Financial Performance - The company's operating revenue for 2020 was approximately ¥954.99 million, representing a 23.62% increase compared to ¥772.54 million in 2019[28]. - The net profit attributable to shareholders for 2020 was approximately ¥139.35 million, a 41.89% increase from ¥98.21 million in 2019[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥134.79 million, reflecting a 53.82% increase from ¥87.63 million in 2019[28]. - The net cash flow from operating activities for 2020 was approximately ¥80.66 million, a 7.37% increase compared to ¥75.13 million in 2019[28]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥1.16 billion, a 102.93% increase from ¥571.62 million at the end of 2019[28]. - Total assets reached approximately CNY 1.4 billion, an increase of 73.11% compared to the previous year[31]. - Basic earnings per share (EPS) increased by 31.01% to CNY 1.69, while diluted EPS also stood at CNY 1.69[31]. - The company reported a significant increase of 577.33% in construction in progress, totaling CNY 23.18 million, due to the expansion of production facilities[43]. - The company achieved a total operating revenue of 95,498.90 million RMB in 2020, representing a year-on-year growth of 23.62%[81]. - The net profit attributable to shareholders reached 13,935.42 million RMB, an increase of 41.89% compared to the previous year[81]. Shareholder Returns - The company plans to distribute 4 bonus shares for every 10 shares held and pay a cash dividend of 4.15 RMB per 10 shares (including tax), totaling approximately 41.998 million RMB in cash dividends[6]. - The net profit attributable to ordinary shareholders for 2020 was 139,354,220.84 RMB, with a dividend payout ratio of 30.14%[155]. - The company has implemented a cash dividend policy in accordance with regulatory guidelines, ensuring clarity in distribution standards and compliance in decision-making processes[152]. - The company has not proposed a cash dividend distribution plan for the reporting period despite having positive distributable profits, indicating a focus on reinvestment[155]. Audit and Compliance - The company has received a standard unqualified audit report from Tianheng Accounting Firm[5]. - The board of directors and senior management have confirmed the accuracy and completeness of the financial report[4]. - The company has not encountered any non-standard audit opinions from its accounting firm during the reporting period[182]. - The company has not faced any issues with more than half of the directors being unable to guarantee the authenticity of the annual report[8]. - The company has not disclosed any major related party transactions during the reporting period[190]. Research and Development - The company has a strong talent pool, with over 30% of its workforce dedicated to R&D, enhancing its competitive edge in the semiconductor industry[58]. - In 2020, the company increased R&D investment to 51.73 million yuan, a 49.96% increase year-on-year, accounting for 5.42% of revenue[62]. - The company added 32 authorized patents in 2020, including 1 invention patent and 31 utility model patents, bringing the total to 127 patents[62]. - The company is actively exploring advanced technologies in SiC/GaN wide bandgap semiconductor power devices to enhance its product competitiveness[47]. - The company is focused on becoming a leading domestic brand in high-end semiconductor power devices through continuous innovation and technology advancement[134]. Market Position and Strategy - The global power semiconductor market is projected to grow from USD 45.4 billion in 2019 to USD 52.4 billion by 2024, with a CAGR of 5.3%[41]. - The company is recognized as one of the top ten semiconductor power device enterprises in China for four consecutive years[42]. - The company aims to enhance its core competitiveness by investing in the research and industrialization of SiC/GaN wide bandgap semiconductors and smart power devices[134]. - The company plans to expand its product offerings in MOSFET and IGBT, while actively developing integrated power device products[132]. - The company has formed strategic partnerships with leading clients such as ZTE, Foxconn, and BYD, leveraging these relationships to expand its market presence[57]. Risk Management - The company emphasizes that forward-looking statements regarding future development plans do not constitute a substantive commitment to investors, highlighting investment risks[7]. - The company has detailed risk factors in the report, which investors should review[8]. - The company recognizes market volatility risks due to macroeconomic factors and plans to optimize its customer structure and deepen product R&D to mitigate these risks[142]. - The company faces intensified competition in the semiconductor industry and aims to maintain its competitive edge through continuous technological upgrades and quality management[145]. Corporate Governance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has committed to maintaining stable relationships with its major shareholders and management, with a lock-up period of 36 months for shares held prior to the IPO[159]. - The company has established a plan to stabilize its stock price, which includes commitments from major shareholders to increase their holdings if the stock price falls below a certain threshold[171]. Operational Efficiency - The company has improved its internal governance and control systems to enhance operational efficiency and compliance with capital market regulations[77]. - The company has a risk of increased depreciation and amortization expenses due to the expansion of fixed and intangible assets from new investment projects, which could impact future operating performance if revenue targets are not met[150]. - The company will strengthen relationships with domestic chip foundries and packaging/testing firms to manage procurement price fluctuations effectively[146].

Financial Performance - Net profit attributable to shareholders rose by 61.21% to CNY 100,947,574.12 year-on-year[18] - Operating income for the first nine months increased by 22.84% to CNY 666,103,799.32 compared to the same period last year[18] - Basic earnings per share increased by 60.24% to CNY 1.33 compared to the same period last year[21] - The net profit after deducting non-recurring gains and losses increased by 69.46% to CNY 98,315,204.50 year-on-year[18] - Total operating revenue for Q3 2020 reached ¥281,820,674.92, a 31.7% increase from ¥213,892,136.69 in Q3 2019[55] - Net profit for Q3 2020 was ¥45,608,642.45, representing an 81.5% increase compared to ¥25,188,011.14 in Q3 2019[57] - Total profit for Q3 2020 was ¥52,736,271.78, up 85.0% from ¥28,512,800.21 in Q3 2019[57] - Net profit for the first three quarters of 2020 reached CNY 43,817,121.69, an increase from CNY 25,371,993.09 in the same period of 2019, representing a growth of approximately 72.6%[68] Assets and Liabilities - Total assets increased by 66.88% to CNY 1,348,116,960.25 compared to the end of the previous year[18] - The company's total liabilities decreased by 41.22% in employee compensation payable, reflecting payments made for previously accrued salaries[26] - Total liabilities amounted to $226,562,242.74, down from $236,236,139.04, reflecting a decrease of about 4.0%[43] - Owner's equity rose significantly to $1,121,554,717.51 from $571,619,173.58, marking an increase of approximately 96.2%[43] - Cash and cash equivalents increased to $743,723,469.79 from $277,387,432.79, a growth of about 167.5%[45] - Accounts receivable rose to $119,498,264.83 from $100,522,292.71, representing an increase of approximately 18.9%[49] - Inventory decreased to $115,479,656.85 from $135,382,204.69, a decline of about 14.7%[49] Cash Flow - Net cash flow from operating activities surged by 369.26% to CNY 54,051,556.65 year-to-date[18] - Cash flow from operating activities for the first three quarters of 2020 was CNY 54,051,556.65, significantly higher than CNY 11,518,516.05 in the same period of 2019, marking an increase of about 369.5%[73] - Cash and cash equivalents at the end of the third quarter of 2020 totaled CNY 745,212,390.31, compared to CNY 194,026,827.52 at the end of the same period in 2019, representing an increase of approximately 284.5%[73] - The company reported a net cash outflow from investing activities of CNY -26,945,349.96 for the first three quarters of 2020, compared to CNY -19,946,528.54 in 2019[73] - Cash flow from financing activities generated a net inflow of CNY 463,290,800.00, compared to CNY 0.00 in the same period last year, showing a strong financing position[79] Research and Development - Research and development expenses increased by 50.03% to ¥29,102,401.00 from ¥19,398,274.83, reflecting the company's commitment to R&D[28] - Research and development expenses for Q3 2020 amounted to ¥9,134,386.23, a 12.4% increase from ¥8,126,916.07 in Q3 2019[55] Shareholder Information - The total number of shareholders at the end of the reporting period was 31,890[21] - The top ten shareholders held a combined 56.88% of the company's shares[21] Government Support - The company received government subsidies amounting to CNY 3,170,450.33 during the first nine months[21] Financial Reporting Changes - The company implemented new revenue and leasing standards starting January 1, 2020, impacting financial reporting and compliance[79] - The company adopted the revised revenue recognition standards starting January 1, 2020, impacting financial reporting[95] - The company did not adjust comparative data for the new revenue standards, maintaining consistency in reporting[96]