Financial Performance - The company's operating revenue for Q1 2022 was ¥238,445,214.51, representing a year-on-year increase of 75.84%[5] - The net profit attributable to shareholders of the listed company was ¥2,783,114.90, up 35.78% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 140.33% year-on-year, amounting to ¥3,030,241.75[5] - Net profit for Q1 2022 reached ¥3,733,348.88, compared to ¥1,892,457.23 in Q1 2021, marking an increase of approximately 96.9%[20] - The company reported a total profit of ¥6,667,154.04 for Q1 2022, compared to ¥2,952,223.86 in Q1 2021, which is an increase of about 125.5%[20] Cash Flow and Liquidity - The net cash flow from operating activities was -¥44,786,872.01, reflecting an increase of 18.66% compared to the previous year[5] - The net cash flow from operating activities for Q1 2022 was -¥44,786,872.01, an improvement from -¥55,059,950.07 in Q1 2021[23] - Cash and cash equivalents at the end of Q1 2022 totaled ¥131,019,136.75, down from ¥159,493,130.38 at the end of Q1 2021[24] - The company's cash and cash equivalents decreased to CNY 225,230,027.52 from CNY 254,161,725.35, a decline of about 11.4%[15] - The company’s financing activities generated a net cash flow of ¥34,634,859.97 in Q1 2022, compared to ¥51,948,802.61 in Q1 2021[24] - The company experienced a foreign exchange impact on cash and cash equivalents of ¥196,769.36 in Q1 2022, compared to -¥13,441.37 in Q1 2021[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,398,392,040.68, a 1.17% increase from the end of the previous year[6] - The company's current assets totaled CNY 1,910,384,700.35, compared to CNY 1,873,128,183.51 at the end of 2021, indicating an increase of about 2.4%[15] - The total liabilities stood at CNY 1,499,702,624.74, up from CNY 1,473,116,785.25, representing a rise of approximately 1.8%[17] - The total non-current assets were CNY 488,007,340.33, down from CNY 497,609,220.42, reflecting a decrease of approximately 1.3%[16] Shareholder Metrics - The weighted average return on equity increased by 0.08 percentage points to 0.32%[6] - The equity attributable to shareholders of the listed company was ¥884,089,758.96, showing a slight increase of 0.04% from the previous year[6] - The company's equity attributable to shareholders was CNY 884,089,758.96, a slight increase from CNY 883,714,719.71, indicating a growth of about 0.4%[17] - The company reported a basic earnings per share of ¥0.02, unchanged from the previous year[5] - Basic and diluted earnings per share for Q1 2022 remained at ¥0.02, consistent with Q1 2021[21] Operating Costs and Revenue Drivers - Total operating costs for Q1 2022 were ¥232,883,484.84, up from ¥131,439,050.81 in Q1 2021, reflecting an increase of about 77.1%[20] - The increase in operating revenue was attributed to a rise in completed projects compared to the same period last year[8] - Research and development expenses for Q1 2022 were ¥6,087,410.98, significantly higher than ¥2,721,506.45 in Q1 2021, indicating an increase of approximately 124.4%[20] Government Support - The company received government subsidies amounting to ¥572,759.30, which are closely related to its normal business operations[7] Other Financial Metrics - The company's cash and cash equivalents decreased to CNY 225,230,027.52 from CNY 254,161,725.35, a decline of about 11.4%[15] - Accounts receivable amounted to CNY 466,657,471.20, slightly down from CNY 479,954,361.22, showing a decrease of approximately 2.8%[15] - Inventory increased to CNY 930,226,508.43 from CNY 904,797,410.96, reflecting a growth of about 2.8%[15] - Short-term borrowings rose to CNY 343,613,997.34 from CNY 300,581,744.31, an increase of approximately 14.3%[17] - The company reported a decrease in other payables to CNY 5,951,967.99 from CNY 10,810,653.77, a decline of about 44.0%[17]

Financial Performance - The company's operating revenue for 2021 was approximately ¥1.13 billion, representing a year-over-year increase of 35.44% compared to ¥834.23 million in 2020[22]. - Net profit attributable to shareholders for 2021 was approximately ¥52.93 million, up 13.90% from ¥46.47 million in 2020[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥44.19 million, reflecting an 18.54% increase from ¥37.28 million in 2020[22]. - The company's cash flow from operating activities showed a negative net amount of approximately ¥24.62 million, a decrease of 197.80% compared to a positive cash flow of ¥25.17 million in 2020[22]. - Total assets increased by 12.16% to approximately ¥2.37 billion at the end of 2021, compared to ¥2.11 billion at the end of 2020[22]. - The weighted average return on equity for 2021 was 6.10%, a slight decrease of 0.09 percentage points from 6.19% in 2020[23]. - The basic earnings per share for 2021 was ¥0.47, a 2.17% increase from ¥0.46 in 2020[23]. - The company achieved operating revenue of ¥1,129,857,551.78, a year-on-year increase of 35.44%[55]. - The net profit attributable to shareholders was ¥52,934,179.54, up 13.90% year-on-year[55]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥44,192,346.23, an increase of 18.54% year-on-year[55]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 2.20 RMB per 10 shares, totaling 24,754,150.52 RMB, based on a total share capital of 112,518,866 shares[5]. - The company plans to distribute cash dividends of 2.20 CNY per 10 shares, totaling 24,754,150.52 CNY, which represents 46.76% of the net profit attributable to shareholders for the year 2021[139]. Audit and Compliance - The company has 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 management[4]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has conducted thorough risk assessments and maintained communication with relevant Chinese authorities regarding investment strategies[107]. - The company has implemented a comprehensive governance structure, ensuring independence in assets, personnel, finance, and operations from controlling shareholders[111]. - The company has completed 4 periodic reports and 58 temporary announcements, fulfilling its disclosure obligations accurately and timely[110]. - The audit report for the financial statements was issued, confirming the accuracy of the financial data[200]. Market and Operational Strategy - The company focuses on market expansion while maintaining existing market achievements, exploring new cooperation fields and models to provide quality services to customers[34]. - The company is positioned to benefit from the rapid growth of the nuclear power cooling tower market, expected to expand significantly in the next 5 to 10 years[42]. - The company aims to enhance its international competitiveness through a strategy of "internal development + external expansion" while providing comprehensive cooling solutions for key industries[101]. - The company plans to continue expanding its market presence and product offerings, focusing on new technologies and strategic acquisitions[62]. - The company is expanding its market presence in Southeast Asia, targeting a 20% increase in market share by 2023[121]. Research and Development - The company has increased its R&D investment in various cooling tower technologies, including the optimization of fog-reducing and water-saving cooling towers, and the development of high-heat transfer and low-resistance filling materials[35]. - The total R&D investment was 27.43 million yuan, representing 2.43% of the operating revenue[72]. - Research and development investments increased by 25% in 2021, totaling 150 million, aimed at advancing new technologies[121]. - The company has established a performance evaluation system for senior management, linking their compensation to company performance and industry standards[142]. Risk Management - The company faces risks from macroeconomic fluctuations, which may impact downstream demand in industries such as petrochemicals, metallurgy, and electricity[105]. - Fluctuations in the RMB exchange rate may adversely affect the company's overseas business performance and financial status[106]. - The company has conducted thorough research on the political and economic environments of countries where it invests overseas, but still faces various operational risks[106]. Environmental Compliance - The company has not reported any environmental penalties, indicating compliance with environmental regulations[147]. - The company’s environmental facilities are operating normally, with all major pollutants meeting discharge standards according to environmental testing reports[154]. - The company has implemented noise control measures, including vibration pads and soundproof enclosures, to ensure noise levels meet discharge standards at the factory boundary[151]. Shareholder Structure and Management - The total shareholding of the board members decreased from 47,690,616 shares at the beginning of the year to 43,234,139 shares at the end, a reduction of 4,456,477 shares, which is approximately 9.34%[116]. - The company has seen a significant reduction in shareholdings among senior management, with several members experiencing declines in their holdings due to large transactions and competitive bidding[115][116]. - The company has a structured remuneration system based on positions, responsibilities, and performance metrics[125]. - The company has committed to ensuring the accuracy and completeness of its prospectus and summary, accepting legal responsibility for any false statements or omissions[160]. Strategic Acquisitions - A strategic acquisition was announced, with the company acquiring a competitor for 300 million, expected to enhance product offerings and market reach[122]. - The company reported a total revenue of RM 32.4 million from the acquisition of a 60% stake in TCT, with the payment structured in two installments of RM 16.2 million each[172]. Corporate Governance - The company has held 3 shareholder meetings, 5 board meetings, and 5 supervisory board meetings during the reporting period, all conducted in compliance with legal requirements[110]. - The company has implemented a dry filtration and activated carbon adsorption system for the plastic workshop, with a treatment capacity of 50,000 m³/h and a 15-meter exhaust stack[153]. - The company has established a commitment to avoid any direct or indirect competition with its own business, ensuring a focus on its core operations[163].

Group 1: Company Overview - Jiangsu Seagull Cooling Tower Co., Ltd. is engaged in the design, research, manufacturing, and marketing of cooling towers [1] - The company held a total order of 2.055 billion CNY as of June 30, 2021, representing a growth of 21.75% compared to the end of 2020 [4] Group 2: Market Position and Strategy - The company aims to enhance its international competitiveness by expanding into foreign markets, with 48% of its main business revenue coming from overseas in 2020 [3] - The company has established subsidiaries in the USA, Singapore, Malaysia, South Korea, Thailand, and Indonesia to accelerate global service capabilities [2] Group 3: Product Development and Innovation - The company focuses on energy-saving, water-saving, and environmentally friendly cooling towers, aligning with national "dual carbon" strategies [2] - Ongoing projects include the development of a cooling tower technology innovation center, which will focus on digital and intelligent operation systems [3] Group 4: Core Competencies - The company possesses a strong R&D technology advantage, with a dedicated engineering technology center housing over 90 testing instruments [3] - Its products have achieved industry-leading levels in anti-freezing, fog elimination, energy saving, and water saving [4] Group 5: Recent Operational Status - The company has maintained normal production operations despite the pandemic, adhering to health and safety protocols [4]

[Major Financial Data](index=1&type=section&id=%E4%B8%80%E3%80%81%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) [Key Accounting Data and Financial Indicators](index=1&type=section&id=%28%E4%B8%80%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved strong performance in Q3 and the first three quarters of 2021, though operating cash flow turned negative Key Financial Indicators for the First Three Quarters of 2021 | Indicator | Year-to-Date | YTD YoY Change (%) | Current Quarter (Q3) | Q3 YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 714,383,754.19 CNY | 78.21% | 291,807,730.68 CNY | 71.22% | | Net Profit Attributable to Shareholders | 34,301,284.15 CNY | 856.60% | 14,192,142.33 CNY | 491.60% | | Net Profit Attributable to Shareholders (Non-recurring items deducted) | 29,467,196.68 CNY | 6,376.43% | 10,752,905.43 CNY | 542.51% | | Net Cash Flow from Operating Activities | -69,662,584.87 CNY | -342.53% | N/A | N/A | | Basic Earnings Per Share | 0.30 CNY/Share | 650.00% | 0.12 CNY/Share | 300.00% | | Total Assets (End of Period) | 2,337,193,319.58 CNY | 10.57% (vs Year-End) | - | - | | Equity Attributable to Parent (End of Period) | 866,020,233.57 CNY | 0.87% (vs Year-End) | - | - | [Non-recurring Profit and Loss Items and Amounts](index=2&type=section&id=%28%E4%BA%8C%29%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring profit for the first three quarters of 2021 totaled CNY 4.83 million, primarily from government grants Details of Non-recurring Profit and Loss for the First Three Quarters of 2021 | Item | Year-to-Date Amount (CNY) | Current Quarter Amount (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -219,563.04 | -3,209.36 | | Government Grants Recognized in Current Profit/Loss | 5,204,309.22 | 3,499,137.84 | | Gains/Losses from Fair Value Changes of Financial Assets, etc. | 499,996.72 | 434,976.45 | | Other Non-operating Income and Expenses | 769,762.54 | 634,459.35 | | Less: Income Tax Effect | 1,277,596.25 | 983,157.79 | | Less: Effect on Minority Interests (After Tax) | 144,400.80 | 142,969.59 | | **Total** | **4,834,087.47** | **3,439,236.90** | [Analysis of Changes in Key Financial Data and Indicators](index=3&type=section&id=%28%E4%B8%89%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E3%80%81%E5%8E%9F%E5%9B%A0) Profit growth was driven by business expansion and acquisitions, while operating cash flow declined due to increased project-related payments - Operating revenue growth (**+78.21%**) was driven by substantial growth in the main business and the addition of new market operations from acquisitions[9](index=9&type=chunk) - Net profit attributable to shareholders growth (**+856.60%**) was due to revenue growth outpacing the increase in expenses[9](index=9&type=chunk) - Net cash flow from operating activities decreased (**-342.53%**) primarily due to a **CNY 182 million increase (+59.55%)** in payments for goods and a **CNY 82 million increase (+75.89%)** in payments for deposits and other operating activities[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Shareholder Holdings](index=4&type=section&id=%28%E4%B8%80%29%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had 7,021 common shareholders, with the top two acting as joint actual controllers under a concerted action agreement - The total number of common shareholders was **7,021** at the end of the reporting period[12](index=12&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholding Ratio (%) | Number of Shares | | :--- | :--- | :--- | | Jin Aoda | 16.47% | 18,530,773 | | Wu Zhuping | 13.16% | 14,812,500 | | Yang Hua | 4.76% | 5,354,519 | | Jiangsu Gaojin Venture Capital Co., Ltd. | 3.23% | 3,636,625 | | Gongqingcheng Tianbaoxing Investment Partnership | 3.00% | 3,375,577 | | Changzhou Southern Investment Co., Ltd. | 2.60% | 2,925,000 | | Zhang Zhongxie | 2.54% | 2,856,525 | | Jiang Renxi | 2.09% | 2,350,000 | | Xu Zhijun | 1.19% | 1,334,437 | | Liu Zhizheng | 1.16% | 1,308,250 | - Shareholders **Jin Aoda and Wu Zhuping are parties acting in concert** under a "Concerted Action Agreement," with Wu Zhuping's opinion prevailing in case of disagreement[15](index=15&type=chunk) [Other Matters for Attention](index=6&type=section&id=%E4%B8%89%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8F%90%E9%86%92%E4%BA%8B%E9%A1%B9) [Other Important Information](index=6&type=section&id=%E9%9C%80%E6%8F%90%E9%86%92%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E6%B3%A8%E7%9A%84%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BF%A1%E6%81%AF) No other significant operational information requires special investor attention for the reporting period - The company has no other important information requiring investor attention for this reporting period[16](index=16&type=chunk) [Quarterly Financial Statements](index=7&type=section&id=%E5%9B%9B%E3%80%81%20%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Audit Opinion Type](index=7&type=section&id=%28%E4%B8%80%29%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E7%B1%BB%E5%9E%8B) The company's financial statements for the third quarter of 2021 are unaudited - The third-quarter financial statements are **unaudited**[4](index=4&type=chunk)[17](index=17&type=chunk) [Financial Statements](index=7&type=section&id=%28%E4%BA%8C%29%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of Q3 2021, total assets grew to CNY 2.34 billion, with significant year-to-date revenue and profit growth but negative operating cash flow [Consolidated Balance Sheet](index=7&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Total assets reached CNY 2.34 billion, up 10.57%, driven by inventory growth, while total liabilities increased by 17.30% to CNY 1.46 billion Key Items of the Balance Sheet (Sep 30, 2021 vs Dec 31, 2020) | Item | Sep 30, 2021 (CNY) | Dec 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **2,337,193,319.58** | **2,113,748,196.61** | **+10.57%** | | Inventories | 908,520,898.34 | 662,837,076.91 | +37.07% | | Accounts Receivable | 425,714,504.46 | 447,215,700.29 | -4.81% | | **Total Liabilities** | **1,457,106,291.11** | **1,242,173,108.37** | **+17.30%** | | Short-term Borrowings | 303,197,066.33 | 227,620,316.56 | +33.20% | | Contract Liabilities | 558,436,216.73 | 471,914,943.25 | +18.33% | | **Equity Attributable to Parent** | **866,020,233.57** | **858,575,361.87** | **+0.87%** | [Consolidated Income Statement](index=9&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first three quarters of 2021, total operating revenue grew 78.21% to CNY 714 million, leading to a significant 856.60% increase in net profit Key Items of the Income Statement (Q1-Q3 2021 vs Q1-Q3 2020) | Item | Jan-Sep 2021 (CNY) | Jan-Sep 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 714,383,754.19 | 400,875,032.97 | +78.21% | | Total Operating Costs | 666,195,375.63 | 390,657,877.23 | +70.53% | | Cost of Revenue | 502,460,449.23 | 274,139,694.99 | +83.29% | | Selling Expenses | 64,661,901.22 | 47,008,330.16 | +37.55% | | General & Administrative Expenses | 73,942,495.76 | 46,371,196.69 | +59.45% | | R&D Expenses | 15,498,502.92 | 9,647,473.87 | +60.65% | | Operating Profit | 43,647,305.95 | 7,047,079.73 | +519.36% | | **Net Profit Attributable to Parent** | **34,301,284.15** | **3,585,740.60** | **+856.60%** | [Consolidated Statement of Cash Flows](index=12&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net operating cash flow was negative CNY 69.66 million due to increased payments for goods, with the period-end cash balance at CNY 135 million Key Items of the Statement of Cash Flows (Q1-Q3 2021 vs Q1-Q3 2020) | Item | Jan-Sep 2021 (CNY) | Jan-Sep 2020 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -69,662,584.87 | 28,723,245.95 | | Net Cash Flow from Investing Activities | -49,012,766.13 | -89,503,342.72 | | Net Cash Flow from Financing Activities | 42,109,350.33 | 107,439,634.76 | | Net Increase in Cash & Cash Equivalents | -80,065,133.97 | 46,504,989.09 | | Cash & Cash Equivalents at End of Period | 135,029,054.11 | 209,063,036.12 | [Adjustments for First-time Adoption of the New Lease Standard](index=14&type=section&id=%28%E4%B8%89%292021%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) Adoption of the new lease standard on January 1, 2021, resulted in the recognition of right-of-use assets and lease liabilities Key Adjustments to the Jan 1, 2021 Financial Statements for Adopting the New Lease Standard | Adjusted Item | Adjustment Amount (CNY) | | :--- | :--- | | **Assets** | | | Fixed Assets | -7,096,309.31 | | Right-of-use Assets | +12,765,730.42 | | **Liabilities** | | | Non-current Liabilities Due within One Year | +3,976,199.45 | | Lease Liabilities | +2,603,334.16 | | **Equity** | | | Retained Earnings | -910,112.50 |

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 422,576,023.51, representing an increase of 83.38% compared to CNY 230,441,609.54 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 20,109,141.82, a significant increase of 1,594.41% from CNY 1,186,793.90 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 18,714,291.25, compared to a loss of CNY 1,218,580.57 in the same period last year, marking a growth of 1,635.75%[18]. - Basic earnings per share increased to CNY 0.18, up 1,700% from CNY 0.01 in the same period last year[19]. - Diluted earnings per share also rose to CNY 0.18, reflecting a 1,700% increase compared to CNY 0.01 year-over-year[19]. - The total orders on hand as of June 30, 2021, amounted to 2.055 billion RMB, reflecting a growth of 21.75% from the end of 2020[39]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in Q2 2021, representing a 25% year-over-year growth[85]. - The company reported a revenue of approximately 51.22 million CNY and a net profit attributable to shareholders of about 2.36 million CNY for the first half of 2021[56]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -34,115,284.66, a decrease of 266.73% compared to CNY 20,461,024.19 in the previous year[18]. - Cash flow from operating activities decreased year-over-year due to increased project payments[19]. - The total assets of the company at the end of the reporting period were CNY 2,263,470,635.51, reflecting a growth of 7.08% from CNY 2,113,748,196.61 at the end of the previous year[18]. - The company's total assets reached approximately 2.97 billion CNY, with a net asset attributable to shareholders of about 1.72 billion CNY as of the end of the reporting period[56]. - Total current assets increased to ¥1,756,823,552.16 as of June 30, 2021, up from ¥1,623,473,878.10 on December 31, 2020, representing a growth of approximately 8.1%[116]. - Cash and cash equivalents decreased to ¥180,775,886.23 from ¥287,332,447.50, a decline of approximately 37.1%[116]. - The company reported a decrease in cash flow from investment activities, with cash inflow of only CNY 59,045.69 compared to CNY 11,151,000.00 in the previous year[136]. Research and Development - Research and development expenses increased by 75.28% to 9.35 million RMB, indicating a strong commitment to innovation[44]. - The company has developed advanced technologies in water-saving, fog reduction, noise reduction, and energy efficiency for cooling towers[36]. - The company holds a total of 188 patents, with multiple products recognized as high-tech products in various fields including energy saving and water conservation technologies[37]. - Research and development expenses increased to RMB 8,912,949.47, up 66.4% from RMB 5,367,160.41 in the first half of 2020[129]. Market and Industry Trends - The cooling tower market is characterized by a large number of small-scale enterprises, with fewer than 10 companies achieving annual sales exceeding CNY 100 million[30]. - The industry faces challenges in technology capabilities and R&D investment, with many companies lacking sufficient resources for innovation[32]. - Future trends in cooling towers include optimizing noise, energy consumption, and evaporation loss while enhancing aesthetics and material quality[33]. - The company is focusing on expanding its market presence and exploring new cooperation models to enhance business opportunities[41]. Environmental Responsibility - The company has implemented various pollution prevention measures for air, water, noise, and solid waste during production processes[70][71][72][73]. - The company utilizes advanced environmental protection equipment to ensure emissions meet standards, including a 15-meter high exhaust stack for air pollutants[70][71]. - Wastewater generated from production is treated and recycled, with no discharge into municipal sewage systems[72]. - The company has committed to maintaining its environmental responsibilities and has not disclosed any other environmental information during the reporting period[76]. Shareholder and Governance - The company reported no profit distribution or capital reserve transfer plans for the first half of 2021[67]. - There were no changes in the company's board, supervisors, or senior management during the reporting period[66]. - The total number of ordinary shareholders at the end of the reporting period was 7,544[104]. - The largest shareholder, Jin Ao Da, reduced their holdings by 3,375,477 shares, holding a total of 18,530,773 shares, representing 16.47% of the company[106]. Financial Reporting and Compliance - The company follows the accounting standards set by the Ministry of Finance, ensuring compliance and accurate financial reporting[156]. - The company's financial statements reflect its financial position, operating results, changes in equity, and cash flows accurately[156]. - The company recognizes foreign currency transactions at the spot exchange rate on the transaction date, with monetary items translated at the exchange rate on the balance sheet date[169]. - The company applies the acquisition method for business combinations, measuring the acquired assets and liabilities at their fair value on the acquisition date[160].

Financial Performance - Operating revenue surged by 284.24% to CNY 135,604,531.83 from CNY 35,291,277.55 in the same period last year[6] - Net profit attributable to shareholders reached CNY 2,049,720.10, a significant turnaround from a loss of CNY 14,803,369.54 in the previous year, marking a 113.85% increase[6] - Basic and diluted earnings per share improved to CNY 0.02 from CNY -0.16, reflecting a 112.5% increase[6] - Net profit for the quarter was RMB 1.89 million, a significant turnaround from a net loss of RMB 14.83 million in the previous year, marking an increase of 112.76%[15] - Gross profit for Q1 2021 was CNY 4,165,481.02, up from CNY -15,458,818.24 in Q1 2020, marking a turnaround in profitability[31] - The net profit for Q1 2021 reached CNY 4,214,320.29, compared to a net loss of CNY 8,111,677.48 in the same period last year, indicating a turnaround in profitability[35] - The total profit for Q1 2021 was CNY 4,958,023.87, compared to a total loss of CNY -8,111,677.48 in the same quarter of the previous year[35] Cash Flow - The net cash flow from operating activities was negative at CNY -55,059,950.07, worsening by 100.86% compared to the previous year[6] - The cash inflow from operating activities totaled CNY 181,080,230.81, which was higher than CNY 134,534,727.81 in the previous year, showing an increase of approximately 34.5%[38] - The net cash flow from investment activities was -CNY 43,368,303.20, compared to -CNY 14,006,459.45 in the previous year, reflecting a decline of approximately 209%[39] - The net cash flow from financing activities improved to CNY 51,948,802.61 from CNY 29,516,287.97, marking an increase of about 76%[39] - The company reported a net cash decrease of CNY 46,492,892.03 in Q1 2021, worsening from a decrease of CNY 12,652,619.48 in Q1 2020[39] Assets and Liabilities - Total assets increased by 4.78% to CNY 2,214,727,392.07 compared to the end of the previous year[6] - The company’s total assets increased significantly, with fixed assets rising by 36.87% to RMB 337.14 million, reflecting ongoing investments in infrastructure[14] - The company reported total liabilities of CNY 1,242,173,108.37, with current liabilities constituting CNY 1,117,252,500.31[46] - The total amount of contract liabilities was CNY 471,914,943.25, suggesting a strong order backlog[46] - The company’s total liabilities increased, with contract liabilities rising to ¥584,022,632.10 from ¥471,914,943.25, reflecting a growth of 23.73%[25] Shareholder Information - The total number of shareholders reached 6,939 by the end of the reporting period[9] - The top shareholder, Jin Ao Da, holds 17.91% of shares, totaling 20,155,873 shares[10] - The company has committed to maintaining a consistent action agreement among major shareholders to ensure stable management and operational decisions[12] Research and Development - Research and development expenses increased by 62.44% to RMB 2.72 million, compared to RMB 1.68 million in the previous year, indicating a focus on innovation[15] - Research and development expenses for Q1 2021 amounted to CNY 2,721,506.45, compared to CNY 1,675,408.47 in Q1 2020, reflecting an increase of approximately 62%[31] Operational Efficiency - Operating costs rose to RMB 91.39 million, reflecting a 304.63% increase from RMB 22.59 million, primarily due to an increase in completed project acceptance[14] - The company experienced a significant reduction in operating costs, which were CNY 74,110,233.46 in Q1 2021 compared to CNY 11,529,112.55 in Q1 2020, reflecting operational efficiency improvements[34] Market Presence and Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company plans to continue expanding its market presence, as indicated by a 71.22% increase in sales expenses to RMB 19.84 million, compared to RMB 11.59 million in the previous year[15] Financial Management - The company’s financial expenses decreased by 73.87% to RMB 1.02 million, down from RMB 3.89 million, mainly due to reduced exchange losses[15] - The company's financial expenses decreased to CNY 1,005,081.50 in Q1 2021 from CNY 1,821,486.81 in Q1 2020, indicating improved cost management[34]

Financial Performance - The company's operating revenue for 2020 was approximately ¥834.23 million, representing a year-on-year increase of 36.55% compared to ¥610.94 million in 2019[21]. - The net profit attributable to shareholders decreased by 4.17% to ¥46.47 million in 2020 from ¥48.50 million in 2019[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 23.55% to ¥37.28 million in 2020 from ¥30.17 million in 2019[21]. - The net cash flow from operating activities improved significantly, reaching ¥25.17 million in 2020, a 210.02% increase from a negative cash flow of ¥22.88 million in 2019[21]. - The total assets of the company at the end of 2020 were approximately ¥2.11 billion, a 36.53% increase from ¥1.55 billion at the end of 2019[21]. - The basic earnings per share for 2020 was ¥0.46, down 13.21% from ¥0.53 in 2019[22]. - The weighted average return on equity decreased to 6.19% in 2020, down 1.14 percentage points from 7.33% in 2019[23]. - The company's net assets attributable to shareholders increased by 24.47% to approximately ¥858.58 million at the end of 2020 from ¥689.78 million at the end of 2019[21]. - The company achieved operating revenue of ¥834,233,649.44, an increase of 36.55% compared to the same period last year[52]. - The net profit attributable to shareholders decreased by 4.17% to ¥46,474,455.09, while the net profit excluding non-recurring gains and losses increased by 23.55% to ¥37,278,992.52[52]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 22,503,773.20 RMB, based on a total share capital of 112,518,866 shares[5]. - The company’s cash dividend policy is designed to protect the rights of shareholders, especially minority investors, in accordance with regulatory guidelines[125]. - In 2019, the company distributed cash dividends totaling CNY 18,294,000.00, representing 37.72% of the net profit attributable to shareholders[126]. - The company plans to distribute cash dividends of CNY 22,503,773.20, which accounts for 48.42% of the net profit attributable to shareholders for 2020[127]. Acquisitions and Market Expansion - The company completed the acquisition of TCT and Jiangsu Ocean in July 2020, which contributed to the increase in revenue and net profit[27]. - The company acquired 100% of Jiangsu Ocean for ¥80.66 million to enhance its closed cooling tower production capacity and market presence[53]. - The acquisition of TCT in Malaysia, increasing ownership to 100%, aims to expand into the Southeast Asian market, covering countries like Malaysia, Singapore, and Indonesia[53]. - The company plans to establish a wholly-owned subsidiary in Thailand, replacing the existing branch, to enhance local service quality and business expansion[90]. - The company also acquired 60% equity of TRUWATER COOLING TOWERS SDN BHD for 32.4 million MYR (approximately 53.70 million RMB), which will also become a wholly-owned subsidiary[91]. Research and Development - Research and development expenses increased by 38.16% to ¥21,776,010.61, highlighting a commitment to innovation[59]. - The company aims to enhance its R&D capabilities and manufacturing processes, focusing on technological upgrades and quality control[114]. - The company is committed to increasing R&D investment to improve product technology and design quality[114]. - The company plans to establish a cooling tower intelligent control research and testing center with an investment of ¥55.88 million to enhance product testing capabilities[56]. - New product development initiatives are underway, with an investment of 50 million allocated for R&D in innovative water treatment technologies[200]. Market and Industry Insights - The industrial cooling tower market in China has a sales scale where less than 10 companies exceed annual sales of 100 million yuan, indicating a fragmented industry[42]. - The nuclear power cooling tower market is expected to grow rapidly in the next 5 to 10 years due to the development of inland nuclear power[46]. - The cooling tower industry in China has seen insufficient R&D investment, with many companies lacking the resources for necessary technological advancements[44]. - The company ranks first in production and sales among domestic manufacturers of mechanical ventilation cooling towers in China, according to the China General Machinery Industry Association[88]. Environmental and Compliance Measures - The company has implemented various pollution prevention measures, including dry filtration and activated carbon adsorption for exhaust gas treatment, with a processing capacity of 50,000 m³/h for plastic production[168]. - The company has a wastewater treatment system that ensures all wastewater is treated and meets discharge standards before being released[164]. - The company has established a solid waste management system, recycling industrial solid waste and entrusting hazardous waste to qualified units for disposal[166]. - The company has committed to maintaining compliance with environmental regulations and has reported normal operation of its environmental protection facilities during the reporting period[168]. Governance and Shareholder Commitments - The company has implemented measures to enhance governance and management capabilities, as well as invested in R&D for high-value-added products[121]. - The controlling shareholders, Jin Aoda and Wu Zhuping, pledged to compensate investors for any losses incurred due to misleading information in the prospectus[135]. - The company will ensure compliance with legal requirements for share repurchases and investor compensation[134]. - The company has established a framework for social supervision to protect investors' legal rights effectively[136]. - The company has established a commitment to avoid any improper benefits through related party transactions[140]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[198]. - The company anticipates a rapid growth in the nuclear cooling tower market over the next 5-10 years due to the development of inland nuclear power[109]. - The management emphasized the importance of sustainability initiatives, with plans to invest 50 million in eco-friendly technologies[196]. - The company is exploring potential acquisitions to strengthen its competitive position, with a budget of 500 million allocated for this purpose[196].

Financial Performance - Operating revenue for the first nine months reached CNY 400,875,032.97, a 4.82% increase from the same period last year[6]. - Net profit attributable to shareholders decreased by 80.60% to CNY 3,585,740.60 compared to the previous year[6]. - Basic earnings per share dropped by 80.00% to CNY 0.04[6]. - Total profit decreased by 73.32% to ¥7,314,194.32, impacted by increased period expenses and reduced investment income[16]. - Net profit for Q3 2020 was CNY 4,451,328.01, a decrease of 78.26% compared to CNY 20,477,203.30 in the same period last year[17]. - Total operating revenue for Q3 2020 reached ¥170,433,423.43, a 67% increase compared to ¥102,116,607.96 in Q3 2019[33]. - The company's total profit for Q3 2020 was ¥3,445,839.42, compared to ¥1,762,718.27 in Q3 2019, indicating improved profitability[38]. Assets and Liabilities - Total assets increased by 36.55% to CNY 2,114,004,588.77 compared to the end of the previous year[6]. - The company reported a total liability of CNY 1,286,447,911.98, compared to CNY 851,361,160.31, marking an increase of around 50.9%[28]. - Current assets totaled CNY 1,633,948,116.19, up from CNY 1,206,132,883.49, indicating a growth of about 35.4% year-over-year[26]. - The total liabilities as of Q3 2020 were ¥854,138,910.76, compared to ¥694,451,226.55 in Q3 2019, showing a 23% increase[31]. - The company reported a reduction in accounts receivable by approximately $246.92 million due to the new revenue recognition standard[55]. Shareholder Information - Net assets attributable to shareholders rose by 18.42% to CNY 816,852,557.09 year-on-year[6]. - The total number of shareholders reached 7,495 by the end of the reporting period[10]. - The top shareholder, Jin Ao Da, holds 21,906,250 shares, representing 19.47% of the total shares[10]. - Shareholders' equity rose to CNY 827,556,676.79 from CNY 696,830,544.69, which is an increase of about 18.8%[28]. Cash Flow - Net cash flow from operating activities improved by 150.93% to CNY 28,723,245.95 from a negative cash flow in the same period last year[6]. - Cash flow from operating activities showed a net increase of CNY 28,723,245.95, a significant turnaround from a negative cash flow of CNY -56,395,130.79 in the previous year[17]. - The net cash flow from operating activities for Q3 2020 was ¥28,723,245.95, a significant improvement compared to a net outflow of ¥56,395,130.79 in Q3 2019[41]. - Cash inflow from financing activities for Q3 2020 was ¥408,492,157.04, significantly higher than ¥227,426,404.26 in Q3 2019[42]. Investments and Acquisitions - The company's trading financial assets increased by 57.07% to ¥10,306,806.02 compared to the beginning of the period, primarily due to investments made in Haining Hairui[15]. - Long-term borrowings increased by 353.24% to ¥18,153,941.92, mainly due to the consolidation of TCT[16]. - The company completed a rights issue, raising CNY 149,484,976.04, with a subscription price of CNY 7.55 per share, increasing total shares to 112,518,866[21]. - Investment activities resulted in a net cash outflow of CNY -89,503,342.72, primarily due to acquisitions[17]. Operational Strategies - The company plans to maintain consistent operational strategies to ensure stability and growth in the future[12]. - The company plans to continue its market expansion and product development strategies, focusing on enhancing operational efficiency[18]. - The company has committed to a unified action agreement among major shareholders to ensure effective management and decision-making[12].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥230,441,609.54, a decrease of 17.79% compared to ¥280,316,425.78 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was ¥1,186,793.90, down 90.44% from ¥12,416,843.66 in the previous year[20]. - The net cash flow from operating activities was ¥20,461,024.19, a significant improvement compared to -¥56,635,684.29 in the same period last year, representing a 136.13% increase[20]. - Basic earnings per share for the first half of 2020 were ¥0.01, a decrease of 92.86% compared to ¥0.14 in the same period last year[21]. - The company reported a net profit attributable to shareholders of -¥1,480,340.00 in Q1 2020, indicating a challenging start to the year[23]. - In Q2 2020, the company achieved revenue of 195.15 million RMB, a year-on-year increase of 23.22%[24]. - The net profit attributable to shareholders was 15.99 million RMB, representing a year-on-year growth of 183.61%[24]. - The company’s net profit attributable to shareholders for the first half of 2020 was CNY 1.19 million, with a net loss of CNY 1.22 million after excluding non-recurring items[47]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,745,159,529.93, an increase of 12.72% from ¥1,548,191,705.00 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased by 3.10% to ¥668,427,096.23 from ¥689,778,431.37 at the end of the previous year[20]. - Accounts receivable decreased by 44.4% to CNY 234,347,165.02, representing 13.43% of total assets[57]. - Inventory increased by 46.99% to CNY 581,281,978.77, making up 33.31% of total assets[57]. - The company's total liabilities as of June 30, 2020, were CNY 1,071,556,134.54, compared to CNY 851,361,160.31 at the end of 2019, indicating an increase of approximately 25.9%[141]. Market and Industry Insights - The company primarily engages in the research, design, manufacturing, and installation of industrial cooling towers, with products widely used in petrochemical, metallurgy, and power industries[29]. - The cooling tower market in China has a low concentration, with fewer than 10 companies achieving annual sales exceeding 100 million RMB[36]. - The industry is characterized by insufficient R&D investment, with many companies lacking the resources for necessary technological advancements[38]. - Future trends in industrial cooling towers include a focus on water-saving technologies, potentially achieving annual water savings of 20% to 50%[39]. Strategic Initiatives - The company plans to acquire 100% of Jiangsu Ocean Cooling Equipment Co., Ltd. for CNY 80.66 million and 60% of TCT in Malaysia for approximately CNY 53.70 million[50]. - The company has obtained a total of 153 patents and has received multiple high-tech product certifications in energy-saving and water-saving technologies[44]. - The company has registered a new subsidiary, Seagull Cooling Technology (Thailand) Co., Ltd., to enhance its cooling tower business in Thailand[61]. Shareholder Commitments and Governance - The company has committed to not transferring or managing shares held prior to the IPO for 36 months[85]. - The company has a commitment that allows shareholders to transfer no more than 25% of their shares annually during their tenure[85]. - The company reported a commitment to ensure the authenticity, accuracy, and completeness of its prospectus and its summary, bearing individual and joint legal responsibility for any false records or misleading statements[92]. - The company will temporarily withhold cash dividends and salaries from shareholders who violate their commitments until compliance is achieved[93]. Environmental and Social Responsibility - The company’s environmental facilities are operating normally, with all major pollutants meeting discharge standards according to environmental monitoring reports[116]. - The company has implemented various noise and solid waste pollution prevention measures, including the recycling of plastic and metal scraps[115]. - The company’s hazardous waste, including waste oil and paint residues, is handled by qualified third-party units[115]. Financial Reporting and Compliance - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial status and operating results accurately[173]. - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, reflecting the overall financial position, operating results, and cash flows of the entire corporate group[180]. - The company is committed to adhering to regulatory requirements and ensuring that all financial statements are free from material misstatements[92].

Financial Performance - The company's operating revenue for 2019 was CNY 610,941,544.68, representing a 1.19% increase compared to CNY 603,746,269.82 in 2018[22] - The net profit attributable to shareholders for 2019 was CNY 48,496,649.43, a significant increase of 46.13% from CNY 33,187,722.33 in 2018[22] - The net profit after deducting non-recurring gains and losses was CNY 30,172,104.48, up 5.13% from CNY 28,700,329.01 in 2018[23] - The total assets of the company at the end of 2019 were CNY 1,548,191,705.00, reflecting a 9.02% increase from CNY 1,420,112,122.83 at the end of 2018[23] - The net assets attributable to shareholders increased to CNY 689,778,431.37, a 6.13% rise from CNY 649,924,081.99 in 2018[23] - Basic earnings per share increased by 47.22% to CNY 0.53 in 2019 compared to CNY 0.36 in 2018[24] - The weighted average return on equity rose by 2.13 percentage points to 7.33% in 2019 from 5.20% in 2018[24] - The company achieved an operating income of CNY 38,264.7 billion in 2019, representing a year-on-year growth of 3.9%[91] Cash Flow and Dividends - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling CNY 18,294,000.00[5] - The company reported a net cash flow from operating activities of CNY -22,876,166.33, a decline of 205.39% compared to CNY -7,490,824.44 in 2018[23] - The company achieved a net cash flow from operating activities of CNY 33,518,964.46 in the fourth quarter, indicating a strong cash position[28] - The company reported a cash dividend of 2.00 RMB per 10 shares for the year 2019, totaling 18,294,000.00 RMB, which represents 37.72% of the net profit attributable to shareholders[131] - In 2018, the cash dividend was 1.09 RMB per 10 shares, amounting to 9,970,230.00 RMB, accounting for 30.04% of the net profit attributable to shareholders[130] Market and Industry Insights - The company’s main business involves the research, design, manufacturing, and installation of industrial cooling towers, primarily serving the petrochemical, metallurgy, and power industries[37] - The cooling tower market has a low concentration, with fewer than 10 companies achieving annual sales exceeding 100 million yuan, and several dozen companies with sales between 10 million and 100 million yuan[44] - The market for nuclear power cooling towers is expected to grow rapidly in the next 5 to 10 years, driven by the development of inland nuclear power[49] - The company’s revenue showed seasonal fluctuations, with higher sales typically occurring in the second half of the year[29] Research and Development - The company has established a Jiangsu Province engineering technology center with over 50 technical personnel and more than 90 testing instruments, enhancing its R&D capabilities[50] - The company holds 139 patents and has received multiple high-tech product certifications, demonstrating its innovation in energy-saving and water-saving technologies[51] - Research and development efforts focused on standardizing components and developing environmentally friendly cooling towers, with several series now ready for mass production[57] - The company is investing significantly in R&D to develop high-value-added and environmentally friendly products[125] Environmental Compliance - The company has implemented various pollution prevention measures for waste gas, waste water, noise, and solid waste during production[174] - Waste gas from plastic parts production is treated through dry filtration and activated carbon adsorption before being discharged[175] - Waste water from glass fiber cutting and polishing is treated at a sewage treatment plant before being discharged[176] - Noise pollution control measures include using vibration pads and soundproof windows to meet emission standards[177] - The company achieved compliance with environmental standards for all major pollutants as per the environmental testing report[178] Shareholder Commitments and Governance - The company reported a commitment to not transfer or delegate management of shares for 36 months post-IPO, ensuring stability in shareholding[138] - Shareholders are restricted from transferring more than 25% of their holdings annually during their tenure and for 12 months post-departure[139] - The company has implemented measures to stabilize stock prices, with commitments from responsible parties to maintain share price above the latest audited net asset value for 20 consecutive trading days[139] - Major shareholders express confidence in the company's long-term prospects and commitment to holding shares[140] - The company has established a framework for monitoring compliance with these commitments to protect shareholder interests[158] Strategic Expansion - The company plans to establish a subsidiary in South Korea with a total investment not exceeding $1 million to expand its market presence[56] - The company plans to continue expanding its overseas market presence, which has shown significant revenue growth in recent years[67] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $100 million allocated for potential deals[150] Risks and Challenges - The company faces risks related to macroeconomic fluctuations and structural adjustments in the industry, which may impact downstream demand for its products[123] - The company acknowledges potential risks in its overseas operations, including legal, political, and cultural integration challenges[124]