Financial Performance - The company's operating revenue for 2021 was CNY 12,857,893,793.36, representing a 53.20% increase compared to CNY 8,393,142,040.58 in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 2,196,549,310.84, a 40.35% increase from CNY 1,565,006,791.51 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,140,315,761.74, up 40.67% from CNY 1,521,473,835.37 in 2020[17]. - The company's total assets at the end of 2021 were CNY 13,687,964,760.32, an 18.56% increase from CNY 11,544,851,528.69 at the end of 2020[17]. - The net assets attributable to shareholders increased by 34.92% to CNY 12,176,177,692.64 from CNY 9,024,819,981.64 in the previous year[17]. - The company's operating revenue increased by 53.20% compared to the previous year, driven by the rise in both volume and price of photovoltaic and electronic materials[19]. - Net profit attributable to shareholders rose by 40.35%, while net profit excluding non-recurring gains and losses increased by 40.67% compared to the previous year[19]. - The company's main business revenue from photovoltaic materials reached CNY 11,509,592,128.75, up 52.20% year-on-year[62]. - The gross margin for photovoltaic encapsulation materials decreased by 3.53 percentage points to 24.92%[61]. Cash Flow and Investments - The net cash flow from operating activities for 2021 was negative at CNY -147,561,056.47, a decrease of 154.18% compared to CNY 272,341,482.92 in 2020[17]. - The net cash flow from operating activities decreased by ¥419,902,539.39, a decline of 154.18% compared to the previous year[76]. - The net cash flow from investment activities increased by ¥3,349,111,406.30, compared to a negative cash flow in the previous year[76]. - The company's cash and cash equivalents at the end of the period amounted to ¥2,668,978,576.60, representing 19.50% of total assets[78]. - The company reported a total of ¥7,024,835,759.72 in undistributed profits, which is 51.32% of total equity, reflecting a 31.46% increase[80]. Production and Sales - The company sold 96,779.84 million square meters of photovoltaic film, generating revenue of 1,150,959.21 million yuan[26]. - Sales of photovoltaic backplanes reached 6,822.14 million square meters, with revenue of 72,591.80 million yuan[26]. - The company successfully sold 10,329.82 million square meters of photosensitive dry film, resulting in revenue of 44,643.36 million yuan[26]. - The production volume of photovoltaic film reached 966,774.7 thousand square meters, an increase of 10.63% compared to the previous year, while sales volume was 967,798.4 thousand square meters, up 11.85%[64]. - The production volume of photovoltaic backsheet was 71,207.3 thousand square meters, reflecting a growth of 24.20% year-on-year, with sales volume at 68,221.4 thousand square meters, an increase of 19.43%[64]. - The production volume of electronic materials surged to 106,078.4 thousand square meters, marking a significant increase of 124.47% year-on-year, while sales volume was 103,298.2 thousand square meters, up 136.79%[64]. Research and Development - The company invested 454 million CNY in R&D in 2021, accounting for 3.53% of its revenue, which is a leading figure in the industry[52]. - Research and development expenses increased by 46.75% to CNY 453,587,982.07, reflecting a significant investment in innovation[59]. - The company has developed multiple series of packaging material solutions for high-efficiency TOPCon cells, HJT cells, SMBB components, and IBC components, which have been well received by clients[28]. - The company has developed a proprietary technology for CPC backsheet, which has shown significant cost-performance advantages, positioning it well for future market opportunities[47]. - The company’s R&D efforts are focused on high-end products, aiming to expand its product portfolio and meet customer customization needs[54]. Market and Strategic Initiatives - The global photovoltaic installed capacity is expected to reach an average of 232-286GW annually from 2022 to 2025, driven by the global energy transition and increasing demand for renewable energy[35]. - The PCB industry in China is projected to reach a market size of $40.56 billion by 2023, accounting for 54.25% of the global PCB industry[39]. - The company is actively pursuing strategic investments and partnerships to enhance its technological capabilities and market reach[101]. - The company plans to expand its market presence through new product development and technology research, focusing on photovoltaic materials and applications[101]. - The company aims to expand its photovoltaic film production capacity by 300-400 million square meters and photovoltaic backsheet capacity by 60 million square meters within the year[104]. Governance and Compliance - The board of directors and management have confirmed the accuracy and completeness of the financial report[2]. - The board of directors held 11 meetings, the supervisory board held 10 meetings, and various specialized committees held 10 meetings during the reporting period, ensuring effective governance[115]. - The company has established a robust internal control management system that complies with relevant laws and regulations, ensuring effective financial reporting controls as of December 31, 2021[157]. - The company has not reported any significant deficiencies in its internal control system during the reporting period[155]. - The company has committed to ensuring the accuracy and completeness of the prospectus, taking legal responsibility for any misleading information[177]. Environmental and Social Responsibility - The company emphasizes the importance of environmental protection and has not faced any penalties for environmental violations during the reporting period[166]. - The company has established a dedicated environmental management team to oversee environmental monitoring and pollution control, implementing an annual environmental monitoring plan[164]. - The company actively promotes the solar energy industry, producing photovoltaic encapsulation materials that enhance energy conversion efficiency and extend the lifespan of solar modules[167]. - The company has a long-term commitment to not transfer or manage its shares for 36 months post-IPO, ensuring stability in shareholding[172]. - The company has established a mechanism for social responsibility, including support for underprivileged students and community welfare initiatives[169].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥3,214,006,164.27, representing a year-on-year increase of 53.55%[4] - The net profit attributable to shareholders was ¥432,656,879.48, reflecting a year-on-year growth of 53.37%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥429,337,561.73, up 6.00% year-on-year[4] - The basic earnings per share for the period was ¥0.46, an increase of 2.22% compared to the same period last year[5] - The net profit for Q3 2021 was CNY 1,337,944,338.47, a significant increase from CNY 871,606,773.02 in Q3 2020, representing a growth of approximately 53.4%[16] - The net profit attributable to shareholders of the parent company was CNY 1,336,280,265.78, compared to CNY 871,292,448.70 in the same period last year, marking an increase of about 53.3%[16] - The total comprehensive income for Q3 2021 was CNY 1,262,787,770.15, up from CNY 834,667,762.17 in Q3 2020, reflecting a growth of approximately 51.3%[17] - Basic and diluted earnings per share for Q3 2021 were both CNY 1.44, compared to CNY 0.97 in Q3 2020, indicating an increase of about 48.5%[17] Revenue and Sales Growth - The growth in revenue was driven by increased sales of photovoltaic films and backsheets, along with rapid growth in photosensitive dry film sales[7] - Total operating revenue for the first three quarters of 2021 reached ¥8,929,655,522.64, a significant increase from ¥5,469,318,233.07 in the same period of 2020, representing a growth of approximately 63.5%[14] - The company’s total revenue from sales of goods and services for the first three quarters of 2021 was CNY 6,112,236,876.45, compared to CNY 4,089,216,961.01 in the same period of 2020, indicating a growth of approximately 49.4%[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥12,726,520,028.97, a 10.24% increase from the end of the previous year[5] - Total assets as of September 30, 2021, were ¥12,726,520,028.97, up from ¥11,544,851,528.69 at the end of 2020, indicating a growth of about 10.2%[13] - Total liabilities as of September 30, 2021, were ¥1,410,043,263.18, compared to ¥2,515,630,723.30 at the end of 2020, showing a decrease of approximately 44%[13] - The company's total equity as of September 30, 2021, was ¥11,316,476,765.79, up from ¥9,029,220,805.39 at the end of 2020, representing an increase of about 25.4%[13] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥735,497,657.55, a significant decrease of 334.02% compared to the previous year[4] - Cash inflows from operating activities for the first three quarters of 2021 amounted to CNY 6,233,198,701.56, compared to CNY 4,182,743,401.78 in the same period of 2020, representing a growth of approximately 49.0%[18] - The net cash flow from investing activities for Q3 2021 was CNY 1,747,688,272.78, a turnaround from a negative cash flow of CNY -364,163,614.66 in Q3 2020[19] - The net cash flow from financing activities for Q3 2021 was CNY -367,970,656.38, compared to CNY -305,612,960.41 in Q3 2020, indicating a decrease in cash outflow[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,950[8] - The largest shareholder, Foster Technology Group, held 48.45% of the shares[28] Research and Development - Research and development expenses for the first three quarters of 2021 amounted to ¥308,131,334.53, compared to ¥189,715,589.45 in 2020, marking an increase of about 62.5%[15]

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥5,715,649,358.37, representing a 69.29% increase compared to ¥3,376,226,655.06 in the same period last year[13]. - Net profit attributable to shareholders was ¥903,623,386.30, up 98.08% from ¥456,192,095.92 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥875,388,467.26, reflecting a 97.81% increase compared to ¥442,540,501.88 in the same period last year[13]. - The basic earnings per share increased to ¥0.98, an 88.46% rise from ¥0.52 in the previous year[15]. - The weighted average return on equity rose to 9.62%, an increase of 2.86 percentage points compared to 6.76% in the previous year[15]. - The company achieved a revenue of CNY 5,715,649,358.37, representing a year-on-year growth of 69.29%[33]. - The net profit attributable to shareholders reached CNY 90,362.34 million, an increase of 98.08% compared to the previous year[33]. - The company reported a total comprehensive income of ¥861,310,964.48 for the first half of 2021, compared to ¥450,527,069.64 in the same period of 2020, indicating an increase of about 91.1%[115]. Revenue Drivers - The increase in revenue was primarily driven by higher sales volumes and average selling prices of photovoltaic films and photosensitive dry films[16]. - The company sold 461 million square meters of photovoltaic encapsulant, representing a year-on-year growth of 23.19%[20]. - The company sold 31.3683 million square meters of photovoltaic backsheet, with a year-on-year increase of 26.44%[20]. - The company sold 45.4715 million square meters of photosensitive dry film, achieving a remarkable year-on-year growth of 210.95%[20]. - The company’s electronic materials segment is experiencing rapid growth, driven by the increasing demand in the PCB industry[25]. - The company anticipates that the demand for photosensitive dry film will accelerate due to the growth in the automotive electronics and medical device sectors[26]. Asset and Liability Management - Total assets increased to ¥12,275,061,531.32, a 6.32% rise from ¥11,544,851,528.69 at the end of the previous year[14]. - The net assets attributable to shareholders increased to ¥9,835,733,037.91, reflecting an 8.99% growth from ¥9,024,819,981.64 at the end of the previous year[14]. - The net cash flow from operating activities decreased by ¥631,672,016.91, a decline of 375.45% compared to ¥229,324,171.28 in the previous year[14]. - Total liabilities decreased to ¥2,436,304,758.43 from ¥2,515,630,723.30, showing a reduction of about 3.15%[109]. - Owner's equity increased to ¥9,838,756,772.89, up from ¥9,029,220,805.39, marking a growth of approximately 8.95%[109]. Research and Development - Research and development expenses amounted to CNY 186,339,045.56, reflecting a 60.30% increase from the previous year[36]. - Research and development expenses increased to ¥186,339,045.56 in the first half of 2021, up from ¥116,242,647.40 in the same period of 2020, reflecting a growth of approximately 60.3%[113]. Environmental and Compliance - The company is committed to environmental protection, adhering to the Environmental Protection Law of the People's Republic of China, and has effectively managed waste during production[69]. - The company has implemented strict management of pollution prevention facilities, ensuring they operate in sync with production facilities to enhance stability and efficiency[63]. - Environmental impact assessments were conducted for all new or expanded projects, ensuring compliance with environmental regulations[64]. - The company has established an emergency response plan for environmental incidents, which has been reviewed and revised according to legal requirements[66]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[68]. Shareholder and Capital Management - The company distributed a cash dividend of RMB 4.50 per 10 shares, totaling RMB 346,298,567.40, and issued 153,910,474 new shares[88]. - The company has made commitments regarding share transfer restrictions for its actual controllers and shareholders, including a lock-up period of 36 months post-IPO[72]. - The company plans to limit share reductions to no more than 5% of total shares post-IPO within 24 months after the lock-up period[72]. - The company has established a voluntary commitment to not reduce its holdings in Foster shares for 12 months starting from November 9, 2016[73]. Financial Instruments and Accounting Policies - The company recognizes financial assets when cash flow rights are terminated or when the transfer meets the criteria for derecognition as per accounting standards[149]. - The fair value of financial assets and liabilities is determined using valuation techniques supported by sufficient data, categorized into three levels based on observability[150]. - The company applies the expected credit loss method for accounts receivable and notes receivable, as detailed in section 10 of the report[154]. - The company recognizes revenue based on the progress of performance obligations, confirming income when control of goods or services is transferred to the customer[184]. - The company has implemented the new leasing standards since January 1, 2021, which is not expected to have a significant impact on its operating results[192]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next quarter, projecting a revenue increase of 20% based on current market trends[75]. - New product development is underway, with two major products expected to launch in Q3 2021, potentially increasing market share[75]. - The company is expanding its market presence in Southeast Asia, targeting a 10% increase in market penetration by the end of the fiscal year[75]. - A strategic acquisition is planned, aimed at enhancing technological capabilities and expanding the product line, with an estimated cost of $50 million[75].

Financial Performance - Operating revenue surged by 86.51% to CNY 2,814,321,050.91 year-on-year[4] - Net profit attributable to shareholders increased by 219.70% to CNY 495,039,346.85 compared to the same period last year[4] - Basic earnings per share rose by 204.76% to CNY 0.64[4] - Revenue increased by ¥1.305 billion, a growth of 86.51%, driven by sales growth in photovoltaic films, backsheets, and photosensitive dry films[11] - Net profit increased by ¥341.09 million, a growth of 220.80%, primarily due to increased profitability[11] - Total operating revenue for Q1 2021 reached ¥2,814,321,050.91, a significant increase of 86.5% compared to ¥1,508,974,971.87 in Q1 2020[20] - Net profit for Q1 2021 was ¥495,563,832.49, representing a 220.5% increase from ¥154,476,194.31 in Q1 2020[21] - The company reported a total profit of ¥567,515,632.74 for Q1 2021, compared to ¥180,943,012.90 in Q1 2020, indicating a growth of 213.5%[21] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY -770,573,337.35, compared to CNY -137,126,564.91 in the previous year[4] - Cash flow from operating activities decreased by ¥633.45 million compared to the same period last year, mainly due to increased cash payments for goods purchased and services received[12] - The net cash flow from operating activities for Q1 2021 was -¥770,573,337.35, compared to -¥137,126,564.91 in Q1 2020, indicating a worsening cash flow situation[32] - The net cash flow from investing activities for Q1 2021 was ¥726,474,845.60, a recovery from -¥911,479,025.26 in Q1 2020[32] - The total cash inflow from operating activities was ¥1,356,461,651.71, up from ¥972,179,536.42 in the same quarter last year, reflecting a growth of approximately 39.5%[55] Assets and Liabilities - Total assets increased by 5.50% to CNY 12,179,460,883.38 compared to the end of the previous year[4] - Total liabilities increased to ¥2,674,991,330.83, a growth of 6.3% from ¥2,515,630,723.30 year-over-year[16] - Current liabilities amounted to ¥1,275,097,547.92, reflecting a rise of 12.7% compared to ¥1,131,451,196.64 in the prior year[16] - Non-current assets totaled ¥2,450,625,133.84, an increase of 10.1% from ¥2,226,930,889.95 in the previous year[15] - Total assets as of March 31, 2021, were ¥12,179,460,883.38, up from ¥11,544,851,528.69, which is an increase of approximately 5.52%[44] Shareholder Information - The total number of shareholders reached 14,913 by the end of the reporting period[6] - The largest shareholder, Hangzhou Foster Technology Group Co., Ltd., holds 50.04% of the shares[6] - Shareholders' equity reached ¥9,504,469,552.55, up from ¥9,029,220,805.39, indicating a year-over-year increase of 5.2%[16] - The company’s net assets attributable to shareholders increased by 5.26% to ¥9,499,544,243.16 compared to ¥9,024,819,981.64 at the end of the previous year[32] Research and Development - Research and development expenses increased by ¥46.04 million, a growth of 92.51%, mainly due to increased R&D investment[11] - Research and development expenses for Q1 2021 amounted to ¥95,800,348.23, which is an increase of 92.5% from ¥49,764,523.67 in Q1 2020[20] - Research and development expenses increased to ¥85,219,022.97 in Q1 2021, up from ¥41,659,298.65 in Q1 2020, marking a 104.5% rise[22] Inventory and Receivables - Accounts receivable financing increased by ¥627.05 million, up 39.85%, primarily due to an increase in bank acceptance bills that are not yet due[9] - Inventory increased significantly to ¥1,092,156,699.44, up from ¥756,707,248.90, representing a growth of 44.4% year-over-year[18] - Accounts receivable rose to ¥2,150,780,338.55, compared to ¥2,105,328,091.85 in the previous year, marking a 2.2% increase[18] Other Income and Expenses - The company received government subsidies amounting to CNY 2,686,932.06 during the reporting period[5] - Non-operating income from investment products amounted to CNY 7,532,135.56[5] - The company experienced a credit impairment loss of ¥94,672,975.97 in Q1 2021, compared to a loss of ¥39,332,149.40 in Q1 2020[22] - The company’s other comprehensive income decreased by CNY 20.32 million, a decline of 55.09%, primarily due to reduced foreign currency translation differences[38]

Financial Performance - The company's operating revenue for 2020 was CNY 8,393,142,040.58, representing a 31.59% increase compared to CNY 6,378,151,355.92 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 1,565,006,791.51, a 63.52% increase from CNY 957,062,795.31 in the previous year[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,521,473,835.37, up 87.72% from CNY 810,502,040.05 in 2019[16] - Basic earnings per share reached 2.09 CNY, a 59.54% increase from 1.31 CNY in 2019[17] - The weighted average return on equity increased by 4.68 percentage points to 20.92%[17] - The company's net profit increased by 31.31%, reaching approximately CNY 5.34 billion, attributed to improved operational efficiency[63] - The company achieved total operating revenue of 8,393,142,040.58 yuan in 2020, representing a 31.59% increase compared to the previous year, with a net profit attributable to shareholders of 156,500.68 million yuan, up 63.52%[45] Cash Flow and Assets - The net cash flow from operating activities for 2020 was CNY 272,341,482.92, a decrease of 37.38% compared to CNY 434,941,650.99 in 2019[16] - The net cash flow from operating activities decreased by CNY 162.60 million, attributed to increased cash payments for goods and services[47] - The total assets at the end of 2020 were CNY 11,544,851,528.69, reflecting a 39.01% increase from CNY 8,305,106,941.62 at the end of 2019[16] - Accounts receivable increased by 45.95% to 750.06 million yuan, attributed to expanded sales scale[32] - The company's cash flow from operations was negatively impacted by an increase in accounts receivable, notes receivable, and inventory due to the expansion of its business scale[108] Production and Sales - The company sold 865 million square meters of photovoltaic film in 2020, a 15.57% increase year-on-year, capturing approximately 55%-60% of the global market share[24] - The production volume of photovoltaic film was 87,391.66 million square meters, reflecting a year-on-year increase of 16.50%[51] - The main business revenue from photovoltaic film reached CNY 756,229.44 million, growing by 32.79% compared to the previous year[48] - The company expanded its production capacity for photovoltaic adhesive films to a designed capacity of 1.051 billion square meters, a year-on-year increase of 41.07%[43] - The company launched the largest scale of multi-layer co-extruded POE adhesive film production, enhancing product offerings for customers[42] Research and Development - Research and development expenses for 2020 amounted to 309 million yuan, maintaining a leading position in the industry[34] - The company holds 353 invention and utility model patents, with 121 valid invention patents, ensuring a strong technological advantage[34] - The company has developed new materials such as photosensitive dry film and aluminum-plastic composite film, with some products already entering industrialization[24] - The company is focusing on the development of high-end photosensitive dry films to achieve domestic production capabilities[104] - The company aims to develop new materials such as photosensitive dry film and FCCL, with plans for large-scale production based on market expansion[104] Market and Industry Outlook - Global photovoltaic installed capacity increased from 53 GW in 2015 to 130 GW in 2020, indicating a stable growth trend in the industry[29] - The company forecasts global photovoltaic installed capacity to reach 270 GW by 2025 under conservative estimates, with adhesive film demand projected to be 32.4 billion square meters[31] - The company is a leading player in the global photovoltaic encapsulation materials industry, benefiting from scale, brand, and customer resource advantages[77] - The average selling price for photovoltaic products is influenced by market supply and demand as well as raw material costs[79] Dividend and Shareholder Information - The company plans to distribute a cash dividend of CNY 4.50 per 10 shares and to increase capital by 2 shares for every 10 shares held, totaling CNY 346,298,567.40 in cash dividends and 153,910,474 shares to be distributed[3] - The cash dividend per 10 shares in 2020 was 4.50 RMB, down from 5.50 RMB in 2019[115] - The company plans to maintain a cash dividend policy where at least 10% of the annual distributable profit will be distributed, with a minimum of 20% cash dividends in the profit distribution for 2020-2022[112] - The company did not propose a cash profit distribution plan for ordinary shareholders despite having positive distributable profits in the reporting period[116] Risk Management - The company has detailed potential risks in the report, which investors should review carefully[5] - The company anticipates potential risks from product price declines and operational performance fluctuations due to rising raw material costs and market conditions[106] - The company acknowledges a risk of talent shortages due to the rapid expansion of its business, and plans to enhance talent recruitment and training in key areas[110] - The company aims to strengthen its accounts receivable collection efforts and improve credit policies to mitigate bad debt risks[107] Environmental and Social Responsibility - The company has implemented strict environmental protection measures, ensuring that pollution control facilities are designed, constructed, and operated simultaneously with main projects[156] - The company actively engages in social responsibility by supporting various public welfare initiatives, including donations to impoverished families and educational programs[153] - The company provided financial assistance of CNY 350,000 to 7 impoverished university students through the "Foster Love Scholarship Fund"[149] - A total of CNY 1 million was donated to help build cultural halls in rural areas, enhancing cultural life[149] Financial Instruments and Investments - The company has invested a total of ¥991.3 million in bank wealth management products and ¥1.3 billion in broker wealth management products, with no overdue amounts reported[139] - The company has a structured deposit of CNY 200,000,000.00 with a fixed return rate of 3.80%[145] - The company is considering future investments in various types of financial products based on market conditions[146] Corporate Governance - The company has established a mechanism to deduct compensation amounts from dividends payable to the controlling shareholder if they fail to compensate investors[122] - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its stock listing[117] - The company has a long-term commitment to transparency and accountability in its financial disclosures and investor relations[122]

Financial Performance - Net profit attributable to shareholders rose by 47.06% year-on-year, amounting to RMB 871,292,448.70[5] - Operating revenue for the first nine months increased by 19.14% year-on-year, totaling RMB 5,469,318,233.07[5] - Basic earnings per share rose by 41.98% year-on-year, reaching RMB 1.15[5] - The company experienced a significant increase in net profit after deducting non-recurring gains and losses, which rose by 71.96% year-on-year to RMB 847,587,143.36[5] - Total operating revenue for Q3 2020 reached ¥2,093,091,578.01, a 29.8% increase from ¥1,612,066,686.97 in Q3 2019[22] - Net profit for Q3 2020 was ¥415,784,405.59, compared to ¥193,649,905.06 in Q3 2019, representing a 115.5% increase[23] - The company reported a total profit of ¥482,378,800.58 for Q3 2020, compared to ¥226,686,929.63 in Q3 2019, reflecting a 112.5% increase[23] - The total comprehensive income attributable to the parent company for Q3 2020 was ¥383,456,639.72, up from ¥209,740,781.88 in Q3 2019, a 82.8% increase[26] Assets and Liabilities - Total assets increased by 8.82% year-on-year, reaching RMB 9,037,870,788.40[5] - Non-current assets totaled ¥2,027,119,070.12, compared to ¥1,560,483,642.95, marking an increase of about 29.9%[15] - Current liabilities rose to ¥1,026,077,193.27 from ¥861,532,609.15, reflecting a growth of approximately 19.1%[15] - Total liabilities decreased to ¥1,048,516,155.69 from ¥1,775,863,435.13, a reduction of about 41.0%[16] - Owner's equity increased to ¥7,989,354,632.71 from ¥6,529,243,506.49, showing a growth of approximately 22.3%[16] - The company reported a total of 385,063,580 shares held by its largest shareholder, accounting for 50.04% of total shares[7] - Accounts receivable increased by CNY 38.42 million, a growth of 28.17% due to an increase in commercial acceptance bills[9] - Financing receivables increased by CNY 336.35 million, a growth of 26.31% attributed to expanded sales scale[9] Cash Flow - Net cash flow from operating activities surged by 79.10% year-on-year, reaching RMB 314,285,028.12[5] - Net cash flow from operating activities increased by CNY 138.80 million compared to the same period last year, primarily due to higher cash received from sales of goods and services[10] - Cash flow from operating activities for the first three quarters of 2020 was ¥4,182,743,401.78, compared to ¥3,807,351,674.17 in the same period of 2019, indicating a 9.8% increase[31] - The net cash flow from operating activities for the first three quarters of 2020 was CNY 176,619,698.17, slightly down from CNY 178,244,835.92 in the previous year[34] - The total cash inflow from operating activities for the first three quarters of 2020 was CNY 3,513,608,084.74, compared to CNY 3,101,830,835.19 in the same period of 2019, marking an increase of 13.3%[34] Research and Development - R&D expenses increased by CNY 37.19 million, a growth of 24.38% due to increased R&D investment[10] - R&D expenses for Q3 2020 amounted to ¥73,472,942.05, a significant rise from ¥52,825,773.76 in Q3 2019, indicating a 39.1% increase[22] - Research and development expenses for Q3 2020 were ¥63,102,538.52, up 50.8% from ¥41,840,880.08 in Q3 2019[27] Future Plans - The company plans to raise CNY 1.7 billion through a public offering of convertible bonds to fund a new photovoltaic film project with an annual production capacity of 500 million square meters[11] - The company plans to expand its market presence and invest further in new technologies and product development to sustain growth in the upcoming quarters[67]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥3,376,226,655.06, representing a 13.35% increase compared to ¥2,978,601,001.23 in the same period last year[13]. - Net profit attributable to shareholders was ¥456,192,095.92, up 14.58% from ¥398,141,055.78 in the previous year[14]. - The net profit after deducting non-recurring gains and losses increased by 45.54%, reaching ¥442,540,501.88 compared to ¥304,063,778.27 in the same period last year[14]. - The net cash flow from operating activities surged by 175.22%, amounting to ¥229,324,171.28, compared to ¥83,324,568.93 in the previous year[14]. - Basic earnings per share for the first half of 2020 were ¥0.62, reflecting a 14.81% increase from ¥0.54 in the same period last year[15]. - The company's total assets at the end of the reporting period were ¥8,601,639,571.10, a 3.57% increase from ¥8,305,106,941.62 at the end of the previous year[14]. - The net assets attributable to shareholders increased by 11.75%, reaching ¥7,291,657,531.57 compared to ¥6,524,984,672.72 at the end of the previous year[14]. Revenue Drivers - The increase in revenue was primarily driven by higher sales volume and average selling prices of photovoltaic film products[16]. - The sales volume of photovoltaic encapsulation films reached 375 million square meters, a year-on-year increase of 5.39%[20]. - The sales volume of backsheet products was 24.81 million square meters, a year-on-year increase of 0.50%[20]. - The company has established long-term stable partnerships with major domestic and international petrochemical enterprises for the procurement of photovoltaic resin[20]. Market and Industry Insights - The global photovoltaic market has seen a compound annual growth rate of nearly 40% over the past decade, with installed capacity reaching 627 GW by 2019[21]. - The average cost of photovoltaic power generation decreased from $0.37/kWh in 2010 to $0.085/kWh in 2018, a reduction of over 77%[22]. - The company is actively expanding production capacity to meet the rapidly growing market demand and developing competitive new encapsulation film products[22]. Capital and Investment - The company plans to raise a total of ¥1.7 billion through a public offering of convertible bonds to fund the construction of the Chuzhou production base and other projects[32]. - The construction of three major projects, including the annual production of 250 million square meters of white EVA film, is progressing, with some production lines already in trial operation[30]. - The company has completed the preliminary preparations for the Chuzhou production base, which aims to enhance supply capabilities in the Yangtze River Delta region[31]. - The company invested a total of ¥21,379.77 million in fundraising projects during the reporting period, with a cumulative investment of ¥35,470.51 million[41]. Financial Position and Liabilities - The company's total liabilities decreased due to a reduction in debts and contingent consideration[38]. - Contract liabilities amounted to ¥28,451,534.13, reflecting a shift from "advance payments" due to the implementation of new revenue standards[38]. - The company's capital reserve increased by 36.39% to ¥1,897,208,779.68, primarily due to the conversion of convertible bonds and capital reserve transfers[38]. - The company's short-term borrowings rose by 543.01% to ¥127,839,628.74, indicating increased bank credit borrowings[36]. Shareholder and Governance Matters - The company held two shareholder meetings during the reporting period, with no resolutions being rejected or changed[50]. - There is no profit distribution or capital reserve transfer plan proposed for the half-year period[51]. - The actual controller and shareholders have made commitments regarding the transfer of shares, including a lock-up period of 36 months from the date of listing[53]. - Shareholders must announce any share reductions three trading days in advance and comply with relevant disclosure obligations[54]. Environmental and Social Responsibility - The company donated RMB 1,000,000 to the local Red Cross for COVID-19 relief efforts and RMB 1,000,000 for rural cultural hall construction during the reporting period[68]. - The company plans to continue its photovoltaic poverty alleviation projects and support for disadvantaged workers and communities[70]. - Suzhou Foster has implemented a pollution prevention facility management system, ensuring that environmental facilities operate in sync with production facilities[81]. Compliance and Legal Matters - There are no significant lawsuits or arbitration matters during the reporting period[62]. - The company and its controlling shareholders have not failed to fulfill any court judgments or significant debts during the reporting period[63]. - The company has not engaged in any activities that constitute competition with its subsidiaries[60]. Accounting and Financial Reporting - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect its financial status accurately[136]. - The company’s financial statements are prepared based on the principle of continuous operation[134]. - The company recognizes revenue from the sale of photovoltaic products when the ownership risks and rewards are transferred to the buyer, and the revenue amount is reliably measurable[175]. - The company implemented the new revenue recognition standard starting from January 1, 2020, with no significant impact on financial statements[184].

Financial Performance - Net profit attributable to shareholders decreased by 28.31% to CNY 154,846,400.30 year-on-year[4] - Operating revenue declined by 6.54% to CNY 1,508,974,971.87 compared to the same period last year[4] - The weighted average return on equity decreased by 1.46 percentage points to 2.35%[4] - Total operating revenue for Q1 2020 was approximately CNY 1.51 billion, a decrease of 6.5% compared to CNY 1.61 billion in Q1 2019[21] - Net profit for Q1 2020 was approximately CNY 154.48 million, a decline of 28.3% from CNY 215.28 million in Q1 2019[22] - The company's total profit for Q1 2020 was approximately CNY 180.94 million, a decrease of 28.3% from CNY 252.10 million in the previous year[21] - The total comprehensive income for Q1 2020 was approximately CNY 124.99 million, compared to CNY 184.29 million in Q1 2019, reflecting a decrease of about 32%[24] Cash Flow - Net cash flow from operating activities improved by 25.74%, reaching CNY -137,126,564.91[4] - Cash inflow from operating activities totaled CNY 1.19 billion in Q1 2020, up from CNY 1.03 billion in Q1 2019, representing an increase of approximately 15%[25] - The net cash flow from operating activities was negative CNY 137.13 million in Q1 2020, an improvement from negative CNY 184.67 million in Q1 2019[26] - Cash outflow from investing activities was CNY 1.68 billion in Q1 2020, compared to CNY 1.48 billion in Q1 2019, indicating an increase of about 13%[26] - The net cash flow from investing activities was negative CNY 803.66 million in Q1 2020, a significant decline from a positive CNY 192.82 million in Q1 2019[26] Assets and Liabilities - Total assets increased by 1.26% to CNY 8,410,023,762.39 compared to the end of the previous year[4] - Total liabilities amounted to ¥1,764,093,198.36, an increase from ¥1,693,986,108.72 in the previous year, reflecting a growth of approximately 4.1%[19] - Total equity attributable to shareholders increased to ¥5,587,164,405.12 from ¥5,462,173,375.61, showing an increase of about 2.3%[19] - The company's total assets increased to ¥7,351,257,603.48 in Q1 2020, up from ¥7,156,159,484.33 in Q1 2019, reflecting a growth of 2.72%[55] Shareholder Information - The number of shareholders at the end of the reporting period was 9,762[7] - Total equity attributable to shareholders increased by 1.88% to CNY 6,647,607,326.52 compared to the end of the previous year[40] Expenses - Operating expenses decreased by CNY 9.8746 million, a decline of 35.04%, mainly due to reduced maintenance and business entertainment expenses[10] - Research and development expenses increased to approximately CNY 49.76 million, up 5.5% from CNY 47.16 million in the same period last year[21] - Financial expenses decreased by CNY 27.9850 million, a decline of 298.00%, primarily due to increased foreign exchange gains and interest income[10] Other Financial Metrics - Basic earnings per share decreased by 26.83% to CNY 0.30 compared to CNY 0.41 in the previous year[40] - The company received government subsidies amounting to CNY 1,246,724.40 during the reporting period[5] - The credit impairment loss for Q1 2020 was approximately CNY -76.63 million, compared to CNY -16.46 million in Q1 2019, indicating a deterioration in asset quality[21]

Financial Performance - The company's operating revenue for 2019 was CNY 6,378,151,355.92, representing a year-on-year increase of 32.61% compared to CNY 4,809,736,097.86 in 2018[18]. - The net profit attributable to shareholders of the listed company for 2019 was CNY 957,062,795.31, an increase of 27.39% from CNY 751,257,491.27 in 2018[18]. - The net profit after deducting non-recurring gains and losses was CNY 810,502,040.05, which is an 88.20% increase compared to CNY 430,656,193.07 in the previous year[18]. - The net cash flow from operating activities for 2019 was CNY 434,941,650.99, showing a significant increase of 156.49% from CNY 169,574,040.38 in 2018[18]. - The total assets at the end of 2019 were CNY 8,305,106,941.62, reflecting a year-on-year growth of 28.64% from CNY 6,455,917,796.66 at the end of 2018[18]. - The net assets attributable to shareholders of the listed company at the end of 2019 were CNY 6,524,984,672.72, an increase of 17.48% from CNY 5,553,888,887.48 at the end of 2018[18]. - The basic earnings per share rose to 1.83 RMB, a 27.08% increase from the previous year[19]. - The weighted average return on equity increased by 1.93 percentage points to 16.24%[19]. Revenue and Sales Growth - The company's operating revenue increased by 32.61% compared to the same period last year, primarily due to higher sales of photovoltaic encapsulation films[19]. - Sales of photovoltaic encapsulation films reached 749 million square meters, with revenue of 569,504.78 RMB, up 28.88% and 37.14% year-on-year respectively[42]. - The company successfully increased sales of photosensitive dry film by 83.79%, generating revenue of 57,219.5497 RMB, a 94.88% increase compared to the previous year[42]. - The production volume of photovoltaic film was 75,016.07 thousand square meters, with a sales volume of 74,869.18 thousand square meters, reflecting a production increase of 25.99% and a sales increase of 28.88% compared to the previous year[51]. - Domestic revenue reached approximately 4.89 billion CNY, while international revenue was about 1.44 billion CNY, showing a year-over-year increase of 71.26% for international sales[50]. Investment and R&D - The company plans to accelerate product structure and production equipment upgrades to enhance competitiveness and market share[35]. - The company’s long-term investment in R&D has positioned it as a leader in solar encapsulation materials, with a diverse product range including transparent EVA and POE films[37]. - Research and development expenses increased by 13.04% to 202,875,711.51 RMB, reflecting the company's commitment to product innovation[48]. - Total R&D investment accounted for 3.18% of operating revenue, with 308 R&D personnel, representing 15.79% of the total workforce[59]. - The company launched new products in the photovoltaic materials sector, including co-extruded POE films and transparent back sheets for bifacial solar modules[60]. Market Position and Strategy - The company is recognized as a leading enterprise in the global photovoltaic encapsulation materials industry, benefiting from scale, brand, and customer resource advantages[76]. - The company has established a strong customer resource barrier, covering major domestic and international solar module manufacturers[39]. - The company aims to leverage the new industry environment to consolidate market share as high-cost, low-technology firms exit the market[35]. - The company plans to expand its international market presence, as indicated by the rapid growth in overseas sales[50]. - The company has a plan to establish a standardized decision-making process for share reduction and will consult legal advisors before any transactions[117]. Shareholder and Dividend Policy - The company plans to distribute a cash dividend of CNY 5.50 per 10 shares and to increase capital by 4 shares for every 10 shares held, totaling CNY 287,430,000 in cash dividends and 209,040,000 shares to be distributed[5]. - The cash dividend policy stipulates that at least 10% of the distributable profits must be allocated as dividends each year, with a minimum cash dividend ratio of 20% for the years 2018-2020[111]. - For 2019, the company proposed a cash dividend of 5.50 RMB per 10 shares, amounting to 287,430,000 RMB, representing 30.03% of the net profit attributable to ordinary shareholders[112]. - The company emphasizes the importance of maintaining a stable and continuous profit distribution policy to ensure sustainable development and reasonable returns for investors[111]. Risk Management and Compliance - The company has outlined potential risks in its report, which investors should be aware of[7]. - The company is implementing measures to mitigate risks related to accounts receivable, including strengthening credit policies and establishing collection responsibilities[107]. - The company acknowledges the risks associated with fixed asset depreciation and capacity digestion in the context of project expansions[108]. - The company has committed to ongoing solar poverty alleviation projects and fulfilling its social responsibilities through various donations[157]. Environmental and Social Responsibility - The company has invested ¥1,961.76 million in environmental protection, accounting for 0.31% of total revenue[91]. - The company has committed ¥25,000,000 to rural road construction as part of its social responsibility initiatives[154]. - The company has provided ¥350,000 in scholarships to 7 impoverished college students through its charity fund[154]. - The company has distributed ¥200,000 in care funds to elderly individuals over 60 years old in the local area[154]. - The company has established a long-term poverty alleviation mechanism through the construction of distributed power generation systems[158]. Financial Management and Governance - The company has engaged in various financial management activities, including bank wealth management products totaling RMB 571,205,000, with an outstanding balance of RMB 466,860,638[146]. - The company has a consolidated asset-liability ratio of 21.38% as of December 31, 2019[172]. - The company has a strong debt repayment capability, with cash flow from operating activities expected to cover the principal and interest of the convertible bonds[172]. - The company has established measures to prevent conflicts of interest and ensure that controlling shareholders do not interfere with management activities[121]. - The company has maintained a good integrity status, with no significant debts overdue or unfulfilled court judgments[140].

Financial Performance - Operating revenue for the first nine months was ¥4,590,667,688.20, representing a year-on-year growth of 34.60%[6] - Net profit attributable to shareholders was ¥592,477,575.81, a significant increase of 70.80% compared to the same period last year[6] - Basic earnings per share rose to ¥1.13, reflecting a growth of 71.21% year-on-year[6] - Total revenue for Q3 2019 reached ¥1,612,066,686.97, a 32.0% increase from ¥1,221,872,756.83 in Q3 2018[22] - Net profit for Q3 2019 was ¥193,649,905.06, compared to ¥122,252,684.71 in Q3 2018, representing a 58.5% increase[25] - The company reported a total profit of ¥226,686,929.63 for Q3 2019, compared to ¥141,325,321.91 in Q3 2018, marking a 60.5% increase[25] - The total operating income for the first nine months of 2019 was ¥4,590,667,688.20, a 34.5% increase from ¥3,410,694,263.60 in the same period of 2018[22] Cash Flow - Net cash flow from operating activities for the first nine months was ¥175,484,229.00, a recovery from a negative cash flow of ¥169,592,079.86 in the previous year[6] - Net cash flow from operating activities increased by CNY 345.08 million, mainly due to higher cash received from sales of goods and services compared to the same period last year[12] - The cash inflow from operating activities for the first three quarters of 2019 was CNY 3,101,830,835.19, an increase of 32.96% compared to CNY 2,332,222,715.59 in the same period of 2018[35] - The net cash flow from operating activities for the first three quarters of 2019 was CNY 178,244,835.92, a significant improvement from a net outflow of CNY 152,295,346.26 in the same period of 2018[35] - The total cash inflow from sales of goods and services was CNY 3,595,619,567.06, up from CNY 2,807,307,254.50 in the previous year, marking an increase of 28.06%[77] Assets and Liabilities - Total assets at the end of the reporting period reached ¥6,925,300,276.21, an increase of 7.27% compared to the end of the previous year[6] - Current assets totaled approximately ¥5.43 billion, an increase of 8.2% from ¥5.01 billion in the previous year[16] - Total liabilities amounted to ¥970.80 million, a rise of 7.8% from ¥900.19 million in the previous year[18] - The company's equity attributable to shareholders increased to ¥5.95 billion, up 7.1% from ¥5.55 billion[18] - Total current assets amounted to RMB 5,013,966,320.30, with cash and cash equivalents at RMB 493,600,453.50[84] - Total liabilities were RMB 900,193,091.88, with current liabilities comprising RMB 885,142,412.93[85] Shareholder Information - The total number of shareholders at the end of the reporting period was 7,605[8] - The largest shareholder, Hangzhou Foster Technology Group Co., Ltd., held 52.63% of the shares[8] - The company’s second employee stock ownership plan remains unchanged with 2,049 shares as of the end of the reporting period[13] Research and Development - R&D expenses increased by CNY 26.25 million, a rise of 20.79%, reflecting increased investment in research and development[11] - Research and development expenses in Q3 2019 totaled ¥52,825,773.76, an increase from ¥45,853,276.21 in Q3 2018[22] - Research and development expenses for Q3 2019 totaled ¥41,840,880.08, a 15% increase from ¥36,376,610.22 in Q3 2018[29] Investment Activities - The company received approval from the China Securities Regulatory Commission for the public issuance of convertible bonds on September 12, 2019[13] - The company reported a decrease in investment income by CNY 1,554.00 million, a decline of 35.29%, due to reduced returns from financial products[56] - The cash inflow from investment activities for the first three quarters of 2019 was CNY 2,682,044,006.33, down 52.8% from CNY 5,673,869,758.74 in the same period of 2018[35] Financial Ratios - The weighted average return on equity increased by 3.52 percentage points to 10.34%[6] - The company reported a net profit excluding non-recurring gains and losses of RMB 492,908,294.05, up 63.73% year-on-year[51]