Financial Performance - The net profit attributable to shareholders for 2020 was CNY 62,100,151.71, while the net profit for the parent company was CNY 67,811,579.51[5] - The company's operating revenue for 2020 was CNY 1,753,991,019.50, a decrease of 3.50% compared to CNY 1,817,599,401.72 in 2019[24] - Net profit attributable to shareholders for 2020 was CNY 62,100,151.71, down 39.35% from CNY 102,398,440.39 in 2019[24] - The net profit after deducting non-recurring gains and losses was CNY 38,626,534.87, a decline of 57.52% compared to CNY 90,921,201.31 in 2019[24] - The basic earnings per share for 2020 was CNY 0.21, a decrease of 41.67% from CNY 0.36 in 2019[25] - The weighted average return on net assets for 2020 was 3.50%, down 2.51 percentage points from 6.01% in 2019[25] - In Q4 2020, the net profit attributable to shareholders was CNY 28,928,130.68, adjusted for non-recurring gains and losses, it would be CNY 24,799,521.19[33] - The company experienced a significant decline in performance due to the dual impact of domestic and international pandemics, but performance began to improve in Q3 2020[28] Dividend and Earnings Distribution - The proposed cash dividend is CNY 1.70 per 10 shares (including tax), with a total distribution of approximately CNY 48,325,360.76 based on the adjusted share capital[5] - The company reported a retained earnings balance of CNY 415,871,156.61 available for distribution to shareholders at the end of the year[5] - The company has a legal reserve of CNY 6,781,157.95, which is 10% of the net profit for the parent company[5] - In 2020, the company reported a net profit attributable to ordinary shareholders of 6,210.02 million CNY, with a dividend payout ratio of 77.82%[126] Audit and Compliance - The company’s financial report has been audited and received a standard unqualified opinion from Tianjian Accounting Firm[4] - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[6] - The company has committed to maintaining its independence and avoiding related party transactions, with all commitments disclosed in previous reports[135] - The company has successfully renewed the appointment of Tianjian Accounting Firm for the 2020 audit, confirming its ongoing relationship[141] Risks and Challenges - The company has no significant risks that materially affect its operations during the reporting period[6] - The company has outlined potential risks and corresponding countermeasures in its future operational discussions[6] - The company is exposed to raw material price fluctuations, particularly in steel, which could impact cost control and profitability[118] - The company has a significant reliance on a major raw material supplier, which poses a risk if procurement is restricted[117] - The company is monitoring foreign exchange risks due to sales denominated in USD and EUR, which could affect pricing and profitability[120] Market Position and Strategy - The company has developed a comprehensive manufacturing chain for bearings and precision components, including over 20 invention patents and recognized as a national high-tech enterprise[40] - The company is positioned to capitalize on the $50 billion global market and the $40 billion domestic mid-to-high-end market for bearings, presenting historic opportunities for export and import substitution[47] - The company aims to transition from traditional manufacturing to high-tech manufacturing, focusing on high-end precision components and global resource allocation[106] - The company plans to increase R&D investment and attract high-tech talent to achieve breakthroughs in key bearing manufacturing technologies[106] Research and Development - The company has engaged in several R&D projects, including advanced automotive safety components and new energy vehicle bearings, with ongoing development stages[83] - The company’s R&D expenses were 61.06 million RMB, a decrease of 3.91% from the previous year, indicating a focus on efficiency[65] - The company has no capitalized R&D expenses, indicating a focus on immediate R&D investments[82] Customer and Supplier Relations - The top five customers contributed sales of 928.83 million yuan, accounting for 52.96% of the total annual sales[79] - The top five suppliers accounted for 41.90 million yuan in purchases, representing 43.28% of the total annual procurement[79] - The company is actively developing new customers in wind power, non-ferrous metals, and automotive parts to mitigate risks associated with high customer concentration[114] Financial Instruments and Capital Structure - The company issued a total of 330 million yuan in convertible bonds, with a maturity of 6 years, successfully raising 330 million yuan on March 12, 2020[162] - The cumulative conversion amount of the convertible bonds during the reporting period was 69,000 yuan, resulting in 7,733 shares converted, which represents 0.0026% of the total shares issued before conversion[162] - The remaining unconverted amount of the convertible bonds is 329.931 million yuan, accounting for 99.9791% of the total issued bonds[162] - The company maintained an AA- credit rating for both its corporate entity and the convertible bonds, with a stable outlook as of June 22, 2020[166] Shareholder Information - The largest shareholder, Zhang Feng, held 69,621,123 shares, representing 23.82% of the total shares, with a portion pledged[173] - The company had 18,066 ordinary shareholders at the end of the reporting period, an increase from 17,081 at the end of the previous month[173] - The total number of shares held by the top ten restricted shareholders amounts to 43,000,000 shares, with significant restrictions due to major asset restructuring[180] Environmental and Social Responsibility - The bank maintained compliance with environmental regulations, ensuring no significant pollution sources were present in its operations[159]

转债代码：113568 转债简称：新春转债 证券代码：603667 证券简称：五洲新春 公告编号：2021-041 转股代码：191568 转股简称：新春转股 浙江五洲新春集团股份有限公司 关于参加浙江辖区上市公司投资者网上集体接待日 活动的公告 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。 为进一步加强与投资者特别是中小投资者的沟通交流，浙江五洲新春集团股 份有限公司（以下简称"公司"）将参加由浙江证监局指导，浙江上市公司协会 与深圳市全景网络有限公司共同举办的浙江辖区上市公司投资者网上集体接待 日主题活动，现将有关事项公告如下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网 上平台举行，投资者可以通过"全景·路演天下"网站（http://rs.p5w.net）参与 公司本次投资者网上接待日活动。网上互动交流时间为 2021 年 5 月 13 日（星期 四）下午 15:00-17:00。 届时公司董事长、总经理张峰先生，财务总监宋超江先生及相关工作人员将 通过网络在线交流形式就公司治理、经营发展状 ...

Financial Performance - Operating revenue for the first quarter reached CNY 552,287,588.55, representing a 48.81% increase year-on-year[14] - Net profit attributable to shareholders increased by 210.25% to CNY 33,099,250.89 compared to the same period last year[14] - Basic earnings per share increased by 175.00% to CNY 0.11 compared to the previous year[14] - Total operating revenue for Q1 2021 was approximately ¥552.29 million, a 48.8% increase from ¥371.12 million in Q1 2020[46] - Net profit for Q1 2021 reached approximately ¥34.70 million, compared to ¥9.93 million in Q1 2020, representing a 249.5% increase[50] - The company reported a total profit of approximately ¥40.66 million for Q1 2021, compared to ¥12.61 million in Q1 2020, marking an increase of 222.5%[50] - Comprehensive income for Q1 2021 totaled approximately ¥34.98 million, compared to ¥10.23 million in Q1 2020, reflecting a 242.5% increase[50] Cash Flow - Net cash flow from operating activities rose by 14.80% to CNY 92,295,961.44 year-to-date[14] - Operating cash inflow for Q1 2021 was CNY 546,232,006.93, up 20.9% from CNY 452,118,408.89 in Q1 2020[59] - The net cash flow from operating activities was CNY 92,295,961.44, an increase of 14.4% compared to CNY 80,396,669.44 in Q1 2020[59] - The total cash outflow from investing activities was CNY 146,051,378.74, compared to CNY 92,322,491.99 in Q1 2020[62] - The net cash flow from financing activities was CNY 64,454,656.86, down 80% from CNY 322,751,979.76 in Q1 2020[62] - The company received tax refunds of CNY 15,662,355.56, compared to CNY 11,976,402.36 in Q1 2020[59] - The company reported a decrease in cash received from investment activities, totaling CNY 22,546,579.61, down from CNY 43,235,779.58 in Q1 2020[61] Assets and Liabilities - Total assets increased by 9.36% to CNY 3,713,180,201.74 compared to the end of the previous year[14] - The company's total liabilities increased to RMB 1,914,677,322.85, up from RMB 1,688,160,264.25, indicating a rise in financial obligations[29] - Total liabilities increased to CNY 1,787,954,360.69 from CNY 1,505,235,996.30, representing a growth of approximately 18.73%[34] - Total equity attributable to shareholders rose to CNY 1,831,176,869.18 from CNY 1,797,789,393.28, an increase of about 1.85%[36] - The company's cash and cash equivalents increased to RMB 372,806,108.73 from RMB 317,365,232.32, showing a growth of 17.43%[29] - The company's short-term borrowings increased to RMB 755,946,367.25 from RMB 620,104,825.66, reflecting a rise in financing needs[31] Research and Development - Research and development expenses surged by 75.64% to RMB 16,920,482.54, up from RMB 9,633,694.37 in the previous year[23] - Research and development expenses increased to approximately ¥16.92 million in Q1 2021, up 75.8% from ¥9.63 million in Q1 2020[46] Shareholder Information - The number of shareholders reached 17,081 by the end of the reporting period[16] - The top shareholder, Zhang Feng, holds 23.82% of the shares, with 37,079,900 shares pledged[16] Other Financial Metrics - The weighted average return on equity improved by 1.21 percentage points to 1.82%[14] - The company reported a government subsidy of CNY 6,155,390.60 related to normal business operations[14] - The company has not disclosed any new product developments or market expansion strategies in this report[14]

Financial Performance - The net profit attributable to shareholders for 2020 was CNY 62,100,151.71, while the net profit for the parent company was CNY 67,811,579.51[5] - The company reported a retained earnings balance of CNY 415,871,156.61 available for distribution to shareholders at the end of the year[5] - The company's operating revenue for 2020 was CNY 1,753,991,019.50, a decrease of 3.50% compared to CNY 1,817,599,401.72 in 2019[24] - The net profit attributable to shareholders for 2020 was CNY 62,100,151.71, down 39.35% from CNY 102,398,440.39 in 2019[24] - The net cash flow from operating activities for 2020 was CNY 230,217,712.24, a slight decrease of 1.57% compared to CNY 233,900,461.15 in 2019[24] - The basic earnings per share for 2020 was CNY 0.21, a decrease of 41.67% from CNY 0.36 in 2019[25] - The weighted average return on equity for 2020 was 3.50%, down 2.51 percentage points from 6.01% in 2019[25] - The net profit after deducting non-recurring gains and losses dropped by 57.52% to CNY 38.63 million[64] Dividend and Share Capital - The proposed cash dividend is CNY 1.70 per 10 shares (including tax), with a total distribution of approximately CNY 48,325,360.76 based on the adjusted share capital[5] - The total share capital as of the report date is 292,333,088 shares, with 8,066,260 shares repurchased and excluded from profit distribution calculations[5] - The company has a legal reserve of CNY 6,781,157.95, which is 10% of the net profit for the parent company[5] Risks and Operational Integrity - The company has no significant risks that materially affect its operations during the reporting period[6] - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6] - The company has outlined potential risks and countermeasures in its future operations, which are detailed in the report[6] - The company has not reported any funds being occupied or overdue receivables during the reporting period[138] - The company has not disclosed any major related party transactions during the reporting period[144] - The company has not reported any significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period[146] Market Position and Product Development - The company has developed a comprehensive manufacturing chain for bearings and precision components, including over 20 invention patents, and is recognized as a national high-tech enterprise[40] - The company has successfully entered the market with new products such as electric vehicle air conditioning compressor bearings and third-generation hub bearings, with significant progress in market development[40] - The company supplies major automotive brands including BMW, Toyota, and Ford, and has established itself as a leading supplier for global top seven bearing manufacturers[41] - The bearing industry showed a recovery trend in 2020, with a nearly 30% increase in bearing steel prices by year-end, impacting profit margins but resulting in a substantial order growth for most companies[46] - The company is positioned to capitalize on the $50 billion global market and the $40 billion domestic mid-to-high-end market for bearings, presenting historic opportunities for export and import substitution[47] - The company has achieved significant advancements in intelligent manufacturing technology and has established itself as a leader in bearing heat treatment technology, matching international standards[50] Research and Development - The company’s R&D expenses were CNY 61.06 million, a decrease of 3.91% from the previous year, reflecting a focus on cost management[65] - The company is engaged in several R&D projects, including advanced automotive safety components and new energy vehicle bearings, with ongoing development stages[83] - The company is committed to increasing R&D investment to maintain its competitive edge and address rising technical demands from customers[119] - The company plans to increase R&D investment and attract high-tech talent to achieve breakthroughs in key bearing manufacturing technologies[106] Financial Management and Audit - The company’s financial report has been audited and received a standard unqualified opinion from Tianjian Accounting Firm[4] - The company has engaged Tianjian Accounting Firm for auditing services with a fee of 800,000 RMB for the year[140] - The company has renewed its engagement with Tianjian Accounting Firm for the 2020 audit, confirming the appointment for one year[141] Shareholder Structure and Ownership - The largest shareholder, Zhang Feng, holds 69,621,123 shares, accounting for 23.82% of the total shares, with a portion pledged[173] - The company has a significant concentration of ownership, with Zhang Feng, Wang Xueyong, and Yu Yulei identified as acting in concert[177] - The actual controller of the company is Zhang Feng, who serves as the chairman and general manager[184] - The total number of shares held by the top ten unrestricted shareholders is 69,621,123, indicating a strong ownership structure[177] Environmental and Social Responsibility - The bank has not encountered any environmental violations or penalties during the reporting period[159] - The bank plans to continue optimizing and upgrading its environmental protection facilities and management practices[159]

Financial Performance - Net profit attributable to shareholders was ¥47,626,029.84, a decrease of 44.30% year-on-year[17]. - Operating revenue for the first nine months was ¥1,223,675,055.87, down 11.94% from the same period last year[17]. - Basic earnings per share decreased by 50.00% to ¥0.16 compared to the same period last year[17]. - The weighted average return on equity decreased by 2.34 percentage points to 2.68%[17]. - Total operating revenue for Q3 2020 was CNY 444,480,316.88, a slight increase of 2.8% compared to CNY 434,271,797.52 in Q3 2019[53]. - Net profit for Q3 2020 reached CNY 19,659,962.09, a decrease of 31.6% from CNY 28,752,461.04 in Q3 2019[56]. - The total profit for the first three quarters of 2020 was ¥48,807,729.57, a decrease of 40.5% compared to ¥82,126,259.02 in the same period of 2019[62]. - Total comprehensive income for Q3 2020 was CNY 19,352,554.52, a decrease from CNY 29,967,677.28 in Q3 2019[59]. Cash Flow - The net cash flow from operating activities for the first nine months was ¥118,224,441.52, an increase of 18.84% year-on-year[17]. - The net cash flow from investing activities improved by 42.51%, reaching -¥97,907,255.21 compared to -¥170,308,975.48 in the previous year[28]. - The net cash flow from financing activities surged by 228.28% to ¥88,685,332.76, up from ¥27,015,125.72[28]. - The company's operating cash flow for the first three quarters of 2020 was ¥118,224,441.52, an increase from ¥99,486,070.72 in the same period of 2019[68]. - Total cash inflow from financing activities reached ¥792,606,682.78, compared to ¥528,698,379.07 in the previous year, marking an increase of about 50%[71]. - The cash received from sales of goods and services for the first three quarters of 2020 was ¥1,075,013,118.53, a decrease from ¥1,246,056,956.39 in the same period of 2019[68]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,307,864,433.72, an increase of 6.32% compared to the end of the previous year[17]. - Current assets totaled ¥1,070,216,677.68, compared to ¥864,064,548.79, reflecting a significant increase of approximately 23.9%[43]. - Non-current assets amounted to ¥1,833,790,112.65, up from ¥1,799,127,569.97, showing a growth of about 1.9%[46]. - Total liabilities increased to ¥1,429,593,889.92 from ¥1,289,032,211.48, representing a growth of approximately 10.9%[38]. - The total amount of short-term borrowings decreased to ¥336,002,775.23 from ¥452,047,754.40, a reduction of approximately 25.7%[46]. - Total liabilities reached approximately ¥1.29 billion, with current liabilities totaling ¥1.21 billion and non-current liabilities at ¥83.47 million[83]. Shareholder Information - The total number of shareholders at the end of the reporting period was 18,450[20]. - The largest shareholder, Zhang Feng, holds 23.82% of the shares, with 54,969,900 shares pledged[20]. - Total equity attributable to shareholders rose to ¥1,787,251,866.84, up from ¥1,730,229,521.44, indicating an increase of about 3.3%[41]. Expenses - The company reported a decrease in sales expenses to CNY 15,516,517.24 in Q3 2020 from CNY 17,383,548.46 in Q3 2019, a reduction of 10.7%[53]. - Financial expenses increased significantly to ¥6,837,213.83 in Q3 2020 from ¥2,205,690.74 in Q3 2019, marking a rise of 210.5%[62]. - Research and development expenses for Q3 2020 were CNY 15,035,566.86, an increase of 8.6% compared to CNY 13,844,396.39 in Q3 2019[53]. Government Support - The company received government subsidies amounting to ¥13,086,711.84 during the first nine months[17].

Financial Performance - The company's operating revenue for the first half of the year was ¥779,194,738.99, a decrease of 18.44% compared to the same period last year [22]. - The net profit attributable to shareholders was ¥29,302,041.69, down 51.89% year-on-year [22]. - The net profit after deducting non-recurring gains and losses was ¥19,424,072.66, a decline of 60.18% compared to the previous year [22]. - The basic earnings per share decreased by 52.38% to ¥0.10 [22]. - The weighted average return on net assets was 1.69%, down by 1.88 percentage points year-on-year [22]. - The company's net profit for the first half of 2020 was CNY 28,194,864.94, a decrease of 55.6% compared to CNY 63,444,221.62 in the same period of 2019 [149]. - The total profit for the first half of 2020 was CNY 39,115,051.98, down 48.1% from CNY 75,488,127.67 in the first half of 2019 [149]. - The company reported a significant reduction in short-term borrowings, which decreased to CNY 260,099,623.25 from CNY 452,047,754.40, a drop of 42.5% [139]. Cash Flow and Assets - The net cash flow from operating activities increased by 27.47% to ¥111,451,255.85 [22]. - Cash and cash equivalents at the end of the period reached ¥344,662,325.38, accounting for 10.60% of total assets, a 66.96% increase compared to ¥206,432,249.19 from the same period last year [61]. - The company's total assets at the end of the reporting period were ¥3,253,007,130.02, reflecting a 4.56% increase from the end of the previous year [22]. - The company's current assets totaled RMB 1,575,569,232.46, up from RMB 1,459,057,142.39, indicating an increase of about 8.00% [127]. - Cash and cash equivalents were reported at RMB 344,662,325.38, compared to RMB 206,432,249.19 in the previous period, reflecting a significant increase of approximately 67.00% [127]. Market and Industry Impact - The company faced significant impacts on its operations due to the COVID-19 pandemic, affecting both domestic and international demand [22]. - The domestic bearing industry saw a revenue decline of 8.16% in the first five months of the year, with a total revenue of ¥34.28 billion [33]. - The export revenue of bearing products decreased by 16.61% to $1.84 billion during the same period [33]. - The company's bearing market demand is expected to show a gradual recovery in 2020, with a forecast of a slow rebound in the second half of the year despite a decline in exports due to the pandemic in Europe and the US [34]. Research and Development - The company has over 20 invention patents and has established a national CNAS certified laboratory, enhancing its R&D capabilities and technological innovation [38]. - The company has made significant progress in R&D, with new products such as low-noise self-aligning roller bearings expected to enter mass production next year, and the development of high-performance needle bearings and wind power rollers continuing to ramp up [49]. - The company plans to increase investment in R&D to strengthen its core competitiveness and improve its confidentiality and employee incentive systems [77]. Corporate Governance and Compliance - The company confirmed that there were no non-operating fund occupation situations by controlling shareholders and their related parties [7]. - The company has not faced any violations of decision-making procedures for providing guarantees [8]. - The company has established commitments to avoid or reduce related party transactions and ensure independence post-IPO [84]. - The company has not reported any significant environmental violations or penalties during the reporting period [109]. Shareholder Information - The largest shareholder, Zhang Feng, holds 69,621,123 shares, representing 23.82% of the total shares [114]. - The total number of ordinary shareholders as of the end of the reporting period was 19,851 [114]. - The annual shareholders' meeting had 12 attendees representing 51.94% of the voting rights, approving key reports and proposals [82]. Financial Obligations and Risks - The company faces risks from high supplier concentration, particularly with its largest raw material supplier, which could impact production if procurement is restricted [73]. - The company is monitoring raw material price fluctuations, particularly steel, which could affect cost control and profitability [76]. - The company has a dynamic inventory adjustment strategy in place to manage the impact of steel price volatility on operations [76]. - The company reported a profit distribution of -45,481,347.68 RMB, indicating a significant loss in shareholder distribution [180].

证券代码：603667 证券简称：五洲新春 公告编号：2020-037 转债代码：113568 转债简称：新春转债 浙江五洲新春集团股份有限公司 关于参加浙江辖区上市公司投资者网上集体接待日 活动的公告 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。 为进一步加强与投资者特别是中小投资者的沟通交流，浙江五洲新春集团股 份有限公司（以下简称"公司"）将参加由浙江证监局指导，浙江上市公司协会 与深圳市全景网络有限公司共同举办的"凝心聚力 共克时艰"辖区上市公司投 资者网上集体接待日主题活动，现将有关事项公告如下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网 上平台举行，投资者可以通过"全景·路演天下"网站（http://rs.p5w.net）参与 公司本次投资者网上接待日活动。网上互动交流时间为 2020 年 5 月 15 日（星期 五）下午 15:00-17:00。 届时公司董事长、总经理张峰先生，财务总监宋超江先生，董事会秘书沈洁 女士及相关工作人员将通过网络在线交流形式就公司治理、经营发展状况等投 ...

[Important Notice](index=3&type=section&id=I.%20Important%20Notice) The company's management assures the accuracy and completeness of this unaudited quarterly report - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or material omissions[8](index=8&type=chunk) - This quarterly report has not been audited[10](index=10&type=chunk) [Company Profile](index=4&type=section&id=II.%20Company%20Profile) This section presents the company's key financial data for Q1 2020, highlighting performance trends, asset and cash flow changes, and detailed shareholder information [Key Financial Data](index=4&type=section&id=2.1%20Key%20Financial%20Data) In Q1 2020, the company experienced a year-on-year decline in revenue and net profit, yet demonstrated improved cash flow management and asset growth Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 371,123,733.14 | 441,095,852.35 | -15.86 | | Net Profit Attributable to Shareholders (RMB) | 10,668,607.67 | 24,507,802.39 | -56.47 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 6,981,712.70 | 20,695,070.87 | -66.26 | | Net Cash Flow from Operating Activities (RMB) | 80,396,669.44 | 59,490,503.77 | 35.14 | | Basic Earnings Per Share (RMB/share) | 0.04 | 0.09 | -55.56 | | Weighted Average Return on Net Assets (%) | 0.61 | 1.44 | Decrease of 0.83 percentage points | Balance Sheet Key Indicators (Period-end vs. Year-end) | Indicator | Current Period End | Prior Year End | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 3,473,989,793.96 | 3,111,197,288.03 | 11.66 | | Net Assets Attributable to Shareholders (RMB) | 1,799,283,177.05 | 1,730,229,521.44 | 3.99 | - During the reporting period, non-recurring gains and losses totaled **RMB 3.69 million**, primarily comprising **RMB 4.34 million** in government subsidies[13](index=13&type=chunk)[16](index=16&type=chunk) [Shareholders and Shareholding Information](index=5&type=section&id=2.2%20Total%20Number%20of%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Unrestricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had 21,583 shareholders, with significant portions of shares held by the top four shareholders, including controlling shareholder Zhang Feng and his concerted parties, being pledged - As of the end of the reporting period, the company had a total of **21,583** common shareholders[16](index=16&type=chunk) Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholding Ratio (%) | Shareholding Quantity | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | | Zhang Feng | 23.82 | 69,621,123 | Pledged 55,000,000 | | Wang Xueyong | 8.96 | 26,188,237 | Pledged 23,543,700 | | Zhejiang Wuzhou Xinchun Group Holding Co., Ltd. | 8.16 | 23,863,421 | Pledged 10,590,000 | | Yu Yuelei | 6.60 | 19,281,618 | Pledged 19,180,200 | - Shareholders Zhang Feng, Wang Xueyong, Yu Yuelei, Xinchang Lan Shi Investment Partnership (Limited Partnership), and Zhejiang Wuzhou Xinchun Group Holding Co., Ltd. are concerted parties. Zhang Tianzhong is the father of controlling shareholder Zhang Feng, and Zhang Yu is his cousin[20](index=20&type=chunk) [Significant Events](index=7&type=section&id=III.%20Significant%20Events) During the reporting period, several financial indicators significantly changed due to the public issuance of convertible corporate bonds, alongside strengthened operating cash flow management [Analysis of Significant Changes in Financial Indicators and Their Causes](index=7&type=section&id=3.1%20Significant%20Changes%20in%20Company's%20Main%20Accounting%20Statement%20Items%20and%20Financial%20Indicators%20and%20Their%20Causes) Multiple financial indicators changed significantly during the reporting period, primarily driven by the public issuance of convertible corporate bonds, which substantially increased cash and cash equivalents, bonds payable, and net cash flow from financing activities, while decreases in employee compensation and taxes payable were due to seasonal payments - Cash and cash equivalents at period-end increased by **184.63%** compared to the end of the previous year, and net cash flow from financing activities surged by **1065.89%** year-on-year, primarily due to the proceeds from the public issuance of convertible corporate bonds[23](index=23&type=chunk) - Employee compensation payable and taxes payable decreased by **38.34%** and **37.61%** respectively, mainly due to the company's payment of 2019 year-end bonuses and accrued income tax during the period[23](index=23&type=chunk) - Net cash flow from operating activities increased by **35.14%** year-on-year, primarily due to the company's strengthened credit management of accounts receivable and payable[23](index=23&type=chunk) [Other Significant Matters](index=8&type=section&id=3.2%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Matters) During the reporting period, the company had no significant matter progress, overdue unfulfilled commitments, or need to issue a major performance change warning - The company has no significant matter progress, overdue unfulfilled commitments, nor has it forecasted a cumulative net profit loss or significant change compared to the prior year from the beginning of the year to the end of the next reporting period[26](index=26&type=chunk) [Appendix](index=9&type=section&id=IV.%20Appendix) This section provides supplementary information, including the company's unaudited financial statements and details on accounting standard adoption [Financial Statements](index=9&type=section&id=4.1%20Financial%20Statements) This section provides the company's unaudited consolidated and parent company financial statements for Q1 2020, including balance sheets, income statements, and cash flow statements [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2020, total assets were **RMB 3.47 billion**, an **11.66%** increase from year-end, with total liabilities at **RMB 1.58 billion**, primarily due to **RMB 260 million** in new bonds payable, and equity attributable to parent company owners at **RMB 1.80 billion** Consolidated Balance Sheet Key Items (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 587,577,507.56 | 206,432,249.19 | | Total Assets | 3,473,989,793.96 | 3,111,197,288.03 | | Short-term Borrowings | 766,063,858.19 | 751,912,938.43 | | Bonds Payable | 259,973,399.55 | 0 | | Total Liabilities | 1,583,513,661.52 | 1,289,032,211.48 | | Equity Attributable to Parent Company Owners | 1,799,283,177.05 | 1,730,229,521.44 | [Parent Company Balance Sheet](index=12&type=section&id=Parent%20Company%20Balance%20Sheet) At the parent company level, total assets reached **RMB 3.03 billion**, up **13.67%** from year-end, with total liabilities increasing to **RMB 1.30 billion** due to new bonds payable, and total owner's equity at **RMB 1.73 billion** Parent Company Balance Sheet Key Items (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 473,537,865.29 | 98,986,857.06 | | Total Assets | 3,027,220,048.23 | 2,663,192,118.76 | | Total Liabilities | 1,299,666,757.96 | 1,006,562,108.64 | | Total Owner's Equity | 1,727,553,290.27 | 1,656,630,010.12 | [Consolidated Income Statement](index=15&type=section&id=Consolidated%20Income%20Statement) In Q1 2020, consolidated operating revenue was **RMB 371 million**, a **15.86%** year-on-year decrease, with net profit attributable to parent company shareholders at **RMB 10.67 million**, down **56.47%**, and basic earnings per share at **RMB 0.04** Consolidated Income Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 371,123,733.14 | 441,095,852.35 | | Operating Profit | 12,713,117.32 | 31,918,505.34 | | Total Profit | 12,612,271.65 | 32,040,648.89 | | Net Profit Attributable to Parent Company Shareholders | 10,668,607.67 | 24,507,802.39 | | Basic Earnings Per Share (RMB/share) | 0.04 | 0.09 | [Parent Company Income Statement](index=17&type=section&id=Parent%20Company%20Income%20Statement) Parent company operating revenue in Q1 2020 was **RMB 220 million**, a **5.25%** year-on-year decrease, with net profit at **RMB 12.85 million**, down **51.08%**, primarily due to reduced revenue and increased financial expenses Parent Company Income Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 219,628,183.18 | 231,789,744.18 | | Net Profit | 12,845,312.44 | 26,246,045.47 | | Financial Expenses | 5,261,460.67 | 2,420,856.16 | [Consolidated Cash Flow Statement](index=18&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1 2020, net cash flow from operating activities was **RMB 80.40 million**, a **35.14%** year-on-year increase, while net cash flow from financing activities surged to **RMB 323 million**, up **1065.89%**, primarily from convertible bond issuance, bringing period-end cash and cash equivalents to **RMB 461 million** Consolidated Cash Flow Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 80,396,669.44 | 59,490,503.77 | | Net Cash Flow from Investing Activities | -49,086,712.41 | -61,330,849.08 | | Net Cash Flow from Financing Activities | 322,751,979.76 | 27,682,865.83 | | Cash and Cash Equivalents at Period End | 461,283,776.87 | 134,927,377.03 | [Parent Company Cash Flow Statement](index=20&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) Parent company net cash flow from operating activities in Q1 2020 was **RMB 73.34 million**, a **122%** year-on-year increase, with financing cash flow turning positive to a **RMB 320 million** inflow, largely due to convertible bond issuance, resulting in period-end cash and cash equivalents of **RMB 357 million** Parent Company Cash Flow Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 73,343,104.45 | 33,037,749.87 | | Net Cash Flow from Investing Activities | -51,460,125.86 | 9,370,853.38 | | Net Cash Flow from Financing Activities | 320,221,279.58 | -149,047.44 | | Cash and Cash Equivalents at Period End | 356,961,775.17 | 62,230,528.79 | [Accounting Standard Adjustments and Audit Opinion](index=22&type=section&id=4.2%20Related%20Information%20on%20Adjustments%20to%20Opening%20Financial%20Statements%20Upon%20First-Time%20Adoption%20of%20New%20Revenue%20and%20Lease%20Standards%20Starting%20from%202020) The company confirms no initial adoption of new revenue or lease standards in Q1 2020, thus no retrospective adjustments to opening financial statements were made, and this quarterly report remains unaudited - The company did not adjust its opening financial statements for the current year due to the first-time adoption of new revenue or lease standards starting from 2020[72](index=72&type=chunk) - This quarterly report has not been audited[72](index=72&type=chunk)

Financial Performance - The net profit attributable to shareholders for 2019 was CNY 102,398,440.39, while the net profit for the parent company was CNY 88,906,218.24[5] - The company's operating revenue for 2019 was CNY 1,817,599,401.72, representing a 32.33% increase compared to 2018[22] - The net profit attributable to shareholders for 2019 was CNY 102,398,440.39, a slight increase of 0.12% from the previous year[22] - The net cash flow from operating activities increased by 73.79% to CNY 233,900,461.15 in 2019[22] - The basic earnings per share for 2019 was CNY 0.36, down 5.26% from CNY 0.38 in 2018[25] - The weighted average return on equity decreased to 6.01% in 2019, down 1.84 percentage points from 2018[25] - The total assets at the end of 2019 were CNY 3,111,197,288.03, reflecting a 4.45% increase from the previous year[22] - The net assets attributable to shareholders increased by 3.12% to CNY 1,730,229,521.44 at the end of 2019[22] - The company reported a net profit of CNY 24,507,802.39 in Q1 2019, with a total operating revenue of CNY 441,095,852.35[26] - Non-recurring gains and losses included a government subsidy of CNY 18,791,715.23 in 2019[27] Dividends and Share Capital - The proposed cash dividend is CNY 1.70 per 10 shares (including tax), with a total distribution of approximately CNY 48,323,931.91 based on the adjusted share capital[5] - The company plans to carry forward the remaining undistributed profits to the next fiscal year without issuing bonus shares or increasing capital from surplus reserves[5] - The total share capital as of the report date is 292,324,683 shares, with 8,066,260 shares in the repurchase account excluded from profit distribution calculations[5] - The company distributed a cash dividend of 0.16 RMB per share in 2019, totaling 45,481,347.68 RMB (including tax), based on a total share capital of 292,324,683 shares[120] - In 2019, the company reported a net profit attributable to ordinary shareholders of 10,238.84 million RMB, with a dividend payout ratio of 47.19%[121] Risks and Compliance - There are no significant risks that materially affect the company's operations during the reporting period[6] - The company has outlined potential risks and countermeasures in the report, particularly in the section discussing future development[6] - The company does not have any non-operating fund occupation by controlling shareholders or related parties[6] - The company has not violated any decision-making procedures regarding external guarantees[6] - The report includes a standard unqualified audit opinion from Tianjian Accounting Firm[4] - There are no significant lawsuits or arbitration matters reported for the year[135] - The company has not faced any risks of suspension or termination of listing during the reporting period[135] - There were no major changes in accounting policies or significant accounting errors during the reporting period[132] Research and Development - The company has developed over 20 invention patents and is recognized as a national high-tech enterprise, with a national-level postdoctoral workstation and CNAS-certified laboratory[43] - Research and development expenses increased by 50.47% to CNY 63,544,618.39, indicating a strong focus on innovation and new product development[60] - The company is engaged in several R&D projects, including advanced automotive components and precision parts, with ongoing development stages[76] - The company aims to become an industry leader by focusing on high-end equipment manufacturing, increasing R&D investment, and attracting high-tech talent to achieve breakthroughs in key bearing manufacturing technologies[105] Market and Industry Position - The company produces bearing products and precision components, focusing on high-end clients such as SKF, Schaeffler, and Tesla, with a stable supply to top global manufacturers[35] - The automotive sector accounts for 29.95% of total bearing sales, with significant contributions from the electric motor and home appliance industries at 14.92% and 13.55%, respectively[38] - The company’s future market opportunity includes a $50 billion global market and a $40 billion domestic mid-to-high-end market, driven by the eight major multinational bearing groups[39] - The overall trend in the bearing industry shows a concentration of market share among eight major global companies, which hold over 70% of the international market[98] - Domestic bearing companies are increasingly investing in advanced production technologies and equipment to improve product quality and compete in the high-end market[99] Operational Efficiency and Management - The company is actively optimizing production management and has implemented smart automation to enhance production efficiency[55] - The company has successfully integrated the management of acquired companies, New Dragon Industrial and Jiemu Bearings, to realize significant synergies[56] - The management team includes experienced professionals with backgrounds in various industries, ensuring strong leadership[183] - The financial team is led by a qualified CFO with extensive experience in financial management and oversight[183] - The company is focusing on expanding its market presence and enhancing product offerings through new technology development[183] Shareholder Information - The total number of ordinary shares increased to 292,324,683, with a new issuance of 29,204,683 shares, representing an increase of approximately 11.05%[155] - The largest shareholder, Zhang Feng, holds 69,621,123 shares, accounting for 23.82% of the total shares, with 55,000,000 shares pledged[162] - The total number of shareholders increased from 21,583 to 23,560 during the reporting period[162] - The top five customers contributed sales of 992.21 million yuan, accounting for 54.59% of the annual total sales[71] - The top five suppliers accounted for 500.18 million yuan in purchases, representing 45.38% of the annual total purchases[71] Financial Management and Investments - The company has raised 330 million RMB through a convertible bond project to improve cash flow and will enhance the efficiency of fund usage to reduce financial costs[109] - The company provided debt guarantees amounting to RMB 30 million for entities with a debt-to-asset ratio exceeding 70%[141] - The company has a total of RMB 15.293 million in bank wealth management products, with no overdue amounts[144] - The company has a fixed income investment strategy, with various bank products yielding between 2.5% and 3.5%[144] Employee and Governance Structure - The number of employees in the parent company is 815, while the number in major subsidiaries is 3,310, totaling 4,125 employees[199] - The professional composition includes 2,866 production personnel, 101 sales personnel, 420 technical personnel, 66 financial personnel, 526 administrative personnel, 115 warehousing personnel, and 31 procurement personnel[199] - The remuneration for directors and supervisors is determined by the shareholders' meeting, while senior management compensation is decided by the board of directors[195] - The management structure reflects a strong governance framework with directors actively participating in industry associations, promoting collaboration and innovation[191]

Group 1: Event Details - Zhejiang Wuzhou Xinchun Group Co., Ltd. will participate in the "Communication Promotes Development, Rational Growth Together" online investor reception day on November 5, 2019 [1] - The event will be held on the "Panjing Roadshow" online platform from 15:30 to 17:00 [1] - Investors can access the event through the website: http://rs.p5w.net [1] Group 2: Company Representatives - The event will feature communication from key company representatives including Chairman Zhang Feng, CFO Song Chaojiang, and Secretary of the Board Shen Jie [1] - They will address investor concerns regarding corporate governance and operational development [1] Group 3: Investor Engagement - The company encourages active participation from a wide range of investors, particularly small and medium-sized investors [1] - The initiative aims to strengthen communication and engagement with investors [1]