Financial Performance - Operating revenue for the first nine months rose by 22.60% to CNY 381,943,273.06 year-on-year[6] - Net profit attributable to shareholders increased by 0.88% to CNY 25,577,008.69 for the first nine months[6] - The net profit after deducting non-recurring gains and losses increased by 28.20% to CNY 27,857,668.81 year-on-year[6] - Basic earnings per share rose by 4.00% to CNY 0.26[7] - Total operating revenue for Q3 2019 reached ¥181,614,571.75, a significant increase of 77% compared to ¥102,547,121.03 in Q3 2018[27] - Net profit for the first three quarters of 2019 was ¥35,432,466.68, compared to ¥26,232,367.54 in the same period of 2018, reflecting a growth of 35%[27] - The net profit attributable to shareholders for Q3 2019 was ¥9,368,481.09, down 10.7% from ¥10,424,370.85 in Q3 2018[29] - The total profit for Q3 2019 was ¥10,193,325.31, compared to ¥12,256,305.95 in Q3 2018, reflecting a decline of 17.0%[30] - The total profit for the first three quarters of 2019 was ¥29,292,954.23, a slight decrease from ¥29,990,855.24 in the same period of 2018[30] Assets and Liabilities - Total assets increased by 15.26% to CNY 765,127,253.29 compared to the end of the previous year[6] - Total assets as of September 30, 2019, amounted to ¥629,569,120.11, an increase from ¥551,647,759.26 at the end of 2018[22] - Total liabilities as of September 30, 2019, were ¥163,558,516.42, compared to ¥88,213,865.72 at the end of 2018, indicating a growth of 85%[23] - The company reported a total asset value of ¥663,829,575.12 as of Q3 2019, unchanged from the previous year, indicating stability in asset management[40] - The total liabilities amounted to ¥175,127,957.73, remaining consistent with the previous year, which suggests effective liability management[41] Cash Flow - Net cash flow from operating activities decreased by 29.66% to CNY 23,192,803.86 compared to the same period last year[6] - The net cash flow from operating activities for the first three quarters of 2019 was 23,192,803.86 RMB, down from 32,970,822.91 RMB in the previous year, indicating a decrease of about 29.5%[34] - The net cash flow from investment activities was -70,397,781.69 RMB for the first three quarters of 2019, compared to -78,582,273.66 RMB in the same period of 2018, showing an improvement of approximately 10.5%[34] - The cash outflow from investment activities was 464,456,844.84 RMB for the first three quarters of 2019, compared to 183,217,269.55 RMB in the previous year, representing an increase of approximately 153.5%[34] - The company achieved a net increase in cash and cash equivalents of 33,410,467.78 RMB in Q3 2019, contrasting with a decrease of 55,534,989.05 RMB in Q3 2018[34] Shareholder Information - The total number of shareholders reached 12,723 by the end of the reporting period[9] - The largest shareholder, Niu Yuxia, holds 54.68% of the shares[9] Government Support and Subsidies - Government subsidies recognized in the current period amounted to CNY 291,076.26, contributing to the financial performance[8] Operational Metrics - Cash and cash equivalents increased by 41.92% to ¥70,495,245.69 from ¥49,671,673.69 due to increased working capital loans[11] - Accounts receivable rose by 41.93% to ¥195,366,673.81 from ¥137,651,844.09, primarily driven by increased operating revenue[11] - Fixed assets increased by 46.04% to ¥172,820,562.01 from ¥118,341,595.14, primarily due to the transfer of construction projects to fixed assets[11] - Accounts payable rose by 31.46% to ¥95,641,070.66 from ¥72,751,363.17, mainly due to increased purchases by Hangzhou Hongsheng[11] - Inventory levels rose to ¥46,500,986.43, up from ¥43,274,914.73 in the previous year, reflecting a 5% increase[22] Research and Development - Research and development expenses for Q3 2019 were ¥4,868,145.77, a decrease from ¥5,866,794.69 in Q3 2018[27] - The company's R&D expenses for Q3 2019 were ¥2,559,563.85, a decrease of 29.2% from ¥3,614,177.23 in Q3 2018[30] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[27] - The company is focusing on enhancing its product offerings and market expansion strategies to drive future revenue growth[46]

Financial Performance - The company reported a total revenue of RMB 100 million for the first half of 2019, representing a year-on-year increase of 15%[20] - The net profit attributable to shareholders was RMB 20 million, up 10% compared to the same period last year[20] - The company's operating revenue for the first half of the year was CNY 200.33 million, a decrease of 4.14% compared to the same period last year[21] - Net profit attributable to shareholders increased by 8.57% to CNY 16.21 million, while the net profit after deducting non-recurring gains and losses rose by 15.33% to CNY 14.44 million[21] - The company reported a significant increase in cash flow from financing activities, which rose by 700.12% to CNY 56.45 million[33] - The company reported a total comprehensive income of CNY 9.86 million for the first half of 2019, down from CNY 11.36 million in the previous year[97] - The company reported a comprehensive income of CNY 16,208,527.60 for the first half of 2019[106] - The company distributed CNY 10,000,000.00 to shareholders during the reporting period[106] Cash Flow and Liquidity - The company has maintained a strong cash position with cash reserves of RMB 30 million, ensuring liquidity for future investments[20] - The net cash flow from operating activities surged by 81.42% to CNY 19.91 million, indicating improved cash generation capabilities[21] - Cash and cash equivalents at the end of the period amounted to ¥100,325,692.42, representing 13.77% of total assets, up 101.98% from the previous period[40] - The company’s cash and cash equivalents at the end of the period stood at CNY 83.67 million, an increase from CNY 26.15 million at the end of the first half of 2018[101] - Cash flow from operating activities increased to CNY 19.91 million, up 81.66% from CNY 10.98 million in the first half of 2018[100] - Cash inflow from investment activities totaled CNY 166,212,276.72, significantly higher than CNY 48,296,607.65 in the first half of 2018[103] - Net cash flow from financing activities was CNY 56,451,658.35, a turnaround from a negative cash flow of CNY 9,406,790.20 in the first half of 2018[103] Market Expansion and Growth Strategy - Future outlook indicates a projected revenue growth of 20% for the second half of 2019, driven by new product launches and market expansion strategies[20] - The company has expanded its user base by 25%, reaching a total of 50,000 active users[20] - Market expansion efforts include entering two new regional markets, which are expected to contribute an additional RMB 10 million in revenue[20] - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[20] - There were no announcements regarding market expansion or acquisitions during this reporting period, suggesting a conservative approach to growth[56] Research and Development - The company is investing RMB 5 million in R&D for new heat exchanger technologies aimed at improving efficiency by 30%[20] - The company is actively involved in the development of high-pressure aluminum heat exchangers, with a successful prototype completed during the reporting period[30] - Research and development expenses decreased by 6.76% to CNY 8.87 million, reflecting a focus on cost management[36] - Research and development expenses for the first half of 2019 were CNY 8,867,806.75, down 6.7% from CNY 9,510,734.82 in the same period of 2018[93] Financial Governance and Stability - No non-operational fund occupation by controlling shareholders was reported, indicating a stable financial governance structure[20] - The company has committed to maintaining stock price stability for three years post-listing, implementing measures to support this[55] - The actual controller and major shareholders committed to not transferring their shares for 36 months post-listing, ensuring stability in shareholding[55] - The company has not reported any changes in accounting policies or prior period error corrections during this reporting period[109] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,645[73] - The largest shareholder, Niu Yuxia, holds 54,675,000 shares, representing 54.68% of the total shares[76] - The company reported no stock incentive grants to directors, supervisors, or senior management during the reporting period[83] - The company distributed CNY 10,000,000.00 to shareholders during the reporting period[106] Assets and Liabilities - Total assets increased by 9.72% to CNY 728.32 million, while net assets attributable to shareholders rose by 1.29% to CNY 486.71 million[21] - Total liabilities amounted to RMB 232,666,952.95, compared to RMB 175,127,957.73, marking an increase of around 32.9%[89] - The company's cash and cash equivalents rose to RMB 100,325,692.42 from RMB 49,671,673.69, showing a significant increase of approximately 102.7%[88] - The total equity attributable to shareholders reached RMB 486,711,693.13, up from RMB 480,503,165.53, indicating a slight increase of approximately 1.5%[90] Compliance and Legal Matters - The company held its annual general meeting on April 18, 2019, where all resolutions were passed with the required majority, ensuring compliance with legal and regulatory standards[53] - There were no significant litigation or arbitration matters during the reporting period[60] - The company and its controlling shareholders did not fail to fulfill any court judgments or have any significant debts that were overdue and unpaid during the reporting period[61] Accounting Policies and Financial Reporting - The financial statements are prepared based on the assumption of going concern, indicating the company has the ability to continue operations for at least 12 months from the reporting date[116] - The company adheres to the accounting standards for enterprises, ensuring the financial statements reflect a true and complete picture of its financial status[118] - The company uses a 12-month operating cycle for liquidity classification of assets and liabilities[120] - The company has not made any changes to its accounting policies and estimates during the reporting period[117]

Financial Performance - Operating income for the first quarter was ¥83,290,253.00, representing a decrease of 16.62% year-on-year[7]. - Net profit attributable to shareholders was ¥3,637,340.32, down 9.58% from the same period last year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,956,977.74, a decrease of 23.16% year-on-year[7]. - The total comprehensive income attributable to the parent company was CNY 3,637,340.32, an increase of 6.2% from CNY 3,425,406.79 in the previous year[23]. - The total profit for Q1 2019 was CNY 1,954,671.06, a decrease of 25% compared to CNY 2,605,931.99 in Q1 2018[25]. - The net profit for Q1 2019 was CNY 1,621,029.38, down 32.4% from CNY 2,398,410.18 in Q1 2018[25]. Cash Flow - Cash flow from operating activities significantly increased to ¥9,560,457.62, a rise of 815.73% compared to the previous year[7]. - Net cash flow from operating activities surged by 815.73% to ¥9,560,457.62 from ¥1,044,029.61 due to increased sales collections[13]. - The company reported a net cash inflow from operating activities of CNY 9,560,457.62, compared to CNY 1,044,029.61 in Q1 2018[28]. - The net cash flow from operating activities for Q1 2019 was ¥6,819,814.26, a significant improvement from a net cash outflow of ¥1,552,329.15 in Q1 2018[31]. - The net cash flow from investment activities for Q1 2019 was -¥5,821,026.16, an improvement from -¥50,905,990.48 in Q1 2018[32]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥683,889,748.82, an increase of 3.02% compared to the end of the previous year[7]. - Total assets increased to ¥683,889,748.82 from ¥663,829,575.12, reflecting a growth in both current and non-current assets[16]. - Total liabilities as of March 31, 2019, were CNY 104,320,390.29, compared to CNY 88,213,865.72 at the end of 2018[20]. - The total liabilities to total assets ratio is approximately 15.97%[40]. - The company maintains a strong cash position with current liabilities of 87,978,823.35[39]. Shareholder Information - The total number of shareholders at the end of the reporting period was 13,606[10]. - The largest shareholder, Niu Yuxia, holds 54.68% of the shares, totaling 54,675,000 shares[10]. Investment and Equity - The company approved the acquisition of a 24.5% stake in Hangzhou Hongsheng Zhonghong New Energy Co., Ltd., increasing its ownership to 75.5%[13]. - Long-term equity investments increased to CNY 138,425,800.00 from CNY 128,625,800.00, reflecting a growth of 7.0%[19]. - The company is focused on expanding its investment in long-term equity, with a significant allocation of 128,625,800.00[39]. Government Subsidies and Other Income - The company received government subsidies amounting to ¥125,438.63 during the reporting period[9]. - Other income fell by 93.40% to ¥125,438.63 from ¥1,901,076.26, primarily due to a reduction in government subsidies[13].

Financial Performance - The company's operating revenue for 2018 was CNY 415,142,927.25, representing a year-on-year increase of 12.83% compared to CNY 367,951,683.19 in 2017[22]. - The net profit attributable to shareholders of the listed company reached CNY 32,623,930.44 in 2018, a significant increase of 32.89% from CNY 24,550,223.64 in 2017[22]. - The net cash flow from operating activities was CNY 26,866,886.96, marking a substantial increase of 131.80% compared to CNY 11,590,792.20 in the previous year[22]. - The total assets of the company at the end of 2018 were CNY 663,829,575.12, which is a 10.51% increase from CNY 600,702,483.66 at the end of 2017[22]. - The basic earnings per share for 2018 was CNY 0.33, reflecting a 32.00% increase from CNY 0.25 in 2017[23]. - The company reported a total revenue of 1.3 billion RMB for the fiscal year 2018, reflecting a year-on-year growth of 15%[78]. - The company reported a comprehensive income total of ¥33,585,625.57, compared to ¥26,130,896.29 in the previous year, an increase of 28.5%[162]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.00 CNY per 10 shares, totaling 10,000,000.00 CNY for the year 2018[5]. - The company has a cash dividend policy that includes a distribution of 1 RMB per 10 shares for the 2017 fiscal year, reflecting a commitment to shareholder returns[71]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongxinghua Accounting Firm[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not reported any significant accounting errors or changes in accounting estimates for the year[81]. - The auditor's report indicated that there were no significant misstatements in the financial statements[150]. - The company has not faced any penalties from securities regulatory agencies in the past three years[125]. Risk Management - The company has detailed the industry and policy risks in its report, highlighting potential impacts[7]. - The company emphasizes the importance of investment risk awareness due to uncertainties in forward-looking statements[6]. - The company faced a 25% tariff on products exported to the U.S., which accounted for about 25% of its total revenue[33]. - The company faces risks from macroeconomic fluctuations, which could lead to reduced orders and slower payment collection[66]. Product Development and Market Presence - The company has established a strong product development and design capability, utilizing advanced simulation and testing systems to enhance efficiency and accuracy in product design[30]. - The company has obtained various international quality certifications, including ASME and CE, to ensure compliance with global quality standards[30]. - Approximately 80% of the company's products are exported to regions including the Americas, Europe, and Asia, indicating a strong international market presence[29]. - The company plans to focus on compact and efficient heat exchangers, adapting to the increasing power output and reduced installation space in machinery[61]. - The company aims to strengthen its competitive edge in the aluminum plate-fin heat exchanger market through the development of high-pressure products and electric vehicle thermal management systems[65]. Financial Position and Assets - The total assets of the company amounted to 663.83 million yuan, up 10.51% year-on-year[35]. - The company's cash and cash equivalents decreased to CNY 49,671,673.69 from CNY 114,058,972.07, representing a decline of approximately 56.5%[155]. - Total liabilities reached CNY 175,127,957.73, compared to CNY 135,586,491.84 at the beginning of the year, reflecting an increase of about 29.1%[156]. - The total equity attributable to shareholders increased to CNY 480,503,165.53 from CNY 458,476,365.95, indicating a growth of approximately 4.8%[157]. Shareholder Structure and Management - The company has a total of 11,779 common stock shareholders at the end of the reporting period, an increase from 11,417 in the previous month[103]. - The largest shareholder, Niu Yuxia, holds 54,675,000 shares, representing 54.68% of the total shares[105]. - The company has a clear ownership structure with no special circumstances regarding controlling shareholders[113]. - The company has a total of 59,839,350 shares held by directors and senior management, with a total remuneration of 417.88 million yuan for the reporting period[118]. Employee and Corporate Governance - The total number of employees in the parent company is 473, while the total number of employees in major subsidiaries is 286, resulting in a combined total of 759 employees[126]. - The company has implemented a labor outsourcing model with a total of 182,400 hours outsourced and total payments amounting to ¥6,566,268.58[130]. - The company has established a performance evaluation system and incentive mechanisms to attract and retain talent, aiming for sustainable human resource development[129]. - The company has maintained compliance with corporate governance regulations, with no significant discrepancies noted with the requirements of the China Securities Regulatory Commission[134]. Environmental and Social Responsibility - The company has eliminated its original acid-base cleaning production line, resulting in zero production wastewater discharge[96]. - The wastewater from the gas-tightness testing section and jacket cooling water is recycled and not discharged externally[96]. - The company uses activated carbon adsorption for waste gas from ultrasonic cleaning processes, which is then released at high altitudes[96]. - The company has implemented effective noise reduction measures in its production workshop[96]. Future Outlook - The company plans to achieve operating revenue exceeding 500 million RMB in 2019, focusing on expanding the cryogenic equipment business while consolidating its mechanical manufacturing market[64]. - The company is investing in a project to produce 100,000 cooling module units annually, expected to be operational in 2019, to enhance product value and expand capacity[65]. - The company is actively seeking mergers and acquisitions to enhance its long-term competitive advantage and achieve greater economies of scale[65].

Financial Performance - The company's operating revenue for 2018 was CNY 415,142,927.25, representing a year-on-year increase of 12.83% compared to CNY 367,951,683.19 in 2017[22]. - The net profit attributable to shareholders of the listed company reached CNY 32,623,930.44 in 2018, a significant increase of 32.89% from CNY 24,550,223.64 in 2017[22]. - The net cash flow from operating activities was CNY 26,866,886.96, showing a remarkable increase of 131.80% compared to CNY 11,590,792.20 in the previous year[22]. - The total assets of the company at the end of 2018 were CNY 663,829,575.12, which is a 10.51% increase from CNY 600,702,483.66 at the end of 2017[22]. - The basic earnings per share for 2018 was CNY 0.33, reflecting a 32.00% increase from CNY 0.25 in 2017[23]. - The company achieved operating revenue of 415.14 million yuan, a year-on-year increase of 12.83%[34]. - The net profit attributable to shareholders reached 32.62 million yuan, reflecting a growth of 32.89% compared to the previous year[34]. - The company sold approximately 8,500 tons of products in 2018, marking a year-on-year increase of 6.22%[33]. - The gross profit margin for the main business was 27.00%, an increase of 0.60 percentage points year-on-year[37]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 10,000,000.00 yuan for the year 2018[5]. - The company has a cash dividend policy that includes a distribution of 1 RMB per 10 shares for the 2017 fiscal year, reflecting a commitment to shareholder returns[72]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongxinghua Accounting Firm[4]. - The company has committed to ensuring the accuracy and completeness of its annual report[8]. - The company has not encountered any non-standard audit opinions from its accounting firm[79]. - The internal control audit report confirmed the effectiveness of the company's internal controls for the year[149]. - The company has not reported any significant deficiencies in internal control during the reporting period[139]. Risks and Challenges - The company has outlined potential industry and policy risks in its report, emphasizing the importance of investor awareness[7]. - The company faced a 25% tariff on products exported to the U.S., which accounted for approximately 25% of total revenue[33]. - The cost of raw materials and labor increased, leading to a rise in product costs and pressure on profitability[33]. - The company faces risks related to macroeconomic fluctuations, which could lead to reduced orders and slower payment collection[67]. Market Presence and Operations - The company exported approximately 80% of its products to regions including the Americas, Europe, and Asia, indicating a strong international market presence[29]. - The company’s main business involves the manufacturing of heat exchangers[13]. - The company plans to focus on compact and efficient heat exchangers, adapting to the increasing power output of machinery while minimizing installation space[62]. - The company plans to achieve operating revenue exceeding 500 million RMB in 2019, focusing on expanding the cryogenic equipment business while consolidating its mechanical manufacturing market[65]. - The company is actively seeking mergers and acquisitions to strengthen its long-term competitive advantage and achieve greater economies of scale[66]. Research and Development - The company has established a comprehensive quality control system, achieving various international certifications including ASME and CE, which enhances its competitive edge in the market[30]. - The company has developed a "plate-fin heat exchanger heat transfer and flow resistance parameter database," improving product design efficiency and reducing development cycles[30]. - R&D expenses totaled 20.84 million yuan, representing 5.02% of total revenue, with 94 R&D personnel making up 12.38% of the total workforce[47]. - Research and development expenses rose to ¥20,840,391.52, a 30.7% increase from ¥15,951,091.40 in 2017, indicating a focus on innovation[162]. Shareholder Structure and Governance - The largest shareholder, Niu Yuxia, holds 54,675,000 shares, representing 54.68% of the total shares[106]. - Niu Faqing, another major shareholder, holds 4,643,700 shares, accounting for 4.64%[106]. - The company has a total of 59,318,700 restricted shares at the end of the reporting period[102]. - The company does not have a controlling shareholder or actual controller situation[113]. - The total remuneration for Niu Faqing as chairman is reported at 60.00 thousand yuan, while Niu Yuxia, as a director, receives 24.00 thousand yuan[119]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 4.1788 million yuan[124]. Environmental and Social Responsibility - The company has eliminated the original acid-base cleaning production line, resulting in zero production wastewater discharge[97]. - The company has implemented a "rainwater and sewage diversion" system in its drainage system[97]. - The company uses activated carbon adsorption for waste gas treatment, with high-altitude emissions for the cleaning process[97]. - The company has recycled aluminum edge scraps and unqualified products, ensuring effective solid waste management[97]. Employee and Management Structure - The total number of employees in the parent company is 473, while the main subsidiaries have 286 employees, resulting in a total of 759 employees[127]. - The company has implemented a performance evaluation system and incentive mechanisms to attract and retain talent, aiming for sustainable human resource development[130]. - The company emphasizes a competitive salary structure linked to performance, with a focus on internal equity and cross-department collaboration[128]. - The company has established a comprehensive training program for employees, focusing on modern management and technical skills[129]. Financial Management and Investments - The company has utilized RMB 125 million in broker financial products and RMB 60 million in bank financial products from raised funds[92]. - The company has a total of RMB 25 million in broker financial products with an annualized return of 4.85%[94]. - The company has a total of RMB 50 million in broker financial products with an annualized return of 5.15%[95]. - The company has a total of RMB 20 million in bank financial products with an annualized return of 1.755%[95]. - The company has a total of RMB 5 million in bank financial products with an annualized return of 1.755%[95].

2018 年第三季度报告 公司代码：603090 公司简称：宏盛股份 无锡宏盛换热器制造股份有限公司 2018 年第三季度报告 1 / 20 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 2018 年第三季度报告 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人钮法清、主管会计工作负责人龚少平及会计机构负责人（会计主管人员）姚莉娜 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年 度末增减(%) | | | --- | --- | --- | --- | --- | | 总资产 | 620,482,403 ...

Financial Performance - The company reported a total revenue of RMB XX million for the first half of 2018, representing a year-on-year increase of XX%[18] - The net profit attributable to shareholders was RMB XX million, reflecting a growth of XX% compared to the same period last year[18] - The company achieved a gross margin of XX%, which is an improvement of XX percentage points from the previous year[18] - The company's operating revenue for the first half of the year reached ¥208,987,190.61, representing a year-on-year increase of 27.47%[19] - The net profit attributable to shareholders decreased by 5.68% to ¥14,928,977.62 compared to the same period last year[19] - The basic earnings per share fell by 5.70% to ¥0.149, while the diluted earnings per share also decreased by 5.70% to ¥0.149[20] - The company reported a net cash flow from operating activities of ¥10,975,387.59, down 4.07% from the previous year[29] - The company reported a total of 3,750,000 shares held by various investment partnerships, with the largest being 1,925,000 shares held by Changzhou Zhongke Jiangnan Equity Investment Center[69] Market Expansion and Strategy - User data indicated an increase in the number of active clients, reaching XX, up by XX% year-on-year[18] - The company plans to expand its market presence in Southeast Asia, targeting a revenue growth of XX% in this region by the end of 2019[18] - The company aims to expand its market presence, with approximately 80% of its products exported to regions including the Americas, Europe, and Asia[24] - The company has outlined a strategic plan for potential mergers and acquisitions to enhance its competitive edge in the market[18] - The management has provided a performance guidance for the second half of 2018, projecting a revenue increase of XX%[18] Research and Development - New product development includes the launch of a high-efficiency heat exchanger, expected to contribute an additional RMB XX million in revenue[18] - The company has allocated RMB XX million for research and development in the upcoming fiscal year, aiming to enhance product innovation[18] - Research and development expenses increased by 42.80% to ¥9,510,734.82, reflecting the company's commitment to innovation[29] - R&D expenditures grew by 42.80% year-on-year, reflecting the company's increased investment in research and development[32] - The company has a total of 56 patents, including 17 invention patents and 39 utility model patents, indicating strong R&D capabilities[26] Financial Position - The company's total assets decreased by 4.00% to ¥576,697,747.51 compared to the end of the previous year[19] - Total current assets decreased from ¥331,667,386.23 to ¥300,293,962.00, a decline of approximately 9.5%[82] - Cash and cash equivalents dropped significantly from ¥114,058,972.07 to ¥45,995,461.25, a decrease of about 59.7%[82] - Total liabilities decreased from ¥135,586,491.84 to ¥106,674,835.42, a reduction of approximately 21.3%[84] - Total equity increased from ¥465,115,991.82 to ¥470,022,912.09, reflecting a growth of about 1.9%[84] Operational Costs and Expenses - Operating costs increased by 29.75% compared to the same period last year, primarily due to revenue growth and rising raw material and labor costs[31] - Sales expenses rose by 40.38% year-on-year, driven by increased transportation, packaging, and marketing costs due to sales growth[31] - Management expenses increased by 44.74% compared to the previous year, mainly due to higher management costs in Hangzhou, depreciation of the new plant, and rising salaries[31] - Financial expenses decreased by 181.12% year-on-year, attributed to increased exchange gains from the depreciation of the RMB[31] Compliance and Governance - There are no significant non-operational fund occupations by controlling shareholders or related parties reported during the period[5] - The company has committed to avoiding any related party transactions that could lead to improper benefits or obligations[50] - The company has pledged to strengthen legal compliance and will not occupy company funds or resources in any direct or indirect manner[50] - The company has established a commitment to avoid competition with its own products from other enterprises controlled by its major shareholders[50] - The company has appointed Zhongxinghua Accounting Firm as the auditor for the 2018 financial statements and internal control audit[51] Risks and Challenges - The company faces risks related to macroeconomic fluctuations, foreign customer dependency, and raw material price volatility, particularly concerning aluminum prices which constitute about 65% of production costs[41] - The company's products exported to the United States are subject to a 25% tariff, impacting approximately 25% of total revenue and 30% of export income[42] Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,129[65] - Major shareholders include Niu Yuxia holding 54,675,000 shares (54.68%) and Niu Faqing holding 4,643,700 shares (4.64%) at the end of the reporting period[68] - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[72] - The company has not issued any new shares to strategic investors or general corporations that would affect the top ten shareholders[71] Cash Flow and Investments - The net cash flow from operating activities for the current period is ¥10,975,387.59, a decrease of 4.05% compared to ¥11,440,568.87 in the previous period[95] - Cash inflow from operating activities totaled ¥237,480,705.94, up 40.59% from ¥168,953,668.94 in the previous period[94] - Cash outflow from operating activities increased to ¥226,505,318.35, compared to ¥157,513,100.07 in the previous period, reflecting a rise of 43.73%[95] - The cash flow from investment activities resulted in a net outflow of ¥70,564,630.90, slightly worse than the previous period's outflow of ¥68,392,836.15[95] Accounting Policies and Practices - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting the financial position, operating results, changes in shareholders' equity, and cash flows accurately[113] - The company recognizes the share of profits and losses from joint operations and confirms related assets and liabilities according to its share[125] - The company uses the effective interest method to calculate interest income for held-to-maturity investments, recognizing it in investment income[129] - The company recognizes impairment losses for financial assets if there is objective evidence of impairment, with specific criteria for significant receivables set at 10% of total receivables or amounts over RMB 1 million[134]

Financial Performance - The company's operating revenue for 2017 was CNY 367,951,683.19, representing a 60.02% increase compared to CNY 229,942,861.59 in 2016[22]. - The net profit attributable to shareholders for 2017 was CNY 24,550,223.64, a decrease of 38.40% from CNY 39,851,266.63 in 2016[22]. - The cash flow from operating activities for 2017 was CNY 11,590,792.20, down 74.94% from CNY 46,243,363.63 in 2016[22]. - The total assets at the end of 2017 were CNY 600,702,483.66, an increase of 15.97% from CNY 517,969,872.99 at the end of 2016[22]. - The basic earnings per share for 2017 was CNY 0.246, a decline of 48.54% compared to CNY 0.478 in 2016[23]. - The weighted average return on equity for 2017 was 5.42%, down 7.30 percentage points from 12.72% in 2016[23]. - The company reported a net profit from continuing operations of ¥25,533,765.43, compared to ¥39,851,266.63 in the previous year, indicating a decline of approximately 36%[87]. - The total comprehensive income for the current period was ¥26,130,896.29, down 32.8% from ¥38,961,640.67 in the previous period[165]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.00 CNY per 10 shares, totaling 10,000,000.00 CNY based on a total share capital of 100,000,000 shares as of December 31, 2017[5]. - The company has a cash dividend policy, distributing 2 RMB per 10 shares for the 2016 fiscal year, with a total of 20 million RMB distributed[79]. - The actual controller and shareholders committed to not transferring or entrusting others to manage their shares for a period of 36 months from the company's listing date[82]. - The company will not reduce its holdings of company stock for two years after the lock-up period ends, with an automatic extension of the lock-up period by six months if certain stock price conditions are met[82]. - The company has committed to not exceeding a total reduction of 10% of the company's stock after the lock-up period ends[82]. Audit and Compliance - The company received a standard unqualified audit report from Lixin Certified Public Accountants[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[8]. - The company has committed to avoiding any improper benefits through related party transactions, ensuring compliance with market principles and fair pricing[85]. - The company has established a commitment to ensure that no competitive products are developed by entities controlled by its major shareholders[83]. - The internal control evaluation report for 2017 has been disclosed, confirming no significant deficiencies in internal controls[143]. Risk Management - The company has detailed the industry and policy risks in the report, which may impact future operations[7]. - The company emphasizes the importance of investment risk awareness due to uncertainties in forward-looking statements[6]. - The company faces risks from macroeconomic fluctuations that could impact order volumes and cash flow[75]. Research and Development - The company has a leading R&D center with advanced testing systems and a database for heat exchanger parameters, enhancing its product development capabilities[35]. - The company is focusing on the development of new materials for heat exchangers, including titanium-magnesium and nickel-chromium alloys, to meet stricter operational requirements[70]. - The company plans to enhance its technology research and development capabilities by investing in advanced equipment and fostering collaboration with external research institutions[73]. Market and Sales - Approximately 80% of the company's products are exported to regions including the Americas, Europe, and Asia[32]. - The company aims to sell 9,000 tons of products in 2018, focusing on market development and internal management to enhance supply chain management and profitability[73]. - The company reported a total sales volume of 8,002 tons in 2017, representing a year-on-year increase of 61.32%[39]. Financial Management - The company plans to use up to CNY 100 million of idle raised funds to purchase financial products with high safety and liquidity, with a maximum term of one year[95]. - The company has invested CNY 375 million in broker financial products and CNY 160 million in bank financial products from raised funds, with no overdue amounts[97]. - The company has a history of successful recovery of funds from wealth management products, confirming compliance with legal procedures[99]. Environmental and Social Responsibility - The company has successfully implemented a waste management strategy, ensuring no production wastewater discharge[102]. - The company has committed to recycling hazardous waste through a licensed disposal company[103]. - The company has adopted effective noise reduction measures in its production facilities[103]. Corporate Governance - The company has established a sound corporate governance structure, complying with relevant laws and regulations throughout the reporting period[137]. - The independent directors did not raise any objections to the board's decisions during the reporting period[141]. - The company has not experienced any insider information leaks during the reporting period, ensuring compliance with information disclosure regulations[138]. Employee Information - The total number of employees in the parent company and major subsidiaries is 681, with 437 in the parent company and 244 in subsidiaries[132]. - The company employs 511 production personnel, 22 sales personnel, 76 technical personnel, 9 financial personnel, and 63 administrative personnel[132]. - The compensation policy emphasizes performance-based pay linked to company and individual performance, with a focus on internal equity and cross-department collaboration[133].

Financial Performance - Operating revenue increased by 45.96% year-on-year, reaching ¥99,890,569.85[6] - Net profit attributable to shareholders decreased by 38.93% compared to the same period last year, totaling ¥4,022,537.65[6] - Basic earnings per share dropped by 39.39% to ¥0.040[6] - Operating revenue increased by 45.96% to CNY 99,890,569.85 compared to CNY 68,437,084.66 in the previous period, driven by an increase in orders[12] - Operating costs rose by 54.38% to CNY 73,985,787.83, attributed to revenue growth and increases in raw materials and labor costs[12] - The company reported a decrease in investment income by 62.82%, down to CNY 285,183.51 from CNY 766,983.72, due to reduced financial investment returns[12] - The total comprehensive income for Q1 2018 was CNY 1,801,279.32, down from CNY 5,605,845.36 in Q1 2017[26] - Net profit for Q1 2018 was ¥4,301,212.25, a decrease of 36% from ¥6,713,966.34 in Q1 2017[24] - The net profit for Q1 2018 was CNY 2,398,410.18, down 56.0% from CNY 5,441,375.41 in Q1 2017[25] Cash Flow - The net cash flow from operating activities improved significantly, with a net amount of ¥1,044,029.61, a 126.48% increase from the previous year[6] - Cash flow from operating activities improved significantly, reaching CNY 1,044,029.61, a 126.48% increase from a negative CNY 3,942,429.99 in the previous period[13] - The company’s cash flow from investment activities was negative at CNY -53,974,303.48, a 36.02% increase in outflows due to higher fixed asset expenditures[13] - The company reported a net cash outflow from investing activities of CNY 53,974,303.48, compared to a net outflow of CNY 39,679,736.39 in the same period last year[29] - Net cash flow from operating activities was -$1,552,329.15, an improvement from -$3,935,100.37 year-over-year[32] - Cash inflow from investment activities was $25,302,294.52, down from $184,813,002.75, representing a decline of approximately 86.3%[32] - Net cash flow from investment activities was -$50,905,990.48, worsening from -$43,045,406.25 year-over-year[32] Assets and Liabilities - Total assets decreased by 4.48% from the end of the previous year, amounting to ¥573,800,965.59[6] - Cash and cash equivalents decreased by 44.02%, amounting to ¥63,854,596.24[11] - Accounts receivable increased by 60.00%, reaching ¥464,000.00 due to an increase in bank drafts[11] - The company’s total assets decreased to CNY 573,800,965.59 from CNY 600,702,483.66, indicating a reduction in overall asset value[16] - The total liabilities decreased to CNY 104,980,892.38 from CNY 135,586,491.84, showing a reduction in financial obligations[17] - Current assets totaled ¥270,627,357.33, down 8.5% from ¥295,759,640.03 at the start of the year[20] - Total liabilities decreased to ¥94,695,891.37 from ¥121,749,602.66, a reduction of approximately 22%[21] Shareholder Information - The company had a total of 13,167 shareholders at the end of the reporting period[8] - The top shareholder, Niu Yuxia, holds 54.68% of the shares, totaling 54,675,000 shares[8] Management and Expenses - The company’s management expenses increased by 38.51% to CNY 11,605,402.45, attributed to management costs associated with new projects[12] - The company incurred financial expenses of CNY 4,767,595.15 in Q1 2018, significantly higher than CNY 636,261.33 in the same period last year[25]

| 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 无锡宏盛换热器制造股份有限公司 2017 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 无锡宏盛换热器制造股份有限公司 2017 年第三季度报告 公司代码：603090 公司简称：宏盛股份 无锡宏盛换热器制造股份有限公司 2017 年第三季度报告 1 / 22 无锡宏盛换热器制造股份有限公司 2017 年第三季度报告 | 加权平均净资产收益 | 4.86 | 10.82 | 减少 | 5.96 | 个百分点 | | --- | --- | --- | --- | --- | --- | | 率（%） | | | | | | | 基本每股收益（元/股） | 0.22 | 0.37 | | | -40.54 | | 稀释每股收益（元/股） | 0.22 | 0.37 | | | -40.54 | 非经常性损益项目和金额 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | | 年初至报告 ...