[Glossary](index=4&type=section&id=Item%20I%20Glossary) This section provides definitions for key terms used throughout the report [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key financial performance over the last three years [Company Information](index=4&type=section&id=I.%20Company%20Information) This chapter outlines the company's basic corporate information, including contact details, stock listing on the Shanghai Stock Exchange (603366.SH), and information disclosure channels - The company's Chinese name is Sunrise East Holdings Co., Ltd., with stock abbreviation Sunrise East, listed on the Shanghai Stock Exchange under stock code **603366**[15](index=15&type=chunk)[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators for the Past Three Years](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Three%20Years) In 2021, the company experienced significant growth in operating revenue and net profit, despite a substantial decrease in net cash flow from operating activities due to increased inventory Key Accounting Data for the Past Three Years | Major Accounting Data | 2021 | 2020 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4.206 billion yuan | 3.543 billion yuan | 18.71% | | Net Profit Attributable to Shareholders of Listed Company | 213 million yuan | 170 million yuan | 24.92% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 174 million yuan | 117 million yuan | 48.63% | | Net Cash Flow from Operating Activities | 139 million yuan | 430 million yuan | -67.56% | | **Asset Situation** | **End of 2021** | **End of 2020** | **Period-End vs. Prior Period-End Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 3.597 billion yuan | 3.344 billion yuan | 7.55% | | Total Assets | 6.276 billion yuan | 6.208 billion yuan | 1.10% | Key Financial Indicators for the Past Three Years | Major Financial Indicators | 2021 | 2020 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.2656 | 0.2126 | 24.93% | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.2156 | 0.1464 | 47.27% | | Weighted Average Return on Net Assets (%) | 6.12% | 5.23% | Increased by 0.89 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 5.01% | 3.60% | Increased by 1.41 percentage points | Key Quarterly Financial Data for 2021 (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 710,029,294.32 | 1,141,438,353.56 | 1,002,978,179.05 | 1,351,112,658.79 | | Net Profit Attributable to Shareholders of Listed Company | -21,377,260.06 | 56,195,871.32 | 26,492,808.98 | 151,198,771.98 | | Net Cash Flow from Operating Activities | -195,477,290.83 | 139,745,304.48 | -164,868,482.18 | 360,025,389.45 | - Total non-recurring gains and losses in 2021 amounted to **38.4082 million yuan**, primarily from government subsidies (**31.9078 million yuan**) and entrusted wealth management income (**28.1044 million yuan**)[29](index=29&type=chunk)[30](index=30&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) Management discusses the company's operational performance, industry landscape, core competencies, and outlines future development strategies and associated risks [Discussion and Analysis of Operations](index=8&type=section&id=I.%20Discussion%20and%20Analysis%20of%20Operations) In 2021, the company advanced its "horizontal and vertical" strategy in smart home appliances and clean energy, enhancing operational efficiency and market competitiveness through strategic initiatives - The company continued to advance its "horizontal and vertical" strategy: "horizontal" focuses on smart home appliances centered on kitchen and bathroom, while "vertical" focuses on clean energy for power, heating, and hot water[31](index=31&type=chunk) - The company's three major brands, Sunrain, Himin Solar, and Shuaikang, continued brand building through CCTV advertising, program sponsorship, and national team endorsements to enhance brand influence[31](index=31&type=chunk)[32](index=32&type=chunk) - The first phase of the company's Lianyungang heat pump manufacturing base commenced operations in June 2021, establishing two major heat pump manufacturing bases in Lianyungang and Shunde, increasing production capacity[33](index=33&type=chunk) - The company implemented an equity incentive plan and cultivated a core management team using partner and Amoeba mechanisms to stimulate organizational vitality[33](index=33&type=chunk) [Industry Overview During the Reporting Period](index=9&type=section&id=II.%20Industry%20Overview%20During%20the%20Reporting%20Period) This section reviews the solar thermal, air energy, and kitchen appliance industries, highlighting clean energy opportunities, robust air energy growth, and a dynamic integrated stove market - Solar thermal utilization industry: In 2021, the total newly added solar collector systems reached **27.052 million square meters**, a slight year-on-year increase, with vacuum tube types accounting for **73.7%** and flat plate types for **26.3%**[34](index=34&type=chunk) - Air energy industry: In 2021, total sales of air source heat pumps reached **15.7 billion yuan**, a year-on-year increase of **31.9%**, with domestic sales growing by **16.4%** and export sales by **102.3%**[35](index=35&type=chunk) - Kitchen appliance industry: In 2021, traditional kitchen appliance retail volume decreased by **9%**, while retail value increased by **2%**, with the integrated stove market showing strong performance, retail volume growing by **28%** and retail value by **41%**[36](index=36&type=chunk) [Company Business During the Reporting Period](index=10&type=section&id=III.%20Company%20Business%20During%20the%20Reporting%20Period) The company operates in water heaters, clean energy heating, kitchen appliances, and water purification under three brands, leveraging multi-brand, engineering, channel, innovation, and multi-base capabilities - The company primarily engages in the R&D, production, and sales of water heaters (solar, air energy, electric, gas), clean energy heating, kitchen appliances, and water purification products[37](index=37&type=chunk) - Core competencies include: - **Multi-brand operation**: Owning three well-known brands—Sunrain, Himin Solar, and Shuaikang—with clear positioning - **Engineering capabilities**: Leading engineering capabilities in clean energy applications, successfully implementing over **20,000 projects** - **Omni-channel management**: Sales network fully covering national urban and rural markets and over **100 countries and regions** overseas - **Professional innovation**: Strong competitiveness in air source heat pump technology, multi-energy complementary solutions, and healthy kitchen products - **Multi-base layout**: Possessing multiple R&D and manufacturing bases in Lianyungang, Shunde, Luoyang, Yuyao, Tibet, and other locations[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Key Operating Performance During the Reporting Period](index=11&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In 2021, operating revenue grew by **18.71%** and net profit by **24.92%**, driven by strong air energy and electric water heater sales, despite declining gross margins and significantly reduced operating cash flow Changes in Key Income Statement and Cash Flow Statement Items in 2021 | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,205,558,485.72 | 3,542,740,925.35 | 18.71 | | Operating Cost | 2,964,592,590.46 | 2,430,981,837.42 | 21.95 | | Selling Expenses | 799,774,307.99 | 658,707,875.52 | 21.42 | | Research and Development Expenses | 154,808,777.43 | 116,262,902.50 | 33.15 | | Net Cash Flow from Operating Activities | 139,424,920.92 | 429,790,397.28 | -67.56 | | Net Cash Flow from Investing Activities | 38,283,438.20 | 345,147,082.45 | -88.91 | Main Business by Product | Product Category | Operating Revenue (Yuan) | Year-on-Year Change in Operating Revenue (%) | Gross Margin (%) | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Solar Water Heaters | 1,701,032,184.67 | 3.96 | 28.22 | Decreased by 2.01 percentage points | | Air Energy | 605,682,644.69 | 120.38 | 21.34 | Decreased by 3.23 percentage points | | Kitchen Appliances | 888,412,497.82 | 24.70 | 37.08 | Decreased by 1.18 percentage points | | Electric Water Heaters | 509,656,914.18 | 61.23 | 31.36 | Increased by 3.06 percentage points | | Wall-mounted Boilers | 36,836,646.54 | -77.96 | 27.74 | Decreased by 0.68 percentage points | Production and Sales Volume of Main Products | Main Products | Production Volume (units/sets) | Sales Volume (units/sets) | Year-on-Year Change in Production Volume (%) | Year-on-Year Change in Sales Volume (%) | | :--- | :--- | :--- | :--- | :--- | | Solar Water Heaters | 1,156,388 | 1,163,220 | 25.72 | 29.42 | | Air Energy | 114,224 | 105,863 | 66.10 | 56.58 | | Kitchen and Bathroom Products | 843,455 | 826,395 | 35.09 | 19.56 | | Electric Water Heaters | 686,176 | 671,623 | 2.27 | -2.42 | - Total R&D investment was **155 million yuan**, accounting for **3.68%** of operating revenue, with expensed R&D investment increasing by **33.15%** year-on-year, primarily due to increased investment in new product development[58](index=58&type=chunk)[49](index=49&type=chunk) Performance of Major Holding and Participating Companies (Unit: Million Yuan) | Company Name | Main Business | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Sunrain | Solar water heater R&D and sales | 518.4245 | 189.0229 | 10.1994 | | Himin Solar | Solar water heater R&D and sales | 610.4712 | 273.4750 | 68.3814 | | Guangdong Air Energy | Air energy product production, sales | 311.5930 | 142.8079 | 11.0910 | | Shuaikang Electric | Kitchen appliance R&D, production, sales | 1,023.2610 | 233.9127 | 31.7622 | [Company's Discussion and Analysis of Future Development](index=19&type=section&id=VI.%20Company's%20Discussion%20and%20Analysis%20of%20Future%20Development) The company will continue its "horizontal and vertical" strategy, focusing on consumer upgrades and green energy, with 2022 plans emphasizing marketing, R&D, production, and mechanism innovation, while addressing key risks - The company's development strategy continues to focus on 'horizontal and vertical': horizontally expanding home appliance business centered on kitchen and bathroom scenarios, and vertically deepening heat energy business centered on clean thermal energy[72](index=72&type=chunk) - 2022 Operating Plan: - **Marketing**: Strengthen channel construction, focus on segmented markets, and enhance brand influence - **R&D**: Deepen air energy technology, develop 'Solar+' solutions, and develop products around 'integrated healthy kitchens' - **Production**: Promote smart factory construction, reduce costs, and improve quality - **Mechanisms**: Continuously advance organizational reform and mechanism innovation to stimulate organizational vitality[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Key risks faced by the company include: macroeconomic uncertainty, the impact of real estate regulation policies on the kitchen appliance business, and cost pressure from rising raw material prices[77](index=77&type=chunk) [Corporate Governance](index=22&type=section&id=Item%20IV%20Corporate%20Governance) This section details the company's governance structure, emphasizing regulatory compliance, independence from controlling shareholders, and diligent performance by its board, supervisors, and senior management [Explanation of Corporate Governance Related Matters](index=22&type=section&id=I.%20Explanation%20of%20Corporate%20Governance%20Related%20Matters) The company maintains a robust corporate governance structure, ensuring independence from its controlling shareholder and diligent performance of duties by its board, supervisors, and senior management - The company's corporate governance structure is sound, operating strictly in accordance with laws and regulations such as the 'Company Law' and 'Securities Law', maintaining 'five separations' from its controlling shareholder in terms of personnel, assets, finance, organization, and business[81](index=81&type=chunk) [Brief Introduction to Shareholders' Meetings](index=22&type=section&id=III.%20Brief%20Introduction%20to%20Shareholders'%20Meetings) In 2021, the company held **4** shareholder meetings and **10** board meetings, approving key matters and ensuring committees fulfilled their decision-making and oversight responsibilities - A total of **4** shareholders' meetings were held in 2021, approving important proposals such as the '2020 Annual Report', '2020 Annual Profit Distribution Plan', and '2021 Restricted Stock Incentive Plan (Draft)'[82](index=82&type=chunk)[85](index=85&type=chunk) - A total of **10** board meetings were held during the reporting period, reviewing proposals related to the company's operations, finance, investments, and equity incentives[99](index=99&type=chunk)[100](index=100&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=24&type=section&id=IV.%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) This section details the appointments, shareholding changes, and remuneration of directors, supervisors, and senior management, highlighting equity incentive-driven share increases and personnel transitions Shareholding Changes and Remuneration of Some Directors and Senior Management | Name | Position | Shares Held at Year-End | Change in Shares During the Year | Reason for Change | Total Pre-tax Remuneration (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Xinjian | Chairman | 9,969,576 | 0 | - | 1.00 | | Wan Xuchang | Director, General Manager | 1,114,600 | 400,000 | Equity Incentive | 1.00 | | Sun Mingyang | Director, Deputy General Manager | 450,000 | 450,000 | Equity Incentive | 1.00 | | Li Jun | Deputy General Manager | 1,794,000 | 840,000 | Equity Incentive | 1.00 | | Chen Ronghua | Deputy General Manager | 1,364,600 | 620,000 | Equity Incentive | 1.00 | | **Total** | **/** | **17,703,676** | **3,780,000** | **/** | **10.33027** | [Employee Information of Parent Company and Major Subsidiaries at the End of the Reporting Period](index=31&type=section&id=IX.%20Employee%20Information%20of%20Parent%20Company%20and%20Major%20Subsidiaries%20at%20the%20End%20of%20the%20Reporting%20Period) As of the reporting period, the company had **4,710** employees, predominantly in sales and production, and implemented a restricted stock incentive plan in 2021 to motivate core personnel Employee Professional Structure | Professional Category | Number of Employees | Proportion | | :--- | :--- | :--- | | Production Personnel | 1,633 | 34.7% | | Sales Personnel | 2,279 | 48.4% | | Technical Personnel | 491 | 10.4% | | Financial Personnel | 70 | 1.5% | | Administrative Personnel | 237 | 5.0% | | **Total** | **4,710** | **100%** | - The company implemented a restricted stock incentive plan in 2021, granting **22.9 million** restricted shares to **497** incentive recipients at **2.22 yuan/share**[115](index=115&type=chunk) [Environmental and Social Responsibility](index=34&type=section&id=Item%20V%20Environmental%20and%20Social%20Responsibility) The company actively pursues environmental and social responsibilities, focusing on carbon reduction through research centers and new energy projects, alongside disaster relief and community support initiatives [Environmental Information](index=34&type=section&id=I.%20Environmental%20Information) The company actively responds to "dual carbon" goals by establishing carbon neutrality research centers and a new photovoltaic subsidiary to promote clean energy and reduce emissions - Sunrain established the clean thermal energy industry's first carbon neutrality research center, aiming to tackle carbon emission reduction standard challenges in solar thermal utilization, air source heat pumps, and other fields[125](index=125&type=chunk) - The company established Jiangsu Sunrise East Photovoltaic Co., Ltd., participating in county-wide (district, city) rooftop distributed photovoltaic projects to achieve carbon reduction and emission reduction through clean energy utilization[125](index=125&type=chunk) [Social Responsibility Work](index=35&type=section&id=II.%20Social%20Responsibility%20Work) The company actively fulfills social responsibilities through various public welfare funds, including disaster relief efforts and "Sunshine Bathroom" and "Warm Campus" projects benefiting vulnerable groups and schools - In response to major disasters such as the heavy rainfall in Henan, the company immediately launched donation plans and carried out emergency relief work[126](index=126&type=chunk) - Sunrain continued to promote the 'Sunshine Bathroom' project to assist people with disabilities; Himin Solar launched the 'Warm Campus' project, donating water purification and hot water systems to **5** schools in Guizhou, Jiangsu, Sichuan, and other regions, benefiting over **2,000** teachers and students[126](index=126&type=chunk) [Significant Matters](index=37&type=section&id=Item%20VI%20Significant%20Matters) This section covers the fulfillment of commitments, significant related-party transactions, and major contracts and guarantees, including performance compensation and financial assistance from the controlling shareholder [Fulfillment of Commitments](index=37&type=section&id=I.%20Fulfillment%20of%20Commitments) The controlling shareholder fulfilled its non-compete commitment, and the performance compensation for the Shuaikang Electric acquisition was fully paid in 2021 - The performance commitment for the acquisition of Shuaikang Electric was not met, and the performance compensation party was required to pay the company **81.50 million yuan** in compensation[147](index=147&type=chunk) - The company received the full performance compensation of **81.50 million yuan** on July 22, 2021, and the related performance commitment compensation obligations have been fulfilled[148](index=148&type=chunk) [Significant Related-Party Transactions](index=44&type=section&id=XII.%20Significant%20Related-Party%20Transactions) A significant related-party transaction involved the controlling shareholder, Sunrain Holdings, providing up to **500 million yuan** in interest-free financial assistance until November 2023 - The company's controlling shareholder, Sunrain Holdings, provided interest-free financial assistance totaling no more than **500 million yuan** to the company, with a term until November 17, 2023[149](index=149&type=chunk) [Major Contracts and Their Fulfillment](index=45&type=section&id=XIII.%20Major%20Contracts%20and%20Their%20Fulfillment) The company's external guarantees are limited to subsidiaries, with a manageable balance of **22 million yuan**, and it also engaged in entrusted wealth management using its own funds - As of the end of the reporting period, the total guarantee balance for subsidiaries was **22 million yuan**, accounting for **0.60%** of the company's net assets[152](index=152&type=chunk) Overall Entrusted Wealth Management (Unit: Yuan) | Type | Source of Funds | Amount Incurred | Unmatured Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 861,000,000 | 0 | 0 | | Brokerage Wealth Management Products | Own Funds | 150,000,000 | 50,000,000 | 0 | | Private Equity Fund Products | Own Funds | 244,339,703.42 | 128,758,813.81 | 0 | | Securities Investment Products | Own Funds | 84,132,974.25 | 0 | 0 | [Share Changes and Shareholder Information](index=53&type=section&id=Item%20VII%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, primarily due to an equity incentive plan, and provides an overview of its shareholders and actual controller [Changes in Share Capital](index=53&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital increased from **800 million** to **822.9 million** shares due to the 2021 restricted stock incentive plan, with the new shares being restricted - The company's total share capital increased from **800 million** shares to **822.9 million** shares, with the newly added **22.9 million** shares being restricted shares[161](index=161&type=chunk) - The change in share capital was due to the company completing the registration of restricted stock grants on October 12, 2021, granting **22.9 million** restricted shares to **497** incentive recipients[162](index=162&type=chunk)[165](index=165&type=chunk) [Shareholders and Actual Controller Information](index=55&type=section&id=III.%20Shareholders%20and%20Actual%20Controller%20Information) As of year-end 2021, the company had **39,740** shareholders, with Sunrain Holdings as the controlling shareholder and Mr. Xu Xinjian as the actual controller Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Sunrain Holdings Group Co., Ltd. | 462,000,600 | 56.14 | | Wu Dianhua | 11,998,800 | 1.46 | | Xu Xinjian | 9,969,576 | 1.21 | | Jiangsu Yueliangshen Management Consulting Co., Ltd. | 4,738,565 | 0.58 | | GF Fund - Agricultural Bank of China - GF CSI Financial Asset Management Plan | 3,489,681 | 0.42 | - The company's controlling shareholder is Sunrain Holdings Group Co., Ltd., and the actual controller is Mr. Xu Xinjian[173](index=173&type=chunk)[175](index=175&type=chunk) [Preferred Shares Related Matters](index=60&type=section&id=Item%20VIII%20Preferred%20Shares%20Related%20Matters) The company has no preferred shares [Preferred Shares Related Matters](index=60&type=section&id=Item%20VIII.%20Preferred%20Shares%20Related%20Matters) The company has no preferred shares - During the reporting period, the company had no preferred shares[179](index=179&type=chunk) [Bonds Related Matters](index=61&type=section&id=Item%20IX%20Bonds%20Related%20Matters) The company has no bonds, corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds [Bonds Related Matters](index=61&type=section&id=Item%20IX.%20Bonds%20Related%20Matters) The company has no bonds, corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - During the reporting period, the company had no bond-related matters[181](index=181&type=chunk) [Financial Report](index=62&type=section&id=Item%20X%20Financial%20Report) This section presents the audited financial statements, including the auditor's opinion, key financial data, and detailed notes on accounting policies and significant items [Audit Report](index=62&type=section&id=I.%20Audit%20Report) Rongcheng Certified Public Accountants issued a standard unqualified audit opinion on the 2021 financial statements, identifying revenue recognition as a key audit matter due to its significance and inherent risk - The auditing firm issued a standard unqualified audit opinion[183](index=183&type=chunk) - Revenue recognition was identified as a key audit matter because revenue is one of the company's key performance indicators, and there is an inherent risk of management manipulating the timing of revenue recognition to achieve specific targets or expectations[185](index=185&type=chunk)[186](index=186&type=chunk) [Financial Statements](index=67&type=section&id=II.%20Financial%20Statements) The financial statements show a slight increase in total assets, a decrease in total liabilities due to reduced short-term borrowings, growth in owner's equity, and a significant decline in operating cash flow for 2021 Consolidated Balance Sheet Summary (Unit: Yuan) | Item | December 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **6,275,874,737.33** | **6,207,804,589.89** | | Total Current Assets | 2,093,578,397.85 | 2,315,134,626.45 | | Total Non-Current Assets | 4,182,296,339.48 | 3,892,669,963.44 | | **Total Liabilities** | **2,592,529,634.04** | **2,803,827,324.25** | | Total Current Liabilities | 2,420,738,275.05 | 2,640,587,015.88 | | Total Non-Current Liabilities | 171,791,358.99 | 163,240,308.37 | | **Total Owner's Equity** | **3,683,345,103.29** | **3,403,977,265.64** | | Total Owner's Equity Attributable to Parent Company | 3,596,917,715.53 | 3,344,304,714.44 | Consolidated Income Statement Summary (Unit: Yuan) | Item | 2021 Annual | 2020 Annual | | :--- | :--- | :--- | | Total Operating Revenue | 4,205,558,485.72 | 3,542,740,925.35 | | Total Operating Cost | 4,157,226,374.75 | 3,445,844,324.03 | | Operating Profit | 225,368,879.96 | 210,683,914.09 | | Total Profit | 214,816,104.93 | 199,371,458.19 | | Net Profit | 214,592,228.29 | 173,155,936.11 | | Net Profit Attributable to Parent Company Shareholders | 212,510,192.22 | 170,114,749.23 | Consolidated Cash Flow Statement Summary (Unit: Yuan) | Item | 2021 Annual | 2020 Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 139,424,920.92 | 429,790,397.28 | | Net Cash Flow from Investing Activities | 38,283,438.20 | 345,147,082.45 | | Net Cash Flow from Financing Activities | -313,140,165.90 | -472,006,903.54 | | Net Increase in Cash and Cash Equivalents | -137,508,984.13 | 298,139,025.35 | [Company Basic Information](index=90&type=section&id=III.%20Company%20Basic%20Information) The notes detail the company's background, accounting policies (including revenue recognition, financial instruments, and goodwill impairment), new leasing standards, segment information, related-party transactions, and contingent liabilities - The company primarily engages in the R&D, production, and sales of water heaters, kitchen appliances, clean energy heating, and water purification products, operating under three main brands: Sunrain, Himin Solar, and Shuaikang[242](index=242&type=chunk) - Revenue recognition policy: For distributor mode, outright purchase products are recognized upon shipment; e-commerce revenue is recognized upon order completion or receipt of platform settlement statements; export sales are recognized after customs declaration; heating and photovoltaic engineering projects are recognized based on performance progress[316](index=316&type=chunk) - The company adopted the new leasing standards starting January 1, 2021, and made corresponding adjustments to its accounting policies[332](index=332&type=chunk) - The company is divided into seven reporting segments based on its internal organizational structure: solar water heaters, air energy, water purifiers, photovoltaics, kitchen appliances, electric water heaters, and wall-mounted boilers[620](index=620&type=chunk)

2022 年第一季度报告 证券代码：603366 证券简称：日出东方 日出东方控股股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | | 本报告期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | 变动幅度(%) | | | 营业收入 | | 643,624,645.22 | | -9.35 | | 归属于上市公司股东的净利润 | | -61,005,568.89 | | 不适用 | | 归属于上市公司股东的扣除非经常性 | ...

2021 年第三季度报告 证券代码：603366 证券简称：日出东方 日出东方控股股份有限公司 2021 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律 责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度 报告中财务报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | 项目 | 本报告期 | 本报告期 比上年同 | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | | 年初至报告期末 | | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 1,002,978,179.05 | 7.31 | 2,854,445,826.93 | ...

2021 年半年度报告 公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2021 年半年度报告 1 / 152 2021 年半年度报告 重要提示 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司不进行半年度利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中描述了可能存在的相关风险，具体内容详见本半年度报告第三节管理层讨 论与分析中"可能面对的风险"部分。 敬请投资者注意投资风险。 十一、 其他 □适用 √不适用 2 / 152 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董 ...

公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2020 年年度报告 （修订版） 1 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立董事 | 林辉 | 工作原因 | 高允斌 | 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人徐新建、主管会计工作负责人徐忠及会计机构负责人（会计主管人员）李翠芳声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经董事会审议的报告期利润分配预案或公积金转增股本预案：以2020年12月31日的公司总股 本800,000,000股为基数，向全体股东每10股派发现金红利1.25元（含税），共计派发现金红利总 额为人民币100,000,000.00元，剩余未分配利润暂不分 ...

2021 年第一季度报告 公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2021 年第一季度报告 1 / 24 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2021 年第一季度报告 一、 重要提示 | 未出席董事姓名 | 未出席董事职务 | 未出席原因的说明 | 被委托人姓名 | | --- | --- | --- | --- | | 林辉 | 独立董事 | 工作原因 | 高允斌 | 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | | | | | 减(%) | | | 总资产 | 6,024,257,143.16 | 6,207,804,589.89 | | -2.96 | | 归属于上市公司 | 3,323,135,055.61 | 3,344,304,714.44 | | -0.63 | | 股东的净资产 | | | | ...

公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2020 年年度报告 1 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人徐新建、主管会计工作负责人徐忠及会计机构负责人（会计主管人员）李翠芳声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经董事会审议的报告期利润分配预案或公积金转增股本预案：以2020年12月31日的公司总股 本800,000,000股为基数，向全体股东每10股派发现金红利1.25元（含税），共计派发现金红利总 额为人民币100,000,000.00元，剩余未分配利润暂不分配，结转下一年度。公司不实施资本公积 金转增股本。 上述分配预案需提交公司2020年年度股东大会审议通过后实施。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的 ...

2020 年第三季度报告 公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2020 年第三季度报告 1 / 27 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 9 | 2020 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人徐新建、主管会计工作负责人徐忠及会计机构负责人（会计主管人员）李翠芳保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 27 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 6,089,883,474.56 6,283,252,273.06 -3.08 归属于上市公司 股东的净资产 3 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,424,627,844.16, a decrease of 6.32% compared to ¥1,520,788,496.28 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was ¥28,537,114.48, representing an increase of 84.93% from ¥15,431,575.10 in the previous year[19]. - The net cash flow from operating activities was ¥55,162,056.23, a significant improvement from a negative cash flow of ¥14,534,666.11 in the same period last year[19]. - The basic earnings per share for the first half of 2020 was ¥0.0357, up 84.97% from ¥0.0193 in the same period last year[20]. - The total assets at the end of the reporting period were ¥6,096,951,518.08, a decrease of 2.97% from ¥6,283,252,273.06 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were ¥3,161,469,986.77, down 0.89% from ¥3,189,807,952.06 at the end of the previous year[19]. - The weighted average return on equity increased to 0.90%, up 0.40 percentage points from 0.50% in the same period last year[20]. - The company's operating costs decreased by 5.54%, from ¥1,012,293,972.31 to ¥956,168,696.31, in line with the decline in revenue[45]. - Sales expenses were reduced by 12.40%, from ¥345,654,419.64 to ¥302,809,908.85, due to decreased travel and entertainment costs amid the pandemic[45]. - The company reported a cumulative net profit of no less than RMB 511.0634 million for the years 2016 to 2020[58]. Market Conditions - The air source heat pump market saw a year-on-year decline of 22.6%, with the water heating market share at 50.2% and the heating market share at 42.3%[32]. - The retail sales of kitchen appliances dropped significantly, with the range hood retail sales at CNY 12.79 billion, down 23.5% year-on-year[31]. - The end-user water purifier market sales reached CNY 9.15 billion, a decline of 33.8%, with offline sales down 48.8%[33]. Strategic Initiatives - The company operates under a multi-brand strategy with three well-known brands: Sunrain, Four Seasons Muge, and Shuaikang, each targeting different market segments[34]. - The company has established a comprehensive sales and service channel covering urban and rural markets, enhancing its engineering sales capabilities[36]. - The company focuses on R&D to develop new products, ensuring sustainable growth and market competitiveness[39]. - The company has implemented a production model of "make to order" for traditional solar products, effectively reducing inventory and financial risk[28]. - The company is actively promoting brand influence through various marketing strategies, including partnerships with major media outlets and participation in social responsibility initiatives[40]. - The company has increased its focus on new product development, particularly in solar energy solutions, kitchen appliances, and air energy products[41]. - The company has optimized its customer structure by expanding into engineering markets and enhancing online and offline sales channels[42]. - The company is actively developing new customer relationships while solidifying existing ones to expand market share[42]. Financial Management - The company has established a new incentive mechanism to enhance management efficiency and cultivate talent with business awareness[43]. - The cash and cash equivalents increased by 83.77%, from ¥482,658,123.31 to ¥886,994,904.92, primarily due to increased acceptance bills[46]. - The financial expenses decreased significantly by 75.17%, from ¥12,560,795.79 to ¥3,119,467.28, due to interest income from deposits[45]. - The company anticipates significant risks due to macroeconomic pressures and will adopt targeted strategies to stabilize mature businesses while accelerating the expansion of emerging sectors[50]. - The traditional solar retail business faces further decline risks influenced by urbanization and consumption upgrades[51]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 52,475[70]. - The largest shareholder, Sunrain Holding Group Co., Ltd., held 462,000,600 shares, representing 57.75% of the total shares[71]. - The second-largest shareholder, Central Huijin Asset Management Co., Ltd., held 18,352,800 shares, accounting for 2.29%[71]. - The top ten shareholders collectively held a significant portion of the company's shares, with the largest three shareholders holding over 60%[71]. Compliance and Governance - The company implemented a new revenue recognition standard starting January 1, 2020, which may impact financial reporting[69]. - There were no significant changes in the total number of shares or share capital structure during the reporting period[68]. - The company operates under a governance structure that includes a board of directors and various departments, ensuring effective management and oversight[112]. - The financial statements were approved by the company's board of directors on August 26, 2020, ensuring compliance with regulatory requirements[112]. - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results[117]. Asset Management - The company's total current assets decreased to RMB 2,322,814,059.38 from RMB 2,578,670,691.33, reflecting a reduction of about 9.93%[81]. - The total liabilities decreased to RMB 2,897,449,886.58 from RMB 3,041,759,404.76, indicating a decline of approximately 4.73%[82]. - The company's cash and cash equivalents increased to RMB 886,994,904.92 from RMB 664,214,419.27, marking a growth of about 33.5%[80]. - The inventory decreased to RMB 471,000,616.93 from RMB 526,856,242.59, which is a reduction of approximately 10.6%[80]. - The company's long-term equity investments remained stable at RMB 985,079,576.44, unchanged from the previous period[81]. - The total owner's equity decreased to RMB 3,199,501,631.50 from RMB 3,241,492,868.30, reflecting a decline of about 1.3%[82]. Research and Development - Research and development expenses for the first half of 2020 were CNY 33,305,378.66, slightly down from CNY 35,233,511.14 in the same period of 2019[88]. - The company does not capitalize internal research and development expenditures, recognizing them as expenses when incurred[165]. Accounting Policies - The company adopted the new revenue recognition standards effective January 1, 2020, which integrates existing revenue and construction contract standards into a unified model[186]. - The company will adjust the financial statement items based on the cumulative impact of the new revenue recognition standards without restating comparative period data[186]. - The company recognizes expected credit losses based on the risk of default weighted average for financial instruments[135]. - The company evaluates the fair value of identifiable assets and liabilities during business combinations, recognizing goodwill when the acquisition cost exceeds the fair value of net identifiable assets[121].

日出东方控股股份有限公司 2020 年第一季度报告 1 / 25 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2020 年第一季度报告 一、 重要提示 2020 年第一季度报告 公司代码：603366 公司简称：日出东方 二、 公司基本情况 2.1 主要财务数据 | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | | | | 减(%) | | | 总资产 | 6,070,887,624.01 | 6,283,252,273.06 | | -3.38 | | 归属于上市公司 | 3,157,961,198.35 | 3,189,807,952.06 | | -1.00 | | 股东的净资产 | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | | 经营活动产生的 | -137,474,428.69 | -141,675, ...