2022 年第一季度报告 证券代码：603519 证券简称：立霸股份 江苏立霸实业股份有限公司 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 | 370,479,184.16 | -4.48 | | 归属于上市公司股东的净利润 | 37,022,558.65 | 8.03 | | 归属于上市公司股东的扣除非经常性 | 36,848,403.49 | 7.78 | | 损益 ...

Financial Performance - The company's operating revenue for 2021 was approximately ¥1.59 billion, representing a 22.16% increase compared to ¥1.30 billion in 2020[23]. - The net profit attributable to shareholders for 2021 was approximately ¥109.85 million, a 14.85% increase from ¥95.64 million in 2020[23]. - The net profit after deducting non-recurring gains and losses was approximately ¥108.89 million, reflecting a 16.16% increase from ¥93.74 million in 2020[23]. - The basic earnings per share for 2021 was ¥0.412, up 14.76% from ¥0.359 in 2020[24]. - The total assets as of the end of 2021 were approximately ¥1.29 billion, a decrease of 9.48% from ¥1.43 billion at the end of 2020[23]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥826.27 million, an increase of 8.60% from ¥760.81 million at the end of 2020[23]. - The cash dividend proposed is ¥4 per 10 shares, based on a total share capital of 266,327,839 shares as of December 31, 2021[6]. - The company reported a net cash flow from operating activities of approximately ¥67.63 million, a decrease of 45.78% from ¥124.73 million in 2020[23]. - The weighted average return on equity for 2021 was 13.91%, an increase of 1.00 percentage points from 12.91% in 2020[24]. Industry Overview - The company is positioned in the appliance manufacturing industry, specifically in the household appliance composite materials sector, which is experiencing steady growth due to rising consumer demand[33]. - The household appliance industry in China has become the largest in the world, supported by a comprehensive supply chain and increasing domestic consumption[33]. - The appliance industry is closely linked to real estate sales and macroeconomic conditions, indicating a cyclical nature in demand[34]. - The company aims to leverage new consumption trends, including green and smart consumption, to drive future growth[37]. - In 2021, the home appliance industry in China achieved a total revenue of 1.73 trillion yuan, representing a year-on-year growth of 15.5%[39]. - The profit for the home appliance industry was 121.8 billion yuan, with a year-on-year increase of only 4.5%, indicating pressure from raw material costs and logistics[39]. - The export value of China's home appliance products reached 116.75 billion USD in 2021, a year-on-year increase of 26.4%[39]. Product Development and Innovation - The company developed 95 new PCM products and 37 new VCM products during the reporting period[48]. - The company holds 8 invention patents and 19 utility model patents, demonstrating its commitment to innovation[48]. - The company’s PCM product sales grew by 20.49%, while VCM product sales increased by 20.41%[52]. Financial Management and Investments - The total external investment amount for the year was ¥46,648,000, a decrease of 22.25% compared to ¥60,000,000 in the previous year[72]. - The company invested ¥30,000,000 in Anhui Fulede Semiconductor Materials Co., Ltd., holding 2.48% of its equity[73]. - The company’s investment in Shanghai Zhanchip Electronics Technology Co., Ltd. amounted to ¥6,000,000, representing a 6.45% equity stake[73]. - The company’s investment in Guangdong Zesheng Equity Investment Partnership was ¥15,000,000, with a 0.88% equity stake in Silicon Valley Analog (Suzhou) Semiconductor Co., Ltd.[74]. - The company’s investment in Jiaxing Junli Investment Partnership totaled ¥9,108,000, with a 64.05% equity stake[76]. - The company’s investment in Jiaxing Junfeng Investment Partnership was ¥13,230,000, with a 98.26% equity stake[76]. Strategic Outlook - The company expects a revenue of 1,666.12 million yuan in 2022, representing a 5% increase from 2021, and a net profit of 115.34 million yuan, also a 5% increase[87]. - The company aims to strengthen its core technology in household appliance composite materials and expand its market share while maintaining stable costs and expenses[85]. - The company plans to enhance its talent development and market channel construction to support its growth strategy[86]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB allocated for potential deals[106]. Governance and Compliance - The company held 1 annual and 3 temporary shareholder meetings during the reporting period, ensuring compliance with relevant regulations and facilitating investor participation through online voting[93]. - The board of directors convened 10 meetings, maintaining compliance with legal and regulatory requirements, and includes three independent directors, enhancing governance quality[94]. - The supervisory board held 8 meetings, actively overseeing financial matters and the performance of directors and senior management, ensuring accountability[96]. - The company has established a performance evaluation and incentive system linking management compensation to company performance, promoting transparency in senior management appointments[96]. - The company has implemented a comprehensive information disclosure management system, ensuring timely and accurate reporting to stakeholders, with no significant regulatory penalties for disclosure violations[96]. Environmental and Social Responsibility - The company upgraded its VOCs waste gas treatment system, improving energy utilization and reducing carbon emissions[137]. - The company has completed environmental impact assessments and obtained necessary environmental management certifications[138]. - The company has implemented a dynamic monitoring system for environmental monitoring, ensuring real-time compliance with regulations[141]. - The company has maintained stable pollutant emissions within regulatory limits, demonstrating effective pollution control measures[137]. - The company has committed to fulfilling all public commitments made during its initial public offering and will accept social supervision[147]. Risk Management - The company faces risks related to fluctuations in the home appliance industry and raw material prices, particularly steel, which constitutes over 70% of its material costs[88]. - The company has developed a comprehensive risk management system to enhance internal control effectiveness[130]. - The company has a robust plan for environmental emergency response, focusing on safety management to prevent secondary environmental incidents[140]. Shareholder Relations - The company has a total of 266,327,839 shares after a capital increase of 44,387,973 shares, resulting from a cash dividend of 0.2 RMB per share and a capital reserve conversion of 0.2 shares per share[173]. - The annual cash dividend distributed amounted to 44,387,973.20 RMB, with a total capital increase of 44,387,973 shares[173]. - The company reported a decrease of 20% in both earnings per share and net asset value per share following the capital increase and dividend distribution[174]. - The top ten shareholders include Lu Fengxian with 69,039,049 shares (25.92%) and Yancheng Dongfang Investment Development Group Co., Ltd. with 58,813,319 shares (22.08%)[177].

Financial Performance - The company's operating revenue for Q3 2021 was ¥407,882,693.88, representing a year-on-year increase of 17.50%[4] - The net profit attributable to shareholders for the same period was ¥22,873,071.33, showing a decrease of 20.07% compared to the previous year[4] - The basic earnings per share for Q3 2021 was ¥0.09, down 30.77% from the same period last year[5] - The revenue for the year-to-date reached ¥1,152,862,015.61, an increase of 34.08% year-on-year, primarily due to rising raw material prices[7] - The net profit attributable to shareholders for the year-to-date was ¥74,888,712.92, down 6.91% compared to the same period last year[4] - Net profit for the first three quarters of 2021 was ¥74,888,712.92, compared to ¥80,449,334.65 in the same period of 2020, reflecting a decrease of approximately 6.5%[18] - The company reported a total profit of ¥82,342,793.07 for the first three quarters of 2021, down from ¥91,916,697.86 in the same period of 2020, representing a decrease of approximately 10.4%[18] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was ¥9,409,379.42, reflecting a significant decline of 89.33%[5] - The cash flow from operating activities for the first three quarters of 2021 was ¥9,409,379.42, a decline from ¥88,173,101.14 in the previous year[22] - Cash inflow from operating activities totaled ¥1,198,764,320.42 in the first three quarters of 2021, compared to ¥743,279,761.71 in 2020, showing an increase of about 61.5%[22] - The company reported an investment cash outflow of ¥51,829,010.26 in the first three quarters of 2021, compared to ¥495,714,815.31 in the same period of 2020, indicating a decrease of approximately 89.5%[22] - The net cash flow from financing activities was -44,387,973.20, compared to -66,620,490.94 in the previous period, indicating an improvement[23] - The net increase in cash and cash equivalents was -73,710,960.27, compared to -41,296,120.21 in the previous period, showing a significant decline[23] - The beginning balance of cash and cash equivalents was 153,993,282.35, while the ending balance was 80,282,322.08, reflecting a decrease of 47.9%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥1,378,242,067.43, a decrease of 3.57% from the end of the previous year[5] - Total current assets as of September 30, 2021, amounted to ¥1,024,824,691.38, a decrease from ¥1,095,838,871.48 at the end of 2020[13] - Total liabilities decreased to ¥586,931,226.48 from ¥668,448,653.16[14] - Total equity attributable to shareholders increased to ¥791,310,840.95 from ¥760,810,101.23[14] - The company reported a total asset value of ¥1,378,242,067.43 as of September 30, 2021, down from ¥1,429,258,754.39[14] Shareholder Information - Total number of common shareholders at the end of the reporting period was 8,797[9] - The largest shareholder, Lu Fengxian, holds 25.92% of shares, totaling 69,039,049 shares[9] Costs and Expenses - The company experienced a significant increase in costs due to rising raw material prices, impacting cash flow and profitability[7] - Total operating costs for the first three quarters of 2021 were ¥1,066,047,957.86, up from ¥772,482,503.44 in 2020, indicating an increase of about 37.9%[17] - Research and development expenses increased to ¥36,970,514.10 in the first three quarters of 2021, compared to ¥25,544,691.71 in 2020, marking a rise of about 44.7%[17] Other Financial Metrics - The company's weighted average return on equity was 2.95%, a decrease of 0.63 percentage points compared to the previous year[5] - The company reported non-operating income and expenses totaling -¥482,143.88 for the current period[7] - The impact of exchange rate changes on cash and cash equivalents was -969,569.93, compared to -538,022.28 in the previous period[23] - The company has no significant financing or margin trading activities reported[10] - The company has not adopted the new leasing standards for the current year[23]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥744.98 million, representing a 45.29% increase compared to ¥512.74 million in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2021 was approximately ¥52.02 million, a slight increase of 0.36% from ¥51.83 million in the previous year[21]. - The net profit after deducting non-recurring gains and losses was approximately ¥51.95 million, which is a 6.85% increase from ¥48.62 million in the same period last year[21]. - The basic earnings per share for the first half of 2021 were ¥0.20, down 13.04% from ¥0.23 in the same period last year[21]. - The weighted average return on equity was 6.61%, a decrease of 0.23 percentage points from 6.84% in the previous year[21]. - The company reported a total profit of 67,639.99 million, with a significant non-operating loss of -723,423.25 million impacting overall performance[23]. - The company’s total profit for the first half of 2021 was CNY 58,016,846.20, down 2.5% from CNY 59,472,622.58 in the same period of 2020[106]. - The company's operating profit was CNY 58,740,269.45, an increase from CNY 57,424,694.34 in the same period last year[106]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at approximately -¥11.29 million, a significant decrease of 112.99% compared to ¥86.88 million in the previous year[21]. - The company's cash and cash equivalents decreased by 52.82% to 144,558,990.20 CNY, mainly due to increased raw material purchases and long-term equity investments[40]. - Cash flow from operating activities showed a significant decline of 112.99%, resulting in a net outflow of 11,285,796.64 CNY, attributed to increased procurement costs[38]. - The company's cash inflow from operating activities totaled 785,447,738.07 RMB, up from 481,548,684.30 RMB in the first half of 2020, reflecting a year-over-year increase of approximately 63.1%[111]. - The ending balance of cash and cash equivalents was 63,024,357.70 RMB, down from 175,484,819.27 RMB at the end of the first half of 2020, reflecting a decrease of approximately 64.0%[112]. - The total assets at the end of the reporting period were approximately ¥1.33 billion, a decrease of 6.62% from ¥1.43 billion at the end of the previous year[21]. - The total current assets as of June 30, 2021, amount to ¥977,896,868.56, a decrease from ¥1,095,838,871.48 at the end of 2020[93]. - The total liabilities decreased from ¥666,485,236.49 to ¥564,409,706.83 over the same period[94]. Research and Development - Research and development expenses increased by 51.44% to 21,703,222.73 CNY, primarily due to increased investment in R&D materials[38]. - The company filed 3 invention patents and developed 52 new PCM products, with 16 entering mass production, and 23 new VCM products, with 3 entering mass production[36]. - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward[106]. Market and Industry Trends - In the first half of 2021, the domestic home appliance market retail sales reached 3,805.3 billion, reflecting a year-on-year growth of 13.1%[31]. - The online market sales scale reached 1,851.1 billion, with a year-on-year growth rate of 21.5%, indicating a shift in consumer purchasing behavior[31]. - The steel production in China saw a year-on-year increase of 11.8%, with crude steel output reaching 56,333 million tons in the first half of 2021[29]. - The company operates in the home appliance composite materials sector, directly linked to the home appliance industry's growth and market conditions[46]. Environmental Compliance - The company upgraded its VOCs waste gas treatment system, introducing three sets of RTO regenerative thermal oxidation devices to convert low-concentration VOCs pollutants into high-concentration gases, significantly reducing carbon emissions[59]. - The company reported that all wastewater and waste gas monitoring results met current standards, indicating compliance with environmental regulations[58]. - The company has established a self-monitoring plan for environmental compliance, with all monitoring results being qualified and publicly disclosed[62]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[63]. Shareholder and Equity Information - The total number of shares increased from 221,939,866 to 266,327,839, with an increase of 44,387,973 shares due to a cash dividend of 0.2 RMB per share and a capital reserve conversion of 0.2 shares per share[80]. - The company distributed a total cash dividend of 44,387,973.20 RMB during the profit distribution plan[80]. - The top shareholder, Lu Fengxian, holds 69,039,049 shares, representing 25.92% of the total shares[83]. - The total equity attributable to the parent company at the end of the previous year was 760,810,101.23, with a capital stock of 221,939,866.00 and a surplus reserve of 89,518,390.83[114]. Corporate Governance and Management - The company has appointed a new CFO, Shi Meijiao, following the resignation of the previous CFO, Lu Weiming, in March 2021[53]. - The financial statements were approved by the board of directors on August 24, 2021, ensuring compliance with corporate governance standards[128]. - The company has committed to long-term stockholding by major shareholders, ensuring stability in shareholding structure[65]. Risk Management - The company is facing risks related to the cyclical nature of the home appliance industry, which may impact production and profitability if consumer demand declines[46]. - The company will continue to monitor raw material price fluctuations and implement cost control measures to mitigate potential impacts on performance stability[46].

Financial Performance - Total revenue for Q1 2021 reached RMB 387.85 million, an increase of 57.36% compared to RMB 246.47 million in Q1 2020[5] - Net profit attributable to shareholders was RMB 34.27 million, up 28.77% from RMB 26.61 million in the same period last year[5] - Basic and diluted earnings per share were both RMB 0.15, representing a 25.00% increase from RMB 0.12 in Q1 2020[5] - Total operating revenue for Q1 2021 was ¥387,850,884.95, a 57.3% increase from ¥246,470,577.19 in Q1 2020[25] - Net profit for Q1 2021 reached ¥34,270,900.49, representing a 28.9% increase compared to ¥26,613,127.37 in Q1 2020[26] - Total profit for Q1 2021 was ¥38,936,604.55, a 26.3% increase from ¥30,856,257.19 in Q1 2020[26] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -55.61 million, a decrease of 325.11% compared to RMB 24.70 million in Q1 2020[5] - Cash and cash equivalents decreased by 39.97% to RMB 183.93 million, primarily due to increased procurement costs and long-term equity investments[10] - The company's cash and cash equivalents decreased to ¥183.93 million from ¥306.41 million, indicating a significant reduction in liquidity[16] - Cash outflows for purchasing goods and services amounted to CNY 299,238,366.21, significantly higher than CNY 100,375,344.05 in Q1 2020, indicating increased operational costs[33] - The company experienced a net cash outflow from investing activities of CNY -33,067,644.90, an improvement from CNY -130,654,265.40 in Q1 2020[32] - Cash and cash equivalents at the end of Q1 2021 stood at CNY 65,207,654.91, up from CNY 54,997,142.22 at the end of Q1 2020[34] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1.42 billion, a decrease of 0.90% from RMB 1.43 billion at the end of the previous year[5] - Current liabilities totaled CNY 619,281,727.52, down from CNY 666,485,236.49, indicating a reduction of about 7.1%[22] - Total liabilities decreased to CNY 621,245,144.19 from CNY 668,448,653.16, indicating a decline of about 7%[22] - The company's net assets attributable to shareholders increased to RMB 795.08 million, reflecting a growth of 4.50% from RMB 760.81 million[5] - Owner's equity increased to CNY 795,081,001.72 from CNY 760,810,101.23, reflecting a growth of approximately 4.5%[22] Operating Costs and Expenses - Operating costs increased by 59.25% to ¥329.52 million from ¥206.92 million, attributed to the corresponding growth in sales[11] - R&D expenses rose significantly by 82.33% to ¥8.97 million from ¥4.92 million, mainly due to increased investment in research materials[11] - Tax expenses for Q1 2021 amounted to ¥4,665,704.06, compared to ¥4,243,129.82 in Q1 2020[26] - Other income surged by 547.86% to ¥557,159.58 from ¥86,000, driven by an increase in government subsidies received during the reporting period[11] - Credit impairment losses for Q1 2021 were -¥455,009.92, a decrease from ¥1,780,314.39 in Q1 2020[25] Shareholder Information - The number of shareholders at the end of the reporting period was 6,013, with the top ten shareholders holding a combined 79.11% of shares[8] - The company did not report any significant changes in its commitments or major events during the reporting period[13]

Financial Performance - The company's operating revenue for 2020 was CNY 1,298,949,683.42, a slight increase of 1.14% compared to CNY 1,284,268,309.87 in 2019[22]. - The net profit attributable to shareholders decreased by 27.65% to CNY 95,644,491.12 from CNY 132,196,983.28 in the previous year[22]. - The net cash flow from operating activities fell by 51.33% to CNY 124,730,753.50, down from CNY 256,299,150.02 in 2019[22]. - The total assets increased by 18.18% to CNY 1,429,258,754.39 at the end of 2020, compared to CNY 1,209,441,670.92 at the end of 2019[22]. - The company's net assets attributable to shareholders rose by 3.97% to CNY 760,810,101.23 from CNY 731,747,569.91 in 2019[22]. - Basic earnings per share decreased by 27.68% to CNY 0.431 from CNY 0.596 in 2019[23]. - The weighted average return on net assets dropped by 5.66 percentage points to 12.91% from 18.57% in the previous year[23]. - The company achieved a gross margin of over 95% in production, indicating a high level of product quality compared to industry peers[38]. - The company’s overseas sales revenue was CNY 359.16 million, showing a slight decline of 1.03% year-on-year[47]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[138]. Cash Flow and Investments - The net cash flow from operating activities for Q1 was ¥24.70 million, Q2 was ¥62.18 million, Q3 was ¥1.29 million, and Q4 was ¥36.56 million, showing volatility in cash flow[25]. - Cash and cash equivalents increased by 40.54% to CNY 306,410,341.92 from CNY 218,025,707.59 due to increased business volume and working capital for raw material procurement[64]. - The net cash flow from investing activities was negative at RMB -58,256,430.38, improving from RMB -158,021,724.00 in 2019[191]. - The net cash flow from financing activities was negative at RMB -66,581,959.80, compared to RMB -112,927,599.49 in 2019, indicating a reduction in outflows[191]. - The company completed a share buyback plan, repurchasing a total of 1.471524 million shares[199]. Revenue Breakdown - The company's revenue for Q1 was ¥246.47 million, Q2 was ¥266.27 million, Q3 was ¥347.12 million, and Q4 was ¥439.09 million, showing a significant increase in the latter half of the year[25]. - The revenue from PCM products was CNY 1,221,018,658.19, showing a growth of 2.49%, while VCM product sales dropped by 30.57% to CNY 58,147,619.40[52]. - The household appliance industry in China saw a total revenue of CNY 1.48 trillion in 2020, a decline of 1.1% year-on-year, while the total profit was CNY 115.69 billion, down 5.6%[43]. Market Position and Strategy - The company primarily provides composite materials for well-known domestic and international home appliance manufacturers, focusing on VCM and PCM products[31]. - The company has established long-term partnerships with major brands such as LG, Samsung, and Whirlpool, enhancing its market position[37]. - The company plans to focus on new product development and market expansion in the semiconductor industry as part of its strategic initiatives[46]. - The company aims to become a leading supplier of composite materials for home appliances by mastering core technologies and expanding its industrial chain[75]. - The company is positioned to benefit from policy support for green and smart home appliances, which is expected to increase consumer demand[75]. Research and Development - The company developed 209 new PCM products and 76 new VCM products during the reporting period, with 52 and 27 of these entering mass production, respectively[45]. - Research and development expenses totaled CNY 40,877,761.28, a decrease of 2.95% compared to the previous year, representing 3.15% of operating revenue[60]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[140]. Risks and Challenges - The company has identified risks related to future development, which are detailed in the report[7]. - The company faces risks from the home appliance industry's growth and consumer demand fluctuations, which may impact its performance[78]. - Raw material price fluctuations, particularly steel, which accounts for over 70% of the company's material costs, pose a risk to profitability[78]. - Approximately 30% of the company's revenue comes from overseas sales, making it vulnerable to exchange rate fluctuations[79]. Shareholder and Governance - The controlling shareholder, Lu Fengxian, committed to not transferring more than 25% of their shares during their tenure as a director or senior management, and not transferring any shares within six months after leaving the position[87]. - The company will strictly fulfill all public commitments made during the initial public offering and accept social supervision[89]. - The company has established a long-term mechanism to prevent the controlling shareholder from occupying company funds[152]. - The independent directors constitute more than one-third of the board, ensuring compliance with governance standards[152]. Environmental and Social Responsibility - The company upgraded its VOCs waste gas treatment system, introducing two RTO regenerative thermal oxidation devices to enhance energy utilization and reduce carbon emissions[109]. - The company has implemented a comprehensive environmental monitoring system, achieving real-time monitoring and compliance with environmental regulations[112]. - The company actively respects the rights of stakeholders, enhancing employee welfare and maintaining good relationships with suppliers and customers[107]. Audit and Compliance - 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[168]. - The audit firm provided reasonable assurance that the financial statements are free from material misstatement due to fraud or error[178]. - The internal control self-evaluation report was disclosed, confirming no significant deficiencies during the reporting period[161].

Financial Performance - Net profit attributable to shareholders decreased by 28.99% to CNY 80,449,334.65 for the first nine months of the year[6]. - Operating revenue declined by 8.16% to CNY 859,861,367.94 year-on-year[6]. - The weighted average return on net assets decreased by 5.30 percentage points to 10.42%[6]. - Basic earnings per share fell by 29.41% to CNY 0.36[6]. - The total operating profit for the first three quarters of 2020 was approximately ¥90.66 million, down 33.1% from ¥135.43 million in the same period of 2019[23]. - The net profit for Q3 2020 was approximately ¥28.62 million, a decrease of 19.5% from ¥35.49 million in Q3 2019[24]. - The total profit for Q3 2020 was approximately ¥32.44 million, a decrease of 23.5% from ¥42.45 million in Q3 2019[23]. Cash Flow and Liquidity - Net cash flow from operating activities decreased by 51.19% to CNY 88,173,101.14[6]. - Cash flow from operating activities for the first three quarters of 2020 was approximately ¥88.17 million, a decrease of 51.2% from ¥180.65 million in the same period of 2019[27]. - The company reported cash and cash equivalents of approximately ¥118.14 million at the end of Q3 2020, down from ¥240.97 million at the end of Q3 2019[28]. - Cash received from operating activities related to other cash increased by 202.92% to RMB 220,484,122.02 due to an increase in notes payable[13]. - Cash paid for purchasing goods and services rose by 34.20% to RMB 354,437,211.24 primarily due to increased cash payments for raw material purchases[13]. - The cash and cash equivalents decreased to RMB 193,438,189.71 from RMB 218,025,707.59, a decline of about 11.27%[18]. Assets and Liabilities - Total assets increased by 5.08% to CNY 1,270,872,689.59 compared to the end of the previous year[6]. - The total liabilities rose to RMB 525,257,744.83 from RMB 477,694,101.01, marking an increase of approximately 9.95%[19]. - The company's current assets totaled RMB 941,310,127.98, slightly up from RMB 939,093,575.92 at the end of 2019, indicating a marginal increase of 0.24%[18]. - Total current liabilities were approximately $475.37 million as of the third quarter of 2020[31]. - Total equity was approximately $731.75 million as of the third quarter of 2020[32]. Shareholder Information - The total number of shareholders reached 7,038[10]. - The largest shareholder, Lu Fengxian, holds 33.92% of the shares, totaling 75,287,730 shares[10]. Investments and Financial Activities - Long-term equity investments increased by 40.00% to RMB 210,006,582.00 as a result of the company's participation in establishing limited partnership enterprises for external investments[11]. - The company completed a capital increase agreement with Shanghai Zhanchip Electronics Technology Co., Ltd. for an investment of RMB 60,000,000, acquiring a 10% stake[2]. - The company established a private equity investment fund in partnership with Shanghai Linxin Investment Management Co., Ltd., and completed a transfer of partnership interests in August 2020[13]. Government Subsidies and Other Income - The company received government subsidies amounting to CNY 510,516.34 during the reporting period[8]. - Other income increased by 49.11% to RMB 510,516.34 mainly due to an increase in government subsidies recognized during the period[12]. Financial Expenses - The company's financial expenses showed a significant increase of 160.64% due to exchange losses from the appreciation of the RMB against the USD[12]. - The company incurred financial expenses of approximately ¥5.10 million in Q3 2020, compared to a financial income of approximately ¥2.19 million in Q3 2019[23].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥512.74 million, a decrease of 19.50% compared to ¥636.96 million in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥51.83 million, down 33.38% from ¥77.80 million in the previous year[22]. - The basic earnings per share for the first half of 2020 was ¥0.23, a decline of 34.29% compared to ¥0.35 in the same period last year[21]. - The weighted average return on net assets decreased to 6.84%, down 3.76 percentage points from 10.60% in the previous year[21]. - The net cash flow from operating activities for the first half of 2020 was approximately ¥86.88 million, a decrease of 10.97% from ¥97.59 million in the same period last year[22]. - The total assets at the end of the reporting period were approximately ¥1,079.10 million, a decrease of 10.78% compared to ¥1,209.44 million at the end of the previous year[22]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥717.00 million, down 2.02% from ¥731.75 million at the end of the previous year[22]. - The company achieved operating revenue of 512.74 million yuan, a year-on-year decrease of 19.50%[38]. - The net profit attributable to shareholders was 51.83 million yuan, reflecting a year-on-year decline of 33.38%[38]. - The operating profit for the first half of 2020 was CNY 57,424,694.34, a decline of 38.4% compared to CNY 93,253,831.00 in the same period of 2019[99]. - The company's cash flow from operating activities was CNY 86,880,625.31, a decrease from CNY 97,588,734.71 in the first half of 2019[103]. Market and Product Development - The company developed 98 new PCM products, with 47 entering mass production, and 42 new VCM products, with 24 entering mass production[38]. - The company is actively expanding its product range, including TV back panels and composite materials for water heaters, which have started bulk supply to some customers[38]. - The company filed for 6 utility model patents in the first half of 2020, enhancing its competitive edge through technological innovation[38]. - The domestic home appliance market retail sales reached 336.52 billion yuan in the first half of 2020, with a year-on-year decline of 18.4%[29]. - Online sales in the home appliance sector amounted to 152.35 billion yuan, showing a year-on-year growth of 3.7%[29]. - The company has not disclosed any plans for new product development or market expansion in this report[8]. Financial Position and Investments - Long-term equity investments increased, attributed to the establishment of three limited partnership enterprises for external investment[44]. - The company plans to invest a total of ¥130,000,000 in a private equity investment fund focused on semiconductor enterprises[49]. - The company reported a significant increase of 308.58% in accounts payable, reflecting an increase in bill payments for raw material purchases[44]. - The company reported a significant investment of 13,000,000 CNY in partnership agreements as of May 26, 2020[51]. - The total liabilities decreased to CNY 362,107,663.60 from CNY 477,694,101.01 in the previous year[97]. Risks and Challenges - The company faces risks related to the home appliance industry's growth and consumer demand, which may impact its production and profitability[52]. - The average steel price index in China decreased by 5.4% year-on-year in June 2020, which may affect the company's cost structure[53]. - The company’s export revenue accounts for nearly 30% of its total revenue, making it vulnerable to exchange rate fluctuations, with the RMB depreciating by 1.53% against the USD by June 30, 2020[54]. Corporate Governance and Compliance - The company has not proposed any profit distribution or capital reserve transfer for the first half of 2020[57]. - The controlling shareholder, Lu Fengxian, committed to not transferring more than 25% of their shares during their tenure as a director or senior management, and not transferring any shares within six months after leaving the company[59]. - The company will strictly fulfill all public commitments made during the initial public offering and actively accept social supervision[62]. - The company has no significant litigation or arbitration matters during the reporting period[68]. - There are no major related party transactions reported during the period[70]. - The company has not engaged in any significant related party transactions that could harm the interests of shareholders[66]. Accounting and Financial Reporting - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial status accurately[119]. - The company has implemented new revenue recognition standards effective from January 1, 2020, with no substantial impact on total assets, net assets, or net profit[74]. - The company has not reported any major accounting errors requiring restatement during the reporting period[75]. - The company recognizes fixed assets when economic benefits are likely to flow and costs can be reliably measured[190]. - The company applies a straight-line depreciation method for various asset categories, with different useful lives and depreciation rates[191]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,501[81]. - The largest shareholder, Lu Fengxian, holds 33.92% of the shares, totaling 75,287,730 shares[83]. - The second-largest shareholder, Yancheng Oriental Investment Development Group Co., Ltd., holds 14.08% of the shares, totaling 31,255,910 shares[83].

Financial Performance - Net profit attributable to shareholders decreased by 30.87% to CNY 26,613,127.37 year-on-year[6] - Operating revenue fell by 21.41% to CNY 246,470,577.19 compared to the same period last year[6] - Basic earnings per share decreased by 29.41% to CNY 0.12[6] - The net profit after deducting non-recurring gains and losses decreased by 29.49% to CNY 27,184,997.71[6] - The company's gross profit margin for Q1 2020 was approximately 16.0%, down from 21.3% in Q1 2019[22] - The net profit for Q1 2020 was CNY 26,613,127.37, down 30.7% from CNY 38,499,367.00 in Q1 2019[22] Assets and Liabilities - Total assets increased by 3.93% to CNY 1,256,922,468.86 compared to the end of the previous year[6] - The total liabilities increased to CNY 498,561,771.58 from CNY 477,694,101.01 at the end of 2019[19] - The total assets as of March 31, 2020, amounted to CNY 1,256,922,468.86, an increase from CNY 1,209,441,670.92 at the end of 2019[19] - The total liabilities were CNY 477,694,101.01, remaining consistent with the previous year, reflecting a stable financial structure[31] - The total equity increased to CNY 758,360,697.28 from CNY 731,747,569.91 at the end of 2019[20] Cash Flow - Net cash flow from operating activities increased by 136.5% to CNY 24,704,299.76 due to reduced procurement costs[6] - The company reported a cash inflow from operating activities of CNY 214,379,616.42, while cash outflows totaled CNY 189,675,316.66, resulting in a positive cash flow situation[27] - The net cash flow from investing activities was -CNY 130,654,265.40, worsening from -CNY 473,106.38 in Q1 2019, indicating increased investment outflows[28] - Cash and cash equivalents decreased by 41.66% to ¥127.19 million due to the purchase of low-risk bank financial products[13] - Cash paid for purchasing goods and services decreased by 31.63% to ¥100.38 million, reflecting reduced cash payments for raw material procurement[15] Shareholder Information - The number of shareholders at the end of the reporting period was 7,338[11] - The largest shareholder, Lu Fengxian, holds 33.92% of the shares, totaling 75,287,730 shares[11] Research and Development - Research and development expenses decreased by 54.05% to ¥4.92 million, primarily due to delays in the initiation of certain R&D projects[14] - Research and development expenses for Q1 2020 were CNY 4,917,651.97, significantly lower than CNY 10,701,903.56 in Q1 2019[22] Other Income and Expenses - The company reported a non-operating loss of CNY 571,870.34 for the period[10] - Other income increased by 473.33% to ¥86,000, driven by an increase in government subsidies received[14] - The company reported a financial income of CNY 3,381,438.27 in Q1 2020, contrasting with a financial expense of CNY 2,448,111.89 in Q1 2019[22] Future Expectations - The company expects a significant change in net profit compared to the same period last year, but no specific details were provided[16] - The company executed new revenue and leasing standards starting January 1, 2020, which may impact future financial reporting and performance metrics[29]

Financial Performance - The company's operating revenue for 2019 was CNY 1,284,268,309.87, a slight increase of 0.12% compared to CNY 1,282,678,654.20 in 2018[22] - Net profit attributable to shareholders for 2019 reached CNY 132,196,983.28, representing a significant increase of 44.54% from CNY 91,460,365.24 in 2018[22] - The net cash flow from operating activities was CNY 256,299,150.02, a remarkable increase of 258.64% compared to CNY 71,463,529.38 in the previous year[22] - The company's total assets as of the end of 2019 were CNY 1,209,441,670.92, reflecting a growth of 27.71% from CNY 947,016,171.58 at the end of 2018[22] - Basic earnings per share for 2019 were CNY 0.596, an increase of 45.01% compared to CNY 0.411 in 2018[23] - The weighted average return on equity for 2019 was 18.57%, an increase of 5.69 percentage points from 12.88% in 2018[23] - The company reported a decrease of 2.58% in net assets attributable to shareholders, totaling CNY 731,747,569.91 at the end of 2019 compared to CNY 713,349,454.31 at the end of 2018[22] - The total non-recurring gains and losses for the year amounted to approximately RMB 186.60 million, with significant contributions from government subsidies[28] - The company achieved operating revenue of 1,284.27 million yuan, a year-on-year increase of 0.12%, and a net profit attributable to shareholders of 132.20 million yuan, a year-on-year increase of 44.54%[85] Market and Industry Trends - The retail sales of the domestic home appliance market reached 803.2 billion RMB in 2019, with a year-on-year growth rate of -2.2%[34] - Online retail sales in the home appliance sector amounted to 310.8 billion RMB, growing by 4.2% year-on-year, capturing a market share of 38.7%[34] - Offline retail sales in the home appliance sector were 492.4 billion RMB, with a year-on-year decline of 5.8%, holding a market share of 61.3%[34] - The market for traditional home appliances like TVs, air conditioners, and refrigerators saw a decline, while the market for dryers grew nearly 50%[35] - The government introduced policies to support the sales of green and smart home appliances, including subsidies for consumers who trade in old appliances[37] - The company is positioned in a highly competitive market for composite materials used in home appliances, with a focus on core customers and products[81] - The company’s products are significantly influenced by the home appliance industry, which is currently experiencing a slowdown in growth and changing consumer demands[89] Product Development and Innovation - The company primarily produces composite materials for home appliances, with main products including VCM and PCM, catering to the needs of various appliance manufacturers[31] - The company has a two-pronged approach to product development, driven by customer needs and independent market analysis, to enhance its product offerings[32] - The company developed 81 new PCM products and 27 new VCM products, with 63 and 19 respectively entering mass production[47] - The company plans to enhance its product offerings by focusing on new materials and technologies, particularly in the development of composite materials for TV back panels and air conditioning side panels[86] Cash Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 3 per 10 shares based on a total share capital of 221,939,866 shares as of December 31, 2019[5] - In 2019, the cash dividend payout ratio was 50.37%, with a total cash dividend amount of 66,581,959.8 RMB[95] - The company has established a three-year shareholder return plan (2018-2020) to outline future profit distribution strategies[94] - The company has revised its cash dividend policy in accordance with regulatory guidelines, ensuring compliance and transparency in the profit distribution process[94] Corporate Governance and Compliance - The company has completed the re-election of its board of directors, reinforcing its commitment to corporate governance and strategic oversight[91] - The company has committed to strictly fulfill all public commitments made during the initial public offering and actively accept social supervision[100] - The company has not engaged in any competitive business activities that could conflict with its operations, ensuring no direct or indirect competition[104] - The company has ensured that any related party transactions will adhere to legal procedures and market fairness principles to protect shareholder rights[105] - The company has not reported any significant financial misstatements or issues related to its accounting practices during the reporting period[111] Employee and Management Practices - The company has committed to a talent development strategy, emphasizing the recruitment of high-quality personnel to support ongoing project construction and market expansion[91] - The company has established a performance evaluation and incentive system to enhance employee quality and support sustainable development[91] - The company has a structured compensation policy that includes basic salary, position salary, bonuses, social security, and other benefits[166] - The independent directors' compensation is based on their performance evaluations, while other internal directors' compensation is determined by their job responsibilities and annual performance assessments[162] Audit and Financial Controls - The company's financial statements were audited by Dahua Accounting Firm, which confirmed that the financial reports fairly represent the company's financial position[192] - The audit committee reviewed the company's financial reports and internal audit reports, ensuring compliance with auditing standards and the independence of the auditing firm[183] - The company has disclosed its internal control self-evaluation report, indicating no significant deficiencies during the reporting period[186] - The management is responsible for ensuring that the financial statements fairly reflect the company's financial position and for maintaining necessary internal controls[199] Future Outlook and Strategic Direction - The company expects a revenue decline of 30% in 2020, projecting operating revenue of 898.99 million yuan and a net profit of 92.54 million yuan[86] - The company aims to leverage its competitive advantages in technology research and development, product quality, and customer service to expand its market share[83] - The company plans to continue expanding its market presence and enhancing its product development capabilities to adapt to industry trends[31] - The company is actively monitoring foreign exchange policies and macroeconomic conditions, as nearly 30% of its revenue comes from exports, making it vulnerable to currency fluctuations[90]