Financial Performance - The company's operating revenue for the first half of 2021 reached ¥3,386,730,797.52, representing a 59.57% increase compared to ¥2,122,380,392.64 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥636,952,790.17, up 74.43% from ¥365,154,079.09 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥632,178,868.11, a 94.52% increase from ¥324,998,618.22 year-on-year[15]. - The basic earnings per share for the first half of 2021 was ¥0.97, reflecting a 73.21% increase compared to ¥0.56 in the same period last year[16]. - The company's total assets at the end of the reporting period were ¥7,056,124,728.53, a 15.83% increase from ¥6,092,020,579.36 at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company increased by 16.35% to ¥3,637,620,595.67 from ¥3,126,578,225.91 at the end of the previous year[15]. - The weighted average return on equity rose to 18.49%, an increase of 2.56 percentage points compared to the previous year, while the return on equity after deducting non-recurring gains and losses increased by 4.18 percentage points to 18.35%[17]. - The total comprehensive income for the first half of 2021 was ¥644,006,587.66, compared to ¥404,954,948.34 in the same period last year, marking an increase of 59.0%[140]. Cash Flow and Investments - The net cash flow from operating activities was negative at -¥177,260,497.95, compared to a positive cash flow of ¥484,692,898.18 in the previous year, indicating a significant change in cash flow dynamics[15]. - The net cash flow from operating activities was -177,260,497.95 RMB, a decrease compared to 484,692,898.18 RMB in the previous period[143]. - The company reported a net cash flow from financing activities of ¥195,162,218.85, attributed to the addition of long-term borrowings of ¥350 million during the period[73]. - Cash inflow from investment activities was 321,791,879.69 RMB, significantly higher than 9,967,293.00 RMB in the previous period[143]. - Cash outflow for investment activities rose to 669,046,630.64 RMB from 214,482,271.96 RMB year-on-year[143]. Market and Industry Trends - The global wire and cable market is projected to grow from $184.92 billion in 2019 to $269.46 billion by 2027, with a compound annual growth rate of 5%[23]. - The Chinese wire and cable industry is expected to achieve sales revenue of 1.6 trillion yuan in 2021, with a compound annual growth rate of 5.09% from 2019 to 2024[23]. - The global offshore wind power market installed capacity exceeded 35 GW in 2020, growing by 106% over the past five years[32]. - China accounted for 50.45% of the global new installed capacity in offshore wind power in 2020, with an addition of 3 GW[31]. - The global market size for submarine cable systems reached $8.12 billion in 2018 and is projected to reach $16.56 billion by 2023, with a compound annual growth rate of 15.32%[32]. Research and Development - Research and development expenses rose by 53.06% to ¥115,766,115.61, reflecting increased investment in high-end products such as dynamic submarine cables and ultra-high voltage optical-electrical composite submarine cables[73]. - The company has undertaken 18 national major scientific research projects, establishing a collaborative innovation model with domestic and international research institutions and universities[49]. - The company has initiated 13 new technology projects and applied for 9 patents, with 3 patents granted during the first batch of "Four New" projects[61]. - The company has invested heavily in R&D, with R&D expenses accounting for 8% of total revenue, focusing on new product development and technological advancements[197]. Risk Management - There were no significant risks that materially affected the company's production and operations during the reporting period[5]. - The company has outlined various risks and countermeasures in its report, ensuring transparency in its operational challenges[5]. - The company faces risks from raw material price fluctuations, particularly in copper and lead, which could significantly impact profitability[84]. - The company is exposed to policy risks related to national industrial policies affecting the cable industry, which could alter market demand[85]. - The company anticipates potential market risks due to high competition in the cable industry, with over 4,000 sizable enterprises in China[87]. Environmental and Compliance - The company emphasizes environmental protection, utilizing a closed-loop water system with no external discharge and ensuring wastewater meets discharge standards[97]. - The company has implemented a comprehensive safety and environmental management system, ensuring compliance with safety standards and regular monitoring[99]. - The company actively recycles metal waste and disposes of hazardous materials according to national regulations[99]. - The company has established a comprehensive emergency response plan for environmental incidents, emphasizing rapid response and resource sharing[100]. Corporate Governance - The actual controller and shareholders have committed to not engaging in any competitive activities with the company's main business[103]. - The company has limited related party transactions with Ningbo Avatar Supply Chain Co., Ltd. to no more than 3% of total sales, capped at 30 million yuan annually[105]. - The company and its controlling shareholders have adhered to laws and regulations, maintaining integrity in operations[108]. - The total number of ordinary shareholders reached 52,702 by the end of the reporting period[115].

Financial Performance - The company achieved a net profit of ¥879,702,520.40 for the year 2020, with a distributable profit of ¥791,732,268.36 available for shareholders[6]. - A cash dividend of ¥2.30 per 10 shares (including tax) is proposed, totaling ¥150,444,039.83 to be distributed to shareholders[6]. - The retained earnings after the dividend distribution will amount to ¥1,398,726,549.21[6]. - The company’s total distributable profit accumulated to ¥1,549,170,589.04 by the end of 2020[6]. - The company achieved operating revenue of CNY 5.05 billion in 2020, a year-on-year increase of 36.90%[18]. - Net profit attributable to shareholders reached CNY 887.35 million, up 96.26% compared to the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 823.97 million, reflecting an increase of 89.28% year-on-year[20]. - The cash flow from operating activities was CNY 693.98 million, showing a slight increase of 3.27% from the previous year[18]. - The company's total assets at the end of 2020 were CNY 6.09 billion, a 54.50% increase from the end of 2019[18]. - The weighted average return on equity rose to 34.24%, an increase of 10.76 percentage points from the previous year[19]. - The company reported a net profit margin of 17.55% for 2020, up from 12.24% in 2019[20]. Dividend Policy - The company plans to maintain stable cash dividends to support long-term development and shareholder returns[6]. - The company has implemented a cash dividend policy that mandates a minimum distribution of 15% of the distributable profit each year[121]. - In 2020, the company distributed a cash dividend of 2.30 CNY per 10 shares, totaling approximately 150.44 million CNY, which represents 16.95% of the net profit attributable to shareholders[122]. Risk Management - The report includes a risk statement regarding forward-looking statements, emphasizing that future plans do not constitute a commitment to investors[7]. - The company faces risks from raw material price fluctuations, particularly in copper and aluminum, which are critical for cable production[114]. - The company is exposed to policy risks related to national industrial policies that can significantly impact the cable industry, including those affecting power grid and railway construction[115]. - The company anticipates potential market demand decline due to macroeconomic downturns, which could affect overall sales[116]. - The company operates in a highly fragmented market with over 4,000 significant competitors, leading to intense competition in the low and medium voltage cable segments[117]. - The company has established measures to mitigate risks from the COVID-19 pandemic, including strict prevention protocols and coordination of orders and production[119]. - The company is aware of the potential slowdown in offshore wind power investments due to policy adjustments, which may impact demand for submarine cables[120]. Market and Industry Trends - The revenue from the submarine cable system and marine engineering grew by 50.04%, contributing significantly to overall revenue growth[20]. - The global wire and cable market is projected to grow from USD 184.92 billion in 2019 to USD 269.46 billion by 2027, with a compound annual growth rate (CAGR) of 5%[28]. - The expected sales revenue for the Chinese wire and cable industry in 2021 is projected to reach CNY 1.6 trillion, with a CAGR of 5.09% from 2019 to 2024[29]. - The offshore wind power sector is expected to drive significant growth in the submarine cable installation and maintenance market due to increasing demand for high-capacity, high-voltage submarine cables[83]. - The global offshore wind power market saw an increase of over 6GW in new installed capacity in 2020, with China contributing more than 3GW, accounting for 50.45% of the global total[78]. - The total installed offshore wind power capacity in Guangdong, Jiangsu, and Zhejiang provinces is projected to exceed 30 GW during the 14th Five-Year Plan, with an average annual new installation of over 6 GW[101]. Research and Development - The company has a core technical staff ratio of nearly 20%, emphasizing the importance of talent acquisition and training in maintaining competitive advantage[34]. - The company has undertaken 18 national-level major scientific research projects, showcasing its commitment to technological innovation and collaboration with renowned research institutions[37]. - The company has developed the world's first 500kV submarine cable and ±535kV DC land cable, marking significant advancements in high-voltage transmission technology[40]. - The company has strengthened its R&D investment in marine cable products, indicating a focus on technological innovation and market expansion[66]. - Research and development expenses totaled ¥187,365,300.59, accounting for 3.71% of total revenue[65]. - The company has a total of 105,005.50 hours of outsourced labor, with total payments amounting to CNY 2,553,820.25[195]. Corporate Governance - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and senior management to ensure efficient decision-making and protect shareholder interests[139]. - The company has implemented strict internal control systems to enhance risk management and ensure sustainable development[199]. - The company maintains a clear separation from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring independent operations[197]. - The company has established a dedicated department for investor relations to enhance communication and protect investor rights[200]. Social Responsibility - The company actively engaged in social responsibility initiatives, donating CNY 3 million for pandemic prevention efforts[53]. - The company has a long-term commitment to social responsibility, including improving employee living conditions and engaging in public welfare initiatives[113]. - The company has committed to integrating green and sustainable practices into its operations through continuous technological innovation[113]. - The company is committed to environmental responsibilities, implementing ISO14001 certified management systems and utilizing solar energy to reduce carbon emissions by 30%[145]. - The company has established emergency response plans for environmental incidents, ensuring rapid and effective management of potential risks[146]. Employee Management - The company has established a comprehensive incentive mechanism for its employees, focusing on performance and contribution to the company[131]. - The total remuneration paid to directors, supervisors, and senior management in 2020 amounted to CNY 6.5229 million[187]. - The company employed a total of 1,138 staff, with 932 in the parent company and 206 in major subsidiaries[191]. - The company emphasizes training and has a comprehensive vocational education training system in place[194]. Investment and Financing - The company issued convertible bonds, resulting in a new long-term debt of ¥692,193,496.37, which accounted for 11.36% of total liabilities[69]. - The actual net amount raised from the bond issuance was approximately 786.19 million yuan after deducting fees[158]. - The coupon rates for the convertible bonds are 0.30% for the first year, increasing to 2.00% by the sixth year[165]. - The company allocated 200,000,000 RMB to bank wealth management products, with an expected annual return rate of 3.5%[133]. Technological Innovation - The company focuses on technological innovation and has increased investment in new product development to enhance its market position[34]. - The company has successfully applied the new fusion joint technology in various projects, including State Grid transmission and transformation projects, petrochemical projects, offshore wind farms, and rail transit projects, indicating a positive market response[84]. - The company is focusing on the development of special cables, which are expected to become a significant growth point, driven by the demand for environmentally friendly and energy-saving cables[97].

Financial Performance - Net profit attributable to shareholders was RMB 613,370,761.85, representing a year-on-year growth of 102.85%[6] - Operating revenue for the first nine months was RMB 3,522,288,897.34, up 37.15% from the same period last year[6] - The net cash flow from operating activities was RMB 553,621,525.83, a significant increase of 27,088.56% year-on-year[6] - Basic earnings per share increased to RMB 0.94, up 104.35% compared to the previous year[8] - The weighted average return on net assets was 25.58%, an increase of 9.51 percentage points year-on-year[8] - The company reported a net profit of RMB 1,406,493,875.82 in retained earnings, compared to RMB 878,156,701.70, indicating an increase of about 60%[24] - Net profit for the first three quarters of 2020 was ¥1,367,917,244.56, compared to ¥842,471,908.41 in the same period of 2019, indicating a growth of 62.3%[28] - The total profit for the first three quarters of 2020 was ¥711,515,904.71, compared to ¥352,202,185.78 in the same period of 2019, indicating a year-over-year increase of 102.1%[34] Assets and Liabilities - Total assets reached RMB 6,006,476,538.16, an increase of 52.33% compared to the end of the previous year[6] - The company's current assets totaled RMB 4,812,243,865.54, up from RMB 2,964,152,685.62, indicating a growth of about 62.2% year-over-year[22] - The total liabilities amounted to RMB 3,142,984,678.72, which is an increase from RMB 1,800,435,502.97, representing a growth of approximately 74.5%[24] - The total assets as of Q3 2020 amounted to ¥5,984,405,465.63, a significant increase from ¥3,887,640,387.40 in Q3 2019, representing a growth of 54.0%[28] - Total liabilities reached ¥3,162,349,361.08 in Q3 2020, compared to ¥1,783,445,828.29 in Q3 2019, marking an increase of 77.1%[28] - The total equity attributable to shareholders reached ¥2,822,056,104.55 in Q3 2020, up from ¥2,104,194,559.11 in Q3 2019, representing a growth of 34.1%[28] Revenue Sources - The revenue from submarine cable systems and marine engineering reached RMB 1,756,000,000, growing by 63.74% and accounting for 49.86% of total revenue[8] - The company reported a total revenue from sales of goods and services of CNY 3,501,186,689.42 for the first three quarters of 2020, up from CNY 2,090,795,544.89 in 2019, marking an increase of approximately 67.5%[40] Cash Flow - Cash and cash equivalents increased by 61.28% to ¥1,598,436,822.59 due to the issuance of convertible bonds[13] - The total operating cash inflow for the first three quarters of 2020 was CNY 4,029,530,972.30, compared to CNY 2,316,126,487.40 in the same period of 2019, representing an increase of approximately 74.0%[40] - The net cash flow from operating activities for the first three quarters of 2020 was CNY 606,630,198.58, a significant increase from CNY 49,731,159.47 in the previous year[40] - The net cash flow from financing activities was CNY 290,105,341.93, recovering from a negative cash flow of CNY -384,810,880.93 in the previous year[39] Shareholder Information - The total number of shareholders at the end of the reporting period was 39,030[10] - The largest shareholder, Ningbo Oriental Group Co., Ltd., held 33.26% of the shares, with 217,524,444 shares pledged[10] Research and Development - Research and development expenses grew by 35.00% to ¥120,472,135.91, as the company continued to invest in high-end cable technology[16] - Research and development expenses for Q3 2020 were ¥44,838,366.00, compared to ¥31,328,635.41 in Q3 2019, indicating a year-over-year increase of 43.2%[29] Government Support - Government subsidies recognized in the current period amounted to RMB 2,579,383.09, contributing to the overall financial performance[9] - Other income surged by 453.62% to ¥48,708,614.22, primarily due to increased government subsidies received[17]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,122,380,392.64, representing a year-on-year increase of 42.41% compared to CNY 1,490,323,059.04 in the same period last year[11]. - The net profit attributable to shareholders of the listed company reached CNY 365,154,079.09, a significant increase of 102.75% from CNY 180,101,838.95 in the previous year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 324,998,618.22, up 82.92% from CNY 177,672,789.16 year-on-year[11]. - The net cash flow from operating activities was CNY 484,692,898.18, a turnaround from a negative cash flow of CNY -118,183,362.63 in the same period last year[11]. - Basic earnings per share for the reporting period were CNY 0.56, doubling from CNY 0.28 in the same period last year[12]. - The weighted average return on net assets increased to 15.93%, up by 5.99 percentage points from 9.94% in the previous year[12]. Revenue Breakdown - The revenue from submarine cable systems and marine engineering increased by 78.65%, contributing CNY 4.94 billion and accounting for 52.93% of the company's total revenue[13]. - The total order backlog exceeded 8 billion yuan, with significant revenue growth in the submarine cable system and marine engineering segments, which together increased by 494 million yuan, or 78.65%[42]. - The submarine cable system and marine engineering revenue accounted for 52.93% of the company's total main business revenue[42]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 4,748,780,845.32, reflecting a year-on-year growth of 20.43% from CNY 3,943,137,152.17[11]. - The net assets attributable to shareholders of the listed company increased to CNY 2,459,731,421.74, a rise of 15.01% compared to CNY 2,138,652,469.13 at the end of the previous year[11]. - The total liabilities increased to RMB 2,284,975,077.72 from RMB 1,800,435,502.97, reflecting a growth of about 26.9%[106]. Research and Development - The company has independently developed 17 core technologies and has led the formulation of the first domestic submarine cable standards, showcasing its innovation capabilities[30]. - Research and development expenses amounted to ¥75,633,769.91, reflecting a 30.61% increase from ¥57,908,986.68 in the previous year[57]. - The company is committed to technological innovation and plans to enhance core competitiveness through R&D investment and product structure upgrades[77]. Market and Industry Trends - The wire and cable industry in China is projected to reach a sales revenue of ¥1.5 trillion in 2020, driven by steady economic growth and major national strategies[17]. - The company is focusing on expanding its international market presence, with cable exports increasing from 1.43 million tons in 2009 to 2.42 million tons in 2018, reflecting a compound annual growth rate of approximately 6.02%[16]. - The demand for high-end environmentally friendly and energy-saving cables is expected to grow rapidly due to increasing environmental protection regulations and policies in China, presenting new development opportunities for the industry[21]. Offshore Wind Power Projects - The company is actively participating in the construction of multiple offshore wind power projects, including 11 new projects and 3 fully connected projects in the first half of 2020[25]. - The company has completed 30 offshore wind power projects with a total capacity of 12,972.8 MW, including various projects with capacities ranging from 200 MW to 2,000 MW[27]. - By 2050, global wind power installed capacity is expected to reach 600 GW, with offshore wind power accounting for about 100 GW, indicating a steady growth in offshore wind energy[22]. Corporate Governance and Compliance - The company did not distribute profits or increase capital reserves in the first half of 2020, with no dividends or stock bonuses declared[80]. - The company continues to employ Tianjian Accounting Firm as its auditor for the year 2020, as approved in the shareholders' meeting[86]. - There were no significant lawsuits or arbitration matters during the reporting period[87]. Environmental Responsibility - The company emphasized its commitment to environmental protection, utilizing a closed-loop water system and ensuring wastewater discharge meets standards[95]. - The company has established a comprehensive environmental management system to ensure compliance with regulations and effective monitoring[95]. Financial Management - The company has a registered capital of 10,000 million RMB for Jiangxi Dongfang Cable Co., Ltd., with a net asset value of 8827.12 million RMB[73]. - The company reported a significant increase in pre-receipts for marine cable products, with pre-receipts rising by 382.92% year-on-year to 869,863,162.23 yuan[64]. - The company has a total of CNY 400,000.00 in accounts receivable with a 100.00% provision for bad debts due to expected non-recovery[195].

Financial Performance - The company achieved operating revenue of 671.43 million RMB in Q1 2020, representing a year-on-year growth of 10.88%[5] - Net profit attributable to shareholders was 80.50 million RMB, a significant increase of 62.90% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was 82.47 million RMB, reflecting a year-on-year growth of 62.07%[5] - Basic and diluted earnings per share were both 0.12 RMB, marking a 50.00% increase year-on-year[5] - Operating profit for Q1 2020 was CNY 97,740,008.75, compared to CNY 60,728,330.09 in Q1 2019, marking a growth of 60.94%[30] - The company achieved a total profit of CNY 93,433,289.77 in Q1 2020, an increase of 62.14% from CNY 57,630,030.09 in Q1 2019[30] - The total comprehensive income for the first quarter of 2020 was CNY 29,923,943.67, a decrease from CNY 50,369,420.59 in the same period of 2019[32] Assets and Liabilities - Total assets at the end of the reporting period reached 4.31 billion RMB, an increase of 9.41% from the end of the previous year[5] - Current liabilities rose to CNY 2,129,403,935.16, up from CNY 1,731,615,035.15, indicating an increase of about 23%[26] - The company's total liabilities reached CNY 2,178,207,407.48, compared to CNY 1,783,445,828.29, reflecting a growth of approximately 22.1%[26] - The equity attributable to shareholders increased to CNY 2,134,118,502.78 from CNY 2,104,194,559.11, marking a rise of about 1.4%[27] Cash Flow - The company reported a net cash flow from operating activities of -358.11 million RMB, compared to -281.80 million RMB in the same period last year[5] - Cash inflows from operating activities amounted to CNY 613,624,530.02, compared to CNY 500,575,984.10 in the first quarter of 2019, representing a 22.5% increase[33] - The net cash flow from operating activities was negative at CNY -358,107,670.38, worsening from CNY -281,800,019.75 in the previous year[34] - Cash inflows from financing activities were CNY 240,000,000.00, significantly higher than CNY 80,000,000.00 in the same quarter of 2019[34] - The net cash flow from financing activities was CNY 197,335,308.32, a recovery from CNY -276,923,624.27 in Q1 2019[38] Shareholder Information - The total number of shareholders at the end of the reporting period was 31,626[9] - The largest shareholder, Ningbo Oriental Group Co., Ltd., held 33.26% of the shares, with 217.52 million shares[9] Operational Adjustments - The company plans to enhance its profitability through improved gross margins in its submarine cable systems[6] - The company did not report any new products or technologies during this quarter, focusing instead on operational adjustments and cash flow management[36] Changes in Assets - Accounts receivable increased by 198.97% to ¥2,283,930.79 due to the receipt of commercial acceptance bills[11] - Financing receivables decreased by 54.34% to ¥24,206,634.18 primarily due to the maturity of bank acceptance bills[11] - Prepayments increased by 37.81% to ¥90,063,826.25 as a result of increased advance payments for raw materials[11] - Other current assets rose by 108.33% to ¥10,956,019.42 mainly due to the increase in VAT credits[11] - Construction in progress increased by 46.19% to ¥277,041,795.33 due to the "High-end Marine Energy Equipment System Application Demonstration Project"[11] - Short-term borrowings increased by 39.84% to ¥637,891,399.31 driven by increased working capital needs[11] - Prepayments increased by 38.75% to ¥333,011,153.76 due to an increase in submarine cable orders[13] - Tax payable decreased by 38.70% to ¥38,886,896.29 mainly due to a reduction in VAT and income tax payable[13] Expenses - Total operating costs for Q1 2020 were CNY 558,846,061.79, up from CNY 534,709,619.13 in Q1 2019, reflecting a rise of 4.83%[28] - Research and development expenses for Q1 2020 totaled CNY 23,857,165.93, down 13.67% from CNY 27,508,624.27 in Q1 2019[28] - Financial expenses decreased significantly to CNY 3,478,516.66 in Q1 2020 from CNY 8,919,392.21 in Q1 2019, a reduction of 61.0%[28] - The company reported a tax expense of CNY 12,920,472.43 for Q1 2020, compared to CNY 8,204,397.01 in Q1 2019, indicating an increase of 57.5%[30] Inventory and Retained Earnings - Inventory levels rose to CNY 749,031,133.85, compared to CNY 618,950,569.47, indicating an increase of approximately 20.9%[25] - The company's retained earnings increased to CNY 923,085,538.33 from CNY 842,471,908.41, reflecting a growth of about 9.5%[27]

Financial Performance - The company achieved operating revenue of RMB 3,690,430,874.26 in 2019, representing a 22.03% increase compared to RMB 3,024,221,686.15 in 2018[16]. - The net profit attributable to shareholders of the listed company was RMB 452,139,234.97, a significant increase of 163.74% from RMB 171,433,835.63 in the previous year[16]. - The net cash flow from operating activities was RMB 672,022,556.40, up 35.40% from RMB 496,335,355.17 in 2018[16]. - The company reported a net profit of RMB 435,311,375.51 after deducting non-recurring gains and losses, which is a 170.40% increase from RMB 160,990,787.55 in 2018[16]. - The basic earnings per share (EPS) for 2019 was 0.69 RMB, up 165.38% from 0.26 RMB in 2018[18]. - The weighted average return on equity (ROE) increased to 23.48%, up 13.11 percentage points from 10.37% in 2018[18]. - The company’s net assets attributable to shareholders increased to 2.14 billion RMB, a rise of 23.61% from 1.73 billion RMB in 2018[17]. - The company achieved a total revenue of 3.69 billion RMB in 2019, representing a year-on-year growth of 22.03%[18]. - The company’s total assets at the end of 2019 were 3.94 billion RMB, reflecting a growth of 15.54% from 3.41 billion RMB in 2018[17]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.30 per 10 shares, totaling RMB 85,033,587.73, while retaining undistributed profits of RMB 757,438,320.68[4]. - The total distributable profit available to shareholders as of December 31, 2019, was RMB 842,471,908.41[4]. - The company emphasizes the importance of stable cash dividends for small and medium investors as part of its long-term development strategy[4]. - In 2019, the company distributed a cash dividend of 1.30 RMB per 10 shares, amounting to 85,033,587.73 RMB, which represents 18.81% of the net profit attributable to ordinary shareholders[104]. - The company is committed to maintaining a cash dividend policy that distributes no less than 15% of the distributable profit each year[103]. Research and Development - The company invested CNY 128.1 million in R&D, accounting for 3.47% of total revenue, and completed the development of several key products[51]. - The company has independently developed 17 core technologies in submarine cable and marine umbilical cable production, leading to significant industry advancements[31]. - The company is focused on strengthening risk management and internal controls to ensure asset preservation and appreciation[99]. - The company aims to enhance its R&D capabilities to improve overall technical standards in the cable industry[87]. - The company is investing in technology innovation and product development to maintain a leading edge in the industry[97]. Market Position and Strategy - The company aims to expand its market presence through a dual-channel sales model and increased focus on international and domestic major markets[24]. - The company is positioned to benefit from the national "Belt and Road" initiative, which is expected to drive demand for marine cables and engineering[88]. - The company aims to enhance its core competitiveness by focusing on high-quality development in marine high-tech equipment, new energy, rail transportation, and national defense security construction[94]. - The company is actively pursuing strategic cooperation and market expansion to align with national marine economic development and new energy initiatives[92]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its product offerings[151]. Corporate Governance - The company has implemented a comprehensive governance structure, ensuring clear delineation of responsibilities among shareholders, the board of directors, and management[171]. - The company emphasizes transparency in information disclosure, designating specific platforms for timely and accurate reporting to shareholders[174]. - The company has established a performance evaluation mechanism for senior management, linking their compensation to the company's operational goals[185]. - The company conducted 8 board meetings and 7 supervisory meetings during the reporting period, ensuring compliance with governance standards[173]. - The company has a strict procedure for related party transactions, maintaining independence from its controlling shareholder and avoiding any competition[174]. Social Responsibility - The company donated CNY 3 million to charity in 2019, reflecting its commitment to social responsibility[53]. - During the COVID-19 pandemic, the company donated 3 million yuan in cash and supplies for epidemic prevention in Wuhan and Ningbo, receiving recognition from the Yichang First People's Hospital[121]. - The company actively engages in social responsibility initiatives, contributing to local charities and community development projects[121]. - The company emphasizes energy efficiency and environmental protection, implementing measures to reduce production costs and promote energy-saving products[122]. - The company has established a long-term safety production management mechanism, enhancing employee safety skills and awareness[123]. Industry Trends - The wire and cable industry in China has surpassed the United States, becoming the world's largest producer, with a market value exceeding 1.7 trillion yuan during the 13th Five-Year Plan period[74]. - The offshore wind power market is projected to see a rapid increase, with a 57% year-on-year growth in installation capacity, reaching 2.7 GW in 2019[79]. - The market for submarine cables is expected to grow due to the rapid commercialization and scaling of offshore wind power projects, with increased participation from domestic manufacturers in international markets[88]. - The industry trend indicates an increasing concentration in the domestic cable industry, with mergers and acquisitions expected to accelerate[87]. - The demand for special cables is projected to grow significantly, driven by technological advancements and the rise of high-end manufacturing[87]. Risk Management - The company faces risks from raw material price fluctuations, particularly in copper and aluminum, which could significantly impact profitability[100]. - The company has established a commitment to avoid unfair benefit transfers to other entities or individuals[108]. - The company is focused on strengthening risk management and internal controls to ensure asset preservation and appreciation[99]. - The company has implemented key internal controls related to revenue recognition to mitigate the risk of inappropriate revenue recognition practices[192]. - The management assesses expected credit losses for accounts receivable based on credit risk characteristics, with significant judgment involved in determining the allowance for bad debts[194].