Financial Performance - The company's revenue for Q3 2021 was ¥1,367,688,983.55, a decrease of 41.49% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2021 was ¥20,906,759.22, down 75.23% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥17,831,784.19, a decline of 78.08% compared to the same period last year[5]. - The basic earnings per share for Q3 2021 was ¥0.10, representing a decrease of 75.61% year-on-year[6]. - The diluted earnings per share for Q3 2021 was also ¥0.10, down 75.61% compared to the same period last year[6]. - Total operating revenue for the first three quarters of 2021 was CNY 3,397,938,737.07, a decrease of 22% compared to CNY 4,355,862,373.09 in the same period of 2020[20]. - Net profit for the third quarter of 2021 was CNY 31,748,667.93, a significant decline of 75% from CNY 126,878,620.37 in the same quarter of 2020[21]. - Basic earnings per share for the third quarter of 2021 were CNY 0.16, compared to CNY 0.61 in the same quarter of 2020[23]. - The company reported a total comprehensive income of CNY 31,092,867.17 for the third quarter of 2021, down from CNY 126,878,620.37 in the same quarter of 2020[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,130,691,056.04, a decrease of 3.08% from the end of the previous year[6]. - Total assets decreased to ¥3,130,691,056.04 from ¥3,230,288,958.36, a decline of approximately 3.1%[18]. - Total liabilities decreased to ¥2,090,135,545.43 from ¥2,161,295,084.43, a reduction of about 3.3%[18]. - Total liabilities as of the end of the third quarter of 2021 were CNY 2,105,908,096.71, compared to CNY 2,185,598,866.20 at the end of the same quarter in 2020[21]. - The total liabilities were reported at 2,185,598,866.20 RMB, a minor decrease from 2,189,256,418.53 RMB[31]. - The company's equity attributable to shareholders was 1,040,210,122.51 RMB, unchanged from the previous period[31]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥659,876,264.55, down 31.02%[10]. - Cash flow from operating activities for the first three quarters of 2021 was CNY 659,876,264.55, down from CNY 956,596,124.58 in the same period of 2020[24]. - The net cash inflow from investment activities was -147,097,772.89 RMB, a decrease from -100,118,691.96 RMB in the previous period[25]. - Total cash and cash equivalents at the end of the period reached 1,321,908,136.46 RMB, compared to 1,543,799,773.95 RMB at the end of the previous period[25]. - The company reported a decrease in cash and cash equivalents by 461,586,436.16 RMB during the period[25]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,356[13]. - The largest shareholder, Zhang Chongshun, holds 92,820,100 shares, representing 45.50% of total shares[14]. - There are no significant changes in the top ten shareholders' financing activities reported[14]. Investments and Future Plans - The company increased its investment in brand building and channel expansion, contributing to the decline in net profit[10]. - The company has ongoing research and development efforts for new products and technologies, although specific details were not disclosed[15]. - The company is exploring market expansion opportunities, particularly in the electric vehicle sector[15]. - The company plans to continue its non-public offering of A-shares, as approved in recent shareholder meetings[15]. Operating Costs and Expenses - Total operating costs for the first three quarters of 2021 were CNY 3,373,994,423.25, down from CNY 4,224,510,165.22 in 2020, reflecting a reduction of approximately 20%[20]. - Research and development expenses increased to CNY 90,260,479.42 in the third quarter of 2021, up from CNY 48,350,377.73 in the same quarter of 2020, indicating a growth of 86%[21]. Other Financial Metrics - The weighted average return on equity decreased by 6.14 percentage points to 2.01%[6]. - The company's cash and cash equivalents as of September 30, 2021, amount to ¥1,657,885,795.38, down from ¥1,861,404,070.05 at the end of 2020, a decrease of approximately 10.9%[17]. - Accounts receivable increased to ¥269,097,479.32 from ¥178,752,363.85, reflecting a growth of about 50.5% year-over-year[17]. - The total non-current assets increased to 747,535,652.59 RMB from 751,801,379.21 RMB[30]. - The company has implemented new leasing standards starting from 2021, affecting the financial statements[25].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately RMB 2.03 billion, a slight increase of 0.59% compared to RMB 2.02 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2021 was RMB 12.19 million, representing a significant decrease of 69.59% from RMB 40.10 million in the previous year[19]. - Basic earnings per share decreased by 70.00% to RMB 0.06 from RMB 0.20 in the same period last year[19]. - The net cash flow from operating activities was RMB 260.54 million, down 41.64% from RMB 446.40 million in the previous year[19]. - The total assets at the end of the reporting period were approximately RMB 2.73 billion, a decrease of 15.40% from RMB 3.23 billion at the end of the previous year[19]. - The company's net assets attributable to shareholders decreased by 3.86% to RMB 1.00 billion from RMB 1.04 billion at the end of the previous year[19]. - The weighted average return on net assets was 1.17%, down 2.91 percentage points from 4.08% in the previous year[20]. - The company reported non-recurring gains of 14,787,372.22, with government subsidies contributing 5,884,644.95[23]. - The company reported a significant increase in management expenses by 23.09% to CNY 62.38 million, attributed to operational enhancements[43]. - The company reported a total profit of CNY 16,205,613.34 for the first half of 2021, a decrease of 62% from CNY 42,753,516.33 in the previous year[124]. Investment and Expansion - The company plans to invest in a new production facility in Tianjin with an annual capacity of 3 million electric two-wheelers[41]. - The company plans to invest approximately ¥7.6 billion in a project to produce 3 million electric two-wheelers annually in Tianjin and ¥1 billion in a project in Boluo County[48]. - The company has established two wholly-owned subsidiaries in Tianjin to manage the electric two-wheeler project and two in Boluo County for the new electric vehicle project[49]. - The company launched six models equipped with the HUAWEI HiLink platform, marking its entry into the HUAWEI Mall[39]. Market and Industry Trends - The electric bicycle industry in China has seen significant growth, becoming the largest market globally, with increasing brand concentration and competition among leading brands[28]. - The implementation of new national standards has led to a more competitive landscape, forcing weaker companies to exit the market and increasing industry concentration[30]. - The company aims to build an internationally recognized brand in the electric transportation sector, focusing on user needs and innovative research[32]. - The company faces risks from macroeconomic fluctuations, which could impact sales and profits due to reduced consumer income[56]. - The transition period for new and old national standards for electric bicycles may increase operational costs for compliant companies[59]. Research and Development - R&D expenses rose by 30.35% to CNY 39.60 million, reflecting the company's commitment to technology innovation[43]. - Research and development expenses for the first half of 2021 were CNY 39,604,075.44, compared to CNY 30,383,434.97 in the previous year, reflecting a growth of approximately 30.4%[120]. - The company has established itself as a high-tech enterprise with multiple research and development platforms, emphasizing the importance of technology and quality[31]. Cash Flow and Financial Management - The company's cash and cash equivalents decreased by 33.37% to ¥1,240,279,954.77, accounting for 45.39% of total assets[45]. - Accounts receivable increased by 52.22% to ¥272,101,739.72, representing 9.96% of total assets due to relaxed credit management policies[46]. - The company reported a significant reduction in accounts payable, which fell to CNY 491,966,443.95 from CNY 397,028,333.97, indicating a decrease of about 19.0%[114]. - The company generated cash flow from operating activities of CNY 260,535,352.90 in the first half of 2021, down 41.6% from CNY 446,399,596.61 in the first half of 2020[127]. Environmental and Social Responsibility - Tianjin New Day and Hubei New Day were listed as key pollutant discharge units in 2021, with Tianjin New Day categorized as a solid waste and hazardous waste unit, and Hubei New Day listed for air pollution in Xiangyang City[74]. - The company is gradually improving production processes by adopting more environmentally friendly water-based coatings to reduce hazardous waste generation[77]. - The company actively promotes labor assistance programs, employing approximately 30 workers from the Xinjiang region to support poverty alleviation efforts[83]. Shareholder and Corporate Governance - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[5]. - The company has committed to not transferring or entrusting the management of shares held prior to the IPO for 36 months from the listing date, with a lock-up period extending to April 26, 2020[85]. - The company and its controlling shareholders have committed to avoiding any competition with the company's products and businesses, ensuring no direct or indirect competition[86]. - The company has established a commitment to not engage in any competitive business activities that may conflict with its subsidiaries[86]. Accounting and Financial Reporting - The company adheres to the enterprise accounting standards, ensuring that its financial statements reflect a true and complete picture of its financial status[154]. - The company has specific accounting policies for revenue recognition, accounts receivable, inventory, and fixed assets, tailored to its operational characteristics[153]. - The company recognizes impairment losses based on expected credit losses for financial assets measured at amortized cost and fair value[177].

Financial Performance - Operating revenue increased by 145.81% to CNY 942,475,819.24 compared to the same period last year[6] - Net profit attributable to shareholders was CNY 18,847,276.06, a significant recovery from a loss of CNY 23,389,758.88 in the previous year[6] - The basic earnings per share improved to CNY 0.09 from a loss of CNY -0.11 in the previous year[6] - The net profit for Q1 2021 was ¥26,933,790.72, a turnaround from a net loss of ¥29,642,773.34 in Q1 2020[25] - The net profit attributable to shareholders of the parent company was ¥18,847,276.06, compared to a net loss of ¥23,389,758.88 in the same period last year[26] - The total comprehensive income for Q1 2021 was ¥18,094,958.03, compared to a comprehensive loss of ¥23,391,698.12 in Q1 2020[26] Cash Flow - The net cash flow from operating activities was CNY 188,277,664.54, a turnaround from a negative cash flow of CNY -51,736,294.89 in the previous year[6] - Cash inflows from operating activities reached ¥1,122,826,967.30, a substantial rise from ¥367,714,042.63 in Q1 2020[32] - The net cash flow from operating activities for Q1 2021 was ¥188,277,664.54, compared to a negative cash flow of ¥51,736,294.89 in Q1 2020, indicating a significant improvement[33] - Total cash inflow from operating activities was ¥473,810,317.37, up from ¥160,397,250.54 in the same period last year, representing an increase of approximately 195%[35] - The cash outflow from operating activities totaled ¥309,019,474.60, compared to ¥221,558,321.72 in Q1 2020, reflecting a rise of about 39.5%[35] - The company reported a net cash outflow from operating activities of ¥726,450,261.80 for purchases, compared to ¥298,491,976.03 in the previous year[32] Assets and Liabilities - Total assets decreased by 5.59% to CNY 3,049,595,941 compared to the end of the previous year[6] - The total assets decreased to ¥3,049,595,941.00 from ¥3,230,288,958.36[17] - The company's total assets as of March 31, 2021, amounted to ¥4,229,740,298.41, down from ¥4,566,529,020.93 at the end of 2020[20] - Total liabilities decreased to ¥3,337,505,397.33 in Q1 2021 from ¥3,663,373,270.08 in Q4 2020, reflecting a reduction of approximately 8.9%[21] - The company's cash and cash equivalents were reported at ¥1,518,217,968.64, down from ¥1,853,680,422.77 at the end of 2020[19] Shareholder Information - The number of shareholders reached 12,106 by the end of the reporting period[9] - The largest shareholder, Zhang Chongshun, holds 45.5% of the shares, totaling 92,820,100 shares[9] Operating Costs and Revenue - Operating costs rose by 133.00% to ¥815,127,700.74 from ¥349,833,968.85[11] - Total operating revenue for Q1 2021 reached ¥942,475,819.24, a significant increase from ¥383,408,739.77 in Q1 2020, representing a growth of approximately 145.5%[25] - Total operating costs for Q1 2021 were ¥922,468,778.07, compared to ¥411,563,206.20 in Q1 2020, indicating an increase of about 124.8%[25] Research and Development - The company reported a research and development expense of ¥17,145,747.29 for Q1 2021, up from ¥11,431,981.16 in Q1 2020, indicating a growth of about 49.8%[25] - The company's R&D expenses increased to ¥10,995,987.27, up from ¥7,722,840.13 in the previous year, reflecting a focus on innovation[29] Other Financial Metrics - The weighted average return on equity increased by 4.26 percentage points to 1.80%[6] - Government subsidies recognized in the current period amounted to CNY 3,075,499.25[7] - The company reported a non-recurring loss of CNY 4,624.42 from the disposal of non-current assets[6] - Investment income increased by 260.72% to ¥470,851.94 from ¥130,529.56[11] - Accounts receivable financing increased by 331.43% to ¥51,531,209.73 from ¥11,944,171.55[11] - Prepayments decreased by 56.38% to ¥33,738,317.21 from ¥77,352,427.00[12] - Construction in progress grew by 35.48% to ¥131,960,685.67 from ¥97,405,923.24[11] - Other current assets increased by 86.84% to ¥64,420,347.81 from ¥34,478,862.41[11] - The company's deferred income tax liabilities decreased to ¥639,822.43 in Q1 2021 from ¥2,632,284.18 in Q4 2020, a reduction of approximately 75.7%[21] - The financial expenses showed a significant reduction, with interest income rising to ¥9,399,610.97 from ¥4,642,694.25 in the previous year[29] - The company experienced a credit impairment loss of ¥121,707.65, a notable improvement from a loss of ¥1,197,526.35 in Q1 2020[29] - The total profit for Q1 2021 was a loss of ¥12,512,274.62, compared to a loss of ¥4,709,769.78 in the same period last year[29] Cash Management - Cash and cash equivalents at the end of Q1 2021 amounted to ¥992,213,277.37, an increase from ¥629,668,964.76 at the end of Q1 2020, marking a growth of approximately 57.6%[34] - The company experienced a net increase in cash and cash equivalents of ¥131,891,577.07 in Q1 2021, compared to a decrease of ¥81,468,436.85 in Q1 2020[34] - The total cash inflow from investment activities was ¥5,052,319.09, down from ¥8,069,670.99 in Q1 2020, reflecting a decline of approximately 37.5%[33] - The cash outflow for purchasing goods and services was ¥208,169,966.47, compared to ¥154,452,828.52 in the previous year, indicating a rise of approximately 34.7%[35] - The cash flow from financing activities was not detailed in the reports, indicating potential areas for future disclosures[36]

Financial Performance - The company's operating revenue for 2020 was RMB 5,068,316,748.01, representing a 65.87% increase compared to RMB 3,055,512,143.47 in 2019[20] - The net profit attributable to shareholders for 2020 was RMB 102,113,592.83, up 44.79% from RMB 70,527,118.31 in 2019[20] - The net cash flow from operating activities increased significantly to RMB 371,183,325.94, a 452.68% rise from RMB 67,160,801.46 in the previous year[20] - The total assets of the company reached RMB 3,230,288,958.36 at the end of 2020, marking a 77.45% increase from RMB 1,820,345,697.31 in 2019[20] - The basic earnings per share for 2020 was RMB 0.50, reflecting a 42.86% increase from RMB 0.35 in 2019[21] - The weighted average return on equity increased to 10.19% in 2020, up by 2.79 percentage points from 7.40% in 2019[21] - The company achieved a total revenue of 506.83 million yuan in 2020, representing a year-on-year growth of 65.87%[45] - The net profit attributable to shareholders was 10.21 million yuan, marking a year-on-year increase of 44.79%[45] Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares, totaling RMB 51,000,000.00 based on a total share capital of 204,000,000 shares[5] - The cash dividend payout ratio for 2020 was 49.94%, while for 2019 it was 34.71%[104] - The company did not propose any stock distribution or capital reserve conversion to capital for the 2020 fiscal year[102] - The company’s independent directors agreed to the profit distribution proposal for 2020, which is subject to approval at the annual shareholders' meeting[102] Market and Industry Trends - The electric bicycle industry in China has seen significant growth, becoming the largest market globally, with increasing brand concentration and competition among leading brands[34] - The company faces competition from major brands such as Yadea Group Holdings, Aima Technology, and Tailling Technology, which are enhancing their market share and brand influence[34] - The implementation of new national standards has led to a more concentrated industry landscape, with weaker companies likely to exit the market, benefiting larger enterprises[35] - The electric bicycle industry is experiencing a shift towards major brands, with leading companies like Yadea and Aima increasing their market share, while smaller manufacturers face declining shares due to product homogeneity and lower innovation capabilities[76] Business Strategy and Operations - The company primarily engages in the research, production, and sales of electric two-wheeled vehicles, with a focus on electric bicycles, electric scooters, and electric motorcycles[31] - The sales model is mainly through distributors, with some direct sales to group customers, ensuring a broad market reach[32] - The company has a strategy to expand its overseas market through New Day International Trade and to operate shared electric bicycles through Lithium Enjoy Travel[32] - The company has maintained a consistent business model since its establishment, focusing on electric two-wheeled vehicles without significant changes in its main business[31] - The company is focusing on innovation in industrial design, research and development, and service experience to maintain competitiveness in a more complex market environment[35] Research and Development - Research and development expenses totaled ¥217,178,790.53, representing 4.29% of total revenue[61] - The number of R&D personnel was 399, accounting for 14.39% of the total workforce[62] - The company has partnered with well-known firms like Huawei and CATL to develop smart connectivity and high-performance lithium batteries, driving industry transformation[35] Environmental Responsibility - Tianjin Xinneng and Hubei Xinneng are listed as key pollutant discharge units for 2020, with Tianjin Xinneng categorized as a solid and hazardous waste unit and an air pollution unit in Tianjin[133] - The company is gradually improving production processes by adopting more environmentally friendly water-based coatings to reduce hazardous waste generation[135] - The company has established four hazardous waste storage facilities, ensuring hazardous waste is sealed and stored properly before being handled by qualified entities[135] - Environmental monitoring is conducted annually by third-party agencies to ensure compliance with national and local environmental protection requirements[138] Corporate Governance - The company has established a comprehensive dealer management system to support sales growth, but risks remain if dealers deviate from brand standards[98] - The company has a commitment to resolve any competition issues with its subsidiaries and related parties[106] - The company has made adjustments in its internal job positions, leading to changes in management roles[170] - The internal control system was evaluated as effective as of December 31, 2020, with no significant deficiencies reported[178] Employee Welfare and Social Responsibility - The company actively improved employee welfare, including annual health check-ups and various team-building activities to enhance employee cohesion[130] - The company engaged in social responsibility initiatives, including providing job opportunities and skills training for local communities[131] - During the COVID-19 pandemic, the company provided emergency prevention vehicles to frontline workers and donated over 69,000 yuan to local charities[132] Financial Management - The company has retained Tianheng Accounting Firm for auditing services for the fiscal year 2020, with a fee of ¥750,000[121] - The audit opinion on the financial statements was a standard unqualified opinion, indicating fair representation according to accounting standards[188] - The company has disclosed its accounting policies regarding revenue recognition and bad debt provisions in the financial statement notes[192][194] Shareholder Information - The total number of ordinary shares is 204,000,000, with 133,110,000 shares released from lock-up on April 27, 2020[144] - The top ten shareholders hold a total of 45.5% of the shares, with Mr. Zhang Chongshun holding 92,820,100 shares[151] - The company has no new securities issuance during the reporting period[148] - The actual controllers, Zhang Chongshun and Chen Yuying, are husband and wife[157]

Financial Performance - Operating revenue for the first nine months reached CNY 4,355,862,373.09, a growth of 78.54% year-on-year[6] - Net profit attributable to shareholders increased by 38.44% to CNY 124,486,977.97 for the first nine months[6] - Basic earnings per share rose by 38.64% to CNY 0.61[6] - The company anticipates a significant increase in cumulative net profit for the year, with a projected change of 76.51% compared to the previous year, driven by strong demand in the electric two-wheeler market[15] - The company reported a net profit of ¥405,365,398.63, compared to ¥273,195,881.96, reflecting a growth of 48.4%[24] - The net profit for the first three quarters of 2020 was ¥156,649,516.67, compared to ¥86,069,326.77 in the same period of 2019, marking an increase of about 82.0%[31] Cash Flow - Net cash flow from operating activities surged by 978.49% to CNY 956,596,124.58 compared to the same period last year[6] - Cash flow from operating activities for the first three quarters of 2020 was ¥956,596,124.58, a substantial rise from ¥88,697,599.15 in the same period of 2019[34] - In Q3 2020, the net cash flow from operating activities was ¥837,298,787.47, a significant increase compared to ¥22,998,557.03 in Q3 2019, reflecting a strong operational performance[37] - The company achieved a cash inflow from operating activities of ¥3,619,000,459.67 in the first three quarters of 2020, compared to ¥2,153,560,771.94 in the same period of 2019, representing an increase of about 67.9%[34] Assets and Liabilities - Total assets increased by 125.37% to CNY 4,102,488,835.63 compared to the end of the previous year[6] - The total liabilities increased significantly, with accounts payable rising by 274.68% to ¥1,133,437,693.34, reflecting increased procurement amounts[13] - Current liabilities rose to ¥2,990,588,011.23, up from ¥832,100,452.54, indicating a 259.5% increase[20] - Total liabilities reached ¥3,034,061,808.72, compared to ¥855,681,390.77, marking a 254.5% rise[20] - Owner's equity increased to ¥1,068,427,026.91 from ¥964,664,306.54, showing an increase of 10.8%[20] Shareholder Information - The number of shareholders reached 8,523 by the end of the reporting period[10] - The top shareholder, Zhang Chongshun, holds 45.50% of the shares, with 29,019,000 shares pledged[10] Inventory and Receivables - Inventory rose by 186.07% to ¥387,348,724.26, driven by increased stocking based on order volume[12] - Accounts receivable financing surged by 11,052.58% to ¥607,841,773.86, attributed to increased purchasing and sales scale[12] - Accounts receivable grew to ¥1,319,346,338.72 from ¥69,335,953.16, a significant increase of 1,804.5%[23] Research and Development - Research and development expenses for Q3 2020 amounted to ¥17,966,942.76, a rise of 10.4% from ¥16,271,369.61 in Q3 2019[27] - Research and development expenses for the first three quarters of 2020 totaled ¥33,499,716.90, up from ¥27,416,647.04 in the same period of 2019, indicating a growth of approximately 22.5%[30] Government Support - Government subsidies recognized in the first nine months amounted to CNY 12,742,601.88[7] Non-Recurring Items - Non-recurring gains and losses totaled CNY 3,053,295.62 for the first nine months[8] Market Expansion - The company is actively expanding its market presence, focusing on new product development and technological advancements in response to growing consumer demand[15]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,018,409,396.88, representing a 42.85% increase compared to CNY 1,412,970,214.88 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 18.03% to CNY 40,096,490.86 from CNY 48,915,113.16 in the previous year[19]. - The net cash flow from operating activities improved significantly to CNY 446,399,596.61, compared to a negative cash flow of CNY -174,892,501.21 in the same period last year[19]. - Total assets increased by 53.45% to CNY 2,793,319,987.44 from CNY 1,820,345,697.31 at the end of the previous year[19]. - The basic earnings per share decreased by 16.67% to CNY 0.20 from CNY 0.24 in the same period last year[20]. - The diluted earnings per share also fell by 20.83% to CNY 0.19 from CNY 0.24 in the previous year[20]. - The weighted average return on net assets decreased by 0.97 percentage points to 4.08% from 5.05% in the same period last year[21]. - The net profit after deducting non-recurring gains and losses decreased by 22.10% to CNY 31,451,460.29 from CNY 40,371,805.86 in the previous year[19]. Business Operations - The main business of the company focuses on the research, production, and sales of electric two-wheelers, including electric bicycles and motorcycles, with no changes in the main business since its establishment[25]. - The company has established a strong R&D capability, recognized as a high-tech enterprise with several provincial and municipal technology centers[31]. - The company launched a new brand positioning for "super high-end smart lithium battery vehicles," introducing a 5-year warranty lithium battery for mid-to-high-end electric two-wheelers[32]. - The company has introduced new models in the electric motorcycle category, achieving a top speed of 80 km/h with the Miku Super, and has launched several new electric bicycle models equipped with the 5-year warranty lithium battery[32]. - The company utilizes a distribution model for sales, with direct sales to certain group clients, and has expanded its overseas market through various subsidiaries[26]. - The company has a well-structured design team that emphasizes product R&D as a core aspect of its business strategy[32]. Market Environment - The electric bicycle industry in China has seen significant growth, with the market scale ranking first globally, and the competition is intensifying among leading brands[29]. - The implementation of new national standards has led to increased industry concentration, with weaker companies likely to exit the market, benefiting larger enterprises[30]. - The competitive landscape of the electric bicycle industry is evolving, with leading brands focusing on technological innovation and product upgrades to enhance market share[29]. Financial Position - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 1,259,414,779.96, which is 110.6% higher than CNY 598,136,798.64 at the same time last year[46]. - Accounts receivable decreased by 3.2% to CNY 172,276,791.95 from CNY 177,912,416.93 in the previous year[47]. - Inventory increased by 53.9% to CNY 248,076,176.69, reflecting the company's strategy to stock up based on increased order volumes[47]. - The company reported a significant increase in accounts payable, which rose by 147.6% to CNY 906,010,452.47, attributed to increased procurement due to higher production and sales volumes[47]. - The company's total liabilities reached CNY 1,811,031,167.01 as of June 30, 2020, compared to CNY 855,681,390.77 at the end of 2019, showing an increase of around 111.5%[114]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, which could negatively impact sales revenue and profits due to the ongoing global economic downturn caused by the COVID-19 pandemic[56]. - The company is subject to regulatory risks from new industry policies that may increase operational costs and affect sales of electric light motorcycles and electric motorcycles[57]. - Future changes in national policy regarding internet rental electric bicycles could significantly impact the sales of the company's shared electric bicycle products[58]. - The implementation of new national standards for electric bicycles may lead to increased market concentration, as weaker companies may exit the market, potentially affecting the company's market share if it fails to innovate[60]. Shareholder Information - The total number of shares after the recent change is 204 million, with 133.11 million shares released from lock-up on April 27, 2020[92]. - The controlling shareholder has pledged 29.02 million shares, accounting for 14.23% of the total share capital[94]. - The company will ensure fair and reasonable pricing in any necessary related party transactions[70]. - The company will disclose any failure to implement stock price stabilization measures and apologize to investors[72]. Environmental Impact - The company announced that its subsidiaries Tianjin Xinri and Hubei Xinri were listed as key pollutant discharge units in 2020[81]. - The company has reported a total hazardous waste discharge of 161.15 tons, with 6 tons of VOCs treated according to environmental protection requirements[82]. - The company is committed to reducing waste gas emissions through the installation of waste gas treatment equipment[83]. - Environmental monitoring reports are produced annually by third-party agencies to ensure compliance with environmental regulations[86]. Accounting Policies - The company's accounting period runs from January 1 to December 31 each year[152]. - The company's accounting currency is Renminbi (RMB)[154]. - The company applies the equity method for joint ventures, recognizing its share of assets, liabilities, income, and expenses[162]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value through other comprehensive income[173].

Financial Performance - Operating revenue decreased by 37.96% to CNY 383,408,739.77 year-on-year[6] - Net profit attributable to shareholders decreased by 242.34% to a loss of CNY 23,389,758.88 compared to the same period last year[6] - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 523.06% to a loss of CNY 25,836,681.06[6] - The weighted average return on net assets decreased by 4.19 percentage points to -2.46%[6] - Basic earnings per share dropped by 237.50% to -CNY 0.11[6] - The company reported a 97.39% decline in investment income, down to RMB 130,529.56 from RMB 5,001,170.40, primarily due to reduced returns from bank wealth management products[10] - The company reported a net loss of -4,027,923.75 CNY for Q1 2020, compared to a net profit of 5,278,171.91 CNY in Q1 2019, highlighting a significant downturn in overall financial performance[24] - The company's total comprehensive income for Q1 2020 was -23,391,698.12 CNY, compared to 16,432,054.96 CNY in Q1 2019, showing a substantial decrease[21] Assets and Liabilities - Total assets increased by 3.75% to CNY 1,888,678,930.84 compared to the end of the previous year[6] - Total assets as of March 31, 2020, amounted to CNY 1,609.17 million, an increase from CNY 1,577.53 million at the end of 2019[18] - Total liabilities as of March 31, 2020, were CNY 844.14 million, compared to CNY 808.48 million at the end of 2019[18] - The total equity attributable to shareholders reached ¥963,515,329.68, with retained earnings of ¥474,528,098.35[35] - The company’s total liabilities and equity combined reached ¥1,820,345,697.31[35] Cash Flow - Net cash flow from operating activities improved by 61.87% to -CNY 51,736,294.89 compared to the previous year[6] - Cash inflows from operating activities decreased to 367,714,042.63 CNY in Q1 2020, down from 478,413,692.60 CNY in Q1 2019, a decline of 23.2%[26] - The net cash flow from operating activities for Q1 2020 was -61,161,071.18 RMB, compared to -187,198,827.40 RMB in Q1 2019, showing an improvement of approximately 67% year-over-year[31] - The net cash flow from investing activities was -29,787,653.15 RMB in Q1 2020, compared to 404,943,319.50 RMB in Q1 2019, indicating a significant decline in investment returns[31] Shareholder Information - The total number of shareholders reached 14,000 by the end of the reporting period[8] - The largest shareholder, Zhang Chongshun, holds 45.50% of the shares, with 29,019,000 shares pledged[8] Impact of COVID-19 - The company experienced a decline in market demand due to the COVID-19 pandemic, impacting revenue and profit figures significantly[5] - Revenue for Q1 2020 was RMB 383,408,739.77, a decrease of 37.96% compared to RMB 618,043,840.63 in the previous period, primarily due to the impact of COVID-19[9] Operational Costs and Expenses - Operating costs decreased by 32.59% to RMB 349,833,968.85 from RMB 518,933,191.75, reflecting a reduction in costs corresponding to lower sales revenue[9] - Sales expenses decreased by 37.54% to RMB 31,599,510.17 from RMB 50,592,061.03, largely due to reduced marketing expenses amid the pandemic[9] - The company reported a decrease in research and development expenses to CNY 11.43 million in Q1 2020 from CNY 11.90 million in Q1 2019[20] Changes in Accounting Standards - The company implemented new revenue accounting standards, resulting in the recognition of contract liabilities of RMB 33,316,754.14 during the reporting period[9] - The company has implemented new revenue recognition standards effective January 1, 2020, impacting the classification of contract liabilities[39]

Financial Performance - The company's operating revenue for 2019 was RMB 3,055,512,143.47, a slight increase of 0.16% compared to RMB 3,050,498,705.15 in 2018[20] - The net profit attributable to shareholders for 2019 decreased by 20.45% to RMB 70,527,118.31 from RMB 88,654,407.39 in 2018[20] - The net cash flow from operating activities significantly dropped by 59.88% to RMB 67,160,801.46 compared to RMB 167,399,088.49 in the previous year[20] - The total assets of the company at the end of 2019 were RMB 1,820,345,697.31, reflecting a decrease of 4.17% from RMB 1,899,656,126.52 in 2018[21] - The net assets attributable to shareholders increased by 2.10% to RMB 963,515,329.68 from RMB 943,658,111.37 in 2018[21] - The basic earnings per share for 2019 were RMB 0.35, down 18.60% from RMB 0.43 in 2018[22] - The diluted earnings per share decreased by 20.93% to RMB 0.34 in 2019 from RMB 0.43 in 2018[22] - The weighted average return on equity for 2019 was 7.40%, a decrease of 2.20 percentage points from 9.60% in 2018[22] Revenue and Sales Channels - The company primarily engages in the research, production, and sales of electric two-wheelers, maintaining a consistent business model since its establishment[29] - The company utilizes a distribution model for sales, with direct sales to key clients and overseas markets through subsidiaries[30] - E-commerce sales increased by 9.52% year-on-year, with 500 new online sales stores opened during the reporting period[47] - The company developed 570 new direct customers and optimized 280 low-performing direct customers to improve channel quality[45] - The company’s new retail channel construction in collaboration with Tmall has accelerated the integration of online and offline sales[47] Market Trends and Industry Analysis - The electric bicycle industry in China has seen significant growth, with the market scale ranking first globally, driven by increasing consumer demand for low-carbon and economical transportation[32] - The implementation of new national standards has led to increased industry concentration, with weaker companies likely exiting the market, benefiting larger enterprises[34] - The competitive landscape is shifting towards leading brands that focus on technological innovation and product upgrades, enhancing their market influence[33] - The electric bicycle industry in China has become highly competitive, with leading brands increasing their market share[77] - The market for electric bicycles in China is the largest globally, with a significant shift towards brand concentration and technological innovation[77] Research and Development - The company emphasizes its strong R&D capabilities and innovation as a core competitive advantage in the electric vehicle sector[35] - The company launched over 200 products that meet the new national standards, including models K3, Jingmei, and X1, enhancing its smart product lineup[46] - Research and development expenses increased by 20.35% to CNY 64,712.54 million, representing 5.42% of total operating revenue[61] Investment and Future Plans - The company plans to optimize and upgrade its manufacturing system over the next three years, aiming for an annual production capacity of 5 million vehicles by the end of 2021[48] - The company aims to expand its production capacity to reach an annual production scale of 5 million vehicles by the end of 2021, through investments in smart manufacturing upgrades at its existing production bases[86] - The company plans to invest RMB 37,062.54 million in the renovation of the Wuxi manufacturing center to meet lean manufacturing needs[70] - The company intends to invest RMB 22,692 million in the Wenzhou factory for the first phase of producing 500,000 electric motorcycles annually[70] Cash Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.20 per 10 shares, totaling RMB 24,480,000.00 based on a total share capital of 204,000,000 shares[5] - In 2019, the company distributed cash dividends amounting to RMB 24.48 million, representing 34.71% of the net profit attributable to ordinary shareholders[100] - The company has established a three-year shareholder return plan (2018-2020) to guide its cash dividend policy, considering profitability and external financing conditions[98] Environmental Compliance and Social Responsibility - The company has established four hazardous waste storage facilities to manage hazardous waste generated during production, ensuring compliance with environmental regulations[128] - The company has set up 28 exhaust emission outlets at its Hubei subsidiary, with emissions treated through water curtain washing and secondary combustion devices[128] - The company has participated in social responsibility initiatives, donating over RMB 650,000 to various charitable causes during the reporting period[126] Corporate Governance and Compliance - The company maintained compliance with corporate governance regulations, ensuring the protection of shareholder rights[168] - The board's decision-making processes were conducted in accordance with the company's articles of association and relevant laws[170] - The company has implemented measures to strengthen compliance with environmental protection laws following the penalty incident[132] Employee Management and Compensation - The total number of employees in the parent company is 736, while the total number of employees in major subsidiaries is 1,625, resulting in a combined total of 2,361 employees[161] - The company implements a performance-based salary system for its senior management, linking compensation to performance evaluations[162] - The company emphasizes fair and competitive compensation policies, regularly assessing internal and external salary levels[162] Audit and Financial Reporting - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2019[178] - The financial statements are prepared in accordance with the applicable accounting standards, ensuring fair representation of the company's financial position[188] - The company has revised its financial reporting format in accordance with new accounting standards, impacting accounts receivable and payable[111]

2019 年第三季度报告 公司代码：603787 公司简称：新日股份 江苏新日电动车股份有限公司 2019 年第三季度报告 1 / 25 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张崇舜、主管会计工作负责人赵学忠及会计机构负责人（会计主管人员）范来生 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 2019 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 2.1 主要财务数据 3 / 25 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年 度末增减(%) 总资产 1,816,006,691.42 1,899,656,126.52 -4.40% 归属于上市公司股东的净资产 ...

Financial Performance - The company's operating revenue for the first half of 2019 was approximately CNY 1.41 billion, a decrease of 2.46% compared to the same period last year[19]. - The net profit attributable to shareholders of the listed company was approximately CNY 48.92 million, an increase of 1.26% year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 40.37 million, representing a significant increase of 47.13% compared to the previous year[19]. - The net cash flow from operating activities was negative at approximately CNY -174.89 million, a decline from CNY 34.20 million in the same period last year[19]. - The total assets of the company decreased by 9.10% to approximately CNY 1.73 billion compared to the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were approximately CNY 942.52 million, a slight decrease of 0.12% from the end of the previous year[19]. - Basic earnings per share remained stable at CNY 0.24, with a 53.85% increase in basic earnings per share after deducting non-recurring gains and losses to CNY 0.20[20]. - The weighted average return on equity decreased by 0.32 percentage points to 5.05% compared to the previous period[21]. - The weighted average return on equity after deducting non-recurring gains and losses increased by 1.12 percentage points to 4.17%[21]. - The company achieved operating revenue of CNY 1,412,970,214.88, a decrease of 2.46% year-on-year[43]. - Net profit attributable to shareholders was CNY 48,915,100, an increase of 1.26% year-on-year[36]. Cash Flow and Liquidity - The company reported a significant decrease in cash flow from operating activities, indicating potential challenges in revenue generation[115]. - Operating cash inflow for the first half of 2019 was CNY 948,155,101.56, a decrease of 46.3% compared to CNY 1,766,300,776.27 in the first half of 2018[115]. - Cash outflow for financing activities was CNY 51,000,000.00, compared to CNY 24,480,000.00 in the previous year[119]. - The net increase in cash and cash equivalents for the first half of 2019 was CNY 368,042,753.82, compared to CNY 96,231,332.77 in the first half of 2018[116]. - Total cash and cash equivalents at the end of the first half of 2019 reached CNY 565,100,609.52, an increase from CNY 291,294,669.54 at the end of the first half of 2018[116]. Investment and R&D - Research and development expenses increased by 14.79% to CNY 24,995,264.83, reflecting the company's commitment to innovation[44]. - The company launched new smart products such as K3, Jingmei, and X1, catering to the demand for intelligent electric vehicles[38]. - The company plans to invest ¥370.63 million in the construction and expansion of an intelligent factory in Wuxi to meet lean manufacturing needs[48]. - The company has initiated a project to expand its manufacturing facilities, including the construction of a new factory in Wenzhou[41]. Market and Industry Context - The company primarily engages in the research, production, and sales of electric bicycles, with electric two-wheelers as the main product[23]. - The electric bicycle industry in China has seen significant growth, becoming the largest market globally, but remains highly competitive with low market concentration[25]. - The implementation of new national standards has led to increased industry concentration, as weaker companies may exit the market due to stricter production requirements[27]. - Increased competition may arise as weaker companies exit the market due to stricter production requirements, potentially impacting the company's market share[59]. Shareholder and Corporate Governance - The company’s major shareholders have committed to not transferring shares for 36 months post-IPO, ensuring stability in shareholding[67]. - There are no planned profit distributions or capital reserve transfers for the half-year period[66]. - The company has committed to not providing loans or financial assistance to incentive targets under the stock option incentive plan[72]. - The company has established a stock option incentive plan that links the exercise conditions to the performance of return measures[72]. Environmental and Regulatory Compliance - The company has been listed as a key pollutant discharge unit in 2019, with its subsidiaries Tianjin Xinri and Hubei Xinri included in the list[77]. - Tianjin Xinri reported a total hazardous waste generation of 222.5 tons, with all hazardous waste properly handled according to environmental regulations[78]. - Hubei Xinri has 28 waste gas discharge outlets, with emissions treated through water curtain washing and secondary combustion before being released[79]. - The company is gradually improving its production processes by adopting more environmentally friendly water-based coatings to reduce hazardous waste generation[79]. Risks and Challenges - The company faces risks from macroeconomic fluctuations that could negatively impact sales revenue and profits due to reliance on domestic markets[55]. - New industry policies may affect sales of electric bicycles during the transition period to new standards, potentially leading to short-term adverse impacts[56]. - Fluctuations in raw material prices could increase procurement costs and complicate cost management, directly affecting the company's operating performance[60]. Accounting and Financial Reporting - The company has established specific accounting policies for revenue recognition, accounts receivable, financial instruments, inventory, and fixed assets[142]. - The company recognizes its share of assets and liabilities in joint operations according to relevant accounting standards, confirming individually held assets and liabilities as well as shared ones[153]. - Financial instruments are classified based on the company's management business model and cash flow characteristics, including those measured at amortized cost and fair value[158]. - The company recognizes investment income when cash dividends or profits are declared by the investee[173].