Financial Performance - The company's operating revenue for 2020 was CNY 2,182,509,678.96, representing a 2.20% increase compared to CNY 2,135,491,647.33 in 2019[19]. - Net profit attributable to shareholders was CNY 194,090,190.41, a 2.01% increase from CNY 190,273,102.49 in the previous year[19]. - The basic earnings per share for 2020 was CNY 0.50, down 5.66% from CNY 0.53 in 2019[19]. - The gross profit margin for the company in 2020 was 17.96%, a decrease of 0.8 percentage points from 2019 due to changes in accounting standards[96]. - The revenue from non-photovoltaic materials increased by 105.67% compared to 2019, with SET material sales growing from CNY 187,700 to CNY 16.36 million monthly by year-end[90]. - The company achieved a revenue of CNY 2.18 billion in 2020, representing a year-on-year growth of 2.20%[91]. - The net profit attributable to shareholders was CNY 194 million, an increase of 2.01% compared to the previous year[91]. Cash Flow and Assets - The net cash flow from operating activities decreased by 81.29% to CNY 28,921,770.32, down from CNY 154,611,645.28 in 2019[19]. - Cash and cash equivalents increased by 83.04% from 289.73 million yuan in 2019 to 530.32 million yuan in 2020, primarily due to funds received from the IPO[70]. - Accounts receivable rose by 24.01% from 833.75 million yuan in 2019 to 1.0339 billion yuan in 2020, attributed to a significant increase in sales in Q4 2020[70]. - Inventory increased by 84.48% from 192.09 million yuan in 2019 to 354.36 million yuan in 2020, due to preparations for anticipated new production capacity[70]. - The company's total assets include restricted cash of ¥96,787,929.25, primarily for bank guarantees[126]. Dividends and Share Capital - The company plans to distribute a cash dividend of 0.5 CNY per 10 shares, totaling 20,000,500 CNY, representing a cash dividend payout ratio of 10.30% for the year 2020[5]. - As of December 31, 2020, the total share capital of the company was 400,010,000 shares[5]. Research and Development - The company is focused on developing functional polymer materials for various applications, including energy and electronics[11]. - The company is actively engaged in research and development of new products and technologies in the photovoltaic sector[11]. - The company has established a technical platform with eight types of adhesives and has invested in research facilities to support its product development and market expansion[36]. - The company has a strong focus on R&D, with a dedicated innovation center and multiple technical platforms, enhancing its ability to respond to market demands efficiently[73]. - The company plans to enhance R&D investments for technological improvements and product series expansions in the photovoltaic business[150]. - The company intends to expand its R&D team to 150 personnel and establish a research institute in Japan to enhance innovation efficiency[193]. Market Position and Strategy - The company achieved a global market share of 30.1% for its KPf backsheet products in 2020, maintaining the leading position for seven consecutive years[40]. - The company holds the largest global market share in photovoltaic backplanes and the second largest in POE encapsulation films, indicating strong competitive positioning[146]. - The company has established a mature global customer base, adding over 20 new customers for POE films and MoPro series products during the reporting period[79]. - The company has entered supply chains of major clients in various sectors, including Tesla and BYD, demonstrating its market expansion capabilities[79]. - The company is committed to maintaining its leading position in the photovoltaic encapsulation materials industry through strategic investments and market expansion efforts[146]. Production and Capacity - The company reported a production capacity utilization rate of 81.68% for photovoltaic backplanes, with a total investment of 13,615.81 million square meters[136]. - The photovoltaic encapsulation film achieved a production capacity utilization rate of 109.56%, with a total investment of 99,333.41 million and current investment of 41,329.04 million[139]. - The existing capacity for photovoltaic backplanes is 170 million square meters per year, with plans for technical upgrades to produce various types of backplanes[188]. - As of the end of 2020, the company has a production capacity of 10 million square meters per month for POE encapsulation films, which is expected to increase to 30 million square meters per month by April 2021[191]. Risks and Compliance - The company has not identified any significant risks that could materially impact its operations during the reporting period[6]. - The company faces risks related to industry cycles, policy changes, market competition, and technological iterations, which could impact its operational performance[197][198][199][200]. - The company is focused on risk prevention and improving internal controls to enhance social trust and employer reputation[188]. Strategic Partnerships and Agreements - The company signed a strategic cooperation agreement with Guodian Investment and Leasing Co., Ltd. on June 22, 2020, to collaborate on the full lifecycle maintenance of solar photovoltaic power plants[45]. - The company has been recognized in the European and American markets for its repair materials for aging photovoltaic power plants since 2017[45]. - The company is leading the drafting of industry standards for photovoltaic component repair[45].

Financial Performance - Revenue for the first nine months decreased by 7.54% to CNY 1,458,704,774.46 compared to the same period last year[17]. - Net profit attributable to shareholders decreased by 11.54% to CNY 122,971,854.05 compared to the same period last year[17]. - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 19.15% to CNY 109,664,598.87 compared to the same period last year[17]. - Basic earnings per share decreased by 17.95% to CNY 0.32 compared to the same period last year[17]. - The weighted average return on net assets decreased by 4.73 percentage points to 6.93% compared to the same period last year[17]. - Total operating revenue for Q3 2020 was CNY 570,301,122.81, an increase from CNY 535,033,508.06 in Q3 2019, representing a growth of approximately 6.3%[54]. - Net profit for Q3 2020 reached CNY 52,043,645.24, up from CNY 38,444,276.11 in Q3 2019, indicating a growth of approximately 35.4%[58]. - The total comprehensive income attributable to the parent company for Q3 2020 was CNY 52,063,736.99, compared to CNY 38,254,675.21 in Q3 2019, representing a year-over-year increase of 36.5%[63]. - The company reported a total profit of CNY 61,617,885.73 for Q3 2020, compared to CNY 43,217,987.55 in Q3 2019, reflecting an increase of approximately 42.6%[58]. Assets and Liabilities - Total assets increased by 26.94% to CNY 2,841,960,457.32 compared to the end of the previous year[17]. - Total liabilities as of September 30, 2020, were RMB 1,047,327,520.39, compared to RMB 931,946,895.36 at the end of 2019, marking an increase of about 12%[44]. - The total equity attributable to shareholders increased to RMB 1,796,085,413.01 from RMB 1,308,164,009.60, reflecting a growth of approximately 37%[44]. - The company reported a total asset value of RMB 2,841,960,457.32 as of September 30, 2020, up from RMB 2,238,763,698.99 at the end of 2019, representing an increase of about 27%[44]. - The total liabilities increased to CNY 1,037,663,147.96 from CNY 911,982,108.67, marking an increase of about 13.8%[50]. - Total liabilities reached approximately ¥931.95 billion, with current liabilities totaling ¥929.51 billion[87]. - Shareholders' equity totaled approximately ¥1,306.82 billion, with retained earnings at ¥427.87 billion[87]. Cash Flow - Net cash flow from operating activities improved significantly by 461.58% to CNY 73,396,907.49 compared to the same period last year[17]. - The cash flow from operating activities for the first three quarters of 2020 was CNY 73,396,907.49, a significant recovery from a negative cash flow of CNY -20,299,155.68 in the same period of 2019[72]. - The company reported a net cash flow from operating activities of CNY 72,548,949.46 for the first three quarters of 2020, compared to a negative cash flow of CNY -33,689,831.56 in the same period of 2019[77]. - The company experienced a net increase in cash and cash equivalents of CNY 81,100,186.49, contrasting with a decrease of CNY -77,085,865.38 in the previous year[77]. - The ending balance of cash and cash equivalents was CNY 340,023,400.80, compared to CNY 98,552,449.84 at the end of the same period last year[77]. Investments and Financing - The company plans to establish a wholly-owned subsidiary in Zhejiang Province with a registered capital of ¥168 million for a solar encapsulation film project, with an annual production capacity of 25.5 million square meters[33]. - The company raised CNY 721,847,982.53 from financing activities, a substantial increase from CNY 291,694,090.92 in the prior year[77]. - The net cash flow from financing activities was CNY 353,369,903.25, compared to CNY 20,049,357.07 in the same period last year[77]. - The company reported a total of CNY 1,139,532,394.54 in cash inflows from operating activities, compared to CNY 937,496,107.95 in the previous year[76]. - The company’s long-term borrowings increased to ¥114,553,011.23, reflecting a 100% increase from ¥0.00 in the previous year[32]. Shareholder Information - The total number of shareholders at the end of the reporting period was 17,241[24]. - The company’s capital reserve increased by 73.89% to ¥811,786,206.09 from ¥466,846,156.73 in the previous year[32]. - The company’s retained earnings increased to RMB 530,838,707.46 from RMB 427,867,353.41, reflecting a growth of approximately 24%[44].

Financial Performance - Revenue for the year-to-date decreased by 7.54% to CNY 1,458,704,774.46 compared to the same period last year[17] - Net profit attributable to shareholders of the listed company decreased by 11.54% to CNY 122,971,854.05 year-to-date[17] - Basic earnings per share decreased by 17.95% to CNY 0.32[17] - The weighted average return on net assets decreased by 4.73 percentage points to 6.93%[17] - Total operating revenue for Q3 2020 was CNY 570,301,122.81, an increase from CNY 535,033,508.06 in Q3 2019, representing a growth of approximately 6.3%[54] - Net profit for Q3 2020 reached CNY 52,043,645.24, compared to CNY 38,444,276.11 in Q3 2019, reflecting a growth of approximately 35.4%[58] - The total comprehensive income attributable to the parent company for Q3 2020 was CNY 52,063,736.99, compared to CNY 38,254,675.21 in Q3 2019, representing a year-over-year increase of approximately 36.5%[63] - The net profit for Q3 2020 was CNY 51,298,605.27, up from CNY 37,091,639.36 in Q3 2019, indicating a growth of about 38.3%[66] Assets and Liabilities - Total assets increased by 26.94% to CNY 2,841,960,457.32 compared to the end of the previous year[17] - Total liabilities as of September 30, 2020, were RMB 1,047,327,520.39, compared to RMB 931,946,895.36 at the end of 2019, showing an increase of about 12%[44] - The total assets as of the reporting date were CNY 2,840,347,776.64, compared to CNY 2,227,236,275.59 previously, indicating an increase of about 27.5%[50] - The company’s total liabilities decreased by 39.28% in short-term borrowings to ¥174,278,943.99, reflecting the maturity of some short-term loans[30] - The total liabilities were ¥931,946,895.36, with non-current liabilities at ¥2,431,960.27[87] - Total liabilities amounted to approximately $911.98 million[91] - The total assets and equity combined were approximately $2.23 billion[91] Cash Flow - Net cash flow from operating activities improved significantly by 461.58% to CNY 73,396,907.49 year-to-date[17] - The company reported a net cash flow from operating activities of ¥73,396,907.49, a significant increase of 461.58% compared to a negative cash flow of ¥20,299,155.68 in the previous year[32] - Cash flow from operating activities for the first three quarters of 2020 was CNY 73,396,907.49, a significant recovery from a negative cash flow of CNY -20,299,155.68 in the same period of 2019[72] - The total cash inflow from operating activities was CNY 1,170,774,774.17 in the first three quarters of 2020, compared to CNY 940,060,413.68 in the same period of 2019, an increase of approximately 24.5%[72] - The total cash and cash equivalents at the end of the period amounted to CNY 340,023,400.80, up from CNY 98,552,449.84 at the end of the previous year[77] Shareholder Information - Net assets attributable to shareholders of the listed company rose by 37.30% to CNY 1,796,085,413.01[17] - The top ten shareholders hold a total of 100% of the shares, with the largest shareholder owning 28.99%[24] - The total equity attributable to shareholders reached RMB 1,796,085,413.01, up from RMB 1,308,164,009.60, representing a growth of approximately 37%[44] - Total equity reached approximately $1.32 billion, with retained earnings of approximately $434.96 million[91] Investments and Projects - The company has established a wholly-owned subsidiary in Zhejiang Province with a registered capital of ¥168 million for a solar encapsulation film project, with an annual production capacity of 25.5 million square meters[33] - The company’s investment activities generated a net cash outflow of ¥324,921,538.07, a 314.7% increase compared to the previous year, mainly due to investments in the solar encapsulation film project[32] - The company reported a total of ¥1,922,393,710.63 in current assets, with inventory valued at ¥184,054,468.13[89] Other Financial Metrics - Other income rose by 196.9% to ¥12,820,978.00, attributed to increased government subsidies related to operational activities[32] - The company’s management expenses increased by 33.1% to ¥36,173,348.07, mainly due to increased promotional expenses related to the public offering of A shares[32] - Research and development expenses for Q3 2020 were CNY 19,863,848.80, slightly up from CNY 18,467,219.67 in Q3 2019, indicating a year-over-year increase of about 7.5%[54] - The company reported a decrease in tax expenses for Q3 2020, amounting to CNY 579,635.94, down from CNY 1,271,602.88 in Q3 2019, a reduction of approximately 54.4%[54]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥888,403,651.65, a decrease of 14.80% compared to ¥1,042,668,392.18 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥70,908,117.06, down 29.63% from ¥100,764,578.92 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥63,641,437.84, a decline of 34.83% compared to ¥97,651,296.55 in the same period last year[19]. - The net cash flow from operating activities was ¥64,738,211.14, which is a decrease of 26.97% from ¥88,650,673.26 in the previous year[19]. - Basic earnings per share decreased by 32.14% to CNY 0.19 compared to the same period last year[22]. - Operating revenue decreased by 14.8%, primarily due to a 31.59% decline in solar backsheet sales, while solar cell encapsulation film sales increased by 264.63%[22]. - The weighted average return on net assets dropped by 45.06% to 4.84% compared to the same period last year[22]. - The company recorded a total comprehensive income of ¥70,822,938.70 for the first half of 2020, down from ¥100,903,288.17 in the same period of 2019[141]. - The total profit for the period was 81,745,712.08, a decrease from 116,638,511.79 in the previous period, representing a decline of approximately 30%[145]. - The net profit for the period was 71,182,307.13, down from 100,658,851.77, indicating a decrease of about 29%[145]. Assets and Liabilities - Total assets rose by 14.42% to CNY 2,561,649,563.42 compared to the previous year-end[22]. - The company's total liabilities amounted to ¥807,705,767.03, a decrease from ¥911,982,108.67 in the previous year[136]. - Current liabilities decreased to ¥754,937,840.45 from ¥929,514,935.09, a reduction of approximately 18.8%[129]. - Short-term borrowings decreased significantly to ¥171,735,326.56 from ¥287,037,146.67, a decline of about 40.2%[129]. - The company's equity attributable to shareholders rose to ¥1,737,889,070.26 from ¥1,308,164,009.60, an increase of about 32.8%[129]. Cash Flow - Cash and cash equivalents at the end of the period increased by 103.71% to ¥418,599,971.21, primarily due to the inflow of raised funds[54]. - Net cash flow from operating activities decreased to ¥61,087,944.97 in H1 2020, down from ¥83,767,241.85 in H1 2019, a decline of about 27.1%[155]. - Cash inflow from financing activities totaled ¥573,758,102.64 in H1 2020, a substantial increase from ¥138,720,863.76 in H1 2019, reflecting a growth of about 314.5%[156]. - The cash flow from investing activities showed a net outflow of 293,479,781.41, worsening from a net outflow of 42,008,538.71 in the previous period[151]. Business Operations - The company is focused on developing functional polymer materials for various applications, including energy and electronics[13]. - The company is expanding its production capacity for POE encapsulation film to meet increasing demand in the solar energy sector[29]. - The company signed a strategic cooperation agreement with China Power Investment Corporation to enhance lifecycle maintenance services for solar power plants[30]. - The company is developing biomedical and health products based on its core polymer materials technology, establishing a dedicated laboratory and a wholly-owned subsidiary[31]. - The company aims to increase production capacity and sales in the IGBT and electric vehicle battery markets as domestic demand rises[30]. Shareholder Commitments and Governance - The company has committed to not transferring or entrusting shares for 36 months post-IPO, with automatic extensions under certain conditions[71]. - Major shareholders are committed to not engaging in any competing business with the company during their tenure[76]. - The company will ensure that any related party transactions are conducted at market prices and comply with relevant regulations[76]. - The commitments made by major shareholders are valid for the long term, ensuring the protection of the company's interests[76]. Market and Competitive Position - The market share of the company's backsheet increased to 38.9% in the first half of 2020, up from 30.35% in the same period of 2019, despite challenges from the COVID-19 pandemic[47]. - The sales revenue of POE encapsulation film grew by 264.63% in the first half of 2020 compared to the previous year, contributing significantly to the company's income and profit[43]. - The company has formed strategic partnerships with major clients in both photovoltaic and non-photovoltaic sectors, including collaborations with well-known enterprises like BYD and CATL[41]. Research and Development - Research and development expenses decreased by 16.67% to ¥23,772,562.60, reflecting reduced investment in R&D[48]. - The company established the Cybrid College to enhance the soft skills of R&D and market personnel, indicating a focus on improving technical capabilities[36]. - The company has established an "experiential materials application development center" to collaborate with downstream clients for innovative product development[39]. Regulatory and Compliance - The company has emphasized its commitment to environmental protection, adhering to national laws and regulations, and has not faced any penalties from environmental authorities during the reporting period[95]. - The company has maintained a good integrity status during the reporting period, with no significant debts or court judgments unfulfilled[89]. - The company has not disclosed any significant related party transactions during the reporting period[92].