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]

Financial Performance - The company's operating revenue for the first half of 2019 reached ¥2,978,601,001.23, representing a 36.08% increase compared to ¥2,188,821,506.77 in the same period last year[13]. - Net profit attributable to shareholders was ¥398,141,055.78, a significant increase of 77.23% from ¥224,649,631.14 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥304,063,778.27, up 56.69% from ¥194,051,021.65 year-on-year[13]. - Basic earnings per share rose to ¥0.76, a 76.74% increase from ¥0.43 in the same period last year[14]. - The weighted average return on net assets improved to 7.00%, an increase of 2.59 percentage points compared to the previous year[14]. - The company's revenue for the reporting period was 2,978.60 million RMB, representing a year-on-year increase of 36.08%[24]. - The net profit attributable to shareholders was 398.14 million RMB, an increase of 77.23% compared to the same period last year[24]. - The company reported a significant increase in cash and cash equivalents in the parent company, rising to CNY 684,801,758.86 from CNY 378,469,695.01, an increase of approximately 80.7%[82]. Cash Flow and Investments - The net cash flow from operating activities increased by 280.48%, amounting to ¥83,324,568.93, primarily due to compensation received for the P3 plant area[13][15]. - The company reported a net inflow of ¥402,199,845.91 from investment activities, a significant increase of 643.17% compared to the previous year[28]. - The company reported a net cash flow from investment activities of ¥402,199,845.91, a significant increase from ¥54,119,555.83 in the previous period[95]. - Total cash inflow from investment activities was ¥2,622,207,198.53, compared to ¥4,481,840,161.20 in the same period last year, indicating a decrease of approximately 41.4%[95]. - Cash outflow for investment activities totaled ¥2,220,007,352.62, down from ¥4,427,720,605.37, reflecting a reduction of about 50%[95]. Sales and Production - The company sold 355.44 million square meters of photovoltaic encapsulation film, a year-on-year increase of 29.77%[18]. - The sales of backsheet products reached 24.68 million square meters, reflecting a growth of 30.41% compared to the previous year[18]. - The company attributed the revenue growth primarily to the expanded sales scale of photovoltaic film products[15]. - Operating costs increased by 36.56% to ¥2,398,732,941.62, primarily due to the expanded sales scale of photovoltaic film products[28]. Assets and Liabilities - Total assets reached ¥6,656,400,611.50, marking a 3.11% increase from the previous year-end[13]. - The net assets attributable to shareholders increased to ¥5,740,178,761.84, reflecting a growth of 3.35% compared to the end of the previous year[13]. - Total liabilities amounted to CNY 913,400,019.25, up from CNY 900,193,091.88, showing a slight increase of around 1.5%[81]. - The total assets reached CNY 6,656,400,611.50, compared to CNY 6,455,917,796.66, reflecting an increase of approximately 3.1%[81]. Research and Development - R&D expenses increased by 23.98% to ¥99,702,769.41, reflecting the company's commitment to enhancing its product offerings[28]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[80]. - Research and development efforts are ongoing, with a focus on new technologies to drive future growth[1]. Corporate Governance and Compliance - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with a potential extension of the lock-up period by 6 months if the stock price falls below the IPO price for 6 consecutive trading days[46]. - The company will announce any share reduction three trading days in advance and comply with relevant legal and regulatory requirements[47]. - The company has established measures to ensure that if it fails to repurchase shares or compensate investors, the controlling shareholder will be responsible for these obligations[49]. - The company has committed to ensuring that its subsidiaries do not engage in any competitive activities against the company itself[53]. Social Responsibility - The company actively engages in social responsibility, contributing 500,000 CNY to assist disadvantaged communities through its "Spring Breeze Action" initiative[65]. - The company donated 607,500 CNY for the construction of a distributed power generation project in Guizhou, demonstrating its commitment to poverty alleviation[65]. - The company plans to continue its photovoltaic poverty alleviation projects and support for disadvantaged workers and communities through various forms of donations[68]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 7,980[74]. - The largest shareholder, Hangzhou Foster Technology Group Co., Ltd., holds 280,271,414 shares, representing 53.63% of total shares[75]. - The second-largest shareholder, Lin Jianhua, holds 111,329,400 shares, accounting for 21.30% of total shares[75]. Accounting Policies and Financial Reporting - There were no significant changes in accounting policies or estimates compared to the previous accounting period, ensuring consistency in financial reporting[72]. - The company adheres to the accounting standards for enterprises, ensuring that the financial statements reflect a true and complete picture of its financial status and operating results[119]. - The company’s financial reporting format was revised in accordance with the Ministry of Finance's guidelines, impacting the presentation but not the financial results[167].

Financial Performance - Total revenue for the first quarter reached ¥1,614,589,622.06, representing a 52.39% increase compared to ¥1,059,511,873.23 in the same period last year[5] - Net profit attributable to shareholders was ¥215,985,514.44, up 112.56% from ¥101,610,076.27 year-on-year[5] - Basic earnings per share rose to ¥0.41, a 64.00% increase from ¥0.25 in the same quarter last year[5] - The weighted average return on equity increased to 3.81%, up 1.81 percentage points from 2.00% in the previous year[5] - The company reported a net profit increase, with retained earnings rising to ¥3,623,744,049.94 from ¥3,407,758,535.50, an increase of about 6.3%[18] - The company reported a gross profit margin of approximately 10.3% for Q1 2019, compared to 10.3% in Q1 2018[24] - The company reported a decrease in financial expenses, with interest expenses down to ¥472,328.05 from ¥1,883,390.22 in Q1 2018[26] Cash Flow - The net cash flow from operating activities was negative at ¥-184,668,373.18, a significant decline of 1,037.90% compared to ¥-16,228,910.50 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥184,668,373.18 in Q1 2019, worsening from a net outflow of ¥16,228,910.50 in Q1 2018[67] - The net cash flow from operating activities was -175,127,252.69 RMB, a significant decline compared to 6,145,007.95 RMB in the same quarter last year[30] - Investment activities generated a net cash inflow of ¥192,817,025.71 in Q1 2019, compared to a net outflow of -¥18,929,158.17 in Q1 2018[29] - The net cash flow from investment activities improved to 164,590,884.32 RMB, compared to -43,545,730.54 RMB in the previous year[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,671,544,713.55, a 3.34% increase from ¥6,455,917,796.66 at the end of the previous year[5] - Total liabilities amounted to ¥897,803,695.41, slightly down from ¥900,193,091.88, a decrease of approximately 0.43%[18] - Current assets totaled ¥4,171,131,361.28, compared to ¥3,998,006,491.92, indicating an increase of about 4.33%[20] - Accounts receivable rose to ¥2,574,404,041.98 from ¥2,057,422,215.20, reflecting a significant increase of approximately 25.1%[20] - Inventory decreased to ¥482,800,919.56 from ¥641,104,189.46, showing a decline of about 24.7%[20] - Total equity attributable to shareholders reached approximately $5.55 billion, with total equity amounting to $5.56 billion[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,002[8] - The largest shareholder, Hangzhou Foster Technology Group, holds 53.63% of the shares, totaling 280,271,414 shares[10] Government Support and Subsidies - The company received government subsidies amounting to ¥2,215,644.52, which are closely related to its normal operations[6] - The company received CNY 69.22 million in asset disposal income, mainly from compensation for the demolition of the P3 plant[12] Research and Development - R&D expenses in Q1 2019 amounted to ¥47,158,565.42, an increase of 33.0% from ¥35,493,520.03 in Q1 2018[24] - Research and development expenses increased to ¥40,319,950.74 in Q1 2019, compared to ¥28,553,778.18 in Q1 2018, reflecting a 41.1% rise[26] Operational Highlights - Operating revenue increased by CNY 555.08 million, a growth of 52.39%, primarily driven by the expansion of photovoltaic film sales and an increase in high value-added products[12] - Total operating costs for Q1 2019 were ¥1,448,963,898.02, up 52.5% from ¥950,604,660.94 in Q1 2018[24] - The company plans to invest in the P4 film production line and other projects, with a construction in progress increase of CNY 13.19 million, a growth of 23.09%[11]

Financial Performance - Total revenue for Q1 2019 reached RMB 1,614,589,622.06, representing a 52.39% increase compared to the same period last year[5]. - Net profit attributable to shareholders was RMB 215,985,514.44, a significant increase of 112.56% year-on-year[5]. - Basic earnings per share increased to RMB 0.41, up 64.00% from RMB 0.25 in the same period last year[5]. - Operating revenue increased by CNY 555.08 million, a growth of 52.39%, primarily driven by the expansion of photovoltaic film sales and an increase in high value-added products[12]. - Total operating revenue for Q1 2019 was ¥1,614,589,622.06, an increase of 52.2% compared to ¥1,059,511,873.23 in Q1 2018[24]. - Net profit for Q1 2019 reached ¥215,278,129.71, representing a 110.9% increase from ¥102,099,504.04 in Q1 2018[25]. - The company reported a gross profit of ¥165,625,724.04 for Q1 2019, compared to ¥108,990,212.29 in Q1 2018, indicating a gross margin improvement[24]. - The company’s operating profit for Q1 2019 was ¥217,561,399.43, a 105.5% increase from ¥106,103,624.56 in Q1 2018[26]. Cash Flow - The net cash flow from operating activities was negative at RMB -184,668,373.18, a decrease of 1,037.90% compared to the previous year[5]. - Cash flow from operating activities showed a net outflow of ¥184,668,373.18, worsening from a net outflow of ¥16,228,910.50 in Q1 2018[29]. - The net cash flow from operating activities was -175,127,252.69 RMB, a significant decline compared to 6,145,007.95 RMB in the same quarter of 2018[30]. - Total cash inflow from investment activities was 1,512,444,901.93 RMB, down from 1,898,739,464.71 RMB year-over-year[30]. - The net cash flow from investment activities improved to 164,590,884.32 RMB, compared to -43,545,730.54 RMB in the first quarter of 2018[30]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 6,671,544,713.55, a 3.34% increase from the end of the previous year[5]. - Total liabilities amounted to ¥897,803,695.41, slightly down from ¥900,193,091.88, a decrease of approximately 0.43%[18]. - Total assets increased to ¥6,671,544,713.55, up from ¥6,455,917,796.66, representing a growth of approximately 3.34%[17]. - Current assets totaled ¥4,171,131,361.28, an increase from ¥3,998,006,491.92, reflecting a growth of about 4.33%[20]. - Total liabilities amounted to approximately $900.19 million, with current liabilities at $885.14 million and non-current liabilities at $15.05 million[34]. Shareholder Information - The total number of shareholders at the end of the reporting period was 10,002[8]. - The largest shareholder, Hangzhou Foster Technology Group, holds 53.63% of the shares, totaling 280,271,414 shares[10]. - Total equity attributable to shareholders reached 5,553,888,887.48, reflecting a slight decrease from the previous period[72]. Research and Development - R&D expenses in Q1 2019 amounted to ¥47,158,565.42, a rise of 33.0% compared to ¥35,493,520.03 in Q1 2018[24]. - Research and development expenses increased to ¥40,319,950.74 in Q1 2019 from ¥28,553,778.18 in Q1 2018, a rise of 41.1%[64]. Tax and Other Expenses - The company’s tax expenses increased by CNY 19.73 million, a rise of 115.43%, mainly due to increased profitability[12]. - The company’s tax expenses for Q1 2019 were ¥36,824,345.17, compared to ¥17,093,615.77 in Q1 2018, reflecting a rise of 115.0%[62]. - The company reported a decrease in tax expenses to ¥36,824,345.17 from ¥17,093,615.77, a reduction of 115.4%[24]. Government Subsidies and Non-Operating Income - The company received government subsidies amounting to RMB 2,215,644.52, which are closely related to its normal operations[6]. - The company reported a non-operating income of CNY 71,634,839.50 for the period[45].

Financial Performance - The company's operating revenue for 2018 was CNY 4,809,736,097.86, representing a 4.90% increase compared to CNY 4,584,919,761.58 in 2017[16]. - The net profit attributable to shareholders of the listed company was CNY 751,257,491.27, an increase of 28.38% from CNY 585,192,012.41 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 430,656,193.07, a decrease of 20.80% compared to CNY 543,756,897.94 in 2017[16]. - The net cash flow from operating activities was CNY 169,574,040.38, down 30.21% from CNY 242,962,049.10 in the previous year[16]. - The total assets at the end of 2018 were CNY 6,455,917,796.66, reflecting a 13.19% increase from CNY 5,703,364,920.90 at the end of 2017[16]. - The net assets attributable to shareholders of the listed company were CNY 5,553,888,887.48, up 10.48% from CNY 5,026,890,215.05 at the end of 2017[16]. - The company's basic earnings per share increased by 28.57% to CNY 1.44 in 2018 compared to CNY 1.12 in 2017[17]. - Net profit attributable to shareholders rose by 28.38% year-on-year, primarily due to compensation income from the P3 plant relocation[17]. - Operating cash flow decreased by CNY 73.39 million, a decline of 30.21%, mainly due to reduced cash received from sales[17]. - Total assets increased by CNY 752.55 million, a growth of 13.19%, driven by increases in inventory and fixed assets[17]. Dividend Policy - The company plans to distribute a cash dividend of CNY 4.50 per 10 shares, totaling CNY 235,170,000.00 for the year 2018[3]. - The cash dividend policy stipulates that the company will distribute at least 10% of the annual distributable profit, with a minimum cash dividend ratio of 20% for the years 2018-2020[125]. - In 2018, the company proposed a cash dividend of RMB 4.50 per 10 shares, totaling RMB 235.17 million[128]. - In 2017, the company distributed a cash dividend of RMB 6.00 per 10 shares, totaling RMB 241.20 million, with a profit distribution ratio of 41.22%[128]. - The company aims to maintain a stable and continuous profit distribution policy while ensuring sustainable development[125]. Market and Industry Trends - The global photovoltaic market has experienced a compound annual growth rate of over 40% over the past decade, with new installed capacity increasing from 53GW in 2015 to 102GW in 2017, totaling over 405GW[25]. - The average cost of photovoltaic power generation has decreased by 73% since 2010, with expectations to drop by another 50% by 2020, paving the way for grid parity[33]. - China's photovoltaic application market has ranked first globally for five consecutive years, with cumulative installed capacity also leading the world for three years[34]. - The global photovoltaic market is projected to grow significantly, with annual new installed capacity expected to reach 660 GW by 2030, and cumulative installed capacity reaching 9,170 GW by 2050[108]. - The industry is experiencing increased concentration, with leading companies gaining advantages in technology, scale, and cost[110]. Operational Highlights - The company sold 581 million square meters of photovoltaic encapsulation film, a 0.69% increase year-on-year, and 42.98 million square meters of backsheet, a 15.09% increase[23]. - The company sold 774.55 million square meters of photosensitive dry film, representing a year-on-year growth of 386.37%[46]. - The company operates under a "make-to-order" production model, aligning production with sales orders[24]. - The company has established itself as a leading supplier of photovoltaic encapsulation materials, leveraging over a decade of R&D and innovation to maintain a competitive edge in the market[39]. - The company is actively upgrading its product structure and production equipment to meet high-value application demands from core customers, aiming to enhance market share and solidify its industry leadership[35]. Research and Development - Research and development expenses increased by 17.43% to CNY 179,478.18 million, indicating a commitment to innovation[52]. - The company has a robust technical research and development platform, recognized as a national high-tech enterprise, which supports its innovative capabilities in the photovoltaic materials sector[37]. - The company continues to increase R&D investment for technological upgrades and product line expansions in the photovoltaic business[89]. - The company is committed to continuous product R&D, with plans to integrate advanced material preparation technologies to develop new products and improve existing ones[115]. Risk Management - The company has detailed potential risks in its report, which investors should consider[5]. - The company is focusing on enhancing its risk management, particularly in areas such as external investment and accounts receivable, to mitigate potential risks[114]. - The company faces risks from industry fluctuations and intensified market competition, particularly as the solar industry approaches a critical phase of achieving "grid parity"[117]. - The company is at risk of declining gross margins and operating income due to potential price fluctuations in products and raw materials, despite having strong bargaining power[118]. - The company reported a significant increase in accounts receivable, which poses risks to its operational performance[120]. Shareholder Information - The largest shareholder, Hangzhou Foster Technology Group Co., Ltd., holds 280,271,414 shares, accounting for 53.63% of total shares[175]. - The second-largest shareholder, Lin Jianhua, holds 111,329,400 shares, representing 21.30% of total shares[175]. - The total number of ordinary shares increased from 402,000,000 to 522,600,000, representing a 30% increase due to a capital reserve conversion of 120,600,000 shares[168]. - The total number of ordinary shareholders increased from 9,916 to 10,096 during the reporting period[173]. - The company has no significant related party transactions during the reporting period[182]. Employee and Management Structure - The company has a total of 1,698 employees, with 1,169 in production, 49 in sales, 250 in technical roles, 24 in finance, and 206 in administration[195]. - The educational background of employees includes 69 with postgraduate degrees, 220 with bachelor's degrees, 244 with associate degrees, and 1,165 with secondary education or below[196]. - The company emphasizes a salary policy that links employee remuneration to performance and contribution, aiming for sustainable development and mutual benefits[197]. - The company has established a training management system to enhance employee capabilities and ensure alignment with corporate development goals[198]. - The company has maintained a stable management team since 2010, with key personnel holding long-term positions[188]. Corporate Governance - The company has appointed Tianjian Accounting Firm as its auditing institution for the 2018 fiscal year, with a fee of 930,000 RMB[141]. - The company has no major litigation or arbitration matters during the reporting period[143]. - The company and its controlling shareholders have no integrity issues, such as failing to fulfill court judgments or large debts due[144]. - The company has not faced any penalties from securities regulatory agencies in the past three years[194]. - The company has established a long-term commitment to ensure the accuracy and completeness of its prospectus[134].

Financial Performance - Net profit attributable to shareholders decreased by 6.23% to CNY 346,889,398.45 for the first nine months of the year[6]. - Operating revenue for the first nine months was CNY 3,410,694,263.60, a slight increase of 0.34% year-on-year[6]. - Basic earnings per share decreased by 7.04% to CNY 0.66[6]. - The company reported a net profit of CNY 15,289,845.23 for the period, up from CNY 13,853,675.26, an increase of 10.34%[27]. - Q3 2018 net profit attributable to shareholders was ¥122,239,767.31, compared to ¥120,211,929.20 in the same period last year, reflecting a year-over-year increase of about 1.7%[29]. - The total profit for Q3 2018 was ¥134,663,952.18, compared to ¥122,641,405.28 in Q3 2017, marking an increase of about 9.1%[33]. - The company’s gross profit margin for Q3 2018 was approximately 17.7%, compared to 21.5% in Q3 2017, showing a decline in profitability[33]. Assets and Liabilities - Total assets increased by 6.79% to CNY 6,090,706,194.04 compared to the end of the previous year[6]. - The total assets reached CNY 6.09 billion, an increase from CNY 5.70 billion at the beginning of the year[19]. - The total liabilities amounted to CNY 936.75 million, an increase from CNY 674.52 million at the beginning of the year[20]. - Total current assets increased to CNY 3,717,302,228.10 from CNY 3,677,841,834.45, representing a growth of 1.07%[23]. - Total liabilities increased to CNY 840,798,358.03 from CNY 518,683,541.91, reflecting a rise of 62.00%[24]. - Total equity rose to CNY 4,345,472,600.87 from CNY 4,302,959,609.80, showing a slight increase of 0.98%[24]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 169,592,079.86, worsening by 20.21% compared to the same period last year[6]. - Operating cash flow decreased by CNY 28.51 million, primarily due to a larger increase in cash paid for goods and services compared to cash received from sales[13]. - Investment cash flow decreased by CNY 68.22 million, a decline of 14.42%, mainly due to the impact of financial investments[13]. - Financing cash flow increased by CNY 148.13 million, mainly due to a decrease in dividend payments compared to the same period last year[14]. - Net cash flow from operating activities was -¥169,592,079.86, a decline from -¥141,077,495.07 year-over-year[38]. - Total cash outflow from operating activities was $2.48 billion, compared to $2.32 billion in the previous year, reflecting increased operational expenses[42]. Investments and Expenses - Long-term equity investments increased by 20.93% to CNY 2,610,600.00, attributed to increased investment income from joint ventures[11]. - Research and development expenses for the period were CNY 45,853,276.21, compared to CNY 34,704,009.70, reflecting a growth of 32.06%[27]. - R&D expenses for Q3 2018 were ¥36,376,610.22, up from ¥27,969,676.30 in Q3 2017, indicating a growth of approximately 30.1%[33]. - The company paid $247.1 million in dividends and interest, down from $402 million in the previous year, indicating a potential shift in capital allocation strategy[42]. Inventory and Receivables - Accounts receivable increased by 24.60% to CNY 234,333,800.00, primarily due to reduced collections during the period[11]. - Inventory rose by 53.04% to CNY 25,401,480.00, mainly due to an increase in raw material stock[11]. - Accounts receivable rose to CNY 2,155,116,997.87 from CNY 1,939,433,075.18, an increase of 11.14%[22]. - Inventory increased significantly to CNY 524,122,551.03 from CNY 314,117,207.57, marking a growth of 67.00%[23]. Other Comprehensive Income - Other comprehensive income increased by CNY 19.39 million, a growth of 219.20%, mainly due to an increase in foreign currency translation differences[13]. - The company experienced a foreign exchange impact of $12.7 million on cash and cash equivalents, contrasting with a negative impact of -$13.1 million in the previous year[42].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 2,188,821,506.77, a decrease of 2.97% compared to CNY 2,255,743,860.83 in the same period last year[15]. - Net profit attributable to shareholders was CNY 224,649,631.14, down 10.04% from CNY 249,716,704.27 year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 194,051,021.65, a decline of 14.15% compared to CNY 226,024,887.36 in the previous year[16]. - Basic earnings per share decreased to CNY 0.43, down 10.42% from CNY 0.48 in the same period last year[17]. - The weighted average return on net assets was 4.41%, a decrease of 0.76 percentage points compared to 5.17% in the previous year[17]. - The company reported a decrease in cash and cash equivalents to CNY 279,933,900.30 from CNY 294,433,721.49, a decline of about 4.99%[95]. - The total profit for the first half of 2018 was CNY 263,226,348.61, down 9.35% from CNY 290,475,480.82 year-on-year[99]. - The company reported a net profit distribution of approximately -$241.2 million for the current period, indicating a significant loss compared to the previous period[112]. Cash Flow and Investments - The net cash flow from operating activities increased by CNY 119,999,609.00, primarily due to higher cash receipts from sales and reduced tax payments compared to the previous year[18]. - The company’s cash flow from operating activities was 21.90 million yuan, a significant recovery from a negative cash flow of 98.07 million yuan in the previous year[34]. - Cash inflow from operating activities totaled CNY 2,004,126,393.28, an increase from CNY 1,812,900,693.24 in the previous year[105]. - The total cash and cash equivalents at the end of the period decreased to CNY 138,041,327.14 from CNY 223,590,713.72 at the end of the previous period[107]. - The company reported a decrease in cash and cash equivalents by CNY 166,603,297.44 during the first half of 2018, compared to a decrease of CNY 48,118,573.81 in the same period last year[106]. - The company increased its investment in financial products, impacting net cash flow from investing activities[35]. Assets and Liabilities - Total assets increased by CNY 310,760,300.00, representing a growth of 5.45% from the beginning of the year, mainly due to an increase in inventory and compensation received for the demolition of the West Shu Street factory[18]. - Total assets increased to CNY 6,014,125,216.57, up from CNY 5,703,364,920.90, representing a growth of approximately 5.43%[92]. - Total liabilities increased to CNY 1,001,315,117.44 from CNY 674,524,403.87, showing a growth of around 48.29%[93]. - The company's total liabilities at the end of the current period are approximately $2.88 billion, reflecting a slight increase from the previous year[115]. - The total amount of accounts receivable from the top five debtors is CNY 569,999,577.10, accounting for 44.41% of the total accounts receivable[198]. Sales and Market Performance - The report indicates that the decline in sales scale of photovoltaic films and the average selling price of photovoltaic backplanes contributed to the decrease in gross profit[18]. - The company sold 274 million square meters of photovoltaic encapsulation film, a decrease of 1.02% year-on-year, while sales of backsheet products reached 18.93 million square meters, an increase of 9.88% year-on-year[23]. - The company achieved sales of 12.73 million yuan from new materials, with successful market expansion for photosensitive dry film products and the commencement of mass production for aluminum-plastic composite films[31]. - The company is enhancing its brand competitiveness through a long-term strategy focused on major clients and international markets, which has led to a rapid recovery in product demand[29]. Research and Development - The company’s R&D expenditure was 80.42 million yuan, showing a slight increase of 0.10% compared to the previous year, indicating ongoing investment in technology development[34]. - The company is actively developing new encapsulation materials to meet the upgrading demands of new photovoltaic technologies, further solidifying its leading position in the industry[29]. - The company plans to enhance its technology research and development to introduce new products and improve existing ones to maintain market share[45]. Shareholder and Corporate Governance - The company has held two shareholder meetings during the reporting period, with no resolutions rejected or changed[48]. - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, ensuring stability in shareholding[50]. - The company will implement various measures to strengthen accounts receivable management, including credit policy adjustments and contract management[46]. - The company has established a standardized decision-making process for future share transactions[52]. - The company has committed to not reducing its holdings of the issuer's shares for twelve months from the listing date[52]. Social Responsibility and Community Engagement - The company donated 200,000 RMB to provide warmth and care for elderly individuals over 60 years old during the reporting period[69]. - The company established a long-term poverty alleviation mechanism by building rooftop distributed power generation systems for nursing homes[68]. - The company plans to continue developing photovoltaic poverty alleviation projects and will focus on the needs of disadvantaged workers and groups[72]. Compliance and Regulatory Matters - The company has no major litigation or arbitration matters during the reporting period[62]. - The company has renewed the appointment of Tianjian Accounting Firm as the auditing institution for the 2018 fiscal year[62]. - The company has not disclosed any related party transactions or agreements among the shareholders during the reporting period[83]. - The company has confirmed deferred tax assets based on the likelihood of obtaining sufficient taxable income to offset deductible temporary differences[176].

Financial Performance - Operating revenue for the period was CNY 1,059,511,873.23, representing a growth of 5.79% year-on-year[7] - Net profit attributable to shareholders increased by 16.98% to CNY 87,586,603.91 compared to the same period last year[7] - Basic and diluted earnings per share remained stable at CNY 0.25[7] - Total operating revenue for Q1 2018 was CNY 1,059,511,873.23, an increase of 5.1% compared to CNY 1,001,512,237.24 in the same period last year[29] - Net profit for Q1 2018 reached CNY 102,099,504.04, compared to CNY 100,336,543.61 in the previous year, indicating a growth of 1.7%[30] - The company's total comprehensive income attributable to the parent company was ¥101,610,076.27, compared to ¥100,314,599.86 in the previous year, showing a growth of 1.3%[31] Cash Flow - Cash flow from operating activities improved significantly, with a net cash flow of -CNY 16,228,910.50, a 92.33% increase compared to the previous year[7] - Net cash flow from operating activities increased by RMB 195.2456 million, a growth of 92.33%, attributed to higher sales collections compared to the same period last year[16] - The company's operating cash flow for Q1 2018 was negative at -¥16,228,910.50, an improvement from -¥211,474,489.73 in Q1 2017[36] - The net cash flow from operating activities for the first quarter of 2018 was ¥6,145,007.95, a significant improvement compared to a net outflow of ¥119,314,041.72 in the same period last year[38] Assets and Liabilities - Total assets increased by 7.04% to CNY 6,104,876,484.03 compared to the end of the previous year[7] - Total assets as of March 31, 2018, amounted to CNY 5,234,229,403.92, an increase from CNY 4,821,643,151.71 at the beginning of the year[28] - Total liabilities as of March 31, 2018, were CNY 842,143,881.89, compared to CNY 518,683,541.91 at the start of the year, showing a significant increase of 62.2%[28] - Current assets totaled CNY 4,072,846,608.16, up from CNY 3,677,841,834.45, reflecting a growth of 10.7%[27] - The company's total equity as of March 31, 2018, was CNY 4,392,085,522.03, compared to CNY 4,302,959,609.80 at the beginning of the year, indicating a growth of 2.1%[28] Shareholder Information - The total number of shareholders reached 14,095 by the end of the reporting period[10] - The largest shareholder, Hangzhou Foster Technology Group Co., Ltd., holds 54.63% of the shares, with 219,608,780 shares pledged[10] Inventory and Receivables - Inventory increased by RMB 199.8413 million, a growth of 41.73%, primarily due to an increase in raw material stock[14] - The company reported a significant increase in accounts receivable, which rose to CNY 884,462,025.81 from CNY 760,404,993.48, marking a growth of 16.3%[26] Financial Expenses and Gains - Financial expenses increased by RMB 5.3467 million, a growth of 121.78%, mainly due to increased exchange losses from USD fluctuations[16] - Non-recurring gains and losses totaled CNY 13,167,563.21 for the period[9] - The investment income for Q1 2018 was ¥13,587,589.92, slightly up from ¥12,718,430.68 in the same period last year, reflecting a growth of 6.8%[33] Employee Stock Ownership Plans - The company completed its first employee stock ownership plan, selling 209,500 shares[17] - The second employee stock ownership plan was approved, with 6,681,220 shares purchased at an average price of RMB 30.31 per share[18] Other Financial Metrics - The weighted average return on equity decreased by 0.26 percentage points to 2.00%[7] - Financial assets measured at fair value decreased by RMB 1.0483 million due to exchange rate fluctuations in foreign exchange currency swap transactions[14] - Deferred income increased by RMB 199.4138 million, a growth of 1,385.25%, primarily due to compensation received for land acquisition[15] - Short-term borrowings increased by RMB 15.7042 million, attributed to the introduction of new payment services[14] - Other receivables increased by RMB 5.6779 million, a growth of 21.38%, mainly due to loans to local government[14]

Financial Performance - The company's operating revenue for 2017 was approximately ¥4.58 billion, representing a 16.03% increase compared to ¥3.95 billion in 2016[22]. - Net profit attributable to shareholders decreased by 30.97% to approximately ¥585 million in 2017 from ¥848 million in 2016[24]. - The basic earnings per share fell to ¥1.46 in 2017, down 30.81% from ¥2.11 in 2016[23]. - The weighted average return on equity decreased by 6.78 percentage points to 12.03% in 2017 from 18.81% in 2016[23]. - Cash flow from operating activities decreased by 17.66% to approximately ¥243 million in 2017 from ¥295 million in 2016[24]. - Total assets increased by 3.76% to approximately ¥5.70 billion at the end of 2017, compared to ¥5.50 billion at the end of 2016[22]. - The net assets attributable to shareholders rose by 3.86% to approximately ¥5.03 billion at the end of 2017 from ¥4.84 billion at the end of 2016[22]. - The company reported a total revenue of CNY 6.48 billion, with a year-on-year increase of 1.83%[62]. - The company reported a net profit of 1,844.72 million CNY, compared to a net profit of 1,657.10 million CNY in the previous period, marking an increase of about 11.3%[124]. Dividend Policy - The company plans to distribute a cash dividend of 6 RMB per 10 shares, totaling 241.2 million RMB, and to increase capital by issuing 3 new shares for every 10 shares held, resulting in an increase of 120.6 million shares[6]. - The company approved a cash dividend of CNY 10 per 10 shares for the 2016 fiscal year, totaling CNY 402 million distributed to shareholders[145]. - The cash dividend policy mandates that at least 10% of the annual distributable profit must be allocated as dividends, with specific minimum ratios based on the company's development stage[143]. - In 2017, the company reported a net profit of CNY 585.19 million, with a cash dividend payout ratio of 41.22%[147]. - The company has not made any adjustments to its cash dividend policy as of the report date[146]. Market and Product Development - The company plans to continue expanding its photovoltaic product sales, which have been steadily increasing over the past three years[23]. - The company sold 577 million square meters of photovoltaic encapsulation film, an increase of 23.52% year-on-year, and 37.3461 million square meters of backsheet products, a significant increase of 88.92% year-on-year[34]. - The company is focusing on expanding its market share and competitive position in the photovoltaic encapsulation materials sector, leveraging its technological, financial, and management advantages[40]. - The company plans to enhance its competitive edge by developing new materials, including special acrylic resins and polyester polyols, to meet strategic requirements for new material development[42]. - The company is actively exploring new technologies and materials to adapt to changes in downstream component technologies, ensuring product sales stability[42]. Risks and Challenges - The company has detailed potential risks in the report, particularly in the section discussing future developments[8]. - The company experienced a decline in profitability for its film and backsheet products, impacting overall net profit[24]. - The company anticipates challenges in new product development due to a lack of experienced personnel, which may extend product development cycles[139]. - Rising costs of raw materials, particularly EVA resin, pose a risk to the company's profit margins, necessitating strategies to enhance revenue and manage costs effectively[140]. - There is a risk of increased accounts receivable due to cash flow issues among downstream component manufacturers, prompting the company to strengthen credit policies and contract management[137]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The company assures that the financial report is true, accurate, and complete, with no significant omissions or misleading statements[9]. - The company has no major litigation or arbitration matters during the reporting period[167]. - The company has no significant accounting policy changes or major accounting errors during the reporting period[163]. - The company has established a framework for compliance with the Shanghai Stock Exchange's regulations regarding share transactions[151]. Social Responsibility and Environmental Commitment - The company emphasizes its commitment to fulfilling social responsibilities as a publicly listed entity[181]. - The company strictly adheres to the Environmental Protection Law of the People's Republic of China, ensuring that all environmental protection facilities operate normally and that there were no penalties for environmental violations during the reporting period[185]. - The company has invested RMB 44,740 in other charitable projects, including the donation of rooftop power generation systems[181]. - The company has committed to ongoing support for employees in need through various donation initiatives[181]. - The company has provided RMB 35,000 through the "Spring Breeze Action" to assist disadvantaged communities with living and employment difficulties[180]. Shareholder Information - The total number of ordinary shares is 402,000,000, with 311,790,000 shares subject to restrictions, representing 77.56% of the total[189]. - The largest shareholder, Hangzhou Foster Technology Group Co., Ltd., holds 226,290,000 shares, representing 56.29% of the total shares[197]. - The company has undergone a change in its controlling shareholder from "Lin'an Foster Industrial Investment Co., Ltd." to "Hangzhou Foster Technology Group Co., Ltd." during the reporting period[200]. - The number of ordinary shareholders increased from 14,105 to 15,654 during the reporting period[195]. - The company has not disclosed any related party transactions among the remaining shareholders, indicating a potential for independent governance[198].