Financial Performance - The company's operating revenue for 2020 was CNY 963,003,026.98, representing a 23.55% increase compared to CNY 779,439,687.65 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 180,682,635.94, a 33.56% increase from CNY 135,278,512.36 in 2019[17]. - The net cash flow from operating activities for 2020 was negative CNY 125,565,991.58, compared to positive CNY 88,326,556.08 in 2019[17]. - The total assets at the end of 2020 were CNY 1,424,680,778.50, a 65.57% increase from CNY 860,487,665.93 at the end of 2019[17]. - The basic earnings per share for 2020 was CNY 1.15, a slight increase of 1.77% from CNY 1.13 in 2019[18]. - The weighted average return on equity for 2020 was 17.31%, a decrease of 9.92 percentage points from 27.23% in 2019[18]. - The company reported a net profit of CNY 46,555,050.61 in Q4 2020, with total revenue of CNY 294,817,956.49 for the same quarter[20]. - The company received government subsidies amounting to CNY 19,853,733.31 in 2020, compared to CNY 18,401,599.77 in 2019[21]. - The company’s net assets attributable to shareholders increased by 107.08% to CNY 1,158,962,551.13 at the end of 2020 from CNY 559,672,001.67 at the end of 2019[17]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 3.39 yuan (including tax) for every 10 shares, totaling 54,240,000 yuan based on a total share capital of 160,000,000 shares[4]. - The total number of ordinary shares increased from 120,000,000 to 160,000,000 after the issuance of 40,000,000 new shares[115]. - The earnings per share increased from 1.13 RMB to 1.15 RMB following the share increase, while the net asset per share rose from 4.64 RMB to 7.38 RMB[116]. - The company has committed to not transferring or managing shares held by major shareholders for a period of 36 months following the IPO, ensuring stability in shareholding[84]. - Major shareholders have also agreed to extend the lock-up period by an additional 6 months if the stock price falls below the issue price for 20 consecutive trading days within the first 6 months post-IPO[84]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[3]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[3]. - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2020[158]. - The audit firm provided a clean audit opinion, indicating no significant misstatements were found in the financial statements[158]. - The company has not reported any significant changes in accounting policies or estimates that would impact the financial statements for the reporting period[88]. Market Position and Business Focus - The company’s main business focuses on the design, research, and production of power semiconductor chips and modules, primarily IGBT chips[25]. - IGBT module sales revenue accounted for over 95% of the company's main business revenue in 2020[26]. - The company ranked 7th globally in the IGBT module market in 2019, with a market share of 2.5%, making it the only Chinese company in the top ten[28]. - The company has positioned itself as a leading player in the domestic IGBT industry, responding to national policies promoting local production[28]. - The company aims to enhance its R&D efforts in next-generation IGBT chips and other semiconductor technologies[62]. Research and Development - The company’s R&D expenses increased by 42.73% to CNY 77.07 million, reflecting a strong commitment to innovation[36]. - The total R&D investment accounted for 8.00% of the operating revenue, with 194 R&D personnel representing 27.40% of the total workforce[44]. - The company has developed over a hundred personalized products to meet customer demands, enhancing long-term cooperation with existing clients[30]. - The company has established a strong R&D team with extensive experience, contributing to the successful mass production of IGBT chips and modules[30]. - The company will accelerate the development of next-generation IGBT chips and fast recovery diode chips, utilizing its mature Trench Field Stop technology platform[68]. Financial Stability and Liabilities - The company’s total liabilities included a contract liability of RMB 1,365,531.30[96]. - The company’s total liabilities decreased to CNY 267,994,004.24 in 2020 from CNY 304,133,144.59 in 2019, a reduction of about 11.8%[168]. - The company’s total equity is not explicitly stated but can be inferred from total assets and liabilities[96]. - The company’s total liabilities to equity ratio stands at approximately 0.55, indicating a balanced capital structure[97]. - The company has a total of CNY 313,455,375.72 in undistributed profits, contributing to its retained earnings[99]. Future Outlook and Strategic Plans - The company plans to expand its market coverage for IGBT modules, focusing on industries such as new energy vehicles and variable frequency appliances[62]. - The company aims to increase its market share in the industrial control and power sectors by leveraging its proprietary chip advantages, focusing on applications in inverters, welding machines, and elevators[66]. - The company is committed to becoming a leading global provider of power semiconductor devices and innovative solutions[62]. - The company plans to enhance its research and development of wide bandgap power semiconductor devices, specifically targeting automotive-grade SiC power modules[69]. - The company is exploring potential mergers and acquisitions to enhance its market share and operational capabilities[184]. Employee and Governance Information - The total number of employees in the parent company and major subsidiaries is 708, with 394 in production, 58 in sales, 194 in technology, 16 in finance, and 46 in administration[142][143]. - The company has established a competitive and fair compensation and benefits system to motivate employees[145]. - The board of directors held 10 meetings during the year, with 2 in-person meetings and 8 combining in-person and communication methods[151]. - The company has a well-established corporate governance structure, ensuring compliance with laws and regulations[148]. - The company has disclosed its internal control self-assessment report, which indicates no significant deficiencies[154].

Financial Performance - Operating revenue for the first nine months was RMB 668,185,070.49, representing an increase of 18.14% compared to the same period last year[5]. - Net profit attributable to shareholders of the listed company was RMB 134,127,585.33, up 29.44% year-on-year[5]. - The company reported a net profit of ¥450,707,264.41, up from ¥357,219,679.08, which is an increase of 26.1%[20]. - Net profit for Q3 2020 was ¥53,394,356.56, up 34.0% from ¥39,844,165.29 in Q3 2019[26]. - Total operating revenue for Q3 2020 reached ¥251,706,639.12, a 26.4% increase from ¥199,152,856.35 in Q3 2019[24]. - The total profit for Q3 2020 was CNY 38,359,443.30, compared to CNY 22,173,878.50 in Q3 2019, an increase of 73.0%[30]. - The comprehensive income for Q3 2020 was CNY 32,605,526.80, compared to CNY 18,823,959.60 in Q3 2019, an increase of 73.5%[31]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,366,791,752.50, an increase of 58.84% compared to the end of the previous year[5]. - Total liabilities decreased to ¥256,716,923.52 from ¥304,133,144.59, a reduction of approximately 15.6%[19]. - Current assets rose to ¥1,018,011,647.61, compared to ¥560,635,672.35, indicating a 81.6% increase[19]. - Non-current assets totaled ¥348,780,104.89, up from ¥299,851,993.58, marking a 16.3% increase[20]. - Total liabilities amounted to CNY 304,133,144.59, with non-current liabilities at CNY 101,568,927.65[39]. - Total equity stands at approximately $516.67 million, with paid-in capital of $120 million and retained earnings of approximately $313.46 million[41]. Shareholder Information - Net assets attributable to shareholders of the listed company amounted to RMB 1,112,401,972.98, reflecting a growth of 98.76% year-on-year[5]. - The total number of shareholders at the end of the reporting period was 30,437[11]. - The largest shareholder, Hong Kong SIDA Holdings Limited, held 44.54% of the shares[11]. Cash Flow and Financing - Cash flow from operating activities showed a net outflow of RMB 136,261,373.70 for the first nine months, compared to a net outflow of RMB 44,126,968.39 in the same period last year[5]. - The net cash flow from financing activities increased by 946.91% to ¥346,736,266.52 from ¥33,119,896.41, attributed to funds received from the IPO[14]. - The net cash flow from financing activities was 342,245,940.52 RMB, up from 31,344,726.62 RMB in the same period last year, showing improved financing conditions[35]. - The cash flow from operating activities for the first three quarters of 2020 was negative at CNY -136,261,373.70, compared to CNY -44,126,968.39 in the same period of 2019[32]. Research and Development - R&D expenses rose by 45.73% to ¥52,405,908.29 compared to ¥35,961,271.64 in the same period last year, reflecting increased investment in R&D[14]. - Research and development expenses for Q3 2020 were ¥21,465,718.79, a significant increase of 68.3% from ¥12,713,195.94 in Q3 2019[25]. - Research and development expenses for Q3 2020 were CNY 10,333,410.38, up from CNY 8,157,799.30 in Q3 2019, reflecting a growth of 26.7%[29]. Other Financial Metrics - The weighted average return on net assets decreased by 8.51 percentage points to 12.96%[7]. - Basic and diluted earnings per share remained at RMB 0.86[7]. - The company reported an investment income of ¥3,870,936.70, a significant increase of 1,658.86% from ¥220,082.10, due to higher financial product returns[14]. - The company experienced a 354.36% increase in taxes payable, reaching ¥19,691,717.38 from ¥4,333,924.27, due to deferred VAT and corporate income tax policies[13].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 416,478,431.37, representing a 13.65% increase compared to CNY 366,449,778.86 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was CNY 80,671,081.29, up 25.30% from CNY 64,384,304.62 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 69,037,725.46, reflecting a 31.00% increase from CNY 52,701,723.86 year-on-year[15]. - The net cash flow from operating activities was negative at CNY -53,687,144.32, a significant decrease compared to CNY 20,526,868.89 in the same period last year, marking a decline of 361.55%[15]. - The net profit for the first half of 2020 reached CNY 80,671,081.29, compared to CNY 64,384,304.62 in the previous year, marking an increase of 25.49%[85]. - The company reported a total comprehensive income of CNY 80,615,063.34 for the first half of 2020, compared to CNY 64,311,515.28 in the previous year, an increase of 25.51%[86]. Assets and Liabilities - Total assets reached CNY 1,292,144,904.57, which is a 50.16% increase from CNY 860,487,665.93 at the end of the previous year[15]. - Total liabilities decreased to CNY 235,520,488.39 from CNY 304,133,144.59, a reduction of about 23%[79]. - Total equity attributable to the parent company increased by 89.20% to CNY 1,058,906,229.57, driven by funds raised from the initial public offering of A shares[37]. - The total owner's equity at the end of June 2020 was 556,354,521.34 RMB, reflecting changes in capital contributions and retained earnings[97]. - The total liabilities and equity combined reached CNY 701,523,491.84, indicating a solid financial position[182]. Research and Development - The company has significantly increased R&D investment to develop new products and technologies, fostering a high-quality international R&D team[24]. - The company’s R&D expenses increased by 33.09% to 30.94 million yuan, reflecting a commitment to innovation and technology advancement[32]. - Research and development expenses for the first half of 2020 were CNY 30,940,189.50, up from CNY 23,248,075.70, indicating a growth of 33.24%[84]. Market Position - IGBT module sales accounted for over 95% of the company's total sales revenue, highlighting its core product focus[20]. - The company ranks eighth in the global IGBT module market with a market share of 2.2%, being the only Chinese company in the top ten[22]. - The company ranked first among Chinese enterprises in the global IGBT module market share, according to IHS Markit 2019 report[26]. Cash Flow - Cash and cash equivalents increased by 123.91% to 210,236,672.83, primarily due to funds raised from the initial public offering of A shares[36]. - Cash flow from financing activities surged to 345.89 million yuan, a 1511.67% increase, primarily due to funds raised from its IPO[32]. - Cash flow from financing activities generated a net inflow of 345,887,688.74 CNY, a significant increase from 21,461,426.79 CNY in the same period of 2019[92]. Shareholder Information - The total number of ordinary shareholders reached 23,001 by the end of the reporting period[68]. - The largest shareholder, Hong Kong Star Holdings Limited, holds 71,266,800 shares, representing 44.54% of total shares[69]. - The company completed a public offering of 40 million shares, increasing total share capital from 120 million to 160 million shares[68]. Risks and Commitments - The company faces risks from macroeconomic fluctuations that could impact sales and profitability, particularly in the semiconductor industry[47]. - The actual controllers and shareholders have made commitments regarding the non-transfer of shares for a period of 36 months from the date of listing[53]. - Violations of the commitments will result in the forfeiture of profits and legal consequences[61]. Accounting Policies - The company’s financial statements comply with the accounting standards issued by the Ministry of Finance, reflecting its financial position accurately[113]. - The company has not recognized any changes in significant accounting policies or estimates for the reporting period[174]. - The company applies the weighted average method for inventory valuation upon issuance[136]. Inventory and Receivables - The company reported a significant increase in inventory, which rose to ¥218,059,953.32 from ¥197,396,175.29, reflecting a growth of about 10%[77]. - The total accounts receivable at the end of the period amounted to ¥243,365,212.33, with a bad debt provision of ¥14,104,182.17, representing a provision ratio of 5.80%[194]. - The company utilized a combination approach for bad debt provisioning based on credit risk characteristics (aging) for accounts receivable[196].

Financial Performance - Net profit attributable to shareholders increased by 41.79% to CNY 27,070,986.20 year-on-year[4] - Basic earnings per share increased by 12.50% to CNY 0.18[4] - The company reported a net profit of ¥384,290,665.28, compared to ¥357,219,679.08 in the previous year, showing an increase of approximately 7.58%[21] - The net profit for Q1 2020 reached ¥27,077,661.42, representing an increase of 41.8% from ¥19,107,900.97 in the same period last year[26] - The total profit for Q1 2020 was ¥33,182,115.17, an increase of 53.8% from ¥21,603,159.32 in Q1 2019[26] - The company reported a total comprehensive income of ¥26,724,706.32 for Q1 2020, compared to ¥19,492,859.70 in the previous year, indicating strong overall performance[26] Revenue and Operating Performance - Operating revenue decreased by 7.48% to CNY 137,858,048.08 compared to the same period last year[4] - The company's operating revenue for Q1 2020 was ¥122,975,024.44, a decrease of 16.3% compared to ¥146,796,700.89 in Q1 2019[27] - Total revenue for Q1 2020 was ¥137,858,048.08, a decrease from ¥149,001,277.82 in Q1 2019, representing a decline of approximately 7.63%[23] - Total operating costs for Q1 2020 were ¥115,257,179.76, compared to ¥127,897,293.79 in Q1 2019, indicating a reduction of about 9.93%[23] Assets and Liabilities - Total assets increased by 47.16% to CNY 1,266,272,171.56 compared to the end of the previous year[4] - Total liabilities were reported at ¥110,650,044.77 for Q1 2020, down from ¥184,855,469.93 in Q1 2019, reflecting a decrease of approximately 40%[22] - The total assets as of March 31, 2020, amounted to ¥1,102,011,198.13, an increase from ¥701,523,491.84 in the previous year[22] - The total liabilities and equity combined reached ¥1,266,272,171.56, up from ¥860,487,665.93 in Q1 2019, reflecting an increase of about 47.05%[18] Cash Flow - Net cash flow from operating activities was negative at CNY -65,346,033.55, compared to CNY -58,451,844.23 in the previous year[4] - Cash inflow from operating activities for Q1 2020 was 67,999,260.20 RMB, down from 120,797,027.47 RMB in Q1 2019, representing a decrease of approximately 43.7%[29] - Cash outflow from operating activities totaled 133,345,293.75 RMB in Q1 2020, compared to 179,248,871.70 RMB in Q1 2019, indicating a reduction of about 25.7%[29] - Cash inflow from financing activities was 478,207,200.00 RMB in Q1 2020, a significant rise from 34,000,000.00 RMB in Q1 2019[30] - Net cash flow from financing activities was 379,129,220.97 RMB in Q1 2020, compared to 23,990,621.31 RMB in Q1 2019, showing a notable increase[30] Shareholder Information - The number of shareholders at the end of the reporting period was 24,265[7] - The largest shareholder, Hong Kong SIDA Holdings Limited, holds 44.54% of the shares[7] Investment and Other Income - Investment income surged by 1,112.43% to RMB 1,130,270.40, driven by higher financial investment returns[12] - Other income increased by 106.90% to RMB 3,565,302.80, attributed to an increase in deferred income recognition[12] - Government subsidies recognized in the current period amounted to CNY 7,565,302.80[5] Equity and Retained Earnings - The equity attributable to shareholders reached ¥1,045,989,224.80, significantly up from ¥559,672,001.67 in the same quarter last year, marking an increase of about 86.67%[18] - The company's retained earnings increased to ¥328,655,201.67 from ¥313,455,375.72, indicating a growth of approximately 4.03%[22] - The total equity includes an undistributed profit of RMB 357,219,679.08, suggesting retained earnings for future investments[36] Financial Ratios and Returns - The weighted average return on equity decreased by 1.22 percentage points to 3.08%[4] - The company reported a decrease in diluted earnings per share of 12.50% to CNY 0.18[4]

Financial Performance - In 2019, the company's operating revenue reached RMB 779,439,687.65, representing a year-on-year increase of 15.41% compared to RMB 675,367,666.62 in 2018[16]. - The net profit attributable to shareholders was RMB 135,278,512.36 in 2019, which is a 39.83% increase from RMB 96,742,806.82 in 2018[16]. - The basic earnings per share for 2019 was RMB 1.13, up 39.51% from RMB 0.81 in 2018[17]. - The company's total assets increased by 18.85% to RMB 860,487,665.93 at the end of 2019, compared to RMB 724,026,546.70 at the end of 2018[16]. - The net assets attributable to shareholders rose by 28.92% to RMB 559,672,001.67 at the end of 2019, compared to RMB 434,132,494.01 at the end of 2018[16]. - The cash flow from operating activities was RMB 88,326,556.08 in 2019, a decrease of 26.40% from RMB 120,002,975.51 in 2018[16]. - The company reported a total of RMB 15,396,314.33 in non-recurring gains and losses for 2019, compared to RMB 8,044,967.88 in 2018[20]. - The company achieved a global market share of 2.2% in the IGBT module market, ranking 8th globally and 1st among Chinese enterprises in 2018[27]. - The company reported a total revenue of CNY 786,895,473.27 from sales of goods and services, up from CNY 671,912,441.25 in 2018[159]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 2.54 CNY per 10 shares, totaling 40,640,000 CNY based on a total share capital of 160,000,000 shares[4]. - The company reported a cash dividend of 2.54 RMB per 10 shares for the 2019 fiscal year, totaling 40,640,000 RMB, which represents 30.04% of the net profit attributable to ordinary shareholders[71]. - In 2019, the company achieved a net profit of 135,278,512.36 RMB, with a cash dividend payout ratio of 30.04%[72]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[3]. - The company has appointed Lixin Certified Public Accountants as its auditing firm[15]. - The audit report confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2019[139]. - The management is responsible for ensuring the financial statements are free from material misstatement due to fraud or error[142]. Risk Factors - The company has detailed risk factors in the board report regarding future development and strategies[6]. - The company faced risks from macroeconomic fluctuations, which could negatively impact sales and profits due to the correlation with the semiconductor industry[67]. - The company is also exposed to risks from the volatility of the electric vehicle market, which could affect profitability due to changes in industry policies and market demand[68]. Research and Development - The company focuses on the design, research, and production of power semiconductor chips and modules, primarily IGBT modules, which are its core products[24]. - The company has a strong R&D team with extensive experience, contributing to its ability to produce IGBT chips and modules at scale[31]. - The company’s R&D expenses amounted to CNY 49.04 million, reflecting a 10.10% increase compared to the previous year[36]. - The company plans to invest in the research and development of next-generation IGBT chips and other semiconductor devices[60]. - The company is committed to increasing R&D investment in chip technology, particularly in the next-generation IGBT chips and fast recovery diode chips[64]. Market Presence and Strategy - The company has established subsidiaries in Shanghai and Europe, along with R&D centers in both regions, enhancing its competitive edge in the semiconductor industry[24]. - The company has established five sales offices in China and a subsidiary in Switzerland to expand its international market presence[26]. - The company plans to increase its market share in the power semiconductor industry, focusing on IGBT modules for both electric and fuel vehicles[61]. - The company aims to enhance its market share in IGBT modules, focusing on industries such as new energy vehicles and variable frequency appliances[60]. - The company will strengthen collaborations with major home appliance manufacturers to expand its presence in the variable frequency white goods market[63]. Financial Position - The total assets at the end of the reporting period were significantly impacted by a 76.21% decrease in investment properties, down to 2,404,022.99 CNY[49]. - The company reported a total equity of 430,424,215.59, with retained earnings of 239,161,659.98[93]. - The total liabilities reached 293,602,331.11, with current liabilities at 193,264,178.62[93]. - The company’s total equity rose to ¥516,668,021.91 in 2019, compared to ¥453,800,845.24 in 2018, reflecting a growth of 13.9%[149]. Management and Governance - The company has a well-structured corporate governance framework, ensuring compliance with relevant laws and regulations[131]. - The board of directors held 4 meetings during the year, all attended in person[135]. - The company has maintained a stable management structure with no reported changes in the number of shares held by key executives[119]. - The company has a diverse management team with various roles, including vice presidents and independent directors, all of whom have not reported changes in their shareholdings[119]. Employee and Workforce - The total number of employees in the parent company and major subsidiaries is 643, with 490 in the parent company and 153 in subsidiaries[126]. - The workforce includes 395 production personnel, 49 sales personnel, 145 technical personnel, 16 financial personnel, and 38 administrative personnel[127]. - The company has established a competitive and fair compensation and benefits system to motivate employees[128]. Accounting Policies and Financial Instruments - The company has implemented changes to accounting policies in accordance with the Ministry of Finance's revised financial statement formats for 2019, which may impact financial reporting[81]. - The company applies the effective interest method for calculating interest on financial assets and liabilities measured at amortized cost, with interest recognized in profit or loss[191]. - The company estimates expected credit losses for financial assets based on whether there has been a significant increase in credit risk since initial recognition[197]. Future Outlook - The company provided guidance for 2020, projecting a revenue growth of 10% to 1.65 billion[120]. - The management team emphasized a focus on sustainability, aiming to reduce carbon emissions by 40% by 2025[120]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2022[120].