.38% of the net profit attributable to the parent company[6] - The proposed cash dividend for 2021 is RMB 243,428,705.90, representing 32.38% of the net profit attributable to shareholders[197] - The company plans to distribute a cash dividend of approximately RMB 1.00 per 10 shares, equating to RMB 0.10 per share (including tax)[197] - The cumulative undistributed profits of the parent company amount to RMB 1,474,112,220.31[197] - The company has established a cash dividend policy that mandates a minimum distribution of 10% of the annual distributable profit, contingent on certain conditions being met[194] Operational Capacity and Development - The company reported a total installed capacity of wind power projects, with a focus on expanding its operational capacity in the coming years[19] - The company's future development strategies include potential market expansions and new technology developments in renewable energy[19] - The company has completed the acquisition of 77.25% of the partnership interests in Ningbo Fund by the end of the reporting period[40] - The company established two subsidiaries, Jialong Asset Management and Jiajun Power Sales, to focus on new energy asset management[40] - The company is actively developing new energy projects in collaboration with major enterprises like CRRC Group and Goldwind Technology[39] - The company has formed a strategic partnership with Prologis to enhance project development and asset management capabilities[41] Renewable Energy Initiatives - The total installed capacity of renewable energy in China reached 1.063 billion kW, accounting for 44.8% of the total installed capacity[42] - Wind power generation in 2021 was 652.6 billion kWh, a year-on-year increase of 40.5%[44] - The average utilization rate of wind power nationwide was 96.9%, an increase of 0.4 percentage points year-on-year[45] - The company’s renewable energy asset management business reached a scale of 2,425 MW, with external service capacity of 1,357 MW, generating revenue of 27.36 million yuan and a net profit of 12.86 million yuan[53] - The company’s photovoltaic power generation capacity reached 306 million kW by the end of 2021, with a total generation of 325.9 billion kWh, a year-on-year increase of 25.1%[48] - The company’s total installed capacity of solar power stations at the end of the reporting period was 100 MW, with no sales of solar power stations during the period[98] Market Expansion and Strategic Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[22] - The company plans to focus on renewable energy development, aiming for a non-fossil energy consumption ratio of 20% by 2025 and 25% by 2030[120] - The total installed capacity for wind and solar power is projected to exceed 1.2 billion kilowatts by 2030[120] - The company aims to enhance its asset management and expand into power trading, green certificate trading, and carbon trading to ensure sustainable innovation and development[124] - The company plans to add approximately 230 million kW of new power generation capacity in 2022, with around 180 million kW from non-fossil energy sources[121] Risk Management - The company faces risks related to changes in supportive policies, including potential fluctuations in grid electricity prices and tax incentives[130][131] - The company is actively working to mitigate risks associated with wind and solar power curtailment due to grid stability issues[132][135] - The company faces risks related to interest rate fluctuations, which could adversely affect operating performance if benchmark rates rise significantly[137] - The procurement cost of power generation equipment accounts for over 60% of total investment, making price fluctuations in wind turbines and solar panels a significant risk to operating costs[141] - The company is vulnerable to natural disasters and unforeseen weather changes, which could adversely affect power production and revenue[144] Governance and Management - The company has established a robust governance framework, including a board of directors with 9 members and 3 independent directors, ensuring clear roles and responsibilities[148] - The company maintains financial independence with a dedicated finance department and independent accounting systems, ensuring compliance with tax regulations[151] - The company has a complete and independent business system, with no overlap in operations with its controlling shareholders, ensuring no competition in core business areas[151] - The company has implemented a maintenance system to minimize downtime of power generation equipment, but adverse weather could still lead to significant operational disruptions[142] Employee and Management Compensation - The company’s chairman and senior management received a total pre-tax remuneration of 176.40 million yuan during the reporting period[162] - Total remuneration for all directors, supervisors, and senior management amounted to CNY 10.4876 million[177] - The company has established a remuneration decision-making process based on its compensation management system[177] - The company adjusted the basic salary standards for the chairman and senior management to enhance the incentive mechanism[188]

Financial Performance - The company's operating revenue for Q3 2021 was ¥374,579,374.86, representing a year-on-year increase of 37.03%[6]. - The net profit attributable to shareholders for Q3 2021 was ¥154,523,718.68, reflecting a significant increase of 107.37% compared to the same period last year[6]. - The basic earnings per share for Q3 2021 was ¥0.0674, an increase of 87.74% year-on-year[8]. - Total revenue for the first three quarters of 2021 reached ¥1,086,548,108.63, a significant increase from ¥800,115,938.94 in the same period of 2020, representing a growth of approximately 35.8%[36]. - The net profit for the period reached 407,747,619.53 CNY, a significant increase compared to 192,945,562.13 CNY from the previous year, representing a growth of approximately 111.1%[39]. - Operating profit amounted to 438,751,440.10 CNY, up from 210,960,751.65 CNY, indicating an increase of about 108% year-over-year[39]. - The total comprehensive income for the period was 407,747,619.53 CNY, compared to 192,945,562.13 CNY in the same period last year, reflecting a growth of around 111.1%[41]. - Basic earnings per share were reported at 0.1892 CNY, compared to 0.0930 CNY in the previous year, marking an increase of approximately 103.5%[41]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥13,553,646,111.76, which is a 10.83% increase from the end of the previous year[8]. - The total liabilities of the company were reported at ¥8,722,723,487.96, compared to ¥8,564,799,653.37 in the previous year, showing an increase of about 1.8%[34]. - The equity attributable to shareholders increased by 31.85% year-on-year, reaching ¥4,831,094,898.61[8]. - The company's total assets as of the reporting date were ¥13,553,646,111.76, up from ¥12,228,811,441.20, reflecting a growth of approximately 10.8%[36]. - The total equity attributable to shareholders was 3,664,011,848.79 RMB, showing stability in shareholder value[56]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥392,091,433.15, showing a decrease of 4.30% compared to the previous year[8]. - Cash flow from operating activities generated a net amount of 392,091,433.15 CNY, slightly down from 409,695,155.72 CNY in the prior year[45]. - The net cash flow from investing activities was 202,879,720.14 RMB, a significant improvement from -1,502,639,638.03 RMB in the previous period[47]. - Total cash inflow from financing activities amounted to 1,392,313,942.00 RMB, down from 2,051,502,241.30 RMB[47]. - The net cash flow from financing activities was -414,002,179.85 RMB, compared to a positive 1,201,232,103.20 RMB in the prior period[47]. - The ending balance of cash and cash equivalents increased to 387,212,656.41 RMB from 231,140,319.28 RMB[47]. - As of September 30, 2021, the company's cash and cash equivalents amounted to RMB 491.44 million, an increase from RMB 309.48 million as of December 31, 2020[27]. Investments and Expansion - The company confirmed that the increase in revenue was primarily due to the commencement of new projects and improved average wind speeds in the region[12]. - The company plans to continue expanding its market presence and investing in new projects to sustain growth[12]. - The company signed agreements to transfer 100% equity of its wholly-owned subsidiaries, Ningxia Kaiyang New Energy Co., Ltd. and Ningxia Boyang New Energy Co., Ltd., to Beijing Jingneng Clean Energy Power Co., Ltd. for a total consideration of RMB 380.64 million and RMB 1.0724 billion respectively[20]. - The company plans to transfer 25% equity of Ningxia Jialong New Energy Operation Management Co., Ltd. to GLP Renewable Energy Investment II Limited for RMB 150 million, with the process currently underway[21]. - The company established a wind energy development industry fund with a target subscription amount of RMB 1.6 billion, involving multiple partners including CR Fund Management and China Power Construction Group[21]. - The company invested RMB 1.12471 billion to acquire a 39.9115% partnership interest in Ningxia Ningbo Industrial Investment Fund, with a corresponding paid-in capital of RMB 861.49 million[24]. Research and Development - The company has a strong focus on research and development, with R&D expenses reported at ¥249,728,515.72, compared to ¥207,870,528.60 in the previous year, reflecting an increase of about 20%[36]. - The company is focusing on expanding its market presence and enhancing product development strategies[49].

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥711,968,733.77, representing a 35.16% increase compared to ¥526,764,764.44 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥253,396,114.70, a significant increase of 113.97% from ¥118,428,019.34 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥252,833,529.10, up 108.91% from ¥121,026,418.37 in the same period last year[19]. - The net cash flow from operating activities for the reporting period was approximately CNY 267.08 million, an increase of 51.98% compared to the previous year[22]. - The basic earnings per share for the first half of the year was CNY 0.1214, representing a 112.61% increase year-over-year[23]. - The diluted earnings per share increased by 88.44% to CNY 0.1076 compared to the same period last year[23]. - The weighted average return on equity rose to 6.63%, an increase of 3.13 percentage points from the previous year[23]. - The net assets attributable to shareholders increased by 22.04% to approximately CNY 4.47 billion compared to the end of the previous year[22]. - The total assets of the company reached approximately CNY 12.63 billion, reflecting a 3.29% increase from the previous year[22]. - The company reported a total asset value of 12.631 billion yuan, an increase of 3.29% compared to the end of the previous year[52]. - The company reported a significant increase in investment income, reaching ¥50,138,830.91 compared to ¥361,580.48 in the previous year[191]. - The total operating profit for the first half of 2021 was ¥103,522,480.58, compared to ¥47,929,503.47 in the first half of 2020, indicating significant growth[200]. Renewable Energy Capacity and Performance - The renewable energy installed capacity in China reached 971 million kilowatts by the end of June 2021, with wind power capacity at 292 million kilowatts and solar power capacity at 268 million kilowatts[38]. - The company’s wind power generation increased by approximately 44.6% year-over-year, contributing to a total of 344.18 billion kilowatt-hours in the first half of 2021[38]. - The average utilization rate for wind power reached 96.4%, an improvement of 0.3 percentage points compared to the previous year[38]. - As of June 30, 2021, the company's installed capacity for renewable energy reached 1,417.875 MW, including 1,361.5 MW for wind power and 50 MW for solar power[52]. - The total installed wind power capacity in China reached 292 million kW by the end of June 2021, with a year-on-year generation increase of 44.6%[41]. - The total installed solar power capacity in China was 268 million kW by the end of June 2021, with a year-on-year generation increase of 23.4%[42]. Investments and Subsidiaries - The company established a wind energy development industry fund to enhance its investment in renewable energy projects, aiming to integrate capital with industry effectively[52]. - The company has ongoing and planned projects totaling 342.5 MW, including 242.5 MW for wind power and 100 MW for solar power[52]. - The company has established a wholly-owned subsidiary, Ningxia Jialong New Energy Operation Management Co., Ltd., with an investment of RMB 50 million to engage in power generation, transmission, and supply services[69]. - The company invested RMB 25 million to hold a 50% stake in Linyi Jiazexihe New Energy Co., Ltd., in collaboration with Permanent Idea Development Limited and Beijing Xihe Energy Investment Co., Ltd.[72]. - The company acquired a 7.945% stake in Ningxia Ningbo Industrial Investment Fund (Limited Partnership) for RMB 22 million, with a paid-in capital of RMB 17.149 million[73]. - The company has established several subsidiaries, including Guangxi Jiazhe New Energy Co., Ltd. with an investment of 5.6 million CNY (56% ownership) and Ningxia Jiajun Electricity Sales Co., Ltd. with an investment of 20 million CNY (100% ownership) in 2021[114]. Financial Position and Liabilities - The company's total liabilities as of June 30, 2021, were 8.16 billion yuan, with a debt-to-asset ratio of 64.60%[173]. - The company's long-term credit rating remains at AA, with a stable outlook, indicating strong creditworthiness[173]. - The total amount of guarantees provided by the company, including those to subsidiaries, is CNY 4,862,899,586.80, which accounts for 108.76% of the company's net assets[134]. - The company provided guarantees totaling CNY 788,000,000.00 to subsidiaries during the reporting period, with a total outstanding guarantee balance of CNY 4,862,899,586.80 at the end of the period[134]. - The total amount of guarantees exceeding 50% of net assets is CNY 2,627,251,171.51[134]. Market and Regulatory Environment - The company is at risk of revenue decline due to potential changes in on-grid electricity prices, which could adversely affect operational performance if costs are not effectively controlled[89]. - The company has faced risks related to changes in supportive policies for renewable energy, which could impact future project revenues[88]. - The company is actively monitoring regulatory changes that could affect the renewable energy sector and its operational strategies[88]. - The company must navigate government approval processes for its wind and solar projects, and any tightening of these processes could delay project development and affect returns[100]. Operational Efficiency and Challenges - The company has implemented a supplier one-stop service model to enhance operational efficiency and reduce maintenance costs[43]. - The company has maintained a stable operational environment with no safety incidents reported during the first half of 2021[53]. - The company faces risks related to wind and solar power curtailment due to insufficient grid capacity to absorb generated electricity, which can significantly impact overall power generation[95]. - The company has obtained grid connection approvals for all its projects, but future projects may face delays in obtaining necessary permits, affecting their operational capacity[98]. - The company's operating costs are heavily influenced by the prices of power generation equipment, which account for over 60% of total investment; significant price increases could adversely affect profitability[101]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 83,613[150]. - The top shareholder, Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd., held 585,371,237 shares, representing 24.79% of total shares, with 378,321,470 shares pledged[150]. - The company granted 6,897,000 restricted shares to incentive plan participants, which will be released upon meeting certain conditions[158]. - The total number of restricted shares granted during the reporting period was 1,160,000, with no shares unlocked yet[161]. - The top ten shareholders accounted for a significant portion of the company's equity, with the largest shareholder holding nearly 25%[150].

Financial Performance - Net profit attributable to shareholders increased by 106.33% to CNY 99,534,080.57 year-on-year[17]. - Operating revenue rose by 28.68% to CNY 316,815,522.24 compared to the same period last year[17]. - Basic earnings per share increased by 106.01% to CNY 0.0480 compared to the same period last year[17]. - Operating profit for Q1 2021 reached CNY 110,773,193.01, compared to CNY 54,469,435.11 in Q1 2020, representing a growth of 102.5%[57]. - Net profit for Q1 2021 was CNY 99,531,014.82, significantly higher than CNY 48,239,964.98 in Q1 2020, marking an increase of 106.5%[57]. - The net profit for Q1 2021 reached ¥33,473,007.04, representing a 90.4% increase from ¥17,569,322.41 in Q1 2020[61]. Cash Flow - Net cash flow from operating activities increased by 47.52% to CNY 73,668,083.61 year-on-year[17]. - The net cash flow from operating activities for Q1 2021 was ¥73,668,083.61, compared to ¥49,938,693.83 in Q1 2020, reflecting a 47.5% increase[64]. - The net cash flow from operating activities for Q1 2021 was ¥11,616,583.48, a significant increase from ¥1,615,869.49 in Q1 2020, representing a growth of approximately 619%[66]. - Cash flow from financing activities showed a drastic decline of 1,965.09% to -¥160,032,882.62, primarily due to the absence of bank loans compared to the previous period[30]. - The cash inflow from financing activities was ¥43,835,300.00 in Q1 2021, down from ¥314,550,000.00 in Q1 2020[64]. - The company's cash flow from financing activities showed a net outflow of -¥113,235,549.73 in Q1 2021, compared to -¥64,549,727.11 in Q1 2020, highlighting increased financing costs[68]. Assets and Liabilities - Total assets increased by 0.42% to CNY 12,279,656,286.72 compared to the end of the previous year[17]. - Total liabilities decreased to $8.47 billion from $8.56 billion, a decline of about 1.1%[46]. - Current liabilities amounted to $1.46 billion, slightly up from $1.45 billion, indicating a 1.0% increase[46]. - The company reported a significant decrease in cash and receivables, with cash down by 49.60%[28]. - The total liabilities included accounts payable of ¥798,682,012.80 and other payables of ¥4,255,296.14, indicating a focus on managing short-term obligations[71]. - The company reported a decrease in employee compensation payable from $8.51 million to $1.07 million, a significant drop of approximately 87.4%[46]. Shareholder Information - The number of shareholders at the end of the reporting period was 62,474[24]. - The top shareholder, Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd., holds 28.04% of shares[24]. - Total equity attributable to shareholders rose to $3.81 billion from $3.66 billion, an increase of about 4.0%[46]. Expenses - Management expenses surged by 253.30% to ¥16,472,546.72, attributed to the recognition of the fair value of restricted stock during the waiting period[30]. - The company reported a significant increase in income tax expenses by 148.12% to ¥11,242,178.19, reflecting the rise in profits[30]. - The total financial expenses for Q1 2021 were ¥24,905,920.17, an increase from ¥20,713,512.41 in Q1 2020[59]. Investments and Subsidiaries - Investment income skyrocketed by 3,012.34% to ¥10,027,755.09, resulting from long-term equity investment in Ningbo Fund accounted for using the equity method[30]. - The company established several new subsidiaries, including Guangxi Jiazhe New Energy Co., Ltd. with a 56% stake and Xinjiang Zekai New Energy Co., Ltd. as a wholly-owned subsidiary[34]. - As of March 31, 2021, a total of ¥48,578,000 of convertible bonds had been converted into 13,607,139 shares of the company's stock at an initial conversion price of ¥3.57 per share[35].

Financial Performance - The company achieved a net profit of 198.06 million yuan for the year 2020, with a net profit attributable to shareholders also at 198.06 million yuan, representing a significant financial performance [7]. - The proposed cash dividend distribution for 2020 is 120 million yuan, which accounts for 60.59% of the net profit attributable to shareholders [7]. - The company reported a capital reserve of 517.36 million yuan and an undistributed profit of 788.91 million yuan as of the end of 2020 [7]. - The company's operating revenue for 2020 was approximately ¥1.01 billion, a decrease of 9.31% compared to ¥1.12 billion in 2019 [30]. - The net profit attributable to shareholders for 2020 was approximately ¥198 million, down 32.45% from ¥293 million in 2019 [30]. - The basic earnings per share for 2020 was ¥0.10, a decline of 33.33% compared to ¥0.15 in 2019 [34]. - The total assets at the end of 2020 were approximately ¥12.23 billion, an increase of 33.97% from ¥9.13 billion at the end of 2019 [33]. - The weighted average return on equity for 2020 was 5.73%, a decrease of 5 percentage points from 10.73% in 2019 [34]. - The net cash flow from operating activities for 2020 was approximately ¥649 million, a slight decrease of 1.88% from ¥661 million in 2019 [30]. - The company reported a total non-operating loss of RMB 2,543,017.78 in 2020, compared to a profit of RMB 2,572,310.32 in 2019 [38]. Dividend Policy - The company plans to maintain the total distribution amount unchanged, with adjustments to the per-share distribution ratio if there are changes in total share capital before the dividend distribution date [8]. - The company will not conduct capital reserve transfers to increase share capital for the year 2020 [8]. - The company’s cash dividend policy stipulates that at least 10% of the annual distributable profit should be distributed as cash dividends, subject to certain conditions [163]. - The company has not adjusted its cash dividend policy during the reporting period [164]. - The company’s net profit for 2019 was 293.21 million RMB, with a cash dividend of 89.19 million RMB, representing 30.42% of the net profit [167]. Operational Strategy and Market Position - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency [39]. - The company has been focusing on developing distributed energy solutions and smart microgrid systems to meet growing energy demands [39]. - The company’s main business remains focused on the development, investment, construction, operation, and management of renewable energy power, specifically centralized wind and solar power generation [40]. - The company is positioned as a leading private wind power enterprise in the Ningxia region, with plans to further increase its market share as new projects come online [57]. - The company is committed to supporting national carbon neutrality goals, with plans for significant annual increases in wind power capacity in alignment with government policies [63]. Project Development and Capacity - As of December 31, 2020, the company's installed capacity for renewable energy generation was 1,417.875 MW, including 1,361.5 MW from wind power and 50 MW from solar power [68]. - The company’s construction projects under development totaled 342.5 MW, including 242.5 MW from wind power and 100 MW from solar power [68]. - The company has significant ongoing projects, including the San Daoshan 150MW Wind Power Project, with a total project cost of RMB 1.1 billion and RMB 847 million invested in the current year [103]. - The company achieved the largest annual construction and grid connection scale in its history in 2020, successfully connecting all projects to the grid despite challenges [66]. - The company aims to enhance project reserves as a vital source for future growth, focusing on efficiency and quality in project development amidst increasing competition in the wind power sector [122]. Financial Management and Risks - The company is exposed to risks from changes in supportive policies and regulations that could impact the renewable energy sector [126]. - The company has faced risks related to the adjustment of on-grid electricity prices, which are set by the National Development and Reform Commission and can affect unconnected projects [132]. - The company is exposed to interest rate risks, as borrowing costs may rise with increases in benchmark interest rates, negatively impacting financial performance [145]. - The company must navigate government approval risks for its wind and solar projects, which could delay development and affect investment returns if standards become stricter [146]. - The company relies heavily on a single customer, the State Grid Ningxia Electric Power Company, for its electricity sales, which poses a credit risk if the customer fails to meet payment obligations [151]. Social Responsibility and Community Engagement - The company has committed CNY 422.19 million towards poverty alleviation efforts, including employment and vocational training initiatives [190]. - The company employed 39 local residents in its projects as part of its social responsibility efforts [191]. - The company has established a vocational training school to enhance skill development and employment opportunities in the renewable energy sector [190]. - The company continues to fulfill its social responsibility by providing employment and vocational training to help impoverished areas [194]. - The company’s social responsibility report was disclosed simultaneously with the annual report [195]. Environmental Compliance and Sustainability - The company has maintained strict compliance with environmental laws and regulations, with no pollution incidents reported during the reporting period [196]. - The company is focused on developing and operating centralized wind and photovoltaic power generation, with no involvement in pollutant emissions [196]. - The company’s commitment to environmental protection is reflected in its operations, which do not involve significant pollutant discharge [196].